Myer Holdings Limited · ASX:MYR
Myer — H1 2026 Earnings Presentation
34 slides from Myer's earnings presentation, Mar 24, 2026
Slide 1: 1H26 Financial Performance and Execution of Myer Group Growth Strategy On Track
24 March 2026 1H26 Financial Performance and Execution of Myer Group Growth Strategy On Track Myer Holdings Limited (ASX:MYR; Myer Group) has today released its 1H26 results for the six-month period ended 24 January 20261. 1H26 Update • Growth in 1H26 total sales and operating gross profit in line w
Slide 2: 2H26 Trading Update (first seven weeks 2H26)
2H26 Trading Update (first seven weeks 2H26) • Total sales for Myer Group up 1.7% versus the pcp. Myer Retail total sales up 2.2% versus pcp driven by double- digit growth in Home and Kids, supported further by double-digit growth in Marketplace. Myer Apparel Brands total sales 0.4% lower reflecting
Slide 3: Results briefing and contacts
“Given the current volatility in the wider macroeconomic environment and the ongoing pressures on discretionary spending, we are more focused than ever on delivering value for our customers. That’s why we are continuing to deliver the right products and brands for the right value and price, focusing
Slide 4: Myer Holdings Ltd 1H26 Results
Myer Holdings Ltd 1H26 Results
Slide 5: 1H26 financial performance and execution of Myer Group Growth Strategy on track
Myer Group | 1H26 Update 1H26 financial performance and execution of Myer Group Growth Strategy on track Growth in total Balance sheet Cost of doing sales and with net cash business managed operating gross position of within FY26 target profit in line with $287 million of ~29% prior year New and exc
Slide 6: 1H26 financial performance for Myer Group
Myer Group | 1H26 Results Overview 1H26 financial performance for Myer Group Total Sales1 Operating Gross Profit Cost of Doing Business3 $2,279.5m $886.0m 27.9% of Total Sales 24.5% 35.1% within FY26 target Pro Forma2 up 2.1% Pro Forma2 flat Underlying EBITDA3 Underlying EBIT3 Underlying NPAT3 & EPS
Slide 7: Growth in total sales and operating gross profit in line with prior year
Myer Group | 1H26 Results Overview Growth in total sales and operating gross profit in line with prior year despite macroeconomic headwinds To t a l S a l e s 1 ( $ M ) Operating Gross Profit ($M) Actual Pro Forma2 Actual Pro Forma2 +24.5% +2.1% +35.1% +0.1% 44 2 2 1 404 228 44 2 2,280 2,233 2,280 8
Slide 8: Group Financial Performance
Group Financial Performance
Slide 9: Growth in total sales and operating gross profit in line with prior year
Myer Group | Income Statement Growth in total sales and operating gross profit in line with prior year, with a continued focus on accelerating strategic priorities – Total sales1 up 24.5%, incorporating Myer Apparel Brands for 1H26. Pro $ MILLIONS 1H26 1H25 Change Change (Actual) (Pro Forma)3 forma
Slide 10: Growth in Home, Womenswear, MYER one and online channels
Myer Retail | Segment Result Growth in Home, Womenswear, MYER one and online channels $ MILLIONS 1H26 1H25 Change – Total sales1 up 2.4% reflecting growth in Home, Womenswear, Menswear, Kids, Myer Exclusive Brands and Concessions. Total sales in Total sales1 1,875.2 1,830.9 2.4% 1H26 broadly in line
Slide 11: Growth in sales and maintained operating gross profit led by Just Jeans
Myer Apparel Brands | Segment Result Growth in sales and maintained operating gross profit led by Just Jeans $ MILLIONS 1H26 1H25 Change (Pro Forma)3 (Pro Forma)3 – Total sales up 0.6%3 reflecting performance in Just Jeans (up 7.4%), partially offset by softness across other brands. Total sales1 404
Slide 12: Cost of doing business managed within FY26 target of ~29% of total sales
Myer Group | Cost of Doing Business Cost of doing business managed within FY26 target of ~29% of total sales 14 8 7 2 146 635 621 36.3% 604 458 % Total Sales 25.0% 27.0% 27.2% 27.9% 1H25 1H25 1H25 1H26 1H26 1H26 1H26 1H26 1H26 Myer Retail Apparel Brands Myer Group Myer Retail Myer Apparel Brands Cor
Slide 13: Increased cash flow driven by higher earnings
Myer Group | Operating Cash Flow Increased cash flow driven by higher earnings Change $ MILLIONS 1H26 1H25 ($M) – Operating cash flow increase of $57.0m driven by increase in EBITDA1 250.8 198.2 52.6 EBITDA. Add significant items (14.6) (17.0) 2.4 – Capital expenditure $3.9m lower due to timing of i
Slide 14: Balance sheet with a net cash position of $287 million
Myer Group | Balance Sheet Balance sheet with a net cash position of $287 million Change $ MILLIONS 1H26 FY25 ($M) – Net cash position at $287.0 million. Cash 286.1 167.2 118.9 – Inventory higher to support the launch of Myer Exclusive Debt 0.9 0.9 - Brands (less exits), support investment in new Na
Slide 15: FY26 Priorities and Trading Update
FY26 Priorities and Trading Update
Slide 16: Growth targeted to come from new and more engaged customers, driven by MYER one
Myer Group Growth Strategy Growth targeted to come from new and more engaged customers, driven by MYER one, an enhanced product offering and stronger omni-channel capability …is driven by MYER one and M y e r G r o u p ’s r e t a i l e n g i n e … the connected customer 1• Our expanded loyalty progr
Slide 17: Relaunched revamped MYER one, launched Shoppable App and expanded loyalty partnerships
FY26 Priorities | Customer & Loyalty Relaunched revamped MYER one, launched Shoppable App and expanded loyalty partnerships Customer & Loyalty ✓ Relaunched revamped MYER one in October 2025. ✓ Launched Shoppable App in August 2025. ✓ Expanded loyalty partnerships with CommBank, Velocity, JD Sports,
Slide 18: Launched Myer Exclusive Brands and new brands across Beauty, Womenswear and Menswear
FY26 Priorities | Products & Brands Launched Myer Exclusive Brands and launched new brands across Beauty, Womenswear and Menswear Products & Brands | Myer Retail ✓ Launched new Myer Exclusive Brands in February. ✓ Launched new brands in Beauty, Womenswear and Menswear. ✓ Secured access to global bra
Slide 19: Myer Apparel Brands integration progressing well
FY26 Priorities | Products & Brands Myer Apparel Brands integration progressing well, with several transitional services exited and synergies being realised Products & Brands | Myer Apparel Brands ✓ Transitioned to MYER one loyalty program. ✓ Added Just Jeans ‘Stores of the Future’. ✓ Exited transit
Slide 20: Store investments announced and new marketplace platform on track for launch in May
FY26 Priorities | Omni-channel Network Store investments announced and new marketplace platform on track for launch in May Omni-channel Network ✓ Ongoing store network optimisation. ✓ Announced investments in Myer Morley store in Perth and Myer Sydney City store beauty hall. ✓ Closure of Myer Rosela
Slide 21: Peak period supported by 3PL and progress on National Distribution Centre solution
FY26 Priorities | Sourcing & Supply Chain Peak period well supported by third-party logistics provider and progressed long term solution for National Distribution Centre Sourcing & Supply Chain ✓ Third-party logistics (3PL) arrangements operated effectively through peak season. ✓ Progressed Proof of
Slide 22: Growth in total sales in first seven weeks of 2H26
2H26 Trading Update Growth in total sales in first seven weeks of 2H26 TOTAL SALES1 ($ MILLIONS) 2H26 2H25 Change Myer Group – Total sales1 up 1.7% driven by Myer Retail. Myer Group 421.4 414.3 1.7% – Comparable sales up 2.0%. Myer Retail 341.3 333.9 2.2% Myer Retail Myer Apparel Brands 80.0 80.4 (0
Slide 23: Transforming our unique and scaled retail platform to build further resilience
Myer Group Growth Strategy Transforming our unique and scaled retail platform to build further resilience and position the Group for future growth A unique and scaled retail platform Positioning for future grow th ✓ Improved product offering and increased brand appeal 10 12 139 ✓ Strengthened all ch
Slide 24: Q&A
Q&A MyerGroup
Slide 25: Closing
Closing MyerGroup
Slide 26: Appendices
Appendices MyerGroup
Slide 27: NPAT reconciliation to Statutory Accounts
Appendix 1 NPAT reconciliation to Statutory Accounts $ MILLIONS EBIT INTEREST TAX NPAT Statutory reported result 98.2 (39.0) (18.9) 40.3 Add back: Significant Items 14.6 - (3.2) 11.4 Strategic review and implementation costs 0.3 - (0.1) 0.2 Restructuring and redundancy costs 6.4 - (0.8) 5.6 Asset im
Slide 28: Segment Information
Appendix 2 Segment Information MYER MYER APPAREL CONSOLIDATED $ MILLIONS RETAIL BRANDS CORPORATE TOTAL Total sales 1,875.2 404.3 - 2,279.5 Concession sales (500.6) - - (500.6) Sale of goods 1,374.6 404.3 - 1,778.9 Sales revenue deferred under customer loyalty program (28.2) (3.6) - (31.8) Revenue fr
Slide 29: Income Statement (versus 1H25 Actual and 1H25 Pro forma)
Appendix 3 Income Statement (versus 1H25 Actual and 1H25 Pro forma) 1H26 1H25 Change 1H25 Change $ MILLIONS Actual Actual Actual Pro forma3 Pro forma3 Total sales1 2,279.5 1,830.9 24.5% 2,232.9 2.1% Operating gross profit 886.0 656.0 35.1% 884.9 0.1% Operating gross profit % 38.9% 35.8% 304bps 39.6%
Slide 30: Income Statement – Myer Group Pro Forma Income Statement FY25
Appendix 4 Income Statement – Myer Group Pro Forma Income Statement FY25 $ MILLIONS FY25 1 Total sales 4,075.8 Concession sales (839.1) Sale of goods 3,236.7 Sales revenue deferred under customer loyalty program (45.3) Revenue from sale of goods 3,191.4 Other operating revenue 219.1 Cost of goods so
Slide 31: Capex and opex
Appendix 5 Capex and opex 1H26 1H25 NET CAPEX & OPEX 1H26 1H25 1H26 1H25 Capex & Capex & $ MILLIONS Capex Capex Opex Opex Opex Opex Stores (redevelopments, brands & operations) 11 18 5 4 16 22 Online and systems 12 8 4 2 16 10 Other (including supply chain initiatives) 4 4 2 1 6 5 Landlord contribut
Slide 32: FY26 priorities and financial discipline
Appendix 6 FY26 priorities and financial discipline 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 tra
Slide 33: Capital allocation framework
Appendix 7 Capital allocation framework Capital Allocation Framework is designed to support Myer’s long-term growth strategy and maximise shareholder returns 1 2 3 Disciplined capital allocation Return on investment Prioritised based on target financial Invest strategically for growth measures and r
Slide 34: 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