1H26 Appendix 4D & Half Year Report

• Revenue decreased 24.5% to $36.3 million
• Loss of $8.5 million compared to profit of $8.2 million in prior period
• EBITDA decreased 189.1% to a loss of $10.0 million

Step One Clothing Limited reported a loss of $8,468,000 for the half-year ended 31 December 2025, compared to a profit of $8,181,000 in the prior corresponding period. Revenue decreased 24.5% to $36,330,000. The company's non-IFRS measure of performance, Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA), decreased 189.1% to a loss of $9,961,000. Gross margin as a percentage of revenue decreased to 43.1% from 78.0% in the prior period. The company remains well-funded with cash and cash equivalents and other financial assets of $24,011,000 as at 31 December 2025. Step One attracted over 5.8 million website visits with an average conversion rate of 4.7%, and had 114,000 first-time customers in the half-year, bringing the total number of customers to over 2,037,000. Customer retention remained high, with over 65.2% of orders being placed by returning customers.