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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, 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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