Myer Holdings Limited · ASX:MYR
Myer — FY2025 Earnings Presentation
45 slides from Myer's earnings presentation, Sep 23, 2025
Slide 1: Myer Group FY25 Results – Resetting the base to drive growth
23 September 2025 Myer Group FY25 Results – Resetting the base to drive growth • Total sales1 growth of 0.5% for FY25 on a pro forma basis2 and 1.7% growth in 2H253, the first period as Myer Group, reflecting a six-month contribution from Apparel Brands. • Sales proved resilient, however profitability
Slide 2: Myer Group FY25 Results Overview
“We have started to see the benefits flowing through from the integration of Apparel Brands and are continuing to target identified synergies. The addition of Apparel Brands represents a significant diversification of our sales with 26 percent of sales now coming from brands owned by Myer Group. “In exec
Slide 3: Myer Group Growth Strategy and specialty brands integration
Myer Group Growth Strategy and specialty brands integration Over the course of 2025, the Company has completed its Strategic Review, as well as developing and launching the Myer Group Growth Strategy, a comprehensive plan for sustainable growth to FY29. The Company has also progressed the integratio
Slide 4: Group 1H26 Update
Myer Group 1H26 Update Myer continues to reset the base to position the Company for growth. The easing of interest rates has supported retail activity in some sectors. Whilst this has been mixed from a category perspective, Womenswear and Home categories have shown particular strength. However, Aust
Slide 5: Myer Holdings Ltd FY25 Results
Myer Holdings Ltd FY25 Results 23 September 2025
Slide 6: Important Information
Important Information Investors and potential investors should make their own assessment and take independent professional advice in Subject to law, Myer assumes no obligation to update, review or revise any information contained in this relation to the information and any action taken on the docume
Slide 7: Agenda
Agenda 01 FY25 Overview 02 FY25 Financial Results 03 Strategy & Trading Update 04 Q&A 05 Closing 06 Appendices 3
Slide 8: FY25 Overview
01 FY25 Overview 4
Slide 9: FY25 Overview
FY25 Overview Resetting the base to drive growth Total Sales2 Group Online3 Sales Positive sales performance for Myer Group despite soft macroeconomic conditions $3,673.8m $818.9m – Delivered total sales growth of 12.5% in first period as Myer Group and 0.5% on a pro forma basis1. pro forma sales up
Slide 10: Our category and brand sales performance
FY25 Overview Our category and brand sales performance Retail Womenswear Menswear Beauty Kids Home ↓1.0% flat ↑0.8% ↓1.7% ↑7.4% FY25 sales FY25 sales FY25 sales FY25 sales FY25 sales Apparel Brands Just Jeans Jay Jays Portmans Dotti Jacqui E ↓0.3% flat ↑1.3% ↓8.9% ↓0.7% 2H25 sales 2H25 sales 2H25 sa
Slide 11: Moving at pace executing against our plans
FY25 Overview Moving at pace executing against our plans What we said we would do What we have already achieved Expand loyalty partnerships Expanded loyalty partnership with Virgin Velocity Introduced new brand partners and returning brands in Introduce new brand partners in Myer Retail Myer Retail
Slide 12: What worked well
FY25 Overview What worked well Customer & Loyalty Product & Brands Omni-channel Network Shrinkage • MYER one tag rate at 79.5%, up 230bps • Myer Retail Exclusive Brands margin • Myer Group2 online sales $818.9m. • Shrinkage expense 20% improvement vs FY24 for Myer Retail and at 47.0% for improvement
Slide 13: Key challenges we are addressing
FY25 Overview Key challenges we are addressing National Distribution Centre Cost of Doing Business Shrinkage & Antisocial Behaviour Impact Impact Impact • Operational and technological issues relating to • CODB1,2 up $43 million in FY25. • Significant increase in shrinkage expense in FY24. NDC, resu
Slide 14: MYER one continues to strengthen
FY25 Overview MYER one continues to strengthen What have we done 4.7m • Launched MYER one for Apparel Brands in August 2025 which has further expanded our MYER one active members loyalty base and early tag rates have exceeded initial targets (+6.9% vs FY24) Why it matters • With more active members
Slide 15: FY25 Financial Results
02 FY25 Financial Results 11
Slide 16: Myer Group: Segment reporting
Myer Group: Segment reporting New segment reporting for Myer Group following combination with Apparel Brands Other Retail Apparel Brands Myer Exclusive Brands Unallocated Costs National Brands Corporate Costs Concessions Marketplace 12
Slide 17: Group: Sales composition
Myer Group: Sales composition Diversified sales with increasing proportion from brands owned by Myer Group Retail Apparel Brands 13% 26% 22% 31% 39% 51% $3.7b $3.3b 19% $0.4b FY25 FY25 2H25 22% 9% 18% 23% 7% 20% Womens Kids Home Just Jeans Portmans Mens Beauty Jay Jays Dotti Myer owned brands Jacqui
Slide 18: Group: Income statement
Myer Group: Income statement First time including Apparel Brands under Myer Group $ MILLIONS FY25 FY24 Change Commentary – Total sales1 up 12.5% reflecting first time reporting Apparel Brands under Myer Total sales1 3,673.8 3,266.1 12.5% Group in 2H252, 6-month contribution. Excluding Apparel Brands
Slide 19: Group: Sales and operating gross profit
Myer Group: Sales and operating gross profit Sales and operating gross profit reflects inclusion of Myer Apparel Brands Myer Group Sales ($M) Myer Group Operating Gross Profit ($M) 368 219 -0.6% 1.2% 10 23 12 8 8 11 59 3,674 1,407 1,194 1,187 3,266 3,306 FY24 Myer National Myer Concessions FY25 Myer
Slide 20: Group: Cost of Doing Business
Myer Group: Cost of Doing Business Increase driven by employee costs in-store and store support office Myer Group Cost of Doing Business1 ($M) 4 11 26 1,023 6 985 FY24 Myer Group Proforma2 NDC Impact Store Employee Costs Store Support Office Costs SBMDL reset FY25 Myer Group – Store employee costs p
Slide 21: Myer Retail
Myer Retail Myer Retail segment sales growth driven by online sales with MYER one tag rate at record high $ MILLIONS FY25 FY24 Change Commentary Total sales 3,306.0 3,266.1 1.2% Operating gross profit 1,187.4 1,194.4 (0.6%) – Total sales up 1.2% reflecting growth in Concessions offset by lower sales
Slide 22: Myer Retail: Sales, operating gross profit and segment contribution
Myer Retail Sales, operating gross profit and segment contribution Sales ($M) Operating Gross Profit ($M) Segment Contribution ($M) +1.2% -0.6% -6.1% 5 12 3 59 23 3,306 458 19 8 8 10 3,266 11 1,194 1,187 3 2 430 FY24 National Myer Concessions FY25 FY24 NDC OGP OGP Mix OGP Rate FY25 FY24 Trading Othe
Slide 23: Myer Apparel Brands
Myer Apparel Brands Segment sales, operating gross profit and segment contribution $ MILLIONS 2H25 2H241 Change Commentary Total sales 367.8 374.2 -1.7% – Sales declined 1.7% pcp driven by softer performance in Dotti, partially offset Operating gross profit 219.1 223.2 -1.8% by growth in Just Jeans.
Slide 24: Myer Apparel Brands: Sales, gross profit and contribution
Myer Apparel Brands Sales, operating gross profit and segment contribution Sales1 ($M) Operating Gross Profit1 ($M) Segment Contribution1 ($M) -1.7% -1.8% -13.1% 1 1 4 4 2 5 2 219 3 0 374 223 89 368 77 2H24 Just Jeans Portmans Dotti 2H25 2H24 OGP Volume OGP Rate 2H25 2H24 OGP Store Other Depreciatio
Slide 25: Significant Items
Significant Items Group statutory result impacted by impairment of goodwill and other significant items $ MILLIONS Commentary – Transaction costs related to combination with Apparel Group. Transaction costs 14.4 – Strategic review and implementation costs related to development of Myer Strategic rev
Slide 26: Capital expenditure
Capital expenditure Lower capital expenditure versus prior year as spend on store renewal and key projects reduced NET CAPEX $ MILLIONS FY25 FY24 Commentary Stores (redevelopments, brands & operations) 22.6 36.6 – Total capital expenditure was $9.6 million lower in FY25 vs FY24. Online and systems 1
Slide 27: Group 2H25
Group 2H25 First time including Apparel Brands under Myer Group Commentary $ MILLIONS 2H251 2H24 Change – First time reporting Apparel Brands under Myer Group in 2H25, 6-month contribution. 2 Total sales 1,843.0 1,437.0 28.3% – Total sales2 up 28.3% reflecting inclusion of Myer Apparel Brands sales
Slide 28: Strategy & Trading Update
03 Strategy & Trading Update 24 24
Slide 29: Myer Group Growth Strategy
Myer Group Growth Strategy Executing against our building blocks to drive sustainable growth Achievements in FY25 and progress highlights in FY26 Debt refinancing completed Targeting $30m of annualised synergies by H1 Launched MYER one in Apparel Brands in Apparel Brands combination complete
Slide 30: MYER one Expansion and Re-launch and Just Jeans new format stores
Myer Group Growth Strategy MYER one Expansion and Re-launch and Just Jeans’ new format stores rollout MYER one launched for Apparel MYER one relaunch Just Jeans ‘Stores of the Future’ Brands • MYER one launched successfully for • New Loyalty Management System and • Successful launch of the new forma
Slide 31: Introduction of new brand partners and returning brands
Myer Group Growth Strategy Introduction of new brand partners and returning brands in key categories Womenswear Beauty Home • New womenswear brands introduced • New beauty brands introduced and brands • New brand partners introduced and reset ahead of spring and summer and brands returning MEBs retu
Slide 32: National Distribution Centre long-term solution approved
Myer Group Growth Strategy National Distribution Centre long-term solution approved and implementation underway National Distribution Centre long-term solution developed, approved and implementation underway Long-term solution • Long-term solution developed, approved and implementation underway. 4 S
Slide 33: Integration on track for Myer Apparel Brands and SBMDL
Myer Group Growth Strategy Integration on track for Myer Apparel Brands and SBMDL Targeted Bucket Objective completion Finance cost saving Leverage improved credit profile of Myer Group to refinance on better terms Complete Underway/completed Apparel Brands - MYER one expansion Understand AB custome
Slide 34: FY26 priorities
Myer Group Growth Strategy FY26 priorities Customer & Loyalty Products & Brands Omni-channel Network Sourcing & Supply Chain Myer Retail Myer Apparel Brands MYER one MYER one Launch new Ongoing property Deliver on Group loyalty relaunch MEBs portfolio optimisation sourcing opportunities transition J
Slide 35: 1H26 Trading Update
1H26 Trading Update Encouraging start to 1H26 Commentary Myer Group Sales – Encouraging early momentum in FY26, with total sales for the first seven weeks of 1H26 up First 7 weeks of 1H26 3.1% vs pcp1. • Total sales for Myer Retail up 4.3% 3.1% • Total sales for Myer Apparel Brands down 1.3% – Recen
Slide 36: Q&A
04 Q&A 32
Slide 37: Closing
05 Closing 33
Slide 38: Appendices
06 Appendices 34
Slide 39: Income Statement (post AASB16)
Appendix 1 Income Statement (post AASB16) $ MILLIONS FY25 FY24 Change Total sales1 3,673.8 3,266.1 12.5% Operating gross profit 1,406.5 1,194.4 17.8% Cost of doing business2 (1,023.3) (834.7) 22.6% EBITDA2 383.2 359.7 6.5% Depreciation (242.9) (197.0) 23.3% EBIT2 140.3 162.7 (13.8%) Net finance cost
Slide 40: NPAT reconciliation to Statutory Accounts
Appendix 2 NPAT reconciliation to Statutory Accounts $ MILLIONS EBIT INTEREST TAX NPAT Statutory reported result (116.9) (87.0) (7.3) (211.2) Add back: Significant Items Transaction costs 14.4 - (0.2) 14.2 Strategic review and implementation costs 12.3 - (3.7) 8.6 Restructuring, redundancies and int
Slide 41: Myer Group Pro Forma Income Statements FY24 to FY25
Appendix 3 Income Statement – Myer Group Pro Forma Income Statements FY24 to FY251 $ MILLIONS FY24 FY25 Total sales 4,056.8 4,075.8 Concession sales (780.3) (839.1) Sale of goods 3,276.5 3,236.7 Sales revenue deferred under customer loyalty program (47.7) (45.3) Revenue from sale of goods 3,228.8 3,
Slide 42: Financial Performance – Reconciliation to Proforma
Appendix 4 Financial Performance – Reconciliation to Proforma FY25 FY25 $ MILLIONS Adj 1 Statutory Proforma 2 Sales 3,673.8 402.0 4,075.8 Operating Gross Profit 1,406.5 235.3 1,641.8 Cost of Doing Business (1,023.3) (152.3) (1,177.1) EBITDA 383.2 83.0 464.7 Depreciation & Amortisation (242.9) (48.8)
Slide 43: Operating cash flow and balance sheet
Appendix 5 Operating cash flow Balance sheet $ MILLIONS FY25 FY24 Change $ MILLIONS FY25 FY24 EBITDA 383.2 359.7 23.5 Cash 167.2 176.0 Add significant items (257.2) (12.2) (245.0) Debt 0.9 (62.2) Add non-cash adjustments 214.1 5.9 208.2 Net cash 168.1 113.8 Working capital movement 41.0 20.9 20.1 In
Slide 44: Capital allocation framework
Appendix 6 Capital allocation framework Capital Allocation Framework is designed to support Myer’s long-term growth strategy and maximise shareholder returns 1 2 3 Strong balance sheet Disciplined capital allocation Return on investment Net cash position of $168.2m In line with prior capital investm
Slide 45: Our strategic pillars and enablers
Appendix 7 Our strategic pillars and enablers Strategic Pillars Enablers The unique and in- Strong Financial A data-powered retail platform that knows our demand product and Discipline brands, created and customers better than curated to meet A top quartile Australian and retail TSR anyone, driving