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>MFB's lower-than-expected EBITDA for the first four months of FY23 driven by the reductions in deliveries and changes in product mix </li><li>Active customers (73k at July 2022): Increased +1.4% year on year (YoY), although this was offset by a fall in deliveries (-3.8% compared to July 2021)</li><li>Ongoing operational initiatives: The launch of loyalty campaigns and new product offerings in the quarter may see improvements in AOV and delivery frequency for the remainder of the year</li></ul>

MFB's lower-than-expected EBITDA for the first four months of FY23 driven by the reductions in deliveries and changes in product mix Active customers (73k at July 2022): Increased +1.4% year on year (YoY), although this was offset by a fall in deliveries (-3.8% compared to July 2021)Ongoing operational initiatives: The launch of loyalty campaigns and new product offerings in the quarter may see improvements in AOV and delivery frequency for the remainder of the year

My Food Bag (MFB): Four Month Trading Update – Initial Impressions

My Food Bag Group Ltd

My Food Bag (MFB): Four Month Trading Update – Initial Impressions