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>BGP’s 4Q26 trading update was better than expected, with its revised FY26 NPAT guidance range of NZ$59m–NZ$60m, +2% ahead of our prior expectations.</li><li>The impact on BGP’s bottom line was insulated through solid cost control, as 2H26 opex fell -4% on the prior year.</li><li>We expected the opening of IKEA would have a meaningfully negative impact on the Homeware business.</li></ul>

BGP’s 4Q26 trading update was better than expected, with its revised FY26 NPAT guidance range of NZ$59m–NZ$60m, +2% ahead of our prior expectations.The impact on BGP’s bottom line was insulated through solid cost control, as 2H26 opex fell -4% on the prior year.We expected the opening of IKEA would have a meaningfully negative impact on the Homeware business.

Briscoe Group 4Q26 Trading Update—Cost Control