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’s (WHS) 3Q26 sales were slightly softer than we had expected though this was offset by gross margin holding up better than we anticipated.</li><li>Overall, we think this is a robust trading update for WHS in the current environment with slower sales being managed through margin control.</li><li>Red Sheds’ turn around continues to take longer than expected, partly due to volatile macro conditions, but its ongoing head office cost out programme, and improved performances from Blue Sheds and Noel Leeming appear to be offsetting the challenges in its largest business.</li></ul>

The Warehouse Group’s (WHS) 3Q26 sales were slightly softer than we had expected though this was offset by gross margin holding up better than we anticipated.Overall, we think this is a robust trading update for WHS in the current environment with slower sales being managed through margin control.Red Sheds’ turn around continues to take longer than expected, partly due to volatile macro conditions, but its ongoing head office cost out programme, and improved performances from Blue Sheds and Noel Leeming appear to be offsetting the challenges in its largest business.

ザ・ウェアハウス・グループ（WHS）— 2026年第3四半期の業績アップデート