Step One Clothing Limited · ASX:STP
Step One Clothing — FY2025 Earnings Presentation
18 slides from Step One Clothing's earnings presentation, Aug 20, 2025
Slide 1: FY25 Investor Presentation
For personal use only FY25 INVESTOR PRESENTATION 1
Slide 2: FY25 Results Highlights
FY25 RESULTS HIGHLIGHTS Modest growth amidst subdued retail environment For personal use only Revenue Gross Margin Women's Revenue1 Indirect Revenue $86.9m 76.4% 15.0% of Revenue 8.2% of Revenue Up 2.8% vs pcp Down 4.4 pp vs pcp Up 7.9% vs pcp Up 53.1% vs pcp EBITDA Cash Advertising Final Dividend $
Slide 3: Growth Strategy: Four pillars of profitable growth
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 customers develo
Slide 4: Strategy in Action
STRATEGY IN ACTION Strategy execution in FY25 For personal use only CUSTOMER INDIRECT PRODUCTS ACQUISITION CHANNELS FOOTPRINT • Premium product, • Expanded • Expanded the • Continue to leverage Cloud Mesh, launched ambassador program partnership with John successes in AU home • Expanded the Lewis in
Slide 5: 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 • On-the-ground marketing Market thr
Slide 6: 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 New Returning 253 312 60% 63% 63% 67% 257 5.2% 96 103 1923 89 1670 76 4.8% 1358 4.6% 1101 40% 37% 37
Slide 7: Income Statement
INCOME STATEMENT FY25 FY24 Movement For personal use only $'000 $'000 $'000 % COMMENTARY Australia 54,715 50,873 3,842 7.6% UK 29,497 27,129 2,368 8.7% • Global revenue is up 2.8% driven by a focus on USA 2,670 6,546 (3,876) -59.2% profitability amid challenging trading conditions Revenue 86,882 84,
Slide 8: Balance Sheet
BALANCE SHEET As at As at For personal use only 30 Jun 30 Jun Variance 2025 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 33,140 38,952 (5,812) -14.9% Receivables 499 972 (473) -48.7%
Slide 9: Cashflow
CASHFLOW FY25 FY24 Variance For personal use only $'000 $'000 $'000 % COMMENTARY Operating cashflows Receipts 98,401 94,602 3,799 4.0% • Cash inflow increasing in line with revenue Payments (86,812) (71,601) (15,211) 21.2% growth 11,589 23,001 (11,412) -49.6% Interest 1,233 820 413 50.4% • Outflows
Slide 10: Strategy – Plan of Action
STRATEGY – PLAN OF ACTION Execution planned for FY26 For personal use only CUSTOMER INDIRECT PRODUCTS ACQUISITION CHANNELS FOOTPRINT • Introduce a range of • Invest in brand • Expansion of Amazon • Prioritise Australian new underwear and advertising expansion • Expansion of TikTok adjacent products
Slide 11: Looking Forward
LOOKING FORWARD Step One will continue to balance growth and value For personal use only In response to softer retail conditions, Step One intends to: • Prioritise new products and adjacencies. • Enhance brand messaging around key product attributes. • Realign pricing with lower base prices and volu
Slide 12: At a Glance
APPENDIX AT A GLANCE For personal use only (AT 30 JUNE 2025) Listed on the ASX: 2021 - STP Industry Sector: Retail (online) Ultra Soft Waistband Fiscal year end: June 30 3D Elastic Pouch Market cap: $128m, $0.69 per share 7x EBITDA Valuation multiple: (based on FY25 EBITDA) Super soft Securities Iss
Slide 13: 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 • Head office in Australia with only 33 employees globally GLOBAL COMPANY • Subsidiaries in UK and US which hold inventory locally (in scalable 3PLs) Local opera
Slide 14: What Makes Step One Sustainable and Ethical
WHAT MAKES STEP ONE SUSTAINABLE AND ETHICAL For personal use only ESG is much more than climate change, but we are on top of that as well. ENVIRONMENT SOCIAL GOVERNANCE Refer to the 2025 Annual Report for details but look out for: FSC® Chain of Custody 1. We ensure the highest environmental and soci
Slide 15: 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 2017 2018 2019 2020 2021 2022 2023 2024 2025 (so far) Step One Scalable Scalable UK market US market Amazon Supply Chain Retailer TikTok is born production logistics entry ent
Slide 16: Year Income Statement
6 YEAR INCOME STATEMENT 6 year view, by reporting period 6 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 Proforma $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'00
Slide 17: 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 103 100 122 131 130 61% 182 63% 63% 64% 69% 65% 90 90 5.1% 89 5.0% 4.7% 4.6% 4.5%
Slide 18: 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