Annual Meeting Speeches and Presentation

Bremworth Limited 12 November 2025 Annual Meeting Speeches – Chair and CEO
Board
Joining me today are your Directors. I will ask them each to raise their hand when I introduce
them.
First, Julie Bohnenn ... then Trevor Burt ... and Murray Dyer. And there is, of course, also
Grant Biel, co-founder of the Bremworth carpet business and Director Emeritus.
Your Board brings wide experience across agribusiness, manufacturing, retail and corporate
governance.
Your Board has a refreshed mix of skills, combining continuity of manufacturing and design
knowledge with new perspectives in governance, capital markets and strategy. Our approach
is hands-on. Directors are spending significant time in the plants and with customers to ensure
we fully understand the challenges and opportunities ahead.
CEO and executive leadership team
Also joining us are CEO, Craig Woolford, and other members of Craig’s executive leadership
team along with several of our advisers and auditors. I take this opportunity to welcome Toby
Groser and his team from Montarne who have been advising the Directors on the proposed
Scheme of Arrangement, Ian Beaumont and his team from Russell McVeagh our lawyers and
Pip Cameron and her team from PwC, our auditors. On behalf of the Board, I thank all who
have provided professional guidance to Bremworth throughout the year.
Chair’s Presentation
When this Board took office in March, shareholders asked us to act decisively to stabilise the
business and protect value. We have done exactly that.
We reinstated wool yarn production at Napier. We reintroduced SDN carpet to ensure a
relevant product portfolio and that Bremworth remains relevant to the largest segment of the
market. We continue to right-size the cost base and focus resources where they will deliver
the greatest return. We also continued with the strategic review to assess the best way to
create long-term value for shareholders. It’s been a pretty busy 8 months!
The outcome of that review is the proposed Scheme of Arrangement with Floorscape Limited,
a wholly owned subsidiary of Mohawk Industries. This transaction is the result of a structured

process involving multiple parties and represents of all the options available - including
continuing as a going concern - what your Board believes to be the best outcome for
shareholders.
Under the Scheme, shareholders are expected to receive total consideration of between $1.05
and $1.15 per share. This includes $0.75 per share from Floorscape and an additional $0.30
to $0.40 per share from excess cash to be returned to shareholders.
Regulatory approvals are progressing well. The Australian Competition and Consumer
Commission has already approved the transaction. Applications are with the New Zealand
Commerce Commission and Inland Revenue. Subject to these and shareholder approval, the
transaction is expected to be implemented in the second half of FY26.
This proposal provides certainty of value while preserving the Bremworth brand and workforce.
It aligns us with a global parent that brings scale, investment capability and access to new
markets.
Whether the Scheme proceeds or not, our strategy remains focused on building a stronger,
more balanced business. We will continue to concentrate on the things that matter most:
disciplined manufacturing, profitable product mix, a high-performing sales culture and capital
efficiency. These are the fundamentals that will sustain value creation for shareholders in any
ownership structure.
As I mentioned earlier, shareholders will have the opportunity to meet with the Directors in
private after the conclusion of the Annual Meeting to further discuss the proposed Scheme.
Market Context
It is important to recognise the environment in which this turnaround has taken place.
Consumer confidence and housing activity have remained subdued, yet we have managed to
lift volumes, rebuild service reliability and begin the process of regaining trust with key retail
partners. That speaks to the strength of our brand and the determination of our people.
Operational Progress
The reinstatement of the Napier yarn plant is well advanced, with production quality now
meeting our standards and supporting improved SKU delivery. This reinstatement is the
foundation to unlock the shortening of the supply chain, reduction of inventory hold, yarn
quality and consistency improvement, improved cost efficiency and ultimately sales growth.
This has already seen the employment of in excess of 20 staff in Napier as we rebuild the

blending operation and the carding lines that were damaged in Cyclone Gabrielle, reinstate
the two for one twister and operationalise the confin line to produce high quality, consistent
yarn in New Zealand. This has also had the benefit of bringing virtually all yarn production
back in house, with commensurate savings on inventory holding and a significant reduction in
supply chain length and time to service, with the added significant benefit of a remarkable
quality improvement in the yarn produced. Quality has returned to historical levels, with
downgrade rates now below long-term averages. This is a major improvement compared with
the 12 percent level seen earlier in the year.
Re-entry into SDN carpet is virtually complete. We now have stock on hand and expect to see
sales begin this month. The demand pipeline is well supported by ongoing yarn supply from
our partners. The addition of SDN to Bremworth’s product portfolio provides us with greater
relevance to our retail partners, and ultimately our consumers as we have a wider range of
consumer-relevant products to offer in our range.
Alignment of the cost base is also nearly complete. We are seeing efficiencies in distribution
and administration and are beginning to benefit from lower overheads across the business.
Sales capability has been rebuilt. Almost all frontline positions are filled, and we are seeing
encouraging momentum particularly in New Zealand.
Looking Ahead
As volumes increase, we are shifting focus from recovery to efficiency.
Manufacturing performance is improving as we concentrate on throughput and process
optimisation. Napier continues to increase its output and support the Whanganui plant,
reducing lead times and improving quality.
We are lifting volumes from the yarn plants and managing inventory to focus on faster-moving
SKUs while phasing out slower ones to maintain an optimal balance.
Our cash position remains strong, with cash as at the end of June of $42.2 million that we
reported to shareholders in the annual report..
Our sustainability principles remain unchanged. Bremworth continues to champion the
environmental and health benefits of natural fibres, and we will maintain that leadership
position whatever the outcome of the Scheme. We are comfortable as a Board that SDN and
wool can co-exist under the Bremworth brand. Our customers are asking for this.

All of this progress means we have built a platform capable of sustained performance and
ultimately sustained profitability, whether the Scheme proceeds or not.
Employee Recognition
I also want to recognise the contribution of our employees throughout New Zealand and
Australia and across both the carpet and wool division. They have shown professionalism
through significant change, and their commitment to quality and safety underpins everything
we are achieving. On behalf of the Board, thank you.
Closing Remarks
We have rebuilt focus, capability and financial discipline. The last few months have proven
that Bremworth can adapt, compete and win. The foundations are set, there is a long way to
go, and we are ready for the next phase of growth and value creation for shareholders.
Thank you for your continued trust in Bremworth.
I will now invite Craig Woolford to provide further detail on the company’s operations and the
outlook for FY26 and FY27.
CEO’s Address – Craig Woolford
Thank you, Rob, and good afternoon, everyone.
It is a privilege to stand here today and to once again be part of Bremworth’s journey. This
company has played a major role in my professional life, and it is one I care deeply about. I
have seen firsthand what Bremworth can achieve when its people are focused, its
manufacturing runs well, and its customers believe in the brand.
This is not my first experience with Bremworth. I started here in 1997 as Administration
Manager and worked through several leadership roles, including Production Manager, Plant
Manager and General Manager of Manufacturing. After a period leading operations for
Godfrey Hirst North America, I returned earlier this year at the Board’s request to help get the
company back on track.
When I came back, it was clear the business had strong fundamentals but needed sharper
focus. The past six months have been about restoring discipline, resizing the business,
improving quality and embedding a performance culture that drives profitability and growth.

Changing the Culture
A major focus this year has been resetting how people see Bremworth.
For too long, the business saw itself as just a sales company. That mindset needed to change.
We are a sales organisation that happens to make carpet, not the other way around.
Everything we do is to support sales. The team has embraced this shift and the results are
showing.
We have launched new synthetic ranges alongside our wool offer, giving us fuller product mix
that retailers want. This has changed the conversation with customers and re-established our
relevance in the market.
FY25 Results Summary
Before turning to operations, I want to briefly recap our FY25 results.
The past year was the most challenging in Bremworth’s modern history. Consumer confidence
remained weak across New Zealand and Australia, and competition in the flooring market
intensified. These factors weighed heavily on both volumes and margins, particularly through
the first half of the year.
Despite these challenges, revenue increased to $88.4 million, up from $80.3 million in FY24,
reflecting the reinstatement of production capacity and the gradual rebuilding of customer
relationships as well as a solid performance by our wool procurement division, Elco Direct.
However, margins were compressed as higher input costs and subdued demand reduced
overall profitability.
Our normalised EBITDA loss came in at $13.5 million, compared with a $4.7 million loss the
previous year. Despite this, the company recorded a net profit after tax of $19.1 million,
compared with $4.6 million in FY24 after adjusting for insurance proceeds, restructuring costs
and provision for onerous contract.
Most of the operating loss occurred in the first half, when we were carrying excess inventory,
facing higher yarn costs, and managing the disruption of reinstating Napier. The second half
showed a clear improvement as cost control measures took hold, manufacturing began to
stabilise, and working capital was brought back under tight management.
While the full-year result does not yet reflect the company’s potential, the trajectory is positive.
We exited FY25 with a leaner cost base, better quality metrics, and improved cash generation.

The reset has created a stronger platform for the recovery we expect to see through FY26 and
beyond.
Operational Execution
Our manufacturing network is performing more efficiently than at any point in recent years.
Productivity gains are coming through as volumes lift, with Napier and Whanganui now
operating in close coordination. The two sites are now sharing load more effectively, reducing
lead times and improving quality consistency across the range.
We have rebalanced the production mix to focus on high-margin SKUs and tightened control
over energy and waste. Continuous improvement initiatives are underway across both yarn
and tufting operations with clear accountability for output, cost and quality.
The progress has been tangible. When I returned, the cost of quality was unsustainable, with
downgrades running at 12 percent of production. Today, those downgrades are under two
percent, and in October sat at 1.6 percent. That improvement has had a direct and significant
financial impact.
We have also cleared legacy inventory that was dragging on cash and profitability. When I
arrived, there were more than 27,000 lineal metres of seconds and obsolete carpet stock
sitting in storage. Virtually all of that is now gone, freeing up space and reducing waste.
Leadership and People
None of this would have been possible without the right people.
We have rebuilt a capable and experienced leadership team.
● Victor Tan has been reinstated as Chief Financial Officer and Company Secretary,
strengthening our financial discipline and governance, and fully utilising Victors 40+
years with the business. Victor knows all parts of the business intimately and is a great
sounding board for any new initiatives. He always put shareholders first.

● Warren Drinkwater, our General Manager of Sales for New Zealand, brings more than
20 years of industry experience and has been instrumental in rebuilding retailer
confidence.

● Michael Ingham, General Manager of Sales Australia, has been with Bremworth for
14 years and is instrumental in re-establishing our relationships with the key
Australian buying groups.

● Chris Nabney, Head of Yarn Operations, has been key in driving the turnaround in
quality and plant performance.

● Dave McLeod, who supported the people restructure, has been central to rebuilding
staffing levels at both spinning plants and managing change with professionalism and
care.

● Caio Diehl, Chief Information Officer who has been instrumental in upgrading and
streamlining our systems to match market requirements and manufacturing objectives.
Our workforce understands the link between quality, efficiency and customer satisfaction.
There is a renewed sense of pride in delivery and accountability for results.
Sales and Market Engagement
Our focus is now firmly on our customers.
Bremworth has a proud heritage in wool carpet, and that remains central to our brand. But to
succeed, we must be cognisant of where the market is. Synthetic carpets account for more
than 85 percent of soft floor coverings sold in Australasia. By reinstating solution-dyed nylon
alongside wool, we are giving retailers the full range they need and putting ourselves back in
the conversation.
The re-entry into synthetics has been well received. It allows us to participate in more tenders
and dealer promotional activities while also positioning our wool carpets as the premium
alternative within a comprehensive range.
In Australia, our relationships with the major buying groups are strengthening. We are getting
back through the door and rebuilding trust, which is critical for long-term volume. Domestically,
we are winning back floor space in key independent stores through improved service, reliable
delivery and clearer brand communication.

Financial and Performance Outlook
Looking ahead to the rest of FY26 and into FY27, I expect to see the full benefits of this reset
reflected in our results.
Some initiatives have taken longer than expected. Synthetic carpet production started two
months later than planned, and Napier’s second card is coming online later than we originally
scheduled. But those are short-term issues. By the second half of FY26, all our major changes
will be in place, our cost structure will be right-sized, and we expect to be back in profitability.
Inventory is now balanced between fast and slow-moving products, and our cash generation
is improving. Working capital control has tightened, and manufacturing recovery is trending
upwards. This gives us flexibility to respond quickly to demand and to reinvest in the areas
that will drive growth.
Product and Innovation
We are continuing to invest in product innovation that supports our long-term competitiveness.
Our product strategy now balances New Zealand’s natural wool advantage with selected
synthetic offerings. Work is underway on new sustainable blends that enhance durability while
maintaining the aesthetic and environmental values our brand is known for.
Our design and technical teams are working more closely with customers to ensure our new
products align with the market. The time from concept to launch is shortening, allowing us to
refresh our ranges more frequently and remain competitive.
Closing Remarks
In short, we have moved from recovery to rebuild.
Bremworth today is more efficient, more focused and better aligned with the market. We have
the right leadership, the right culture, and the right strategy to deliver sustainable profitability.
Whether under our current structure or as part of the proposed Scheme, the direction is clear.
We are building a business that can compete, grow and create value for shareholders over
the long term.
Thank you for your continued support and confidence in Bremworth.

---

1
A N N U A L
S H A R E H O L D E R
M E E T I N G
1 2 N O V E M B E R 2 0 2 5

2
Agenda–Annual Meeting
1.Chair’s Presentation
2.CEO’s Presentation
3.Shareholder Questions & Discussion
4.Resolutions
5.Close of Meeting.
Shareholder & Board Discussion –Proposed Scheme of
Arrangement
To Follow: Factory Tour & Refreshments

3
How to Ask Questions and to Vote (in person)
Questions:These can be asked later in the
meeting at the relevant time. We appreciate if you
can identify yourself before asking your question.
Voting:Later in the meeting when voting opens,
use the voting paper handed to you upon arrival.

›If you have a question to submit during the live
meeting, please select the Q & A tab on the right
half of your screen at anytime. Type your
question into the field and press submit. Your
question will be immediately submitted to the
moderator.
Online Questions
How to Participate in Virtual/ Hybrid Meetings
and ask a Question
Shareholder & Proxyholder Q & A Participation
Help
›The Q & A tab can also be used for immediate
help. If you need assistance, please submit your
query in the same manner as typing a question and
a Computershare representative will respond
directly to you.

How to Participate in Virtual/ Hybrid
Meetings and Vote
›Once the votinghas been opened, the resolutions
and voting options will allow voting.
›To vote, simply click on the Vote tab, and select
your voting direction from the options shown on
the screen.
›Your vote has been cast when the tickappears.
›To changeyour vote, select ‘Change Your Vote’.
Shareholder& Proxyholder Voting

6
Board Introduction
Grant Biel
Director Emeritus
Rob Hewett
Independent Chair
Trevor Burt
Independent Director
Julie Bohnenn
Independent Director
Murray Dyer
Independent Director

7
Bremworth CEO, Craig Woolford

8
CHAIR’S
P R E S E N T A T I O N
R O B H E W E T T

9
Strategic Actions & Proposed Transaction
Board Response & Stabilisation
•Reinstated wool yarn production at
Napier.
•Reintroduced SDN carpet to largest
market segment.
•Right-sized cost base and focused
resources for ROI.
•Continued strategic review for long-term
shareholder value.
Proposed Scheme of Arrangement
•Transaction with Floorscape(subsidiary
of Mohawk Industries).
•Shareholder consideration: $1.05–$1.15
per share
•$0.75 from Floorscape
•$0.30–$0.40 from excess cash
•Regulatory approvals progressing (ACCC
approved; NZCC & IRD pending).
•Expected implementation: H2 FY26.
•Preserves Bremworth brand, workforce,
and aligns with global scale.

10
Operational Progress & Outlook
Turnaround Achievements
•Improved volumes and service reliability
despite subdued market.
•Napier plant reinstated; improved SKU
delivery and lead times.
•Quality restored; downgrade rates below
long-term average.
•SDN carpet re-entry complete; sales
expected from November.
•Cost base alignment nearly complete;
overheads reduced.
•Sales capability rebuilt; strong NZ
momentum.
Looking Ahead
•Focus shifting from recovery to efficiency.
•Manufacturing throughput and process
optimisation underway.
•Inventory managed for faster-moving
SKUs.
•Stronger cash position enables
reinvestment.
•Sustainability commitment to natural
fibres remains.
•Platform built for sustained profitability –
with or without the Scheme.

11
C L O S I N G
R E M A R K S

12
CEO’S PRESENTATION
C R A I G W O O L F O R D

13
Cultural & Strategic Reset
•Shifted mindset: Bremworth is now a manufacturing
organisationthat sells carpet.
•Team embraced the change, driving improved results.
•Reintroduced synthetic ranges alongside wool to meet
full market demand.
•Regained relevance with retailers and customers.

14
FY25 Results Summary
•Revenue increased to $88.4M(up from $80.3M in FY24).
•Normalised EBITDA loss: $13.5M.
•Net profit after tax: $19.1M, boosted by insurance and restructuring adjustments.
•Second half showed clear improvement in cost control, manufacturing stability,
and working capital.

15
Operational Execution & Leadership
Operational Progress
•Manufacturing network now highly
efficient; Napier & Whanganui sites
coordinated.
•Downgrade rates reduced from 12% to
1.6% -major quality improvement.
•Cleared over 27,000 lineal metresof
seconds & obsolete inventory, improving
cash flow.
Leadership Team Rebuild
•Victor Tan (CFO & Company Secretary)
•Warren Drinkwater (NZ Sales)
•Michael Ingham (Australia Sales)
•Chris Nabney (Yarn Ops)
•Dave McLeod (People & Change)
•Caio Diehl (CIO)
•Renewed pride, accountability, and
customer focus across the workforce.

16
Market Engagement & Outlook
Sales & Market Engagement
•Wool heritage remains central to the
Bremworth brand.
•Re-entry into synthetics well received;
enables full-range offering.
•Strengthening relationships with
Australian buying groups.
•Regaining floor space in NZ
independents through improved service
and brand clarity.
Outlook & Innovation
•Expected to return to profitability as reset
takes full effect by H2 FY26 and into
FY27.
•Inventory balanced; cash generation
improving.
•Continued investment in product
innovation.
•Faster product development cycles to
stay competitive.

17
R E C O V E R Y > R E B U I L D

18
S H A R E H O L D E R
Q U E S T I O N S &
D I S C U S S I O N

19
Resolutions
Resolution 1 –Election of Julie Bohnenn
•That Julie Bohnenn, who retires and who
is eligible for election, be elected as a
director of the Company.
•See also Explanatory Note 1.
Resolution 2 –Election of Trevor Burt
•That Trevor Burt, who retires and who is
eligible for election, be elected as a
director of the Company.
•See also Explanatory Note 2.

20
Resolutions
Resolution 3 –Election of Murray Dyer
•That Murray Dyer, who retires and who is
eligible for election, be elected as a
director of the Company.
•See also Explanatory Note 3.
Resolution 4 –Election of Rob Hewett
•That Rob Hewett, who retires and who is
eligible for election, be elected as a
director of the Company.
•See also Explanatory Note 4.

21
Resolutions
Resolution 5 –Auditor’s Remuneration
•That the directors be authorised to fix the
remuneration of the auditor.
•See also Explanatory Note 5.

22
Proxies and postal votes
The Company has received approximately 20million proxy and postal votes representing approx. 28% of total shares,
with more than 90% of those in favour of each of these five resolutions.
ForAgainstProxy
discretion
Resolution 118,629,09353,6151,174,644
Resolution 217,684,25368,9282,104,644
Resolution 317,695,45857,7232,104,644
Resolution 418,538,199155,6651,164,644
Resolution 518,639,78318,8041,178,644

23
O T H E R B U S I N E S S &
C L O S E O F M E E T I N G

24
Disclaimer
•This presentation has been prepared by Bremworth Limited (“BRW”).
The information in this presentation is of a general nature only. It is not a
complete description of BRW.
•This presentation is not a recommendation or offer of financial products
for subscription, purchase or sale, or an invitation or solicitation for such
offers.
•This presentation is not intended as investment, financial or other advice
and must not be relied on by any prospective investor. It does not take
into account any particular prospective investor’s objectives, financial
situation, circumstances or needs, and does not purport to contain all
the information that a prospective investor may require. Any person who
is considering an investment in BRW securities should obtain
independent professional advice prior to making an investment
decision, and should make any investment decision having regard to
that person’s own objectives, financial situation, circumstances and
needs.
•Past performance information contained in this presentation should not
be relied upon (and is not) an indication of future performance. This
presentation may also contain forward looking statements with respect to
the financial condition, results of operations and business, and business
strategy of BRW. Information about the future, by its nature, involves
inherent risks and uncertainties. Accordingly, nothing in this presentation
is a promise or representation as to the future or a promise or
representation that a transaction or outcome referred to in this
presentation will proceed or occur on the basis described in this
presentation. Statements or assumptions in this presentation as to future
matters may prove to be incorrect.
•A number of financial measures are used in this presentation and should
not be considered in isolation from, or as a substitute for, the information
provided in BRW’s financial statements available at
https://bremworth.co.nz.
•BRW and its related companies and their respective directors, employees
and representatives make no representation or warranty of any nature
(including as to accuracy or completeness) in respect of this presentation
and will have no liability (including for negligence) for any errors in or
omissions from, or for any loss (whether foreseeable or not) arising in
connection with the use of or reliance on, information in this presentation.