1H FY2025 Interim Results

Results announcement
KMD BRANDS LIMITED W kmdbrands.com

Results for announcement to the market
Name of issuer KMD Brands Limited
Reporting Period 6 months to 31 January 2025
Previous Reporting Period 6 months to 31 January 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$470,945 0.5%
Total Revenue $470,945 0.5%
Net profit/(loss) from continuing
operations
($20,704) (114.2%)
Total net profit/(loss) ($20,704) (114.2%)
Interim Dividend
Amount per Quoted Equity
Security
NIL
Imputed amount per Quoted
Equity Security
NIL
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$0.13 $0.14
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
The interim results are based on accounts which have been subject to
review. Refer to accompanying unaudited financial statements.
Authority for this announcement
Name of person

authorised to
make this announcement
Frances Blundell
Contact person for this
announcement
Frances Blundell
Contact phone number +64 3 968 6110
Contact email address companysecretary@kmdbrands.com
Date of release through MAP

Wednesday 26
th
March 2025

Unaudited financial statements accompany this announcement.

---

KMD BRANDS LIMITED W kmdbrands.com



26 March 2025
(All amounts in NZ$ unless otherwise stated)


KMD Brands 1H FY25 Results


KMD Brands Limited (NZX/ASX: KMD, “KMD” or the “Group”) today announces its results
for the six months ended 31 January 2025 (“1H FY25”).


1H FY25 financial summary (vs 1H FY24):

• Group sales up +0.5% to $470.9 million.
• Gross margin down -0.3% of sales to 58.5%.
• Underlying operating expenses
1
up +4.2% to $271.6 million.
• Underlying EBITDA
1
$3.9 million, down -74.3% year-on-year (“YOY”).
• Statutory NPAT loss -$20.7 million. Underlying NPAT
1
loss -$16.1 million.
• Net Working Capital $192.6 million, -$33.6 million lower YOY.
• Net Debt $76.2 million, -$20.0 million lower YOY.
• No interim dividend declared as a result of 1H FY25 operating performance.

Group financial performance

Statutory Underlying
1

NZ$ million
2
1H FY25 1H FY25 1H FY24 Var %
Sales 470.9 470.9 468.6 0.5%
Gross Profit 275.5 275.5 275.7 (0.1%)
Gross Margin 58.5% 58.5% 58.8%
Operating Expenses (222.8) (271.6) (260.6) 4.2%
EBITDA 52.7 3.9 15.1 (74.3%)
EBIT (12.7) (13.3) (1.7)
NPAT (20.7) (16.1) (6.9)

The sales result is underpinned by an improved trend in the direct-to-consumer (“DTC”)
channel (including online) for all three brands. Group online sales performance has been a
highlight, with all three brands achieving double digit sales growth YOY. Online remains a
key growth priority for the Group.

Wholesale sales are taking longer to recover, as wholesale accounts remain cautious on pre-
season commitments in a challenging market. Forward orders and in-season buying from
key accounts support an improving wholesale trend through 2025.

1
Excluding the impact of IFRS 16, restructuring, software as a service accounting, and the notional amortisation of Rip Curl and
Oboz customer relationships.
2
1H FY25 NZD/AUD conversion rate 0.909 (1H FY24: 0.926), 1H FY25 NZD/USD conversion rate 0.595 (1H FY24 0.604).

KMD BRANDS LIMITED W kmdbrands.com



Gross margin decreased -0.3% of sales below last year to 58.5%, remaining resilient despite
increased promotional intensity for Kathmandu and clearance of inventory for Oboz.

All brands continue to actively manage operating expenses while facing global cost pressure.

In a challenging trading environment, net working capital efficiency is a key focus for the
Group. Net working capital at 31 January 2025 was $33.6 million lower than 31 January
2024, with reduced inventory balances YOY.


Rip Curl: Sales impacted by wholesale customer caution

Rip Curl Underlying
1

NZ$ million 1H FY25 1H FY24 Var%
Sales 278.5 278.3 0.1%
EBITDA 23.6 27.4 (14.0%)
EBIT 16.1 20.8 (22.9%)

Rip Curl total sales increased +0.1% to $278.5 million, improving from -6.7% YOY during Q1
to +6.5% YOY during Q2.

DTC sales increased +4.1%, reflecting strong sales growth over the key Australasian
summer and Christmas trading period. Also, stronger results were achieved in Europe and
South America, supported by store openings. Online sales increased by +13.9% to $21.1
million, comprising 11.5% of DTC sales.

Wholesale sales decreased by -7.9% in a challenging global market. Forward orders support
improving wholesale momentum for Q1 FY26.

Gross margin increased +0.2% of sales with channel and product mix offsetting the impact of
increased promotional intensity in a tough trading environment. Operating expenses continue
to be tightly managed while facing global cost pressure.


Kathmandu: Improving quarterly sales trend

Kathmandu Underlying
1

NZ$ million 1H FY25 1H FY24 Var %
Sales 156.8 152.3 3.0%
EBITDA (12.8) (8.3) (54.0%)
EBIT (22.0) (18.0) (22.3%)

Kathmandu total sales increased +3.0%, improving from -2.7% YOY during Q1 to +6.9%
YOY during Q2.

Australia sales
3
increased +3.8%, supported by enhanced in-store execution and new
products. New Zealand sales were -2.0% below last year, with strong sales growth YOY
during the Christmas trading period. Excluding the clearance of end-of-line products in

3
At constant exchange rates.

KMD BRANDS LIMITED W kmdbrands.com


August last year, New Zealand sales increased +4.8% YOY for the remaining 5 months of 1H
FY25.

Online sales increased by +26.6% to $20.8 million, comprising 13.4% of DTC sales.

Gross margin decreased -0.4% of sales, with increased promotional intensity in a competitive
trading environment.

Kathmandu operating expenses include approximately $3 million incremental YOY to refresh
brand advertising (increased first half weighting), increase product newness and innovation,
and improve the consumer experience. Brand foundations are now in place, and sales
momentum is building.


Oboz: Sales impacted by wholesale customer caution

Oboz Underlying
1

NZ$ million 1H FY25 1H FY24 Var %
Sales 35.6 38.0 (6.3%)
EBITDA (2.2) (0.1) -
EBIT (2.6) (0.5) -

Total sales decreased -6.3% YOY, impacted by wholesale customer caution.

Online sales increased +32.8%, growing strongly over the Black Friday and Christmas
promotions, and reinforcing the growth opportunity for the brand.

Wholesale sales decreased -10.6% as wholesale accounts remain cautious on pre-season
commitments in a challenging market, partly offset by improved in-season buying from key
accounts. Forward orders and in-season buying from key accounts support an improving
wholesale trend through 2025.

Gross margin decreased -5.7% of sales as clearance of excess inventory has contributed to
lower gross margins YOY. Gross margin on core styles and new launches remains in line
with historical margins.

Operating expenses were tightly controlled YOY. Current levels of operating expense
investment will be leveraged with future sales growth as the market recovers.


Balance sheet

At 31 January 2025 the Group had a net debt position of $76.2 million, down $20.0 million
from $96.2 million one year earlier, and with funding headroom of approximately $215
million. January inventory investment results in typically higher net debt levels at the January
measurement point.

Net working capital was $33.6 million lower than 31 January 2024, with reduced inventory
balances YOY. Inventory positions continue to moderate back towards historical levels.

KMD BRANDS LIMITED W kmdbrands.com


As previously communicated, the dividend policy remains aligned to earnings, with a target
payout ratio of 50% to 70% of underlying NPAT. As a result of the 1H FY25 operating
performance, the Directors have not declared an interim dividend.


Trading update

DTC sales (including online) for the 7 full weeks to 16 March 2025, a seasonally non-
significant trading period for both brands:

• Kathmandu +5.2% YOY
4
. Gross margin is under pressure YOY due to increased
promotional intensity in a competitive trading environment.
• Rip Curl global DTC sales for owned stores and websites approximately +0.7% YOY
4
.
Gross margin remains resilient YOY.


Outlook

Commenting on the outlook for the Group, outgoing Group CEO Michael Daly said:

“Direct-to-consumer sales have improved for all three of our brands, while the wholesale
market is taking longer to recover. Global monetary policy settings have been easing, but the
return of consumer confidence will take time.”

“We are seeing short-term gross margin pressure for all brands in a highly competitive global
market. However, our focus remains on growing gross margin in the medium-term as
markets improve.”

“We are monitoring the impact of geopolitical uncertainty on consumer confidence and
supply chains.”

Incoming Group CEO and Managing Director Brent Scrimshaw said:

“I am excited to step into the KMD Brands Group CEO role and look forward to my transition
with Michael over the next two weeks. I was pleased to announce earlier this week the
appointment of Ashley Reade as the new CEO of Rip Curl and additionally, have also
commenced a worldwide search for a Melbourne-based Group Chief Financial Officer. Ben
Washington will continue in his current role as Interim Group CFO until a permanent
appointment is made.”

“We continue to focus on delivering positive sales growth, improving profitability, maximising
cash flows, and reducing inventory.”

“We believe that with our portfolio of iconic global outdoor brands and leadership in
sustainability, we remain a unique investment proposition and well-placed for the future.”





4
Tropical Cyclone Alfred has impacted Queensland and Northern New South Wales stores for both brands, with approximately
100 lost trading days. Rip Curl store locations have been most materially impacted.

KMD BRANDS LIMITED W kmdbrands.com


Investor briefing being held today at 8:30am AEDT / 10:30am NZDT

Michael Daly (Group CEO), and Ben Washington (Interim Group CFO) will be holding a
briefing session for investors and analysts at 8:30am AEDT / 10:30am NZDT today
(Wednesday 26 March).
Please attend the meeting by following this link: www.virtualmeeting.co.nz/kmd1hfy25
You may also dial one of the numbers below and provide the conference ID 4456081 to the
operator to listen to the meeting.
Australia Toll-Free 1800 953 093
New Zealand Toll-Free +64800005652
USA & Canada Toll-Free (888) 672-2415
United Kingdom Toll-Free +44 800 524 4763
France Toll-Free +33 801 238861
Norway National +47 57 98 94 28
Spain Toll-Free +34 800 906908

The webcast will be available on the KMD Brands investor website following the call.


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

- ENDS -

For further information, whether an investor or media enquiry, please contact:
enquiries@kmdbrands.com

---

KMD BRANDS LIMITED
INTERIM REPORT 2025

KMD BRANDS LIMITED - INTERIM REPORT 2025
2
DIRECTORS’ REPORT
The Directors of KMD Brands Limited present the Interim Report for the Company and its controlled entities for the half year ended
31 January 2025.
Review of Operations
Group sales for the interim period of $470.9 million are 0.5% above last year. Direct-to-consumer sales trends continue to improve
for all three brands. This was underpinned by improved Black Friday and Christmas trade, and all brands achieving double digit
online growth. The wholesale market is taking longer to recover. Wholesale accounts remain cautious on pre-season commitments
in a challenging market. Forward orders and in-season buying from key accounts support an improving wholesale trend leading into
2026.
Gross margin decreased -0.3% of sales below last year to 58.5%, remaining resilient despite increased promotional intensity for
Kathmandu and clearance of inventory for Oboz.
All brands continue to actively manage operating expenses while facing global cost pressure. Kathmandu has invested an additional
$3 million YTD to refresh brand advertising, increase product newness and innovation, and improve the customer experience.
At 31 January 2025 the Group had a net debt position of $76.2 million, with funding headroom of approximately $215 million.
Net working capital was $33.6 million lower than 31 January 2024, with a significant reduction in inventory. Inventory positions
continue to moderate back towards historical levels, with further moderation expected through the second half of FY25 and into
FY26.
No interim dividend has been declared.
A further review of the operations of the Group is set out in the accompanying media release of 26 March 2025.
Seasonality
Due to the seasonal nature of the Group’s activities, the activities in the second half of the year historically provide a larger portion of
the sales and net profit for the full year.
Signed in accordance with a resolution of the Directors:
David Kirk Abigail Foote
Director Director

KMD BRANDS LIMITED - INTERIM REPORT 2025

3

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Note Unaudited
Six Months
Ended
31 January
2025
Unaudited
Six Months
Ended
31 January
2024
Audited
Year
Ended
31 July
2024





NZ$’000 NZ$’000 NZ$’000

Sales revenue 5 470,945 468,644 979,415
Cost of sales (195,455) (192,933) (402,954)
Gross profit 275,490 275,711 576,461

Other income 1,146 1,335 2,831
Selling expenses 6 (133,830) (124,785) (255,527)
Administration and general expenses 6 (90,068) (87,886) (176,199)
Goodwill impairment expense 6 - - (40,331)
(222,752) (211,336) (469,226)
Earnings before interest, tax, depreciation, and amortisation 52,738 64,375 107,235

Depreciation and amortisation 6 (65,449) (63,895) (128,303)
Earnings before interest and tax (12,711) 480 (21,068)

Finance income 455 776 1,322
Finance expenses (13,996) (14,029) (26,966)
Finance costs - net 6 (13,541) (13,253) (25,644)

Loss before income tax (26,252) (12,773) (46,712)

Income tax credit/(expense) 5,548 3,106 (1,611)

Loss after income tax (20,704) (9,667) (48,323)



(Loss)/Profit for the period attributable to:


Shareholders of the company

(21,540) (10,426) (49,760)
Non-controlling interest

836 759 1,437

Other comprehensive income that may be recycled through profit and loss:
Movement in cash flow hedge reserve

4,380 5,155 8,231
Movement in foreign currency translation reserve

10,010 (1,951) 13,433
Other comprehensive income for the period, net of tax 14,390 3,204 21,664



Total comprehensive loss for the period (6,314) (6,463) (26,659)



Total comprehensive (loss)/income for the period attributable
to:

Shareholders of the company

(7,155) (7,192) (28,201)
Non-controlling interest

841 729 1,542



Basic earnings per share

(3.0) cps (1.5) cps (7.0) cps
Diluted earnings per share

(3.0) cps (1.4) cps (6.9) cps
Weighted average basic ordinary shares outstanding (‘000) 711,667 711,429 711,548
Weighted average diluted ordinary shares outstanding (‘000)

727,269 719,669 723,784

KMD BRANDS LIMITED - INTERIM REPORT 2025

4

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY


Share
Capital
Cash Flow
Hedge
Reserve
Foreign
Currency
Translation
Reserve
Share
Based
Payments
Reserve
Other
Reserves
Retained
Earnings
Non-
controlling
Interest
Total
Equity



NZ$’000 NZ$’000 NZ$’000 NZ$’000 NZ$’000 NZ$’000 NZ$’000 NZ$’000

Balance as at 31 July 2023 629,079 274 9,691 1,286 (47) 195,983 5,371 841,637

(Loss)/Profit after tax - - - - - (49,760) 1,437 (48,323)
Other comprehensive income - 8,231 13,328 - - - 105 21,664
Dividends paid - - - - - (21,340) - (21,340)
Issue of share capital 304 - - (304) - - - -
Share based payment expense - - - 291 - - - 291
Deferred tax on share-based
payment transactions
- - - (265) - - - (265)
Lapsed share options - - - (184) - 184 - -
Amounts transferred to initial
carrying amount of hedged items
- (6,821) - - - - - (6,821)
Dividends paid to non-controlling
interest
- - - - - - (1,165) (1,165)
Balance as at 31 July 2024 629,383 1,684 23,019 824 (47) 125,067 5,748 785,678

(Loss)/Profit after tax - - - - - (21,540) 836 (20,704)
Other comprehensive income - 4,380 10,005 - - - 5 14,390
Dividends paid - - - - - - - -
Share based payment expense - - - 226 - - - 226
Lapsed share options - - - (154) - 154 - -
Deferred tax on share-based
payment transactions
- - - 85 - - - 85
Amounts transferred to initial
carrying amount of hedged items
- 308 - - - - - 308
Dividends paid to non-controlling
interest
- - - - - - (1,286) (1,286)
Balance as at 31 January 2025 629,383 6,372 33,024 981 (47) 103,681 5,303 778,697

KMD BRANDS LIMITED - INTERIM REPORT 2025

5

CONSOLIDATED BALANCE SHEET

Note Unaudited
As at
31 January
2025
Unaudited
As at
31 January
2024
Audited
As at
31 July
2024




NZ$’000 NZ$’000 NZ$’000
ASSETS

Current assets

Cash and cash equivalents

26,928 34,031 33,948
Trade and other receivables
8
79,147 78,444 88,992
Inventories
9
303,687 313,568 266,877
Derivative financial instruments 13 10,084 3,642 3,638
Current tax asset 16,302 19,102 9,330
Other current assets 2,084 1,801 2,036
Total current assets 438,232 450,588 404,821

Non-current assets
Trade and other receivables 8 2,376 1,901 2,196
Property, plant, and equipment 83,634 84,722 86,461
Intangible assets 10 671,136 696,167 666,859
Deferred tax assets 14,708 14,548 14,692
Right-of-use assets 11 261,592 257,541 262,571
Total non-current assets 1,033,446 1,054,879 1,032,779

Total assets 1,471,678 1,505,467 1,437,600

LIABILITIES
Current liabilities
Trade and other payables 190,208 165,813 157,556
Derivative financial instruments 13 16 555 140
Current tax liabilities 572 805 845
Current lease liability 11 86,467 81,180 84,776
Total current liabilities 277,263 248,353 243,317

Non-current liabilities
Non-current trade and other payables 17,051 15,649 16,141
Interest bearing liabilities 12 103,089 130,210 93,600
Deferred tax 88,855 93,356 89,464
Non-current lease liability 11 206,723 208,381 209,400
Total non-current liabilities 415,718 447,596 408,605

Total liabilities 692,981 695,949 651,922

Net assets 778,697 809,518 785,678

EQUITY
Issued capital 629,383 629,383 629,383
Reserves 40,330 10,519 25,480
Retained earnings 103,681 164,217 125,067
Non-controlling interest 5,303 5,399 5,748
Total equity 778,697 809,518 785,678

KMD BRANDS LIMITED - INTERIM REPORT 2025

6

CONSOLIDATED STATEMENT OF CASH FLOWS

Unaudited
Six Months
Ended
31 January
2025
Unaudited
Six Months
Ended
31 January
2024
Audited
Year
Ended
31 July
2024







NZ$’000 NZ$’000 NZ$’000
Cash was provided from:
Receipts from customers 480,804 490,763 996,327
Government grants received 2 126 140
Interest received 455 776 1,322
Income tax received 3 - 6,641
481,264 491,665 1,004,430
Cash was applied to:
Payments to suppliers and employees 417,350 433,108 824,489
Income tax paid 4,722 3,768 11,181
Interest paid 13,428 12,603 24,107
435,500 449,479 859,777

Net cash inflow from operating activities 45,764 42,186 144,653

Cash flows from investing activities
Cash was provided from:
Proceeds from sale of property, plant, and equipment 35 1 -
35 1 -
Cash was applied to:
Purchase of property, plant, and equipment 7,784 12,585 24,314
Purchase of intangibles 6,321 2,633 8,207
14,105 15,218 32,521

Net cash (outflow) from investing activities (14,070) (15,217) (32,521)

Cash flows from financing activities
Cash was provided from:
Proceeds of borrowings 128,085 126,490 220,419
128,085 126,490 220,419
Cash was applied to:
Dividends paid 1,286 22,042 22,506
Repayment of borrowings 119,099 101,630 235,080
Repayment of lease liabilities 46,531 45,058 91,208
166,916 168,730 348,794

Net cash (outflow) from financing activities (38,831) (42,240) (128,375)

Net (decrease) in cash held (7,137) (15,271) (16,243)

Opening cash and cash equivalents 33,948 49,488 49,488
Effect of foreign exchange rates 117 (186) 703
Closing cash and cash equivalents 26,928 34,031 33,948

KMD BRANDS LIMITED - INTERIM REPORT 2025

7

RECONCILIATION OF NET (LOSS)/PROFIT AFTER TAXATION WITH CASH INFLOW FROM OPERATING
ACTIVITIES

Unaudited
Six Months
Ended
31 January
2025
Unaudited
Six Months
Ended
31 January
2024
Audited
Year
Ended
31 July
2024


NZ$’000 NZ$’000 NZ$’000



Loss after income tax (20,704) (9,667) (48,323)

Movement in working capital:
(Increase) / decrease in trade and other receivables 10,412 24,460 16,049
(Increase) / decrease in inventories (35,635) (24,059) 28,751
(Increase) / decrease in other current assets (46) 51 (144)
Increase / (decrease) in trade and other payables 30,906 (7,162) (19,114)
Increase / (decrease) in tax liability (7,186) (6,795) 3,203
(1,549) (13,505) 28,745
Add non-cash items:
Depreciation of property, plant, and equipment 11,907 11,230 22,940
Amortisation of intangibles 7,398 8,192 16,348
Depreciation of right-of-use assets 46,144 44,473 89,015
Impairment of assets 165 945 41,872
Foreign currency translation of working capital balances 5,148 18 (461)
Movement in deferred taxation (3,082) (81) (6,131)
Employee share-based remuneration 226 359 291
Loss on disposal of property, plant, and equipment and intangibles 111 222 357
68,017 65,358 164,231

Cash inflow from operating activities 45,764 42,186 144,653

KMD BRANDS LIMITED - INTERIM REPORT 2025

8

1 GENERAL INFORMATION
KMD Brands Limited (the Company) and its subsidiaries (together the Group) is a designer, marketer, retailer and wholesaler
of apparel, footwear and equipment for surfing and the outdoors. It operates in New Zealand, Australia, North America, Europe,
South East Asia, Japan and Brazil.
The Company is a limited liability company incorporated and domiciled in New Zealand. KMD Brands Limited is a company
registered under the Companies Act 1993 and is an FMC reporting entity under Part 7 of the Financial Markets Conduct Act
2013. The address of its registered office is 223 Tuam Street, Central Christchurch, Christchurch.
These consolidated interim financial statements have been approved for issue by the Board of Directors on 26 March 2025,
and have been reviewed, not audited.

2 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
These general-purpose financial statements for the six months ended 31 January 2024 have been prepared in accordance with
NZ IAS 34, Interim Financial Reporting. In complying with NZ IAS 34, these consolidated interim financial statements also
comply with IAS 34.
These consolidated interim financial statements do not include all the notes of the type normally included in an annual financial
report. Accordingly, this report should be read in conjunction with the audited financial statements of KMD Brands Limited for
the year ended 31 July 2024 which have been prepared in accordance with the New Zealand equivalents to International
Financial Reporting Standards (NZ IFRS) and International Financial Reporting Standards (IFRS).
The Group is designated as a profit-oriented entity for financial reporting purposes.
The consolidated interim financial statements are presented in New Zealand dollars, which is the Group’s presentation
currency.
3 ACCOUNTING POLICIES
The consolidated interim financial statements have been prepared using the same accounting policies and methods of
computation as those used in the audited financial statements of KMD Brands Limited for the year ended 31 July 2024.
Use of non-GAAP disclosures
At times non-GAAP disclosures have been used in the consolidated financial statements. These disclosures have been
included as they are key measurement criteria on which the Group and operating segments are reviewed by the Group Chief
Executive Officer, Group Executive Management team and the Board of Directors. The following non-GAAP measures are
relevant to the understanding of the Group's financial performance:
• Earnings before interest, tax, depreciation and amortisation (EBITDA) represents earnings before income taxes
excluding interest income, interest expense, depreciation, and amortisation, as reported in the financial statements.
• Earnings before interest and tax (EBIT) represents EBITDA less depreciation and amortisation.
• Net debt represents cash and cash equivalents less interest-bearing liabilities. Net debt does not include lease
liabilities.
Non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be
comparable to similar financial information presented by other entities. The non-GAAP information within the consolidated
financial statements is subject to review procedures.
New standards first applied in the period
There are no new standards first applied in the period.
Standards, interpretations, and amendments to published standards that are not yet effective
NZ IFRS 18 Presentation and Disclosure in Financial Statements is applicable to the Group from 1 August 2027. NZ IFRS 18
will supersede NZ IAS 1 Presentation of Financial Statements and is intended to improve comparability and transparency in the
presentation of financial statements. The Group’s assessment of the impact remains ongoing.
There are no other standards or amendments published but not yet effective that are expected to have a significant impact on
the Group.

KMD BRANDS LIMITED - INTERIM REPORT 2025

9

4 CLIMATE CHANGE RISK
The Group’s operations may be impacted by future climate change. These impacts may be physical (e.g. severe or unusual
weather patterns and events) or transitional (e.g. changes to government regulations or customer and supplier needs and
demands).
The Group regularly assesses its operating environment to monitor its exposure to risk, including climate related risk. Specific
consideration has been given in these financial statements to the impact of future climate change on the useful lives of the
Group’s property, plant, and equipment, the inclusion of expected renewals in the lease term for right-of-use assets and
sustainability linked loans. The identified climate-related risks and opportunities including both physical and transitional impacts
have been considered as part of the above accounting judgements and estimates.
In November 2024 the Group published its first Climate-Related Disclosure (CRD) prepared in accordance with the Aotearoa
New Zealand Climate Standards (NZ CS). The CRD covers the 12 month period ended 31 July 2024 and should be read in
conjunction with the Group’s FY24 Annual Integrated Report.

5 REVENUE

Unaudited
Six Months
Ended
31 January
2025
Unaudited
Six Months
Ended
31 January
2024
Audited
Year
Ended
31 July
2024


NZ$’000 NZ$’000 NZ$’000


Sale of goods

465,599 463,966 971,055
Royalty revenue

5,032 4,224 7,626
Commission revenue

314 454 734
470,945 468,644 979,415

6 EXPENSES

Unaudited
Six Months
Ended
31 January
2025
Unaudited
Six Months
Ended
31 January
2024
Audited
Year
Ended
31 July
2024


NZ$’000 NZ$’000 NZ$’000
Loss before tax includes the following expenses:

Depreciation of property, plant, and equipment

11,907 11,230 22,940
Amortisation

7,398 8,192 16,348
Depreciation of right-of-use assets

46,144 44,473 89,015
Impairment of assets

165 945 41,872
Employee entitlements expense

121,201 113,383 227,202
Rental expense

13,402 11,840 24,880

Finance costs


Interest income

(455) (776) (1,322)
Interest expense on interest bearing liabilities

4,882 4,999 10,373
Interest on lease liabilities

6,710 5,876 12,217
Other finance costs

1,791 1,956 3,711
Net exchange loss on foreign currency

613 1,198 665
13,541 13,253 25,644
Other finance costs relate to facility fees on banking arrangements.

KMD BRANDS LIMITED - INTERIM REPORT 2025

10

7 SEGMENTAL INFORMATION
The Group has three operating segments representing the brands owned by the Group and a Corporate segment. These
operating segments have been determined based on the reports reviewed by the Group Chief Executive Officer and Group
Executive Management team.
- Rip Curl - designer, manufacturer, wholesaler and retailer of surfing equipment and apparel.
- Kathmandu - designer, retailer and wholesaler of apparel, footwear and equipment for outdoor travel and adventure.
- Oboz - designer, wholesaler and online retailer of outdoor footwear.
The Corporate segment represents group costs, holding companies and consolidation eliminations and constitutes other
business activities that do not fall within the brand segments.
The default basis of allocating shared costs is percentage of revenue with other bases being used where appropriate.
31 January 2025 Rip Curl Kathmandu Oboz Corporate Total

NZ$’000 NZ$’000 NZ$’000 NZ$’000 NZ$’000

Total segment sales 278,487 156,838 36,436 - 471,761
Sales to internal customers - (7) (809) - (816)
Sales to external customers 278,487 156,831 35,627 - 470,945
EBITDA 45,281 15,848 (2,223) (6,168) 52,738
Depreciation and amortisation (30,003) (34,575) (789) (82) (65,449)
EBIT 15,278 (18,727) (3,012) (6,250) (12,711)
Income tax expense (4,988) 5,011 596 4,929 5,548

Total segment assets 747,067 592,395 117,015 15,201 1,471,678
Total assets include:
Non-current assets 499,277 446,359 83,715 4,095 1,033,446
Additions to non-current assets 27,661 27,165 72 3,169 58,067

Total segment liabilities 325,826 244,748 30,273 92,134 692,981

31 January 2024 Rip Curl Kathmandu Oboz Corporate Total

NZ$’000 NZ$’000 NZ$’000 NZ$’000 NZ$’000

Total segment sales 278,315 152,324 38,629 - 469,268
Sales to internal customers - - (624) - (624)
Sales to external customers 278,315 152,324 38,005 - 468,644
EBITDA 47,462 20,684 201 (3,972) 64,375
Depreciation and amortisation (28,246) (34,729) (840) (80) (63,895)
EBIT 19,216 (14,045) (639) (4,052) 480
Income tax expense (4,751) 4,136 243 3,478 3,106

Total segment assets 725,336 598,694 170,359 11,078 1,505,467
Total assets include:
Non-current assets 480,237 455,161 118,493 988 1,054,879
Additions to non-current assets 24,149 24,012 266 325 48,752

Total segment liabilities 299,757 253,316 24,154 118,722 695,949

KMD BRANDS LIMITED - INTERIM REPORT 2025

11

8 TRADE AND OTHER RECEIVABLES

Unaudited
Six Months
Ended
31 January
2025
Unaudited
Six Months
Ended
31 January
2024
Audited
Year
Ended
31 July
2024


NZ$’000 NZ$’000 NZ$’000

Current

Trade receivables

58,328 59,457 68,107

Allowance for expected credit losses

(6,048) (6,702) (5,973)

Prepayments

17,184 15,830 18,299

Other receivables

9,683 9,859 8,559



79,147 78,444 88,992


Non-current



Other debtors

2,376 1,901 2,196



9 INVENTORY

Unaudited
Six Months
Ended
31 January
2025
Unaudited
Six Months
Ended
31 January
2024
Audited
Year
Ended
31 July
2024


NZ$’000 NZ$’000 NZ$’000



Raw materials and consumables

6,112 7,877 5,950

Work in progress

1,396 1,963 830

Trading inventory

245,058 262,859 243,547

Goods in transit

51,121 40,869 16,550



303,687 313,568 266,877



10 INTANGIBLE ASSETS

Carrying value of intangible assets

The Group market capitalisation is below the carrying value of net assets and the Group has made a net loss after income tax
of $20,704,000 for the period. Historically the second half of the financial year is more profitable and generates more cash flow
and therefore we do not consider the short term results an indicator of impairment. In addition, our internal valuation models
continue to provide sufficient headroom at both Group and Brand cash generating unit levels. No impairment exists as at 31
January 2025.

KMD BRANDS LIMITED - INTERIM REPORT 2025

12

11 LEASES

Right-of-use assets
The movements in right of use assets were as follows:

Unaudited
Six Months
Ended
31 January
2025
Unaudited
Six Months
Ended
31 January
2024
Audited
Year
Ended
31 July
2024


NZ$’000 NZ$’000 NZ$’000

Opening net book value 262,571 270,327 270,327
Additions and modifications to right-of-use asset 42,608 33,534 77,999
Depreciation for the period (46,144) (44,473) (89,015)
Impairment for the period (165) (945) (1,541)
Foreign exchange 2,722 (902) 4,801
Closing net book value 261,592 257,541 262,571

Lease liabilities
The movements in lease liabilities were as follows:

Unaudited
Six Months
Ended
31 January
2025
Unaudited
Six Months
Ended
31 January
2024
Audited
Year
Ended
31 July
2024


NZ$’000 NZ$’000 NZ$’000

Opening lease liabilities 294,176 302,100 302,100
Additions and modifications to lease liabilities 42,859 34,099 78,289
Interest expense on lease liabilities 6,710 5,876 12,217
Repayment of lease liabilities (including interest) (53,491) (51,499) (103,716)
Foreign exchange 2,936 (1,015) 5,286
Closing lease liabilities 293,190 289,561 294,176


12 INTEREST BEARING LIABILITIES
Unaudited
Six Months
Ended
31 January
2025
Unaudited
Six Months
Ended
31 January
2024
Audited
Year
Ended
31 July
2024

NZ$’000 NZ$’000 NZ$’000

Interest bearing liabilities

103,089 130,210 93,600

Group Facility Agreement
The Group has a multi-option syndicated facility, which consists of an A$240 million multi-currency revolving facility and a
NZ$54 million multi-currency revolving facility. Both facilities are sustainability linked with targets such as reducing greenhouse
gas emissions, continued B Corp certification, and improving transparency within the Group supply chain, including the
wellbeing and labour conditions of workers, and environmental metrics. All facilities are repayable in full on 12 November 2026.
Interest is payable based on the BKBM rate (NZD borrowings), the BBSY rate (AUD borrowings), SOFR rate (US borrowings)
or the applicable short-term rate for interest periods less than 30 days, plus a margin of between 1.00% - 1.075%. The debt is
secured by the assets of the guaranteeing group in accordance with the Security Trust Deed dated 25 October 2019 as
amended 12 May 2023. The guaranteeing group comprises entities operating in New Zealand, Australia, North America and
the United Kingdom. The carrying value of the assets held by the guaranteeing group are $1,384,948,000 (2024:
$1,416,837,000).

KMD BRANDS LIMITED - INTERIM REPORT 2025

13

The covenants entered into by the Group require specified calculations of Group earnings before interest, tax, depreciation and
amortisation (EBITDA) plus lease rental costs to exceed total fixed charges (net interest expense and lease rental costs) at the
end of each half during the financial year. Similarly, EBITDA must be no less than a specified proportion of total net debt at the
end of each six-month interim period. The calculations of these covenants are specified in the bank facility agreement of 25
October 2019 as amended and restated on 12 May 2023. The Group obtained a reduction of the fixed cover and leverage
covenants for the January 2025 measurement point. The Group has complied with its revised banking covenants at all
measurement points during the period.
The current interest rate, prior to hedging, on the term loans range between 5.50% - 5.51% (2024: 5.40% - 5.41%).

13 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

(a) Financial risk factors

The Group’s activities expose it to a variety of financial risks, market risk (including currency risk and interest rate risk), credit
risk and liquidity risk. The Group’s overall risk management programme focuses on the unpredictability of financial markets and
seeks to minimise potential adverse effects on the financial performance of the Group. The Group uses derivative financial
instruments such as foreign exchange contracts and interest rate swaps to manage certain risk exposures. Derivatives are
exclusively used for economic hedging purposes, i.e. not as trading or other speculative instruments, however not all derivative
financial instruments qualify for hedge accounting.
Risk management is carried out based on policies approved by the Board of Directors. The Group treasury policy provides
written principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk.
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group manages this
risk by actively managing working capital and ensuring flexibility in funding arrangements. Refer to note 12 for details of the
funding arrangements in place as at 31 January 2025.
The consolidated interim financial statements do not include all financial risk management information and disclosures required
in the annual financial statements; they should be read in conjunction with the Group’s annual financial statements as at 31
July 2024. There have been no changes in the risk management department or in any risk.

(b) Fair value estimation

The only financial instruments held by the Group that are measured at fair value are over-the-counter derivatives. These
derivatives have all been determined to be within level 2 (for the purposes of NZ IFRS 13) of the fair value hierarchy as all
significant inputs required to ascertain the fair value of these derivatives are observable.
There were no changes in valuation techniques during the period.
The following methods and assumptions were used to estimate the fair values for each class of financial instrument.
Trade debtors, trade creditors and bank balances
The carrying value of these items is equivalent to their fair value.
Term liabilities
The fair value of the Group's term liabilities is approximately carrying value.
Foreign exchange contracts and interest rate swaps
The forward foreign exchange contracts have been fair valued using forward exchange rates that are quoted in an active
market. Interest rate swaps are fair valued using forward interest rates extracted from observable yield curves. The effects of
discounting are insignificant for these derivatives.
Guarantees and overdraft facilities
The fair value of these instruments is estimated on the basis that management do not expect settlement at face value to arise.
The carrying value and fair value of these instruments is approximately nil. All guarantees are repayable on demand.

KMD BRANDS LIMITED - INTERIM REPORT 2025

14


The following table presents the Group’s assets and liabilities that are measured at fair value at balance date:

Unaudited
Six Months
Ended
31 January
2025
Unaudited
Six Months
Ended
31 January
2024
Audited
Year
Ended
31 July
2024


NZ$’000 NZ$’000 NZ$’000

Assets


Derivative financial instruments

10,084 3,642 3,638
Total assets

10,084 3,642 3,638

Liabilities


Derivative financial instruments

16 555 140
Total liabilities

16 555 140

14 COMMITMENTS
Capital commitments
Capital commitments contracted for at balance date are:

Unaudited
Six Months
Ended
31 January
2025
Unaudited
Six Months
Ended
31 January
2024
Audited
Year
Ended
31 July
2024


NZ$’000 NZ$’000 NZ$’000

Property, plant, and equipment

280 1,303 654
Intangible assets

1,443 2,516 2,635
Intangible asset commitments as at 31 January 2025 relate to various projects across the Group to upgrade information
technology software and systems.

15 CONTINGENT LIABILITIES
The Group is subject to litigation incidental to its business, none of which is expected to be material. No provision has been
made in the Group’s consolidated interim financial statements in relation to any current litigation and the Directors believe that
such litigation will not have a material effect on the Group’s consolidated interim financial position, results of operations or cash
flows.

16 CONTINGENT ASSETS
There are no contingent assets as at 31 January 2025 (2024: nil).

17 RELATED PARTY DISCLOSURES
No amounts owed to related parties have been written off or forgiven during the period.

18 EVENTS OCCURRING AFTER BALANCE DATE
There are no other events after balance date which materially affect the information within the financial statements.

KMD BRANDS LIMITED - INTERIM REPORT 2025

15

STATUTORY INFORMATION

GROUP STRUCTURE
KMD Brands Limited owns 100% of the following companies unless otherwise stated:
Kathmandu Group Limited
KMD Brands Investments Limited
KMD Brands Finance (NZ) Limited
KMD Brands Finance (AU) Limited
KMD Brands Managed Services (NZ) Limited
KMD Brands Managed Services (AU) Pty Limited
Kathmandu Limited
Kathmandu Pty Limited
Kathmandu (U.K.) Limited
Kathmandu US Holdings LLC
Oboz Footwear LLC
Barrel Wave Holdings Pty Ltd
Rip Curl Group Pty Ltd
Rip Curl International Pty Ltd
PT Jarosite
Rip Curl Pty Ltd
Onsmooth Thai Co Ltd
Rip Curl (Thailand) Ltd (Group owns 50%)
Ozmosis Pty Ltd
Rip Curl Japan Co., Ltd
Curl Retail No 1. Pty Ltd
RC Surf NZ Limited
Rip Curl Finance Pty Ltd
Rip Curl Europe S.A.S
Rip Curl Spain S.A.U
Rip Curl Suisse S.A.R.L
Rip Surf - Artigos De Desporto, Unipessoal, LDA
Rip Curl UK Ltd
KMD Brands Italy SRL
KMD Brands Germany GmbH
Rip Curl Nordic AB
Rip Curl Inc
Rip Curl Canada Inc
Rip Curl Brazil LTDA

DIRECTORS’ DETAILS
David Kirk Chairman, Non-Executive Director
Michael Daly Managing Director and Group Chief Executive Officer
Philip Bowman Non-Executive Director
Brent Scrimshaw Non-Executive Director
Andrea Martens Non-Executive Director
Abigail Foote Non-Executive Director
Zion Armstrong Non-Executive Director

Brent Scrimshaw became Managing Director and Group Chief Executive Officer effective from 24
th
March 2025.
Michael Daly resigned as a Director on 25
th
March 2025.

EXECUTIVES’ DETAILS
Michael Daly Group Chief Executive Officer (until 4
th
April 2025)
Brent Scrimshaw Group Chief Executive Officer (effective from 24
th
March 2025)

DIRECTORY
The details of the Company’s principal administrative and registered office in New Zealand are:

223 Tuam Street
Christchurch Central
PO Box 1234
Christchurch 8011

KMD BRANDS LIMITED - INTERIM REPORT 2025

16

SHARE REGISTRY

In New Zealand: MUFG Corporate Markets

Physical Address: Level 30, PWC Tower
15 Customs Street West
Auckland 1010
New Zealand

Postal Address: PO Box 91976
Auckland, 1142
New Zealand

Investor enquiries: +64 9 375 5998
Email address: enquiries.nz@cm.mpms.mufg.com
Internet address: www.mpms.mufg.com


In Australia: MUFG Corporate Markets

Physical Address: Level 10, Tower 4
727 Collins Street
Melbourne VIC 3008
Australia

Postal Address: Locked Bag A14
Sydney, South NSW 1235
Australia

Investor enquiries: +61 1300 554 474 (toll free within Australia)
Email address: support@cm.mpms.mufg.com
Internet address: www.mpms.mufg.com


STOCK EXCHANGES
The Company’s shares are listed on the NZX and on the ASX as a foreign exempt listing.

INCORPORATION
The Company is incorporated in New Zealand.

© 2025 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,
a private English company limited by guarantee. All rights reserved.
Document classification: KPMG Public

Independent Auditor’s Review
Report

To the shareholders of KMD Brands Limited (Group)
Report on the interim consolidated financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the interim
consolidated financial statements on pages 3 to 14 do
not:
‒ present fairly, in all material respects, the
Group’s financial position as at 31 January
2025 and its financial performance and cash
flows for the 6 month period then ended and
comply with New Zealand Equivalent to
International Accounting Standard 34 Interim
Financial Reporting (NZ IAS 34) issued by
the New Zealand Accounting Standards
Board.

We have completed a review of the accompanying
interim consolidated financial statements which
comprise:
‒ the interim consolidated balance sheet as at
31 January 2025;
‒ the interim consolidated statements of
comprehensive income, changes in equity
and cash flows for the 6 month period then
ended; and
‒ notes, including material accounting policy
information.
Basis for conclusion
We conducted our review of the financial statements in accordance with NZ SRE 2410 (Revised) Review of
Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our
responsibilities are further described in the Auditor's Responsibilities for the Review of the interim consolidated
financial statements section of our report.
We are independent of KMD Brands Limited in accordance with the relevant ethical requirements in New Zealand
relating to the audit of the annual financial statements and we have fulfilled our other ethical responsibilities in
accordance with these ethical requirements.
Our firm has provided other services to the Group in relation to tax compliance services. Subject to certain
restrictions, partners and employees of our firm may also deal with the Group on normal terms within the ordinary
course of trading activities of the business of the Group. These matters have not impaired our independence as
auditor of the Group. The firm has no other relationship with, or interest in, the Group.

Use of this Independent Auditor’s Review Report
This report is made solely to the shareholders. Our review work has been undertaken so that we might state to the
shareholders those matters we are required to state to them in the Independent Auditor’s Review Report and for
no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other
than the shareholders for our review work, this report, or any of the conclusions we have formed.
Responsibilities of directors for the interim consolidated financial
statements
The directors on behalf of the Group are responsible for:
‒ the preparation and fair presentation of the interim consolidated financial statements in accordance with
NZ IAS 34; and
‒ implementing necessary internal control to enable the preparation of interim consolidated financial
statements that is fairly presented and free from material misstatement, whether due to fraud or error.
Auditor's responsibilities for the review of the interim consolidated
financial statements
Our responsibility is to express a conclusion on the interim consolidated financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to
believe that the interim consolidated financial statements, taken as a whole, are not prepared, in all material
respects, in accordance with NZ IAS 34.
A review of the interim consolidated financial statements prepared in accordance with NZ SRE 2410 (Revised) is
a limited assurance engagement. The auditor performs procedures, consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand) and consequently does not enable us to obtain
assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on the financial
statements.
The engagement partner on the audit resulting in this independent auditor’s review report is Peter Taylor.
For and on behalf of:
KPM
G
Christchurch
26 March 2025

---

1H FY25
RESULTS
PRESENTATION
26 MARCH 2025
Michael Daly
Group CEO
Ben Washington
Interim Group CFO
1

2
3
8
17
21
26
OUTLINE
1.1H FY25 SUMMARY
2.GROUP FINANCIALS
3.BRAND FINANCIALS
4.FOCUS AND OUTLOOK
5.APPENDICES
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N

1H FY25
SUMMARY
3
SECTION 1
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N

FINANCIAL
SUMMARY
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N
44
1.Statutory results include the impact of IFRS 16 leases. The impacts of IFRS 16, restructuring, software as a service accounting, and the
notional amortisation of Rip Curl and Oboz customer relationships have been excluded from Underlying results. Refer to Appendix 1 for
a reconciliation of Statutory to Underlying results.
Sales
$470.9m
+0.5% YOY
1H FY24 $468.6m
Gross
margin
58.5%
-0.3% of sales
1H FY24 58.8%
Operating
expenses
1

$271.6m
+4.2% YOY
1H FY24 $260.6m
Underlying
EBITDA
1

$3.9m
-74.3% YOY
1H FY24 $15.1m
Net working
capital
$192.6m
$33.6m lower YOY
Jan 24 $226.2m
Net debt $76.2m
$20.0m lower YOY
Jan 24 $96.2m
Underlying
NPAT
1

-$16.1m
Statutory NPAT
-$20.7m

BRAND STRENGTHS
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N
55
•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.
•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.
•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.

BRANDS WITH GLOBAL REACH
6
We operate over 300 stores globally, and our brands are sold in over 8,000 locations
NORTH AMERICA
$200m Sales
27 Owned Stores
27 Licensed Stores
+3,800 Wholesale Doors
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N
Global office locations
AUSTRALASIA
$615m Sales (80% Australia)
270 Owned Stores
19 Licensed Stores
+900 Wholesale Doors
ASIA
$45m Sales
86 Licensed and JV stores
+600 Wholesale Doors
EUROPE
$100m Sales
27 Owned Stores
10 Licensed Stores
+2,000 Wholesale Doors
SOUTH AMERICA
$20m Sales
9 Owned Stores
115 Licensed Stores
+800 Wholesale Doors
AFRICA / MIDDLE EAST
38 Licensed Stores

STRATEGIC PILLARS
77
BUILDING
GLOBAL
BRANDS
International brand exposure
•Rip Curl’s latest partnership,
The Eddie Aikau Big Wave
Invitational, elevates brand
authenticity in North
America and Hawaii.
•Kathmandu is the official
apparel partner of the New
Zealand Team, providing
brand exposure on the
world stage.
ELEVATING
DIGITAL
OPERATIONAL
EXCELLENCE
BEST FOR
PEOPLE AND
PLANET
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N
Strong online sales growth
•Double-digit online sales
growth YOY for all three
brands in 1H FY25.
•The online channel remains
a key growth priority for the
Group.
Working capital reducing
•Continued focus on
inventory and working
capital efficiency has
resulted in the Jan 25 net
working capital reduction of
$33.6m YOY.
Systems alignment
•Oboz and the Rip Curl
wetsuit factory in Thailand
have been migrated to
Group ERP systems.
B Corp certified
•KMD Brands and our three
brands - Kathmandu, Rip
Curl, and Oboz - are all B
Corp Certified, meeting
globally recognised
standards for social and
environmental performance,
accountability, and
transparency.

GROUP FINANCIAL
PERFORMANCE
8
SECTION 2
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N

PROFIT & LOSS
9
1.Statutory results include the impact of IFRS 16 leases. The impacts of IFRS 16, restructuring, software as a service accounting,
and the notional amortisation of Rip Curl and Oboz customer relationships have been excluded from Underlying results. Refer to
Appendix 1 for a reconciliation of Statutory to Underlying results.
2.1H FY25 NZD/AUD conversion rate 0.909 (1H FY24: 0.926), 1H FY25 NZD/USD conversion rate 0.595 (1H FY24 0.604).
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N
KMD BRANDSStatutory
Underlying
*1
NZ $m
*2
1H FY251H FY241H FY251H FY24Var %
SALES470.9468.6470.9468.60.5%
GROSS PROFIT275.5275.7275.5275.7(0.1%)
Gross margin58.5%58.8%58.5%58.8%
OPERATING EXPENSES(222.8)(211.3)(271.6)(260.6)4.2%
% of Sales47.3%45.1%57.7%55.6%
EBITDA52.764.43.915.1(74.3%)
EBITDA margin %11.2%13.7%0.8%3.2%
EBIT(12.7)0.5(13.3)(1.7)
EBIT margin %-2.7%0.1%-2.8%-0.4%
NPAT(20.7)(9.7)(16.1)(6.9)
IMPROVING QUARTERLY SALES TREND
•Continued improvement in sales trends through Q2 (further detail on
slide 11). Kathmandu’s sales trends have continued to improve in
each of the last five quarters.
•Positive trends in the direct-to-consumer (“DTC”) channel for all three
brands, underpinned by improved Black Friday and Christmas trade,
and strong online sales growth.
•Wholesale accounts remain cautious on pre-season commitments in
a challenging market. Forward orders and in-season buying from key
accounts support an improving wholesale trend through 2025.
GROSS MARGIN REMAINS RESILIENT
•Group gross margin -0.3% of sales, remained resilient despite
increased promotional intensity for Kathmandu and clearance of
inventory for Oboz.
OPERATING EXPENSES TIGHTLY CONTROLLED
•All brands continue to actively manage expenses while facing global
cost pressure.
•Kathmandu operating expenses include c. $3m incremental YOY to
refresh brand advertising (increased first half weighting), increase
product newness and innovation, and improve the consumer
experience.

DIVERSIFIED SALES
10
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N
SALES MIX 1H FY25
59%
Rip Curl
33%
Kathmandu
8%
Oboz
BY
BRAND
63%
Retail
10%
Online
26%
Wholesale
1%
Licensing / Royalties
BY
CHANNEL
410.7
407.3
547.9
468.6
470.9
1H
FY21
1H
FY22
1H
FY23
1H
FY24
1H
FY25
SALES BY REGION (NZ $m)
AustraliaNew ZealandNorth AmericaEuropeRest of World
54%
Australia
11%
New Zealand
19%
North
America
8%
Europe
8%
Rest of World
BY
REGION

IMPROVING SALES TREND BY BRAND
11
-4.6%
-13.2%
-7.6%
-2.4%
-6.7%
6.5%
-35.0%
-25.0%
-15.0%
-5.0%
5.0%
15.0%
Q1
FY24
Q2
FY24
Q3
FY24
Q4
FY24
Q1
FY25
Q2
FY25
YOY Sales Variance % by quarter
(Group NZD reporting currency)
-24.2%
-19.4%
-11.1%
-6.9%
-2.7%
6.9%
-35.0%
-25.0%
-15.0%
-5.0%
5.0%
15.0%
Q1
FY24
Q2
FY24
Q3
FY24
Q4
FY24
Q1
FY25
Q2
FY25
YOY Sales Variance % by quarter
(Group NZD reporting currency)
-22.8%
-13.8%
-28.7%
-7.9%
-8.6%
-1.6%
-35.0%
-25.0%
-15.0%
-5.0%
5.0%
15.0%
Q1
FY24
Q2
FY24
Q3
FY24
Q4
FY24
Q1
FY25
Q2
FY25
YOY Sales Variance % by quarter
1
(Group NZD reporting currency)
KATHMANDU
•Q1 FY25 cycling clearance of end of line
products in August last year. Excluding
August, sales grew +6.6% YOY for the
remainder of Q1 FY25.
•Australia sales grew YOY in each of the
last two quarters, supported by enhanced
in-store execution and new products.
•New Zealand achieved strong sales growth
YOY during the Christmas trading period.
RIP CURL
•DTC sales improved from -3.4% YOY in Q1
to +9.5% YOY in Q2, reflecting strong sales
growth in Australia, Europe and South
America, supported by store openings.
Online sales growth was also a highlight.
•Wholesale accounts remain cautious on
pre-season commitments in a challenging
market.
OBOZ
•Strong online sales growth over the Black
Friday and Christmas promotions.
•Wholesale customers remain cautious on
pre-season commitments, partly offset by
improved in-season buying from key
accounts.
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N
1.Timing of certain wholesale dispatches changed YOY from
April to May, impacting Q3 FY24 and Q4 FY24 variances.

STRONG ONLINE SALES GROWTH
12
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N
284.5
275.8
380.1
330.3
343.7
12.8%
17.3%
12.3%
11.7%
13.7%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
1H
FY21
1H
FY22
1H
FY23
1H
FY24
1H
FY25
DIRECT TO CONSUMER SALES (NZ $m)
Retail StoresOnlineDTCOnline % of DTC sales
1.Direct-to-consumer (“DTC”) sales include all sales from retail stores, online sites and marketplaces.
ONLINE
Sales
(NZD $m)
YOY
Var %
% mix of
DTC Sales
21.1+13.9%11.5%
20.8+26.6%13.4%
5.0+32.8%100%

BALANCE SHEET REMAINS ROBUST
13
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N
1.Key ratios calculated using 12-month Underlying P&L measures.
2.COGS / Average Inventories YOY.
3.Net Debt / EBITDA.
4.Net Debt / (Net Debt + Equity).
5.(EBITDA + Rent) / (Rent + Net Finance Costs excl. FX).
Key Balance Sheet items and ratios
*1
NZ $mJan 25Jan 24Jul 24
Net working capital192.6 226.2 198.3
Inventories303.7 313.6 266.9
Current trade and other receivables79.1 78.4 89.0
Current trade and other payables(190.2) (165.8) (157.6)
Net work ing capital % of sales19.6% 22.1% 20.3%
Stock Turns
*2
1.31x 1.32x 1.45x
Net Debt(76.2) (96.2) (59.7)
Leverage Ratio
*3
2.1x 1.3x 1.2x
Net Debt to Equity
*4
8.9% 10.6% 7.1%
Fixed Charge Cover
*5
1.17x 1.44x 1.26x
Equity778.7 809.5 785.7
WORKING CAPITAL
•Progressing towards long-term net working capital target 18% of sales.
•Jan 25 inventory balance includes c.+$12m increase YOY from translation of
regional inventory balances to NZD reporting currency.
•Jan 25 balance includes $51m goods in transit, c.+$10m above last year.
DEBT
•Net debt $76.2m at Jan 25, down from $96.2m at Jan 24.
•Significant funding headroom c. $215m.
•The Group is targeting net debt below $50 million by Jul 25, which is c. $10m
lower than last year.
•Long-term leverage ratio target remains <0.5x Net Debt / EBITDA.
•The Group continues to have a strong active working relationship with, and
support from, its banking syndicate. All covenants fully complied with at Jan 25.

INVENTORY REDUCING
14
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N
•Inventory positions continue to moderate back towards historical levels.
•Inventory composition continues to improve. Decreasing mix of core, technical products
(incl. insulation and wetsuits) as we navigate challenging market conditions.
229.6
249.6
318.8
313.6
303.7
0.0
100.0
200.0
300.0
Jan 21Jan 22Jan 23Jan 24Jan 25Jan 26
Target
Jul 26
Target
GROUP INVENTORY

WORKING CAPITAL AND NET DEBT CYCLE
15
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N
•January net working capital balances are traditionally elevated
as stock to support Kathmandu’s Southern Hemisphere
Autumn / Winter season, and Rip Curl’s Northern Hemisphere
Summer season is shipped before Chinese New Year.
•January inventory investment results in typically higher net
debt levels at the January measurement point.
•The Group has reduced July inventory balances in the last
two years, and this remains an ongoing priority.
164.2
137.4
187.3
207.0
244.4
219.7
226.2
198.3
192.6
0.0
40.0
80.0
120.0
160.0
200.0
240.0
280.0
Jan 21Jul 21Jan 22Jul 22Jan 23Jul 23Jan 24Jul 24Jan 25
GROUP NET WORKING CAPITAL HALF-YEAR CYCLE
10.1
-37.0
48.6
40.1
84.9
55.7
96.2
59.7
76.2
-50
-10
30
70
110
Jan 21Jul 21Jan 22Jul 22Jan 23Jul 23Jan 24Jul 24Jan 25
GROUP NET DEBT HALF-YEAR CYCLE

CASH FLOW
16
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N
1.Adjusted for impacts of adopting IFRS 16.
Cash Flow (NZ $m) 1H FY251H FY24
NPAT(20.7)(9.7)
Change in working capital(1.5)(13.5)
Non-cash items68.065.4
Operating cash flow45.842.2
Adjusted operating cash flow
*1
(0.8)(2.9)
Key Line Items:1H FY251H FY24
Net interest paid (including facility fees)
*1
(6.3)(6.0)
Net income taxes paid(4.7)(3.8)
Capital expenditure(14.1)(15.2)

BRAND FINANCIAL
PERFORMANCE
17
SECTION 3
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N

251.1
257.8
306.4
278.3
278.5
11.5%
13.8%
9.6%
10.5%
11.5%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
1H
FY21
1H
FY22
1H
FY23
1H
FY24
1H
FY25
SALES
StoresOnline
WholesaleLicensing / Other
Total SalesOnline % of DTC
48.733.737.627.423.6
19.4%
13.1%
12.3%
9.9%
8.5%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
1H
FY21
1H
FY22
1H
FY23
1H
FY24
1H
FY25
EBITDA
EBITDAEBITDA margin
RIP CURL PROFIT & LOSS
18
SALES IMPACTED BY WHOLESALE CUSTOMER CAUTION
•Total sales +0.1% YOY in 1H FY25, improving from -6.7% during Q1 to +6.5%
during Q2.
•Difficult trading in the broader surf industry is reflected in this result, and has led
to significant changes to the competitive landscape in North America. Key
competitor store closures may cause short-term headwinds as inventory is
divested.
•Direct-to-consumer sales (incl. online) +4.1%, reflecting strong sales growth
over the key Australasian summer and Christmas trading period. Also, stronger
results in Europe and South America, supported by store openings.
•Online sales +13.9% to $21.1m, comprising 11.5% of DTC sales.
•Wholesale sales -7.9%, as wholesale accounts remain cautious on pre-season
commitments in a challenging market. Forward orders support an improving
wholesale trend through 2025.
GROSS MARGIN AND OPERATING EXPENSES WELL CONTROLLED
•Gross margin increased +0.2% of sales with channel and product mix offsetting
the impact of increased promotional intensity in a tough trading environment.
•Operating expenses tightly managed while facing global cost pressure.
New Rip Curl CEO Ashley Reade has been appointed, bringing two decades
of global strategic leadership in the sportwear industry.
1.The impacts of IFRS 16, restructuring, and the notional amortisation of customer relationships are excluded
from underlying results. Refer to Appendix 2 for a reconciliation of Statutory to Underlying results.
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N
NZ $m1H FY251H FY24Var %
SALES278.5278.30.1%
EBITDA (underlying
*1
)
23.627.4(14.0%)
EBITDA margin %
8.5%
9.9%
EBIT (underlying
*1
)
16.120.8(22.9%)
EBIT margin %
5.8%
7.5%
Owned stores177169

KATHMANDU PROFIT & LOSS
IMPROVING QUARTERLY SALES TREND
•Total sales +3.0% YOY in 1H FY25, improving from -2.7% during Q1 to +6.9%
during Q2. Brand foundations in place, and momentum building.
•Australia sales
*2
+3.8% supported by enhanced in-store execution and new
products.
•New Zealand -2.0%, with strong sales growth YOY during the Christmas trading
period. Excluding the clearance of end-of-line products in August last year, sales
growth +4.8% YOY for the remaining 5 months of 1H FY25.
•Online sales +26.6% to $20.8m, comprising 13.4% of DTC sales.
GROSS MARGIN
•Gross margin decreased -0.4% of sales with increased promotional intensity in a
competitive trading environment.
OPERATING EXPENSES INCLUDE STRATEGIC INVESTMENT
•Operating expenses include c. $3m incremental YOY to refresh brand advertising
(increased first half weighting), increase product newness and innovation, and
improve the consumer experience.
1.The impacts of IFRS 16, restructuring, and the notional amortisation of customer relationships are excluded
from underlying results. Refer to Appendix 2 for a reconciliation of Statutory to Underlying results.
2.At constant exchange rates.
129.3
128.3
194.0
152.3
156.8
14.3%
21.0%
13.6%
10.9%
13.4%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0.0
50.0
100.0
150.0
200.0
1H
FY21
1H
FY22
1H
FY23
1H
FY24
1H
FY25
SALES
StoresOnline
WholesaleOnline % of DTC
0.5
-18.3
12.3
-8.3-12.8
0.4%
-14.3%
6.3%
-5.5%
-8.2%
-18.0%
-13.0%
-8.0%
-3.0%
2.0%
7.0%
12.0%
-25.0
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
1H
FY21
1H
FY22
1H
FY23
1H
FY24
1H
FY25
EBITDA
EBITDAEBITDA margin
19
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N
NZ $m1H FY251H FY24Var %
SALES156.8152.33.0%
EBITDA (underlying
*1
)
(12.8)(8.3)(54.0%)
EBITDA margin %
-8.2%
-5.5%
EBIT (underlying
*1
)
(22.0)(18.0)(22.3%)
EBIT margin %
-14.1%
-11.8%
Owned stores156160

OBOZ PROFIT & LOSS
20
SALES IMPACTED BY WHOLESALE CUSTOMER CAUTION
•Total sales -6.3% YOY.
•Online sales +32.8% grew strongly over the Black Friday and Christmas
promotions, reinforcing the growth opportunity for the brand.
•Wholesale sales -10.6% as wholesale accounts remain cautious on pre-
season commitments in a challenging market, partly offset by improved in-
season buying from key accounts.
•Forward orders and in-season buying from key accounts support an improving
wholesale trend through 2025.
GROSS MARGIN AND OPERATING EXPENSES
•Gross margin decreased -5.7% of sales as clearance of excess inventory has
contributed to lower gross margins YOY. Gross margin on core styles and new
launches remains in line with historical margins.
•Operating expenses tightly controlled YOY. Investment to be leveraged with
future sales growth as the market recovers.
•Note: The Kathmandu segment includes 1H FY25 $3.4m sales of Oboz
products in Kathmandu AU & NZ stores at full vertical gross margin (1H FY24
$2.2m).
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N
30.4
21.2
47.5
38.0
35.6
0.0
10.0
20.0
30.0
40.0
50.0
60.0
1H
FY21
1H
FY22
1H
FY23
1H
FY24
1H
FY25
SALES
OnlineWholesale
3.8
0.0
2.9
-0.1-2.2
12.5%
-0.2%
6.1%
-0.1%
-6.3%
-12.0%
-7.0%
-2.0%
3.0%
8.0%
13.0%
18.0%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
1H
FY21
1H
FY22
1H
FY23
1H
FY24
1H
FY25
EBITDA
EBITDAEBITDA margin
NZ $m1H FY251H FY24Var %
SALES35.638.0(6.3%)
EBITDA (underlying
*1
)
(2.2)(0.1)-
EBITDA margin %
-6.3%
-0.1%
EBIT (underlying
*1
)
(2.6)(0.5)-
EBIT margin %
-7.3%
-1.2%
1.The impacts of IFRS 16, restructuring, and the notional amortisation of customer relationships are excluded
from underlying results. Refer to Appendix 2 for a reconciliation of Statutory to Underlying results.

FOCUS AND
OUTLOOK
21
SECTION 4
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N

KATHMANDU BRAND PROGRESS:
22
reenergising our
PRODUCT
range
reinvigorating our
BRAND
to improve our
CONSUMER
experience
•Focused range solidifying our leadership
in hike and adventure travel, and
introducing activewear for the outdoors.
•Investment in innovation and product
technology supported by world class
materials and sustainability teams.
•Improved assortment, balancing
categories and filling range gaps.
•Reinvested in above the line media with
refreshed campaign.
•Strength building in Australia across key
brand metrics. Maintained brand power in
New Zealand.
•Official Apparel Partner of the New
Zealand Team, launching at the 2026
Milano-Cortina Winter Olympics, and
continuing through the 2028 Los Angeles
Summer Olympics.
•Improved visual merchandising to
enable smoother consumer experience
in store and showcase product stories.
•Digital customer journey improvements
driving strong results.
•New digital platform with refined
aesthetic to launch in 2025.
•New store concept to launch in 2025.
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N

CONTINUED BRAND INNOVATION
23
RIP CURL: EDDIE WENT
•Rip Curl’s latest partnership, The Eddie Aikau
Big Wave Invitational, took place in monstrous
40+ feet surf, for just the eleventh time in its
40-year history.
•Global audience 6.1 million, and 13.6 million
social media impressions.
•Strong merchandise sales, particularly in
mainland USA and Hawaii.
OBOZ: KATABATIC LT
•Lighter, faster, further. Oboz’s lightest and
most breathable collection to date: a
better kind of fast.
•Utilising waterproof and breathable
GORE-TEX Invisible Fit technology.
•Currently launching in-store and online.
Strong initial digital and sales metrics.
•Continued momentum in the ‘fast and
light’ category, lessening reliance on the
core ‘rugged’ category.
KATHMANDU: SUSTAINABLE INNOVATION
The women’s Seeker 4-inch shorts are:
•Crafted from three innovative technologies:
carbon capture, advanced recycling, and a
bio-based anti-odour finish.
•Made with LanzaTech's carbon recycling
technology, these shorts feature fabric made
from captured carbon emissions from steel
mills, blended with recycled materials.
•The winner of Kathmandu’s second ISPO
Award in 2024.
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N

FOCUS AREAS AND OUTLOOK
24
Stabilise sales and return to growth
Grow gross margin
Continue to simplify our business
Ongoing working capital reduction and efficiency
Improve profitability and return to dividends
TRADING UPDATE
•DTC sales (including online) for the first 7 full weeks to 16 March 2025, a seasonally
non-significant trading period for both brands:
•Kathmandu +5.2% YOY
*1
. Gross margin is under pressure YOY due to increased
promotional intensity in a competitive trading environment.
•Rip Curl global DTC sales for owned stores and websites approximately +0.7%
YOY
*1
. Gross margin remains resilient YOY.
OUTLOOK
•Wholesale accounts remain cautious on pre-season commitments in a challenging
market. Forward orders and in-season buying from key accounts support an improving
wholesale trend through 2025.
•Short-term gross margin pressure for all brands in a highly competitive global market,
with a focus on growing gross margin in the medium-term as markets improve.
•Monitoring the impact of geopolitical uncertainty on consumer confidence and supply
chains. Global monetary policy settings have been easing but the return of consumer
confidence will take time.
•We continue to focus on delivering positive sales growth, improving profitability,
maximising cash flows, and reducing inventory.
•We believe with our portfolio of iconic global outdoor brands and leadership in
sustainability, we remain a unique investment proposition and well-placed for the future.
FOCUS AREAS
1.Tropical Cyclone Alfred has impacted Queensland and Northern New South Wales stores for both
brands, with approximately 100 lost trading days. Rip Curl store locations have been most materially
impacted.
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N

QUESTIONS
25
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N

APPENDICES
26
SECTION 5
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N

APPENDIX 1: STATUTORY TO UNDERLYING
PROFIT & LOSS
27
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N
GROUP1H FY251H FY24
SaaS
Amortisation ofAmortisation of
NZ $mStatutory
IFRS 16
Leases
*1
Restructuring
*2
Capitalisation
Adjustments
*3
Customer
Relationships
*4
UnderlyingStatutory
IFRS 16
Leases
*1
Customer
Relationships
*4
Underlying
SALES
470.9 - - - - 470.9 468.6 - - 468.6
GROSS PROFIT
275.5 - - - - 275.5 275.7 - - 275.7
Gross margin58.5%58.5%58.8%58.8%
OPERATING EXPENSES
(222.8) (52.0) 2.2 0.9 - (271.6) (211.3) (49.3) - (260.6)
% of Sales47.3%57.7%45.1%55.6%
EBITDA
52.7 (52.0) 2.2 0.9 - 3.9 64.4 (49.3) - 15.1
EBITDA margin %11.2%0.8%13.7%3.2%
EBIT
(12.7) (5.8) 2.2 0.9 2.1 (13.3) 0.5 (4.8) 2.6 (1.7)
EBIT margin %-2.7%-2.8%0.1%-0.4%
NPAT
(20.7) 0.9 1.6 0.6 1.5 (16.1) (9.7) 0.9 1.8 (6.9)
1.Statutory results include the impact of IFRS 16 leases. The impact of IFRS 16 is excluded from Underlying results.
2.Support office restructuring was undertaken in 1H FY25. These one-off costs have been excluded from Underlying results.
3.IFRIC Software as a Service (“SaaS”) capitalisation adjustments have been excluded from Underlying results.
4.Notional amortisation of Rip Curl and Oboz customer relationships are excluded from Underlying results.

APPENDIX 2: SEGMENT NOTE
28
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N
1.Statutory results include the impact of IFRS 16 leases. The impact of IFRS 16 is excluded from Underlying results.
2.Support office restructuring was undertaken in 1H FY25. These one-off costs have been excluded from Underlying results.
3.IFRIC Software as a Service (“SaaS”) capitalisation adjustments have been excluded from Underlying results.
4.Notional amortisation of Rip Curl and Oboz customer relationships are excluded from Underlying results.
1H FY251H FY241H FY25
SALES (NZ $'000)Rip CurlKathmanduObozCorporateTotalRip CurlKathmanduObozCorporateTotal
SALES per segment note
278,487 156,831 35,627 - 470,945 278,315 152,324 38,005 - 468,644
SALES (Underlying)
278,487 156,831 35,627 - 470,945 278,315 152,324 38,005 - 468,644
EBITDA (NZ $'000)Rip CurlKathmanduObozCorporateTotalRip CurlKathmanduObozCorporateTotal
EBITDA per segment note
45,281 15,848 (2,223) (6,168) 52,738 47,462 20,684 201 (3,972) 64,375
IFRS 16 Leases
*1
(23,023) (28,704) (264) - (51,991) (20,048) (29,006) (252) - (49,306)
Restructuring
*2
1,318 37 250 639 2,244 - - - - -
SaaS Capitalisation Adjustments
*3
- - - 875 875 - - - - -
Amortisation of Customer Relationships
*4
- - - - - - - - - -
EBITDA (Underlying)
23,576 (12,819) (2,237) (4,654) 3,866 27,414 (8,322) (51) (3,972) 15,069
EBIT (NZ $'000)Rip CurlKathmanduObozCorporateTotalRip CurlKathmanduObozCorporateTotal
EBIT per segment note
15,278 (18,727) (3,012) (6,250) (12,711) 19,216 (14,045) (639) (4,052) 480
IFRS 16 Leases
*1
(2,561) (3,347) 61 - (5,847) (922) (3,980) 68 - (4,834)
Restructuring
*2
1,318 37 250 639 2,244 - - - - -
SaaS Capitalisation Adjustments
*3
- - - 875 875 - - - - -
Amortisation of Customer Relationships
*4
2,024 - 104 - 2,128 2,527 - 102 - 2,629
EBIT (Underlying)
16,059 (22,037) (2,597) (4,736) (13,311) 20,821 (18,025) (469) (4,052) (1,725)

APPENDIX 3: BALANCE SHEET
29
1 H F Y 2 5 R E S U L T S P R E S E N T A T I O N
Balance Sheet (NZ $m)Jan 25Jan 24Jul 24
Inventories303.7 313.6 266.9
Property, plant and equipment83.6 84.7 86.5
Right of Use Asset (IFRS 16)261.6 257.5 262.6
Intangible assets671.1 696.2 666.9
Other assets124.8 119.4 120.8
Total assets (excl. cash)1,444.8 1,471.4 1,403.7
Net interest bearing liabilities and cash(76.2) (96.2) (59.7)
Lease Liability (IFRS 16)(293.2) (289.5) (294.2)
Other non-current liabilities(105.9) (109.0) (105.6)
Current liabilities(190.8) (167.2) (158.5)
Total liabilities (net of cash)(666.1) (661.9) (618.0)
Net assets778.7 809.5 785.7

IMPORTANT NOTICE AND DISCLOSURE
30
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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