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>Lower volumes offset by better dollar margins and Ullrich: 1H23 EBITDA was -2% on the prior year to NZ$115m and underlying NPAT was -22% to NZ$54m</li><li>Debt and inventory remain high, operating cash flow modest</li><li>Guidance broadly unchanged but the mix is</li></ul>

Lower volumes offset by better dollar margins and Ullrich: 1H23 EBITDA was -2% on the prior year to NZ$115m and underlying NPAT was -22% to NZ$54mDebt and inventory remain high, operating cash flow modestGuidance broadly unchanged but the mix is

Vulcan Steel: 1H23 Result — In Its New Element

Vulcan Steel Limited

Vulcan Steel: 1H23 Result — In Its New Element