The Warehouse Group Limited FY26 Interim Results

Results for announcement to the market
Name of issuer The Warehouse Group Limited
Reporting Period 26 weeks to 1 February 2026
Previous Reporting Period 26 weeks to 26 January 2025
Currency New Zealand dollars
$1,612,087
$1,612,087
$15,747
$15,747
Interim Dividend
Record Date Not Applicable
Dividend Payment Date Not Applicable
Contact phone number
Contact email address
Date of release through MAP
Unaudited financial statements accompany this announcement.
The Warehouse Group Limited
Results for announcement (for Equity and Debt Security issuer)
Amount (000s)Percentage change
Revenue from continuing
operations
Net profit from
continuing operations
Stefan.Knight@twgroup.co.nz
$0.5268 $0.4994
The investor presentation, media release and unaudited interim Financial
Statements which accompany this announcement, provide information and
commentary to explain the financial performance of the Group for the 26 week
period ended 1 February 2026.
up 0.3 %
up 0.3 %
027 252 9438
Prior comparable period
Stefan Knight (Group Chief Financial Officer)
Current period
Net tangible assets per
Quoted Equity Security
up 33.6 %
Total Revenue
Total net profit
Amount per Quoted Equity
Security
up 33.6 %
Imputed amount per
Quoted Equity Security
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
No dividend was declared for the half year ending 1 February 2026.
27 March 2026
Not Applicable
Authority for this announcement
Name of person authorised to
make this announcement
Contact person for this
announcement
Stefan Knight (Group Chief Financial Officer)

---

NZX | Media release – 27 March 2026
The Warehouse Group announces FY26 Half Year Results:
improved profitability despite tough conditions
The Warehouse Group today announced its half year results for the 26 weeks ended 1
February 2026.
• Group sales were $1,612.1m, up 0.3% on FY25 H1 ($1,607.2m), with like for like
same store sales
1
up 0.5%
• The Warehouse sales were $949.5m, up 0.5% on FY25 H1 ($944.7m)
• Warehouse Stationery sales were $116.1m, up 5.7% on FY25 H1 ($109.8m)
• Noel Leeming sales were $542.2m, down 1.2% on FY25 H1 ($548.9m), reflecting a
strong comparative period
• Group gross profit margin was 32.3%, down 20bps on FY25 H1
• Cost of doing business reduced by $8.6m, down 1.7%, improving 70bps to 30.6% of
sales (FY25 H1: 31.3%)
• Operating profit (EBIT pre-IFRS16) was $26.9m, up 37.7% from $19.5m in FY25 H1
• Reported Net Profit After Tax of $15.7m, up 33.6% from $11.8m in FY25 H1
• Adjusted Net Profit After Tax of $17.9m, up 67.1% from $10.7m in FY25 H1
• The Group will open new The Warehouse and Noel Leeming stores in Mangawhai in
2027
Despite a challenging retail environment and ongoing cost-of-living pressures on
households, The Warehouse Group recorded sales of $1,612.1 million in the six months to 1
February 2026, up 0.3% on FY25 H1, with like for like same store sales increasing 0.5%,
while improving profitability through disciplined cost control and improved working capital
with lower inventory.
Chair John Journee said the Board sees clear evidence that the Group is on the right path,
while recognising the work ahead. “Consumer confidence is volatile and retail conditions
remain extremely competitive. Against that backdrop, this is a solid result.
“We have held sales and improved profitability, while continuing to rebuild the foundations of
good retailing. New leadership and a new operating model are now in place, and we are
seeing the benefit through stronger cost discipline and execution. There is still more to do,
and it will take time to restore sustainable returns.”

1. Like for like same store sales compares 26 weeks ending 1 Feb 2026 with 26 weeks ending 2 Feb 2025,
excludes online sales and removes the impact of opening and closing stores year on year.

2

Group Chief Executive Officer Mark Stirton said there are encouraging signs that the work
underway is resonating with customers. “We are seeing customers respond as we get the
basics right and deliver clearer value through better ranges and a stronger experience in
stores.
“Our Black Friday, Christmas and Back to School events performed well across the half,
while severe weather events in January impacted retail spending overall and affected
summer seasonal and outdoor categories at The Warehouse.”
Gross profit was $520.5 million, down 0.2%, with gross profit margin of 32.3%, down 20
basis points. Gross profit margin improved in Warehouse Stationery and Noel Leeming,
while The Warehouse continued to face margin pressure.
“Group gross profit margin declined in the first quarter, driven largely by The Warehouse,
where we deliberately cleared aged and seasonal stock, saw softer sales in higher‑margin
categories, and faced freight pressures. Positively, gross profit margin momentum grew in
the second quarter, up 30 basis points, and the quality of sales improved,” Mr Stirton said.
In November 2025, the Group shared its aim to reduce costs to below 31% of sales. In the
first half, cost of doing business reduced by 1.7%, improving by 70 basis points to 30.6% of
sales. While progress has been made, cost of doing business as a percentage of sales is
expected to moderate on a full year basis given the traditionally larger first half sales.
The Group will continue its cost reset programme by simplifying the business, reducing
overheads and controlling spend.
Mr Stirton said disciplined cost control was a key driver of the improved result, with operating
profit increasing 37.7% to $26.9 million and reported net profit after tax of $15.7 million, up
from $11.8 million in FY25 H1.
“Tight cost control flowed through to a good improvement in profitability. I want to thank our
10,000 team members across the country who are making a real difference for our
customers every day as we reset the business.”
Store footprint growth – The Warehouse and Noel Leeming Mangawhai
Today the Group announced The Warehouse and Noel Leeming will open new Mangawhai
stores in mid-2027. This will be the first new The Warehouse store since the opening of The
Warehouse Wānaka in 2023.
Mr Stirton said the Group’s store network remains a key strength, with more than 85% of
New Zealanders living within a 20-minute drive of one of the Group’s stores. “We are excited
to be opening new stores. Our stores are central to how we serve communities, deliver value
and grow.”
Mr Stirton said Mangawhai is a fast-growing area, with strong demand from families for great
value shopping, both residents and holiday makers, “Mangawhai has evolved from a
seasonal holiday destination into a growing year-round community. Opening new stores
allows us to employ locally and better serve a community that is expanding.”

3

Brand performance
The Warehouse
The Warehouse delivered sales of $949.5 million, up 0.5% on FY25 H1, with like for like
same store sales up 1.2%. Store foot traffic increased 0.5% and conversion, the number of
visitors who end up making a purchase, improved 1.0%.
Peak trading events including Black Friday and Christmas performed well. The Warehouse
saw category revenue growth across Health & Beauty up 3.7%, Toys up 3.2%, and Leisure
up 2.7%, as customers shopped for gifts, summer and holiday activities. Health and Beauty,
an increasingly important category for the brand, continued to gain traction following
improvements in visual merchandising, and presents a significant opportunity.
Gross profit margin declined with softer sales in higher margin categories, higher freight
costs and increased provisions for aged stock. “We’re stepping up the work to revitalise our
Home and Apparel offer, while remaining sharp on value for customers. We are also
investing in our store experience, including visual merchandising upgrades and remodelling
plans are underway for our first new flagship store format,” said Mr Stirton.
Warehouse Stationery
Warehouse Stationery delivered sales of $116.1 million, up 5.7% on FY25 H1. The result is
aided by the timing of the Back to School trading period falling more into this half year. Like
for like same store sales increased 1.8%.
Standalone store foot traffic increased 1.8% and conversion improved 1.4%, with sales
growth across all categories. Gross profit margin increased significantly, reflecting better
retail execution with price resets, improved stock control, and lower clearance activity
contributing to gross profit growing faster than sales.
Mr Stirton said Warehouse Stationery has played an important role in proving the Group’s
approach. “As the smallest brand, Warehouse Stationery allowed us to move and apply
changes faster. Our focus now is on applying the same learnings at scale in The Warehouse
as we continue the broader turnaround.”
Noel Leeming
Noel Leeming delivered sales of $542.2 million, down 1.2% on FY25 H1. On a like for like
same store sales basis, sales decreased 1.3%.
In FY25 H1, the closure of Flybuys in December 2024 supported an increase in sales as
customers redeemed points ahead of the programme ending.
Peak trading events, including Black Friday and Christmas performed well, while Boxing Day
was softer, in line with broader retail conditions. Sales growth was achieved in cellular,
computers and whiteware.

4

A strong focus on strengthening profitability in a highly competitive market achieved growth
in gross profit margin, and combined with disciplined cost control, delivered an operating
profit of $12.9 million, up 52.0% on FY25 H1, and higher than FY25 full year.
Mr Stirton said Noel Leeming continues to compete strongly in an intensely competitive
market. “The improvement in margin and profit is excellent to see and evidence the Noel
Leeming team are doing the retail basics well while building a strong service and commercial
offering.”
Capital allocation and net debt
The Group maintained disciplined capital allocation in the half primarily investing in store
improvement, with capital expenditure of $5.8 million and total project expenditure of $9.1
million in the half year, compared to $8.9 million in the prior half year.
Capital expenditure will remain controlled for the remainder of the year, including investment
in store footprint growth, store experience and systems to support customer experience and
long-term performance.
FY26 H1 net debt was $93.3 million. Net debt and working capital were impacted by the
53-week year in FY25, which meant the FY26 H1 balance sheet date fell one week later
than FY25 H1. That extra week resulted in additional cash outflows of $138.5 million. On a
comparable basis, FY26 H1 was in a net cash position of $45.2 million, compared with a net
cash position of $19.0 million at the equivalent point in FY25 H1.
Dividend
The Board has elected not to declare an interim dividend given the Group’s half year result
and uncertain outlook.
Chair John Journee said, “There is still more to do to restore sustainable returns, and this
will take time. The Board and management are aligned and working closely together to
reinstate dividends, and we thank our shareholders for their ongoing patience and support.”
Looking ahead
Trading in the first six weeks of the second half has resulted in sales down 0.2% on the
same period last year.
Chair John Journee said the economic recovery remains slow and, amid ongoing global
volatility, trading conditions continue to be challenging.
“International conflict has created further uncertainty for New Zealanders. Rising fuel prices
and potential disruption, along with congestion across key shipping routes, are expected to
push freight costs higher in the period ahead.
“While the full impact on supply chain and consumers remains uncertain, management is
closely monitoring conditions with planning underway. We are working with external
stakeholders to seek to mitigate and manage these pressures as the situation evolves.”

5

Mark Stirton said the Group is acting decisively on what it can control. “In the second half,
we will continue the work to turnaround performance. In this environment, the mission
doesn’t change at The Warehouse, we will continue to strive to deliver value for Kiwis every
day.”
The Group will release its FY26 third‑quarter trading update on 15 May 2026 and its FY26
annual results on 24 September 2026.
Ends
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

---

2026
Interim
Results
26 weeks ending Sunday 1 February 2026
2026
Interim
Results
26 weeks ending
Sunday 1 February 2026
//

2
03
05
10
22
25
Chair update – John Journee, Chair
Group update – Mark Stirton, Group CEO
Financial performance – Stefan Knight, Group CFO
The year ahead – Mark Stirton, Group CEO
Appendix – Additional information
Contents

3
John Journee
Chair
Chair update
//

∕While there are green shoots appearing, the retail environment remains challenging.
Families continue to face cost-of-living pressure, confidence is fragile and conditions
remain volatile.
∕Against that backdrop, the Group has delivered a solid result – holding sales, reducing
costs and improving profitability.
∕New management and a brand-led operating model are in place, with retail
fundamentals being re-established.
∕There is more to do to restore sustainable returns. In a tight economy, with subdued
consumer spending and added uncertainty from international conflict in the Middle
East, realising the full potential of our brands will take time.
∕The Board have made the decision not to pay an interim dividend
given the half year results and the current and ongoing economic uncertainty.
∕The Board and management are aligned and working closely together to
rebuild shareholder value and return to paying dividends.
1.Like for like same store sales compares 26 weeks ending 1 Feb 2026 with 26 weeks ending 2 Feb 2025, excludes
online sales and removes the impact of opening and closing stores year on year.
2.Operating Profit excludes the impact of NZ IFRS 16 and unusual items and is a non-GAAP measure. For a
reconciliation between Operating Profit and Reported EBIT refer to Slide 26 of this presentation and Note 3 of the
interim financial statements for the 26 weeks ended 1 February 2026.
Gross Profit
$520.5m
Down 0.2% on FY25 H1
Gross Profit Margin 32.3%
Sales
$1.6bn
Up 0.3% on FY25 H1
Like for like same store
sales
1
up 0.5% on FY25 H1
Operating Profit
2
$26.9m
Up 37.7% from FY25 H1
4
Chair update
The Group is on the right path and execution is improving

5
Group update
Mark Stirton
Group CEO
//

1.ANZ Roy Morgan Consumer Confidence, January 2026.
2.TPB brand tracker data, March 2024 – Jan 2026.
3.Rabobank Rural Confidence Survey, December Quarter 2025.
4.StatsNZ, December 2025. https://www.stats.govt.nz.
5.Source: Kantar 2025. Brand tracker deck Oct 2025.
Saving more
money tops Kiwis’
priorities for 2026
alongside health
and family time.
Core categories
top the list of
planned spending
next year.
5

”
“
6
Macroeconomic context in the first half
Consumer Confidence lifted from 101.5 to 107.2 in January, the
highest level since August 2021
1
.
The proportion of households thinking it’s a good time to buy a
major household item rose 2 points to +1.
55% of consumers describe their financial position as
“comfortable” in January 2026
2
.
Farmer confidence remains elevated but down on the
near-record highs in early 2025
3
.
Inflation remains high at 3.1%

but is expected to rise further
4
.
Unemployment hit a 10 year high of 5.4% in December
4
.
Consumers are still cautious, repaying debt, and confidence is
taking time to flow through to meaningful discretionary spend.
New Zealand GDP still muted at annual growth rate of 0.2%
4
.
//

7
FY26 H1 highlights
In a volatile environment we delivered a solid result
⁄Held sales, reduced costs and improved profitability by staying disciplined.
⁄A standout result for Warehouse Stationery, our smallest brand and the
fastest to turn around.
⁄Strong profit wedge achieved in Noel Leeming with operating profit
exceeding FY25 full year profit in H1 FY26.
⁄Customers are responding well to our new ranges, brand and store changes,
with foot traffic and conversion up again at The Warehouse.
⁄Strong trading across Black Friday, Christmas and Back to School.
⁄Enhanced visual merchandising is supporting category growth,
particularly in Health & Beauty.
⁄As newer ranges landed in Q2, we relied less on discounting and
delivered higher levels of full price sales.
⁄New leaner operating model to help improve profitability
and deliver better value over the long term.

8
Making headway on retail fundamentals
Plan & buy
∕New merchandise
strategy and
governance developed.
∕Key talent capability
recruited.
∕Supply base broadened
and new agents
introduced.
∕Retail planning
discipline strengthened
to improve margin and
inventory management.
Move
∕Dedicated supply chain
role on executive team.
∕Shipping supplier
changed, improving
visibility, cost and
control.
∕Delivery windows
improved and
complexity removed
from container flows.
∕Supply chain review
underway to improve
cost to serve.
Sell
∕Store growth pipeline
identified starting with The
Warehouse and Noel
Leeming Mangawhai.
∕Store experience and visual
merchandising uplift
projects underway. Top
international talent added.
∕First flagship store format
remodelling plans
underway.
∕Brand identity and customer
research completed.
∕Media efficiency
reviewed.
∕MarketMedia (retail media)
strategy expanded.

9
Doing good is in our DNA
Community
∕Raised nearly $700,000 from our Red Bag to give back locally.
∕Santa visited 19 towns and took 2,371 family photos.
∕Christmas Be the Joy campaign raised $250k+ and thousands of gifts.
∕Over 1,000 more team members hired in local communities to help
with Christmas trade.
Environment
∕Scope 1 &2 market-based emissions decreased 80% relative to FY25 H1
1
.

∕183 stores and sites powered by Lodestone Energy’s solar farms.
∕Diverted 79% of operational waste from landfill (FY25 : 80%).
∕147 tonnes of post-consumer waste diverted from landfill (FY25 H1: 122
tonnes).
∕69% of private label sales with sustainable packaging (FY25: 66%).
1.This result should be considered preliminary and has not been subject to
external assurance.

10
Financial performance
Stef Knight
Group CFO
//

11
1.Like for like same store sales compares 26 weeks ending 1 Feb 2026 with 26 weeks ending 2 Feb 2025, excludes online sales and removes the impact of opening and
closing stores year on year.
2.Cost of Doing Business (CODB) excludes the impact of NZ IFRS 16 , unusual items, and is a non-GAAP measure.
3.Operating Profit excludes the impact of NZ IFRS 16 and unusual items and is a non-GAAP measure. For a reconciliation between Operating Profit and Reported EBIT refer to
Slide 26 of this presentation and Note 3 of the interim financial statements for the 26 weeks ended 1 February 2026.
4.Adjusted NPAT before unusual items and is a non-GAAP measure. For a reconciliation between Adjusted and Statutory NPAT refer to Note 4 of the interim financial
statements for the 26 weeks ended 1 February 2026.
5.Reported NPAT is net profit after tax attributable to shareholders.
$ millionFY26 H1FY25 H1Variance
Sales revenue
1,612.1 1,607.2
0.3%
Gross Profit
520.5 521.7
-0.2%
Gross Profit Margin %32.3%32.5%(20)bps
Cost of doing business (CODB)
2
493.6 502.2
-1.7%
CODB %30.6%31.3%(70)bps
Operating Profit
3
26.9 19.5
37.7%
Operating Profit Margin %1.7%1.2%50bps
Adjusted NPAT
4
17.910.7
67.1%
Reported NPAT
5
15.711.8
33.6%
•A solid result in a tough economic environment
with constrained customer spending
•Group sales increased 0.3%, up 0.5% on a like for like
same store sales basis
1
.
•Like for like sales growth driven by strong units growth,
up 1.5%, but offset by ASP down 1.7%.
•Gross profit margin decreased 20bps – declined in Q1 as
we cleared FY25 winter stock in The Warehouse, but
improved in Q2 with new ranges and less clearance.
•Cost reset programme delivered CODB down 1.7%,
decreasing 70bps as a percentage of sales.
•Operating Profit grew 37.7% to $26.9 million, and
increasing operating margin to 1.7% of sales – driven by
Warehouse Stationery and Noel Leeming.
Group financial performance

12
•FY26 Q1 saw sales growth of 0.9% at the cost of gross profit margin
which decreased 80bps
1
.
•Gross margin declined 80bps in Q1with margin growthin Warehouse
Stationery and Noel Leeming offset by The Warehouseas it dealt with
unproductive stock levels, carried over from FY25 winter.
•FY26 Q2 sales were broadly flat with sales growth in Nov/Dec offset by
weather impacts in January.
•Gross margin momentum improved in Q2, up 30bps:
oWarehouse Stationery delivered exceptionally strong sales
growth at higher margins.
oNoel Leeming margins grewstrongly with sales growth in high
margin categories of Computers, Whiteware and Services.
oSofter sales in high margin categories like Home, Apparel and
stronger sales in FMCG, Leisure and Toys, resulted in lower gross
profit margin at The Warehouse.
668.0
674.1
939.2
938.0
FY25 Q1FY26 Q1FY25 Q2FY26 Q2
Group Sales ($m)
Group Gross Profit Margin
Quarterly performance
32.8%
32.0%
32.2%
32.5%
FY25 Q1FY26 Q1FY25 Q2FY26 Q2
1.Adjusted from the FY26 Q1 trading update released on 17 November 2025 for margin corrections retrospectively
applied to FY26 Q1.

The Warehouse
13
1.Like for like same store sales compares 26 weeks ending 1 Feb 2026 with 26 weeks ending 2 Feb 2025, excludes online and removes the impact of opening and closing stores year on year.
2.Sales density is calculated as total sales (including online) for the rolling 12 months divided by average store square metres.
895.4
1,013.7
965.6
944.7
949.5
0
200
400
600
800
1,000
1,200
1,400
FY22 H1FY23 H1FY24 H1FY25 H1FY26 H1
$millionFY26 H1FY25 H1Variance
Sales949.5944.70.5%
Operating Profit (EBIT pre-IFRS16)9.112.5-27.2%
Operating Margin %1.0%1.3%(30)bps
Online sales43.944.3-0.9%
Online as % of sales4.6%4.7%(10)bps
Number of stores8485(1)
Rolling 12-month Sales density
2
$3,986$3,7855.3%
Same store
sales
1

+1.2%
Basket Value
1

(0.2%)
Store foot
traffic
1
+0.5%
Store traffic sales
conversion
1
+1.0%
•Like for like same store sales
1
increased 1.2% - driven by store
traffic up 0.5% and conversion up 1.0%.
•Total units sold increased 1.7%, while ASP decreased 1.9%.
•Sales growth in FMCG continues, lead by emerging Health and
Beauty category. Toys held its number one position in the
market.
•Gross profit margin decreased 110bps in the half year. Margin in
Q1 was impacted due to higher clearance, higherfreight, and
required stock provisioning. Gross margin performance
improved in Q2 across most categories, supported by lower
promotional and clearance activity.
•Group CODB overheads remain too high and continue to
supressOperating Profit ($9.1 million).
•The Warehouse Tory Street Wellington closed in May 2025,
impacting sales.
The Warehouse historical sales ($m)

The Warehouse
Critical Success Factors
➔We have more work to do on home and apparel. New merchant
processes combined with sourcing changes will improve sales
execution, margins and reduce clearance.
➔Improved integrated supply chain – merchandise flow into the
business is currently costly and inefficient. Improved supply
chain programme is a key imperative to inventory performance
and reducing cost to serve.
➔Reinvigorate our brands to increase customer reappraisal.
14
FY22FY23FY24FY25FY26 H1
HomeApparel
Home and Apparel cash gross margin %
Where we’re making progress
Foot traffic up 0.5% - 1.5 million New Zealanders through our stores every week.
Home - units up 4.2% in a competitive environment, driven by lower ASP down 5.3%.
Apparel – good ASP growth up 2.2%, offsetting lower units sold down 3.4%.
Conversion up 1.0% to 55.4%.
The Warehouse inventory on hand is down 10.3% with improved stock turn, despite aged inventory carry.
Aged inventory at 14.4% compared with FY25 YE at 25.3%.
Improved margin on FMCG by increasing Health & Beauty and optimising the grocery offering.

15
1.Like for like same store sales compares 26 weeks ending 1 Feb 2026 with 26 weeks ending 2 Feb 2025, excludes online and removes the impact of opening and closing stores year on year.
2.Warehouse Stationery store foot traffic and conversion is for standalone stores only.
3.Sales density is calculated as total sales (including online) for the rolling 12 months divided by average store square metres.
•Warehouse Stationery was the standout performer with sales
up 5.7% and strong growth across all categories.
•FY26 H1 sales included the last week of January (the biggest
week of Back to School trade), this week occurred in FY25 H2.
•Like for like same store sales
1
increased 1.8% - driven by
standalone store traffic up 1.8% and conversion up 1.4%.
•Total units sold increased 0.6% and ASP increased 1.8%.
•Price resets and lower clearance due to good stock control has
led to gross profit growing faster than sales, delivering gross
profit margin up 170bps, back to FY23 levels.
•Warehouse Stationery converted Sylvia Park store to a SWAS
and opened a new store in Tory Street, Wellington.
Same store
sales
1

+1.8%
Store foot
traffic
2
+1.8%
Store traffic sales
conversion
2
+1.4%
Basket Value
1

(0.4%)
$millionFY26 H1FY25 H1Variance
Sales116.1109.85.7%
Operating Profit (EBIT pre-IFRS16)8.12.4243.0%
Operating Margin %7.0%2.2%480bps
Online sales7.37.4 12.2%
Online as % of sales7.2%6.8%40bps
Number of stores67661
Rolling 12-month Sales density
2
$4,460 $4,342 2.7%
122.0
124.1
117.9
109.8
116.1
0
20
40
60
80
100
120
140
160
FY22 H1FY23 H1FY24 H1FY25 H1FY26 H1
Warehouse Stationery
Warehouse Stationery historical sales ($m)

16
1.Like for like same store sales compares 26 weeks ending 1 Feb 2026 with 26 weeks ending 2 Feb 2025, excludes online and removes the impact of opening and closing stores year on year,
and excludes Noel Leeming Commercial sales.
2.Sales density is calculated as total sales (including online) for the rolling 12 months divided by average store square metres.
•Sales declined 1.2% compared to FY25 H1, reflecting a strong
comparative period with elevated Flybuys redemption sales.
•While like for like same store sales
1
decreased 1.3%, lower store
sales were offset by very strong online sales, up 14.2%.
•Total units sold decreased 4.4%, while ASP increased 3.9%.
•Category sales growth was achieved in cellular aided by 3G
shutdown, computers, and whiteware.
•Focus on strengthening profitability in a highly competitive
market delivered 90bps growth in gross profit margin.
•Disciplined cost control delivered Operating Profit of $12.9m, up
52.0% on FY25 H1, and higher than FY25 full year.
Same store
sales
1

(1.3%)
Basket Value
1

+6.3%
Store traffic sales
conversion
1

(4.2%)
$millionFY26 H1FY25 H1Variance
Sales542.2548.9(1.2)%
Operating Profit (EBIT pre-IFRS16)12.98.552.0%
Operating Margin %2.4%1.6%80bps
Online sales66.858.514.2%
Online as % of sales12.3%10.7%170bps
Number of stores6666-
Rolling 12-month Sales density
2
$12,899$12,533 2.9%
Store foot
traffic
1

(3.1%)
582.7
556.7
544.4
548.9
542.2
0
100
200
300
400
500
600
700
800
FY22 H1FY23 H1FY24 H1FY25 H1FY26 H1
Noel Leeming
Noel Leeming historical sales ($m)

17
1.Cost of Doing Business (CODB) excludes the impact of NZIFRS16, unusual items, and is a non-GAAP measure.
2.Software as a Service.
CODB by category ($m)
265.4
265.6
266.9
151.5
140.3
132.3
64.8
65.1
66.3
35.0
31.2
28.1
516.7
502.2
493.6
31.7%
31.3%
30.6%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
0
100
200
300
400
500
600
700
FY24 H1FY25 H1FY26 H1
Employee ExpensesOther Income & Expenses
Lease ExpensesDepn & Amort Expenses
•CODB
1
reduced by 1.7% to 30.6% of sales as we start to
see benefits of our cost reset programme, as we aim for
CODB to be less than 31%.
•Due to the seasonality of sales in H1, CODB as a
percentage of sales is always lower in H1 and is expected
to normalise in the second half.
•Employee expenses increased slightly - including
increases in store and DC labour, but offset with a 9.6%
reduction in SSO labour.
•Depreciation decreased 10.1%, following 7.4% reduction in
FY25, through reduced capital spend.
•Other income and expenses decreased 5.7%, primarily
driven by savings in IT running costs and SaaS
2
spend,
lower non-labour store costs, and increased
MarketMedia revenue.
•Brand costs increased 1.3%, lower than inflation.
Distribution costs increased 5.5%; excluding these DC
costs, brand costs would have only increased 0.7%.
•SSO costs continued to decrease reducing 8.1% in FY26
H1, following 7.8% reduction in FY25.
•The full effect of the cost reset programme is not
expected until FY27, including the recent SSO restructure
and TCS arrangements.
CODB by allocation
$millionFY26 H1FY25 H1Variance
Brand costs352.6348.11.3%
SSO costs112.9122.9-8.1%
Depn. & Amort. expenses28.131.2-10.1%
Total CODB
493.6502.2-1.7%
Disciplined cost control delivering results

18
1.Operating Profit excludes the impact of NZ IFRS 16 and unusual items and is a non-GAAP measure. For a reconciliation between Operating Profit and Reported EBIT
refer to Slide 26 of this presentation and Note 3 of the interim financial statements for the 26 weeks ending 1 February 2026.
2.Sales and Operating Profit excluding other group operations and eliminations.
3.Brand profit is gross profit less brand costs before SSO costs and Depreciation.
FY26 H1 Operating Profit
1
($m)
FY26 H1FY25 H1Variance
Brand Profit
3
167.9173.6-3.3%
SSO Costs(112.9)(122.9)-8.1%
Depreciation(28.1)(31.2)-10.1%
Group Operating Profit26.919.5 37.7%
•Brand Profit decreased 3.3% compared to FY25 H1 due
to the small decrease in gross profit (down 0.2%), and
1.3% increase in Brand CODB costs.
•However, disciplined cost control at SSO, including
our partnership with TCS, and lower depreciation has
delivered significant increase in overall Group
Operating Profit, up 37.7% to $26.9 million.
43.0
19.5
26.9
FY24 H1FY25 H1FY26 H1
59.1%
7.2%
33.7%
The WarehouseWarehouse StationeryNoel Leeming
30.2%
26.9%
42.9%
Brand % of Sales
2
Brand % of Operating Profit
2
Growth in Operating Profit

•Average daily bank borrowings decreased $52.0 million in FY26 H1 compared to FY25 H1, which combined with a
reduction in interest rates, resulted in 62.9% lower interest cost in FY26 H1.
•Net debt and working capitalbalances impacted by 53 week year in 2025, resulting inFY26 H1 balance sheet date
falling one week later than FY25 H1, and an additional$138.5m of outflows in that week.
•Adjusted FY26 H1 was in anNet Cash position of $45.2m at the same time as FY25 H1 which was in a Net Cash position
of $19.0m.
•Well managedcapital expenditure delivered positive free cash flow
1
of $3.1m (FY25: -$45.2m, FY25 H1: $70.0m).
19
1.Free cash flow is calculated as Operating cash flow less capital expenditure and lease principal payments.
55.9
(6.6)
(46.2)
(0.3)
138.5
(96.1)
(93.3)
45.2
19.0
FY25 YE Net Debt
Operating cash flow
Capital expenditure
Lease payments
Other
FY26 H1 Net Debt
FY26 H1 cashflows in last ...
Adjusted FY26 H1 Net Cash
FY25 H1 Net Cash
(120)
(100)
(80)
(60)
(40)
(20)
0
20
40
60
Positive Free Cash Flow $3.1m
FY25 YE
Net Debt
Operating
Cash Flow
Capital
Expenditure
Lease
Payments
OtherFY26 H1
Net Debt
Add back net
cashflows in
last week of
FY26 H1
FY26 H1
Adjusted Net
Cash
FY25 H1
Net Cash
Net debt and working capital

20
Inventory ($m)
530.6
617.8
492.7
546.1
520.3
FY22 H1FY23 H1FY24 H1FY25 H1FY26 H1
Inventory by brand
$million
FY26 H1FY25 H1Variance
The Warehouse and Warehouse Stationery
Inventory on hand306.4341.7-10.3%
Goods in transit72.660.8+19.3%
Closing Inventory379.0402.5-5.8%
Stockturn3.93.8+4.8%
Noel Leeming
Closing Inventory140.5139.7+0.6%
Stockturn6.45.6+13.7%
•Inventory decreased $25.8m (4.7%) compared to FY25 H1.
•Weighted average stock turn of 4.7x (FY25: 4.6x),
demonstrating continued focus on stock turns and sell
through rates.
•Aged inventory
1
of 15.9% (FY25: 23.1%), clearing higher
aged inventory from FY25 year end through FY26 H1
impacted margins, particularly in Q1.
•Group inventory on hand decreased 7.7%, compared to
FY25 H1, offset by higher levels of goods in transit, up
19.3%.
•Consistent high return on inventory investment with FY26
H1 12-month GMROI
2
of 213% (FY25 H1 12-month GMROI:
203%).
•Good stock health with 76% of Group inventory on hand
in continuity product, but still work to do over the next 12
months to deal with aged inventory.
1.Aged inventory is defined as stock over six months old.
2.Gross Margin Return on Inventory (“GMROI”) calculated as rolling 12-month gross profit on average inventory at cost (including provisions, excluding goods in transit).
Inventory

21
•Project Expenditure
1
was in line with spend in prior period, with reduced
Information Systems and Digital spend, and increased spend on store
development and improvements.
•FY26 H1 project expenditure of $9.1 million included capital expenditure of $5.8
million and SaaS and IT operating expenditure of $3.3 million.
•Project spend for FY26 is expected to be modest and prioritise supporting
store development.
$million
Capital
Expenditure
SaaS SpendFY26 H1FY25 H1
Store Development, Operations &
Property
3.30.33.62.1
Information Systems & Digital1.43.04.46.8
Supply chain1.1-1.1-
Total Project Spend5.83.39.18.9
1.Total project expenditure includes capital expenditure, prepayments, SaaS expenditure
and project operating expenditure.
Project expenditure

The year ahead
22
Mark Stirton
Group CEO
//

23
The year ahead
∕Sales in the first 6 weeks of H2 decreased 0.2% compared to the
same six weeks last year.
∕FY26 focus continues on margin recovery in The Warehouse, CODB
overhead reductions, unlocking working capital through inventory
management, and disciplined capital expenditure to drive
improved financial performance.
∕We are excited about store growth, new product ranges, and
enhancing our customer experience with new visual merchandising
and store development.
∕We remain cautious entering FY26 H2.
∕International conflict has created further uncertainty for New
Zealanders. Rising fuel prices and potential disruption, along with
congestion across key shipping routes, are expected to push freight
costs higher in the period ahead.
∕While the full impact on supply chain and consumers remains
uncertain, management is closely monitoring conditions, with
planning underway. We are working with external stakeholders to
seek to mitigate and manage these pressures as the situation
evolves.

Building
exceptional
retail brands
//

25
Appendix
26
27
28
29
EBIT and NPAT reconciliation
Investor metrics
Glossary
Disclaimer

26
1.Reported NPAT and Adjusted NPAT are attributable to shareholders of the parent. Operating Profit excludes the impact of NZ IFRS 16 and unusual items and is a non-GAAP measure.
Refer to Note 3 and Note 4 of the interim financial statements for the 26 weeks ended 1 February 2026.
2.Refer to Note 3 of the interim financial statements for the 26 weeks ending 1 February 2026 for further details on the NZ IFRS 16 adjustment.
3.Adjusted NPAT is before unusual items and is a non-GAAP measure. Refer to Note 4 of the interim financial statements for the 26 weeks ended 1 February 2026.
Operating Profit
1
(EBIT pre-NZIFRS 16)
Net Profit After Tax
1

(NPAT)
$ millionFY26 H1FY25 H1FY26 H1FY25 H1
Reported Earnings
42.238.915.711.8
Restructuring costs
4.8-3.5-
Adjustments for NZIFRS 16
2
(20.1)(19.4)(1.3)(1.1)
Adjusted Earnings
3
26.919.5 17.910.7
For 26 weeks ended 1 February 2026
(1.2)
8.6
(4.8)
2.6
(1.3)
11.8
15.7
FY26 H1 NPAT movement
In November 2025, the Group initiated a cost reset programme to restore
profitability and reduce its cost of doing business. As part of the move towards a
leaner corporate structure the Group partnered with Tata Consulting Servicesto
co-source corporate and administrative functions, including technology,
accounting, call centres, and payroll. The restructure results in redundancy costs
($4.8 million) for head office employees who leave the business.
EBIT and NPAT reconciliation

27
FY26 H1FY25 H1FY25 YE
Returns
Return on Equity
1
5.3%3.8%-0.8%
Return on Net Operating Assets
2
2.7%2.6%3.0%
Dividend payout ratio---
Cash Generation
Free cashflow
3
$3.1m$70.0m$(45.2)m
Stock turn (times)4.74.34.6
Profitability
Gross profit margin32.3%32.5%32.2%
CODB as % of sales30.6%31.3%32.2%
Operating profit margin1.7%1.2%0.0%
Gross Margin Return on Inventory
4

(GMROI)
213%203%245%
1.Return on Equity is calculated as Net Profit After Tax / average Shareholder Equity.
2.Return on Net Operating Assets is calculated as Net Operating Profit After Tax (excluding interest) / average Net
Operating Assets.
3.Free cash flow is calculated as Operating cash flow less capital expenditure and lease principal payments. Adjusting
for the net cash outflows in the 53rd week of FY25, FY25 free cash flow would have been approximately $38 million.
4.Gross Margin Return on Inventory (“GMROI”) calculated as rolling 12-month gross profit on average inventory at cost
(including provisions, excluding goods in transit).
Investor metrics

Glossary
28
TermDefinition
ASPAverage Selling Price
CODBCost of Doing Business
COGSCost of Goods Sold
DCDistribution Centre
EDLPEvery Day Low Price
ELTExecutive Leadership Team
FCFulfilment Centre
GMROIGross Margin Return On Inventory (at cost)
NLGNoel Leeming
SaaSSoftware as a Service
SSOStore Support Office
SSSSame Store Sales
SWASStore-Within-a-Store (Warehouse Stationery)
TWLThe Warehouse Limited
WSLWarehouse Stationery

29
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 26 weeks ending 1
February 2026, 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.

---

For and on behalf of the Board
Dean HamiltonJohn Journee
Chair of the Audit and Risk CommitteeChair
26 March 2026
The Warehouse Group Limited
For the 26 weeks ended 1 February 2026
Interim Financial Statements

Consolidated Income Statement
Unaudited Unaudited Audited
26 Weeks 26 Weeks 53 Weeks
Ended Ended Ended
1 February 26 January 3 August
Note
2026 2025 2025
$ 000 $ 000 $ 000
Continuing operations
Retail sales
3
1,612,087 1,607,207 3,086,725
Cost of retail goods sold(1,091,607)(1,085,460)(2,091,643)
Gross profit
520,480 521,747 995,082
Other income8,716 7,744 14,314
Employee expense(266,936)(265,580)(526,520)
Depreciation and amortisation expense(74,267)(77,041)(156,524)
Other operating expense(141,000)(148,004)(285,836)
Operating profit
3
46,993 38,866 40,516
Unusual items
4
(4,792)- -
Earnings before interest and tax
42,201 38,866 40,516
Interest on leases
12
(18,339)(17,858)(36,847)
Other net interest(1,530)(4,124)(6,668)
Profit/(Loss) before tax
22,332 16,884 (2,999)
Income tax benefit/(expense)(6,275)(4,894)572
Net profit/(loss) for the period
16,057 11,990 (2,427)
Attributable to:
Shareholders of the parent15,747 11,791 (2,764)
Minority interests310 199 337
16,057 11,990 (2,427)
Basic and diluted earnings per share attributable to shareholders of the parent:
Basic and diluted earnings per share4.6 cents 3.4 cents (0.8) cents
Consolidated Statement of Comprehensive Income
Unaudited Unaudited Audited
26 Weeks 26 Weeks 53 Weeks
Ended Ended Ended
1 February 26 January 3 August
2026 2025 2025
$ 000 $ 000 $ 000
Net profit/(loss) for the period
16,057 11,990 (2,427)
Items that may be reclassified subsequently to the income statement
Movement in foreign currency translation reserve(162)200 -
Movement in hedge reserves (net of tax)(4,285)176 (7,417)
Total comprehensive income/(loss) for the period
11,610 12,366 (9,844)
Attributable to:
Shareholders of the parent11,300 12,167 (10,181)
Minority interest310 199 337
Total comprehensive income/(loss)
11,610 12,366 (9,844)
2

Consolidated Balance Sheet
Unaudited Unaudited Audited
As at As at As at
1 February 26 January 3 August
Note
2026 2025 2025
ASSETS
$ 000 $ 000 $ 000
Current assets
Cash and cash equivalents
13
43,264 44,322 39,206
Trade and other receivables
6
89,637 94,001 69,871
Inventory
5
520,293 533,292 476,718
Derivative financial instruments
14
211 16,610 3,908
Taxation receivable2,564 2,321 2,473
Total current assets
655,969 690,546 592,176
Non current assets
Trade and other receivables
6
19,757 24,348 22,088
Property, plant and equipment
9
142,820 168,631 155,078
Intangible assets
10
129,835 150,225 140,090
Right of use assets
11
585,276 583,433 590,187
Deferred taxation89,921 85,896 94,278
Total non current assets
967,609 1,012,533 1,001,721
Total assets
1,623,578 1,703,079 1,593,897
LIABILITIES
Current liabilities
Borrowings
13
136,570 25,350 135,300
Trade and other payables
7
392,060 577,005 376,758
Derivative financial instruments
14
10,436 1,133 3,768
Lease liabilities
12
89,505 94,470 92,522
Provisions
8
44,051 39,924 42,926
Total current liabilities
672,622 737,882 651,274
Non current liabilities
Derivative financial instruments
14
37 - -
Lease liabilities
12
619,356 622,166 621,317
Provisions
8
19,785 20,326 20,810
Total non current liabilities
639,178 642,492 642,127
Total liabilities
1,311,800 1,380,374 1,293,401
Net assets
311,778 322,705 300,496
EQUITY
Contributed equity360,235 360,235 360,235
Reserves(5,283)6,957 (836)
Retained earnings(44,282)(45,474)(60,029)
Total equity attributable to shareholders
310,670 321,718 299,370
Minority interest1,108 987 1,126
Total equity
311,778 322,705 300,496
3

Consolidated Statement of Cash Flows
Unaudited Unaudited Audited
26 Weeks 26 Weeks 53 Weeks
Ended Ended Ended
1 February 26 January 3 August
Note
2026 2025 2025
Cash flows from operating activities
$ 000 $ 000 $ 000
Cash received from customers1,610,970 1,600,303 3,099,203
Payments to suppliers and employees(1,534,756)(1,454,621)(2,982,438)
Income tax paid(353)(576)(692)
Interest paid (includes interest on lease liabilities)(19,948)(22,181)(43,750)
Net cash flows from operating activities
55,913 122,925 72,323
Cash flows from investing activities
Net proceeds from sale of property, plant and equipment30 32 160
Purchase of property, plant, equipment and computer software(6,596)(5,088)(12,604)
Net cash flows from investing activities
(6,566)(5,056)(12,444)
Cash flows from financing activities
Net proceeds/(repayments) from borrowings1,270 (57,550)52,400
Lease principal repayments(46,231)(47,805)(104,882)
Dividends paid to minority shareholders(328)(396)(395)
Net cash flows from financing activities
(45,289)(105,751)(52,877)
Net cash flow4,058 12,118 7,002
Opening cash position
13
39,206 32,204 32,204
Closing cash position
43,264 44,322 39,206
Reconciliation of Operating Cash Flows
Profit/(loss) after tax
16,057 11,990 (2,427)
Non cash items
Depreciation and amortisation expense74,267 77,041 156,524
Movement in deferred tax6,020 3,860 (1,570)
Total non cash items
80,287 80,901 154,954
Items classified as investing or financing activities
Loss on disposal of property, plant and equipment174 47 187
Gain on lease terminations(12)- -
Total investing and financing adjustments
162 47 187
Changes in assets and liabilities
Trade and other receivables(17,435)(19,127)7,263
Inventory(43,575)(61,164)(4,590)
Trade and other payables20,408 112,465 (84,211)
Provisions100 (2,645)841
Income tax(91)458 306
Total changes in assets and liabilities
(40,593)29,987 (80,391)
Net cash flows from operating activities
55,913 122,925 72,323
4

Consolidated Statement of Changes in Equity
Foreign
Currency
Share Treasury Hedge Translation Retained Minority Total
(Unaudited)
Capital Stock Reserves Reserve Earnings Interest Equity
For the 26 weeks ended 1 February 2026
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000
Balance at the beginning of the period365,517 (5,282)(1,056)220 (60,029)1,126 300,496
Profit for the half year- - - - 15,747 310 16,057
Movement in foreign currency translation reserve- - - (162)- - (162)
Movement in derivative cash flow hedges- - (5,951)- - - (5,951)
Tax related to movement in hedge reserve- - 1,666 - - - 1,666
Total comprehensive income- - (4,285)(162)15,747 310 11,610
Dividends paid- - - - - (328)(328)
Balance at the end of the period365,517 (5,282)(5,341)58 (44,282)1,108 311,778
Foreign
Currency
Share Treasury Hedge Translation Retained Minority Total
(Unaudited)
Capital Stock Reserves Reserve Earnings Interest Equity
For the 26 weeks ended 26 January 2025
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000
Balance at the beginning of the period365,517 (5,282)6,361 220 (57,265)1,184 310,735
Profit for the half year- - - - 11,791 199 11,990
Movement in foreign currency translation reserve- - - 200 - - 200
Movement in derivative cash flow hedges- - 245 - - - 245
Tax related to movement in hedge reserve- - (69)- - - (69)
Total comprehensive income- - 176 200 11,791 199 12,366
Dividends paid- - - - - (396)(396)
Balance at the end of the period365,517 (5,282)6,537 420 (45,474)987 322,705
Foreign
Currency
Share Treasury Hedge Translation Retained Minority Total
(Audited)
Capital Stock Reserves Reserve Earnings Interest Equity
For the 53 weeks ended 3 August 2025
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000
Balance at the beginning of the period365,517 (5,282)6,361 220 (57,265)1,184 310,735
Profit/(loss) for the year- - - - (2,764)337 (2,427)
Movement in foreign currency translation reserve- - - - - - -
Movement in derivative cash flow hedges- - (10,301)- - - (10,301)
Tax related to movement in hedge reserve- - 2,884 - - - 2,884
Total comprehensive income- - (7,417)- (2,764)337 (9,844)
Dividends paid- - - - - (395)(395)
Balance at the end of the period365,517 (5,282)(1,056)220 (60,029)1,126 300,496
5

Notes to the Interim Financial Statements
1. GENERAL INFORMATION
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES
The interim financial statements of the Group have been prepared in accordance with Generally Accepted Accounting Practice inNew Zealand
(GAAP). They comply with New Zealand Equivalent to the International Accounting Standard 34 Interim Financial Reporting(NZ IAS 34) and
International Accounting Standard 34 Interim Financial Reporting(IAS 34) and consequently, do not include all the information required for full
financial statements. These Group interim financial statements should be read in conjunction with the annual report for the 53 weeks ended 3
August 2025.
These interim financial statements have been prepared under the historical cost convention except for the revaluation of certainfinancial
instruments (including derivative instruments). The reporting currency used in the preparation of the interim financial statements is New Zealand
dollars, rounded to the nearest thousands unless otherwise stated.
Accounting standards
The material accounting policy information and other explanatory informationapplied in the preparation of these interim financial statements have
been applied on a consistent basis with those used in the audited financial statements for the 53 weeks ended 3 August 2025.
There were no new accounting standards, amended standards or interpretations that became effective during the reporting period that have had a
material impact on the Group’s interim financial statements.
Non-GAAP financial information
The Group uses operating profit, earnings before tax and interest, unusual items and adjusted net profit to describe financial performance as it
considers these line items provide a better measure of underlying business performance. These non-GAAP measures are not preparedin
accordance with New Zealand Equivalent to International Financial Reporting Standards (NZ IFRS) and may not be comparable to similarly titled
amounts reported by other companies. The Group’s policy regarding unusual items and adjusted net profit are detailed in note 4.
Critical accounting judgements, estimates and assumptions
The preparation of the interim financial statements requires the Group to make judgements, estimates and assumptions that affectthe reported
amounts of assets and liabilities at balance date and the reported amounts of revenues and expenses during the half year. Thesame material
judgements, estimates and assumptions that are summarised in the audited financial statements for the 53 weeks ended 3 August2025 were again
applied in the preparation of these interim financial statements.
Subsequent Events
Since 28 February 2026, when the US and Israel launched missile strikes on Iran, the resulting conflict has spread across theMiddle East, creating
economic uncertainty for New Zealanders and the Group. Rising fuel prices and congestion across key shipping routes impacted by the conflict are
expected to push global freight costs higher. While the full impact on supply chain costs, consumer confidence and inflation remains uncertain,
management is monitoring conditions and working with the Group’s stakeholders to mitigate these pressures.
Given the evolving nature of the situation, the financial impact on the Group cannot be reliably estimated at this time. Thisevent has been treated
as a non-adjusting subsequent event and, accordingly, no amounts have been recognised in these financial statements.
Approval of interim financial statements
These consolidated interim financial statements were approved for issue by the Board of Directors on 26 March 2026. Unless as otherwise stated,
the interim financial statements have been reviewed by our Auditors, but are not audited.
The Warehouse Group Limited (the Company) and its subsidiaries (together the Group) trade in the New Zealand retail sector. The Company is a
limited liability company incorporated and domiciled in New Zealand. The Group is registered under the Companies Act 1993 andisan FMC
Reporting Entity under Part 7 of the Financial Markets Conduct Act (FMCA) 2013. The address of its registered office is 26 The Warehouse Way,
Northcote, Auckland. The Company is listed on the New Zealand Stock Exchange (NZX).
6

Notes to the Interim Financial Statements - continued
3. SEGMENT INFORMATION
(Unaudited)(Unaudited)(Audited)(Unaudited)(Unaudited)(Audited)
26 Weeks 26 Weeks 53 Weeks 26 Weeks 26 Weeks 53 Weeks
Ended Ended Ended Ended Ended Ended
1 February 26 January 3 August1 February 26 January 3 August
Note
2026 2025 2025 2026 2025 2025
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000
The Warehouse949,469 944,743 1,816,475 9,107 12,490 (12,247)
Warehouse Stationery 116,090 109,848 226,036 8,109 2,364 8,217
Warehouse
1,065,559 1,054,591 2,042,511 17,216 14,854 (4,030)
Noel Leeming 542,241 548,943 1,038,058 12,944 8,516 11,667
Other Group operations6,952 6,565 11,578 (3,272)(3,837)(6,326)
Inter-segment eliminations(2,665)(2,892)(5,422)
Group
1,612,087 1,607,207 3,086,725 26,888 19,533 1,311
Adjustment for NZ IFRS 16 (Leases)20,105 19,333 39,205
Operating profit
46,993 38,866 40,516
Unusual items
4
(4,792)- -
Earnings before interest and tax
42,201 38,866 40,516
Operating margin
The Warehouse (%)1.0 1.3 (0.7)
Warehouse Stationery (%)7.0 2.2 3.6
Noel Leeming (%)2.4 1.6 1.1
Total Retail Group (%)
1.7 1.2 0.0
(Unaudited)(Unaudited)(Audited)
As at As at As at
1 February 26 January 3 August
Note
2026 2025 2025
$ 000 $ 000 $ 000
Pre NZ IFRS 16 rent expense66,269 65,139 132,538
Right of use asset depreciation(46,176)(45,806)(93,333)
Gain on lease terminations12 - -
Impact on operating profit
20,105 19,333 39,205
Lease liability interest
12
(18,339)(17,858)(36,847)
Impact on profit/(loss) before tax
4
1,766 1,475 2,358
Operating performance
REVENUEOPERATING PROFIT
Adjustment for NZ IFRS 16 (Leases)
Operating segments
The Group has three retail brands trading in the New Zealand retail sector. These brands form the basis of internal reportingused by senior
management and the Board of Directors to monitor and assess performance and assist with strategy decisions. Brand trading performance is
assessed using operating profit, which is a non-GAAP measure that excludes the impacts of NZ IFRS 16 Leases, and is considered a better measure
of underlying brand performance. Assets are not allocated to operating segments and the balance sheet is managed and internally reported on a
consolidated basis to the senior management and the Board of Directors.
Customers can purchase product from the three main retail chains either online or through the Group’s physical retail store network. At period end the
Group’s physical store network consists of 84 The Warehouse stores, 67 Warehouse Stationery stores (including 42 stores trading within The
Warehouse stores), and 66 Noel Leeming stores. The Warehouse predominantly sells general merchandise and apparel, Noel Leeming sells
technology and appliance products and Warehouse Stationery sells stationery products.
Other Group operations include a property company, a chocolate factory and the residual cost of unallocated support office functions.
7

Notes to the Interim Financial Statements - continued
4. ADJUSTED NET PROFIT
(Unaudited)(Unaudited)(Audited)
26 Weeks 26 Weeks 53 Weeks
Ended Ended Ended
1 February 26 January 3 August
Note
2026 2025 2025
$ 000 $ 000 $ 000
Net profit/(loss) attributable to shareholders of the parent
15,747 11,791 (2,764)
Add back:
Unusal item - Restructure costs4,792 - -
Adjustment for NZ IFRS 16 (Leases)
3
(1,766)(1,475)(2,358)
Income tax relating to above items(847)413 660
Adjusted net profit/(loss) attributable to shareholders of the parent
17,926 10,729 (4,462)
5. INVENTORY
(Unaudited)(Unaudited)(Audited)
As at As at As at
1 February 26 January 3 August
2026 2025 2025
$ 000 $ 000 $ 000
Finished goods464,170 501,213 412,409
Inventory provisions(16,438)(15,985)(15,210)
Retail stock
447,732 485,228 397,199
Goods in transit from overseas72,561 48,064 79,519
Inventory
520,293 533,292 476,718
6. TRADE AND OTHER RECEIVABLES
(Unaudited)(Unaudited)(Audited)
As at As at As at
1 February 26 January 3 August
2026 2025 2025
$ 000 $ 000 $ 000
Trade receivables38,250 39,114 29,512
Prepayments46,077 50,695 39,760
Rebate accruals and other debtors25,067 28,540 22,687
Total trade and other receivables109,394 118,349 91,959
Less non current prepayments(19,757)(24,348)(22,088)
Current trade and other receivables89,637 94,001 69,871
Inventory
Trade and other receivables
Adjusted net profit reconciliation
Certain transactions can make the comparison of profits between years difficult. The Group uses adjusted net profit as a key indicator of
performance and considers it a better measure of underlying business performance. Adjusted net profit makes allowance for theafter tax effect of
unusual items which are not directly connected with the Group’s normal trading activities. The Group defines unusual items asany gains or losses
from property disposals, goodwill and brand impairment, costs relating to business acquisitions or disposals, ineffective hedge derivatives and
costs connected with restructuring the Group. The non-cash impact relating to the NZ IFRS 16 lease accounting standard are also excluded from
adjusted net profit.
The Group
Restructure costs
In November 2025, the Group initiated a cost reset programme to restore profitability and reduce its cost of doing business. As part of the move
towards a leaner corporate structure the Group partnered with Tata Consulting Servicesto co-source corporate and administrativefunctions,
including technology, accounting, call centres, and payroll. The restructure results in redundancy costs ($4.8 million) forthe head office employes
who leavethe business.
8

Notes to the Interim Financial Statements - continued
7. TRADE AND OTHER PAYABLES
(Unaudited)(Unaudited)(Audited)
As at As at As at
1 February 26 January 3 August
2026 2025 2025
$ 000 $ 000 $ 000
Local trade creditors and accruals211,798 347,226 225,542
Foreign currency trade creditors93,299 119,154 75,223
Goods in transit creditors38,400 21,026 35,236
Goods and services tax25,572 55,939 17,404
Reward schemes and gift vouchers13,834 15,905 13,589
Payroll accruals9,157 17,755 9,764
Total trade and other payables
392,060 577,005 376,758
8. PROVISIONS
(Unaudited)(Unaudited)(Audited)
As at As at As at
1 February 26 January 3 August
2026 2025 2025
$ 000 $ 000 $ 000
Current liabilities44,051 39,924 42,926
Non current liabilities19,785 20,326 20,810
Total provisions
63,836 60,250 63,736
Provisions consist of:
Employee entitlements52,263 48,688 52,526
Make good provision7,417 7,600 7,495
Sales returns provision4,156 3,962 3,715
Total provisions
63,836 60,250 63,736
9. PROPERTY, PLANT, EQUIPMENT AND COMPUTER SOFTWARE
(Unaudited)(Unaudited)(Audited)
As at As at As at
1 February 26 January 3 August
Note
2026 2025 2025
$ 000 $ 000 $ 000
Property, plant and equipment142,820 168,631 155,078
Computer software
10
56,879 77,269 67,134
Carrying amount
199,699 245,900 222,212
Movement in property, plant, equipment and computer software
Carrying amount at the beginning of the period222,212 273,364 273,364
Capital expenditure5,784 3,851 12,387
Depreciation and amortisation(28,091)(31,235)(63,191)
Disposals(206)(80)(348)
Carrying amount at the end of the period
199,699 245,900 222,212
10. INTANGIBLE ASSETS
(Unaudited)(Unaudited)(Audited)
As at As at As at
1 February 26 January 3 August
Note
2026 2025 2025
$ 000 $ 000 $ 000
Computer software
9
56,879 77,269 67,134
Brands15,500 15,500 15,500
Goodwill57,456 57,456 57,456
Net book value
129,835 150,225 140,090
Trade and other payables
Provisions
Intangible assets
Property, plant, equipment and computer software
The Group performs a detailed impairment assessment of intangible assets prior to the end of each financial year and at each interim reporting date
considers if there are any indicators of impairment which could have a bearing on the impairment assessments. The Group’s reviewdid not identify
any impairment in respect of the cash generating units connected with the Group’s material intangible assets.
The payment of local creditors and GST typically occur towards the end of a calendar month. In the previous half year the balance date was one
week earlier relative to the calendar month end, which means the payment of local creditors and GST which occurred in this period had not yet
happened. This contributed to why total trade and other payables were significantly lower than the previous half year.
9

Notes to the Interim Financial Statements - continued
11. RIGHT OF USE ASSETS
(Unaudited)(Unaudited)(Audited)
As at As at As at
1 February 26 January 3 August
Note
2026 2025 2025
$ 000 $ 000 $ 000
Movement in right of use assets
Carrying amount at the beginning of the period590,187 601,610 601,610
Foreign exchange movement56 14 22
Additions
12
29,863 19,613 54,621
Depreciation
3
(46,176)(45,806)(93,333)
Reassessment of lease terms
12
11,602 8,002 27,267
Lease surrenders and terminations(256)- -
Carrying amount at the end of the period
585,276 583,433 590,187
12. LEASE LIABILITIES
(Unaudited)(Unaudited)(Audited)
As at As at As at
1 February 26 January 3 August
Note
2026 2025 2025
$ 000 $ 000 $ 000
Movement in lease liabilities
Carrying amount at the beginning of the period713,839 736,812 736,812
Foreign exchange movement56 14 21
Additions
11
29,863 19,613 54,621
Interest for the period
3
18,339 17,858 36,847
Reassessment of lease terms
11
11,602 8,002 27,267
Lease repayments(64,570)(65,663)(141,729)
Lease surrenders and terminations(268)- -
Balance at the end of the period
708,861 716,636 713,839
Lease liability maturity analysis
Within one year89,505 94,470 92,522
One to two years95,278 91,072 92,244
Two to five years274,544 247,150 258,716
Beyond five years249,534 283,944 270,357
Total lease liabilities
708,861 716,636 713,839
Current liabilities89,505 94,470 92,522
Non current liabilities619,356 622,166 621,317
Total lease liabilities
708,861 716,636 713,839
13. BORROWINGS
(Unaudited)(Unaudited)(Audited)
As at As at As at
1 February 26 January 3 August
2026 2025 2025
$ 000 $ 000 $ 000
Cash and cash equivalents43,264 44,322 39,206
Borrowings(136,570)(25,350)(135,300)
Net cash/(debt)
(93,306)18,972 (96,094)
Committed bank credit facilities at balance date are:
Committed bank debt facilities300,000 450,000 450,000
Liquidity buffer206,694 468,972 353,906
Net cash/(debt)
Lease liabilities
Right of use assets
Borrowings for the current half year are significantly higher than the previous half year because of the timing of the balance date relative to the
calendar month end. The payment of local creditors and GST typically occur towards the end of a calendar month (refer note 7). In the previous half
year the balance date was one week earlier relative to the calendar month end, which means the payment of local creditors andGST which occurred
in this period had not yet happened. Average daily borrowings for the current half year period were $79.5 million compared to$131.5 million for the
previous half year period.
The Group complied with the debt ratios and covenants stipulated in the Group’s negative pledge arrangement with its banks throughout the half
year. Details regarding these covenants and the Group’s liquidity policy, can be found in the 2025 Annual Report.
10

Notes to the Interim Financial Statements - continued
14. DERIVATIVE FINANCIAL INSTRUMENTS
(Unaudited)(Unaudited)(Audited)
As at As at As at
1 February 26 January 3 August
2026 2025 2025
$ 000 $ 000 $ 000
Foreign exchange contracts
Current assets211 16,610 3,908
Current liabilities(10,436)(1,133)(3,768)
Non current liabilities(37)- -
Total derivative financial instruments
(10,262)15,477 140
Classified as:
Cash flow hedges(7,418)9,079 (1,467)
Fair value hedges(2,844)6,398 1,607
Total derivative financial instruments
(10,262)15,477 140
Notional amount (NZ$000) 0 to 12 months360,390 351,761 320,354
Notional amount (NZ$000) 13 to 18 months24,675 - -
Average contract rate ($)0.5903 0.5988 0.5921
Spot rate used to determine fair value ($)0.6033 0.5715 0.5894
Forecast next twelve month USD hedge level (percentage)72.2 65.8 63.2
15. COMMITMENTS
(Unaudited)(Unaudited)(Audited)
As at As at As at
1 February 26 January 3 August
2026 2025 2025
Capital commitments
$ 000 $ 000 $ 000
Within one year1,922 412 1,957
16. RELATED PARTIES
Commitments
Derivative financial instruments
US Dollar forward contracts
Capital expenditure contracted for at balance date but not recognised as liabilities is
set out below:
Except for directors' fees and key executive remuneration, there have been no other related party transactions during the period.
Fair value
The Group’s derivatives are not traded in an active market which means quoted prices are not available to determine the fair value. To
determine the fair value the Group uses valuation techniques which rely on observable market data. The fair value of forward exchange
contracts are determined using the forward exchange market rates at the balance date. For accounting purposes (NZ IFRS 13) these
valuations are deemed to be Level 2 fair value measurements as they are not derived from a quoted price in an active market but rather, a
valuation technique that relies on other observable market data.
The Group continues to manage its foreign exchange risks in accordance with the policies and parameters detailed in the 2025 Annual Report. The
following table lists the key inputs used to determine the fair value of the Group's foreign exchange contracts and hedge levelsat balance date.
11

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PricewaterhouseCoopers, PwC Tower, 15 Customs Street West,
Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000

pwc.co.nz


Independent auditor’s review report
To the shareholders of The Warehouse Group Limited
Report on the interim financial statements
Our conclusion
We have reviewed the interim financial statements of The Warehouse Group Limited (the Company) and its
subsidiaries (the Group), which comprise the consolidated balance sheet as at 1 February 2026, and the
consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the 26 weeks 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 1 February 2026, and its financial performance and cash flows for the 26 weeks 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 interim financial
statements section of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of
Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by
the New Zealand Auditing and Assurance Standards Board (PES 1), as applicable to audits and reviews of public
interest entities. We have also fulfilled our other ethical responsibilities in accordance with PES 1.
In our capacity as auditor, our firm also provides review and agreed-upon procedures services. In addition, certain
partners and employees of our firm may deal with the Group on normal terms within the ordinary course of trading
activities of the business. The firm has no other relationship with, or interests in, the Group.

PwC
Responsibilities of Directors for the interim financial statements
The Directors of the Company are responsible on behalf of the Company 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.
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 (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 Philippa (Pip)
Cameron.
For and on behalf of:
PricewaterhouseCoopers Auckland
26 March 2026

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Quarterly Sales
Reporting Period 26 weeks to 1 February 2026
Previous Reporting Period (2025) 26 weeks to 26 January 2025
Quarterly Retail Sales information:
SalesSales
(4 August 2025 to 2 November 2025)
20262025
($ Million)($ Million)
The Warehouse 389.0 386.3 + 0.7 % + 0.7 %
Warehouse Stationery52.2 50.9 + 2.6 % + 1.4 %
Noel Leeming230.7 229.1 + 0.7 % - 1.6 %
Total Group
1
674.1 668.0 + 0.9 % + 0.1 %
SalesSales
(3 November 2025 to 1 February 2026)
20262025
($ Million)($ Million)
The Warehouse 560.5 558.4 + 0.4 % + 1.6 %
Warehouse Stationery63.9 58.9 + 8.5 % + 2.1 %
Noel Leeming311.5 319.8 - 2.6 % - 1.0 %
Total Group
1
938.0 939.2 - 0.1 % + 0.8 %
SalesSales
(4 August 2025 to 1 February 2026)
20262025
($ Million)($ Million)
The Warehouse 949.5 944.7 + 0.5 % + 1.2 %
Warehouse Stationery116.1 109.8 + 5.7 % + 1.8 %
Noel Leeming542.2 548.9 - 1.2 % - 1.3 %
Total Group
1
1,612.1 1,607.2 + 0.3 % + 0.5 %
Store Numbers
202620252026202520262025
Start Quarter 2848666666766
End Quarter 2848566666766
202620252026202520262025
Start Quarter 2454,868 467,594 79,899 80,233 52,588 51,524
End Quarter 2454,868 460,229 79,899 80,233 52,588 51,524
- - - -
- - - -
- - - -
Note:
Warehouse StationeryNoel Leeming
Warehouse Stationery
Replacement
store
The Warehouse
Store footprint (Square Metres)
Store changes during the quarter
The Warehouse Group Limited
Supplementary Information
The Warehouse
Store
closure
Extension/
reduction
New
store
Noel LeemingWarehouse StationeryThe Warehouse
1) Total Group sales includes ChocolateWorks, eliminations and other Group operations in addition to the 3 main retail operations detailed above.
2) Same store sales calculated on a "like for like" basis are adjusted for the timing effects of last years 53rd week period. This means the comparable period
for the second quarter "like for like" same store sales calculation is the 13 week period ending 2 February 2025. Similarly the comparable period
for the half year "like for like" same store sales calculation is the 26 week period ending 2 February 2025.
3) Same store sales excludes Online Sales
Second quarter sales
Change in
sales
vs 2025
Noel Leeming
Change in
sales
vs 2025
First quarter sales
Year to date sales
Change in
sales
vs 2025
Change in
same store
sales
2,3
Change in
same store
sales
2,3
Change in
same store
sales
2,3