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>IF revenue trends: (1) CL growth is likely to be strong — data points remain supportive for strong growth driven by market share gain</li><li>Balance sheet utilisation/capex: ATM is becoming more assertive in its commentary to further diversify manufacturing operations to develop an end-to-end supply chain over the medium-term. Updates on future capital management plans are of interest</li><li>FY23 guidance: Refined November 2022 AGM guidance is for "low double-digit" revenue growth and EBITDA margins "to be similar" to FY22</li></ul>

IF revenue trends: (1) CL growth is likely to be strong — data points remain supportive for strong growth driven by market share gainBalance sheet utilisation/capex: ATM is becoming more assertive in its commentary to further diversify manufacturing operations to develop an end-to-end supply chain over the medium-term. Updates on future capital management plans are of interestFY23 guidance: Refined November 2022 AGM guidance is for "low double-digit" revenue growth and EBITDA margins "to be similar" to FY22

The A2 Milk Company: 1H23 Preview — Looking to SAMR & Guidance

A2 Milk Co Ltd

The A2 Milk Company: 1H23 Preview — Looking to SAMR & Guidance