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

<ul><li>Delegat (DGL) has reported a robust 1H23 result with revenue +12% on the prior period, driven by volume growth (+4%) and price increases (+1%), favourable FX movements (+4%), and country/product mix (+3%)</li><li>1H23 revenue was in line with our expectations, although higher operating costs impacted EBITDA margin which was -290bps below our forecast</li><li>DGL has updated its FY23 operating profit guidance range to NZ$59m to NZ$62m, which is a ~-2% reduction at the midpoint from its prior guidance of NZ$60m to NZ$64m in December 2022</li></ul>

Delegat (DGL) has reported a robust 1H23 result with revenue +12% on the prior period, driven by volume growth (+4%) and price increases (+1%), favourable FX movements (+4%), and country/product mix (+3%)1H23 revenue was in line with our expectations, although higher operating costs impacted EBITDA margin which was -290bps below our forecastDGL has updated its FY23 operating profit guidance range to NZ$59m to NZ$62m, which is a ~-2% reduction at the midpoint from its prior guidance of NZ$60m to NZ$64m in December 2022

Delegat (DGL): 1H23 Result – Initial Impressions