FY26H1 Results Presentation

FY26H1
RESULTS

DISCLAIMER
Certain statements in this report constitute forward-looking statements. Forward-looking statements are statements (other than statements of historical fact)
relating to future events and the anticipated or planned financial and operational performance of Michael Hill International Limited and its related bodies
corporate (the Group). The words “targets”, “believes”, “expects”, “aims”, “intends”, “plans”, “seeks”, “will”, “may”, “might”, “anticipates”, “projects”,
“assumes”, “forecast”, “likely”, “outlook”, “would”, “could”, “should”, “continues”, “estimates” or similar expressions or the negatives thereof, generally
identify these forward- looking statements. Other forward-looking statements can be identified in the context in which the statements are made. Forward-
looking statements include, among other things, statements addressing matters such as the Group’s future results of operations; financial condition; working
capital, cash flows and capital expenditures; and business strategy, plans and objectives for future operations and events, including those relating to ongoing
operational and strategic reviews, sustainability targets, expansion into new markets, future product launches, points of sale and production facilities.
Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, they are not guarantees or predictions of
future performance or statements of fact. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that
could cause the Group’s actual results, performance, operations or achievements or industry results, to differ materially from any future results, performance,
operations or achievements expressed or implied by such forward-looking statements.
Such risks, uncertainties and other important factors include, among others: global and local economic conditions; changes in market trends and end-consumer
preferences; fluctuations in the prices of raw materials, currency exchange rates, and interest rates; the Group’s plans or objectives for future operations or
products, including the ability to introduce new jewellery and non-jewellery products; the ability to expand in existing and new markets and risks associated
with doing business globally and, in particular, in emerging markets; competition from local, national and international companies in the markets in which the
Group operates; the protection and strengthening of the Group’s intellectual property rights, including patents and trademarks; the future adequacy of the
Group’s current warehousing, logistics and information technology operations; changes in laws and regulations or any interpretation thereof, applicable to the
Group’s business; increases to the Group’s effective tax rate or other harm to the Group’s business as a result of governmental review of the Group’s transfer
pricing policies, conflicting taxation claims or changes in tax laws; and other factors referenced to in this report.
Should one or more of these risks or uncertainties materialise, or should any underlying assumptions prove to be incorrect, the Company’s actual financial
condition, cash flows or results of operations could differ materially from that described herein as anticipated, believed, estimated or expected. Accordingly,
you are cautioned not to place undue reliance on any forward-looking statements, as there can be no assurance the actual outcomes will not differ materially
from the forward-looking statements in this report.
Except as required by applicable laws or regulations (including the ASX Listing Rules), the Group does not intend, and does not assume any obligation, to update
any forward- looking statements contained herein. All subsequent written and oral forward-looking statements attributable to us or to persons acting on the
Group’s behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this report.
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CEO and CFO FY26H1 Update
•FY26H1 Performance Overview
•FY26H1 Financial Results
•Group Results
•Segment Results
•Current Trading Update
•Investor Day
•Appendices
Michael Hill International Limited

FY26H1 Performance Overview
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•Delivering profitable growth with comparable EBIT of $31.0m, up by 28.6%, driven by
revenue growth in all markets, with:
•Canada achieving record sales and same store sales (SSS) of +6.1%,
•Australia growing SSS by +4.8%, and
•New Zealand returning to positive territory with SSS growth of +1.8% vs. prior year
•Focused on shifting retail fundamentals, operational excellence, and improved
go-to-market behaviours, driven by listening to our customers and our team
•Product evolution centred on driving newness through fresh collections, expanding
the Pendant Bar and gifting range, and reinforcing value via exceptional quality at
accessible prices and an enhanced in-store experience
•New MH flagship stores were ready for Christmas trade:
•Rundle Mall, Adelaide, AU (refurbishment)
•Bondi Junction, Sydney, AU opened late October (new store)
•Yorkdale, Toronto, CA opened early November (refurbishment)
•Successful transition to our new New Zealand Distribution Centre

FY20H1 Financial Snapshot
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FY26H1 Group Results
Revenue growth
3.0%
Same stores sales
3.8% vs PY
Gross Margin
61.2%
Broadly flat to PY
Comparable EBIT growth
28.6%
$31.0m vs $24.1m PY
Store Network
285
-2 in FY26H1
Inventory reduction
$11.3m
$201.9m v $213.2m PY
Net Cash
$20.7m
$30.5m improvement on PY
•Gross margin was broadly flat to FY25H1, despite higher input costs, particularly gold and silver
•Material improvement in comparable EBIT
•Working capital initiatives undertaken during the half, contributing to the improvement in net cash position
•No interim dividend, with the intent to return todividends at the full year results
•Store network reduced by a net total of nine stores during calendar year 2025

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Australia
1
(AUD)Canada (CAD)New Zealand (NZD)
FY26H1FY25H1ChangeFY26H1FY25H1ChangeFY26H1FY25H1Change
Revenue
Same Store Sales
209m205m+2.1%
+4.8%
96m91m+6.2%
+6.1%
62m61m+2.4%
+1.8%
Gross profit127m124m+2.5%59m55m+7.5%36m36m+1.2%
Gross margin60.7%60.5%+20 bps61.5%60.8%+70 bps58.3%58.9%-60 bps
Segment Comparable EBIT27.5m22.5m+22.2%15.9m13.7m+16.6%9.6m9.4m+1.6%
Comparable EBIT as a %
of revenue
13.2%11.0%+220 bps16.5%15.1%+140 bps15.5%15.6%-10 bps
Store network160
(incl. 37 Bevilles)
166
(incl. 38 Bevilles)
-6 8283-14345-2
FY26H1 Segment Results
1
Includes Bevilles
•Australian segment achieved profitable growth through topline sales and cost management
•Canada delivered yet another record performance
•New Zealand delivered sales growth, while also increasing profitability on prior year

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Current Trading Update
•Positive momentum from FY26H1 has continued into FY26H2
•Strong trading performance across Valentine’s Day and Lunar New Year
•Total sales for the Group were up 4.5% for the first eight weeks of FY26H2
•For the first eight weeks of FY26H2, Group same store sales were up 6.0%
on prior year, with same store sales, in local currency for the:
•Australian segment up 6.5%
•Canadian segment up 13.0%
•New Zealand segment up 7.1%

Investor Day
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Date: Tuesday 14 April 2026
Location: Global Head Office
Address: 34 Southgate Avenue, Cannon Hill, QLD, 4170
Time: 10am to 2pm (Brisbane time)
Registration details: Details to come
Concept room

Q & A
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Appendices
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FY20H1 Financial Snapshot
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FY26H1FY25H1Change
Revenue$371m$360m+3.0%
Same Store Sales$363m$350m+3.8%
Gross Profit$227m$221m+2.8%
Gross Margin 61.2%61.3%-10 bps
Comparable EBIT $31.0m$24.1m+28.6%
Inventory$201.9m$213.2m-$11.3m
Net Cash/(Debt)$20.7m($9.8m)+$30.5m
Interim Dividend- - -
Store Network285
(incl. 37 Bevilles)
294
(incl. 38 Bevilles)
-9
Appendix A: FY26H1 Group Results

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Appendix B: Bridge from Comparable EBIT to Reported EBIT
(AUD million)FY26H1FY25H1
Comparable EBIT31.024.1
Impact of AASB16 Leases7.56.3
Impact of IFRIC SaaS-related guidance1.0-0.1
Litigation judgement-3.0
Bevilles integration costs--0.7
Board and CEO transition costs-0.5-
Employee restructure costs-0.1-0.3
Reported EBIT38.932.4
Calculated as follows:

Appendix C: AASB16 Leases & SaaS Impact
(AUD million)
FY26H1
Stat
Impact of
AASB16 & SaaS
FY26H1
pre-adjustments
FY25H1
pre-adjustments
Change
pre-adjustments
Revenue371.0-371.0360.2+3.0%
Cost of sales-143.8--143.8-139.3+3.2%
Gross profit227.2-227.2220.9+2.8%
Employee benefits expense-95.1-2.2-92.9-91.0+2.1%
Occupancy costs-8.128.0-36.1-36.5-0.8%
Marketing expenses-22.5--22.5-23.2-3.2%
Selling expenses-14.0--14.0-13.7+2.4%
Other income/(expenses)-18.10.4-18.5-16.7+10.6%
EBITDA69.426.243.239.8+8.2%
Depreciation and amortisation expenses-30.5-17.7-12.8-13.7-6.3%
EBIT38.98.530.326.1+15.8%
Interest income0.1-0.10.1+16.8%
Finance expenses-8.0-5.0-3.0-3.2-7.7%
Profit before tax31.03.527.523.1+19.0%
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