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>Arvida (ARV) reported a solid FY23 result, broadly in-line with our and consensus expectations with several of the key metrics having been pre-announced</li><li>ARV guides the market to an underlying profit that includes, ~NZ$5m of an insurance payment – which would take the result to a beat of ~+5% on underlying profit and +2% on annuity EBITDA</li><li>ARV also provided some sector leading disclosure on cash recovery on capex, laying out the actual capex spent and recovered on both brownfield/acquired villages and a greenfield development.</li></ul>

Arvida (ARV) reported a solid FY23 result, broadly in-line with our and consensus expectations with several of the key metrics having been pre-announcedARV guides the market to an underlying profit that includes, ~NZ$5m of an insurance payment – which would take the result to a beat of ~+5% on underlying profit and +2% on annuity EBITDAARV also provided some sector leading disclosure on cash recovery on capex, laying out the actual capex spent and recovered on both brownfield/acquired villages and a greenfield development.

Arvida Group (ARV): FY23 Result – Initial Impressions