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

Heartland Group Holdings / Equity Bottom-Up

<ul><li>1H23 result solid with strong receivables growth: The solid 1H23 result was driven by strong receivables growth, +NZ$355m (+6%) over the half, led by HGH’s reverse mortgage divisions which were responsible for more than two thirds of the total increase (Australia +NZ$165m, New Zealand +NZ$87m)</li><li>Unchanged guidance a positive given economic headwinds and inflation pressures: HGH’s FY23 underlying NPAT guidance of NZ$109m–NZ$114m remains unchanged and the company expects its NIM to stabilise around currents levels over 2H23</li><li>Closing in on the Australia opportunity: The big opportunity in front of HGH is Australia.</li></ul>

1H23 result solid with strong receivables growth: The solid 1H23 result was driven by strong receivables growth, +NZ$355m (+6%) over the half, led by HGH’s reverse mortgage divisions which were responsible for more than two thirds of the total increase (Australia +NZ$165m, New Zealand +NZ$87m)Unchanged guidance a positive given economic headwinds and inflation pressures: HGH’s FY23 underlying NPAT guidance of NZ$109m–NZ$114m remains unchanged and the company expects its NIM to stabilise around currents levels over 2H23Closing in on the Australia opportunity: The big opportunity in front of HGH is Australia.

Heartland Group: Australia Challenger — 1H23 Result