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SCHOOLBLAZER LIMITED AGM Information 2026
65751_rns_2026-02-11_357587d3-f983-4bcb-b32b-d24686622253.pdf
AGM Information
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HANCOCK & GORE
schoolblazer LIMITED
HANCOCK & GORE LIMITED (ASX:HNG)
FY25 Annual General Meeting
Schoolblazer Limited
A technology focused, global school uniform and sportswear provider
*Name to be changed to 'Schoolblazer Limited' at FY25 AGM
- Schoolblazer Group | Comprises Schoolblazer UK, Mountcastle and now Trutex with FY27 target revenue of >$200m and EBITDA of ~$25m
- Investments | Investment portfolio and cash - c. $20m as at Jan 2025 post continued realisations
STRATEGIC REPOSITIONING OF H&G
- Core Strategic Focus - H&G is seeking shareholder approval at its FY25 AGM to change its name to Schoolblazer Limited, reflecting its dominant focus on its global schoolwear operations
- Global Operating Platform - Wholly owned Schoolblazer Group is uniquely positioned to grow into an expanding global education market
- Founder Led Business - Tim James (Schoolblazer UK co-founder and 12.5% shareholder) has expanded his role to Executive Chairman of Schoolblazer Group
- Consolidation of Accounts - from 1 October 2025 Schoolblazer Group financials will be consolidated into H&G's reported accounts
02
sbg:
schoolblazer group
Year to Date Achievements
Strong operational and financial progress since the formation of Schoolblazer Group in FY25
Schoolblazer Group:
- Global leadership team established and integration of teams and processes advancing
- Successful launch of first Schoolblazer Australia school Kambala in Jan 2026
- 31 school contracts won internationally for FY26 Northern Hemisphere launch
- Sportswear contract won with Aldar Education across 31 Middle East schools
- Additional 4 Australia / New Zealand school contracts won under Schoolblazer Australia model (FY27 launch)
- Accelerated tech development of MySchool.Shop for FY26 launch with first UK school contract won
- On track for $190-200 million FY26 revenue, although two-thirds is weighted to the 2nd half
- Progressing consolidation of SBG banking facilities expected to deliver greater balance sheet flexibility and interest reduction
- Progressing global sourcing initiatives with product re-sourcing underway and savings commencing in FY26 to annualise in FY27
H&G:
- Settled $18.5 million deferred consideration payment in December 2025 through new finance facility and investment realisations
- Continued realisation of investment portfolio with $5m sold since 1 October 2025
- Disruptive Packaging completed a US$25 million growth capital raising from an institutional North American fund to capitalise on rapidly growing global demand for its innovative packaging
03
sbg
schoolblazer group
EST. 1965
TRUTEX
limitless.
AKOA
schoolblazer
Building a Global Uniform Business
05
Schoolblazer's Innovative Model
Capability aligned with the complex needs of schools, students and parents
Convenience
- E-commerce model delivers direct to parents & students
- 7 mins avg. to place order
- Intelligent sizing (94% first time fit)
- Free name taping
Service
- 100% of SB orders dispatched within 48 hours
- 99% stock availability
- 365 days free returns
- Exclusive bespoke in-house design
- Trustpilot
4.9/5
Trusted Brands
Global schoolwear brands:
TRUTEX
MADE TO LAST SCHOOLWEAR
Global sportswear brands:
Ethical Trading Initiative
Member
Sustainability
Global Environmental Goals
- Commitment to Ethical Sourcing
- Carbon neutral
- Recycled polyester
- Sustainable cotton use
- Reduction in single-use plastics
Our Brands
4 Clear product brands to segment the market
UNIFORM
Schoolblazer: Innovation in design and product
Trutex: Affordable, customisable, “made to last”
SPORTSWEAR
Limitless: Branded sportswear delivering the school’s identity, with a focus on inclusivity, performance and sustainability
Akoa: Great value sportswear for “All Kinds Of Athletes”
Revenue Composition
- 38% of our business is already in our "Retail Online" growth sector, with a further 11% in Retail Stores – physical stores, where we have school contracts and can be transitioned over time to higher margin online
- 51% of our business remains in wholesale direct to schools and other retailers which provides broad reach to schools and international markets
- Over time our ambition is to:
- Maximise retail online
- Maximise contracted schools
- Diversify geographically (including by hemisphere for seasonality)
- Diversify sportswear and uniform
SchoolContract
Non Contracted
Channel
Uniform vs Sportswear
Geography
Based on FY25 revenue
08
Our Global Strategy
EST. 1865
TRUTEX
MADE TO LAST SCHOOLWEAR
Enter the market with:
- Wholesale
- In School Shops
- In-mall
All with Intelligent sizing and great logistics
Ultimate State Online Retail
Ultimately transit to 2 online propositions:
- Schoolblazer for premium and independent schools
- MySchool.Shop for more value focused schools
schoolblazer
Quality, Service and Innovation Guaranteed
MYSCHOOL SHOP
Bringing affordable, quality schoolwear to every family
MYSCHOOL
• SHOP
Bringing affordable, quality schoolwear to every family
sbg: schoolblazer group
Our Global Reach
| Region | Wholesale | Shops | Online |
|---|---|---|---|
| UK | |||
| Australia / New Zealand | |||
| Europe | |||
| UAE | |||
| Oman | |||
| Qatar | |||
| Kuwait | |||
| Saudi Arabia | |||
| China | |||
| Other Asia | |||
| Canada | |||
| Latin America | |||
| ROW |
Estimated Global School Uniform Market Size: A$30bn+ p.a.
| Schoolblazer Key Markets (estimates): | |||
|---|---|---|---|
| UK | $2bn | Australia/NZ | $1.3bn |
| Europe | $6bn | China | $10bn |
| Canada | $1bn | Middle East | $3bn |
Source: ISC Research, Regional Education Dept. data
Countries Supplied
Sourcing Offices
Sales Offices
sbg:
Building the Foundations - Culture
Our culture is built around these core values:
We have now harmonised principles across the business, including Australia
We are One Team
We Innovate and Learn
We make it easy for our customers
We Carer
We Deliver on our Promises
13
Building the Foundations – IT
Our IT investment is focused on developing our unique online offering – keeping pace with customer expectations, technology and trends
Core Online – Seraph
In-house scaleable proprietary tech stack - drives our unique online proposition
- Unify Customer Journeys
- Reduce technical complexity and operational cost
- Accelerate speed to market for new initiatives
- Build resilience for the demands of tomorrow
Product Management
Web-shop
Supply
Data Alignment
Existing Business – Off-the shelf solutions
Enable speed to market and efficiency
ORACLE NetSuite
shopify
sbg: schoolblazer group
Schoolblazer Group FY25 Financials
Strong revenue scale and baseline earnings with efficiencies to come
| P&L Summary (A$m) | Mountcastle | Schoolblazer UK | Trutex | SBG (excl.SBA) | Schoolblazer Australia | SBG (incl. SBA) | SBG |
|---|---|---|---|---|---|---|---|
| Revenue | 56.2 | 53.2 | 72.1 | 181.4 | 181.4 | 177.7 | |
| COGS | (28.9) | (21.9) | (38.4) | (89.2) | (75.1) | (90.8) | |
| Gross Profit | 27.4 | 31.3 | 33.6 | 92.3 | 92.3 | 86.9 | |
| Operating Expenses | (21.7) | (22.9) | (29.1) | (73.7) | (0.9) | (74.6) | (69.7) |
| Underlying EBITDA (Pre-AASB16) | 5.7 | 8.4 | 4.5 | 18.6 | (0.9) | 17.6 | 17.1 |
| Underlying EBITDA (Post-AASB16) | 7.8 | 10.5 | 5.5 | 23.9 | (0.9) | 22.9 | |
| Gross Margin % | 49% | 59% | 47% | 51% | 51% | 49% | |
| Underlying EBITDA (Pre-AASB16) % | 10% | 16% | 6% | 10% | 10% | 10% |
Notes:
- Pro-forma results include 12-month contribution from Trutex (acquired August 2025). All figures presented on a 30 September year end.
- Schoolblazer Group results are unaudited as financial year ends have recently been aligned for consolidation into H&G's audited accounts going forward
- To be consistent with evolving standards we will be referring to Post-AASB16 EBITDA going forward and providing a cashflow bridge to show lease costs
- Statutory profit near-term is unlikely to be representative of normal profits due to acquisition accounting adjustments and bank facility restructure costs
sbg: schoolblazer group
Schoolblazer Limited Outlook
Optimising for long term sustainable growth
| FY25 Pro-Forma | Long Term Targets | |
|---|---|---|
| Revenue | ~$180m | 5-10% growth p.a. |
| EBITDA % (approx.) | 11% | 15%+ |
| Sales from contracts | 58% | 75%+ |
| Online sales | 38% | 75%+ |
| Dividends | 2 cents + | |
| FY end Net Debt / EBITDA (SBG) | ~2x | <1.5x |
Notes:
- To be consistent with evolving standards we will be referring to Post-AASB16 EBITDA going forward and providing a cashflow bridge to show lease costs
-
Schoolblazer Group FY25 results are unaudited as financial year ends have recently been aligned for consolidation into H&G's audited accounts going forward
-
FY26 focus is on integration and optimisation of the recently combined businesses coupled with continued contract and online growth
- Expected $190-200 million revenue in FY26 based on contracted school growth with scale efficiencies annualising in FY27 to drive $25 million EBITDA target
- Realisation of residual H&G investment portfolio during FY26 to repay H&G level debt and return to consistent dividend levels
- Long term margin improvement through cost of goods and fixed cost leverage with an increasingly online model bringing the consolidated business closer to Schoolblazer UK's 15%+ EBITDA margins
- Revenues and profits are currently heavily weighted to the Northern Hemisphere back to school period (July-August)
- Near-term reported NPAT will remain impacted by abnormal debt facility restructuring costs and residual investment portfolio realisation costs
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Schoolblazer Group Balance Sheet
Strong balance sheet with funding capacity for growth
| Balance sheet (A$m) | 30 Sep 2025 |
|---|---|
| Cash | 11.2 |
| Stock | 64.3 |
| Debtors & Prepayments | 14.7 |
| Other Current Assets | 1.1 |
| Non-Current Assets | 41.4 |
| Total Assets | 132.7 |
| Borrowings | (43.4) |
| Creditors & Accruals | (20.3) |
| Other Current Liabilities | (2.4) |
| Other Non-Current Liabilities | (15.7) |
| Total Liabilities | (81.8) |
| Net Assets | 50.9 |
Balance sheet optimisation:
- SBZ expects to consolidate its existing separate bank facilities into a lower cost and more flexible group-wide facility during FY26
Inventory backed by majority contracted school base:
- SBZ's 31 March balance sheet will show a close-to-peak working capital debt level prior to Northern Hemisphere back to school, backed by low-risk stock for contracted schools
- The business consistently realises this inventory in the second half to end the financial year <2x net debt / EBITDA
- Stock for non-contracted school base is largely generic with limited fashion risk
SBZ's FY26 consolidated accounts will add H&G's residual investment portfolio and debts to Schoolblazer Group's balance sheet - segmentation will be provided to understand the operating balance sheet vs. residual H&G elements
Note: Unaudited accounts. Mountcastle's historical audited financial year end has been 30 June, Schoolblazer's 30 September and Trutex 31 December. Financial year end alignment to 30 September has been completed post the Trutex acquisition and audit of consolidated accounts is underway to present consolidated (into H&G) audited accounts from 1 October 2025. Balances may change with final audit adjustments.
HANCOCK & GOR=
H&G Financials
FY25 was the final year reported on an investment accounting basis. Losses were driven by accelerated investment portfolio realisations to fund the Trutex acquisition
| P&L (A$m) | FY25 | FY24 |
|---|---|---|
| Revenue from continuing operations | 10.3 | 7.3 |
| Fair value gains / (losses) | (9.7) | 3.4 |
| Operating costs | (5.1) | (4.4) |
| Finance Cost | (0.6) | (0.3) |
| ELFSP, Acquisition costs & other | (2.6) | (2.2) |
| Income Tax benefit | 2.8 | 1.1 |
| NPAT | (4.9) | 4.9 |
| ELFSP, Acquisition costs | 1.9 | 2.2 |
| Net unrealised fair value losses (gains) | 7.0 | (2.0) |
| Unrealised FX | 0.7 | - |
| Underlying profit after tax | 4.7 | 5.1 |
| Balance Sheet (A$m) | Sep 2025 | Sep 2024 |
| --- | --- | --- |
| Cash | 2.0 | 16.5 |
| Listed Investments | 9.7 | 16.4 |
| Unlisted Investments | 149.3 | 76.1 |
| Fixed Income | 0.0 | 2.5 |
| Deferred acquisition liability | (26.0) | (8.5) |
| Net other assets and liabilities | 7.0 | 6.2 |
| Net Assets | 142.0 | 109.2 |
Deferred Consideration Fully Funded:
- New financing facility (see 2025 Annual Report) and disposal proceeds from non-core investments were utilised in December 2025 to repay $18.5 million of deferred acquisition liabilities due
- Financing facility to be repaid as remaining investment portfolio is realised
Note:
- SBG valued at $138.7m (in unlisted investments) as at 30 Sep 2025
- Other investments and cash totalled $26.6m (since reduced further to repay deferred acquisition liabilities)
ELFSP: Employee Share Plan non cash expense
schoolblazer
————LIMITED———
Mr. Sandy Beard
Executive Chairman
0412 308 263