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 an improved FY26.</li><li>Red Sheds remains our key area of concern, with the business delivering a -NZ$17m operating loss in 2H26.</li><li>We acknowledge that WHS has de-rated to ~8.5x 12-month forward PE (compared to recent history of ~10x PE), and the operating leverage in this business is large.</li></ul>

The Warehouse Group (WHS) reported an improved FY26.Red Sheds remains our key area of concern, with the business delivering a -NZ$17m operating loss in 2H26.We acknowledge that WHS has de-rated to ~8.5x 12-month forward PE (compared to recent history of ~10x PE), and the operating leverage in this business is large.

The Warehouse Group FY26 Result—Some Progress in Store