Ann: Presentation of Results for FY24, page-6

Barrenjoey on Harvey Norman $HVN: "HVN’s FY24 result was slightly ahead of consensus estimates (~2% PBT and ~1% at NPAT after adding back a ~$22m one off tax impact in NZ). "Australian franchising sales were ~1% below consensus but PBT was ~3% ahead on better margins. The FY24 New Zealand sales/profit result was better than we had feared, but 1H25 has started very weak with sales down 9% in July, vs. cons 1H25 +1.7% growth and B*e ~flat. "The Australian business is also running below cons. expectations for 1H25 with July +3.5% vs. cons. +4.5%."