Slides
Page 1
Note: All comparisons to FY25 unless otherwise stated. 1 Total sales includes concession sales. Revenue from sale of goods excluding concession sales and sales revenue deferred under customer loyalty program was $3,120.2 million (FY25: $2,789.9 million). 2 Pro Forma includes 12 months for Myer Apparel Brands for FY25 and FY26 for like-for-like comparison purposes. 3 CODB, EBITDA, EBIT, NPAT, EPS, Payout Ratio and tax are presented on an underlying basis, excluding significant items, to improve comparability between reporting periods. These measures provide additional insight into the Group's operating performance but should not be considered a substitute for statutory profit/(loss) after tax. 4 Adjustments made to prior year (FY25) comparatives reflecting finalisation of Apparel Brands’ acquisition accounting. Total Sales1 $4,088.8m 11.3% Comparable sales 0.7% Pro Forma2 up 0.3% Operating Gross Profit4 $1,603.2m 14.0% Pro Forma2 1.6% lower Cost of Doing Business3,4 In line with FY26 target of 29% Underlying NPAT3,4 & EPS3,4 $42.5m 2.9% 2.5 cents per share Pro Forma2 32.1% lower Statutory NPAT4 & EPS4 $(276.5m) 35.3% (16.0) cents per share Pro Forma2 n.m Net cash $100.1m as at 25 July 2 Myer Group | FY26 Overview FY26 Financial Performance Underlying EBIT3,4 $139.4m 7.0% Pro Forma2 23.5% lower No final dividend declared Fully franked interim dividend of 1.5 cps paid May-26 FY26 payout ratio 60%3,4 Dividend & Payout Ratio4 Underlying EBITDA3,4 $413.5m 7.9% Pro Forma2 12.1% lower
Page 2
Sourcing & Supply Chain Omni-channel Network Products & Brands Customer & Loyalty 3 Strategic Priorities Value Creation Manage CODB and Efficiencies Specialty Retail Integration Integration ✓ Relaunched revamped MYER one ✓ Launched Shoppable App ✓ Expanded loyalty partnerships ✓ Achieved record tag rate in Myer Retail of 81.5% and in Myer Apparel Brands of 55.1% ✓ Increased active members to 5.3m ✓ Relaunched Myer Exclusive Brands ✓ Launched new brands in Beauty, Womenswear, Menswear, and Home ✓ Transitioned Myer Apparel Brands to MYER one loyalty ✓ Continued to invest in Just Jeans new format stores ✓ Delivered ~$17m from Value Creation initiatives ✓ Optimisation of staffing flexibility in Myer Retail stores ✓ Restructuring of retail operations in Myer Apparel Brands ✓ Closure of Myer Asia sourcing office, and closure of an overseas hub ✓ National Distribution Centre proof of concept going live for peak 2026 ✓ Third-party logistics (3PL) arrangements operated effectively through peak season ✓ Transitioning to direct sourcing model ✓ Closed 38 and opened 14 Myer Apparel Brands’ stores ✓ Commenced refurbishment of Sydney Beauty hall and Morley ✓ Launched new Marketplace platform ✓ Delivered ~$20m from Myer Apparel Brands integration ✓ Exited transitional services for Myer Apparel Brands in line with plan; 3 remaining for transition by the end of 2027 ✓ SBMDL integration complete; ~$10m annualised synergies from FY27 Myer Group Growth Strategy FY26 Execution Achievements
Page 3
Group Financial Performance 4
Page 4
1 Total sales includes concession sales. Revenue from sale of goods excluding concession sales and sales revenue deferred under customer loyalty program was $3,120.2 million (FY25: $2,789.9 million). 2 Presented on an underlying basis, excluding significant items, to improve comparability between reporting periods. See Append ix 1, slide 18. 3 Pro Forma includes 12 months for Myer Retail for FY25 and FY26 and 12 months for Myer Apparel Brands for FY25 and FY26 for li ke-for-like comparison purposes. 4 Actual basis. Ie includes 12 months of Myer Apparel Brands in FY26, and 6 month for Myer Apparel Brands in FY25. 5 Adjustments made to prior year (FY25) comparatives reflecting finalisation of Apparel Brands’ acquisition accounting. $ MILLIONS FY26 FY255 Change (Actual) Change (Pro Forma)3 Total sales1 4,088.8 3,673.8 11.3% 0.3% Operating gross profit 1,603.2 1,406.5 14.0% (1.6)% Operating gross profit % 39.2% 38.3% 92bps (107)bps Cost of doing business2 (1,189.7) (1,023.3) (16.3)% (2.7)% Cost of doing business %2 29.1% 27.9% (124)bps (22)bps Underlying EBITDA2 413.5 383.2 7.9% (12.1)% Underlying EBIT2,5 139.4 150.0 (7.0)% (23.5)% Underlying NPAT2,5 42.5 43.6 (2.9)% (32.1)% Statutory NPAT5 (276.5) (204.4) (35.3)% n.m 5 Myer Group | Income Statement Comparable sales growth of 0.7% despite challenging macroeconomic conditions and volatile trading in 2H26 – Comparable sales growth of 0.7%. Total sales1 on an actual basis up 11.3%, incorporating full 12-months of Myer Apparel Brands. Pro forma3 total sales up 0.3%. Online channel growth up 9.1%4. Concession sales growth of 8.2% recognising Myer’s increasing relevance to concessions and brand owners. – Operating gross profit (OGP) up 14.0% incorporating Myer Apparel Brands. Pro forma3 OGP 1.6% lower impacted by growth in lower margin categories and higher than planned promotional activity to stimulate demand in 2H26. – Cost of doing business2 (CODB) higher reflecting inclusion of Myer Apparel Brands and investment to drive strategic priorities. – CODB %2 higher reflecting inclusion of Myer Apparel Brands with higher CODB % margin than Myer Retail; CODB % at 29.1%, in line with FY26 target of ~29% of total sales, supported by Integration Synergies and Value Creation program of $42 million. – Underlying EBIT2,5 7.0% lower driven by opex investment for strategic initiatives, offset by inclusion of Myer Apparel Brands. Pro forma 3 EBIT 23.5% lower reflecting opex investment in strategic initiatives. – Underlying net profit after tax (NPAT)2,5 2.9% lower due to lower EBIT offset by lower net finance costs and tax. Pro forma3 NPAT 32.1% lower. – Statutory NPAT5 of $(276.5)m reflecting impairment.
Page 5
$ MILLIONS FY26 FY25 Change Total sales1 3,328.8 3,306.0 0.7% Operating gross profit 1,171.4 1,187.4 (1.3)% OGP margin (%) 35.2% 35.9% (73)bps Segment result2 415.2 430.4 (3.5)% Contribution margin (%) 12.5% 13.0% (55)bps 6 Myer Retail | Segment Result Comparable sales growth of 1.0% driven by growth in Women’s Fashion, Home, Kids, Concessions and Marketplace FY Total Sales ($) Total Sales ($) by Brand Mix 1 Total sales includes concession sales. Revenue from sale of goods excluding concession sales and sales revenue deferred under customer loyalty program was $2,367.6 million (FY25: $2,419.3 million). 2 Presented on an underlying basis, excluding significant items, to improve comparability between reporting periods. 3 Online sales includes sass & bide, Marcs and David Lawrence. 41 70 3,306 FY25 National Brands 6 Myer Exclusive Brands Concessions 3,329 FY26 +0.7% Comparable sales 1.0% OGP 1.3% MYER one tag rate 81.5% – Total sales1 growth of 0.7% driven by growth in Women’s Fashion (4.7%), Home (5.6%), Kids (4.6%), Concessions (8.2%) and Marketplace (5.8%), offset by lower sales in Beauty. Total sales in FY26 now broadly in line with FY23 (post-COVID peak). – Comparable sales up 1.0%. – Online sales3 up 4.2%, aided by 5.8% increase in Marketplace. – Operating gross profit (OGP) 1.3% lower and OGP margin (%) 73bps lower reflecting mix shift to concessions and increased promotional activity to stimulate demand. – Segment result lower due to lower OGP. – MYER one tag rate at record high at 81.5% (FY25: 79.5%). 3,361 3,266 3,306 3,329 FY23 FY24 FY25 FY26 -2.8% +1.2% +0.7%
Page 6
$ MILLIONS FY26 FY25 (Pro Forma)3 Change (Pro Forma)3 Total sales1 760.0 770.2 (1.3)% Operating gross profit 431.8 441.1 (2.1)% OGP margin (%) 56.8% 57.3% (46)bps Segment result2 143.3 148.0 (3.3)% Contribution margin (%) 18.9% 19.2% (39)bps 7 Myer Apparel Brands | Segment Result Just Jeans performance up 6% offset by softness across other brands – Comparable sales 0.3% lower reflecting strong performance in Just Jeans (up 6.0%), with a more stable performance for Dotti in 2H26. This was offset by softness across other brands, particularly Portmans. – Total sales1,3 1.3% lower. – Online sales3 9.2% lower due to lower online conversion in the period. – Operating gross profit3 2.1% lower and OGP margin3 (%) 46bps lower. – Segment result3 3.3% lower due to decrease in OGP . – MYER one tag rate at 55.1% (only ~12 months since launch).Brand Mix (%) Total Sales ($) by Brand 37.1% 39.8% 21.1% 21.0% 18.6% 16.9% 13.6% 13.3% 9.6% 9.0% FY25 FY26 Just Jeans Jay Jays Portmans Dotti Jacqui E 1 Revenue from sale of goods excluding sales revenue deferred under customer loyalty program was $752.9 million (FY25 actual: $370.6 million). 2 Presented on an underlying basis, excluding significant items, to improve comparability between reporting periods. 3 Pro Forma includes 12 months for Myer Apparel Brands for FY25 for like -for-like comparison purposes. 770 FY25 17 Just Jeans 3 Jay Jays 15 Portmans FY26 760 Jacqui E 6 Dotti 3 -1.3% 3 3 Comparable sales 0.3% OGP 2.1% MYER one tag rate 55.1%
Page 7
8 Myer Group | Cost of Doing Business CODB in line with FY26 target of ~29% of total sales 25 9 12 28 14 28 FY25 Myer Group (Pro Forma) FY26 Myer Retail FY26 Myer Apparel Brands FY26 Corporate 1,204 FY26 Integration Synergies FY26 Value Creation 1,162 FY26 Myer Group (including synergies and value creation) FY26 Strategic investments and other initiatives 1,190 FY26 Myer Group (Actual) 1,158 FY26 Myer Group (Underlying) +4.0% 2.7% 28.4% 29.1% 1 Presented on an underlying basis, excluding significant items, to improve comparability between reporting periods. 2 Pro Forma includes 12 months for Myer Retail for FY25 and FY26 and 6 months for Myer Apparel Brands for FY25 and FY26 for lik e-for-like comparison purposes. % Total Sales Underlying CODB1 increased broadly in line with inflation Strategic investments more than offset by Integration Synergies and Value Creation 2
Page 8
$ MILLIONS FY26 FY25 Change ($M) Underlying EBITDA1 413.5 383.2 30.3 Add significant items (422.6) (257.2) (165.4) Add non-cash adjustments 382.9 214.1 168.8 Working capital movement (32.2) 41.0 (73.2) Income tax refund / (paid), net 2.6 (37.8) 40.4 Interest received / (paid), net 2.3 (5.6) 7.9 Interest lease liabilities (83.3) (84.4) 1.1 Operating cash flow 263.2 253.3 9.9 Capex paid2 (50.2) (53.0) 2.8 Free cash flow 213.0 200.3 12.7 Dividends (26.0) (25.1) (0.9) Repayment of borrowings - (66.0) 66.0 Principal portion of lease liabilities (254.1) (200.0) (54.1) Net cash flow (67.1) (90.8) 23.7 9 Myer Group | Operating Cash Flow Cash flow driven by inclusion of Myer Apparel Brands in FY26 – Operating cash flow increase of $9.9m driven by an increase in EBITDA with the inclusion of Myer Apparel Brands, offset by working capital movements due to increased receivables/prepayments and payables for operating activities. – Capital expenditure2 $2.8m lower due to timing of investment in store renewals and NDC. – Free cash flow $12.7m higher reflecting higher operating cash flow, and lower capex. – Net cash outflow $23.7m lower reflecting higher free cash flow and no additional repayment of borrowings in FY26 (FY25: $66.0m) offset by significant increase in principal portion of lease liabilities due to the inclusion of Myer Apparel Brands leases. 1 Presented on an underlying basis, excluding significant items. 2 Net of landlord contributions.
Page 9
$ MILLIONS FY26 FY25 Change ($M) Cash 100.1 167.2 (67.1) Debt 0.0 0.9 (0.9) Net cash 100.1 168.1 (68.0) Inventory 498.5 493.0 5.5 Creditors (502.4) (504.2) 1.8 Other assets and liabilities (69.4) (82.1) 12.7 Net working capital (73.3) (93.3) 20.0 Right-of-use assets 892.1 1,101.5 (209.4) Lease liabilities (1,463.5) (1,629.9) 166.4 Property and fixed assets 322.8 326.0 (3.2) Intangibles 610.6 907.2 (296.6) Capital employed 362.0 704.8 (342.8) Tax balances 201.0 121.6 79.4 Accrued transaction costs (0.4) (3.7) 3.3 Net assets 589.4 897.5 (308.1) 10 – Net cash position of $100.1 million (as at 25 July 2026). – Inventory broadly in line with the prior year. – Right-of-use assets decreased due impairment charges of $71.0 million relating to stores, depreciation and the Myer Store Support Office (SSO) relocation. – Lease liabilities decreased, reflecting higher lease cash payments, partly offset by the new SSO lease, Myer Retail lease modifications and CPI increases. – Intangibles decreased following impairment charges of $208.5 million against brands and $74.6 million against goodwill. – Debt facilities: Subsequent to year-end, increased total facilities to $200 million, with the maturity of $100 million extended from FY28 to FY30 (as at 22 September 2026). Myer Group | Balance Sheet Net cash position of $100 million
Page 10
FY27 & Trading Update 11
Page 11
12 Myer Group Growth Strategy Growth targeted to come from new and more engaged customers, driven by MYER one, an enhanced product offering and stronger omni-channel capability Leading loyalty program Connected & engaged customer Enhanced omni-channel experience Design, sourcing & distribution Leading & loved brands M y e r G r o u p ’ s r e t a i l e n g i n e … • Our expanded loyalty program attracts customers and welcomes them to transact with us more often • Attractive and complementary brands appeal to a broader customer base • The combined Myer Group's joint design, sourcing and distribution capability enables faster speed to market and stronger margins • Broad network of stores plus the eCommerce platform supporting customer experience, conversion rate, and basket size • We learn more about our connected and engaged customers, enabling personalised offers and more informed business decision making via MYER one 2 4 5 … i s d r i v e n b y M Y E R o n e a n d t h e c o n n e c t e d c u s t o m e r 1 3
Page 12
Sourcing & Supply Chain Omni-channel Network Products & Brands Customer & Loyalty 13 Strategic Priorities Value Creation Manage CODB and Efficiencies Specialty Retail Integration Integration • Expand loyalty partnerships • Embed enhanced MYER one automation capability • Grow Retail Media business • Additional new brand partners • Launch Flagship Beauty destination (Sydney) • Launch new Beauty services & customer experiences • Continue to optimise international hubs and supply chain network • Optimise operating model • Deliver NDC proof- of-concept • Finalise NDC long- term solution • Progress strategic store renewals • Continue to invest in online experience • Grow Marketplace offering • Myer Apparel Brands integration ongoing; targeting annualised synergies of at least $30 million (from FY28) • SBMDL integration complete; ~$10m annualised synergies from FY27 Myer Group Growth Strategy FY27 Strategic Priorities, Value Creation and Integration
Page 13
TOTAL SALES1 ($ MILLIONS) 1H27 1H26 Change Myer Group 519.6 534.1 (2.7)% Myer Retail 420.2 428.3 (1.9)% Myer Apparel Brands 99.4 105.8 (6.0)% 14 Sales • Myer Group: comparable sales flat (+0.2%); actual sales1 2.7% lower. • Myer Retail: comparable sales 1.8% higher; actual sales1 1.9% lower. • Myer Apparel Brands: comparable sales 5.9% lower; actual sales1 6.0% lower. CODB: targeting FY27 CODB at ~29% of total sales. 1H27 Trading Update Comparable sales flat in first eight weeks of 1H27 8 6 534 1H26 (8w) Myer Group 1H27 (8w) Myer Retail 1H27 (8w) Myer Apparel Brands 520 1H27 (8w) Myer Group -2.7% 1 Total sales includes concession sales. 7 6 492 1H26 (8w) Myer Group 1H27 (8w) Myer Retail 1H27 (8w) Myer Apparel Brands 493 1H27 (8w) Myer Group +0.2% Total Sales ($) Comparable Sales ($)
Page 14
Q&A 15
Page 15
Closing 16
Page 16
Appendices 17
Page 17
$ MILLIONS EBIT INTEREST TAX NPAT Statutory reported result (283.2) (78.4) 85.1 (276.5) Add back: Significant Items 422.6 - (103.6) 319.0 Transaction costs 1.0 - - 1.0 Strategic review 1.6 - (0.1) 1.5 Transition and integration costs 21.9 - (6.6) 15.3 Restructuring and redundancies 10.7 - (3.2) 7.5 Asset impairments and write-offs 100.2 - (30.0) 70.2 Goodwill and intangible asset impairments 283.1 - (62.5) 220.6 Other individually significant items 4.1 - (1.2) 2.9 Result pre Significant Items 139.4 (78.4) (18.5) 42.5 18 Appendix 1 NPAT reconciliation to Statutory Accounts
Page 18
$ MILLIONS MYER RETAIL MYER APPAREL BRANDS CORPORATE CONSOLIDATED TOTAL Total sales 1 3,328.8 760.0 - 4,088.8 Concession sales (908.1) - - (908.1) Sale of goods 2,420.7 760.0 - 3,180.7 Sales revenue deferred under customer loyalty program (53.1) (7.4) - (60.5) Revenue from sale of goods 2,367.6 752.6 - 3,120.2 Other operating revenue 248.5 0.3 - 248.8 Revenue from contracts with customers 2,616.1 752.9 - 3,369.0 Operating gross profit 1,171.4 431.8 - 1,603.2 Segment result 415.2 143.3 (419.1) 139.4 EBIT 2 139.4 Finance costs, net (78.4) Profit before income tax 2 61.0 Income tax expense (18.5) Net profit after tax 2 42.5 Significant items, after tax (319.0) Loss for the period (276.5) 19 Appendix 2 Segment Information 1 Total sales includes concession sales. Revenue from sale of goods excluding concession sales and sales revenue deferred under customer loyalty program was $3,120.2 million (FY25: $2,789.9 million). 2 CODB, EBITDA, EBIT, NPAT, EPS, Payout Ratio and tax are presented on an underlying basis, excluding significant items, to improve comparability between reporting periods. These measures provide additional insight into the Group's operating performance but should not be considered a substitute for statutory profit/(loss) after tax.
Page 19
$ MILLIONS FY26 Actual FY25 Actual3 Change Actual FY25 Pro forma3 Change Pro forma4 Total sales1 4,088.8 3,673.8 11.3% 4,076.2 0.3% Operating gross profit 1,603.2 1,406.5 14.0% 1,628.5 (1.6)% Operating gross profit % 39.2% 38.3% 92bps 40.0% (1.9)% Cost of doing business2 (1,189.7) (1,023.3) (16.3)% (1,158.1) (2.7)% Cost of doing business %2 29.1% 27.9% (124)bps 28.4% 2.4% Underlying EBITDA2 413.5 383.2 7.9% 470.4 (12.1)% Depreciation & Amortisation (274.1) (233.2) (17.6)% (288.2) 4.9% Underlying EBIT2 139.4 150.0 (7.0)% 182.2 (23.5)% Finance costs, net (78.4) (87.0) 9.8% (92.8) 15.5% Tax (18.5) (19.4) 4.5% (26.8) 30.9% Underlying NPAT2 42.5 43.6 (2.9)% 62.6 (32.1)% Significant items, after tax (319.0) (248.0) (28.6)% Statutory NPAT (276.5) (204.4) (35.3)% 62.6 n.m 20 Appendix 3 Income Statement (versus FY25 Actual and FY25 Pro forma) 1 Total sales includes concession sales. Revenue from sale of goods excluding concession sales and sales revenue deferred under customer loyalty program was was $3,120.2 million (FY25: $2,789.9 million). 2 Presented on an underlying basis, excluding significant items, to improve comparability between reporting periods. See Append ix 1, slide 18 . 3 Adjustments made to prior year (FY25) comparatives reflecting finalisation of Apparel Brands’ acquisition accounting. 4 Pro Forma includes six months for Myer Retail for 1H25 and 1H26 and six months for Myer Apparel Brands for 1H25 and 1H26 for like-for-like comparison purposes.
Page 20
$ MILLIONS FY25 1,2 FY25 Total sales 4,076.2 4075.8 Concession sales (839.1) (839.1) Sale of goods 3,237.1 3,236.7 Sales revenue deferred under customer loyalty program (45.9) (45.3) Revenue from sale of goods 3,191.2 3,191.4 Other operating revenue 219.1 219.1 Cost of goods sold (1,781.8) (1,768.7) Operating gross profit 1,628.5 1,641.8 Other income 1.3 1.3 Selling expenses (1,050.4) (1,045.4) Administration expenses (397.3) (423.4) Significant Items (43.9) (43.9) EBIT 138.1 130.3 Finance revenue 8.3 8.3 Finance costs, net (101.1) (100.5) Net finance costs (92.8) (92.2) Profit before income tax 45.3 38.1 Income tax expense (18.1) (15.9) Profit after income tax for the period3 27.3 22.2 1 Pro Forma includes 12 months for Myer Apparel Brands for FY25 for like-for-like comparison purposes. 2 Adjustments made to FY25 comparatives reflecting finalisation of Apparel Brands’ acquisition accounting. 3 Excludes $213.3 million non-cash impairment of goodwill associated with Apparel Brands transaction reflecting application of accounting standards in recognising the value of scrip consideration. 21 Appendix 4 Income Statement – Myer Group Pro Forma Income Statement FY25
Page 21
NET CAPEX & OPEX $ MILLIONS FY26 Capex FY25 Capex FY26 Opex FY25 Opex FY26 Capex & Opex FY25 Capex & Opex Stores (redevelopments, brands & operations) 20 29 11 6 31 35 Online and systems 25 19 7 3 32 22 Other (including supply chain initiatives) 7 12 5 3 12 15 Landlord contributions (3) 0 n/a n/a (3) 0 Total capital expenditure 50 60 23 12 73 72 22 Appendix 5 Capex and opex
Page 22
Important Information The information in this document is general only and does not purport to be complete. It should be read in conjunction with Myer’s other periodic and continuous disclosure announcements. Investors or potential investors should not rely on the information provided as advice for investment purposes, and it does not take into account their objectives, financial situation or needs. Investors and potential investors should make their own assessment and take independent professional advice in relation to the information and any action taken on the basis of the information. Myer, its related bodies corporate, officers and employees do not warrant the accuracy or reliability of the information in this document and do not accept responsibility or liability arising in connection with the use of or reliance on this document. This document may contain “forward-looking statements”. Forward-looking statements can generally be identified by the use of words such as "may”, “will”, “expect”, “intend”, “plan”, “estimate”, “project”, “should”, “could”, “would”, “target”, “aim”, “forecast”, “anticipate”, “believe”, “continue”, “objectives”, “outlook”, “guidance” or other similar expressions, as well as indications of and guidance on future earnings and financial position and performance. Forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are outside Myer’s control, and which may cause actual results or performance to differ materially from those expressed or implied in this document. As such, undue reliance should not be placed on any forward- looking statements. Subject to law, Myer assumes no obligation to update, review or revise any information contained in this document, whether as a result of new information, future events or otherwise. Past performance cannot be relied upon as a guide to future performance. Myer uses certain measures to manage and report on its business that are not recognised under Australian Accounting Standards (non-IFRS information), including, without limitation, total sales, comparable sales, OGP margin, CODB, EBITDA, total funds employed, net cash, working capital, operating cash flow and free cash flow, NPAT (excluding significant items) and other measures (including EBIT, EBITDA, CODB, CODB Margin and Tax) expressed to be excluding significant items. These measures are used internally by management to assess the performance of Myer’s business, make decisions on the allocation of Myer’s resources and assess operational management. Non-IFRS information has not been subject to audit or review, and should not be considered an indication of, or an alternative to, an IFRS measure of profitability, financial performance or liquidity. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 23