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 1H26 pre-IFRS EBIT of NZ$26.9m, +17% ahead of our forecasts.</li><li>Sales in 2Q26 (the important Christmas quarter) were down -0.1% on the prior year and -2.4% lower than our expectations.</li><li>The rebasing of CODB should insulate WHS's profitability outlook in 2H26. NEUTRAL.</li></ul>

The Warehouse Group (WHS) reported 1H26 pre-IFRS EBIT of NZ$26.9m, +17% ahead of our forecasts.Sales in 2Q26 (the important Christmas quarter) were down -0.1% on the prior year and -2.4% lower than our expectations.The rebasing of CODB should insulate WHS's profitability outlook in 2H26. NEUTRAL.

The Warehouse Group (WHS) - 1H26 Result Initial Impressions