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>Sales fell -1.6% to NZ$1.61b, which was less severe than anticipated by both FB (-2.5%) and VA Consensus (-2.7%).</li><li>Gross margins were pressured by increased promotional activity during the Christmas/New Year period, with a calculated contraction of -210bps to -300bps.</li><li>1H25 Operating Profit guidance of NZ$18-20m was below expectations (FB 1H25 NZ$25m), with FY25 implied guidance of NZ$4-6m.</li></ul>

Sales fell -1.6% to NZ$1.61b, which was less severe than anticipated by both FB (-2.5%) and VA Consensus (-2.7%).Gross margins were pressured by increased promotional activity during the Christmas/New Year period, with a calculated contraction of -210bps to -300bps.1H25 Operating Profit guidance of NZ$18-20m was below expectations (FB 1H25 NZ$25m), with FY25 implied guidance of NZ$4-6m.

The Warehouse Group (WHS) - 1H25 Trading Update - Doing it tough