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' Kathmandu business experienced volatility, with sales rising +3% in 1H25, then falling -6% in early 2H25 before a +13% increase in June due to colder weather.</li><li>Discounting through 4Q25 has been higher than usual, impacting gross margins, and the key jackets and winter outerwear category has lagged.</li><li>KMD is balancing profitability and debt obligations amidst a challenging economic environment, with operational challenges and balance sheet concerns deterring a near-term rerate.</li></ul>

KMD Brands' Kathmandu business experienced volatility, with sales rising +3% in 1H25, then falling -6% in early 2H25 before a +13% increase in June due to colder weather.Discounting through 4Q25 has been higher than usual, impacting gross margins, and the key jackets and winter outerwear category has lagged.KMD is balancing profitability and debt obligations amidst a challenging economic environment, with operational challenges and balance sheet concerns deterring a near-term rerate.

Kathmandu Holdings

KMD Brands - Hot and Cold