New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Heartland Group Holdings / Equity Bottom-Up

<ul><li>Heartland Group (HGH) reiterates FY25 guidance with &gt;NZ$45m in underlying NPAT, maintaining focus on lending quality and portfolio rationalisation.</li><li>Economic conditions in NZ pressure business lending, with non-performing loans rising +5% to NZ$91m in 3Q25; 4Q25 impairments are key to achieving FY25 guidance.</li><li>Neutral stance retained with high economic uncertainty and 12-month forward PE at a modest discount to history.</li></ul>

Heartland Group (HGH) reiterates FY25 guidance with &gt;NZ$45m in underlying NPAT, maintaining focus on lending quality and portfolio rationalisation.Economic conditions in NZ pressure business lending, with non-performing loans rising +5% to NZ$91m in 3Q25; 4Q25 impairments are key to achieving FY25 guidance.Neutral stance retained with high economic uncertainty and 12-month forward PE at a modest discount to history.

Heartland Group - 3Q25 Update: Not Out of the Woods Yet