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' FY25 EBITDA guidance is significantly below expectations, ranging from NZ$15m to NZ$25m, compared to the consensus of NZ$39m.</li><li>Key factors affecting performance include slowing Kathmandu sales due to warm weather, gross margin pressure beyond expectations, and tariff impacts.</li><li>Net debt is higher than expected at NZ$70m, with further covenant relief secured for the next two testing periods.</li></ul>

KMD Brands' FY25 EBITDA guidance is significantly below expectations, ranging from NZ$15m to NZ$25m, compared to the consensus of NZ$39m.Key factors affecting performance include slowing Kathmandu sales due to warm weather, gross margin pressure beyond expectations, and tariff impacts.Net debt is higher than expected at NZ$70m, with further covenant relief secured for the next two testing periods.

KMD Brands (KMD) - Disappointing Trading Update and FY25 Guidance

Kathmandu Holdings

KMD Brands (KMD) - Disappointing Trading Update and FY25 Guidance