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How The Warehouse Group Limited makes money — FY2025
Revenue $3.1b · EBITDA $197.0m (6.4% of revenue) · Net loss $2.4m (-0.1% of revenue)
Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).
| FY2025 | Amount | Status | Note |
|---|---|---|---|
| Revenue | $3.1b | Reported | |
| Operating costs (net of other income) | −$2.9b | Derived * | Reported operating expenses $812.4m do not reconcile; not used. |
| EBITDA | $197.0m | Reported | |
| Depreciation & amortisation | −$156.5m | Reported | |
| EBIT | $40.5m | Reported | |
| Interest (net finance costs) | −$43.5m | Reported | |
| Income tax credit | +$572k | Reported | |
| Other items (net gain) | +$0 | Balancing item * | Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised. |
| Net loss | -$2.4m | Reported |
- * operating costs: $2.9b = Revenue − EBITDA
Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.
Annual report: The Warehouse Group Limited Annual Report (PDF, NZX)
The Warehouse Group Limited board of directors
5 current directors, 80% independent, average tenure 5.3 years.
| Director | Role | Independent | Appointed | Tenure | Committees |
|---|---|---|---|---|---|
| John William Michael Journee | Chair | No | 2013 | 13.1 yrs | — |
| Caroline Rainsford | Independent Director | Yes | 2022 | 4.1 yrs | — |
| Dean Ross Hamilton | Independent Director | Yes | 2025 | 0.9 yrs | Audit & Risk Committee (Chair) |
| Rachel Taulelei | Independent Director | Yes | 2021 | 5.7 yrs | Audit & Risk Committee (Chair) |
| Tony Carter | Independent Director | Yes | 2024 | 2.5 yrs | — |
Future directors & observers
Non-voting board observers, such as Institute of Directors Future Directors. They are not counted in the board size, independence or governance figures above.
- Renee Mateparae — Future Director, since 2023
WHS governance score breakdown
The Warehouse Group Limited scores 83/100 (Excellent) on the NZXplorer Governance Risk Score for FY2026, based on 73% data coverage. See the GRS methodology.
- Board structure
- 24/25
- Shareholder rights
- 20/20
- Executive remuneration
- 2/10
WHS dividends
The most recent The Warehouse Group Limited dividend on record is 5.00 cents per share, for FY2024 (interim).
The Warehouse Group Limited largest shareholders
Top 10 registered holders of WHS as disclosed for FY2020. Registry holdings include custodians and nominees, which may hold on behalf of many underlying investors.
| # | Holder | Holding |
|---|---|---|
| 1 | Sir Stephen Robert Tindall | 27.01% |
| 2 | The Tindall Foundation Inc | 21.31% |
| 3 | James Pascoe Limited | 19.80% |
| 4 | Cash Wholesalers Limited | 2.99% |
| 5 | Foodstuffs Auckland Nominees Limited | 2.99% |
| 6 | Wardell Bros & Coy Ltd | 2.99% |
| 7 | Accident Compensation Corporation | 1.26% |
| 8 | Sir Stephen Tindall, Brian Mayo-Smith & John Richard Avery | 1.09% |
| 9 | Citibank Nominees New Zealand Limited | 1.08% |
| 10 | Robert George Tindall, Sir Stephen Tindall & Pupuke Trustee Limited | 1.00% |
WHS government contracts
The Warehouse Group Limited has been named as an awarded supplier on 2 New Zealand government contracts published on GETS, most recently on 24 Jun 2021. None of them discloses an award value. 2 were shared with other suppliers, and a shared contract is published with its full value.
Most frequent of 2 agencies: Ministry of Business, Innovation and Employment, Ministry of Education.
| Awarded | Agency | Contract | Value |
|---|---|---|---|
| 24 Jun 2021 | Ministry of Business, Innovation and Employment | All-of-Government Office Supplies(shared) | not disclosed |
| 11 Jun 2021 | Ministry of Education | Short-term supply of period products for Access to Period Products Initiative(shared) | not disclosed |
Full government procurement analysis on PublicData · All NZX companies with government contracts
Source: MBIE GETS Open Data. An award of $0 or blank is treated as undisclosed.
Recent WHS NZX announcements
The 10 most recent filings by The Warehouse Group Limited to the NZX.
- The Warehouse Group appoints Carrie Kirkman to the BoardOther
- The Warehouse Group 2026 ASM and Director NominationsGeneral
- The Warehouse Group FY26 Annual ResultsFull Year Results
- The Warehouse Group to hold Investor DayInvestor Presentation
- WHS – FY26 Annual Results date and teleconference detailsFull Year Results
- The Warehouse Group provides FY26 earnings guidanceGuidance
- WHS provides FY26 third quarter trading updateOperational Update
- WHS Ongoing Disclosure Notice - Antony CarterInsider Disclosure
- The Warehouse Group Limited FY26 Interim ResultsHalf Year Results
- WHS FY26 Interim Results teleconference detailsHalf Year Results
The Warehouse Group Limited (WHS) — frequently asked questions
What does The Warehouse Group Limited do?
The Warehouse Group is New Zealand's largest general merchandise retailer operating The Warehouse discount department stores, Warehouse Stationery, Noel Leeming consumer electronics, and online marketplace TheMarket.com. The Warehouse Group Limited is listed on the NZX under the ticker WHS, in the Consumer Discretionary sector.
What is the The Warehouse Group Limited (WHS) share price?
The Warehouse Group Limited (NZX:WHS) shares closed at $0.64 on 22 October 2026, unchanged on the previous close. At that price its market capitalisation was about $227 million, based on 354,222,760 shares on issue as at 11 March 2026.
Who are the directors of The Warehouse Group Limited?
The Warehouse Group Limited has 5 current directors: John William Michael Journee (Chair), Caroline Rainsford (Independent Director), Dean Ross Hamilton (Independent Director), Rachel Taulelei (Independent Director) and Tony Carter (Independent Director). 4 of the 5 are recorded as independent (80%). Average board tenure is 5.3 years.
Who is the chair of The Warehouse Group Limited?
John William Michael Journee chairs the The Warehouse Group Limited board, and has been a director since 2013.
Who is the CEO of The Warehouse Group Limited?
Mark Stirton is the Group CEO (from 1 August 2025) of The Warehouse Group Limited.
What was The Warehouse Group Limited's most recent dividend?
The most recent The Warehouse Group Limited dividend on record is 5.00 cents per share for FY2024 (interim).
What is The Warehouse Group Limited's dividend yield?
The Warehouse Group Limited paid no ordinary dividend with an ex-date in the 12 months to 22 October 2026, so its trailing dividend yield is 0%. The last ordinary dividend on record was 5.00 cents per share, ex-dividend 5 April 2024.
Who are the largest shareholders of The Warehouse Group Limited?
The largest registered holder of WHS shares in the FY2020 top-20 register was Sir Stephen Robert Tindall, with 27.01%, followed by The Tindall Foundation Inc (21.31%) and James Pascoe Limited (19.80%).
What is The Warehouse Group Limited's governance score?
The Warehouse Group Limited has an NZXplorer Governance Risk Score of 83/100 (Excellent) for FY2026, based on 73% data coverage.
When was the last The Warehouse Group Limited annual meeting?
The most recent The Warehouse Group Limited annual meeting on record was held on 28 November 2025.
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