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 Group (DGL) has reported a stable FY23 result which was broadly in line with our expectations.</li><li>Positives included signs of recovering demand in DGL's core UK and Ireland market in the final weeks of the period after a challenging first half.</li><li>Cost inflation was noticeable across multiple COGS expense lines (notably vineyard leases, production, shipping, and packaging) but DGL appears to have managed operating expenses well.</li></ul>

Delegat Group (DGL) has reported a stable FY23 result which was broadly in line with our expectations.Positives included signs of recovering demand in DGL's core UK and Ireland market in the final weeks of the period after a challenging first half.Cost inflation was noticeable across multiple COGS expense lines (notably vineyard leases, production, shipping, and packaging) but DGL appears to have managed operating expenses well.

Delegat Group - FY23 Result — Swirling the Glass