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CREATING A STRONGER KMD BRANDS SEPTEMBER 2026
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2 CONTENTS 1. EXECUTIVE SUMMARY 2. FY26 RESULT – GROUP FINANCIALS 3. FY26 RESULT – BRAND FINANCIALS 4. UPDATE ON NEXT LEVEL TRANSFORMATION 5. FY27 TRADING AND OUTLOOK 2
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3 SECTION 1 EXECUTIVE SUMMARY 3
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4 NEXT LEVEL - CREATING A STRONGER KMD BRANDS 1 2 3 4 5 Growth across all brands in FY26 as momentum in our turnaround continues to build. Innovative and purpose-led product delivering results across DTC channels. Continued store optimisation, driving substantial step-change in store profitability profile. Cost savings overdelivered in the context of an inflationary environment. Technology and systems investments completed in Australia, enabling simplification and streamlined business processes.
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5 ONE YEAR INTO OUR NEXT LEVEL JOURNEY OUR STRATEGIC PRIORITIES FY26 DELIVERED OUTCOMES WHAT’S NEXT IN OUR 3-YEAR JOURNEY ✓ Reset Kathmandu to focus on product innovation for the outdoor consumer. ✓ Rip Curl restructured product engine, SKUs rationalization and ‘Next Gen’ consumer reset. ✓ Online technology platform delivered to enhance customer journey. ✓ Group ERP & HRM systems delivered to support broader growth trajectory. ✓ ✓ → → → ✓ Reset Oboz brand to focus on the core hiking customer and accelerated offering to trail category. Inventory optimisation through automation and ways of working to enable further inventory efficiency. ✓ ✓ Disciplined delivery of next level cost savings in excess of target ($27.5m vs $25.0m target) with simplification of the organisational structure. Reset Kathmandu international business model and return Rip Curl US to profitability. Operational efficiency delivered through centralisation of the DC in Australia. Strong digital growth across all 3 brands to start FY27, delivering ROI on platform investments. Consistent flow of seasonal product launches building on the trajectory from newness in FY26. Aligning store segmentation and product assortment to optimise financial performance. Further expansion of demand forecasting tools to drive efficiency in inventory. Continued focus on right-sizing the store network against our evaluation framework. Inventory health and improved stock turns a continued focus. → → → → Productivity initiatives across the supply chain, automation and product returns. → Further investment to accelerate online growth. Growth opportunities will continue to be assessed against a rigorous ROI framework.→
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6 CONTINUING MOMENTUM IN NEXT LEVEL TURNAROUND KEY TAKEAWAYS Group sales growth achieved with all 3 brands delivering YOY growth. ✓ OPEX % of Sales reduced by 110 bps driven by cost savings program and disciplined cost management. Gross margin expansion reflects ongoing focus on product mix and marketplace management. Significant underlying EBITDA growth of 138% YOY . ✓ ✓ Underlying EBITDA margin expansion with sales growth and a reset cost base. ✓ FY26 RESULT SNAPSHOT1 1. Reflected results are underlying; metrics are compared against last year (FY25). $1,053M SALES +6.5% SALES GROWTH 57.7% GROSS MARGIN 53.7% OPEX % OF SALES $42.0M EBITDA 4.0% EBITDA MARGIN ✓
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7 SECTION 2 FY26 RESULT – GROUP FINANCIALS 7
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8 GROUP PROFIT & LOSS 1. Refer to Appendix 1 for a reconciliation of Statutory to Underlying results. 2. FY26 NZD/AUD conversion rate 0.856 (FY25 0.913), FY26 NZD/USD conversion rate 0.583 (FY25 0.591). GROUP SALES MOMENTUM • Total sales +6.5% YOY , with strong growth achieved in both the direct-to-consumer (“DTC”) and wholesale channels. On a constant currency basis, total sales were +1.7% YOY . • Kathmandu continued momentum with strong DTC sales growth through the year, in both Australia and New Zealand. • Rip Curl sales growth supported by the appreciation of the AUD relative to the NZD group reporting currency, with US and European retail summer sales a highlight, and growing online channel momentum through H2. • Oboz wholesale sales grew YOY , supported by new product launches. GROSS MARGIN REFLECTS STRATEGIC PRICING AND MARKETPLACE MANAGEMENT • Group gross margin increased +1.2% of sales in an environment that continues to be promotionally driven, and with multiple macro inflationary pressures. Channel & product driven margin improvement, improved sourcing, and favourability in input-cost FX supporting growth inclusive of $8m of tariff refunds. • 2H FY26 gross margin is above 1H FY26 gross margin as initiatives gained traction. OPERATING LEVERAGE IMPROVED • Underlying operating expenses fell by -0.2% on a constant currency basis, with Next Level cost base reset helping to offset strategic growth investments and continued global cost pressure. STATUTORY RECONCILIATION • Statutory loss of $414.4m includes $462.7m intangible asset impairment. Refer to Appendix 1 for reconciliation. KMD BRANDS Statutory Underlying1 NZ $m2 FY26 FY25 FY26 FY25 Var % SALES 1,053.0 989.0 1,053.0 989.0 6.5% GROSS PROFIT 607.2 559.3 607.2 559.3 8.6% Gross margin 57.7% 56.5% 57.7% 56.5% OPERATING EXPENSES (930.8) (508.7) (565.2) (541.6) 4.4% % of Sales 88.4% 51.4% 53.7% 54.8% EBITDA (323.6) 50.5 42.0 17.7 137.7% EBITDA margin % -30.7% 5.1% 4.0% 1.8% EBIT (455.1) (80.5) 7.5 (18.0) 141.6% EBIT margin % -43.2% -8.1% 0.7% -1.8% NPAT (414.4) (93.6) (9.0) (28.3) 68.4%
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9 • DTC sales improved to +1.9% YOY in 1H FY26 driven by strong growth in North America and Europe across flagship channels. Trading conditions became more challenging in 2H FY26, as consumer sentiment weakened,YOY the brand benefited from favourable foreign exchange impacts. • Wholesale sales slowed from +9.8% YOY in 1H FY26 to +2.0% YOY in 2H FY26, with wholesale growth challenged in Europe. -2.7% 6.9% -8.8% 2.5% 13.9% 11.2% 12.0% 9.4% -35.0% -25.0% -15.0% -5.0% 5.0% 15.0% 25.0% 35.0% Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 YOY Sales Variance % by quarter (Group NZD reporting currency) • FY26 sales growth was strong across the year, reflecting continued momentum led by New Zealand and favourable FX tailwinds. Q4 growth remained strong at +9.4% despite Australia experiencing a warmer-than- normal winter and softer retail traffic. • Importantly, every category grew during the year with the exception of footwear where assortment mix and OTB prioritisation impacted results. • Online sales accelerated following the March Shopify launch and performance marketing transition, with eCommerce sales +30% YOY in the five months following launch, after H1 was reduced by lower closeout inventory. • Wholesale performance improved through the year, supported by new season style orders and flow. • Quarterly growth was influenced by product and shipment timing, with Q2 benefiting from the earlier shipment of new-season product, creating a corresponding impact in Q3. Q4 returned to strong growth as forecast with FW26 product launching in market. -6.7% 6.5% -0.5% 9.8% 6.6% 3.0% 4.0% 1.7% -12.0% -7.0% -2.0% 3.0% 8.0% 13.0% 18.0% Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 YOY Sales Variance % by quarter (Group NZD reporting currency) -8.6% -1.6% 9.7% -12.3% -1.3% 21.1% -8.9% 15.1% -35.0% -25.0% -15.0% -5.0% 5.0% 15.0% 25.0% 35.0% Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 YOY Sales Variance % by quarter (Group NZD reporting currency) QUARTERLY SALES THROUGH FY26
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10 DIGITAL MOMENTUM BUILDS AS PRIORITY GROWTH DRIVER +9.6% Group Online Growth Shopify launch completed in Rip Curl & Oboz enhancing user experience Successful trial of Ship from Store with scaled roll-out accelerating in FY27 684.2 702.1 752.2 13.6% 14.6% 15.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 FY24 FY25 FY26 DIRECT TO CONSUMER SALES (NZ $m) Retail Stores Online Online % of DTC sales ONLINE Sales (NZD $m) YOY Var % % mix of DTC Sales 45.5 +9.1% 13.3% 57.1 +9.6% 14.3% 9.8 +11.8% 100% Inventory planning and allocation challenges resolved
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11 KEY HIGHLIGHTS • Group inventory balance reduced for the fourth successive year and on a constant currency basis inventory at Jul 26 was $240.3m. Reduction driven by net 10 less stores, wetsuit factory wind down and delays in handing over goods due to weather-induced port congestion. Inventory obsolescence provisions represent 1.5% of gross inventory, 70 bps below Jul 25. Inventory mix and aging within targeted range. • Assets Held-for-sale as the Group commenced divestment of the Southeast Asian manufacturing facility with a phased production wind down and scale up at a new third-party facility over the next 12 months with the intention to realise value from the sale of land & buildings and working capital release. • Intangible assets reduction due to $463m impairment charge of all brands goodwill and brand assets in current year. • Right of Use Asset and Lease Liability reduction driven by reduction in store network under Next level store profitability initiatives. • Other current liabilities reduction driven primarily by trade and other payables. • Interest bearing liabilities constant currency impact of $7.4 million with weakening of the NZ dollar YOY . BALANCE SHEET Balance Sheet NZ $m Jul 26 Jan 26 Jul 25 Cash and cash equivalents 41.0 27.4 34.3 Inventories 251.5 274.1 254.0 Assets classified as held for sale 6.1 - - Other current assets 103.3 90.4 99.4 Property, plant and equipment 60.7 74.4 75.3 Intangible assets 197.4 647.9 626.1 Right of Use Asset 234.0 246.5 243.0 Other non current assets 28.2 21.0 18.6 Total assets 922.2 1,381.7 1,350.7 Other current liabilities (154.7) (185.2) (191.5) Interest bearing liabilities (89.0) (121.4) (87.1) Lease Liabilities (275.3) (287.9) (287.8) Other non-current liabilities (33.8) (97.9) (94.4) Total liabilities (552.8) (692.4) (660.8) Net assets 369.4 689.3 689.9
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12 KEY HIGHLIGHTS • Net Working capital % of sales elevated compared to prior year due to lower trade and other payables as a result of a change in phasing of payment timing as part of overall trading terms renegotiation with selected suppliers. • Stock turns improving to 1.76 times from prior year. • Leverage ratio improvement driven by equity raise. • Fixed Charge Cover ratio improvement driven by reduction in lease rental and overall profitability under Next level initiatives. BALANCE SHEET KEY RATIOS 226.2 198.3 192.6 157.7 179.2 196.4 0.0 40.0 80.0 120.0 160.0 200.0 240.0 Jan 24 Jul 24 Jan 25 Jul 25 Jan 26 Jul 26 GROUP NET WORKING CAPITAL HALF-YEAR CYCLE 1. Key ratios calculated using 12-month underlying P&L measures. Key Balance Sheet items and ratios 1 NZ $m Jul 26 Jan 26 Jul 25 Net working capital 196.4 179.2 157.7 Inventories 251.5 274.1 254.0 Current trade and other receivables 96.6 80.0 92.3 Current trade and other payables (151.7) (174.8) (188.7) Net working capital % of sales 18.7% 17.5% 15.9% Stock Turns 1.76x 1.56x 1.65x Net Debt (48.1) (94.0) (52.8) Leverage Ratio 1.2x 3.8x 3.3x Net Debt to Equity 11.5% 12.0% 7.1% Fixed Charge Cover Ratio (FCCR) 1.19x 1.08x 1.03x
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13 DEBT • Net Debt of $48.1m decreased by $4.7m from Jul 25 driven by $61.9m net equity raising offset by working capital phasing. Constant currency impact of weakening NZ dollar YOY of $7.3m. • The Group refinanced its existing syndicated sustainability linked debt facilities expiring on 1 October 2028. The new facility also continues to build on the Company’s previous sustainability-linked loan structure with revised targets that incorporate a pricing mechanism that incentivises ongoing improvement in achieving the Group’s key environmental, social and governance (ESG) objectives. • The Group complied with all bank covenants as at 31 July 2026. • Total facility as at 31 July 2026 denominated in NZD $195.1m consists of an AUD $140.1m multi- currency revolving facility and a NZD $27.3m multi-currency revolving facility. • The Group provided lenders with an independent review report on underlying forecasts to satisfy the FY27 FCCR covenant milestone and subsequent to year-end the multi-option syndicated facility increased to $NZD 205.2m (AUD $147.3m revolving and NZD $28.8m multi-currency facilities). NET DEBT AND CAPITAL MANAGEMENT 1. The facility has been translated at a NZD/AUD spot rate of 0.835. Total facilities includes bank guarantees and excludes credit cards. Covenant definitions included in glossary. Maturity Facility amount Drawn Undrawn FY27 42.2 - 42.2 FY28 - - - FY29 152.9 89.0 63.9 195.1 89.0 106.1
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14 CASH FLOW 1. Adjusted for the impacts of adopting IFRS 16. • NPAT inclusive of $11.7m in restructuring payments in FY26. • Working capital outflow YOY was primarily driven by lower trade and other payables YOY due to a change in phasing of payment timing as part of overall trading terms renegotiation with selected suppliers. • The Group renewed its multi-option syndicated facility in June 2026 after negotiating an extension of its existing syndicated bank facilities in February 2026. The current interest rate, prior to hedging, on the term loans is 6.56% (2025: 5.23%). • In April 2026, the Group completed a $65.5m equity raising to strengthen its balance sheet and liquidity position, generating $61.9m net of costs. • Capital expenditure declined by $4m compared to the prior year, due to the completion of IT projects. Store based capex was $9m in the current year. • No dividend was declared in current or prior financial year as a result of operating performance. [Investment] Cash Flow (NZ $m) FY26 FY25 NPAT (414.4) (93.6) Change in working capital (29.4) 42.6 Non-cash items 510.5 177.1 Operating cash flow 66.8 126.2 Adjusted operating cash flow 1 (31.7) 32.9 Key Line Items: FY26 FY25 Net interest paid (including facility fees)1 (13.3) (12.8) Net income taxes paid (4.8) (1.7) Capital expenditure (20.3) (24.6) Proceeds from share issue 61.9 -
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15 SECTION 3 FY26 RESULT – BRAND FINANCIALS 15
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16 KATHMANDU PROFIT & LOSS KATHMANDU LEADS GROUP SALES MOMENTUM • Total sales +11.1% year on year (“YOY”) despite a net reduction of 4 stores. Strong 1H sales momentum continued into the second half, with Q4 closing at +9.4% YOY . • Strong sales results in both Australia2 (+4.3% YOY) and New Zealand (+11.7% YOY). • Same store sales (incl. online) +8.2%3. • Sales growth continued to be positive in every quarter of the year. • Online sales increased by +9.6% to $57.1m, comprising 14.3% of DTC sales. GROSS MARGIN AND OPERATING EXPENSES • Gross margin decreased -0.4% of sales YOY due to product mix change, a focus on selling through aged inventory in the first half, and managing competitive promotional intensity through the year. Second half gross margin momentum delivered +0.6% of sales YOY despite being impacted in fourth quarter by unseasonally warm weather on the east coast of Australia. • Underlying operating expenses reduced YOY on a constant currency basis, improving operating leverage following a strategic cost reset and ongoing cost discipline. 1. Refer to Appendix 2 for a reconciliation of Statutory to Underlying results. 2. At constant exchange rates. 3. Same store sales are for the 52 full weeks ended 26 July 2026 and are measured at constant exchange rates. 361.1 361.9 402.3 13.3% 14.5% 14.3% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 0.0 100.0 200.0 300.0 400.0 500.0 FY24 FY25 FY26 SALES Stores Online Wholesale Online % of DTC 16.0 -1.3 16.1 4.4% -0.4% 4.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% -3.0 2.0 7.0 12.0 17.0 FY24 FY25 FY26 EBITDA EBITDA EBITDA margin NZ $m FY26 FY25 Var % SALES 402.3 361.9 11.1% EBITDA (underlying1) 16.1 (1.3) n.m. EBITDA margin % 4.0% -0.4% EBIT (underlying1) 1.1 (19.6) 105.7% EBIT margin % 0.3% -5.4% Owned stores 152 156
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17 RIP CURL PROFIT & LOSS STABLE GLOBAL DIVERSIFIED SALES • Total sales +3.8% YOY , helped by YOY movement in FX rates used to convert global sales to NZD reporting currency. On a constant currency basis, total sales were –1.2% YOY. • Wholesale sales +5.5%, with growth in Europe driven by sales mix. • Online sales +9.1% to $45.5m, comprising 13.3% of DTC sales. • Direct-to-consumer total Rip Curl brand store sales (incl. online, exc. Ozmosis) +5.4%, US retail sales were a highlight, and European summer sales were strong on the back of favourable climatic conditions. • Ozmosis is a regional multi brand Australian retail chain owned by Rip Curl since 2011. • Direct-to-consumer Rip Curl brand same store sales (incl. online, exc. Ozmosis) +1.3%2 , Direct- to-consumer multi-brand Ozmosis same stores sales were -5.0%2. GROSS MARGIN AND OPERATING EXPENSES • Gross margin increased +1.1% of sales, as a result of favourable channel mix and strengthening exchange rates across key markets and input costs. • Underlying operating expenses down on last year on a constant currency basis, with a cost reset program helping to offset strategic growth investments and despite continued global cost pressures, delivered underlying EBITDA growth of 12.2%. 1. Refer to Appendix 2 for a reconciliation of Statutory to Underlying results. 2. Same store sales are for the 52 full weeks ended 26 July 2026 and are measured at constant exchange rates. 538.9 550.4 571.2 11.9% 12.5% 13.3% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 FY24 FY25 FY26 SALES Stores Online Wholesale Licensing / Other Online % of DTC 42.0 30.6 34.4 7.8% 5.6% 6.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 FY24 FY25 FY26 EBITDA EBITDA EBITDA margin NZ $m FY26 FY25 Var % SALES 571.2 550.4 3.8% EBITDA (underlying1) 34.4 30.6 12.2% EBITDA margin % 6.0% 5.6% EBIT (underlying1) 15.4 14.3 7.9% EBIT margin % 2.7% 2.6% Owned stores 166 172
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18 OBOZ PROFIT & LOSS OBOZ RETURNS TO SALES GROWTH AND POSITIVE EARNINGS • Total sales +3.8% YOY , supported by strong product introductions, improving wholesale performance and continued online acceleration. • Online sales recorded strong YOY growth of +11.8%, with ecommerce successfully moving onto the group online trading platform during the second half. • Wholesale sales +2.8% with growth led by new product introductions, seasonal flow and strong at- once sales. GROSS MARGIN AND OPERATING EXPENSES • Gross margin improved +7.3% of sales reflecting favourable channel and product mix plus one- time tariff refunds ($4.3m). • Operating expenses were tightly controlled, with improved operating leverage versus last year. • Note: The Kathmandu segment includes FY26 $7.1m sales of Oboz products in Kathmandu AU & NZ stores at full vertical gross margin (FY25 $7.1m). 1. Refer to Appendix 2 for a reconciliation of Statutory to Underlying results. 79.4 76.6 79.5 0.0 20.0 40.0 60.0 80.0 100.0 FY24 FY25 FY26 SALES Online Wholesale -0.2 -3.3 2.5 -0.3% -4.3% 3.1% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% -5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 FY24 FY25 FY26 EBITDA EBITDA EBITDA margin NZ $m FY26 FY25 Var % SALES 79.5 76.6 3.8% EBITDA (underlying1) 2.5 (3.3) 175.1% EBITDA margin % 3.1% -4.3% EBIT (underlying1) 2.0 (4.2) 149.2% EBIT margin % 2.6% -5.4%
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19 SECTION 4 UPDATE ON NEXT LEVEL TRANSFORMATION 19
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20 WHAT WE SAID WHAT WE’VE DELIVERED WHAT IS NEXT IN FY27 Reboot growth at the right level of profitability ✓ Grew revenue +6.5% YOY and continued effective gross margin management for all brands despite challenging macro conditions. ✓ Reset of International Operations for all three brands. ► Deliver sustainable brand sales growth and continued gross margin expansion. ► Drive new Kathmandu international distributor model. Reset strategy on three core brands ✓ Faster product innovation, speed to market and storytelling, sharper channel right assortments. ► Scaling product-led growth and channel discipline to build sustained brand momentum and margin improvement. Cost reset in FY26 ✓ Delivered $27.5m cost savings in FY26, OPEX -0.2% on constant currency basis. ✓ Strategic growth investments moderated to $8.7m in year with ROI focus. ► Continued assessment for simplification and cost savings including offshoring. ► Maintain cost growth in line with inflation. Store profitability ✓ Delivered on 17 closures in FY26. 11 in Rip Curl and 6 in Kathmandu. ► On-going evaluation of stores against clear criteria to determine optimal profitability and ROI for store portfolio. 10 Rip Curl and 5 Kathmandu in FY27. Improved inventory management ✓ Inventory mix improved in FY26 while managing global supply chain disruption. ► Working capital investment significantly lower than FY26 driving operating cashflow generation and further deleveraging. Review non-core assets ✓ Wind down of OnSmooth, first production run in partner wetsuit factory completed. ► OnSmooth wind down completion in FY27. ► Right-sizing of Ozmosis post business review. DELIVERING CRITICAL PROOF POINTS IN YEAR 1 OF NEXT LEVEL TURNAROUND
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21 • Connected consumer experiences • Authentic products • Iconic franchises • Distinctive design and style • Accelerated go-to-market • Commercially oriented 1 A brand and product-led offence ‘NEXT LEVEL’ TURNAROUND IS ON TRACK Enabled through intelligent decisions and processes • Brand decisions are informed and supported by data-driven shared services • Efficient, scalable processes across the portfolio, incl. supply chain excellence • Technology-enabled system integration 2 That delivers sustainable profitability • Cost justified by growth guardrails • On-going focus on simplification • Portfolio-wide capital allocation ROI prioritised • Optimised for shareholder returns 3
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22 • Growth across all Apparel and Equipment • Collaborations, Limited Edition and Quick to Market Product Launched • NZOC Partnership Milano-Cortina and Glasgow • Store Network Review: 6 Store Closures • Substantial Store Profitability Improvements • Exited Direct International Operations • New Distributor Markets Signed • Improved Operating Leverage • Improvements in Conversion and Average Transaction Value in store and online • 8.2% Same Store Sales Growth • Trailhead Pack: ISPO Award • XT Jacket and Pack: ISPO Award • Improved Brand Strength INITIATIVES TO DRIVE NEXT LEVEL AT KATHMANDU BRAND STRATEGY WHAT HAS BEEN DONE WHAT IT ENABLES Accelerated product strategy • Enhanced seasonal product assortment • Limited-quantity ranges on faster timelines ✓ Product relevance, brand buzz and faster trend response Brand storytelling & innovation • Innovation embedded in seasonal launches • XT Series product launched • Next-gen concept store rollout completed ✓ Authentic positioning across outdoor and adventure categories Profitable channel mix / Integrated Marketplace • Improved pricing and markdown strategy • Assortment alignment to store segmentation ✓ Reset consumer expectations on product and brand value ✓ Optimised store network for profitability • Digital platform re-engineered • Ship from store and Click and Collect launched ✓ More efficient online sales and accelerated revenue growth International Strategy • Shift to distributor-led and digital expansion • Priority markets identified ✓ Capital light new market opportunity Strong capability • Established leadership team and capability mix in place • Investment in store staff training ✓ Confidence in strategic and operational execution FY26 SUCCESS MEASURES 22 1
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23 FUNDAMENTAL METRICS THAT UNDERPIN OUR TRANSFORMATION +11.1% TOTAL SALES YOY despite fewer stores +8.2% SAME-STORE SALES Including online +105.7% EBIT GROWTH RIGHT STORES IN RIGHT LOCATIONS PRODUCT STRATEGY AND INNOVATION KMD Brands evaluation criteria: • Geographic alignment with strategy • Connect brand store segmentation and category vision • Threshold profitability • Continue to ground product in authentic and technical performance • Product assortment aligned to store segmentation • Increasing focus on core ranges and return to growth in footwear with OTB investment DEMAND STORE TRAFFIC CONVERSION UPT ATV INSULATION CATEGORY BASKET QUALITY PRODUCT MIX STORE MIX ALL FOCUS CATEGORIES STORES THAT MEET PROFITABILITY HURDLES
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24 BRAND STRATEGY WHAT HAS BEEN DONE WHAT IT ENABLES Next Gen brand reset • “Next Gen” focus across product, brand and athletes • Sharpened positioning around The Search relaunch ✓ Clear, authentic surf brand with modern appeal Growth beyond core • Expanded from surf-only to surf + beach lifestyle • Trialled women-focused stores (e.g. Bondi) ✓ Alignment of product and beach distribution Return US to profitability • Resized North American operations • Store closures and costs base reduction ✓ Stable, profitable, US business anchored by Hawaii Digital uplift • Rebuilt online platform • Reset digital capability and operating model ✓ Higher online sales efficiency and lower costs Product simplification • Innovation focused on core surf categories • Centralised product engine and reduced SKUs by +2000 ✓ Clearer product DNA and lower COGS Increased digital traffic, especially on more youthful platforms (e.g. TikTok). Higher sales mix from youth customers connected to Next Generation product injections 13% comp-store sales growth in Hawaii in FY26 Beach-segmentation stores materially outperformed core-segmentation stores on a like-for-like basis across Australia and the USA INITIATIVES TO DRIVE NEXT LEVEL AT RIP CURL Online was best-performing channel in FY26, led by double digit growth in ANZ; growth accelerated through Q4 Material reduction (~20%) in style counts; increase in average volume FY26 SUCCESS MEASURES 24 1
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25 25 BRAND STRATEGY WHAT HAS BEEN DONE WHAT IT ENABLES More with the core • Accelerated Core innovation led by Sawtooth Ascent; advanced Sawtooth LT for SS27 ✓ Modernises and strengthens the Core Hike franchise Accelerate ‘fast’ category • Advanced next-gen Fast Hike through Katabatic II ✓ Aligns with demand for lighter, faster trail products and adds Trail Running as an adjacent growth category• Launched re-entry into Trail Running Products that open all-terrain opportunities • Expanded All-Trail through Bozeman II ✓ More consumer entry points and use occasions • Activated ‘Re-wild’ Vault and broadened consumer engagement ✓ Greater cultural relevance around the brand Channel diversity • Sharpened priority account and channel focus • Refined assortments to build a stronger growth foundation ✓ Improves channel productivity ✓ Creates a more intentional path to growth Digital uplift • Launched Shopify and transitioned performance marketing ✓ Stronger direct consumer engine ✓ Improved traffic, acquisition, experience and conversion INITIATIVES TO DRIVE THE NEXT LEVEL AT OBOZ • FY26 wholesale sales growth • Priority account performance improved • Focused assortments; better productivity • Katabatic Storm: ISPO Award • LT Low GTX: top-five eCommerce style • Katabatic II: SS27 sell-in at plan • Marketing transition + funnel strategy complete • Shopify launched in March • eCommerce +30% YOY in five months • Ascent: sell-in / sell-through growth • REI launch accelerated; FY27 plan set for FW26 • Sawtooth LT: SS27 sell-in Return to positive EBITDA • Bozeman II: #1 eCommerce / 90 days • Sawtooth II +15% • Gorp Girls bought to sell out, sold out <48h across eComm + wholesale FY26 SUCCESS MEASURES 25 1
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26 DISCIPLINED OPERATIONS AND EXECUTION 2 WHY FY26 OUTCOMES ONLINE AS A GROWTH DRIVER TECHNOLOGY & SYSTEMS Modern, fit for purpose systems that enable our growth trajectory INVENTORY EFFICIENCY Right product, right time, right locations Migrated Rip Curl and Oboz to the Shopify platform Successful implementation of the Group ERP at Rip Curl Launched HRM across all brands and regions Enhanced reporting via business intelligence tooling to optimize inventory Ongoing enhancement of our performance marketing capabilities Successful trial of ‘Ship from Store’, and the roll out of Click & Collect Achieved targeted reduction in Rip Curl’s product range by removing 2,000+ SKUs Trialed AI-enabled inventory management tool Improved terms with manufacturers and negotiated efficiencies on freight and logistics Digital revenue growth is our largest revenue opportunity
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27 COST SAVINGS OVER-DELIVERED WHILE INVESTING IN STRATEGIC GROWTH 3 27.5 8.7 17.9 0 520 530 540 550 FY25 Opex Cost Reduction Growth Investment CODB Inflation FY26 Opex 541.6 540.3 Opex profile change $m; FY25-FY26 constant currency basis WHAT WE SAID WE WOULD DO WHAT WE DID COST RESET GROWTH INVESTMENT COST OF DOING BUSINESS (CODB) • Cost reset across the portfolio • Major initiatives include organisational structure, marketing and store optimisation and DC consolidation Target ~$25m Target ~$15m Overdelivered with $27.5m in cost savings • Focus on both short and medium-term growth • Maintain flexibility in investment allocation, with stage-gated approach based on growth hurdle rates • Investments focused on online reset, product innovation, store network performance and capacity to support business execution Reduced strategic investments to $8.7m with store & digital investment held back Cost inflation successfully managed at 3% despite inflationary headwinds • Hold baseline cost inflation at less than 3% pa despite embedded retail lease increases and store wage award increase
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28 Store fleet segmentation continues into FY27 FY26 STORES 318 NET STORE MOVEMENT IN FY26 -10 NET STORE MOVEMENT IN FY27 -10 FY26 OPENINGS +2 FY27 TARGETED NET MOVEMENT - 5 - 5 FY26 CLOSURES -6 FY27 TARGETED NET MOVEMENT FY26 OPENINGS FY26 CLOSURES +5 -11 STORE NETWORK Next Generation flagship store program completed in FY26
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29 SECTION 5 FY27 TRADING AND OUTLOOK 29
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30 TRADING UPDATE 30 Direct-to-consumer same store sales (including online) year on year (“YOY”) on a constant currency basis¹ for the first 7 weeks from Monday 27th July to Sunday 13th September 2026 in a seasonally non-significant trading period: • Kathmandu +7.4% YOY, supported by strong growth in New Zealand, and online channels. • Rip Curl +1.0% YOY. Rip Curl brand stores +4.0% YOY and Ozmosis multi brand stores -12.1% YOY. Rip Curl brand stores grew across multiple geographies and online, while Ozmosis multi brand stores experienced difficult trading conditions due to product assortment challenges. 1. Sales results for the7 full trading weeks from Monday 27 July 2026 to Sunday 13 September 2026 include online and are sourced from BI reports and measured at constant currency YOY.
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31 OUTLOOK AND FY27 GUIDANCE Outlook The Group remains focused on delivering continued performance improvement in FY27 compared to prior year. FY27 Guidance • Kathmandu sales momentum expected with seasonally relevant product flow and enablement of online fulfilment. • Rip Curl sales are expected to benefit in H1 from first deliveries of ‘Next Gen’ designed product in market for Australian peak trade. Ozmosis remediation plan in place including closure of five underperforming stores. • Rip Curl and Oboz wholesale order book consistent with prior year with ongoing management of dynamic shipping environment. • Group gross margin expansion is anticipated benefiting from FX hedging already in place and strategic price increases. • EBITDA reflects revenue expectations with a further $10m of annualised cost saving initiatives already underway to mitigate inflationary pressure. These cost initiatives for FY27 were taken to ensure the business maintains its EBITDA growth trajectory in a challenging global consumer operating environment. • The Group continues to focus on the optimisation of its store network as part of the Next Level integrated marketplace strategy. Capital expenditure is reduced as technology projects moderate and targeted store CAPEX is prioritised. Depreciation is expected to be in the range of $40 - $41m. 1. Subject to no adverse change in operating conditions, including future economic headwinds and AUD/NZD exchange rates impacting NZD reporting currency. Guidance is underlying and excludes one-off items and is inclusive of probability weighted short-term management incentives ($6m). SALES 1,055 - 1,075 EBITDA 52 - 55 CAPEX 15 - 16 NZ $m FY27 guidance¹
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32 BUSINESS REVIEW CONCLUSION AND OUTCOMES KMD Brands has made significant progress in strengthening and simplifying the Group, and the Board remains confident that disciplined execution of the Next Level strategy provides a clear pathway to improved performance and shareholder value as demonstrated by FY26 operating performance. As part of the comprehensive business review initiated in May 2026, the Board has considered the Group’s portfolio, capital requirements and a range of potential value-creation opportunities. The review was undertaken with independent financial advisory from Deloitte and Barclay & Co, and legal advice from Chapman Tripp. The review was conducted objectively and without a predetermined outcome. The review resulted in actions to simplify the Group and enhance its financial flexibility. These include the decision to divest the Group’s manufacturing facility in Southeast Asia. The Group also tested external interest in Rip Curl’s multi-brand retail chain, Ozmosis. No proposal emerged that offered greater value than continuing to rationalise the chain and improve the profitability of the remaining store fleet. The review also included a commitment to ongoing cost reduction through the immediate offshoring of select Group shared services. Throughout the review process, the Board has received and considered a number of indicative approaches from external parties and has determined that further engagement with a limited number of those parties is appropriate. Consistent with its responsibilities to shareholders, the Board will assess whether any proposal could deliver greater value than continued execution of the Group's Next Level strategy. The approaches are indicative, non-binding and incomplete, no decision has been made, and there is no certainty that any proposal or transaction will result. This engagement does not change the Group’s strategy, priorities or day-to-day focus. Management remains focused on delivering the FY27 plan, improving profitability, generating free cash flow and reducing leverage. The Board will continue to support execution of the strategy while carefully assessing any credible alternative that may deliver superior shareholder value and will update the market in accordance with its continuous disclosure obligations.
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33 QUESTIONS
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34 APPENDICES
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35 APPENDIX 1: STATUTORY TO UNDERLYING PROFIT AND LOSS 1. Statutory results include the impact of IFRS 16 leases. The impact of IFRS 16 is excluded from Underlying results. 2. Restructuring and organisational change was undertaken in FY25 and FY26. These one-off costs have been excluded from Underlying results. 3. IFRIC Software as a Service (“SaaS”) capitalisation adjustments have been excluded from Underlying results. 4. Notional amortisation of Rip Curl and Oboz customer relationships are excluded from Underlying results. 5. Intangible asset impairments $462.4m (FY25: $45.4m), Other asset impairment and onerous contracts $0.6m (FY25: $16.5m). GROUP FY26 FY25 SaaS Amortisation Impairment and SaaS Amortisation Impairment and NZ $m Statutory IFRS 16 Leases1 Restructuring2 Capitalisation Adjustments3 of Customer Relationships4 onerous contracts 5 Underlying Statutory IFRS 16 Leases1 Restructuring2 Capitalisation Adjustments3 of Customer Relationships4 onerous contracts 5 Underlying SALES 1,053.0 - - - - - 1,053.0 989.0 - - - - - 989.0 GROSS PROFIT 607.2 - - - - - 607.2 559.3 - - - - - 559.3 Gross margin 57.7% 57.7% 56.5% 56.5% OPERATING EXPENSES (930.8) (111.5) 11.7 2.4 - 463.0 (565.2) (508.7) (103.7) 6.1 2.9 - 61.9 (541.6) % of Sales 88.4% 53.7% 51.4% 54.8% EBITDA (323.6) (111.5) 11.7 2.4 - 463.0 42.0 50.5 (103.7) 6.1 2.9 - 61.9 17.7 EBITDA margin % -30.7% 4.0% 5.1% 1.8% EBIT (455.1) (18.5) 12.4 2.4 3.3 463.0 7.5 (80.5) (11.2) 6.1 2.9 3.7 61.0 (18.0) EBIT margin % -43.2% 0.7% -8.1% -1.8% NPAT (414.4) (1.2) 8.8 1.7 2.3 393.8 (9.0) (93.6) 2.6 4.3 2.0 2.6 53.8 (28.3)
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36 APPENDIX 2: SEGMENT NOTE 1. Statutory results include the impact of IFRS 16 leases. The impact of IFRS 16 is excluded from Underlying results. 2. Restructuring and organisational change was undertaken in FY25 and FY26. These one-off costs have been excluded from Underlying results. 3. IFRIC Software as a Service (“SaaS”) capitalisation adjustments have been excluded from Underlying results. 4. Notional amortisation of Rip Curl and Oboz customer relationships are excluded from Underlying results. 5. Intangible asset impairments $462.4m (FY25:$45.4m), Other asset impairment and onerous contracts $0.6m (FY25: $16.5m). FY26 FY25 FY26 SALES (NZ $'000) Rip Curl Kathmandu Oboz Corporate Total Rip Curl Kathmandu Oboz Corporate Total SALES per segment note 571,201 402,277 79,541 - 1,053,019 550,444 361,940 76,631 - 989,015 SALES (Underlying) 571,201 402,277 79,541 - 1,053,019 550,444 361,940 76,631 - 989,015 EBITDA (NZ $'000) Rip Curl Kathmandu Oboz Corporate Total Rip Curl Kathmandu Oboz Corporate Total EBITDA per segment note (205,173) (69,217) (34,267) (14,974) (323,631) 65,116 48,961 (48,821) (14,710) 50,546 IFRS 16 Leases1 (48,581) (62,296) (587) - (111,464) (46,432) (56,745) (550) - (103,727) Restructuring2 8,534 1,416 572 1,201 11,723 2,451 (91) 284 3,438 6,082 SaaS Capitalisation Adjustments3 - - - 2,413 2,413 - - - 2,903 2,903 Amortisation of Customer Relationships4 - - - - - - - - - - Impairment and onerous contracts5 279,573 146,226 36,736 437 462,972 9,494 6,560 45,818 - 61,872 EBITDA (Underlying) 34,353 16,129 2,454 (10,923) 42,013 30,629 (1,315) (3,269) (8,369) 17,676 EBIT (NZ $'000) Rip Curl Kathmandu Oboz Corporate Total Rip Curl Kathmandu Oboz Corporate Total EBIT per segment note (267,784) (136,744) (35,436) (15,168) (455,132) 4,224 (19,336) (50,532) (14,887) (80,531) IFRS 16 Leases1 (8,715) (9,779) (35) - (18,529) (4,676) (6,539) 53 - (11,162) Restructuring2 9,236 1,416 572 1,201 12,425 2,451 (91) 284 3,438 6,082 SaaS Capitalisation Adjustments3 - - - 2,413 2,413 - - - 2,903 2,903 Amortisation of Customer Relationships4 3,131 - 211 - 3,342 3,483 - 209 - 3,692 Impairment and onerous contracts5 279,573 146,226 36,736 437 462,972 8,831 6,363 45,818 - 61,012 EBIT (Underlying) 15,441 1,119 2,048 (11,117) 7,492 14,313 (19,603) (4,168) (8,546) (18,004)
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37 APPENDIX 3: CONSTANT CURRENCY PROFIT & LOSS 1. Refer to Appendix 1 for a reconciliation of Statutory to Underlying results. 2. Constant Currency Underlying results are calculated by consolidating FY26 global local currency Underlying results at FY25 FX conversion rates. 3. FY26 NZD/AUD conversion rate 0.856 (FY25 0.913), FY26 NZD/USD conversion rate 0.583 (FY25 0.591). 37 KMD BRANDS Underlying1 Underlying at Constant Currency2 NZ $m3 FY26 FY25 Var % FY26 FY25 Var % SALES 1,053.0 989.0 6.5% 1,006.2 989.0 1.7% GROSS PROFIT 607.2 559.3 8.6% 579.3 559.3 3.6% Gross margin 57.7% 56.5% 57.6% 56.5% OPERATING EXPENSES (565.2) (541.6) 4.4% (540.3) (541.6) (0.2%) % of Sales 53.7% 54.8% 53.7% 54.8% EBITDA 42.013 17.676 137.7% 39.1 17.7 121.0% EBITDA margin % 4.0% 1.8% 3.9% 1.8% EBIT 7.5 (18.0) 141.6% 6.1 (18.0) 133.9% EBIT margin % 0.7% -1.8% 0.6% -1.8% NPAT (9.0) (28.3) 68.4% (9.6) (28.3) 65.9%
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38 979.8 1,103.0 979.4 989.0 1,053.0 FY22 FY23 FY24 FY25 FY26 SALES BY REGION (NZ $m) Australia New Zealand North America Europe Rest of World SALES MIX FY26 APPENDIX 4: DIVERSIFIED SALES 54% Rip Curl 38% Kathmandu 8% Oboz BY BRAND 61% Retail 11% Online 27% Wholesale 1% Licensing / Royalties BY CHANNEL 51% Australia 11% New Zealand 21% North America 11% Europe 6% Rest of World BY REGION
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39 EUROPE ~$115m Sales 32 Owned Stores 10 Licensed Stores ~1,900 Wholesale Doors We operate over 300 stores globally, and our brands are sold in over 8,000 locations NORTH AMERICA ~$220m Sales 26 Owned Stores 27 Licensed Stores ~3,900 Wholesale Doors Global office locations AUSTRALASIA ~$650m Sales (82% Australia) 254 Owned Stores 20 Licensed Stores ~900 Wholesale Doors ASIA ~$40m Sales 72 Licensed and JV stores ~300 Wholesale Doors SOUTH AMERICA ~$15m Sales 6 Owned Stores 107 Licensed Stores ~800 Wholesale Doors AFRICA / MIDDLE EAST 37 Licensed Stores APPENDIX 5: GLOBAL REACH AND DIVERSIFICATION
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40 APPENDIX 6: KMD BRANDS STRATEGY HOUSE FY26 - FY28
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41 APPENDIX 7: OUR FINANCIAL AMBITION OVER OUR THREE YEAR JOURNEY GROSS MARGIN OPERATING EXPENSE % OF SALES EBITDA2 MARGIN NET WORKING CAPITAL % OF SALES ~60% <50% 10%+ <16% 1. Prior period restatement (Jul-23 / Jul-24): following an accounting system change at the Group’s wetsuit manufacturer, production labour and overhead costs have now been mapped to cost of sales. There was no impact on the Group’s EBITDA or net profit. 2. Refer to Appendix 1 for a reconciliation of Statutory to Underlying results. 58.3% 58.4% 56.5% 57.7% 60.0% Jul 23 Jul 24 Jul 25 Jul 26 Target Jul 28 GROSS MARGIN 1 % of sales 48.7% 53.2% 54.8% 53.7% 50.0% Jul 23 Jul 24 Jul 25 Jul 26 Target Jul 28 OPERATING EXPENSES 1,2 % of sales >> 9.6% 5.1% 1.8% 4.0% 10.0% Jul 23 Jul 24 Jul 25 Jul 26 Target Jul 28 EBITDA MARGIN 2 % of sales >> 19.9% 20.3% 15.9% 18.7% 16.0% Jul 23 Jul 24 Jul 25 Jul 26 Target Jul 28 NET WORKING CAPITAL % of sales >>>>
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42 TERM DEFINITION Net Working Capital Inventories plus current trade and other receivables less current trade and other payables. NPAT Net profit after tax. Same store sales FY25 same store sales are for the 52 full weeks ended 27 July 2025 and are measured at constant exchange rates. Measures the year-on-year sales percentage variance for retail and online stores that traded for comparable days in both this year and last year. Stock Turns Cost of sales divided by average inventories year-on-year. Measured on a rolling 12-month basis. Underlying EBIT EBIT excluding the impacts of IFRS 16 leases, restructuring, software as a service accounting, the notional amortisation of customer relationships, impairment and onerous contracts. Refer to Appendix 1 for a full reconciliation of Statutory to Underlying results. Underlying EBIT Margin Underlying EBIT divided by sales. Underlying EBITDA EBITDA excluding the impacts of IFRS 16 leases, restructuring, software as a service accounting, impairment and onerous contracts. Refer to Appendix 1 for a full reconciliation of Statutory to Underlying results. Underlying EBITDA Margin Underlying EBITDA divided by sales. Underlying Operating Expenses Operating expenses excluding the impacts of IFRS 16 leases, restructuring, software as a service accounting, impairment and onerous contracts. Refer to Appendix 1 for a full reconciliation of Statutory to Underlying results. YOY Year-on-year. GLOSSARY TERM DEFINITION DTC sales Direct-to-consumer sales. Includes all sales from retail stores, online stores and marketplaces. EBIT Earnings before interest and tax. EBITDA Earnings before interest, tax, depreciation, and amortisation. Financial Guardrails The Group has financial guardrails that guides shareholder value creation, optimal capital structure and capital allocation. The guardrails have four pillars supported by measurable targets, aligned with those of shareholders. Refer to slide 28 for further detail. Fixed Charge Cover Ratio (FCCR) The sum of underlying EBITDA and rent divided by the sum of underlying rent and net finance costs excluding FX. Measured on a rolling 12-month basis. Leverage Ratio Net debt divided by underlying EBITDA (per covenant measurement definitions). Measured on a rolling 12-month basis. n.m. Not meaningful. Net Debt Interest bearing liabilities less cash and cash equivalents (excluding IFRS 16 leases). Net Debt to Equity Net debt divided by the sum of net debt and equity. Net Income Taxes Paid Income tax paid less income tax received. Net Interest Paid Interest paid less interest received. Adjusted for impacts of IFRS 16 leases.
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43 IMPORTANT NOTICE AND DISCLOSURE This presentation prepared by KMD Brands Limited (the “Company” or the “Group”) (NZX/ASX:KMD) provides additional comment on the financial statements of the Company, and accompanying information released to the market. As such, it should be read in conjunction with the explanations and views in those documents. This presentation is not a prospectus, investment statement or disclosure document, or an offer of shares for subscription, or sale, in any jurisdiction.Past performance is not indicative of future performance and no guarantee of future returns is implied or given. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. This presentation has been prepared without taking into account the investment objectives, financial situation or specific needs of any particular person. Potential investors must make their own independent assessment and investigation of the information contained in this presentation and should not rely on any statement or the adequacy or accuracy of the information provided. This presentation includes certain “forward-looking statements” about the Company and the environment in which the Company operates. Forward-looking information is inherently uncertain and subject to contingencies, known and unknown risks and uncertainties and other factors, many of which are outside of the Company’s control, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements. No assurance can be given that actual outcomes or performance will not materially differ from the forward-looking statements. The forward-looking statements are based on information available to the Company as at the date of this presentation. To the maximum extent permitted by law, none of the Company, its subsidiaries, directors, employees or agents accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied, is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forecasts, prospects, statement or returns contained in this presentation. Such forecasts, prospects, statement or returns are by their nature subject to significant uncertainties and contingencies. Actual future events may vary from those included in this presentation. The statements and information in this presentation are made only as at the date of this presentation unless otherwise stated and remain subject to change without notice. Some of the information in this presentation is based on unaudited financial data which may be subject to change. Information in this presentation is rounded to the nearest hundred thousand dollars, whereas the financial statements of the Company are rounded to the nearest thousand dollars. Rounding differences may arise in totals, both dollars and percentages. All intellectual property, proprietary and other rights and interests in this presentation are owned by the Company. All currency amounts in this presentation are in NZD unless stated otherwise.