Investor Presentation

FY25
RESULTS

DISCLAIMER
Certain statements in this report constitute forward-looking statements. Forward-looking statements are statements (other than statements of historical fact)
relating to future events and the anticipated or planned financial and operational performance of Michael Hill International Limited and its related bodies
corporate (the Group). The words “targets”, “believes”, “expects”, “aims”, “intends”, “plans”, “seeks”, “will”, “may”, “might”, “anticipates”, “projects”,
“assumes”, “forecast”, “likely”, “outlook”, “would”, “could”, “should”, “continues”, “estimates” or similar expressions or the negatives thereof, generally
identify these forward- looking statements. Other forward-looking statements can be identified in the context in which the statements are made. Forward-
looking statements include, among other things, statements addressing matters such as the Group’s future results of operations; financial condition; working
capital, cash flows and capital expenditures; and business strategy, plans and objectives for future operations and events, including those relating to ongoing
operational and strategic reviews, sustainability targets, expansion into new markets, future product launches, points of sale and production facilities.
Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, they are not guarantees or predictions of
future performance or statements of fact. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that
could cause the Group’s actual results, performance, operations or achievements or industry results, to differ materially from any future results, performance,
operations or achievements expressed or implied by such forward-looking statements.
Such risks, uncertainties and other important factors include, among others: global and local economic conditions; changes in market trends and end-consumer
preferences; fluctuations in the prices of raw materials, currency exchange rates, and interest rates; the Group’s plans or objectives for future operations or
products, including the ability to introduce new jewellery and non-jewellery products; the ability to expand in existing and new markets and risks associated
with doing business globally and, in particular, in emerging markets; competition from local, national and international companies in the markets in which the
Group operates; the protection and strengthening of the Group’s intellectual property rights, including patents and trademarks; the future adequacy of the
Group’s current warehousing, logistics and information technology operations; changes in laws and regulations or any interpretation thereof, applicable to the
Group’s business; increases to the Group’s effective tax rate or other harm to the Group’s business as a result of governmental review of the Group’s transfer
pricing policies, conflicting taxation claims or changes in tax laws; and other factors referenced to in this report.
Should one or more of these risks or uncertainties materialise, or should any underlying assumptions prove to be incorrect, the Company’s actual financial
condition, cash flows or results of operations could differ materially from that described herein as anticipated, believed, estimated or expected. Accordingly,
you are cautioned not to place undue reliance on any forward-looking statements, as there can be no assurance the actual outcomes will not differ materially
from the forward-looking statements in this report.
Except as required by applicable laws or regulations (including the ASX Listing Rules), the Group does not intend, and does not assume any obligation, to update
any forward- looking statements contained herein. All subsequent written and oral forward-looking statements attributable to us or to persons acting on the
Group’s behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this report.
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Interim CEO FY25 Update
•FY25 Performance Overview
•FY25 Financial Results
•Group Results
•Segment Results
•Current Trading Update
•Core Priorities
•Appendices
Michael Hill International Limited

FY25 Performance Overview
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•Global economic uncertainty and challenging retail trading conditions
persisted across all markets, particularly in New Zealand
•Our two largest segments Australia and Canada delivered revenue growth
•FY25H2 saw improvement in same store sales across all segments
•Strong digital traffic, with customers embracing omni-channel, supported
the increase in digital sales
•Significant progress on Michael Hill initiatives:
•Opened second global flagship store in Bourke St, AU
•Refurbished Queenstown, NZ store with the new brand identity
•Successfully launched the Pendant Bar concept, with a focus on both
build-your-own and ready-to-wear gifting
•Elevated the quality of sustainable “LAB.” diamond offering
•Established a New Zealand Distribution Centre

FY20H1 Financial Snapshot
•Group revenue, gross margin and comparable EBIT
were broadly flat to LY
•Even with gold at multiple record highs throughout
the year, continued active management of
inventory saw year-end holdings close at $199m
•Ye a r-end net debt closed broadly in line with prior
year at $42m
•No final dividend declared
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FY25FY24Change
Revenue$644m$645m-0.2%
Gross Profit$389m$391m-0.4%
Gross Margin 60.5%60.6%-10 bps
Comparable EBIT $15.3m$15.9m-3.5%
Inventory$199m$196m+$3m
Net Cash/(Debt)($42m)($39m)-$3m
Total Dividend-AU1.75c-AU1.75c
Store Network287
(incl. 37 Bevilles)
300
(incl. 36 Bevilles)
-13
FY25 Group Results

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Australia
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(AUD)Canada (CAD)New Zealand (NZD)
FY25FY24ChangeFY25FY24ChangeFY25FY24Change
Revenue364m359m+1.4%162m157m+3.4%109m115m-5.0%
Gross profit217m217m+0.2%98m95m+2.5%64m68m-7.1%
Gross margin59.7%60.4%-70 bps60.1%60.6%-50 bps58.3%59.6%-130 bps
Segment Comparable EBIT24.7m29.6m-16.4%18.9m18.8m+0.4%13.7m14.6m-5.9%
Comparable EBIT as a %
of statutory revenue
6.8%8.2%-140 bps11.6%12.0%-40 bps12.6%12.7%-10 bps
Store network160
(incl. 37 Bevilles)
171
(incl. 36 Bevilles)
-11 8285-34544+1
FY25 Segment Results
1
Includes Bevilles
•Australian segment achieved revenue growth with eleven fewer stores
•Canada delivered yet another record performance
•External economic factors continue to present challenging retail conditions in New Zealand

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Current Trading Update
•For the first seven weeks of FY26, Group same store sales were up 3.2% on
prior year, with same store sales for the:
•Australian segment up 3.4%
•Canadian segment up 6.8%
•New Zealand segment down 3.2%
•Total sales for the Group were up 3.0% for the first seven weeks of FY26.

Core priorities
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1. Embedding the repositioning of the Michael Hill brand across all markets
2. Internal strategic review of New Zealand to improve performance
3. Reinforce retail fundamentals, brand identity and awareness of the Bevilles brand

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Q & A
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Appendix A: Bridge from Comparable EBIT to Reported EBIT
(AUD million)FY25FY24
Comparable EBIT15.315.9
Impact of AASB16 Leases11.410.1
Impact of IFRIC SaaS-related guidance-0.9-4.4
Litigation judgement3.0-4.0
Bevilles Brand Impairment-7.4-
Bevilles integration costs-1.0-2.4
CEO transition costs-0.4
Employee restructure costs-1.2-1.0
Reported EBIT18.914.2
Calculated as follows:

Appendix B: AASB16 Leases & SaaS Impact
(AUD million)
FY25
Stat
Impact of
AASB16 & SaaS
FY25
pre-adjustments
FY24
pre-adjustments
Change
pre-adjustments
Revenue
643.7-643.7
644.9
-0.2%
Cost of sales
-254.2--254.2
-254.0
0.1%
Gross profit
389.4-389.4
390.9
-0.4%
Employee benefits expense
-179.7-4.4-175.3
-176.7
-0.8%
Occupancy costs
-15.157.4-72.4
-71.6
1.2%
Marketing expenses
-37.5--37.5
-42.1
-10.9%
Selling expenses
-24.8--24.8
-22.3
11.0%
Other income/(expenses)
-48.0-4.0-44.0
-43.1
-2.2%
EBITDA
84.449.035.4
35.2
0.7%
Depreciation and amortisation expenses
-65.5-38.5-27.0
-26.6
1.7%
EBIT
18.910.58.4
8.6
-2.5%
Finance expenses
-16.711.2-5.5
-4.0
38.9%
Profit before tax
2.2-0.72.9
4.6
-38.0%
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