SBS credit rating upgraded to ‘BBB+’, outlook stable

NZX Release 23 February 2026 SBS credit rating upgraded to ‘BBB+’, outlook stable On 22 February 2026, Fitch Ratings (Fitch) upgraded Southland Building Society’s (SBS) credit rating from ‘BBB’ to ‘BBB+’ and revised the outlook from positive to stable. This has resulted in a lift to the credit rating on SBS’ medium term notes from BBB+ to A- and an lift in the credit rating on SBS’ subordinated debt from BB+ to BBB-. Refer to the attached Fitch rating action commentary on SBS. ENDS For further information, please contact: Mandy Oosterbroek Marketing Manager 027 500 1247 Mandy.oosterbroek@sbsbank.co.nz This document has been authorised for release by Mark McLean, Group Chief Executive