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

Fonterra Shareholders Fund / Equity Bottom-Up

<ul><li>Fonterra has this morning provided another upgrade to FY23 earnings, with EPS guidance lifted ~+14% at the mid-point to NZ60cps from NZ52.5cps.</li><li>The guidance range remains very wide (NZ50-70cps) but the mid-point is ahead of both our (NZ52cps) and consensus (NZ51cps) expectations.</li><li>The upgrade is consistent with trends experienced in recent months and is primarily driven by the ongoing favourable product pricing relativities between reference and non-reference commodity products</li></ul>

Fonterra has this morning provided another upgrade to FY23 earnings, with EPS guidance lifted ~+14% at the mid-point to NZ60cps from NZ52.5cps.The guidance range remains very wide (NZ50-70cps) but the mid-point is ahead of both our (NZ52cps) and consensus (NZ51cps) expectations.The upgrade is consistent with trends experienced in recent months and is primarily driven by the ongoing favourable product pricing relativities between reference and non-reference commodity products

Fonterra: Q1 Business Update – Another FY23 Earnings Upgrade