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>Synlait Milk (SML) has provided 1H23 profit guidance to be “down” on 1H22.</li><li>FY23 qualitative guidance is unchanged and SML still expects net debt to EBITDA to be between 2.0x to 2.5x.</li><li>We currently forecast a net debt decline to NZ$301m (from NZ$340m at FY22) and EBITDA of NZ$157m (ND/EBITDA of 1.92x).</li></ul>

Synlait Milk (SML) has provided 1H23 profit guidance to be “down” on 1H22.FY23 qualitative guidance is unchanged and SML still expects net debt to EBITDA to be between 2.0x to 2.5x.We currently forecast a net debt decline to NZ$301m (from NZ$340m at FY22) and EBITDA of NZ$157m (ND/EBITDA of 1.92x).

Synlait Milk

Synlait Milk (SML): 1H23 Guidance Update