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>Spark (SPK) reported a weak first half result, with every area (apart from mobile) disappointing consensus expectations.</li><li>The largest negative deviation versus our expectations came in cloud, security and service management and "other" (likely primarily attributed to Spark Sport content costs).</li><li>The result did come with a relatively thick silver lining; SPK retained its full year EBITDAI guidance, albeit, with expectations that it would achieve the lower end</li></ul>

Spark (SPK) reported a weak first half result, with every area (apart from mobile) disappointing consensus expectations.The largest negative deviation versus our expectations came in cloud, security and service management and "other" (likely primarily attributed to Spark Sport content costs).The result did come with a relatively thick silver lining; SPK retained its full year EBITDAI guidance, albeit, with expectations that it would achieve the lower end

Spark NZ: 1H23 — Ugly Result With a Thick Silver Lining

Spark New Zealand

Spark NZ: 1H23 — Ugly Result With a Thick Silver Lining