The Warehouse Group releases new strategy

1



NZX | Media release – 2 November 2026
The Warehouse Group releases new strategy and ambition
of $100m operating profit
The Warehouse Group today released its new strategy at its 2026 Investor Day, setting out
how it plans to build exceptional retail brands and deliver improved and sustainable
shareholder returns.
The Group has set a target to achieve $100 million in operating profit
1
within three to five
years, compared with $22.6 million operating profit in FY26, and an ambition to open four to
five new stores a year across its three brands.
Group Chief Executive Officer Mark Stirton said The Warehouse Group has a strong
endowment to build from. “We welcome around 1.7 million customer visits to our three iconic
retail brands every week, and we have a national store and distribution network that is
enviable. Over time the business lost sight of what customers wanted from us and as a
result, has not performed to its potential.
“Our new strategy is grounded in knowing our customers better, offering the right products,
making our stores more exciting to shop and running the business with much greater
discipline.
“We have a credible and realistic pathway to achieving our target of $100 million in operating
profit within three to five years, which does not rely on any single initiative. We will first
improve our existing business, then regain market share while pursuing growth through new
stores and new profit streams. Importantly, much of what we need to execute is within our
control and does not rely primarily on near-term economic recovery.”
The strategy includes plans for a simpler, more responsive and lower-cost integrated supply
chain to improve product availability, reduce aged stock and markdowns, respond faster to
customer demand and lower the cost to serve. Underpinning the strategy is a disciplined
capital management framework, which sets out how cash will be allocated.
The Board has revised the dividend policy to target an annual ordinary dividend payout ratio
of 50% to 70% of adjusted NPAT
2
. It intends to consider resuming dividends for the FY27
year. Any dividend remains subject to the Group’s performance, financial position and Board
approval.

1
Operating Profit (EBIT pre-IFRS 16) excludes the impact of NZ IFRS 16 and unusual items and is a non-GAAP measure. The three-to-five-year
period would be between FY29 and FY31
2
Adjusted NPAT is from continuing operations before unusual items and is a non-GAAP measure. A reconciliation between Adjusted and
Statutory NPAT is located in Note 5.0 of the financial statements

2

Trading update
Trading for the first quarter of FY27 remains constrained by a subdued retail climate and
consistent with the update provided at the Group’s FY26 annual results, with Group sales
broadly in line with the prior year and margin performance ahead of the prior comparable
period. The Group will provide further detail on first-quarter performance in its Q1 Trading
Update on 13 November 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
Mark O’Malley
Head of Strategy
+64 27 301 5936
mark.omalley@twgroup.co.nz

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

---

1
Investor Day
Building exceptional retail brands
He waihangaingāwaitohuhokohokokōhure
2 November 2026

2
2
Contents
2
Our direction
John Journee
01
Strategic overview
Mark Stirton
03
The Warehouse
Mark Stirton
04
Warehouse Stationery
Mark Stirton
05
Noel Leeming
Jason Bell
06
The integratedsupplychain
Lyle Brady
07
Financials
StefKnight
08
Close and Q&A
Mark Stirton
02
The pathto $100m
Stef Knight
Contents

3
John Journee
Chair, on behalf of the Board
Why the Board
believes in this plan
Our purpose —To build exceptional retail brands that customers love,
our people take pride in, and that deliver sustainable shareholder returns
Why we believe
01
We are starting from real strengths
Three iconic brands, a national store network and deep community connection
02
There is a clear path to better performance
The plan addresses the areas that need to improve across margin, cost and growth
What we commit to
03
Stay focused on one strategy
Clear priorities, disciplined investment and accountability for delivery
04
05
Board governance
Board has set parameters for how capital is to be allocated and
performance is judged to reach the $100m target in the right way
Be transparent on progress
Report consistently on the measures that matter, including where progress falls short
Our Direction

4
4
Strategic overview
Mark Stirton, Group CEO
Section 1

5
Our path back to
our $100m target
We know what it takes to deliver more than $100m.
Getting back there will depend on consistent execution
1.Operating Profit (EBIT pre-IFRS 16) excludes the impact of NZ IFRS 16 and unusual items and is a non-GAAP measure
2.The three to five year period would be between FY29 and FY31
$100m
operating profit
1
within three to five years
2
$119.0m
FY22
$83.4m
FY23
$28.9m
FY24
$1.3m
FY25
$22.6m
FY26
$100m
Target
Our financial target
Strategic Overview
Grow in more ways
Improve Returns
Turn better performance into profit
Leverage better fundamentals along with improved range and
store refresh programme
Reset
Fix the retail fundamentals
Predictable margin, disciplined cost and healthy stock
Build from
our strengths
Our current endowment and foundations
Trusted brands, regular customers and a national network
Win more customers across our three brands,
open new stores and grow in new areas
Grow

6
Strategic Overview
C U S T O M E R R E A C H
01
1.7 million
visits by New
Zealanders each
week
1
W H A T I T E N A B L E S
A large base and
opportunity to
increase conversion
B R A N D E Q U I T Y
02
ICONIC
W H A T I T E N A B L E S
Brands New
Zealanders already
know
S T O R E N E T W O R K
2
03
219
stores across three
brands
W H A T I T E N A B L E S
Close to customers
across New Zealand
D I S T R I B U T I O N N E T W O R K
04
2 DCs
distribution centres
serving stores and
online
W H A T I T E N A B L E S
A shared platform for
our brands
brands with
opportunity to grow
preference
S A L E S S C A L E
05
$3bn
FY26 Group sales
W H A T I T E N A B L E S
Scale to leverage
across the Group
Diagnosis: a strong endowment
to build from
Customer reach, established brands, a national network
and scale give us a strong starting point
1.Represents our foot-traffic statistics across the Group, The Warehouse accounts for 1.45 million of the total number
2.219 stores includes the 2 stores that were opened early in FY27 and includes 42 SWAS (store within a store) for Warehouse Stationery

7
Strategic Overview
W H A T W E N T W R O N GW H A T W E A R E I M P L E M E N T I N G
Operating model
The agile operating model became too complex,
weakening brand focus and retail accountability
→
Three brand-led businesses, built around buy, move and sell, with clear
accountability
Strategy
A broad ecosystem strategy that stretched focus and
investment beyond the core retail fundamentals
→
A renewed focus on core retail, winning in store with digital supporting
the customer journey
Technology and
digital
Legacy tech transformation became too complex, too
expensive and progress stalled
→
Simplifying our technology stack, lower spend and applying stronger
return hurdles to new investment
Adjacencies
We invested outside our core where we lacked a clear
advantage and grocery expansion became undisciplined
→
Exited TheMarket.com and Torpedo7. Grocery repositioned as a value-
led top-up
Merchandise
We lost relevance in parts of our range and with some
important customer groups
→
Clearer customer focus, priority categories and stronger ranges and
house brands –with more work to do
Stock
Too much stock, often in the wrong place, tied up cash and
constrained the network
→
Buying closer to demand, tighter inventory control and simpler flows to
stores -with more work to do
Diagnosis: the retail fundamentals
got damaged
We are refocusing the business on what matters; our
customer, our brands and strong retail execution

8
Our job is to fixthe retail fundamentals
These are the five fundamentals we are fixing firstto unlock the most value
01
Operating model
Brand-led, with clear accountability
02
Systems and processes
Simpler technology, and disciplined buying and planning
03
Supply chain
Faster flow and a lower cost to serve
04
Stores and brands
Investing again in our stores and our brands
05
Talent
Building retail capability and developing our people
CEO focus
Performance
Strategic Overview
Culture
Brand

9
Retailneeds both art and science
Judgement and taste shape what customers love and datashows what earns its place
1
Brands people love
Relevant brands that give customers
more reasons to choose us
2Trend and taste
Desirable ranges that changes perceptions and
make us more relevant
3
Excitement and connection
Store experiences that create excitement,
discovery and emotional connection
Science (store productivity)
Labour-heavy
The ambition: strong on both
Underperforming on both
Space under-used
GMROL: gross margin return on labour→
GMROM: gross margin per square
metre
→
Examples of how this is being used:
Strategic Overview
Art (taste and emotional connection)
•Lease decisions
•Diagnose and drive store performance and productivity
•Store refresh and refit programme
Move stores up and to the right

10
Retail needs to be
tailored to each market
The same retail principles and Group platform in every store,
with product, experience and investment tailored to the
local market
One platform serves all three
brands, in every community
Elevate the urban experience
Lead in regional New Zealand
Product
Newness, trend and destination ranges
Locally relevant ranges, reliably in stock
Place
Flagships and destinations
Refreshed stores, sized for the community
Price
Trusted for great everyday value
Promotion
Targeted messages that drive reappraisal
Local relevance and major family occasions
People
Help where customers need it most
Known and trusted in the community
Systems
Supply ChainSuppliers
Strategic Overview

11
Strategic Overview
1 · S T R A T E G I C A L L Y W E B E L I E V E T H A T
01
Stores remain at the heart of New Zealandretail:
73% of core NZretail spend isstill in store
1
02
New Zealand’s geography favours stores:
A small, spread-out population means stores
remain an important and convenient way to shop
03
2 · W H A T G L O B A L L E A D E R S A R E D O I N G
Big retailers are investing in stores
650+
Walmart store remodels scheduled this year
2
Target: its stores fulfil +95% of sales, including
orders placed online
2
IKEA: €5bn over three years for new and better
stores, including smaller city formats
2
In New Zealand: JB Hi-Fi went from 23 to 26 stores
in FY26; IKEA opened in Auckland
2
3 · T H E R O L E O F D I G I T A L
Customers plan online, buy in store
6 in 10
store sales from customers we know start on
our website, app or emails
3
Omni channels: customers move between social,
our app, website and stores as part of one
shopping journey.
04
The right product gives the customer a reason to
visit: consumables for frequency, house brands for
difference, beauty for next gen
05
Digital discovery isessential to support Win in
Store: digitalthat makes shopping easier and
aligns to how our customer shops
Our lease profile reinforces our commitment to
store:and the need to improve store economics.
We must Win in Store
1.Spend % reflects the proportion of Core Retail sales, including Books & Stationery, Furniture, Technology & Appliances, Health Goods & Services, Department Stores, Building Supplies, and Clothing &
Footwear sectors. Source DOT Loves Data using ANZ card data (adult population 18+, excluding business cards)
2.Sources: Walmart, Apr 2026, Target 10-K FY2025, Ingka Group, Mar 2026, JB Hi-Fi FY26 results, Ikea 1news Dec 2025
3.Sources: 6 in 10 stat from TWL data,
The role of physical and digital retail
Stores remain at the heart of retail in New Zealand, the
world’s biggest retailers are backing theirs, and
customers use digital to plan their store visits
—Win in store

12
Investor Day 2026
3.
GROW
A disciplined approach to investing in our store
network, proving what works before scaling
A scalable concept,
proven first
New stores in
identified white space
2.
REFRESH
1.
GRADE EVERY STORE
Restore, Renovate
or Reimagine
How we invest,
store by store
Strategic Overview
—Win in store

13
Three brands, a range of formats, and a disciplined prove-before-scale approach.​
The Warehouse
84 stores
Top 10 stores
Flagship concept in design
Estate refresh
Restore and renovate
Smaller formats
Right sizing stores for the
community and catchment
Noel Leeming
67 stores
Flagship
Queen Street now open
Suburban &
strongholds
Refit, relocate and grow
Regional
Right sizing stores for the
community and catchment
Warehouse
Stationery
68 stores
Standalone
26 stores
Store-in-store
42 stores inside The
Warehouse
THE FORMAT RULE
Use shared space where it
works; standalone elsewhere.
Ambition: open 4-5 stores per year over time with a disciplined capital allocation approach and new stores tested against hurdles
Strategic Overview
Tailor and grow our store network
—Win in store

14
A simpler technology stack,
better data and practical uses of AI
We are simplifying our systems, improving the quality
of our data and using AI where it can make a
measurable difference
Lower technology cost and complexity
but does require investment
›
Oracle Retail
One core retail platform
Salesforce
One platform for commerce and marketing
Manhattan
Retained forordermanagement
Strategic Overview
Consolidate our technology
1
OUTCOME
Faster, consistent decisions from one
source of truth
One data foundation
One business language
One trusted view of
performance
2
OUTCOME
Improve our data
Practical AI embedded across the
business
Improve product availability
Helping store teams find answers
Simplifying processes
Agentic search optimisation
Markdown and pricing
3
OUTCOME
Use AI where it adds value
›
›
›
›
›

15
An unbeatable culture
Performance
culture
Leadership & modern
ways of working
Investing in buying, planning,
merchandising and frontline
retail capability and talent to
improve execution
Building a culture where people
understand the strategy, know
what's expected, are recognised for
their contribution and feel
connected to performance
Developing strong leadership,
succession and capability in new
technologies to support
productivity and better decision
making
Critical retail
capability
Engagement →capability → execution → customer outcomes → performance outcomes
Strategic Overview
Building the retail capability and culture required to execute the
strategy consistently and sustain improved performance

16
Our ambition
To be a highly desired retail stock
To build exceptional retail brands that customers love, our people take
pride in, and that deliver sustainable shareholder returns
Where we play
How we win
Our purpose
Our strategy:
build exceptional retail brands
Broad value retail
The Warehouse
Specialty retail
Noel Leeming · Warehouse Stationery
Future growth
New specialty formats · eCommerce · new
profit verticals
Provide cost-efficient
platforms for our brands
Develop a pipeline for growth
(customers + stores)
Disciplined capital allocation
Supply chain and sourcing · Technology, data and AI · People and culture · Sustainability
Values:Think Customer, Do Good, Own It
Strengthen retail discipline
Strategic Overview

17
The path to $100m
Stef Knight, Group CFO
17
Section 2

18
Three levers provide multiple pathways to our $100m target
1
Resetting the fundamentals provides the base, with further growth from market share, new stores and new income
Operating profit bridge
1
$22.6m
$100m
Target
FY26
Actual
Optimisethe baseGrowth in existing stores
New stores and new
income
Our target
within three to five years
Illustrative example of
assumptions to get to
our target
•Grow top-line with a CAGR of
~2.0%.
•Margin +150 bps on FY26
•Costs grow slower than sales
•Gain share of wallet at
10–15 bps p.a.
•Build to 4–5 new stores
per annum over time
•Retail media uplift
1. The illustrative bridge exceeds the $100m target, so not all of the listed assumptions need to hold true to reach the target.
Operating profit (EBIT pre-IFRS 16) excludes the impact of NZ IFRS 16 and unusual items and is a non-GAAP measure.
The Path to $100M
The levers add up to more than $100m, so not every lever has to deliver in full

19
Investor Day 2026
The pace depends on the market and our execution
5 Year
$100m
Economy
Stronger consumer demand lifts sales
Earlier margin recovery and cost optimisation
Store refreshes perform and can scale
The Path to $100M
Our $100m target.
Our target is to get there within three to five years
What might mean it takes longer
3Year
What might get us there sooner
Our
execution
›
›
›
Continued tough economic environment
Cost pressures remain elevated
›
›
Margin recovery takes longer
›

20
Building the foundations
for sustainable growth
The reset continues as we invest in the capabilities needed to support growth
FY26FY27FY28FY29FY30+
Stage 1 · RESET
Fix the fundamentals
Cost, inventory, buying, planning, cash
Stage 2 · CONVERT
Leverage improved fundamentals
Product, stores, brand, availability, digital, services
Stage 3 · SCALE
Growth from a stronger base
Scale revenue growth levers, and strengthen returns
WE ARE HERE
The Path to $100M

21
Our top 10 priorities and
progress against them
These are the priorities we are focused on now, with clear
accountability and measures of progress. The top 10 will
evolve as we progress and deliver
P R I O R I T YE A R L Y S T A G EE M B E D D E DS C O R E
1
Stabilise and improve the supply chain
5
2
Store refresh programme
5
3
4
4
The Warehouse destinations roll-out
5
5
Supply base strengthening and diversification
4
6
Trusted data and semantic layer
7
7
Store and support office optimisation
5
8
AI-enabled future
5
9
Improve core merchandise systems and process
3
10
Completing ERP transformation (Oracle Retail & Fusion)
8
Scores reflect the current assessment of progress against our objective for the initiative.
Reposition House Brands
The Path to $100M

22
How we create sustainable
shareholder value
Better customer outcomes drive stronger returns, giving us
the capacity to reinvest and return dividends to shareholders
Threebrands
One platform
Delivering
long-term value
1.GMROM, GMROL, GMROI is defined as Gross Margin Return on Metres, Labour and Inventory respectively
The Path to $100M
BETTER FOR YOU, BETTER FOR ALL, BETTER FOR US
Commercial flywheel underpinned by our
sustainability strategy
Invest with discipline
Prioritise investment where we can generate attractive returns
Measures: Capex returns · free cash flow· eps
Improve productivity
Get more from our stores, inventory and labour
We Manage to: GMROM · GMROL · GMROI
Grow margin & manage coasts
Grow gross profit while maintaining discipline on our cost base
Measures: Gross margin · CODB % of sales
Win with customers
More customers choosing our brands, more often, with a stronger mix
Measures: Sales · market share · foot-traffic
1
2
3
4
2
3
4
1

23
Investor Day 2026
The Warehouse
23
Making the desirable
affordable for all New
Zealanders
Mark Stirton, Group CEO
Section 3

24
The Warehouse today:
1.5m
Visits every week
84
stores, with 85% of New
Zealanders within a 20-minute
drive
Since 1982
founded by Sir Stephen Tindall,
and a Kiwi household name ever
since
D I D Y O U K N O W ?
54 million sessionswere made to
The Warehouse website in FY26,
alongside ~440,000 app
downloads during the period
FY26 Overview
Sales
59% of the Group
$1,774.9m
Same-store sales
1
52 weeks
+0.6%
Operating profit
2
loss narrowed by $4.7m
$(7.5)m
Online penetration
of sales
4.4%
The Warehouse
Ourlargestbrand, and our largest opportunity
Part of Kiwi life since 1982

25
Our ambition
New Zealand’s #1 retail destination
Making the desirable affordable for all New Zealanders
Where we play
Lead in regional New Zealand
Build on our local reach and
community connection
Lift the urban experience
Better stores and more relevant
ranges
Compete for online growth
Drive frequency, deepen engagement
and supports win-in-store
How we win
Better product
Relevant ranges and stronger house
brands
Value customers can see
The right balance of price, quality and
desirability
A better customer
experience
Clear destinations, local connection
and consistent messaging
Our purpose
The Warehouse:
Our Strategy
Win in store strategy
Creating more reasons for customers to choose us

26
We now know our customers
better than ever
Our focus reflects where we have the strongest
relationships today and where there is more opportunity
G R O W A N D C O N V E R T 44% of populationM A I N T A I N A N D P R O T E C T 43% of populationW I N M O R E O C C A S I O N S
Life Jugglers
Population
21%
Retail spend
47%
Our sales
30%
What they want
Worthwhile value; basics for kids;
time-saving convenience
Next Gen
NZers
Population
23%
Retail spend
15%
Our sales
18%
What they want
A modern shopping
experience; fashion and
health & beauty; speed and
digital
Budget
Conscious
Population
23%
Retail spend
11%
Our sales
30%
What they want
The go-to shop for value;
always managing the budget
Seasoned
Citizens
Population
20%
Retail spend
6%
Our sales
8%
What they want
Hobbies and gifting; settled,
with fewer needs
Opportunists
Population
10%
Retail spend
7%
Our sales
11%
What they want
Quality at the best price; seek
out deals
Our largest opportunity
to win share of wallet
-Life Jugglers’ basket size is
20% more than the rest
Source: February 2026 customer segmentation study with DOT Loves Data using ANZ card data (adult population 18+, excluding business cards) and TWL internal data. Spend % reflects the proportion
of Core Retail sales, including Books & Stationery, Furniture, Technology & Appliances, Health Goods & Services, Department Stores, Building Supplies, and Clothing & Footwear sectors
The Warehouse

27
Life Jugglers and Next Gen
NZersare where we will grow
Win more visits through relevant ranges, trusted
value and a faster, easier shopping experience
How our strategy earns the visit:
Life Jugglers
Win more family missions; kids, family basics, toys
Give confidence in value and quality
Next Gen NZers
Beauty and fashion destinations
More modern stores
Both: digital that makes trips quicker and easier
Average visits a year by segment:
Life Jugglers
Next Gen NZers
9.1
6.8
The opportunity (illustrative):
+1 visit a year from both segments
~$40m
Gross profit contribution a year
Make the visit easy; availability, navigation,
convenience
Trend, sharp pricing and social to create discovery
The Warehouse
Source: February 2026 customer segmentation study with DOT Loves Data using ANZ card data (adult population 18+, excluding business cards) andcompany data. Illustrative: annual gross profit
contribution if the average Life Juggler and Next Gen NZermakes one more visit a year

28
Famous, but not yet the favourite
To achieve our ambition, we must create
meaningful difference
Source: Kantar Brand Evaluator study for The Warehouse Group, June 2025. Total sample n=400; The Warehouse aware base n=399. Indices calculated among those aware of each brand; average = 100.. Among
the brands measured, The Warehouse recorded the highest Salience and above-average Meaningful, but below-average perceived Difference. © Kantar 2025. Certain statements on this page reflect TWG’s
interpretation of the Kantar research rather than specific Kantar measures, including “reasons to visit”, “reasons to talk aboutus” and “we are not giving customers enough of this...”.
1.Simplified illustration based on Kantar data, showing relative positioning only. "Difference built by" identifies attributes associated with perceived Difference and does not establish causation.
The Warehouse
W H E R E W E S I T T O D A Y
1
Meaningfully
different
Neither
The Warehouse
Create
difference
MEANINGFUL →
(Value, convenience, community connection)
DIFFERENT →
DIFFERENCE BUILT BY:
•Fresh and exciting product
•Inspiring ranges
•New ideas
•Exciting shopping experiences
•Reasons to visit
•Reasons to talk about us
•We’re not giving our customers
enough of this –create
difference

29
Three things working
together create difference
Product, presentation and messaging combine
to give customers a reason to choose us
1
Product strategy
Products customers want at
prices they value
2
In-store destinations
Bringing related products together
around a need
3
Customer messaging
Giving customers a reason to
visit and look again
Product strategy
Customer
messaging
In-store
destinations
Difference
Back Country Concept: illustrative design renders, not live or final designs.
Investor Day 2026| The Warehouse

30
Every category has a clear job to do
Some bring customers in more often, some earn our
margin, and some are where we can grow. Each is chosen
around what our customers want
CategoryIts role for usWhy customers comeMarket
1
and competitors
2
Our edge and opportunity
Grocery
Pantry and household
Frequency
Top up on everydayessentials
at a good price, close to home
Growing3%
SupermarketsTier 1 and Tier 2
A value top-up close to home, in every store;
not trying to be a full supermarket
Toys
Traffic and
excitement
Birthdays, Christmas and
pocket money
Growing 5%
Kmart, Farmers, toy specialists
New Zealand’s #1 toy retailer; leads families on
to kids’ clothing and party
Home
Homewares, bed, bath,
storage
Marginand
relevance
Making the home look good
for less
Growing 3%
Kmart, Briscoes, Farmers, IKEA
Living & Co and other own brands; win back
share with our Indoor Lifestyle destination
Apparel
Everyday clothing and
footwear
Margin, relevance
and frequency
Everyday basics for the whole
family
Growing 2%
Kmart, Farmers, Cotton On, Postie
Own brands such as H&H and Active Intent;
win back share with everyday basics
Health & beauty
Growth
Affordable beauty and new
brands to try
Growing 10%
Chemist Warehouse, Kmart, Farmers
New brands and new beauty spaces: our #1
growth destination
Sport & outdoors
Fitness, camping, fishing,
cycle
Growth, as a
challenger
Gear for the weekend and
adventures, at a fair price
Growing 1%
Rebel Sport, Kathmandu, Hunting &
Fishing
Own brands Backcountry and Active Intent,
and stores in every region
1. Market is FY26spendfor the 12 months ending 2 August 2026across the total retailmarket in the defined category set.Source: Dot Loves Data (ANZ card spend).
2..Competitors shown are examples
The Warehouse

31
Investor Day 2026
Building product difference
Desirable ranges, house brands and clear value at
every price point will drive more visits, larger
baskets, stronger margin mix and share growth in
priority categories
R A N G E
Curate for relevance
Clear category roles, fresher product and ranges
built around customer needs.
B R A N D S
Build brands customers love
Distinct house brands with consistent quality,
identity and packaging.
V A L U E
Make value easy to see
Good, better, best choices across price, quality
and style.
The Warehouse
H & H and sheets concepts: illustrative design renders, not live or final designs.

32
‘Destinations’ will make our priority
categories easier & better to shop
Bringing relevant products together instore and online around
customer needs and occasions, rather than how we organise
our categories
From how we think
ApparelHomeToysGrocery
To how customers shop
Camping tripMovie nightBaby showerBirthday party
Be famous forChallenge into
Health & Beauty
House of Everyday Beauty
Indoor Lifestyle
House of Style & Comfort
Everyday Apparel
House of Everyday Value & Style
Bring ranges together
The Warehouse

33
Product shown at its best, creating
inspiring shopping experiences
A clearer, brighter store where product and house brands do
the talking –small changes will make a big difference
Today: The Warehouse store photography, 2026. Concepts: illustrative design renders, not live stores; final designs may differ.
TODAYCONCEPT
→
TODAYCONCEPT
→
Beauty: our #1 growth destinationActive IntentH&H menswear
1House brands stand alone clearer identity and stronger presentation
2
Outfits, not just railsstyled looks make product easier to imagine
3Value is easy to see Colour, volume and merchandising make the offer obvious
4Lighter and easier to shop better lighting, fixtures and navigation
The Warehouse

34
Brand and meaningful
difference
Storytelling that connects and reinforces
meaningful difference to drive reappraisal
and preference
—Create Difference –Customer messaging
The Warehouse
Meaningful
Difference
Heritage and role in communities
Fresh style and new brands
Above the line
In-store & online
Brand
Long-term platform & connection

35
Digital sells online and
brings customers into
our stores
Digital plays multiple roles in driving online sales
growth, bringing customers into store and
providing a connected digital experience
Online
$78.6m
online sales in FY26
•Shop any time, on our website or app
•Find products and check store availability
•Click and collect the same day
In store
6 in 10
store sales from customers we know start on our website,
app or emails
•Find products faster with the app
•Pay quickly at self-checkout
•Earn rewards in the app
Investor Day 2026| The Warehouse

36
Digital sells online and
brings customers into
our stores
Digital plays multiple roles in driving online sales
growth, bringing customers into store and
providing a connected digital experience
FIND IT
SEE IT IN STOCKCOLLECT IT TODAY
1
2
3
Investor Day 2026| The Warehouse

37
10,000 brand advocates
Our team are galvanised around The Warehouse
turnaround and clear on the role they play to
create meaningful difference
The Warehouse

38
Helping Kiwis do
their best work
Mark Stirton, Group CEO
38
Section 4

39
85.3
in-store NPS: the highest customer
score in the Group (FY26)
68
stores, 42 of them inside The
Warehouse
24,000
active business customers on
BizRewards(FY26)
D I D Y O U K N O W ?
Back to School has over 240 schools
signed up, with school essentials
from just 15cents
FY26 overview
Sales
+2.5% on 52 weeks
1
$227.6m
Operating profit
2
up 94%
$15.9m
Operating margin
+340 bps, Group best
7.0%
Online
% of sales
7.1%
1.Comparable 52 week removes the 53rd week of FY25
2.Operating Profit (EBIT pre-IFRS 16) excludes the impact of NZ IFRS 16 and unusual items and is a non-GAAP measure
Our best margin brand with strong growth opportunities
Warehouse Stationery
For more than 30 years, we have helped Kiwis work, study, create and connect.

40
Warehouse Stationery: our strategy on a page
Our long-term
ambition
Where we play
How we win
1 million customer transactions a month
Helping Kiwis do their best work
Grow inbusiness
Small and medium businesses, served
fast and simply
Lead in education
Long-term school partnerships and all-
year essentials
Win with consumers
Work, study, create and connect
To be the one stop shop for work, study, create and connect
Unbeatable business
offer
Education partnerships
Expand key categories
and services
Stores and online
Our purpose
Warehouse Stationery

41
Investor Day 2026
Two focused growth levers: business and education
BUSINESSEDUCATION
More SME accounts and more share of wallet
Build repeat purchasing through a stronger business proposition, not just
transactional stationery sales
1
Dedicated commercial sales
Win and manage medium business
2
BizRewards
Simpler benefits, member value and
personalisedengagement
3
Remove buying friction
Contract pricing, a better B2B experience
and faster fulfilment
Long-term school partnerships and recurring revenue
Move beyond the Back-to-School peak by becoming a dependable partner for
schools, teachers and learners
1
Engage schools earlier
Direct account ownership and a larger
partnership pipeline
2
Strengthen the offer
Educational aids, trusted value and tailored
school pricing
3
Make fulfilment reliable
Profitable school packs, easy ordering and
better DIFOT
Ambition: Sales contribution going from ~9% → 15%Ambition: School partnerships going from ~240 → 1,000
Warehouse Stationery
Deepening customer relationships to build more recurring revenue

42
We enrich Kiwi lives
through technology
Jason Bell, CEO Noel Leeming
42
Section 5

43
A market-leading brand
with a stronger profit base
FY26 established a stronger base. The next task is to turn
our scale and service advantage into sustained growth
and better returns
1,180+
expert team members who help
customers choose it and get it
working
67
stores, with 85% of Kiwis within 20
minutes
200,000
Visits every week
D I D Y O U K N O W ?
NZ’s largest technology delivery and
installation fleet with over 60 Tech
Solutions vehicles and 100
technicians from Kaitaia to
Invercargill
FY26 overview
Sales
flat on 52 weeks
$1,017.4m
Operating profit
1
up $10.1m
$21.8m
Operating margin
+100 bps
2.1%
Online sales growth
13.1% of total sales
+13.2%
1.Operating Profit (EBIT pre-IFRS 16) excludes the impact of NZ IFRS 16 and unusual items and is a non-GAAP measure.
Noel Leeming

44
Noel Leeming: strengthen the core, grow where we can differentiate
Helping Kiwis choose, set up and get the most from their technology
O U R A M B I T I O N
W H E R E W E P L A Y
H O W W E W I N
Build towards a sustainable 5% EBIT business, supported by a growing online business
We enrich Kiwi lives through technology
Lead in retail
Technology and home solutions, in store
and online
Grow services
Solving real customer problems, from
set-up to repair
Win in commercial
Education, government and trade
Increase attach&conversion
Strengthen sales capability and
right product mix
Services customers value
Profitable services that build
loyalty and margin
Stores and online
Sharper execution in store and
online, and more stores
Optimisecost-to-serve
Simplify processes and improve
productivity across the network
O U R P U R P O S E
Noel Leeming

45
Winning the next generation
of technology customers
Our opportunity with under-35s is to extend our
strength into the technology categories where we
have more room to grow
Noel Leeming
The under 35s –where we want to gain ground
Personal audio
Mobile
Gaming
Keep serving the customers who trust us today, while earning more share from the
younger generation
How will we do this
1
The right products
Win back share in categories of audio, mobile and gaming with
great products at consistently competitive pricing
2
Stores worth visiting
Create hands-on, engaging experiences and bring the same
solutions online
3
Brand
Tech accessories
Build relevance through creators, content and culture

46
Hands-on stores, built
one proven step at a time
Customers come to stores to try, compare and get
advice. We’re improving the experience, starting
where the opportunity is strongest
More hands-on in every store
•Live audio and gaming demos
•Smart home displays
•Regular in-store events
•More experts at busy times
Refresh, add, elevate
Drives
1
Improve our best stores
Better layouts and more space for what sells
Sales per square
metre
2
Expand where we see opportunity
Smaller stores in regional and suburban locations
Mangawhaiopens late 2027
Opportunity to
return to store
growth
New customers and
reach
C O N C E P T
3
Elevate flagships
Statement stores that showcase the best of Noel
Leeming
Queen Street, Auckland, opened September 2026
Relevance with our
customer groups
Noel Leeming

47
Anyone can sell technology. Few
can make it work for customers.
Product and pricematter. Our difference
is expertise, reach and service
ChooseFinanceDeliverInstallConnectSupport
A transactional
Retailer
The sale ends at the checkout
Product and priceCustomer takes it from here
Withretail and
commercial customers
from choice to support
1,180+ experts,
trained in
supplier
academies
Flexible ways to
pay
Delivery across
NZ
60+ Tech
Solutions vans
We get it
connected
Help when
needed
What sets us apart
Trusted expertise
Customers come to us for help with complex, high-
value purchases.
National reach
Stores, delivery and technicians across New Zealand
End-to-end service
We stay with customers beyond the sale
Opportunity:extend the same capability into broader service and commercial solutions
Noel Leeming

48
The integrated
supply chain
Lyle Brady, Group Chief Supply Chain Officer
Section 6
48
Unlocking our biggest opportunity

49
Group supply chain
Our objective is a highly integrated merchandise,
planning and low-cost supply chain to develop and
maintain our strong ethical sourcing and sustainability
policies
Our mandate
Build competitive
advantage
•Use our store network and
reach
•Compete on speed and cost
to serve
Enable Win in Store
•Deliveries that are easy to
handle
•Ranges and formats to
suit each store
Unlock sales
•Core lines in stock
•Launches, seasons and
trend drops on time
Protect margin
•Lower cost to serve
•Less waste and less aged
stock
Five pillars of focus
The integrated supply chain
1 Reset cost to serve
Simpler flows, more
productive DCs,
smarter transport
2 Fix availability
where it matters
Keep the lines
customers come for
reliably in stock
3 Build speed for
seasonal and trend
Shorter lead times,
fewer markdowns
4 Segment the
network
Stock and flow
matched to each
store’s role
5 One platform,
brand-smart
Shared DCs, transport
and systems; rules by
brand

50
A simpler supply chain will improve
availability and lower cost
The supply chainhas been under-invested in. We are now
building the capability each brand needs
The integrated supply chain
W H E R E W E S T A R T
Availability
Stock is not always where customers need it
Cost
Complex flows add handling, waste and cost
Responsiveness
Long lead times make it harder to match supply with demand
W H A T E A C H B R A N D N E E D S
The Warehouse
Better availability and faster seasonal flow
Noel Leeming
Accurate inventory and reliable delivery
Warehouse Stationery
Fast fulfilment for customers and businesses
The underlying issue:systems were added over time, but the physical network
was not modernised

51
Three moves to improve
availability and cost
Betterdata improves planning, automation improves
execution, and simpler flows reduce handling
1
Fix the basics
Better information and planning
PRIORITIES
•Connect suppliers digitally for orders and
shipping data
•Create consistent product data at source
•Move to one monthly plan across
merchandise and supply chain
OUTCOME
Fewer delays and stock that
better matches demand
2
Increase automation in
the DCs
Faster, more accurate fulfilment
PRIORITIES
•Introduce goods-to-person automation in
the North Island DC
•Use robotics where the case is proven
•Expand RFID and inventory visibility to
reduce errors and shrink
OUTCOME
Lower fulfilment cost and more
accurate picking
3
Simplify the flow
Use the right route for each product
PRIORITIES
•Set clearer availability rules for core ranges
•Pack selected apparel closer to source
•Move suitable lines store-ready with less
handling
OUTCOME
Better availability and fewer
markdowns
The integrated supply chain

52
Roadmap progress:
We are building a simpler, lower-cost supply chain
that supports margin recovery across the Group
Done
Faster distribution centres
Much faster processing in the South Island
Smarter forecasting and ordering
Built on one set of product data
Electronic trading with suppliers
Now mandatoryfor our largest suppliers
Automated picking contracted
North Island; build under way
Deliveries packed for each store
Grocery trial: pallets ready for the shelf
Under way
Automated picking goes live
North Island, August 2027
Tracking stock item by item
Electronic tags (RFID), brought forward
More deliveries packed for each store
Extending to apparel and to our overseas
hub
Fuller trucks on the return journey
Collecting from suppliers on the way back
Benefits over the medium term
Lower cost to get stock to the shelf
Less handling from supplier to shelf
Less stock lost or damaged
Better control from warehouse to shelf
Less aged stock
Better planning and clearance in every
brand
→→
The integrated supply chain

53
Section 7
Stef Knight, Group CFO
53
Financials

54
FY26 provides a stronger base and
was a step in the right direction
Operating leverage began to restore. Delivering the
$100m target means moving from 0.7% operating margin
close to 3%
Operating margin, FY22–FY26
FY22FY23FY24FY25FY26
3.8%
2.6%
1.0%
0.0%
0.7%
Gross margin
35.3%33.6%33.6%32.2%32.6%
CODB
31.8%31.0%32.6%32.2%31.8%
S A M E-S T O R E S A L E S
1
+0.4%
O P E R A T I N G P R O F I T
2
$22.6m
From $1.3m. Margin 0.7%
G R O S S M A R G I N
32.6%
+40 bps on FY25
C O S T O F D O I N G B U S I N E S S
3
31.8%
−40bps on FY25
FY26 performance overview
The Financials

55
FY26 cash flow and net debt
Strong operating cash flow funded increased capital
investment and reduced net debt by $79.1m to $17.0m
$96.1m
Opening
net debt
+$193.5m
Operating
cash flow
($19.4m)
Capital
expenditure
($94.7m)
Lease
payments
($0.3m)
Other¹
$17.0m
Closing
net debt
Free cash flow
1
: $79.4m
FREE CASH FLOW
$79.4m
A $124.6m improvement from FY25
AVERAGE DAILY BORROWINGS
-45% reduction
Against FY25 daily average
BANK INTEREST COST
$2.7m
Reduced 60% on lower debt levels
1.Free cash flow is calculated as operating cash flow less capital expenditure and lease principal payments
The Financials

56
Investor Day 2026
Drivers of top-line growth to
deliver on our financial target
More visits, more of them ending in a sale, and bigger
baskets grow our stores. With non-comparable growth
adding to that
Foot traffic
•Brand relaunch
•New product, house brands
•Destinations, refreshed stores
Conversion
•Core lines reliably in stock
•Stores that are easy to shop
•Advice and quick checkout
•Better visual merchandising
Basket size
•Good, better, best ranges
•Related ranges side by side
•Services and accessories
Share in priority
categories
•Health & beauty, home, apparel
•Audio, mobile and gaming
•Business and schools
New store
openings
•Ambition of 4-5 new stores p.a
•Smaller formats explored
•Each approved on its returns
Online growth
•One journey: store, web, app
•Partner sellers add range
•Same-day click and collect
New profit
verticals
•Retail media
•Mobile (MVNO)
•Other category growth
opportunities
GROUP SALES
Ambition to grow
sales ahead of the
market
The Financials

57
+150 bps gross margin opportunity
Target to move from 32.6% in FY26 to 34.1%
over three to five years
Group gross margin, % of sales
35.3%
FY22
33.6%
FY23
33.6%
FY24
32.2%
FY25
32.6%
FY26
34.1%
Target
Three to five years
Buy better -est. +40bps
Broader sourcing and shorter lead times
Sell more at full price -est. +40bps
Fewer markdowns and lower shrink
Improve the mix -est. +70bps
Higher-margin categories and own brands
•More space for health & beauty, home and apparel
•Own brands: H&H, Living & Co, Active Intent
•Grocery as a value-led top-up
•Everyday value, with fewer, sharper promotions
•Better product and destinations worth full price
•Faster supply and smarter clearance tools
The Financials
•More sourcing partners
•Buy closer to the season; repeat the winners
•Lower landed cost through consolidating hubs

58
CODB
1
to grow slower than sales,
with continued discipline
Important to maintain discipline and relentlessly seek
opportunities for further improvement to be an efficient retailer
The Financials
Cost of doing business
1
, % of sales
31.8%
FY22
31.0%
FY23
32.6%
FY24
32.2%
FY25
31.8%
FY26
Below
31%
Target
Three to five years
Maintain the support office reset
Support costs growing below inflation
•Savings from our TCS partnership held
•Fewer technology platforms and licences
•Improved operational efficiency and ways of working
Run stores more productively
Labourmatched to customers and workload
•Rosters set by customer demand, store by store
•Simpler store tasks as stock flow improves
Lower the cost to serve
A simpler, more automated supply chain
•Simpler stock flows, planned through RELEX
•Goods-to-person automation in our North Island DC
Optimiseoccupancy costs
Every lease decided on store returns
•Resize, reshape or release space at renewal
•Lower non-labourrunning costs in store
1.Cost of Doing Business (CODB) excludes the impact of NZ IFRS 16, unusual items, and is a non-GAAP measure​

59
Capital expenditure:
a disciplined step-up, led by stores
Capital expenditure of $40–60m a year, prioritising stores and
core infrastructure, with growth investment released
selectively and funded from operating cash flow
Capital expenditure, $m
113.2
FY23
39.0
FY24
12.4
FY25
21.1
FY26
$40–60m
1,2
a year
Target range
Invest for growth &
improvement
Released selectively against
clear investment hurdles
Maintain the core c.$25m
Keeps stores, systems and
DCs in good order
How we keep disciplined
Funded from cash flow. Strong cash flow generated in
FY26 with continued growth expected through earnings
and working capital unlocks
Core before growth. Stores, systems and supply chain
kept well invested first
Capex range: is dependent on earnings, cash flow and
managed by hurdles
E S T I M A T E D S P L I T O F S P E N D
c.50%
Stores
c.20%
Technology &
digital
c.20%
Supply chain
c.10%
Growth options
1.Dash area represents a target range from $40m to $60m per year
2.Depreciation and amortisation excluding leases (NZ IFRS 16) was c.$54m in FY26. Capex has run below depreciation since FY24; thetarget range returns it to around this level.
The Financials

60
Capital follows returns
We fund investments in stages and release more capital only when the case is proven
Hurdles as part of business case assessment
Payback period
Target < 3 years (for new store growth)
NPV
Positive NPV for the asset life or lease term using approved discount rate plus risk factor
Evidence
Results from trials or comparable investments, such as the first refreshes and flagship
Operational readiness
Delivery capacity and readiness to execute
Strategic fit
Every case must be aligned to strategy
Post-investment review
Performance reviewed against the case before further roll-out
The Financials
1 BUS INE S S CAS E
One case per store or
project. Data driven
decisions
2 HUR DLE S TE S TE D
Return, payback,
evidence, fit and
readiness
3 APPR OVAL
Investment Committee,
then the Board, case by
case
4 S TAG E D R E LE AS E
Capital released one stage
at a time: prove, scale, roll
out
5 R E VIE W
Results checked against
the case before the next
stage is funded

61
Capital management framework
How we allocate cash -invest in the core, pay a sustainable
dividend, then fund growth where returns are proven, while
targeting a modest net cash position
2
Strong brandsLower operating costs
Better inventory and
working capital
More productive stores
1
Strong operating cash flow generation
1
Capital investment
$40-60m invested in Store refresh, systems, supply
chain
2
Pay a sustainable dividend
(50-70% of adjusted NPAT) –
a revised policy see next slide
3
Available cash flow
Maintain balance sheet flexibility
Capacity to invest through the cycle
4
Return excess capital
When the business can support it
5
Our capital priorities
1
Generate cash execute the strategy and improve cash
conversion
2
Capital investment invest in stores, systems and supply chain in
a disciplined way aligned with strategy
3
Pay a sustainable dividend consider cash flow and operating
conditions and subject to Board approval
4
Maintain flexibility keep capacity to invest through the cycle
5
Return excess capital consider additional returns where
appropriate. Longer term objective
1.Operating cash flow for purposes of this framework includes all lease payments -it will not tie back to operating cash flow under IFRS
2.Excluding seasonal working capital movements
The Financials

62
A revised dividend policy
supporting sustainable
shareholder returns
Revised Dividend policy:
The Board targets an annual ordinary dividend payout ratio of 50% to 70% of
adjusted NPAT
1
.
In determining any dividend, the Board will have regard to the Group’s
earnings and outlook, free cash flow generation, trading and market
conditions and balance sheet and liquidity position.
The Board retains discretion to determine a payout outside the target range,
or not to declare a dividend, where circumstances warrant. All dividends
remain subject to Board approval.
Note: The Group’s previous policy was to distribute at least 70% of adjusted NPAT
subject to considerations and Board discretion.
An annual ordinary dividend payout target of
50% to 70% of adjusted NPAT, with flexibility
across the retail cycle
Intention to resume dividends:
The Board’s current intention is to consider resuming dividends for the FY27
year, subject to market conditions, the Company’s financial performance and
Board approval.
1.Adjusted NPAT is from continuing operations before unusual items and is a non-GAAP measure. A reconciliation between Adjusted and Statutory NPAT is located in Note 5.0 of the financial statements.
2.At 2 August 2026. Subject to shareholder continuity. Not an indication of dividend timing or amount.
The Financials
Note: While the Group uses available tax losses, it expects to pay minimal tax. The existing
imputation credits can fully impute around 80 cents per share of future dividends.
2

63
How we will measure our progress:
We will report these measures every half to show our
progress against our three to five year targets and explain
the key drivers of performance
MeasureTypeFY26Our three to five yearTargets
1
Operating profit
1
FINANCIAL
$22.6m $100m
Gross margin
FINANCIAL
32.6%>34.1%
Cost of doing business
2
, % of sales
FINANCIAL
31.8%<31.0%
Ordinary Dividends
FINANCIAL
0 cents per shareSustainable consistent dividend within 50 –70% of adj. NPAT
Market share of core retail
OPERATIONAL
-50 bps vs FY25+50 bps
Same-store sales
OPERATIONAL
+0.4%+2% CAGR
Inventory health: stock turn and aged stock
OPERATIONAL
4.7x; 21.8%>5.0x, <15%
New store growth programme
OPERATIONAL
217 storesOpen 4-5 stores per annum from year 2
Foot traffic (Group)
CUSTOMER
90 million100 million
Group eNPS
PEOPLE
25>50
1.Operating Profit (EBIT pre-IFRS 16) excludes the impact of NZ IFRS 16 and unusual items and is a non-GAAP measure
2.Cost of Doing Business (CODB) excludes the impact of NZ IFRS 16, unusual items, and is a non-GAAP measure​
The Financials

64
In summary
A clear target and ambition, a credible
pathway and disciplined capital allocation
What has changed –better retail execution on better
foundations
•We see our customers clearly and this informs us moving forward
•Determination to deal with retail fundamentals
•The store is our North Star, and digital makes it stronger
A $100m target, with a credible pathway
$100m operating profit within three to five years with multiple levers
to help us reach it
Disciplined capital allocation, with a clear path to
shareholder returns
Our stronger balance sheet and revised dividend policy support
sustainable shareholder returns
Close

65
Thank you for joining us
We welcome your questions

66
Important information
Please read this notice before the rest of the presentation. It applies to the presentation, the speeches and any Q&A.
About this presentation. This presentation has been prepared by The Warehouse Group Limited (TWG)
for its 2026 Investor Day on 2 November 2026. It contains summary information only and should be read
with TWG’s FY26 Annual Report and FY26 results announcement released to NZX.
Forward-looking statements. This presentation includes forward-looking statements, including the
$100m operating profit target and the three-to-five-year timeframe over which we are aiming to deliver it.
Such forward-looking statements are based on the beliefs of and assumptions made by TWG along with
information currently available at the date of this presentation. Any forward-looking statements are not
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representation, warranty or assurance that actual results or performance will not materially differ from the
forward-looking statements, and undue reliance should not be placed on such statements.
Factors that could cause actual results or performance to differ materially from those expressed or implied
in the forward-looking statements include the outcome of TWG’s anticipated growth and/or cost
reduction strategies, economic conditions, competition, and other factors or trends affecting the retail
industry, along with the risks detailed in TWG’s filings with NZX from time to time.
Except as required by applicable law or the NZX Listing Rules, TWG disclaim any obligation or undertaking
to update any information in this presentation.
A target, not guidance. The target of $100m of operating profit within three to five years is not a forecast,
a projection or earnings guidance, and there is no commitment to achieve that target within that
timeframe. Route-model figures, ranges, bridges, paths and sensitivities are illustrative arithmetic based
on the assumptions stated in this presentation. Nothing in this presentation updates the outlook given
with the FY26 result.
Non-GAAP financial information. A number of non-GAAP financial measures are used in this
presentation. Although TWG believes the non-GAAP financial information and financial measures provide
useful information to users in measuring the financial performance and condition of TWG, you are
cautioned not to place undue reliance on any non-GAAP financial information or financial measures
included in this presentation. Operating profit is EBIT pre-IFRS 16 and before unusual items. CODB, free
cash flow, like-for-like and same-store figures are non-GAAP measures. FY25 had 53 weeks; like-for-like
comparisons use 52 weeks. Figures may not add because of rounding.
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Disclaimer