The Chairman and CEO's Address at the AGM

CHAIRMANS ADDRESS TO SHAREHOLDERS ON 10 DECEMBER 2025
RESULTS FOR FULL YEAR ENDED 1 AUGUST 2025
Group sales for the 12 months to 1 August 2025 were $470.7 million, an increase of 8.1% on the prior
year ($435.6 million). Gross margin at 59.3% was consistent with the 59.4% realised in the prior year
despite a continued challenging foreign exchange rate for inventory purchases, which was lower than the
prior corresponding period.
The audited net profit before tax for the 12 months was $58.4 million, an increase of +12.1% on the prior
corresponding period ($52.1 million).
Group audited net profit after tax was $39.5 million, an increase of +14.4% on the prior corresponding
period ($34.5 million).
The improvement in the annual group profit was assisted by a stronger winter season this year.
The Group maintains a strong balance sheet and working capital position.

Glassons Australia - which has 40 stores across Australia
Sales in Australia were $251.5 million which was an increase of +15.3% on the prior corresponding period
inclusive of sales from new and refurbished stores. Net profit before tax was $34.2 million, an increase of
+16.1% on the prior year ($29.5million). Glassons Australia annual sales are now more than Glassons New
Zealand and Hallenstein sales combined.
Two new stores were opened during the year. A store in Sunshine Coast, Queensland, and Harbour Town
Adelaide opened in March 2025. Throughout the year, the Werribee store in Victoria was relocated and
expanded, and the Northland store in Victoria was refurbished. In total we now have 40 stores in
Australia, and we continue to explore new store opportunities in the Australian market when the right
opportunities arise. Glassons Australia is currently working with its landlord on a new purpose-built
larger warehouse with improved automation which will ensure the business is prepared for future
growth. This new Sydney based warehouse is expected to be ready in the second half of the 2026
financial year.
Post year end our Parramatta store was relocated to a new larger location, a new store was opened in
Burwood, NSW, and our Castle Towers store has reopened following a refurbishment.
Glassons New Zealand – which has 35 stores in New Zealand
Sales in New Zealand for the year were $111.9 million, an increase of +1.7% on the prior corresponding
period. Net profit before tax was $19.2 million, an increase of +27.4% on the prior corresponding period
($15.0 million), continuing on from the foundations set in the first half. New Zealand retail sales
generally, as we all know, have been difficult for nearly all New Zealand retailers so the bottom line result
for Glassons NZ is very pleasing. Well done to the Glassons NZ CEO, April Ward, and her team.
Over the year, the Lynn Mall, Shirley and Queen Street stores were refurbished to ensure the look of the
stores represented the brand through consistency with the rest of the store network. A new store was
opened at the Manawa Bay Outlet Centre near Auckland Airport in September 2024, and a new store was
opened in Frankton, Queenstown in July 2025. The Timaru store was closed at the end of August 2024.
Post year end, the Hamilton central store has been refurbished and has reopened in late August.

James Glasson, our Glassons Australia CEO, will soon talk to you in more detail on Glassons covering both
Australia and New Zealand. Obviously, both Glassons Australia and New Zealand businesses work very
closely together.
Hallensteins – which has 41 stores in New Zealand and 5 stores in Queensland, Australia
Our Hallensteins menswear business, ended the year with sales for the 12-month period of $107.3 million
(including Australia). Compared with the prior corresponding period this was flat again, largely due to the
difficult New Zealand economy. Net profit before tax was $4.8 million, a decrease of -36.4% on the prior
corresponding period ($7.5 million). While a particularly challenging year for the brand, the second half
saw encouraging improvements on the prior corresponding period. James McLauchlan, Hallenstein CEO
will talk to you in more depth shortly on the Hallenstein business, and the financial performance.
During the year, a new store concept design was rolled out in the new Silverdale store in Auckland in
November 2024, and a new store was also opened in Manawa Bay Outlet Centre in September 2024. Our
Hallensteins Queen Street store has moved to an improved location and reopened in October 2024. At
the end of July 2025, the Upper Hutt store in Wellington was closed. Post year end, our Hamilton central
store was refurbished and reopened in September 2025, and our Lynn Mall store has been expanded and
refurbished in December 2025 to ensure they maintain brand standards. In Australia, the Robina pop-up
store has closed post end of year and has been replaced by a larger permanent site in November 2025.
James McLauchlan will show you some visuals of this new Robina store. In late November we also opened
a pop-up store in Parramatta, the brand’s first store in NSW. We will monitor closely how these new
recently opened Hallensteins Australian stores perform and then consider what further Hallenstein
Australian store opportunities we may want to pursue.
E-Commerce and Digital
Digital sales represented 18.0% of Group revenue for the year, broadly in line with the prior period, with
overall online sales growing +6.7% year-on-year, which is pleasing. Again, Australian online sales are
stronger than those in New Zealand. Customers continue to embrace a true omni-channel approach —
browsing, buying, and engaging seamlessly across both physical stores and digital platforms.
The Group remains focused on delivering a connected, frictionless experience across all channels.
Looking ahead, we remain committed to adopting new technology and optimising our digital platforms to
ensure an industry-leading experience across desktop, mobile, and in-store touchpoints.
Dividend
The Directors have declared a final dividend of 30.5 cents per share (partially imputed at 56.5%) (26.5
cents per share partially imputed at 75.6% last year) to be paid on 12th December 2025. Together with
the interim dividend of 24.5 cents per share that was paid on 17th April 2025, the full year dividend is
55.0 cents per share. The dividend payment has grown with the improved trading performance, while
the Company’s balance sheet continues to remain strong, and inventory levels are well controlled.
Future Outlook
The first 18 weeks of the new financial year have delivered a solid start, with Group sales up +13.8% on
the prior corresponding period. The result is driven primarily by the Australian market and the ongoing
contribution from stores opened or increased in size and refurbished in FY2025. However, current
trading performance should not be seen as indicative of results through the key trading Christmas period,

which is a huge trading period for us, right through to 1 February 2026, the end of our summer trading
season.
In New Zealand, we expect trading conditions to remain challenging, with cost-of-living pressures
continuing to impact discretionary spend across the retail environment. Despite this, it is pleasing to see
both New Zealand brands are ahead of the prior corresponding period at this early stage.
In closing I would like to thank the Hallenstein Glassons Board, our Executive Teams and all our staff, for
their dedication and continued efforts. The team has delivered a very pleasing result in what has been a
prolonged challenging retail environment in both New Zealand and Australia.
Warren Bell
Chairman
10th December 2025

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JAMES GLASSON – GLASSONS AU CEO ADDRESS TO SHAREHOLDERS ON 10 DECEMBER 2025
Good morning everyone and thank you for attending today.
My name is James Glasson, CEO of Glassons Australia. It’s a privilege to speak with you today and to
provide an update on how the business has performed over the past financial year, and how we are
positioning ourselves for the years ahead.
The past year has presented a complex retail environment across both Australia and New Zealand.
Consumer sentiment has been softer in New Zealand and more variable in Australia, and ongoing
movements in FX, freight costs, and the general cost of doing business have required careful management.
Against this backdrop, Glassons has continued to perform well, with steady contributions from both sides
of the Tasman.
In Australia, Glassons delivered sales of $251.5 million, an increase of 15% on last year, while New Zealand
delivered $111.9 million, a lift of 2%. April and I are pleased with these results, but we view them with the
knowledge we still have plenty to do.
Our priority is not to chase expansion but to ensure we are creating a sustainable, long-term platform for
the brand, for our teams, and for our customers. Glassons was started over 100 years ago on Lichfield St
less than 800 metres away from where we sit today, and every strategic decision we make is in the hope
we make it last another 100 years for the benefit of yourselves, our teams, and our customers.
The strength of our performance this year reflects that approach. We have focused on operational agility,
lean inventory positions, strong in-store experience, and maintaining a healthy Net Profit to Sales
percentage. These fundamentals remain the backbone of our business, and we intend to protect them
carefully.
One of the areas we are most proud of this year is our continued investment in customer experience —
both in-store and online. Our ambition is to lead the market in this space, and we have made meaningful
progress.
A major leap forward has been the integration of Radio Frequency Identification or RFID technology into
both our warehouses and our stores. This is more than just an operational improvement; it enhances the
customer and team experience directly. With RFID in place, we can complete stocktakes more frequently
and far more accurately, improving replenishment speed and ensuring customers find the products they
expect on our shelves. It also reduces manual workload for our teams, allowing them to focus on the
customer rather than the back room.
This technology has already improved our stock accuracy, the efficiency of our replenishment cycles, and
the quality of our in-store execution. It also provides a stronger foundation for future omnichannel activity,
as accurate stock data is fundamental for the customer journey whether it begins online or in-store.
Our digital and e-commerce channels performed steadily throughout the year. Web sales grew at 6%
across the Glassons eCommerce platforms in the Australasian markets. Australia saw good sales growth
with the NZ market with its higher saturation harder. The continued refinement of imagery and
development of video content are priorities to continue to drive sales growth.

We have paused further expansion into the US due to the changing tariff environment. While this slowed
that particular channel, it also presented an opportunity. We have redirected some focus into other
markets, where customer response has been positive. This pivot has allowed us to continue refining our
international capability without overcommitting capital or operations.
Should the tariff landscape in the US shift, or should we find a more streamlined way of doing business
there, we remain open to re-engaging. But for now, we are comfortable with our approach and the
performance of our digital channels.
Strengthening our supply chain remains a core priority. Our sourcing strategy continues to centre around
India, China, and Bangladesh, and we remain optimistic about the ongoing potential of these regions. If the
New Zealand government can secure an Indian Free Trade Agreement, that would of course be
advantageous, particularly as we continue to manage margins.
This year, we also made strong progress in our warehouse relocation project. I want to acknowledge the
work of Sam Glasson and Chris Reid, whose leadership has been much appreciated.
The new warehouse — more than 7,000 square metres under one roof, compared with roughly 3,500
square metres spread across three buildings today — represents a significant step forward in our capability
and efficiency.
We are also looking to build on current operational efficiencies with a level of automation to increase the
speed and accuracy of our picking and streamline our teams.
The project remains on track to open in mid-2026, and it will materially improve our operating rhythm, our
distribution capacity, and ultimately our customer experience. I look forward to updating you next year on
it.
Discipline around cost control remains central to how we run the business. We monitor Net Profit to Sales
closely and are intent on preserving the strength of that ratio as the business grows.
In Australia, Glassons delivered a Net Profit Before Tax of $34.2 million, an increase of 16.1% on the prior
year. New Zealand delivered $19.2 million, up 27%. April and I are really proud of these results; significant
increases in Net Profit are due to companywide performance and the results of all different departments
contributing.
Our focus on cost control extends primarily across rent negotiations, logistics, marketing investment, and
inventory planning. Our goal is to build a business that grows responsibly and sustainably.
On the store side, we continue to take a steady approach to expansion. Over the year, we opened stores on
the Sunshine Coast, Harbour Town Adelaide, Manawa, Frankton, and expanded or refurbished Queen St
(Auckland), Werribee, and Northland in Victoria.
We see opportunities to grow existing stores and to open in new locations where there are clear
geographic gaps or strategic benefits. We all know that new stores are at a minimum 5-year commitments,
so we don’t make decisions lightly.
For the current financial year ahead, in Australia we have opened a new store in Sydney at Burwood, and
have relocated and expanded Castle Towers and Parramatta, we have also committed so far to another
two new locations. New Zealand has refurbished Lynn Mall and Hamilton.

Inventory discipline continues to be one of our core operational strengths. Running lean weeks of cover
allows us to stay close to trend, move quickly where demand signals are strong, and protect margin where
demand softens. This approach reduces risk and increases agility, and it will remain a central part of how
we operate.
To close, I want to acknowledge our teams across Australia and New Zealand. The consistency of our
performance in volatile and hyper competitive markets is a direct reflection of their hard work, their
adaptability, and their commitment to delivering the best experience for our customers. I’d like to thank
April for her leadership and partnership over the last year, the results from Glassons New Zealand are
outstanding. I also want to thank the board for their continued support and advice and shareholders for
their ongoing support and for the confidence placed in our business.
We remain optimistic. We see opportunities, but our focus remains on operational excellence, responsible
investment, and maintaining a strong customer connection — the foundations that have allowed Glassons
to perform well over many years.
Thank you for your time.
James Glasson

Glassons AU CEO & Executive Director
10th December 2025

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JAMES MCLAUCHLAN – HALLENSTEINS CEO ADDRESS TO SHAREHOLDERS ON 10 DECEMBER 2025
Good morning shareholders, board members, and partners.
As I reflect on my first 12 months as CEO, I am proud of the progress we’ve made and energised by the
opportunities ahead to further strengthen the Hallensteins brand.
It has been a challenging year for retail in New Zealand, with tighter discretionary spending and pressure across
the sector. Despite this, Hallensteins has remained resilient, and we have taken deliberate steps to position the
brand for long-term, sustainable growth.
I want to acknowledge our entire team from our distribution centre to our store teams and support office. Their
commitment to protecting margin, keeping product flowing to stores, and delivering positive customer
experiences through one of the toughest trading environments in recent years has been outstanding. Our people
are one of our greatest advantages, and their dedication continues to drive our momentum.
Hallensteins is an iconic brand with a proud heritage, a loyal customer base, and a network of close to 50 stores
across New Zealand and Australia. But the market has evolved, and we are evolving with it. Our online channels
continue to deliver strong growth and remains an increasingly important way we serve and connect with
customers.
This year, a key focus has been broadening our appeal to a wider customer set. Tailored and smart-casual
apparel once a core strength of the brand was heavily impacted during COVID, but demand is returning. We are
rebuilding these categories and refining our product offer to better reflect a wider customer across New Zealand
and Australia.
We have also strengthened our internal capability, ensuring the right people are in the right roles. New team
members have joined to simplify operations, lift execution, and strengthen our buying and product teams to
help us get back to basics. At the same time, we’ve reset expectations across the business with a renewed focus
on margin, operational discipline, and consistently higher standards.
Refreshing our store network has been another important priority. This year we invested in several new and
upgraded locations, including Silverdale, Queen Street in Auckland, Hamilton CBD, Lynn Mall in West Auckland,
Robina in Australia, and a pop-up in Parramatta Westfield our first store in New South Wales.
These investments ensure our physical network reflects the direction and ambition of the brand and we will
continue to invest in and upgrade our store network whilst looking for the right new opportunities as they
present themselves in both countries.
Looking ahead, by improving operational discipline, sharpening our product strategy, appealing to a broader
customer base, and maintaining a strong focus on margin and bottom-line performance, Hallensteins is well
positioned for sustainable growth.
Thank you for your ongoing support.
James McLauchlan

Hallensteins CEO
10th December 2025