Light at the end of the tunnel?

Research evidence excerpt

Light at the end of the tunnel?

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

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

Outperform Travel Group Ltd.

12-month target: AUD15.54 - EV/ Macquarie Group Limited together with its affiliates beneficially owns 1% or more of the equity securities of Flight Centre Travel

EBITDA Group Ltd.

Valuation: AUD 15.54 - EV/EBITDA

Price: AUD11.81

Target Price Risk Disclosures

Company Name Risk Disclosure

Flight Centre (FLT AU) Key downside risks include but are not limited to:

Macroeconomic or geopolitical headwinds leading to a material reduction in consumer demand for leisure and corporate travel. •