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 (BGP) reported a solid 2Q27 sales update though its 1H27 NPAT guidance of &#8220;no less than NZ$27m&#8221; was slightly below expectations.</li><li>Rebel Sports sales increased +4.8% on the prior year in 2Q27, supported by significant sporting events including the Fifa World Cup, Auckland FC&#8217;s A-league win, Warriors NRL campaign and All Blacks Nations Championship.</li><li>BGP&#8217;s 1H27 NPAT guidance of &#8220;not less than NZ$27m&#8221; is slightly below our 1H27 estimate of ~NZ$29m.</li></ul>

Briscoes Group (BGP) reported a solid 2Q27 sales update though its 1H27 NPAT guidance of &#8220;no less than NZ$27m&#8221; was slightly below expectations.Rebel Sports sales increased +4.8% on the prior year in 2Q27, supported by significant sporting events including the Fifa World Cup, Auckland FC&#8217;s A-league win, Warriors NRL campaign and All Blacks Nations Championship.BGP&#8217;s 1H27 NPAT guidance of &#8220;not less than NZ$27m&#8221; is slightly below our 1H27 estimate of ~NZ$29m.

Briscoes Group (BGP) - 2Q27 Trading Update