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

<ul><li>Briscoes Group's annual shareholder meeting outlined key medium-term initiatives tied to the distribution-centre project.</li><li>Execution risk and costs of the distribution-centre project are not included in current estimates but present potential upside.</li><li>Near-term operations remain challenging with a projected 10% decline in 1H26 NPAT compared to the prior year.</li></ul>

Briscoes Group's annual shareholder meeting outlined key medium-term initiatives tied to the distribution-centre project.Execution risk and costs of the distribution-centre project are not included in current estimates but present potential upside.Near-term operations remain challenging with a projected 10% decline in 1H26 NPAT compared to the prior year.

Briscoe

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