New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>KMD Brands’ (KMD) FY22 result was generally in line with our and consensus expectations after management provided early guidance in July 2022</li><li>Group revenue growth was underpinned by Rip Curl and Kathmandu as Oboz was impacted by factory closures for three months</li><li>NZ was relatively weaker due to lower footfall growth from COVID impacts, but overall same store sales growth was positive in both Kathmandu and Rip Curl</li></ul>

KMD Brands’ (KMD) FY22 result was generally in line with our and consensus expectations after management provided early guidance in July 2022Group revenue growth was underpinned by Rip Curl and Kathmandu as Oboz was impacted by factory closures for three monthsNZ was relatively weaker due to lower footfall growth from COVID impacts, but overall same store sales growth was positive in both Kathmandu and Rip Curl

KMD Brands (KMD): FY22 Initial Impressions

Kathmandu Holdings

KMD Brands (KMD): FY22 Initial Impressions