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>Restaurant Brands (RBD) provided disappointing full year guidance at its annual shareholder meeting.</li><li>Reported NPAT is now expected to be "in the vicinity" of FY22's ~NZ$32m, versus initial consensus expectations of ~+22% year on year growth.</li><li>Management expects EBITDA margins will improve in FY23, particularly in the second half, but cost pressures (at the overhead and funding cost lines) remain the key driver of subdued net profit growth.</li></ul>

Restaurant Brands (RBD) provided disappointing full year guidance at its annual shareholder meeting.Reported NPAT is now expected to be "in the vicinity" of FY22's ~NZ$32m, versus initial consensus expectations of ~+22% year on year growth.Management expects EBITDA margins will improve in FY23, particularly in the second half, but cost pressures (at the overhead and funding cost lines) remain the key driver of subdued net profit growth.

Restaurant Brands NZ: Coming Under Pressure