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

Warehouse Group Limited / Equity Bottom-Up

<ul><li>The Warehouse Group (WHS) reported a disappointing 1H23 result.</li><li>Poor performance over the key Christmas trading period in most of its brands, as well as gross margin pressures and higher costs of doing business (CODB) contributed to materially lower earnings than expected.</li><li>Underlying NPAT (post IFRS 16) was ~-28% lower than our forecast, and the outlook for the company continues to appear very challenging.</li></ul>

The Warehouse Group (WHS) reported a disappointing 1H23 result.Poor performance over the key Christmas trading period in most of its brands, as well as gross margin pressures and higher costs of doing business (CODB) contributed to materially lower earnings than expected.Underlying NPAT (post IFRS 16) was ~-28% lower than our forecast, and the outlook for the company continues to appear very challenging.

The Warehouse Group: 1H23 Result — Red All Over the Sheds