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>KMD Brands’ (KMD) 1H23 result showed a rebound in revenue and profitability versus the prior year.</li><li>Although underlying NPAT was -10% below our forecast (driven primarily by higher debt and associated interest expenses), it was in line with consensus, and market expectations heading into the result were very low. </li><li>KMD updated its near and medium-term strategic targets, which include efficiency improvements in the next one to two year horizon, and material revenue growth across all brands over a three to five year time-frame</li></ul>

KMD Brands’ (KMD) 1H23 result showed a rebound in revenue and profitability versus the prior year.Although underlying NPAT was -10% below our forecast (driven primarily by higher debt and associated interest expenses), it was in line with consensus, and market expectations heading into the result were very low. KMD updated its near and medium-term strategic targets, which include efficiency improvements in the next one to two year horizon, and material revenue growth across all brands over a three to five year time-frame

KMD Brands: 1H23 — (Re)Setting Base Camp

Kathmandu Holdings

KMD Brands: 1H23 — (Re)Setting Base Camp