Jefferies Reporting Season First Quarter Recap Chart 1 Performance since July 26

Equity Research Australia | Governance watch August 14, 2026

Jefferies Reporting Season First Quarter Recap Chart 1 - Performance since July 26 8.0 Since Jul-26 6.0

19% of companies due to report in August have reported results, with 4.0 1 Week

40% beating estimates, whilst just 21% fell short of pre-reporting season 0.0

-2.0 forecasts. Of note, 35% of FY27 estimates have been upgraded following -4.0

the release of results and outlook statements with an average upgrade of . 4%. 42% of FY27 earnings estimates revised downwards with an average Source: Factset, Jefferies

downgrade of -4%. Chart 2 - FY27 EPS Revisions 10.0 8.0 Since Jul-26 6.0 Key findings 4.0 2.0 1 Week

0.0 -2.0 48 companies reported to date (includes today) – 19% of the universe reporting in August 2026 -4.0 -6.0

Just 40% beat estimates (average beat 5.4%) compared to 50% beats in the Feb 2026 results . season. Just 21% missed estimates (average miss 4.6%). Source: Factset, Jefferies

Post result: 17 (35%) companies' consensus FY27 EPS have been revised upwards (average Chart 3 - Relative performance since 01 Jul U/G of 4%); 20 (42%) revised down post result (average D/G of 4%). 2026

Notable Sector beats: 6 (of 8) companies in the TMT sector (NWS, REA, XYZ, 360, BVS, and SEK) beat estimates with an average beat of over 6%.

Notable Sector misses: both companies in the Industrials sector that have reported (SGH, and TCL) fell short of estimates, with an average miss of -2.2% and FY27 earnings were subsequently revised down.

Value consistently outperformed Growth through most of July. During the final weeks of July . Source: Factset, Jefferies and the first week of August, Growth rallied, but suffered this week, down almost 1%.

Resources were clear laggards through most of July whilst Industrials delivered steady outperformance. Industrials peaked shortly after Resources began rallying. Since then, Industrials have trended steadily lower relative to Resources.

Reporting next week Monday, 17 August 2026

A2M, ACL, AD8, ARF, AZJ, BSL, GOZ, GPT, GWA, IMD, IRE, JBH, L1G, LLC, NAB, OML

AEL, APZ, BHP, CGF, COH, CSL, DRR, EML, HCW, JDO, MAH, PME, RGN, RWC, SGM, SRG, TLC

BRG, BWP, EBO, EOL, EVN, FBU, HLS, HSN, HUB, ILU, MGR, SGP, SLC, SSM, STO, TPW, WHC

AFG, AIA, APA, ARU, BGA, BXB, CDA, CWY, DOW, DXS, EQT, GMD, GMG, IEL, IPH, MAF, MGH, MP1, MPL, NST RDX, RIC, SHL, SPK, SUL, TLX, UNI, VCX, YAL, ZIP

A1M, A1N, CHC, DGT, GQG, GYG, ING, LIC, NWH, PWH, RFF, RMS, RRL, TPG Stephen Blagg * | Equity Analyst |

Please see analyst certifications, important disclosure information, and information regarding the status of non-US analysts on pages 12 - 19 of this report. * Jefferies (Australia) Pty Ltd

Governance watch Equity Research August 14, 2026

Table 1 - Reporting Season Summary - Actual vs Estimates and FY27 Revisions Beats Misses Traded Sector Stocks Actual vs Estimate DPS EPS FY27 Revisions post result lifting dropping positive Down- Reporte Average Average Upgrad Upgrad Average Down- Average stocks stocks on results # % Beat % Miss % In Line B/M grades d Beat Miss es es % UG grades DG (rel) (rel) day % Consumer 25 3 12% 2 67% 5.2% 0 0% 1 2/1 1 33% 1.3% 2 67% -2.2% 50% na 33% Discretionary

Consumer 10 1 10% 1 100% 4.9% 0 0% 0 0/1 1 100% 3.2% 0 100% na 100% Staples

Financials 35 13 37% 3 23% 1.4% 2 15% -5.1% 8 2/0 3 23% 4.4% 4 31% -1.8% 67% 50% 46%

Real Estate 34 8 24% 0 0% 1 13% -8.9% 7 0/0 3 38% 6.2% 4 50% -2.9% na 100% 38%

Health Care 21 1 5% 1 100% 2.1% 0 0% 0 1/0 0 0 0% na 0%

Industrials 28 2 7% 0 0% 2 100% -1.8% 0 0/0 0 2 100% -12.2% na 100% 0%

TMT 37 8 22% 6 75% 6.0% 0 0% 2 2/3 4 50% 3.6% 3 38% -2.8% 50% na 50%

Other 7 4 57% 2 50% 5.2% 2 50% -5.8% 0 0/2 2 50% 7.1% 1 25% -5.4% 50% 50% 50% materials

Mining 39 5 13% 2 40% 5.5% 2 40% -6.8% 1 0/3 1 20% 3.3% 3 60% -2.1% 50% 50% 40%

Energy 14 3 21% 2 67% 3.0% 1 33% -1.3% 0 0/0 2 67% 3.2% 1 33% -11.3% 50% 0% 67%

ASX % 19 40% 5.4% 10 21% -4.6% 19 7 / 10 17 35% 4.0% 20 42% -4.0% 53% 60% 44% . Source: Company announcements, Factset, Jefferies

Jeff's reporting calendar - full details on every ASX300 company reporting

• 80% of the universe (XKO) still to report in the final weeks of August and early September

Easy to use, full of key information and downloadable…