Investor Presentation

FY23 RESULTS

DISCLAIMER
Certain statements in this announcement constitute forward-looking statements. Forward-looking statements
are statements (other than statements of historical fact) relating to future events and the anticipated or planned
financial and operational performance of Michael Hill International Limited and its related bodies corporate (the
Company). The words “targets,” “believes,” “expects,” “aims,” “intends,” “plans,” “seeks,” “will,” “may,”
“might,” “anticipates,” “would,” “could,” “should,” “continues,” “estimates” or similar expressions or the
negatives thereof, identify certain of these forward-looking statements. Other forward-looking statements can
be identified in the context in which the statements are made. Forward-looking statements include, among
other things, statements addressing matters such as the Company’s future results of operations; financial
condition; working capital, cash flows and capital expenditures; and business strategy, plans and objectives for
future operations and events, including those relating to ongoing operational and strategic reviews, expansion
into new markets, future product launches, points of sale and production facilities.
Although the Company believes that the expectations reflected in these forward-looking statements are
reasonable, such forward-looking statements involve known and unknown risks, uncertainties and other
important factors that could cause the Company’s actual results, performance, operations or achievements or
industry results, to differ materially from any future results, performance, operations or achievements expressed
or implied by such forward-looking statements.
Such risks, uncertainties and other important factors include, among others: global and local economic
conditions; changes in market trends and end-consumer preferences; fluctuations in the prices of raw materials,
currency exchange rates, and interest rates; the Company’s plans or objectives for future operations or products,
including the ability to introduce new jewellery and non-jewellery products; the ability to expand in existing and
new markets and risks associated with doing business globally and, in particular, in emerging markets;
competition from local, national and international companies in the markets in which the Company operates;
the protection and strengthening of the Company’s intellectual property rights, including patents and
trademarks; the future adequacy of the Company’s current warehousing, logistics and information technology
operations; changes in laws and regulations or any interpretation thereof, applicable to the Company’s business;
increases to the Company’s effective tax rate or other harm to the Company’s business as a result of
governmental review of the Company’s transfer pricing policies, conflicting taxation claims or changes in tax
laws; and other factors referenced to in this presentation.
Should one or more of these risks or uncertainties materialise, or should any underlying assumptions prove to be
incorrect, the Company’s actual financial condition, cash flows or results of operations could differ materially
from that described herein as anticipated, believed, estimated or expected. Accordingly, you are cautioned not
to place undue reliance on any forward-looking statements, particularly in light of the current economic climate
and the significant volatility, uncertainty and disruption caused by the COVID-19 pandemic.
The Company does not intend, and does not assume any obligation, to update any forward-looking statements
contained herein, except as may be required by law. All subsequent written and oral forward-looking statements
attributable to us or to persons acting on the Company’s behalf are expressly qualified in their entirety by the
cautionary statements referred to above and contained elsewhere in this presentation.

CEO and CFO FY23 Update
•FY23 Performance Overview
•FY23 Financial Results
•Group Results
•Key Performance Insights
•Segment Results
•Capital Management Framework
•FY24 Trading Update
•Strategy Update –Emphasis on Growth
•MH Group –Portfolio of Brands
•Q&A
•Appendices
3
Michael Hill International Limited

FY23 Performance Overview
4
•Record sales, strong margin and second highest comparable EBIT
underpinned by:
•Ability to elevate ATV supported by MHJ’s aspirational brand
journey
•Leveraging the loyalty program
•Product evolution
•Retail fundamentals
•Brilliance by Michael Hill membership now over 2 million
•Successful transition to new global headquarters:
•State of the art distribution technology
•Upgraded artisanal manufacturing workshop
•Attract and retain high calibre talent
•Executed acquisition strategy with purchase of Bevilles
•Continued focus on digital to modernise customer experience
and enter new markets of Quebec, Singapore and Malaysia
•Culture and team - unwavering focus and energy

FY20H1 Financial Snapshot
•Record revenue with growth of $34m
•Strong gross profit up $20m
•Elevated gross margin maintained
•Comparable EBIT down 6% but second highest year
•Balance sheet with nil net debt, having deployed cash to
support dividends, share buy-back and Bevilles
acquisition
•Healthy inventory, with the growth attributable to the
Bevilles business
•Final dividend of AU3.5 cents per share
5
FY23
1, 2
FY22Change
Revenue$629.6m$595.2m+6%
Gross Profit$404.4m$384.8m+5%
Gross Margin 64.2%64.7%-50bps
Comparable EBIT $58.9m$62.9m-6%
Inventory$203.3m$181.5m+$21.8m
Net Cash$8.4m$95.8m-$87.4m
Total DividendAU7.5cAU7.5c-
Store Network278
304 with Bevilles
280-2
FY23 Group Results
1
FY23: 53-week year
2
Includes four weeks of Bevilles trade from 1 June 2023

FY20H1 Financial Snapshot
6
FY23 Key Performance Insights

7
Australia (AUD)
FY23
1, 2
FY22FY21FY20 FY19
Revenue331.0m303.4m312.3m266.6m313.6m
Gross profit211.8m196.9m194.1m161.0m194.1m
Gross margin64.0%64.9%62.2%60.4%61.9%
Segment Comparable EBIT53.5m51.8m54.3m27.6m32.6m
Comparable EBIT as a % of revenue16.2%17.1%17.4%10.4%10.6%
Store network146
172 with Bevilles
147150155167
Australia Segment Results
•Record revenue increased by 9.1% on prior year
•Strong margin maintained, up 210 bps on pre-pandemic levels
•ATV continues to lift, validating the aspirational brand journey
•Productivity lifted by 19% since FY19
•33 stores refreshed/refurbished during the year

8
New Zealand Segment Results
•Record revenue, increased by 5.8% on FY22
•Gross margin decline largely attributable to higher penetration of
diamond sales, yet up 110 bps on pre-pandemic levels
•Highest average transaction value of all segments
•Incremental $5m security cost impact on EBIT
•Productivity lifted by 25% since FY19
New Zealand (NZD)
FY23
1
FY22FY21FY20 FY19
Revenue132.4m125.1m127.1m106.7m120.1m
Gross profit82.0m79.3m78.8m63.6m73.0m
Gross margin61.9%63.4%62.0%59.6%60.8%
Segment Comparable EBIT25.6m30.1m35.1m21.1m24.1m
Comparable EBIT as a % of revenue19.4%24.1%27.6%19.7%20.1%
Store network4648494952

9
Canada Segment Results
•Strong revenue, cycling record prior year
•Elevated gross margin maintained and up 270 bps on pre-pandemic levels
•ATV continues to lift, validating the aspirational brand journey
•The significant performance improvement in recent years is a credit to the
strategic focus placed on the market
•Productivity has lifted by 19% since FY19
Canada (CAD)
FY23
1
FY22FY21FY20 FY19
Revenue158.9m159.7m118.4m110.8m133.1m
Gross profit100.5m103.6m72.6m64.0m80.7m
Gross margin63.3%64.9%61.3%57.8%60.6%
Segment Comparable EBIT27.1m28.8m12.3m-2.4m9.8m
Comparable EBIT as a % of revenue17.1%18.0%10.4%-2.2%7.4%
Store network8685868686

10
Capital Management Framework
Dividend Policy
50% - 75% adjusted NPAT
Current intention to deliver at the
higher end of the range
Organic Growth
~$25m to $30m annual spend
Organic
+
Investment
New markets & channels via digital
platforms
Launch of new revenue streams
Capital Investment
Opportunities
Share buy-back
Continue to pursue acquisition
opportunities across the fine
jewellery sector in our existing
markets
Final dividend of AU3.5 cps, resulting in total dividend of AU7.5 cps
On-market share buy-back resulting in 8.63m shares acquired at a
cost of $10.2m, representing 2.2% of share capital
Entered new markets: Quebec via dual language website,
Singapore & Malaysia digitally via Zalora marketplace
New revenue streams: Launched Re:cycle program and introducing
third-party jewellery insurance
Successful acquisition of Bevilles

11
FY24 Trading Update
•For the first seven weeks of FY24:
•Group sales are up 1.2% on prior year,
•While for the core Michael Hill brand, sales
have continued the recent trend and are down
on the record start to FY23.
•When compared to both FY21 and FY22:
•Group sales are up 14.6% and 17.2%
respectively, and
•For the core Michael Hill brand, sales are up
mid-single digits for both years.
•External transactional sales data demonstrates that
both the Group and the Michael Hill brand continue
to take market share.

Strategy Update -Emphasis on Growth
Brand & Loyalty
Modern, differentiated, omni-channel jewellery brand
with loyal customers
New Territories &
Services
New markets, new channels & new service propositions
Digital &
Omni-channel
Omni-first, digital-led & channel agnostic
Elevated yet accessible, with diamonds at our core
Product Evolution
12
“the jeweller that cares”
Sustainability
Cost Conscious Culture
Unwavering focus on costs
Retail Fundamentals
Elevated productivity & customer experience

Marking the moments that create
the story of our lives
Elevated emotive brand-led campaigns
Emphasis on craftmanship, quality & sustainability
Relentless focus on creative & visual excellence

Focus on unique differentiated product
Diamonds at our core
Increasing ATV demonstrates brand elevation,
up 27% over four years

13
Brand and Product Elevation
+27%

14
Over 2 million loyalty members

Focus on customer segmentation and personalisation
Targeted AI and data insights
Loyalty members are more valuable
- ATV 70% higher
- GP% 250 bps higher
- 34% more transactions per customer

Loyalty members represent ~82% of sales

Leveraging of Loyalty Program
Your love for jewellery rewarded
82%
Now over 2m

15
Retail Productivity & Store Investment
Elevating productivity & retail execution

Productivity up 21% since FY19 and up in all markets
Focus on in-store experience, delivering
increased customer engagement
Dynamic rostering driving more productive labour
Elevated visual merchandising resulting in increased
shopfront conversion
Significant investment in store network with
more than 60 stores refreshed
Productivity measure used: revenue per store

16
Sustainability
Announced ESG 2030 manifesto centred around
three key pillars – Product, Planet & People
Launched circular economy offering Re:new:
•Digitally-enabled gold recycling platform
•Launching a diamond upgrade program
•Reimagining and expansion of jewellery repair
business

17
MH Group -Portfolio of Brands
▪Leading fine jewellery retailer, with a material presence in Australia, New Zealand and Canada
▪Catering to multiple market and consumer segments through differentiated brands and product offerings
▪Customer focused, detail-oriented, nimble, multi-channel operations
▪State of the art distribution technology and high calibre leadership and retail teams
ASX & NZX: MHJ
LUXURY
PREMIUM
VALUE
PURE-PLAY
▪278 physical stores across AU, NZ and Canada
▪Brand elevation strategy well underway and moving into white space
▪Customer-first, digital-led and channel agnostic
▪26 physical stores in Australia
▪‘Value-led’ market with quality products at affordable prices
▪Omni-channel distribution model
▪Medley –MHJ’s recently launched, online pure-play
▪Watches Galore –standalone value-led watch marketplace
▪Launching a new digitally-led bespoke jewellery brand
▪Luxury customer with higher ATV
▪Limited showroom presence

18
BEVILLES IS A WELL-ESTABLISHED AND REPUTABLE JEWELLERY RETAILER,
WITH A NETWORK OF 26 STORES AND A GROWING ONLINE PRESENCE
PRICE POINT AND PRODUCT MIX
KEY GROWTH OPPORTUNTIES
▪Substantial store roll-out opportunity in short and medium term
▪Rapidly expand lab diamonds and new category opportunities
▪Enhance value add services offerings e.g.repairs, care plans and insurance
▪Third party brand expansion (jewellery and watches)
▪Refine and expand omni-channel offering
▪New Zealand and Canada present future market expansion opportunities
INITIAL FOCUS
▪Smooth transition of all team members
▪Store roll-out plan: Three new sites secured, and another three close to
finalisationfor pre-Christmas opening, with a further tranche identified
for the second half
▪IT integration progressing well and initial supply chain synergies in place
Data on this slide relates to the period March 2022 to February 2023

19
•New start-up brand designed to
test a completely unique and
elevated proposition, capturing an
entirely new high-end customer
•Brought to life through an
immersive digital experience
supported by the gradual roll-out
of a limited number of showrooms
in key capital cities
•Customers will be invited to select
from tens of thousands of unique
diamonds, paired with a ring
design of their choice and ultimate
handcrafting in our artisanal
Australian workshop
•Anticipated launch: October 2023

Q & A
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Appendices

22
Appendix A: Bridge from Comparable EBIT to Statutory EBIT
(AUD million)FY23FY22
Comparable EBIT58.962.9
Impact of AASB16 Leases10.013.4
Impact of IFRIC SaaS-related guidance-7.3-6.0
Bevilles acquisition transaction costs-2.0
Restructuring-0.7
Government grants received (AU, NZ, CA)-2.9
Statutory EBIT58.973.2
Calculated as follows:

23
Appendix B: AASB16 Leases & SaaS Impact
(AUD million)
FY23
Stat
Impact of
AASB16 & SaaS
FY23
pre-adjustments
FY22
pre-adjustments
Change
pre-adjustments
Revenue629.6-629.6595.2+5.8%
Cost of sales-225.1--225.1-210.4+7.0%
Gross profit404.4-404.4384.8+5.1%
Employee benefits expense-168.4-3.2-165.2-152.8+8.1%
Occupancy costs-9.951.2-61.1-56.2+8.7%
Marketing expenses-44.2--44.2-41.2+7.2%
Selling expenses-20.9--20.9-17.7+18.1%
Other income/(expenses)-44.5-10.1-34.4-33.8+1.9%
EBITDA116.637.978.783.1-5.4%
Depreciation and amortisation expenses-57.7-35.3-22.5-17.4+29.2%
EBIT58.92.756.265.7-14.5%
Finance expenses-9.1-8.8-0.3-0.9+59.5%
Profit before tax49.7-6.155.964.9-13.9%