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 provided an in-line FY26 result, with operating profit (EBIT pre-IFRS 16) of NZ$22.6m towards the upper end of its guidance range and +6% ahead of our estimates.</li><li>Sales through the first eight weeks of FY27 were flat on the prior year (we forecast +2% sales growth in FY27) though margins are improving.</li><li>The focus in FY27 will be on further margin recovery, overhead reductions and working capital discipline as WHS navigates what is a challenging trading environment.</li></ul>

The Warehouse Group provided an in-line FY26 result, with operating profit (EBIT pre-IFRS 16) of NZ$22.6m towards the upper end of its guidance range and +6% ahead of our estimates.Sales through the first eight weeks of FY27 were flat on the prior year (we forecast +2% sales growth in FY27) though margins are improving.The focus in FY27 will be on further margin recovery, overhead reductions and working capital discipline as WHS navigates what is a challenging trading environment.

The Warehouse Group (WHS) - FY26 Result Initial Impressions