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) saw mixed performances across its businesses in 3Q26.</li><li>The key disappointment was Red Sheds, which saw both sales and gross margins fall through 3Q26 and is on track to match the -NZ$25m EBIT loss it delivered in 2H25.</li><li>Partially offsetting this were better sales and gross margin performances in Blue Sheds and Noel Leeming, as well as ongoing head-office cost reductions.</li></ul>

The Warehouse Group (WHS) saw mixed performances across its businesses in 3Q26.The key disappointment was Red Sheds, which saw both sales and gross margins fall through 3Q26 and is on track to match the -NZ$25m EBIT loss it delivered in 2H25.Partially offsetting this were better sales and gross margin performances in Blue Sheds and Noel Leeming, as well as ongoing head-office cost reductions.

The Warehouse Group 3Q26 Trading Update—In The Red