Interim Report for period ended 26 July 2026

Interim Report
For the 26 week period ended 26 July 2026
Briscoe Group
Limited
RETAIL
IS OUR
WORLD.

Contents

04 Directors’ Report

10 Sustainability


14 Supply Chain




16 Financial Statements

31 Independent Auditor’s Review Report

33 Directory
3Briscoe Group Limited Interim Report 2026

Directors’
Report
These developments represent
an important shift from building
new capability towards
converting the investment
made over recent years into
measurable operational and
financial benefits.

Interim Report, half-year to July 2026
Briscoe Group has delivered another encouraging
performance for the half-year ended 26 July 2026,
achieving record first-half sales while continuing
to progress a substantial programme of strategic
investment in what remains a challenging
retail environment.
Consumer confidence and discretionary spending
remained under pressure during the period, with
household budgets continuing to be affected by
cost pressures and broader economic uncertainty.
Geopolitical developments during the first quarter
also contributed to renewed inflationary concerns
and volatility in consumer sentiment, while significant
weather events disrupted trading in parts of the country.
Against this background, the Board is pleased with the
Group’s ability to maintain positive sales momentum
while continuing to make progress in stabilising
gross profit percentage. Sporting Goods performed
particularly strongly during the half, while Homeware
remained resilient despite softer demand in some
seasonal categories.
Importantly, the half-year marked a significant
transition in the Group’s long-term strategic
programme. The new North Island distribution
centre at Drury is now open and operational, the
next generation Club Rebel rewards programme
has been launched, the SAP S/4HANA upgrade
programme continues to advance and a number
of promising property opportunities are taking shape
with significant strategic potential.
These developments represent an important shift
from building new capability towards converting the
investment made over recent years into measurable
operational and financial benefits. This is consistent
with the strategic direction outlined in the Annual
Report, which identified the current year as a transition
towards value delivery.
While there remains important work to complete,
particularly around commissioning and optimising
automation at Drury and progressing the SAP
S/4HANA upgrade, the Board is encouraged by
the momentum across these initiatives and the
opportunities now emerging across the business.
As in previous periods of economic uncertainty, our
focus remains firmly on the areas within our control
- customer value, promotional effectiveness, gross
margin, inventory discipline and cost management -
while continuing to strengthen the capability required
to support longer-term growth.
Our Team
The skill, commitment and adaptability of our
people continue to be fundamental to the Group’s
performance during the first half.
This has been a particularly demanding period for
many teams across the business. Alongside the day-
to-day requirements of delivering a strong customer
experience, our people have managed considerable
change, including the transition to the new distribution
centre, major systems and process initiatives, the
launch of the new Club Rebel rewards proposition and
a number of significant store development projects.
Our investment in leadership capability has stepped
up during the period. Three new cohorts commenced
the Group’s redesigned Leadership Programme,
which is now delivered fully in-house and over a
shorter timeframe. New Change 360 surveys are
also being introduced to help assess how leadership
development translates into sustained performance
across the business.
One example of the development opportunities
emerging across the Group is the move to Drury. As
the site scales up and automation is progressively
introduced, team members are building new skills and
taking on broader roles alongside the new systems.
This transition is being supported by new operating
processes, hands-on training and safety controls as
automated systems are progressively commissioned
and integrated into the facility’s operations.
Retention remains strong across the Group and
continues to provide valuable continuity for our
customers and our teams, helping to support
consistently high levels of customer satisfaction. At the
same time, targeted programmes are helping Support
Office teams develop practical skills in areas such as
AI, process improvement and new ways of working,
with a focus on removing friction, freeing capacity
for higher-value activity and ultimately improving the
customer experience.
The Board recognises the considerable effort involved
in managing this level of change and thanks all team
members for their contribution during the period.
Strong Trading Performance
Briscoe Group achieved record first-half sales of
$374.2 million, 0.79% ahead of the $371.3 million
recorded for the corresponding period last year.
The first quarter produced sales growth of 1.37%,
with both Homeware and Sporting Goods ahead
Briscoe Group Limited Interim Report 2026 | Directors’ Report5

of the prior year. Trading conditions became more
difficult later in the quarter as geopolitical uncertainty
and significant weather events affected consumer
activity, but positive sales growth was maintained.
The second quarter continued that positive
momentum, resulting in a third consecutive quarter
of Group sales growth.
Sporting Goods delivered a particularly strong first half,
with sales increasing 2.56% to $145.1 million. Customer
engagement benefited from heightened interest
generated by several significant sporting events and
successes during the period.
Homeware sales were $229.1 million, modestly below
the prior corresponding period. The ongoing weakness
in the housing market contributed to more subdued
demand across some homeware categories, while
a milder start to winter reduced demand for heating
products and luggage sales were also softer as
international uncertainty influenced travel activity.
Our online business continued to grow, with first-
half online sales increasing 2.07% to $73.4 million.
Online sales represented 19.60% of total Group
sales compared with 19.36% in the corresponding
period last year. Both Homeware and Sporting Goods
recorded online growth. During the half, further
progress was also made in online fulfilment and
customer experience, including, as highlighted earlier,
the integration of the new Club Rebel experience into
customers’ online accounts and the introduction of
additional promotional and cross-sell functionality.
The launch of the next generation Club Rebel loyalty
programme was another important development
during the period. The new rewards structure is
designed to provide customers with clearer benefits,
encourage more frequent engagement and enable
increasingly relevant and personalised communication.
Initial customer response has been very encouraging.
Solid Financial Results
Reported Net Profit After Tax was $27.6 million
compared with $29.3 million for the first half of last year.
Gross profit was $152.9 million compared with $153.8
million last year. Gross profit percentage was 40.85%,
compared with 41.43% in the prior corresponding
period, representing a decline of 58 basis points.
The improving trend in gross margin performance
is encouraging. Retail conditions remain highly
promotional; however, initiatives across sourcing,
inventory management, product mix and promotional
execution are gaining traction. This progress has been
achieved despite additional pressure from a weaker
New Zealand dollar and continuing uncertainty across
global supply chains.
Expense discipline remained a critically important
hallmark of our operations during the period. Store
expenses increased marginally by 0.94% despite
higher power, depreciation and occupancy-related
costs, while administration expenses increased by
3.39%, reflecting committed expenditure to advance
the Group’s major strategic initiatives.
The first-half result included approximately $1.9 million
of additional operating costs associated with the new
distribution centre and approximately $0.9 million
of one-off expenditure relating to the SAP S/4HANA
upgrade. These costs were partly offset by a net lease
accounting benefit of approximately $2.0 million
before tax arising from the early surrender of the
former distribution centre lease.
Net finance costs increased by $1.9 million to $7.8
million, reflecting lower interest income from reduced
cash balances and lower interest rates, together with
higher lease interest.
Strong Financial Position
The Group continues to maintain a strong financial
position while progressing the final stages of its major
capital investment programme.
Cash and cash equivalents at the end of the period
were $74.4 million, compared with $119.8 million at
the same time last year. Approximately $26 million of
creditor payments included within trade payables at
balance date were subsequently paid by 31 July 2026.
Inventory remained tightly controlled at $104.8 million,
$1.2 million below the corresponding balance date
last year. This was a pleasing outcome given positive
sales growth and the significant supply chain transition
undertaken during the period, and reflects the
Group’s continued focus on stock discipline and
inventory quality.
Capital expenditure during the half totalled $31.9
million, of which $28.1 million related to the new
distribution centre project. The balance was invested
across store development initiatives, technology
platforms and other operational improvements.
The Board continues its disciplined approach to capital
management, balancing completion of the Group’s
current strategic programme with the need to retain
appropriate financial flexibility for future opportunities.
Briscoe Group Limited Interim Report 2026 | Directors’ Report6

Interim Dividend
The directors have resolved to pay a fully imputed
interim dividend of 10.0 cents per share.
The record date for determining dividend entitlements
is 5pm on 25 September 2026, with payment to be
made on 8 October 2026. The Company’s dividend
policy remains to pay out at least 60% of NPAT when
calculated on a full-year basis.
The dividend reflects the Group’s ongoing profitability
and financial strength while retaining appropriate
flexibility as the Group completes its current investment
programme and considers future growth opportunities.
The Board remains committed to maintaining a
sustainable dividend profile which appropriately
recognises the important balance between
shareholder returns, investment in the long-term
capability and resilience of the business.
Store Network
The Group continued to invest in the quality and
productivity of its physical retail network during
the half-year.
Major refurbishments were completed at Briscoes
Homeware Henderson and Rebel Sport Westgate,
completing the current programme of significant store
upgrades across West Auckland. Both stores now
reflect the Group’s latest retail thinking, with improved
layouts, contemporary fixtures and enhanced
customer service areas.
The increased supply chain capability provided by
Drury is also creating greater flexibility across the store
estate, including opportunities to reduce back-of-store
inventory requirements and make more productive use
of retail space.
One example is at Panmure, where a long-term
sublease has been agreed with Chemist Warehouse
for space within the existing Briscoes Homeware
property. The opportunity demonstrates how under-
utilised space can be repurposed in a way which
complements the existing offer and improves the
economics of the site.
That thinking is also evident in the three significant
projects planned for the second half. Rebel Sport
Colombo Street will reinforce a central-city presence
in Christchurch, while the new Tower Junction store
supports Rebel Sport’s transition from Westfield
Riccarton. In Upper Hutt, reconfiguration of the
existing site will create a more efficient Briscoes
Homeware store and introduce Rebel Sport to the
catchment for the first time.
The encouraging performance of the flagship Rebel
X store at Panmure, following its conversion and
reopening last year, is also providing valuable insight
into how an enhanced store format and customer
experience can support the continued evolution of
the Rebel Sport network. That approach was recently
recognised at the Spark Retail NZ Awards, where Rebel
X received the ‘Best New Store Design’ award.
These projects illustrate the broader strategic possibilities
becoming available as the Group seeks to improve
customer experience, increase retail space productivity
and enhance returns from the store network.
Briscoe Group Limited Interim Report 2026 | Directors’ Report7

Strategic Development Initiatives
The first half represented an important milestone in
the Group’s strategic development programme, with
several major investments moving into operation.
The most significant of these is the new North Island
distribution centre at Drury, which is now open
and operational. Throughput at the new facility is
already exceeding the levels achieved at the previous
distribution centre, with the immediate priority
being to complete commissioning and progressively
optimise the automation systems.
As this work progresses, the Group expects the
benefits to become increasingly visible through better
inventory flow, increased replenishment capability,
improved productivity and customer service, and more
efficient use of store space.
The SAP S/4HANA upgrade programme continues
to progress and will strengthen the scalability and
resilience of the Group’s core business systems. Work
also continues on merchandise planning and analytics
capability to support improved forecasting, inventory
allocation and decision-making.
Digital capability is also being extended, including
through the use of AI to enhance the online customer
experience, improve product discoverability and
automate selected processes.
With these investments increasingly moving into
operation, the business is entering the next phase
of its strategy. Over recent years the focus has been
on establishing new capability and undertaking a
significant programme of investment. Increasingly,
the emphasis will move towards embedding those
capabilities and converting them into measurable
improvements in productivity, customer outcomes,
sales and margin gains.
Sustainability
The Group has made solid progress during the
first half against the targets established under its
Steps to a Better Tomorrow Sustainability Strategy.
Performance is now being tracked through defined
social and environmental metrics, providing clearer
oversight of progress and a stronger focus on the
issues most material to the Group.
Important environmental milestones during the period
included signing a renewable energy contract covering
the Group’s entire network and completing the forklift
electrification programme. Both initiatives support the
Group’s Scope 1 and 2 emissions reduction objectives
while also providing commercial benefits.
Community initiatives also continued to deliver
tangible outcomes. The Briscoes Give a Blanket
campaign donated 10,000 blankets to communities
in need, 23 grassroots sporting groups benefited
from Rebel grants, and more than 10,200 balls were
distributed through the Pass It Forward programme.
Work also progressed on strengthening the Group’s
human rights approach ahead of expected Modern
Slavery reporting requirements.
Half-Year Review
The interim financial statements for the 26-week
period ended 26 July 2026 presented in this report
are unaudited, but have been reviewed independently
by PricewaterhouseCoopers, which has issued
an unqualified independent review report to the
Company’s shareholders.
Corporate Governance
Briscoe Group remains committed to maintaining high
standards of governance and ethical conduct, with
the Board maintaining active oversight of strategy,
risk management, capital allocation and
organisational culture.
Following the Annual Shareholders’ Meeting in
May 2026, Andy Coupe retired from the Board
after nearly ten years as a director. Andy made a
significant contribution to Briscoe Group during his
tenure, including through his leadership as Chair of
the Human Resources Committee. The Board again
records its appreciation for his service, judgement and
commitment to the Group.
The Board periodically undertakes formal evaluation
of its effectiveness, composition and capability. This
year’s evaluation and skills assessment process is
scheduled to commence in October.
Given Dame Rosanne Meo’s previously announced
intention to retire at the 2027 Annual Shareholders
Meeting, the timing will also be helpful in informing
the Board’s succession planning.
The Board’s intention is to determine Dame
Rosanne’s successor as Chair before progressing the
appointment of a new independent director, with that
subsequent appointment informed by the capability
requirements identified through the evaluation and
skills assessment process.
Briscoe Group Limited Interim Report 2026 | Directors’ Report8

Outlook
The Group continues to be guided by the principles
that have supported its performance over many
years - delivering a compelling customer experience,
providing trusted brands and ranges at great value,
and making it easy for customers to shop with us
through both physical and digital channels.
The pace of improvement in the retail environment
remains difficult to predict. Household discretionary
spending continues to be sensitive to cost pressures
and consumers remain highly responsive to
promotional activity.
Nevertheless, the business enters the second half with
positive sales momentum, an improving gross margin
trend and a number of major strategic initiatives moving
from investment into execution and value delivery.
With the new distribution centre operational, Club
Rebel relaunched, the SAP S/4HANA upgrade
progressing and new strategic opportunities emerging
across the store network, the Board believes Briscoe
Group is increasingly well positioned to benefit as
consumer conditions improve.
Our priorities remain clear: sustaining sales momentum,
rebuilding gross profit percentage, maintaining
disciplined control of inventory and costs, completing
the remaining elements of the strategic programme and
converting the investment made over recent years into
measurable operational and financial gains.
While the economic environment remains challenging,
the Board remains confident in the Group’s strategic
direction, financial position and long-term growth
opportunities.
The Board again acknowledges and thanks all team
members across Briscoe Group for the commitment
and adaptability they have shown during a period of
significant change.
On behalf of the Board:
Dame Rosanne Meo (Chair)
Rod Duke
Tony Batterton
Mark Callaghan
Mark Cairns
From left: Rod Duke, Mark Cairns, Dame Rosanne Meo (Chair), Mark Callaghan, Tony Batterton.
Briscoe Group Limited Interim Report 2026 | Directors’ Report9

Sustainability
Our progress taking
Steps to a Better
Tomorrow.
Lodestone Energy's Kohirā Solar Farm

We continue to make steady progress against our
sustainability strategy, with the majority of our targets
progressing positively. Progress at half-year includes:
• New agreement signed with Lodestone Energy,
enabling a market-based reduction
in our Scope 2 emissions.
• 100% of forklift fleet transitioned from LPG
to electric units across the Group.
• 7,353 kg of capsules collected through our
in-store Nespresso Capsule Recycling points.
• 23 community and sporting groups supported
through Rebel Sport Grants, helping more Kiwis get
involved in sport.
• 10,200 balls delivered to community and sporting
groups through the Pass It Forward Buy a Ball, Give
a Ball programme.
• 10,000 blankets donated to communities across
NZ ahead of the colder winter months.
Environment
A key milestone during the period was the completion
of our new Distribution Centre and, with it, the full
transition of our forklift fleet from LPG to electric,
supporting our Scope 1 emissions reduction roadmap.
We are excited to have signed a new agreement
with Lodestone Energy, which will match and verify
electricity consumed across our store network against
renewable electricity generated by Lodestone’s
solar farms through Renewable Energy Certificates
(RECs). The purchase of RECs enables a market-based
reduction in our Scope 2 emissions while supporting
investment in renewable electricity generation in New
Zealand. Alongside contributing to emission reductions,
the agreement is expected to deliver financial benefits
to the Group, demonstrating the value created for both
the business and the environment.
The Nespresso capsule recycling programme
continues to perform strongly, with collections
2,686 kg ahead of our half year target. While our
operational waste diversion was slightly lower at half
year, we continued investing in waste reduction and
recovery infrastructure, including deploying additional
cardboard balers across the network. We also
explanded our Product Returns Recovery Programme
to New Plymouth, with three further sites planned for
the second half, extending the reach of a programme
that is already helping us recover, recycle and rehome
returned products that would otherwise go to landfill.
Community
Our targeted investment in local communities has
continued through our existing programmes and the
success of our new Briscoes Buy a Blanket, Give a
Blanket campaign. For every participating blanket
purchased, we donated another, achieving our target
of providing 10,000 blankets to people and families
experiencing hardship.
Further details on the campaign and its impact
are provided on the following page.
People
We continued to focus on creating an environment
where our people can develop, contribute and build
meaningful careers.
The transition to our new Distribution Centre is
creating opportunities to grow capability across the
distribution team, with automation supporting the
development of new skills and more varied roles.
As the operation continues to scale, we are focused
on ensuring our people are well equipped to work
alongside new technologies through ongoing training
and capability building.
Health and safety remains a key priority, with new
processes, controls and ways of working continuing to
be embedded as the automated environment matures.
These changes are expected to support safer, more
consistent operations while building the confidence
and capability of our DC team.
A key focus for the second half will be the
development of metrics and targets for the Our People
pillar of our sustainability strategy, providing a clearer
framework for measuring and reporting on progress.
We look forward to sharing further updates as this
work progresses.
Managing our material sustainability risks
Managing sustainability-related risks remains a key
focus. During the period, we updated our Ethical
Sourcing Code, developed modern slavery training
for key stakeholder groups, and continued working
with suppliers to address improvement opportunities
identified through our Ethical Supply Chain Programme.
We are encouraged by the progress made in the
first half. With many initiatives now established and
performing well, our attention is increasingly focused
on the areas requiring further improvement, as we
continue our practical Steps to a Better Tomorrow
approach.
Briscoe Group Limited Interim Report 2026 | Sustainability11

Delivering community
impact through Buy a
Blanket, Give a Blanket
Earlier this year, we launched Buy a Blanket, Give a
Blanket in partnership with The Salvation Army and
New Zealand Food Network.
The campaign gave our customers a simple way to
help New Zealanders stay warm through winter. For
every participating blanket purchased, we donated
another, providing 10,000 blankets to people and
families experiencing hardship.
Our customers quickly got behind the campaign,
with the participating blankets selling out fast.
Blankets were then passed along to our community
partners for distribution before the coldest part
of winter.
Working together to reach communities
Our partnership with The Salvation Army and New
Zealand Food Network played an important role
in getting the blankets to people who needed them
across the country.
New Zealand Food Network used its national
logistics and distribution cabability to move blankets
around New Zealand, while also distributing
3,000 blankets through its network of community
organisations.
The Salvation Army distributed blankets through
its community network, reaching individuals
and families facing hardship, including people
experiencing homelessness.
12Briscoe Group Limited Interim Report 2026 | Sustainability

Where the blankets went
The 10,000 blankets were distributed across New Zealand:
5,800 through Salvation Army community centres
600 to Social Housing clients
600 to Transitional Housing clients
3,000 through the New Zealand Food Network
Blankets were provided directly to individuals and families visiting Salvation Army centres for support,
as well as to people experiencing homelessness through centres and street outreach.
0
100
200
300
400
500
600
700
800
WellingtonPalmerston
North
NelsonNapierInvercargillDunedinChristchurchTaranakiTaurangaRotoruaHamiltonGlenfieldManukauRoyal OakWaitakereWhangarei
Blankets Distributed by Centre
Salvation Army Centres
A mother with two young children
had recently relocated and had
no support network. The family
was sharing a single blanket as
temperatures dropped. With your
support, we provided food and
blankets. She was deeply moved
and became emotional upon
receiving them.
These blankets have not only
provided much-needed warmth
during the colder months, but have
also offered comfort, kindness and a
sense of being cared for, reminding
people that they are seen, valued and
not alone. We are deeply grateful for
your partnership and the compassion
you have shown to communities
across Aotearoa.
What we heard: from action to impact
– The Salvation Army
– The Salvation Army
It was really good to know my
purchase would help by providing a
blanket to someone in need of one.
– Lee, Briscoes customer
13Briscoe Group Limited Interim Report 2026 | Sustainability

Supply Chain
Transformation
What we have completed
The Drury DC commenced operations in May, with stock and
team moves completed from the old site during April.
• Core manual inbound, storage and outbound flows are now
operating from the new facility.
• Store replenishment is being planned against target weeks
of cover to improve availability and reduce overstocking.
• The ramp-up plan for stock from key suppliers to arrive during
Q4 is in place, supporting a controlled increase in volume
through the DC.
• Overall, the transformation continues to progress
on schedule and within budget.
The first phase is now focused on stabilising the new
operating rhythm, embedding the replenishment
model and preparing the network for the next
volume step-up.
Manual operations live
Team & stock
transition complete
Target weeks of cover
replenishment underway
Briscoe Group Limited Interim Report 2026 | Supply Chain14

We’ve achieved a significant
milestone with the opening
of our new Drury Distribution
Centre. Manual operations
are live, and our automation
remains on track for go-live
in October. Importantly, the
overall programme remains on
schedule and under budget.
Automation & Benefits
The next phase focuses on commissioning, integrated testing
and a staged ramp-up of automated processing. This moves
the programme from construction and system integration into
operational readiness.
IN PROGRESS 2026
• Automation vendor mechanical and electrical teams have
completed the construction phase and the programme has
moved into commissioning.
• The Warehouse Management System, Warehouse
Control System and Order Management System are now
integrated, enabling store replenishment and online orders
to be fulfilled from the DC.
• Software vendors and Briscoe Group supply chain
teams are testing automation process flows end-to-end
before go-live.
• A staged ramp-up of Rebel Sport product began in
September, building confidence before automated
volumes are increased.
BENEFITS FOR OUR TEAM & CUSTOMERS
• State-of-the-art facility and equipment supports safer,
more ergonomic ways of working for the DC team.
• Holding more stock centrally enables more regular demand-
led replenishment, reducing stock levels held in stores.
• Improved on-shelf availability and shorter online fulfilment
times deliver a better customer experience.
• Stronger full-price sales and reduced lower-margin
clearance activity are expected from better stock placement.
• More efficient use of store space creates opportunities for
improved ranges and potential new product categories.
Briscoe Group Limited Interim Report 2026 | Supply Chain
15

RETAIL
IS OUR
WORLD.
Financial
Statements

Authorisation for Issue
The Board of Directors authorised the issue of these Consolidated Interim Financial Statements
on 15 September 2026.
Approval by Directors
The Directors are pleased to present the Consolidated Interim Financial Statements for Briscoe Group
Limited for the 26 week period ended 26 July 2026. (Comparative period is for the 26 week period ended
27 July 2025).

For the 26 week period ended 26 July 2026
Directors’ Approval of Consolidated Financial Statements
Dame Rosanne Meo
CHAIR

Rod Duke
GROUP MANAGING DIRECTOR
15 September 2026
For and on behalf of the Board of Directors
Briscoe Group Limited Interim Report 2026 | Consolidated Financial Statements17

Notes
$000

$000
Sales revenue374,206371,269
Cost of goods sold
(221,341)(217,466)
Gross profit
152,865153,803
Other income 2,827 301
Store expenses (64,269) (63,672)
Administration expenses
(44,957) (43,484)
Earnings before interest and tax
46,466 46,948
Finance income7751,856
Finance costs
(8,563)(7,784)
Net finance income/(costs) (7,788) (5,928)
Profit before income tax38,67841,020
Income tax expense
(11,111)(11,715)
Net profit attributable to shareholders
527,56729,305
Earnings per share for profit attributable to shareholders:
Basic earnings per share (cents) 12.3713.15
Diluted earnings per share (cents)
12.3513.13
The above consolidated income statement should be read in conjunction with the accompanying notes.

For the 26 week period ended 26 July 2026 (unaudited)
26 Week Period
Ended 26 July 2026
Unaudited
26 Week Period
Ended 27 July 2025
Unaudited
Consolidated Income Statement
Briscoe Group Limited Interim Report 2026 | Consolidated Financial Statements18

Notes
















$000

















$000
Net Profit attributable to shareholders
27,56729,305
Other comprehensive income:
Items that will not be subsequently reclassified
to profit or loss:
Change in value of investment in equity securities8(9,890)(7,921)
Items that may be subsequently reclassified to
profit or loss:
Fair value gain/(loss) taken to the cash flow hedge reserve1,771 (1,762)
Deferred tax on fair value (gain)/loss taken to cash flow hedge reserve
(496)493
Total other comprehensive income(8,615)(9,190)
Total comprehensive income attributable to shareholders
18,95220,115
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

For the 26 week period ended 26 July 2026 (unaudited)
26 Week Period
Ended 26 July 2026
Unaudited
26 Week Period
Ended 27 July 2025
Unaudited
Consolidated Statement of Comprehensive Income
Briscoe Group Limited Interim Report 2026 | Consolidated Financial Statements19

As at 26 July 2026 (unaudited)
Consolidated Balance Sheet
Notes
26 July 2026
Unaudited
$000
27 July 2025
Unaudited
$000
25 January 2026
Audited
$000
ASSETS
Current assets
Cash and cash equivalents74,441119,826130,325
Trade and other receivables5,596
5,2706,740
Inventories104,758
105,97690,828
Derivative financial instruments1,324
553739
Total current assets
186,119231,625228,632
Non-current assets
Property, plant and equipment7238,461
185,788214,380
Intangible assets2,4122,1182,308
Right-of-use assets230,833228,246226,485
Taxation receivable2,97918-
Deferred tax7,400
11,25412,062
Investment in equity securities83,31212,48213,202
Total non-current assets485,397439,906
468,437
TOTAL ASSETS
671,516671,531697,069
LIABILITIES
Current liabilities
Trade and other payables88,67196,516108,033
Lease liabilities19,94320,11220,482
Taxation payable--5,350
Derivative financial instruments-992 529
Total current liabilities
108,614117,620134,394
Non-current liabilities
Trade and other payables1,461
1,4761,480
Lease liabilities
259,209255,758
255,406
Total non-current liabilities260,670257,234256,886
TOTAL LIABILITIES
369,284374,854
391,280
NET ASSETS
302,232296,677
305,789
EQUITY
Share capital1062,435
62,43562,435
Cash flow hedge reserve1,018
(317)
183
Equity-based remuneration reserve8758131,004
Other reserves(84,541)(75,371)(74,651)
Retained earnings
322,445
309,117316,818
TOTAL EQUITY
302,232296,677305,789
The above consolidated balance sheet should be read in conjunction with the accompanying notes.
Briscoe Group Limited Interim Report 2026 | Consolidated Financial Statements20

Notes


$000


$000
OPERATING ACTIVITIES
Cash was provided from
Receipts from customers 374,975 372,183
Rent received 88 83
Interest received 9252,097
Insurance recovery12123
376,000 374,486
Cash was applied to
Payments to suppliers (283,616) (252,973)
Payments to employees (50,516) (50,984)
Interest paid(8,563)(7,783)
Net GST paid (10,220) (20,939)
Income tax paid (15,175) (17,176)
(368,090)(349,855)
Net cash inflows from operating activities 7,910 24,631
INVESTING ACTIVITIES
Cash was provided from
Proceeds from sale of property, plant and equipment
3217
3217
Cash was applied to
Purchase of property, plant and equipment(31,082)(14,374)
Purchase of intangible assets
(776) (479)
(31,858) (14,853)
Net cash outflows from investing activities (31,826) (14,836)
FINANCING ACTIVITIES
Cash was provided from
Net proceeds from borrowings
9--
--
Cash was applied to
Dividends paid11(22,279)(22,279)
Lease liability payments
(9,735)(9,990)
(32,014) (32,269)
Net cash outflows from financing activities (32,014)(32,269)
Net decrease in cash and cash equivalents (55,930) (22,474)
Cash and cash equivalents at beginning of period
130,325
142,401
Foreign cash balance cash flow hedge adjustment46(101)
Cash and cash equivalents at end of period 74,441 119,826
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

For the 26 week period ended 26 July 2026 (unaudited)
26 Week Period
Ended 26 July 2026
Unaudited
26 Week Period
Ended 27 July 2025
Unaudited
Consolidated Statement of Cash Flows
Briscoe Group Limited Interim Report 2026 | Consolidated Financial Statements21

Notes
Share
Capital
Unaudited
















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




Other
Reserves
Unaudited















$000
Retained
Earnings
Unaudited















$000
Total
Equity
Unaudited















$000



$000



$000
Balance at 26 January 2025
62,4352,250925(67,450)301,635299,795
Transfer of hedging gains upon settlement of
forward contracts net of tax
-(1,298)---(1,298)
Net profit attributable to shareholders for the period
----29,30529,305
Other comprehensive income:
Change in value of investment in equity securities
8---(7,921)-(7,921)
Net fair value loss taken through cash flow
hedge reserve
-(1,269)---(1,269)
Total comprehensive income for the period
-(1,269)-
(7,921)
29,30520,115
Transactions with owners:
Dividends paid
11----(22,279)(22,279)
Performance rights charged to income statement
--273--273
Performance rights vested / lapsed
10--(456)-456 -
Deferred tax on equity-based remuneration
--71-- 71
Balance at 27 July 2025 62,435 (317) 813(75,371) 309,117 296,677
Transfer of hedging gains upon settlement of
forward contracts net of tax
-(1,143)---(1,143)
Net profit attributable to shareholders for the period
----29,91229,912
Other comprehensive income:
Change in value of investment in equity securities
8---720-720
Net fair value gain taken through cash flow
hedge reserve
-1,643---1,643
Total comprehensive income for the period
-1,643-72029,91232,275
Transactions with owners:
Dividends paid
- - -- (22,279) (22,279)
Performance rights charged to income statement
--297--297
Performance rights vested / lapsed
- - (68)- 68-
Deferred tax on equity-based remuneration
- - (38) - - (38)
For the 26 week period ended 26 July 2026 (unaudited)
Consolidated Statement of Changes in Equity
Balance at 25 January 202662,4351831,004(74,651)316,818305,789
Transfer of hedging gains upon settlement of
forward contracts net of tax
-(440)---(440)
Net profit attributable to shareholders for the period----27,56727,567
Other comprehensive income:
Change in value of investment in equity securities8---(9,890)-(9,890)
Net fair value gain taken through cash flow
hedge reserve
- 1,275 - - - 1,275
Total comprehensive income for the period - 1,275 - (9,890) 27,567 18,952
Transactions with owners:
Dividends paid11 - - - - (22,279) (22,279)
Performance rights charged to income statement--282--282
Performance rights vested / lapsed10- - (339) - 339 -
Deferred tax on equity-based remuneration - -(72) --(72)
Balance at 26 July 202662,4351,018875(84,541)322,445302,232
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Briscoe Group Limited Interim Report 2026 | Consolidated Financial Statements22

Briscoe Group Limited Interim Report 2026 | Consolidated Financial Statements23
1. Reporting Entity
Briscoe Group Limited (the Company) and its subsidiaries (together the Group) is a retailer of homeware and sporting goods.
The Company is a limited liability company incorporated and domiciled in New Zealand and is listed on the New Zealand Stock
Exchange (NZX). Briscoe Group Limited is registered under the Companies Act 1993 and is an FMC Reporting Entity under Part
7 of the Financial Markets Conduct Act 2013. The address of its registered office is 1 Taylors Road, Morningside, Auckland 1025,
New Zealand. The Company is registered in Australia as a foreign company under the name Briscoe Group Australasia Limited
and is listed on the Australian Securities Exchange as a foreign exempt entity. (NZX / ASX code: BGP).
2. Basis of Preparation of Financial Statements
These unaudited consolidated condensed interim financial statements (‘interim financial statements’) have been prepared
in accordance with New Zealand Generally Accepted Accounting Practice (GAAP) and comply with the requirements of
International Accounting Standard (IAS) 34 Interim Financial Reporting and with New Zealand Equivalent to International
Accounting Standard (NZ IAS) 34 Interim Financial Reporting and the NZX Main Board Listing Rules. The Group is designated
as a for-profit entity for financial reporting purposes.
The interim financial statements do not include all the notes of the type normally included in an annual financial report.
Accordingly, these interim financial statements should be read in conjunction with the audited consolidated financial statements
for the period ended 25 January 2026 and any public announcements made by Briscoe Group Limited during the interim
reporting period and up to the date of these interim financial statements.
These interim financial statements are presented in New Zealand dollars, which is the Company’s functional currency and the
Group’s presentation currency.
The interim financial statements are in respect of the 26-week period from 26 January 2026 to 26 July 2026. The comparative
period is in respect of the 26-week period from 27 January 2025 to 27 July 2025. The year-end balance date will be 31 January
2027 and full financial statements will cover the 53-week period from 26 January 2026 to 31 January 2027. The Group operates
on a weekly trading and reporting cycle resulting in 52-weeks for most years with a 53-week year occurring once every 5-6 years.
The preparation of the interim financial statements requires management to make judgements, estimates and assumptions
that affect the reported amounts in the interim financial statements. The estimates and underlying assumptions are based on
historical experience and adjusted for current market conditions and other factors, including expectations of future events that
are considered to be reasonable under the circumstances. If outcomes within the next financial period are significantly different
from assumptions, this could result in adjustments to carrying amounts of the asset or liability affected. The same judgements,
estimates and assumptions included in the notes to the financial statements for the full year period ended 25 January 2026 have
been applied to these interim financial statements.
3. Accounting Policies
The interim financial statements of the Group for the 26-week period ended 26 July 2026 have been prepared using the same
accounting policies and methods of computations as, and should be read in conjunction with, the financial statements and
related notes included in the Group’s Annual Report for the full year period ended 25 January 2026.
4. Seasonality
The Group’s revenue and profitability follow a seasonal pattern with higher sales and net profits typically achieved in the second
half of the financial year as a result of additional sales generated during the Christmas trading period.
For the 26 week period ended 26 July 2026 (unaudited)
Notes to the Financial Statements

Briscoe Group Limited Interim Report 2026 | Consolidated Financial Statements24
For the 26 week period ended 26 July 2026 (unaudited)
Notes to the Financial Statements
For the period ended 26 July 2026
Homeware
Sporting
Goods
Eliminations/
UnallocatedTotal Group
$000$000$000$000
INCOME STATEMENT
Sales revenue229,088 145,118-374,206
Cost of goods sold(136,775) (84,566)-(221,341)
Gross profit92,313 60,552-152,865
Earnings before interest and tax24,168 20,4781,82046,466
Finance income220 370185775
Finance costs(5,227) (3,320)(16)(8,563)
Net finance income/(costs)(5,007) (2,950)169(7,788)
Income tax expense(5,556) (4,908)(647)(11,111)
Net profit after tax13,605 12,6201,34227,567
BALANCE SHEET ITEMS:
Assets434,716 267,819 (31,019)
1.
671,516
Liabilities283,001 148,795(62,512)369,284
OTHER SEGMENTAL ITEMS:
Acquisitions of property, plant and
equipment, intangibles and investments
29,774 2,084-31,858
Depreciation and amortisation expense12,095 6,688-18,783
$000
1. Investment in equity securities6,096
Intercompany eliminations (69,326)
Other balances32,211
(31,019)
5. Segment Information
The Group is organised into two reportable operating segments, namely homeware and sporting goods, reflecting the
different retail sectors within which the Group operates. The Company is considered not to be a reportable operating segment.
Eliminations and unallocated amounts as shown below are primarily attributable to the Company. There were no inter-segment
sales in the period (2025: Nil).
Information in relation to the operations of each reportable operating segment is included below. Segment profit represents
the profit earned by each segment and is extracted from the income statements associated with the two trading subsidiary
companies, Briscoes (New Zealand) Limited and The Sports Authority Limited (trading as Rebel Sport). Earnings before interest
and tax (EBIT) is a non-GAAP measure and used to assess the performance of the operating segments. This measure should
not be viewed in isolation, nor considered as a substitute for measures reported in accordance with NZ IFRS. This non-GAAP
financial measure may not be comparable to similarly titled amounts reported by other companies.

Briscoe Group Limited Interim Report 2026 | Consolidated Financial Statements25
For the period ended 27 July 2025
Homeware
Sporting
Goods
Eliminations/
UnallocatedTotal Group
$000$000$000$000
INCOME STATEMENT
Sales revenue229,780 141,489-371,269
Cost of goods sold(135,535) (81,931)-(217,466)
Gross profit94,245 59,558-153,803
Earnings before interest and tax25,459 19,6921,79746,948
Finance income432 1,209 2151,856
Finance costs(5,232) (2,550)(2)(7,784)
Net finance income/(costs)(4,800) (1,341)213(5,928)
Income tax expense(5,920) (5,139)(656)(11,715)
Net profit after tax14,739 13,2121,35429,305
BALANCE SHEET ITEMS:
Assets400,222 254,68416,625
1.
671,531
Liabilities266,723 129,108(20,977)374,854
OTHER SEGMENTAL ITEMS:
Acquisitions of property, plant and
equipment, intangibles and investments
12,921 1,932-14,853
Depreciation and amortisation expense11,662 6,350-18,012
$000
1. Investment in equity securities15,265
Intercompany eliminations (28,297)
Other balances29,657
16,625
For the 26 week period ended 26 July 2026 (unaudited)
Notes to the Financial Statements

Briscoe Group Limited Interim Report 2026 | Consolidated Financial Statements26
6. Expenses
Profit before income tax includes the following specific expenses:
26 Week Period
Ended 26 July 2026
26 Week Period
Ended 27 July 2025
$000$000
Depreciation of property, plant and equipment6,7356,052
Amortisation of software costs672690
Depreciation of right-of-use assets11,37611,270
Interest on leases8,5477,782
Operating lease rental expense1318
Wages, salaries and other short-term benefits50,54450,919
Equity-based remuneration
282273
7. Property, Plant and Equipment
Acquisitions and disposals
During the 26-week period ended 26 July 2026, the Group acquired property, plant and equipment with a total cost of
$31,082,422 (2025: $14,373,503). Of this total cost $28,142,000 (2025: $10,370,000) related to the Group’s new Distribution
Centre project. Property, plant and equipment with a net book value of $266,099 (2025: $54,484) were disposed of during the
26-week period ended 26 July 2026.
8. Investment in Equity Securities
Briscoe Group Limited holds 1,920,299 shares in KMD Brands Limited (2025: 48,007,465 shares on a pre-consolidation basis),
representing a 2.67% ownership interest as at 26 July 2026 (2025: 6.75%).
On 22 April 2026, KMD Brands Limited completed an equity raising comprising a placement and entitlement offer. The Group
did not subscribe for any new shares and, as a result of the new shares issued, its ownership interest was diluted from 6.75% to
2.67%. No shares were disposed of by the Group.
On 2 July 2026, KMD Brands Limited completed a 1-for-25 share consolidation. Accordingly, the Group’s holding was
consolidated from 48,007,465 shares to 1,920,299 shares, with no substantive change to the Group’s ownership interest arising
from the consolidation.
These shares are equity investments, quoted in the active market, which the Group has elected to designate as a financial asset
at fair value through other comprehensive income (FVOCI). An adjustment was made at period end to reflect the fair value of
these shares as at 26 July 2026.
1.
$000
At 26 January 202520,403
Additions -
Change in value credited to other reserves (7,921)
At 27 July 2025 12,482
Additions -
Change in value credited to other reserves 720
At 25 January 2026 13,202
Additions -
Change in value credited to other reserves (9,890)
At 26 July 20263,312
1. Fair value determined to be $1.725 (2025: $0.26) per share as per NZX closing price of KMD Brands Limited as at 24 July 2026
(2025: 25 July 2025), Level 1 in fair value hierarchy. The current year closing share price reflects the impact of the share consolidation
undertaken by KMD Brands Limited during the period.
For the 26 week period ended 26 July 2026 (unaudited)
Notes to the Financial Statements

Authorised Shares
No. of Shares
Share Capital
$000
At 26 January 2025
222,790,012 62,435
Issue of ordinary shares during the period:
Vesting of performance rights- -
At 27 July 2025
222,790,012 62,435
Issue of ordinary shares during the period:
Vesting of performance rights--
At 25 January 2026
222,790,012 62,435
Issue of ordinary shares during the period:
Vesting of performance rights--
At 26 July 2026 222,790,012 62,435
Briscoe Group Limited Interim Report 2026 | Consolidated Financial Statements27
For the 26 week period ended 26 July 2026 (unaudited)
Notes to the Financial Statements
Period ended
26 July 2026
Period ended
27 July 2025
Period ended
26 July 2026
Period ended
27 July 2025
Cents per shareCents per share$000$000
Final dividend for the period ended 25 January 202610.00 - 22,279 -
Final dividend for the period ended 26 January 2025-10.00-22,279
10.0010.0022,27922,279
All dividends paid were fully imputed. Supplementary dividends of $153,646 (2025: $151,181) were provided to shareholders not
tax resident in New Zealand, for which the Group received a Foreign Investor Tax Credit entitlement.
On 15 September 2026 the Directors resolved to provide for an interim dividend to be paid in respect of the period ended 31
January 2027. The dividend will be paid at the rate of 10.00 cents per share for all shares on issue as at 25 September 2026,
with full imputation credits attached.
11. Dividends
9. Interest Bearing Liabilities
There were no interest bearing liabilities as at 26 July 2026 (2025: Nil).
10. Share Capital

As at
26 July 2026
$000
As at
27 July 2025
$000
As at
25 January 2026
$000
ASSETS
Derivative financial instruments1,324553739
Investment in equity securities3,31212,48213,202
TOTAL ASSETS
4,63613,03513,941
LIABILITIES
Derivative financial instruments
-992529
TOTAL LIABILITIES
-992529
Briscoe Group Limited Interim Report 2026 | Consolidated Financial Statements28
For the 26 week period ended 26 July 2026 (unaudited)
Notes to the Financial Statements
12. Fair Value Measurements of Financial Instruments
The Group’s activities expose it to a variety of financial risks, market risk (including currency and interest rate risk), credit risk
and liquidity risk. The Group’s overall risk management programme seeks to minimise potential adverse effects on the Group’s
financial performance. The Group uses certain derivative financial instruments to hedge certain risk exposures.
The consolidated interim financial statements do not include all financial risk management information and disclosures required
in the annual financial statements. They should be read in conjunction with the Group’s annual financial statements for the
period ending 25 January 2026. There have been no changes in the risk management policies since year end.
Based on NZ IFRS 13 Fair Value Measurement, the fair value of each financial instrument is categorised in its entirety based
on the lowest level of input that is significant to that fair value measurement. The levels are defined as follows:
Level 1: Quoted prices (unadjusted in active market for identical assets and liabilities);
Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly
(that is, as prices) or indirectly (that is, derived from prices);
Level 3: Inputs for the asset or liability, that are not based on observable market data (that is unobservable inputs).
The financial instruments held by the Group that are measured at fair value are; over-the-counter derivatives (foreign exchange
contracts) and an investment in equity securities. The derivatives have been determined to be within level 2 (for the purposes of
NZ IFRS 13) of the fair value hierarchy as all significant inputs required to ascertain the fair values are observable. The investment
in equity securities is determined to be within level 1 as quoted prices are available from an active equities market for identical
securities. There were no transfers between levels 1 and 2 during the period.
There were no changes in valuation techniques during the period.
The following methods and assumptions were used to estimate the fair values for each class of financial instrument.
Trade debtors, trade creditors, related party payables and bank balances
The carrying value of these items is equivalent to their fair value.
Derivative financial instruments
Derivative financial instruments comprise of forward foreign exchange contracts which have been fair valued using market
forward foreign exchange rates at period end.

Investment in equity securities
The investment in equity securities has been fair valued using equity prices quoted on market at period end.
The following table presents the Group’s assets and liabilities that are measured at fair value at 26 July 2026:

Briscoe Group Limited Interim Report 2026 | Consolidated Financial Statements29
For the 26 week period ended 26 July 2026 (unaudited)
Notes to the Financial Statements
26 Week Period
Ended 26 July 2026
Directors’ Fees
26 Week Period
Ended 26 July 2026
Dividends
26 Week Period
Ended 27 July 2025
Directors’ Fees
26 Week Period
Ended 27 July 2025
Dividends
$000$000$000$000
Executive Director
RA Duke----
Non-Executive Directors
RPO’L Meo83-83-
AD Batterton48-48-
RAB Coupe
1.
301461
HJM Callaghan461451
MC Cairns45---
25222222
1. Andy Coupe retired as a director effective from 7 May 2026
13. Related Party Transactions
The Group undertook transactions during the 26-week period with the following related parties as detailed below:
• The R A Duke Trust, of which RA Duke is a trustee, as owner of the Rebel Sport premises at Panmure, Auckland, received
rental payments of $366,250 (2025: $366,250) from the Group, under an agreement to lease premises to The Sports
Authority Limited (trading as Rebel Sport). During the period a new lease agreement was entered into for the premises.
The remaining non-cancellable term of this lease is 11.7 years (2025: 0.7 years) with a payment commitment of $10,989,729
(2025: $488,333).
• Kein Geld (NZ) Limited, an entity associated with RA Duke, received rental payments of $319,838 (2025: $314,275) as owner
of the Briscoes Homeware premises at Wairau Park, Auckland, under an agreement to lease premises to Briscoes (NZ)
Limited. The remaining non-cancellable term of this lease is 6.1 years (2025: 7.1 years) with a payment commitment
of $4,079,346 (2025: $4,719,021).
• Kein Geld Westgate Limited, an entity associated with RA Duke, forms part of an unincorporated joint venture known as
Westgate Lifestyle Centre Joint Venture. This joint venture owns Westgate Lifestyle Shopping Centre at Westgate, Auckland
which includes the Briscoes Homeware and Rebel Sport premises. Rental payments of $285,222 (2025: $282,572) were
received in relation to the Briscoes (NZ) Limited lease. The remaining non-cancellable term of this lease is 7.8 years (2025:
8.8 years) with a payment commitment of $4,815,617 (2025: $5,813,233). The joint venture also received rental payments of
$95,648 (2025: $150,626) in relation to The Sports Authority Limited lease which included a three month rent-free period
whilst the store underwent refurbishment. The remaining non-cancellable term of this lease is 7.8 years (2025: 8.8 years) with
a payment commitment of $3,136,629 (2025: $3,087,271).
• RA Duke Trust (including RA Duke Limited) received dividends of $17,156,638 (2025: $17,156,638).
• P Duke, spouse of RA Duke, received rental payments of $508,469 (2025: $496,362) as owner of the Briscoes Homeware
premises at Panmure, Auckland under an agreement to lease premises to Briscoes (NZ) Limited. The remaining non-
cancellable term of this lease is 4.8 years (2025: 5.8 years) with a payment commitment of $4,830,452 (2025: $5,847,389).
Directors received directors’ fees and dividends in relation to their personally-held shares as detailed below:

Briscoe Group Limited Interim Report 2026 | Consolidated Financial Statements30
For the 26 week period ended 26 July 2026 (unaudited)
Notes to the Financial Statements
Directors received dividends in relation to their non-beneficially held shares as detailed below:
26 Week Period
Ended 26 July 2026
26 Week Period
Ended 27 July 2025
$000$000
Executive Director
RA Duke17,15717,157
Non-Executive Directors
RPO’L Meo1010
AD Batterton33
RAB Coupe--
HJM Callaghan--
MC Cairns4-
17,17417,170
14. Events After Balance Date
On 15 September 2026 the Directors resolved to provide for an interim dividend to be paid in respect of the 53-week period
ending 31 January 2027. The dividend will be paid at the rate of 10.00 cents per share for all shares on issue as at 25 September
2026, with full imputation credits attached (refer Note 11).
15. Accounting Standards
The accounting policies applied are consistent with those of the annual financial statements for the period ended 25 January
2026, as described in those annual financial statements.
Certain new accounting standards, amendments to accounting standards and interpretations have been published that are
not mandatory for the 26 July 2026 reporting period and have not been early adopted by the Group. Other than NZ IFRS
18 these standards, amendments or interpretations are not expected to have a material impact on the entity in the current
or future reporting periods and on foreseeable future transactions.
NZ IFRS 18: Presentation and Disclosure in Financial Statements will be effective for annual reporting periods beginning
on or after 1 January 2027. This new standard, which is mandatory for the Group in the 2028 financial year, is expected
to change the presentation of the Group’s consolidated income statement. The Group will disclose more information
in the annual financial statements when a full assessment has been performed of the impact of the standard.

PricewaterhouseCoopers
PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland
1142, New Zealand
T: +64 9 355 8000, www.pwc.co.nz
pwc.co.nz
Independent auditor’s review report
To the shareholders of Briscoe Group Limited
Report on the consolidated interim financial statements
Our conclusion
We have reviewed the consolidated condensed interim financial statements (“interim financial statements”) of
Briscoe Group Limited (the Company) and its controlled entities (the Group), which comprise the consolidated
balance sheet as at 26 July 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-week period ended on that date, and notes, comprising material accounting policy information and
other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim
financial statements of the Group do not present fairly, in all material respects, the financial position of the Group
as at 26 July 2026, and its financial performance and cash flows for the 26-week period then ended, in accordance
with International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to
International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised)
Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)).
Our responsibilities are further described in the Auditor’s responsibilities for the review of the 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 and assurance practitioner, our firm also provides other services relating to executive
remuneration benchmarking. The firm has no other relationship with, or interests in, the Group.
Responsibilities of Directors for the interim financial statements
The Directors of the Group are responsible on behalf of the 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.
Briscoe Group Limited Interim Report 2026 | Independent Auditor’s Report31

Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410
(Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the
interim financial statements, taken as a whole, are not prepared in all material respects, in accordance with IAS 34
and NZ IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance
engagement. We perform procedures, primarily consisting of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing and International Standards on Auditing (New Zealand) and
consequently does not enable us to obtain assurance that we might identify in an audit. Accordingly, we do not
express an audit opinion on these interim financial statements.
Who we report to
This report is made solely to the Company’s Shareholders, as a body. Our review work has been undertaken so that
we might state those matters which we are required to state to them in our review report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company
and the Company’s Shareholders, as a body, for our review procedures, for this report or for the conclusion we have
formed.
The engagement partner on the review resulting in this independent auditor’s review report is John (Jolly) Morgan.
For and on behalf of:
PricewaterhouseCoopersAuckland
15 September 2026
Briscoe Group Limited Interim Report 2026 | Independent Auditor’s Report32

Directory
Briscoe Group Limited Interim Report 2026 | Directory33
Directors
Dame Rosanne PO’L Meo (Chair)
Rodney A. Duke
Anthony (Tony) D. Batterton
Hugh J. M. (Mark) Callaghan
Mark C. Cairns
Registered Office
1 Taylors Road
Morningside
Auckland 1025
New Zealand
Telephone +64 9 815 3737
Postal Address
PO Box 884
Auckland Mail Centre
Auckland
New Zealand

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

34Briscoe Group Limited Interim Report 2026

35Briscoe Group Limited Interim Report 2026