Slide 1: Investor Presentation – Back to the Mulberry Spirit
Investor Presentation – Back to the Mulberry Spirit Results for the 52 weeks ended 29 March 2025 September 2025
Slide 2: Agenda
Agenda 3-6 Mulberry strategy recap, and where are we now 7-11 Financials 13-14 Outlook 15 Q&A 2
Slide 3: A recap of our strategy – Back to the Mulberry Spirit
A recap of our strategy – “Back to the Mulberry Spirit” “Our new strategy sets out our commitment to restore performance and return to sustainable profitability. We need to get back to where we came from and return to the spirit of Mulberry.” Andrea Baldo, Chief Executive Officer A Two-Phased Strate
Slide 4: We are a unique brand in a resilient category
We are a unique brand in a resilient category Leather goods industry Mulberry’s pricing position The total luxury market continues to experience volatility. Our pricing position is a clear differentiator. However, Leather goods remains a resilient category and is expected to Mulberry has not increas
Slide 5: Turnaround in action
Turnaround in action Where to Play How to win ✅ Recover pre-pandemic level in the UK ✅ Brand back to “Mulberry Spirit” ✅ Double the US business ✅ Simplify the business ✅ Grow new clusters through wholesale ✅ Lead with creativity ✅ Focus Handbags on £800-1200 core segment ✅ Customer at the center ✅ E
Slide 6: Financials
Financials
Slide 7: Turnaround progressing according to plan
Turnaround progressing according to plan • Right-sized the business and simplified structures. • Conducted a comprehensive spending review, delivering a c.25% reduction in operating costs on an annualised basis vs FY24 – the benefits of which will be fully see in our FY26 results. • Strengthened the
Slide 8: FY26 will see a growth in Wholesale as a key pillar
The focus for FY26 will be on UK & US, FY26 will see a growth in Wholesale as well as a focus on profitable growth as a key pillar (£ in millions) FY2025 FY2024 YoY % Change (£ in millions) FY25 FY24 YoY % Change Net Revenues* 109.4 134.7 (19%) Net Revenues 120.4 152.8 (21%) - UK 67.8 84.7 (20%) - R
Slide 9: Key financials FY25 – Stabilise the business, right size the cost base
Key financials FY25 – Stabilise the business, right size the cost base Financial performance Context FY26 Evolution Revenue £120.4m | (21%) down YoY from £152.8m Softer luxury market / H2 Headwinds UK proving resilient – aligned to our Right Product, Right Price, Right Place and doubling down on Uk
Slide 10: Key financials FY25 – Stabilise the business, right size the cost base (Continued)
Key financials FY25 – Stabilise the business, right size the cost base Continued Gross Margin reduced Year on Year by (£26.7m) as a result of the Revenue and GM challenges outlined, however actions taken and cost savings totalled £21.7m reduction in costs, as well as a reduced impairment charge YoY
Slide 11: Outlook
Outlook
Slide 12: Pivotal moments designed to delight customers
Pivotal moments designed to delight customers FW25 Season 4 Season 1 Season 2 (Apr- (Sep + Oct-Dec) (Jan-Mar) (Apr-Jun) Aug) Hero Roxanne + Hackney Boston Strong summer offer Products Core Offer Rebuild the Stock Bayswater, Alexa, Lily, Anthony, Amberly, Islington, Roxanne Communication Festive Cynt
Slide 13: Current trading and outlook – laying foundations for growth
Current trading and outlook – laying foundations for growth Financial Outlook • In line with the Strategy set, our focus is on sales, and Mini Bags are trending strongly year-on- profitability. Therefore, with the right product at year. Since its launch in August, the new Bayswater the right price p
Slide 14: Q&A
Q&A