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>The Warehouse Group (WHS) reported a FY22 result slightly below our and consensus expectations</li><li>Adjusted NPAT of NZ$96.9m was below consensus by -3% (+1% against our forecast)</li><li>Group gross margins fell to 35.3% from 36.4% in FY21</li></ul>

The Warehouse Group (WHS) reported a FY22 result slightly below our and consensus expectationsAdjusted NPAT of NZ$96.9m was below consensus by -3% (+1% against our forecast)Group gross margins fell to 35.3% from 36.4% in FY21

The Warehouse Group (WHS): FY22 Result – Initial Impressions