FY25 Half Year Results Annoucement

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)



Results for announcement to the market
Name of issuer Bremworth Limited
Reporting Period 6 months to 31 December 2024
Previous Reporting Period 6 months to 31 December 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$42,129 8.0%
Total Revenue $42,129 8.0%
Net profit/(loss) from
continuing operations
$(8,147) (385.8%)
Total net profit/(loss) $(8,147) (385.8%)
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay dividends
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.525 $0.572
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to accompanying 1H25 half year report and 1H25
results presentation
Authority for this announcement
Name of person

authorised
to make this announcement
Victor Tan, Company Secretary
Contact person for this
announcement
Greg Smith, Chief Executive Officer,
or
Mark Devlin
Contact phone number +64 21 711 622
or
+64 21 509 060
Contact email address
gregsmith@bremworth.co.nz
Mark@impactpr.co.nz
Date of release through MAP

28 February 2025

Unaudited financial statements accompany this announcement.

---

HALF YEAR REPORT
31 DECEMBER 2024

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
CONTENTS
Half Year Review – Chair and CEO Commentary1
Financial Summary4
Consolidated Interim Statement of Profit or Loss5
Consolidated Interim Statement of Comprehensive Income6
Consolidated Interim Statement of Changes in Equity7
Consolidated Interim Statement of Financial Position8
Consolidated Interim Statement of Cash Flows9
Notes to the Consolidated Interim Financial Statements11
Disclosure of Non-GAAP Financial Information22
Corporate Directory24
0

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
HALF YEAR REVIEW - CHAIR AND CEO COMMENTARY
Dear Shareholders
We are pleased to update you on our operating and financial performance in the first half of FY25.
While it is still early days, there are positive signs that the business is recovering:
•Our hybrid supply chain is working and we have invested in inventory for future growth;
•
•Revenue growth has returned to the business, particularly strongly in the first 7 weeks of Q3;
•
Investing in growth
Positive revenue growth but below expectations
We launched new ranges across our Bremworth-branded carpets as well as new white label ranges for our retail partners;
We’re re-entering the commercial segment in Australia, exploring new contract manufacturing opportunities and making
progress on opportunities to enter the US market, albeit in a deliberate and controlled way.
While there are reasons to be positive, we experienced some margin compression in our carpet business (challenging market
conditions and supply chain inefficiencies) and cash outflows in the first half of FY25. The cash outflows were largely due to the
decision to invest in growth.
Management is confident that margins will recover and cash outflows will materially reduce over the next 12-18 months as we
leverage higher inventory levels, execute on cost savings and grow the business.
In the wake of Cyclone Gabrielle, the company began to run short of available stock. This manifested itself mostly with our customers
in Australia, who in many cases we were unable to supply. This shortage was experienced for almost a year as new suppliers were put
in place and stock rebuilt.
We are pleased to report an increase in raw materials (primarily woollen spun yarn) to $18.4m (previously $8.0m in 1H24). With
inventory back to pre-cyclone levels, our retail partners have confidence that Bremworth can meet orders without delay.
For these reasons, we expect our strongest growth to come from Australia and we monitor "active customers" and "order to
fulfilment" rates to ensure that both key measures are creating a good experience for our customers. Pleasingly, both are moving
strongly in the right direction.
While inventory levels grew and total revenue increased by 8% (vs. 1H24), the growth in revenue was lower than we had forecast.
Economic pressures in both countries have contributed to these results, with retailers commenting on lower foot traffic, competitive
pricing pressures and a greater number of deferrals occurring as consumers tighten spending, particularly in New Zealand.
The core carpet business improved by $1.0m (vs. 1H24). Australian carpet revenue was up 5% ($0.7m). New Zealand comparable
revenue was up 1% ($0.2m). While still early days, our performance in Q3 so far is encouraging. The number of active customers is
growing across all geographies driving sales in carpet & rugs.
Elco Direct had a strong first half, with sales growth of 29% on 1H24, driven by higher wool prices. Elco Direct has also had a record
month to start the calendar year. The Elco business is a key strategic asset to provide access to quality wool, volumes and consistent
1

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
HALF YEAR REVIEW - CHAIR AND CEO COMMENTARY (continued)
Margins and profitability need to improve
Future growth
Insurance and dividends
Strategic Review
Over the last few months, the Board received inbound interest in Bremworth from external parties. To manage this interest and help
identify the highest value owner for Bremworth, the Board established a committee of independent Directors and engaged external
advisors. The Strategic Review may take several months to complete.
Gross margins in our carpet business, not unexpectedly, reduced from 33% in 1H24 to 31% in 1H25 (excluding provisions) due a
product mix shift to lower margin products and competition in the value end of the market. Overall gross margins reduced from 27%
in 1H24 to 21% in 1H25 though this is largely a reflection of the strong revenue growth in our lower margin Elco business.
To address the impact on our business from softer market conditions, we will further reduce our cost base to better reflect the size of
the business today, whilst still enabling growth in FY26 and beyond. The full benefit of cost savings will be realised in FY26.
We remain confident that Bremworth will grow market share in New Zealand and Australia through our wholesale sales channel. We
are strengthening these supplier partnerships and seeing pleasing results, with the number of active customers growing month on
month.
In particular, we expect to continue growing market share in Australia through inventory availability, new commercial products
coming online and traction from new differentiated products launched in Q1 and Q2.
Further, the United States is the largest soft flooring market in the world and is a logical next step for Bremworth. We are in advanced
discussions with potential partners for expansion to take place in FY26. Volumes are yet to be confirmed.
We are pleased to have reached a final settlement in relation to Cyclone Gabrielle insurance claims. Earlier in February, we received
final cash proceeds of $42m.
We are nearing completion of the key works required in Napier. No further reinstatement of machinery is planned at this stage. We
will focus on existing assets to produce products and new revenue streams through the plant including contract dyeing. There is also
potential for subleasing to support cashflow being investigated.
While we experienced cash outflows in 1H25, we are confident in materially reducing our cash outflow to enable the return of excess
cash to shareholders. The amount returned to shareholders and timing of this depends on the performance of the business, as well
as the outcome of the Strategic Review.
2

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
HALF YEAR REVIEW - CHAIR AND CEO COMMENTARY (continued)
Outlook and guidance
For and on behalf of the Board of Directors
George AdamsGreg Smith
ChairChief Executive Officer
28 February 2025
With the actions taken to date, seeing revenue and volumes grow and further disciplined cost management to occur across the
organisation, the Board remain committed to the business being cash flow positive and profitable in FY26, which will enable the
resumption of dividend payments. Bremworth’s Directors and management team would like to thank you for your continued support.
3

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
FINANCIAL SUMMARY
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 (UNAUDITED)
Unaudited
Six months
ended
31 December
2024
Unaudited
Six months
ended
31 December
2023
$000 $000
Revenue$42,129 $38,994
EBITDA (normalised)
1
(4,355)(1,680)
Depreciation – owned assets(583)(360)
Depreciation – right-of-use assets(559)(524)
Amortisation - intangible assets(13)(13)
EBIT (normalised)
1
(5,510)(2,577)
Finance costs(447)(398)
Finance income444 777
Loss before income tax (normalised)
1
(5,513)(2,198)
Income tax expense(66)(92)
Loss after income tax (normalised)
1
(5,579)(2,290)
Abnormal net (loss) / gain after tax
1
(2,568)613
Loss after tax (GAAP)$(8,147)$(1,677)
Net cash flow from operating activities$(21,760)$(15,841)
Basic loss per share (cents)
Normalised
1
(7.93)(3.27)
GAAP(11.58)(2.39)
Diluted loss per share (cents)
Normalised
1
(7.82)(3.22)
GAAP(11.42)(2.36)
Return on average shareholders’ equity (%)
Normalised
1
(11.1)%(4.6)%
GAAP(16.2)%(3.4)%
Unaudited
31 December
2024
Unaudited
31 December
2023
Net tangible asset backing per share ($)$0.52 $0.57
Equity to total assets (%)57.8%57.3%
1
Normalised is a non-GAAP (Generally Accepted Accounting Practice) measure that provides what the Directors believe to be a
more meaningful view of the underlying financial performance of the Group. A reconciliation between GAAP and normalised
earnings together with further commentary on the disclosure of non-GAAP financial information are set out at pages 22 and 23
of the half year report.
4

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 (UNAUDITED)
Unaudited
Six months
ended
31 December
2024
Unaudited
Six months
ended
31 December
2023
Note$000 $000
Revenue from contracts with customers442,129 38,994
Cost of sales(33,161)(28,365)
Gross profit8,968 10,629
Other income and gains5116 202
Distribution expenses(8,506)(7,644)
Administration expenses(6,088)(6,237)
Cyclone Gabrielle related insurance income1- 10,000
Cyclone Gabrielle related expenses1(2,568)(9,014)
Cyclone Gabrielle related asset write offs reversed1- 100
(8,078)(1,964)
Finance costs6(447)(398)
Finance income444 777
Loss before income tax(8,081)(1,585)
Income tax expense(66)(92)
Loss after tax for the period$(8,147)$(1,677)
Basic loss per share (cents)2(11.58)(2.39)
Diluted loss per share (cents)2(11.42)(2.36)
This Consolidated Interim Statement of Profit or Loss is to be read in conjunction with the notes on pages 11 to 21 and the previous
year's annual financial statements.
5

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 (UNAUDITED)
Unaudited
Six months
ended
31 December
2024
Unaudited
Six months
ended
31 December
2023
$000 $000
Loss after tax for the period(8,147)(1,677)
Other comprehensive income that may be reclassified subsequently to profit or loss
Effective portion of changes in fair value of cash flow hedges (net of income tax)(456)367
Net change in fair value of cash flow hedges transferred to profit or loss (net of income tax)375 (266)
Total other comprehensive (loss) / income(81)101
Total comprehensive loss for the period$(8,228)$(1,576)
This Consolidated Interim Statement of Comprehensive Income is to be read in conjunction with the notes on pages 11 to 21 and the
previous year's annual financial statements.
6

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 (UNAUDITED)
Share
Capital
Cash Flow
Hedging
Reserve
Foreign
Currency
Translation
Reserve
Share-
based
Payment
Reserve
Retained
Earnings
Total
Equity
Note$000 $000 $000 $000 $000 $000
Total equity at 1 July 202422,054 378 (1,420)732 32,679 54,423
Total comprehensive income for the period
Loss after tax- - - - (8,147)(8,147)
- (81)- - - (81)
Total comprehensive loss for the period- (81)- - (8,147)(8,228)
7- - - 62 - 62
Total transaction with owners for the period- - - 62 - 62
Total equity at 31 December 2024$22,054 $297 $(1,420)$794 $24,532 $46,257
Total equity at 1 July 202322,054 938 (1,420)615 28,036 50,223
Total comprehensive income for the period
Loss after tax- - - - (1,677)(1,677)
- 101 - - - 101
Total comprehensive loss for the period- 101 - - (1,677)(1,576)
7- - - 64 - 64
Total transaction with owners for the period- - - 64 - 64
Total equity at 31 December 2023$22,054 $1,039 $(1,420)$679 $26,359 $48,711
Share-based payments - value
of employee services
Changes in fair value of cash
flow hedges (net of income tax)
This Consolidated Interim Statement of Changes in Equity is to be read in conjunction with the notes on pages 11 to 21 and the
previous year's annual financial statements.
Other comprehensive income that may be
reclassified subsequently to profit or loss
Other comprehensive income that may be
reclassified subsequently to profit or loss
Share-based payments - value
of employee services
Changes in fair value of cash
flow hedges (net of income tax)
Transaction with owners in their
capacity as owners
Transaction with owners in their
capacity as owners
7

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024 (UNAUDITED)
Unaudited
31 December
2024
Audited
30 June
2024
Note$000 $000
ASSETS
Property, plant and equipment - owned15,868 13,241
Property, plant and equipment - right-of-use8,465 8,804
Intangible assets49 61
Deferred tax asset436 402
Total non-current assets24,818 22,508
Cash and cash equivalents7,476 26,645
Short term deposits- 5,000
Trade receivables, other receivables and prepayments11,513 10,661
Inventories935,649 29,348
Advances to employees181 181
Derivative financial instruments341 508
Income tax receivable70 67
Total current assets55,230 72,410
Total assets$80,048 $94,918
EQUITY
Share capital22,054 22,054
Cash flow hedging reserve297 378
Foreign currency translation reserve(1,420)(1,420)
Share-based payment reserve7794 732
Retained earnings24,532 32,679
Total equity46,257 54,423
LIABILITIES
Lease liabilities15,930 16,508
Employee benefits488 488
Provisions792 812
Total non-current liabilities17,210 17,808
Trade payables and accruals9,901 16,350
Customer deposits335 139
Employee benefits46 46
Employee entitlements3,792 3,726
Lease liabilities1,508 1,417
Provisions586 694
Derivative financial instruments44 17
Deferred income369 298
Total current liabilities16,581 22,687
Total liabilities33,791 40,495
Total equity and liabilities$80,048 $94,918
This Consolidated Interim Statement of Financial Position is to be read in conjunction with the notes on pages 11 to 21 and the
previous year's annual financial statements.
8

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 (UNAUDITED)
Unaudited
Six months
ended
31 December
2024
Unaudited
Six months
ended
31 December
2023
Note$000 $000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers41,965 40,297
Cash paid to suppliers and employees(58,507)(45,867)
(16,542)(5,570)
Government grants received176 178
Other receipts5 3
GST paid(2,653)(1,779)
Facility fees - Bank guarantees(27)-
Interest component of lease payments(420)(398)
Interest received525 772
Income tax paid(103)(76)
Cyclone Gabrielle related expenses(2,721)(8,971)
Net cash flow from operating activities(21,760)(15,841)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of plant and equipment37 -
Acquisition of plant and equipment(1,040)(1,333)
Reinstatement of Napier plant1(2,202)(659)
Maturities of short term deposits5,000 -
Investments in short term deposits- (4,500)
Cyclone Gabrielle related insurance income1,485 10,000
Net cash flow from investing activities3,280 3,508
CASH FLOWS FROM FINANCING ACTIVITIES
Principal component of lease payments(707)(636)
Net cash flow from financing activities(707)(636)
Net decrease in cash and cash equivalents(19,187)(12,969)
Cash and cash equivalents at beginning of the period26,645 31,819
Effect of exchange rate changes on cash18 (11)
Cash and cash equivalents at end of the period$7,476 $18,839
This Consolidated Interim Statement of Cash Flows is to be read in conjunction with the notes on pages 11 to 21 and the previous
year's annual financial statements.
9

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 (UNAUDITED) (continued)
RECONCILIATION OF LOSS AFTER TAX WITH NET CASH FLOW FROM OPERATING ACTIVITIES
Unaudited
Six months
ended
31 December
2024
Unaudited
Six months
ended
31 December
2023
$000 $000
Loss after tax for the period(8,147)(1,677)
Add/(Deduct) non-cash items:
Depreciation - owned assets583 360
Depreciation - right-of-use assets559 524
Amortisation - intangible assets13 13
Reversal of impairment of fixed assets- (100)
Share-based payments - value of employee services62 64
Deferred tax(34)3
Net gain on sale of plant and equipment(6)-
Net (gain) / loss on foreign currency balance(18)11
Deduct items reclassified under investing activities:
Cyclone Gabrielle related insurance income- (10,000)
Changes in working capital items:
Trade receivables, other receivables and prepayments(2,337)(482)
Inventories(6,301)8
Income tax receivable(3)13
Trade payables and accruals(6,449)(4,170)
Customer deposits196 42
Employee benefits and entitlements66 (524)
Provisions(128)(54)
Deferred income71 163
Derivative financial instruments113 (35)
Net cash flow from operating activities$(21,760)$(15,841)
This Consolidated Interim Statement of Cash Flows is to be read in conjunction with the notes on pages 11 to 21 and the previous
year's annual financial statements.
10

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 (UNAUDITED)
1GENERAL INFORMATION
Reporting entity
The principal activities of the Group comprise wool acquisition and woollen carpet and rug manufacturing and sales.
All Group subsidiaries are wholly-owned.
Basis of preparation
The consolidated interim financial statements are condensed financial statements that have been prepared in accordance
with NZ IAS 34 Interim Financial Reporting. The disclosures normally required by other standards within New Zealand
Equivalents to International Financial Reporting Standards (NZ IFRS) to be included in a complete set of annual financial
statements are not required to be incorporated into a condensed set of interim financial statements prepared under NZ IAS 34.
As a consequence, the consolidated interim financial statements do not comply with NZ IFRS.
These consolidated interim financial statements are presented in New Zealand dollars ($) which is the Company's functional
currency. Unless otherwise indicated, all financial information presented in New Zealand dollars has been rounded to the
nearest thousand.
The consolidated interim financial statements, and the comparative information for the six months ended 31 December 2023,
are unaudited. The comparative information as at 30 June 2024 is audited.
Bremworth Limited ("Bremworth" or "the Company") is a limited liability company that is domiciled and incorporated in New
Zealand.
The Company is listed on the NZX and is required to comply with the provisions of the NZX Listing Rules which require it to
present the consolidated interim financial statements covering the Group.
The consolidated interim financial statements were approved for issue by the Board of Directors ("the Board") of the Company
on 28 February 2025.
The consolidated interim financial statements contained in this half year report are for Bremworth and its subsidiaries ("the
Group”) as at, and for the six months ended, 31 December 2024.
The Company is registered under the Companies Act 1993 and is an FMC reporting entity for the purposes of the Financial
Reporting Act 2013 and the Financial Markets Conduct Act 2013. The consolidated interim financial statements have been
prepared in accordance with these Acts.
11

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 (UNAUDITED) (continued)
1GENERAL INFORMATION (continued)
Accounting policies and critical accounting estimates and judgements
Going concern
-
-
-
-
-
The consolidated interim financial statements should be read in conjunction with the annual financial statements for the year
ended 30 June 2024 and the accounting policies set out therein.
In preparing the consolidated interim financial statements, the Group has consistently applied the judgements, estimates and
assumptions adopted in the preparation of the annual financial statements for the year ended 30 June 2024.
$7.0 million cash out flows from trading and operations, reflecting the difficult trading conditions, additional costs post
Cyclone Gabrielle and the time it is taking the business to recover from post-cyclone disruptions to carpet sales;
$10.0 million cash out flows relating to the investment in inventory that was depleted following Cyclone Gabrielle as the
business went about replenishing that inventory in order to allow the business to recover lost sales and market share;
$3.0 million cash out flows for property, plant and equipment, including the staged reinstatement of the Napier spinning
plant assets that were damaged during Cyclone Gabrielle; and
All accounting policies adopted in the preparation of the consolidated interim financial statements are consistent with those
adopted in the preparation of the annual financial statements.
Cash and cash equivalents and short term deposits at balance date of $7.5 million is down $24.1 million on the $31.6 million as
at 30 June 2024. This reflects largely the following:
$1.0 million cash out flows towards lease obligations.
$2.0 million cash out flows in relation to increase in debtors and prepayments;
Notwithstanding the significant reduction in cash and bank during the period, the Group's financial position remains strong, with
equity to total assets up from 57.3% to 57.8%, and its current ratio (measured by dividing its current assets by its current
liabilities) improving from 3.19 to 3.33. At the same time, the receipt of the final Cyclone Gabrielle insurance settlement of $42.2
million on or about 12 February 2025, as disclosed at note 13 (Events after balance date) to the consolidated interim financial
statements, will also provide the Group with significant additional liquidity.
The Group is also undertaking a review of its cost base in light of the latest results and to address, in particular, the trading and
operational cash out flows and its inventory position to better align these with the size of the business.
As a consequence, the Board considers that the Group will be able to generate sufficient cash flows to provide itself with the
liquidity required to meet its contractual obligations as they fall due in the normal course of business and to operate as a going
concern.
The Group prepares its consolidated interim financial statements on a going concern basis and expects to be able to realise its
assets and meet its financial obligations in the normal course of business.
On 17 February 2025, the Board commenced a strategic review of the Company's ownership structure as disclosed at note 13
(Events after balance date) to the consolidated interim financial statements. The decision to undertake this strategic review
followed the finalisation of Cyclone Gabrielle insurance settlement and recent approaches from parties expressing an interest in
Bremworth. No decisions have been made which affect the going concern assumption.
12

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 (UNAUDITED) (continued)
1GENERAL INFORMATION (continued)
Cyclone Gabrielle
Dealing with impact of Cyclone Gabrielle in the consolidated interim financial statements
Unaudited
Six months
ended
31 December
2024
Unaudited
Six months
ended
31 December
2023
Impact of Cyclone Gabrielle$000 $000
- 10,000
Cyclone Gabrielle related expenses- (703)
Cyclone Gabrielle related expenses- (3,083)
Cyclone Gabrielle related expenses(2,568)(3,827)
Cyclone Gabrielle related expenses- (1,401)
- 100
$(2,568)$1,086
Unaudited
Six months
ended
31 December
2024
Unaudited
Six months
ended
31 December
2023
Impact of Cyclone Gabrielle$000 $000
Staged reinstatement of plantReinstatement of Napier plant$(2,202)$(659)
The Group did not recognise any further progress payments in relation to the claims made for the loss of, or damage to,
property, plant and equipment, and for the consequent disruptions to the business caused by Cyclone Gabrielle in February
2023 as income, during the six months ended 31 December 2024 (six months ended 31 December 2023: $10.0 million).
After recognising progress payments received from the insurers to date of $62.0 million, the Group received further payments
totalling $42.2 million on or about 12 February 2025, with this $42.2 million to be recognised as income in the consolidated
financial statements for the year ending 30 June 2025.
Consolidated Interim Statement of
Cash Flows line item
Consolidated Interim Statement of
Profit or Loss line item
However, the Group was able to settle its Cyclone Gabrielle insurance claims subsequent to balance date as disclosed at note
13 (Events after balance date) to the consolidated interim financial statements, with the total amount agreed at $104.2 million.
The following table summarises the impact of Cyclone Gabrielle on the Group and how these have been presented in the
consolidated interim financial statements:
Cyclone Gabrielle related insurance
income
Cyclone Gabrielle related asset write
offs reversed
Insurance proceeds secured and recognised as
income
Site clean-up, asset stabilisation and waste disposal
costs incurred recognised as expenses
Ongoing payroll costs recognised as expenses
Ongoing costs as a result of the cyclone as well as
professional fees (including claims preparation costs)
incurred that have been recognised as expenses
Cost of voluntary redundancies incurred
Plant and equipment previously derecognised and
subsequently reinstated
13

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 (UNAUDITED) (continued)
2EARNINGS PER SHARE
Unaudited
Six months
ended
31 December
2024
Unaudited
Six months
ended
31 December
2023
Basic earnings per share (Basic EPS)
Loss after tax attributable to shareholders of the Company ($000)(8,147)(1,677)
Weighted average number of ordinary shares outstanding
70,365,976 70,069,426
Basic EPS (cents)(11.58)(2.39)
Diluted earnings per share (Diluted EPS)
Loss after tax attributable to shareholders of the Company ($000)(8,147)(1,677)
Weighted average number of ordinary shares outstanding and potential ordinary shares
71,365,976 71,069,426
Diluted EPS (cents)(11.42)(2.36)
In calculating the diluted earnings per share, the Company has taken into account the maximum number of shares that the
employees could be issued with under the Bremworth Share Option Scheme as further disclosed at note 7 (Share-based
payment) to the consolidated interim financial statements.
14

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 (UNAUDITED) (continued)
3SEGMENT PERFORMANCE
Reportable segments
The Group’s reportable and operating segments are:
-
-
Inter-segment transactions
Inter-segmental sales during the period and inter-segmental profits on stocks at balance date are eliminated on consolidation.
Geographical areas
Unaudited
Six months
ended
31 December
2024
Unaudited
Six months
ended
31 December
2023
$000 $000
Revenue
New Zealand25,929 23,374
Australia15,296 14,645
Rest of the world904 975
$42,129 $38,994
Unaudited
31 December
2024
Audited
30 June
2024
$000 $000
Non-current assets
New Zealand23,810 21,547
Australia1,008 961
$24,818 $22,508
Wool, with this segment involved in the acquisition of wool for the carpet segment and for sales to external customers in
New Zealand.
In presenting information on the basis of geographical areas, revenue is based on the geographical location of customers and
non-current assets are based on the geographical location of those assets.
Carpet, with this segment involved in the manufacturing and sales of woollen carpet and rugs in New Zealand, Australia
and rest of the world; and
15

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 (UNAUDITED) (continued)
3SEGMENT PERFORMANCE (continued)
Major customers
None of the Group’s external customers contributed revenues in excess of 10% of the Group’s total revenues.
Segment performance
Unaudited
Six months
ended
31 December
2024
Unaudited
Six months
ended
31 December
2023
Unaudited
Six months
ended
31 December
2024
Unaudited
Six months
ended
31 December
2023
Unaudited
Six months
ended
31 December
2024
Unaudited
Six months
ended
31 December
2023
$000 $000 $000 $000 $000 $000
External revenue31,312 30,619 10,817 8,375 42,129 38,994
Inter-segment revenue- - 1,960 1,408 1,960 1,408
Total revenue31,312 30,619 12,777 9,783 44,089 40,402
Elimination of inter-segment revenue(1,960)(1,408)
Consolidated revenue$42,129 $38,994
(4,334)(1,868)431 211 (3,903)(1,657)
Depreciation - owned assets(478)(281)(105)(79)(583)(360)
Depreciation - right-of-use assets(472)(458)(87)(66)(559)(524)
Amortisation - intangibles(13)(13)- - (13)(13)
(5,297)(2,620)239 66 (5,058)(2,554)
- 10,000 - - - 10,000
Cyclone Gabrielle related expenses(2,568)(9,014)- - (2,568)(9,014)
- 100 - - - 100
Segment result(7,865)(1,534)239 66 (7,626)(1,468)
Elimination of inter-segment profits14 (46)
Unallocated corporate costs(466)(450)
Result from operating activities(8,078)(1,964)
Finance costs(447)(398)
Finance income444 777
Loss before income tax(8,081)(1,585)
Income tax expense(66)(92)
Loss after tax for the period$(8,147)$(1,677)
Segment result before depreciation,
amortisation and insurances
Cyclone Gabrielle related asset write
offs reversed
Segment result before insurances
Carpet and rugs sales and
manufacturing Wool acquisition Total
Cyclone Gabrielle related insurance
income
16

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 (UNAUDITED) (continued)
3SEGMENT PERFORMANCE (continued)
Unaudited
31 December
2024
Audited
30 June
2024
Unaudited
31 December
2024
Audited
30 June
2024
Unaudited
31 December
2024
Audited
30 June
2024
$000 $000 $000 $000 $000 $000
Reportable segment assets66,345 57,590 6,227 5,683 72,572 63,273
Unallocated assets - Cash and bank7,476 31,645
Total assets$80,048 $94,918
Reportable segment liabilities14,841 20,607 1,512 1,963 16,353 22,570
Unallocated liabilities - Lease liabilities17,438 17,925
Total liabilities$33,791 $40,495
4REVENUE FROM CONTRACTS WITH CUSTOMERS
Unaudited
Six months
ended
31 December
2024
Unaudited
Six months
ended
31 December
2023
$000 $000
Sales of goods
Carpet30,220 29,223
Rugs649 719
Wool10,817 8,375
Other443 677
Total revenue$42,129 $38,994
5OTHER INCOME AND GAINS
Unaudited
Six months
ended
31 December
2024
Unaudited
Six months
ended
31 December
2023
$000 $000
Government grants recognised105 199
Net gain on sale of plant and equipment6 -
Other5 3
Total other income and gains$116 $202
Carpet and rugs sales and
manufacturing Wool acquisition Total
17

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 (UNAUDITED) (continued)
6FINANCE COSTS
Unaudited
Six months
ended
31 December
2024
Unaudited
Six months
ended
31 December
2023
$000 $000
Interest component of lease payments420 398
Facility fees - Bank guarantees27 -
Total finance costs$447 $398
7SHARE-BASED PAYMENT
Issue of shares under the terms of the 2022 LTI Scheme
There were no other issue of performance rights, shares or options under the Bremworth 2020 Long-Term Incentive Scheme,
the Bremworth Equity Ownership Plan or the Bremworth Share Option Scheme during the period (six months ended 31
December 2023: Nil).
In accordance with the terms of the 2022 LTI Scheme, 992,093 fully paid-up ordinary shares (Scheme Shares) were issued by
the Company on 7 November 2024 to Bremworth Share Scheme Limited (Trustee), with these shares to be held by the Trustee
on behalf of the participating employees until the relevant vesting date.
The Company operates four share-based payment plans/schemes, with these plans/schemes designed to incentivise selected
employees by providing them with opportunities to be issued equity interests in the Company.
The Company has determined the performance rights, the shares and the options issued under these plans/schemes to be
equity-settled share-based payment arrangements pursuant to NZ IFRS 2 Share-based Payment.
The Company issued 1,176,989 FY25-27 performance rights under the Bremworth 2022 Long-Term Incentive Scheme (2022 LTI
Scheme) during the six months ended 31 December 2024 (six months ended 31 December 2023: Nil).
In determining the number of Scheme Shares to be issued to the Trustee, it was noted that 184,896 Scheme Shares that were
issued to the Trustee under the FY23-25 issue of performance rights in October 2022 had not vested so were available for use
under the FY25-27 issue of performance rights.
Vesting of these shares is dependent on total shareholder return (TSR) performance over the period from 27 September 2024 to
30 June 2027 exceeding the 15% per annum compounding threshold set by the Board, with TSR calculated by reference to the
volume weighted average share price on the NZX for the last 20 trading days prior to 30 June 2027 as compared to the volume
weighted average share price on the NZX for the last 20 trading days prior to 27 September 2024 of $0.4051.
18

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 (UNAUDITED) (continued)
7SHARE-BASED PAYMENT (continued)
Measurement of fair value of performance rights and options granted under share-based payment arrangements
Summary of outstanding performance rights or options under the various plans/schemes as at balance date
Unaudited
31 December
2024
Audited
30 June
2024
Outstanding options under the Bremworth Share Option Scheme
1,000,000 1,000,000
Outstanding performance rights under the 2022 LTI Scheme
1,882,421 705,432
Maximum number of shares that could be issued under current share-based payment arrangements
(excluding those already issued under the 2022 LTI Scheme)
Unaudited
31 December
2024
Audited
30 June
2024
Outstanding options under the Bremworth Share Option Scheme
1,000,000 1,000,000
Impact of share-based payment arrangements on the consolidated interim financial statements
8CAPITAL COMMITMENTS
$62,000, being the proportion of fair value of the options under the Bremworth Share Option Scheme and the fair value of the
performance rights under the 2022 LTI Scheme relating to the six months ended 31 December 2024, were recognised in
administration expenses in the Consolidated Interim Statement of Profit or Loss for the period, with a corresponding credit
totalling $62,000 to the share-based payment reserve within equity (six months ended 31 December 2023: $64,000 under the
Bremworth Share Option Scheme and the 2022 LTI Scheme).
The Group had outstanding commitments for the purchase of plant and equipment of $387,000 at balance date (30 June 2024:
$717,000).
The fair value of performance rights and options granted under the various plans/schemes have been determined using a
Monte Carlo simulation.
19

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 (UNAUDITED) (continued)
9INVENTORIES
Unaudited
31 December
2024
Audited
30 June
2024
$000 $000
Raw materials and consumables14,138 6,618
Raw materials stock in transit1,201 4,563
Work in progress453 1,209
Finished goods19,857 16,958
Total Inventories$35,649 $29,348
Inventory provision$4,077 $2,614
10CONTINGENT LIABILITIES
11RELATED PARTIES
Apart from:
-directors’ fees;
-key management personnel remuneration;
-
-the professional services that were provided by Paul Izzard Design Limited;
there have been no other transactions with the directors and key management personnel, their related parties or with any other
related parties during the six months ended 31 December 2024, other than they may purchase carpets and rugs from the
Group for their own domestic use. These purchases are on the same terms and conditions as those applying to all employees of
the Group and are immaterial and personal in nature.
The fees charged by Paul Izzard Design Limited for the professional services rendered during the six months ended 31
December 2024 totalled $20,000 (six months ended 31 December 2023: $34,000), with these services approved by the Board.
Paul Izzard Design Limited, a company owned and directed by non-executive Director, Paul Izzard, provided the Group with
various design services, including those relating to the Bremworth brand experience store and the outlet store, during the
period.
During the six months ended 31 December 2024, provisions in respect of inventories increased by $1,463,000 (six months ended
31 December 2023: $33,000), with the corresponding amounts charged to the Consolidated Interim Statement of Profit or Loss.
The Group has granted indemnities in favour of Bank of New Zealand and National Australia Bank Limited (together, “the
Bank”) at the end of the period in respect of Bank guarantees relating to leases and other commitments totalling $2,068,000 (30
June 2024: $2,068,000).
the interest-free, full-recourse, loan of $208,050 that was provided to the Chief Executive Officer in September 2021
pursuant to the terms of the Bremworth Equity Ownership Plan, with the proceeds of that loan applied towards the
amount payable for the 500,000 fully paid-up ordinary shares issued to the Chief Executive Officer under the Bremworth
Equity Ownership Plan; and
20

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 (UNAUDITED) (continued)
12RISK MANAGEMENT
13EVENTS AFTER BALANCE DATE
Cyclone Gabrielle insurance settlement
The amount of the settlement was agreed at $104.2 million.
Strategic review
The review is expected to take several months, and there is no certainty that any transaction or other change will result.
On 17 February 2025, the Board commenced a strategic review of the Company's ownership structure. The decision to
undertake this strategic review followed the finalisation of Cyclone Gabrielle insurance settlement and recent approaches from
parties expressing an interest in Bremworth.
After taking into account progress payments paid to date of $62.0 million, a further $42.2 million was paid by the insurers on or
about 12 February 2025.
In relation to insurance against climate-related risks, the cover for material damage and business interruption as a
consequence of floods (with cover including the reinstated Napier dyehouse) was increased from $47.5 million to $50.0 million
at the last renewal of the Group’s insurance policy. The Group will continue to work with its insurance brokers to better
understand what would be required for its insurers to reinstate full cover against floods for the Group over time.
The Company reached a full and final settlement agreement with its insurers on 4 February 2025 in relation to the claims made
for the loss of, or damage to, property, plant and equipment, and for the consequent disruptions to the business, caused by
Cyclone Gabrielle in February 2023.
Bremworth is committed to the effective management of risk, which is fundamental to the Company's growth and profitability
targets and outcomes.
Key risks include financial risks, health and safety risks, climate-related risks, cyber risks and business and other operational
risks. Refer to the Annual Report for the year ended 30 June 2024 for discussion of the Company's risk management
21

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
DISCLOSURE OF NON-GAAP FINANCIAL INFORMATION
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 (UNAUDITED)
• outlining why non-GAAP financial information is useful to investors and how it is used internally by management;
• identifying the source of non-GAAP financial information;
• ensuring that:
-
-
-
-
-
-non-GAAP financial information is unbiased; and
• taking care when describing, or referring to, items as ‘one-off’ or ‘non-recurring’.
presentation of non-GAAP financial information does not in any way confuse or obscure presentation of GAAP financial
information;
a reconciliation from the non-GAAP financial information to the most directly comparable GAAP financial information,
including that for the previous period, can be easily accessed (see page 23);
a consistent approach is adopted from period to period with respect to the presentation of non-GAAP financial
information, including that for comparative periods;
where there is any change in approach from the previous period, the nature of the change is explained and the reasons
and financial impact provided;
The disclosure of the non-GAAP financial information is also consistent with how the financial information for the Group is reported
internally, and reviewed by the Chief Executive Officer as its chief operating decision maker, and provides what the Directors and
management believe gives a more meaningful insight into the underlying financial performance of the Group and a better
understanding of how the Group is tracking after taking into account items of an abnormal nature, including items that are unlikely to
recur or otherwise unusual in nature.
Non-GAAP financial information does not have standardised meaning prescribed by GAAP and therefore may not be comparable to
similar financial information prescribed by other entities.
In putting together the half year report, the Directors have taken into account all of the requirements within the guidance note. More
specifically, these include:
non-GAAP financial information is not presented with undue and greater prominence, emphasis or authority than the
most directly comparable GAAP financial information;
The half year report for the six months ended 31 December 2024 contains financial information that is non-GAAP (Generally
Accepted Accounting Practice) and therefore falls within the Financial Markets Authority’s guidance note on “Disclosing non-GAAP
financial information” issued in July 2017.
Non-GAAP financial information has been prepared using the unaudited GAAP-compliant half year and audited GAAP-compliant full
year financial statements of the Group and has not been independently reviewed.
Non-GAAP financial information contained within the half year report (more particularly, the non-GAAP measures of financial
performance such as “EBITDA (normalised)”, “EBIT (normalised)”, “Loss before tax (normalised)” and “Loss after tax (normalised)”
provide useful information to investors regarding the performance of the Group because the calculations exclude restructuring costs
and other gains/losses (for example, Cyclone Gabrielle related insurance income and Cyclone Gabrielle related expenses) that are
not expected to occur on a regular basis either by virtue of quantum or nature.
In arriving at this view, the Directors have also taken cognisance of the requests by users of the consolidated financial statements
regarding the nature and quantum of abnormal items within the GAAP-compliant results and the way users distinguish between
GAAP and non-GAAP measures of profit.
22

BREMWORTH LIMITED AND SUBSIDIARY COMPANIES
DISCLOSURE OF NON-GAAP FINANCIAL INFORMATION
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 (UNAUDITED) (continued)
RECONCILIATION OF GAAP-COMPLIANT TO NON-GAAP-COMPLIANT MEASURES OF LOSS AFTER TAX
GAAP Adjustments Normalised GAAP Adjustments Normalised
$000 $000 $000 $000 $000 $000
Revenue$42,129 - $42,129 $38,994 - $38,994
EBITDA(6,923)2,568 (4,355)(1,067)(613)(1,680)
Depreciation - owned assets(583)- (583)(360)- (360)
Depreciation - right-of-use assets(559)- (559)(524)- (524)
Amortisation - intangible assets(13)- (13)(13)- (13)
EBIT(8,078)2,568 (5,510)(1,964)(613)(2,577)
Finance costs(447)- (447)(398)- (398)
Finance income444 - 444 777 - 777
Loss before tax(8,081)2,568 (5,513)(1,585)(613)(2,198)
Tax expense(66)- (66)(92)- (92)
Loss after tax(8,147)2,568 (5,579)(1,677)(613)(2,290)
Abnormal (losses) / gains after tax(2,568)(2,568)613 613
Loss after tax (GAAP)- $(8,147)- $(1,677)
Analysis of abnormal items
Profit
before tax
Tax
effect
Profit
after tax
Profit
before tax
Tax
effect
Profit
after tax
$000 $000 $000 $000 $000 $000
Cyclone Gabrielle related insurance income- - - 10,000 - 10,000
(2,568)- (2,568)(8,914)- (8,914)
Restructuring costs- - - (473)- (473)
Total$(2,568)- $(2,568)$613 - $613
Calculation of basic and diluted earnings per share under GAAP and non-GAAP measures of loss after tax
Six months ended 31 December 2024
GAAP-
compliant
reported
profit
after tax
Reverse
abnormal
items (net of
tax) where
applicable
Non-GAAP-
compliant
normalised
profit
after tax
Loss attributable to shareholders ($000)$(8,147)$2,568 $(5,579)
Weighted average number of ordinary shares (basic)
70,365,976 70,365,976
Earnings per share (basic) (cents)(11.58)(7.93)
Weighted average number of ordinary shares (diluted)
71,365,976 71,365,976
Earnings per share (diluted) (cents)(11.42)(7.82)
Six months ended 31 December 2023
Loss attributable to shareholders ($000)$(1,677)$(613)$(2,290)
Weighted average number of ordinary shares (basic)
70,069,426 70,069,426
Earnings per share (basic) (cents)(2.39)(3.27)
Weighted average number of ordinary shares (diluted)
71,069,426 71,069,426
Earnings per share (diluted) (cents)(2.36)(3.22)
Six months ended 31 December 2024Six months ended 31 December 2023
UnauditedUnaudited
UnauditedUnaudited
Cyclone Gabrielle related asset write offs
and expenses and asset write offs reversed
Six months ended 31 December 2024Six months ended 31 December 2023
23

BREMWORTH LIMITED
CORPORATE DIRECTORY
BOARD OF DIRECTORS
George Adams DipFSA(Hons), FCA, CFInstDChair of the Board of Directors
IndependentChair of Nomination Committee
Member of Audit and Remuneration Committees
Paul Izzard BA (Hons) Interior DesignMember of Audit and Remuneration Committees
Independent
John Rae B.Com., LLB, CMInstDMember of Audit, Remuneration and Nomination Committees
Independent
Katherine Turner B.Com., CA, MInstDChair of Audit Committee
IndependentMember of Remuneration Committee
Dianne Williams B.Com., MBA, CMInstDChair of Remuneration Committee
IndependentMember of Audit and Nomination Committees
DIRECTOR EMERITUSGrant Biel B.E. (Mech.)
CHIEF EXECUTIVE OFFICERGreg Smith
CHIEF FINANCIAL OFFICERMandy Tomkins-Dancey
COMPANY SECRETARYVictor Tan
FOUNDING SHAREHOLDERThe late Anthony Charles Timpson ONZM
REGISTERED OFFICE7 Grayson Avenue, Auckland 2104
P O Box 97040, Auckland 2241
Telephone: 0800 808 303, +64-9-277 6000, Website: bremworth.co.nz
SHARE REGISTRARComputershare Investor Services Limited
Level 2, 159 Hurstmere Road, Auckland 0622
Private Bag 92119, Auckland 1142
Telephone: +64-9-488 8700, Facsimile: +64-9-488 8787
Investor Enquiries: +64-9-488 8777
AUDITORPricewaterhouseCoopers
LEGAL ADVISORSRussell McVeagh
BANKERSBank of New Zealand
National Australia Bank Limited
WEBSITES
Corporatebremworth.co.nz/investor-centre
Carpet Operationbremworth.co.nz
bremworth.com.au
Wool Operationelcodirect.co.nz
Share Registrarcomputershare.com/nz
24

---

1
1 H 2 5 R E S U L T S
P R E S E N T A T I O N
F o r t h e s i x m o n t h s t o D e c e m b e r 2 0 2 4
F e b r u a r y 2 0 25

2
Overview of Bremworth’s 1H25 result and outlook
•Insurance claims resolved ($42m final cash settlement) and ongoing improvements in our hybrid supply chain
-Supplementing our capabilities at Whanganui, working with four yarn suppliers that can produce yarn at scale
-Investment in the Napier dyehouse completed
•Significant investment in woollen spun yarn inventory throughout 2H24 and 1H25
-Finished stock now sits at pre-Cyclone Gabrielle levels
-Retail partners know Bremworth can meet orders without delay
•Revenue growth in 1H25 (despite challenging market conditions) and this has continued, with an encouraging start to Q3:
-Active customers growing across all geographies driving sales in carpet & rugs
-Elco has had a record month to start the calendar year
•Large cash outflow during 1H25 –mainly due to investment in growth
•Management will further reduce cost base to reflect the size of the business, whilst still enabling growth in FY26 and beyond
•Executing on strategies to drive volume growth (and margin recovery) –new collections, growth in white label, new contract
manufacturing opportunities, re-enter commercial, and new markets

39.6
31.9
30.6
26.5
31.3
7.6
10.6
8.4
14.8
10.8
47.2
42.5
39.0
41.3
42.1
1H232H231H242H241H25
Carpet revenueElco revenue
3
Financial summary –key metrics
Notes: (*) Normalised is a non-GAAP measure that the Directors believe to be a more meaningful
view of the underlying financial performance. (1) Cash and bank includes cash and cash
equivalents, short term deposits. (2) Insurance proceeds received1H24:$10.0m, 2H24: $16.5m.
(3) Carpet includes Rugs & Other. (4) Excludes inventory provision
FINANCIAL SUMMARY
(NZ$M)
1H242H241H25
Revenue
39.041.342.1
Gross Margin %
27.3%21.4%21.3%
Carpet Gross Margin
3,4
32.8%32.0%31.0%
EBITDA (normalised)*
(1.7)(3.5)(4.4)
EBIT (normalised)*
(2.6)(4.5)(5.5)
Profit/(Loss) after tax (GAAP)
(1.7)
2
6.3
2
(8.1)
Cash and bank
1
30.8
2
31.6
2
7.5
Inventories
21.129.335.6
Revenue performance (incl. pre-Cyclone Gabrielle)
•Revenue up ~8% in 1H25 vs $39m in1H24
-Regaining market share in Australia (post-Cyclone)
-Stable NZ carpet business, despite economic conditions
-Strong Elco performance
•Overall gross margin % in line with 2H24. Margin
compression vs.1H24 related to:
-Product mix shift to lower margin products, including
Elco revenue
-Increase in inventory provisioning
-Excluding inventory provisioning, carpet margins are
broadly stable
•EBITDA reduction vs 1H24 also impacted by increased
distribution costs that support new product offerings
in Australia
3

4
Strategic updates
•Purpose of the Strategic Review
is to identify the highest value
owner for Bremworth
•Engaging with interested parties
on a preliminary basis
•Strategic Review may take
several months to complete
•No guarantee of any particular
outcome
•Amount of excess cash to be
returned subject to:
a)outcome of Strategic Review
b)confidence on return to
positive operating cash flows
•Bremworth has received
external tax advice confirming
imputation credit ($7.6
1
m) and
available subscribed capital
($29.3m) balances
•Ongoing dividends will be
subject to returning to
profitability (expected in FY26)
STRATEGIC REVIEWRETURN TO DIVIDENDS
Notes: (1) Corresponds with net imputed dividends of $18.5m (excluding RWT)
•Final settlement in relation to Cyclone
Gabrielle insurance claims achieved
•Received final cash proceeds after
balance date($42m)
•Excess cash available for distribution
FINAL INSURANCE SETTLEMENT
•Volume growth in existing + new channels
•Improvement in gross margin and
reduced investment in NWC
•Reduce Bremworth’s cost base (targeting
$5m annualised opex savings)
TARGETING CASHFLOW POSITIVE INFY26

5
Reinstatement of our new dyeing facilities in Napier is complete,
optimising our local, vertically integrated footprint
PAPATOETOE –tufting
•100% of our carpets are tufted at
Papatoetoe
•Tufting carpets involves unique skills &
specialist machinery
•Significant capacity to grow volumes
tufted without incremental investment
WHANGANUI –yarn spinning
•High quality felted and woollen spun yarn
•Felted yarn requires unique skills and
specialist machinery
NAPIER –dyeing and finishing
•$2.2m invested in 1H25 to reinstate dyeing
and finishing capabilities –no further
reinstatementof machinery is planned at
this stage
•We will begin contract dyeing to further
utilise capacity and grow revenue in Q3
•Woollen spun yarn is produced at
Whanganui and via external partners

6
The quality of externally supplied woollen spun yarn is
improvingand we are investing in growth
•Four external yarn suppliers provided the majorityof woollen spun yarn used in 1H25
-All fibre used in manufacturing our carpet is NZ wool
-The quality of external yarn has been improving, with ‘seconds’ rates continuing to
decline
•Working with external and large yarn suppliers materially increases the volume of
woollen spun yarn available to manufacture carpet at Papatoetoe (historicallylimited by
the woollen spun yarn produced at Napier and Whanganui)
•Access to large quantities of yarn also provides flexibility for us to sell new ranges and
produce large runs at short notices –so far, we’ve manufactured four new ranges with
externally produced yarn
•With growing confidence in the quality and availability of woollen spun yarn, our
strategic priority is to drive volume growth in AU, NZ and new markets with existing and
new customers
✓
Key benefits
Increased scale
✓
Access to global
expertise, supporting
product innovation
✓
Improved production
flexibility
✓
Variable cost base
scaled in line with
volume

22.4
16.3
14.5
18.0
21.3
7.8
6.2
8.0
14.0
18.4
1H232H231H242H241H25
Finished goodsRaw materials and WIP
7
Recent investment in yarn inventory underwrites confidence in
future growth
•With confidence in our hybrid supply chain, we made
significant investment into woollen spun yarn inventory
throughout 2H24 and 1H25
•Raw materials balance (primarily woollen spun yarn)
now at $18.4m (vs $8.0m in 1H24)
•This investment in raw materials and the ability to
convert quickly into finished productensures flexibility
and speed to market, further enabling our strategy to
increase volumes
•Current inventory levels support sales demand and
future growth ambitions
Inventory breakdown: Raw Materials & Finished Goods
1
Notes: (1) Represents gross inventory. Raw materials include stock in transit and WIP.
Finished goods include Elco
Cyclone Gabrielle (Feb-23)
Significant investment in
woollen spun yarn
throughout 2H24 &1H25
NZ$m

8
Confidence to deliver on future growth from both existing sales
channels and other strategic initiatives
•Exploring new opportunities for a) making carpets for our
customers b) contract dyeing
•Earlystagediscussions progressing
•Re-entering commercial, previously ~20% of volumes
•High volume orders from multi-site customers
(developers, schools, aged care, etc)
•Hybrid supply chain enables us to fulfil large, one-off
orders, previously restricted by limited capacity
•Four new commercial-only ranges launching in late FY25
CORE CARPET SALESCOMMERCIAL
WHITE LABEL
•Leverage recently increased store penetration with AU’s
largest soft flooring retailers
•Continuing to explore opportunities with a global flooring
business, initially small volumes
•Growth in existing product offering, high confidence off
the back of Q3 revenue performance so far
•New colours for the Bremworth Collection (enabled by
recent investment in Napier dyehouse )
•New value collection set to launch in late FY25
•Continuing to explore distribution agreement in the US
CONTRACT MANUFACTURING
Existing sales channels

F I N A N C I A L U P D A T E
9

10
Revenue growth of 8% vs 1H24 reflects strong Elco performance and
the initial recovery in Bremworth’s wholesale carpet channel in Australia
39.0
42.1
1.0
2.4
(0.1)
(0.2)
1H24CarpetRugsWoolOthers1H25
•Small increase in carpet sales
across both New Zealand and
Australia
•Growth in wool revenue (Elco)
driven by higher wool prices
•Rug and other revenue remained
relatively stable
Group revenue bridge
NZ$m

11
•Total carpet revenue has remained relatively stable
since 2H23 (post the impact of Cyclone Gabrielle)
•Recovering lost market share in Australia with sales up
~17% on 2H24 as retailers begin to regain confidence in
Bremworth’s service levels (that followed the disruption
to production from the Cyclone)
•NZ carpet sales up ~14% on 2H24 and holding steady
on1H24, despite significant downward pressure from
the building market, with successful release of four new
products since Q124
•RoW sales remained stable
•Revenue growth has continued withan encouraging
sales performance to start Q3
Carpet revenue growth in Australia (albeit from depressed levels) with stable
performance in NZ. Confidence in brand to deliver improvement again in 2H25
Carpet revenue
Cyclone Gabrielle (Feb-23)
NZ$m
Notes: Carpet includes Rugs and Other
20.8
15.2
14.1
12.7
14.8
16.5
14.7
14.4
12.8
14.6
39.6
31.9
30.6
26.5
31.3
1H232H231H242H241H25
AustraliaNew ZealandRoWRugs & Other

32.6%
27.7%
26.1%
32.8%
32.0%
31.0%
1H242H241H25
Carpet gross margin (incl. provision)Inventory provision
12
Carpet gross margin impacted by the increase in inventory provisioning, excluding this
provisioning, margin is broadly stable
•Carpet gross margin (excl. provisions) down from 32.8%
in 1H24 to 31.0% in 1H25
•Carpet inventory provisioning increased to 10.7% of
inventory (vs 7.0% in 1H24), adversely impacting margins
•Small effect from product mix shift to lower margin
products. We are focused on re-balancing mix through
advances in product development
•As volumes increase gross margin to increase with
recovery of fixed production costs and improved plant
efficiency
•Cost reduction programme will also support a lift in
margins in FY26
Carpet gross margin performance
Margin % (incl. provision)
Margin % (excl. provision)
Notes: Carpet includes Rugs and Other

13
Elco Direct continues to perform well, including providing Bremworth with
access to high-quality New Zealand strong wool
•Elco Direct sales up 29% on 1H24, driven by higher
wool prices
•EBITDA up $0.2m on 1H24, largely driven by increased
revenue
•Despite being a wholly owned subsidiary, Elco operates
on a purely stand alone financial basis
•The Elco business remains a key strategic asset
providing Bremworth with access to quality wool and
volumes as the wool industry contracts
Elco Direct revenue and wool prices
7.6
10.6
8.4
14.8
10.8
1.76
1.60
1.80
2.13
2.34
1H232H231H242H241H25
Elco Direct revenueWool price
Source: Management information
Notes: (1) Wool price represents the average revenue earned by Elco over the relevant
period in $/kg
1
Revenue in NZ$m

3.1
(3.4)
(1.4)
(1.3)
0.3
(1.7)
(4.4)
1H24 EBITDA
(normalised)
Revenue Cost of sales Inventory
provision
Distribution
costs
Other 1H25 EBITDA
(normalised)
14
Reduction in normalised EBITDA largely driven by margin pressure and increase in
distribution costs
Normalised EBITDA bridge
1
Notes: (1) Normalisations based on reported 1H25 financials. (2) Distribution includes
distribution expenses, storage costs and sampling. (3) Other includes depreciation (related
to cost of sales), administration expenses and other income.
1
1
•Revenue growth primarily from a
significantly lower margin Elco, with
a corresponding increase in cost of
sales
•Gross margin also affected by
slightly lower pricing to stimulate
activation and higher production
costs, but main impact was the
$1.4m inventory provision
•Increase in distribution costs to
support new product offerings in
Australia (includes $0.6m for
samples and $0.2m for additional
storage)
$1.7m decrease in gross margin
NZ$m
2
3

15
Normalisations are for Cyclone Gabrielle related expenses which are expected to be
covered by insurance proceeds
Normalised EBITDA bridge
Notes: (1) Normalisations based on reported 1H25 financials. Note these buckets show the
items normalised and the normalisation adjustment. Net impact is therefore nil.
1
•We note that there are certain other
costs that are not expected to
continue, for example:
-Increased inventory provisioning
related to increased yarn supply
-Spend on costs in preparation for
future volume / growth (e.g.new
product samples in AU)
NZ$m
(4.4)
(6.9)
(2.6)
1H25 EBITDA (normalised)
Cyclone Gabrielle related
expenses1H25 reported EBITDA

(2.9)
(7.1)
(1.0)
0.7
(8.4)
(2.6)
(2.2)
(0.8)
31.6
21.4
7.5
Closing Cash
June 2024
Normalised
EBITDA
cashflows
NWC excl. raw
materials
CAPEX (BAU) Interest and
other
Cash before
growth / Cyclone
Inventory (raw
materials)
One-off Cyclone
Gabrielle
expenses
CAPEX
(reinstatement
Napier)
Insurance
proceeds - timing
Closing Cash
Dec 2024
~$10m of cash outflows before growth /
Cyclone related costs, includes an increase
of $3.3m in finished goods
•Majority of remainder relates to changes
in NWC,including $1.8m prepayment of
annual insurance premiums
~$14m of growth / Cyclone related costs
•Investment in raw materials (primarily
yarn) of $8.4m –now at sufficient levels
for future growth
•Reinstatement of dyeing and yarn
finishing at Napier; no new significant
investment into Napier (incl.
reinstatement) expected in 2H25
•Further Cyclone Gabrielle related costs
16
Cash has been applied to future growth investment (including inventory), NWC and
Cyclone Gabrielle related costs
Source: Management information
Notes: (1) Normalised EBITDA cashflows excludes the movement in the inventory provision
which has been added back to inventory. (2) Net working capital (NWC), in this instance, refers
to trade debtors and payables, prepayments, lease payments and finished goods inventory
Cash bridge
1
2
~$10m cash outflows before
growth / Cyclone
~$14m growth / Cyclone
1
2
NZ$m
Finished goods
Other
1
2
(3.8)
(3.3)

Sales volume growth
•New high volume products and ranges
•Expansion into the US
•Contract manufacturing (incl. dyeing)
•New Bremworth Collection colours supporting
volume growth for high-value products
Improvement in gross margin and reduced
investment in NWC
•Increased utilisation improving production
cost recovery and plant efficiency
•Mix shift towards high-end products
Cost rationalisation
•Targeting $5m annualised cost savings
17
Targeting cashflow positive and return to profit in FY26
Source: Management information
Notes: (1) This information is directional only
Illustrative cashflow bridge
1
Sales volume
growth
Improvement in gross
margin & reduced
investment in NWC
Cost
rationalisation
Cashflow positive
in FY26
Long term cash
generation
a
b
c
a
b
c
1
(See prev. page)

OUR VISION IS TO BECOME A GLOBAL LEADER IN DESIGNING AND
CREATING DESIRABLE, SUSTAINABLE, SAFE AND HIGH-
PERFORMING NATURAL INTERIORS
18

Disclaimer
•This presentation has been prepared by Bremworth Limited (“BRW”).
The information in this presentation is of a general nature only. It is not a
complete description of BRW.
•This presentation is not a recommendation or offer of financial products
for subscription, purchase or sale, or an invitation or solicitation for such
offers.
•This presentation is not intended as investment, financial or other advice
and must not be relied on by any prospective investor. It does not take
into account any particular prospective investor’s objectives, financial
situation, circumstances or needs, and does not purport to contain all
the information that a prospective investor may require. Any person who
is considering an investment in BRW securities should obtain
independent professional advice prior to making an investment
decision, and should make any investment decision having regard to
that person’s own objectives, financial situation, circumstances and
needs.
•Past performance information contained in this presentation should not
be relied upon (and is not) an indication of future performance. This
presentation may also contain forward looking statements with respect to
the financial condition, results of operations and business, and business
strategy of BRW. Information about the future, by its nature, involves
inherent risks and uncertainties. Accordingly, nothing in this presentation
is a promise or representation as to the future or a promise or
representation that a transaction or outcome referred to in this
presentation will proceed or occur on the basis described in this
presentation. Statements or assumptions in this presentation as to future
matters may prove to be incorrect.
•A number of financial measures are used in this presentation and should
not be considered in isolation from, or as a substitute for, the information
provided in BRW’s financial statements available at
https://bremworth.co.nz/pages/investor-centre
•BRW and its related companies and their respective directors, employees
and representatives make no representation or warranty of any nature
(including as to accuracy or completeness) in respect of this presentation
and will have no liability (including for negligence) for any errors in or
omissions from, or for any loss (whether foreseeable or not) arising in
connection with the use of or reliance on, information in this presentation.
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