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 (BGP) provided a robust 2Q27 sales update, though its initial 1H27 NPAT guidance was slightly below our prior expectations.</li><li>Gross margin pressure also remains a feature, impacted by the weaker New Zealand dollar and continued promotional pressure in the domestic retail landscape.</li><li>However, this is already reflected in the price, with the stock trading at ~16.5x one-year forward PE versus its long-run average of ~13x, offering limited upside valuation support at current levels.</li></ul>

Briscoe Group (BGP) provided a robust 2Q27 sales update, though its initial 1H27 NPAT guidance was slightly below our prior expectations.Gross margin pressure also remains a feature, impacted by the weaker New Zealand dollar and continued promotional pressure in the domestic retail landscape.However, this is already reflected in the price, with the stock trading at ~16.5x one-year forward PE versus its long-run average of ~13x, offering limited upside valuation support at current levels.

Briscoe Group 2Q27 Trading Update—Still Not on Sale