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) has issued another downgrade to its FY25 EBIT guidance, expecting to be EBIT breakeven at the mid-point of its revised range, implying a significant loss in 2H25.</li><li>The consumer environment remains challenging with elevated promotional activity, and IKEA's entry will coincide with the key Christmas trading period, presenting challenges for WHS.</li><li>Despite expected EBIT losses, WHS is unlikely to breach its debt covenants and is expected to maintain a positive free cash flow in FY25.</li></ul>

The Warehouse Group (WHS) has issued another downgrade to its FY25 EBIT guidance, expecting to be EBIT breakeven at the mid-point of its revised range, implying a significant loss in 2H25.The consumer environment remains challenging with elevated promotional activity, and IKEA's entry will coincide with the key Christmas trading period, presenting challenges for WHS.Despite expected EBIT losses, WHS is unlikely to breach its debt covenants and is expected to maintain a positive free cash flow in FY25.

Warehouse Group Limited

The Warehouse Group A Year in the Red