Step One Clothing Limited · ASX:STP
Step One Clothing — H1 2025 Earnings Presentation
17 slides from Step One Clothing's earnings presentation, Feb 19, 2025
Slide 1: 1H25 Investor Presentation
For personal use only Sweat Wicking Bamboo Viscose Keeps you cool & dry Hidden Elastic Pouch No Ad justment Needed 1H25 INVESTOR Anti-Chafe Technology PRESENTATION Thigh Saving Panels 1
Slide 2: 1H25 Results Highlights
1H25 RESULTS HIGHLIGHTS Resilient result, prioritising profitable growth For personal use only Revenue Gross Margin Women's Revenue1 Indirect Revenue $48.1m 78.0% 14.8% of Revenue 7.9% of Revenue Up 6.8% vs pcp Down 3.2% vs pcp Up 19.1% vs pcp Up 38.0% vs pcp EBITDA Cash Advertising Interim Dividend
Slide 3: Four pillars of profitable growth
PROFITABLE GROWTH STRATEGY Four pillars of profitable growth For personal use only FOOTPRINT INDIRECT CHANNELS CUSTOMER Scaling in global ACQUISITION Growth through trusted markets where there is and established retail demand, leveraging PRODUCTS and ecommerce expertise and product Recruit new custo
Slide 4: Strategy execution in 1H25
STRATEGY IN ACTION Strategy execution in 1H25 For personal use only CUSTOMER PRODUCTS ACQUISITION CHANNELS FOOTPRINT • Expanded the • Athlete ambassadors • Progressing the • Balancing growth and SmoothFit TM range in are generating contractual and profitability Aug 24 with a authentic content techni
Slide 5: New Product
For personal use only NEW PRODUCT 55
Slide 6: Operations by Region
OPERATIONS BY REGION Localised, targeted responses to global macro challenges For personal use only Growth Maintaining potential optionality United States United Kingdom of America • Longer-term opportunity • Profitable and growing Home • Continue market presence • Organic and capital efficient Mark
Slide 7: Financial and Performance Charts
FINANCIAL AND PERFORMANCE CHARTS For personal use only Average Order Value Customer Mix Conversion Rate Customer Database Direct Business Direct Business Direct Business Direct Business $/order #’000 106 New Returning 131 103 130 182 63% 63% 61% 64% 69% 90 90 5.1% 1801 89 5.0% 1670 4.5% 4.5% 3.9% 13
Slide 8: Income Statement
INCOME STATEMENT 1H25 1H24 Movement For personal use only $'000 $'000 $'000 % COMMENTARY Australia 30,847 26,264 4,583 17.4% UK 15,675 14,652 1,023 7.0% • Resilient revenue growth of 17.4% in core USA 1,596 4,136 (2,540) -61.4% Australian market reflects strength of Step One’s Revenue 48,118 45,052
Slide 9: Balance Sheet
BALANCE SHEET As at As at For personal use only 31 Dec 30 Jun Variance 2024 2024 COMMENTARY $'000 $'000 $'000 % • Debt free with cash and financial assets held Assets with licensed banks across a variety of terms Cash and financial assets 43,770 38,952 4,818 12.4% Receivables 1,631 972 659 67.8% • I
Slide 10: Cashflow
CASHFLOW 1H25 1H24 Variance For personal use only $'000 $'000 $'000 % COMMENTARY Operating cashflows Receipts 56,516 52,689 3,827 7.3% • Strong cash flow generation with cash receipts Payments (44,481) (35,333) (9,148) 25.9% increasing in line with revenue growth 12,035 17,356 (5,321) -30.7% Interes
Slide 11: Strategy – Plan of Action
STRATEGY – PLAN OF ACTION Execution planned for 2H25 For personal use only CUSTOMER PRODUCTS ACQUISITION CHANNELS FOOTPRINT • Juniors range • Build out brand • John Lewis in-store • Prioritise Australian ambassador program expansion • Cloud Mesh premium • Expansion of Amazon boxer • Continue the wit
Slide 12: Looking Forward
LOOKING FORWARD Step One will continue to balance growth and profitability For personal use only Step One remains confident in its ability to execute on the Company’s strategy. The focus remains on expanding the range and acquiring new customers through partnerships and direct advertising. The Compa
Slide 13: At a Glance
APPENDIX AT A GLANCE For personal use only (AT 18 FEBRUARY 2025) Listed on the ASX: 2021 - STP Ultra Soft Industry Sector: Retail (online) Waistband Fiscal year end: June 30 3D Elastic Pouch Market cap: $240m, $1.425 per share 14x EBITDA Valuation multiple: (based on FY24 EBITDA) Super soft Securiti
Slide 14: A Brief History of Step One
A BRIEF HISTORY OF STEP ONE Founder-led business with scalable business model & track record of growth For personal use only 201 7 201 8 201 9 202 0 202 1 202 2 202 3 202 4 202 5 (so far ) Step One Scalable Scalable UK market US market Amazon Supply C hain Retailer TikTok is born production log isti
Slide 15: Business Model
BUSINESS MODEL Step One is an online DTC company, with a capital light scalable operation and strong ESG credentials For personal use only • Hea d office in Australia with only 25 emp loyees GLOBAL COMPANY • Subsidiaries in UK an d US which hold inventory locally (in scalable 3PLs) Local operations
Slide 16: 5.5 Year Income Statement
5.5 YEAR INCOME STATEMENT 5.5 year view, by reporting period 5.5 year view For personal use only FY20 FY21 FY22 FY23 FY24 FY25 P&L 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 FY20 FY21 FY22 FY23 FY24 FY25 YTD Proforma $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Slide 17: Important Notice
IMPORTANT NOTICE For personal use only The material in this presentation has been prepared by Step One Clothing Limited (ASX: STP) (“Step One” or the “Company") and is general background information about Step One’s activities current as at the date of this presentation. The information is given in