Slide 1: Investor Webinar Presentation and Transcript
ASX Announcement Investor Webinar Presentation and Transcript 11 December 2025 Further to its announcement on 20 November 2025, McPherson’s Limited (ASX:MCP) will host an investor webinar today Thursday, 11 December 2025 at 10:00am (AEDT). Attached are the materials that will be presented at today’s
Slide 2: Investor Webinar
Investor Webinar 11 December 2025
Slide 3: Disclaimer
Disclaimer The following provisions apply to this presentation. Please consider its contents carefully. Currency of information Non-IFRS measures: CAAP and EBITDA circumstances after the date of this presentation, except as may be required The information contained in this presentation is current as
Slide 4: Agenda
Agenda 01 02 03 Reflect on Understand the Explore the McPherson’s opportunities benefits of our comprehensive for the new new financial transformation McPherson’s model over the last and our strategy 2 years INVESTOR WEBINAR 3
Slide 5: Two Years of Transformation
01 Two Years of Transformation Brett Charlton
Slide 6: Our starting point two years ago
Our starting point two years ago Good brands, structural underperformance, major reset needed The starting point Facing reality • Great, but forgotten brands • High fixed cost base • Strong macro tailwinds • Performance behind market • 165 years of history • Unstable declining results INVESTOR WEBIN
Slide 7: We had to go back to basics
We had to go back to basics Right brands, right channels, right distribution model We had to: 01. Reduce and reshape the cost base 02. Re-set brand portfolio and route to market 03. Lean into the right categories and channels 04. Modernise the systems, culture and process … to build a new McPherson’
Slide 8: Starting with our leadership team
Starting with our leadership team Wholly new executive team in the last two years Brett Charlton Mark Sherwin Tanya Pitchforth Bringing specific expertise Chief Executive Officer & Managing Chief Financial Officer Chief Commercial Officer Director ▷ Turnaround and transformation ▷ Supply chain and r
Slide 9: We needed to streamline the portfolio
We needed to streamline the portfolio Shifting to a pure-play health and beauty company CORE BRANDS SUPPORTING PORTFOLIO EXITED/DIVESTED NON-FORMULATED MULTIX HAPPY FLORA MOOSEHEAD SUGARBABY EYLURE FORMULATED PRIVATE LABEL EDA BRANDS (& BONDI) INVESTOR WEBINAR 8
Slide 10: We overhauled the operating model
We overhauled the operating model New route to market and cost structure Exited Shifted to Becoming a Kingsgrove specialist 3PL sales and warehouse and wholesalers marketing company INVESTOR WEBINAR 9
Slide 11: We have been reshaping our workforce
We have been reshaping our workforce Driving a major cultural shift to digital, commercial and brand building experts Purpose, 55% 61% of employees 87% of workforce Vision, Values. Embedding the Reduction in joined in the last enrolled in AI mindsets and headcount1; 2 years2 training3 behaviours to
Slide 12: Early progress is encouraging
Early progress is encouraging Benefits of the new model are emerging, and the opportunities are clear McPherson’s On track for brands in upper end of 4,026 $4-5m 56% Independent Incremental RTM Reduction in Pharmacies benefits released to inventory3 MAT reach1 reinvest in business2 (+279 vs PCP) (si
Slide 13: We remain focused on the work to be done
We remain focused on the work to be done Still more progress to be made We are embedding Positioned for growth Our capability our new operating in core brands journey is well model underway Driving scale will unlock Brands need sustained POS execution the full benefits investment and Brand building
Slide 14: Accelerating Our Strategy
02 Accelerating Our Strategy Brett Charlton
Slide 15: Simplified and more focused strategy
Simplified and more focused strategy PURPOSE: Making Confidence Simple VISION: In every household, every day, we’re Australia’s leader in premium health and beauty VALUES: Choose Courage • Make It Matter • Learn How • Better Together BRANDS CUSTOMERS PEOPLE Create consumer demand Capture value toget
Slide 16: McPherson's approach to building brands
BRANDS McPherson’s approach to building brands Methodical and informed approach to maximizing brand potential Strong Brand Foundations Measure Smart Media then Optimise Investment Amplify Impact at Shelf INVESTOR WEBINAR 15
Slide 17: Case Study: Fusion Health
BRANDS Case Study: Fusion Health Unlocking growth from disciplined early execution 01 03 05 08 PORTFOLIO BRAND REFRESH RTM 06 CHOICE POSITIONING PACKAGING INNOVATION • Strategic decision to • Refined positioning • RTM Review: Right • Packaging to reflect prioritise Fusion Health with the benefit of
Slide 18: Case Study: Dr LeWinn's
BRANDS Case Study: Dr LeWinn’s Research-validated brand refresh New media campaign New packaging INVESTOR WEBINAR 17
Slide 19: Formulated brand opportunity
BRANDS Formulated brand opportunity We have significant headroom for growth and new channels to harvest Facial Skin Care VMS Category Size in Pharmacy Category Size in Pharmacy $755m $1.9Bn Category growth on PCP Category growth on PCP +5.4% +5.8% 3.0% market share 0.6% market share Source: Circana
Slide 20: Non-formulated brand opportunity
BRANDS Non-formulated brand opportunity Renewed investment in category-driving activities and innovation Beauty Tools & Accessories Hair Tools & Accessories Total Category Total Category $209m $101m (1.0%) vs. pcp MCP 36% share (1.3%) vs. pcp MCP 22% share Cotton Foot & Shoe Care Total Category Tota
Slide 21: We operate in channels that are growing
CUSTOMERS We operate in channels that are growing Australian Pharmacy, Grocery and eCommerce are all performing well Pharmacy Grocery Retail Online $11.2B $138.8B $50.7B Total Channel Size Total Channel Size Total Channel Size Growth on PCP Growth on PCP Growth on PCP +6.1% +3.8% +10.3% Source: Phar
Slide 22: Global growth propelled by macro tailwinds
CUSTOMERS Global growth propelled by macro tailwinds People are investing more time and money for better lives Holistic Health GLP-1 Metabolic Ageing Well Living Longer Beauty as Shift Self Care People are increasingly Rapid acceleration of Scientific breakthroughs Ageing population Beauty rituals a
Slide 23: Unlocking our people's full potential
PEOPLE Unlocking our people’s full potential Building a future-ready workforce to fuel growth 01. Elevating our employee value proposition Creating a compelling experience that attracts, retains and grows the talent we need 02. Building a high-performance culture Embedding the mindsets and behaviour
Slide 24: Investment in digital is underpinning our strategy
Investment in digital is underpinning our strategy Multi-step capability building to enable execution ENABLE B2B COMMERCE & SELF-SERVICE AI Business NEW ROUTE TO MARKET WE ARE HERE Automation Distribution Model CHANGE Marketing Automation Financial Planning AI & Analysis Predicative Leverage Platfor
Slide 25: Financial Overview
03 Financial Overview Mark Sherwin
Slide 26: The case for change
The case for change Stagnated revenue and earnings growth; declining statutory results REVENUE & UNDERLYING EBITDA 222.6 214.2 200.8 210.3 197.7 13.6% 8.2% 8.2% 7.1% 7.7% Revenue ($m) EBITDA % FY20 FY21 FY22 FY23 FY241 Free Cash Flow (FCF)2 $13.7m ($4.1m) $12.4m $0.9m $4.2m3 Net Debt $9.2m $8.4m $1.
Slide 27: Steps in our transformation
Steps in our transformation What Timing Purpose Brand reset and • Streamline portfolio of brands in health and beauty categories November 2023 organisational re-design • Adjust cost base to support investment in strategy Major CRM investment January 2024 • Enhance sales execution and trade promotion
Slide 28: Understanding the anticipated RTM benefits
Understanding the anticipated RTM benefits Significant reduction in fixed operating costs delivers benefits DISTRIBUTION EXIT IN-HOUSE ANTICIPATED WHOLESALER COSTS NEW 3PL MODEL CAPABILITY DISTRIBUTION ANNUAL IMPACT1 +$2.0m to $2.5m ($4.0 to $4.5m) Revenue/Gross Margin ($2.0m) Revenue benefit from i
Slide 29: New model positioned to benefit from scale
New model positioned to benefit from scale PRE-TRANSFORMATION DURING TRANSFORMATION POST / NEW MODEL (Revenue = $210m) (Revenue = $139m) (Hypothetical per FY23 Revenue ($210m)) 100% 100% 100% c.40 to 51.4% 45% 42.1% 15.8% 19.8% c.25% 25.7% 32.7% c.20% 7.1% 5.4% c.10 to 15% FY23 FY25 Pro Forma P&L Co
Slide 30: New 3-year debt facility in place
New 3-year debt facility in place Refinancing completed; undrawn new facility • New 3-year facility signed with HSBC in November 2025 • Replaces previous facility, expiring March 2026 • Facility capacity of $16.2m, reflecting new working capital needs of business • Borrowing costs reduced by $1.1m f
Slide 31: Recapping our financials
Recapping our financials Before transformation (FY23) After transformation (FY26 onwards) • Broad portfolio across multiple categories • Concentrated portfolio in health and beauty Revenue • Growth constrained by underinvestment in A&P • Prioritising A&P investment to support future growth Gross mar
Slide 32: Concluding Remarks
04 Concluding Remarks Brett Charlton
Slide 33: To conclude
To conclude 01 02 03 04 We are a new Our future is Our new model We are McPherson’s customers, is asset light focused on focused on brands, people and scalable sustainable sales and and digital with clear growth and marketing always strategic shareholder benefits returns INVESTOR WEBINAR 32
Slide 34: Q&A
MCPHERSONS ESTD. 1860 Q&A
Slide 35: Thank you
MCPHERSONS ESTD. 1860 Thank you
Slide 36: Investor Webinar Transcript December 2025
Investor Webinar Transcript 11 December 2025 SLIDE ONE Good morning, everyone and welcome to McPherson’s investor webinar. Thank you for joining us today. I’m Brett Charlton, Managing Director and CEO, and I’m joined today by Mark Sherwin, our CFO. We’re looking forward to spending some time this mo
Slide 37: There have been many different eras of McPherson's
There have been many different eras of McPherson’s in that time: pig iron, steel rivets (including the 5 million that were used in the construction of the Sydney Harbour Bridge), printing, pumps, kitchen knives… and, when I joined, health and beauty, and bags, wraps and foils. In this varied past, th
Slide 38: We determined that we would focus on five key brands
We determined that we would focus on five key brands in the health and beauty sector: beauty tools and accessories brand Manicare, hair accessories brand Lady Jayne, skincare brand Dr LeWinn’s, cotton wool brands Swisspers and supplements brand Fusion Health. These were our best-known brands with som
Slide 39: They've worked in major FMCG companies, and with global brands
They’ve worked in major FMCG companies, and with global brands. And they’ve brought to McPherson’s the specific expertise that we needed for a complex transformation. The Executive Leadership Team now comprises group leaders with deep, relevant experience and significant ambitions for McPherson’s in e
Slide 40: We were maintaining the warehouse and staff
We were maintaining the warehouse and staff to pack and dispatch approximately 11,000 orders a month but lacked the scale to deliver to the pharmacy channel on the next day delivery cycle they were used to from pharmacy wholesalers. Our core capabilities were – and remain – in the sales and marketing
Slide 41: We really mean it
SLIDE TEN When we talk about a new McPherson’s – we really mean it. When I started at McPherson’s, we had approximately 330 employees. There are now about 150. 61% of these employees have joined within the last 2 years. At the same time, in each team, we’ve kept key talent that has been at McPherson
Slide 42: Section two
One other point: the international business is something we are still working on. This isn’t a topic we’ll cover today, and we’ll look forward to updating the market on our strategy for the international business separately. Section Two SLIDE THIRTEEN Onto our strategy. SLIDE FOURTEEN This is the st
Slide 43: We make our investment in working media work as hard as possible
We make our investment in working media work as hard as possible by ensuring it is sufficient in scale and targeted in the correct media channel at the right consumer. We are building a culture of disciplined investment in A&P by embedding the right brand building mindsets and enabling better decision
Slide 44: Our research revealed that what really resonated with our core market
Our research revealed that what really resonated with our core market was that the brand was formulated for and proven on real Australians with Australian skin. The skincare industry overall is dominated by major global brands and overseas companies. But research showed us that consumers really conn
Slide 45: Next, there is a real opportunity in e-commerce
Next, there is a real opportunity in e-commerce. I’ve already mentioned the growth in online retail, and we are seeing exciting early signs with DRL and Fusion in terms of return on advertising spend. Finally, we continue to review the international business as I mentioned, to ascertain what role th
Slide 46: We are building a more deliberate talent and development practice
We are building a more deliberate talent and development practice, with adaptive leadership at the centre, so leaders are better equipped to navigate complexity and lead through change. These actions will directly increase the impact of our leaders by giving them the frameworks, skills and behaviour
Slide 47: Section three
Section three SLIDE TWENTY-FOUR I’ll now hand over to our CFO, Mark Sherwin, to talk about the financial benefits of our new model. SLIDE TWENTY-FIVE Thank you, Brett and good morning, everyone. I joined McPherson's in May 2024, approximately six months after the strategic re-set began. You've heard f
Slide 48: The key step I want to call out here is the divestment of our
The key step I want to call out here is the divestment of our Multix brand. Proceeds from Multix were used to pay down outstanding debt and provide capital to fund route-to-market transformation activities (including approximately $7 million in warehouse redundancy payments). We’ll spend some time s
Slide 49: Prudently deployed into the business
prudently deployed into the business, embedding our new model through investment in our customers, brands, and capabilities. The benefits of the new model also include an anticipated working capital benefit associated with the transition to pharmacy wholesalers. The model is variable, so that if we do
Slide 50: Our capital allocation review has included evaluating the level of debt financing
SLIDE TWENTY-NINE Our capital allocation review has included evaluating the level of debt financing we require. Previously, the business had access to a $52.5 million syndicated facility that was put in place in March 2023. This was a pre transformation facility when the business still included the w
Slide 51: Our leadership team, our strategy and the majority of our employees are new
Our leadership team, our strategy and the majority of our employees are new. Our focus is new and our thinking is fresh. We are all about customers, brands and our people. These are the pillars we are focused on to achieve sustainable growth. The financial model has changed materially. In February we