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

<ul><li>KMD Brands (KMD) reported an improved FY26 result, with underlying EBITDA (pre-IFRS 16) of NZ$42m coming in slightly ahead of the guidance range provided in July 2026 and more than doubling last year’s result of NZ$18m.</li><li>We still remain cautious on the execution of balance-sheet deleveraging ahead of the NZ$42m debt facility step-down in June 2027.</li><li>As such, while KMD offers medium-term value if it can execute on its turnaround (~8x FY28 PE), we continue to view the near-term risk-reward as balanced.</li></ul>

KMD Brands (KMD) reported an improved FY26 result, with underlying EBITDA (pre-IFRS 16) of NZ$42m coming in slightly ahead of the guidance range provided in July 2026 and more than doubling last year’s result of NZ$18m.We still remain cautious on the execution of balance-sheet deleveraging ahead of the NZ$42m debt facility step-down in June 2027.As such, while KMD offers medium-term value if it can execute on its turnaround (~8x FY28 PE), we continue to view the near-term risk-reward as balanced.

KMD Brands FY26 Result—The Slow Road to Recovery

<ul><li>KMD Brands (KMD) reported underlying EBITDA (pre-IFRS-16) of NZ$42.0m, +8% ahead of our expectations and +NZ$1m above the top end of earnings guidance provided in July 2026.</li><li>Net debt also came in below both the prior year and recently provided guidance at NZ$48.1m (guidance of NZ$63-66m).</li><li>KMD also took a NZ$463m impairment against its intangible assets (NZ$278m for RipCurl, NZ$147m for Kathmandu and NZ$37m for Oboz).</li></ul>

KMD Brands (KMD) reported underlying EBITDA (pre-IFRS-16) of NZ$42.0m, +8% ahead of our expectations and +NZ$1m above the top end of earnings guidance provided in July 2026.Net debt also came in below both the prior year and recently provided guidance at NZ$48.1m (guidance of NZ$63-66m).KMD also took a NZ$463m impairment against its intangible assets (NZ$278m for RipCurl, NZ$147m for Kathmandu and NZ$37m for Oboz).

KMD Brands (KMD) - FY26 Result - Initial Impressions

<ul><li>KMD Brands (KMD) provided a mixed FY26 update.</li><li>The key disappointment for us was the higher-than-expected net debt position, which requires disciplined execution through FY27 ahead of the NZ$43m reduction in its debt facility.</li><li>While we are encouraged by the ongoing operational recovery, balance-sheet execution keeps the risk–reward balanced.</li></ul>

KMD Brands (KMD) provided a mixed FY26 update.The key disappointment for us was the higher-than-expected net debt position, which requires disciplined execution through FY27 ahead of the NZ$43m reduction in its debt facility.While we are encouraged by the ongoing operational recovery, balance-sheet execution keeps the risk–reward balanced.

KMD Brands Carrying More Debt on the Recovery Path

<ul><li>KMD Brands (KMD) reported a broadly in-line FY26 trading update but with disappointing net debt guidance.</li><li>The net debt position was slightly disappointing, expected to be in the range of NZ$63m-NZ$66m, compared to our forecast of being net cash in FY26.</li><li>KMD also announced the first outcome from its business review: the decision to divest its Southeast Asian manufacturing facility which should generate NZ$5m-NZ$7m and release ~NZ$6m of working capital.</li></ul>

KMD Brands (KMD) reported a broadly in-line FY26 trading update but with disappointing net debt guidance.The net debt position was slightly disappointing, expected to be in the range of NZ$63m-NZ$66m, compared to our forecast of being net cash in FY26.KMD also announced the first outcome from its business review: the decision to divest its Southeast Asian manufacturing facility which should generate NZ$5m-NZ$7m and release ~NZ$6m of working capital.

<ul><li>We update our KMD Brands (KMD) datasets ahead of the final month of its important winter trading quarter.</li><li>We reset our target price to NZ$2.15, adjusting for this consolidation.</li><li>We continue to view the risk–reward as balanced, with careful balance sheet management still required to traverse the NZ$43m step-down in its debt facility in FY27, though we acknowledge the business review (expected to complete before its result in September 2026) could provide a near-term catalyst.</li></ul>

We update our KMD Brands (KMD) datasets ahead of the final month of its important winter trading quarter.We reset our target price to NZ$2.15, adjusting for this consolidation.We continue to view the risk–reward as balanced, with careful balance sheet management still required to traverse the NZ$43m step-down in its debt facility in FY27, though we acknowledge the business review (expected to complete before its result in September 2026) could provide a near-term catalyst.

Australia

KMD Brands Limited provides clothing and equipment for the travel and adventure market. The Company offers outdoor, lifestyle, and sports apparels and accessories. KMD Brands serves customers worldwide.

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KMD Brands (KMD AU)

KMD Brands FY26 Result—The Slow Road to Recovery

KMD Brands (KMD) reported an improved FY26 result, with underlying EBITDA (pre-IFRS 16) of NZ$42m coming in slightly ahead of the guidance range...

Forsyth Barr

KMD Brands (KMD) - FY26 Result - Initial Impressions

KMD Brands (KMD) reported underlying EBITDA (pre-IFRS-16) of NZ$42.0m, +8% ahead of our expectations and +NZ$1m above the top end of earnings...

Forsyth Barr

KMD Brands Carrying More Debt on the Recovery Path

KMD Brands (KMD) provided a mixed FY26 update. The key disappointment for us was the higher-than-expected net debt position, which requires...

Forsyth Barr

KMD Brands (KMD) | FY26 Trading Update

KMD Brands (KMD) reported a broadly in-line FY26 trading update but with disappointing net debt guidance. The net debt position was slightly...

Forsyth Barr

KMD Brands Consolidating The Data

We update our KMD Brands (KMD) datasets ahead of the final month of its important winter trading quarter. We reset our target price to NZ$2.15,...

Forsyth Barr

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