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>My Food Bag (MFB) released a disappointing 1H23 result, with NPAT materially lower than 1H22 and below both our and consensus forecasts</li><li>This was primarily driven by active customer churn which saw a reduction in total deliveries and adverse unit economics from lower box volumes</li><li>MFB has not provided guidance, but commented 1H23 trends have continued in recent trading and FY23 earnings will be lower than FY22</li></ul>

My Food Bag (MFB) released a disappointing 1H23 result, with NPAT materially lower than 1H22 and below both our and consensus forecastsThis was primarily driven by active customer churn which saw a reduction in total deliveries and adverse unit economics from lower box volumesMFB has not provided guidance, but commented 1H23 trends have continued in recent trading and FY23 earnings will be lower than FY22

My Food Bag: 1H23 Result — Missing Delivery

My Food Bag Group Ltd

My Food Bag: 1H23 Result — Missing Delivery