2025 Annual General Meeting Presentation

AGM Presentation
22
nd
October 2025

DISCLAIMER
Certain statements in this report constitute forward-looking statements. Forward-looking statements are statements (other than statements of historical fact)
relating to future events and the anticipated or planned financial and operational performance of Michael Hill International Limited and its related bodies
corporate (the Group). The words “targets”, “believes”, “expects”, “aims”, “intends”, “plans”, “seeks”, “will”, “may”, “might”, “anticipates”, “projects”,
“assumes”, “forecast”, “likely”, “outlook”, “would”, “could”, “should”, “continues”, “estimates” or similar expressions or the negatives thereof, generally
identify these forward- looking statements. Other forward-looking statements can be identified in the context in which the statements are made. Forward-
looking statements include, among other things, statements addressing matters such as the Group’s future results of operations; financial condition; working
capital, cash flows and capital expenditures; and business strategy, plans and objectives for future operations and events, including those relating to ongoing
operational and strategic reviews, sustainability targets, expansion into new markets, future product launches, points of sale and production facilities.
Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, they are not guarantees or predictions of
future performance or statements of fact. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that
could cause the Group’s actual results, performance, operations or achievements or industry results, to differ materially from any future results, performance,
operations or achievements expressed or implied by such forward-looking statements.
Such risks, uncertainties and other important factors include, among others: global and local economic conditions; changes in market trends and end-consumer
preferences; fluctuations in the prices of raw materials, currency exchange rates, and interest rates; the Group’s plans or objectives for future operations or
products, including the ability to introduce new jewellery and non-jewellery products; the ability to expand in existing and new markets and risks associated
with doing business globally and, in particular, in emerging markets; competition from local, national and international companies in the markets in which the
Group operates; the protection and strengthening of the Group’s intellectual property rights, including patents and trademarks; the future adequacy of the
Group’s current warehousing, logistics and information technology operations; changes in laws and regulations or any interpretation thereof, applicable to the
Group’s business; increases to the Group’s effective tax rate or other harm to the Group’s business as a result of governmental review of the Group’s transfer
pricing policies, conflicting taxation claims or changes in tax laws; and other factors referenced to in this report.
Should one or more of these risks or uncertainties materialise, or should any underlying assumptions prove to be incorrect, the Company’s actual financial
condition, cash flows or results of operations could differ materially from that described herein as anticipated, believed, estimated or expected. Accordingly,
you are cautioned not to place undue reliance on any forward-looking statements, as there can be no assurance the actual outcomes will not differ materially
from the forward-looking statements in this report.
Except as required by applicable laws or regulations (including the ASX Listing Rules), the Group does not intend, and does not assume any obligation, to update
any forward- looking statements contained herein. All subsequent written and oral forward-looking statements attributable to us or to persons acting on the
Group’s behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this report.
2

Board of Directors
Rob Fyfe
(Independent NED, Chair)
Claudia Batten
(Independent NED, Deputy Chair)
Emma Hill
(Non-independent NED, Chair of People
Development & Remuneration Committee)
Gary Smith
(Independent NED, Chair of Audit
& Risk Management Committee)
Dave Whittle
(Independent NED)
Andrea Slingsby
(Independent NED)

Online Text Question Process
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4

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5

Voting
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Select your voting preference for each resolution
You can change your vote until the poll is closed
6

Chair’s address
Rob Fyfe
7

8
Tribute to Sir Michael Hill

9
Tribute to Daniel Bracken

Chair’s address
Rob Fyfe
10

11
CEO’s address
Jonathan Waecker

FY25 Performance Overview
12
•Global economic uncertainty and challenging retail trading conditions
persisted across all markets, particularly in New Zealand
•Our two largest segments Australia and Canada delivered revenue growth
•FY25H2 saw improvement in same store sales across all segments
•Strong digital traffic, with customers embracing omni-channel, supported
the increase in digital sales
•Significant progress on Michael Hill initiatives:
•Opened second global flagship store in Bourke St, Melbourne
•Refurbished Queenstown, NZ store with the new brand identity
•Successfully launched the Pendant Bar concept, with a focus on both
build-your-own and ready-to-wear gifting
•Elevated the quality of sustainable “LAB.” diamond offering
•Established a New Zealand Distribution Centre

FY20H1 Financial Snapshot
•Group revenue, gross margin and comparable EBIT
were broadly flat to LY
•Even with gold at multiple record highs throughout
the year, continued active management of
inventory saw year-end holdings close at $199m
•Ye a r-end net debt closed broadly in line with prior
year at $42m
13
FY25FY24Change
Revenue$644m$645m-0.2%
Gross Profit$389m$391m-0.4%
Gross Margin 60.5%60.6%-10 bps
Comparable EBIT $15.3m$15.9m-3.5%
Inventory$199m$196m+$3m
Net Cash/(Debt)($42m)($39m)-$3m
Total Dividend-AU1.75c-AU1.75c
Store Network287
(incl. 37 Bevilles)
300
(incl. 36 Bevilles)
-13
FY25 Group Results

FY25 Core priorities
14
1. Embedding the repositioning of the Michael Hill brand across all markets
2. Internal strategic review of New Zealand to improve performance
3. Reinforce retail fundamentals, brand identity and awareness of the Bevilles brand

15
FY26 Trading Update
•Pleasingly, product and brand initiatives have delivered group gross
margin recovery of approx. +100bps for the first 16 weeks of FY26.
•For the first 16 weeks of FY26, Group same store sales were flat on
prior year, with same store sales for the:
•Australian segment up +0.7%
•Canadian segment up +4.1%
•New Zealand segment down -6.2%
•Total Group sales were down -1.3% in the first 16 weeks of FY26,
despite a 4.4% reduction in store numbers from 297 to 284 (over the
same 16-week period).
•The Group remains focused on inventory management, capital and
operational cost control, along with optimisation of store rostering.
The above numbers are unaudited and prior to accounting adjustments.

•As we prepare for the all-important Christmas Trading period, we are
encouraged by:
•+100bps lift in group gross margin (YoY) in the first 16 weeks
•Canadian segment continuing to deliver record sales performance
•In the all-important world of product, we are focused on:
•Introducing new collections: including Vermeil, Lume LAB, and
Earring Bar
•Broadening the Pendant Bar range and enhancing the in-store
shopping experience our customers love
•Showcasing exceptional quality at attainable prices to reinforce
value for customers
•Expanding the gifting offer with Christmas gift sets designed to
meet diverse gifting needs
New MH flagship stores, ready for Christmas trade:
•Rundle Mall, Adelaide, AU (refurbish)
•Bondi Junction, Sydney, AU open late October (new store)
•Yorkdale, Toronto, CA open early November (refurbish)
16
Well prepared for Christmas

Questions
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18
Business of the
Annual General
Meeting

Financial Statements and Reports
•Audited FY25 Financial Statements
•Directors’ report
•Auditor’s report
19

Resolution 1: Adoption of Remuneration Report
To consider and, if thought fit, to pass the following advisory resolution:
"That the Remuneration Report of the financial year ended 29 June 2025
(as set out in the Directors' Report) is adopted."
20
FORAGAINSTOPENABSTAINEXCLUDED
NO. OF SHARES79,264,773910,914341,503375,205167,023,535
% OF ELIGIBLE VOTES98.45%1.13%0.42%N/AN/A
% OF ALL SECURITIES20.60%0.24%0.09%0.10%43.40%

Resolution 2: Re-election of Gary Smith as Director
21
To consider and, if thought fit, to pass the following resolution as an
ordinary resolution:
"That Mr Gary Smith who retires by rotation in accordance with ASX
Listing Rule 14.4 and Rule 38.6 of the Company’s Constitution and,
being eligible, offers himself for re-election, be re-elected as a Director
of the Company."
FORAGAINSTOPENABSTAINEXCLUDED
NO. OF SHARES242,728,6344,667,511341,503178,2820
% OF ELIGIBLE VOTES97.99%1.88%0.13%N/AN/A
% OF ALL SECURITIES63.07%1.21%0.09%0.05%0.00%

Resolution 3: Re-election of Andrea Slingsby as Director
22
To consider and, if thought fit, to pass the following resolution as an
ordinary resolution:
"That Ms Andrea Slingsby (appointed as a Director of the Company on 8
September 2025), who in accordance with ASX Listing Rule 14.4 and Rule
36.2 of the Company’s Constitution and, being eligible, offers herself for
re-election, be re-elected as a Director of the Company."
FORAGAINSTOPENABSTAINEXCLUDED
NO. OF SHARES242,575,5814,831,585341,503167,2610
% OF ELIGIBLE VOTES97.92%1.95%0.13%N/AN/A
% OF ALL SECURITIES63.03%1.26%0.09%0.04%0.00%

Resolution 4: Re-election of Robert Fyfe as Director
23
To consider and, if thought fit, to pass the following resolution as an
ordinary resolution:
"That Mr Robert Fyfe who retires by rotation in accordance with Rule
38.1 of the Company’s Constitution and, being eligible, offers himself for
re-election, be re-elected as a Director of the Company."
FORAGAINSTOPENABSTAINEXCLUDED
NO. OF SHARES246,822,182585,894341,503166,3510
% OF ELIGIBLE VOTES99.64%0.23%0.13%N/AN/A
% OF ALL SECURITIES64.14%0.15%0.09%0.04%0.00%