KMD Brands (KMD) AGM 2025 summary

Opening remarks and agenda

• Chairman welcomed shareholders, confirmed quorum, introduced directors and executive team, and opened online voting.

• Outlined meeting format: chairman's comments, CEO's strategy and financial review, formal business, shareholder Q&A, and voting on two resolutions.

Financial performance review

• Total sales reached $989.0m, up 1.0% year-on-year, with a gross margin of 56.5%.

• Underlying EBITDA was $17.7m, down 64.7% from the previous year; statutory NPAT loss was $93.6m, underlying NPAT loss $28.3m.

• Net working capital decreased by $40.6m to $157.7m, and net debt stood at $52.8m with $235m headroom.

• Q1 FY26 group sales up 7.9% year-on-year; Kathmandu led with 13.9% growth, Rip Curl up 6.6%, Oboz down 1.3%.

• Gross margin declined due to increased promotional activity and inventory clearance; operating expenses were tightly controlled.

Board and executive committee updates

• Brent Scrimshaw appointed Group CEO and Managing Director in the last quarter of FY25, bringing global brand experience.

• Significant executive team changes, with over half of leadership newly appointed, focusing on global perspective, digital acumen, and operational discipline.

• Board succession discussed; chairman confirmed this is his last term, ending in about 18 months.