KMD Brands Investor Day 2025

K
MD BRANDS LIMITED W kmdbrands.com
KMD Brands Limited
ASX / NZX / Media announcement
4 September 2025
KMD Brands unveils “Next Level” transformation plan to drive
growth and profitability
T
oday at its 2025 Investor Day, KMD Brands (ASX/NZX: KMD, “KMD Brands”) announces the launch of a
global transformation strategy designed to unlock the full potential of its iconic brand portfolio and deliver
sustainable, profitable growth.
B
rent Scrimshaw, Group CEO and Managing Director KMD Brands said: “Since joining KMD Brands as
Group CEO, I’ve spent time across each of our offices and regions, listening to our teams and retail partners
whilst immersing myself in the business. What I’ve seen is clear: the potential of our brands is far greater
than what we’re delivering today.”
“
That’s why we’re launching Next Level - a transformation strategy designed to align the Group behind a
brand and product led customer-centric growth agenda. Core to our strategy is a clear integrated
marketplace vision for each of our brands that aligns consumer, product and store format in each
geography.”
N
ext Level will sharpen the Group’s focus on key priorities already underway which include:
•Re-setting for sustainable profitability by addressing operational leverage and unlocking new
pathways to greater returns. This includes a minimum $25m cost reset, which includes a recently
commenced organisational restructure aligned to the new strategy, and a store network portfoli
o
r
eview.
•Re-focusing product innovation to continue to ground our brands in technical performance whilst
investing in speed-to -market, design and style. This includes establishing product ‘Centres of
Excellence’ at Rip Curl headquarters in Torquay, to enhance the output of global product teams and
s
treamline organisational structure.
•Re-energising our store portfolio including new store segmentation to drive relevant consumer
experiences and stronger brand expression for Kathmandu. This includes three Kathmandu concept
stores of the future launching in ANZ later this calendar year.
•Re-imagining digital and data intelligence by bringing in new capabilities to enable the Group to
deliver the long-term goals of Next Level. This includes new tools and initiatives that deepen data-led
dec
ision-making and enhance supply chain excellence. We are also accelerating our ecommerc
e
pl
atform rollout across our brands with investment in more effective digital marketing to reset
international go to market approach.
David Kirk, Chairman of KMD Brands added: “We believe KMD Brands is materially undervalued by the
Market. Over the last 18 months we have deliberately made significant executive team changes to enhance
the core capabilities of the Group. The Board is fully aligned behind the Next Level strategy and is confident
in the Group’s ability to self-fund key initiatives and deliver increasing value for shareholders.”
E
ach Brand CEO will present a refreshed strategic plan for FY26-28, focused on sharpening market
differentiation, reigniting customer engagement, and accelerating revenue growth. These plans are designed
to build stronger brand equity, deepen customer relevance, and unlock new commercial opportunities across
key markets.
T
his marks the beginning of a multi-year transformation, with key milestones already underway. The Group
remains committed to transparent reporting and will continue to update the market regularly as we execute
against our strategic priorities - building a stronger, more agile KMD Brands.

K
MD BRANDS LIMITED W kmdbrands.com
Investors and shareholders are encouraged to read through the 2025 Investor Day presentation which is
available on the Group’s investor website: https://www.kmdbrands.com/presentations. A webcast will be
available via t he same link following t he event.
FY25 results release
The Group intends to release its audited results for the 12 months ended 31 July 2025 on Wednesday
24
September 2025. A briefing session for investors and analysts will be held at 8:30am AEST / 10:30am
NZST.
Pleas
e attend the meeting by following this link: www.virtualmeeting.co.nz/kmdfy25.
You may also dial one of the numbers below and provide the conference ID 3372530 to the operator to
listen to the meeting.
•Australia - Toll (Sydney) +61 2 8088 0946
•Australia - Toll Free +611800 571 226
•New Zealand - Toll Free +64800450012
•New Zealand - Auckland +649 887 4636
•USA & Canada - Toll-Free (800) 715-9871
•United Kingdom - Toll-Free +44 800 260 6466
•France - Toll-Free +33 801 238862
•Norway - National +47 57 98 94 30
•Spain - Toll-Free +34 800 906909
T
he webcast will be available on the KMD Brands investor website following the call.
-EN
DS -
For
further information, please contact:
Carla Webb, Head of Communications
P: + 61422991654
E: carla.webb@kmdbrands.com

---

2
David Kirk
Chairman of the Board
KMD Brands
2

Agenda
1
Why KMD Brands?
David Kirk - Chairman of the Board
2
KMD Brands Group Strategy
Brent Scrimshaw - Group CEO
3
Driving Financial Performance
Carla Webb-Sear - Group CFO
5
What to expect moving forward
Brent Scrimshaw - Group CEO
4
Brand CEO priorities
Ashley Reade - CEO, Rip Curl
Megan Welch - CEO, Kathmandu
Amy Beck - President, Oboz Footwear
3

Built for purpose | Outdoor lifestyle and adventure | Seasonally diverse
Technical activity-based
outdoor apparel and equipment
Technical activity-based
footwear
Technical surf and beach
apparel and gear
4

5
Global Reach and Diversification
We have over 300 stores globally, and our brands are sold in over 8,000 locations
NORTH AMERICA
27 Owned Stores
26 Licensed Stores
+3,900 Wholesale Doors
SOUTH AMERICA
8 Owned Stores
107 Licensed Stores
+800 Wholesale Doors
EUROPE
29 Owned Stores
10 Licensed Stores
+1,900 Wholesale Doors
ASIA
78 Licensed and JV stores
+300 Wholesale Doors
AUSTRALASIA
264 Owned Stores
19 Licensed Stores
+900 Wholesale Doors
AFRICA / MIDDLE EAST
40 Licensed Stores
Global office locations

6
•In 2019, Kathmandu made history as one of the first
apparel brands in ANZ to become a Certified B
Corporation (B Corp).
•In 2023, Rip Curl and Oboz gained certification, as
well as the Rip Curl owned wetsuit factory (OnSmooth)
in Thailand.
•Kathmandu achieved re-certification with major
improvements that were commended by B Lab, the
global governing body that determines the certification.
•KMD Brands and each of our brands are working on
recertificationwhichwe hope to achieve by the end of
the 2026 calendar year.
KMD Brands is one of only 90
B Corp listed companies globally
6

77
Introducing our KMD Brands ‘Next Level’ turnaround strategy
1
Abrand &
product-led
offence
2
Efficient, scalable
processes and
data-ledintelligence
That delivers
sustainable
profitability
3
7

8
Over the last 18 months we have made deliberate executive team
changes to enhance our core capabilities
Ashley Reade
CEO, Rip Curl
Carla Webb-Sear
Group CFO
Megan Welch
CEO, Kathmandu
Frances Blundell
Chief Legal & ESG
Officer
•Global Perspective
•Consumer Obsessed
•Distinctive Product
Experience
•Integrated Marketplace
Management
•Digitally Native
•Commercial Acumen
•Operational Discipline
•Inspiring Team
Leadership
Brent Scrimshaw
Group CEO
Lachlan Farran
Chief Commercial
Officer
Michael Ross
Chief Information
Officer
Amy Beck
President, Oboz
Footwear

9
KMD BRANDS INVESTMENT THESIS
We believe our business is undervalued today
given the opportunity within our portfolio
Strong brandswith
exciting medium-term
growth opportunities
Geographic, channel and
seasonal diversity
to de-risk the portfolio
Immediate actions to
refocus profitabilityand
build agility into our
fixed cost base
Active management of
our balance sheet
reducing debt exposure
With significant executive
leadership changes
to add new capabilities
for success

10
KMD Brands Strategy
Brent Scrimshaw
Group Chief Executive Officer
KMD Brands
10

11
KMD Brands –
‘Next Level’ Transformation
•A brand-led offence enabled by the right level
of central support and capability
•A proactive plan that reboots growth with
the right profitability
•An immediate right-sizing of our cost base,
with ambitions for ongoing cost efficiencies
•Key financial guardrails embedded in
strategic ambitions
11

12
INSIDE- OUTOUTSIDE- IN
12
ConsumerConsumers identify positively with our brands
Product
Insufficient iconic product and innovation
cadence
Digital Step change in digital up-skilling
Integrated marketplace
Limited assortment differentiation by store
format
Brand connectionPrioritised product-led story-telling
Retail excellenceMixed levels of profitability across store portfolio
Team cultureStrong cultural commitment to our brands
Ways of workingMore cross-functional integration within brands
Profitability
Simplification vs. Complexity bias
Room for further financial discipline
Market growth
Solid market growth in categories and
geographies
VolatilityVolatile market dynamics continue
Tariffs
Increased tariff complexity for business and
margin management
Market PositionHigh brand awareness in priority markets
Competition
Increased competition from challenger and
adjacent brands
Disposable incomeHigh cost of living despite recent rate reductions
Wholesaler and retail
partner perspective
Industry leadership required to drive demand
Product differentiation
Sea of sameness with little product
differentiation
CEO observations in my first 120 days

13
Striking the right balance between growth and cost
Financial success step-by-step: balancing growth, operational leverage and efficiency
Risk of running
out of time
Our Focus
Risk of losing
competitiveness
Operational efficiencies / Cost re-allocation
Brand Growth
PrioritisedDeprioritised
Deprioritised
Prioritised
Step-by-step changes
between growth and costs
13

1414
RE-SET
Bold
Decisions
Disciplined
Approach
Profitability

15
RE-SET: We have made 4 ‘Next Level’ decisions for immediate impact
Cost out and reallocation
program underway
15
$25m
Stores identified for
closure through
fleet review
21
Growth and cost
initiatives commenced
Senior leadership
roles changed
10+28
15

1616
RE-FOCUS
Consumer &
Product Focus
Aligning
the Pipes
Sustainable
Growth

17
RE-FOCUS: We will continue to ground ourselves in technical
products, and invest in speed-to-market, design and style
Designed for
Bought for
Used for
Designed for
Designed for
Bought for
Used for
We design for performance first, acknowledging that
consumers style and design preferences are constantly changing

18
RE-FOCUS: Realising our growth potential through aligning our pipes
Consumer
Preferences
Ensuring
coherence
Showing up
when it matters
Focusing in
on the core
Anchored
in activity
concepts
Start with
the end
in mind
Anchored
in activity
concepts

19
RE-FOCUS: Realising our growth potential through aligning our pipes
Product
Distinction
Ensuring
coherence
Showing up
when it matters
Focusing in
on the core
Anchored
in activity
concepts
Start with
the end
in mind
Anchored
in activity
concepts

20
RE-FOCUS: Realising our growth potential through aligning our pipes
Channel
Mix
Ensuring
coherence
Showing up
when it matters
Focusing in
on the core
Anchored
in activity
concepts
Start with
the end
in mind
Anchored
in activity
concepts

21
RE-FOCUS: Realising our growth potential through aligning our pipes
Brand
Connection
Ensuring
coherence
Showing up
when it matters
Focusing in
on the core
Anchored
in activity
concepts
Start with
the end
in mind
Anchored
in activity
concepts

22
RE-FOCUS: Realising our growth potential through aligning our pipes
Sale / Retail
Execution
Ensuring
coherence
Showing up
when it matters
Focusing in
on the core
Anchored
in activity
concepts
Start with
the end
in mind
Anchored
in activity
concepts

2323
RE-ENERGISE
Brand
Storytelling
Culture &
Capability
Obsessive
Execution

24
Authentic
Product
New and Fresh
Styles
Brand
heat
Directto
Consumer
RE-ENERGISE: Capabilities of successful activity-based
apparel and footwear companies
24

2525
Founders Mentality
25

26
VIDEO PLAYING
AT THE LIVE EVENT

27
KMD Brands 3-Year Strategy House
INSPIRING PEOPLE TO EXPLORE AND LOVE THE OUTDOORS.VISION
PURPOSE
STRATEGIC
PRIORITIES
VALUES
BEHAVIOURS
GROWTH
DRIVERS
BRAND-LED
OFFENCE
ENABLED BY INTELLIGENT
DECISION-MAKING
GOVERNED BY RESPONSIBLE
FINANCIAL GUARDRAILS
ICONIC PRODUCT
DIGITAL
INTEGRATED MARKETPLACE
CONSUMER FOCUSEDACCELERATEDDECISIVE
ACCOUNTABILITY
INNOVATION
CONTINUOUS
IMPROVEMENT
COACHING
TO BE THE LEADING FAMILY OF GLOBAL OUTDOOR BRANDS –
DESIGNED FOR PURPOSE, DRIVEN BY INNOVATION, BEST FOR PEOPLE AND PLANET.

2828
We have already started to execute against a KMD Brands
‘Next Level’ turnaround strategy
28
•Connected consumer experiences
•Authentic products
•Iconic franchises
•Distinctive design and style
•Accelerated go-to-market
•Commercially oriented
2
Enabled through intelligent
decisions and processes
•Brand decisions are informed and
supported by data-driven shared
services
•Efficient, scalable processes
across the portfolio, incl. supply
chain excellence
•Technology-enabled system
integration
1
A brand-led offence
3
That delivers sustainable
profitability
•Cost justified by growth guardrails
•On-going focus on simplification
•Portfolio-wide capital allocation ROI
prioritised
•Optimised for shareholder returns

2929
Iconic
Products
29

3030
Digital

3131
Integrated
Marketplace
31

32
Driving Financial Performance
Carla Webb-Sear
Group CFO
KMD Brands
32

33
We will govern ourselves
with financial guardrails
on a pathway to
profitable growth
33

34
KMD Financial Principles
•We plan robustgrowth from the bottom up
with clear deliverables
•We actively balance cost savings and
growth initiatives
•As growth is delivered, further investment will
be unlocked
•We manage working capital and net debt
positions with data-driven insights
•We support the brands in making intelligent
commercial trade-off decisions
34

35
Gross Margin
Operating Expense
% of Sales
EBITDA
1
MarginWorking Capital
% of Sales
35
Our financial ambition over the next 3 years
~60%<50%10%+<16%
1.Earnings before interest, tax, depreciation, and amortisation, excluding the impact of IFRS 16, software as a service accounting, restructuring, and one-off items.

3636
Our ‘Next Level’ strategic actions in FY26
•Immediate cost-out and reallocation programto address
legacy costs
•Robust scoping and sequencing of growth initiatives based
on self-funding approach
•Strategic product assortment, store format and full price sell
through
•Channel mix shift towards higher margin digital sales
Efficient
Growth
Gross Margin
Focus
•Reduced style/SKU counts
•Improved demand and supply planning
Working Capital
Reduction

37
Next Level Transformation
Reset our cost base over next 12months to fuel growth and improve shareholder returns
1
Cost reset across the portfolio to mitigate cost pressure, whilst
self-funding strategic growth investments
COST RESET
~ $25M
GROWTH
INVESTMENT
~ $15M
2
Focus on both short and medium-term growth
3
Maintain flexibility in our investment allocation,
with a stage-gated approach based on growth hurdle rates
4
Baseline cost inflation held at less than
3% p.a. despite retail leases and store wage award increases
COST OF DOING
BUSINESS (CODB)

38
We will deliver an optimal capital structure
Leverage
Ratio
Capital
Expenditure
Review
Non-Core Assets
Dividends &
Capital Return
•Deliver and maintain a net
debt to EBITDA ratio between
0.0x to 0.5x
•Total capital expenditure target
3% of sales over the medium-
term
•Clear and appropriate hurdle
rates in place for new
investment
•Potential for divestment of
assets that do not provide a
competitive advantage for our
three brands
•Payout ratio range 50-70% of
underlying NPAT
•Where excess capital and
leverage targets maintained,
special dividends and
buybacks to be considered

39
What you can
expect from us
•Half-yearly progress scorecard against our medium-
term financial targets with measurable proof points
•Delivering a more agile cost base over time with
improved flexibility in our operating model
•Disciplined finance management to drive
performance across the portfolio
•A continued focus on deleveraging the balance
sheet
•Further update at FY25 results announcement
39

40
Brand Strategic Priorities
Ashley Reade
CEO, Rip Curl
40

41

42
VIDEO PLAYING
AT THE LIVE EVENT

43
OBSERVATIONS
SEA OF SAMENESS
AGED CONSUMER
COMPLEXITY
DISTINCTION
NEXT GENERATION
SIMPLICITY
43

44
CONTENTS
CONSUMER
STRATEGYHOUSE
GROWTHDRIVERS
USSTRATEGY
44

45
CONTENTS
CONSUMER
STRATEGYHOUSE
GROWTHDRIVERS
USSTRATEGY
45

46
OUR FUTURE IS THE NEXT GEN
THINGSTHEYMIGHTSAY
“I’LLWORK
ALLNIGHTIF
ICANSURF
ALLDAY”
VALUES
AUTHENTICITY
FREEDOM
INDIVIDUALITY
46

47
NEXT GEN STABLE OF ATHLETES
ERIN BROOKS
Canada
18
2024
WSL Fiji CT
Champion
TYA ZEBROWSKI
Tahiti - France
14
2024/2025
WSL Europe QS
Champion
DANE HENRY
Australia
18
2024
ISA Junior World
Surfing Champion
LUKAS SKINNER
United Kingdom
17
2024
International
GromSearch Champion
47

48
48

49
VIDEO PLAYING
AT THE LIVE EVENT

50
CONSUMER SEGMENTATION
50

51
SURF
51

52
SURF
BEACH
52

53
NEW CONSUMER SEGMENTATION

54
MEDITERRANEAN (EXAMPLE)
EXISTING STORE
NEW STORE
COUNTRYLOCATIONSTORE TYPE
EXISTING STORE
LOCATIONS
Barcelona, SpainIn-line
Barcelona, SpainOutlet
Tonfano, ItalyIn-line
NEW STORE
LOCATIONS
Marbella, SpainIn-line
Ibiza, SpainWomen’s store
Valencia, SpainIn-line
Rome, ItalyIn-line
Marseille, FranceIn-line
Majorca, SpainWomen’s store
Alicante, SpainIn-line
Nice, FranceWomen’s store
Toulon, FranceIn-line
Malaga, SpainIn-line

55
WOMEN’S FOCUS
TECHNICITY X AESTHETIC
EXPANDED DISTRIBUTION
THE BEACH
55

56
CONTENTS
CONSUMER
STRATEGYHOUSE
GROWTHDRIVERS
USSTRATEGY
56

57
FY26 - FY28 STRATEGY HOUSE
57

58
ELEVATING THE SEARCH
TO THE NEXT GEN
OUR DIFFERENTIATOR
‘THE SEARCH’ IS THE DRIVING FORCE THAT LED TO THE CREATION OF RIP CURL,
& IT LIVES IN THE SPIRIT OF EVERYTHING THE RIP CURL CREW DO.
IT’S WHAT MAKES RIP CURL UNIQUE. IT DEFINES WHO WE ARE.
THE PRODUCTS WE MAKE, THE EVENTS WE RUN,
THE RIDERS WE SUPPORT AND THE PEOPLE WE REACH GLOBALLY,
ARE ALL A PART OF THAT SEARCH THAT
RIP CURL IS ON.
58

59
59
OUR PRODUCT FOCUS
WETSUITS
BOARDSHORTSSWIMJACKETS / FLEECE
WHAT WE STAND FOR:

60
CONTENTS
CONSUMER
STRATEGYHOUSE
GROWTHDRIVERS
USSTRATEGY
60

61
61
FORMATS
DIGITAL
OWNED
WHOLESALE

62
62
SIMPLIFIED OFFENSE
NEXT GEN PRODUCT CREATION
GLOBAL CENTRES OF EXCELLENCE
PRODUCT

63
CONTENTS
CONSUMER
STRATEGYHOUSE
GROWTHDRIVERS
USSTRATEGY
63

64
C
64
US STRATEGY
LEVERAGE DIGITAL
OWN HAWAII, REBALANCE THE MAINLAND
ALIGNING THE ORGANIZATION

65
C
65
KEY SHIFTS
1. NEXT GEN CONSUMER CONNECTION
2. SERVE THE CORE; EMBRACE THE BEACH
3. DIGITAL LED, INTEGRATED MARKETPLACE
4. CREATION OF PRODUCT CENTRES OF EXCELLENCE
5. ORGANIZATIONAL ALIGNMENT

66
Brand Strategic Priorities
Megan Welch
CEO, Kathmandu
66

-4 0 . 9 0 0 5 5 7° S , 1 7 4 . 8 8 5 9 7 1° E
N E W Z E A L A N D

CONTENTS
➢CONSUMER
➢STRATEGY HOUSE
➢GROWTH DRIVERS
➢DISTINCTIVE PRODUCT
➢INTEGRATED MARKETPLACE
68

CONTENTS
➢CONSUMER
➢STRATEGY HOUSE
➢GROWTH DRIVERS
➢DISTINCTIVE PRODUCT
➢INTEGRATED MARKETPLACE
69

70
Outdoor Enthusiast
Balance Seeker
SECONDARY TARGET AUDIENCEPRIMARY TARGET AUDIENCE
Outdoor enthusiasts prioritise
spending time outdoors, care
about style, performance &
sustainability; and are willing
to pay for it. Their love for the
outdoors is central to their
identity.
OUR PRIMARY AND SECONDARY TARGET AUDIENCES ARE
OUTDOOR ENTHUSIASTS AND BALANCE SEEKERS
Balance Seekers use the
restorative power of the
outdoors to recharge and find
a better sense of balance.
They value versatility and are
more likely to wear outdoor
gear for everydayoccasions​.

71
Outdoor
Activewear
ııı
Adventure
Travel
Outdoor
Active
Hike
71

CONTENTS
➢CONSUMER
➢STRATEGY HOUSE
➢GROWTH DRIVERS
➢DISTINCTIVE PRODUCT
➢INTEGRATED MARKETPLACE
72

73
Create separation
and distinctiveness
Kathmandu built market leadership by
representing a new way to think about the
outdoors. Our next era will look different,
intentionally, as we set a new standard for
how outdoor brands look and feel.
In FY26 we will extend our authority and play
to win, creating true market distinctiveness
for the Kathmandu brand through innovative
product launches, powerful consumer
connection and purposeful channel execution.
73

VIDEO PLAYING
AT THE LIVE EVENT
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75
Distinctive Product
Function, Innovation,
Design
Strong Storytelling
Product-focused
Consumer Concepts
Integrated
Marketplace
Digitally Led
Retail
Excellence
Profitable Growth
KATHMANDU IS A STRONG BRAND THAT WILL REINFORCE
MARKET LEADERSHIP AND CREATE SEPARATION THROUGH:
75

WORLD’S MOST LOVED OUTDOOR BRANDVISION
PURPOSE
PRIORITY
INITIATIVES
VALUESCOURAGEOUS
JOYFULOPEN
ACCELERATION
DECISIVEPURPOSEFUL
BEHAVIOURS
GROWTH
DRIVERS
ICONS
DIGITALSTORE PERFORMANCE
RETAIL
EXCELLENCE
DIGITALLY LED, INTEGRATED
MARKETPLACE
PRODUCT
INNOVATION
IMPROVE THE WELLBEING OF THE WORLD THROUGH THE OUTDOORS
FY26 –FY28 KATHMANDU STRATEGY HOUSE
76

CONTENTS
➢CONSUMER
➢STRATEGY HOUSE
➢GROWTH DRIVERS
➢DISTINCTIVE PRODUCT
➢INTEGRATED MARKETPLACE
77

SEASONAL PRODUCT ASSORTMENTS
NEW INNOVATIVE ICONS
QUICK STRIKE
DISTINCTIVE PRODUCT
78

WE SPLIT OUR PRODUCT INTO FOUR DIVISIONS
OuterwearSportswearEquipmentFootwear
79

80
KATHMANDU REVENUE BY CATEGORY
THE STRATEGY TO DIVERSIFY OUR PRODUCT MIX IS SHOWING
EARLY SIGNS OF SUCCESS IN A TOUGH MARKET
RainwearWovensFleeceKnitsBaselayerPacks & BagsSportswear
Others
FootwearEquipment
Others*
Insulation
-15%
*Equipment Other includes Camp Equipment etc​
+4%
+6%
+18%
+19%
+21%
+6%
+13%
-9%
+4%
FY24
FY25

CONSISTENT DESIGN SIGNATURE. DISTINCTIVE. MODERN.
81

82
WE WILL CONTINUE INVESTING IN INNOVATION TO BUILD
NEW BRAND ICONS AND MARKET LEADERSHIP
SpeedMarket
Distinction
Consumer
Relevance
82

83
WE WILL DRIVE BRAND MOMENTUM THROUGH FAST AGILE
MARKET MOVES LEVERAGING A "QUICK STRIKE" APPROACH
SpeedEmerging
Trends
Commercial
Opportunity
83

84
AMPLIFYING AN ICONIC PRODUCT CAN GETCONSUMER
ATTENTION AND BUILD BRAND RELEVANCE
Exclusivity,
Price, Market Duration (Lifecycle)
Collaborations, Pinnacle Technicity
•Access new consumers through collaborations
•Introduce new technologies
•LimitedEdition energy colour drops
New Materials, SilhouetteUpdates
•Add seasonal energy and build relevance on icons
through material updates, intended for limited lifecycle
Seasonal Colours andGraphics
•Build market energy by participating in trend relevant
colours and graphics –reason to return
Core Assortment
•Drive high volumes and multi-year business through
classic style / colours, the foundation of the icon

CONTENTS
➢CONSUMER
➢STRATEGY HOUSE
➢GROWTH DRIVERS
➢DISTINCTIVE PRODUCT
➢INTEGRATED MARKETPLACE
85

DIGITALLY LED, INTEGRATED
MARKETPLACE
DIGITAL DOUBLE DOWN
RETAIL EXCELLENCE
NEW STORE SEGMENTATION
INTERNATIONAL APPROACH
86

87
OUR INTEGRATED MARKETPLACE APPROACH WILL BE LED
BY DIGITAL ACCELERATION
NEW DESKTOP UXNEW MOBILEUX

WE WILL LEVERAGE OUR POWERFUL STORE NETWORK
THROUGH A PROFITABILITY-FIRST LENS
Rigorous Fleet
Reviews
Ongoing
Network Review
Updated Store
Segmentation
88

89
NEW STORE SEGMENTATION TO DRIVE RELEVANT CONSUMER
EXPERIENCES AND STRONGER BRAND EXPRESSION
Showcase the brand
at our most premium
value​.
Regional hubs
offering full brand
experience.
Capture attention in
high footfall urban
areas​.
Maximise volume
sales​ and act as
entry point.
FlagshipInline –DestinationInline –MallOutlet
Full brand experience
focused on building
customer relationship.
Digital

VIDEO PLAYING
AT THE LIVE EVENT
90

91
GROWTH
PHASE 3
RESET
PHASE 1
INTERNATIONAL EXPANSION REMAINS A KEY AMBITION;
BUT WE ARE TAKING A PROFITABILITY-FIRST APPROACH
EXPAND
PHASE 2
FY26 WILL BE A RESET YEAR
1.We will step back from a resource-heavy business model, prioritising digital and
leveraging distribution partners in some markets to enable profitable growth.
2.We will apply a challenger brand mentality to create attention and awareness in
new markets, with consistent brand and product execution globally.
3.We will use a repeatable, low-cost playbook to test, scale and activate new
markets.
4.We will apply focused, data driven localisation to stay lean and responsive.

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KEY SHIFTS
1. ACCELERATED PRODUCT STRATEGY
2. INTEGRATED MARKETPLACE & DIGITAL EXECUTION
3. BRAND & PRODUCT-LED STORYTELLING
4. STORE SEGMENTATION
5. INTERNATIONAL STRATEGY RESET

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Brand Strategic Priorities
Amy Beck
President, Oboz Footwear
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CONTENTS
CONSUMER
STRATEGYHOUSE
STRATEGICPRIORITES
GROWTHDRIVERS
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FASTER &
LIGHTER
TRAIL
RUNNNING
CASUAL
CONSUMER
OUTDOOR &
FASHION
DURABILITY
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WAYFINDER
SWIFT MOVER
TRAIL COMPANION
CONSUMER SEGMENTS
RUGGED TRAIL
FAST TRAIL
ALL TERRAIN
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BOZEMAN BORN
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AUTHENTICSTORIES
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VIDEO PLAYING
AT THE LIVE EVENT

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CONTENTS
CONSUMER
STRATEGYHOUSE
PRIORITYINTIATVES
GROWTHDRIVERS
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FOCUS
VISION
VOICE
PRIORITY
INITIATIVES
MORE WITH CORE
FAST TRAILDIVERSIFY CHANNELS
VALUES
TRUSTWORTHY
RESPONSIBLEUNIFIEDENERGIZED
FASTFEARLESS
BEHAVIOURS
GROWTH
DRIVERS
BOZEMAN BORN, WILD & FREE
BLAZE THE TRAIL
FOCUS
TRUSTWORTHY
RESPONSIBLE
UNIFIEDENERGIZED
FASTFEARLESS
HIGHEST VALUE
CONSUMERS
DIGITALLY LEDSTRATEGIC PARTNERSHIPS
FY26 –FY28 OBOZ STRATEGY HOUSE
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CONTENTS
CONSUMER
STRATEGYHOUSE
PRIORITYINTIATIVES
GROWTHDRIVERS
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DIVERSIFY CHANNELS
MORE WITH THE CORE
ELEVATE FAST TRAIL
UNLOCK THE VAULT
PRIORITY INITIATIVES
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DIVERSIFY CHANNELS
OUTDOOR
FARM &
RANCH
SPORTING
GOODS
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OBOZ REVENUE BY PRODUCT CATEGORY
FY25
OBOZ REVENUE BY CHANNEL MIX
FY25
Source: Finance team
WORKING TOWARDS A REFINED FY28 PRODUCT AND CHANNEL MIX
Rugged TrailFast TrailAll TerrainREIStrategic PartnersEcomOPPAmazonOther

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MORE WITH THE CORE
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RUGGED TRAIL:
MORE WITH CORE
(Show from –to PEAK to ASCENT: show trickle down and support more-with-core)
ENDUSER-WAYFINDER
Treats footwear like equipment–chooses product to fit their
pursuits.
A
CTIVITIES
Multi-day backpacking trips, Trail work, Off-trailor game
trail hiking.
E
NVIRONMENT
Technical, rocky and root-bound trails where stabilityand
tractionare key.
G
EAR
50L+ pack: tent, sleep systems,multiple clothing layers,
cooking systems, and food.

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ELEVATE FAST TRAIL
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FAST TRAIL:
ELEVATE + INVEST
(Show from –to PEAK to ASCENT: show trickle down and support more-with-core)
ENDUSER–SWIFTMOVER
Focused on hiking as a sportand opportunity to challenge
themselves physically, where performance/experience are
equally important.
A
CTIVITIES
Trail runningcrossover into ultralight hikingand
fastpacking, High elevation and/or mileage in a day, Single
day objectives through multi-day fastpacks.
ENVIRONMENT
Defined by length and vertical gainrather than trail surface,
steep ascent/descents.
G
EAR
20-45L packs, Each piece is highly considered and often
serves multiple purposes, Footwear is part of the gear "kit".

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UNLOCK THE VAULT
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ALL TERRAIN:
TREND RIGHT
(Show from –to PEAK to ASCENT: show trickle down and support more-with-core)
FW27
ENDUSER–TRAILCOMPANION
Uses hiking to access nature, quick bouts of exercise,
fresh air, stress relief. Seeks versatility from their
footwear; ready for a hike and all-day wearable.
A
CTIVITIES
Car camping, Day hikeswith friends, hiking is a
social activity,
E
NVIRONMENT
Relatively smooth and often highly trafficked trails,
Accommodating for a wide range of hiking skill levels.
Adjacent to urban areas.
GEAR
Day pack or sling bag, Blend of casual and outdoor
clothing –everything must look good together.

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CONTENTS
CONSUMER
STRATEGYHOUSE
PRIORITYINITIATIVES
GROWTHDRIVERS
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CONNECT WITH HIGHEST VALUE
CONSUMERS
DIGITALLY LED
STRATEGIC PARTNERSHIPS
GROWTH DRIVERS
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IDENTIFY OUR HIGHEST VALUE CONSUMER
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LEAD WITH DIGITAL
LEVERAGE KATHMANDU & RIPCURL REPLATFORM,
SCHEDULED FOR JANUARY 2026
EXISTING DESKTOP UXEXISTING MOBILE UX

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STRATEGIC PARTNERSHIPS
CONTINUE TO LEVERAGE SYNERGIES WITH
KATHMANDU
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OUR PEOPLE ARE OUR FUTURE
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What to expect moving forward
Brent Scrimshaw
Group Chief Executive Officer
KMD Brands
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Bold short-term
reset decisions
Medium-term focus
on profitability
A robust brand-led
offence, fuelling
sustainable growth
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We are setting a baseline across a range of proof points to track
progress against our ‘Next Level’ plan
FINANCIAL
Revenue | Gross Margin % | OPEX % | EBITDA % | Working Capital|Leverage
Consumer / Product
Brand health
Product innovation
Digital
Online % of DTC sales
Loyalty / Repeat consumers
Retail Execution
Conversion as % of foot traffic
Store sales per sqm
Team / Culture
eNPS
Talent engagement

We have set clear priority strategic initiatives that guide
our obsessive future focus on execution
Growth Enabling
Financial Guardrails / Profitability-driven
Working Capital Focus
Data-driven Decision Intelligence
Balance Sheet Deleverage
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We have set clear priority strategic initiatives that guide
our obsessive future focus on execution
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Accelerated product strategy
Integrated marketplace and
digital execution
Brand and product-led
storytelling
Store segmentation
International strategy reset
Reset brand on youthful
energy
Global product simplification
Growth beyond core
US profitability focus
Digital uplift
More with the core
Accelerate ‘fast’ category
New all-terrain opportunities
Channel diversity
Digital uplift

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Important Notice and Disclosure
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
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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.
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