• Revenue down 13.6% YoY due to shift to importer model and European distributor consolidation
• EBITDA up 5.5% to $15.3M, exceeding $14.5M guidance
• Seasonal business restructure complete, running capital-light globally

Shriro Holdings Ltd has reported its full-year results for the 12 months to 30 June 2025. Revenue was down 13.6% year-over-year to $103.3M, primarily due to a shift from a wholesaler to an importer model in the Seasonal business, which reduced revenue per unit but also lowered freight and warranty costs. The Australasian EBITDA was up 11.0%, driven by the restructured model. Shriro exited its agreement with Heston Blumenthal and disbanded the China engineering team, aligning with a leaner, higher-return Seasonal strategy. New Zealand revenue remained flat year-over-year, a solid result given weaker consumer demand in the current macro conditions. Casio remained resilient with new school calculator models, though timepiece revenue declined. In the international markets, Europe saw strong sell-through of prior-year stock, while the USA operations were exited, with distribution now through BBQGuys. The company launched the Everdure 'Blaze Series' BBQ range at the SPOGA International Trade Fair, with a European launch planned for FY26. Overall, EBITDA increased 5.5% to $15.3M, exceeding the $14.5M guidance. The company's Seasonal business restructure is now complete, with the focus shifting to global revenue growth under a capital-light model.

Shriro expects EBITDA to increase in FY26 compared with FY25. The company holds excess capital following its Seasonal stock exit and is evaluating deployment options to maximise cash returns to shareholders, with an update to the market expected in due course.

Shriro's FY26 product pipeline includes the Casio FX1, a new timepiece range, and 3 innovative BBQ platforms. The company is also adding new brands to its Australasian portfolio, such as Manhattan Portage, and expects growth to be achieved by leveraging its e-commerce and operational strengths. The Everdure Blaze series, sourced from BBQGuys, will also support entry into the ultra-premium BBQ segment. The company's new ERP system is fully implemented, with further optimisation planned and overall FY26 IT costs expected to be ~$400K lower than FY25.