Guidance reaffirmed, Firmus on track

Research evidence excerpt

Guidance reaffirmed, Firmus on track

le to select stocks in Asia/Australia/NZ

12-month target – Expected share price *equivalent fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

MAAS Group (MGH AU) Macquarie Group Limited together with its affiliates owns a net long of 0.5% or more of the equity securities of MAAS Group

Outperform Holdings Ltd.

12-month target: AUD5.25 - EV/EBITDA Macquarie Group Limited together with its affiliates beneficially owns 1% or more of the equity securities of MAAS Group Holdings

Valuation: AUD 4.83-5.25 - EV/EBITDA Ltd.

Price: AUD4.94

Target Price Risk Disclosures

Company Name Risk Disclosure

Delivering FY26 guidance is important to maintain MGH's current valuation multiple and also providing visibility to ongoing MAAS Group (MGH AU) •

organic growth in future years.