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

<ul><li>Briscoe Group reported a mixed 1Q25 trading update, with slightly softer sales but a better gross margin outlook than anticipated.</li><li>A target to maintain gross margin and profitability at similar levels to FY25, with a slight recovery in gross margins noted.</li><li>Upcoming annual shareholder meeting on 15 May 2025 expected to provide a strategic update, including on the NZ$100m distribution centre in Wiri.</li></ul>

Briscoe Group reported a mixed 1Q25 trading update, with slightly softer sales but a better gross margin outlook than anticipated.A target to maintain gross margin and profitability at similar levels to FY25, with a slight recovery in gross margins noted.Upcoming annual shareholder meeting on 15 May 2025 expected to provide a strategic update, including on the NZ$100m distribution centre in Wiri.

Briscoe Group - 1Q26 Trading Update—Cooling Down