Earnings challenges to emerge in FY28

Research evidence excerpt

Earnings challenges to emerge in FY28

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 30 Jun 2026

AU/NZ Asia USA

Outperform 65.38% 70.02% 64.29% (for global coverage by Macquarie, 1.91% of stocks followed are investment banking clients)

Neutral 27.62% 16.78% 35.71% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 6.99% 13.19% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

AGL Energy (AGL AU) Macquarie has provided non-investment banking non-securities services to AGL Energy Ltd in the past 12 months, for which it

Underperform received compensation.

12-month target: AUD7.75 - DCF Macquarie Group Limited together with its affiliates owns a net long of 0.5% or more of the equity securities of AGL Energy Ltd.

Valuation: AUD 7.79 - DCF (WACC 8.4%, A Macquarie analyst(s) involved with the preparation of this research has, in the past 12 months, visited material operations of

beta 1.4, ERP 5.0%, RFR 4.5%, TGR AGL Energy Ltd. In connection with such a visit, the company may have furnished local transportation and/or accommodation,