Investor Presentation

FY24
RESULTS

DISCLAIMER
Certain statements in this report 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 Group). The words “targets”, “believes”, “expects”, “aims”, “intends”, “plans”, “seeks”, “will”, “may”, “might”, “anticipates”, “projects”,
“assumes”, “forecast”, “likely”, “outlook”, “would”, “could”, “should”, “continues”, “estimates” or similar expressions or the negatives thereof, generally
identify 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 Group’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, sustainability targets, expansion into new markets, future product launches, points of sale and production facilities.
Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, they are not guarantees or predictions of
future performance or statements of fact. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that
could cause the Group’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 Group’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
Group operates; the protection and strengthening of the Group’s intellectual property rights, including patents and trademarks; the future adequacy of the
Group’s current warehousing, logistics and information technology operations; changes in laws and regulations or any interpretation thereof, applicable to the
Group’s business; increases to the Group’s effective tax rate or other harm to the Group’s business as a result of governmental review of the Group’s transfer
pricing policies, conflicting taxation claims or changes in tax laws; and other factors referenced to in this report.
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, as there can be no assurance the actual outcomes will not differ materially
from the forward-looking statements in this report.
Except as required by applicable laws or regulations (including the ASX Listing Rules), the Group does not intend, and does not assume any obligation, to update
any forward- looking statements contained herein. All subsequent written and oral forward-looking statements attributable to us or to persons acting on the
Group’s behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this report.
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CEO and CFO FY24 Update
•FY24 Performance Overview
•FY24 Financial Results
•Group Results
•Segment Results
•Current Trading Update
•Group Strategy
•Appendices
Michael Hill International Limited

FY24 Performance Overview
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•Challenging period for the business cycling record performance in FY23,
yet still outperforming the market
•Margin under pressure due to input costs and market conditions
•Digital sales demonstrating a strong return to growth
•Significant progress on multi-brand strategy:
•Complete refresh of the Michael Hill brand
•First global brand ambassador, Miranda Kerr
•Opened Michael Hill’s first global flagship store, in Chadstone
•Launched re:new sustainability ecosystem
•Created the Michael Hill Foundation
•Expanded and integrated the recently acquired Bevilles brand
•Soft launch of TenSevenSeven bespoke ringbuilder
•Test & trial Medley pop-up kiosk

FY20H1 Financial Snapshot
•Group revenue (including Bevilles) was up 4%, on a
52-week basis
•Gross profit (including Bevilles) was down 2%, on a
52-week basis
•Gross margin settled, due to higher COGS &
increased promotional activity
•Compressed comparable EBIT, with inflationary
pressures impacting cost of doing business
•Active management of inventory delivered a
reduction of ~$7m
•Total dividend of AU1.75 cents per share
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FY24
1
FY23
2
Change
Revenue
Statutory Revenue (FY23: 53-week basis)
$645m$619m
$630m
+4%
2%
Gross Profit
Statutory Revenue (FY23: 53-week basis)
$391m$399m
$404m
-2%
-3%
Gross Margin 60.6%64.2%-360bps
Comparable EBIT $15.9m$58.9m-73%
Inventory$196m$203m-$7m
Net Cash/(Debt)($39m)$8m-$47m
Total DividendAU1.75cAU7.5c-AU5.75c
Store Network300
(including 36 Bevilles)
304
(including 26 Bevilles)
-4
FY24 Group Results
1
FY24: Includes Bevilles results for the entire reporting period
2
FY23: Revenue and gross profit are restated on 52-week basis and includes Bevilles results from 1 June 2023

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Australia (AUD)New Zealand (NZD)Canada (CAD)
FY24
1
FY23
2
ChangeFY24FY23
2
ChangeFY24FY23
2
Change
Revenue
Statutory Revenue (FY23: 53-week basis)
359m326m
331m
+10.3%
+8.5%
115m130m
132m
-11.8%
-13.3%
157m156m
159m
+0.6%
-1.1%
Gross profit
Statutory Gross Profit (FY23: 53-week basis)
217m209m
212m
+4.0%
+2.5%
68m81m
82m
-15.3%
-16.5%
95m99m
101m
-3.8%
-5.3%
Gross margin60.4%64.0%-360 bps59.6%61.9%-230 bps60.6%63.3%-270 bps
Segment Comparable EBIT29.6m53.5m-44.8%14.6m25.6m-43.1%18.8m27.1m-30.7%
Comparable EBIT as a %
of statutory revenue
8.2%16.2%-800 bps12.7%19.4%-670 bps12.0%17.1%-510 bps
Store network171
(inc. 36 Bevilles)
172
(incl. 26 Bevilles)
-1 4446-28586-1
FY24 Segment Results
1
FY24: Includes Bevilles results for the entire reporting period
2
FY23: Revenue and gross profit are restated on 52-week basis and AU includes Bevilles results from 1 June 2023
•Australia revenue growth attributable to Bevilles acquisition
•Ongoing security measures experienced in New Zealand had a direct impact on earnings
•Canada delivered solid revenue results as it cycled record performance in FY23

7
Current Trading Update
•For the first eight weeks of FY25, Group same store sales
were up 2.7% on prior year, with same store sales for the:
•Australian segment up 5.0%
•Canadian segment up 4.0%
•New Zealand segment down 6.2%
•Total sales for the Group were up 3.2% for the first eight
weeks of FY25.

Group Strategy – Emphasis on Sales & Margin Growth
2020 – 2023
Reposition
Michael Hill
Brand
2023 – 2024
Establish
Portfolio of
Brands
2024 – 2025
Product &
Brand
Proposition
2025 – 2030
Network
Expansion &
Productivity
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Reposition Michael Hill Brand, 2020 - 2023
Product Evolution
Premium yet accessible,
with diamonds at our core
“The Jeweller that cares”
~30%
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Brand & Loyalty
Contemporary premium jewellery brand, leveraging
best-in -class loyalty program
Now
over 2.5m

Establish Portfolio of Brands, 2023 - 2024
Michael Hill Group now services all significant customer segments of the fine jewellery category,
and delivers multiple new growth pipelines.
LUXURY
PREMIUM
VALUE
PURE
-P L AY
264 physical stores across AU, NZ and Canada
Brand elevation strategy well underway and moving
into white space
Customer-first, digital-led and channel agnostic
36 physical stores in Australia
‘Value-led’ market with quality products at affordable prices
Omni-channel distribution model
Medley – online pure-play
New digitally-led bespoke jewellery brand
Luxury customer with higher ATV
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Product & Brand Proposition, 2024 - 2025
Premium Price / Luxury
Low price / Value
Brand & Fashion
Positioning
With the Michael Hill Group multi-brand strategy now in place, each brand is uniquely positioned
for different segments and price propositions, and its own strategic priorities.
Uniquely modern, high end bespoke
Premium contemporary classics,
milestone moments
Fashion forward, accessible style
Everyday essentials, great value
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Product & Brand Proposition, 2024 - 2025
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Product & Brand Proposition, 2024 - 2025
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Product & Brand Proposition, 2024 - 2025
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Sustainability #thejewellerthatcares
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The Michael Hill Foundation represents our ongoing commitment
to meaningful change, and our dedication to a better world.
The Foundation encompasses two key areas of focus:
Empowering Women and Nature Restoration
Through continual initiatives and key charity partnerships, we are dedicated
to empowering the lives of women and conserving and restoring nature in
our localities, working towards our sustainability targets for 2030.

Product & Brand Proposition, 2024 - 2025

Product & Brand Proposition, 2024 - 2025
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Network Expansion & Productivity, 2025 - 2030
With each brand uniquely positioned, the Group will be well-placed to grow revenue and
profits through a more productive and expanded distribution network.
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Network Expansion & Productivity, 2025 - 2030
“Store of the future” becomes a reality
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Network Expansion & Productivity, 2025 - 2030
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Key
Milestone
Moments
Loyalty members have ~80% higher ATV
+15%

Network Expansion & Productivity, 2025 - 2030
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Conversion Stores
New Stores

Leveraging Group Capabilities
The multi-brand strategy is underpinned by a philosophy of leveraging group capabilities
to drive productivity across all brands.
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Q & A
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Appendices
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Appendix A: Bridge from Comparable EBIT to Reported EBIT
(AUD million)FY24FY23
Comparable EBIT15.958.9
Impact of AASB16 Leases10.110.0
Impact of IFRIC SaaS-related guidance-4.4-7.3
Litigation judgement-4.0-
Bevilles acquisition transaction costs--2.0
Bevilles integration costs-2.4-
Employee restructure costs-1.0-0.7
Reported EBIT14.058.9
Calculated as follows:

Appendix B: AASB16 Leases & SaaS Impact
(AUD million)
FY24
Stat
Impact of
AASB16 & SaaS
FY24
pre-adjustments
FY23
pre-adjustments
Change
pre-adjustments
Revenue644.9-644.9629.6+2.4%
Cost of sales-254.0--254.0-225.1+12.8%
Gross profit390.9-390.9404.4-3.3%
Employee benefits expense-182.7-5.9-176.7-165.2+7.0%
Occupancy costs-13.558.1-71.6-61.1+17.1%
Marketing expenses-42.1--42.1-44.2-4.8%
Selling expenses-22.3--22.3-20.9+7.0%
Other income/(expenses)-48.2-5.1-43.1-34.4+25.1%
EBITDA82.247.135.278.7-55.3%
Depreciation and amortisation expenses-68.0-41.4-26.6-22.5+18.4%
EBIT14.25.78.656.2-84.8%
Finance expenses-14.6-10.6-4.0-0.3+1,046.7%
Profit before tax-0.4-5.04.655.9-91.7%
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