2025 Annual Shareholders' Meeting Materials

NZX | Media release – 28 November 2025

2025 Annual Shareholders’ Meeting – Chair and CEO Address

Chair’s Address – Dame Joan Withers
Kia ora koutou katoa. Haere mai ki tenei hui motuhake.
Good morning and thank you for joining us here at The Warehouse Group offices – we are
thrilled to be able to use our own facilities for this annual meeting.
My name is Dame Joan Withers, and I am the Chair of The Warehouse Group.
Today’s meeting is being conducted both in person and online.
We are very pleased to welcome those of you participating online through the virtual meeting
platform provided by our share registrar, MUFG Pension & Market Services. I’ll provide you
with further instructions as we progress through the meeting, but if you encounter any
issues, please refer to the virtual meeting online portal guide or you can phone the helpline
on 0800 200 220.
On behalf of your Directors, our Group Chief Executive Officer, Mark Stirton, and our
Executive Team, I extend a very warm welcome to you all to our Annual Shareholders
Meeting – both to those of you here in person today and everyone online.
Sitting with me at the front today are members of the Board of Directors and the Executive
Leadership Team.
Starting from your left, please join me in welcoming: John Journee, Dean Hamilton, Robbie
Tindall, Tony Carter, Rachel Taulelei, Caroline Rainsford, Hamish Rumbold, our Group CEO
Mark Stirton and Group CFO Stefan Knight.
Also with us today are members of the Executive Leadership Team sitting in the front row.
Finally, I’d like to welcome the team from PricewaterhouseCoopers, our company auditor,
and the team from our share registrar, MUFG Pension & Market Services.
They will help conduct the voting on the formal business later in the meeting and act as
scrutineer.

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Meeting Agenda
Before we proceed with the formal business, I will run through the order of events for today’s
meeting.
The agenda will start with the usual formalities, and I will give an overview of the year that
has been. Our incoming Chair, John Journee, will then address you and introduce himself.
Our Group CEO, Mark Stirton, will provide an update on our strategy, a recap of our FY25
annual results, an update on the first quarter of the current financial year, and commentary
on the remainder of FY26.
We will then turn to the formal part of the day’s business. The resolutions today include the
re-election of two Directors, Caroline Rainsford and new Director Hamish Rumbold, and
authorising the setting of the auditor's fees.
We will cover each resolution in turn and invite you to submit your questions specific to those
items. We will respond to those questions during the Q&A session for each resolution.
Voting will take place by poll. I will outline the process for discussion and voting on the
resolutions at that point in the agenda.
Voting will remain open for 5 minutes after the conclusion of the meeting.
Following the resolutions, we will take questions on the Group’s financial performance,
operational performance, or other general business. I ask that you wait to raise any general
questions until that time.
We will now move to the formal agenda.
The notice convening today’s meeting was circulated to shareholders on 31 October.
I note that a quorum is present, so I am pleased to declare the 2025 Annual Shareholders’
Meeting of The Warehouse Group officially open and underway.
Proxies
Proxies have been received from 279 shareholders, representing 196,398,462 voting
shares. This represents 56.62% of the voting shares in the Company.
I will provide further details on proxies for each resolution at that time.
Annual Report
The Financial Statements for the 53 weeks ended 3 August 2025, together with the Auditor’s
report, are set out in the Company’s 2025 Annual Report, which was released to the NZX on
2 October 2025.
If you would like a hard copy of the Annual Report, please email us.

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Under the Companies Act 1993, there is no requirement to approve the Financial
Statements or the Auditor’s report at Annual Meetings. However, we will be happy to answer
any questions you may have during the Q&A session at the end of the meeting.
Q&A Procedures for shareholders joining online
During this annual meeting, anyone in the room or online will be able to ask questions and
vote. I encourage you to do so.
For those of you online, you can send through your questions at any time through the online
portal by clicking the “Ask a question” button within the virtual meeting platform.
Select the item of business, type in your question, and click Submit. I encourage you to do
this as early as possible so we can answer your questions at the appropriate time in the
meeting. Please note that online questions may be moderated or, amalgamated together if
we receive multiple questions on one topic.
Now, we move to the substantive part of my presentation.
FY25 Year in Review
FY25 was one of the most demanding years in recent memory for The Warehouse Group,
shaped by tough economic conditions and a sharp decline in consumer confidence.
Rising unemployment and tighter household budgets led to a significant slowdown in
discretionary spending, while competition across the retail sector intensified.
We made deliberate choices to reset the business. FY25 was a year of streamlining our
operating model, resetting price points, improving product ranges, and applying stronger
discipline to cost and capital management. These actions were essential to lay the
foundation for a turnaround.
Group sales held steady at $3.1 billion. It is important to note that FY25 included an
additional trading week. On a like-for-like basis, sales were flat, reflecting resilience in a
difficult market.
Conversion improved, and unit sales grew strongly across all three brands, with encouraging
momentum in the second half, particularly at The Warehouse and Noel Leeming.
Margin came under pressure, and profitability suffered as a result. Gross margin declined by
140 basis points, significantly impacting the Group’s bottom line. This was primarily driven by
early price resets at The Warehouse and a category mix skewed toward lower-margin
products.
The second half brought some improvement. Category mix strengthened, and unit growth
lifted across the Group, supported by sharper pricing and on-trend products, especially in
home, apparel, toys, and beauty at The Warehouse. We also introduced new brands as part
of our range refresh.
Cost control remained a clear focus. CODB decreased by 40 basis points to 32.2% of sales,
despite inflationary pressures on rent, utilities, and wages.

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Capital management was disciplined. Projects were rationalised, and elevated IT spend
tapered off. Capital expenditure fell to $12.4 million, down significantly from $39 million in
FY24.
Operating profit was $1.3 million, and we reported a net loss of $2.8 million. Given this
financial performance, the Board determined it should not declare a dividend for FY25.
That is deeply disappointing, and I want to acknowledge the impact on our shareholders. As
you will hear through Mark’s presentation, we are taking comprehensive action to restore
profitability and deliver value back to our shareholders.
While we made progress on cost control during FY25, it was not enough to offset the margin
decline, and as announced with our Q1 trading update earlier this month, work is underway
to further reduce our cost base. Again Mark will take you through additional details on this
shortly.
We now have a new leadership team in place. They are aligned on our goals, focused on
execution, and committed to accelerating progress to rebuild profitability and unlock the full
potential of our brands.
The appointment of Mark Stirton as Group Chief Executive Officer, effective 1 August, was a
pivotal moment for The Warehouse Group. After a comprehensive global search, the Board
was unanimous that Mark is the right person to lead the company forward.
Mark brings outstanding experience and capability. His decade at Mr Price Group, including
as Group Chief Financial Officer, combined with his Chartered Accountancy qualifications
and MBA in business transformation, give him the qualifications and experience, commercial
credibility and strategic insight to deliver the performance needed to create value for
shareholders.
He has already hit the ground running. Mark is leading with intent and driving momentum,
bringing disciplined control to operating costs and capital expenditure, and sharpening the
focus on retail fundamentals to turn the business around.
Changes to the Board of Directors
I want to take a moment to acknowledge some important changes to our Board.
Today, we recognise Robbie Tindall, who is retiring from the Board at this Annual
Shareholders’ Meeting.
Robbie joined as a Director in 2020, after several years as an Alternate Director for Sir
Stephen Tindall. His deep understanding of our business, his passion for sustainability, and
his steady guidance have been invaluable. He has also been a very valued colleague to me
and my fellow directors.
Robbie leaves to dedicate more time to K1W1 – the Tindall entity which invests in early-
stage startups in New Zealand across a diverse range of industries, and we wish him every
success.

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We are delighted to welcome Hamish Rumbold, who joined the Board on 19 November, and
is standing for re-election today.
Hamish brings extensive experience in brand and customer strategy, digital and technology,
and retail leadership. His skills strengthen the Board’s capability.
And finally, as I foreshadowed when I stood for re-election in 2022, , this is my last Annual
Shareholders’ Meeting as Chair and as a Director of The Warehouse Group.
Over the past nine years, I have had the privilege of leading this iconic New Zealand
business through periods of growth and through some of the most challenging times in our
history.
The past few years have been particularly difficult, and I want to acknowledge the impact on
our shareholders. The Company’s performance has weighed heavily on the Board and on
me personally.
Despite these challenges, I am proud of the resilience this company has shown. We are not
yet where we want to be, but we have a clearer focus, stronger leadership, and a renewed
determination to deliver for all our stakeholders.
To our shareholders, our customers, our team members, and my fellow Directors, thank you.
Your support and commitment have meant a great deal to me. It has been an honour to
serve as Chair.
I am delighted that John Journee will succeed me as Chair following today’s meeting.
John’s experience on the Board and in executive roles within the Group, including his time
as Interim CEO, means he brings both operational insight and strong governance capability.
His appointment provides continuity and confidence as the Group moves into its next phase
of transformation and growth.
I will now hand to John, so that he can address you as our incoming Chair.
Incoming Chair Address – John Journee
It is a great honour to stand before you today as the incoming Chair of The Warehouse
Group. I take this responsibility seriously and am deeply committed to serving and returning
value to you, our shareholders.
Before I speak about the future, I want to acknowledge Joan’s extraordinary contribution.
Over the past nine years, Dame Joan has led this Board with clarity, courage, and
unwavering commitment. Her leadership has been decisive, her integrity absolute, and her
belief in this company steadfast, even through our most challenging times, including the
Covid-19 pandemic and the tough decisions of the past 18 months.
Joan has been instrumental in shaping The Warehouse Group’s governance. Under her
leadership, we strengthened our focus on sustainability, advanced gender equity, and
navigated significant transformations. She has ensured this company reflects the

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communities we serve, and her influence has helped position The Warehouse Group as a
leader in responsible retailing.
On behalf of the Board, management, and our team, Joan, thank you. It has been a true
privilege to work alongside you.
As I step into this role, my focus is clear. While I bring continuity and stability, my priority will
be supporting the pace, discipline and initiative required to execute our turnaround.
My experience spans more than 40 years in retail, including 23 years with The Warehouse
Group in both executive and governance roles.
I understand our heritage and what made us great. And most recently, I had the opportunity
to serve as Interim CEO, which gave me deep insight into the operational realities of the
business and the opportunities to improve.
I am passionate about our brands, our people, and our customers. I know the challenges we
face, and I also know the potential we have to unlock. My commitment is to work closely with
Mark Stirton and the leadership team to ensure we deliver on the critical value drivers for this
business. That means sharper execution, more relevant customer connection, and a
relentless focus on rebuilding profitability and creating long-term value for shareholders.
To our shareholders, thank you for your continued support and belief in The Warehouse
Group. We have work to do, and I am confident that we are well positioned to succeed.
Thank you. I will now hand over to Mark Stirton to talk about the Group’s direction and
financial performance.
CEO’s Address – Mark Stirton
Thank you, Joan and John, and good morning everyone.
It is a privilege to address you today at my first Annual Shareholders’ Meeting as Group
Chief Executive Officer.
I want to begin by thanking Dame Joan and John Journee for their leadership and support as
I have stepped into this role. Their guidance has been invaluable during this critical time for
the Group.
My first three months
Since stepping into the CEO role in August, my priority has been to set the playing field and
align the organisation around clear goals and performance expectations.
I firstly want to recognise the commitment of our people. This is a great business with a
passionate team. Across our stores, distribution centres, support office, and product teams,
our people continue to show up every day with determination in what remains a very
challenging retail environment. Their hard work and resilience are crucial to turning this
business around.

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I have set about enabling the business to run at two speeds: reducing costs now to recover
profitability, while continuing to invest in the areas that will strengthen the Group for the long
term, like our stores, product and prices, and our supply chain.
I have spent a great deal of time in our stores and in our distribution centre, listening,
learning, and challenging our teams to solve the issues that affect the customer experience.
The reality is that trading conditions are tough. The economy is slow to recover, household
budgets remain under pressure, and competition is intense. We are working hard to deliver
the products and experiences our customers expect and to improve our financial
performance at pace.
It is clear to me that our competitive advantage lies in our stores, footprint and in our footfall.
We have the highest number of stores of any New Zealand general retailer, with 1.7 million
customers walking through our doors every week. We are embedded in New Zealand
communities, and it is within our gift to show up for these communities and customers better
than we have to date.
It is also apparent that we have work to do on delivering the right range of products at the
right prices. We have taken our eye off the ball on our core brands and core categories, and
we are fixing that now. That means bringing back on-trend products in home and apparel
and ensuring the essential items our customers need are available at value-driven prices.
To enable this, I have set a disciplined direction for the Group, one that balances immediate
performance with long-term growth, and have strengthened our leadership team to improve
execution in critical parts of the business.
Changes to the Executive Leadership Team
Several changes have been made to our Executive Leadership Team to position the Group
for success.
During the year, we welcomed two outstanding new leaders. Stefan Knight joined us as
Group Chief Financial Officer from Spark New Zealand, bringing deep financial expertise
and strategic insight. Shayne Tong came on board as Group Chief Digital and
Transformation Officer from Foodstuffs South Island, adding strong digital and
transformation capability to our team.
We were equally proud to promote high-calibre internal talent. Silv Roest stepped into the
role of Group Chief Legal, Corporate Affairs and Sustainability Officer, while Carrie Fairley
was appointed Chief Merchandise Officer for The Warehouse and Warehouse Stationery.
Our Group Chief Sourcing and Supply Chain Officer, Mark Anderton, who has been based in
Shanghai, will depart in March next year. We thank Mark for his many years of service to the
business and have taken this opportunity to rethink our leadership structure.
Moving forward, sourcing will become part of the Chief Merchandise Officer role, creating a
single home for decisions on our range. At the same time, we have appointed Lyle Brady,
our current GM Supply Chain, to the leadership team as Group Chief Supply Chain Officer,
giving logistics a clear voice at the table.

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As a team, we are aligned on the priorities that matter most – building an unbeatable culture,
rebuilding profitability, unlocking brand potential, and delivering long-term shareholder value.
Group direction
As mentioned, we have reset our Group’s direction.
Our Group purpose is to build exceptional retail brands that customers love, our team take
pride in, and that deliver sustainable shareholder returns.
This is not just a statement; it is the lens through which every decision is made.
Our Group ambition is to be a highly desired retail stock. Our strategy is anchored in
restoring profitability through better trading and positioning the business for sustainable
future growth.
Our Group values remain unchanged: Think Customer, Do Good, and Own It – these values
continue to guide our culture and decision making.
Our strategy will revolve around strengthening and growing our three New Zealand retail
brands, enabling each to lead in its market while leveraging shared services, platforms, and
capital efficiencies.
Later in FY26, we will share a longer-term strategy for the Group and our brands.
Unlocking the potential of our brands
As we look ahead, one thing is clear: the potential of our brands is vast and there are signs
of progress.
Our private label portfolio is a core strength
What is clear to me on review of our merchandise portfolio is that we have a portfolio of very
valuable private label brands which have been built up over decades which our customers
love. Our job to do is to further invest in making these brands and products even more
desirable.
Brand Preference
We are starting to shift consumer preference in key categories. In FY25, The Warehouse
reclaimed the number one spot in toys, with sales up 8% in FY25. We also saw preference
gains in home, apparel, pet care, party supplies, sport and outdoors.
Range Refresh
Customers told us they wanted more excitement, trend, and colour in our ranges. Our teams
have started refreshing most categories within the portfolio starting with home, apparel, and
health and beauty.
Early feedback is encouraging, but this is just the start. We have a lot more work to do, and
our teams are already planning trend-led seasonal collections for summer, and Winter 2026.

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Store Experience and Reach
Our reach remains a strategic advantage. Over 85% of Kiwis live within 20 minutes of one of
our stores. Our key opportunity is to improve our story telling in store. We have great value
products, but we have work to do to improve our visual merchandising and store experience
to make them come to life. Our new Beauty Zones and apparel layout trials are just the
beginning of several transformations customers will see.
Our brand-led strategy is gaining traction. However, we know there is much more to do to
unlock the full potential of our brands in the months and years ahead which is very exciting.
FY25 Annual Results recap
Now moving to the FY25 annual results in more detail.
FY25 Group financial performance
Before we look at the numbers, it’s important to note that FY25 was a 53-week financial
year, compared to 52 weeks in FY24. Where appropriate, we compare FY25 on a 52-week
same store sales basis with FY24, removing the final 53rd week of FY25.
Group sales for the FY25 financial year were up 1.6%, and flat on a 52-week same-store
basis.
Retail conditions were challenging throughout the year in a low-growth economy, and the
year was a story of two halves. While sales declined 1.6% in the first half, we delivered a
turnaround in the second half, with growth of 1.6% on a like-for-like 26-week basis.
The Group pleasingly sold 4.6% more units in FY25. However, this was offset by a 4.4%
decline in average selling price.
Group gross profit margin declined 140 basis points to 32.2%, and had the biggest impact on
profitability in FY25.
Group gross profit margin decreased due to four main factors:
1. The strategic price reset of everyday low prices, particularly in The Warehouse on
existing products.
2. Lower inventory sell-through due to products that did not resonate sufficiently with
our customers, which led to additional clearance activity.
3. Sales contributions from lower-margin categories; and
4. Sales growth in Noel Leeming, our lowest margin brand, which contributed to a
higher percentage of Group gross margin.
The decline in gross profit margin was smaller in the second half than in the first as we saw
more stable pricing, better category mix and lower supply chain costs.
To offset these margin impacts, we focussed on controlling what we could. CODB was only
up 0.2%, mainly due to the extra week, but slower than sales growth and reduced as a
percentage of sales.

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In FY26 we are targeting further margin improvement and CODB reduction, to drive financial
performance.
We continue to look after our people and communities
Even in a challenging year like FY25, we stayed committed to looking after our people, our
communities, and our environment. It’s fundamental to who we are at The Warehouse
Group.
We maintained 100% gender pay equity, and our employee Net Promoter Score rose to 36,
up from 18.2 last year. That’s a strong signal that our team feels more engaged as we work
to build a high-performance culture.
Together with our customers, we raised $2.4 million for New Zealand charities. That impact
matters, especially in a year when many households and communities were doing it tough.
We also made strong progress on our environmental commitments. 66% percent of private
label sales now use sustainable packaging. Our Scope 1 and 2 emissions are down 45%
compared to FY23. More than 150 stores and sites are now powered by Lodestone Energy’s
solar farms, and we diverted 79% of operational waste from landfill.
These are meaningful steps that reflect our long-term commitment to sustainability and our
belief that doing good is part of doing good business.
Now onto FY26 Q1
Group sales were up 0.9% to $674.1 million with like-for-like same-store sales up 0.1%.
At a brand level, The Warehouse delivered sales growth of 0.7%, Warehouse Stationery
sales grew 2.6%, and Noel Leeming achieved growth of 0.7%.
Pleasingly, foot traffic across the Group remains up 0.2%, with conversion improving 30
basis points.
This shows more customers are visiting stores and responding to improved product lines in
key categories.
However, margins remains under pressure with Group gross profit margin down 40 basis
points in the quarter.
A warmer winter led to slower sell-through at The Warehouse, resulting in increased
clearance activity impacting the value perception of our new spring home and apparel
ranges.
Conversely, Noel Leeming and Warehouse Stationery margins improved.
Trading conditions are challenging. While customers are responding to new ranges and in-
store experience, margin improvement and cost reductions are imperative to restoring
profitability.

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Cost Reset programme
To help restore profitability and make sure our cost base is fit for a competitive value retailer,
we are implementing a comprehensive cost reset programme.
This is needed to deliver on our intention to reduce the cost of doing business to below 31%
of sales.
This programme is about taking decisive action. It will focus on continuing to drive down cost
of doing business and includes a proposed reduction in head office roles.
We are also pursuing opportunities to expand our partnership with Tata Consultancy
Services to potentially co-source additional areas of the business to gain more efficiencies
and capabilities.
These decisions are not easy, and we are committed to supporting our team through this
change with care and respect.
Looking ahead
The retail environment in New Zealand remains challenging. Low consumer confidence and
ongoing cost-of-living pressures continue to impact household spending. These conditions
are likely to persist into early 2026.
As we look ahead to Christmas, we remain cautious. We will pull every lever we have to
deliver a successful peak trading period.
We are targeting margin recovery, overhead reductions, and unlocking working capital.
Profitability depends on scaled improvement in higher-margin categories across the Group.
Overhead management remains a priority with deep cost transformation projects underway.
Capital investment will be directed to the most impactful projects, and we are actively
pursuing selective space growth opportunities. We will share further details of our refreshed
strategy later in FY26.
I know that words are not what our shareholders, customers, or team members want right
now. You want action, execution, and improved performance. That is exactly what we are
committed to delivering.
The team and I are working tirelessly to improve performance, and we look forward to
reporting on our progress in the coming months. However a turnaround of this magnitude will
take time, and we thank you for your patience.
I wish you a happy Christmas and summer ahead. Thank you, and I will now ask Dame Joan
to return to the lectern to conduct the formal part of today’s business.
Ends

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For media queries please contact: For investor queries please contact:
Lizzie Havercroft
General Manager Corporate Affairs
+64 27 507 0613
lizzie.havercroft@twgroup.co.nz
Julia Belk
Investor Relations Manager
+64 21 240 8997
julia.belk@thewarehouse.co.nz

The Warehouse Group Limited
26 The Warehouse Way, Northcote, Auckland 0627

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2025
ANNUAL
MEETING
28 November 2025

2
Dame Joan Withers
Chair
Chair address

3
Meeting Agenda
03
07
08
19
24
Chair address – Dame Joan Withers
Incoming Chair address – John Journee
CEO update – Mark Stirton
Resolutions – Dame Joan Withers
1.Re-election of Caroline Rainsford
2.Re-election of Hamish Rumbold
3.Setting of Auditor Fees
General business and Q&A

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FY25 – Year in review
❖FY25 was a reset year in tough economic conditions – streamline
operating model, resetting price points, improving product ranges.
❖Sales held steady at $3.1 billion.
❖Conversion and units growth.
❖Gross profit margin came under pressure - declined 140 basis points.
❖Category mix and unit growth further improved in second half.
❖Focus on cost control – FY25 CODB
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decreased by 40bps to 32.2% of sales.
❖Disciplined capital expenditure management – $12.4 million down from
$39.0 million in FY24.
❖Operating Profit of $1.3 million and Reported Net Loss $2.8 million.
❖This is a disappointing result and the Board were unfortunately unable to
declare a dividend for FY25.
❖New leadership under Mark Stirton as CEO - new team aligned on goals,
focused on execution, and accelerating progress to rebuild profitability
and unlock brand potential.
1.Cost of Doing Business (CODB) excludes the impact of NZ IFRS16, unusual items, and is a non-GAAP measure.
5

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Robbie Tindall
Non-Executive Director
Appointed November 2020
Last re-elected in November 2023
Retiring from the Board November 2025
Dean Hamilton
Independent Non-Executive Director
Appointed April 2020
Last re-elected in November 2023
Caroline Rainsford
Independent Non-Executive Director
Appointed August 2022
Last re-elected in November 2022, standing for re-
election in November 2025
Antony (Tony) Carter
Independent Non-Executive Director
Appointed May 2024
Last re-elected in November 2024
Rachel Taulelei
Independent Non-Executive Director
Appointed February 2021
Last re-elected in November 2024
Dame Joan Withers
Chair
Independent Non-Executive Director
Appointed September 2016
Last re-elected in November 2022
Retiring from the Board November 2025
John Journee
Non-Executive Director
Appointed October 2013
Last re-elected in November 2024
Incoming Chair from November 2025
Hamish Rumbold
Independent Non-Executive Director
Appointed 19 November 2025
Standing for re-election in November 2025
Board of Directors

Incoming Chair Address
7
John Journee
Incoming Chair

CEO update
8
Mark Stirton
Group Chief Executive Officer

My first three months
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❖Recognise the resilience of our people in a tough retail environment
and competitive market.
❖Focused on aligning the organisation around clear goals and
performance expectations since August.
❖Driving a two-speed approach: reducing costs now while investing in
stores, prices, and product range for long-term strength.
❖Spent time in stores and our distribution centres to listen, learn, and
challenge teams.
❖Setting a disciplined direction to restore core brands, improve
product range and value, and balance short-term performance with
long-term growth.
❖Strengthened our Executive Leadership Team to improve execution in
critical areas.

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Mark Stirton
Group Chief Executive
Officer
Richard Parker
Group Chief People Officer
Stefan Knight
Group Chief Financial
Officer
Shayne Tong
Group Chief Digital and
Transformation Officer
Silv Roest
Group Chief Legal,
Corporate Affairs &
Sustainability Officer
Carrie Fairley
Chief Merchandise Officer
Ian Carter
Chief Store Operations Officer
Jason Bell
Chief Executive Officer
Lyle Brady
Group Chief Supply Chain
Officer
Executive Leadership Team

Purpose
Ambition
Values
To build exceptional retail brands
that customers love, our team take pride in, and
deliver sustainable shareholder returns
Be a highly desired retail stock
• Think Customer • Do Good • Own it
The Warehouse Group will strengthen and grow its three New Zealand retail brands, enabling each to lead in its market
while leveraging shared services, platforms, and capital efficiencies.
New Group direction
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Unlocking our potential
1.The Warehouse Subcategory Brand Preference July 2025, growth in FY25 H2 compared to FY25 H1.
2.Based on StatsNZ 2023 Census population and Azure Maps API to determine drive times.
•Private label brands remains a core strength with 27 established
private label brands delivering quality and value
•Brand Preference gains
•The Warehouse reclaimed #1 spot in toys, category sales up 8%.
•Consumer preference improved across key categories:
Home (+5%), Apparel (+2%), Pet Care (+5%), Party Supplies (+6%),
Sport & Outdoors (+5%)
1
•Significant range refreshes are underway across home, apparel, and
health & beauty ranges
•Positive early customer feedback, and teams now planning
improved seasonal ranges for winter, summer, and Christmas
2026
•Store network and customer reach remain a strategic advantage as
we improve experience and convenience
•Over 85% of Kiwis live within 20 minutes of one of our stores
2
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FY25 Annual Results
recap
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FY25 Group financial performance
1.52-week same store sales removes the 53rd week of FY25, excludes online, NLG Commercial, and the impact of opening and closing of stores during the reported and comparable year.
2.Operating Profit (EBIT pre-IFRS16) excludes the impact of NZ IFRS16 and unusual items and is a non-GAAP measure. For a reconciliation between Operating Profit and Reported EBIT, refer
to Slide 28 of this presentation and Note 2.0 of the financial statements for the 53 weeks ending 3 August 2025.
3.Adjusted NPAT is from continuing operations before unusual items and is a non-GAAP measure. For a reconciliation between Adjusted and Statutory NPAT, refer to Slide 28 of this
presentation and Note 5.0 of the financial statements for the 53 weeks ending 3 August 2025.
•Sales were up 1.6% on a reported year, and flat on a 52-week same store sales basis compared to FY24
1
.
•Sales declined 1.6% in the first half, but the second half delivered a turnaround in sales performance with 1.6% growth on a 26-week basis.
•Sales driven by Group growth in units sold of 4.6%, offset by decline in Group average sales price (ASP) of 4.4%.
•While margins were still challenging in FY25 H2, the decline in gross profit margin was less in H2 (down 80bps vs FY24H2) compared to H1
(down 180bps vs FY24 H1).
•CODB was well controlled, and while relatively flat on FY24, this is for 53 weeks, and decreased as a percentage of sales year on year.
$ million
FY25
53 weeks
FY24
52 weeks
VarianceH1 VarH2 Var
Sales revenue3,086.7 3,037.6 1.6%-1.6%5.3%
Gross Profit995.1 1,020.9 -2.5%-6.8%2.6%
Gross Profit Margin %32.2%33.6%(140)(180)(80)
Cost of doing business (CODB)993.8 992.0 0.2%-2.8%3.4%
CODB %32.2%32.6%(40)(40)(60)
Operating Profit
2
1.3 28.9 -95.5%-54.5%-29.8%
Operating Profit Margin %0.0%1.0%(100)(140)(20)
Adjusted Net Profit After Tax
3
(4.5)18.9
-123.7%-65.1%-28.3%
Reported Net Profit After Tax
(2.8)(54.2)
94.9%149.8%52.3%
FY25 sales
flat on
52-week
same store
sales
FY25 H2 sales
up 1.6% on a
26-week
basis

Looking after our people,
communities and planet
Our People
•eNPS 36.0pts (FY24: 18.2pts)
1
•45.2% women in senior leadership roles (FY24: 46.9%)
•100% gender pay equity (FY24: 100%)
•TRIFR
2
30.2 per million hours worked (FY24: 23.0)
Our Communities
•$2.4 million raised for NZ charities and communities
•489 supplier ethical audits
Our Environment
•66% of private label sales with sustainable packaging (FY24: 55%)
•Diverted 79% of operational waste to landfill (FY24: 78%)
•Scope 1 & 2 emissions decreased 45% compared to FY23 (base year) and decreased
23% compared to FY24
•More than 150 Group stores and sites powered by Lodestone Energy’s solar farms
1.eNPS score in FY25 and FY24 excludes DC team members as these were not surveyed in FY25, so have been
excluded in both years. FY24 reported eNPS was 19.6 including all team members.
2.Total Recorded Injury Frequency Rate.
15

FY26 Q1 Trading Update
FY26 Q1 Group sales
$674.1 million, up 0.9%
Like for like same store sales up 0.1%
The Warehouse sales
$389.0 million, up 0.7%
Like for like same store sales up 0.7%
Warehouse Stationery sales
$52.2 million, up 2.6%
Like for like same store sales up 1.4%
Noel Leeming sales
$230.7 million, up 0.7%
Like for like same store sales down 1.6%
Group store foot traffic
+ 0.2%
Group foot traffic conversion
+ 30 basis points
Group units + 2.6%
Average Selling Price Down 2.4%
FY26 Q1 Group gross profit margin
Down 40 basis points
16

17
Cost reset programme
•We are implementing a comprehensive cost reset programme to
restore profitability and ensure our cost base is fit for a value retailer.
•Cost reset is needed to deliver on our intention to reduce Cost of
Doing Business to below 31% of sales.
•The programme will focus on continuing to drive down CODB across
the business. It includes a proposed restructure of head office roles
without reducing front line team member roles.
•We are pursuing opportunities to expand our partnership with Tata
Consultancy Services and potentially co-sourcing additional areas
of the business, gaining efficiencies and strengthening capability.
•In conjunction with our focus on margin recovery, the cost reset
programme is expected to lower The Warehouse Group’s cost base,
help restore profitability, and strengthen capability to support the
Group’s long-term sustainable growth.
17

18
Looking ahead
•The retail environment in New Zealand remains challenging, with low
consumer confidence and ongoing cost-of-living pressures impacting
household spending.
•These conditions are likely to persist into early 2026.
•As we look ahead to Christmas, we remain cautious. We will pull every
lever we have to deliver a successful peak trading period by bringing
great value products to customers, driving sales, and executing our
turnaround plans with discipline.
•We are targeting margin recovery, overhead reductions, and unlocking
working capital. Profitability depends on scaled improvement in
higher-margin categories across the Group.
•Overhead management remains a priority, with deep cost
transformation projects underway to deliver on our intention to reduce
CODB to below 31% of sales.
•Capital investment will be directed to the most impactful projects, and
we are actively pursuing selective space growth opportunities.
•We will share further details of our refreshed strategy later in FY26.

19
Resolutions
1.Re-election of Caroline Rainsford
2.Re-election of Hamish Rumbold
3.Setting of Auditor Fees
19

20
Resolution 1
Resolution 1Voted%
For193,348,58898.52%
Against906,0230.46%
Discretionary1,989,0751.01%
Abstain154,776-
Re-election of Caroline Rainsford

21
Resolution 2
Resolution 2Voted%
For193,539,13298.63%
Against704,4180.36%
Discretionary1,989,0751.01%
Abstain165,837-
Re-election of Hamish Rumbold

Resolution 3
Resolution 3Voted%
For192,789,80698.78%
Against337,6120.17%
Discretionary2,038,0891.04%
Abstain1,232,955-
Fix the fees and expenses of the auditors
22

23
Virtual meeting participation – Voting
Shareholder & Proxyholder Voting
Once the voting has been opened, the
resolutions and voting options will allow
voting.
To vote, simply click on the “Get a voting
card” tab, and select your voting direction
from the options shown on the screen. You
can vote for all resolutions at once or by each
resolution.
Your vote has been cast when the tick
appears.

General Business and Q&A
24

25
Virtual meeting participation – Q&A
Written Questions:
Questions may have been submitted ahead
of the meeting. If you have a question to
submit during the live meeting, please select
the “Ask a question” tab in the middle of your
screen at anytime. Type your question into
the field and press submit. Your question will
be immediately submitted.
Help:
The “Ask a question” tab can also be used
for immediate help. If you need assistance,
please submit your query in the same
manner as typing a question and a
representative will respond to you directly.

Thank You
26

27
Disclaimer
This presentation may contain forward looking statements and
projections. There can be no certainty of the outcome and
projections involve known and unknown risks, uncertainties,
assumptions and other important factors that could cause the actual
outcomes to be materially different from the events or results
expressed or implied by such statements and projections.
While all reasonable care has been taken in the preparation of this
presentation, The Warehouse Group Limited does not make any
representation, assurance or guarantees as to the accuracy or
completeness of any information in this presentation. The forward-
looking statements and projections in this report reflect views held at
the date of this presentation.
Except as required by applicable law or any applicable Listing Rules,
the Relevant Persons disclaim any obligation or undertaking to
update any information in this presentation.
A number of non-GAAP financial measures are used in this
presentation. You should not consider any of these in isolation from,
or as a substitute for, the information provided in the financial
statements for the 53 weeks ending 3 August 2025, which are
available at www.thewarehousegroup.co.nz.
This presentation does not constitute investment advice, or an
inducement, recommendation or offer to buy or sell any securities in
The Warehouse Group Limited. The Warehouse Group Limited, its
subsidiaries and their directors, employees and/or shareholders shall
have no liability whatsoever to any person for any loss arising from
this presentation or any information supplied in connection with it.
27