Radio Spectrum Management review of 2300 MHz & 2600 MHz spectrum

Research evidence excerpt

Radio Spectrum Management review of 2300 MHz & 2600 MHz spectrum

t 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

Spark New Zealand (SPK NZ) A Macquarie analyst(s) involved with the preparation of this research has, in the past 12 months, visited material operations

Outperform of Spark New Zealand Ltd. In connection with such a visit, the company may have furnished local transportation and/or

12-month target: NZD2.73 - DDM accommodation, which requires authorisation in adherence with Macquarie policy requirements.

Valuation: NZD 2.57 - DCF (WACC 9.5%,

beta 0.9, ERP 7.0%, RFR 4.5%, TGR 2.0%)

Price: NZD1.88

Target Price Risk Disclosures

Company Name Risk Disclosure

Spark New Zealand (SPK NZ) Key downside risks:

1. Forecast credibility risk: A miss to FY26 EBITDAI or FCF would reinforce concerns that the earnings base remains under