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>The sales downgrade cycle is nearing an end, particularly in the direct-to-consumer (D2C) channel, with 2Q25 sales up 7% year-on-year in both Kathmandu and Rip Curl.</li><li>Investment in Kathmandu's brand and product range is yielding early results, delivering structural growth beyond a cyclical recovery.</li><li>Wholesale destocking appears to be behind us, with early 1H26 orders pointing to year-on-year growth.</li></ul>

The sales downgrade cycle is nearing an end, particularly in the direct-to-consumer (D2C) channel, with 2Q25 sales up 7% year-on-year in both Kathmandu and Rip Curl.Investment in Kathmandu's brand and product range is yielding early results, delivering structural growth beyond a cyclical recovery.Wholesale destocking appears to be behind us, with early 1H26 orders pointing to year-on-year growth.

KMD Brands 1H25 Result—Finding a Foothold

Kathmandu Holdings

KMD Brands 1H25 Result—Finding a Foothold