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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.
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H2 2025 earnings summary23 Sep, 2025

Executive summary

  • Sales grew 1% year-over-year to $989.0m, driven by strong direct-to-consumer and online channels, offsetting wholesale softness.

  • Underlying EBITDA declined to $17.7m from $50m, reflecting margin pressure and higher operating expenses; statutory EBITDA was $50.5m.

  • Net loss after tax was $93.6m, including a $45.4m non-cash impairment of Oboz intangible assets; underlying net loss was $28.3m.

  • Inventory and net debt reached three-year lows, supporting positive operating cash flow and improving the balance sheet.

  • No final dividend declared for FY25 due to challenging conditions.

Financial highlights

  • Group gross margin declined to 56.5% (down from 58.4%) due to increased promotions and inventory clearance.

  • Operating expenses increased to 54.8% of sales, with continued investment in brand marketing.

  • Net debt decreased to $52.8m, with $235m in funding headroom and all bank covenants met.

  • Net working capital reduced to $157.7m, 15.9% of sales, with stock turns improving to 1.65x.

  • Online sales were a standout, with all brands achieving double-digit growth; Kathmandu and Oboz online sales up 9.3% and 18.3% respectively.

Outlook and guidance

  • FY26 targets include group gross margin slightly above 2H FY25, flat operating expenses, and net debt below $40m by July 2026.

  • $25m cost reset underway, with $15m to be reinvested and $10m net savings expected; $5m annualized cost savings from restructuring.

  • EBITDA margin ambition of 10% over three years, with gross margin targeted at 60% and operating expenses at 50% of sales.

  • 14 store closures and 6 new store openings planned for FY26, including 3 new Kathmandu flagship stores.

  • EBITDA margin expansion expected in FY26, especially in the second half.

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Frequently asked questions

KMD Brands Limited is a New Zealand-based company specializing in outdoor apparel, equipment, and adventure gear. The company owns and operates multiple brands, including Kathmandu, Rip Curl, and Oboz, catering to consumers seeking quality products for outdoor, travel, and active lifestyles. KMD Brands designs and retails a wide range of items, such as clothing, footwear, backpacks, and surfing equipment, focusing on innovation, sustainability, and functionality. The company is headquartered in Auckland, New Zealand, and its shares are listed on the NZX and ASX.

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