Slide 1: 1H26 Financial Results Presentation
ASX Announcement 1H26 Financial Results Presentation 25 February 2026 McPherson’s Limited (ASX:MCP) announces that the results for the half year ended 31 December 2025 (1H26) will be presented at a webcast hosted by the Chief Executive Officer and Managing Director – Brett Charlton and Chief Financial
Slide 2: 1H26 Financial Results
For personal use only 1H26 Financial Results 25 February 2026
Slide 3: Disclaimer
Disclaimer The following provisions apply to this presentation. Please consider its contents carefully. For personal use only Currency of information Company believes that, in combination with IFRS measures, they assist in does not undertake any obligation to release publicly any revisions to any Th
Slide 4: Agenda
Agenda For personal use only 01 02 03 04 1H26 Business Financial Outlook Highlights Update Results & 2H26 Priorities 1H26 FINANCIAL RESULTS 3
Slide 5: 1H26 Highlights
01 For personal use only 1H26 Highlights Brett Charlton
Slide 6: 1H26 Results Highlights
1H26 Results Highlights Period of stabilisation under new operating model; up to $2.0 million on-market share buyback announced For personal use only Revenue(1) Core Brand Revenue Underlying EBITDA $66.0m $61.9m $2.2m (6.7%) vs. 1H25: $70.7m (1.0%) vs. 1H25: $62.5m; underlying +2.2%(2) 10.6% % vs. 1
Slide 7: New operating model
New operating model What’s changed? Observations For personal use only Exited Kingsgrove 1. Strategic rationale remains sound warehouse 2. On track to realise route-to-market financial benefits Shifted to specialist 3PL and pharmacy wholesalers 3. Wholesaler dynamics now stabilising Becoming a sales
Slide 8: 1H26 Operational Highlights
1H26 Operational Highlights 01. 2.2% underlying revenue growth for core brands(1) For personal use only 02. Onboarded all pharmacy wholesalers 03. Brands in 450 more outlets than this time last year(2) 04. +9.4% upweighting of marketing investment in core brands 05. $4.5-5.0 million incremental RTM
Slide 9: Business Update
02 For personal use only Business Update Brett Charlton
Slide 10: Simplified and more focused strategy
Simplified and more focused strategy PURPOSE: Making Confidence Simple For personal use only VISION: In every household, every day, we’re Australia’s leader in premium health and beauty VALUES: Choose Courage • Make It Matter • Learn How • Better Together BRANDS CUSTOMERS PEOPLE Create consumer dema
Slide 11: Core brands review: Manicare and Swisspers
Core brands review For personal use only Manicare Swisspers $25.5m $11.8m MCP 1H26 Revenue | +6.7%% on 1H25 MCP 1H26 Revenue | +11.7% on 1H25 Category performance: +0.3% beauty tools and Category performance: +6.7% cotton(1) accessories(1) MCP brand performance: +7.3%(1) MCP brand performance: (2.9%
Slide 12: Core brands review: Lady Jayne and Dr LeWinn's
Core brands review For personal use only Lady Jayne Dr LeWinn’s $9.4m $8.6m MCP 1H26 Revenue | (2.1%) on 1H25 MCP 1H26 Revenue | (21.6%) on 1H25 Category performance: +2.4% hair accessories(1) Category performance: +7.6% facial skincare(1) MCP brand performance: +0.2%(1) MCP brand performance: (16.9
Slide 13: Core brands review: Fusion Health
Core brands review For personal use only Fusion Health $6.7m MCP 1H26 Revenue | (11.8%) on 1H25 Category performance: +5.0% vitamins, minerals and supplements(1) MCP brand performance: +3.7%(1) • Encouraging performance of core range in major pharmacy • New product development delays and underperfor
Slide 14: Financial Results
03 For personal use only Financial Results Mark Sherwin
Slide 15: Key messages
Key messages For personal use only Period of Transition impact Continued A&P stabilisation on revenue reallocation First result delivered under Growth in Manicare and Swisspers; A&P upweighted to drive new operating model declines in Dr LeWinn’s and rebuild of core brands Fusion Health EBTDA growth
Slide 16: Underlying financials – Continuing operations
Underlying financials – Continuing operations ALL FIGURES IN $M 1H26 1H25 $ VAR % VAR • Revenue decline reflects: Revenue(1) 66.0 70.7 (4.8) (6.7%) – Core brands: down (1.0%) or ($0.6) million For personal use only Growth in Manicare and Swisspers; declines in Gross Margin (GM) 39.2 41.6 (2.4) (5.
Slide 17: Business segment summary
Business segment summary For personal use only Australia and New Zealand(1) International(1) Revenue Underlying EBITDA Revenue Underlying EBITDA $64.8m $5.9m $1.2m ($0.6m) Down; (5.9%) Strong growth; +21.5% Down; (34.5%) Improved; (23.7%) vs. 1H25: $68.9m vs. 1H25: $4.9m vs. 1H25: $1.9m vs. 1H25: ($
Slide 18: Underlying EBITDA bridge
Underlying EBITDA bridge UNDERLYING EBITDA ($m) For personal use only • Contribution margin(3) from core brands reflects: – Like-for-like sales growth of +2.2% (adjusting for new wholesaler rebates) – Partially offset by upweighted distribution costs from +10.6% new business model (3PL) 0.9 2.2 2.0
Slide 19: Changing profile of D&A
Changing profile of D&A Operating model changes take effect from FY26 onwards For personal use only • Changing composition reflects Kingsgrove warehouse D&A Composition ($ million) exit and transition to a more asset light operating model 3.2 • Reduction of ($1.0m) or (32.4%) reflects: – ROU lease a
Slide 20: New operating model benefits for 1H26
New operating model benefits for 1H26 On track to deliver benefits from new model For personal use only DISTRIBUTION EXIT IN-HOUSE WHOLESALER COSTS NEW 3PL MODEL 1H26 IMPACT(1) CAPABILITY DISTRIBUTION In Progress ($2.1m) Revenue/Gross Margin VARIABLE Revenue benefit from improved Warehouse & logisti
Slide 21: Net cash position
Net cash position Benefitting from earnings and timing of working capital movements For personal use only UNDERLYING EBITDA ($m) Net Cash Movements +3.8 • Operating cash flows of $5.9 million (FY24: $1.8 million) (0.5) reflect earnings(1) and the benefit of reduced working (1.7) 12.6 capital: 4.1 –
Slide 22: New 3-year debt facility in place
New 3-year debt facility in place Refinancing completed; undrawn new facility For personal use only • New 3-year facility signed with HSBC in November 2025 • Replaces previous facility, expiring March 2026 • Facility capacity of $16.2 million, reflecting new working capital needs of business • Right
Slide 23: Up to $2.0 million on-market share buyback
Up to $2.0 million on-market share buyback Underpinned by confidence in long term strategy For personal use only • Progressing suitable capital allocation model • Trading under new operating model stabilising • No interim dividend given retained losses balance at 31 December 2025, and informed by 1H
Slide 24: Outlook & 2H26 Priorities
04 For personal use only Outlook & 2H26 Priorities Brett Charlton
Slide 25: 2H26 Priorities are clear
2H26 Priorities are clear Shifting beyond the transformation stage For personal use only Marketing and Unlock further Disciplined commercial focus benefits from new execution model Focus on driving revenue Realise impact of Innovation, e-commerce, growth. Marketing to distribution/DIFOT supply chain
Slide 26: Outlook
Outlook For personal use only Based on current trading conditions and continued stabilisation of new operating model, we anticipate moderate year-on-year growth in underlying FY26 EBITDA, majority weighted to 2H26. 1H26 FINANCIAL RESULTS 25
Slide 27: Q&A
MCPHERSONS ESTD. 1860 Q&A
Slide 28: Appendices
For personal use only Appendices
Slide 29: Impact of operating model transformation on financials
Impact of operating model transformation on financials For personal use only Before transformation (FY23) After transformation (FY26 onwards) • Broad portfolio across multiple categories • Concentrated portfolio in health and beauty Revenue • Growth constrained by underinvestment in A&P • Prioritisi
Slide 30: Reconciliation of CAAP and underlying EBITDA to NPAT
Reconciliation of CAAP and underlying EBITDA to NPAT For personal use only 1H26 1H25 CONTINUING DISCONTINUED CONTINUING DISCONTINUED ALL FIGURES IN $M TOTAL TOTAL OPERATIONS OPERATIONS OPERATIONS OPERATIONS Contribution after A&P (CAAP) 22.4 - 22.4 25.4 0.5 25.9 Employee and other expenses (20.1) -
Slide 31: Thank you
For personal use only Thank you