Trading Update and Investor Day Presentation

KMD BRANDS LIMITED W kmdbrands.com


KMD Brands Limited
ASX / NZX announcement

18 May 2023

KMD Brands continues strong sales growth in Q3


KMD Brands Limited (ASX/NZX: KMD, “KMD” or the “Company”) is pleased to provide the following
trading update for the quarter ending 30 April 2023 (Q3 FY23):

• Sales growth across all brands continued in Q3 FY23
• Gross margin remained resilient through the quarter
• The key fourth quarter (“Q4”) winter trading period for Kathmandu, and Northern Hemisphere
summer for Rip Curl and Oboz remains


Q3
FY23
YTD
FY23
TOTAL SALES GROWTH
3 months
Feb 23 to
Apr 23
9 months
Aug 22 to
Apr 23
Rip Curl 7.9% 15.0%
Kathmandu 11.3% 36.0%
Oboz 120.3% 122.7%
Group 15.6% 27.7%


Commenting on the Q3 trading update, Group CEO & Managing Director Michael Daly said:

“We are pleased to report that Rip Curl, Kathmandu, and Oboz have achieved another quarter of year-
on-year sales growth. We now begin our key Kathmandu winter and Northern Hemisphere summer
trading periods. The Group is well positioned to benefit from the return of international travel and
tourism and is continuing to invest in the long-term international expansion of our brands.”

This announcement has been authorised for release to NZX / ASX by the Board of Directors of KMD
Brands Limited.
- ENDS -

For further information, please contact:

Investors
Eric Kuret, Automic Markets
P: +61 417 311 335
E: eric.kuret@automicgroup.com.au
Media
Carla Webb
Head of Communications, KMD Brands
P: + 61 4 22 991 654
E: carla.webb@kmdbrands.com

---

INVESTOR DAY
2023
18 MAY 2023

TODAY’S AGENDA
1. INTRODUCTION
2. GROUP STRATEGY
3. GROUP FINANCIALS
4. BUILDING GLOBAL BRANDS
5. ELEVATE DIGITAL
6. LEVERAGING OPERATIONAL EXCELLENCE
7. LEAD ESG
8. SUMMARY & QUESTIONS
INVESTOR DAY 2023
3

INTRODUCTION
SECTION 1
David Kirk
Chairman
INVESTOR DAY 2023 | INTRODUCTION
4

OWNER OF
LEADING GLOBAL
OUTDOOR BRANDS
INVESTOR DAY 2023 | INTRODUCTION
5

INVESTOR DAY 2023 | INTRODUCTION
6

INVESTOR DAY 2023 | INTRODUCTION
7

INVESTOR DAY 2023 | INTRODUCTION
8

OUR TEAM
MICHAEL DALY
Group Chief Executive Officer
21 years with business
MATHIEU LEFIN
President KMD Brands Europe
14 years with business
LACHLAN FARRAN
Chief Commercial Officer
15 years with business
LINDA BARLOW
Chief Human Resources Officer
9 years with business
FRANCES BLUNDELL
Chief Legal & ESG Officer
6 years with business
JOLANN VAN DYK
Group Chief Information Officer
9 years with business
AMY BECK
President Oboz and
KMD Brands North America
4 years with business
CHRIS KINRAID
Group Chief Financial Officer
9 years with business
BROOKE FARRIS
Rip Curl Chief Executive Officer
13 years with the business
INVESTOR DAY 2023 | INTRODUCTION
9

Michael Daly
Managing Director and Group CEO
GROUP STRATEGY
SECTION 2
INVESTOR DAY 2023 | GROUP STRATEGY
10

PURPOSE
Inspiring people to
explore and love
the outdoors
INVESTOR DAY 2023 | GROUP STRATEGY
11

VISION
To be the leading family
of global outdoor brands
- designed for purpose,
driven by innovation, best
for people and planet
INVESTOR DAY 2023 | GROUP STRATEGY
12

VIDEO PLAYING AT THE LIVE EVENT
INVESTOR DAY 2023 | GROUP STRATEGY
13

B CORP CERTIFIED
KMD BRANDS HAS ACHIEVED B CORP CERTIFICATION
•In 2019, Kathmandu made history as one of the first significant
apparel brands in ANZ to become B Corp certified
•In 2023, Rip Curl and Oboz have achieved certification as well as
the Rip Curl wetsuit factory OnSmooth in Thailand. The Kathmandu
brand achieved re-certification with major improvements that were
commended by B Lab
•KMD Brands is one of the first multinational companies in ANZ to
be certified in its entirety, and one of only 45 listed businesses
globally (out of 6,000+ B Corps)
•B Corp Certification is a significant achievement for KMD Brands
because our business and brands have been independently verified
to meet globally recognised high standards of social and
environmental performance, public transparency and legal
accountability
•This globally recognised certification demonstratescommitment to
leading inESG​ and is a significant achievement for a company of
our size, complexity and scale
INVESTOR DAY 2023 | GROUP STRATEGY
14

TOTAL ADDRESSABLE MARKET
OUTDOOR
US$40B
*1
SURF
US$8B
*1
1.Statista and internal company estimates, including GIA report 2019
INVESTOR DAY 2023 | GROUP STRATEGY
15
Outdoor and Surf are segments of a significantly larger global outerwear and footwear market

DELIVERING VALUE
GLOBAL BRANDS
Iconic global outdoor brands,
diversified by channels,
geographies, products,
and seasons
Shared group support functions:
centres of excellence,
implementing common
platforms, and leveraging scale
across brands
FINANCEHRCOMMERCIALLEGALESGSYSTEMS
GROUP FUNCTIONS
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16

REGIONAL DIVERSIFICATION
We operate over 300 stores globally, and our brands are sold in over 8,500 locations
NORTH AMERICA
~$240m Sales
32 Owned Stores
20 Licensed Stores
+4,000 Wholesale Doors
Global office locations
AUSTRALASIA
~$700m Sales (~80% Australia)
266 Owned Stores
52 Licensed Stores
+900 Wholesale Doors
ASIA
~$40m Sales
72 Licensed and JV stores
+600 Wholesale Doors
EUROPE
~$100m Sales
22 Owned Stores
16 Licensed Stores
+2,200 Wholesale Doors
SOUTH AMERICA
~$20m Sales
5 Owned Stores
105 Licensed Stores
+800 Wholesale Doors
AFRICA / MIDDLE EAST
35 Licensed Stores
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17

STRATEGIC PILLARS
BUILD GLOBAL
BRANDS
Expand global footprint and
invest in world class brand and
customer experiences
ELEVATE
DIGITAL
Invest in Group digital
platforms to deliver a truly
world-class experience to
consumers, wholesale
customers, suppliers, and
our employees
LEVERAGE
OPERATIONAL
EXCELLENCE
Deliver operational excellence
to all brands across shared
group support functions
LEAD IN
ESG
Lead in environmental, social
and governance through
transparency and
accountability, focusing on our
pillars of Communities, Climate,
and Circularity
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OUR ADVANTAGE
BRANDSiconic global outdoor brands
DIVERSIFIEDby channels, geographies, products, and seasons
PRODUCTSinnovative products designed for a purpose
CONSUMERSloyal, active consumers
TEAMengaged and talented team
ESGbenefit mindset and leadership in ESG
WELLPOSITIONEDTOSUCCEEDINAN
UNCERTAINECONOMICENVIRONMENT
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SECTION 3
Chris Kinraid
Group CFO
GROUP FINANCIALS
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20

A HISTORY OF GROWING ORGANICALLY
AND THROUGH ACQUISITION
1.Underlying EBITDA excluding the impact of IFRS 16 leases
2.FY21 includes $21m net government wage assistance
409.4
425.6
445.3
497.4
538.9
801.5
922.8
979.8
1,120.4
FY15FY16FY17FY18FY19FY20FY21FY22Jan 23
Rolling 12 months
SALES BY BRAND (NZ $m)
KathmanduObozRip Curl
47.1
64.8
70.8
89.8
98.4
83.4
109.5
92.0
127.1
FY15FY16FY17FY18FY19FY20FY21FY22Jan 23
Rolling 12 months
GROUP UNDERLYING EBITDA (NZ $m)
*1,2
~13% CAGR OF SALES AND EBITDA
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RESILIENCE THROUGH DIVERSIFICATION
Rip Curl
52%
Kathmandu
40%
Oboz
8%
By
Brand
Retail
59%
Online
10%
Wholesale
30%
Licensing /
Royalties1%
By
Channel
Australia
53%
New
Zealand
11%
North
America
21%
Europe
9%
Rest of World
6%
By
Region
ROLLING 12 MONTH SALES MIX TO JAN 23
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22

GROUP REFINANCE COMPLETED
NZ$310m SUSTAINABILITY LINKED REVOLVING FACILITY SYNDICATION COMPLETED
•High quality, diverse funding group secured, consisting of major Australian banks and international liquidity providers
•Increased to 3.5-year tenor, providing significant liquidity head room and funding security
•100% revolving facility, removal of term debt facility to reduce gross borrowing and interest costs
•Covenants remain unchanged, 2.5 Net Debt to EBITDA (ex IFRS16 ), and FCCR above 1.5x
SUSTAINABILITY COMPONENTS
•Sustainability aspect of the new facility is underpinned by material metrics and targets of the Group such as reducing greenhouse gas emissions,
continued B Corp certification, and improving transparency around the wellbeing and labour conditions of workers in the supply c hain
•Achievement of these targets is linked to the borrowing costs of the facility
•The sustainability linked KPIs are unique to KMD Brands, build on the original targets set in 2021 and are fully aligned to the Group’s continued
commitment to its ESG goals
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DIVIDEND HISTORY
~$135m
DIVIDENDS
DECLARED
FY19 - FY23
FORWARD TARGET PAYOUT RATIO
50% TO 70% OF NPAT
9.0
0.0
14.2
21.3
21.3
27.2
-
21.3
21.3
36.2
-
35.5
42.5
FY19FY20FY21FY22FY23
DIVIDENDS DECLARED (NZ $m)
InterimFinal
DIVIDENDS DECLARED (NZ cents per share)
Interim
4.0-2.03.03.0
Final
12.0-3.03.0
Total16.0-5.06.0
COVID
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24

DISCIPLINED STRATEGIC CAPITAL INVESTMENTS
RETAIL BRICKS AND MORTAR
•Kathmandu store roll out ~12
stores annually
•Rip Curl additional stores ~10
stores annually over 3 years
•Ongoing refurbishment to Brand
standards
DIGITAL
•Continued system consolidation
to finalise Rip Curl integration
•Supply chain investment to
support synergies
•Simplification of E-Commerce
platforms
CUSTOMER
•Ongoing roll-out of Loyalty
platform
•Online and CX enhancements
•Personalisation and data analytics
EXPECT TO MAINTAIN CURRENT CAPITAL INVESTMENT LEVELS
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25

CAPITAL ALLOCATION
~$300M
CUMULATIVE
FREE CASH
FLOW
FY24 - FY26
DIVIDENDS
•Payout ratio range 50-70% of NPAT
depending on capital requirements
CAPITAL RETURN
•Where excess capital and leverage
targets maintained, special dividends
and buybacks to be considered
LEVERAGE RATIO
•Maintain conservative net debt to
EBITDA ratio between 0.0x to
0.5x (cash neutral position)
FREE CASH FLOW GENERATION TO ENABLE ORGANIC
INVESTMENT IN BRANDS, FUTURE M&A ACTIVITY AND
RETURN OF CAPITAL TO SHAREHOLDERS
ORGANIC INVESTMENT AND M&A
•Maintain current capital
investment levels
•Assess M&A opportunities as they
arise
TARGET
~$300m
CUMULATIVE
FREE CASH
FLOW
FY24 - FY26
INVESTOR DAY 2023 | GROUP FINANCIALS
26

Q3 FY23
TRADING UPDATE
TOTAL SALES
GROWTH
Q3
FY23
YTD
FY23
3 months
Feb 23 to
Apr 23
9 months
Aug 22 to
Apr 23
Rip Curl7.9%15.0%
Kathmandu11.3%36.0%
Oboz120.3%122.7%
Group15.6%27.7%
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27
•Sales growth across all brands continued in Q3
•Gross margin remained resilient in Q3
•We now begin the key Kathmandu winter and Northern Hemisphere
summer trading periods
•The Group is well positioned to benefit from the return of international
travel and tourism and is continuing to invest in the
long-term international expansion of our brands

Michael Daly
Managing Director and Group CEO
SECTION 4
BUILDING GLOBAL
BRANDS
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GLOBAL BRANDS
HOW WE SUCCESSFULLY BUILD GLOBAL BRANDS
•Clear purpose and vision for our brands
•A motivated, engaged and talented team
•Strong foundations built around activities / sports
•Deep understanding of our customer needs
•Positive and enhanced customer experiences in store and online
•Products designed for a purpose, life in the outdoors
•Leading with innovative products
•A multi channel approach: Wholesale, Retail, Online
•Benefit mindset
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Brooke Farris
Rip Curl CEO
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To provide an environment where our crew can live
their Search and feel the spirit of surfing in their
work. And, to create innovative, functional and
durable products for The Search.
OURPURPOSE
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“TO BE REGARDED IN ALL THAT WE DO AS THE
ULTIMATE SURFING COMPANY...”
OURVISION
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AUSTRALIA
Number 1 Brand
USA
Top 6 Brand
E
UROPE
Clear Number 2 Brand
S
MALLREGIONS
&LICENSEES
Number 1 Brand
OURREGIONS
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1.FY19 includes management results for Rip Curl pre-acquisition
2.FY20 includes management results for Rip Curl for the three months pre-acquisition, plus nine months post-acquisition
SALESHISTORY
489
437
490
537
585
FY19FY20FY21FY22Jan 23
Rolling
12 months
TOTAL SALES (NZ $m)
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HIGHLIGHTS
VIDEO PLAYING
AT THE LIVE
EVENT
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1.BRAND2.PRODUCT3.CHANNEL4.GEOGRAPHIES
GROWTHINITIATIVES
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1.BRAND
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37

RESPECTFORTHE
ENVIRONMENT
IN WHICH WE SEARCH.
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38

CLUBRIPCURL
THE LARGEST AND MOST ENGAGED SURF AND BEACH COMMUNITY ON THE PLANET
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39

CONSUMERDRIVEN
CONTENT
VIDEO PLAYING
AT THE LIVE
EVENT
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HIGHPERFORMANCE
WSL WORLD TOUR
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41

2.PRODUCT
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42

PRODUCT
QUALITY
CREATIVITY
INNOVATION
SUSTAINABILITY
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43

BESTATCATEGORIES
WETSUITS
BOARDSHORTS
SWIM
TIDEWATCHES
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44

PRODUCTINFOCUS
WOMENSKIDSWINTER
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45

WOMEN
INFOCUS
Design Products with Purpose
Elevate and Expand Wholesale
Create Inclusive Content
Open Women's Stores
Cultivate Culture and Leadership
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LEADININNOVATION
MIRAGEACTIVATE
THEONE
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47
FUSION

INNOVATIONROAD MAP
2023 — 2025
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48

SEARCHGPS
AN EVOLUTION OF A REVOLUTION
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49

APPLE WATCH APP
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50

RIP CURL SEARCH GPS VIRTUAL PRO
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51

VIDEO PLAYING AT THE LIVE EVENT
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3.CHANNEL
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SALESMIXBYCHANNEL
Retail Stores
49%
Online
3%
Wholesale
46%
Licensing / Other
2%
FY19
Retail Stores
49%
Online
6%
Wholesale
43%
Licensing / Other
2%
ROLLING
12 MONTHS
JAN 23
1.FY19 includes management results for Rip Curl pre-acquisition
RIPCURL
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MULTI-CHANNEL
EXCELLENCE
WHOLESALE
DIRECTTO
CONSUMER
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DIRECTTOCONSUMER
* As at 31 January 2023 * Other includes Middle East, Africa, Argentina, Chile and South Pacific
Operated by Rip CurlANZNAEUJAPAN BRAZIL THAILAND OTHER TOTAL
Rip Curl Flagship512519196
Rip Curl Outlets1573429
Multi Brand4545
Ecommerce211116
Sub- Total *11333231600176
Operated by PartnersANZNAEUJAPAN BRAZIL THAILAND OTHER TOTAL
Licensed172016201197271
Joint Venture2929
Sub-Total *17201602030197300
TOTAL STORES *130533912630197476
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EXPANDING
DIRECTTO
CONSUMER
Global Implementation of Club Rip Curl
Launchand Leverage Unified Commerce
Launch Marketplace
Website Upgrade and CX Enhancements
Expansion of Flagship Stores
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58
RETAIL
Airports, Beach, Wave Pools and Women's Stores
Strategic, Productive and Sustainable Ozmosis
10 New Stores per Year
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EXPANDING
DIRECTTO
CONSUMER

59
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59
Focus on Most Valuable Partner Accounts
Target Category Growth Opportunities
Open New Wholesale Doorways
Open Licensed Stores with Key Partners
GROWING
WHOLESALE

GROWINGWHOLESALE
SHOP IN SHOP BUILDOUTS
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4.GEOGRAPHIES
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Australia
42%
New Zealand
2%
North America
22%
Europe
16%
Rest of World
18%
FY19
Australia
44%
New Zealand
2%
North America
25%
Europe
17%
Rest of World
12%
ROLLING
12 MONTHS
JAN 23
1.FY19 includes management results for Rip Curl pre-acquisition
SALESMIXBYGEOGRAPHY
RIP CURL
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63
New Leadership
Grow in Core Specialty Stores
Expand License Stores: Airport, Mexico and
Central America focus
Hawaii Retail Expansion
Re-Launch Amazon Marketplace
Be Bold and Brave with our Products
NORTH
AMERICA

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Explore New Product Licensing Opportunities
Identify New Licensees, Champion Our Existing Ones
A Stronger Indonesia and Thailand
Explore New Countries for Retail Expansion
Grow Our European Marketplace Presence
Test Company Owned Retail in Brazil
GLOBAL

METRICSTHATMATTER
BCORP
CERTIFIED
10NEWSTORES
PERYEAR
ONLINE25%
OFDTC
WOMENS
50/50
18%
WORKING
CAPITAL
1MILLIONCLUB
RIPCURL
MEMBERS
15%
EBITDA
TOP3NORTH
AMERICA
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WORLD'SNUMBER1
SURFBRAND
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66

Michael Daly
Kathmandu CEO
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67

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68
OUR PURPOSE
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68

It’s a truly global vision. To strive
for somethin g t his amb it ious, we’ll
need themostcourageous, joyful,
openpeoplealong for the ride.
We’ll need to design our little
hearts out, we’ll nee d to challen ge
convention and be a little more
out there. We’ll need to come
together andmakeit happen.
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KATHMANDU SALES
PERFORMANCE
409
426
445
481
475
429
357
382
447
FY15FY16FY17FY18FY19FY20FY21FY22Jan 23
Rolling
12 months
SALES HISTORY (NZ $m)
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GROWTH INITIATIVES
71
1
BRANDPRODUCT
2
CHANNEL
34
GEOGRAPHIES
71
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1. BRAND
72
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Outdoor
Enthusiasts
18
%
Social
Butterflies
12
%
Outdoor
Athletes
14
%
Experience
Seekers
11
%
% of market (ANZ)
Balance
Seekers
45
%
REFINING OUR CORE TARGET FOCUS
73
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TARGET
CUSTOMER
OutdoorEnthusiasts
LEISUREACTIVEPERFORMANCESPECIALIST
MOUNTAIN
TERRA
URBAN
18-3435-4950+
SOCIAL
RESTORATIVE
ENDURANCE
“I’m constantly thinking about my place in the world. I want to have an
impact beyond my own life.”
“Going outdoors helps me reflect, to slow down and take stock of
everything.”
“I feel calmed by fresh air so I’ll do anything from Kayaking to hiking in
the wilderness. I like to get out of the city at weekends in particular.”
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Outdoor Active
HIKEACTIVE
JOURNEY

Connecting with the Outdoors
COMMUNITYPARTNERSHIPS
AMBASSADORS
COMMUNITY

OUT THERE REWARDS
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VIDEO PLAYING AT THE LIVE EVENT
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2. PRODUCT
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79

KEY PRODUCT CATEGORIES
INSULATION
BOTTOMS
PACKS
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PRODUCT INNOVATION
2021
2022
AUTUMN21
BIOFLEECELAUNCH
WINTER22
BIODOWNLAUNCH
(ISPOAWARD)
2023
UPF50+
PEPPERMINT
SUN-SCOUT
2023
HELIR
DIGITALPRODUCTID
2023
CARILLONSHIRT
HOLLOWFIBER
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BRINGING PRODUCT
INNOVATION TO LIFE

BREADTH OF OFFER
Core Customer
Fringe
Fringe
Reset of core lines to reduce SKU volume and align
ranges more to current customer
Balance of seasonal range to ensure sustainable stock
management whilst providing a better experience for
core products through availability
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3. CHANNEL
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CHANNEL MIX
Retail
Stores
90%
Online
10%
FY19
Retail
Stores
84%
Online
16%
ROLLING
12 MONTHS
JAN 23
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RETAIL
168
165
160
155155
Jul 19 Jul 20 Jul 21 Jul 22Jan 23Target
Kathmandu Retail Store Count
~200
>>
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• Opportunity to increase retail store penetration in Australasia

ONLINE
Over the last 9 months we have doubled down on user
experience and customer centricity by implementing:
• Fully personalised product pages and recommendations for
every single customer to drive engagement and revenue
• Shoppable user generated content to further increase brand
trust and authenticity
• A new Kathmandu blog
• Optimised site speed to make platform quicker and more
reliable
• EON digital ID and carbonclick to support our sustainability
goals
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WHOLESALE
Jan 23
6 months
Target
~100
1.4
>>
Kathmandu International Sales (NZ $m)
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• Assessment of focus markets this year, before
accelerating execution

4. GEOGRAPHIES
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INTERNATIONAL
EXPANSION
INVESTOR DAY 2023 | BUILDING GLOBAL BRANDS| KATHMANDU
90

VIDEO PLAYING AT THE LIVE EVENT
INVESTOR DAY 2023 | BUILDING GLOBAL BRANDS| KATHMANDU
91

•Kathmandu Opportunities; Same store growth (less breadth, more depth), New Stores, Online
penetration/Marketplaces.
METRICS THAT MATTER
B CORP
CERTIFIED
20%
EBITDA
GROW TO
200 STORES
$100M
INTERNATIONAL
REVENUE
NEW LOOK AND
FEEL STORE
CONCEPT
15%
WORKING
CAPITAL
ONLINE 25%
OF DTC
RE-LAUNCH
LOYALTY
INVESTOR DAY 2023 | BUILDING GLOBAL BRANDS| KATHMANDU
92

Amy Beck
President Oboz and KMD Brands North America
INVESTOR DAY 2023 | BUILDING GLOBAL BRANDS| OBOZ
93

INVESTOR DAY 2023 | BUILDING GLOBAL BRANDS| OBOZ
94

INVESTOR DAY 2023 | BUILDING GLOBAL BRANDS| OBOZ
95

VIDEO PLAYING AT THE LIVE EVENT
INVESTOR DAY 2023 | BUILDING GLOBAL BRANDS| OBOZ
96

INVESTOR DAY 2023 | BUILDING GLOBAL BRANDS| OBOZ
97
SUPPLY
CHAIN
IMPACTS

INVESTOR DAY 2023 | BUILDING GLOBAL BRANDS| OBOZ
98

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99

INVESTOR DAY 2023 | BUILDING GLOBAL BRANDS| OBOZ
100

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101

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102

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103

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104

INVESTOR DAY 2023 | BUILDING GLOBAL BRANDS| OBOZ

INVESTOR DAY 2023 | BUILDING GLOBAL BRANDS| OBOZ
106

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107

INVESTOR DAY 2023 | BUILDING GLOBAL BRANDS| OBOZ
108

INVESTOR DAY 2023 | BUILDING GLOBAL BRANDS| OBOZ
109

INVESTOR DAY 2023 | BUILDING GLOBAL BRANDS| OBOZ
110

INVESTOR DAY 2023 | BUILDING GLOBAL BRANDS| OBOZ
111

INVESTOR DAY 2023 | BUILDING GLOBAL BRANDS| OBOZ
112

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113

INVESTOR DAY 2023 | BUILDING GLOBAL BRANDS| OBOZ
115

ELEVATE DIGITAL
SECTION 5
Michael Daly
Managing Director and Group CEO
INVESTOR DAY 2023 | ELEVATE DIGITAL
116

Digital platforms
E-Commerce and
Marketplaces
Unified commerce
Data insights and
analysis
Loyalty and
Personalisation
ELEVATE DIGITAL
FOCUS AREAS
•Key opportunity to accelerate global brand growth
•Platforms are being put in place, with focus shifting to
online trading and execution
•Significant potential for all brands to expand loyalty and
personalisation using data insights
•Provide consumers the choice to interact with our brands
in a seamless and effortless omni-channel experience
INVESTOR DAY 2023 | ELEVATE DIGITAL
117

E-COMMERCE
41.6
57.1
65.4
105.9
92.0
109.6
108.5
6.0%
7.7%
8.9%
15.8%
14.7%
16.5%
14.1%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
-10.0
10.0
30.0
50.0
70.0
90.0
110.0
130.0
150.0
FY17FY18FY19FY20FY21FY22Jan 23
Rolling 12 months
ONLINE SALES (NZ $m)
Online sales% of DTC sales
1.DTC sales include all sales from retail stores, online sites and marketplaces
2.All years include a full twelve months of Kathmandu, Rip Curl, and Oboz online and total DTC sales for comparability over time, including pre-acquisition
ONLINE SALES ARE SIGNIFICANTLY ABOVE PRE-COVID LEVELS
•In the last twelve months, consumers have returned to shopping in stores. Our omni-channel offer supports this consumer choice
•Online sales have stabilised c. 66% above FY19 pre-COVID levels
•Online comprised 14.1% of direct to consumer (“DTC”) sales in the rolling 12 months to Jan 23
INVESTOR DAY 2023 | ELEVATE DIGITAL
118

E-COMMERCE BY BRAND
33.9
45.7
48.6
80.4
57.2
71.5
70.7
7.7%
9.6%
10.3%
18.8%
16.0%
18.7%
15.9%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0.0
20.0
40.0
60.0
80.0
100.0
120.0
FY17FY18FY19FY20FY21FY22 Jan 23
Rolling
12 months
KATHMANDU ONLINE SALES (NZ $m)
Online sales% of DTC sales
7.7
11.4
16.7
25.5
34.5
36.9
34.1
3.0%
4.3%
6.5%
10.6%
12.8%
13.0%
10.7%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0.0
20.0
40.0
60.0
80.0
100.0
120.0
FY17FY18FY19FY20FY21FY22 Jan 23
Rolling
12 months
RIP CURL ONLINE SALES (NZ $m)
Online sales% of DTC sales
0.0
0.3
1.2
3.6
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
FY20FY21FY22Jan 23
Rolling
12 months
OBOZ ONLINE SALES (NZ $m)
SIGNIFICANT E-COMMERCE OPPORTUNITIES
•Kathmandu is a more mature online business, supported by class leading
platforms
•Rip Curl has migrated global online platforms since acquisition, and has a
significant opportunity to accelerate online growth
•Oboz online trading site launched in FY21, with significant runway for growth
1.DTC sales include all sales from retail stores, online sites and marketplaces
2.All years include a full twelve months of Kathmandu, Rip Curl, and Oboz online and total DTC sales for comparability over time, including pre-acquisition
INVESTOR DAY 2023 | ELEVATE DIGITAL
119

MARKETPLACES
MARKETPLACES TO SUPPLEMENT AND
ACCELERATE E-COMMERCE GROWTH:
•Greater international reach
•Consumer choice and convenience
•Cost-effective to launch
•Accelerate growth and brand recognition in new markets
•Additional channel for excess stock
INVESTOR DAY 2023 | ELEVATE DIGITAL
120

DIGITAL PLATFORMS
•Significant investment since Rip Curl acquisition in customer-facing, best
in class digital platforms to support unified commerce objectives
•Both Rip Curl and Kathmandu are utilising the full functionality of these
platforms in Australasia (over $500m DTC sales)
•Opportunity to further leverage this capability in Australasia
•Unlock economies of scale when rolling out to international regions
(particularly North America and Europe)
DIRECT TO CONSUMER
Full Unified Commerce Capability
E-commerce
Insights &
Personalisation
POS
INVESTOR DAY 2023 | ELEVATE DIGITAL
121

RIP CURL LOYALTY
GROUP TECHNOLOGY PLATFORMS FOR SUCCESS
•Industry-leading global technology platforms selected for unified customer
data and personalisation, enabling more targeted communication with the
Group’s most valuable customers
•For the first time, Rip Curl customers are connected to the Group’s loyalty
ecosystem, enabling a single view of the customer and personalised
communications
•Provides scale, leveraging the same technology platforms currently being
used to manage Kathmandu’s 2 million active loyalty members
CLUB RIP CURL LAUNCH
•Launched first in Australia and New Zealand in Sep 22, with ~170,000
members acquired to date
•Rollouts for Europe, USA and Canada to come
•Integration of loyalty with product ecosystem: earn points when you shop
and when you surf, by connecting the Search GPS Watch to your
membership account
INVESTOR DAY 2023 | ELEVATE DIGITAL
122

KATHMANDU LOYALTY
KATHMANDU HAS AN ACTIVE AND ENGAGED CUSTOMER BASE
•2 million active Summit Club members
•c. 70% of Kathmandu sales are from Summit Club members
•Summit Club members spend over 20% more per transaction than non-
members
•Net Promoter Score 73 across all customer groups
LOYALTY RE-LAUNCH
•Kathmandu loyalty programme will be re-launched in Spring 2023,
with an exciting new offer
INVESTOR DAY 2023 | ELEVATE DIGITAL
123

OTHER DIGITAL
INITIATIVES
OPPORTUNITIES TO FURTHER ENHANCE THE DIGITAL EXPERIENCE
•B2B platform roll out to all brands in all regions
•Complete unified commerce initiatives to further improve consumer experiences including:
•Membership
•Find In Store
•Gift Cards
•Instore Returns
•Click and Collect
•Ship from Store
•Ramp up data insights and analysis
•Increase group focus on execution of digital initiatives (currently brand-driven on group
platforms)
INVESTOR DAY 2023 | ELEVATE DIGITAL
124

METRIC THAT MATTERS
6.0%
7.7%
8.9%
15.8%
14.7%
16.5%
14.1%
25.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
FY17FY18FY19FY20FY21FY22Jan 23
Rolling
12 months
Long-term
Target
ONLINE % OF DTC SALES
1.DTC sales include all sales from retail stores, online sites and marketplaces
2.All years include a full twelve months of Kathmandu, Rip Curl, and Oboz online and total DTC sales for comparability over time, including pre-acquisition
LONG-TERM TARGET
~25%
INVESTOR DAY 2023 | ELEVATE DIGITAL
125

LEVERAGING
OPERATIONAL
EXCELLENCE
SECTION 6
Chris Kinraid
Group CFO
INVESTOR DAY 2023 | LEVERAGING OPERATIONAL EXCELLENCE
126

INTRODUCTION
SHORT-TERM TARGETS
7.8%
9.4%
11.3%
15.0%
Jan 22Jul 22Jan 23Target
EBITDA MARGIN
*2
% of sales
>>
20.4%
21.1%
21.8%
18.0%
Jan 22Jul 22Jan 23Target
WORKING CAPITAL
% of sales
>>
INVESTOR DAY 2023 | LEVERAGING OPERATIONAL EXCELLENCE
127
1.All charts show rolling 12 month historical results
2.Underlying EBITDA excluding the impact of IFRS 16 leases

DRIVING
MARGIN EXPANSION
SHORT-TERM
UNDERLYING EBITDA MARGIN
TARGET
~15%
OF SALES
INVESTOR DAY 2023 | LEVERAGING OPERATIONAL EXCELLENCE
128

EBITDA MARGIN TARGET
~1%
~3%
7.8%
9.4%
11.3%
~15%
Jan 22
Rolling
FY22Jan 23
Rolling
Gross Margin
Expansion
Operating Expense
Leverage
Target
UNDERLYING EBITDA MARGIN
*1,2
% of sales
>>
GROSS MARGIN EXPANSION driven by:
•Consolidation of suppliers
•Stabilised freight prices
•Reduced style / SKU counts
•Strong brands with continued pricing power
•High-low model evolution
OPERATING EXPENSE LEVERAGE driven by:
•Moderating marketing spend to c. 5% of sales
•Retail labour efficiency
•Continued strong cost discipline
•Group shared service synergies and efficiencies
•Leveraging growth
1.Rolling 12 month historical results
2.Underlying EBITDA excluding the impact of IFRS 16 leases
INVESTOR DAY 2023 | LEVERAGING OPERATIONAL EXCELLENCE
129

WORKING CAPITAL
MANAGEMENT
SHORT-TERM
WORKING CAPITAL
TARGET
~18%
OF SALES
INVESTOR DAY 2023 | LEVERAGING OPERATIONAL EXCELLENCE
130

WORKING CAPITAL TARGET
~3%
~1%
20.4%
21.1%
21.8%
~18%
Jan 22Jul 22Jan 23Inventory
Management
Trade Payables
Improvement
Target
WORKING CAPITAL
*1
% of sales
>>
INVENTORY MANAGEMENTdriven by:
•Return to pre-COVID buying timelines
•Reduction of wetsuit and Oboz strategic
stockholding
•More sophistication in demand planning
•Refined buying policies, with focus on depth of
core styles, and tighter breadth of offer
TRADE PAYABLES improvement driven by:
•Supply chain financing on major long-term
suppliers
•Ongoing improvement to supplier terms
INVESTOR DAY 2023 | LEVERAGING OPERATIONAL EXCELLENCE
131
1.Rolling 12 month historical results

FUNCTIONAL FOCUS
KEY OPPORTUNITIES
•Portfolio negotiation of leases
•Supply chain efficiency (distribution and sourcing)
•Freight consolidation
•Consolidation of purchasing power: inventory and non-inventory
•Rationalised operating systems
•Collective employer of choice
FINANCEHRCOMMERCIALLEGALESGSYSTEMS
Group Functions
INVESTOR DAY 2023 | LEVERAGING OPERATIONAL EXCELLENCE
132

METRICS THAT MATTER
~15%
UNDERLYING
~18%
WORKING
CAPITAL TO
SALES
SHORT-TERM
UNDERLYING EBITDA MARGIN
TARGET
~15%
OF SALES
SHORT-TERM
WORKING CAPITAL
TARGET
~18%
OF SALES
INVESTOR DAY 2023 | LEVERAGING OPERATIONAL EXCELLENCE
133

LEAD ESG
SECTION 7
Frances Blundell
Chief Legal & ESG Officer
INVESTOR DAY 2023 | LEAD ESG
134

OUR FOCUS AREAS
Communities
our people, our communities
Climate
science-based climate action
Circularity
circular business models
Transparency and
Accountability
INVESTOR DAY 2023 | LEAD ESG
135

Transparency
and accountability
136
INVESTOR DAY 2023 | LEAD ESG

B CORP –WHAT IS IT?
•All three brands, and KMD Brands itself, now B Corp certified
•B Corp certification underpins our ESG strategy –guides our direction on
best practice and provides a pathway for continuous improvement
•B Corp provides meaning by connecting us to a global movement
•Holistic - measures a company’s entire social and environmental impact
•Stringent standards of verified performance
•Different to other ESG frameworks – evaluates and validates performance
not just about reporting and disclosure
INVESTOR DAY 2023 | LEAD ESG
137

Communities
138
INVESTOR DAY 2023 | LEAD ESG

OURPEOPLE,OUR
COMMUNITIES
POSITIVELY IMPACT THE WELLBEING OF PEOPLE AND
PLACES IMPACTED BY OUR BRANDS
•Provide a people-centred culture and workplace that fosters
health, safety, wellbeing and inclusiveness
•Protect human rights and dignity by addressing modern slavery in
our value chain through collaboration and transparency
•Engage, inspire and protect the communities where we operate
and impact
INVESTOR DAY 2023 | LEAD ESG
139

INCLUSION
INVESTOR DAY 2023 | LEAD ESG
140
•Making formal commitments with recognised industry bodies to ensure
we include Indigenous peoples in our workforce; including Rip Curl’s
Reconciliation Action Plan (“RAP”) which has received formal approval
from Reconciliation Australia
•Continuing to create policies and initiatives that promote gender
diversity in all levels of management across Group, Brands and
Regions; including training around gender diversity and discrimination,
and annual gender diversity training across the Group and Brands
INCREASED REPRESENTATION IN EMPLOYMENT OF LOCAL
INDIGENOUS PEOPLES, PEOPLE FROM ETHNIC OR RACIAL
MINORITIES, AND GENDER DIVERSITY ACROSS
MANAGEMENT LEVELS

GENUINE TRANSPARENCY OF, AND EFFECTIVE WORKER
VOICE COMMUNICATIONS WITH, STRATEGIC SUPPLIERS
FOR EACH BRAND, INCLUDING:
Accountabilityto KMD Brands code of conduct
Transparency:
Tier 1
% increase year on year where worker voice survey tools are in
place
Tier 2
trace and publish the input suppliers of our strategic
tier 1 suppliers
WORKER WELLBEING
INVESTOR DAY 2023 | LEAD ESG
141

TRANSPARENCY: TRACING TIER 2 SUPPLIERS
Tier 1
Tier 2
FINISHED
PRODUCTS
Assembly and manufacture
of final products
FINISHED
PRODUCTS
MATERIAL
PRODUCTION
Fabric, Trim and other
components are produced
FINISHED
FABRIC
FINISHED
TRIM
Tier 3
RAW MATERIAL
PROCESSING
Raw materials are processed
into yarn and other
intermediate products
FINISHED
YARN
TRIM
MATERIALS
Tier 4
RAW MATERIAL
PRODUCTION
Extraction, farming, and/or
production of raw materials
FARM
OUTPUTS
RESOURCE
EXTRACTION
INVESTOR DAY 2023 | LEAD ESG
142

SUPPORTED LOCAL COMMUNITY PROJECTS, THROUGH DONATIONS, FUNDRAISING AND PAID EMPLOYEE TIME,
TO CREATE A POSITIVE IMPACT FOR THE WELLBEING OF PEOPLE AND PLANET
COMMUNITY OUTREACH
INVESTOR DAY 2023 | LEAD ESG
143

COMMUNITY TARGETS
An equitable, inclusive workplace representative of the diversity within our
communities including:
• 40:40:20 gender representation in leadership positions (board,
executive and management)
• Increased representation in employment of local Indigenous Peoples
and people from ethnic or racial minorities
Genuine transparency of, and effective worker voice communications
with, strategic suppliers for each brand
Support local community projects, through donations, fundraising and
paid employee time, to create a positive impact for the wellbeing of people
and planet
INVESTOR DAY 2023 | LEAD ESG
144

Climate
145
INVESTOR DAY 2023 | LEAD ESG

SCIENCE-BASED
CLIMATE ACTION
TRANSITION TO A LOW CARBON FUTURE
Reduce emissions in line with the Paris Climate Agreement goals
INVESTOR DAY 2023 | LEAD ESG
146

CLIMATE
HOW WE MEASURE OUR IMPACT
INVESTOR DAY 2023 | LEAD ESG
147

1
Initial screening
To determine if all
necessary information
is is provided and/or to
assess if the target
meets the basic criteria
Lead reviewer
desk review
Lead reviewer performs
the desk review to
assess the targets
against SBTi criteria
and sends queries if
needed
2
Appointed
approver review
Appointed approver
reviews the assessment
done by the lead
reviewer
3
Target validation
team discussion
Target validation team
discusses the target
and the desk review
completed by the lead
reviewer in a weekly
meeting
4
Communication
decisions and
feedback
For each assessment,
one target validation
report and a decision
letter will be delivered
within 30 working days
5
SCIENCE-BASED TARGETS APPROVED
INVESTOR DAY 2023 | LEAD ESG
148

CLIMATE TARGETS
• Reduced absolute scope 1 and 2 GHG emissions by a minimum of
47% by 2030, from a FY19 base year (4.2% per annum emissions
reduction)
• Reduced absolute scope 3 GHG emissions from purchased goods
and services, fuel and energy related activities, upstream
transportation and distribution, waste generated in operations, use of
sold products, end of life treatment of sold products, and investments
by a minimum of 28% by 2030 from a FY19 base year (2.5%
reduction per annum)
INVESTOR DAY 2023 | LEAD ESG
149

Circularity
INVESTOR DAY 2023 | LEAD ESG
150

CIRCULAR BUSINESS
MODELS
ELIMINATE THE LINEAR TAKE-MAKE-WASTE APPROACH
TO BUSINESS
•Foster and invest in circular business models across our businesses
•Increase responsible material content in our products
•Reduce the waste footprint created across our businesses
INVESTOR DAY 2023 | LEAD ESG
151

KATHMAN-REDU
• KATHMAN-REDU programme: apparel repair and re-commerce pilot
in select Victorian stores
• Helping to keep gear in use and out of landfill one stitch at a time
• We source it: all products are sourced directly from our supply chain or
returned to us by our customers
• We fix it: items are stitched, fixed and restored to their former glory by
skilled artisans at the Remote Repairs workshop
• We give it a new lease of life: find these carefully restored items
hanging back on the racks in selected stores
COMMERCIALISING CIRCULARITY
INVESTOR DAY 2023 | LEAD ESG
152

PRIORITIES & PROGRESS
•100% responsible wool standard (RWS) by
2025
•All polyester recycled or recyclable by 2030
•Prioritise biochemistry over petrochemistry in
innovation and performance development
•100% responsibly sourced cotton by 2026
•100% apparel and accessories in preferred
fibre materials by 2030
•75% of our wetsuit range using responsibly
sourced materials by 2030
•100% leather working group certified leather
uppers by 2023
•100% PFAS/PFC-free non-wicking treatments
and waterproof membranes by 2025
•Innovate in use of bio-based materials using a
minimum of 22% bio-based certified content in
upper materials and midsoles by 2030
DEDICATED TO OUR OWN-BRAND PRODUCTS BEING RESPONSIBLY SOURCED
INVESTOR DAY 2023 | LEAD ESG
153

CIRCULARITY
TARGETS
Commercialised brand-led circular business models for product take
back, renewal, repair, re-commerce or recycling
Dedicated to our own-brand products being responsibly sourced
Reduced operational and packaging waste including:
• Diversion of 90% of waste to landfill from our direct operations by
2030
• All primary and secondary packaging and promotional material is
recyclable or made using recycled materials by 2030
INVESTOR DAY 2023 | LEAD ESG
154

KMD Brands ESG Strategy
Our pillars
Our People, Our Communities
Positively impact the wellbeing of people and
places
impacted by our Brands
Science-based Climate
Action
Transition to a low carbon future
Circular business models
Eliminate the linear take-make-waste
approach to business
Our focus areas
•Provide a people-centred culture and
workplace that fosters health, safety,
wellbeing and inclusiveness
•Protect human rights and dignity by
addressing modern slavery in our value chain
through collaboration and transparency
•Engage, inspire and protect the communities
where we operate and impact
•Reduce emissions in line with the
Paris Climate Agreement goals
•Foster and invest in circular business models
across our businesses
•Increase responsible material content in our
products
•Reduce the waste footprint created across
our businesses
Our targets
An equitable, inclusive workplace representative
of the diversity within our communities
Genuine transparency of, and effective worker
voice communications with, strategic suppliers for
each Brand
Support local community projects, through
donations, fundraising and paid employee time,
to create a positive impact for the wellbeing of
people and planet
Reduce absolute Scope 1 and 2
emissions by a minimum of 47% by
2030, from a FY19 base year (4.2%
per annum emissions reduction)
Reduce absolute Scope 3
emissions(1) by a minimum of 28% by
2030 from a FY19 base year (2.5%
reduction per annum)
Commercialised brand-led circular business
models for product take back, renewal, repair, re-
commerce or recycling
Dedicated to our own-brand products being
responsibly sourced
Reduced operational and packaging waste
(1) from purchased goods and services, fuel and energy related activities, upstream transportation and distribution, waste generated in operations, use of sold products, end of life treatment of sold products, and investments
OUR ESG GOALS
INVESTOR DAY 2023 | LEAD ESG
155

Michael Daly
Managing Director and Group CEO
SECTION 8
SUMMARY AND
QUESTIONS
INVESTOR DAY 2023 | SUMMARY AND QUESTIONS
156

OUR ADVANTAGE
INVESTOR DAY 2023 | SUMMARY AND QUESTIONS
157
BRANDSiconic global outdoor brands
DIVERSIFIEDby channels, geographies, products, and seasons
PRODUCTSinnovative products designed for a purpose
CONSUMERSloyal, active consumers
TEAMengaged and talented team
ESGbenefit mindset and leadership in ESG
WELLPOSITIONEDTOSUCCEEDINAN
UNCERTAINECONOMICENVIRONMENT

STRATEGIC PILLARS
BUILD GLOBAL
BRANDS
Expand global footprint and
invest in world class brand and
customer experiences
ELEVATE
DIGITAL
Invest in Group digital
platforms to deliver a truly
world-class experience to
consumers, wholesale
customers, suppliers, and
our employees
LEVERAGE
OPERATIONAL
EXCELLENCE
Deliver operational excellence
to all brands across shared
group support functions
LEAD IN
ESG
INVESTOR DAY 2023 | SUMMARY AND QUESTIONS
158
Lead in environmental, social
and governance through
transparency and
accountability, focusing on our
pillars of Communities, Climate,
and Circularity

MEDIUM-TERM
SHORT-TERM
METRICS THAT MATTER
158
155155
Jan 22Jul 22Jan 23Target
KATHMANDU RETAIL STORE COUNT
~200
>>
7.8%
9.4%
11.3%
15.0%
Jan 22Jul 22Jan 23Target
EBITDA MARGIN
*2
% of sales
>>
1.All charts show rolling 12 month historical results
2.Underlying EBITDA excluding the impact of IFRS 16 leases
121.6
134.3
146.4
Jan 22Jul 22Jan 23Target
RIP CURL NORTH AMERICA SALES
NZ $m
~200
>>
1.7100.0
Jan 23Target
KATHMANDU INTERNATIONAL
SALES
NZ $m
~100
>>
20.4%
21.1%
21.8%
18.0%
Jan 22Jul 22Jan 23Target
WORKING CAPITAL
% of sales
>>
45.7
41.3
53.7
Jan 22Jul 22Jan 23Target
OBOZ SALES OPPORTUNITY
US $m
~100
>>
INVESTOR DAY 2023 | SUMMARY AND QUESTIONS
159

QUESTIONS
INVESTOR DAY 2023 | SUMMARY AND QUESTIONS
160

IMPORTANT NOTICE AND DISCLOSURE
This presentation prepared by KMD Brands Limited (the “Company” or the “Group”) (ASX/NZX: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 inthose 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 particularperson. 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 couldcause 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 eventsmay 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 statedand 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.
INVESTOR DAY 2023
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