Step One Clothing Limited · ASX:STP
Step One Clothing — H1 2026 Earnings Presentation
14 slides from Step One Clothing's earnings presentation, Feb 18, 2026
Slide 1: 1H26 Results Presentation
For personal use only 1H26 RESULTS PRESENTATION 1
Slide 2: 1H26 Results Highlights
1H26 RESULTS HIGHLIGHTS Reset For personal use only Gross Margin Revenue Women's Revenue2 Indirect Revenue3 Reported 43.1% $36.3m 14.8% of Revenue 18.3% of Revenue Adjusted1 73.2% Down 24.5% vs pcp Down 31.5% vs pcp Up 75.9% vs pcp Reported down 34.9 pp Adjusted1 down 4.8 pp EBITDA1 Cash & Financial
Slide 3: Growth Strategy
GROWTH STRATEGY Growth from range expansion and increased brand marketing For personal use only FOOTPRINT INDIRECT CHANNELS CUSTOMER Maintain presence in ACQUISITION PRODUCTS global markets where Growth through trusted there is demand, & RANGE and established retail leveraging expertise and Recruit
Slide 4: Financial and Performance Charts
FINANCIAL AND PERFORMANCE CHARTS For personal use only Average Order Value Customer Mix Conversion Rate Customer Database Direct Business Direct Business Direct Business Direct Business $/order #’000 106 New Returning 103 114 122 100 131 61% 64% 69% 65% 65% 93 5.1% 90 1923 2037 1670 4.7% 4.7% 4.6% 3
Slide 5: Income Statement
INCOME STATEMENT 1H26 1H25 Movement For personal use only $'000 $'000 $'000 % COMMENTARY Australia 19,875 30,847 (10,972) -35.6% UK 15,245 15,675 (430) -2.7% • Global revenue is down 24.5% driven by a strategic USA 1,210 1,596 (386) -24.2% pivot designed to reduce dependency on price Revenue 36,330
Slide 6: Balance Sheet
BALANCE SHEET As at As at For personal use only 31 Dec 30 Jun Variance 2025 2025 COMMENTARY $'000 $'000 $'000 % • Debt free with cash and financial assets held with Assets licensed banks across a variety of terms Cash and financial assets 24,011 33,140 (9,129) -27.5% Receivables 650 499 151 30.3% •
Slide 7: Cashflow
CASHFLOW 1H26 1H25 Variance For personal use only $'000 $'000 $'000 % COMMENTARY Operating cashflows Receipts 41,904 56,516 (14,612) -25.9% • Cash inflow decline in line with reduced revenue Payments (43,268) (44,482) 1,214 -2.7% (1,364) 12,034 (13,398) -111.3% • Outflows reflect higher inventory le
Slide 8: Looking Forward
LOOKING FORWARD Executing the reset plan For personal use only Step One will continue to execute the plan to reset the business, Including: • Prioritise new products and adjacencies • Enhance brand advertising • Maintain brand premium through reduced discounting PRODUCTS CUSTOMERS Step One will prio
Slide 9: At a Glance (at December 2025)
APPENDIX For personal use only AT A GLANCE (AT 31 DECEMBER 2025) Listed on the ASX: 2021 - STP Ultra Soft Industry Sector: Retail (online) Waistband 3D Elastic Pouch Fiscal year end: June 30 Market cap: $62m, $0.335 per share 3.6x EBITDA Super soft Valuation multiple: (based on FY25 EBITDA) Viscose
Slide 10: Business Model
BUSINESS MODEL Step One is an online DTC company, with a capital light scalable operation For personal use only • Head office in Australia with only 28 employees globally GLOBAL COMPANY • Subsidiaries in UK and US which hold inventory locally (in scalable 3PLs) Local operations • Staff in other coun
Slide 11: A Brief History of Step One
A BRIEF HISTORY OF STEP ONE Founder-led business with scalable business model & track record of innovation For personal use only 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Step One Scalable Scalable UK market US market Amazon Supply Chain Retailer TikTok So far is born production logistics en
Slide 12: Historic Income Statement
HISTORIC INCOME STATEMENT FY22 FY23 FY24 FY25 FY26 Completed Financial Years For personal use only P&L 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 1H26 2H26 FY20 FY21 FY22 FY23 FY24 FY25 Proforma $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $’000 $’000 $'000 $'000 $'000 $'000 $'000 $'000 Australia 25
Slide 13: Adjusted Income Statement
ADJUSTED INCOME STATEMENT 1H26 1H25 Movement For personal use only COMMENTARY Reported Adjustment Adjusted1 Reported Adjusted1 $'000 $'000 $'000 $'000 $'000 % The increase in the inventory Australia 19,875 19,875 30,847 (10,972) -35.6% obsolescence provision is not a UK 15,245 15,245 15,675 (430) -2
Slide 14: Important Notice
IMPORTANT NOTICE For personal use only The material in this presentation has been prepared by Step One Clothing Limited (ASX: STP) (“Step One” or the “Company") and is general background information about Step One’s activities current as at the date of this presentation. The information is given in