External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

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Equity Bottom-Up

Harvey Norman Holdings / Equity Bottom-Up

<ul><li>Harvey Norman (HVN)’s 1H25 result saw some beats in the Australian Franchising division and also in the company operated New Zealand region.</li><li>Australia franchisee headline comparable sales growth strengthened to +8.6% on pcp in Nov-Dec from +3.1% on pcp in Jul-Oct while all regions except Singapore/Malaysia had an incrementally better start to 2H with the positive consumer uptake of Mobile, Computer Technology and Home Appliances categories.</li><li>In terms of new store growth, companyoperated overseas stores were at 122 with 5 new stores opened across NZ, Malaysia &amp; UK (Merry Hill flagship store) and 1 closure in Singapore.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Harvey Norman (HVN)’s 1H25 result saw some beats in the Australian Franchising division and also in the company operated New Zealand region.Australia franchisee headline comparable sales growth strengthened to +8.6% on pcp in Nov-Dec from +3.1% on pcp in Jul-Oct while all regions except Singapore/Malaysia had an incrementally better start to 2H with the positive consumer uptake of Mobile, Computer Technology and Home Appliances categories.In terms of new store growth, companyoperated overseas stores were at 122 with 5 new stores opened across NZ, Malaysia &amp; UK (Merry Hill flagship store) and 1 closure in Singapore.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Australia

Harvey Norman Holdings Limited is a holding company for companies and trusts in a third party franchise agreement. The franchises operate stores under the name "Harvey Norman Discounts," selling home wares and electrical goods. The Company also provides advisory and advertising to the franchises. In addition, the Company provides consumer finance and has property investments.

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Harvey Norman Holdings (HVN AU)

Harvey Norman (HVN): Moving the dial

Harvey Norman (HVN)’s 1H25 result saw some beats in the Australian Franchising division and also in the company operated New Zealand region.

Bell Potter

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