- ACG reported weak Q1 2023 results with revenue and NPAT dropping 21% YoY and 70% YoY, respectively. These results achieved 15% and 6% of our respective revenue and NPAT forecasts for full-year 2023.

- Per ACG, demand weakened across all segments (new homes, existing homes and exports).

- Q1 2023 GPM hit 28% vs 29% in Q1 2022. While demand weakened across all segments, early customer acquisition costs in the export market phased out, which improved export GPM and cushioned blended GPM.

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