KMD Brands Limited Annual Shareholders Meeting

KMD BRANDS LIMITED W kmdbrands.com

KMD Brands Limited
ASX / NZX / Media announcement

19 November 2024

KMD Brands Limited – Annual Shareholders’ Meeting
KMD Brands Limited (ASX/NZX: KMD, “KMD Brands”) Annual Shareholders’ Meeting is being held
today, Tuesday 19
th
November, commencing at 2.00pm NZDT / 12.00pm AEDT at MUFG Corporate
Markets (formerly Link Market Services), Level 30, PwC Tower, 15 Customs Street West, Auckland
1010.
Shareholders can participate online at www.virtualmeeting.co.nz/kmd24.
The attached presentations and material will be delivered during the meeting:
a) 2024 Annual Shareholders’ Meeting - Chairman’s address
b) 2024 Annual Shareholders’ Meeting - Group CEO's address
c) 2024 Annual Shareholders’ Meeting - Presentation to Shareholders
– ENDS –
For further information, please contact:
Frances Blundell
Company Secretary

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KMD BRANDS LIMITED W kmdbrands.com

19 November 2024

KMD Brands Limited Annual Shareholder Meeting 2024
Chairman's Address
FY24 was a difficult year for KMD Brands, with Group sales down compared to last year’s record result. All
three brands - Rip Curl, Kathmandu, and Oboz - faced significant headwinds due to weaker consumer
sentiment and challenging global economic conditions.

Despite the challenging sales environment, gross margins remained resilient, decreasing just 0.2% overall,
with Rip Curl and Oboz performing particularly well.

Operating costs were significantly lower than last year, benefiting from consolidation of activities and roles, as
well tight cost controls. Strong inventory management across the Group also delivered a pleasing reduction in
inventory.

I do want to stress the last two points: maintaining gross margins and reducing inventory in the face of
significant sales reductions is no mean feat and we thank management for the hard work undertaken to
achieve this.

Due to our operating performance and challenging market conditions, the Board decided not to declare a final
dividend in FY24. Our dividend policy remains aligned with earnings. As earnings rise dividends will be
restored.

On behalf of the Board, I want to acknowledge the decline in our share price. As I stated in our FY24 Annual
Integrated Report, we believe the current share price materially undervalues our iconic brands. We are all
committed to improving the company’s financial performance, which will result in the restoration of shareholder
value.

The Group Executive remain focused on the basics: growing sales and gross margin, controlling operating
expenses, creating great products, communicating our brand values effectively, and simplifying the business
for greater efficiency.

Together, we remain committed to our long-term vision to be the leading family of global outdoor brands and
our strategic pillars - Building Global Brands, Elevating Digital, Operational Excellence, and Best for People
and Planet.

In the coming months, Brent Scrimshaw, currently a Non-Executive Director on the Board, will step into the
Group CEO role. Brent brings a wealth of experience, both as a leader and in the outdoor and sporting goods
industries. Among other achievements, Brent has previously held positions as Chief Executive Western
Europe for Nike, and General Manager for Nike USA Eastern States.

Having a current Board member transition into the CEO role ensures continuity and a deep understanding of
the Group’s strategic direction. Brent has been part of shaping that strategy, and he is well-positioned to lead
the Group through the next phase of growth.

We look forward to Brent formally taking on the role in the second half of FY25.

On behalf of the Board, I would like to acknowledge Group CEO and Managing Director Michael Daly, who
announced his resignation to the market in October. Thank you, Michael, for your dedicated service to KMD
Brands over the last three and a half years as Chief Executive, and before that, for your 22 years with Rip
Curl.
Michael has been instrumental in bringing the three brands of KMD Brands together and steering the company
through the difficult Covid years, and we thank him for his leadership. We wish Michael all the best for the
future.
In closing I sincerely thank my Board colleagues for their hard work and ongoing commitment to KMD Brands
through these challenging times. I extend our gratitude to all KMD Brands employees, including the Group
Executive team, for their continued dedication.

Finally, we thank you, our shareholders, for your ongoing support and confidence in KMD Brands during this
difficult year. We are committed to improving profitability, driving sustainable growth across all our brands and
improving the share price.

ENDS

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KMD BRANDS LIMITED W kmdbrands.com

19 November 2024

KMD Brands Limited Annual Shareholder Meeting 2024
Group CEO Address
Thank you, David.
Good afternoon everyone. My name is Michael Daly and I am the CEO and Managing Director of KMD Brands.
Today I'm going to talk you through the achievements and challenges we have experienced over the past year,
including the Group’s financial performance and strategy.

Slide 9 – Our purpose and vision
I’ll start by touching on our purpose and vision, which remain the same and continue to guide us.
• Our purpose is inspiring people to explore and love the outdoors.
• Our vision is to be the leading family of global outdoor brands – designed for purpose, driven by innovation,
best for people and planet.
These statements not only resonate with our employees, they’re increasingly important as we look to differentiate
our brands in a competitive global market.

Slide 10 – Strategic Pillars
Moving to slide 10 and reminding you of our strategic pillars.
• Firstly, Building global brands – continuing to strengthen and expand our global brand presence.
• Elevating digital – enhancing our digital capabilities to improve customer experiences and engagement.
• Operational excellence – optimising efficiency and effectiveness across our operations.
• And, Best for people and planet – continuing to embrace responsible and sustainable business practices to
deliver positive social, environmental and financial impact.
Our strategy remains unchanged.

Slide 11 – Global vision, global footprint
To deliver this strategy, we will continue to use our global footprint to build our brands. This includes using our
existing infrastructure in North America and Europe to grow all three of our brands in these key international
markets.
We operate over 300 owned stores, and our brands are sold in over 8,000 locations around the world.
The global nature of our business is also an important consideration, as macroeconomic conditions start to
improve at different paces in key markets.
Australasia is still our biggest market, with over $600 million in sales, 80% of which is from Australia. North
America generates over $200 million of sales, Europe $100 million, Asia $40 million, and South America $20
million.

Slide 12 – Brand Strengths
The next slide provides a quick overview of the strengths of each of our brands.
Each brand is iconic, authentic, and distinct, with highly credible and technical products, and a loyal customer
base.
We believe that now, more than ever, strong brand identity is critical. We certainly have this for our three brands,
with category leading products; and we believe that each brand is well-positioned for continued growth.

Slide 13 – FY24 Financial Summary
Moving on now to review the financials.
FY24 was a challenging year for our Group, and the industry at large. We saw cost-of-living pressures and
increased geopolitical issues have a prolonged impact on consumer sentiment globally. These factors
contributed to an unfavourable trading environment for our brands, particularly in retail for Kathmandu and
wholesale for Rip Curl and Oboz.
Sales were 11.2% below last year’s record sales result, reflecting ongoing weakness in consumer sentiment.
Sales declined for all three of our brands, cycling their strong sales growth achieved last year.
Despite the challenges on sales, it was pleasing to see gross margin remaining resilient, underlying operating
expenses reducing despite global inflation, and working capital reducing despite the sales decrease.
Gross margin decreased by 0.2% of sales to 58.9% for the Group, with increased promotional activity for the
Kathmandu brand.
Operating expenses were tightly controlled in a challenging sales environment. On an underlying basis, operating
expenses were 3.6%, or $19.6 million, below last year.
With sales more than $120 million lower than last year, and despite resilient gross margin and reduced operating
expenses, underlying EBITDA decreased to $50 million for the year.
After accounting for a one-off non-cash impairment of Oboz goodwill, the Group’s Net Loss After Tax was $48.3
million. On an underlying basis, excluding the Oboz impairment, and some restructuring costs, the Group’s Net
Loss was $1.1 million.
Net working capital ended -9.7% lower than July last year, with a $23.5 million reduction to inventory - a
significant achievement given the sales result.
The Group’s balance sheet position is stable with $59.7 million net debt at year-end, and approximately $230
million of available funding headroom.

Slide 14 – FY24 Operational Highlights
Moving to some operational highlights during FY24.
We’ve made some progress this year, with highlights demonstrating the positive direction we are heading in,
including:
Operational excellence:
We demonstrated our ability to ‘manage the controllables’ through challenging trading conditions:
• Gross margin continued to improve for Rip Curl and Oboz, offset by increased promotional activity for
Kathmandu.
• Operating expenses reduced by $19.6 million on an underlying basis.
• We carefully controlled inventory and net working capital, with Rip Curl and Oboz inventory levels reducing
back towards historical levels.

Customers:
Market conditions also saw us focusing on the basics of what core customers love most about our brands:
• Kathmandu has worked hard to refine it’s marketing execution, returning to it’s authentic outdoor heritage.
• Rip Curl has reignited ‘The Search’ as the primary product, creative and marketing vehicle. This strong
brand DNA has been injected into new innovative products and collaborations centred around athletes, with
execution tailored to regional markets.
• Our core customers continue to tell us that they love our brands, as demonstrated by our industry-leading
NPS scores for Kathmandu and Rip Curl in Australasia.
International:
We continued to strengthen and grow our global brand presence:
• Rip Curl achieved strong sales growth in Indonesia and Thailand in particular, supported by pleasing direct-
to -consumer sales results in Europe and South America.
• Kathmandu recorded sales growth in North America and Europe, as we continued to test and learn with
select accounts. This remains a small part of the business while we focus on stabilising and growing sales in
ANZ.
• Oboz global product positioning has been elevated, with shop-in -shop trials in select locations within
Kathmandu’s Australasian store network.
Digital:
We also made some good progress on enhancing our digital capabilities to improve customer experiences and
engagement:
• Oboz and Rip Curl achieved record online sales this year. Oboz benefited from diversified sales channels,
trading it’s online site effectively with increased traffic, conversion, and strategic promotional activity. Rip
Curl achieved record online sales of nearly $38 million.
• Kathmandu’s online sales showed improving trends through each quarter, implementing continuous
improvements to improve customer experience, including additional payment gateways.
• For Rip Curl, we aligned the US point-of-sale with Group systems, and we launched the Club Rip Curl
loyalty program in North America.

Slide 15 – FY24 Improving Quarterly Sales Trend
Drawing your attention to Slide 15, Rip Curl and Kathmandu showed continued improvement on first half sales
trends during both the third and fourth quarters of FY24.
For Rip Curl, direct-to -consumer retail store and online channels led the improving sales trends in the second half
of FY24, supported by strategic new store openings in Europe, Asia, and South America. Wholesale sales
remained subdued through the year, as wholesale accounts continued to reduce their inventory holdings to
manage risk in a challenging economic environment.
Sales trends in Kathmandu’s largest market, Australia, continued to improve in each quarter, supported by
strategic airport and outlet store openings, enhanced in-store execution, and improved products. Kathmandu
New Zealand experienced the impact of a more challenging consumer environment.
Oboz benefited from diversified sales channels, achieving strong online sales growth with increased traffic,
conversion, and promotional activity. Wholesale sales remained subdued through the year, impacted by post-
COVID industry challenges in the North American outdoor footwear category. Just to note here that timing of
certain wholesale dispatches changed year-on-year from April to May, impacting the Oboz Q3 and Q4 variances.

Slide 16 – Trading Update
Now for an update of our trading performance in the first quarter of the FY25 financial year.
Total Group sales for the first three months of the new financial year were -5.8% below last year. By brand, Rip
Curl total sales were -6.7% below last year, Kathmandu total sales -2.7% below last year, and Oboz total sales -
8.6% below last year.
Direct-to -consumer sales results have improved for both Rip Curl and Kathmandu since our last trading update at
the results release on the 25
th
of September 2024.
• Rip Curl direct-to -consumer sales continued to outperform the wholesale channel, with Rip Curl first quarter
direct-to -consumer sales -3.4% below last year.
• Kathmandu quarterly direct-to -consumer sales trends continued to improve. Kathmandu Australia sales for
the first quarter were +4.3% above last year. New Zealand sales decreased by -15.4%, as they cycled
strong end-of-line clearance sales in August last year. While Kathmandu sales for the first quarter were -
2.7% below last year, gross profit dollars were +3.6% above last year.
Moving now to the wholesale channel, wholesale accounts remain cautious on pre-season commitments for Rip
Curl and Oboz.
• Rip Curl wholesale sales decreased by -11.2% below last year. However, forward orders indicate improving
wholesale trends in the second half.
• Oboz wholesale sales were -8.5% below the first quarter of last year. However, sell-in for the second half of
the year is not yet complete.
Pleasingly, the Group gross margin was above last year for the first quarter, and all brands continue to actively
manage costs while facing global inflation pressure.

Slide 17 – FY25 Focus and Outlook
And finally, I want to summarise our focus areas for FY25, and our outlook for the year ahead.
Our concise focus areas for FY25 are as follows:
• First, and most importantly, stabilise sales and return to growth;
• Grow gross margin;
• Continue to simplify our business;
• Continue to reduce working capital and use our inventory investments efficiently; and
• Return to dividends.
In terms of outlook, the Group’s first half results are dependent on the key Black Friday and Christmas retail
trading periods to come.
We remain cautious on consumer sentiment, given the challenging global macroeconomic environment.
We are encouraged that Kathmandu has continued to show an improving sales trend through the first quarter of
the new financial year. Refreshed authentic outdoor brand advertising has outperformed previous campaigns in
Kathmandu’s largest market Australia. Brand awareness has improved, and we expect the new campaign will
have a positive impact on building key long-term brand associations. Kathmandu has increased product newness
and innovation for the spring summer season, resulting in a positive consumer response in key categories.
Kathmandu will continue to leverage its elevated brand positioning, sustainability credentials, and innovative new
products moving forward.
We are also encouraged that the Rip Curl direct-to -consumer results are outperforming the wholesale channel.
We remain optimistic that wholesale results will start to improve as the wholesale customer inventory reduction
cycle ends.
Our strategy remains unchanged. For FY25, we remain focused on returning to sales growth, improving
profitability, and reducing inventory.

In closing, as David mentioned earlier, I announced my resignation from KMD Brands in October. After joining
Rip Curl 22 years ago, including the last five years as part of the KMD Brands Group, I feel like the time is right
for me to step down and take a long break before I consider my next professional challenge.
I’m grateful to you, our shareholders, our Board of Directors, and our Chairman David Kirk, for the opportunity to
have led this incredible business. Thank you again for your continued support during my tenure as Group CEO. I
look forward to watching as KMD Brands returns to growth. Please feel free to ask me any questions at the end
of the meeting.
Given my departure in the coming months, Lachlan Farran our Chief Commercial Officer will step in as interim
Rip Curl CEO as we continue our external search for the new CEO of Rip Curl.
I will now hand back to David.

ENDS

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ANNUAL MEETING
2024
19 NOVEMBER 2024

OUR BOARD
2
A N N U A L M E E T I N G 2 0 2 4
David Kirk
Chairman
Michael Daly
Group CEO and
Managing Director
Philip Bowman
Non-Executive
Director
Andrea Martens
Non-Executive
Director
Abby Foote
Non-Executive
Director
Brent Scrimshaw
Non-Executive
Director
Zion Armstrong
Non-Executive
Director

3
6
8
18
19
22
23
TODAY’S AGENDA
ITEM 1: CHAIRMAN’S ADDRESS
ITEM 2: GROUP CEO’S ADDRESS
ITEM 3: RESOLUTIONS
•RE-ELECTION OF DIRECTORS
•AUDITOR REMUNERATION
ITEM 4: OTHER BUSINESS
A N N U A L M E E T I N G 2 0 2 4

VOTING AND REGISTRATION
4
A N N U A L M E E T I N G 2 0 2 4
To vote, you will need to click
“Get a Voting Card” within the
online meeting platform shown
here
Please use the "Ask a Question"
function, and your question will be
conveyed to the meeting

FY24 ANNUAL INTEGRATED REPORT
5
A N N U A L M E E T I N G 2 0 2 4

CHAIRMAN’S
ADDRESS
6
ITEM 1
A N N U A L M E E T I N G 2 0 2 4

A N N U A L M E E T I N G 2 0 2 4
7

GROUP CEO’S
ADDRESS
8
ITEM 2
A N N U A L M E E T I N G 2 0 2 4

OWNER OF
LEADING GLOBAL
OUTDOOR BRANDS
9
OUR PURPOSE
Inspiring people to explore and
love the outdoors
OUR VISION
To be the leading family of
global outdoor brands -
designed for purpose, driven by
innovation, best for people and
planet
A N N U A L M E E T I N G 2 0 2 4

STRATEGIC PILLARS
1010
BUILDING
GLOBAL
BRANDS
Strengthen and expand
our global brand
presence.
ELEVATING
DIGITAL
OPERATIONAL
EXCELLENCE
Optimise efficiency and
effectiveness in
operations.
BEST FOR
PEOPLE AND
PLANET
Embrace responsible and
sustainable business
practices to deliver
positive social,
environmental and
financial impact.
Enhance our digital
capabilities to improve
customer experiences and
engagement.
A N N U A L M E E T I N G 2 0 2 4

GLOBAL VISION, GLOBAL FOOTPRINT
11
We operate over 300 stores globally, and our brands are sold in over 8,000 locations
NORTH AMERICA
~$205m Sales
30 Owned Stores
24 Licensed Stores
+3,800 Wholesale Doors
A N N U A L M E E T I N G 2 0 2 4
Global office locations
AUSTRALASIA
~$605m Sales (~80% Australia)
270 Owned Stores
21 Licensed Stores
+900 Wholesale Doors
ASIA
~$40m Sales
83 Licensed and JV stores
+600 Wholesale Doors
EUROPE
~$100m Sales
27 Owned Stores
10 Licensed Stores
+2,000 Wholesale Doors
SOUTH AMERICA
~$20m Sales
7 Owned Stores
109 Licensed Stores
+600 Wholesale Doors
AFRICA / MIDDLE EAST
32 Licensed Stores

BRAND STRENGTHS
A N N U A L M E E T I N G 2 0 2 4
1212
•Iconic, inspirational,and authenticbrand.
•Founded in Bells Beach, Australia, in
1969.
•Renowned for high quality technical surfing
products.
•Globaldistribution.
•Diversified revenue streams across wholesale,
licensing, retail and online channels.
•Strong cash contribution.
•B Corp certified since 2023.
•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.
•History of significantcash generation.
•B Corp certified since 2019.
•Established and distinctive American Montana-
based hiking footwearbrand, founded in 2007.
•Focused, authentic product range with
significant expansion potential.
•Strong innovation pipeline.
•Direct-to-consumeronline channel growing
strongly.
•International expansion underway.
•B Corp certified since 2023.

FY24
FINANCIAL
SUMMARY
A N N U A L M E E T I N G 2 0 2 4
1313
1.Statutory results include the impact of IFRS 16 leases. The impacts of IFRS 16, restructuring, the notional amortisation of Rip Curl and
Oboz customer relationships, and a one-off non-cash impairment of Oboz goodwill have been excluded from Underlying results. Refer
to Appendix 1 of the FY24 Results Presentation for a reconciliation of Statutory to Underlying results.
Sales
$979.4m
-11.2% YOY
FY23 $1,103.0m
Gross
margin
58.9%
-0.2% of sales
FY23 59.1%
Operating
expenses
1

$526.5m
-3.6% YOY
FY23 $546.1m
Underlying
EBITDA
1

$50.0m
-52.8% YOY
FY23 $105.9m
Net working
capital
$198.3m
-9.7% YOY
Jul 23 $219.7m
Net debt $59.7m
$230m headroom
Jul 23 $55.7m
Underlying
NPAT
1

-$1.1m
Statutory NPAT
-$48.3m

FY24
OPERATIONAL
HIGHLIGHTS
A N N U A L M E E T I N G 2 0 2 4
1414
Digital
Operational
excellence
•Gross margin resilient in a competitive consumer environment.
•Underlying operating expenses
1
reduced by $19.6m year-on-year
(“YOY”) despite global inflation.
•Inventory and net working capital reduced.
•Capital expenditure moderated in response to market conditions.
•Kathmandu marketing returns to its authentic outdoor heritage.
•Rip Curl reigniting ‘The Search’ as a creative and marketing
vehicle using brand DNA to expand consumer reach.
•Industry-leading NPS for Kathmandu and Rip Curl.
•Oboz and Rip Curl achieved record online sales. Oboz online
+31.7% YOY to $7.4m sales. Rip Curl online +8.6% YOY to $37.9m.
•Kathmandu improving online sales trends each quarter relative to
last year, with additional payment gateways to improve the
consumer journey.
•USA retail point of sale aligned with Group technology stack, and
Club Rip Curl launched in North America.
•Rip Curl strong sales growth in Indonesia and Thailand.
•Kathmandu double-digit sales growth in North America and Europe
(off a low base) as we continue to test and learn.
•Oboz shop-in-shops launched in select Kathmandu stores.
International
Customers
1.Statutory results include the impact of IFRS 16 leases. The impacts of IFRS 16, restructuring, the notional amortisation of Rip Curl and
Oboz customer relationships, and a one-off non-cash impairment of Oboz goodwill have been excluded from Underlying results. Refer
to Appendix 1 of the FY24 Results Presentation for a reconciliation of Statutory to Underlying results.

FY24 IMPROVING QUARTERLY SALES TREND
15
-4.6%
-13.2%
-7.6%
-2.4%
-35.0%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
Q1Q2Q3Q4
FY24 YOY Sales Variance % by quarter
-24.2%
-19.4%
-11.1%
-6.9%
-35.0%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
Q1Q2Q3Q4
FY24 YOY Sales Variance % by quarter
-22.8%
-13.8%
-28.7%
-7.9%
-35.0%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
Q1Q2Q3Q4
FY24 YOY Sales Variance % by quarter
1
KATHMANDU
•Australian sales trends showed continued
improvement in each quarter, supported by
strategic store openings, enhanced in-store
execution, and improved products.
•Economic settings in New Zealand have
resulted in more challenging consumer
sentiment.
RIP CURL
•Continued improvement on first half trends
during Q3 and Q4.
•DTC led the Q3 and Q4 improvement,
supported by store openings.
•Wholesale sales remained challenging
through the year.
OBOZ
•Strong online sales growth.
•Wholesale sales remained subdued.
1.Timing of certain wholesale dispatches changed YOY from
April to May, impacting Q3 and Q4 variances.
A N N U A L M E E T I N G 2 0 2 4

TRADING UPDATE
16
Grow gross margin
TOTAL SALES
CHANGE YOY
(unaudited)
Q1 FY25
Aug 24 to Oct 24
Rip Curl-6.7%
Kathmandu-2.7%
Oboz-8.6%
Group-5.8%
•Direct-to-consumer (“DTC”) sales results have improved for both Rip Curl and Kathmandu
since our last trading update at the results release on 25 September 2024:
•Rip Curl DTC sales continued to outperform the wholesale channel. Rip Curl global
DTC sales for Q1 FY25 were -3.4% below last year.
•Kathmandu quarterly DTC sales trends continued to improve. Kathmandu Australia
Q1 FY25 total sales were +4.3% above last year. New Zealand total sales decreased
by -15.4%, cycling strong end of line clearance sales in August last year. While
Kathmandu total sales for Q1 FY25 were -2.7% below last year, gross profit dollars
were +3.6% above last year.
•Wholesale accounts remain cautious on pre-season commitments for Rip Curl and Oboz:
•Rip Curl wholesale sales decreased by -11.2%. Forward orders indicate improving
wholesale trends in the second half.
•Oboz wholesale sales were -8.5% below the first quarter of last year. Sell-in for the
second half is not yet complete.
•Group gross margin was above last year for Q1 FY25, and all brands continue to actively
manage costs while facing global inflation pressure.
FIRST QUARTER FY25
A N N U A L M E E T I N G 2 0 2 4

FY25 FOCUS AND OUTLOOK
17
Stabilise sales and return to growth
Grow gross margin
Continue to simplify our business
Ongoing working capital reduction and efficiency
Return to dividends
OUTLOOK
•The Group’s first half results are dependent on the key Black Friday and Christmas
retail trading periods to come.
•We remain cautious on consumer sentiment, given the challenging global
macroeconomic environment.
•We are encouraged that Kathmandu has continued to show an improving sales
trend through the first quarter of the new financial year:
•Refreshed authentic outdoor brand advertising has outperformed previous
campaigns in Kathmandu’s largest market Australia. Brand awareness has
improved, and we expect the new campaign will have a positive impact on
building key long-term brand associations.
•Kathmandu has increased product newness and innovation for the spring
summer season, resulting in a positive consumer response in key categories.
•Kathmandu will continue to leverage its elevated brand positioning,
sustainability credentials, and innovative new products moving forward.
•We are also encouraged that the Rip Curl direct-to-consumer results are
outperforming the wholesale channel. We remain optimistic that wholesale results
will start to improve as the wholesale customer inventory reduction cycle ends.
•Our strategy remains unchanged.
•For FY25, we remain focused on returning to sales growth, improving profitability,
and reducing inventory.
FY25 FOCUS
A N N U A L M E E T I N G 2 0 2 4

RESOLUTIONS
18
ITEM 3
A N N U A L M E E T I N G 2 0 2 4

RESOLUTION 1
19
To consider and, if thought fit, to pass the following resolution as an ordinary resolution:
“That David Kirk be re-elected as a Director of the Company.”
Proxies:
In respect of this item of business, the following proxies have been received:
Resolution 1
In favour397,230,621
Against23,455,815
Open3,807,147
The Board unanimously supports Resolution 1 and recommends that shareholders vote in favour.
A N N U A L M E E T I N G 2 0 2 4

RESOLUTION 2
20
To consider and, if thought fit, to pass the following resolution as an ordinary resolution:
“That Abby Foote be re-elected as a Director of the Company.”
Proxies:
In respect of this item of business, the following proxies have been received:
Resolution 2
In favour417,184,290
Against3,096,119
Open3,876,777
The Board unanimously supports Resolution 2 and recommends that shareholders vote in favour.
A N N U A L M E E T I N G 2 0 2 4

RESOLUTION 3
21
To consider and, if thought fit, to pass the following resolution as an ordinary resolution:
“That Michael Daly be re-elected as a Director of the Company.”
Proxies:
In respect of this item of business, the following proxies have been received:
Resolution 3
In favour418,588,512
Against1,932,721
Open3,828,927
The Board unanimously supports Resolution 3 and recommends that shareholders vote in favour.
A N N U A L M E E T I N G 2 0 2 4

RESOLUTION 4
22
To consider and, if thought fit, to pass the following resolution as an ordinary resolution:
“That the Board be authorised to fix the remuneration of the Company’s auditor for the ensuing year.”
Proxies:
In respect of this item of business, the following proxies have been received:
Resolution 4
In favour419,418,918
Against1,161,173
Open3,846,077
The Board unanimously supports Resolution 4 and recommends that shareholders vote in favour.
A N N U A L M E E T I N G 2 0 2 4

OTHER BUSINESS
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ITEM 4
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THANK YOU
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IMPORTANT NOTICE AND DISCLOSURE
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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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