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) reported a broadly in-line FY26 trading update but with disappointing net debt guidance.</li><li>The net debt position was slightly disappointing, expected to be in the range of NZ$63m-NZ$66m, compared to our forecast of being net cash in FY26.</li><li>KMD also announced the first outcome from its business review: the decision to divest its Southeast Asian manufacturing facility which should generate NZ$5m-NZ$7m and release ~NZ$6m of working capital.</li></ul>

KMD Brands (KMD) reported a broadly in-line FY26 trading update but with disappointing net debt guidance.The net debt position was slightly disappointing, expected to be in the range of NZ$63m-NZ$66m, compared to our forecast of being net cash in FY26.KMD also announced the first outcome from its business review: the decision to divest its Southeast Asian manufacturing facility which should generate NZ$5m-NZ$7m and release ~NZ$6m of working capital.

KMD Brands

KMD Brands (KMD) | FY26 Trading Update