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

Summerset Group Holdings / Equity Bottom-Up

<ul><li>Summerset (SUM) delivered a strong FY22 result, with small beats across the P&amp;L adding up to a meaningful bottom line beat of ~+10% versus our estimates</li><li>Cash flow from ongoing operations was negative and slightly weaker than we had anticipated</li><li>Capex was +NZ$150m higher than we had anticipated and net debt +NZ$100m higher</li></ul>

Summerset (SUM) delivered a strong FY22 result, with small beats across the P&amp;L adding up to a meaningful bottom line beat of ~+10% versus our estimatesCash flow from ongoing operations was negative and slightly weaker than we had anticipatedCapex was +NZ$150m higher than we had anticipated and net debt +NZ$100m higher

Summerset (SUM): FY22 Result – Initial Impressions