Interim Report for period ended 27 July 2025

Interim Report
For the 26 week period ended 27 July 2025
Briscoe Group
Limited
RETAIL
IS OUR
WORLD.

Contents

04 Directors’ Report

10 Sustainability


14 Supply Chain




16 Financial Statements

31 Independent Auditor’s Review Report

33 Directory
3
Briscoe Group Limited Interim Report 2025

Directors’
Report
During the half-year, the Group
made significant progress across
several large strategic initiatives.
We remain dedicated to investing
in these strategic initiatives, even
in the current trading environment,
as we recognise the significant
benefits they will bring.

Interim Report, half-year to July 2025
Briscoe Group has delivered a solid performance for
the half-year ended 27 July 2025, maintaining sales
at near-record levels and progressing a number of
strategic initiatives designed to support future growth
and protect profitability in what continues to be a
highly challenging economic environment.
During the period under review the retail sector has
remained under pressure, with elevated inflation, rising
unemployment, and persistent cost-of-living concerns
continuing to suppress consumer confidence and
discretionary spending. Despite these headwinds,
the Group’s trading results reflect its resilience and
operational strength, with both store and online
channels performing solidly and key strategic projects
advancing on schedule.
Your Board acknowledges the efforts of the Group’s
management and operational teams throughout the
period. Their ability to adapt, innovate, and execute in
a volatile environment has been crucial to sustaining
performance. We are very excited by the innovations
developed and demonstrated by our support teams
and the benefits emerging from these activities.
During the half-year, the Group made significant
progress across its strategic initiatives. We remain
dedicated to investing in these projects, even in the
current trading environment, as we recognise the
significant benefits they will bring. The construction
of the new North Island distribution centre at Drury
remains on track and within budget, representing the
largest capital investment in the Group’s history and
a transformational step in supply chain capability.
The replatforming of our eCommerce operations to
Adobe Commerce and Marketplacer was successfully
completed, enhancing performance, scalability, and
customer experience. In addition, the first module of
our new merchandise planning and replenishment
system was implemented, major refurbishments were
completed at Briscoes Homeware Westgate and
Rebel Sport Henderson and significant progress was
also made on the development of Rebel Sport’s new
flagship store at Mt Wellington. These initiatives reflect
the Group’s continued focus on building long-term
capability while delivering operational excellence.
The economic environment is expected to remain
difficult in the near term, with no consistent signs of a
sustained recovery. While some indicators have shown
modest improvement, consumer sentiment remains
subdued and cost pressures persist across the retail
sector. In this context, the Group continues to focus
on the areas within its control – cost management,
inventory discipline, and promotional effectiveness
– while building capability for future growth. This
approach has proven successful in previous periods
of economic uncertainty and remains central to our
strategy. The Board is confident that the Group’s
ongoing investment in our strategic initiatives will
position it strongly to capitalise on future opportunities
as conditions improve.
The Group continues to be guided by the principles
that have shaped its long-term success – delivering
a compelling customer experience, offering trusted
brands and product ranges, and providing flexible
options for customers to engage with us. With a strong
balance sheet, disciplined cost management, and a
clear strategic roadmap, your Board remains confident
in the Group’s ability to navigate current challenges
and deliver sustainable growth.
Our Team
In a trading environment that continues to test the
resilience of the retail sector, the skill, commitment
and adaptability of our team remain central to Briscoe
Group’s performance. Across our store network, online
platform, distribution centre and support functions, our
people have once again demonstrated their ability to
deliver outstanding results under pressure.
In-store, our team members continue to be the face of
our brands aiming to provide customers with a friendly
and seamless shopping experience as recognised
by the increased Net Promoter Scores received from
our customers. Online, their creativity and technical
expertise support the evolution of our digital channels.
Behind the scenes, our fulfilment and support office
teams ensure that operations run smoothly and
efficiently, enabling the front-end to meet customer
expectations.
The Board acknowledges and deeply appreciates the
contribution of every team member. We thank them
for their continued dedication and professionalism.
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 2024 as well as the additional 2.5% made
earlier this year.
We continue to invest in a broad range of programmes
to support team development and wellbeing. These
include health and safety initiatives, leadership
development, and tailored training across product
knowledge, customer service, and operational
systems. Our refreshed Management & Leadership
Briscoe Group Limited Interim Report 2025 | Directors’ Report
5

Development Programme has seen increased
participation and satisfaction, while our new learning
technology tools have halved the time required to
develop training modules and accelerated onboarding
for new team members.
Team engagement remains very strong, with our
internal survey results continuing to exceed industry
benchmarks. We’ve seen a further shift in responses
toward ‘Promoters’ and a decline in ‘Detractors’,
reinforcing the positive impact of our people-
focused initiatives.
Briscoe Group remains committed to providing stable,
secure employment and a workplace culture that
supports growth, inclusion and excellence. Our team
is the foundation of our success, and we will continue
to invest in their development and wellbeing as we
navigate the challenges ahead.
Strong Trading Performance
Briscoe Group’s trading performance for the first half of
2025 reflects the continued strength and adaptability
of the business in an environment that remains highly
challenging. Despite these headwinds, the Group
maintained its focus on delivering value to customers
and progressing important strategic initiatives.
The trading environment was mixed, with the first
quarter impacted by abnormal weather patterns and
promotional timing. However, the second quarter saw
a clear rebound, supported by targeted promotional
activity and improved customer engagement.
The Group’s ability to respond quickly to shifting
conditions and maintain momentum is a testament
to the operational discipline and strategic clarity that
underpin its performance.
Throughout the half-year, Briscoe Group continued
to refine its approach to inventory management,
promotional execution, and customer experience.
The transition to new digital platforms, including
Adobe Commerce and Marketplacer, has enhanced
the Group’s ability to deliver a seamless and scalable
online experience. At the same time, investment in
store refurbishments and the development of the new
Rebel Sport flagship store reflect a commitment to
elevating the physical retail environment.
Underlying profitability remained solid, despite margin
pressures and increased operating costs. The Group’s
ability to sustain performance in such conditions
highlights the resilience of its business model and the
effectiveness of its strategic initiatives.
Solid Financial Results
Sales revenue for the half-year was $371.27 million,
representing 99.8% of the record revenue achieved in
the first half of the previous year. While both Homeware
and Sporting Goods segments were marginally below
last year’s levels, the result reflects a strong performance
in a market characterised by economic uncertainty and
reduced consumer confidence.
Reported Net Profit After Tax (NPAT) was $29.31
million, compared to $33.21 million in the prior half
year. While profitability was impacted by a decline in
gross margin and increased operating costs, the result
remains solid in the context of the current trading
environment. Gross profit margin declined from
42.97% to 41.43%. 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.
Interest income was lower than the previous year,
closing $1.96 million below prior levels due to reduced
interest rates and lower average cash balances, as
capital expenditure continued in support of the
Group’s strategic programme.
Inventory levels at $105.98 million were slightly
below the $106.32 million recorded at the same
time last year. The Group maintained a strong focus
on inventory quality and alignment with seasonal
demand, ensuring that stock levels remain appropriate
for the current trading environment. This disciplined
approach has positioned the business well to respond
to ongoing volatility in consumer demand.
Strong Financial Position
Briscoe Group’s balance sheet remains strong, with
cash balances of $119.83 million at the end of the
period, compared to $131.77 million at the same
time last year. Approximately $22 million of creditor
payments included in the trade payables balance were
paid by 31 July 2025.
The Group has announced plans to establish a funding
facility to support future cash flow requirements,
particularly in relation to the ongoing development of
the new distribution centre.
Capital investment for the half-year totalled $14.85
million, of which $10.37 million was allocated to the
distribution centre project. The project remains on
schedule, with practical completion expected in
April 2026.
Briscoe Group Limited Interim Report 2025 | Directors’ Report
6

Interim Dividend
The directors have resolved to pay an interim dividend
of 10.0 cents per share, reflecting a payout ratio of
76%. Books closed to determine entitlements at 5pm
on 19 September 2025, with payment to be made
on 9 October 2025. The company’s dividend policy
remains unchanged – to pay out at least 60% of NPAT
when calculated on a full-year basis.
As with last year’s final dividend, this interim dividend
reflects the Group’s increased focus on a number
of innovative strategic initiatives, its substantial
investment programme across the next two years, and
acknowledges the impact of economic headwinds
on profitability. The Board remains committed to
balancing shareholder returns with the need to invest
in long-term capability and resilience.
Store Network
The Group continued to invest in its physical retail
footprint during the half-year, with a focus on elevating
the customer experience and future-proofing the store
network. Two major refurbishments were completed
at Briscoes Homeware Westgate and Rebel Sport
Henderson, transforming these locations into modern,
high-impact retail environments. These upgrades
included energy-efficient lighting, enhanced Click &
Collect facilities, and refreshed visual merchandising
aligned with our latest store design concepts.
Significant progress was also made on the
development of Rebel Sport’s new flagship store at
Mt Wellington. Scheduled to open in November,
this store will set a new benchmark for sports
retail in Australasia, combining elevated product
ranges, immersive customer zones, and integrated
retail media. The concept has been developed in
partnership with leading retail design experts and
reflects our ambition to continue to evolve the Rebel
Sport brand experience.
Planning is also underway for further refurbishments
across the network. These initiatives are designed to
ensure our stores remain vibrant, relevant, and aligned
with evolving customer expectations.
Online and Digital
The Group’s online business continued to grow, with
online sales increasing to 19.36% of total Group sales.
The transition to Adobe Commerce and Marketplacer
platforms was completed in August, delivering a
faster, more flexible and scalable digital experience for
customers and internal teams alike.
Several enhancements were made to improve fulfilment
efficiency and customer satisfaction, including the
expansion of same-day delivery services, improved
Click & Collect workflows, and the redesign of back-
of-house areas in key stores. These changes have
contributed to a 4% year-on-year increase in Click &
Collect share and a 2% reduction in labour spend.
Briscoe Group Limited Interim Report 2025 | Directors’ Report
7

We also continued to invest in digital content and
customer engagement tools, including the expansion
of our VIP Clubs and loyalty programmes.
With over 2.1 million members, our clubs are a key
driver of frequency and lifetime value. A new Rebel
Sport rewards programme is in development and
scheduled for launch during 2026.
Strategic Development Initiatives
The Group’s strategic development programme
remains focused on building long-term capability
across supply chain, digital, and customer experience.
The new North Island distribution centre at Drury
is progressing on time and within budget, with the
shell of the 320,000 cubic metre facility now largely
complete. Practical completion is expected in early
2026, with automation and software integration to
follow. By owning this new facility we have secured a
strategic asset that will not only increase in value but
will reduce future cost base escalation.
The implementation of the new merchandise planning
and replenishment system is well underway, with the
first module live and delivering early benefits. This
system will enhance our ability to manage inventory,
optimise allocation, and respond to demand in real time.
The electronic shelf labelling programme has now
been rolled out across the network, replacing
traditional ticketing with centrally controlled digital
pricing. As well as positively impacting sales, this
initiative has improved pricing accuracy, reduced
in-store labour, and enhanced sustainability by
reducing paper-based ticketing.
All these initiatives form part of the Group’s capital
investment programme designed to support growth
well beyond current capacity and, whilst we are
inevitably incurring associated short-term cost, the
benefits over the next decade will be significant.
The next phase of the strategic plan is already in
development, with a focus on unlocking new revenue
streams, enhancing data-driven decision-making, and
deepening customer relationships.
Sustainability
During the half-year, the Group continued to advance
its sustainability programme, with key initiatives
including the expansion of the Ethical Supply Chain
Programme, the electrification of our forklift fleet,
and the expansion of the product return diversion
programme.
These efforts not only reinforce our dedication to
ethical and sustainable operations but also deliver
tangible value across our business and to broader
stakeholders: our communities, our team, and
the environment. As we continue to progress our
sustainability strategy, we remain mindful of the need
to balance the associated costs, anticipated benefits,
and long-term value creation for all stakeholders.
Half-Year Review
The interim financial statements for the 26-week
period ended 27 July 2025 presented in this report
are unaudited, but have been reviewed independently
by PricewaterhouseCoopers, which has issued
an unqualified independent review report to the
company’s shareholders (refer to pages 31–32).
Corporate Governance
Briscoe Group remains committed to the highest
standards of governance and ethical conduct. The
Group’s governance framework is aligned with the
NZX Corporate Governance Code and includes a
comprehensive suite of policies covering areas such
as sustainability, climate risk, privacy, remuneration,
and continuous disclosure. We have recently
completed our annual Directors’ Review process and
are pleased with the results and recommendations
that have been adopted.
Briscoe Group Limited Interim Report 2025 | Directors’ Report
8

The Board has recently appointed Mark Cairns as an
additional director of the Company. This follows the
announcement last year of Andy Coupe’s intention
to retire from the Board at next year’s Annual
Shareholders Meeting. Mark is an experienced
business leader with demonstrated commercial
abilities in logistics, infrastructure, complex supply
chains and capital markets gained across a number
of notable organisations including roles as Chief
Executive for Port of Tauranga, Toll Owens and Owens
Cargo Company. His experience and skills will be of
immense benefit to the Group.
Outlook
The Group continues to adhere to the values that have
served it well over time – to offer a compelling and
enjoyable shopping experience, to provide customers
with access to trusted international brands, and to
deliver value through both physical and digital channels.
While the economic outlook remains uncertain, we are
encouraged by the resilience of our business and the
progress made on key strategic initiatives. Our focus
remains on delivering solid near-term performance
while building the platform for future growth.
From left: Andy Coupe, Rod Duke, Mark Callaghan, Dame Rosanne Meo (Chair) and Tony Batterton.
We remain cautious about the retail trading
environment for the remainder of the year, with
ongoing cost pressures and subdued consumer
sentiment expected to persist. However, the Group is
well positioned to respond to these challenges, and
we are confident in our ability to continue delivering
market-leading results.
On behalf of the Board:
Dame Rosanne Meo (Chair)
Rod Duke
Tony Batterton
Andy Coupe
Mark Callaghan
Briscoe Group Limited Interim Report 2025 | Directors’ Report
9

Sustainability
As a Business
we continue taking
Steps to a Better
Tomorrow.

Our Steps to a Better Tomorrow programme continues to deliver value
for our people, our communities and our environment.
Key highlights for the first half include:
Environment
Scaling up our Product Returns Programme
In the first half we expanded our Product Returns
Programme to include further stores in Northland
and the wider Canterbury region. This brings the total
percentage of stores covered by the programme to
44% (previously 34%).
We are encouraged to see the broader community
impact this programme is delivering, with refurbished
product being donated to kiwis in need through our
resource recovery partners.
Completed our store network Forklift
Electrification Programme
This initiative is a key contributor to reducing our
Scope 1 emissions, in line with our emissions reduction
roadmap. The only remaining LPG units are at our
Distribution Centre (DC), which will be replaced when
we move to the new DC facility.
Supporting Recycling and Circular Customer Journeys
Following a successful trial, we’ve now rolled out the
Nespresso Capsule Recycling Programme to all 47
Briscoes Homeware stores, establishing ourselves
as Nespresso’s key recycling point partner. This
programme marks an important first step in exploring
end-of-life diversion options and finding more ways to
support our customers on their sustainability journeys.
Governance
Expanding our Ethical Supply Chain Programme
Building on the work we already do with overseas
suppliers we successfully launched our Local Ethical
Supply Chain Programme, aiming to strengthen due
diligence across our local supplier network. By including
local suppliers, we’re working toward consistency and
transparency for all our supply partners, helping mitigate
the risks that exist within our supply chain.
Deepening our Climate Disclosures
We released our second climate statement in our FY25
Annual report and continue to progress our reporting
in this area. Focus is now being given to our scope 3
emissions calculations and continuous improvement
of our disclosures.
Giving Boots a Second Life
In partnership with REPLAY, ReSport and adidas,
we launched the Rebel Sport Boot drive. The drive
saw over 1,200 donated boots given a second life
(going to kids and families who need them), helping
remove the barriers to sports participation while
keeping boots out of landfill.
“
We want to thank adidas and our
charity partners, REPLAY and ReSport
for helping us get these boots to
the communities that need them.
And thank you to our customers for
helping more Kiwis get on the field
and play the sport they love.
– Andrew Scott (COO)
”
Boot Drive Campaign
Briscoe Group Limited Interim Report 2025 | Sustainability
11

Social
Community
Delivering Impact for NZ Grassroot Sport
We continue to support our communities and deliver
value to grassroot sports in New Zealand through
our Rebel Sport Grants programme. In the first half
33 grants were awarded through the programme,
bringing the total since launch to 93. By providing
funding and sports equipment to clubs and sporting
groups, we are enabling more Kiwis to get into sports.
You can meet our inspiring grant recipients on our
Rebel Sport website. For more information visit
www.rebelsport.co.nz/grants/
Passing It Forward to Those Who Need It Most
Over 6,500 balls through the Pass-it-Forward
programme in the first half, getting sports equipment
into the hands of kids who need it the most while
supporting clubs and schools across the country. We
continue to provide financial and mentoring support
to three talented female athletes through our Pass-it-
Forward scholarships.
Fundraising for Child Health Research
Over $294,000 raised for Curekids in the first half of
the year, helping fund essential child health research
for diseases like Childhood Cancers and Rheumatic
Heart Disease.
12Briscoe Group Limited Interim Report 2025 | Sustainability

Our People
Embedding Safer Manual Handling through
Immersive VR Training
We continue to see success with our targeted First
Move training initiative which addresses manual
handling injuries by delivering consistent, immersive,
virtual reality education across Briscoe Group sites.
Approximately two thirds of Briscoe Group sites have
received and implemented this training solution. Early
feedback indicates improved handling behaviours and
increased engagement, with supporting tools such as
our online learning tool Axonify and onsite enthusiastic
team members, ‘VR Champions’, who have helped our
managers embed the programme into
daily operations.
Launch of Enhanced Parental Leave
The first half of the year saw our new Parental Leave
support come into effect, providing additional income
support for new parents and the introduction of
Partner’s Leave. We’ve also taken steps to address the
‘Parenting Penalty’ through committing to KiwiSaver
contributions during their period of absence.
Developing our Leaders
We continue to equip and empower our current and
future leaders, with 3 cohorts (31 team members)
having completed our leadership training in the first
half of this year.
Briscoe Group Limited Interim Report 2025 | Sustainability
13

Supply
Chain
This programme will provide an
increased capability to service
our stores and online customers
with enhanced levels of availability
therefore increasing our sales and
margin delivery.
Supply Chain Transformation

Our Largest Supply Chain Transformation
As part of our strategic transformation to deliver
the best retail experience in New Zealand our supply
chain overhaul is well progressed. The end-to-end
improvements are progressing to plan and
within budget.
This programme will provide an increased capability to
service our stores and online customers with enhanced
levels of availability therefore increasing our sales and
margin delivery.
The programme of work encompasses all parts of
the product supply chain from item planning through
to optimised distribution. It will enhance internal
processes, systems, people capability and build a
world class supply chain infrastructure.
Our new merchandising system, Impact Analytics,
is now in the implementation stage with the initial
modules going live in August. This new tool uses
comprehensive forecasting algorithms to tailor
our product ranges to deliver increased customer
satisfaction and therefore increased sales. Impact
Analytics leverages AI to remove workload for our
merchandising teams and allow them to focus
on more value adding tasks.
The current plan is to have the full suite of modules
live early 2026. This will provide the foundation for
optimised inventory management, and coupled
with the enhanced capabilities at our new Auckland
Distribution Centre (DC), will optimise our product
flow to both stores and online customers.
The new DC is our largest ever capital investment
programme, with a forecast investment in excess
of $110m. This strategic investment will provide a
competitive edge and act as a defensive mechanism
against increasing international retail competition.
The state-of-the-art facility will help to reduce stock
level in stores by holding more in the DC and regularly
replenishing our stores in line with demand, delivering a
marked improvement in on-shelf availability.
The key milestones of the new facility are:
• Configuration, development and testing of Phase 2
of the Warehouse Management System for the new
DC is underway and completes by March 2026.
• Construction of the building continues through until
practical completion expected in late April 2026.
• The automation equipment is on track (the first
shipments of materials left Europe in September
2025), and build commences December 2025.
The full system is scheduled for completion in
September 2026 after commissioning and a
thorough testing phase.
• The new DC facility including automation will be
fully operational and ready to run at full volume by
January 2027.
Once the new site is up and running the benefits will
come for Briscoes Homeware first with Rebel Sport
shortly behind. These benefits will deliver cost savings,
increased sales and increased margin.
The new DC will free up at least 25,000 sqm of
space in store - this is the equivalent of around 15 to
20 stores - and provides the platform for new and
extended product ranges and an improved shopping
experience.
We have taken a carefully phased approach to
transforming the way we flow inventory through our
network to our stores. These initiatives will provide
new capability and a platform for significant growth
over the next decade.
Briscoe Group Limited Interim Report 2024 | Supply Chain 15

RETAIL
IS OUR
WORLD.
Financial
Statements

Authorisation for Issue
The Board of Directors authorised the issue of these Consolidated Interim Financial Statements
on 9 September 2025.
Approval by Directors
The Directors are pleased to present the Consolidated Interim Financial Statements for Briscoe Group
Limited for the 26 week period ended 27 July 2025. (Comparative period is for the 26 week period
ended 28 July 2024).

For the 26 week period ended 27 July 2025
Directors’ Approval of Consolidated Financial Statements
Dame Rosanne Meo
CHAIR

Rod Duke
GROUP MANAGING DIRECTOR
9 September 2025
For and on behalf of the Board of Directors
Briscoe Group Limited Interim Report 2025 | Consolidated Financial Statements
17

Notes
$000

$000
Sales revenue371,269372,078
Cost of goods sold
(217,466)(212,213)
Gross profit
153,803159,865
Other income301104
Store expenses(63,672)(60,444)
Administration expenses
(43,484)(39,028)
Earnings before interest and tax
46,94860,497
Finance income1,8563,811
Finance costs
(7,784)(7,699)
Net finance income/(costs)(5,928)(3,888)
Profit before income tax41,02056,609
Income tax expense
(11,715)(23,399)
Net profit attributable to shareholders
5
29,30533,210
Earnings per share for profit attributable to shareholders:
Basic earnings per share (cents) 13.1514.91
Diluted earnings per share (cents)
13.1314.88
The above consolidated income statement should be read in conjunction with the accompanying notes.

For the 26 week period ended 27 July 2025 (unaudited)
26 Week Period
Ended 27 July 2025
Unaudited
26 Week Period
Ended 28 July 2024
Unaudited
Consolidated Income Statement
Briscoe Group Limited Interim Report 2025 | Consolidated Financial Statements
18

Notes
















$000

















$000
Net Profit attributable to shareholders
29,30533,210
Other comprehensive income:
Items that will not be subsequently reclassified
to profit or loss:
Change in value of investment in equity securities8
(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
20,11520,909
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

For the 26 week period ended 27 July 2025 (unaudited)
26 Week Period
Ended 27 July 2025
Unaudited
26 Week Period
Ended 28 July 2024
Unaudited
Consolidated Statement of Comprehensive Income
Briscoe Group Limited Interim Report 2025 | Consolidated Financial Statements
19

As at 27 July 2025 (unaudited)
Consolidated Balance Sheet
Notes
27 July 2025
Unaudited
$000
28 July 2024
Unaudited
$000
26 January 2025
Audited
$000
ASSETS
Current assets
Cash and cash equivalents119,826131,770142,401
Trade and other receivables5,2705,2516,830
Inventories105,976106,32399,696
Derivative financial instruments5531,7273,058
Total current assets
231,625245,071251,985
Non-current assets
Property, plant and equipment7185,788148,103177,520
Non-current receivable-12,964-
Intangible assets2,1182,5272,329
Right-of-use assets228,246240,563230,263
Taxation receivable18--
Deferred tax11,2549,5799,990
Investment in equity securities812,48221,36320,403
Total non-current assets439,906435,099440,505
TOTAL ASSETS
671,531680,170692,490
LIABILITIES
Current liabilities
Trade and other payables96,51692,116109,301
Lease liabilities20,11220,66320,674
Taxation payable-1,1505,247
Derivative financial instruments992634
Total current liabilities
117,620113,935135,256
Non-current liabilities
Trade and other payables1,4761,3351,411
Lease liabilities
255,758265,045256,028
Total non-current liabilities257,234266,380257,439
TOTAL LIABILITIES
374,854380,315
392,695
NET ASSETS
296,677299,855
299,795
EQUITY
Share capital1062,43562,43562,435
Cash flow hedge reserve(317)1,270 2,250
Equity-based remuneration reserve813621925
Other reserves(75,371)(66,490)(67,450)
Retained earnings
309,117302,019301,635
TOTAL EQUITY
296,677299,855299,795
The above consolidated balance sheet should be read in conjunction with the accompanying notes.
Briscoe Group Limited Interim Report 2025 | Consolidated Financial Statements
20

Notes


$000


$000
OPERATING ACTIVITIES
Cash was provided from
Receipts from customers
372,183372,946
Rent received
8380
Interest received
2,0974,056
Insurance recovery
12324
374,486377,106
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 activities24,63138,045
INVESTING ACTIVITIES
Cash was provided from
Proceeds from sale of property, plant and equipment
1734
1734
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 liability 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
142,401175,441
Foreign cash balance cash flow hedge adjustment(101)(15)
Cash and cash equivalents at end of period119,826131,770
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

For the 26 week period ended 27 July 2025 (unaudited)
26 Week Period
Ended 27 July 2025
Unaudited
26 Week Period
Ended 28 July 2024
Unaudited
Consolidated Statement of Cash Flows
Briscoe Group Limited Interim Report 2025 | Consolidated Financial Statements
21

Notes
Share
Capital
Unaudited
















$000
Cash flow
Hedge
Reserve
Unaudited
Equity-Based
Remuneration
Reserve
Unaudited




Other
Reserves
Unaudited















$000
Retained
Earnings
Unaudited















$000
Total
Equity
Unaudited















$000



$000



$000
Balance at 28 January 2024
62,344250701(52,807)305,380315,868
Transfer of hedging gains upon settlement of
forward contracts net of tax
-(362)---(362)
Net profit attributable to shareholders for the period
----33,21033,210
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)
33,21020,909
Transactions with owners:
Dividends paid
11----(36,760)(36,760)
Performance rights charged to income statement
--201-- 201
Performance rights vested / lapsed
1091-(280)-189-
Deferred tax on equity-based remuneration
--(1)--(1)
Balance at 28 July 202462,4351,270621(66,490)302,019299,855
Transfer of hedging gains upon settlement of
forward contracts net of tax
-(845)---(845)
Net profit attributable to shareholders for the period
----27,42427,424
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)27,42428,289
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
For the 26 week period ended 27 July 2025 (unaudited)
Consolidated Statement of Changes in Equity
Balance at 26 January 202562,4352,250925(67,450)301,635299,795
Transfer of hedging gains upon settlement of
forward contracts net of tax
-(1,298)---(1,298)
Net profit attributable to shareholders for the period----29,30529,305
Other comprehensive income:
Change in value of investment in equity securities8---(7,921)-(7,921)
Net fair value gain taken through cash flow
hedge reserve
-(1,269)---(1,269)
Total comprehensive income for the period
-(1,269)-(7,921)29,30520,115
Transactions with owners:
Dividends paid
11----(22,279)(22,279)
Performance rights charged to income statement-- 273-- 273
Performance rights vested / lapsed10--(456)-456-
Deferred tax on equity-based remuneration
--71--71
Balance at 27 July 202562,435(317)813(75,371)309,117296,677
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Briscoe Group Limited Interim Report 2025 | Consolidated Financial Statements
22

Briscoe Group Limited Interim Report 2025 | Consolidated Financial Statements
23
1. Reporting Entity
Briscoe 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
These 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 interim 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.
These 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 preparation 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.
Other 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 interim 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.
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.
For the 26 week period ended 27 July 2025 (unaudited)
Notes to the Financial Statements

Briscoe Group Limited Interim Report 2025 | Consolidated Financial Statements
24
For the 26 week period ended 27 July 2025 (unaudited)
Notes to the Financial Statements
For the period ended 27 July 2025
Homeware
Sporting
Goods
Eliminations/
UnallocatedTotal Group
$000$000$000$000
INCOME STATEMENT
Sales revenue229,780141,489-371,269
Cost of goods sold(135,535)(81,931)-(217,466)
Gross profit
94,24559,558-153,803
Earnings before interest and tax
25,45919,6921,79746,948
Finance income
4321,209 2151,856
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
14,73913,2121,35429,305
BALANCE SHEET ITEMS:
Assets
400,222254,684 16,625
1.
671,531
Liabilities
266,723129,108(20,977)374,854
OTHER SEGMENTAL ITEMS:
Acquisitions of property, plant and
equipment, intangibles and investments
12,9211,932-14,853
Depreciation and amortisation expense
11,6626,350-18,012
$000
1. Investment in equity securities
15,265
Intercompany eliminations
(28,297)
Other balances
29,657
16,625
5. Segment Information
The Group 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. Segment 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.

Briscoe Group Limited Interim Report 2025 | Consolidated Financial Statements
25
For the period ended 28 July 2024
Homeware
Sporting
Goods
Eliminations/
UnallocatedTotal Group
$000$000$000$000
INCOME STATEMENT
Total sales revenue
230,027142,051-372,078
Cost of goods sold(131,956)(80,257)-(212,213)
Gross profit
98,07161,794-159,865
Earnings before interest and tax
33,99624,9951,50660,497
Finance income
7532,5405183,811
Finance cost
(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
13,85417,9411,41533,210
BALANCE SHEET ITEMS:
Assets
391,510274,08414,576
1.
680,170
Liabilities
272,605135,949(28,239)380,315
OTHER SEGMENTAL ITEMS:
Acquisitions of property, plant and
equipment, intangibles and investments
17,7894,244-22,033
Depreciation and amortisation expense
11,2156,314-17,529
$000
1. Investment in equity securities
24,147
Intercompany eliminations
(32,135)
Other balances
22,564
14,576
For the 26 week period ended 27 July 2025 (unaudited)
Notes to the Financial Statements

Briscoe Group Limited Interim Report 2025 | Consolidated Financial Statements
26
6. Expenses
Profit before income tax includes the following specific expenses:
26 Week Period
Ended 27 July 2025
26 Week Period
Ended 28 July 2024
$000$000
Depreciation of property, plant and equipment6,0525,571
Amortisation of software costs690697
Depreciation of right-of-use assets11,27011,261
Interest on leases7,7827,698
Operating lease rental expense1818
Wages, salaries and other short-term benefits50,91948,313
Equity-based remuneration
273201
7. Property, Plant and Equipment
Acquisitions and disposals
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
Briscoe 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%).
These 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 202435,046
Additions-
Change in fair value credited to other reserves(13,683)
At 28 July 202421,363
Additions-
Change in fair value credited to other reserves(960)
At 26 January 202520,403
Additions-
Change in fair value credited to other reserves(7,921)
At 27 July 202512,482
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.
For the 26 week period ended 27 July 2025 (unaudited)
Notes to the Financial Statements

Authorised Shares
No. of Shares
Share Capital
$000
At 28 January 2024
222,765,77862,344
Issue of ordinary shares during the period:

Vesting of performance rights
24,234 91
1.

At 28 July 2024
222,790,01262,435
Issue of ordinary shares during the period:
Vesting of performance rights
--
At 26 January 2025
222,790,01262,435
Issue of ordinary shares during the period:
Vesting of performance rights
--
At 27 July 2025222,790,01262,435
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.
Briscoe Group Limited Interim Report 2025 | Consolidated Financial Statements
27
For the 26 week period ended 27 July 2025 (unaudited)
Notes to the Financial Statements
Period ended
27 July 2025
Period ended
28 July 2024
Period ended
27 July 2025
Period ended
28 July 2024
Cents per shareCents per share$000$000
Final dividend for the period ended 26 January 202510.00-22,279-
Final dividend for the period ended 28 January 2024-16.50-36,760
10.0016.50 22,27936,760
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.
11. Dividends
9. Interest Bearing Liabilities
There were no interest bearing liabilities as at 27 July 2025 (2024: Nil).
10. Share Capital

As at
27 July 2025
$000
As at
28 July 2024
$000
As at
26 January 2025
$000
ASSETS
Derivative financial instruments5531,7273,058
Investment in equity securities12,48221,36320,403
TOTAL ASSETS
13,03523,09023,461
LIABILITIES
Derivative financial instruments
992634
TOTAL LIABILITIES
992634
Briscoe Group Limited Interim Report 2025 | Consolidated Financial Statements
28
For the 26 week period ended 27 July 2025 (unaudited)
Notes to the Financial Statements
12. Fair Value Measurements of Financial Instruments
The Group’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.
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 financial 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.

There were no changes in valuation techniques during the period.

The following methods and assumptions were used to estimate the fair values for each class of financial instrument.

Trade debtors, trade creditors, related party payables and bank balances
The carrying value of these items is equivalent to their fair value.

Derivative 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.

Investment 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:

Briscoe Group Limited Interim Report 2025 | Consolidated Financial Statements
29
For the 26 week period ended 27 July 2025 (unaudited)
Notes to the Financial Statements
26 Week Period
Ended 27 July 2025
Directors’ Fees
26 Week Period
Ended 27 July 2025
Dividends
26 Week Period
Ended 28 July 2024
Directors’ Fees
26 Week Period
Ended 28 July 2024
Dividends
$000$000$000$000
Executive Director
RA Duke----
Non-Executive Directors
RPO’L Meo83-80-
AD Batterton48-44-
RAB Coupe461452
HJM Callaghan45142-
22222112
13. Related Party Transactions
The Group 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 $496,362 (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:

Briscoe Group Limited Interim Report 2025 | Consolidated Financial Statements
30
For the 26 week period ended 27 July 2025 (unaudited)
Notes to the Financial Statements
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 Duke17,15728,308
Non-Executive Directors
RPO’L Meo1016
AD Batterton35
RAB Coupe--
HJM Callaghan--
17,17028,329
14. Events After Balance Date
On 30 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 inco me, 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.
-14 -
Briscoe Group Limited Interim Report 2025 | Independent Auditor’s Report
31

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
- 15 -
Briscoe Group Limited Interim Report 2025 | Independent Auditor’s Report
32

Directory
Briscoe Group Limited Interim Report 2025 | Directory
33
Directors
Dame Rosanne PO’L Meo (Chair)
Rodney A. Duke
Anthony (Tony) D. Batterton
Richard A. (Andy) Coupe
Hugh J. M. (Mark) Callaghan
Registered Office
1 Taylors Road
Morningside
Auckland 1025
New Zealand
Telephone +64 9 815 3737
Postal Address
PO Box 884
Auckland Mail Centre
Auckland
New Zealand

Websites
www.briscoegroup.co.nz
www.briscoes.co.nz
www.rebelsport.co.nz
Solicitors
Simpson Grierson
Bankers
Bank of New Zealand
Auditors
PwC
Share Registrar
MUFG Pension and Market Services
Level 30
PwC Tower
15 Customs Street West
Auckland 1010
New Zealand
Telephone +64 9 375 5998

34
Briscoe Group Limited Interim Report 2025

briscoegroup.co.nz