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's 3Q25 trading update was slightly better than expected, with stronger sales but ongoing gross margin pressure due to elevated promotional activity and selling through old stock.</li><li>WHS maintained its 2H25 underlying EBIT guidance for a -NZ$14m loss, with potential downside risk due to warmer-than-normal temperatures impacting winter sales in 4Q.</li><li>The company reported a +2% increase in group sales to NZ$711m, with a shift towards lower average sales prices but increased sales volumes and foot traffic conversion.</li></ul>

The Warehouse Group's 3Q25 trading update was slightly better than expected, with stronger sales but ongoing gross margin pressure due to elevated promotional activity and selling through old stock.WHS maintained its 2H25 underlying EBIT guidance for a -NZ$14m loss, with potential downside risk due to warmer-than-normal temperatures impacting winter sales in 4Q.The company reported a +2% increase in group sales to NZ$711m, with a shift towards lower average sales prices but increased sales volumes and foot traffic conversion.

The Warehouse Group - 3Q25 Trading Update—Rebuilding