Slide 1: FY26 Financial Results
FY26 Financial Results 27 August 2026 McPherson’s Limited
Slide 2: Disclaimer
Disclaimer The following provisions apply to this presentation. Please consider its contents carefully. Currency of information performance of the business. CAAP comprises gross margin less cost of Rounding The information contained in this presentation is current as at the date of this distribution
Slide 3: Agenda
Agenda 01 02 03 04 FY26 Business Financial FY27 Highlights Update Results Priorities & Outlook FY26 FINANCIAL RESULTS 3
Slide 4: FY26 Highlights
01 FY26 Highlights Brett Charlton
Slide 5: FY26 Results Highlights
FY26 Results Highlights Below expectation financial result, reflecting transition and execution challenges Revenue(1) Core Brand Revenue(1) Underlying EBITDA(1,2) $118.3m $110.5m $4.3m Down (14.9%) vs. FY25: $139.0m Down (11.3%) vs. FY25: $124.6m Down (41.4%) vs. FY25: $7.3m Underlying NPAT(1,2) Sta
Slide 6: FY26 Challenges
FY26 Challenges Transition and execution challenges impacted FY26 sales 01. Route-to-market transition created greater disruption than anticipated, particularly in independent pharmacy. 02. Out-of-stock issues in Dr. LeWinn's reduced product availability and promotional participation. 03. Promotiona
Slide 7: FY26 Operational Progress
FY26 Operational Progress Route-to-market delivered planned savings and structural benefits 01. Pharmacy wholesale model transition complete Available in 4,500+ pharmacy outlets, up c.950 outlets on FY25.(¹) 02. Structural benefits from new operating model unlocked c.$2.8m EBITDA and c.$5.6m EBIT. 0
Slide 8: Business Update
02 Business Update Brett Charlton
Slide 9: Our Strategy
Our Strategy Concentrating investment behind fewer, bigger opportunities Purpose Making Confidence Simple Vision In every household, every day, we're Australia's leader in premium health and beauty products Leading positions in established categories Challenger positions in larger, faster growing ca
Slide 10: Core Brand Performance
Core Brand Performance Categories remain attractive, but MCP brand performance below expectations MCP FY26 PERFORMANCE AU SCAN DATA(3) EXCLUDING PIPE-FILL AND BRAND FY26 REVENUE SALES PERFORMANCE(1) CATEGORY PERFORMANCE MCP BRAND WHOLESALER REBATES(2) $45.1m (5.7%) (0.1%) +1.0% (2.2%) beauty tools &
Slide 11: Brand Update
Brand Update Category leadership held across our three largest brands, with FY26 sales reflecting transition impacts BEAUTY TOOLS AND ACCESSORIES | COTTON | HAIR ACCESSORIES BRAND CATEGORY LEADER CATEGORY LEADER CATEGORY LEADER CATEGORY POSITION 36.3% 67.1% 26.9% share of beauty tools and accessorie
Slide 12: Brand Update
Brand Update Opportunity in large categories, with clear headroom to grow FACIAL SKINCARE | VITAMIN, MINERALS AND SUPPLEMENTS BRAND MCP SHARE MCP SHARE CATEGORY POSITION 2.3% of $814m category 0.6% of $2.0b category facial skincare, AU Pharmacy(¹) vitamins, minerals and supplements, AU Pharmacy(1,2)
Slide 13: Financial Results
03 Financial Results Mark Sherwin
Slide 14: Key Messages
Key Messages Period of Greater than Savings from transition anticipated disruption new model achieved First financial year under new Revenue reflects transition and Savings consistent with expectation, operating model execution challenges creating lower cost operating model EBITDA below 2H26 Investm
Slide 15: Underlying Financials – Continuing Operations
Underlying Financials – Continuing Operations ALL FIGURES IN $M FY26 FY25 $ VAR % VAR • Revenue decline reflects: Revenue(1) 118.3 139.0 (20.7) (14.9%) – Core brands: down (11.3%) or ($14.1m), impacted by transition and execution challenges. Gross Margin (GM) 69.6 80.5 (10.9) (13.5%) – Portfolio bra
Slide 16: Business Segment Summary
Business Segment Summary Australia and New Zealand(1) International(1) Revenue CAAP Underlying EBITDA Revenue CAAP Underlying EBITDA $115.8m $41.4m $9.6m $2.6m $0.2m ($1.1m) Unfavourable; (14.8%) Unfavourable; (21.5%) Unfavourable; (25.4%) Unfavourable; (16.3%) Favourable; n/m(2) Favourable; (28.6%)
Slide 17: Revenue Bridge
Revenue Bridge REVENUE ($m) Route-to-Market impacts: • New wholesaler rebate for warehousing costs now included as an offset to sales under new operating model. • ~ $4m of net transitional pipe-fill revenue weighted to FY25 -14.9% -10.1% (onboarding of pharmacy wholesalers). 139.0 Underlying core &
Slide 18: Underlying EBITDA Bridge
Underlying EBITDA Bridge UNDERLYING EBITDA ($m) Contribution After A&P (CAAP): • New wholesaler rebate for warehousing costs now included as an offset to sales under new operating model. -41.4% • Impact from net transitional pipe-fill as new wholesalers 7.3 onboarded in FY25 and FY26. • CAAP(2) from
Slide 19: New Operating Model Benefits for FY26
New Operating Model Benefits for FY26 Structural benefits unlocked from operating model FY26 DISTRIBUTION / EXIT IN-HOUSE WHOLESALER COSTS NEW 3PL MODEL STRUCTURAL RANGING DISTRIBUTION BENEFITS(1) In progress ($3.2m) Revenue/Gross Margin In FY26, distribution gains offset by Warehouse and logistics
Slide 20: Material Items (pre-tax)
Material Items (pre-tax) $23.5m in non-cash material items, $2.1m in cash 01 Impairment of intangible assets ($20.7m non-cash) • $15.0m goodwill impairment in the ANZ segment, reflecting a recalibration of growth projections based on current trading performance; and • $5.7m of brand impairments, als
Slide 21: Net Cash Position
Net Cash Position Balance sheet remained sound NET CASH ($m) Operating cash flow • Operating cash flows of $0.7m (FY25: $2.2m) reflect positive -4.3 adjusted NPAT(1) offset by increased working capital: – Upweighted inventory ($6.4m) to restore product availability. 6.2 (5.5) – Payment of restructur
Slide 22: Capital Management
Capital Management Disciplined approach to support strategy and growth 01 Debt facilities refinanced Right-sized to better match the new operating model. 02 Investment in inventory Invested to restore product availability and support service levels. 03 No final dividend Reflecting the retained losse
Slide 23: FY27 Priorities & Outlook
04 FY27 Priorities & Outlook Brett Charlton
Slide 24: FY27 Priorities and Outlook
FY27 Priorities and Outlook McPherson’s enters FY27 with a clear imperative to build brand momentum and drive revenue growth Management's focus is on: Customer Wholesaler Accelerating Innovation engagement ranging growth frequency E-commerce Strengthening Optimising ranging by Impactful consumer Inc
Slide 25: Q&A
MCPHERSONS ESTD. 1860 Q&A
Slide 26: Appendices
MCPHERSONS ESTD. 1860 Appendices
Slide 27: Reconciliation of CAAP and underlying EBITDA to NPAT
Reconciliation of CAAP and underlying EBITDA to NPAT FY26 FY25 CONTINUING DISCONTINUED CONTINUING DISCONTINUED ALL FIGURES IN $M TOTAL TOTAL OPERATIONS OPERATIONS OPERATIONS OPERATIONS Contribution after A&P (CAAP) 41.6 - 41.6 52.8 2.5 55.3 Employee and other expenses (37.4) - (37.4) (45.6) (0.2) (4
Slide 28: Changing Profile of D&A
Changing Profile of D&A D&A Composition ($ million) • Changing composition reflects Kingsgrove warehouse exit and transition to a more asset light operating model. 6.5 • Reduction of ($2.4m) or (37.2%) reflects: – ROU lease assets: written down following exit of 3.5 Kingsgrove warehouse and transiti
Slide 29: Thank you
MCPHERSONS ESTD. 1860 Thank you