Weak sales and pricing eclipsed strong production

Research evidence excerpt

Weak sales and pricing eclipsed strong production

occasionally and temporarily be inconsistent

total assets with the above definitions. Low – stock should be expected to move up or down at

ROE = adjusted net profit / average shareholders funds least 15–25% in a year.

Recommendations – 12 months Gross cashflow = adjusted net profit + depreciation * Applicable 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

Elevra Lithium (ELV AU) Macquarie Group Limited together with its affiliates beneficially owns 1% or more of the equity securities of Elevra Lithium Ltd.

Outperform Macquarie Group Limited together with its affiliates owns a net long of 0.5% or more of the equity securities of Elevra Lithium Ltd.

12-month target: AUD14.50 - 25/75