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>The a2 Milk Company (ATM) reported a solid FY22 result, modestly ahead of our and consensus expectations, highlighting ongoing solid execution against a difficult backdrop</li><li>FY23 outlook commentary for high single digit revenue growth and a modest improvement in EBITDA margins implies minimal consensus changes</li><li>We estimate the stock price is now fully reflecting ATM's medium-term management scenario which is not without risk</li></ul>

The a2 Milk Company (ATM) reported a solid FY22 result, modestly ahead of our and consensus expectations, highlighting ongoing solid execution against a difficult backdropFY23 outlook commentary for high single digit revenue growth and a modest improvement in EBITDA margins implies minimal consensus changesWe estimate the stock price is now fully reflecting ATM's medium-term management scenario which is not without risk

The A2 Milk Company: FY22 Result — Baby Steps

A2 Milk Co Ltd

The A2 Milk Company: FY22 Result — Baby Steps