Slide 1: FY26 Results Presentation
For personal use only FY26 RESULTS PRESENTATION
Slide 2: FY26 Results Highlights
FY26 RESULTS HIGHLIGHTS The reset program is advancing For personal use only Gross Margin Revenue Reported 61.6% Women's Revenue2 Indirect Revenue3 $63.7m 14.8% of Revenue2 18.2% of Revenue Adjusted1 75.9% Down 26.7% vs pcp Down 35.7% vs pcp Up 62.3% vs pcp Reported down 14.8 pp Adjusted1 down 0.5 p
Slide 3: Reset and Growth Strategy
RESET AND GROWTH STRATEGY The reset is focused on strengthening the foundations of the business, while the Company pursues four longer-term For personal use only growth priorities FOOTPRINT INDIRECT CHANNELS CUSTOMER Maintain presence in ACQUISITION PRODUCTS global markets where Growth through trust
Slide 4: 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 Retu rning 215 238 312 63% 63% 59% 69% 103 4.8% 2123 4.6% 1908 98 4.4% 1670 96 135 8 89 4.1% 37%
Slide 5: Income Statement
INCOME STATEMENT FY26 FY25 Movement For personal use only #039;000 #039;000 #039;000 % COMMENTARY Australia 34,974 54,715 (19,741) -36.1% UK 26,231 29,497 (3,266) -11.1% • Global revenue was down 26.7%, reflecting the USA 2,477 2,670 (193) -7.2% strategic reduction in discounting and softer Revenue 63,682 86
Slide 6: Balance Sheet
BALANCE SHEET As at As at For personal use only 30 Jun 30 Jun Variance 2026 2025 COMMENTARY #039;000 #039;000 #039;000 % • Debt free with cash and financial assets held with Assets licensed banks across a variety of terms Cash and financial assets 25,816 33,140 (7,324) -22.1% Receivables 890 499 391 78.4% •
Slide 7: Cashflow
CASHFLOW FY26 FY25 Variance For personal use only #039;000 #039;000 #039;000 % COMMENTARY Operating cashflows Receipts 71,578 98,401 (26,823) -27.3% • Cash inflow decline in line with reduced revenue Payments (71,188) (86,812) 15,624 -18.0% 390 11,589 (11,199) -96.6% • Dividends of $4.4m were paid during FY2
Slide 8: Looking Forward
LOOKING FORWARD Executing on the reset plan For personal use only Step One will continue to execute the plan to reset the business, Including: • Release new products and adjacencies • Enhance brand advertising PRODUCTS CUSTOMERS • Maintain brand premium through reduced discounting Develop new Re-eng
Slide 9: Appendix: At a Glance
APPENDIX For personal use only AT A GLANCE (AT 30 JUNE 2026) Listed on the ASX: 2021 - STP Ultra Soft Industry Sector: Retail (online) Waistband 3D Elastic Pouch Fiscal year end: June 30 Market cap: $26m, $0.14 per share 15.1x EBITDA Super soft Valuation multiple: (based on FY26 EBITDA normalised) V
Slide 10: Business Model
BUSINESS MODEL Step One is an online DTC company, with a capital light scalable operation For personal use only • Head office in Australia with only 26 employees globally GLOBAL COMPANY • Subsidiaries in UK and US which hold inventory locally (in scalable 3PLs) Local operations • Staff in other coun
Slide 11: 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 Returning New #’000 106 103 101 114 100 101 107 53% 131 96 61% 64% 69% 65% 64% 5.1% 4.7% 4.7% 90 4.5% 4.6%
Slide 12: Adjusted Income Statement
ADJUSTED INCOME STATEMENT FY26 FY25 Movement For personal use only Reported Adjustment Adjusted1 Reported Adjusted1 COMMENTARY #039;000 #039;000 #039;000 #039;000 #039;000 % The increase in the inventory Australia 34,974 34,974 54,715 (19,741) -36.1% obsolescence provision is not a UK 26,231 26,231 29,497 (3,266)
Slide 13: 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