KMD Brands (KMD) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with a welcome, confirmation of quorum, and introduction of directors and key executives.

• Chairperson and Group CEO addresses were scheduled, followed by resolutions and other business.

• Agenda included financial year review, transformation strategy, financial performance, and two shareholder resolutions.

• Voting procedures for both in-person and online shareholders were explained.

Financial performance review

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

• Group sales grew modestly, with slight increases for Rip Curl and Kathmandu, but a small decline for Oboz.

• Underlying EBITDA was $17.7m, down 64.7% from the previous year.

• Statutory NPAT loss was $93.6m, with underlying NPAT loss at $28.3m.

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

Board and executive committee updates

• Brent Scrimshaw appointed as Group CEO and Managing Director, bringing global brand experience.

• Significant leadership changes, with over half the executive team newly appointed.

• New CFO Carla Webb-Seager and COO Jonas Gowers joined, adding financial and operational expertise.

• Board includes a mix of executive and non-executive directors, with recent leadership changes to enhance capabilities.

• Executive team refreshed, focusing on global perspective, digital acumen, and operational discipline.