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) provided first time FY26 operating profit (pre-IFRS 16 EBIT) guidance of NZ$20m to NZ$24m.</li><li>This is ahead of our forecast of NZ$11m and Visible Alpha consensus of NZ$17m.</li><li>The guidance range implies a 2H26 operating profit loss of NZ$2m to NZ$7m, compared to the NZ$18m operating profit loss printed in 2H25.</li></ul>

The Warehouse Group (WHS) provided first time FY26 operating profit (pre-IFRS 16 EBIT) guidance of NZ$20m to NZ$24m.This is ahead of our forecast of NZ$11m and Visible Alpha consensus of NZ$17m.The guidance range implies a 2H26 operating profit loss of NZ$2m to NZ$7m, compared to the NZ$18m operating profit loss printed in 2H25.

The Warehouse Group (WHS) — FY26 Earnings Guidance