Half Year Results to 27 July 2025

Results announcement




Results for announcement to the market
Name of issuer BRISCOE GROUP LIMITED
Reporting Period Half-Year – 27 January 2025 to 27 July 2025
Previous Reporting Period Half-Year – 29 January 2024 to 28 July 2024
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing operations $371,269 -0.2%
Total Revenue $371,269 -0.2%
Net profit/(loss) from continuing
operations
$ 29,305 -11.8%
Total net profit/(loss) $ 29,305 -11.8%
Final Dividend
Amount per Quoted Equity Security $ 0.10000000
Imputed amount per Quoted Equity
Security
$ 0.03888889
Record Date 19 September 2025
Dividend Payment Date 9 October 2025
Current period Prior comparable period
Net tangible assets per Quoted Equity
Security
$ 1.3221 $ 1.3346
A brief explanation of any of the
figures above necessary to enable the
figures to be understood
Please refer to the Commentary and the unaudited financial
statements released in conjunction with this announcement.

Earnings before interest and tax (EBIT) is a non-GAAP measure.
Authority for this announcement
Name of person

authorised to make
this announcement
Geoff Scowcroft
Contact person for this announcement Rod Duke
Contact phone number + 64 9 815 3737
Contact email address rod.duke@briscoegroup.co.nz
Date of release through MAP

10/09/2025

Unaudited financial statements accompany this announcement.

---

Briscoe Group Half Year to 27 July 2025

Briscoe Group Limited (NZX/ASX code: BGP)

Highlights for the 26-week period – 27 January 2025 to 27 July 2025:
• Sales of $371.27 million, 99.8% of last year
• Improved sales trend: Q2 growth +2.07% vs Q1 -2.58%
• Online sales as mix of total Group sales 19.36%, (LY 18.77%)
• Online sales growth +2.92% vs last year
• Total Inventory $105.98 million (LY 106.32 million)
• $14.85 million capital investment, including $10.37 million for the new distribution
centre project
• New distribution project progressing on time and within budget
• NPAT $29.31 million

The directors of Briscoe Group Limited (NZX/ASX code: BGP) announce a net profit after
tax (NPAT) of $29.31 million for the half-year ended 27 July 2025. The half-year results are
unaudited.

Dame Rosanne Meo, Briscoe Group Chair said, “This half-year result represents another
solid performance by the Group in an economy which remains highly challenging. Recent
economic indicators – including elevated inflation and unemployment - underscore the
ongoing cost-of-living pressures and subdued consumer sentiment, placing additional
strain on discretionary spending with no consistent signs of economic recovery.”

The directors have resolved to pay an interim dividend of 10.0 cents per share. Books will
close to determine entitlements at 5pm on 19 September 2025 and payment will be made
on 9 October 2025. The company’s dividend policy is to pay out at least 60% of NPAT
when calculated on a full year basis.

“Dame Rosanne Meo said, “As with last year’s final dividend, paid earlier this year, this
interim dividend reflects the Group’s increased focus on a number of innovative strategic
initiatives, our substantial investment programme across the next two years as well as
acknowledging the impact of economic headwinds on profitability.”

Rod Duke, Group Managing Director, said, "We’re pleased with the progress made during
this half and despite the challenges, the team has remained focused on delivering value
and improved service to our customers. The trading environment was mixed, with Q1

impacted by abnormal weather and promotional timing, but Q2 rebounded with a 2.07%
increase.

“We’ve continued to see our online channel grow, with sales up 2.92% and its share of
Group sales rising to 19.36%. During August the team transitioned the online channel to
the Adobe platform and now look to leverage the expected functionality and performance
improvements which it brings.”

The earnings were generated on sales revenue of $371.27 million. Rod Duke said, “To
drive Group sales to 99.8% of last year’s record half-year sales is a terrific achievement and it’s
important to recognise that in what continues to be an incredibly challenging environment. Both
trading segments closed slightly under last year’s sales – homeware under by 0.11% and
sporting goods by 0.40%.”

Gross profit margin percentage declined for the period from 42.97% to 41.43%. Rod Duke
said, “As stated previously, our goal this year is to stabilise gross profit % and while we’re
progressing initiatives to support this, the pace of economic recovery and consumer
confidence will be critical. Optimising gross profit while maximising sales is a constant
focus for the team and they continue to do a terrific job in this relentless environment.

“Cost control also continues to be a focus with ongoing cost inflation widely reported as
another impediment to improving consumer confidence. It is important to us to recognise
the continued efforts of our team across the business and this first half has seen the flow
through of the 5% wage rate increase delivered in May last year as well as the additional
2.5% made earlier this year. Utility costs continue to climb with increases in store rents,
rates and power charges. Strategic initiatives, while helping to protect sales and gross
margin, also contributed to the additional costs during the half in relation to projects such
as electronic shelf-labelling, upgrade to merchandise planning and the new online platform.

“Interest income for the half-year will close around $1.96 million under last year as a result
of lower interest rates and lower cash balances with the progress of the build of our new
distribution centre at Drury which remains on time and within budget. This strategic
investment will revolutionise the way we warehouse and distribute product, unlocking
significant future benefits in relation to inventory, cost and process efficiencies."

Inventory levels as at 27 July 2025 continued to decrease closing at $105.98 million, down
from $106.32 million at the same time last year. Rod Duke said, “With pressure on sales
likely to continue we have focused strongly on inventory levels during the period and we
are particularly pleased with the closing position in relation to both value and quality.”

The Group’s balance sheet remains strong with cash balances of $119.83 million at the
close of the period, compared to $131.77 million held at the same time last year.
Approximately $22 million of creditor payments included in the trade payables balance
were subsequently paid by 31 July 2025. Rod Duke said, “With the significant investment the
Group is making across the next 18 months in establishing the new distribution centre,
combined with the seasonality of our operational cashflow, the Group will establish a funding
facility to support future cash flow requirements.”

Briscoe Group Limited is a company incorporated in New Zealand and registered in Australia as a foreign company under the name
Briscoe Group Australasia Limited (ARBN 619 060 552). It is listed on the NZX and also the Australian Securities Exchange as a foreign
exempt entity. (NZX/ASX code: BGP).

During the year $14.85 million of capital investment was made by the Group of which $10.37
million represents expenditure in relation to the new distribution centre project at South
Auckland. “Rod Duke said, “This project has gained serious momentum in the past six months
with the shell of the 320,000 cubic metre facility now largely in place with practical completion
of the construction phase expected in early 2026.

“Store development projects were also advanced during the period. Two major store
refurbishments were completed at Briscoes Homeware Westgate and Rebel Sport
Henderson, transforming these stores into modern retail environments. The improvements
included elevated fixture suites, energy-efficient LED lighting, enhanced counters, and
improved Click & Collect facilities – delivering a more seamless and engaging shopping
experience for customers.

“We’re also very excited about the progress made in relation to Rebel Sports’ new flagship
store at Mt Wellington which is on track to launch in November. We believe it will set a new
benchmark for sports retail in Australasia, delivering a premium customer experience,
supported by advanced technology, elevated product ranges, retail media integration, and
dedicated customer experience zones.

“Looking ahead, we remain cautious about the retail environment. In the absence of a clear
uplift in consumer confidence, the ongoing economic headwinds may result in a full-year
NPAT closer to $60 million.”


The Group’s next planned market release will be shortly after its 3
rd
quarter which closes
on 26 October 2025.

Wednesday 10 September 2025
Contact for enquiries:

Rod Duke
Group Managing Director
Tel: + 64 9 815 3737

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HY26 HALF YEAR ADDENDUM
1
HalfYear
Addendum
26 WEEK PERIOD ENDED 27JULY 2025

HY26 HALF YEAR ADDENDUM
2
Contents
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Highlights
Sales
Gross Profit Margin %
Net Profit After Tax
Balance Sheet
Online
VIP Clubs
Supply Chain
Our Team
Sustainability
Strategy
Looking Forward
Financial Summary
Brand Portfolio

HY26 HALF YEAR ADDENDUM
3
•Gross Profit 41.43% down from
42.97%.
•Yet to see any recovery in the
economic environment, the most
challenging tradingconditions for
many years.
Gross Profit
Performance
Highlights
HYEnded 27 July 2025
Despite extremely
challenging economic
conditions the Group
delivered strong sales of
99.8% of last year's
record half year sales
and a solid profit
performance.
•Online sales 19.36% of total
Group sales vs last half year
18.77%.
•Sales growth of 2.92%.
•Transition to new online
platformcompleted early
August.
Online Performance
•Group sales $371.3m.
•99.8% of LY record sales.
•Homeware sales -0.11% down.
•Sporting Goods sales –0.40%
down.
Sales
•Net cash at period end $119.8m.
•Total inventories decreased to
$106.0m.
•Capex spend of $14.9m.
•Interim dividend10.0 cps,
payout ratio 76%.
Strong Balance Sheet
•HY NPAT $29.3m.
•Solid result in very tough trading
conditions.
•Cost impacts from salary and wage
increases, general cost inflation,
costs of strategic projects and lower
interest income.
NPAT Performance
•Strategic projects on track and on
budget.
•North Island Distribution Centre on
track with construction well
underway.
•First module of new range planning,
allocation and replenishment tool
implemented during the period.
Strategic Initiatives
contributing to
profitability

HY26 HALF YEAR ADDENDUM
4
Sales
99.8% of last year's record half year
sales despite economic pressures.
•Economic environment continues to be very
challenging.
•47 Briscoes Homeware and
43 Rebel Sport stores.
•Both Homeware and Sporting Goods segments
within 1%of last year.
•Online sales growth +2.9%.
•Online sales mix increase to 19.4%.

HY26 HALF YEAR ADDENDUM
5
Gross Profit Margin %
Continued subdued consumer confidence and lack of economic
recovery continue to compress gross profit margin.
Initiatives targeted at protecting margin are supporting it remaining
above pre-covid levels.

HY26 HALF YEAR ADDENDUM
6
Net Profit After
Tax (NPAT)
Solid NPAT performance in context of highly
challenging economic environment.
•Gross margins impacted from
challenging economic
conditions.
•Wage increase of 5% (last
year) now annualising and
2.5% (this year) flow through
into this half.
•General cost inflation and
heightened focus around
cyber risks.
•Costs in relation to strategic
initiatives incurred ahead of
the future year benefits.
•Reduced interest income from
lower interest rates and cash
balances as capital
expenditureon strategic
initiatives build.

HY26 HALF YEAR ADDENDUM
7
Balance Sheet
•Continued focus on inventory control
and inventory quality.
•Healthy cash position with funding
facility to be established to support
future cash flow requirements.
•Distribution Centre project remains
onschedule and within budget.

HY26 HALF YEAR ADDENDUM
8
Online Platform
Investment
In the first half of this year, two significant
technology changes were completed:
•Thereplatformof our eCommerce website to Adobe
Commerce –enabling faster performance and
modern technology frameworks.
•The transition to a new Direct to Customer platform –
Marketplacer, rescaling our ability to connect
customers with more suppliers and products.
We’ve dispatched
1,700,000 units!
Improvements in
online fulfilment
SIGNIFICANT GROWTH
IN CLICK& COLLECT
4%
YOY
750k TOTAL ONLINE
ORDERS
CLICK& COLLECT
SHARE UP 2%
LABOUR SPEND
DOWN 2%
3800+ Same Day
deliveries made
across the country

HY26 HALF YEAR ADDENDUM
9
VIP Clubs
We continue to invest and
focus on our clubs as our
ongoing strategy to drive
frequency and lifetime value
across our customer base.
Our current membership
programme sits atover
2.1million club members. In
this first half we have
rewarded our loyal customers
with VIP club nights, VIP only
deals and exclusive offers
and experiences.
We are working on launching
our next phase of loyalty with
a rewards programme for
Rebel Sport that will launch at
the start of 2026.
FY26 to date
Total database
1.14m +8.8%
Member frequency -
2.5
v 2.0 non-members
Member annual spend -
+22.3%
v non-members
FY26 to date
Total database
1.05m +8.6%
Member frequency -
2.1
v 1.7 non-members
Member annual spend -
+28.1%
v non-members

HY26 HALF YEAR ADDENDUM
10
Supply Chain
Transformation
We’re taking a phased approach to
transforming the way we flow
inventory through our network to
our stores. The new Drury
Distribution Centre (DC) is on track
and on budget.
•State-of-the-art facility and equipment.
•Reduced stock level in stores by holding
more in the DC and regularly replenishing
our stores in line with demand.
•Improved on-shelf availability.
•Improved range of products and potential
for newproduct categories in stores.
In progress 2025
Benefits for our Team
and Customers
•Configuration, development and testing of
Phase 2 WMS for use in the new DC runs
through to the end of 2025.
•Construction of the building continues
through until practical completion
expected to be late April 2026.
•The Automation facility is on track with the
software build starting in the second half of
2025,with the physical build scheduled for
completion in September 2026.
•The new Warehouse Management
System (WMS) Phase 1 has been running
in our current DC since July 2024.
•Our new DC facility design including
automation is complete.
•Auckland Council has issued building
consent and construction commenced
in February 2025.
•We have completed the design for our
WMS and Automation software.
•We have Implemented a tendering
process for key fit out procurement
items.
What we have completed

HY26 HALF YEAR ADDENDUM
11
A broad range of
investments in our
people, systems and
processes are
contributing to
member capabilities,
competence and
confidence. Our team
is well placed to drive
the business forward.
Our Team
Team Development
Our refreshed Management & Leadership
Development Programme saw three new
cohorts commence the programme with a
blend of participants from stores and support
functions. Our review has enabled a significant
reduction in time to complete, alongside
increased satisfaction (+16%) and increased
attendance (+23%).
Engagement
We maintained Team member engagement and
our position of 0.3 above the industry
benchmark. Pleasingly, we have seen a
continued shift (6%) of respondents into
'Promoters' and a decline in 'Detractors'.
Health & Safety
Alongside implementation of our unique Virtual
Reality led Manual Handling training, we have
embarked upon a pilot with Inviol, an innovative
New Zealand company making use of artificial
intelligence and camera technology. Inviolhelps
to identify actions which could result in a safety
incident or injury while working in one of the
areas contained within our Traffic Management
Plans. Incidents are categorised according to
risk and events used as coaching opportunities
to improve operational practices.
Paid Parental Leave
Earlier this year we introduced
our enhanced Parental Leave
Policy providing a suite of new
benefits including income top up,
KiwiSaver contributions, and paid
Partner's Leave. To date, just over
16% of those making use of the
provisions have been partners
rather than primary carers,
ensuring that those adding to
their families are supported from
the start.
Retention
Our team appreciate our efforts
to provide stable and secure
employment in an industry often
exposed to headcount
reductions. Further assisted by a
subdued labour market our team
retention continues to increase
and is likely a key ingredient in
the excellent NPS scores provided
by our customers.
Learning Technology
An extensive review of the tools
used to create and review
content was conducted with
changes made to both our
development and authoring tools.
The new toolset has enabled a
50% reduction in the time required
to develop modules, alongside
decreasing the amount of time
required for new team members
to become competent users and
create their first learning content.

HY26 HALF YEAR ADDENDUM
12
Sustainability
Our Steps To A Better Tomorrow
Governance
Community
Environment
Over 6,500 balls through the
Pass-it-Forward program in
the first half, supporting
clubs and schools across
the country.
33 grants distributed through
our Grassroot Grants
programmecontributing to
our mission of enabling more
kiwis to get into sports.
Over 1,200 boots redistributed
through our Boot Drive to kids and
families in need through our
partnership with Replay, Report and
Adidas.
Expansion of our Product
Returns programmeto cover
44% of our store network (up
from 34%) diverting more
returns from landfill and
strengthening support for
local communities.
Nespresso Capsule
Recycling Programmerolled
out toall 47Briscoes stores,
establishing ourselves as
Nespresso’s key recycling
point partner.
Completion of our store network
Forklift Electrification programme.
The remaining LPG units at our
Distribution Centre will be replaced
when our new site opens.
Successfully launched our Local Ethical Supply
Chain Programme, helping improve
transparency and due diligence for our local
supplier network.
Progression of our Climate-related
disclosures, with focus being given to our
scope 3 emissions calculations and
quantifying the financial impacts of our
climate-related risks.

HY26 HALF YEAR ADDENDUM
13
Strategic plan
update
Our strategic plan is on track
and on Budget.
2025 has been a massive year
of implementation, with group
wide initiatives being
delivered simultaneously.
The largest ever capital
investment period will set the
business up for the next phase
of growth over the next
decade.
Impact Analytics
The implementation of
Impact Analytics is well
progressed with all
seven merchandising
modules on track to be
live before the end of
the year.
Adobe Website
The new Briscoes
Homeware and
RebelSport Websites
went live in August
alongside the
newMarketplacer
technology.
Rebel Flagship
Our new Rebel X
flagship store will be
our biggest and best
Rebel yet. The store is
on track to open
Mid November.
New Drury DC
The new Drury
Distribution Centre is
well progressed. The
construction is in line
with the schedule
and is due for
handover in April
2026.

HY26 HALF YEAR ADDENDUM
14
Looking forward –
Our biggest everperiod of
strategic investment
Despite the most challenging economic climate for many years
ourStrategic Plan remains on track and within Budget.
Whilst early costs of the programme are now flowing into the
business the benefits willstart from next financial year.
•Economy yet to show consistent signs of a
sustained recovery.
•We remain confident the strategic programmewill
set the Group up for significant growth in future
years.
•This year's Strategic projects are on time:
oNew Adobe / Marketplacer
websites live.
oFirst Module of Impact Analyticslive.
oRebel X concept store due to
open in November.
oConstruction of new DC on track and
building due for completion in April 2026.
•Continued investment inour
team capability.
•Relentless focus on cost and inventory
to ensure we are in great shape when
the economy recovers.
•Whilst we remain cautious about the
short-term trading environment,we are
confident and excited about the future
growth potential.
•The Group has a solid track record of
navigating challenging environments.
•World class team delivering both
trading and strategic improvements.

HY26 HALF YEAR ADDENDUM
15
Financial Summary
1.NZ IFRS 16 Leases first year of adoption.
2. Final dividend of 12.5cps cancelled as a result of Covid-19 pandemic.
3. Includes special dividends of 6cps.
4. Includes $26 million of creditor payments made on 31 January 2023.
5. Includes $18 million of creditor payments made on 31 July 2023.
6. Includes$20million of creditor payments made on 31 January 2024.
7. Includes $23 million of creditor payments made by 31 July 2024.
8. Excludes $7.4 million one-off non-cash tax expense adjustment.
9. Includes $30 million of creditor payments made by 31 January 2025.
10. Includes $22 million of creditor payments made by 31 July 2025.
HY Jul 20HY Jul 21HY Jul 22HY Jul 23HY Jul 24HY Jul 25FY Jan 20
1.
FY Jan 21FY Jan 22FY Jan 23FY Jan 24
FY Jan 25
Homeware Revenue-$000
184,347222,628228,739229,391230,027229,780 410,908439,234460,887487,501490,116489,810
Sporting Goods Revenue-$000
108,060135,793139,207139,846142,051141,489 242,109262,563283,563298,353301,837301,659
Group TotalRevenue-$000
292,407358,421367,946369,237372,078371,269 653,017701,797744,450785,854791,953791,469
Online Mixof Sales-%
22.2%16.2%19.4%18.3%18.8%19.4% 11.3%18.8%21.5%19.0%18.7%19.7%
Group Gross Margin -$000
123,275166,663167,937161,464159,865153,803 257,502307,116340,642345,922335,762319,541
Group Gross Margin -%
42.2%46.5%45.6%43.7%43.0%41.4% 39.4%43.8%45.8%44.0%42.4%40.4%
Group EBIT -$000
45,94873,04070,01664,21760,49746,948 97,223115,886136,468135,494126,296104,401
Group EBIT -%to Sales
15.7%20.4%19.0%17.4%16.3%12.6% 14.9%16.5%18.3%17.2%15.9%13.2%
Group NPAT -$000
27,97947,46145,62042,750
40,584
8
29,305 62,58373,19987,90988,43784,221
68,008
8
Group NPAT -%to Sales
9.6%13.2%12.4%11.6%10.9%7.9% 9.6%10.4%11.8%11.3%10.6%8.6%
Free CashFlow-$000
(Operating Cash Flow less Capex)
37.433.238.922.23.09.8 60.381.176.6128.0
.
108.351.6
Dividends PerShare-cps
9.011.512.012.512.510.0 8.5
2.
28.5
3
27.028.029.022.5
Earnings PerShare-cps
12.621.320.519.218.2
8
13.2 28.232.939.539.737.830.5
8
Net Debt /CashPosition-$000
98.693.997.6126.9
5
131.8
7
119.8
10
67.4100.4102.5149.9
4
175.4
6
142.4
9
Inventory Turnover -Xp.a.
(COGS divided by average
inventory)
4.74.43.83.74.14.6

HY26 HALF YEAR ADDENDUM
16
Brand Portfolio
Our global brand portfolio continues to
evolve to our customers' needs.
BRISCOES HOMEWARE
REBEL SPORT
200+ Brands!
BRISCOES HOMEWARE
REBEL SPORT
280+ Brands!

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Distribution Notice




Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer Briscoe Group Limited
Financial product name/description Ordinary Shares
NZX ticker code BGP
ISIN (If unknown, check on NZX
website)
NZBGRE0001S4
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 19/09/2025
Ex-Date (one business day before
the Record Date)
18/09/2025
Payment date (and allotment date for
DRP)
9/10/2025
Total monies associated with the
distribution
1

$ 22,279,001.20000000
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.13888889
Gross taxable amount
3
$0.13888889
Total cash distribution
4
$0.10000000
Excluded amount (applicable to listed
PIEs)
$-
Supplementary distribution amount $0.01764706
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed X
Partial imputation
No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not
constitute advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.03888889
Resident Withholding Tax per
financial product
$0.00694444
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
%
Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

Specify source of financial products
to be issued under DRP programme
(new issue or to be bought on
market)

DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Geoff Scowcroft
Contact person for this
announcement
Geoff Scowcroft
Contact phone number +64 275633167
Contact email address geoff@briscoes.co.nz
Date of release through MAP

10/09/2025





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

Briscoe Group Limited
Consolidated Income Statement
For the 26 week period ended 27 July 2025 (unaudited)
-
1 -
26 Week Period 26 Week Period
Ended 27 July 2025 Ended 28 July 2024
Unaudited Unaudited
Notes $000 $000
Sales revenue 371,269 372,078
Cost of goods sold (217,466) (212,213)
Gross profit 153,803 159,865
Other income 301 104
Store expenses (63,672) (60,444)
Administration expenses (43,484) (39,028)
Earnings before interest and tax
46,948 60,497
Finance income 1,856 3,811
Finance costs (7,784) (7,699)
Net finance income/(costs) (5,928) (3,888)
Profit before income tax 41,020 56,609
Income tax expense (11,715) (23,399)
Net profit attributable to shareholders 5 29,305 33,210
Ea
rnings per share for profit attributable to shareholders:
Basic earnings per share (cents) 13.15 14.91
Diluted earnings per share (cents) 13.13 14.88
The above consolidated income statement should be read in conjunction with the accompanying notes.

Briscoe Group Limited
Consolidated Statement of Comprehensive Income
For the 26 week period ended 27 July 2025 (unaudited)
- 2
-
26 Week Period 26 Week Period
Ended 27 July 2025 Ended 28 July 2024
Unaudited Unaudited
Notes $000 $000
Net profit attributable to shareholders
29,305 33,210
Other comprehensive income:
Items that will not be subsequently reclassified to profit or loss:
Change in value of investment in equity securities
8 (7,921) (13,683)
Items that may be subsequently reclassified to profit or loss:
Fair value (loss)/gain taken to the cash flow hedge reserve (1,762) 1,919
Deferred tax on fair value loss/(gain) taken to cash flow hedge reserve 493 (537)
Total other comprehensive income (9,190) (12,301)
Total comprehensive income attributable to shareholders 20,115 20,909
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

Briscoe Group Limited
Consolidated Balance Sheet
As at 27 July 2025 (unaudited)
-
3 -
27 July 2025 28 July 2024 26 January 2025
Unaudited Unaudited Audited
Notes $000 $000 $000
ASSETS
Current assets
Cash and cash equivalents 119,826 131,770 142,401
Trade and other receivables 5,270 5,251 6,830
Inventories 105,976 106,323 99,696
Derivative financial instruments 553 1,727 3,058
Total current assets 231,625 245,071 251,985
Non-current assets
Property, plant and equipment 7 185,788 148,103 177,520
Non-current receivable -12,964 -
Intangible assets 2,118 2,527 2,329
Right-of-use assets 228,246 240,563 230,263
Taxation receivable 18 - -
Deferred tax 11,254 9,579 9,990
Investment in equity securities 8 12,482 21,363 20,403
Total non-current assets 439,906 435,099 440,505
TOTAL ASSETS 671,531 680,170 692,490
LIABILITIES
Current liabilities
Trade and other payables 96,516 92,116 109,301
Lease liabilities 20,112 20,663 20,674
Taxation payable -1,150 5,247
Derivative financial instruments 992 6 34
Total current liabilities 117,620 113,935 135,256
Non-current liabilities
Trade and other payables 1,476 1,335 1,411
Lease liabilities 255,758 265,045 256,028
Total non-current liabilities 257,234 266,380 257,439
TOTAL LIABILITIES 374,854 380,315 392,695
NET ASSETS 296,677 299,855 299,795
EQUITY
Share capital 10 62,435 62,435 62,435
Cash flow hedge reserve (317) 1,270 2,250
Equity-based remuneration reserve 813 621 925
Other reserves (75,371) (66,490) (67,450)
Retained earnings 309,117 302,019 301,635
TOTAL EQUITY 296,677 299,855 299,795
The above consolidated balance sheet should be read in conjunction with the accompanying notes.

Briscoe Group Limited
Consolidated Statement of Cash Flows
For the 26 week period ended 27 July 2025 (unaudited)
- 4 -
26 Week Period 26 Week Period
Ended 27 July 2025 Ended 28 July 2024
Unaudited Unaudited
Notes $000 $000
OPERATING ACTIVITIES
Cash was provided from
Receipts from customers 372,183 372,946
Rent received 83 80
Interest received 2,097 4,056
Insurance recovery 123 24
374,486 377,106
Cash was applied to
Payments to suppliers
(252,973) (242,445)
Payments to employees (50,984) (54,570)
Interest paid (7,783) (7,699)
Net GST paid (20,939) (11,114)
Income tax paid (17,176) (23,233)
(349,855) (339,061)
Net cash inflows from operating activities 24,631 38,045
INVESTING ACTIVITIES
Cash was provided from
Proceeds from sale of property, plant and equipment 17 34
17 34
Cash was applied to
Purchase of property, plant and equipment (14,374) (33,851)
Purchase of intangible assets (479) (1,146)
(14,853) (34,997)
Net cash outflows from investing activities (14,836) (34,963)
FINANCING ACTIVITIES
Cash was provided from
Net proceeds from borrowings 9 - -
- -
Cash was applied to
Dividends paid 11 (22,279) (36,760)
Lease liabilities payments (9,990) (9,978)
(32,269) (46,738)
Net cash outflows from financing activities (32,269) (46,738)
Net decrease in cash and cash equivalents (22,474) (43,656)
Cash and cash equivalents at beginning of period 142,401 175,441
Foreign cash balance cash flow hedge adjustment (101) (15)
CASH AND CASH EQUIVALENTS AT END OF PERIOD 119,826 131,770
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Briscoe Group Limited
Consolidated Statement of Changes in Equity
For the 26 week period ended 27 July 2025 (unaudited)
- 5 -
.
Notes Share Cash flow Equity-Based Other Retained Total
Capital Hedge Remuneration Reserves Earnings Equity
Reserve Reserve
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
$000 $000 $000 $000 $000 $000
Balance at 28 January 2024 62,344 250 701 (52,807) 305,380 315,868
Transfer of hedging gains upon settlement of forward
contracts net of tax - (362)- - - (362)

Net profit attributable to shareholders for the period - - - - 33,210 33,210
Other comprehensive income:
Change in value of investment in equity securities 8 - - - (13,683) - (13,683)

Net fair value gain taken through cash flow hedge reserve -1,382 - - - 1,382
Total comprehensive income for the period - 1,382- (13,683)33,210 20,909
Transactions with owners:
Dividends paid 11 - - - - (36,760) (36,760)

Performance rights charged to income statement - - 201 - - 201

Performance rights vested / lapsed 10 91 - (280)- 189 -

Deferred tax on equity-based remuneration - - (1) - - (1)
Balance at 28 July 2024 62,435 1,270 621 (66,490) 302,019 299,855
Transfer of hedging gains upon settlement of forward
contracts net of tax - (845)- - - (845)

Net profit attributable to shareholders for the period - - - - 27,424 27,424
Other comprehensive income:
Change in value of investment in equity securities 8 - - - (960)- (960)

Net fair value gain taken through cash flow hedge reserve -1,825 - - - 1,825
Total comprehensive income for the period - 1,825- (960)27,424 28,289
Transactions with owners:
Dividends paid - - - - (27,849) (27,849)
Performance rights charged to income statement - - 296 - - 296
Performance rights vested / lapsed - - (41) - 41 -
Deferred tax on equity-based remuneration - - 49 -- 49
Balance at 26 January 2025 62,435 2,250 925 (67,450) 301,635 299,795
Transfer of hedging gains upon settlement of forward
contracts net of tax - (1,298)- - - (1,298)
Net profit attributable to shareholders for the period - -- - 29,305 29,305
Other comprehensive income:
Change in value of investment in equity securities 8 - - - (7,921) - (7,921)
Net fair value loss taken through cash flow hedge reserve - (1,269) - - - (1,269)
Total comprehensive income for the period -(1,269)-(7,921) 29,305 20,115
Transactions with owners:
Dividends paid 11 - - - - (22,279) (22,279)
Performance rights charged to income statement - - 273 - - 273
Performance rights vested / lapsed 10 - - (456) -456 -
Deferred tax on equity-based remuneration - - 71 --71
Balance at 27 July 2025 62,435 (317)813(75,371) 309,117 296,677
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Briscoe Group Limited
Notes to the Financial Statements
For the 26 week period ended 27 July 2025 (unaudited)
- 6 -
1.Reporting Entity
Br
iscoe Group Limited (the Company) and its subsidiaries (together the Group) is a retailer of homeware and
sporting goods. The Company is a limited liability company incorporated and domiciled in New Zealand and
is listed on the New Zealand Stock Exchange (NZX). Briscoe Group Limited is registered under the
Companies Act 1993 and is an FMC Reporting Entity under Part 7 of the Financial Markets Conduct Act
2013. The address of its registered office is 1 Taylors Road, Morningside, Auckland 1025, New Zealand. The
Company is registered in Australia as a foreign company under the name Briscoe Group Australasia Limited
and is listed on the Australian Securities Exchange as a foreign exempt entity. (NZX / ASX code: BGP).
2.Basis of Preparation of Financial Statements
Thes
e unaudited consolidated condensed interim financial statements (‘interim financial statements’) have
been prepared in accordance with New Zealand Generally Accepted Accounting Practice (GAAP) and
comply with the requirements of International Accounting Standard (IAS) 34 Interim Financial Reporting and
with New Zealand Equivalent to International Accounting Standard (NZ IAS) 34 Interim Financial Reporting
and the NZX Main Board Listing Rules. The Group is designated as a for-profit entity for financial reporting
purposes.
The i
nterim financial statements do not include all the notes of the type normally included in an annual
financial report. Accordingly, these interim financial statements should be read in conjunction with the
audited consolidated financial statements for the period ended 26 January 2025 and any public
announcements made by Briscoe Group Limited during the interim reporting period and up to the date of
these interim financial statements.
Thes
e interim financial statements are presented in New Zealand dollars, which is the Company’s functional
currency and the Group’s presentation currency.
The
interim financial statements are in respect of the 26-week period from 27 January 2025 to 27 July 2025 .
The comparative period is in respect of the 26-week period from 29 January 2024 to 28 July 2024. The year-
end balance date will be 25 January 2026 and full financial statements will cover the 52- week period from 27
January 2025 to 25 January 2026. The Group operates on a weekly trading and reporting cycle resulting in
52-weeks for most years with a 53-week year occurring once every 5-6 years.
The pr
eparation of the interim financial statements requires management to make judgements, estimates
and assumptions that affect the reported amounts in the interim financial statements. The estimates and
underlying assumptions are based on historical experience and adjusted for current market conditions and
other factors, including expectations of future events that are considered to be reasonable under the
circumstances. If outcomes within the next financial period are significantly different from assumptions, this
could result in adjustments to carrying amounts of the asset or liability affected. The same judgements,
estimates and assumptions included in the notes to the financial statements for the full year period ended 26
January 2025 have been applied to these interim financial statements.
Ot
her comprehensive income reported in the consolidated statement of comprehensive income for the 26-
week period ended 28 July 2024 has been amended to remove the component of cash flow hedge reserve
which represented transfers of hedging gains/losses upon settlement of forward contracts net of tax as
separately disclosed in the statement of changes in equity ($361,597). The change is limited to the statement
of changes in equity and other comprehensive income and has no impact on profit, cash flow or the balance
sheet of the Group.
3.Accounting Policies
The int
erim financial statements of the Group for the 26-week period ended 27 July 2025 have been
prepared using the same accounting policies and methods of computations as, and should be read in
conjunction with, the financial statements and related notes included in the Group’s Annual Report for the full
year period ended 26 January 2025.

Briscoe Group Limited
Notes to the Financial Statements
For the 26 week period ended 27 July 2025 (unaudited)
- 7 -
4. Seasonality
The Group’s revenue and profitability follow a seasonal pattern with higher sales and net profits typically
achieved in the second half of the financial year as a result of additional sales generated during the
Christmas trading period.
5.Segment Information
The G
roup is organised into two reportable operating segments, namely homeware and sporting goods,
reflecting the different retail sectors within which the Group operates. The Company is considered not to be a
reportable operating segment. Eliminations and unallocated amounts as shown below are primarily
attributable to the Company. There were no inter-segment sales in the period (2024 : Nil).
Information in relation to the operations of each reportable operating segment is included below. Seg
ment
profit represents the profit earned by each segment and is extracted from the income statements associated
with the two trading subsidiary companies, Briscoes (New Zealand) Limited and The Sports Authority Limited
(trading as Rebel Sport). Earnings before interest and tax (EBIT) is a non-GAAP measure and used to
assess the performance of the operating segments. This measure should not be viewed in isolation, nor
considered as a substitute for measures reported in accordance with NZ IFRS. This non-GAAP financial
measure may not be comparable to similarly titled amounts reported by other companies.
For the period ended 27 Ju
ly 2025
Homeware Sporting
goods
Elim
inations/

unallocated
Total Group
$000 $000 $000 $000
INCOME STATEMENT
Sales revenue 229,780 141,489 -371,269
Cost of goods sold (135,535) (81,931) -(217,466)
Gross profit 94,245 59,558 -153,803
Earnings before interest and tax 25,459 19,692 1,797 46,948
Finance income 432 1,209 215 1,856
Finance costs (5,232) (2,550) (2)(7,784)
Net finance income / (costs) (4,800) (1,341) 213 (5,928)
Income tax expense (5,920) (5,139) (656)(11,715)
Net profit after tax 14,739 13,212 1,354 29,305
BALANCE SHEET ‘
Assets 400,222 254,684 16,625
1.
671,531
Liabilities 266,723 129,108 (20,977) 374,854
OTHER SEGMENTAL ITEMS
Acquisitions of property, plant and equipment,
intangibles and investments 12,921 1,932 -14,853
Depreciation and amortisation expense 11,662 6,350 -18,012

$000

1. Investment in equity securities 15,265
Intercompany eliminations(28,297)
Other balances 29,657
16,625

Briscoe Group Limited
Notes to the Financial Statements
For the 26 week period ended 27 July 2025 (unaudited)
- 8 -
For the period ended 28 July 2024
Homeware Sporting
goods
Eliminations/
unallocated
Total Group
$000 $000 $000 $000
INCOME STATEMENT
Sales revenue 230,027 142,051 -372,078
Cost of goods sold (131,956) (80,257) -(212,213)
Gross profit 98,071 61,794 -159,865
Earnings before interest and tax 33,996 24,995 1,506 60,497
Finance income 753 2,540 518 3,811
Finance costs (5,082) (2,616) (1)(7,699)
Net finance income / (costs) (4,329) (76)517(3,888)
Income tax expense (15,813) (6,978) (608)(23,399)
Net profit after tax 13,854 17,941 1,415 33,210
BALANCE SHEET
Assets 391,510 274,084 14,576
1.
680,170
Liabilities 272,605 135,949 (28,239) 380,315
OTHER SEGMENTAL ITEMS
Acquisitions of property, plant and equipment,
intangibles and investments 17,789 4,244 -22,033
Depreciation and amortisation expense 11,215 6,314 -17,529

$000

1. Investment in equity securities 24,147
Intercompany eliminations (32,135)
Other balances 22,564
14, 576
6. Expenses
Profit before income tax includes the following specific expenses:
26 Week Period
Ended 27 July 2025
$000
26 Week Period
Ended 28 July 2024
$000
Depreciation of property, plant and equipment 6,052 5,571
Amortisation of software costs 690 697
Depreciation of right-of-use assets 11,270 11,261
Interest on leases 7,782 7,698
Operating lease rental expense 18 18
Wages, salaries and other short-term benefits 50,919 48,313
Equity-based remuneration 273 201

Briscoe Group Limited
Notes to the Financial Statements
For the 26 week period ended 27 July 2025 (unaudited)
- 9 -
7.Property, Plant and Equipment
Acquisitions and disposals
During the 26-week period ended 27 July 2025, the Group acquired property, plant and equipment with a
total cost of $14,373,503 (2024: $20,886,506). Of this total cost $10,370,000 related to the Group’s new
Distribution Centre development. Property, plant and equipment with a net book value of $54,484 (2024 :
$23,134) were disposed of during the 26-week period ended 27 July 2025.
8.Investment in Equity Securities
Br
iscoe Group Limited holds 48,007, 465 shares in KMD Brands Limited (2024: 48,007,465) which represents
a 6.75% ownership as at 27 July 2025. (2024: 6.75%).
Thes
e shares are equity investments, quoted in the active market, which the Group has elected to designate
as a financial asset at fair value through other comprehensive income (FVOCI). An adjustment was made at
period end to reflect the fair value of these shares as at 27 July 2025.
1.
$000
At 28 January 2024 35,046
Additions -
Change in value credited to other reserves (13,683)
At 28 July 2024 21,363
Additions -
Change in value credited to other reserves (960)
At 26 January 2025 20,403
Additions -
Change in value credited to other reserves (7,921)
At 27 July 2025 12,482
1. Fair value determined to be $0.26 ($2024: $0. 445) per share as per NZX closing price of KMD Brands Limited
(previously Kathmandu Holdings Limited) as at 25 July 2025 (2024: 26 July 2024), Level 1 in fair value hierarchy.
9.Interest Bearing Liabilities
There were no interest bearing liabilities as at 27 July 2025 (2024: Nil).

Briscoe Group Limited
Notes to the Financial Statements
For the 26 week period ended 27 July 2025 (unaudited)
- 10 -
10.Share Capital
Authorised Shares Share capital
No. of Shares $000
At 28 January 2024 222,765,778 62,344
Issue of ordinary shares during the period:
Vesting of performance rights 24,234 91
1.

At 28 July 2024 222,790,012 62,435
Issue of ordinary shares during the period:
Vesting of performance rights - -
At 26 January 2025 222,790,012 62,435
Issue of ordinary shares during the period:
Vesting of performance rights
- -
At 27 July 2025 222,790,012 62,435
1.When performance rights vest, the amount in the equity-based remuneration reserve relating to
those performance rights which have vested, is transferred to share capital. There was nil (2024: $90,992) amount
transferred during the 26 week period ended 27 July 2025 as the hurdle rates to trigger vesting were not achieved
and therefore nil (2024: 23,234) shares were issued under the relevant tranche of performance rights.
11.Dividends
Period ended Period ended Period ended Period ended
27 July 2025 28 July 2024 27 July 2025 28 July 2024
Cents per share Cents per share $000 $000
Final dividend for the period ended 26 January
2025 10.00 -22,279-
Final dividend for the period ended 28 January
2024 -16.50-36,760
10.00 16.50 22,279 36,760
All dividends paid were fully imputed. Supplementary dividends of $151,181 (2024: $247,029) were provided to
shareholders not tax resident in New Zealand, for which the Group received a Foreign Investor Tax Credit entitlement.
On 9 September 2025 the Directors resolved to provide for an interim dividend to be paid in respect of the period
ended 25 January 2026. The dividend will be paid at the rate of 10.00 cents per share for all shares on issue as at 19
September 2025, with full imputation credits attached.
12.Fair Value Measurements of Financial Instruments
The G
roup’s activities expose it to a variety of financial risks, market risk (including currency and interest rate
risk), credit risk and liquidity risk. The Group’s overall risk management programme seeks to minimise
potential adverse effects on the Group’s financial performance. The Group uses certain derivative financial
instruments to hedge certain risk exposures.
The consolidated interim financial statements do not include all financial risk management information and
disclosures required in the annual financial statements. They should be read in conjunction with the Group’s
annual financial statements for the period ending 26 January 2025 . There have been no changes in the risk
management policies since year end.

Briscoe Group Limited
Notes to the Financial Statements
For the 26 week period ended 27 July 2025 (unaudited)
- 11 -
Based on NZ IFRS 13 Fair Value Measurement, the fair value of each financial instrument is categorised in
its entirety based on the lowest level of input that is significant to that fair value measurement. The levels are
defined as follows:
Level
1: Quoted prices (unadjusted in active market for identical assets and liabilities);
Level
2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability,
either directly (that is, as prices) or indirectly (that is, derived from prices);
Level
3: Inputs for the asset or liability, that are not based on observable market data (that is unobservable
inputs).
The f
inancial instruments held by the Group that are measured at fair value are; over-the-counter derivatives
(foreign exchange contracts) and an investment in equity securities. The derivatives have been determined
to be within level 2 (for the purposes of NZ IFRS 13) of the fair value hierarchy as all significant inputs
required to ascertain the fair values are observable. The investment in equity securities is determined to be
within level 1 as quoted prices are available from an active equities market for identical securities. There
were no transfers between levels 1 and 2 during the period.
Ther
e were no changes in valuation techniques during the period.
The f
ollowing methods and assumptions were used to estimate the fair values for each class of financial
instrument.
Tr
ade debtors, trade creditors, related party payables and bank balances
The carrying value of these items is equivalent to their fair value.
Der
ivative financial instruments
Derivative financial instruments comprise of forward foreign exchange contracts which have been fair valued
using market forward foreign exchange rates at period end.
Inv
estment in equity securities
The investment in equity securities has been fair valued using equity prices quoted on market at period end.
The following table presents the Group’s assets and liabilities that are measured at fair value at 27 July
2025:
As at
27 July 2025
As at
28 July 2024
As at
26 January 2025
$000 $000 $000
Assets
Derivative financial instruments 553 1,727 3,058
Investment in equity securities 12,482 21,363 20,403
Total Assets 13,035 23,090 23,461
Liabilities
Derivative financial instruments 992 6 34
Total Liabilities 992 6 34

Briscoe Group Limited
Notes to the Financial Statements
For the 26 week period ended 27 July 2025 (unaudited)
- 12 -
13. Related Party Transactions
The Gr
oup undertook transactions during the 26-week period with the following related parties as detailed
below:
•The R A Duke Trust, of which RA Duke is a trustee, as owner of the Rebel Sport premises at
Panmure, Auckland, received rental payments of $366,250 (2024: $366,250) from the Group, under
an agreement to lease premises to The Sports Authority Limited (trading as Rebel Sport). The
remaining non-cancellable term of this lease is 0.7 years (2024: 1.7 years) with a payment
commitment of $488,333 (2024: $1,220,833).
•Kein Geld (NZ) Limited, an entity associated with RA Duke, received rental payments of $314,275
(2024: $300,317) as owner of the Briscoes Homeware premises at Wairau Park, Auckland, under an
agreement to lease premises to Briscoes (NZ) Limited. The remaining non-cancellable term of this
lease is 7.1 years (2024: 8.1 years) with a payment commitment of $7,719,021 (2024: $5, 283,560).
•Kein Geld Westgate Limited, an entity associated with RA Duke, forms part of an unincorporated joint
venture known as Westgate Lifestyle Centre Joint Venture. This joint venture owns Westgate Lifestyle
Shopping Centre at Westgate, Auckland which includes the Briscoes Homeware and Rebel Sport
premises. During the period new lease agreements were entered for both premises. Rental payments
of $282,572 (2024: $282,572) were received under an agreement to lease premises to Briscoes (NZ)
Limited. The remaining non-cancellable term of this lease is 8.8 years (2024: 0.8 years) with a
payment commitment of $5,813,233 (2024: $423,858). The joint venture also received rental
payments of $150,626 (2024: $150,626) under an agreement to lease premises to The Sports
Authority Limited (trading as Rebel Sport). The remaining non-cancellable term of this lease is 8.8
years (2024: 0.8 years) with a payment commitment of $3,087,271 (2024: $225,939).
•RA
Duke Trust (including RA Duke Limited) received dividends of $17,156,638 (2024 : $28,308,453).
•P Duke, spouse of RA Duke, received payments of $32,500 (2024 : $32,500) in relation to her
employment as an overseas buying specialist with Briscoe Group Limited and rental payments of
$4 96,362 (2024 : $484,256) as owner of the Briscoes Homeware premises at Panmure, Auckland
under an agreement to lease premises to Briscoes (NZ) Limited. The remaining non-cancellable term
of this lease is 5 .8 years ( 2024: 6.8 years) with a payment commitment of $5,847,389 (2024:
$6,828,007).
Directors received directors’ fees and dividends in relation to their personally-held
shares as detailed below:
26 Week Period
Ended 27 July 2025
26 Week Period
Ended 28 July 2024
Directors’ Fees Dividends Directors’ Fees Dividends
$000 $000 $000 $000
Executive Director
RA Duke - - - -
Non-Executive
Directors
RPO’L Meo 83 -80-
AD Batterton 48 -44-
RAB Coupe 46 1 45 2
HJM Callaghan 45 1 42 -
222 2 211 2

Briscoe Group Limited
Notes to the Financial Statements
For the 26 week period ended 27 July 2025 (unaudited)
- 13 -
Directors received dividends in relation to their non-beneficially held shares as detailed below:
26 Week Period
Ended 27 July 2025
26 Week Period
Ended 28 July 2024
$000 $000
Executive Director
RA Duke 17,157 28,308
Non-Executive Directors
RPO’L Meo 10 16
AD Batterton 3 5
RAB Coupe - -
HJM Callaghan - -
17,170 28,329
14.Events After Balance Date
On 3
0 July 2025 164,657 performance rights were issued to key senior executives under the Briscoe Group
Senior Executive Incentive Plan. The plan was established in 2019 and this is the 8th tranche of
performance rights to have been issued under the plan. The performance rights are subject to two growth
hurdles in relation to absolute Total Shareholder Return and Earnings Per Share, both of which are
measured over a three-year period.
On 9
September 2025 the Directors resolved to provide for an interim dividend to be paid in respect of the
52-week period ending 25 January 2026 . The dividend will be paid at a rate of 10.00 cents per share on
issue as at 19 September 2025, with full imputation credits attached (refer Note 11).
15.Accounting Standards
The accounting policies applied are consistent with those of the annual financial statements for the period
ended 26 January 2025, as described in those annual financial statements.
Certain new accounting standards, amendments to accounting standards and interpretations have been
published that are not mandatory for the 27 July 2025 reporting period and have not been early adopted by
the Group. Other than NZ IFRS 18 these standards, amendments or interpretations are not expected to have
a material impact on the entity in the current or future reporting periods and on foreseeable future
transactions.
NZ
IFRS 18: Presentation and Disclosure in Financial Statements will be effective for annual reporting
periods beginning on or after 1 January 2027. This new standard, which is mandatory for the Group in the
2028 financial year, is expected to change the presentation of the Group’s consolidated income statement.
The Group will disclose more information in the future when a full assessment of the impact of the standard
has been completed.

PricewaterhouseCoopers
PwC Tower, 15 Customs Street West,
Private Bag 92162, Auckland 1142,
New Zealand
T: +64 9 355 8000, www.pwc.co.nz
pwc.co.nz
Independent auditor’s report
To the shareholders of Briscoe Group Limited
Report on the consolidated interim financial statements
Our conclusion
We have reviewed the consolidated interim financial statements (“interim financial statements”) of Briscoe Group
Limited (the Company) and its controlled entities (the Group), which comprise the consolidated balance sheet as at
27 July 2025, and the consolidated income statement, the consolidated statement of comprehensive income, the
consolidated statement of changes in equity and the consolidated statement of cash flows for the 26-week period
ended on that date, and notes, comprising material accounting policy information and other explanatory
information.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim
financial statements of the Group do not present fairly, in all material respects, the financial position of the Group
as at 27 July 2025, and its financial performance and cash flows for the 26-week period then ended, in accordance
with International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to
International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised)
Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)).
Our responsibilities are further described in the Auditor’s responsibilities for the review of the consolidated interim
financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating to
the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in accordance
with these ethical requirements. Other than in our capacity as auditor we have no relationship with, or interests in,
the Group.
Responsibilities of Directors for the interim financial statements
The Directors of the Group are responsible on behalf of the Group for the preparation and fair presentation of these
interim financial statements in accordance with IAS 34 and NZ IAS 34 and for such internal control as the Directors
determine is necessary to enable the preparation and fair presentation of the interim financial statements that are
free from material misstatement, whether due to fraud or error.
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Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410
(Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the
interim financial statements, taken as a whole, are not prepared in all material respects, in accordance with IAS 34
and NZ IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance
engagement. We perform procedures, primarily consisting of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing and International Standards on Auditing (New Zealand) and
consequently does not enable us to obtain assurance that we might identify in an audit. Accordingly, we do not
express an audit opinion on these interim financial statements.
Who we report to
This report is made solely to the Company’s Shareholders, as a body. Our review work has been undertaken so that
we might state those matters which we are required to state to them in our review report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company
and the Company’s Shareholders, as a body, for our review procedures, for this report or for the conclusion we have
formed.
The engagement partner on the review resulting in this independent auditor’s review report is John (Jolly) Morgan.
For and on behalf of:
PricewaterhouseCoopers Auckland
09 September 2025
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