26 slides from Dr. Martens's earnings presentation, Jun 5, 2025
Slide 1: FY25 Results
FY25 RESULTS05 JUNE 2025 DR. MARTENS PLC
Slide 2: Agenda
AGENDA 1 INTRODUCTION IJE NWOKORIE CEO 2 FY25 FINANCIAL RESULTS GILES WILSON CFO 3 CLOSING COMMENTS IJE NWOKORIE CEO 2 DR. MAR T E N S FY25 RESULTS
Slide 3: Introduction
INTRODUCTION IJE NWOKORIE Chief Executive Officer 3 DR. MAR T E N S FY25 RESULTS
Slide 4: Delivered on our four objectives
Introduction DELIVERED ON OUR FOUR OBJECTIVES Americas DTC back into Pivot marketing to relentlessly growth in H2 focus on product Reduce operating cost base Strengthen balance sheet 4 DR. MAR T E N S FY25 RESULTS
Slide 5: FY25 Financial Results
FY25 FINANCIAL RESULTS GILES WILSON Chief Financial Officer 5 DR. MAR T E N S FY25 RESULTS
Slide 6: FY25: Stabilised the business
FY25 Financial Results FY25: STABILISED THE BUSINESS + STRENGTHENED BALANCE SHEET – Inventory down £67.2m – Refinanced completed + REDUCED COST BASE – Cost action plan implemented – Cost discipline instilled + MOMENTUM BUILDING – Improved H2 revenues vs H1 – In-market wholesale inventory right-sized
Slide 7: Summary Financials
FY25 Financial Results SUMMARY FINANCIALS % change FY25 FY25 Constant FY24 £m Reported currency Reported Reported Constant currency Pairs (m) 10.5 10.5 11.5 -9% -9% Revenue 787.6 804.8 877.1 -10% -8% Gross Margin 511.7 524.8 575.2 -11% -9% Gross Margin % 65.0% 65.2% 65.6% -0.6pts -0.4pts Opex2 (378.
Slide 8: Revenue by Region
FY25 Financial Results REVENUE BY REGION Americas 37% Americas EMEA APAC Americas 37% + DTC performance as expected with flat + DTC (both retail and ecommerce) down due to weak + Overall DTC revenue up, driven by strong EMEA 49% ecommerce revenues offset by retail consumer confidence & persistent di
Slide 9: EBIT Bridge: Costs Tightly Controlled
FY25 Financial Results EBIT BRIDGE: COSTS TIGHTLY CONTROLLED £M 126.4 0.4 (50.8) 67.1 (4.7) (1.4) (2.8) Total GM (£50.4m) 43.4 (23.7) FY24 Volume Mix & price Demand Non-demand D&A FY25 Adjusted Exceptionals, FY25 EBIT CC Adjusted EBIT generating OPEX generating OPEX EBIT CC impairment and currency g
Slide 10: Adjusting Items
FY25 Financial Results ADJUSTING ITEMS FY25 FY24 + Exceptional costs of £17.9m £m Reported Reported - £15.1m related to items included in the Exceptional costs1 17.9 - £15m guidance Impairment of non-financial assets 4.3 - - Additional £2.8m related to the Currency losses 3.1 4.2 establishment of th
Slide 11: Inventory Reduction Ahead of Guidance
FY25 Financial Results INVENTORY REDUCTION AHEAD OF GUIDANCE £257.8m £254.6m £187.4m Normal build ahead of Inventory reducing Inventory flat despite new FY25 Inventory down £67.2m, peak AW season through peak period seasonal product due to ahead of £40m guidance reduced purchases FY24 H1 FY24 H2 FY2
Slide 12: Net Debt Reduction Ahead of Guidance
FY25 Financial Results NET DEBT REDUCTION AHEAD OF GUIDANCE £M Cash generation £108m Net bank debt Lease liabilities 359.8 (117.0) 276.4 177.5 249.5 9.5 (3.6) 40.3 18.7 (26.9) 94.1 (87.5) 94.1 56.2 182.3 182.3 155.4 FY24 EBITDA Net working Payment of lease Net interest CAPEX Dividends FX Decrease in
Slide 13: Summary
Closing comments SUMMARY + DELIVERED ON OUR FOUR KEY OBJECTIVES FOR FY25 + BUSINESS STABILISED, SET FOR FUTURE GROWTH 13 DR. MAR T E N S FY25 RESULTS
Slide 14: Appendix
APPENDIX + IR CONTACT DETAILS + FX + DETAILED GUIDANCE + RETAIL STORE ESTATE + REVENUE BY CHANNEL + ALTERNATIVE PERFORMANCE MEASURES + QUARTERLY REVENUE + CAUTIONARY STATEMENT + EARNINGS 14 + BALANCE SHEET DR. MAR T E N S FY25 RESULTS
Slide 15: Investor Relations Contact Details
Appendix INVESTOR RELATIONS CONTACT DETAILS BETHANY BARNES BETH FIONDA Director of Investor Relations Investor Relations Manager Bethany.Barnes@drmartens.com Beth.Fionda@drmartens.com +44 7825 187465 +44 20 3995 2644 15 DR. MAR T E N S FY25 RESULTS
Slide 16: Detailed FY26 Guidance
Appendix DETAILED FY26 GUIDANCE + New own store openings of 20 to 25 + Depreciation and Amortisation of £75m to £80m + Net finance costs of £25m to £27m + Blended tax rate of c.26% + Capex of £20m to £25m + Inventory broadly flat year-on-year + Net debt of around £200m, including lease liabilities +
Slide 17: Revenue by Channel
Appendix REVENUE BY CHANNEL % change FY25 FY25 FY24 £m Reported Constant currency Reported Reported Constant currency Ecommerce 268.3 273.5 276.3 -3% -1% Retail 242.4 248.4 256.8 -6% -3% DTC 510.7 521.9 533.1 -4% -2% Wholesale1 276.9 282.9 344.0 -20% -18% Total 787.6 804.8 877.1 -10% -8% DTC Mix 65%
Slide 18: Quarterly Revenue by Channel & Region
Appendix QUARTERLY REVENUE BY CHANNEL & REGION Q125 Q225 H125 Q325 Q425 H225 YoY Change Actual CC Actual CC Actual CC Actual CC Actual CC Actual CC Total Revenue -17.6% -15.8% -18.2% -16.3% -18.0% -16.1% -2.8% 2.6% -5.0% -7.0% -3.8% -1.8% Revenue by channel Ecommerce -8.8% -7.1% -0.6% 1.6% -4.4% -2.
Slide 19: Earnings
Appendix EARNINGS FY25 FY25 FY24 £m Reported Constant currency Reported Adjusted EBIT 60.7 67.1 126.4 Net finance expense1 (26.6) (26.8) (29.2) Adjusted Profit before tax 34.1 40.3 97.2 Exceptionals, impairment and currency gains/losses (25.3) (25.3) (4.2) Profit before tax 8.8 15.0 93.0 Tax expense
Slide 20: Balance Sheet
Appendix BALANCE SHEET 30 March 2025 31 March 2024 Freeholds 6.7 7.0 Right-of-use assets 143.2 173.5 Other fixed assets 76.2 81.7 Inventory 187.4 254.6 Working capital1 (excluding inventory) (48.0) (30.3) Other2 6.0 (1.5) Operating net assets 371.5 485.0 Goodwill 240.7 240.7 Cash 155.9 111.1 Bank De
Slide 21: FX Translation Rates
Appendix FX TRANSLATION RATES GBP/USD GBP/EUR GBP/JPY FY25 FY24 % change FY25 FY24 % change FY25 FY24 % change H1 1.28 1.26 2% 1.18 1.16 2% 195 178 10% H2 1.27 1.26 1% 1.20 1.16 3% 194 186 4% FY 1.28 1.26 2% 1.19 1.16 3% 194 182 7% FX revenue sensitivities are as follows: for every 1%pt movement in
Slide 22: Retail Store Estate
Appendix RETAIL STORE ESTATE 1 April 2024 Opened Closed 30 March 2025 EMEA: UK 35 - (1) 34 Germany 19 - (2) 17 France 17 1 - 18 Italy 12 2 - 14 Spain 6 1 (1) 6 Other 13 4 (3) 14 102 8 (7) 103 Americas: 61 1 (3) 59 APAC: Japan 43 5 (2) 46 China 9 2 (4) 7 South Korea 17 1 (1) 17 Hong Kong 7 - - 7 76 8
Slide 23: Alternative Performance Measures
Appendix ALTERNATIVE PERFORMANCE MEASURES Metric Definition Rationale Gross Margin % Gross margin divided by revenue. Helps evaluate growth trends, establish budgets and assess operational performance and efficiencies. Costs or incomes considered significant in nature and/or quantum, and/or relate t
Slide 24: Alternative Performance Measures (continued)
Appendix ALTERNATIVE PERFORMANCE MEASURES (continued) Metric Definition Rationale Adjusted EBIT margin Adjusted EBIT divided by revenue Used to evaluate growth trends, establish budgets and assess operational performance and efficiencies. Operating cash flow is used as a trading cash generation meas
Slide 25: Cautionary Statement
CAUTIONARYSTATEMENT Cautionary statement relating to forward-looking statements obligation to update any forward-looking statements, whether as a result of Announcements, presentations to investors, or other documents or reports filed new information, future events or otherwise. The reader should, h
Slide 26: Dr. Martens plc
Dr. Martens plc drmartensofficial