Macquarie ANZ Essentials - May 20 2026

Research evidence excerpt

Macquarie ANZ Essentials - May 20 2026

Macquarie Equity Research – Essentials

20 May 2026

ANZ Essentials

Technology One (Outperform) 2

Execute, Execute, Execute Andrew Gillies

• Underlying result solid. Constant currency PBT result was strong, with 1H26 cost performance

a positive surprise despite showcase cost headwinds.

• At 47x NTM PER and post recent upgrades, TNE requires ARR re-acceleration. TNE needs to

deliver on today's positive commentary in 2H26.

• Delivered on guidance for >30 years. Although top-end of PBT guide requires 2H26 PBT growth

of 29% YoY, delivery underpinned by decades of execution.

Vector (Neutral to Underperform) 3

High Court restores gas pipeline WACC uplift Stephen Hudson

• Fellow gas pipeline asset owner, First Gas, successfully appealed, via a High Court proceeding,

the regulator's 2025 percentile WACC decision.

• This will effectively restore VCT's gas pipeline back to a P65 WACC from the P50 decision above

(essentially a 5% higher allowable return).

• We lift gas network EV/RAB to 1.25x (+5cps). We downgrade to UP on the strong price run-up

above our TP (+13cps incl RAB roll-forward).

Auckland International Airport (Outperform) 4

M-E conflict bites; 2H pax trend as forecast Warren Doak

• Load factors continue to rise despite flat/declining capacity → demand remains firm and ahead of

supply.

• April moderation reflects capacity disruptions (esp. Middle East, long-haul), not a deterioration in

underlying demand.

• YTD trajectory remains consistent with FY26 assumptions supporting AIA FY26 NPAT guidance

of $295m-$320m.

Serko (Neutral) 5

Cessation of Coverage Mitchell Sonogan

• We cease coverage of SKO due to a reallocation of resources.

• At the date of cessation, we have a Neutral recommendation with a NZD$2.71 target price.