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>Winton (WIN) has provided updated FY23 NPAT guidance of between NZ$72.4m – NZ$82.4m, a -22% downgrade at the mid-point</li><li>WIN has lost 83% of its summer’s earthwork season and incurred damage to its pre-ordered supplies</li><li>The earnings impact is largely a 2H23E issue and with strong pre-sales and no sunset clauses any settlements that are delayed are expected to be realised in FY24E</li></ul>

Winton (WIN) has provided updated FY23 NPAT guidance of between NZ$72.4m – NZ$82.4m, a -22% downgrade at the mid-pointWIN has lost 83% of its summer’s earthwork season and incurred damage to its pre-ordered suppliesThe earnings impact is largely a 2H23E issue and with strong pre-sales and no sunset clauses any settlements that are delayed are expected to be realised in FY24E

Winton (WIN): Weather Impacts Delivery and Settlements 2H23 Lots

Winton Land Ltd

Winton (WIN): Weather Impacts Delivery and Settlements 2H23 Lots