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>2Q23 trading to date indicates gross margins will be under pressure in 2H23</li><li>Operating expenses will be challenging in the near term as digital and core systems spend continues</li><li>The Warehouse is expected to be the most resilient of WHS' brands but division and product mix have changed adversely</li></ul>

2Q23 trading to date indicates gross margins will be under pressure in 2H23Operating expenses will be challenging in the near term as digital and core systems spend continuesThe Warehouse is expected to be the most resilient of WHS' brands but division and product mix have changed adversely

The Warehouse Group: 2Q23 Sales Checkout; Downgrade to NEUTRAL