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KMD Brands (KMD) investor relations material
KMD Brands H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Sales grew 1% year-over-year to $989.0m, with direct-to-consumer and online channels outperforming wholesale.
Underlying EBITDA fell to $17.7m from $50m last year, a 64.7% decline, due to margin pressure and higher operating expenses.
Statutory net loss after tax was $93.6m, including a $45.4m non-cash impairment of Oboz intangible assets.
Net working capital and net debt both reached three-year lows, with net debt at $52.8m and funding headroom of $235m.
No final dividend declared due to challenging trading conditions.
Financial highlights
Group gross margin decreased 1.9 percentage points to 56.5% year-over-year, mainly due to increased promotional activity and inventory clearance.
Operating expenses increased to 54.8% of sales, reflecting ongoing cost pressures and brand investment.
Online sales were a highlight: Rip Curl up 10.2% to $41.7m, Kathmandu up 9.3% to $52.1m, and Oboz up 18.3% to $8.8m.
Net working capital reduced to $157.7m, 15.9% of sales, with improved stock turns at 1.65x.
Group inventory reduced for the third consecutive year, with improved supplier payment terms.
Outlook and guidance
FY26 group gross margin targeted slightly above 2H FY25, with margin expansion expected in 2H FY26 and US tariff impacts expected to normalize.
Operating expenses planned to be broadly flat before management incentives, with $5m annualized cost savings from restructuring.
Net debt targeted below $40m by July 2026; capital expenditure planned at $25–30m.
Ambition to achieve a 10% EBITDA margin over three years, with gross margin building back to 60%.
14 store closures and 6 new store openings planned, including 3 new Kathmandu flagship stores.
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