HLG Full Year Results for the period ending 1 August 2026

New Zealand Stock Exchange Listing Rules
Disclosure Full Year Report


For the year ending 1 August 2026



Contents

Media Release
Results Announcement
Audited Financial Statements & Audit Report
Distribution Notice

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29 September 2026

HALLENSTEIN GLASSON HOLDINGS LIMITED

RESULTS FOR FULL YEAR ENDED 1 AUGUST 2026
The Company advises that Group sales for the 12 months to 1 August 2026 were $563.0 million, an
increase of 19.6% on the prior year ($470.7 million).
The Directors note the result has benefitted from a stronger Australian Dollar and on a constant currency
basis, sales were up +15.6% on the prior year.
Gross margin at 61.7% was +240 basis points above the 59.3% realised in the prior year despite a
continued challenging foreign exchange rate for inventory purchases, which was lower than the prior
corresponding period. The improved margin reflects stronger sales at full price, and working closely with
suppliers and freight forwarders to secure best possible rates.
The audited net profit before tax for the 12 months was $83.9 million, an increase of +43.8% on the prior
corresponding period ($58.4 million).
Group audited net profit after tax was $59.2 million, an increase of +49.9% on the prior corresponding
period ($39.5 million).
The Group maintains a strong balance sheet and working capital position.

Glassons
Australia
Sales in Australia were $324.4 million which was an increase of +29.0% on the prior corresponding period
($251.5 million) inclusive of sales from new and refurbished stores. On a constant currency basis,
Australian sales were up +21.4% on the prior corresponding period. Net profit before tax was $43.5
million, an increase of +27.0% on the prior year ($34.2 million).
During the year, a new store opened in Burwood, NSW, taking the Australian store network to 41 stores
at year end. The Parramatta store relocated to a larger site in November, the Castle Towers store was
refurbished, and the Highpoint store in Victoria was expanded and reopened in June.
The Group continues to assess further store opportunities in Australia as suitable locations become
available. Post year end, a new store opened in Miranda, NSW, in August, with a further NSW store
scheduled to open in October ahead of the peak trading period.
Construction of the Group’s new purpose-built Sydney warehouse was completed during the year. The
new warehouse, located in leased premises, incorporates company owned increased automation and
additional capacity to support the Australian business. It commenced operations in the first week of the
2027 financial year.

New Zealand
Sales in New Zealand for the year were $124.8 million, an increase of +11.5% on the prior corresponding
period ($111.9 million). Net profit before tax was $29.1 million, an increase of +51.9% on the prior
corresponding period ($19.2 million), continuing the strong momentum from the first half.
During the year, the Hamilton Central store was refurbished and reopened in August, while the Porirua
store was expanded and refurbished to bring it in line with current brand standards. The Frankton,
Queenstown store, which opened in July 2025, has now completed its first full year of trading.
Post year end, the New Plymouth store has undergone refurbishment and has reopened in September.
Hallensteins
Sales for the 2026 financial year of $113.8 million (including Australia), represent an increase of +6.1% on
the prior corresponding period ($107.3 million). On a constant currency basis, total Hallensteins sales
were up +5.4% on the prior corresponding period. Net profit before tax was $10.9 million, an increase of
+129.5% on the prior corresponding period ($4.8 million). The business has worked hard to improve
profitability over the last 12 months, and the result achieved demonstrates the effort.
During the year, the Hamilton Central store was refurbished and reopened in September 2025, while
Lynn Mall was expanded and refurbished in December 2025 to align with current brand standards.
Smaller upgrades were also completed at St Lukes, New Plymouth and Albany to improve the
presentation of those stores.
In Australia, the Robina pop-up store closed and was replaced by a larger permanent store in November
2025. In March 2026, the Harbour Town store on the Gold Coast relocated to a significantly larger site,
providing greater capacity for full-price product and supporting improved store profitability.
Post year end, a new store opened at Indooroopilly, QLD, taking the total number of Hallensteins stores
in Australia to six. The Group will continue to assess the performance of the Australian store network and
consider further expansion opportunities where appropriate.
E-Commerce and Digital
Digital sales represented 19.0% of Group revenue for the year, an increase from 18.0% in the prior
corresponding period. Online sales grew overall by +26.2% compared to the prior corresponding period.
Dividend
The Directors have declared a final dividend of 40.0 cents per share (partially imputed at 91.6%) (30.5
cents per share partially imputed at 56.5% last year) to be paid on 9th December 2026. Together with the
interim dividend of 29.0 cents per share that was paid on 24th April 2026, the full year dividend is 69.0
cents per share. The dividend payment has grown as the Company’s balance sheet continues to remain
strong, and inventory levels are well controlled.

Future Outlook
For the first eight weeks of the new financ
ial year, Group sales were 18.4% ahead of the same period last
year on a constant currency basis. Sales were ahead of the prior corresponding period across both
brands, with the result also reflecting the contribution from recently opened and refurbished stores.
While trading to date has been ahead of the prior year, the period represents a relatively small part of
the financial year and precedes the important Black Friday and Christmas trading periods. The rate of
sales growth achieved in the opening weeks is not expected to continue at the same level through the
remainder of the first half.
The Group continues to operate against an uncertain economic and geopolitical backdrop. Changes in
consumer spending, foreign exchange rates, freight and logistics costs, and other operating costs may
affect trading and profitability over the remainder of the financial year. The Group will continue to
monitor these factors and respond as appropriate.
A further trading update will be provided at the Annual Meeting of Shareholders in December 2026.
Warren Bell
Chairman

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Results announcement

Results for announcement to the market
Name of issuer Hallenstein Glasson Holdings Limited
Reporting Period 12 months to 1 August 2026
Previous Reporting Period 12 months to 1 August 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing operations $563,022 19.6%
Total Revenue $563,022 19.6%
Net profit/(loss) from continuing
operations
$59,163 49.9%
Total net profit/(loss) $59,163 49.9%
Final Dividend
Amount per Quoted Equity Security $0.40000000
Imputed amount per Quoted Equity
Security
$0.14250015
Record Date 2 December 2026
Dividend Payment Date 9 December 2026
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$2.34 $1.85
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
For further information refer to the attached:
 Chairman’s announcement
 Financial Statements and the Independent
Auditor’s Report
Authority for this announcement
Name of person

authorised to make
this announcement
Cameron Alderton
Contact person for this
announcement
Cameron Alderton
Contact phone number +64 22 394 5785
Contact email address cameron@glassons.com
Date of release through MAP

29 September 2026

Audited financial statements accompany this announcement.

---

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PricewaterhouseCoopers, PwC Tower, 15 Customs Street West,
Private Bag 92162, Auckland 1142, New Zealand
+64 9 355 8000
pwc.co.nz
Independent auditor’s report
To the shareholders of Hallenstein Glasson Holdings Limited
Our opinion
In our opinion, the accompanying consolidated financial statements (the financial statements) of Hallenstein
Glasson Holdings Limited (the Company), including its subsidiaries (the Group), present fairly, in all material
respects, the financial position of the Group as at 1 August 2026, its financial performance, and its cash flows for the
year then ended in accordance with New Zealand Equivalents to International Financial Reporting Standards (NZ
IFRS) and International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards).
What we have audited
The Group's financial statements comprise:
•the consolidated statement of financial position as at 1 August 2026;
•the consolidated statement of comprehensive income for the year then ended;
•the consolidated statement of changes in equity for the year then ended;
•the consolidated statement of cash flows for the year then ended; an
d
•th
e notes to the consolidated financial statements, comprising material accounting policy information
and
oth
er explanatory informatio
n.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) and
International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the
Auditor’s responsibilities for the audit of the financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of
Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by
the New Zealand Auditing and Assurance Standards Board (PES 1) and the International Code of Ethics for
Professional Accountants (including International Independence Standards) issued by the International Ethics
Standards Board for Accountants (IESBA Code), as applicable to audits of financial statements of public interest
entities. We have also fulfilled our other ethical responsibilities in accordance with PES 1 and the IESBA Code.
Certain partners and employees of our firm may deal with the Group on normal terms within the ordinary course of
trading activities of the business. Other than in our capacity as auditor we have no other relationship with, or
interests in, the Group.

Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial statements of the current year. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
Description of the key audit matterHow our audit addressed the key audit matter
Inventory valuation
As at 1 August 2026, the Group held $30.4 million of finished
goods, net of inventory provision of $1.2 million. Given the size
of the inventory balance, and the estimates and judgements
described below, the valuation of inventory required significant
audit attention and is a key audit matter.
As disclosed in note 3.2, inventories are held at the lower of
cost and net realisable value. At year end, the valuation of
inventory is reviewed by management and its cost is reduced
where inventory is forecasted to be sold below cost.
The inventory provision is determined based on various factors
including historical data, inventory ageing, current trends and
specific product information from buyers. Determining the
appropriate level of provisioning involves judgement and the
application of assumptions including management's estimation
of future selling prices.
Our audit procedures included:
•gaining an understanding of management’s processes
and relevant controls in place over the valuation process;
•testing, on a sample basis, the accuracy of inventory
costing to supporting documentation and calculations;
•considering the level of aged inventory, inventory turnover
levels and enquiries with management;
•performing analytical procedures on balances supporting
inventory provisions to assess their reasonableness and
that the provision amounts were within expectations;
•considering the results of our testing and in conjunction
with management enquiries determined whether any
specific write downs were required; and
•assessing the appropriateness of disclosures in the
financial statements.
Our audit approach
Overview
Overall group materiality: $4.0 million, which represents approximately 5% of Group profit before tax.
We chose Group profit before tax as the benchmark because, in our view, it is the benchmark against
which the performance of the Group is most commonly measured by users, and is a generally accepted
benchmark.
Our Group audit scoping focussed on those components that are financially significant to the Group.
Specified audit and/or analytical procedures were performed over certain residual components.
As reported above, we have one key audit matter being, inventory valuation.
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the
financial statements. In particular, we considered where management made subjective judgements; for example, in
respect of significant accounting estimates that involved making assumptions and considering future events that are
inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls,
including among other matters, consideration of whether there was evidence of bias that represented a risk of
material misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable
assurance about whether the financial statements are free from material misstatement. Misstatements may arise
due to fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of the financial statements.34
34 PwC - Independent auditor’s report

Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the
overall group materiality for the financial statements as a whole as set out above. These, together with qualitative
considerations, helped us to determine the scope of our audit, the nature, timing and extent of our audit
procedures, and to evaluate the effect of misstatements, both individually and in the aggregate, on the financial
statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the
financial statements as a whole, taking into account the structure of the Group, the accounting processes and
controls, and the industry in which the Group operates.
Other information
The Directors are responsible for the other information. The other information comprises the information included
in the Annual Report, but does not include the financial statements and our auditor’s report thereon. The Annual
Report is expected to be made available to us after the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we will not express any form of
audit opinion or assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit, or otherwise appears to be materially misstated.
When we read the other information not yet received, if we conclude that there is a material misstatement therein,
we are required to communicate the matter to the Directors and use our professional judgement to determine the
appropriate action to take.
Responsibilities of the Directors for t
he financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of the financial
statements in accordance with NZ IFRS and IFRS Accounting Standards, and for such internal control as the
Directors determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of
accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole, are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs (NZ) and ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the External
Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
This description forms part of our auditor’s report.
35 PwC - Independent auditor’s report

36 PwC - Independent auditor’s report
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken so that
we might state those matters which we are required to state to them in an auditor’s report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company
and the Company’s shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is John (Jolly) Morgan.
For and on behalf of:
PricewaterhouseCoopersAuckland
29 September 2026

---

Distribution Notice





Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer Hallenstein Glasson Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code HLG
ISIN (If unknown, check on NZX
website)
NZHLGE 0001S4
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies
Record date 2/12/2026
Ex-Date (one business day before the
Record Date)
1/12/2026
Payment date (and allotment date for
DRP)
9/12/2026
Total monies associated with the
distribution
1

$23,859,624 based on the number of units on issue at
the date of the form
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.54250015
Gross taxable amount
3
$0.54250015
Total cash distribution
4
$0.40000000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.06466393
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Partial imputation



1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

26.27%
Imputation tax credits per financial
product
$0.14250015
Resident Withholding Tax per
financial product
$0.03652490
Section 4: Distribution re-investment plan1 (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)

DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Cameron Alderton
Contact person for this
announcement
Cameron Alderton
Contact phone number +64 22 394 5785
Contact email address cameron@glassons.com
Date of release through MAP

29/09/2026





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.