Joyce Corporation Ltd · ASX:JYC
Joyce — Investor Presentation (March 2026)
28 slides from Joyce's investor presentation, Mar 17, 2026
Slide 1: Investor Presentation – March 2026
Investor Presentation – March 2026
Slide 2: A Short History
A Short History Australian Kitchen Industries (AKI) -A Brief History- Private Equity owned o Established 1997 European centralised manufacturing model o Distance too far / recovery too slow UK Kitchen Retail model o Built showroom footprint ahead of infrastructure Trade based Management o Too many c
Slide 3: A Short History
A Short History KWB Group (~14 Years) August 2012 Sept 2022 o John Bourke & Chris Palin establish KWB Group with footprint of 11 Showrooms (& 80 staff) o Chris transition o Based in Wynnum, QLD o Senior Management growth (and retention) July 2013 o Joyce Corporation acquire 51% of KWB Group June 202
Slide 4: History of growth
History of growth Long Term consistent trend of Revenue and EBIT Growth driven through $140 network expansion and increasing category attachment $30 $120 $9 $10 $10 $25 Compound Annual Growth Rate since $100 FY13: Revenue ~20% and EBIT ~73% $8 $20 $7 $80 Wardrobe Revenue lhs ($M) $15 $4 $5 $60 Kitch
Slide 5: KWB Group
KWB Group Record Orders in FY25 with strong momentum into FY26 o Orders surpassing revenue demonstrating growth potential o 2026 orders provides healthy platform to deliver sales growth into FY26 o New showrooms typically take 6-12 months ramp up to targeted order and revenue levels 5
Slide 6: Current Snapshot
Current Snapshot 30 Showrooms as at March 2026 Key Financial Metrics 1HY26 o 13 QLD (Kitchen Connection) o 13 NSW (Kitchen Connection) 1HY26 1HY25 Variance o 4 SA (Wallspan) Orders $71.0M $58.3M +21.7% o 45,000 + Lookers in CY25 (+33% v CY24) Revenue $67.4M $59.2M +13.9% Operating Gross Margin 52.4%
Slide 7: Kitchen Market Profile
Kitchen Market Profile KWB sole focus is on residential renovations New Build Renovations New Build Market Renovation Market o Lower sell price (190,000 p.a)* (160,000 o Higher sell price o Highly competitive p.a)* o Low competition o Low margins o Attractive margins o Trade based B2B o Retail selli
Slide 8: Kitchen Renovation Market
Kitchen Renovation Market Approx Kitchen Value (Ex Trades) $100k $75k Estimated Total Market Size ~$4 Billion* Boutique Market Characteristics o Cottage industry o Highly Fragmented $50k o Unsophisticated o Low Tech Do It For $25k Me $10k Do It Yourself $5k Source: *FY25 Estimates from Housing Insti
Slide 9: Kitchen Renovation Outlook
Kitchen Renovation Outlook Significant market size and growth potential ~8 Million homes Older than 15 years
Slide 10: Vision & Mission
Vision & Mission “Be the clear market leader in the ‘Do It For Me’ segment of Kitchen Renovations in both revenue and referral” “Deliver an exceptional retail and installation customer experience that creates referral”
Slide 11: Organisational Strategy
Organisational Strategy Strategic Pillars Build infrastructure ahead of growth Quality over quantity – controlled growth (training essential – KWB Group Training Academy) 100% procedural & systems compliance Measure to manage – performance based / Reward success strong metrics Organisational Structu
Slide 12: Capital Light Operating Model
Capital Light Operating Model New showrooms Self-funded (~$400k) Average Break-Even ~1 Year Workforce flexibility No acquisitions Majority designers / installers are contractors Greenfield start in A-grade homemaker centres Proprietary Software No manufacturing All product third party sourced from l
Slide 13: Competitor Profile vs KWB Group
Competitor Profile vs KWB Group Typical Competitor KWB o Off the shelf software / basic systems Propriety Software & Systems – Unique project o MYOB / hand drawing management tools, CRM / ERP and data rich o Industry experience people (2-6 staff) Non-Industry experience staff, trained on-site vi
Slide 14: Customer Profile
Customer Profile Typical KWB customer profile Family homeowners with mortgage Time poor (do it for me) Females aged 35 – 65 years Previously done DIY Combined incomes $120k+ Kitchen only / part of larger renovation Budget range $20K - $60K (excluding trades)
Slide 15: Sales and Marketing Funnel
Sales and Marketing Funnel 35% Orders originate from Digital Walk In Looker National Call Showroom Centre Tour All customers directed to visit showroom before In-Home Design Appointment Mitch & Mark Andrew Winter In-Home Design Social Media Influencer Collaborations
Slide 16: Customer Journey
Customer Journey Completion & Showroom Seek Referral (specify & qualify) Installation Design & Sell Management (in home) Logistics Final Site & Delivery Measure Plan & Schedule
Slide 17: Sales Model
Sales Model Defined and Professional Sales Track Showroom Sales Metrics –Example- o Objective: Book in-home design appointment 100 customers o Showroom tour (Qualify & Specify) 20 in-home appointments (20% Conversion) In-Home 11 kitchens sold (55% Conversion) o Objective: Design, Price and Sell o Ki
Slide 18: Showroom Strategy
Showroom Strategy Inspiring Showrooms o Premium brands and products o Premium & clean look and feel ‘A’ Class Homemaker Centres o Unique offers as standalone o High traffic volume (34,000 + PA) Highly Trained Consultants o KWB Academy o National training team (Sales-Design-Support) Paperless Transac
Slide 19: Recent Showrooms Openings
Recent Showrooms Openings Melrose Park SA Logan QLD Melrose Park SA Bundall QLD Caringbah NSW
Slide 20: Revenue Model
Revenue Model Completion & Showroom Seek Referral (specify & qualify) Key stats Trades paid direct by customer 0% bad debt Installation Design & Sell Management (in home) 90% Credit Card or refinance mortgages 10% deposit on signing 10% financed Logistics Final Site (95% approval) & Delivery M
Slide 21: Installation Model
Installation Model Scheduling o Delivery date confirmed within 48 hours of sale Example kitchen CAD design (99% DIFOT) o Final check measure -1 month prior to delivery Customer Support Managers (Project managers) o Conducts final Check measure o Redraws (CAD) kitchen ready for manufacturing o Create
Slide 22: Wardrobes
Wardrobes Currently sold in QLD and SA Follows similar sales model as kitchens (in–home selling) Very synergistic – uses kitchen manufacturer Proprietary design software / digital contracts Plan to expand range and roll out in NSW in FY28 1HFY26 Revenues ~$6M
Slide 23: Solid Growth Prospects
Solid Growth Prospects A major player with relatively low Australia’s median home value increased about market share $230,000 over five years, a 39.1% increase.* Average residential house prices have grown by ~6% p.a. over the last 10 years* Proven business model $31,000 kitchen renovation represent
Slide 24: Building infrastructure ahead of growth
Building infrastructure ahead of growth Proprietary IT Platform upgrade o $2M + Investment commenced April 24 Go-Live Nov 26 o Single integrated platform for Kitchens and Wardrobes o Removes and de-risks 3rd party reliance (realised cost savings) o Future proofs growth plans and scalability The digi
Slide 25: Growth Strategy
Growth Strategy A Grade Showroom target footprint Wardrobe category growth opportunities Current Target Target Region showrooms additions total QLD 13 1 14 Pivot / Swing Doors NSW / ACT 13 3 16 VIC - 14 14 SA 4 1 5 WA - 6 6 Wardrobe network growth Total 30 25 55 opportunity NSW - ACT New Showrooms:
Slide 26: Thank you
[<j JoyceGroup = HW bes kitchen connection prom inspiration to installation Thank you ': Wallspan kitchens & wardrobes
Slide 27: Disclaimer
Disclaimer Information contained in this presentation may involve forward looking statements, No warranty or representation is expressed or implied or will be made as to the and comments about the future including possible future performance estimates, fairness, accuracy, completeness or correctness
Slide 28: References
References This Presentation should be read in conjunction with the following documents lodged with the ASX on 27 February 2026 under the ASX ticker JYC: o Investor Presentation - Half-Year Results 31 December 2025 o 1HY26 Results Announcement o Appendix 4D and 31 December 2025 Half-Year Financial R