Michael Hill International (MHJ) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of First Nations people, confirmation of quorum, and Chair Rob Fyfe's address recognizing key contributors.

• Board members, new CEO, CFO, and external auditor introduced; Andrea Slingsby welcomed as new Board member.

• Tributes paid to Sir Michael Hill and Daniel Bracken for their significant roles.

• Meeting conducted virtually, with instructions for participation, questions, and voting provided.

Financial performance review

• FY 2025 faced subdued consumer demand, inflationary pressures, and global economic uncertainty, especially in New Zealand.

• Group revenue was $644 million, gross margin 60.5%, and EBIT $15.3 million, all flat year-on-year.

• Inventory at year-end was $199 million; net debt at $42 million; store network reduced to 287.

• Australia and Canada segments achieved revenue growth, with group same-store sales up 2.4% in H2 FY 2025.

Board and executive committee updates

• Claudia Batten appointed Deputy Chair; Andrea Slingsby joined Board; Board includes Rob Fyfe (Chair), Emma Hill, Gary Smith, Dave Whittle.

• CEO transition: Jonathan Waecker appointed, following interim period by Andrew Lowe.

• Board succession planning underway, with planned retirements and support for new CEO and incoming CFO.