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) shot out of the blocks quickly in FY26, with 1Q26 group sales up +8% on the prior year, albeit at -120bp lower gross margin than the prior year.</li><li>KMD reported 1Q26 sales +8% on the prior year, led by Kathmandu (+14%) and RipCurl (+7%).</li><li>KMD is on track to deliver NZ$25m of annualised cost savings in FY26, though it has previously announced its intention to reinvest NZ$15m back into its growth strategy (NZ$5m committed).</li></ul>

KMD Brands (KMD) shot out of the blocks quickly in FY26, with 1Q26 group sales up +8% on the prior year, albeit at -120bp lower gross margin than the prior year.KMD reported 1Q26 sales +8% on the prior year, led by Kathmandu (+14%) and RipCurl (+7%).KMD is on track to deliver NZ$25m of annualised cost savings in FY26, though it has previously announced its intention to reinvest NZ$15m back into its growth strategy (NZ$5m committed).

KMD Brands 1Q26 Trading Update—Warming into FY26

Kathmandu Holdings

KMD Brands 1Q26 Trading Update—Warming into FY26