Harvey Norman Holdings Ltd · ASX:HVN
Harvey Norman — FY2025 Earnings Presentation
19 slides from Harvey Norman's earnings presentation, Aug 29, 2025
Slide 1: Half-Year Results Presentation
HALF-YEAR RESULTS PRESENTATION 31 DECEMBER 2020 ®
Slide 2: Contents
2 Contents June 2025 (FY25) Results 3 Australian Franchisee Aggregated Sales Revenue 12 FY25 Results for Announcement to the Market 4-5 Franchising Operations Segment 13 An Integrated Retail, Franchise, Property & Digital System 6 Overseas Company-Operated Retail Segment 14-15 Segment Analysis 7 Pro
Slide 3: June 2025 (FY25) Results
3 JUNE 2025 (FY25) RESULTS Net Assets Operating Cash Flows PBT [excluding AASB 16 net impact and net property revaluations] $4.84bn $694.30m $590.36m [$m] [$m] [$m] $307.52m from FY24 $7.77m from FY24 $50.29m from FY24: 6-YEAR CAGR 7.2% 6-YEAR CAGR 10.9% $1.65bn from FY19 $321.46m from FY1
Slide 4: FY25 Results for Announcement to the Market
4 FY25 RESULTS FOR ANNOUNCEMENT TO THE MARKET Total System Sales Revenue* EBITDA EBIT $1.13bn $870.98m $9.35 bn Aggregated headline franchisee sales revenue* $6.43bn $227.22m or 25.3% from $898.26m in FY24 $218.31m or 33.4% from $652.67m in FY24 1H25 $108.40m +22.9% 2H25 $118.82m +27.9% 1H25
Slide 5: FY25 Results for Announcement to the Market (continued)
FY25 RESULTS FOR ANNOUNCEMENT TO THE MARKET (continued) 5 • Strong and resilient balance sheet, surpassing the $8 billion milestone for the first time in early FY25, reaching $8.37bn in total assets at 30 June 2025, anchored by $4.53bn appreciating freehold property portfolio. • Net assets increased
Slide 6: An Integrated Retail, Franchise, Property and Digital System
AN INTEGRATED RETAIL, FRANCHISE, PROPERTY AND DIGITAL SYSTEM 6 We operate an integrated retail, franchise, property and digital system across 8 countries. Australia New Zealand Singapore Slovenia Ireland Malaysia Croatia United Kingdom 195 44 12 5 16 38 3 3 franchised complexes stores stores stores
Slide 7: Segment Analysis
SEGMENT ANALYSIS 7 The consolidated entity operates an integrated retail, franchise, property and digital system, comprising three main strategic pillars: 1. Franchise — 2. Retail — 3. Property complemented by sustained investment in technology, digital transformation and IT infrastructure assets. R
Slide 8: Review of the Balance Sheet
REVIEW OF THE BALANCE SHEET 8 Increase / (Decrease) Increase / (Decrease) 30 JUNE 2025 30 JUNE 2024 $ % Total assets $8.37bn $7.93bn $445.36m 5.6% Total liabilities $3.53bn $3.39bn $137.85m 4.1% Equity $4.84bn $4.54bn $307.52m 6.8% • $244.50m increase in the value of the freehold investment property
Slide 9: Review of the Balance Sheet (continued)
REVIEW OF THE BALANCE SHEET (continued) 9 Composition of Total Assets of $8.37bn $203.00m $997.52m $627.59m Other Receivables Inventory $419.93m Plant & equipment $553.86m $759.55m Property, plant & $279.69m $4,532.08m Investment properties: equipment: Cash Tangible property assets Leasehold right-o
Slide 10: Review of the Statement of Cash Flows
REVIEW OF THE STATEMENT OF CASH FLOWS 10 Increase / (Decrease) Increase / (Decrease) 30 JUNE 2025 30 JUNE 2024 $ % Net cash flows from operating activities $694.30m $686.53m $7.77m 1.13% Net cash flows used in investing activities ($222.54m) ($301.18m) $78.64m 26.1% Net cash flows used in financing
Slide 11: Aggregated Sales Revenue
AGGREGATED SALES REVENUE 11 Aggregated sales increase / (decrease) in constant local currencies: Total franchisee sales* Local Year ended 30 June 2025 Total Sales 1H25 vs 1H24 2H25 vs 2H24 FY25 vs FY24 Currency Australian Franchisees* $ AUD 5.5% 6.8% 6.1% $6.43bn 6.1% increase of $372.12m New Zeal
Slide 12: Australian Franchisee Aggregated Sales Revenue
AUSTRALIAN FRANCHISEE AGGREGATED SALES REVENUE* 12 • Aggregated franchisee sales revenue for FY25 was $6.43 billion, an increase of 6.1% from $6.06 billion in FY24 (comparable sales up 5.9%) • 1H25 aggregated franchisee sales revenue increased by 5.5% to $3.34 billion from $3.16 billion in 1H24 (com
Slide 13: Franchising Operations Segment
FRANCHISING OPERATIONS SEGMENT 13 Increase Increase 30 June 2025 30 June 2024 $ % Franchising operations segment revenue $1.043bn $971.23m $71.97m 7.4% Aggregated franchisee headline sales revenue* $6.43bn $6.06bn $372.12m 6.1% Franchising operations segment PBT $344.39m $273.56m $70.83m 25.9% Franc
Slide 14: Overseas Company-Operated Retail Segment
OVERSEAS COMPANY-OPERATED RETAIL SEGMENT 14 Increase / (Decrease) Increase / (Decrease) Overseas retail segment PBT result 30 June 2025 30 June 2024 $ % Retail – New Zealand $64.89m $67.98m ($3.09m) (-4.5%) Retail – Singapore & Malaysia $41.43m $35.66m $5.77m 16.2% Retail – Ireland $22.65m $16.39m $
Slide 15: Overseas Company-Operated Retail Segment (continued)
OVERSEAS COMPANY-OPERATED RETAIL SEGMENT (continued) 15 New Zealand Singapore & Malaysia • Sales in FY25 increased by $1.07m, or 0.1%, to $953.76m for FY25, from $952.69m in FY24. • Aggregated sales revenue for the Harvey Norman® and Space Furniture® brands in Asia Retail conditions towards the end
Slide 16: Property Segment
PROPERTY SEGMENT 16 Increase / (Decrease) Increase / (Decrease) 30 June 2025 30 June 2024 $ % Property segment revenue $504.23m $327.53m $176.69m 53.9% Net property revaluation increment $154.38m $2.25m $152.13m 6761.2% Property segment EBITDA $370.67m $203.05m $167.62m 82.6% Property segment result
Slide 17: Freehold Property Portfolio
FREEHOLD PROPERTY PORTFOLIO 17 Net Increase / # of Owned # of Owned Net Increase / (Decrease) Retail Other (Decrease) Composition of freehold property segment assets June 2025 in Fair Value Property Property in Fair Value [Income Assets Assets [Equity] Statement] (1) Investment Properties (Freehold)
Slide 18: Leasehold Property Portfolio
LEASEHOLD PROPERTY PORTFOLIO 18 Composition of the Leasehold Property Portfolio: Right-of-Use Lease # of Leased # of Leased Composition of leasehold property portfolio Assets Liabilities Retail Other June 2025 June 2025 Property Assets Property Assets (1) Leases of Properties Licensed to External Pa
Slide 19: Outlook
OUTLOOK 19 Retail Trading Update: Aggregated Sales 9.9% for July 2025 vs July 2024. Comparable sales 8.7%. In Australian Dollars ($AUD), aggregated sales revenue from Harvey Norman® wholly-owned company-operated stores in New Zealand, Slovenia, Croatia, Ireland and the United Kingdom, majority-o
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