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>Briscoes Group’s (BGP) FY26 result was in line with recently provided guidance, with NPAT falling -13% on the prior year to NZ$59m.</li><li>Management is targeting a return to record profits in three to four years, suggesting low-teens earnings growth over the medium term, broadly in line with our estimates.</li><li>Given its current one-year forward PE multiple of ~17x (two standard deviations above history), the market is already pricing in strong growth, with BGP expected to grow into its long-run multiple by FY29 on our estimates.</li></ul>

Briscoes Group’s (BGP) FY26 result was in line with recently provided guidance, with NPAT falling -13% on the prior year to NZ$59m.Management is targeting a return to record profits in three to four years, suggesting low-teens earnings growth over the medium term, broadly in line with our estimates.Given its current one-year forward PE multiple of ~17x (two standard deviations above history), the market is already pricing in strong growth, with BGP expected to grow into its long-run multiple by FY29 on our estimates.

Briscoe Group FY26 Result—Delivered As Expected