HGH Ltd Results for the 6 months ended 1 February 2026

Results Announcement



Results for announcement to the market
Name of issuer Hallenstein Glasson Holding Limited
Reporting Period 6 months to 1 February 2026
Previous Reporting Period 6 months to 1 February 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$275,195 +14.6%
Total Revenue $275,195 +14.6%
Net profit/(loss) from
continuing operations
$28,007 +32.1%
Total net profit/(loss) $28,007 +32.1%
Interim Dividend
Amount per Quoted Equity
Security
$ 0.29
Imputed amount per Quoted
Equity Security
$0.03688239
Record Date 17 April 2026
Dividend Payment Date 24 April 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.01 $1.84
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For further information refer to the attached:
 Chairman’s announcement
 Interim financial statements
Authority for this announcement
Name of person

authorised
to make this announcement
Cameron Alderton
Contact person for this
announcement
Cameron Alderton
Contact phone number + 64 22 394 5785
Contact email address c
ameron@glassons.com

Date of release through MAP

27 March 2026

Unaudited interim financial statements accompany this announcement.

---

27 March 2026

HALLENSTEIN GLASSON HOLDINGS LIMITED

UNAUDITED RESULTS FOR 6 MONTHS ENDED 1 FEBRUARY 2026

The Company advises that unaudited total Group sales for the six months to 1 February 2026 were
$275.2 million, an increase of 14.6% compared to $240.0 million in the prior corresponding period.

Gross margin on sales was 60.9% compared with 58.5% in the prior corresponding period. The
improvement in margin was despite a continued challenging foreign exchange rate for inventory
purchases, which was lower than the prior corresponding period.

Group unaudited net profit before tax (NPBT) was $39.8 million, an increase of 32.9% over the
corresponding period last year ($29.9 million). The result is in line with the guidance announced to
the NZX on 27 February 2026.

Group unaudited net profit after tax was $28.0 million, an increase of +32.1% on the prior
corresponding period ($21.2 million).

The Group maintains a strong balance sheet and working capital position.

Glassons

Australia
Sales in Australia were $151.8 million for the six-month period, up +22.4% against the prior
corresponding period ($123.9 million) inclusive of sales from new and refurbished stores. Net profit
before tax was $20.0 million, an increase of +17.9% on the prior year ($16.9 million).

During the first half a new store has been opened in Burwood, NSW, taking the store total to 41
stores in Australia. The Parramatta store was relocated to a new larger location, and our Castle
Towers store has reopened following a refurbishment. We continue to explore new store
opportunities in the Australian market when the right opportunities arise. Work is continuing on a
new purpose-built larger warehouse with improved automation which will ensure the business is
prepared for future growth. This new Sydney based warehouse is on track to be ready towards the
end of the second half of the 2026 financial year.
New Zealand
Sales in New Zealand were $61.9 million, which were up +8.2% against the same period last year
($57.3 million) inclusive of sales from new and refurbished stores. Net profit before tax was $13.3
million, an increase of +43.8% on the prior corresponding period ($9.3 million). During the first half,
the Hamilton Central store was refurbished and reopened in late August.

Hallensteins
Sales were $61.5 million for the six-month period (including Australia), with sales up on the same
period last year +4.5% ($58.8 million). Net profit before tax was $6.2 million, an increase of +76.2%
on the prior corresponding period ($3.5 million).

During the season, our Hamilton central store was refurbished and reopened in September 2025,
and our Lynn Mall store has been expanded and refurbished in December 2025 to ensure they
maintain brand standards. In Australia, the Robina pop-up store was closed and has been replaced
by a larger permanent site in November 2025. In late November a pop-up store was opened in
Parramatta, the brand’s first store in NSW which has closed post season end. We will continue to
monitor how the Hallensteins Australian stores perform and consider what further Hallenstein
Australian store opportunities we may want to pursue.

E-Commerce
Digital sales have increased to 18.1% of total Group sales for the six-month period, up from 17.7% in
the same period last year. Online sales grew overall by +16.9% compared to the prior corresponding
period.

Dividend
The Directors have declared an interim dividend of 29.0 cents per share (partially imputed at 32.7%)
(last year 24.5 cents per share partially imputed at 40.5%) to be paid on 24 April 2026. The dividend
payment has grown with the improved trading performance, while the Company’s balance sheet
continues to remain strong, and inventory levels are well controlled.

Future Outlook
Group sales for the first seven weeks are up +20.1% on the same period last year from a functional
currency perspective of the countries in which our chains operate, with margin tracking consistent to
the first half. The trading performance has seen improvements across all brands compared to the
same prior period, though has been additionally supported by the new and refurbished stores
recently added, the stronger Australian dollar and the comparative period including store closures
for four days due to the Queensland Cyclone.

While the start to the second half has been pleasing, the results to date should not be viewed as
indicative of the rest of the season as we enter the more significant sale periods including Easter and
School Holidays. It will be much more difficult to replicate the current growth in the months ahead.

We are also conscious of the current geo-political tensions and impact these can have on nearly all
areas of our business going forward in a manner we currently cannot predict. The likely increase to
cost of living in the markets in which we operate and interest rate increases can have a strong
influence on consumers discretionary spending patterns which can directly impact sales. Impacts
are also likely on foreign exchange, logistics and associated fuel and transportation costs, and other
increased costs of doing business, all of which could directly impact our bottom-line profits. The
Group will continue to monitor developments and remain agile in our response.


Warren Bell
Chairman

---

HALLENSTEIN GLASSON HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 1 February 2026 (unaudited)
1




Note
SIX MONTHS
ENDED
1/2/26
SIX MONTHS
ENDED
1/2/25
$000
$000
Sales revenue
275,195


240,033


Cost of sales
(107,730)


(99,709)


Gross profit
167,465


140,324


Other operating income
344


137


Selling expenses
(90,875)


(82,058)


Distribution expenses
(10,920)


(8,381)


Administration expenses
(24,871)


(18,934)


Total expenses
2.2
(126,666)


(109,373)


Operating profit
41,143


31,088


Finance income
959


1,166


Finance expense
(2,333)


(2,320)


Profit before income tax
39,769


29,934


Income tax expense
(11,762)


(8,732)


Net profit after tax attributable to the shareholders of the Holding Company
28,007


21,202


Other comprehensive income
- Items that may be subsequently reclassified to profit or loss
Fair value gain/(loss) (net of tax) in cash flow hedge reserve
(2,716)


1,663


Movement in foreign currency translation reserve
2,509


456


Total comprehensive income for the year
27,800


23,321


Earnings per share
Basic earnings per share
47.0


35.5


Diluted earnings per share
46.9


35.5


The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

HALLENSTEIN GLASSON HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
As at 1 February 2026 (unaudited)
2



Note
As at 1/2/26
As at 1/2/25
As at 1/8/25
$000
$000
$000
EQUITY
Contributed equity
29,279


29,279


29,279


Asset revaluation reserve
26,085


26,105


26,085


Cashflow hedge reserve
(2,415)


2,599


301


Share option reserve
77


17


37


Foreign currency translation reserve
2,774


456


265


Retained earnings
65,742


52,282


55,928


Total equity
121,542


110,738


111,895


Represented by
CURRENT ASSETS
Cash and cash equivalents
67,535


49,932


58,333


Trade and other receivables
1,274


1,000


366


Advances to employees
603


786


732


Prepayments
2,023


2,013


3,646


Inventories
3
29,101


27,441


31,274


Derivative financial instruments
122


3,684


1,062


Total current assets
100,658


84,856


95,413


NON-CURRENT ASSETS
Property, plant and equipment
4
68,473


61,339


62,155


Right of use assets
66,869


62,898


63,785


Investment property
3,020


3,080


3,020


Intangible assets
1,433


1,079


1,273


Deferred tax
8,451


6,787


5,570


Total non-current assets
148,246


135,183


135,803


Total assets
248,904


220,039


231,216


CURRENT LIABILITIES
Trade payables
9,327


10,078


11,341


Employee benefits
11,290


9,542


9,877


Other payables
20,193


13,113


18,448


Lease liabilities
26,673


26,572


26,680


Derivative financial instruments
3,541


24


639


Taxation payable
3,500


1,238


2,376


Total current liabilities
74,524


60,567


69,361


NON-CURRENT LIABILITIES
Lease liabilities
52,838


48,734


49,960


Total liabilities
127,362


109,301


119,321


Net assets
121,542


110,738


111,895


The Financial Statements are signed for and on behalf of the Board and were authorised for issue on 27 March 2026.
______________________________Director ______________________________Director
Date
27 March 2026
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

HALLENSTEIN GLASSON HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
For the six months ended 1 February 2026 (unaudited)
3



SHARE
CAPITAL
ASSET
REVALUATION
RESERVE
CASH FLOW
HEDGE
RESERVE
SHARE
OPTION
RESERVE
FOREIGN
CURRENCY
TRANSLATION
RESERVE
RETAINED
EARNINGS
TOTAL
EQUITY
$000
$000
$000
$000
$000
$000
$000
Balance at 1 August 2024
29,279


26,105


936


-


-
46,887


103,207


COMPREHENSIVE INCOME
Profit for year
-
-
-
-
-
21,202
21,202
Cash flow hedges net of tax
-
-
1,663
-
-
-
1,663
Foreign currency translation reserve
-
-
-
-
456
-
456
Total comprehensive income
-
-
1,663
-
456
21,202
23,321
TRANSACTIONS WITH OWNERS
Dividends
-
-
-
-
-
(15,807)
(15,807)
Increase in share option reserve
-
-
-
17
-
-
17
Total transactions with owners
-
-
-
17
-
(15,807)
(15,790)
Balance at 1 February 2025
29,279
26,105
2,599
17
456
52,282
110,738
COMPREHENSIVE INCOME
Profit for year
-
-
-
-
18,260
18,260
Revaluation net of tax
-
(20)
-
-
-
(20)
Cash flow hedges net of tax
-
-
(2,298)
-
-
(2,298)
Foreign currency translation reserve
-
-
-
-
(191)
-
(191)
Total comprehensive income
-
(20)
(2,298)
-
(191)
18,260
15,751
TRANSACTIONS WITH OWNERS
Dividends
-
-
-
-
-
(14,614)
(14,614)
Increase in share option reserve
-
-
-
20
-
-
20
Total transactions with owners
-
-
-


20


-
(14,614)


(14,594)


Balance at 1 August 2025
29,279


26,085


301


37


265


55,928


111,895


COMPREHENSIVE INCOME
Profit for year
-
-
-
-
-
28,007
28,007
Cash flow hedges net of tax
-
-
(2,716)
-
-
-
(2,716)
Foreign currency translation reserve
-
-
-
-
2,509
-
2,509
Total comprehensive income
-
-
(2,716)
-
2,509
28,007
27,800
TRANSACTIONS WITH OWNERS
Dividends
-
-
-
-
-
(18,193)
(18,193)
Increase in share option reserve
-
-
-
40
-
-
40
Total transactions with owners
-
-
-
40


-


(18,193)


(18,153)


Balance at 1 February 2026
29,279


26,085


(2,415)


77


2,774


65,742


121,542


The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

HALLENSTEIN GLASSON HOLDINGS LIMITED
STATEMENT OF CASH FLOWS
For the six months ended 1 February 2026 (unaudited)
4



SIX MONTHS
ENDED 1/2/26
SIX MONTHS
ENDED 1/2/25
$000
$000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Sales to customers
274,982


239,922


Rent received
104


122


Interest received
959


1,164


Interest on debtors
-


2


276,045


241,210


Cash was applied to:
Payments to suppliers
155,883


140,718


Payments to employees
51,978


45,880


Interest paid on leases
2,333


2,320


Taxation paid
12,391


10,105


222,585


199,023


Net cash flows from operating activities
53,460


42,187


CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Proceeds from sale of property, plant, equipment and intangible assets
47


47


Repayment of employee advances
129


61


176


108


Cash was applied to:
Purchase of property, plant, equipment and intangible assets
12,552


8,595


12,552


8,595


Net cash flows applied to investing activities
(12,376)


(8,487)


CASH FLOWS FROM FINANCING ACTIVITIES
Cash was applied to:
Dividend paid
18,193


15,807


Lease liability payments
13,689


13,876


31,882


29,683


Net cash flows applied to financing activities
(31,882)


(29,683)


Net increase in funds held
9,202


4,017


Cash and cash equivalents at the beginning of the period
58,333


45,915


Cash and cash equivalents at the end of the period
67,535


49,932


The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

HALLENSTEIN GLASSON HOLDINGS LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
For the six months ended 1 February 2026 (unaudited)
5



RECONCILIATION OF PROFIT AFTER TAXATION TO CASH FLOWS FROM OPERATING
ACTIVITIES

SIX MONTHS
ENDED 1/2/26
SIX MONTHS
ENDED 1/2/25
$000
$000
NET PROFIT AFTER TAXATION
28,007


21,202


ADD/(DEDUCT) ITEMS CLASSIFIED AS INVESTING OR FINANCING ACTIVITIES
Loss/(gain) on sale of plant and equipment
226


(5)



ADD/(DEDUCT) NON CASH ITEMS
Depreciation and amortisation
20,526


20,037


Deferred taxation
(1,753)


(145)


Share option expense
40


17


Gain on termination of lease
(64)


-


Unrealised foreign exchange on operating balances
1,322


456


ADD/(DEDUCT) MOVEMENTS IN WORKING CAPITAL ITEMS
Taxation payable
1,124


(1,228)


Trade and other receivables and prepayments
715


3,235


Trade and other payables and employee benefits
1,144


(1,425)


Inventories
2,173


43


NET CASH FLOWS FROM OPERATING ACTIVITIES
53,460


42,187


The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

HALLENSTEIN GLASSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 1 February 2026 (unaudited)
6


1 Basis of preparation of financial statements
This section presents a summary of information considered relevant and material to assist the reader
in understanding the foundations on which the financial statements as a whole have been compiled.

1.1 General information
Reporting entity
Hallenstein Glasson Holdings Limited (“Company” or “Parent”) together with its subsidiaries (the
“Group”) is a retailer of men’s and women’s clothing in New Zealand and Australia.
The Company is a limited liability company incorporated and domiciled in New Zealand. The address
of its registered office is Level 3, 235-237 Broadway, Newmarket, Auckland.

Statutory base
Hallenstein Glasson Holdings Limited is a company registered under the Companies Act 1993 and is
an FMC reporting entity under Part 7 of the Financial Markets Conduct Act 2013. The Company is
also listed on the New Zealand Stock Exchange (NZX). The financial statements of the Group have
been prepared in accordance with the requirements of Part 7 of the Financial Markets Conduct Act
2013 and the NZX Main Board Listing Rules.
The financial statements were approved for issue by the Board of Directors on 27 March 2026.

1.2 General accounting policies
Statement of compliance
These interim financial statements for the half year ended 1 February 2026 have been prepared in
accordance with Generally Accepted Accounting Practice in New Zealand (NZ GAAP), New Zealand
Equivalents to International Standard 34 Interim Financial Reporting (NZ IAS 34) and International
Accounting Standard 34 Interim Financial Reporting (IAS 34) and should be read in conjunction with
the audited consolidated financial statements for the year ended 1 August 2025.

Basis of preparation of financial statements
The accounting policies used in the preparation of these financial statements are consistent with
those used in the previously published interim financial statements to 1 February 2025, and the
audited financial statements to 1 August 2025.
The financial statements for the six months ended 1 February 2026 and 1 February 2025 are
unaudited. These financial statements do not include all notes normally included for full financial
statements. The comparative information for the year ended 1 August 2025 is audited.
The reporting currency used in the preparation of these financial statements is New Zealand dollars,
rounded where necessary to the nearest thousand dollars.

Entities reporting
The financial statements are the consolidated financial statements of the Group. The parent and its
subsidiaries are designated as for-profit entities for financial reporting purposes.

HALLENSTEIN GLASSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 1 February 2026 (unaudited)
7



2 Performance information
2.1 Segment information
The Board of Directors considers the business from both a product and geographic perspective as
follows:
• Hallensteins (Hallenstein Bros Ltd (New Zealand) and Hallensteins Australia Pty Limited
(Australia))
• Glassons Limited (New Zealand)
• Glassons Australia Pty Limited (Australia)
• Hallenstein Properties Limited (New Zealand)
• Hallenstein Glasson Holdings Limited – Parent (New Zealand)

Segment results and key balances are shown below. Segment assets and liabilities are measured in
the same way as in the financial statements. Assets and liabilities are allocated based on the
operations of the segment.

HALLENSTEIN GLASSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 1 February 2026 (unaudited)
8


2.1 Segment information (continued)

Segment results:
For the six months ended
1 February 2026
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIA
HALLENSTEINS
HALLENSTEIN
PROPERTY
PARENT
TOTAL
SEGMENTS
$000
$000
$000
$000
$000
$000
INCOME STATEMENT
Segment revenue
69,084


152,755


62,300


-


625


284,764


Intercompany segment revenue
(7,150)


(996)


(798)


-


(625)


(9,569)


Sales revenue from external customers
61,934


151,759


61,502


-


-


275,195


Cost of sales
(25,826)


(57,166)


(24,738)


-


-


(107,730)


Gross profit
36,108


94,593


36,764


-


-


167,465


Finance income
233


501


180


-


45


959


Finance expenses
(620)


(1,006)


(690)


-


(17)


(2,333)


Depreciation and software amortisation
5,422


10,210


4,625


269


-


20,526


Profit before income tax
13,345


19,952


6,213


212


47


39,769


Income tax expense
(3,759)


(6,149)


(1,762)


(76)


(16)


(11,762)


Profit after income tax
9,586


13,803


4,451


136


31


28,007


BALANCE SHEET
Current assets
32,004


35,508


22,539


6,802


3,805


100,658


Non-current assets
36,756


56,636


34,748


20,087


19


148,246


Current liabilities
18,835


38,597


16,672


119


301


74,524


Non-current liabilities
12,818


21,886


18,134


-


-


52,838


Purchase of property, plant, equipment
and intangibles
992


8,567


2,983


10


-


12,552


For the six months ended
1 February 2025
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIA
HALLENSTEIN
BROTHERS
HALLENSTEIN
PROPERTY
PARENT
TOTAL
SEGMENTS
$000
$000
$000
$000
$000
$000
INCOME STATEMENT
Segment revenue
63,287


124,544


59,362


-


629


247,822


Intercompany segment revenue
(6,032)


(605)


(523)


-


(629)


(7,789)


Sales revenue from external customers
57,255


123,939


58,839


-


-


240,033


Cost of sales
(25,760)


(48,152)


(25,797)


-


-


(99,709)


Gross profit
31,495


75,787


33,042


-


-


140,324


Finance income
256


483


344


-


83


1,166


Finance expenses
(651)


(1,034)


(623)


-


(12)


(2,320)


Depreciation and software amortisation
5,535


9,579


4,607


262


54


20,037


Profit before income tax
9,280


16,918


3,526


201


9


29,934


Income tax expense
(2,602)


(5,069)


(1,005)


(56)


-


(8,732)


Profit after income tax
6,678


11,849


2,521


145


9


21,202


BALANCE SHEET
Current assets
26,055


29,010


19,958


6,310


3,523


84,856


Non-current assets
38,702


48,003


28,006


20,472


-


135,183


Current liabilities
16,486


29,756


14,058


287


(20)


60,567


Non-current liabilities
15,343


20,112


13,279


-


-


48,734


Purchase of property, plant, equipment
and intangibles
2,210


2,995


3,390


-


-


8,595

HALLENSTEIN GLASSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 1 February 2026 (unaudited)
9



2.2 Income and expenses
Profit before income tax includes the following specific expenses:

SIX MONTHS
ENDED 1/2/26
SIX MONTHS
ENDED 1/2/25
$000
$000
Occupancy costs
1
23,566


21,039


Wages, salaries and other short term benefits
49,955


43,756


Depreciation, amortisation and impairment of property, plant and equipment
6,986


5,907


Loss/(Gain) on sale of property, plant and equipment
226


(5)




1
Occupancy costs include rental expense on short term leases, depreciation, and interest expense on
right of use assets.
2.3 Dividend payments

SIX MONTHS
ENDED 1/2/26
SIX MONTHS
ENDED 1/2/25
SIX MONTHS
ENDED 1/2/26
SIX MONTHS
ENDED 1/2/25
cents/share
cents/share
$000
$000
Final dividend payment for the period ended 1 August 2025
30.50


-


18,193


-


Final dividend payment for the period ended 1 August 2024
-


26.50


-


15,807


Total
30.50


26.50


18,193


15,807




3 Inventories
During the six months ended 1 February 2026, the Group recognised in the Statement of
Comprehensive Income, a write down of finished goods inventory to provide for obsolescence of
$265,000 (2025: $138,000).

4 Property, plant and equipment
Acquisitions and disposals
During the six months ended 1 February 2026, the Group acquired assets with a total cost of
$12,552,000 (2025: $8,595,000).
Assets with a net book value of $273,000 were disposed of during the six months ended 1 February
2026 (2025: $41,000).

5 Related party transactions
The Group enters into transactions with related parties. Details of related parties, and the types of
transactions entered into during the period ended 1 February 2026, are consistent with those
disclosed in the audited financial statements for the year ended 1 August 2025.

HALLENSTEIN GLASSON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 1 February 2026 (unaudited)
10



6 Capital expenditure commitments
As at 1/2/26
As at 1/2/25
As at 1/8/25
$000
$000
$000
Commitments in relation to store fitouts and warehouse expansion
4,138


-


1,863





7 Events subsequent to balance date
Subsequent to the half year end, the Board has resolved to pay an interim dividend of 29.0 cents per
share (partially imputed at 32.7%) (2025 Interim Dividend: 24.5 cents partially imputed at 40.5%). The
dividend will be paid on 24 April 2026 to all shareholders on the Company’s register as at 5.00pm, 17
April 2026.

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Distribution Notice





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

Section 1: Issuer information
Name of issuer Hallenstein Glasson Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code HLG
ISIN (If unknown, check on NZX
website)
NZHLGE 0001S4
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 17 April 2026
Ex-Date (one business day before the
Record Date)
16 April 2026
Payment date (and allotment date for
DRP)
24 April 2026
Total monies associated with the
distribution
1

$17,298,228 based on the number of units on issue at
the date of the form
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.32688239
Gross taxable amount
3
$0.32688239
Total cash distribution
4
$0.29000000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.01673657
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Partial imputation



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

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

11.28%
Imputation tax credits per financial
product
$0.03688239
Resident Withholding Tax per
financial product
$0.07098880
Section 4: Distribution re-investment plan1 (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP

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

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

DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Cameron Alderton
Contact person for this
announcement
Cameron Alderton
Contact phone number +64 22 394 5785
Contact email address cameron@glassons.com
Date of release through MAP

27/03/2026





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