2026 Annual General Meeting Presentation

AGM
Presentation
ASX/NZX: MHJ
22 October 2026

Disclaimer
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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.

Board of Directors
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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)
Karen Bozic
(Independent NED)
Mark Bayliss
(Independent NED)

Online Text Question Process
4
Select the messaging tab
Type your question in the ‘Ask a question’ box
Select ‘My Messages’ to view your submitted
messages along with any written responses

Online Audio Question Process
5
Click ‘Request to Speak’
Enter the topic of your question
Click ‘Submit Request’
Click ‘Join Queue’ and follow the audio prompts

Voting
Select the voting icon
Select your voting preference for each resolution
Your selected option will change colour
You can change your vote until the poll is closed
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Chair’s Address
Rob Fyfe
CHAIR

Dividend Restored
Commitment to delivering sustainable returns to shareholders over time.
The Board declared a final dividend of AU2.0 cents per share,
partially franked (50%) for Australian purposes, with partial New
Zealand imputation credits (50%) and with conduit foreign income.
“Restoring the dividend reflects the Board's
commitment to delivering sustainable returns to
shareholders over time.The 2.0 cent second half
dividend is enabled by a materially stronger balance
sheet and improved operating performance, which has
continued into the first eight weeks of FY27”
Rob Fyfe, Chair
28 August 2026

CEO’s Address
Jonathan Waecker
CHIEF EXECUTIVE OFFICER

Michael Hill turnaround delivers record Group
revenue, EBIT up 57%, dividend restored
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•A new leadership team, in place and driving the reset.
• A simpler business, following a strategic
simplification of the brand portfolio.
•A renewed focus on execution.
•The Bevilles reset is underway and gaining traction.
•The FY26 results demonstrate our turnaround strategy
is working.
Update with neutral background

FY26 Results Summary
11
Strong sales momentum and margin resilience resulted in significant profit growth.
Record Group Revenue
$655.7m
Up 4.1% in constant currency
Up 1.9% in AUD
Same Store Sales
5.2%
Up in all markets
Up 3.0% in AUD
Gross Margin
60.5%
Flat to prior year
Comparable

EBIT
$24.0m
Up 57%
on prior year
Net Debt
$5.5m
Down $36.3m
on prior year
Inventory
$189.7m
Down $9.4m on prior year
Productivity
5
up 13%
CODB%
57.1%
Down 70 bps on
prior year
Final Dividend
2 cents
Compared to nil in
prior year
1.On a constant currency basis. 2. Excludes relevant one-off normalisations. 3. Comparable EBIT is an unaudited non-IFRS measure prepared on a normalised basis.
4. Cost of doing business % is an unaudited non-IFRS measure calculated on a normalised basis, and excludes foreign exchange gains/losses, as a % of revenue.
5. Group Gross Margin Return on Investment (GMROI).
1
2
3
4

Driving Profitable Growth
12
All four levers progressed: stronger store productivity, sales growth, steady
margins, and lower cost of doing business.
Gross Margin
GROSS PROFIT
IMPROVEMENT
Sales
DIVERSIFIED
REVEN UE GROWTH
Footprint
IMPROVED STORE
PRODUCTIVITY
Cost of
Doing Business
OPERATING LEVERAGE
IMPROVEMENT
Gross Profi t per store up 4%
Inventory Producti vity up 13%
across the Group
1
Online Sales up 10%
2, 3
Same Store S ales up 5.2%
2
(up 3% in AUD)
Held flat at 60.5%
dem onstrating resilience in a
cha llenging macr o environment
Down -70 bpsFY26 Progress:
1. Group Gross Margin Return on Investment (GMROI) 2. Constant currency 3. Michael Hill brand, across all segments

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Making Modern Luxury Accessible
Win more customers,
scaling Michael Hill
beyond $700M.
Grow Customers.
Set a new standard
for profitability at
Michael Hill.
Grow Profit.
Turn our service into a
defining reason customers
choose Michael Hill.
Grow Engagement.
Raise our performance standards and decision discipline to unlock growth.
People, culture and operating model.
Our strategy for Michael Hill is to focus on growing customers, profit, and engagement.

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Raise our performance standards and decision discipline to unlock growth.
People, culture and operating model.
Our strategy for Bevilles is to win on value, to move fast, and to run lean.
Deliver unmistakable
customer value.
Win on Value.
Maximise inventory velocity
and return on capital.
Move Fast.
Create structural
advantage.
Run Lean.
The Look For Less

Strategic Growth Engines for FY27
Building on FY26, our priorities remain sharp for the year ahead.
Growth Engines
Initiatives
Canada Growth•Invest in marketing to build awareness and inventory to capture productivity gains.
•Refit five of our top six stores in CY27 and explore at least two new sites.
Australia & NZ Productivity•Refresh stores with lower-cost fitouts, a new Auckland flagship and a new NZ store in H1 FY27.
•Reset marketing and go-to-market, and invest in productive inventory.
Digital Acceleration•Invest in the online experience and expand Buy Online Pickup In-Store.
•Strengthen clienteling for a consistent, integrated retail experience.
Product Innovation•Grow lab diamonds and reinforce premium positioning with natural diamonds.
•Sharpen design direction, product launches and storytelling.
•Improve newness and availability across value categories and limited releases.
Services-led Differentiation•Expand personalisation, custom and bespoke services.
•Enhance aftercare and product care plans.
Bevilles Reset•Reset go-to-market for the value segment under new leadership.
Becoming an
AI-Powered Retailer
•Build AI capability through mindset, skills and tools, putting people first.
•Deploy AI planning and merchandising tools to improve inventory productivity and agility.

Current Trading Update
Sales improvement for the first 16 weeks of FY27
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•We are seeing a year-on-year sales improvement through the first16 weeks of
FY27 across all segments, despite an uncertain macroeconomic
environment, and with gross margins holding in line with prior year.
•Group same store sales up +6.6% on a constant currency basis, and up +2.3%
in AUD. In local currency:
•Canadian segment same store sales grew 11.3%
•Australian segment same store sales grew 4.0%
•New Zealand segment same store sales grew 7.1%
•Our new colour, bridal, and tennis bracelet ranges, all backed by new go-to-
market campaigns and in-store events, are bringing in new customers and
bringing back existing ones.
•Management expects continued profitable growth through the year.
[RF] No doubt still a work in progress but I would
like to see more colour in the trading update
section rather than just numbers.
[JW] Update with new Christmas creative from
Sam

Michael Hill builds
momentum into Christmas
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Encouraging sales momentum entering the key trading period.
•Same store sales growth has accelerated since the first eight weeks of FY27.
A stronger Christmas range and go-to-market.
•Newness across key categories, including Colour, Diamond Fashion, Tennis,
Bridal, Men’s, Michael Hill Watches, and Silver.
•68% more new product options in Q2 compared with last year.
•More choice at every price, and gifts for every budget, including an expanded
novelty Christmas range and our first-ever Michael Hill Advent Calendar.
Continued investment in our store network.
•Queen Street in Auckland, NZ – flagship experience store opened July 2026.
•Rouse Hill in NSW, AU – refit modernised core store opening October 2026.
•Richmond, NZ – new modernised core store opening November 2026.
•Galleria in WA, AU – relocated modernised core store opening November 2026.

Bevilles builds
momentum into Christmas
18
Encouraging sales momentum entering the key trading period.
•New leadership is delivering year-on-year margin and sales growth.
•Bevilles continues to grow market share in a challenging consumer discretionary
spending environment.
A stronger Christmas range and go-to-market
•More than 500 new products, including new Waterproof Jewellery and refreshed
Men's and Religious ranges.
•Built to win in jewellery under $500, with gifts at every price.
•A 12-month partnership with Jules Robinson, with exclusive collections launching
before Christmas.
Ready for Christmas
•Stores have been reset with a layout tailored to its customers.
•A re-energised team fully aligned behind our peak trading opportunity at our first
Bevilles Conference.
•A new Black Friday offer, plus our proven Diamond Rush, VIP Day and Super
Saturday events.

Questions

Business of the
Annual General
Meeting
Rob Fyfe
CHAIR

Financial Statements and Reports
21
•Audited FY26 Financial Statements
•Directors’ report
•Auditor’s report

Resolution 1: Adoption of
Remuneration Report
22
To consider and, if thought fit, to pass the following advisory
resolution:
“That the Remuneration Report for the financial year ended 28
June 2026 (as set out in the Directors’ Report) is adopted.”
FORAGAINSTOPENABSTAINEXCLUDED
NO. OF SHARES89,678,405279,313389,96681,717164,905,740
% OF ELIGIBLE VOTES99.25%.31%0.44%N/AN/A
% OF ALL SECURITIES23.30%0.07%0.10%0.02%42.85%

Resolution 2: Re-election of David
Whittle as Director
23
To consider and, if thought fit, to pass the following resolution as an
ordinary resolution:
“That Mr David Whittle 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 SHARES254,731,641168,054389,95845,4880
% OF ELIGIBLE VOTES99.77%0.07%0.16%N/AN/A
% OF ALL SECURITIES66.19%0.04%0.10%0.01%0%

Resolution 3: Re-election of
Karen Bozic as Director
24
To consider and, if thought fit, to pass the following resolution as an
ordinary resolution:
“That Ms Karen Bozic, who was appointed by the Board as a Director of
the Company with effect from 29 August 2026, 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 SHARES254,725,565177,304389,95842,3140
% OF ELIGIBLE VOTES99.77%0.07%0.16%N/AN/A
% OF ALL SECURITIES66.19%0.05%0.10%0.01%0%

Resolution 4: Re-election of
Mark Bayliss as Director
25
To consider and, if thought fit, to pass the following resolution as an
ordinary resolution:
“That Mr Mark Bayliss who was appointed by the Board as a Director of
the Company with effect from 29 August 2026, who in accordance with
ASX Listing Rule 14.4 and Rule 36.2 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 SHARES254,732,878170,035389,95842,2700
% OF ELIGIBLE VOTES99.77%0.07%0.16%N/AN/A
% OF ALL SECURITIES66.19%0.04%0.10%0.01%0%

Resolution 5: Approval of Company
Equity Incentive Plan
26
To consider and, if thought fit, to pass the following resolution as an
ordinary resolution:
“That for the purposes of ASX Listing Rule 7.2 (exception 13(b)) and for
all other purposes, the Shareholders approve the Company’s Equity
Incentive Plan (as defined in the Explanatory Notes to this Notice), and
the issue of securities under the Equity Incentive Plan, as an exception
to ASX Listing Rule 7.1”.
FORAGAINSTOPENABSTAINEXCLUDED
NO. OF SHARES88,433,7081,235,176376,083165,281,9608,214
% OF ELIGIBLE VOTES98.21%1.37%0.42%N/AN/A
% OF ALL SECURITIES22.98%0.32%0.10%42.95%0%

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