FY23H1 Investor Presentation

FY23H1
RESULTS

DISCLAIMER
Certain statements in this announcement constitute forward-looking statements. Forward-looking
statements are statements (other than statements of historical fact) relating to future events and the
anticipated or planned financial and operational performance of Michael Hill International Limited
and its related bodies corporate (the Company). The words “targets,” “believes,” “expects,” “aims,”
“intends,” “plans,” “seeks,” “will,” “may,” “might,” “anticipates,” “would,” “could,” “should,” “continues,”
“estimates” or similar expressions or the negatives thereof, identify certain of these forward-looking
statements. Other forward-looking statements can be identified in the context in which the
statements are made. Forward-looking statements include, among other things, statements
addressing matters such as the Company’s future results of operations; financial condition; working
capital, cash flows and capital expenditures; and business strategy, plans and objectives for future
operations and events, including those relating to ongoing operational and strategic reviews,
expansion into new markets, future product launches, points of sale and production facilities.
Although the Company believes that the expectations reflected in these forward-looking statements
are reasonable, such forward-looking statements involve known and unknown risks, uncertainties
and other important factors that could cause the Company’s actual results, performance, operations
or achievements or industry results, to differ materially from any future results, performance,
operations or achievements expressed or implied by such forward-looking statements.
Such risks, uncertainties and other important factors include, among others: global and local
economic conditions; changes in market trends and end-consumer preferences; fluctuations in the
prices of raw materials, currency exchange rates, and interest rates; the Company’s plans or
objectives for future operations or products, including the ability to introduce new jewellery and non-
jewellery products; the ability to expand in existing and new markets and risks associated with doing
business globally and, in particular, in emerging markets; competition from local, national and
international companies in the markets in which the Company operates; the protection and
strengthening of the Company’s intellectual property rights, including patents and trademarks; the
future adequacy of the Company’s current warehousing, logistics and information technology
operations; changes in laws and regulations or any interpretation thereof, applicable to the
Company’s business; increases to the Company’s effective tax rate or other harm to the Company’s
business as a result of governmental review of the Company’s transfer pricing policies, conflicting
taxation claims or changes in tax laws; and other factors referenced to in this presentation.
Should one or more of these risks or uncertainties materialise, or should any underlying assumptions
prove to be incorrect, the Company’s actual financial condition, cash flows or results of operations
could differ materially from that described herein as anticipated, believed, estimated or expected.
Accordingly, you are cautioned not to place undue reliance on any forward-looking statements,
particularly in light of the current economic climate and the significant volatility, uncertainty and
disruption caused by the COVID-19 pandemic.
The Company does not intend, and does not assume any obligation, to update any forward-looking
statements contained herein, except as may be required by law. All subsequent written and oral
forward-looking statements attributable to us or to persons acting on the Company’s behalf are
expressly qualified in their entirety by the cautionary statements referred to above and contained
elsewhere in this presentation.

CEO and CFO FY23H1 Update
•FY23H1 Performance Overview
•FY23H1 Financial Results
•Group Results
•Key Performance Insights
•Segment Results
•Outlook
•Strategy Update –Emphasis on Growth
•Appendices
3
Michael Hill International Limited

FY23H1 Performance Overview
4
•Record sales, gross profit and comparable EBIT driven by:
•Brand elevation
•Retail fundamentals
•Product evolution
•Digital-first expansion
•Loyalty penetration
•Strategic initiatives align to lift performance - best evidenced
by 19% productivity increase over the last three years
•Brilliance by Michael Hill membership increases 70% to 1.7m
•Successful transition to new global headquarters:
•State of the art distribution technology
•Upgraded artisanal manufacturing workshop
•Attract and retain high calibre talent
•Execution of new growth initiatives gathering pace

FY20H1 Financial Snapshot
•Record H1 revenue with growth of $36m
•Record H1 gross profit up $24m
•Elevated gross margin maintained
•Record H1 comparable EBIT up 6%
•Healthy cash position, having deployed cash to
support higher dividends and share buy-back
•Strategic investment in inventory to support
elevated sales
•Record interim dividend of AU4.0 cents per share
5
FY23H1FY22H1Change
Revenue$363m
$327m+11%
Gross Profit$237m$213m+11%
Gross Margin 65.2%65.1%+10bps
Comparable EBIT $54.5m$51.6m+6%
Inventory
$198m
$176m+$22m
Cash$79m$99m-$20m
Interim DividendAU4.0cAU3.5c+14%
EPS 9.77c9.56c+2%
Store Network282285-3
FY23H1 Group Results

FY20H1 Financial Snapshot
6
FY23H1 Key Performance Insights

7
Australia (AUD)
FY23H1FY22H1FY21H1FY20H1
Change to
FY22H1
Change to
FY20H1
Revenue191m162m175m174m
+18%
+9%
Gross profit123m105m108m104m
+18%
+18%
Gross margin64.4%64.7%61.4%59.9%
-30bps
+450bps
Segment Comparable EBIT38.4m33.5m35.3m22.7m
+14.7%
+69.5%
Comparable EBIT as a % of revenue20.2%20.7%20.2%13.0%
-2%
+55%
Store network148150154164
-2
-16
FY23H1 Australia Segment Results
•Record H1 revenue and comparable EBIT result
•Elevated margin maintained, up 450 bps on pre-pandemic
levels
•ATV continues to lift, validating the aspirational brand
journey
•Productivity lifted by 21% since FY20H1

8
New Zealand (NZD)
FY23H1FY22H1FY21H1FY20H1
Change to
FY22H1
Change to
FY20H1
Revenue76m67m69m70m+14%+9%
Gross profit48m43m42m41m+12%+16%
Gross margin62.6%63.5%61.1%58.8%-90bps+380bps
Segment Comparable EBIT17.0m18.6m19.1m14.5m-8.2%+18.0%
Comparable EBIT as a % of revenue22.4%27.7%27.6%20.7%-19%+8%
Store network48494952-1-4
FY23H1 New Zealand Segment Results
•Record H1 revenue
•Elevated margins maintained, up 380bps on pre-pandemic
levels
•Highest average transaction value of all segments
•Incremental security cost impact on EBIT
•Productivity lifted by 18% since FY20H1

9
Canada (CAD)
FY23H1FY22H1FY21H1FY20H1
Change
to FY22H1
Change
to FY20H1
Revenue92m93m75m80m-1%+15%
Gross profit59m60m46m47m-2%+27%
Gross margin64.3%64.6%61.5%58.2%-30bps+610bps
Segment Comparable EBIT18.5m22.2m12.0m7.9m-16.5%+133.5%
Comparable EBIT as a % of revenue20.1%23.9%16.0%9.9%-16%+103%
Store network86868687--1
FY23H1 Canada Segment Results
•Strong sales performance, comping record prior year.
•Elevated margins maintained, up 610bps on pre-pandemic
levels
•ATV continues to lift, validating the aspirational brand journey
•Normalisedcosts return following pent-up demand in prior
year
•Productivity has lifted by 17% since FY20H1

10
Outlook
•Putting the significant and sustained NZ
weather events to one side, sales for the first
eight weeks of FY23H1 are in-line with
expectations
•On the basis that retail trading conditions do
not materially deteriorate, the Company
anticipates full year comparable EBIT will be
ahead of prior year.

Strategy Update - Emphasis on Growth
Brand & Loyalty
Modern, differentiated, omni-channel jewellery brand
with loyal customers
New Territories &
Services
New markets, new channels & new service propositions
Digital &
Omni-channel
Omni-first, digital-led & channel agnostic
Elevated yet accessible, with diamonds at our core
Product Evolution
11
“the jeweller that cares”
Sustainability
Cost Conscious
Culture
Unwavering focus on costs
Retail
Fundamentals
Elevated productivity & customer experience

Marking the moments that create
the story of our lives
Elevated emotive brand-led campaigns
Emphasis on craftmanship, quality & sustainability
Relentless focus on creative & visual excellence
Elevated, modern & accessible product
Diamonds at our core
Increasing ATV demonstrates brand elevation,
up 28% over four years
12
Brand and Product Elevation

13
Over 1.7 million loyalty members
Increased focus on customer segmentation and
personalisation
Targeted AI and data insights
Loyalty members are significantly more valuable
Loyalty members represent ~82% of sales
New programs and events for members launched in
FY23H1
Leveraging of Loyalty Program
Your love for jewellery rewarded
Member ATV
vs
non-member ATV
+122%
1.7m
82%

14
Retail Productivity & Store Investment
Elevating productivity & retail execution
Productivity up 19% since FY20 and up in all markets
Focus on in-store experience, delivering increased
customer engagement
Dynamic rostering driving more productive labour
Elevated visual merchandising resulting in
increased shopfront conversion
Significant investment in store network with more
than 40 stores refreshed
NEED A NEW
ONE
+19%
+17%
+18%
+21%

Omni-first, digital-led & channel agnostic
Expansion of core DTC channels, omni now embedded into stores,
with customers embracing the aspirational brand journey
Marketplaces – growth in existing & new geographies
Early insights from THE BAY validate Quebec opportunity
Ramping up virtual selling capabilities across all stores globally
International shipping, with SEM now being tested in 2 markets
Pure-play Medley delivers 53% year-on-year sales growth
15
Digital Growth Initiatives
>49%

16
New Revenue Streams
Launching circular economy offering re:new, encompassing:
•Digitally-enabled gold recycling platform, driving incremental sales in-store
•Launching a diamond upgrade program
•Reimagining and expansion of jewellery repair business
Development of a new digitally-led bespoke diamond jewellery brand
Introducing third-party jewellery insurance and replacement solutions for
customers

17
Capital Management Framework
Dividend Policy
50% - 75% adjusted NPAT
Current intention to deliver at
the higher end of the range
Organic Growth
~$25m to $30m annual spend
Organic
+
Investment
New markets & channels via
digital platforms
Launch of new revenue
streams
Capital
Investment
Opportunities
Share buy-back
Continue to pursue acquisition
opportunities across the fine
jewellery sector in our existing
markets
Record interim dividend of AU4.0 cps
On-market share buy-back resulting in 8.63m shares
acquired at a cost of $10.2m, representing 2.2% of share
capital
Cash reserves retained for deployment into new organic
growth and acquisition opportunities

Q & A
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Appendices

20
Appendix A: Bridge from Comparable EBIT to Statutory EBIT
(AUD million)FY23H1FY22H1
Comparable EBIT54.551.6
Impact of AASB16 Leases4.83.7
Impact of IFRIC SaaS-related guidance-0.5-2.3
Government grants received (AU, NZ, CA)-2.8
Statutory EBIT58.855.8
Calculated as follows:

21
Appendix B: AASB16 Leases & SaaS Impact
(AUD million)
FY23H1
Stat
Impact of
AASB16 & SaaS
FY23H1
pre-adjustments
FY22H1
pre-adjustments
Change
pre-adjustments
Revenue363.4-363.4327.1+11.1%
Cost of sales-126.5--126.5-114.2+10.8%
Gross profit236.9-236.9212.9+11.3%
Employee benefits expense-88.5-1.0-87.5-75.3+16.1%
Occupancy costs-5.325.4-30.7-27.5+11.7%
Marketing expenses-28.5--28.5-23.4+21.6%
Selling expenses-11.7--11.7-9.3+25.8%
Other income/(expenses)-15.6-2.4-13.2-14.1-6.1%
EBITDA87.322.165.363.3+3.2%
Depreciation and amortisation
expenses
-28.6-17.8-10.7-8.9+21.6%
EBIT58.84.354.554.4+0.2%
Interest income0.2-0.2--
Finance expenses-4.7-4.2-0.5-0.4+29.1%
Profit before tax54.30.154.254.0+0.3%