Jb Hi-fi Limited · ASX:JBH
Jb Hi-fi — H1 2025 Earnings Presentation
38 slides from Jb Hi-fi's earnings presentation, Feb 10, 2025
Slide 1: HY25 Results Presentation
rsonal use only JB Hi-Fi Limited HY25 Results Presentation JB HI-FI LIMITED
Slide 2: Agenda
Agenda 1. Group Overview rsonal use only 2. HY25 Financial Performance 3. Balance Sheet and Cash Flow 4. FY25 Trading Update 5. Group Focus Areas 6. Investment Checklist Terry Smart Nick Wells David Giansalvo Group CEO Group COO Group CFO JB HI-FI LIMITED PAGE 2
Slide 3: Group Overview
rsonal use only 1. Group Overview
Slide 4: The group model: Three iconic retail brands
https://www.thegoodguys.com.au/wcsstore/AUOnlineSAS/images/good-guys-logo.svg The group model Three iconic retail brands rsonal use only Help people with better ways to Help people find the perfect appliance Purpose live, learn, work, and play Help families live better for less to improve life in th
Slide 5: The group model: Key competitive advantages
The group model Underpinned by 4 key competitive advantages rsonal use only 1 Scale 2 Low Cost Operating Model 3 Multichannel Capability 4 People and Culture ▪ Strong and engaged supplier ▪ Constant focus on productivity and ▪ Focus on providing the customer with an ▪ Knowledgeable and passionate re
Slide 6: Generating sustainable long-term growth
Generating sustainable long-term growth The Group is committed to having a positive impact on our people, our communities and our environment rsonal use only Our People Our Communities Our Environment Health Safety & Wellbeing Community Investment Climate Action Create and maintain a safe and health
Slide 7: HY25 Financial Performance
rsonal use only 2. HY25 Financial Performance
Slide 8: Group HY25 Performance
Group HY25 Performance rsonal use only 1 AUD HY25 HY24 Growth Total sales ($m) 5,670.4 5,162.1 508.3 9.8% ▲ Earnings before interest and tax ($m) 419.9 386.7 33.2 8.6% ▲ Net profit after tax ($m) 2 285.4 264.3 21.1 8.0% ▲ 8.0% ▲ 2 Earnings per share (basic ¢) 261.1 241.8 +19 cps Dividend per share (
Slide 9: Group HY25 Performance by segment
Group HY25 Performance rsonal use only HY25 HY24 Growth $m % Sales ($m) - JB HI-FI Australia 3,875.2 3,615.1 260.0 7.2% ▲ - JB HI-FI New Zealand (NZD) 202.5 168.7 33.8 20.0% ▲ - The Good Guys 1,518.8 1,390.9 127.9 9.2% ▲ - e&s 92.3 n/a 92.3 n/a Total Sales (AUDm) 5,670.4 5,162.1 508.3 9.8% ▲ EBIT ($
Slide 10: JB HI-FI Australia HY25 Performance
JB HI-FI Australia HY25 Performance rsonal use only AUD HY25 HY24 Growth Sales ($m) 3,875.2 3,615.1 7.2% ▲ Gross Profit ($m) 846.4 795.6 6.4% ▲ Gross Margin (%) 21.84% 22.01% (17 bps) ▼ Cost of Doing Business (%) 11.76% 11.87% (10 bps) ▼ EBITDA ($m) 390.6 366.6 6.5% ▲ EBITDA Margin (%) 10.08% 10.14%
Slide 11: JB HI-FI Australia HY25 Performance
JB HI-FI Australia HY25 Performance HY25 Sales SALES GROWTH BY QUARTER rsonal use only ▪ Total sales increased by 7.2% to $3.88 billion, with comparable sales up 7.2%, driven by continued customer demand for technology and consumer electronics Total products, and supported by well-executed Black Fri
Slide 12: JB HI-FI New Zealand HY25 Performance
JB HI-FI New Zealand HY25 Performance rsonal use only NZD HY25 HY24 Growth Sales ($m) 202.5 168.7 20.0% ▲ Gross Profit ($m) 34.5 28.2 22.4% ▲ Gross Margin (%) 17.03% 16.70% +33 bps ▲ Cost of Doing Business (%) 13.83% 15.20% (137 bps) ▼ EBITDA ($m) 6.5 2.5 155.5% ▲ EBITDA Margin (%) 3.20% 1.50% +170
Slide 13: JB HI-FI New Zealand HY25 Performance
JB HI-FI New Zealand HY25 Performance HY25 Sales SALES GROWTH BY QUARTER rsonal use only ▪ Total sales increased by 20.0% to NZD202.5 million, with comparable sales up 6.9% Total Comp ▪ The key growth categories were Mobile Phones, Computers, Cameras, 19.6% 20.2% 20.0% Audio and Small Appliances. So
Slide 14: The Good Guys HY25 Performance
The Good Guys HY25 Performance rsonal use only AUD HY25 HY24 Growth Sales ($m) 1,518.8 1,390.9 9.2% ▲ Gross Profit ($m) 351.1 325.0 8.0% ▲ Gross Margin (%) 23.12% 23.37% (25 bps) ▼ Cost of Doing Business (%) 13.58% 13.58% +1 bps ▲ EBITDA ($m) 144.8 136.2 6.3% ▲ EBITDA Margin (%) 9.54% 9.79% (26 bps)
Slide 15: The Good Guys HY25 Performance
The Good Guys HY25 Performance HY25 Sales SALES GROWTH BY QUARTER rsonal use only ▪ Total sales increased by 9.2% to $1.52 billion, with comparable sales up 8.8% Total ▪ The key growth categories were Floorcare, Televisions, Portable Appliances, Comp Cooking and Refrigeration 12.4% 11.9% ▪ Online1 s
Slide 16: e&s HY25 Performance
e&s HY25 Performance rsonal use only ▪ On 2 September 2024, the Group completed the acquisition of 75% of AUD HY251 e&s, a highly complementary premium home appliance retailer Sales ($m) 92.3 HY25 Sales Gross Profit ($m) 25.3 ▪ Total sales were up 7.6% to $92.3 million, with comparable sales up 7.2%
Slide 17: Balance Sheet and Cash Flow
rsonal use only 3. Balance Sheet and Cash Flow
Slide 18: Group Balance Sheet and Cash Flow
Group Balance Sheet and Cash Flow Group Balance Sheet rsonal use only AUDm HY25 FY24 HY24 ▪ Inventory was $1.32 billion, up 13.5% or $156.6 million year on Cash 556.4 317.7 488.0 year. Excluding e&s, inventory was up 8.4% or $97.8 million year Receivables 205.2 135.1 178.2 Inventories 1,320.4 1,093.
Slide 19: Group Balance Sheet and Cash Flow
Group Balance Sheet and Cash Flow Group Cash Flow Statement Group Performance Indicators rsonal use only AUDm HY25 HY24 HY25 HY24 EBITDA 545.9 505.2 Fixed Charge Ratio 3 3.9x 4.0x Change in working capital 229.4 217.2 Interest Cover 3 412.7x 388.7x Net interest received / (paid) on borrowings 5.6 4.
Slide 20: Capital Management
Group Balance Sheet and Cash Flow Capital Management rsonal use only ▪ The interim dividend is 170 cents per share (cps) fully franked, up 12 cps or 7.6% and represents 65% of NPAT1 ▪ The record date for the interim dividend is 21 February 2025, with payment to be made on 7 March 2025 ▪ The Group co
Slide 21: FY25 Trading Update
rsonal use only 4. FY25 Trading Update
Slide 22: Group FY25 Trading Update
Group FY25 Trading Update January 2025 sales update rsonal use only JANUARY SALES GROWTH The Group provides the following sales update for the period 1 January 2025 to Total 31 January 2025 20.4% Comp ▪ Total sales growth for JB HI-FI Australia was 7.4% (January 2024: 2.5%) with comparable sales gro
Slide 23: Group Focus Areas
rsonal use only 5. Group Focus Areas
Slide 24: Group Focus Areas
Group Focus Areas The Group continues to leverage and evolve its unique offer and capabilities rsonal use only Group Focus Areas ▪ Drive Value: Stay highly focused on actively promoting and demonstrating our exceptional value to customers ▪ Enhance Visual Merchandising: Refine and improve in-store v
Slide 25: Group Focus Areas
Group Focus Areas The Group continues to leverage and evolve its unique offer and capabilities rsonal use only Group Focus Areas ▪ Expand Customer Base: Continued to grow our active customer base across corporate, government, and education sectors Commercial growth ▪ Leverage New AI Device Opportuni
Slide 26: Investment Checklist
rsonal use only 6. Investment Checklist
Slide 27: Investment Checklist
Investment Checklist rsonal use only Unique team culture and unrivalled Unique and relevant brands customer service Flexible business model – history of Multichannel capability built category growth and development around high-quality store portfolio Diverse and resilient product categories
Slide 28: Appendices
ppendices <x Ajuo asn jeuosia
Slide 29: Appendix I: Group Profit and Loss – Breakdown
Appendix I Group Profit and Loss – Breakdown rsonal use only HY25 HY24 JB HI-FI JB HI-FI The Good JB HI-FI JB HI-FI The Good Growth e&s Group Group AUDm AUST NZ (NZD) Guys AUST NZ (NZD) Guys \ Sales 3,875.2 202.5 1,518.8 92.3 5,670.4 3,615.1 168.7 1,390.9 5,162.1 9.8% ▲ Gross Profit 846.4 34.5 351.1
Slide 30: Appendix II: Group Profit and Loss
Appendix II a) 5 year Group Profit and Loss rsonal use only AUDm HY25 HY24 HY23 HY22 HY21 Sales 5,670.4 5,162.1 5,278.5 4,861.8 4,941.2 Gross Profit 1,254.2 1,146.8 1,201.8 1,064.4 1,085.2 Gross Margin 22.12% 22.21% 22.77% 21.89% 21.96% EBITDA 545.9 505.2 592.6 529.0 571.9 Depreciation on Fixed Asse
Slide 31: Appendix II: JB HI-FI Australia Profit and Loss
Appendix II b) 5 year JB HI-FI Australia Profit and Loss rsonal use only AUDm HY25 HY24 HY23 HY22 HY21 Sales 3,875.2 3,615.1 3,588.8 3,290.5 3,355.7 Gross Profit 846.4 795.6 820.0 716.3 737.4 Gross Margin 21.84% 22.01% 22.85% 21.77% 21.98% EBITDA 390.6 366.6 412.2 361.4 399.3 Depreciation on Fixed A
Slide 32: Appendix II: JB HI-FI New Zealand Profit and Loss
Appendix II c) 5 year JB HI-FI New Zealand Profit and Loss rsonal use only NZDm HY25 HY24 HY23 HY22 HY21 Sales 202.5 168.7 160.6 138.4 144.9 Gross Profit 34.5 28.2 25.9 24.2 24.8 Gross Margin 17.03% 16.70% 16.12% 17.49% 17.13% EBITDA 6.5 2.5 5.7 7.4 7.6 Depreciation on Fixed Assets 1.1 0.4 0.0 0.2 0
Slide 33: Appendix II: The Good Guys Profit and Loss
Appendix II d) 5 year The Good Guys Profit and Loss rsonal use only AUDm HY25 HY24 HY23 HY22 HY21 Sales 1,518.8 1,390.9 1,544.0 1,439.4 1,450.5 Gross Profit 351.1 325.0 358.4 324.9 324.6 Gross Margin 23.12% 23.37% 23.21% 22.58% 22.38% EBITDA 144.8 136.2 175.2 160.5 165.4 Depreciation on Fixed Assets
Slide 34: Appendix II: Group Balance Sheet
Appendix II e) 5 year Group Balance Sheet rsonal use only AUDm HY25 HY24 HY23 HY22 HY21 Cash 556.4 488.0 391.2 844.5 472.8 Receivables 205.2 178.2 174.3 133.1 322.6 Inventories 1,320.4 1,163.8 1,211.4 1,064.8 1,135.4 Other 50.9 43.9 37.2 32.0 35.4 Total Current Assets 2,132.9 1,873.9 1,814.1 2,074.4
Slide 35: Appendix II: Group Cash Flow
Appendix II f) 5 year Group Cash Flow rsonal use only AUDm HY25 HY24 HY23 HY22 HY21 EBITDA 545.9 505.2 592.6 529.0 571.9 Change in working capital 229.4 217.2 208.1 482.3 (34.6) Net interest received / (paid) on borrowings 5.6 4.7 0.8 (0.1) (1.0) Interest on lease liabilities (16.8) (13.9) (9.4) (9.
Slide 36: Appendix II: Group CODB reconciliation
Appendix II g) 5 year Group CODB reconciliation rsonal use only AUDm HY25 HY24 HY23 HY22 HY21 Other income (ex interest revenue) (0.2) (1.0) (1.6) (1.8) (1.0) Sales and marketing expenses 595.2 532.7 504.5 448.3 433.9 Occupancy expenses 170.5 166.6 160.0 148.5 146.1 less depreciation, amortisation &
Slide 37: Appendix III: Stores across Australia and New Zealand
Appendix III 346 stores across Australia and New Zealand1 Group store reconciliation rsonal use only HY25 FY24 Opened Converted Closed Acquired Total Australia 1 JB HI-FI 141 1 - - - 142 2 JB HI-FI HOME 64 - - - - 64 24 205 1 - - - 206- New Zealand 14 41 JB HI-FI 19 2 - - - 21 24 JB HI-FI HOME - - -
Slide 38: Important Notice and Disclaimer
Important Notice and Disclaimer The material in this presentation is general background information about JB Hi-Fi Limited (ACN 093 220 136) (JB Hi-Fi) and its rsonal use only activities current as at the date of the presentation, 10th February 2025. It is information given in summary form and does