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

Warehouse Group Limited / Equity Bottom-Up

<ul><li>WHS reported a less worse 1H25 result than expected, with operating profit at the upper end of its guidance range, and ahead of expectations.</li><li>Gross margin fell across the group, with Red and Blue Sheds experiencing significant declines, while Noel Leeming's gross margin declines were less severe.</li><li>Expectations for 2H25 EBIT are in line with a previous loss, with potential downside risks due to weak gross margin run rates and subdued consumer activity.</li></ul>

WHS reported a less worse 1H25 result than expected, with operating profit at the upper end of its guidance range, and ahead of expectations.Gross margin fell across the group, with Red and Blue Sheds experiencing significant declines, while Noel Leeming's gross margin declines were less severe.Expectations for 2H25 EBIT are in line with a previous loss, with potential downside risks due to weak gross margin run rates and subdued consumer activity.

The Warehouse Group (WHS) - 1H25 Result Initial Impressions