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>Spark (SPK) will report its 1H24 result on Wednesday, 28 February.</li><li>We expect the key focus areas for the result to be: (1) Mobile margins and ARPU, both of which were slightly softer in 2H23; (2) Data Centres and Cloud, as SPK manages the industry migration from private to public cloud; (3) any slowdown in demand for its IT services; and (4) cost control.</li><li>We estimate operating expenses up ~+2% versus 1H23. Overall, we expect a solid result but see more areas where SPK could disappoint negatively versus surprise positively.</li></ul>

Spark (SPK) will report its 1H24 result on Wednesday, 28 February.We expect the key focus areas for the result to be: (1) Mobile margins and ARPU, both of which were slightly softer in 2H23; (2) Data Centres and Cloud, as SPK manages the industry migration from private to public cloud; (3) any slowdown in demand for its IT services; and (4) cost control.We estimate operating expenses up ~+2% versus 1H23. Overall, we expect a solid result but see more areas where SPK could disappoint negatively versus surprise positively.

Spark NZ - 1H24 Preview — Mobile and Costs in Focus

Spark New Zealand

Spark NZ - 1H24 Preview — Mobile and Costs in Focus