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) has reported a solid 1Q23 update with group sales of NZ$308.6m (+12% versus prior period).</li><li>This period cycled COVID related headwinds in ANZ (staffing shortages and lower operating hours due to Omicron) in the prior year, and was supported by favourable currency movements.</li><li>RBD highlights that inflation pressures continue, but at a lower rate.</li></ul>

Restaurant Brands (RBD) has reported a solid 1Q23 update with group sales of NZ$308.6m (+12% versus prior period).This period cycled COVID related headwinds in ANZ (staffing shortages and lower operating hours due to Omicron) in the prior year, and was supported by favourable currency movements.RBD highlights that inflation pressures continue, but at a lower rate.

Restaurant Brands (RBD): 1Q23 Update – Initial Impressions

Restaurant Brands NZ

Restaurant Brands (RBD): 1Q23 Update – Initial Impressions