• Solid operating performance in FY25 despite economic challenges
• Successful expansion of KWB Group with 3 new showrooms in Sydney, Brisbane, and Gold Coast
• Bedshed navigated challenging retail environment with commendable agility

On behalf of the Board, the Chair reported that 2025 produced another solid operating performance for Joyce Group in a year in which the focus returned to organic growth and network expansion. Despite consumer sentiment being dampened by rising interest rates and cost-of-living pressures, the Group's fundamental strengths - powerful brands, outstanding customer service, and a capital-light business model, enabled it to achieve solid financial returns, excellent customer satisfaction, and robust dividends for shareholders. The Group generated revenue of $148.2 million and delivered a normalised net profit after tax of $8.2 million, closing the year with a net cash balance of $39.2 million. The core businesses - KWB Group and Bedshed - continued to perform well, with KWB designing and installing over 4,100 kitchens and 2,000 wardrobes during FY25, and Bedshed delivering record growth in business written sales exceeding $161 million. The Chair acknowledged the immense contributions of KWB co-founder John Bourke, who commenced a phased transition from his executive role, and welcomed the appointment of Cameron Crowell as Deputy CEO, with the expectation that he will assume the CEO role upon John's retirement. Looking ahead, the strategy remains centred on organic growth, with large untapped addressable markets for both KWB and Bedshed, and the Board will explore non-organic options only where they are a strong strategic fit and demonstrably value-accretive.

KWB Group has maintained strong performance in FY26 with written sales orders of $50 million to the end of October 2025 and a healthy order book of $47 million. Bedshed network-wide business written sales of $23 million to the end of October 2025 are broadly in line with the prior year, and November trading to date has been exceptionally strong, on track to surpass last year's record.

Joyce Group remains dedicated to operational excellence, disciplined growth, and prudent financial management, ensuring it continues to create value and deliver rewarding outcomes for all stakeholders. The Group has large untapped addressable markets for both KWB and Bedshed and will continue to expand its footprint in a disciplined manner, while exploring non-organic options only where they are a strong strategic fit and demonstrably value-accretive.