Michael Hill International Ltd. · ASX:MHJ
Michael Hill International — Investor Day (April 2026)
85 slides from Michael Hill International's investor day presentation, Apr 14, 2026
Slide 1: ASX and NZX Announcement: Michael Hill Investor Day 2026
ASX AND NZX ANNOUNCEMENT MICHAEL HILL INVESTOR DAY 2026 14 April 2026 Michael Hill International Limited (ASX/NZX:MHJ) is pleased to be hosting an Investor Day on Tuesday 14 April 2026 at its Global Head Office in Cannon Hill, Qld. Michael Hill’s Chair, Rob Fyfe, Chief Executive Officer, Jonathan Wa
Slide 2: Michael Hill Investor Day 2026
Michael Hill Investor Day 2026 TUESDAY 14 APRIL 2026 GLOBAL HEAD OFFICE, BRISBANE
Slide 3: Introduction
SECTION 01 Introduction Rob Fyfe CHAIR
Slide 4: What we will cover today
What we will cover today KEY TAKEAWAYS Building Momentum Strategy & Leadership Early results confirm the framework is working — sales • Operational clarity, customer focus and data growth returned, margins sustained discipline • Brand portfolio simplification Growth Engines Identified • Channel and
Slide 5: Agenda
Agenda 10.00am Introduction 11.50am Financial Framework Rob Fyfe Elodie Guillaumond, Chair Chief Financial Officer 10.15am Welcome & Strategy 12.20pm Closing & Q&A Jonathan Waecker, All Chief Executive Officer 11.00am Product Design & Innovation 1.00pm Lunch & Tour Tonia Zehrer, 2.00pm finish Chief
Slide 6: Welcome & Strategy
SECTION 2 Welcome & Strategy Jonathan Waecker CHIEF EXECUTIVE OFFICER
Slide 7: Leadership Driving the Next Chapter
Leadership Driving the Next Chapter Jonathan Waecker Elodie Guillaumond Tonia Zehrer Matt Keays CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER CHIEF PRODUCT OFFICER CHIEF TECHNOLOGY OFFICER Jo Feeney Tabitha Pearson Kerrie-Ann Hawkins Tanya Atkinson CHIEF MARKETING OFFICER CHIEF PEOPLE OFFICER EXEC
Slide 8: FY26 Q3 Trading Update
FY26 Q3 Trading Update ▪ Positive momentum from FY26 H1 has continued into FY26 Q3 ▪ Total sales for the Group were up 3.8% in FY26 Q3 ▪ In FY26 Q3, Group same store sales were up 4.6% on prior year, with same store sales, in local currency for the: o Australian segment up 5.5% o Canadian segment up
Slide 9: Listening. Learning. Acting.
CEO’s Observations/Early Insights FIRST SIX MONTHS Listening. Learning. Acting. “When we simplify how we operate, stay close to the customer, and make decisions based on data — the business performs better.” 121 20+ Countless STORES VISITED SUPPLIERS CUSTOMERS INVESTOR PRESENTATION APRIL 2026 8
Slide 10: Clarity, Focus and Discipline to Unlock Performance
Clarity, Focus and Discipline to Unlock Performance OPERATIONAL FRAMEWORK Operational Clarity Customer Focus Data Discipline Simplified promotional, Clearer value proposition Customer-led decision pricing, and go-to-market making architectures Product aligned to evolving demand Margin management Cle
Slide 11: Early Results: The Framework In Action
Early Results: The Framework In Action We are seeing the green shoots of recovery Actions Taken Early Evidence (H1 FY26) Sharpened Go-To-Market Sales Growth Returned Clearer Price Architectures Profit Growth with Sustained Margins Improved Promotional Discipline Customer Growth Across Segments Tight
Slide 12: Group Ambition
Group Ambition INVESTOR PRESENTATION APRIL 2026 11
Slide 13: We Believe Good Looks Like an EBIT Margin of 10%
MICHAEL HILL GROUP We Believe Good Looks Like an EBIT Margin of 10% Our strategy focuses on four levers to build towards that outcome. IMPROVED STORE DIVERSIFIED GROSS PROFIT OPERATING LEVERAGE PRODUCTIVITY REVENUE GROWTH IMPROVEMENT IMPROVEMENT Footprint Cost of Sales Gross Margin Doing Business IN
Slide 14: Our Group Strategy Starts with a Simplified Group Brand Portfolio
Our Group Strategy Starts with a Simplified Group Brand Portfolio. INVESTOR PRESENTATION APRIL 2026 13
Slide 15: Simplifying the Business
Simplifying the Business Removing Complexity FROM A FOCUS ON 5 Brands 2 Brands AUSTRALIA AUSTRALIA CANADA NEW ZEALAND INVESTOR PRESENTATION APRIL 2026 14
Slide 16: Sharpening the Focus
Sharpening the Focus PORTFOLIO RATIONALISATION WAS WAS ▪ Pure-play watch business ▪ Pure-play demi-fine/ ▪ Leveraged Bevilles’ watch fine jewellery business inventory NOW NOW ▪ Focusing team's effort on ▪ Winding down by Bevilles end of FY26 ▪ Reduction in complexity ▪ Customer migration ▪ Redirecte
Slide 17: Sharpening the Focus: TenSevenSeven
Sharpening the Focus PORTFOLIO RATIONALISATION TenSevenSeven validates demand for bespoke bridal TenSevenSeven has validated strong customer demand for bespoke engagement rings, with average transaction values over 4x Michael Hill’s average bridal transaction value. Based on this success, we are now
Slide 18: Simplified Group Brand Portfolio
Simplified Group Brand Portfolio We are simplifying the group to focus on the brands and capabilities that drive the most value. Overlap across ~14% of global footprint (30% in Australian Segment) (OPENING PRICE POINTS) Premium Experience Seekers Value Seekers VALUE MID-MARKET PREMIUM LUXURY INVESTO
Slide 19: Our Global Footprint
Our Global Footprint A STRONG NETWORK ACROSS THREE COUNTRY SEGMENTS, WITH A SIMPLIFIED FOCUS ON TWO BRANDS IN AUSTRALIA Australia Canada New Zealand 158 81 43 STORES STORES STORES 122 Michael Hill stores 36 Bevilles stores INVESTOR PRESENTATION APRIL 2026 18
Slide 20: Australian Segment: Bevilles Strategy Reset, Perform, and Grow
Australian Segment: Bevilles Strategy Reset, Perform, and Grow INVESTOR PRESENTATION APRIL 2026 19
Slide 21: From Acquisition to Reset
From Acquisition to Reset BEVILLES APRIL 2023 FY24–FY25 DEC 26 FY26 H2 Acquisition Thesis Strategic Drift The Reset Early Green Shoots Australian value-led Relocated head office and Leadership changes jewellery and watch distribution centre retailer Product reset Improving competitive Disrupted with
Slide 22: The Look For Less
The Look For Less BEVILLES Our strategy is to win on value, to move fast, and to run lean. Value. Fast. Lean. Deliver unmistakable Maximise inventory velocity Create structural customer value and return on capital advantage People, culture and operating model. Raise our performance standards and dec
Slide 23: Reset delivering early results
Reset delivering early results BEVILLES The reset is working — early trading metrics show clear improvement across all key measures. FY26 H1 FY26 Q3 Down on LY Up on LY Across: Across: Same Store Sales, GP%, GP$ Same Store Sales, GP%, GP$ INVESTOR PRESENTATION APRIL 2026 22
Slide 24: The Current Bevilles Footprint
The Current Bevilles Footprint BEVILLES Within Australian Segment 7 26 36 QUEENSLAND STORES AT STORES LOCATED IN ACQUISITION HIGH-TRAFFIC AREAS + ONLINE 1 Performance strongly influenced by catchment 12 NEW SOUTH RECENT CLOSURE: demographics and WALES CHARLESTOWN (NSW) customer mix. 2 15 SOUTH AUSTR
Slide 25: The Path Forward
The Path Forward BEVILLES — INVESTMENT FRAMEWORK A disciplined stage-gate approach — each phase must be proven before the next is unlocked. STAGE 1 STAGE 2 STAGE 3 INVESTMENT PROOF The Reset Proving the Model Evaluating Expansion Return on Capital Returning Bevilles to Demonstrating that the Assess
Slide 26: Michael Hill Strategy Delivering Profitable Growth
Michael Hill Strategy Delivering Profitable Growth INVESTOR PRESENTATION APRIL 2026 25
Slide 27: Sir Michael Hill quote
“Everybody deserves to wear quality jewellery and feel special wearing it, along with feeling welcomed when they go shopping.” SIR MICHAEL HILL INVESTOR PRESENTATION APRIL 2026 26
Slide 28: Brand Evolution
Brand Evolution A deliberate brand journey, with a clear view of where we go from here. 2020-2025 2026 ONWARDS Brand Repositioning: Accessible Modern Luxury Aspirational Brand Journey New brand identity and premium Moving from Brand Elevation to Brand Growth positioning Focus on growing sales across
Slide 29: Making modern luxury accessible
Making “Everybody deserves to modern wear quality jewellery and feel special wearing it, luxury along with feeling welcomed when they accessible. go shopping.” INVESTOR PRESENTATION APRIL 2026 28
Slide 30: Making Modern Luxury Accessible
Making Modern Luxury Accessible MICHAEL HILL Our strategy will focus on growing customers, profit, and engagement. Grow Customers. Grow Profit. Grow Engagement. Win more customers, Set a new standard Turn our service into a scaling Michael Hill beyond for profitability at Michael defining reason cus
Slide 31: Grow Customers
STRATEGY Grow Win more customers, scaling Michael Hill beyond $700M. Customers. Expand our customer base Strengthen key purchase journeys, becoming more experiential and emotional Drive traffic, transactions, and purchase frequency Accelerate growth across channels and markets Grow digital sales pen
Slide 32: Grow Profit
STRATEGY Grow Set a new standard for profitability at Michael Hill. Profit. Strengthen accessible luxury positioning Deliver industry-leading product economics Actively manage cost of goods Deepen strategic vendor partnerships Unlock innovation Product design and innovation for improved margin INVES
Slide 33: Grow Engagement
STRATEGY Grow Turn our service into a defining reason customers choose Michael Hill. Engagement. Grow customer loyalty and frequency Expand personalised, custom and bespoke capabilities Establish services as a core pillar of the brand, moving beyond traditional industry approaches to create deeper a
Slide 34: People, Culture and Operating Model: Becoming an AI-Powered Retailer
People, Culture and Operating Model THE EXECUTION ENGINE THAT TURNS STRATEGY INTO RESULTS Clear performance standards Becoming Aligned to margin, productivity and returns. an AI-Powered Smarter decisions at scale Powered by data and AI. retailer. AI Centre of Excellence is Operating model simplicity
Slide 35: Channel and Market Footprint
Channel and Market Footprint INVESTOR PRESENTATION APRIL 2026 34
Slide 36: Addressable Customer Opportunity
Addressable Customer Opportunity MARKET OPPORTUNITY Michael Hill has established positions in all three markets, with clear headroom for further share gains — particularly in Canada NEW ZEALAND AUSTRALIA CANADA BRAND BRAND BRAND AWARENESS AWARENESS AWARENESS ~ 5.3m population ~ 26.9m population ~ 32
Slide 37: The Digital Growth Opportunity
The Digital Growth Opportunity Stores are our competitive advantage in a digital world Opportunity is 2x – 3x Growth in digital sales FY26H1 ahead of total sales growth Digital trading margins perform in line with overall trading margins Majority of digital sales show up in-store via Click & Collect
Slide 38: The Digital Growth Opportunity
The Digital Growth Opportunity Prioritising the capability and focus required to scale digital growth Broaden customer reach, convert Discovery & store conversion through stores, and unlock demand through agent led engagement. Fully equip front line teams to deliver Enhanced clienteling integrated r
Slide 39: Our Michael Hill Global Footprint
Our Michael Hill Global Footprint A STRONG NETWORK ACROSS THREE KEY MARKETS Australia Canada New Zealand THE CORE ENGINE THE GROWTH ENGINE THE HERITAGE 122 81 43 STORES STORES STORES Optimise the network for Significant runway for growth. Dominant market position with higher productivity. a focus on
Slide 40: Australia — our largest market
Australia — our largest market Market snapshot 26 BRAND MATURITY STRATEGIC FOCUS QUEENSLAND Mature Productivity High brand awareness Expand addressable customer base 37 PRIORITY 01 NEW SOUTH WALES 2 Productivity Over Footprint Grow online while maximising sales density in the existing 4 network. Dis
Slide 41: Australia store footprint
Australia Store footprint includes Core and Flagship experiences Core Store Modernised Core Store KARRINYUP MARION Flagship Experience Store Core Store BONDI JUNCTION CHERMSIDE
Slide 42: Canada — our growth market
Canada — our growth market Market snapshot NEWFOUNDLAND & LABRADOR 1 BRAND MATURITY STRATEGIC FOCUS Growing Expansion Lower share than AU / NZ Network & Brand awareness PRIORITY 01 19 Network and Digital Expansion Significant online growth alongside disciplined store openings, 15 1 targeting ~ 85 to
Slide 43: Canada store footprint
Canada Store footprint includes Core and Flagship experiences Flagship Experience Store Core Store PACIFIC CENTRE RICHMOND Flagship Experience Store Core Store YORKDALE TORONTO PREMIUM OUTLET
Slide 44: New Zealand — our most mature market
New Zealand — our most mature market Market snapshot 34 NORTH ISLAND BRAND MATURITY STRATEGIC FOCUS Mature Profitability High brand awareness Defend & optimise PRIORITY 01 Protect Market Leadership Leverage high brand awareness and deep customer heritage to defend our #1 position in a competitive, m
Slide 45: New Zealand store footprint
New Zealand Store footprint includes Core and Flagship experiences Core Store Core Store ALBANY BOTANY Flagship Experience Store Core Store QUEENSTOWN INVERCARGILL INVESTOR PRESENTATION APRIL 2026
Slide 46: Customers at the Heart of Everything We Do
Customers at the Heart of Everything We Do INVESTOR PRESENTATION APRIL 2026 45
Slide 47: Customer Base across Bridal, Gifting and Self-purchasing
Customer Base across Bridal, Gifting and Self-purchasing CUSTOMER FOCUS Bridal Self- Customer segment Win the most important moment in our category, then opportunity purchase build the lifetime relationship Gifting Become the everyday jewellery brand customers choose for themselves Make meaningful g
Slide 48: Loyalty Program
Loyalty Program CUSTOMER FOCUS MEMBERS Highly Engaged Membership Base Over 3.2 million across Australia, New Zealand and Canada MEMBER SHARE OF TRANSACTIONS Personalisation at Scale Over 4 in 5 transactions total transactions from loyalty members BRILLIANCE MEMBERS Rewarding Lifetime Value Our most
Slide 49: Services Drive Much Deeper Engagement
Services Drive Much Deeper Engagement Michael Hill Diamond Warranty Professional Care Plan • Highest-engagement service • Digitised November 2025 • Stronger repeat purchasing behaviour • Proven trigger for incremental traffic • Longer lifetime brand relationships Jewellery Cleaning Repairs • Accessi
Slide 50: Product Design & Innovation
SECTION 03 Product Design & Innovation Tonia Zehrer CHIEF PRODUCT OFFICER
Slide 51: Leadership Driving the Next Chapter: Tonia Zehrer
Leadership Driving the Next Chapter GLOBALLY EXPERIENCED PRODUCT AND RETAIL EXECUTIVE Tonia Zehrer CHIEF PRODUCT OFFICER Globally experienced product and retail executive More than 25 years’ experience across jewellery, fashion, and large-scale consumer businesses, with global expertise across produ
Slide 52: Product Design & Innovation
Product Design & Innovation • Creating Products That Drive Demand and Excitement. Value-driven categories, limited releases, and focused product storytelling. • Innovating At Scale Across Key Growth Areas. Men’s, Basics, Bridal and Watches. • Expanding Personalisation, Custom, and Bespoke Experience
Slide 53: Michael Hill
Michael Hill Tonia Zehrer CHIEF PRODUCT OFFICER INVESTOR PRESENTATION APRIL 2026 52
Slide 54: Creating products that drive demand and excitement
Creating products that drive demand and excitement. Focus on a customer led assortment that delivers value while never compromising on design quality and modern luxury standards. INVESTOR PRESENTATION APRIL 2026 53
Slide 55: Innovating At Scale Across Key Growth Areas
Innovating At Scale Across Key Growth Areas Accelerate growth in Men’s New customer growth in opportunity categories by globally trending category focusing on commercial Focused retail fundamentals, innovation to engage Basics design innovation, repeat customers and drive cultural customer relevance
Slide 56: Men's
Men’s Capitalise on one of the hottest retail growth categories globally, while attracting a new customer base. INVESTOR PRESENTATION APRIL 2026 55
Slide 57: Basics
Basics BACK TO BASICS – CORE MAXIMISATION Apply world-class retail fundamentals and design-led rigour to elevate, simplify and scale our core assortments – turning core back into a competitive advantage. INVESTOR PRESENTATION APRIL 2026 56
Slide 58: Bridal
Bridal Deepen our bridal authority. Grow a base of loyal, high-value customers who return across life’s milestones. INVESTOR PRESENTATION APRIL 2026 57
Slide 59: Michael Hill Watches
Michael Hill Watches Michael Hill branded watches sit at the heart of our heritage, giving us a flexibility to create limited editions and move faster on style and fashion. They play a key role in attracting new customers into the brand. INVESTOR PRESENTATION APRIL 2026 58
Slide 60: Expand Personalisation, Custom, and Bespoke Experiences
Expand Personalisation, Custom, and Bespoke Experiences Scale the personalised experience for our customer. This puts our customer at the core of the retail experience, driving emotional connection and differentiation. INVESTOR PRESENTATION APRIL 2026 59
Slide 61: Bespoke services taps into a customer trend
Bespoke services taps into a customer trend PERSONALISED DESIGN, DELIVERED WITH CONFIDENCE AND QUALITY Bespoke is rapidly becoming a core Michael Hill service, allowing customers to create one-of-a-kind pieces, while enabling our teams to connect more deeply with them. INVESTOR PRESENTATION APRIL 20
Slide 62: Innovating Through Intelligent Design
Innovating Through Intelligent Design Every Michael Hill product is designed exclusively for us. This design control allows us to engineer products that balance beauty, durability, and value while managing exposure to metal price volatility. The result is stronger brand differentiation, sustained pr
Slide 63: Natural Diamonds Reinforce Our Premium Positioning
Capturing The Full Diamond Opportunity: Natural Diamonds Reinforce Our Premium Positioning Natural diamonds reinforce Michael Hill’s modern luxury credentials, supporting our premium brand positioning, while delivering enduring and differentiated customer value over time. INVESTOR PRESENTATION APRIL
Slide 64: Premium Lab Grown Diamonds Capture Growth
Capturing The Full Diamond Opportunity: Premium Lab Grown Diamonds Capture Growth Leverage premium lab-grown diamonds to capture market growth while driving fashion, value, and customer excitement. INVESTOR PRESENTATION APRIL 2026 63
Slide 65: Improve Inventory Productivity and Agility
Improve Inventory Productivity and Agility Move to a more agile, insight-led inventory model that enables faster selling, focused test-and-learn, and structurally higher returns. INVESTOR PRESENTATION APRIL 2026 64
Slide 66: Bevilles
Bevilles Tonia Zehrer CHIEF PRODUCT OFFICER INVESTOR PRESENTATION APRIL 2026 65
Slide 67: Designed for Value
Designed for Value Exceed our customers’ “The Look for Less” expectations by engineering products that deliver compelling quality at unbeatable value. INVESTOR PRESENTATION APRIL 2026 66
Slide 68: Simplification and Speed
Simplification and Speed Deliver return on capital by focusing on rapid sell- through, range simplicity, retail fundamentals, and strong sourcing and cost disciplines. INVESTOR PRESENTATION APRIL 2026 67
Slide 69: Focus and Discipline
Focus and Discipline We are getting back to a disciplined, trade-driven engine grounded in core retail fundamentals and clear value execution. INVESTOR PRESENTATION APRIL 2026 68
Slide 70: Key Takeaways and Show & Tell
Key Takeaways and Show & Tell INVESTOR PRESENTATION APRIL 2026 69
Slide 71: Break
Break INVESTOR PRESENTATION APRIL 2026 70
Slide 72: Financial Framework
SECTION 04 Financial Framework Elodie Guillaumond CHIEF FINANCIAL OFFICER
Slide 73: Leadership Driving the Next Chapter: Elodie Guillaumond
Leadership Driving the Next Chapter GLOBALLY EXPERIENCED CFO Elodie Guillaumond CHIEF FINANCIAL OFFICER Globally experienced CFO. More than 20 years’ experience across listed and private sector organisations in Australia, Canada and internationally. Key roles include: • Ampol – CFO Retail • Amart Fu
Slide 74: We Believe Good Looks Like An EBIT Margin Of 10%
MICHAEL HILL GROUP We Believe Good Looks Like An EBIT Margin Of 10% Our strategy focuses on four levers to build towards that outcome. IMPROVED STORE DIVERSIFIED GROSS PROFIT OPERATING LEVERAGE PRODUCTIVITY REVENUE GROWTH IMPROVEMENT IMPROVEMENT Footprint Gross Cost of Sales Margin Doing Business IN
Slide 75: Improving productivity across our store network
Improving productivity MICHAEL HILL GROUP across our store network Relentless focus on profitability of stores and performance of our team SALES Footprint GROWTH HORIZON FOOTPRINT NOW • Selective store openings in high-return locations • Targeted refurbishments • Network optimisation PRODUCTIVITY ST
Slide 76: Diversified revenue leads to growth
Diversified revenue leads to growth MICHAEL HILL GROUP “Growth is driven by diversified engines across jewellery, services, digital, markets and brands — reducing reliance on any single driver.” SALES GROWTH HORIZON Sales NOW • Services-led uplift • Digital and omni-channel sales growth • Geographic
Slide 77: A proactive approach to gross margin improvement
A proactive approach to MICHAEL HILL GROUP gross margin improvement Gross GROSS PROFIT Margin IMPROVEMENT VALUE CHAIN Supplier Manufacturing Inventory Price Services Retail Digital Country relationships segments INVESTOR PRESENTATION APRIL 2026 76
Slide 78: Managing Commodity Volatility
Managing Commodity Volatility MICHAEL HILL GROUP How Michael Hill has protected margin through metal price movements 1. Agile Pricing Discipline Gross margins held flat at ~ 61% 2. Product, Mix and Margin Management 3. Strategic Supplier Partnerships INVESTOR PRESENTATION APRIL 2026 77
Slide 79: Driving operating leverage through discipline, simplification and systems
Driving operating leverage through MICHAEL HILL GROUP discipline, simplification and systems Cost of Doing OPERATING LEVERAGE IMPROVEMENT Business • Operating costs leverage (fixed & variable) • Proactively manage our cost base • Targeted and measured redeployment of resources to value creating init
Slide 80: Capital Allocation Framework: Disciplined, Returns-Focused
Capital Allocation Framework: Disciplined, Returns-Focused OPERATING Priorities Residual Cash Flow CASH FLOW STRONG BALANCE SHEET ADDITIONAL GROWTH CAPITAL Structure for seasonal trading volatility Returns > cost of capital Inventory disciplined to drive EBIT growth Funding to accelerate growth and
Slide 81: Closing & Q&A
SECTION 05 Closing & Q&A Jonathan Waecker CHIEF EXECUTIVE OFFICER
Slide 82: Return to Growth
Return to Growth Building Growth Engines Clear Path to Disciplined Momentum Identified EBIT Growth Capital Allocation Early results confirm the Canada growth, Australia & Four value multipliers: With intent to return to framework is working — sales New Zealand productivity, improved store productivi
Slide 83: Q&A
Rob Fyfe Chair Q&A Jonathan Waecker Chief Executive Officer Elodie Guillaumond Chief Financial Officer Tonia Zehrer Chief Product Officer
Slide 84: Thank You
Thank You INVESTOR RELATIONS Anthea Noble General Manager, Investor Relations & Treasury investor@michaelhill.com.au
Slide 85: Disclaimer
Disclaimer Certain statements in this report constitute forward-looking of the Group’s intellectual property rights, including patents statements. Forward-looking statements are statements and trademarks; the future adequacy of the Group’s current (other than statements of historical fact) relating
Michael Hill International — Investor Day (April 2026) on 6ix