KMD BRANDS LIMITED — Interim / Quarterly Report 2025

Mar 25, 2025

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1H FY25 RESULTS PRESENTATION 26 MARCH 2025 Michael Daly Ben Washington Group CEO Interim Group CFO

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OUTLINE

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1. 1H FY25 SUMMARY
2. GROUP FINANCIALS
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3. BRAND FINANCIALS 4. FOCUS AND OUTLOOK 5. APPENDICES

3 8 17 21 26

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SECTION 1 1H FY25 SUMMARY

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FINANCIAL
SUMMARY
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+0.5% YOY Sales $470.9m 1H FY24 $468.6m Gross -0.3% of sales 58.5% margin 1H FY24 58.8% Operating +4.2% YOY $271.6m 1H FY24 $260.6m expenses[1] Underlying -74.3% YOY $3.9m 1H FY24 $15.1m EBITDA[1] Underlying Statutory NPAT -$16.1m -$20.7m NPAT[1] Net working $33.6m lower YOY $192.6m Jan 24 $226.2m capital $20.0m lower YOY Net debt $76.2m Jan 24 $96.2m

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1. Statutory results include the impact of IFRS 16 leases. The impacts of IFRS 16, restructuring, software as a service accounting, and the notional amortisation of Rip Curl and Oboz customer relationships have been excluded from Underlying results. Refer to Appendix 1 for a reconciliation of Statutory to Underlying results.

BRAND STRENGTHS

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• Iconic, inspirational, and authentic brand.

• Founded in Bells Beach, Australia, in 1969.

• Renowned for high quality technical surfing products.

• Global distribution.

• Diversified revenue streams across wholesale, licensing, retail and online channels.

• B Corp certified since 2023.

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• Leading outdoor brand in Australasia.

• Founded in New Zealand in 1987, with deep New Zealand heritage.

• Pipeline of innovative, sustainable, engineered, and adaptive products.

• Loyal customers with 1.8 million active Out There Rewards members.

• B Corp certified since 2019.

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• Established and distinctive American Montanabased hiking footwear brand, founded in 2007.

• Focused, authentic product range with significant expansion potential.

• Strong innovation pipeline.

• Direct-to-consumer online channel growing strongly.

• International expansion underway.

• B Corp certified since 2023.

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BRANDS WITH GLOBAL REACH

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We operate over 300 stores globally, and our brands are sold in over 8,000 locations
EUROPE
NORTH AMERICA
$100m Sales
27 Owned Stores
10 Licensed Stores
+2,000 Wholesale Doors
$200m Sales
27 Owned Stores
27 Licensed Stores ASIA
+3,800 Wholesale Doors
$45m Sales
86 Licensed and JV stores
+600 Wholesale Doors
SOUTH AMERICA
AUSTRALASIA
AFRICA / MIDDLE EAST
$20m Sales
9 Owned Stores $615m Sales (80% Australia)
115 Licensed Stores 270 Owned Stores
+800 Wholesale Doors 19 Licensed Stores
38 Licensed Stores
+900 Wholesale Doors
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Global office locations

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STRATEGIC PILLARS

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BUILDING GLOBAL BRANDS

International brand exposure

• Rip Curl’s latest partnership, The Eddie Aikau Big Wave Invitational, elevates brand authenticity in North America and Hawaii.

• Kathmandu is the official apparel partner of the New Zealand Team, providing brand exposure on the world stage.

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ELEVATING DIGITAL

Strong online sales growth

• Double-digit online sales growth YOY for all three brands in 1H FY25.

• The online channel remains a key growth priority for the Group.

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OPERATIONAL EXCELLENCE

Working capital reducing

• Continued focus on inventory and working capital efficiency has resulted in the Jan 25 net

working capital reduction of $33.6m YOY.

Systems alignment

• Oboz and the Rip Curl wetsuit factory in Thailand have been migrated to Group ERP systems.

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BEST FOR PEOPLE AND PLANET

B Corp certified

• KMD Brands and our three brands - Kathmandu, Rip Curl, and Oboz - are all B Corp Certified, meeting globally recognised standards for social and environmental performance, accountability, and transparency.

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SECTION 2

GROUP FINANCIAL PERFORMANCE

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PROFIT & LOSS

KMD BRANDS	Statutory	Statutory	Underlying*1	Underlying*1
NZ $m*2	1H FY25	1H FY24	1H FY25	1H FY24	Var %
SALES	470.9	468.6	470.9	468.6	0.5%
GROSS PROFIT	275.5	275.7	275.5	275.7	(0.1%)
Gross margin	58.5%	58.8%	58.5%	58.8%
OPERATING EXPENSES	(222.8)	(211.3)	(271.6)	(260.6)	4.2%
% of Sales	47.3%	45.1%	57.7%	55.6%
EBITDA	52.7	64.4	3.9	15.1	(74.3%)
EBITDA margin %	11.2%	13.7%	0.8%	3.2%
EBIT	(12.7)	0.5	(13.3)	(1.7)
EBIT margin %	-2.7%	0.1%	-2.8%	-0.4%
NPAT	(20.7)	(9.7)	(16.1)	(6.9)

1. Statutory results include the impact of IFRS 16 leases. The impacts of IFRS 16, restructuring, software as a service accounting, and the notional amortisation of Rip Curl and Oboz customer relationships have been excluded from Underlying results. Refer to Appendix 1 for a reconciliation of Statutory to Underlying results.

2. 1H FY25 NZD/AUD conversion rate 0.909 (1H FY24: 0.926), 1H FY25 NZD/USD conversion rate 0.595 (1H FY24 0.604).

IMPROVING QUARTERLY SALES TREND

• Continued improvement in sales trends through Q2 (further detail on slide 11). Kathmandu’s sales trends have continued to improve in each of the last five quarters.

• Positive trends in the direct-to-consumer (“DTC”) channel for all three brands, underpinned by improved Black Friday and Christmas trade, and strong online sales growth.

• Wholesale accounts remain cautious on pre-season commitments in a challenging market. Forward orders and in-season buying from key accounts support an improving wholesale trend through 2025.

GROSS MARGIN REMAINS RESILIENT

• Group gross margin -0.3% of sales, remained resilient despite increased promotional intensity for Kathmandu and clearance of inventory for Oboz.

OPERATING EXPENSES TIGHTLY CONTROLLED

• All brands continue to actively manage expenses while facing global cost pressure.

• Kathmandu operating expenses include c. $3m incremental YOY to refresh brand advertising (increased first half weighting), increase product newness and innovation, and improve the consumer experience.

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DIVERSIFIED SALES

SALES BY REGION (NZ $m)

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547.9
468.6 470.9
410.7 407.3
1H 1H 1H 1H 1H
FY21 FY22 FY23 FY24 FY25
Australia New Zealand North America Europe Rest of World
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SALES MIX 1H FY25

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8%
Oboz
BY
BRAND
33%
Kathmandu
59%
Rip Curl
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1%
Licensing / Royalties
26%
Wholesale
BY
CHANNEL
10%
63%
Online
Retail
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8%
Rest of World
8%
Europe
BY
19%
REGION
North
America
54%
11% Australia
New Zealand
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IMPROVING SALES TREND BY BRAND

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YOY Sales Variance % by quarter 6.5% (Group NZD reporting currency) -2.4% -4.6% -6.7% -7.6% -13.2% Q1 Q2 Q3 Q4 Q1 Q2 FY24 FY24 FY24 FY24 FY25 FY25

RIP CURL

• DTC sales improved from -3.4% YOY in Q1 to +9.5% YOY in Q2, reflecting strong sales growth in Australia, Europe and South America, supported by store openings. Online sales growth was also a highlight.

• Wholesale accounts remain cautious on pre-season commitments in a challenging market.

-35.0% -25.0% -15.0% -5.0% 5.0% 15.0%	6.9% YOY Sales Variance % by quarter (Group NZD reporting currency)
	-24.2% -19.4% -11.1% -6.9% -2.7% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25

• Australia sales grew YOY in each of the last two quarters, supported by enhanced in-store execution and new products.

• New Zealand achieved strong sales growth YOY during the Christmas trading period.

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15.0%
YOY Sales Variance % by quarter [1]
(Group NZD reporting currency)
5.0%
-5.0% -1.6%
-7.9% -8.6%
-15.0%
-13.8%
-25.0%
-22.8%
-28.7%
-35.0%
Q1 Q2 Q3 Q4 Q1 Q2
FY24 FY24 FY24 FY24 FY25 FY25
OBOZ
• Strong online sales growth over the Black
Friday and Christmas promotions.
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• Wholesale customers remain cautious on pre-season commitments, partly offset by improved in-season buying from key accounts.

1. Timing of certain wholesale dispatches changed YOY from April to May, impacting Q3 FY24 and Q4 FY24 variances.

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STRONG ONLINE SALES GROWTH

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DIRECT TO CONSUMER SALES (NZ $m)
Retail Stores Online DTC Online % of DTC sales
450.0 50.0%
400.0 380.1 45.0%
343.7
350.0 330.3 40.0%
284.5 35.0%
300.0 275.8
30.0%
250.0
25.0%
200.0 17.3% 20.0%
150.0 12.8% 12.3% 11.7% 13.7% 15.0%
100.0
10.0%
50.0 5.0%
0.0 0.0%
1H 1H 1H 1H 1H
FY21 FY22 FY23 FY24 FY25
Sales YOY % mix of
ONLINE
(NZD $m) Var % DTC Sales
21.1 +13.9% 11.5%
20.8 +26.6% 13.4%
5.0 +32.8% 100%
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1. Direct-to-consumer (“DTC”) sales include all sales from retail stores, online sites and marketplaces.

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BALANCE SHEET REMAINS ROBUST

Key Balance Sheet items and ratios*1
NZ $m	Jan 25	Jan 24	Jul 24
Net working capital	192.6	226.2	198.3
Inventories	303.7	313.6	266.9
Current trade and other receivables	79.1	78.4	89.0
Current trade and other payables	(190.2)	(165.8)	(157.6)
Net working capital % of sales	19.6%	22.1%	20.3%
Stock Turns *2	1.31x	1.32x	1.45x
Net Debt	(76.2)	(96.2)	(59.7)
Leverage Ratio *3	2.1x	1.3x	1.2x
Net Debt to Equity *4	8.9%	10.6%	7.1%
Fixed Charge Cover *5	1.17x	1.44x	1.26x
Equity	778.7	809.5	785.7

WORKING CAPITAL

• Progressing towards long-term net working capital target 18% of sales.

• Jan 25 inventory balance includes c.+$12m increase YOY from translation of regional inventory balances to NZD reporting currency.

• Jan 25 balance includes $51m goods in transit, c.+$10m above last year.

DEBT

• Net debt $76.2m at Jan 25, down from $96.2m at Jan 24.

• Significant funding headroom c. $215m.

• The Group is targeting net debt below $50 million by Jul 25, which is c. $10m lower than last year.

  • Long-term leverage ratio target remains <0.5x Net Debt / EBITDA.

• The Group continues to have a strong active working relationship with, and support from, its banking syndicate. All covenants fully complied with at Jan 25.

1. Key ratios calculated using 12-month Underlying P&L measures.

2. COGS / Average Inventories YOY.

3. Net Debt / EBITDA.

4. Net Debt / (Net Debt + Equity).

5. (EBITDA + Rent) / (Rent + Net Finance Costs excl. FX).

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INVENTORY REDUCING

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GROUP INVENTORY
300.0 318.8
313.6
303.7
249.6
200.0 229.6
100.0
0.0
Jan 21 Jan 22 Jan 23 Jan 24 Jan 25 Jan 26 Jul 26
Target Target
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• Inventory positions continue to moderate back towards historical levels.

• Inventory composition continues to improve. Decreasing mix of core, technical products (incl. insulation and wetsuits) as we navigate challenging market conditions.

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WORKING CAPITAL AND NET DEBT CYCLE

GROUP NET WORKING CAPITAL HALF-YEAR CYCLE

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244.4
226.2
219.7
207.0
198.3
192.6
187.3
164.2
137.4
Jan 21 Jul 21 Jan 22 Jul 22 Jan 23 Jul 23 Jan 24 Jul 24 Jan 25
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• January net working capital balances are traditionally elevated as stock to support Kathmandu’s Southern Hemisphere Autumn / Winter season, and Rip Curl’s Northern Hemisphere Summer season is shipped before Chinese New Year.

• January inventory investment results in typically higher net debt levels at the January measurement point.

• The Group has reduced July inventory balances in the last two years, and this remains an ongoing priority.

GROUP NET DEBT HALF-YEAR CYCLE

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96.2
84.9
76.2
59.7
55.7
48.6
40.1
10.1
-37.0
Jan 21 Jul 21 Jan 22 Jul 22 Jan 23 Jul 23 Jan 24 Jul 24 Jan 25
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CASH FLOW

Cash Flow (NZ $m)	1H FY25	1H FY24
NPAT	(20.7)	(9.7)
Change in working capital	(1.5)	(13.5)
Non-cash items	68.0	65.4
Operating cash flow	45.8	42.2
Adjusted operating cash flow*1	(0.8)	(2.9)
Key Line Items:	1H FY25	1H FY24
Net interest paid (including facility fees)*1	(6.3)	(6.0)
Net income taxes paid	(4.7)	(3.8)
Capital expenditure	(14.1)	(15.2)

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1. Adjusted for impacts of adopting IFRS 16.

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SECTION 3

BRAND FINANCIAL PERFORMANCE

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RIP CURL PROFIT & LOSS

NZ $m	1H FY25	1H FY24	Var %
SALES	278.5	278.3	0.1%
EBITDA (underlying*1) EBITDA margin %	23.6 8.5%	27.4 9.9%	(14.0%)
EBIT (underlying*1)	16.1	20.8	(22.9%)
EBIT margin %	5.8%	7.5%
Owned stores	177	169

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SALES EBITDA
350.0 35.0% 80.0 25.0%
306.4
300.0 278.3 278.5 30.0% 70.0 19.4%
251.1 257.8 20.0%
60.0
250.0 25.0%
200.0 20.0% 50.0 13.1% 12.3% 15.0%
13.8% 40.0 9.9%
150.0 9.6% 10.5% 11.5% 15.0% 30.0 8.5% 10.0%
100.0 10.0%
20.0
11.5% 5.0%
50.0 5.0% 10.0
48.7 33.7 37.6 27.4 23.6
0.0 0.0% 0.0 0.0%
1H 1H 1H 1H 1H 1H 1H 1H 1H 1H
FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25
Stores Online
EBITDA EBITDA margin
Wholesale Licensing / Other
Total Sales Online % of DTC
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1. The impacts of IFRS 16, restructuring, and the notional amortisation of customer relationships are excluded from underlying results. Refer to Appendix 2 for a reconciliation of Statutory to Underlying results.

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SALES IMPACTED BY WHOLESALE CUSTOMER CAUTION

• Total sales +0.1% YOY in 1H FY25, improving from -6.7% during Q1 to +6.5% during Q2.

• Difficult trading in the broader surf industry is reflected in this result, and has led to significant changes to the competitive landscape in North America. Key competitor store closures may cause short-term headwinds as inventory is divested.

• Direct-to-consumer sales (incl. online) +4.1%, reflecting strong sales growth over the key Australasian summer and Christmas trading period. Also, stronger results in Europe and South America, supported by store openings.

• Online sales +13.9% to $21.1m, comprising 11.5% of DTC sales.

• Wholesale sales -7.9%, as wholesale accounts remain cautious on pre-season commitments in a challenging market. Forward orders support an improving wholesale trend through 2025.

GROSS MARGIN AND OPERATING EXPENSES WELL CONTROLLED

• Gross margin increased +0.2% of sales with channel and product mix offsetting the impact of increased promotional intensity in a tough trading environment.

• Operating expenses tightly managed while facing global cost pressure.

New Rip Curl CEO Ashley Reade has been appointed, bringing two decades of global strategic leadership in the sportwear industry.

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KATHMANDU PROFIT & LOSS

NZ $m	1H FY25	1H FY24	Var %
SALES	156.8	152.3	3.0%
EBITDA (underlying*1)	(12.8)	(8.3)	(54.0%)
EBITDA margin %	-8.2%	-5.5%
EBIT (underlying*1)	(22.0)	(18.0)	(22.3%)
EBIT margin %	-14.1%	-11.8%
Owned stores	156	160

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SALES EBITDA
25.0% 25.0
21.0% 194.0 12.0%
200.0 20.0
6.3%
152.3 156.8 20.0% 15.0 7.0%
150.0 129.3 128.3 10.0 0.4%
2.0%
15.0% 5.0 0.5 12.3
0.0
100.0 14.3% 13.6% 13.4% 10.0% -5.0 -18.3 -8.3 -12.8 -3.0%
10.9% -10.0 -5.5% -8.0%
50.0 5.0% -15.0 -8.2%
-13.0%
-20.0
0.0 0.0% -25.0 -14.3% -18.0%
1H 1H 1H 1H 1H 1H 1H 1H 1H 1H
FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25
Stores Online
EBITDA EBITDA margin
Wholesale Online % of DTC
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IMPROVING QUARTERLY SALES TREND

• Total sales +3.0% YOY in 1H FY25, improving from -2.7% during Q1 to +6.9% during Q2. Brand foundations in place, and momentum building.

• Australia sales[*2] +3.8% supported by enhanced in-store execution and new products.

• New Zealand -2.0%, with strong sales growth YOY during the Christmas trading period. Excluding the clearance of end-of-line products in August last year, sales growth +4.8% YOY for the remaining 5 months of 1H FY25.

• Online sales +26.6% to $20.8m, comprising 13.4% of DTC sales.

GROSS MARGIN

• Gross margin decreased -0.4% of sales with increased promotional intensity in a competitive trading environment.

OPERATING EXPENSES INCLUDE STRATEGIC INVESTMENT

• Operating expenses include c. $3m incremental YOY to refresh brand advertising (increased first half weighting), increase product newness and innovation, and improve the consumer experience.

1. The impacts of IFRS 16, restructuring, and the notional amortisation of customer relationships are excluded from underlying results. Refer to Appendix 2 for a reconciliation of Statutory to Underlying results.

2. At constant exchange rates.

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OBOZ PROFIT & LOSS

NZ $m	1H FY25	1H FY24	Var %
SALES	35.6	38.0	(6.3%)
EBITDA (underlying*1)	(2.2)	(0.1)	-
EBITDA margin %	-6.3%	-0.1%
EBIT (underlying*1)	(2.6)	(0.5)	-
EBIT margin %	-7.3%	-1.2%

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SALES
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EBITDA

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12.5%
47.5 4.0
3.0
38.0 6.1%
35.6
2.0
30.4
1.0 -0.2% -0.1%
3.8 2.9
21.2
0.0
0.0 -0.1 -2.2
-1.0
-2.0
-6.3%
-3.0
1H 1H 1H 1H 1H 1H 1H 1H 1H 1H
FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25
Online Wholesale EBITDA EBITDA margin
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SALES IMPACTED BY WHOLESALE CUSTOMER CAUTION

• Total sales -6.3% YOY.

• Online sales +32.8% grew strongly over the Black Friday and Christmas promotions, reinforcing the growth opportunity for the brand.

• Wholesale sales -10.6% as wholesale accounts remain cautious on preseason commitments in a challenging market, partly offset by improved inseason buying from key accounts.

• Forward orders and in-season buying from key accounts support an improving wholesale trend through 2025.

GROSS MARGIN AND OPERATING EXPENSES

• Gross margin decreased -5.7% of sales as clearance of excess inventory has contributed to lower gross margins YOY. Gross margin on core styles and new launches remains in line with historical margins.

• Operating expenses tightly controlled YOY. Investment to be leveraged with future sales growth as the market recovers.

• Note: The Kathmandu segment includes 1H FY25 $3.4m sales of Oboz products in Kathmandu AU & NZ stores at full vertical gross margin (1H FY24 $2.2m).

1. The impacts of IFRS 16, restructuring, and the notional amortisation of customer relationships are excluded from underlying results. Refer to Appendix 2 for a reconciliation of Statutory to Underlying results.

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SECTION 4

FOCUS AND OUTLOOK

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KATHMANDU BRAND PROGRESS:

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reenergising our
PRODUCT
range
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• Focused range solidifying our leadership in hike and adventure travel, and introducing activewear for the outdoors.

• Investment in innovation and product technology supported by world class materials and sustainability teams.

• Improved assortment, balancing .

• categories and filling range gaps

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reinvigorating our
BRAND
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• Reinvested in above the line media with refreshed campaign.

• Strength building in Australia across key brand metrics. Maintained brand power in New Zealand.

• Official Apparel Partner of the New Zealand Team, launching at the 2026 Milano-Cortina Winter Olympics, and continuing through the 2028 Los Angeles Summer Olympics.

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to improve our
CONSUMER
experience
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• Improved visual merchandising to enable smoother consumer experience in store and showcase product stories.

• Digital customer journey improvements driving strong results.

• New digital platform with refined aesthetic to launch in 2025.

• New store concept to launch in 2025.

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CONTINUED BRAND INNOVATION

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RIP CURL: EDDIE WENT

• Rip Curl’s latest partnership, The Eddie Aikau Big Wave Invitational, took place in monstrous 40+ feet surf, for just the eleventh time in its 40-year history.

• Global audience 6.1 million, and 13.6 million social media impressions.

• Strong merchandise sales, particularly in mainland USA and Hawaii.

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KATHMANDU: SUSTAINABLE INNOVATION

The women’s Seeker 4-inch shorts are:

• Crafted from three innovative technologies: carbon capture, advanced recycling, and a bio-based anti-odour finish.

• Made with LanzaTech's carbon recycling technology, these shorts feature fabric made from captured carbon emissions from steel mills, blended with recycled materials.

• The winner of Kathmandu’s second ISPO Award in 2024.

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OBOZ: KATABATIC LT

• Lighter, faster , further. Oboz’s lightest and most breathable collection to date: a better kind of fast.

• Utilising waterproof and breathable GORE-TEX Invisible Fit technology.

• Currently launching in-store and online. Strong initial digital and sales metrics.

• Continued momentum in the ‘fast and light’ category, lessening reliance on the core ‘rugged’ category.

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FOCUS AREAS AND OUTLOOK

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FOCUS AREAS
Stabilise sales and return to growth
Grow gross margin
Continue to simplify our business
Ongoing working capital reduction and efficiency
Improve profitability and return to dividends
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1. Tropical Cyclone Alfred has impacted Queensland and Northern New South Wales stores for both brands, with approximately 100 lost trading days. Rip Curl store locations have been most materially impacted.

TRADING UPDATE

• DTC sales (including online) for the first 7 full weeks to 16 March 2025, a seasonally non-significant trading period for both brands:

• Kathmandu +5.2% YOY[*1] . Gross margin is under pressure YOY due to increased promotional intensity in a competitive trading environment.

• Rip Curl global DTC sales for owned stores and websites approximately +0.7% YOY[ *1] . Gross margin remains resilient YOY.

OUTLOOK

• Wholesale accounts remain cautious on pre-season commitments in a challenging market. Forward orders and in-season buying from key accounts support an improving wholesale trend through 2025.

• Short-term gross margin pressure for all brands in a highly competitive global market, with a focus on growing gross margin in the medium-term as markets improve.

• Monitoring the impact of geopolitical uncertainty on consumer confidence and supply chains. Global monetary policy settings have been easing but the return of consumer confidence will take time.

• We continue to focus on delivering positive sales growth, improving profitability, maximising cash flows, and reducing inventory.

• We believe with our portfolio of iconic global outdoor brands and leadership in sustainability, we remain a unique investment proposition and well-placed for the future.

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QUESTIONS

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SECTION 5

APPENDICES

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APPENDIX 1: STATUTORY TO UNDERLYING PROFIT & LOSS

GROUP			1H	FY25				1H	FY24
				SaaS	Amortisation of				Amortisation of
NZ $m	Statutory	IFRS 16 Leases*1	Restructuring*2	Capitalisation Adjustments*3	Customer Relationships*4	Underlying	Statutory	IFRS 16 Leases*1	Customer Relationships*4	Underlying
SALES	470.9	-	-	-	-	470.9	468.6	-	-	468.6
GROSS PROFIT	275.5	-	-	-	-	275.5	275.7	-	-	275.7
Gross margin	58.5%					58.5%	58.8%			58.8%
OPERATING EXPENSES	(222.8)	(52.0)	2.2	0.9	-	(271.6)	(211.3)	(49.3)	-	(260.6)
% of Sales	47.3%					57.7%	45.1%			55.6%
EBITDA	52.7	(52.0)	2.2	0.9	-	3.9	64.4	(49.3)	-	15.1
EBITDA margin %	11.2%					0.8%	13.7%			3.2%
EBIT	(12.7)	(5.8)	2.2	0.9	2.1	(13.3)	0.5	(4.8)	2.6	(1.7)
EBIT margin %	-2.7%					-2.8%	0.1%			-0.4%
NPAT	(20.7)	0.9	1.6	0.6	1.5	(16.1)	(9.7)	0.9	1.8	(6.9)

1. Statutory results include the impact of IFRS 16 leases. The impact of IFRS 16 is excluded from Underlying results.

2. Support office restructuring was undertaken in 1H FY25. 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.

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APPENDIX 2: SEGMENT NOTE

SALES(NZ $'000) SALES per segment note SALES (Underlying) EBITDA(NZ $'000) EBITDA per segment note IFRS 16 Leases1 Restructuring2 SaaS Capitalisation Adjustments3 Amortisation of Customer Relationships4 EBITDA (Underlying) EBIT(NZ $'000) EBIT per segment note IFRS 16 Leases1 Restructuring2 SaaS Capitalisation Adjustments3 Amortisation of Customer Relationships4 EBIT (Underlying)	1H FY25 RipCurl Kathmandu Oboz Corporate Total 278,487 156,831 35,627 - 470,945 278,487 156,831 35,627 - 470,945 RipCurl Kathmandu Oboz Corporate Total 45,281 15,848 (2,223) (6,168) 52,738 (23,023) (28,704) (264) - (51,991) 1,318 37 250 639 2,244 - - - 875 875 - - - - - 23,576 (12,819) (2,237) (4,654) 3,866 RipCurl Kathmandu Oboz Corporate Total 15,278 (18,727) (3,012) (6,250) (12,711) (2,561) (3,347) 61 - (5,847) 1,318 37 250 639 2,244 - - - 875 875 2,024 - 104 - 2,128 16,059 (22,037) (2,597) (4,736) (13,311)	1H FY24
		RipCurl Kathmandu Oboz Corporate Total
		278,315 152,324 38,005 - 468,644
		278,315 152,324 38,005 - 468,644
		RipCurl Kathmandu Oboz Corporate Total
		47,462 20,684 201 (3,972) 64,375 (20,048) (29,006) (252) - (49,306) - - - - - - - - - - - - - - -
		27,414 (8,322) (51) (3,972) 15,069
		RipCurl Kathmandu Oboz Corporate Total
		19,216 (14,045) (639) (4,052) 480 (922) (3,980) 68 - (4,834) - - - - - - - - - - 2,527 - 102 - 2,629
		20,821 (18,025) (469) (4,052) (1,725)

1. Statutory results include the impact of IFRS 16 leases. The impact of IFRS 16 is excluded from Underlying results.

2. Support office restructuring was undertaken in 1H FY25. 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.

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APPENDIX 3: BALANCE SHEET

Balance Sheet(NZ $m)	Jan 25	Jan 24	Jul 24
Inventories	303.7	313.6	266.9
Property, plant and equipment	83.6	84.7	86.5
Right of Use Asset (IFRS 16)	261.6	257.5	262.6
Intangible assets	671.1	696.2	666.9
Other assets	124.8	119.4	120.8
Total assets (excl. cash)	1,444.8	1,471.4	1,403.7
Net interest bearing liabilities and cash	(76.2)	(96.2)	(59.7)
Lease Liability (IFRS 16)	(293.2)	(289.5)	(294.2)
Other non-current liabilities	(105.9)	(109.0)	(105.6)
Current liabilities	(190.8)	(167.2)	(158.5)
Total liabilities (net of cash)	(666.1)	(661.9)	(618.0)
Net assets	778.7	809.5	785.7

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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.

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