FY25 Annual Results Announcement

Results announcement
Results for announcement to the market
Name of issuer KMD Brands Limited
Reporting Period 12 months to 31 July 2025
Previous Reporting Period 12 months to 31 July 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$989,015 1.0%
Total Revenue $989,015 1.0%
Net profit/(loss) from continuing
operations
$(93,579) -93.7%
Total net profit/(loss) $(93,579) -93.7%
Final Dividend
Amount per Quoted Equity
Security
Nil
Imputed amount per Quoted
Equity Security
Nil
Record Date Nil
Dividend Payment Date Nil
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$0.07 $0.15
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
The year end results are based on accounts which have been subject
to audit. Refer to accompanying audited financial statements and
media release for further information.
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, 24 September 2025

Audited financial statements accompany this announcement.

---

24 September 2025
(All amounts in NZ$ unless otherwise stated)


KMD Brands FY25 Results


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


FY25 financial summary (vs FY24):

• Group sales up +1.0% to $989.0 million.
• Gross margin
3
down -1.9% of sales to 56.5%.
• Underlying operating expenses
1,3
up +3.9% to $541.6 million.
• Underlying EBITDA
1
$17.7 million, down -64.7% year-on-year (“YOY”).
• Statutory NPAT loss -$93.6 million. Underlying NPAT
1
loss -$28.3 million.
• Net Working Capital $157.7 million, -$40.6 million lower YOY.
• Net Debt $52.8 million, with significant funding headroom of approximately $235 million.
• No final dividend declared as a result of FY25 operating performance.

Group financial performance

Statutory Underlying
1

NZ$ million
2
FY25 FY25 FY24 Var %
Sales 989.0 989.0 979.4 1.0%
Gross Profit
3
559.3 559.3 571.5 (2.1%)
Gross Margin
3
56.5% 56.5% 58.4%
Operating Expenses
3
(508.7) (541.6) (521.5) 3.9%
EBITDA 50.5 17.7 50.0 (64.7%)
EBIT (80.5) (18.0) 16.0 n.m.
NPAT (93.6) (28.3) (1.1) n.m.

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


1
Excluding the impact of IFRS 16, restructuring, software as a service accounting, the notional amortisation of customer
relationships, impairment and onerous contracts.
2
FY25 NZD/AUD conversion rate 0.913 (FY24 0.924), FY25 NZD/USD conversion rate 0.591 (FY24 0.605).
3
Prior period restatement: following an accounting system change at the Group’s wetsuit manufacturer, $5.0m of FY24
production labour and overhead costs have now been mapped to cost of sales. There was no impact on the Group’s FY24
EBITDA or net profit.

Gross margin decreased -1.9% of sales below last year to 56.5%, with a focus on
maintaining market share with increased promotional intensity in a highly competitive trading
environment.

Operating expenses were tightly managed while facing global cost pressure.


Rip Curl

Rip Curl Underlying
1

NZ$ million FY25 FY24 Var%
Sales 550.4 538.9 2.1%
EBITDA 30.6 42.0 (27.0%)
EBIT 14.3 28.2 (49.3%)

Rip Curl total sales increased +2.1% to $550.4 million for the full year, improving from +0.1%
YOY in the first half.

DTC sales increased +4.6%, reflecting strong flagship store sales growth in the key regions
of Australia, Hawaii, Europe, and South America, supported by store openings. Online sales
increased by +10.2% to $41.7 million, comprising 12.5% of DTC sales.

DTC same store sales (comprising owned retail stores and online)
4
increased +1.2% YOY.

Wholesale sales decreased by -2.9% YOY, improving from -7.9% in the first half. Sales
growth of +1.5% YOY was achieved in the second half of FY25, supported by closeout sales
for end of line styles.

Gross margin decreased -0.9% of sales with DTC channel mix helping to offset the impact of
increased promotional intensity in a competitive market, plus clearance of end of line styles.
Operating expenses continue to be a key focus area, given global cost pressures and an
evolving channel mix.


Kathmandu

Kathmandu Underlying
1

NZ$ million FY25 FY24 Var %
Sales 361.9 361.1 0.2%
EBITDA (1.3) 16.0 n.m.
EBIT (19.6) (3.3) n.m.

Kathmandu total sales increased +0.2% to $361.9 million for the full year, improving from
-8.8% YOY in the third quarter to +2.5% YOY in the key fourth quarter winter trading period.

Australia sales
5
increased +0.2% YOY, with unseasonably warm weather impacting
insulation product category sales in the third quarter. Positive sales growth of +2.9% YOY
returned in the key fourth quarter, with enhanced promotional activity. New Zealand sales

4
Same store sales are for the 52 full weeks ended 27 July 2025 and are measured at constant exchange rates.
5
At constant exchange rates.

were -2.3% below last year, in a more challenging consumer environment, also returning to
positive sales growth +0.6% YOY in the fourth quarter.

Online sales increased by +9.3% YOY to $52.1 million, comprising 14.5% of DTC sales.

Same store sales (including online)
4
decreased by -0.2% YOY.

Most product categories achieved sales growth, including Rainwear, Fleece, Baselayer,
Knits, and Footwear. This partially decreased reliance on insulation, which achieved lower
sales YOY especially during a warm third quarter.

Gross margin decreased -3.0% of sales, with increased promotional intensity and a focus on
maintaining market share in a highly competitive trading environment. Operating expenses
were tightly managed while facing store labour and rent cost pressure. Brand marketing
investment increased by +$2 million YOY.


Oboz

Oboz Underlying
1

NZ$ million FY25 FY24 Var %
Sales 76.6 79.4 (3.5%)
EBITDA (3.3) (0.2) n.m.
EBIT (4.2) (1.1) n.m.

Total sales decreased -3.5% YOY to $76.6 million for the full year, improving from -6.3%
YOY in the first half.

Online sales increased +18.3%, growing strongly during key online promotional periods,
reinforcing the growth opportunity for the brand.

Wholesale sales decreased -5.8% for the full year, improving from -10.6% YOY in the first
half. Wholesale sales trends improved in the second half with the launch of new season
styles for the North American summer hiking season. Since the announcement of US tariffs,
at-once wholesale demand has softened. However, there has not been a material impact on
the FY25 result.

Gross margin decreased -3.8% of sales as clearance of inventory has contributed to lower
gross margins YOY.

Operating expenses were lower than last year due to lower sales volumes, while continuing
to invest in brand and digital marketing.

Oboz intangible assets have been impaired by $45.4 million. This one-off non-cash item
does not impact the day-to-day operations of the business. This impairment has been
excluded from underlying
1
results.

Balance sheet

At 31 July 2025 the Group had a net debt position of $52.8 million, lower than the July
balances of the last two years, and with funding headroom of approximately $235 million.

In a challenging trading environment, net working capital efficiency is a key focus for the
Group. Net working capital at 31 July 2025 was $40.6 million lower than 31 July 2024. The
Group inventory balance reduced for the third successive year, as inventory positions
continue to reduce towards optimal levels.

The Group continues to have a strong active working relationship with, and support from, its
banking syndicate. The Group remains compliant with all bank covenants at 31 July 2025.


Trading update

Total August 2025 sales were +10.5% above last year. DTC sales for the first 7 full weeks to
14 September 2025
6
in a seasonally non-significant trading period:
• Kathmandu +19.4% YOY, (same store sales +22.0% YOY), with targeted promotional
intensity in a competitive trading environment.
• Kathmandu gross profit dollars for the first 7 full weeks to 14 September 2025 are
+11.0% above the equivalent period last year.
• Rip Curl DTC sales -1.2% YOY (same store sales +1.5% YOY).

Wholesale sales trends are improving, but global uncertainty remains. Forward orders and
in-season buying from key accounts support an improving wholesale trend.


Outlook

Group gross margin in the first half of FY26 is targeted at slightly above the second half of
FY25 as strategic promotional activity further improves inventory composition ahead of new
product launches. The impact of US tariffs announced on 31 July 2025 are embedded in
Oboz gross margin and are expected to return to FY25 levels in the second half of FY26.

Group operating expenses are planned to be broadly flat before management incentives in
FY26, from the FY25 expense base of $541.6 million, reflecting cost savings and ongoing
investment to drive ‘Next Level’ growth opportunities.

KMD Brands recently completed a restructure of the business, designed to deliver immediate
cost efficiencies against a cost reset target of $25 million. Annualised cost savings from the
organisational restructure are expected to be $5 million, with a one-off restructuring charge of
$2 million.

KMD Brands expects EBITDA margin expansion in FY26, delivering stronger margin
expansion in the second half of FY26.


6
Sales and gross profit results for the 7 full trading weeks from Monday 28 July 2025 to Sunday 14 September 2025 are
sourced from BI reports and measured at constant currency.

Net working capital remains a focus for all brands and the Group is targeting net debt below
$40 million at 31 July 2026 (compared to $52.8 million at 31 July 2025).

Following the announcement of 21 future store closures across the Group, we expect to
close 14 of these stores in FY26. We have committed to opening 6 new stores (including 3
new Kathmandu flagship concept stores in the first half of FY26) and continue to pursue
opportunities in line with our new integrated marketplace and store segmentation strategy.

Capital expenditure for FY26 is targeted to be in the range of $25 million to $30 million.


KMD Brands ‘Next Level’ transformation strategy

At the recent KMD Brands Investor Day, the Group announced the launch of a global
transformation strategy designed to unlock the full potential of its iconic brand portfolio and
deliver sustainable, profitable growth.

Next Level key priorities include:
• Re-setting for sustainable profitability by addressing operational leverage and
unlocking new pathways for growth.
• Re-focusing product innovation to continue to ground our brands in technical
performance whilst investing in speed-to-market, design and style.
• Re-energising our store portfolio including new store segmentation to drive relevant
consumer experiences and stronger brand expression for Kathmandu.
• Re-imagining digital and data intelligence by adding new capabilities that enable the
Group to accelerate its digital ambition.

Brent Scrimshaw, Group CEO and Managing Director, KMD Brands, said:
“Since joining KMD Brands what I’ve seen is clear, the potential of our brands is far greater
than what we are delivering today.”

“We are investing in product innovation that continues to ground our brands in technical
performance whilst delivering improved speed-to-market, design and style.”

“We are also introducing our integrated marketplace strategy which includes the
implementation of store segmentation to drive optimisation of our store network.”

“We see the potential for an enhanced digital business which includes a renewed focus on
the Group’s performance marketing capabilities. In addition, following a successful launch in
Kathmandu in the fourth quarter of FY25, we are now implementing the Shopify ecommerce
platform in Rip Curl and Oboz in the first half of FY26.”

“We have recently completed a restructure of the business, designed to deliver immediate
cost efficiencies.”


Investor briefing being held today at 8:30am AEST / 10:30am NZST

Brent Scrimshaw (Group CEO), Carla Webb-Sear (Group CFO), and Ben Washington
(Deputy Group CFO) will be holding a briefing session for investors and analysts at 8:30am
AEST / 10:30am NZST today (Wednesday 24 September).

Please 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

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

---

FY25
RESULTS
PRESENTATION
24 SEPTEMBER 2025
Brent Scrimshaw
Group CEO & Managing
Director
Carla Webb-Sear
Group CFO
Ben Washington
Deputy Group CFO

2
OUTLINE
F Y 2 5 R E S U L T S P R E S E N T A T I O N
1.CEO INTRODUCTION.................................... 3
2.GROUP FINANCIALS.................................... 10
3.BRAND FINANCIALS.................................... 17
4.‘NEXT LEVEL’ STRATEGY............................. 21
5.FY26 TRADING AND OUTLOOK..................... 29
6.APPENDICES.............................................. 33

CEO
INTRODUCTION
3
F Y 2 5 R E S U L T S P R E S E N T A T I O N
SECTION 1
Brent Scrimshaw

Built for purpose
Outdoor lifestyle and adventure
Seasonally diverse
Technical activity-based
outdoor apparel and
equipment
Technical activity-based
footwear
Technical surf, beach apparel
and gear
F Y 2 5 R E S U L T S P R E S E N T A T I O N
4

EUROPE
~$105m Sales
29 Owned Stores
10 Licensed Stores
+1,900 Wholesale Doors
GLOBAL REACH AND DIVERSIFICATION
5
We operate over 300 stores globally, and our brands are sold in over 8,000 locations
NORTH AMERICA
~$210m Sales
27 Owned Stores
26 Licensed Stores
+3,900 Wholesale Doors
Global office locations
AUSTRALASIA
~$610m Sales (82% Australia)
264 Owned Stores
19 Licensed Stores
+900 Wholesale Doors
ASIA
~$45m Sales
78 Licensed and JV stores
+300 Wholesale Doors
SOUTH AMERICA
~$15m Sales
8 Owned Stores
107 Licensed Stores
+800 Wholesale Doors
AFRICA / MIDDLE EAST
40 Licensed Stores
F Y 2 5 R E S U L T S P R E S E N T A T I O N

I N S I D E-O U TO U T S I D E-IN
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
6
F Y 2 5 R E S U L T S P R E S E N T A T I O N

1
A brand and product-led
offence
7
INTRODUCING OUR KMD BRANDS ‘NEXT LEVEL’
TURNAROUND STRATEGY
Efficient, scalable processes
and data-led intelligence
2
That delivers sustainable
profitability
3
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
8
1.Prior period restatement: following an accounting system change at the Group’s wetsuit manufacturer, $5.0m of FY24 production labour and overhead
costs have now been mapped to cost of sales. There was no impact on the Group’s FY24 EBITDA or net profit.
2.Statutory results include the impact of IFRS 16 leases. The impacts of IFRS 16, restructuring, software as a service accounting, the notional
amortisation of customer relationships, impairment and onerous contracts have been excluded from Underlying results. Refer to Appendix 1 for a
reconciliation of Statutory to Underlying results.
Sales
$989.0m
+1.0% YOY
FY24 $979.4m
Gross
Margin
1
56.5%
-1.9% of sales
FY24 58.4%
Underlying
EBITDA
2

$17.7m
Net working
capital
-64.7% YOY
FY24 $50.0m
$157.7m
$40.6m lower YOY
Jul 24 $198.3m
Net debt $52.8m
c. $235m headroom
Jul 24 $59.7m
Underlying
NPAT
2
-$28.3m
Statutory NPAT
-$93.6m
F Y 2 5 R E S U L T S P R E S E N T A T I O N

OPERATIONAL HIGHLIGHTS
9
F Y 2 5 R E S U L T S P R E S E N T A T I O N
PRODUCT
INNOVATION
•Launched the new Search GPS3 Surf and
Tide watch, and the new Search GPS iOS
app.
•ISPO Award for the Mirage 3DP boardshort,
engineered using 3D printing technology.
•Introduced revised product design DNA and
brand standards, ensuring consistency across
product and marketing.
•ISPO Awards for both the Feather Flight
carry-on luggage and Seeker shorts.
•Collaborated with creative studio and taste-
maker Blackbird Spyplane to release a
limited-edition version of the iconic Sawtooth
shoe, which sold out quickly and opened the
door to new consumers and new distribution.
INTEGRATED
MARKETPLACE
•Opened first Women’s store in Australia in
Bondi Beach next to an existing multi gender
store.
•Recently elevated the existing store to a
Men’s & Kids concept.
•Combined Rip Curl now own an elevated
precinct overlooking one of the most famous
beaches in the world.
•Upgraded the online trading platform with a
significant improvement to the consumer
journey.
•Completed ‘new flagship concept store’
development, prototype creation and supplier
selection. First planned opening in Oct 25.
•Grew online sales strongly during key online
promotional periods, reinforcing the growth
opportunity for the brand.
SUSTAINABLE
INNOVATION
•Rip Curl began using OCENA© rubber in its
wetsuit range in FY25, a bio-based alternative
to neoprene.
•Achieved the FY25 goal of sourcing 100% of
wool from Responsible Wool Standard
certified sources.
•Launched a new footwear take-back initiative
with GotSneakers. Customers can return
Oboz warranty footwear – and up to five
additional pairs of outdoor or athletic shoes
from any brand – for reuse or recycling.

GROUP FINANCIAL
PERFORMANCE
10
SECTION 2
F Y 2 5 R E S U L T S P R E S E N T A T I O N
Carla Webb-Sear

GROUP PROFIT & LOSS
11
1.Statutory results include the impact of IFRS 16 leases. The impacts of IFRS 16, restructuring, software as a service
accounting, the notional amortisation of customer relationships, impairment and onerous contracts have been excluded
from Underlying results. Refer to Appendix 1 for a reconciliation of Statutory to Underlying results.
2.FY25 NZD/AUD conversion rate 0.913 (FY24 0.924), FY25 NZD/USD conversion rate 0.591 (FY24 0.605).
3.Prior period restatement: following an accounting system change at the Group’s wetsuit manufacturer, $5.0m of FY24
production labour and overhead costs have now been mapped to cost of sales. There was no impact on the Group’s FY24
EBITDA or net profit.
MIXED MARKET CONDITIONS GLOBALLY
•Total sales +1.0% YOY for the full year, improving from +0.5% YOY in the first half.
•Kathmandu’s third quarter sales were impacted by unseasonably warm weather.
Positive sales growth returned in the key fourth quarter, with enhanced
promotional activity.
•Rip Curl direct-to-consumer (“DTC”) sales outperformed the wholesale channel.
Flagship retail store sales grew strongly in key global regions, supported by
new store openings. Online sales also grew strongly, and remain a key
growth opportunity.
•Oboz wholesale sales continued an improving trend in 2H FY25, supported by the
launch of new styles.
GROSS MARGIN REFLECTS A PROMOTIONAL MARKETPLACE
•Group gross margin -1.9% of sales, with a focus on maintaining market share with
increased promotional intensity in a highly competitive trading environment.
•FY24 Group gross margin has reduced by c. 0.5% of sales following an
accounting system change at the Group’s wetsuit manufacturer, with no impact on
EBITDA or net profit
3
.
CONTINUED OPERATING COST PRESSURE
•Operating expenses tightly managed while facing global cost pressure.
•Oboz intangible assets have been impaired by $45.4m. This one-off non-cash item
does not impact the day-to-day operations of the business. Refer to Appendix 1 for
a reconciliation of Statutory to Underlying results.
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
FY25FY24FY25FY24Var %
SALES989.0979.4989.0979.41.0%
GROSS PROFIT
3
559.3571.5559.3571.5(2.1%)
Gross margin56.5%58.4%56.5%58.4%
OPERATING EXPENSES
3
(508.7)(464.3)(541.6)(521.5)3.9%
% of Sales51.4%47.4%54.8%53.2%
EBITDA50.5107.217.750.0(64.7%)
EBITDA margin %5.1%11.0%1.8%5.1%
EBIT(80.5)(21.1)(18.0)16.0n.m.
EBIT margin %-8.1%-2.2%-1.8%1.6%
NPAT(93.6)(48.3)(28.3)(1.1)n.m.

•DTC sales improved from +4.1% YOY in 1H
FY25 to +5.3% YOY in 2H FY25, reflecting
strong flagship store sales growth in key global
regions, supported by store openings. Online
sales growth was also a highlight.
•Wholesale sales improved from -7.9% YOY in
1H FY25 to +1.5% YOY in 2H FY25, supported
by closeout sales for end of line styles.
MIXED MARKET CONDITIONS GLOBALLY
12
-24.2%
-19.4%
-11.1%
-6.9%
-2.7%
6.9%
-8.8%
2.5%
-35.0%
-25.0%
-15.0%
-5.0%
5.0%
15.0%
25.0%
35.0%
Q1
FY24
Q2
FY24
Q3
FY24
Q4
FY24
Q1
FY25
Q2
FY25
Q3
FY25
Q4
FY25
YOY Sales Variance % by quarter
(Group NZD reporting currency)
•Unseasonably warm weather impacted Q3 FY25
insulation product category sales. Sales grew
YOY in other key product categories such as
Rainwear, Fleece, Baselayer, Knits, and
Footwear.
•Sales growth +2.5% in the key fourth quarter,
with enhanced promotional activity, a return to
cooler weather, and the launch of Kathmandu’s
upgraded online trading platform.
•Online sales grew strongly during key online
promotional periods, reinforcing the growth
opportunity for the brand.
•Wholesale sales trends improved in 2H FY25
with the launch of new season styles for the
North American summer hiking season.
•Q3 FY25 included strong pre-season orders for
new product ranges for the North American
summer hiking season, accelerating customer
demand. Also, in-season re-orders softened
following the announcement of US tariffs in Q4
FY25.
-4.6%
-13.2%
-7.6%
-2.4%
-6.7%
6.5%
-0.5%
9.8%
-35.0%
-25.0%
-15.0%
-5.0%
5.0%
15.0%
25.0%
35.0%
Q1
FY24
Q2
FY24
Q3
FY24
Q4
FY24
Q1
FY25
Q2
FY25
Q3
FY25
Q4
FY25
YOY Sales Variance % by quarter
(Group NZD reporting currency)
-22.8%
-13.8%
-28.7%
-7.9%
-8.6%
-1.6%
9.7%
-12.3%
-35.0%
-25.0%
-15.0%
-5.0%
5.0%
15.0%
25.0%
35.0%
Q1
FY24
Q2
FY24
Q3
FY24
Q4
FY24
Q1
FY25
Q2
FY25
Q3
FY25
Q4
FY25
YOY Sales Variance % by quarter
(Group NZD reporting currency)
F Y 2 5 R E S U L T S P R E S E N T A T I O N

ONLINESales (NZD $m)YOY Var %% mix of DTC Sales
41.7+10.2%12.5%
52.1+9.3%14.5%
8.8+18.3%100%
STRONG ONLINE SALES GROWTH
13
629.6
663.9
752.4
684.2
702.1
14.5%
16.3%
13.2%
13.6%
14.6%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
FY21FY22FY23FY24FY25
DIRECT TO CONSUMER SALES (NZ $m)
Retail StoresOnlineTotal DTC SalesOnline % of DTC sales
1.Direct-to-consumer (“DTC”) sales include all sales from retail stores, online sites and marketplaces.
F Y 2 5 R E S U L T S P R E S E N T A T I O N

INVENTORY AT A THREE-YEAR LOW
•Group inventory balance reduced for the third successive year, as inventory positions
continue to reduce towards optimal levels.
•Inventory at July 2025 includes $28.8m goods in transit, $12.2m above last year.
•Current trade and other payables at July 2025 are consistent with January 2025.
Includes higher goods in transit YOY and some improvement in supplier payment terms.
•Stock turns improved from 1.46x in FY24 to 1.65x in FY25.
BALANCE SHEET
14
1.Key ratios calculated using 12-month Underlying P&L measures.
2.Cost of sales / Average Inventories YOY.
3.Net Debt / EBITDA (per covenant measurement definitions).
4.Net Debt / (Net Debt + Equity).
5.(EBITDA + Rent) / (Rent + Net Finance Costs excl. FX).
105.0144.7150.5138.4131.6
0.0
50.0
100.0
150.0
200.0
FY21FY22FY23FY24FY25
RIP CURL INVENTORY
101.5135.798.4104.997.6
0.0
50.0
100.0
150.0
200.0
FY21FY22FY23FY24FY25
KATHMANDU INVENTORY
10.015.141.523.624.8
0.0
20.0
40.0
60.0
80.0
100.0
FY21FY22FY23FY24FY25
OBOZ INVENTORY
216.5295.5290.4266.9254.0
0.0
100.0
200.0
300.0
FY21FY22FY23FY24FY25
GROUP INVENTORY
F Y 2 5 R E S U L T S P R E S E N T A T I O N
Key Balance Sheet items and ratios
1
NZ $mJul 25Jan 25Jul 24
Net working capital157.7 192.6 198.3
Inventories254.0 303.7 266.9
Current trade and other receivables92.3 79.1 89.0
Current trade and other payables(188.7) (190.2) (157.6)
Net work ing capital % of sales15.9% 19.6% 20.3%
Stock Turns
2
1.65x 1.31x 1.46x
Net Debt(52.8) (76.2) (59.7)
Leverage Ratio
3
3.3x 2.1x 1.2x
Net Debt to Equity
4
7.1% 8.9% 7.1%
Fixed Charge Cover Ratio (FCCR)
5
1.03x 1.17x 1.26x
Equity689.9 778.7 785.7

•Significant funding headroom c. $235m at 31 July 2025.
•The Group continues to have a strong active working relationship
with, and support from, its banking syndicate.
•The Group remains compliant with all bank covenants at
31 July 2025.
•Long-term leverage ratio target remains <0.5x Net Debt / EBITDA.
NET DEBT AT LOWEST POINT OF LAST THREE YEARS
15
9.4
-37.0
40.1
55.7
59.7
52.8
0.1x
-0.3x
0.4x
0.5x
1.2x
3.3x
-4.000
-2.000
0.000
2.000
4.000
6.000
8.000
10.000
-50
0
50
100
150
200
250
300
FY20FY21FY22FY23FY24FY25
NET DEBT AND LIQUIDITY
1
HISTORY (NZ $m)
FacilityNet DebtLeverage Ratio
1.Total bank facility consists of AUD $220m and NZD $50m tranches. Total facility valuation is based on spot exchange rate conversion of the Australian denominated debt facility to Group New Zealand dollar reporting currency at each balance date.
F Y 2 5 R E S U L T S P R E S E N T A T I O N

POSITIVE CASH FLOW
16
1.Adjusted for impacts of adopting IFRS 16.
•Positive operating cashflow delivered by reducing inventory and net working
capital balances YOY.
•No dividend declared as a result of the FY25 operating performance and
challenging market conditions.
F Y 2 5 R E S U L T S P R E S E N T A T I O N
Cash Flow (NZ $m) FY25FY24
NPAT(93.6)(48.3)
Change in working capital42.628.7
Non-cash items177.1164.2
Operating cash flow126.2144.7
Adjusted operating cash flow
1
32.953.4
Key Line Items:FY25FY24
Net interest paid (including facility fees)
1
(12.8)(10.6)
Net income taxes paid(1.7)(4.5)
Capital expenditure(24.6)(32.5)

BRAND FINANCIAL
PERFORMANCE
17
SECTION 3
F Y 2 5 R E S U L T S P R E S E N T A T I O N
Carla Webb-Sear

490.4
536.8
581.5
538.9
550.4
12.6%
13.0%
10.6%
11.9%
12.5%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
FY21FY22FY23FY24FY25
SALES
StoresOnline
WholesaleLicensing / Other
Online % of DTC
65.859.155.642.030.6
13.4%
11.0%
9.6%
7.8%
5.6%
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
FY21FY22FY23FY24FY25
EBITDA
EBITDAEBITDA margin
RIP CURL PROFIT & LOSS
18
SALES TREND IMPROVING
•Total sales +2.1% YOY for the full year, improving from +0.1% YOY in the first half.
•Online sales +10.2% to $41.7m, comprising 12.5% of DTC sales.
•Direct-to-consumer total sales (incl. online) +4.6%, reflecting strong flagship store
sales growth in the key regions of Australia, Hawaii, Europe, and South America,
supported by store openings.
•Direct-to-consumer same store sales (incl. online) +1.2%
2
.
•Wholesale sales -2.9% YOY for the full year, improving from -7.9% in the first half. 2H
FY25 sales growth of +1.5% YOY supported by closeout sales for end of line styles.
GROSS MARGIN AND OPERATING EXPENSES
•Gross margin decreased -0.9% of sales with DTC channel mix helping to offset the
impact of increased promotional intensity in a competitive market, plus clearance of
end of line styles.
•Operating expenses continue to be a key focus area, given global cost pressures and
an evolving channel mix.
1.The impacts of IFRS 16, restructuring, the notional amortisation of customer relationships, impairment and onerous contracts are excluded from underlying results. Refer to Appendix 2 for a reconciliation of Statutory to Underlying results.
2.Same store sales are for the 52 full weeks ended 27 July 2025 and are measured at constant exchange rates.
F Y 2 5 R E S U L T S P R E S E N T A T I O N
NZ $mFY25FY24Var %
SALES550.4538.92.1%
EBITDA (underlying
1
)
30.642.0(27.0%)
EBITDA margin %
5.6%
7.8%
EBIT (underlying
1
)
14.328.2(49.3%)
EBIT margin %
2.6%
5.2%
Owned stores172172

KATHMANDU PROFIT & LOSS
19
SALES RETURNED TO POSITIVE GROWTH IN THE FOURTH QUARTER
•Total sales +0.2% YOY for the full year, improving from -8.8% YOY in the third quarter
to +2.5% YOY in the key fourth quarter winter trading period.
•Australia sales
2
+0.2%

YOY. Unseasonably warm weather impacted insulation
product category sales in the third quarter. Positive sales growth +2.9% YOY
2

returned in the key fourth quarter, with enhanced promotional activity.
•New Zealand -2.3% YOY in a more challenging consumer environment, also returning
to positive sales growth +0.6% YOY in the fourth quarter.
•Online sales increased by +9.3% YOY to $52.1m, comprising 14.5% of DTC sales.
•Same store sales (incl. online) -0.2%
3
.
•Most product categories achieved sales growth YOY, including Rainwear, Fleece,
Baselayer, Knits, and Footwear. This partially decreased reliance on insulation, which
achieved lower sales YOY especially during a warm Q3.
GROSS MARGIN AND OPERATING EXPENSES
•Gross margin decreased -3.0% of sales with increased promotional intensity and a
focus on maintaining market share in a highly competitive trading environment.
•Operating expenses tightly managed while facing store labour and rent cost pressure.
FY25 brand marketing investment +$2m higher YOY.
1.The impacts of IFRS 16, restructuring, impairment and onerous contracts are excluded from underlying results. Refer to
Appendix 2 for a reconciliation of Statutory to Underlying results.
2.At constant exchange rates.
3.Same store sales are for the 52 full weeks ended 27 July 2025 and are measured at constant exchange rates.
357.4
381.6
422.2
361.1
361.9
16.0%
18.4%
14.0%
13.3%
14.5%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
0.0
100.0
200.0
300.0
400.0
500.0
FY21FY22FY23FY24FY25
SALES
StoresOnline
WholesaleOnline % of DTC
37.936.452.516.0
-1.3
10.6%
9.5%
12.4%
4.4%
-0.4%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
-10.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
FY21FY22FY23FY24FY25
EBITDA
EBITDAEBITDA margin
F Y 2 5 R E S U L T S P R E S E N T A T I O N
NZ $mFY25FY24Var %
SALES361.9361.10.2%
EBITDA (underlying
1
)
(1.3)16.0n.m.
EBITDA margin %
-0.4%
4.4%
EBIT (underlying
1
)
(19.6)(3.3)n.m.
EBIT margin %
-5.4%
-0.9%
Owned stores156162

OBOZ PROFIT & LOSS
20
SALES TREND IMPROVING
•Total sales -3.5% YOY for the full year, improving from -6.3% YOY in the first half.
•Online sales +18.3% grew strongly during key online promotional periods, reinforcing
the growth opportunity for the brand.
•Wholesale sales -5.8% for the full year, improving from -10.6% YOY in the first half.
Wholesale sales trends improved in the second half with the launch of new season
styles for the North American summer hiking season.
•Since the announcement of US tariffs, at-once wholesale demand has softened.
However, there has not been a material impact on the FY25 result.
GROSS MARGIN AND OPERATING EXPENSES
•Gross margin decreased -3.8% of sales as clearance of inventory has contributed to
lower gross margins YOY.
•Operating expenses tightly controlled and lower than last year due to lower sales
volumes, while continuing to invest in brand and digital marketing.
•Note: The Kathmandu segment includes FY25 $7.1m sales of Oboz products in
Kathmandu AU & NZ stores at full vertical gross margin (FY24 $5.3m).
1.The impacts of IFRS 16, restructuring, the notional amortisation of customer relationships, impairment and
onerous contracts, and a one-off non-cash impairment of Oboz intangible assets have been excluded from
underlying results. Refer to Appendix 2 for a reconciliation of Statutory to Underlying results.
75.0
61.3
99.3
79.4
76.6
0.0
20.0
40.0
60.0
80.0
100.0
FY21FY22FY23FY24FY25
SALES
OnlineWholesale
11.83.37.9
-0.2
-3.3
15.7%
5.4%
8.0%
-0.3%
-4.3%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
FY21FY22FY23FY24FY25
EBITDA
EBITDAEBITDA margin
F Y 2 5 R E S U L T S P R E S E N T A T I O N
NZ $mFY25FY24Var %
SALES76.679.4(3.5%)
EBITDA (underlying
1
)
(3.3)(0.2)n.m.
EBITDA margin %
-4.3%
-0.3%
EBIT (underlying
1
)
(4.2)(1.1)n.m.
EBIT margin %
-5.4%
-1.4%

‘NEXT LEVEL’
TRANSFORMATION
STRATEGY
21
SECTION 4
F Y 2 5 R E S U L T S P R E S E N T A T I O N
Brent Scrimshaw

‘NEXT LEVEL’
TRANSFORMATION
22
•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.
F Y 2 5 R E S U L T S P R E S E N T A T I O N

•Connected consumer experiences
•Authentic products
•Iconic franchises
•Distinctive design and style
•Accelerated go-to-market
•Commercially oriented
1
A brand and product-led
offence
23
WE HAVE ALREADY STARTED TO EXECUTE
AGAINST THE ‘NEXT LEVEL’ STRATEGY
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
2
That delivers sustainable
profitability
•Cost justified by growth guardrails
•On-going focus on simplification
•Portfolio-wide capital allocation
ROI prioritised
•Optimised for shareholder returns
3
F Y 2 5 R E S U L T S P R E S E N T A T I O N

KMD BRANDS STRATEGY HOUSE FY26 - FY28
24
F Y 2 5 R E S U L T S P R E S E N T A T I O N

WE HAVE SET CLEAR PRIORITY STRATEGIC INITIATIVES THAT
GUIDE OUR OBSESSIVE FUTURE FOCUS ON EXECUTION
25
Growth Enabling
Financial Guardrails / Profitability-driven
Working Capital Focus
Data-driven Decision Intelligence
Balance Sheet Deleverage
F Y 2 5 R E S U L T S P R E S E N T A T I O N

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
26
More with the core
Accelerate ‘fast’ category
New all-terrain opportunities
Channel diversity
Digital uplift
F Y 2 5 R E S U L T S P R E S E N T A T I O N
WE HAVE SET CLEAR PRIORITY STRATEGIC INITIATIVES THAT
GUIDE OUR OBSESSIVE FUTURE FOCUS ON EXECUTION

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-gatedapproach 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
RESET OUR COST BASE OVER NEXT 12 MONTHS TO FUEL
GROWTH AND IMPROVE SHAREHOLDER RETURNS
F Y 2 5 R E S U L T S P R E S E N T A T I O N
27

DELIVERING OUR FINANCIAL AMBITION OVER THE NEXT THREE YEARS
Gross MarginOperating Expense
% of Sales
EBITDA
2
MarginNet Working Capital
% of Sales
~60%<50%10%+<16%
28
F Y 2 5 R E S U L T S P R E S E N T A T I O N
58.3%
58.4%
56.5%
60.0%
Jul 23Jul 24Jul 25Target
Jul 28
GROSS MARGIN
1

% of sales
48.7%
53.2%
54.8%
50.0%
Jul 23Jul 24Jul 25Target
Jul 28
OPERATING EXPENSES
1,2
% of sales
>>
9.6%
5.1%
1.8%
10.0%
Jul 23Jul 24Jul 25Target
Jul 28
EBITDA MARGIN
2
% of sales
>>
19.9%
20.3%
15.9%
16.0%
Jul 23Jul 24Jul 25Target
Jul 28
NET WORKING CAPITAL
% of sales
>>
1.Prior period restatement: following an accounting system change at the Group’s wetsuit manufacturer, production labour and overhead costs have now been mapped to cost of sales. There was no impact on the Group’s EBITDA or net profit.
2.Statutory results include the impact of IFRS 16 leases. The impacts of IFRS 16, restructuring, software as a service accounting, the notional amortisation of customer relationships, impairment and onerous contracts have been excluded from Underlying results.
Refer to Appendix 1 for a reconciliation of Statutory to Underlying results.
>>

FY26 TRADING AND
OUTLOOK
29
SECTION 5
F Y 2 5 R E S U L T S P R E S E N T A T I O N
Brent Scrimshaw

30
•Total August 2025 sales were +10.5% above last year.
•DTC sales for the first 7 full weeks to 14 September 2025
1
in a seasonally non-significant trading
period:
•Kathmandu +19.4% YOY, (same store sales +22.0% YOY), with targeted promotional intensity
in a competitive trading environment.
•Kathmandu gross profit dollars for the first 7 full weeks to 14 September 2025 are +11.0%
above the equivalent period last year.
•Rip Curl DTC sales -1.2% YOY (same store sales +1.5% YOY).
•Wholesale sales trends are improving, but global uncertainty remains. Forward orders and in-
season buying from key accounts support an improving wholesale trend.
1.Sales and gross profit results for the 7 full trading weeks from Monday 28 July 2025 to Sunday 14 September 2025 are sourced from BI reports
and measured at constant currency.
TRADING UPDATE
F Y 2 5 R E S U L T S P R E S E N T A T I O N

31
FY26 OUTLOOK
F Y 2 5 R E S U L T S P R E S E N T A T I O N
GROSS MARGIN
•Group gross margin in the first half of FY26 is targeted at slightly above 2H FY25 as strategic promotional activity further improves inventory composition ahead of new product
launches. Impact of US tariffs announced on 31 July 2025 are embedded in Oboz gross margin and are expected to return to FY25 levels in the second half of FY26.
OPERATING EXPENSES
•Group operating expenses are planned to be broadly flat before management incentives in FY26, from the FY25 expense base of $541.6m, reflecting cost savings and ongoing
investment to drive ‘Next Level’ growth opportunities.
•Recently completed a restructure of the business, designed to deliver immediate cost efficiencies against the cost reset target of $25m. Annualised cost savings from
organisational restructure expected to be $5m, with a one-off restructuring charge of $2m.
EBITDA MARGIN
•KMD Brands expects EBITDA margin expansion in FY26, delivering stronger margin expansion in the second half of FY26.
CAPITAL ALLOCATION
•Net working capital remains a focus for all brands and the Group is targeting net debt below $40m at 31 July 2026 (compared to $52.8m at 31 July 2025).
•Following the announcement of 21 future store closures across the Group, we expect to close 14 of these stores in FY26. We have committed to opening 6 new stores (including
3 new Kathmandu flagship concept stores in 1H FY26) and continue to pursue opportunities in line with our new integrated marketplace and store segmentation strategy.C
•Capital expenditure for FY26 is targeted be in the range of $25m to $30m.apex is

QUESTIONS
32
F Y 2 5 R E S U L T S P R E S E N T A T I O N

APPENDICES
33
SECTION 6
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
34
1.Statutory results include the impact of IFRS 16 leases. The impact of IFRS 16 is excluded from Underlying results.
2.Restructuring and organisational change was undertaken in FY24 and 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.
5.Right-of-use asset impairment $14.9m, property, plant and equipment impairment $0.6m, and onerous contracts $1.1m have been excluded from FY25 Underlying results.
6.Oboz intangible assets have been impaired by $45.4m in FY25. This one-off non-cash item has been excluded from Underlying results.
F Y 2 5 R E S U L T S P R E S E N T A T I O N
GROUPFY25FY24
SaaSAmortisationImpairment andAmortisation
NZ $mStatutory
IFRS 16
Leases
1
Restructuring
2
Capitalisation
Adjustments
3
of Customer
Relationships
4
onerous
contracts
5
Oboz
impairment
6
UnderlyingStatutory
IFRS 16
Leases
1
Restructuring
2
of Customer
Relationships
4
Oboz
impairment
6
Underlying
SALES
989.0 - - - - - - 989.0 979.4 - - - - 979.4
GROSS PROFIT
559.3 - - - - - - 559.3 571.5 - - - - 571.5
Gross margin56.5%56.5%58.4%58.4%
OPERATING EXPENSES
(508.7) (103.7) 6.1 2.9 - 16.5 45.4 (541.6) (464.3) (99.6) 2.1 - 40.3 (521.5)
% of Sales51.4%54.8%47.4%53.2%
EBITDA
50.5 (103.7) 6.1 2.9 - 16.5 45.4 17.7 107.2 (99.6) 2.1 - 40.3 50.0
EBITDA margin %5.1%1.8%11.0%5.1%
EBIT
(80.5) (11.2) 6.1 2.9 3.7 15.6 45.4 (18.0) (21.1) (10.6) 2.1 5.3 40.3 16.0
EBIT margin %-8.1%-1.8%-2.2%1.6%
NPAT
(93.6) 2.6 4.3 2.0 2.6 11.0 42.8 (28.3) (48.3) 1.8 1.4 3.7 40.3 (1.1)

APPENDIX 2: SEGMENT NOTE
35
F Y 2 5 R E S U L T S P R E S E N T A T I O N
FY25FY24FY25
SALES (NZ $'000)Rip CurlKathmanduObozCorporateTotalRip CurlKathmanduObozCorporateTotal
SALES per segment note
550,444 361,940 76,631 - 989,015 538,910 361,081 79,424 - 979,415
SALES (Underlying)
550,444 361,940 76,631 - 989,015 538,910 361,081 79,424 - 979,415
EBITDA (NZ $'000)Rip CurlKathmanduObozCorporateTotalRip CurlKathmanduObozCorporateTotal
EBITDA per segment note
65,116 48,961 (48,821) (14,710) 50,546 82,634 72,913 (40,065) (8,247) 107,235
IFRS 16 Leases
1
(46,432) (56,745) (550) - (103,727) (41,615) (57,474) (506) - (99,595)
Restructuring
2
2,451 (91) 284 3,438 6,082 956 558 - 546 2,060
SaaS Capitalisation Adjustments
3
- - - 2,903 2,903 - - - - -
Amortisation of Customer Relationships
4
- - - - - - - - - -
Impairment and onerous contracts
5
9,494 6,560 455 - 16,509 - - - - -
Oboz impairment
6
- - 45,363 - 45,363 - - 40,331 - 40,331
EBITDA (Underlying)
30,629 (1,315) (3,269) (8,369) 17,676 41,975 15,997 (240) (7,701) 50,031
EBIT (NZ $'000)Rip CurlKathmanduObozCorporateTotalRip CurlKathmanduObozCorporateTotal
EBIT per segment note
4,224 (19,336) (50,532) (14,887) (80,531) 25,734 3,375 (41,769) (8,408) (21,068)
IFRS 16 Leases
1
(4,676) (6,539) 53 - (11,162) (3,523) (7,191) 134 - (10,580)
Restructuring
2
2,451 (91) 284 3,438 6,082 956 558 - 546 2,060
SaaS Capitalisation Adjustments
3
- - - 2,903 2,903 - - - - -
Amortisation of Customer Relationships
4
3,483 - 209 - 3,692 5,065 - 204 - 5,269
Impairment and onerous contracts
5
8,831 6,363 455 - 15,649 - - - - -
Oboz impairment
6
- - 45,363 - 45,363 - - 40,331 - 40,331
EBIT (Underlying)
14,313 (19,603) (4,168) (8,546) (18,004) 28,232 (3,258) (1,100) (7,862) 16,012
1.Statutory results include the impact of IFRS 16 leases.
The impact of IFRS 16 is excluded from Underlying
results.
2.Restructuring and organisational change was undertaken
in FY24 and 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.
5.Right-of-use asset impairment $14.9m, property, plant and
equipment impairment $0.6m, and onerous contracts
$1.1m have been excluded from FY25 Underlying results.
6.Oboz intangible assets have been impaired by $45.4m in
FY25. This one-off non-cash item has been excluded from
Underlying results.

APPENDIX 3:
BALANCE SHEET
36
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)Jul 25Jan 25Jul 24
Inventories254.0 303.7 266.9
Property, plant and equipment75.3 83.6 86.5
Right of Use Asset (IFRS 16)243.0 261.6 262.6
Intangible assets626.1 671.1 666.9
Other assets118.0 124.8 120.8
Total assets (excl. cash)1,316.4 1,444.8 1,403.7
Net interest bearing liabilities and cash(52.8) (76.2) (59.7)
Lease Liability (IFRS 16)(287.8) (293.2) (294.2)
Other non-current liabilities(94.4) (105.9) (105.6)
Other current liabilities(191.5) (190.8) (158.5)
Total liabilities (net of cash)(626.5) (666.1) (618.0)
Net assets689.9 778.7 785.7

APPENDIX 4: DIVERSIFIED SALES
37
SALES MIX FY25
922.8
979.8
1,103.0
979.4
989.0
FY21FY22FY23FY24FY25
SALES BY REGION (NZ $m)
AustraliaNew ZealandNorth AmericaEuropeRest of World
56%
Rip Curl
36%
Kathmandu
8%
Oboz
BY
BRAND
61%
Retail
10%
Online
28%
Wholesale
1%
Licensing / Royalties
BY
CHANNEL
50%
Australia
11%
New Zealand
21%
North
America
11%
Europe
7%
Rest of World
BY
REGION
F Y 2 5 R E S U L T S P R E S E N T A T I O N

APPENDIX 5: OWNED STORES BY BRAND
38
165
162
160
158
155155
158
160
162
156156
Jul 20Jan 21Jul 21Jan 22Jul 22Jan 23Jul 23Jan 24Jul 24Jan 25Jul 25
KATHMANDU OWNED STORE COUNT
160
162
160
162
161
170
169169
172
177
172
Jul 20Jan 21Jul 21Jan 22Jul 22Jan 23Jul 23Jan 24Jul 24Jan 25Jul 25
RIP CURL OWNED STORE COUNT
F Y 2 5 R E S U L T S P R E S E N T A T I O N

GLOSSARY
39
F Y 2 5 R E S U L T S P R E S E N T A T I O N
TERMDEFINITION
DTC salesDirect-to-consumer sales. Includes all sales from retail stores, online
stores and marketplaces.
EBITEarnings before interest and tax.
EBITDAEarnings before interest, tax, depreciation, and amortisation.
Financial GuardrailsThe Group has financial guardrails that guides shareholder value creation,
optimal capital structure and capital allocation. The guardrails have four
pillars supported by measurable targets, aligned with those of
shareholders. Refer to slide 28 for further detail.
Fixed Charge Cover
Ratio (FCCR)
The sum of underlying EBITDA and rent divided by the sum of underlying
rent and net finance costs excluding FX. Measured on a rolling 12-month
basis.
Leverage RatioNet debt divided by underlying EBITDA (per covenant measurement
definitions). Measured on a rolling 12-month basis.
n.m.Not meaningful.
Net DebtInterest bearing liabilities less cash and cash equivalents (excluding IFRS
16 leases).
Net Debt to EquityNet debt divided by the sum of net debt and equity.
Net Income Taxes
Paid
Income tax paid less income tax received.
Net Interest PaidInterest paid less interest received. Adjusted for impacts of IFRS 16
leases.
TERMDEFINITION
Net Working CapitalInventories plus current trade and other receivables less current trade and
other payables.
NPATNet profit after tax.
Same store salesFY25 same store sales are for the 52 full weeks ended 27 July 2025 and
are measured at constant exchange rates. Measures the year-on-year
sales percentage variance for retail and online stores that traded for
comparable days in both this year and last year.
Stock TurnsCost of sales divided by average inventories year-on-year. Measured on a
rolling 12-month basis.
Underlying EBITEBIT excluding the impacts of IFRS 16 leases, restructuring, software as
a service accounting, the notional amortisation of customer relationships,
impairment and onerous contracts. Refer to Appendix 1 for a full
reconciliation of Statutory to Underlying results.
Underlying EBIT
Margin
Underlying EBIT divided by sales.
Underlying EBITDAEBITDA excluding the impacts of IFRS 16 leases, restructuring, software
as a service accounting, impairment and onerous contracts. Refer to
Appendix 1 for a full reconciliation of Statutory to Underlying results.
Underlying EBITDA
Margin
Underlying EBITDA divided by sales.
Underlying
Operating Expenses
Operating expenses excluding the impacts of IFRS 16 leases,
restructuring, software as a service accounting, impairment and onerous
contracts. Refer to Appendix 1 for a full reconciliation of Statutory to
Underlying results.
YOYYear-on-year.

IMPORTANT NOTICE AND DISCLOSURE
40
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.
F Y 2 5 R E S U L T S P R E S E N T A T I O N

---

Annual
Integrated
Report
2025

CONTENTS
KMD Brands acknowledges Tangata Whenua, the Indigenous Nations, First Peoples and
Custodians of the lands and waterways on which our brand head oices reside in New Zealand,
Australia and the United States. We pay our respects to their Elders past and present.
About KMD Brands
KMD Brands is a global outdoor lifestyle and sports
company, proudly certified as a B Corporation. The
Group consists of three iconic brands: Kathmandu,
Oboz and Rip Curl.
Kathmandu, founded in 1987 in Christchurch, New
Zealand, equips people for travel and adventure.
Outdoor footwear brand Oboz, based in Bozeman,
Montana, in the United States, joined our Group
in 2018. Bozeman is the gateway to Yellowstone
National Park. Rip Curl, a leading global surf brand
born in Bells Beach, founded in the Australian state of
Victoria in 1969, became part of our family in 2019.
KMD Brands Limited is publicly listed on the New
Zealand Stock Exchange (NZX) and Australian Stock
Exchange (ASX). Initially listing in 2009 as Kathmandu
Holdings Limited, we rebranded to KMD Brands
Limited in 2022 to reflect our multi-brand nature and
future strategy, while still honouring our history.
About this report
GRI 2-5
CONTENTS
KMD Brands acknowledges Tangata Whenua, the Indigenous Nations, First Peoples and
Custodians of the lands and waterways on which our brand head oices reside in New Zealand,
Australia and the United States. We pay our respects to their Elders past and present.
About KMD Brands
KMD Brands is a global outdoor lifestyle and sports
company, proudly certified as a B Corporation. The
Group consists of three iconic brands: Kathmandu,
Oboz and Rip Curl.
Kathmandu, founded in 1987 in Christchurch, New
Zealand, equips people for travel and adventure.
Outdoor footwear brand Oboz, based in Bozeman,
Montana, in the United States, joined our Group
in 2018. Bozeman is the gateway to Yellowstone
National Park. Rip Curl, a leading global surf brand
born in Bells Beach, founded in the Australian state of
Victoria in 1969, became part of our family in 2019.
KMD Brands Limited is publicly listed on the New
Zealand Stock Exchange (NZX) and Australian Stock
Exchange (ASX). Initially listing in 2009 as Kathmandu
Holdings Limited, we rebranded to KMD Brands
Limited in 2022 to reflect our multi-brand nature and
future strategy, while still honouring our history.
About this report
GRI 2-5
1. OVERVIEW............................................................2
Our Group.....................................................................4
Global footprint..........................................................6
FY25 performance overview..............................8
Chair and CEO message.....................................10
Our Board and executive team.......................12
Governance at KMD Brands.............................14
2. CREATING VALUE.........................................
16
Our strategy..............................................................18
Our creative power...............................................28
Our products and channels.............................32
Our people.................................................................36
Our partnerships....................................................42
Our environment....................................................48
Our funding...............................................................56
3. FINANCIAL REPORT.................................
58
Financial statements...........................................60
Auditor's report....................................................108
4. ADDITIONAL DISCLOSURES ............
112
Statutory information.........................................114
Directory....................................................................119
Our partners...........................................................120
This integrated report outlines our financial,
economic, social and environmental performance
for the year ending 31 July 2025. It marks
our fourth year of integrated reporting.
We have prepared this report using the International <IR>
Framework. This communicates the full range of factors
a ecting our ability to create value over time, and our
commitment to transparency and robust disclosure of
Environmental, Social and Governance (ESG).
KPMG has audited the financial statements, prepared in
accordance with New Zealand equivalents to International
Financial Reporting Standards (NZ IFRS) and International
Financial Reporting Standards (IFRS).
Non-financial information is reported with
reference to the Global Reporting Initiative (GRI)
Universal Standards. External assurance on non-
financial data and information has not been obtained.
We will publish our second climate disclosure under the
Aotearoa New Zealand Climate Standards (NZ CS) by
30 November 2025 at kmdbrands.com/reports
This report serves as KMD Brands’ 2025 Annual Report
to shareholders and meets the requirements of the NZX
Corporate Governance Code dated 1 April 2023.
GRI 2-2
Modern Slavery
Statement
2025
Modern Slavery Statement
Corporate
Governance
Statement
2025
Corporate Governance Statement
GRI &
SASB Index
2025
GRI & SASB Index
Reporting suite
This report should be read in conjunction with the other documents that comprise the 2025 reporting suite,
which can be accessed by visiting: kmdbrands.com/reports
1. OVERVIEW
2. CREATING VALUE3. FINANCIAL REPORT4. ADDITIONAL DISCLOSURES
1

OVERVIEW
1.
KMD Brands Annual Integrated Report 202523
2. CREATING VALUE
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
1. OVERVIEW

Our GroupOur brands
KMD Brands is a family of outdoor brands
dedicated to designing products for purpose,
driven by innovation and committed to being the
best for people and the planet. Our products are
specifically crafted for the outdoors and rigorously
tested by experts in real-world conditions.
As the parent company, KMD Brands provides vision
and strategic guidance, making Kathmandu, Oboz
and Rip Curl greater than the sum of their parts.
By sharing expertise in technology, research and
development, and by leveraging operational excellence
in sourcing, supply chain and systems, we deliver
the best customer experience across our brands.
OUR PURPOSE AND VISION
Our purpose and vision are motivated by our love of
the outdoors and a steadfast commitment to protecting
our natural environment and the people touched by
our brands.
We proudly contribute to a global cultural shift that
is redefining success, building a more inclusive and
sustainable economy, and uses business as a force
for good.
By championing responsible practices across our
brands, we protect the experiences and exhilaration
o£ered by the outdoors, which means so much to us
and our customers.
Kathmandu’s journey began in Aotearoa New Zealand more than 30 years
ago. We’re on a mission to improve the wellbeing of the world by getting
more people outdoors – because nature has a positive transformative
e£ect on us all. The outdoors makes us happier, more open, free and fun.
Our vision at Kathmandu is to be the world’s most loved outdoor brand.
Born in the legendary Greater Yellowstone Ecosystem, just outside our
front door, the mountains near Bozeman beckon us. This 10-million-
acre laboratory is where we test our designs and draw inspiration
for new ideas. It’s where we immerse ourselves in nature’s wonders.
It even inspired our name “Oboz” (Outside + Bozeman = Oboz).
Founded in 1969 in Bells Beach, Australia, Rip Curl is the ultimate surfing
company. For more than 50 years, we have led the surfing market and
become synonymous with surf culture. ‘The Search’ – the relentless
pursuit of the perfect wave – lives in the spirit of everything we do.
Our vision is to be the ultimate surfing company in all that we do.
PURPOSE
INSPIRING PEOPLE TO EXPLORE
AND LOVE THE OUTDOORS.
TO BE THE LEADING FAMILY OF
GLOBAL OUTDOOR BRANDS Ž
DESIGNED FOR PURPOSE, DRIVEN
BY INNOVATION, BEST FOR PEOPLE
AND PLANET.
VISION
KMD Brands Annual Integrated Report 202545
2. CREATING VALUE
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
1. OVERVIEW

Global footprint
SOUTH AMERICATOTAL
Owned stores8
Licensed stores107
Wholesale doors+800
Materials sourcingBrazil
Factories
(Total Tier 1, % of KMD
Brands spend on branded product)

7, <1%
FRANCE
BRAZIL
USA
CANADA
Bozeman
Vancouver
San Clemente
Global O£ice Locations
São Paulo
Hossegor
AUSTRALASIATOTAL
Owned stores264
Licensed stores19
Wholesale doors+900
Materials sourcing
Australia,
New Zealand
Factories
(Total Tier 1, % of KMD
Brands spend on branded product)
4, <1%
ASIATOTAL
Licensed and JV stores78
Wholesale doors+300
Materials sourcingVietnam, China, Thailand,
Taiwan, Japan, Indonesia,
South Korea, Bangladesh,
India, Pakistan
Factories
(Total Tier 1, % of KMD
Brands spend on branded product)
126, 98%
EUROPETOTAL
Owned stores29
Licensed stores10
Wholesale doors+1,900
Materials sourcingFrance
Factories
(Total Tier 1, % of KMD
Brands spend on branded product)

4, <1%
NEW ZEALAND
AUSTRALIA
INDONESIA
THAILAND
Chiang Mai
Bangkok
Bali
Torquay
Christchurch
Melbourne
GRI 2-1
AFRICA &
MIDDLE EASTTOTAL
Licensed stores40
Materials sourcingSouth Africa
Factories
(Total Tier 1, % of KMD
Brands spend on branded product)
0, 0%
NORTH AMERICATOTAL
Owned stores27
Licensed stores26
Wholesale doors+3,900
Materials sourcingUSA
Factories
(Total Tier 1, % of KMD
Brands spend on branded product)

1, <1%
KMD Brands Annual Integrated Report 202567
2. CREATING VALUE
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
1. OVERVIEW

FY25 performance overview
SALES MIX FY25
By
brand
56%
Rip Curl
36%
Kathmandu
8%
Oboz
KATHMANDU
SALES MIXTOTAL SALES
NZD
$361.9m
ONLINE SALES
NZD
$52.1m
representing 14.5% of
direct-to-consumer sales
OBOZ
SALES MIX
RIP CURL
28%
Wholesale
1%
Licensing / Royalties
10%
Online
61%
Retail
By
channel
By
region
50%
Australia
11%
New Zealand
21%
North
America
11%
Europe
7%
Rest of world
Wholesale 1%
Online 11%
Online 8%
North America 24%
Wholesale 37%
Online 14%
Retail 85%
Wholesale 89%
Retail 53%
AU & NZ 45%
Other 2%
Channel
Channel
Channel
International 1%
International 12%
Rest of World 12%
New Zealand 26%
Canada 6%
Europe 19%
Australia 73%
USA 82%
Region
Region
Region
TOTAL SALES
NZD
$76.6m
TOTAL SALES
NZD
$550.4m
ONLINE SALES
NZD
$8.8m
+18.3% above last year
ONLINE SALES
NZD
$41.7m
representing 12.5% of
direct-to-consumer sales
SALES MIX
1. Statutory results include the impact of IFRS 16 leases. The impacts of IFRS 16, restructuring, software as a service accounting, the notional
amortisation of customer relationships, impairment and onerous contracts have been excluded from Underlying results. Refer to Appendix 1
of the FY25 Results Presentation for a reconciliation of Statutory to Underlying results.
$989.0m
Total sales
$979.4m
Total sales
56.5%
Gross margin
58.4%
Gross margin
-$28.3m
Underlying NPAT
1
loss
-$1.1m
Underlying NPAT loss
FY24
Statutory NPAT loss
-$93.6m
Statutory NPAT loss
-$48.3m
FY24
$17.7m
Underlying EBITDA
1
Underlying EBITDA
1
$50.0m
FY24
NET DEBT BALANCENET WORKING CAPITAL
$52.8m
c. $235m
Bank facility headroom
$157.7m
-$40.6m year-on-year
Jul 24 $198.3m
FY24
FY24
KMD Brands Annual Integrated Report 202589
2. CREATING VALUE
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
1. OVERVIEW

Brent ScrimshawLEFT
Group CEO and Managing Director
Chair and CEO message
FY25 marks our fourth year of integrated reporting and
our second year of structuring disclosures around the
key resources that underpin long-term value creation.
Like FY24, this year brought a challenging operating
environment. In response, we have taken action to
reinforce the strength of the Group and our brands,
position ourselves to navigate the cyclical downturn
and market volatility we are facing, and emerge more
resilient and ready for our next phase of growth.
Leadership updates
“In the last quarter of this financial year, the
Board welcomed Brent Scrimshaw as Group Chief
Executive O£icer and Managing Director. Brent
had served on the KMD Brands Board since 2017
and brings extensive global experience in building
and scaling consumer brands, including an 18-
year career with Nike Inc across three continents.”
– David Kirk, Chair of KMD Brands.
As Chair and Group CEO, together we have strengthened
and transformed the capability of the Group Executive
team. Our first appointment was Ashley Reade, who
joined as Chief Executive O icer of Rip Curl after
two decades across three continents at Nike Inc,
most recently leading the fast-growing Pacific region.
Ashley brings both a global business perspective and
a deep cultural connection to the world of surf.
In July, we welcomed Carla Webb-Sear as Group Chief
Financial O icer following an extensive global search.
A seasoned ASX-listed executive, Carla joined KMD
Brands from Qantas, where she was Chief Financial
and Strategy O icer of the Loyalty division. She brings
over two decades of financial leadership across the
consumer, media and technology sectors, including at
ViacomCBS, Enero Group and Fairfax. Her experience
adds critical capability to our leadership team.
We thank Ben Washington for his valuable contributions
as Interim CFO. With Carla’s commencement, Ben has
resumed his position as Deputy CFO.
A new strategy
In FY25, we reset our Group strategy with the launch
of Next Level, a new strategy and operating approach,
designed to sharpen our focus, accelerate operating
and financial performance and unlock long-term
value. The program sets a clear direction for growth
by prioritising brand and product distinctiveness,
operational excellence and deeper customer connection.
The strategy reflects our ambition to evolve how we
operate as a Group, with greater agility, accountability
and alignment across teams and markets. Next Level
is already guiding key decisions and investments and
will continue to shape how we deliver sustainable
profitability and value for our stakeholders.
FY25 performance
Group sales were $989 million, reflecting a modest year-
on-year increase. Rip Curl and Kathmandu each delivered
slight growth, while Oboz saw a small sales decline.
Underlying operating earnings declined significantly year-
on-year. This outcome reflects continuing di icult trading
conditions and an intensive promotional environment.
Our transformation program, Next Level, is focused
on addressing these issues head-on by driving
operational improvements, accelerating speed to market,
ensuring style complements our technical product
credentials, and enhancing customer engagement.
Despite pleasing year-on-year growth across most
other product categories, Kathmandu’s insulation
range continued to face headwinds due to
unseasonably warm weather, with the third quarter
in Australia proving particularly challenging. Cooler
conditions, intensified promotional e orts and the
successful launch of Shopify, the new Group online
trading platform, delivered a positive finish to the
year which helped lift overall performance.
Rip Curl’s direct-to-consumer sales outperformed the
wholesale channel. Supported by new store openings,
flagship retail store sales grew strongly in key global
regions. Online sales also grew markedly and will be
aided further by the transition to Shopify in FY26.
Wholesale sales improved incrementally year-on-year.
Oboz online sales grew strongly during key promotional
periods, reinforcing the growth opportunity for the
brand. Wholesale sales trends improved in the second
half of the year, with the launch of new season styles
for the North American summer hiking season.
The Group gross margin declined in FY25
reflecting greater promotional activity, which
was required to maintain market share in a
highly competitive trading environment.
Operating expenses remained tightly controlled
in the face of global cost pressures.
Inventory continued to trend down, contributing to a
$40.6 million reduction in net working capital compared
to 31 July 2024. Net debt decreased to $52.8 million
in the year. The balance sheet is in good shape with
approximately $235 million in available headroom.
Dividend
Our dividend policy is to pay out 50% to 70% of
underlying NPAT. Given FY25 operating performance
and continuing challenging market conditions,
Directors have not declared a final dividend in FY25.
Outlook
While inflationary pressures are beginning to ease,
the global macroeconomic environment remains
Dear Shareholder,
This report provides a holistic overview of our business, detailing how we
create value for our stakeholders, the material issues we have encountered
over the year, and the steps we are taking to address these.
uncertain and consumer sentiment cautious. We expect
these conditions to persist in the near term and are
planning accordingly.
Our focus remains on returning to sales growth and
improving profitability. The Board is fully committed
to the Next Level strategy and confident in the
Group’s ability to self-fund key initiatives, starting
with an immediate $25 million cost-out program.
We recognise the seriousness of the decline in our
share price and the impact this has had on shareholder
value. The Board is committed to taking decisive and
sustained action to improve financial performance.
We thank you for your continued support and we
thank our KMD Brands teams for their dedication and
resilience during a challenging year. We believe our
new strategy, enhanced leadership team and strong
brand equity position us well for long-term success.
David Kirk RIGHT
Chairman
KMD Brands Annual Integrated Report 20251011
2. CREATING VALUE
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
1. OVERVIEW

Our Board and executive team
Brent Scrimshaw
Group CEO and Managing Director
Appointed 2 October 2017
Andrea Martens
Non-Executive Director
Appointed 1 August 2019 
Abby Foote
Non-Executive Director
Appointed 15 October 2021
Zion Armstrong
Non-Executive Director
Appointed 1 December 2022
Philip Bowman
Non-Executive Director
Appointed 2 October 2017
David Kirk
Chairman
Appointed 21 November 2013 
The Board provides overall strategic oversight of KMD Brands,
including adherence to best-practice governance principles,
maintenance of high ethical standards and protection of core
values so that the Group is managed ežectively and responsibly.
A brief biography of each Board member can be found in the “Board
and Management” section of the company’s investor website.
Our FY25 Corporate Governance Statement, including Director
Skills Matrix, is available on the company's investor website.
Ashley Reade
Chief Executive Oicer, Rip Curl
Joined Rip Curl in 2025
Frances Blundell
Chief Legal & ESG Oicer
Joined Kathmandu in 2017
Lachlan Farran
Chief Commercial Oicer
Re-joined Rip Curl in 2016
Amy Beck
President Oboz&KMD Brands,
North America
Joined Oboz in 2019
Megan Welch
Chief Executive Oicer, Kathmandu
Joined Kathmandu in 2023
Carla Webb-Sear
Group Chief Financial Oicer
Joined KMD Brands in 2025 (end of FY25)
Brent Scrimshaw
Group CEO and Managing Director
Joined KMD Brands in 2025
The management team takes care of the day-to-day management
and operation of KMD Brands, regularly reporting to the Board on
all aspects of group performance.
A brief biography of each member of the management team
can be found in the “Board and Management” section of the
company’s investor website.
Michael Ross
Chief Information Oicer
Joined KMD Brands in 2024
Mathieu Lefin
President KMD Brands, Europe
Joined Rip Curl in 2009
Ben Washington
Interim Chief Financial Oicer
Joined KMD Brands in 2020
GRI 2-9, 2-12
Standing (L-R):
Seated (L-R):
KMD Brands Annual Integrated Report 20251213
2. CREATING VALUE
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
1. OVERVIEW

Governance at KMD Brands
GRI 2-23, 2-24
Led by a talented group of non-executive directors
and an experienced management team, KMD
Brands has a clear purpose and vision, and a defined
corporate strategy. Our well-established policies
and goals support sustainable development and
our commitment to the B Corp movement.
Kathmandu became a certified B Corporation in 2019
and recertified in 2023. Rip Curl and Oboz achieved
B Corp Certification for the first time in 2023. B Corp
is a governance structure, underpinned by a “benefit
mindset”, that balances purpose and profit. As a
business, we consider the impact of our decisions on
all stakeholders: employees, customers, the community,
the environment, shareholders, and workers in our
global supply chain. We empower employees to
consider the same principles when making decisions.
B Corps are part of a global movement driving a
more inclusive, equitable and regenerative economic
system. B Corp Certification – and recertification every
three years – guides KMD Brands’ Environmental,
Social and Governance (ESG) impact strategy and
provides a framework for continuous improvement.
The process to become B Corp Certified di ers from
other ESG reporting frameworks by providing transparent
reporting and disclosure, and evaluating and validating
company performance. This enhances accountability and
transparency, giving us a pathway to reduce our negative
impacts and create value for people and the planet.
Our Group Code of Ethics embeds the benefit
mindset into employee expectations. ESG
responsibilities are included in all job descriptions,
employee goal-setting and performance reviews.
The benefit mindset is reflected in the Group’s policy
commitment to responsible business conduct.
Our culture of innovation is also aligned to ensure new
products respond to the needs of our customers and
enhance e iciencies in our business, while minimising
adverse social and environmental impacts.
KMD Brands is committed to leading the way by
considering our impact on people and planet in our
business and governance practices. This approach
protects the business for the long term, enhancing
its value, supporting future financial success and
preparing for future regulatory requirements.
These principles align with our fundamental purpose and
vision. Getting people outside and enjoying the outdoors is
at the heart of all our brands. While we are in business for
profit, we aim to be a robust and responsible business for
the long term, and B Corp Certification positions us for this.
At KMD Brands, our purpose is to inspire people to explore and
love the outdoors. This purpose drives our vision to be the leading
family of global outdoor brands – designed for purpose, driven by
innovation, best for people and planet.
15
2. CREATING VALUE
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
1. OVERVIEW
KMD Brands Annual Integrated Report 202514

CREATING
VALUE
2.
KMD Brands Annual Integrated Report 20251617
1. OVERVIEW
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
2. CREATING VALUE

portfolio and deliver sustainable, profitable
growth. Next Level aims to align the Group
behind a brand and product-led, customer-
centric growth agenda.
As part of this, our commitment to people and
planet remains a foundation and is reflected in
our certification as a B Corporation, demonstrating
our accountability to high standards of social
and environmental performance, transparency
and accountability.
This report reflects our performance and progress
against the original strategic pillars that have guided
our Group in recent years. However, actions aligned
to Next Level are already underway, marking a pivotal
moment for KMD Brands as we reorient our business
toward a more agile, focused and future-ready operating
model. Foundations are being laid for a new chapter of
sustainable growth and brand leadership.
During FY25, KMD Brands continued to operate under
the four strategic pillars that have guided our growth as
a global, multi-channel business: Building Global Brands,
Elevating Digital, Operational Excellence, and Best for
People and Planet. These pillars provided a strong
framework for navigating a dynamic global landscape and
responding to material issues.
While these pillars served the Group well during a period
of brand expansion and capability building, they were
developed in a di erent operating context. As FY25
rounded out our three-year strategic cycle, it became
clear to the Board that the strategy needed to be
recalibrated to meet the demands of a more complex and
challenging market environment.
This strategy reset resulted in what we presented at
our recent 2025 Investor Day: the KMD Brands Next
Level strategy – a Group-wide transformation program
designed to unlock the full potential of our iconic brand
In the final quarter of FY25, the Board, together with our new CEO and
Executive Team, developed KMD Brands Next Level – a strategy to leverage
our strengths and tackle structural and operational challenges, with rollout
commencing in FY26.
GRI 2-22
FY22-25 strategic pillars:
Building Global BrandsElevating Digital
Operational ExcellenceBest for People and Planet
OUR STRATEGY
Next Level key priorities
Re-setting for sustainable profitability by addressing operational leverage and
unlocking new pathways to greater returns. This includes a minimum $25 million cost
reset, which includes a recently commenced organisational restructure aligned to the new
strategy, and a store network portfolio review.
Re-focusing product innovationto continue to ground our brands in technical
performance while investing in speed-to-market, design and style. As one example of
this, we are consolidating Rip Curl’s global product creation to ‘centres of excellence’ at
Rip Curl headquarters in Torquay.
Re-energising our store portfolioincluding new store segmentation to drive
relevant consumer experiences and stronger brand expressions. This includes three
Kathmandu concept ‘stores of the future’ launching in Australia and New Zealand later
this calendar year.
Re-imagining digital and data intelligenceby 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 decision-making and enhance supply chain excellence. We are also
accelerating our e-commerce platform rollout across our brands with investment in more
e ective digital marketing to reset our international go-to-market approach.
KMD Brands Annual Integrated Report 20251819
1. OVERVIEW
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
2. CREATING VALUE

ESG strategy and performance
We acknowledge the impact of our business and accept our responsibility to advance the United Nations
Sustainable Development Goals (SDGs). We consider the SDGs in our strategy and our reporting, which
underpins all our business activities. The goals where we have the most impact are shown below:
The KMD Brands vision drives our ESG strategy which is focused around three key areas:
Communities, Climate and Circularity. Together, these focus areas support us to act responsibly, transparently,
and with purpose.
(The content of this publication has not been approved by the United Nations and does not reflect the views of the United Nations or its o icials or Member States.)
Focus areaFY25 Highlights
Provide a people-centred
culture and workplace that
fosters health, safety, wellbeing
and inclusiveness
–New health and safety platform rolled out globally
–Increased representation of minority employees within our teams
–‘Elevate’ Leadership Program delivered to senior leaders across the globe
Protect human rights and
dignity by addressing modern
slavery in our value chain
through collaboration and
transparency
–12,505 factory workers consulted on workplace conditions across Bangladesh, China,
Indonesia and Vietnam
–Participation in Fair Labor Association living wage pilot in Bangladesh
–Over 1,400 employees globally trained on human rights
Engage, inspire and protect the
communities where we operate
and impact
–18% increase in paid employee volunteer hours from prior year
–Continued support to key charity partners SurfAid, Surfrider Foundation, Graeme Dingle
Foundation, Trees for the Future and Black Folks Camp Too
–Rip Curl’s Innovate Reconciliation Action Plan endorsed by Reconciliation Australia
COMMUNITIES
Positively impact the wellbeing of people and places touched by our brands
GRI 2-22
In FY25, KMD Brands was proudly recognised for its ESG leadership and continued
commitment to excellence within the outdoor and lifestyle apparel industry.
Company ticker: KMD
A-Leader
CIRCULARITY
Eliminate the linear take-make-waste approach to business
Focus areaFY25 Highlights
Foster and invest in circular
business models across
our businesses
–Pop-up launch of Kathmandu’s REDU program in New Zealand
–Member of circularity schemes Seamless AU and Mindful Fashion NZ
–Wetsuit repairs o ered on-site at the MEO Rip Curl Pro in Peniche, Portugal
Increase responsible material
content in our products
–Kathmandu: Target reached – 100% use of wool from RWS certified sources
(FY24: 63%)
–Rip Curl: 75% apparel and accessories containing preferred fibre materials
(target: 100% by 2030) (FY24: 66%)
–Oboz: 64% of range using a minimum of 20% environmentally preferred materials
by weight (FY24: 34%)
Reduce the waste footprint
created across our business
–Waste audits completed at six sites in Australia
–36.5 metric tonnes (mt) of textile waste recycled through take-back customer programs
–72% operational waste diverted from landfills
CLIMATE
Transition to a low carbon future
Focus areaFY25 Highlights
Reduce emissions in line with
the Paris Agreement goals
–First NZ Climate-Related Disclosure (CRD) statement published
–Solar operational across 21 sites
–136 factories reporting verified energy data
SDG 8
Promote sustained,
inclusive and
sustainable
economic growth,
full and productive
employment and
decent work for all.
SDG 10
Reduce inequality
within and among
countries.
SDG 13
Take urgent action
to combat climate
change and its
impacts.
SDG 12
Ensure sustainable
consumption and
production patterns.
C&ESG SCORECARD FOR 2024
KMD Brands Annual Integrated Report 20252021
1. OVERVIEW
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
2. CREATING VALUE

Materiality approach
The process involved four steps over a five-month period:
1. Desktop materiality review to compare
KMD Brands to other industry peers and against
reporting frameworks and disclosures.
2. Identifying material topics for KMD Brands and our
industry globally, beyond those that impact us financially.
3. Stakeholder engagement, including sharing
our material topics with our stakeholder groups and
asking them to rank them in order of importance.
4. Developing a materiality matrix to plot our
material issues from highest importance.
As part of our desktop review, we compared KMD Brands
with 13 industry peers, assessing their approaches to
materiality, priority ESG topics, reporting disclosures
and overall ESG credentials. This found KMD Brands is
broadly aligned with this peer benchmarking group.
This year, to engage our wider stakeholder groups in our decision-
making, we engaged New Zealand-based Churchgate Partners to
conduct a comprehensive materiality assessment.
GRI 2-12, 2-29, 3-1
Viewing our material topics through a
regulatory and framework lens demonstrates
that some issues carry greater weight
due to shareholder priorities or compliance
requirements. This perspective ensures our
ESG strategy remains responsive to external
standards as well as our internal values.
We asked our stakeholder community to rank
each material topic in order of importance to them
personally and to the success of KMD Brands. We also
sought feedback on which topics stakeholders believe
we are making the most progress in, where we could
improve and which emerging issues we should watch.
To support meaningful engagement, stakeholders were
asked to share concerns, ideas or suggestions that could
add value to either the process or our long-term strategy.
KMD STAKEHOLDERS
I
N
T
E
R
N
A
L
E
X
T
E
R
N
A
L
Employees
Athletes and
brand ambassadors
Board of directors, executive
and functional leaders
Suppliers and factory workers
Customers
Banks
Community partners
Investors, shareholders
and analysts
Wholesale partners
23
1. OVERVIEW
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
2. CREATING VALUE
KMD Brands Annual Integrated Report 202522

Our material issues
GRI 2-14, 3-2
We define material issues as those with the most significant impact on
our ability to create long-term value for our stakeholders. Our approach is
guided by the principle of double materiality, recognising that our business is
influenced by external environmental, social and economic factors (outside-
in), while also acknowledging the impact our operations have on people and
the planet (inside-out).
Each strategic choice to manage our material issues
reflects the balancing act KMD Brands undertakes
to optimise long-term value while managing short-
term financial impacts and stakeholder expectations.
Managing these issues often involves trade-o s.
While some influencing factors are beyond our direct
control, we implement proactive mitigation strategies
to reduce risks and amplify positive outcomes. This
report outlines how our strategic priorities respond
to these material issues and how they align with the
resources essential for sustainable value creation.
These issues have been reviewed and approved
by the Board for the current reporting period.
This year, our stakeholder engagement revealed shifting
priorities, with several issues rising in importance.
Product design, innovation, responsible materials
and the removal of harmful substances all ranked
as top concerns. The growing focus on customer
experience reinforces our commitment to delivering
high-quality interactions in-store and online. These
insights continue to inform our strategy to ensure
it reflects evolving stakeholder expectations.
A summary of our material issues is set out below:
Harmful substances
Identifying, managing and eliminating harmful substances
in the manufacture of our products to protect human
health and the environment, complying with international
regulations and industry standards.
Responsible design and materials
Creating innovative, industry-leading products that
appeal to our customers, build brand recognition globally,
and use responsibly sourced materials to minimise waste
across our supply chain.
Customer experience
Delivering high-quality products and services, fostering
positive customer experiences and addressing customer
needs and concerns to cultivate trust and loyalty.
Supply chain human rights and transparency
Implementing and monitoring transparent processes
and systems to address modern slavery and other
human rights risks, and to uphold workers’ rights in our
supply chain.
Responsible leadership and ethical conduct
Adhering to high standards of ethical, accountable and
transparent corporate governance and public reporting,
and actively addressing dishonest and fraudulent conduct.
People and wellbeing
Providing a people-centred workplace and culture that
values inclusivity and equity, and that fosters health,
safety and wellbeing, and attracts, retains and supports
high-performance talent.
Economic performance and operational
excellence
Driving long-term value by maximising synergies,
streamlining processes and optimising financial and
operational performance while keeping pace with global
best practice.
Cyber, data security and privacy
Safeguarding information through resilient systems,
protecting personal data, and ensuring responsible use of
customer and stakeholder information in compliance with
global privacy standards.
Supply chain management
Responding to global logistics challenges, including
geopolitical tensions, shipping delays, port congestion
and freight access, to support access to raw materials,
and predictable and consistent movement of products
to customers.
Digital transformation
Leveraging digital technology and data-driven insights
to enhance decision-making, accelerate growth in
our direct-to-consumer business, improve customer
experiences, drive operational e iciency and foster
organisational innovation.
Climate change, energy and emissions
Addressing climate change, improving energy e iciency
and reducing emissions by integrating climate resilience
into strategy, optimising energy management and
reducing our operational and supply chain footprint.
Biodiversity, water, waste and
environmental protection
Protecting biodiversity and ecosystem capacity,
managing water use and reducing waste by designing
for circularity across products and packaging.
MATERIALITY MATRIX
Importance to me as a stakeholder
Importance to KMD Brands' business success
Mid
Mid
High
High
Very high
Very high
Biodiversity, water, waste and
environmental protection
People and wellbeing
Climate change, energy
and emissions
Supply chain
management
Customer
experience
Cyber, data security
and privacy
Digital transformation
Economic performance
and operational
excellence
Responsible Leadership
and ethical conduct
Supply chain
human rights and
transparency
Responsible design
and materials
Harmful
substances
KMD Brands Annual Integrated Report 20252425
1. OVERVIEW
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
2. CREATING VALUE

How we create value
Our material issues
(see pages 22 – 25)
OUTCOMES FOR OUR STAKEHOLDERSTHE RESOURCES WE RELY ON OUR VALUE CHAIN
OUR PRODUCTS
AND CHANNELS
Sold in over 8,000 locations
(owned stores, licensed stores,
wholesale doorways)
OUR PEOPLE
4,721 employees across
14 countries
OUR PARTNERSHIPS
142 Tier 1 factories
making our products
OUR ENVIRONMENT
Materials sourced from
16 countries
FY25 OUTPUTS
TIER 4
Raw material
production
TIER 2 and 3
Raw material processing
and fabric mills
12,505
individual participants in worker voice surveys,
across 31 factories
FOR SUPPLIERS
Providing long-term partnerships, supporting
strong worker wellbeing through the use of
worker voice tools
TIER 1
Final stage manufacturing
Freight, distribution centres
and third party logistics
Retail and wholesale network
Inspiring people to
explore and love
the outdoors
OUR FUNDING
Over 9,000 shareholders
$310m syndicated debt facility
OUR CREATIVE POWER
Over 3,000 new styles
released to market
Take-back, renewal, repair,
recommerce, rental and
recycling programs
$989.0m
total sales
FOR CUSTOMERS
Designing innovative, technical outdoor lifestyle
and sports products
25,000+
training hours delivered (mix of e-learning
and facilitated sessions to over 5,000 employees)
FOR EMPLOYEES
Providing a place for all people to realise their
full potential
$832k
in financial, product and partnership support
of local community projects
FOR THE COMMUNITY
Creating positive change in the communities
we impact
Net working capital at 31 July 2025
reduced year-on-year by:
$40.6m
FOR INVESTORS
Net working capital e£iciency helps to maintain
debt funding headroom
GRI 2-6
36.5
metric tonnes of post customer textile waste diverted
from landfill through in-store product take-back programs
FOR THE PLANET
Striving to make a positive impact on the
environment across the whole life cycle of our
products
KMD Brands Annual Integrated Report 20252627
1. OVERVIEW
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
2. CREATING VALUE

OUR CREATIVE POWER
We also explored storytelling through
Transports of Delight II, following
Canadian surfer Mathea Olin on a remote
sailing and surfing adventure. Rip Curl
also updated its website to feature ESG
messaging and information via a dedicated
section, Rip Curl Planet, highlighting the
brand’s commitment to sustainable practices.
Kathmandu reset its marketing strategy
to reassert its outdoors authenticity and
reposition for future growth. The refreshed
brand platform reconnected Kathmandu with its
origins while evolving perceptions of the brand
as a modern, purpose-led outdoor leader. Filmed
in New Zealand, content featured real outdoor
enthusiasts, athletes and Kathmandu team members,
demonstrating product performance in authentic
environments. The resulting energy and credibility
reinforced the brand’s relevance with today’s adventurers.
Oboz began strengthening its brand identity with the
first iteration of its new strategy, Love Hiking. Inspired by
the wild landscapes of Yellowstone – the surroundings
of our Bozeman headquarters – and grounded in a
deep connection to nature, the campaign reflects the
Kathmandu’s new global campaign, ‘Come
Find Us. We’re Out There.’, is a bold return
to where it all began – in the wild, with nature
as the hero. Launched in September 2024,
the campaign invites people to reconnect with
nature, leaning into Kathmandu’s New Zealand
roots and showcasing wild places, resilient
people, and the thrill of being truly ‘out there’.
Shot on Aotea Great Barrier Island and created in
partnership with local communities, the campaign
has had an extraordinary response. Across
ANZ, our digital and out-of-home campaigns
have been seen over 100 million times. Social
engagement grew 285% month-on-month, driving
a 25% increase in followers, while PR e£orts
generated NZD$3.3 million in earned media in
New Zealand and AUD$162 million in Australia.
The Eddie Aikau Big Wave Contest, the
world’s most prestigious Big Wave surfing
event, held at Waimea Bay in Hawaii – a
strategically important location for Rip Curl – is
one of the world’s most challenging surf events,
celebrating legendary lifeguard and surfer Eddie
Aikau. As the ongoing title sponsor, Rip Curl
proudly supports this iconic event, which this year
drew more than 50,000 spectators and featured
35 men and 10 women competing to honour
Eddie's legacy. The event delivered significant
marketing and brand value, generating 6.1 million
live streaming views, 13-plus million social media
impressions (over 50% to a new audience), 400,000
YouTube watches, AUD$1.6 million in merchandise
sales, and over AUD$60 million in media value.
RIP CURL GOES BIGCOME FIND US. WE’RE OUT THERE.
MATERIAL ISSUES:RESPONSIBLE DESIGN & MATERIALS Š CUSTOMER EXPERIENCE Š BIODIVERSITY, WATER, WASTE & ENVIRONMENTAL PROTECTION
In a year shaped by cost-of-living pressures
and increased competition for consumer
attention, each of our brands made ežorts
to maintain resilience, through creativity
and quality.
For KMD Brands this meant continuing in our e orts
to improve brand marketing and expand our product
innovation pipeline.
We've listened to the market and are set on
making improvements that align our brands more
closely with both core and target customers.
Marketing that connects
Marketing teams across the Group reset strategies with
renewed commitment to deepen customer connection,
build brand equity and activate purpose.
Rip Curl spoke to the next generation of surfers through
our refreshed global brand platform, Live the Search. This
campaign brought to life the freedom, curiosity and thrill
of the surfing lifestyle. Deeper influencer partnerships
were activated around key moments, including the Rip
Curl Pro Bells Beach and the release of DUNNO, a high-
energy surf film featuring the next wave of global talent.
29
1. OVERVIEW
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
2. CREATING VALUE
KMD Brands Annual Integrated Report 202528

KMD BRANDS ESG GOAL
Commercialised brand-led circular
business models for product take-back,
renewal, repair, re-commerce, rental
or recycling.
In FY25, Oboz unveiled refreshed brand
guidelines and a powerful new vision:
to unify people through hiking. Inspired
by our wild Bozeman backyard, our fresh
identity reflects the joy, simplicity and
connection found on the trail, anchored by
our new tagline: Oboz, Love Hiking. Our brand
video surpassed 10 million views, with almost 50
million total ad impressions and over 4 million
on connected TV. Podcast partnerships reached
more than 1 million listeners, and PR coverage
delivered 1.4 billion impressions this year.
We launched our first billboards in Bozeman,
hosted a Strava Challenge with 48,000-plus
participants, and deepened our connection
with the hiking community like never before.
A BOLD STEP FORWARD FOR OBOZ
GRI 306
enriching experience of time spent on the trail. The Oboz
Everywhere program expanded into new US regions,
partnering with retailers, educators and local guides
to deliver authentic hiking experiences, education
sessions and product trials. This approach reinforces
Oboz’s credibility in one of the world’s most competitive
outdoor markets. The team also proclaimed their
passion for hiking to a wide audience on the TODAY
Show, hiking through Midtown Manhattan at dawn.
Innovative new products
Across the Group, we introduced products designed
with purpose, performance and with a preference for
responsible materials.
Rip Curl launched the Mirage 3DP boardshort, which
earned an ISPO Award for its advanced fit, comfort
and durability. Engineered using 3D printing technology,
the boardshort sets a new standard in surf apparel
and reinforces Rip Curl’s commitment to innovation
in boardshorts.
Kathmandu expanded its core o ering with the launch
of Outdoor Active – a new category that bridges
performance and everyday wear for spontaneous
movement outdoors. The Seeker range also evolved,
combining sustainability and technical performance
with advanced recycled materials and carbon-captured
fabric. The range was recognised with an ISPO Award for
the Seeker Lined 4” Short – another milestone a irming
Kathmandu’s leadership in purpose-led innovation.
Innovation also extended into travel, with the launch of
the Feather Flight Carry-On. At just 1.6 kilograms, this
40-litre suitcase is one of the lightest in its class.
Oboz showcased thoughtful product innovation with the
launch of several new hiking boots and trail shoes. The
standout was the all-new Katabatic LT – a lightweight shoe
blending hiking durability with trail running agility. Designed
for fast-and-light adventures, the Katabatic LT Gore-Tex
held the top-selling spot on the Oboz North America
website for 12 consecutive weeks. As Oboz expands into
the trail running-influenced categories, products remain
grounded in the brand’s core promise: True to the Trail.
Circular progress
Designing for circularity is a key focus across all
brands, as we work together to reduce environmental
impact and increase customer engagement. Our
circular product strategy prioritises durability,
repairability, recyclability and recommerce.
Kathmandu’s circular business line, REDU, launched
in New Zealand at our flagship Tower Junction store
in Christchurch. Kathmandu also joined industry
collaboration Mindful Fashion New Zealand as its
largest member, with CEO Megan Welch stepping
onto the Mindful Fashion Board to help accelerate
innovative, circular practices across the region.
Rip Curl expanded its circularity commitment. A
wetsuit repair station was piloted at the MEO Rip Curl
Pro in Peniche, Portugal, giving wetsuits a longer life
and building awareness of circular options with our
global surf community. We also extended the Wetsuit
Take-Back program and took part in circularity
workshops as a foundational member of Australia’s
clothing product stewardship scheme, Seamless. (Read
more about these activities in Our Environment).
Oboz launched a new footwear take-back initiative
in partnership with GotSneakers. This program
allows customers to return Oboz warranty footwear
– and up to five additional pairs of outdoor or athletic
shoes from any brand – for reuse or recycling. This
program builds on FY24 circular business model
discovery work and supports broader plans for post-
consumer take-back and repair. These ongoing
investments extend product life and reduce waste.
KMD Brands was recognised for product
innovation with three 2024 ISPO Awards
– a global benchmark for excellence in
the sporting goods industry, spotlighting
the most forward-thinking designs and
setting the tone for the future of outdoor
gear. Kathmandu’s Women’s Seeker Shorts
were recognised for transforming industrial
emissions and end-of-life tyres into breathable,
trail-ready apparel. The Feather Flight Carry-On
adapts hiking pack technology into an ultra-
light 1.6 kilogram travel bag made from 93%
recycled nylon. Rip Curl’s Mirage3DP Boardshort
features a 3D-printed waistband and circular-
ready bio-based materials. Together, these
awards reflect KMD Brands’ commitment to
designing for performance and for the planet.
THREE AWARDS, ONE DIRECTION
Kathmandu’s Women’s
Seeker Shorts
Rip Curl’s Mirage3DP
Boardshort
Kathmandu's Feather Flight Carry-On
Click or scan to
learn more about the
Group’s progress on
circularity in FY25
KMD Brands Annual Integrated Report 20253031
1. OVERVIEW
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
2. CREATING VALUE

The brand built greater depth in packs
and bags, extending existing lines and
introducing new designs such as the
award-winning, ultra-lightweight Feather
Flight Carry-On.
A partnership with the New Zealand
Olympic Team sees Kathmandu become
the o icial apparel brand supplying training,
village and o icial ceremonial kits for New
Zealand athletes at the upcoming Milano
Cortina 2026 Olympic Winter Games, the 2026
Commonwealth Games, the 2026 Youth Olympics,
and the 2028 Los Angeles Olympic Games.
Rip Curl collaborated with iconic athletes Mick Fanning
and Stephanie Gilmore to launch new collections,
ranging from high-performance gear built for enduring
comfort, to revived archival styles. A collaboration with
Abrand delivered solid wholesale sales across North
America and Australia, attracting a younger audience to
the brand through retailers including Urban Outfitters. The
collection also sold well in Rip Curl stores. Next generation
consumers are a key area of focus for the brand
.
KMD Brands has a long-term commitment
to high-quality, technical products, with
increased focus on innovation, speed to
market and customer trends.
Following a challenging retail environment, in FY25
we intensified e orts to improve performance across
direct-to-consumer and online channels. We focused
our e orts on making improvements to our product
and channel strategies and strengthened alignment
between structure and goals towards the end of the year.
Strengthening our product ožerings
All three brands had a mandate to improve their product
o ering, concentrating on strategic priorities to enhance
commercial performance in the short to medium term.
Kathmandu continued to reduce its reliance on outerwear,
delivering year-on-year sales growth in key product
categories including rainwear, fleece, knits and footwear.
Kathmandu also expanded range depth in the Seeker
outdoor active line, capturing attention through a new
partnership with New Zealand athlete Gemma McCaw.
OUR PRODUCTS AND CHANNELS
MATERIAL ISSUES: CUSTOMER EXPERIENCE Š DIGITAL TRANSFORMATION Š ECONOMIC PERFORMANCE & OPERATIONAL EXCELLENCE
Since launching the first Search
GPS Surf and Tide Watch in 2014, Rip
Curl has helped surfers track 30-plus
million waves across 2,500 beaches in
76 countries. Now, Rip Curl’s new Search
GPS3 Surf and Tide Watch, released in
April 2025, o£ers a lighter, stronger and
smarter design for the next generation
of performance and connectivity. Paired
with the all-new Search GPS iOS app, the
GPS3 allows surfers to plan, track, relive,
compare and share every session. Since
the first release, Rip Curl has sold more
than 90,000 Search GPS watches, with
53,000-plus users logging their sessions
through earlier versions of the app. With an
estimated 1.7 million Apple Watch users now
able to access the platform, the global surf
community continues to expand.
THE NEXT WAVE OF SURF TRACKING
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KMD Brands Annual Integrated Report 202532

For almost 40 years, Kathmandu has
delivered high-quality products and
services, created positive customer
experiences and responded to consumer
needs. These principles remain central to the
brand’s success – and were key drivers behind
the decision to replatform to Shopify in 2024.
Kathmandu’s new site o£ers a faster, smarter
online store that mirrors the brand’s spirit of
adventure, with intuitive search, advanced
filtering and tailored recommendations. The
benefits go deeper than the platform itself. The
switch promises to enhance internal workflows
and campaign agility, ensuring every customer
interaction is seamless and personalised.
KATHMANDU’S NEXT DIGITAL ADVENTURE
Oboz was excited to collaborate with
the tastemakers from online newsletter
Blackbird Spyplane to create the Purple
Earth Swagtooth Low – a limited-edition
boot that merges hiking functionality with
streetwear flair. The collaboration, born
from Blackbird Spyplane’s keen eye for style
and Oboz’s trail-tested expertise, required a
design that would resonate with both hardcore
hikers and the most aesthetically discerning
city dwellers. The result has earned praise
from the
New York Times and Footwear News
hailed it the “perfect versatile hiking boot”. This
collaboration elevates Oboz from trail essentials
to cult-status footwear, proving performance
and style can coexist at the highest level.
HIGH¬FLYING FOOTWEAR
Oboz collaborated with Blackbird Spyplane to release a
limited-edition version of its iconic Sawtooth shoe. The
partnership combined Oboz’s outdoor performance with
unique design storytelling, sold out quickly, and opened
the door to new premium boutique outdoor retailers.
Optimising our store network
We continued to optimise our store fleet in FY25,
prioritising profitability and performance. A
comprehensive review was conducted to identify
underperforming stores for closure towards the end of the
financial year, while we also explored new opportunities
through selective openings and relocations.
Kathmandu advanced its ‘store of the future’ program,
completing concept development, prototype creation
and supplier selection to secure competitive pricing.
Several lease agreements were finalised for key
locations in Australia and New Zealand, with the first
new-format stores scheduled to launch in October 2025
and elevate the in-store experience for customers.
Rip Curl continued to expand its retail presence with its
first-ever Australian women’s store at Bondi Beach in
Sydney. This store has been designed to deliver a tailored
brand experience for female surfers and beachgoers.
The brand also opened two new international airport
locations in Sydney International and Auckland, New
Zealand, increasing exposure to global travellers. New
stores also opened in key surf locations, including
Bilbao near the Sopelana Beach break in Northern
Spain, Saint-Jean-de-Luz on the France–Spain border
and Marion in South Australia. Rip Curl also established
a presence within the URBN Surf Melbourne retail
outlet, expanding its access to wave pool enthusiasts.
Rip Curl direct-to-consumer sales outperformed
the wholesale channel. Flagship retail store sales
grew strongly in key global regions, supported
by new store openings. Online sales also grew
strongly, and remain a key growth opportunity.
Oboz online sales grew strongly during key promotional
periods, reinforcing the growth opportunity for the
brand. Wholesale sales remained below last year overall.
However, Oboz wholesale sales trends improved in the
second half of the year, with the launch of new season
styles for the North American summer hiking season.
Driving omnichannel performance
We continued to enhance the omnichannel experience
of each brand in FY25. We engaged customers in
new ways through targeted e-commerce initiatives,
loyalty programs and digital experiences. We also
leveraged data-driven insights to inform decisions,
personalise customer interactions, accelerate
growth in our direct-to-consumer channels, and
drive operational e iciency across the business.
In FY25, online sales for all three brands increased
year-on-year. Kathmandu’s online sales grew by
9.3%, supported by its migration to Shopify, which
delivered a refreshed look and feel alongside
improvements to user and customer experience. These
enhancements supported stronger engagement,
higher conversion and a more seamless customer
journey. Online sales accounted for 14.5% of
Kathmandu’s direct-to-consumer sales in FY25.
Rip Curl’s online sales also grew, up 10.2% year-on-
year, reaching 12.5% of direct-to-consumer sales.
Ongoing improvements to trading sites included a user
experience overhaul designed to improve navigation,
conversion and customer engagement. Targeted digital
promotions, including end-of-season discounting,
also contributed to increased online volume.
Oboz continued to demonstrate the value of direct-
to-consumer online channels, with sales up 18.3%
year-on-year. Diversification of sales channels and
ongoing improvements to the website’s functionality
and customer experience helped the brand reach more
consumers directly and strengthen its digital presence.
Loyalty programs that connect
with customers
In FY25 we deepened our approach to customer loyalty
by creating richer, more personalised experiences. From
responsive support to tailored o ers and improved
interactions, our marketing and digital teams focused
on building rewards programs that delivered on –
and strived to exceed – customer expectations.
Kathmandu’s Out There Rewards relaunched in FY24 and
continues to gain traction, with 1.8 million active members.
Club Rip Curl has grown reaching over 600,000 members
globally. Across each brand, our loyalty programs go
beyond points and promotions. They’re designed to
foster community, deepen engagement and reward
the passion our customers bring to every adventure.
KMD Brands Annual Integrated Report 20253435
1. OVERVIEW
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
2. CREATING VALUE

Fostering an inclusive and
connected workplace
We launched a new company intranet in
multiple languages to support inclusive
communications. Key announcements
are translated and subtitles added
to video updates, for instance.
We launched an Engagement and DEI survey
to gain deeper insights into our workforce,
exploring five areas – engagement, connection,
leadership, career and enablement – while
also building a clearer picture of our people’s
demographic and cultural backgrounds. We
maintained a strong overall engagement score,
with connection and leadership our top strengths.
We also continued our commitment to reconciliation
with Australian Indigenous Peoples through cultural
learning experiences delivered as part of our Innovate
Reconciliation Action Plan (RAP). More information
on our RAP is found in ‘Our Partnerships’.
OUR PEOPLE
GRI 404
MATERIAL ISSUES: PEOPLE & WELLBEING Š CYBER, DATA SECURITY & PRIVACY Š RESPONSIBLE LEADERSHIP & ETHICAL CONDUCT
Our people are the foundation of our
global outdoor brands. Their skills and
commitment help us work towards our
vision and respond to the changing needs
of customers worldwide.
In FY25, we sharpened our focus on supporting, retaining
and developing our teams. This reflects our belief that
people, alongside planet, are core to our long-term
business success.
More frequent and consistent employee communications,
targeted training and emphasis on health and safety
standards were focus areas. We also deployed global
systems to optimise productivity, including Dayforce
and internal social platform, Flip.
Building capability
We expanded learning and development opportunities
this year to enhance our culture of continuous
improvement. The global online platform RedSeed was
complemented with new internal training programs
covering everything from leadership to emergency
planning and response, B Corp training to media
skills, cyber security to intellectual property.
We also supported industry-specific and external
training programs, empowering employees to
develop skills that contribute to our performance.
Our ‘Elevate’ Leadership Program empowers senior
leaders to foster innovation, build resilience and
coach their teams with real-time feedback.
Our culture of continuous improvement and
accountability was enhanced with a new performance
review process featuring clearer, more meaningful
goals, quarterly check-ins and regular updates.
Organisational alignment
To align capabilities with our new strategy, Next Level,
we commenced an organisational restructure towards
the end of the year. During the FY, we also relocated
Rip Curl’s Torquay warehouse and operations to our
Group facility in Truganina, o ering permanent Crew
roles at the new site, trial options, or redundancy.
The People team provided job-readiness and
support. Where appropriate, we o er transition
assistance programs to support career changes
due to retirement or employment termination.
Despite a challenging year, our teams
continued to bring creativity and purpose
to advance sustainability, product innovation
and technology aspirations. In 2025, this
collective e£ort was recognised at the Ragtrader
Australian Fashion Industry Awards, winning
the Sustainability Excellence Award for our
Group-wide B Corp certification e£orts.
We were also finalists in several other categories:
Team of the Year for our Global ESG team; Best
Use of Technology for Kathmandu’s AI search
optimisation and Rip Curl’s GPS3 Watch and iOS
app. Two of our product leaders, Milan Thompson
(Rip Curl) and Karinda Robinson (Kathmandu),
were named in Ragtrader’s
THE TECH 20 – which
recognised the top technological innovators in
Australian fashion. The broadcast created from
the Eddie Aikau Big Wave Invitational, sponsored
by Rip Curl, also won two Emmy Awards for
Outstanding Achievement in Television.
AN AWARD¬WINNING TEAM
37
1. OVERVIEW
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
2. CREATING VALUE
KMD Brands Annual Integrated Report 202536

PERFORMANCE AND DEVELOPMENT REVIEWS COMPLETED IN FY25
CategoryMaleFemaleAnother genderTotal
Group executive 100%100%N/A100%
Brand executive 100%100%N/A100%
Senior management 84%84%N/A84%
Management 88%88%100%88%
Non-management 82%82%100%82%
TOTAL84%84%100%84%
GRI 403, 404, 416
MINORITY REPRESENTATION IN OUR TEAM
*Results based on 2,175 survey responses received from employees as part of the KMD Brands Global FY25 Engagement and DEI Pulse Survey.
4.9% of our team identify as belonging
to a local Indigenous group
7% of our team are living with a health condition
or disability
9.6% of our team identify as
belonging to an ethnic minority
11.2% of our team identify as LGBTQIA+
GENDER DIVERSITY BY CATEGORY
FY25
TOTAL EMPLOYEES
FY24% CHANGE FY24 VS FY25

Male

Female

Other/prefer not to say
+4% increase in the proportion
of female leadership
-5% decrease in the proportion
of female leadership
+2% increase in the proportion
of female representation
+1% increase in the proportion
of female representation
Board
Executive
Management
Non-management
67%
57%
40%
34%
35%
33%
43%
60%
66%
64%
<1%
<1%
<1%
Board
Executive
Management
Non-Management
71%
52%
41%
35%
36%
29%
48%
58%
65%
64%
<1%
<1%
<1%
GRI 405
KMD BRANDS ESG GOAL
An equitable, inclusive workplace
representative of the diversity within
our communities including:
•40:40:20 gender representation in leadership
positions (Board, executive and management).
•Increased representation in employment
of local Indigenous Peoples and people
from ethnic or racial minorities.
Prioritising health and safety
We’re committed to fostering a culture where physical
and psychosocial safety is actively supported.
We completed the global rollout of our new workplace
health and safety platform, Safety Champion, to 12
countries in which we operate. Delivered through a mix
of online, face-to-face and recorded training sessions in
multiple languages, the system aligns our workplaces
globally and sets new benchmarks for best practice.
We refreshed our suite of safety training across Australia,
New Zealand and US sites including inductions,
site hazards, emergency planning and response,
occupational violence and aggression. As part of our
skilled driver program, we delivered advanced driver
training to all team members with a fleet vehicle. The
first course uses virtual reality, allowing employees
to complete the training from their desktop while
experiencing a realistic drive through Australian or New
Zealand cities, with more modules planned to follow.
Recognising the rise in customer aggression in
our retail stores, we launched a de-escalation and
boundary setting framework that supports our teams.
We also recognised Skin Cancer Awareness Month in
May, with complimentary skin checks at our Rip Curl
support o ice in Torquay – an initiative we hope to
expand Group-wide.
Despite our best e orts to protect the health and
safety of our employees, there were 45recordable
work-related injuries in FY25. The main types of
injuries were contusions, cuts, sprains, strains and
soft tissue injuries. None were high- consequence,
but we take each injury seriously. We also had 20
cases of work-related ill health (FY24: 13 cases). Work-
related ill health cases included musculoskeletal,
anxiety and post-traumatic stress disorder.
To complement Safety Champion, we developed a
critical incident response plan for Australia and New
Zealand. This framework o ers a clear, coordinated
approach in the event of serious workplace incidents
and will be adapted and rolled out globally in FY26.
We are committed to customer health and safety, and
any incidents are treated as high priority, investigated
and the appropriate corrective action taken to prevent
recurrence. We also have quality assurance processes
and systems in place to ensure our products are safe.
The Group has also implemented an occupational
health and safety management system (HSMS) in line
with legal requirements in all the countries where we
operate. Our manufacturing facility in Thailand holds ISO
45001 (workplace health & safety (WHS)) accreditation.
We continue to align our HSMS to ISO 45001 and
ISO 45003 (psychosocial WHS) across the group.
The HSMS covers all workers – full-time, part-time,
casual and fixed-term – across support o ices,
distribution centres, retail stores, showrooms,
manufacturing and o site activities, such as events.
Activities include warehousing, logistics, administration,
customer service, sales, marketing, event management,
sta  management and product management.
KMD Brands Annual Integrated Report 20253839
1. OVERVIEW
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
2. CREATING VALUE

TRAINING HOURS IN FY25
Average hours of online
training per employee*
Male4.1 hours
Female4.4 hours
Another gender5.6 hours
*Based on training modules completed
through RedSeed learning platform
3,283 hrs
additional training hours
delivered in person*
Hazards are identified through reporting, risk registers,
risk assessments and inspections, with corrective actions
guided by the hierarchy of controls and overseen by
our safety team. These processes are carried out by
trained personnel and overseen by qualified safety
representatives to ensure competency and consistency.
Workers can report hazards through our safety software
system, including anonymously to protect against
any concerns about potential reprisals. Workers in
our warehouses across Australia and New Zealand
are empowered to stop unsafe work, supported
by trained Health and Safety Representatives
(HSRs). All incidents are investigated with a review
of controls and corrective actions. Findings from
investigations are used to identify systemic risks and
feed into continuous improvements to the HSMS.
Health and safety committees operate in Australia,
New Zealand and North America, providing forums for
participation and consultation between management
and workers. These committees meet regularly and
make decisions under formal constitutions. Casual
workers are not represented due to rostering, higher
turnover and budget limitations. Information is shared
through intranet, newsletters, emails and toolbox talks.
Training provided includes health and safety induction,
site-specific hazards, ladder safety, manual handling,
Industry leaders, local contributors
Across Rip Curl, Kathmandu and Oboz, our people step up as leaders, advocates and volunteers to shape
industry, strengthen communities and protect the wild places we all depend on.
* Participant attendance is determined
by accepted calendar invitations or
attendance record. Total training
hours calculated based on average
training session length of 1 hour.
Neil Ridgway
Head of International Licensing, Rip Curl
“I’m stoked to use my experience and contacts to
bring surfing to new communities, whether it’s through
Indigenous programs and athletic excellence as a Board
Director for Surfing Victoria, or by building connections
with Latin America’s surf and skiing culture by working
with ambassadors and embassies in the region.”
Jo O’Sullivan
General Manager Marketing, Kathmandu
"I serve as an Advisory Board Member of Tātai Whetū
Waitaha, an organisastion that uses sport to open doors
to education, leadership and community, inspiring young
Māori and Pasifika people to reach for the stars.”
Manu Rastogi
Head of Product Innovation & Product Sustainability, Kathmandu
"Through my roles with the Textile Exchange, EcoChoice
Aotearoa, the Sustainable Business Network NZ and
Mindful Fashion NZ, I focus on one goal: helping the
textile industry move to materials that do more good, not
just less bad."
Fiona Harrington
Product Compliance Manager, Kathmandu
“By contributing to Standards Australia and the Textile
Exchange, I am helping to shape global standards for
textile labelling, making sure consumers get clear, honest
information. This transparency matters.”
Martijn Linden
Head of Brand and Product Strategy, Oboz
“As secretary of the Southwest Montana Mountain
Bike Association, I’m committed to enhancing trail
access and advancing the future of mountain biking
in my community. I also serve on advisory boards for
the University of Oregon and the local chapter of the
American Marketing Association, helping students
prepare for careers in outdoor product creation
and marketing.”
Frances Blundell
Chief Legal & ESG Oicer, KMD Brands
“Being on the Board of Seamless is an opportunity to
help shape the future of apparel and clothing in Australia.
Contributing to the circular economy transformation in
our industry means driving real change ‘ reducing waste,
rethinking design, and creating more sustainable value
chains for the long term.”
Abigail Cook
Brand Marketing and ESG Manager, Oboz
“I’m part of the Conservation Alliance 2025 Business
Advocacy Network, which empowers brands to become
powerful advocates for the outdoors by bridging the gap
between business and conservation impact. I’m excited to
be collaborating on priority campaigns to protect public
lands and strengthen conservation policy.”
slips, trips and falls, occupational violence and
aggression, workstation ergonomics, bullying and
harassment, emergency response, first aid, wardens,
mental health first aiders and advanced driver training.
We support worker health through public healthcare
systems (Australia, New Zealand, Europe, Brazil
and Thailand) and health benefits in the US. All
workers have access to an employee assistance
program covering work and non-work issues such
as mental health, lifestyle, career and family. We
provide clear guidance on access to entitlements.
Our HSMS also applies to contractors, subcontractors,
agency workers, visitors, customers and other members
of the public. Controls include inductions, permits
to work, and incident and hazard reporting. We are
strengthening contractor and supplier engagement
processes to ensure health and safety is prioritised
across service, maintenance and transport contracts.
The Group continued to focus on privacy improvements
in FY25, with no substantiated reportable complaints
concerning breaches of customer privacy or losses
of customer data. No worker groups or activities
are excluded.
By continuing to strengthen our systems, training and
culture, we build safer workplaces across all our brands.
GRI 404-1, 418-1
KMD Brands Annual Integrated Report 20254041
1. OVERVIEW
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
2. CREATING VALUE

All Tier 1 manufacturers and traced input and raw
material suppliers are listed on Open Supply Hub
to enhance visibility and stakeholder trust.
OUR PARTNERSHIPS
In FY25, KMD Brands focused on
enhancing worker engagement, supply
chain transparency and support for the
communities where we operate.
Our approach to human rights due diligence, including
forced and child labour, is detailed in the Group’s annual
Modern Slavery Statement.
We reinforced our commitment to sustainability and
responsible business practices through strategic
partnerships and our commitment to environmental
and social standards. See ‘Our Partners’ section on
pages 120 to 126 for more detail.
Enhancing supply chain integrity
In FY25, we deepened our assessment of the risks
presented by input and raw material suppliers, using the
Higg Index tools to measure social and environmental
performance and to reduce supplier audit fatigue.
Using the platform Our Supply Chain (OSC), we
reviewed 277 social assessments and identified 1,173
non-compliances across our supply chain in FY25.
The most common findings were excessive overtime,
insurance underpayment and unsafe machinery.
Of the input suppliers traced in OSC, 41% of Tier 2
suppliers and 20% of Tier 3 suppliers were monitored
for corrective action improvements.
In FY25, Kathmandu proudly became the
o£icial apparel partner of the New Zealand
Olympic Team in a landmark four-year
agreement. Kathmandu will supply performance-
driven and responsibly made gear for athletes at
major events including the Milano Cortina Olympic
Winter Games 2026, the Glasgow Commonwealth
Games and the Los Angeles Olympic Games. The
partnership also extends to emerging athletes at
the Pre-Elite and Pacific Games. “This partnership
brings together our shared values of performance,
innovation and national pride,” noted Kathmandu
CEO Megan Welch during the launch. The first
Kathmandu-designed NZ team kit will debut in 2026,
reflecting a bold new step in the brand’s journey to
champion outdoor performance on the global stage.
KATHMANDU X NEW ZEALAND OLYMPIC TEAM
ACCOUNTABLITYFY25FY24
Tier 1: 100% (142)100% (149)
Tier 2: 11591
TRANSPARENCY
Worker voice surveys conducted
Tier 1: 30 11
Tier 2: 1 2
Workers interviewed (Tiers 1 and 2):12,5055,947
Traced on Open Supply Hub
Tier 1: 100% (142)100% (149)
Tier 2: 161158
Worker sentiment surveys conducted
Tier 1: 44
Tier 2: 01
MATERIAL ISSUES: SUPPLY CHAIN HUMAN RIGHTS & TRANSPARENCY Š PEOPLE & WELLBEING Š BIODIVERSITY, WATER, WASTE
& ENVIRONMENTAL PROTECTION
GRI 2-25
KMD BRANDS ESG GOAL:
Genuine transparency of, and
e›ective worker voice communications
with, strategic suppliers for each brand.
Tier 1:
Suppliers are 100%
accountable
Tier 1:
Increase year-on-
year where worker
voice survey tools
are in place
Tier 2:
Increase by at least one
Tier 2 supplier for each
brand per year
Tier 2:
Trace and publish the
input suppliers of our
strategic Tier 1 suppliers
Accountability to KMD Brands
Code of Conduct
Transparency
43
1. OVERVIEW
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
2. CREATING VALUE
KMD Brands Annual Integrated Report 202542

In early 2025, Rip Curl’s Innovate
Reconciliation Action Plan (RAP) was
formally endorsed by Reconciliation
Australia. Building on our 2023 Reflect RAP,
this Innovate RAP sets a clear framework
to strengthen relationships with Aboriginal
and Torres Strait Islander Peoples. We marked
the occasion during Reconciliation Week and
at the opening of the Australian Indigenous
Surfing Titles event held at Djarrak on
Wadawurrung Country. Key actions for our new
RAP include cultural immersions for new sta£,
store-based Acknowledgement of Country
plaques, and greater use of our platforms to
promote inclusion, respect and opportunity.
DEEPENING OUR COMMITMENT
TO RECONCILIATION
the impact was formally measured. Workers reported
improvement in their negotiating and bargaining
skills in relation to household decisions, improved
understanding of health and nutrition indicators and
improved confidence in their ability to solve problems
in their home and workplace. This program will be
o ered in a second factory in Bangladesh in FY26.
Strategic brand partnerships
Each of our brands partnered with organisations
that reflect our values and extend our reach.
Rip Curl continued its long-standing partnership with
the World Surf League (WSL), headlining iconic events
like MEO Rip Curl Pro Portugal and Rip Curl Pro Bells
Beach, and o ering exclusive event merchandise that
elevated brand engagement and commercial success.
We proudly supported the Eddie Aikau Big Wave
Invitational, where our tribute collection celebrating
Hawaiian surf heritage was in high demand. The Rip
Curl Cup Padang Padang 2024 also returned with
a women’s division. This one-day, best-conditions-
only event brought together the world’s premier
tuberiders and reinforced Rip Curl’s commitment
to authentic, progressive surf experiences.
We also teamed up with Australian denim icon Abrand
to launch a nostalgic streetwear capsule inspired by ‘80s
Listening to workers
Our worker voice program expanded to Bangladesh
and Indonesia. We continued our work with
AskYourTeam, a New Zealand-based tech company,
to survey factory workers who are employed by
our manufacturing partners to create our products.
This tool enhances our ability to directly engage
with workers and address concerns e ectively.
AskYourTeam’s tool allowed us to collect anonymous
feedback from 12,505 workers across manufacturing
facilities in Bangladesh, China, Indonesia and Vietnam.
This included 21 key factory partners in China, where
workers were asked about workplace health and
safety, remuneration and equality. These insights
have highlighted facility best practices and areas to
improve, including gender sensitivity training, workforce
policy training and better grievance procedures.
Promoting gender equality
We completed the women’s empowerment program
in Bangladesh, which commenced in FY24. This was a
program facilitated by labour rights organisation, Awaj
Foundation, in collaboration with long-term trading
agent Toads and manufacturer Astex Garments. The
program focused on enhancing female garment workers’
skills in financial management, leadership, health and
nutrition. 240 women participated in the program and
and ‘90s surf culture, which was well received by media
and influencers.
Kathmandu launched a new partnership with the
New Zealand Olympic Team, encouraging Kiwis to
embrace the outdoors through the unifying power of
sport. We continued our work with Her Trails, a global
platform empowering women to pursue transformative
outdoor experiences.
Kathmandu celebrated its ninth year as title sponsor
of the iconic Kathmandu Coast to Coast, supporting
athletes including Longest Day race winner Alex Hunt
and Her Trails’ Sam Gash, who completed the two-
day tandem. Thousands joined us at New Brighton
Beach to cheer competitors to the finish line, where
a Kathmandu pop-up store, virtual reality mountain
run and family-friendly activations were waiting.
In Melbourne we hosted a one-o  Trail Run Club
event to launch our Cold Weather Outdoor Active
collection. This connected with 65+ runners and
generated over five million organic social impressions.
Oboz strengthened its strategic brand partnerships to
uplift performance innovation and cultural relevance.
One highlight was the collaboration with creative studio
and taste-maker Blackbird Spyplane to reimagine the
iconic Sawtooth II trail shoe. The sold-out Swagtooth
Purple Earth shoe was lauded in the New York Times.
Oboz also continued its long-standing partnership with
GORE-TEX, integrating Invisible Fit technology into
the Katabatic range to deliver waterproof performance
and breathability without compromising comfort.
Supporting our communities
During the reporting period, each brand made
meaningful contributions to the communities where
we live and work, reflecting our shared purpose
and mission. While we were mindful of costs and
reduced the overall amount of donations given
economic pressures and trading conditions, we
maintained strong partnerships and increased sta 
volunteer hours through Planet Day activities.
Kathmanducontinued its support for Australian
mental health charity, Beyond Blue, and New Zealand
youth development charity, the Graeme Dingle
Foundation. Kathmandu sponsors Project K to inspire
high school students through outdoor activities.
KMD Brands joined a Fair Labor
Association (FLA) roundtable in
Bangladesh in February 2025 as part of our
ongoing commitment to responsible sourcing
practices and fair wages. Since Kathmandu
became the first Australasian brand accredited
by the FLA in 2018, we have continued to
strengthen labour standards across our supply
chain by implementing grievance mechanisms,
monitoring corrective actions and reviewing
compensation data. At the Dhaka roundtable, we
collaborated with suppliers and industry leaders
to champion systemic change. We continue to
support union rights, fair wages and shared
accountability, advocating for a future where
every worker is respected and fairly compensated.
RAISING THE BAR FOR WORKER RIGHTS
Kathmandu’s CEO Megan Welch also took part in the
Foundation’s annual ‘Drop Your Boss’ challenge, jumping o 
the Auckland Sky Tower to raise funds for New Zealand’s
future leaders. Kathmandu’s Planet Day also returned for
its third year, with team members removing invasive plant
species and helping care for native flora in Christchurch.
Oboz’ One Tree program has now planted more
than six million trees worldwide. This year we
partnered with tree planting organisation veritree
to enhance transparency and tracking.
We also partnered with Wild Montana to sponsor
the popular Trail of the Week microcast series, and
with Black Folks Camp Too to help dismantle barriers
to the outdoors. We backed long-distance hikers
through THRU-r, a platform o ering free planning
tools and community connection. As a member of The
Conservation Alliance, we joined peers in Washington,
D.C to lobby for stronger protections for public lands.
KMD Brands Annual Integrated Report 20254445
1. OVERVIEW
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
2. CREATING VALUE

KMD BRANDS ESG GOAL:
Supported local community projects,
through donations, fundraising and
paid employee time, to create a positive impact
for the wellbeing of people and planet.
FY25 PERFORMANCE
NZD $832k*
invested with our local community
partners in FY25
5,777
volunteer hours (FY24: 4,860 hours)
*includes company financial donations, product donations,
employee donations and partnership fees.
GRI 2-28
In FY25, Oboz Footwear took the next step in our long-standing tree-planting commitment by
partnering with veritree, a data-driven platform that brings greater transparency and accountability
to restoration projects around the world. Since 2007, we’ve planted a tree for every pair of shoes
sold, now totalling more than six million trees. Through veritree, we’re now able to track planting
progress, verify impact through blockchain technology and expand our reach to new regions, including
Oregon, British Columbia and Senegal. Together with Trees for the Future and veritree, we’re helping
reforest land, revitalise ecosystems and support communities through nature-based climate solutions.
TRACKING IMPACT, TREE BY TREE
Rip Curl crew around the world participated in Planet
Day for the 24th consecutive year. We partnered
with local community organisations to restore
habitat and remove invasive weeds and rubbish.
Rip Curl continued its support for Surfrider in North
America and Australia, contributing all profits from
the sale of paper bags and Surf Organics wax instore
to support coastal conservation. As the primary
partner of the SurfAid 2024 'Make-A-Wave' campaign,
we helped to raise more than AU$678,000 for
remote surfing communities. Head of ESG, Shasta
O’Loughlin, visited SurfAid’s program site in Rote,
Indonesia, to see firsthand how the organisation is
improving health, nutrition and parenting outcomes.
In this same spirit of giving, we’ve also stepped
in to support those impacted by wildfires in Los
Angeles and Lahaina, Maui. To date, more than
USD$50,000 has been raised, including Rip Curl’s
donation which went towards non-profits working in
the L.A. region. This is part of the wider Surf Industry
Members Association (SIMA) Humanitarian Fund,
which has distributed more than USD$1.5 million to
social and humanitarian organisations worldwide.
KMD Brands Annual Integrated Report 20254647
1. OVERVIEW
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
2. CREATING VALUE

accuracy; expanding renewable
energy use across our supply chain;
and collaborating with industry peers
to address systemic challenges.
While we are proud of our progress
towards emissions reduction targets, we
recognise that decoupling emissions from
economic growth is a significant challenge
with many factors outside our direct control.
We remain committed to enhancing our climate
strategy and building long-term resilience,
while monitoring developments in other global
reporting frameworks such as the European
Corporate Sustainability Reporting Directive and the
Australian climate-related financial disclosure regime.
OUR ENVIRONMENT
MATERIAL ISSUES: HARMFUL SUBSTANCES Š RESPONSIBLE DESIGN & MATERIALS Š CLIMATE CHANGE, ENERGY & EMISSIONS
Š BIODIVERSITY, WATER, WASTE & ENVIRONMENTAL PROTECTION
Knowing our footprint is the first step to
reducing it, KMD Brands has expanded
our partnership with Worldly by adopting
the new Product Impact Calculator – a tool
that tracks the carbon footprint of individual
products using real data from our supply chain.
Scope 3 emissions, which make up the majority
of our impact, are inherently di£icult to measure.
Now, with the greater transparency this tool
provides, we can identify targeted improvements.
We’re starting with our apparel range – from
boardshorts and pu£er jackets to swimwear
and wetsuits – with footwear to follow. The
calculator helps us shift away from assumptions
and averages, instead digging into the detail to
reduce our emissions and design for a lower-
carbon future.
FOOTPRINT IN FOCUS
We balance our commitments as a
responsible B Corp with a focus on
customer and shareholder value to ensure
our business is competitive and resilient
over the long-term.
KMD Brands aligns our ESG commitments with
the need to maintain competitive and commercial
strength. By exploring and testing innovative
practices, and by applying lessons from pilot projects
across the Group, we find e ective, pragmatic
solutions that support operational e iciency and
responsible practices, while addressing the material
issues that matter most to our stakeholders.
We are actively identifying, managing and working to
reduce harmful substances in our products to protect
human health and the environment, complying with
international regulations and industry standards.
Through responsible design, we are creating innovative,
industry-leading products that appeal to customers, build
global brand recognition and use responsibly-sourced
materials to minimise waste across our supply chain.
Our climate strategy integrates resilience planning
and emissions reduction, while operational initiatives
aim to optimise energy management and minimise
our supply chain footprint. We also consider the
potential impacts of our products, packaging
and broader business on biodiversity, water
stewardship, waste reduction and circularity.
Responding to regulation and climate
reporting requirements
In FY25, on behalf of the Board of Directors, we
presented our first Climate-Related Disclosure (CRD)
statement, prepared in accordance with the Aotearoa
New Zealand Climate Standards (NZ CS 1, 2 and 3).
This milestone builds on years of tracking, reporting
and setting emissions targets as part of our wider
ESG commitments and B Corporation certification.
Preparing our first CRD statement was a comprehensive,
global e ort involving all our brands, regions, internal
specialists and expert external advisors. It reflects
our growing understanding of the potential risks and
opportunities climate change presents to our business,
and our strategies for adaptation and response. We
are focused on improving data quality, access and
49
1. OVERVIEW
3. FINANCIAL REPORT
4. ADDITIONAL DISCLOSURES
2. CREATING VALUE
KMD Brands Annual Integrated Report 202548