Macquarie ANZ Essentials - May 14 2026

Research evidence excerpt

Macquarie ANZ Essentials - May 14 2026

Macquarie Equity Research – Essentials

14 May 2026

ANZ Essentials

Codan (Neutral to Outperform) 4

A beneficiary of the (global drone) budget Mitchell Sonogan

• CDA's DTC business is levered to long-term structural tailwinds in the unmanned/UxV segment

including drones/UAV, and other UxV.

• DTC's UxV radio products are battle-proven in Ukraine and recognised as the preferred drone

communications solution.

• The recent FY26 upgrade was DTC driven (SDR products higher margin), creating upside risk to

margins/EPS med-term. U/g to Outperform.

Temple & Webster (Outperform to Neutral) 5

A rock and a hard place James Wilson

• Downgrade to Neutral: With worsening macro, we lose confidence in TPW's path to scale that

would enable operating leverage over the next 12 months.

• FY26 guidance: Revenue $665-675m (MRE: $665m). EBITDA $20-22m (MRE: $20m). Apr-26

EBITDA of $2.5m (record profitability).

• Buyback: Despite flagging record Apr-26 profitability, TPW last bought-back shares on 25-Mar,

and has 75% of its initial buyback scope remaining.

Australian General Insurance 6

Read-through from Allianz's Mar-2026 quarterly results Andrew Buncombe, CFA

• Allianz is the fourth-largest insurer in Australia and has a very similar product mix to IAG and

SUN, thus should be a strong read-through.

• Allianz Australia’s Underlying GWP growth in the Mar-2026 quarter (+5.8%) included +4.8%

premium rate increases.

• Allianz’s Underlying CoR in the Mar-2026 quarter was ~2.9% better than seasonal averages.

ANZ Healthcare: Trimming the Fat 7

Resolving the GLP-1 Evidence Conflict: Noise vs Signal for RMD, FPH, and

RHC Dr. Bryan Tan

• RMD/FPH: Near-term earnings driven by diagnosis and adherence, current GLP-1 efficacy does

not support CPAP displacement.