Baby Bunting Group Ltd. · ASX:BBN
Baby Bunting — Investor Presentation (February 2026)
25 slides from Baby Bunting's investor presentation, Feb 17, 2026
Slide 1: Record sales and margin. Momentum builds.
Record sales and margin. Momentum builds. FY26 Half Year Investor Presentation Mark Teperson Chief Executive Officer Darin Hoekman Chief Financial Officer 17 February 2026
Slide 2: Important notice and disclaimer
Important notice and disclaimer Forward looking statements Pro forma financial information This document is a presentation of This document contains certain forward looking statements and Pro forma financial results have been calculated to general background information about comments about future e
Slide 3: The best start for the brightest future
Our Vision Our Mission The best To support & inspire start for confident parenting, the brightest from newborn future to toddler 3
Slide 4: Results Summary
Results Summary FY26 Half Year Investor Presentation Mark Teperson Chief Executive Officer 4
Slide 5: 1H FY26 results summary
Results summary 1H FY26 results summary Record half sales and gross margin achieved Sales growth Store of the Future Gross Margin 6.7% Sales growth1 25% vs pcp 41.0% Comparable store sales growth Target range 15% to 25% up 124 bps vs pcp up 4.7% vs pcp 9 stores now refurbished and trading FY26 guida
Slide 6: Operating highlights
Results summary Operating highlights Store network transformation continues at pace • 6 x Store of the Future refurbishments • Scaled online delivery to 100% fulfilment completed, taking our Store of the Future from stores, optimising delivery costs and fleet to 9 stores leveraging existing store la
Slide 7: Record sales performance
Results summary Record sales performance New store formats and more ways to shop driving sales growth $271.4 $254.9 $254.4 Total Sales $248.5 Comparable store sales growth Store of the Future $239.1 4.7% 25% $m 24.8% up up 23.8% 22.3% 22.4% Sales ($m) 19.7% 9 refurbished stores Q1: 3.7% Q2: 5.6% now
Slide 8: Gross margin performance
Results summary Gross margin performance Annualising trading terms & exclusive brand growth $111.4 driving margin expansion $93.9 $94.7 $92.5 $101.3 Gross Profit Gross margin Gross profit $ growth $m 41.0% up 10.0 % 39.3% 37.2% 37.2% 39.8% 41.0% up 124 bps vs pcp Gross profit ($m) Q1: 40.6% Q2: 41.4
Slide 9: Profit & loss
Results summary Profit & loss First half guidance met with 2H profit outlook maintained Pro Forma Pro Forma Commentary $ million 1H FY26 1H FY25 Change Sales 271.4 254.4 +6.7% Total sales of $271.4m, up 6.7% vs pcp, driven by Comp growth % 4.7% 2.2% comparable store sales growth of 4.7%, plus the op
Slide 10: Cost of doing business
Results summary Cost of doing business 1 CODB $96.8m, increased by $9.6m vs pcp (now 35.7% of sales): $million Commentary New & New stores 5 new stores, 2 annualising stores delivering incremental EBITDA and 4 year $2.6 Growth investment Annualising Stores maturation profile driving future period ea
Slide 11: Brand & Marketing
Results summary Brand & Marketing Investment to elevate brand and drive promotional program delivering returns Advertising investment increased by $1.8m (now 2.7% of sales vs 2.1% in pcp), underpinning customer growth and stronger comparable sales growth: New Store Launches • $0.6m investment in Sto
Slide 12: Financial position
Results summary Financial position Strong balance sheet underpins growth strategy Statutory Statutory Commentary $ million 1H FY26 1H FY25 Cash & cash equivalents 5.2 12.0 Inventory finished at $107.0m: Inventories 107.0 97.7 Plant and equipment 47.7 26.1 • Average store inventory up 4% vs pcp Goodw
Slide 13: Cash flow
Results summary Cash flow Record 11 store projects completed with a further 8 underway for 2H Commentary $ million 1H FY26 1H FY25 EBITDA 1 14.6 14.0 Movement in working capital (3.5) (3.2) Cash conversion ratio at 70.9% Tax Paid (0.7) (2.0) 1H Investment expenditure of $25.9m includes: Net cash flo
Slide 14: Strategy Update
Strategy Update 1H FY26 Investor Presentation Mark Teperson Chief Executive Officer 14
Slide 15: Store of the Future - refurbishment program
Strategy update Store of the Future - refurbishment program Acceleration of refurbishment roll out to drive earnings growth and CODB leverage 25% average1 sales 1H 2H Commentary FY26 refurbishment program growth since launch 15% - 25% target 1H FY26 refurbishment costs 6 stores opened in 1H 10 weeks
Slide 16: Small format stores
Strategy update Small format stores Robina (Qld) Plenty Valley (VIC) Marion (SA) Opened 13 September Opened 4 October Opened 20 December Strategy to unlock high value smaller catchments (inner urban and regional) to further support market share growth The new small store formats target revenue of +$
Slide 17: New Zealand
Strategy update New Zealand Sales growth, stronger margins and supply chain efficiency to deliver breakeven NPAT in FY27 Sales Growth1 Gross Margin Current Store Network 38.4% Loss Before Tax up 16.5% $ 1.4m 5 First 7 weeks 2H $0.7m improvement Opened first NZ Store up 140 bps vs pcp on prior year o
Slide 18: Our newest exclusive brand partner
Strategy update Our newest exclusive brand partner Baby Bunting is proud to announce a new exclusive three-year partnership with Stokke, one of the world’s most respected premium children’s product brands • Effective from April 2026, Baby Bunting will be the exclusive retailer of Stokke products in
Slide 19: Shareholder value accelerator
Strategy Shareholder value accelerator Velocity of Store of the Future rollout fuels leverage improvement Gross margin1 Growth from refurbs2 Network growth Operating leverage +500 bps 15-25% ~80 stores +200 bps FY24 FY25 1H FY26 FY27 15% 25% Large Format Store Capability Velocity 36.8% 40.2% 41.0% 4
Slide 20: Trading update & outlook
Trading update & outlook 1H FY26 Investor Presentation Mark Teperson Chief Executive Officer 20
Slide 21: Trading update & outlook
Trading update & outlook Trading update & outlook 2H pro forma NPAT guidance maintained at $12.5m to $14.5m Full Year pro forma NPAT guidance of $17.5m to $19.5m 2H FY26 trading update Outlook First 7 weeks of trade to 15 February is +6.7% comparable sales 2H pro forma NPAT guidance range of $12.5m
Slide 22: Appendices
Appendices 1H FY26 Investor Presentation 22
Slide 23: Statutory to Pro Forma Income Statement Reconciliation
Appendix One Statutory to Pro Forma Income Statement Reconciliation 1. Pro forma financial results have been calculated to exclude the following items (refer Directors’ Report dated 17 February 2026 for further detail): a. Administrative Expense represents the cost amortisation of performance rights
Slide 24: Pro Forma Income Statement
Appendix Two Pro Forma Income Statement AASB 16 Transition Impact 1H FY26 1H FY25 Reversal of Add Reversal of Add AASB 16 Operating AASB 16 Operating Pro Forma Depreciation Lease Pre-AASB 16 Pro Forma Depreciation Lease Pre-AASB 16 $ million 1H FY26 and Interest Expenses 1H FY26 1H FY25 and Interest
Slide 25: Glossary
Glossary Comparable Store Sales Growth Calculated as a percentage change of the total sales generated from stores (including the online store) in a relevant period, compared to the total sales from the same set of opened stores in the prior financial year, provided the stores were open at the beginn
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