• Challenging economic conditions in FY25, but focus on prudent capital management and retail fundamentals
• Welcomed new CEO Jonathan Waecker to drive next phase of growth
• Introduced new product collections and flagship store openings to support Christmas trading

The Chair of Michael Hill International Ltd opened the 2025 Annual General Meeting by providing an overview of the company's performance in the 2025 financial year. Despite cautious optimism at the start of the year, the company faced continued challenging trading conditions marked by subdued consumer demand and persistent inflationary pressures. In response, the company maintained a disciplined focus on managing costs, improving productivity, and strengthening its balance sheet. The company also continued to invest in its brand, people, systems, and product range to position the business for future growth. The Chair acknowledged the passing of the company's inspirational founder, Sir Michael Hill, and former CEO, Daniel Bracken, during the year, and expressed gratitude for the leadership and contributions of the interim CEO, Andrew Lowe. The new CEO, Jonathan Waecker, then addressed the meeting, providing details on the company's FY25 financial results, which were broadly in line with the prior year despite the challenging conditions. He highlighted the company's focus on embedding strong retail fundamentals, including product innovation, customer experience enhancements, and the establishment of a new distribution centre in New Zealand. Looking ahead, Waecker outlined the company's core priorities for FY26, including further brand repositioning, improving performance in New Zealand, and reinforcing the Bevilles brand identity. He also discussed the company's current trading performance, noting a 100 basis point improvement in gross margin in the first 16 weeks of FY26, and outlined initiatives to support the upcoming Christmas trading period, including new product collections and flagship store openings.

The company reported comparable earnings before interest and tax of $15.3 million for the year ended 29 June 2025, with revenue of $644 million, broadly flat on the prior year.

The new CEO, Jonathan Waecker, has begun a review of the company's strategy to ensure it is aligned for long-term success, with a focus on sharpening the company's focus, accelerating innovation, and deepening customer engagement.