New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

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.

Equity Bottom-Up

Hallenstein Glassons Holdings / Equity Bottom-Up

<ul><li>Hallenstein Glassons (HLG) provided a strong 18-week FY26 trading update with sales +13.8% on the prior year, accelerating from +12.9% in the seven-week trading update in September 2025.</li><li>Sales growth has been driven by continued strength in Australia, with contributions from new store openings, store expansions, and refurbishments completed in the last year.</li><li>With the key Christmas and summer trading periods ahead, management cautioned against extrapolating current momentum for the year ahead.</li></ul>

Hallenstein Glassons (HLG) provided a strong 18-week FY26 trading update with sales +13.8% on the prior year, accelerating from +12.9% in the seven-week trading update in September 2025.Sales growth has been driven by continued strength in Australia, with contributions from new store openings, store expansions, and refurbishments completed in the last year.With the key Christmas and summer trading periods ahead, management cautioned against extrapolating current momentum for the year ahead.

<ul><li>Hallenstein Glassons (HLG) reported a solid FY25 result, with profit before tax (PBT) of NZ$58.4m, +12% ahead of FY24 and at the top end of its guidance range.</li><li>Trading through the first seven weeks of FY26 was also strong, with +13% group sales growth.</li><li>Glassons Australia continues to be the primary growth driver, with sales up +15% on the prior year, driving a +16% increase in PBT to NZ$34.2m.</li></ul>

Hallenstein Glassons (HLG) reported a solid FY25 result, with profit before tax (PBT) of NZ$58.4m, +12% ahead of FY24 and at the top end of its guidance range.Trading through the first seven weeks of FY26 was also strong, with +13% group sales growth.Glassons Australia continues to be the primary growth driver, with sales up +15% on the prior year, driving a +16% increase in PBT to NZ$34.2m.

Hallenstein Glasson FY25 Result—Strutting Its Stuff

<ul><li>Hallenstein Glassons (HLG) reported a strong trading update, with the midpoint of its FY25 profit before tax (PBT) guidance c.+15% ahead of our estimates.</li><li>HLG continues to execute in a challenging operating environment: its NZ businesses are maintaining share in a falling market, while its Glassons Australia business is continuing its track record of impressive growth.</li><li>We forecast an EPS growth CAGR of c.+11% over the next five years, with the primary driver being continued store roll-outs in Glassons Australia.</li></ul>

Hallenstein Glassons (HLG) reported a strong trading update, with the midpoint of its FY25 profit before tax (PBT) guidance c.+15% ahead of our estimates.HLG continues to execute in a challenging operating environment: its NZ businesses are maintaining share in a falling market, while its Glassons Australia business is continuing its track record of impressive growth.We forecast an EPS growth CAGR of c.+11% over the next five years, with the primary driver being continued store roll-outs in Glassons Australia.

Warehouse Group Limited / Equity Bottom-Up

<ul><li>We expect an improvement in real retail spend in 2026 albeit at a more modest level than some investors may be expecting.</li><li>We forecast +1% to +2% annual growth in real core retail spend in the 12 months to June 2026, with further potential upside constrained by a soft labour market, weak net migration, and a subdued wealth effect.</li><li>The Warehouse Group (WHS) and Briscoes Group (BGP) have most to benefit from an improving NZ consumer spending backdrop.</li></ul>

We expect an improvement in real retail spend in 2026 albeit at a more modest level than some investors may be expecting.We forecast +1% to +2% annual growth in real core retail spend in the 12 months to June 2026, with further potential upside constrained by a soft labour market, weak net migration, and a subdued wealth effect.The Warehouse Group (WHS) and Briscoes Group (BGP) have most to benefit from an improving NZ consumer spending backdrop.

Retail Rundown What’s In Store For 2026

<ul><li>Hallenstein Glassons (HLG) reported 1H25 sales +7.7% to NZ$240m, in line with expectations.</li><li>NPAT guidance of NZ$21.0-21.3m was below expectations due to gross margins falling -50bps to 58.4%.</li><li>Revenue momentum remains strong, supported by the expansion of its Glassons Australia business and further store roll-out.</li></ul>

Hallenstein Glassons (HLG) reported 1H25 sales +7.7% to NZ$240m, in line with expectations.NPAT guidance of NZ$21.0-21.3m was below expectations due to gross margins falling -50bps to 58.4%.Revenue momentum remains strong, supported by the expansion of its Glassons Australia business and further store roll-out.

Hallenstein Glassons (HLG) - 1H25 trading update: NZ weighing on gross margins

New Zealand

Hallenstein Glasson Holdings Limited owns and operates retail stores that sell men's, women's, and young men's apparel products and sportswear. The stores are located throughout New Zealand and Australia.

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Hallenstein Glassons Holdings (HLG NZ)

Hallenstein Glasson - GROWING IN STYLE

Hallenstein Glassons (HLG) provided a strong 18-week FY26 trading update with sales +13.8% on the prior year, accelerating from +12.9% in the seven...

Forsyth Barr

Hallenstein Glasson FY25 Result—Strutting Its Stuff

Hallenstein Glassons (HLG) reported a solid FY25 result, with profit before tax (PBT) of NZ$58.4m, +12% ahead of FY24 and at the top end of its...

Forsyth Barr

Hallenstein Glasson - That'll Play

Hallenstein Glassons (HLG) reported a strong trading update, with the midpoint of its FY25 profit before tax (PBT) guidance c.+15% ahead of our...

Forsyth Barr

Retail Rundown What’s In Store For 2026

We forecast +1% to +2% annual growth in real core retail spend in the 12 months to June 2026, with further potential upside constrained by a soft...

Forsyth Barr

Hallenstein Glassons (HLG) - 1H25 trading update: NZ weighing on gross margins

Hallenstein Glassons (HLG) reported 1H25 sales +7.7% to NZ$240m, in line with expectations. NPAT guidance of NZ$21.0-21.3m was below expectations...

Forsyth Barr

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