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) five-month FY26 trading update was broadly in line with our expectations at the underlying EBITDA level, albeit the mix was slightly different.</li><li>Sales were up +8% on the prior year, driven by an improvement in wholesale channel sales and a 2% FX translation benefit due to the weaker NZ dollar.</li><li>Despite positive top-line momentum, promotional pressure on gross margins and higher opex are impediments to near-term earnings upgrades.</li></ul>

KMD Brands’ (KMD) five-month FY26 trading update was broadly in line with our expectations at the underlying EBITDA level, albeit the mix was slightly different.Sales were up +8% on the prior year, driven by an improvement in wholesale channel sales and a 2% FX translation benefit due to the weaker NZ dollar.Despite positive top-line momentum, promotional pressure on gross margins and higher opex are impediments to near-term earnings upgrades.

Kathmandu Holdings

KMD Brands On The Trail