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>Slight guidance tweak: ATM now expects revenue growth of ~+10% in FY23 (at the low end of previous expectations) and still expects an EBITDA margin similar to FY22</li><li>FY24 implications?: Unsurprisingly, no reference has been provided to FY24 forecasts in ATM’s release</li><li>Potential one-off costs: ATM “is in discussions with Synlait regarding the allocation of certain one-off production/supply chain and other related costs between the two companies.”</li></ul>

Slight guidance tweak: ATM now expects revenue growth of ~+10% in FY23 (at the low end of previous expectations) and still expects an EBITDA margin similar to FY22FY24 implications?: Unsurprisingly, no reference has been provided to FY24 forecasts in ATM’s releasePotential one-off costs: ATM “is in discussions with Synlait regarding the allocation of certain one-off production/supply chain and other related costs between the two companies.”

The A2 Milk Company (ATM): Slight FY23 EBITDA Downgrades Likely

A2 Milk Co Ltd

The A2 Milk Company (ATM): Slight FY23 EBITDA Downgrades Likely