Kmd Brands Limited · NZX:KMD
Kmd Brands — FY2026 Earnings Presentation
43 slides from Kmd Brands's earnings presentation, Sep 23, 2026
Slide 1: Creating a Stronger KMD Brands
CREATING A STRONGER KMD BRANDS SEPTEMBER 2026
Slide 2: Contents
CONTENTS 1. EXECUTIVE SUMMARY 2. FY26 RESULT – GROUP FINANCIALS 3. FY26 RESULT – BRAND FINANCIALS 4. UPDATE ON NEXT LEVEL TRANSFORMATION 5. FY27 TRADING AND OUTLOOK 2
Slide 3: Executive Summary
SECTION 1 EXECUTIVE SUMMARY 3
Slide 4: Next Level - Creating a Stronger KMD Brands
NEXT LEVEL - CREATING A STRONGER KMD BRANDS 1 Growth across all brands in FY26 as momentum in our turnaround continues to build. 2 Innovative and purpose-led product delivering results across DTC channels. 3 Continued store optimisation, driving substantial step-change in store profitability profile
Slide 5: One Year Into Our Next Level Journey
ONE YEAR INTO OUR NEXT LEVEL JOURNEY OUR STRATEGIC PRIORITIES FY26 DELIVERED OUTCOMES WHAT’S NEXT IN OUR 3-YEAR JOURNEY ✓ Reset Kathmandu to focus on product innovation for the outdoor consumer. → Consistent flow of seasonal product launches building on the trajectory from newness in FY26. ✓ Rip Cur
Slide 6: Continuing Momentum in Next Level Turnaround
CONTINUING MOMENTUM IN NEXT LEVEL TURNAROUND FY26 RESULT SNAPSHOT1 KEY TAKEAWAYS ✓ Group sales growth achieved with all 3 brands delivering YOY growth. $1,053M +6.5% SALES SALES GROWTH ✓ Gross margin expansion reflects ongoing focus on product mix and marketplace management. 57.7% 53.7% OPEX % of Sa
Slide 7: FY26 Result – Group Financials
SECTION 2 FY26 RESULT – GROUP FINANCIALS 7
Slide 8: Group Profit & Loss
GROUP PROFIT & LOSS KMD BRANDS Statutory Underlying1 GROUP SALES MOMENTUM NZ $m2 FY26 FY25 FY26 FY25 Var % • Total sales +6.5% YOY, with strong growth achieved in both the direct-to-consumer (“DTC”) and wholesale channels. On a constant currency basis, total sales were +1.7% YOY. SALES 1,053.0 989.0
Slide 9: Quarterly Sales Through FY26
QUARTERLY SALES THROUGH FY26 18.0% YOY Sales Variance % by quarter YOY Sales Variance % by quarter YOY Sales Variance % by quarter (Group NZD reporting currency) 35.0% (Group NZD reporting currency) 35.0% (Group NZD reporting currency) 13.0% 25.0% 25.0% 21.1% 9.8% 13.9% 11.2% 12.0% 15.1% 8.0% 6.5% 6
Slide 10: Digital Momentum Builds as Priority Growth Driver
DIGITAL MOMENTUM BUILDS AS PRIORITY GROWTH DRIVER DIRECT TO CONSUMER SALES (NZ $m) Retail Stores Online Online % of DTC sales 900.0 35.0% +9.6% 800.0 752.2 30.0% Group Online Growth 684.2 702.1 700.0 25.0% 600.0 500.0 20.0% 14.6% 15.0% 400.0 13.6% 15.0% Shopify launch 300.0 10.0% completed 200.0 in
Slide 11: Balance Sheet
BALANCE SHEET Balance Sheet KEY HIGHLIGHTS NZ $m Jul 26 Jan 26 Jul 25 • Group inventory balance reduced for the fourth successive year and on a constant currency Cash and cash equivalents 41.0 27.4 34.3 basis inventory at Jul 26 was $240.3m. Reduction driven by net 10 less stores, wetsuit factory wi
Slide 12: Balance Sheet Key Ratios
BALANCE SHEET KEY RATIOS Key Balance Sheet items and ratios1 KEY HIGHLIGHTS NZ $m Jul 26 Jan 26 Jul 25 • Net Working capital % of sales elevated compared to prior year due to lower trade and other payables as a result of a change in phasing of payment timing as part of overall Net working capital 19
Slide 13: Net Debt and Capital Management
NET DEBT AND CAPITAL MANAGEMENT DEBT • Net Debt of $48.1m decreased by $4.7m from Jul 25 driven by $61.9m net equity raising offset by working capital phasing. Constant currency impact of weakening NZ dollar YOY of $7.3m. • The Group refinanced its existing syndicated sustainability linked debt faci
Slide 14: Cash Flow
CASH FLOW Cash Flow (NZ $m) FY26 FY25 • NPAT inclusive of $11.7m in restructuring payments in FY26. NPAT (414.4) (93.6) • Working capital outflow YOY was primarily driven by lower trade and other payables Change in working capital [Investment] (29.4) 42.6 YOY due to a change in phasing of payment ti
Slide 15: FY26 Result – Brand Financials
SECTION 3 FY26 RESULT – BRAND FINANCIALS 15
Slide 16: Kathmandu Profit & Loss
KATHMANDU PROFIT & LOSS NZ $m FY26 FY25 Var % KATHMANDU LEADS GROUP SALES MOMENTUM SALES 402.3 361.9 11.1% • Total sales +11.1% year on year (“YOY”) despite a net reduction of 4 stores. Strong 1H sales momentum continued into the second half, with Q4 closing at +9.4% YOY. EBITDA (underlying1) 16.1 (
Slide 17: Rip Curl Profit & Loss
RIP CURL PROFIT & LOSS NZ $m FY26 FY25 Var % STABLE GLOBAL DIVERSIFIED SALES SALES 571.2 550.4 3.8% • Total sales +3.8% YOY, helped by YOY movement in FX rates used to convert global sales to NZD reporting currency. On a constant currency basis, total sales were –1.2% YOY. EBITDA (underlying1) 34.4
Slide 18: Oboz Profit & Loss
OBOZ PROFIT & LOSS NZ $m FY26 FY25 Var % OBOZ RETURNS TO SALES GROWTH AND POSITIVE EARNINGS SALES 79.5 76.6 3.8% • Total sales +3.8% YOY, supported by strong product introductions, improving wholesale performance and continued online acceleration. EBITDA (underlying1) 2.5 (3.3) 175.1% EBITDA margin
Slide 19: Update on Next Level Transformation
SECTION 4 UPDATE ON NEXT LEVEL TRANSFORMATION 19
Slide 20: Delivering Critical Proof Points in Year 1 of Next Level Turnaround
DELIVERING CRITICAL PROOF POINTS IN YEAR 1 OF NEXT LEVEL TURNAROUND WHAT WE SAID WHAT WE’VE DELIVERED WHAT IS NEXT IN FY27 ✓ Grew revenue +6.5% YOY and continued effective gross margin ► Deliver sustainable brand sales growth and continued gross margin Reboot growth at the right management for all
Slide 21: 'Next Level' Turnaround Is on Track
‘NEXT LEVEL’ TURNAROUND IS ON TRACK 1 2 3 A brand and product-led Enabled through intelligent That delivers sustainable offence decisions and processes profitability • Connected consumer experiences • Brand decisions are informed and • Cost justified by growth guardrails • Authentic products support
Slide 22: Initiatives to Drive Next Level at Kathmandu
1 INITIATIVES TO DRIVE NEXT LEVEL AT KATHMANDU BRAND STRATEGY WHAT HAS BEEN DONE WHAT IT ENABLES FY26 SUCCESS MEASURES • Growth across all Apparel and Equipment Accelerated product • Enhanced seasonal product assortment ✓ Product relevance, brand buzz and • Collaborations, Limited Edition and Quick
Slide 23: Fundamental Metrics That Underpin Our Transformation
FUNDAMENTAL METRICS THAT UNDERPIN OUR TRANSFORMATION DEMAND KMD Brands evaluation criteria: • Geographic alignment with strategy +11.1% TOTAL SALES STORE TRAFFIC YOY despite • Connect brand store fewer stores RIGHT STORES segmentation and category IN RIGHT vision CONVERSION LOCATIONS • Threshold pro
Slide 24: Initiatives to Drive Next Level at Rip Curl
1 INITIATIVES TO DRIVE NEXT LEVEL AT RIP CURL BRAND STRATEGY WHAT HAS BEEN DONE WHAT IT ENABLES FY26 SUCCESS MEASURES Increased digital traffic, especially on more • “Next Gen” focus across product, brand and athletes youthful platforms (e.g. TikTok). Higher sales ✓ Clear, authentic surf brand with
Slide 25: Initiatives to Drive the Next Level at Oboz
1 INITIATIVES TO DRIVE THE NEXT LEVEL AT OBOZ BRAND FY26 SUCCESS MEASURES STRATEGY WHAT HAS BEEN DONE WHAT IT ENABLES • Ascent: sell-in / sell-through growth More with the core • Accelerated Core innovation led by Sawtooth Ascent; ✓ Modernises and strengthens the • REI launch accelerated; FY27 plan
Slide 26: Disciplined Operations and Execution
DISCIPLINED OPERATIONS AND EXECUTION 2 WHY FY26 OUTCOMES ONLINE AS A Digital revenue growth is Migrated Rip Curl and Ongoing enhancement of Successful trial of ‘Ship from Oboz to the Shopify our performance Store’, and the roll out of GROWTH our largest revenue platform marketing capabilities opport
Slide 27: Cost Savings Over-Delivered While Investing in Strategic Growth
3 COST SAVINGS OVER-DELIVERED WHILE INVESTING IN STRATEGIC GROWTH WHAT WE SAID WE WOULD DO WHAT WE DID Opex profile change $m; FY25-FY26 constant currency basis 550 • Cost reset across the portfolio COST RESET Overdelivered with $27.5m • Major initiatives include organisational Target ~$25m structur
Slide 28: Store Network
STORE NETWORK Store fleet segmentation continues into FY27 FY26 NET STORE NET STORE STORES MOVEMENT IN FY26 MOVEMENT IN FY27 318 -10 -10 Next Generation flagship store program completed in FY26 FY26 FY26 FY26 FY26 OPENINGS CLOSURES OPENINGS CLOSURES +2 -6 +5 -11 FY27 TARGETED NET MOVEMENT FY27 TARGE
Slide 29: FY27 Trading and Outlook
SECTION 5 FY27 TRADING AND OUTLOOK 29
Slide 30: Trading Update
TRADING UPDATE Direct-to-consumer same store sales (including online) year on year (“YOY”) on a constant currency basis¹ for the first 7 weeks from Monday 27th July to Sunday 13th September 2026 in a seasonally non-significant trading period: • Kathmandu +7.4% YOY, supported by strong growth in New
Slide 31: Outlook and FY27 Guidance
OUTLOOK AND FY27 GUIDANCE Outlook NZ $m FY27 guidance¹ The Group remains focused on delivering continued performance improvement in FY27 compared to prior year. SALES 1,055 - 1,075 FY27 Guidance EBITDA 52 - 55 • Kathmandu sales momentum expected with seasonally relevant product flow and enablement o
Slide 32: Business Review Conclusion and Outcomes
BUSINESS REVIEW CONCLUSION AND OUTCOMES KMD Brands has made significant progress in strengthening and simplifying the Group, and the Board remains confident that disciplined execution of the Next Level strategy provides a clear pathway to improved performance and shareholder value as demonstrated by
Slide 33: Questions
QUESTIONS 33
Slide 34: Appendices
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Slide 35: Appendix 1: Statutory to Underlying Profit and Loss
APPENDIX 1: STATUTORY TO UNDERLYING PROFIT AND LOSS GROUP FY26 FY25 SaaS Amortisation Impairment and SaaS Amortisation Impairment and IFRS 16 Capitalisation of Customer onerous IFRS 16 Capitalisation of Customer onerous NZ $m Statutory Underlying Statutory Underlying Leases 1 2 Restructuring Adjustm
Slide 36: Appendix 2: Segment Note
APPENDIX 2: SEGMENT NOTE FY26 FY25 FY26 SALES (NZ $'000) Rip Curl Kathmandu Oboz Corporate Total Rip Curl Kathmandu Oboz Corporate Total SALES per segment note 571,201 402,277 79,541 - 1,053,019 550,444 361,940 76,631 - 989,015 SALES (Underlying) 571,201 402,277 79,541 - 1,053,019 550,444 361,940 76
Slide 37: Appendix 3: Constant Currency Profit & Loss
APPENDIX 3: CONSTANT CURRENCY PROFIT & LOSS Underlying KMD BRANDS Underlying1 at Constant Currency2 NZ $m3 FY26 FY25 Var % FY26 FY25 Var % SALES 1,053.0 989.0 6.5% 1,006.2 989.0 1.7% GROSS PROFIT 607.2 559.3 8.6% 579.3 559.3 3.6% Gross margin 57.7% 56.5% 57.6% 56.5% OPERATING EXPENSES (565.2) (541.6
Slide 38: Appendix 4: Diversified Sales
APPENDIX 4: DIVERSIFIED SALES SALES BY REGION (NZ $m) 1,103.0 1,053.0 979.8 979.4 989.0 FY22 FY23 FY24 FY25 FY26 Australia New Zealand North America Europe Rest of World SALES MIX FY26 8% 1% 6% Oboz Licensing / Royalties 11% Rest of World 27% Europe Wholesale BY BY BY BRAND CHANNEL 21% REGION North
Slide 39: Appendix 5: Global Reach and Diversification
APPENDIX 5: GLOBAL REACH AND DIVERSIFICATION We operate over 300 stores globally, and our brands are sold in over 8,000 locations EUROPE NORTH AMERICA ~$115m Sales 32 Owned Stores 10 Licensed Stores ~1,900 Wholesale Doors ~$220m Sales 26 Owned Stores 27 Licensed Stores ASIA ~3,900 Wholesale Doors ~$
Slide 40: Appendix 6: KMD Brands Strategy House FY26 - FY28
APPENDIX 6: KMD BRANDS STRATEGY HOUSE FY26 - FY28 40
Slide 41: Appendix 7: Our Financial Ambition Over Our Three Year Journey
APPENDIX 7: OUR FINANCIAL AMBITION OVER OUR THREE YEAR JOURNEY ~60% <50% 10%+ <16% GROSS OPERATING EBITDA2 NET WORKING MARGIN EXPENSE MARGIN CAPITAL % OF SALES % OF SALES GROSS MARGIN 1 OPERATING EXPENSES 1,2 EBITDA MARGIN 2 NET WORKING CAPITAL % of sales % of sales % of sales % of sales 60.0% 10.0%
Slide 42: Glossary
GLOSSARY TERM DEFINITION TERM DEFINITION DTC sales Direct-to-consumer sales. Includes all sales from retail stores, online Net Working Capital Inventories plus current trade and other receivables less current trade and stores and marketplaces. other payables. EBIT Earnings before interest and tax. N
Slide 43: Important Notice and Disclosure
IMPORTANT NOTICE AND DISCLOSURE This presentation prepared by KMD Brands Limited (the “Company” or the “Group”) To the maximum extent permitted by law, none of the Company, its subsidiaries, directors, (NZX/ASX:KMD) provides additional comment on the financial statements of the Company, and employee