Beneficiary of oil price decline

Research evidence excerpt

Beneficiary of oil price decline

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

Amcor (AMC AU) Macquarie Group Limited together with its affiliates owns a net long of 0.5% or more of the equity securities of Amcor PLC.

Outperform

12-month target: AUD72.00 - EV/EBIT

Valuation: AUD 72.00 - EV/EBIT

Price: AUD57.95

Target Price Risk Disclosures

Company Name Risk Disclosure

Key downside risks are ongoing volume weakness beyond that assumed by the company due to ongoing softness in consumer Amcor (AMC AU) •

spending and further destocking. Margin improvement underpinned by cost-out; increase in costs beyond AMC's ability to recover

through price increases and/or slow-down/reversal of cost-out programme could threaten further margins.