Slide 1: Adairs Limited — FY26 Full Year Results Presentation
ADAIRS LIMITED | ASX: ADH 24 August 2026 The Manager Company Announcements Office Australian Securities Exchange Dear Manager Adairs Limited — FY26 Full Year Results Presentation Please find attached for immediate release to the market the FY26 Full Year Results Presentation for Adairs Limited. Adai
Slide 2: Adairs Limited FY26 Results Presentation
Adairs Limited FY26 Results Presentation 24 August 2026 Elle Roseby Group Chief Executive Officer & Managing Director Matt Edmonds Group Chief Financial Officer Adairs: Bondi Junction, NSW
Slide 3: Presentation Contents
FY26 RESULTS Presentation Contents Section Group Overview 3 FY26 Financials 7 FY26 Brand Performance 12 FY27 Strategy Update 20 FY27 Trading Update and Outlook 23 Questions 25 Appendices 26 2
Slide 4: Group Overview
SECTION 01 Group Overview 3
Slide 5: FY26 Group Performance
FY26 RESULTS | GROUP OVERVIEW FY26 Group Performance A resilient result: Sales increased +3.8%, underlying earnings held, net debt reduced by $20m, full year dividends increased +9.5% to 11.5cps Group sales performance • Sales: Group $641.7m (up +3.8% on FY25), FY24-26 CAGR Adairs +5.4%; Mocka +17.7
Slide 6: Group Overview and Performance
FY26 RESULTS | GROUP OVERVIEW Group Overview and Performance Three brands at three different stages — Adairs growing profitably, Mocka scaling fast, Focus on Furniture in turnaround 1 HOME FURNISHINGS & DÉCOR HOME & LIVING FURNITURE & BEDDING Leading omnichannel specialty retailer of Design-led home
Slide 7: Focus on Furniture: What happened in H2, and specifically in Q4
FY26 RESULTS | GROUP OVERVIEW Focus on Furniture: What happened in H2, and specifically in Q4 FY26 was a year of two phases: delivered sales broadly flat through Q1–Q3 (+0.2%), then a sharp Q4 decline (-25.5%) driven by two distinct but controllable issues management are actively correcting. TWO PRO
Slide 8: FY26 Financials
SECTION 02 FY26 Financials 7
Slide 9: Group Performance
FY26 RESULTS | FY26 FINANCIALS Group Performance Adairs and Mocka now generate over 90% of Group earnings — and both showing strong growth REV ENU E ($m ) ($m) FY26 FY25 Change Change 52 weeks 52 weeks ($m) (%) +3.8% 641.7 Total Sales 618.1 +3.9% Adairs 459.2 442.2 +17.0 +3.9% 442.2 459.2 Mocka 71.2
Slide 10: Group Income Statement
FY26 RESULTS | FY26 FINANCIALS Group Income Statement Gross margin strengthened through the second half as pricing discipline took hold at Adairs and Mocka ($m) FY26 FY25 Change Change Commentary Underlying 52 weeks 52 weeks (#039;m) (%) • Net closure of 6 stores (194 to 188; refer Appendix 6) – Store
Slide 11: Group Balance Sheet
FY26 RESULTS | FY26 FINANCIALS Group Balance Sheet Net debt at its lowest level in four years, at 0.7x underlying EBITDA ($m) Jun-26 Jun-25 Jun-24 Commentary Inventories 91.2 96.0 83.7 Inventories Trade and other payables (63.4) (57.9) (52.4) • Closing inventory of $91.2m, down -5.0%; clean position
Slide 12: Significant Items
FY26 RESULTS | FY26 FINANCIALS Significant Items Non-cash write-downs drove the statutory loss — the operating business remained solidly profitable and cash generation was strong Underlying to statutory NPAT bridge Commentary ($m) Pre-tax FY26 Focus on Furniture impairment • Underperformance acceler
Slide 13: FY26 Brand Performance
SECTION 03 FY26 Brand Performance 12 Mocka: Maroochydore, QLD
Slide 14: Adairs: FY26 Financial Performance
FY26 RESULTS | BRAND PERFORMANCE Adairs: FY26 Financial Performance Second-half gross margin up +150bps on last year — the Q1 clearance impact fully recovered. Sales ($m) Commentary 442.2 459.2 430.8 120.0% 418.7 413.4 • Total sales of $459.2m, up +3.9% (H1: +4.0%; H2: +3.6%). Online 100.0% 114.6 12
Slide 15: Adairs: Profit and Loss Statement
FY26 RESULTS | BRAND PERFORMANCE Adairs: Profit and Loss Statement ($m) FY26 FY25 Change ($m) Change (%) Store sales 326.9 321.3 +5.6 +1.8% Online sales 132.3 121.0 +11.3 +9.4% 1 Total sales 459.2 442.2 +17.0 +3.9% % Online sales 28.8% 27.4% +140bps Gross margin 279.8 269.9 +10.0 +3.7% % to sales 60
Slide 16: Mocka: FY26 Financial Performance
FY26 RESULTS | BRAND PERFORMANCE Mocka: FY26 Financial Performance A standout year led by Australia — strong double-digit growth with expanding margin, with New Zealand stabilised. Sales ($m) Commentary 80.0 70.0 • Record sales of $71.2m, up +22.9% (H1: +29.8%; H2: +16.4%) – 60.0 64.1 71.2 57.9 50.0
Slide 17: Mocka: Profit and Loss Statement
FY26 RESULTS | BRAND PERFORMANCE Mocka: Profit and Loss Statement ($m) FY26 FY25 Change ($m) Change (%) Store sales 1.8 0.7 +1.1 +134.4% Online sales 69.4 57.2 +12.2 +21.4% Total sales 71.2 57.9 +13.3 +22.9% % Online sales 97.5% 98.7% -120bps Gross margin 42.8 34.4 +8.4 +24.6% % to sales 60.2% 59.4%
Slide 18: Focus on Furniture: The Two-Year Turnaround
FY26 RESULTS | BRAND PERFORMANCE Focus on Furniture: The Two-Year Turnaround The same product-led playbook completed at Adairs and Mocka: three pillars, product first, but sustained recovery will take time. 1 The two-year program 2 The expected trajectory Three pillars, sequenced through FY27 and FY
Slide 19: Focus on Furniture: FY26 Financial Performance
FY26 RESULTS | BRAND PERFORMANCE Focus on Furniture: FY26 Financial Performance A challenging year; difficult leadership transition and under investment in range and stores resulted in sharp Q4 decline Sales ($m) Commentary 180.0 100.0% 134.7 141.9 129.6 90.0% 160.0 117.9 • Total sales of $111.3m (−
Slide 20: Focus on Furniture: Profit and Loss Statement
FY26 RESULTS | BRAND PERFORMANCE Focus on Furniture: Profit and Loss Statement ($m) FY26 FY25 Change ($m) Change (%) Store sales 103.8 110.2 -6.4 -5.8% Online sales 7.5 7.7 -0.2 -2.9% Total sales 111.3 117.9 -6.6 -5.6% % Online sales 6.7% 6.6% +10bps Gross margin 56.1 59.9 -3.8 -6.3% % to sales 50.4
Slide 21: FY27 Strategy Update
SECTION 04 FY27 Strategy Update 20 Focus on Furniture: Frankston, VIC
Slide 22: VISION 2030: One framework applied to each business
FY26 RESULTS | STRATEGY UPDATE VISION 2030: One framework applied to each business To be a leading Australasian home furnishing retail group - scaling distinctive, high-performing brands through a disciplined portfolio model that allocates capital, shared capability and expertise where future return
Slide 23: VISION 2030: Business Priorities for FY27–FY28
FY26 RESULTS | STRATEGY UPDATE VISION 2030: Business Priorities for FY27–FY28 One framework, tailored by business – prioritising what matters most for each and it’s customers ELEVATE AND SIMPLIFY GROW AND BUILD CAPABILITY RESET AND REJUVENATE PRODUCT & Elevate: design authority and quality Extend: d
Slide 24: FY27 Trading Update and Outlook
SECTION 05 FY27 Trading Update and Outlook 23
Slide 25: FY27 Trading Update and Outlook
FY26 RESULTS | TRADING UPDATE AND OUTLOOK FY27 Trading Update and Outlook Trading update Outlook • FY27 focused on improved earnings quality and consistency – First eight weeks vs FY26 moderate gross margin expansion, cost productivity and disciplined Adairs (Australia)1 +0.4% capital allocation. Mo
Slide 26: Questions
SECTION 06 Questions 25
Slide 27: Appendices
SECTION 07 Appendices 26
Slide 28: Reconciliation of underlying to statutory results
APPENDIX 1 Reconciliation of underlying to statutory results FY25 comparatives as published. Underlying measures are non-IFRS and have not been audited or reviewed FY26 RECONCILIATION (52 WEEKS) FY25 RECONCILIATION (52 WEEKS) Underlying FoF² Adairs NZ ERP / SaaS AASB 16 Statutory Underlying WMS ERP
Slide 29: Detailed Profit and Loss Statement
APPENDIX 2 Detailed Profit and Loss Statement Adairs Mocka Focus Group ($m) FY26 FY26 FY26 FY26 FY25 Underlying1 52 weeks 52 weeks 52 weeks 52 weeks 52 weeks Change ($m) Change (%) Store sales 326.9 1.8 103.8 432.5 432.2 +0.3 +0.1% Online sales 132.3 69.4 7.5 209.2 185.9 +23.3 +12.6% Total sales 459
Slide 30: Underlying Cash Flow Statement
APPENDIX 3 Underlying Cash Flow Statement ($ million) underlying FY26 FY25 Commentary Underlying EBITDA 68.7 68.0 • Underlying operating cash flow of $65.0m (FY25: $30.4m) – cash Significant items (cash) (1.1) (9.0) realisation of ~120% (Underlying EBITDA). Net working capital movement 14.0 (8.7) •
Slide 31: Adairs New Zealand exit financial impact and continuing basis view
APPENDIX 4 Adairs New Zealand exit financial impact and continuing basis view Adairs NZ contribution ($m) FY25 Apr-26 LTM FY26 Closure and exit costs ($m) FY26 recognised Gross sales 10.7 10.6 12.8 Net lease modification and surrender costs 0.7 Gross profit 3.7 3.6 4.4 Property, plant and equipment
Slide 32: Footprint
APPENDIX 5 AD AIRS FY26 ACTIVITY Store count Jun 2025 New Closed Upsize Refurb Jun 2026 Footprint VIC NSW 50 42 1 2 - (2) - 2 1 - 51 42 QLD 33 - - - - 33 WA 21 1 (3) - - 19 EXT ENS IV E ANZ P RES ENC E SA 8 - - - - 8 ACT 4 - - - - 4 TAS 2 - - - - 2 NT 1 - - - - 1 NZ 7 1 (8) - - - Total 168 5 (13) 2
Slide 33: Glossary and basis of preparation
APPENDIX 6 Glossary and basis of preparation Term Definition Statutory results adjusted to exclude the Focus on Furniture impairment charge, Adairs NZ exit costs, expensed ERP / SaaS project costs, Underlying EBITDA / EBIT / NPAT and the impact of AASB 16 (as set out in Appendix 1). Non-IFRS measure
Slide 34: Important notice and disclaimer
Important notice and disclaimer Important Information Forward-looking statements. This presentation contains forward-looking statements, including statements regarding Adairs’ intent, belief, expectations, plans, strategies, ambitions and FY26 and FY25 were both 52-week periods for statutory purpose