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1 JB HI-FI LIMITED JB Hi-Fi Limited FY25 Results PresentationFor personal use only
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JB HI-FI LIMITED Agenda PAGE 2 Agenda 1. Group Overview 2. FY25 Performance 3. Balance Sheet and Cash Flow 4. FY26 Trading Update 5. Group FY26 Focus Areas 6. Investment Checklist Terry Smart Nick Wells David Giansalvo Group CEO Group COO Group CFO For personal use only
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1. Group Overview For personal use only
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JB HI-FI LIMITED PAGE 4 220+ Stores Leading retailer of technology and consumer electronicsProduct offering Leading retailer of home appliances and consumer electronics Value proposition Known and trusted for value Best brands, big range, low prices Customer focus Known for passionate, knowledgeable team members Exceptional customer service https://www.thegoodguys.com.au/wcsstore/AUOnlineSAS/images/good-guys-logo.svg https://www.thegoodguys.com.au/wcsstore/AUOnlineSAS/images/good-guys-logo.svg Target customer base Scale & Diversification Low Cost Operating Model Multichannel Capability People and Culture Three iconic retail brands leveraging a Group support function and underpinned by 4 key competitive advantages 21 3 4 Purpose Help people with better ways to live, learn, work, and play Help families live better for less Tech-savvy demographic Home-making families Channels Online JB HI-FI Business JB HI-FI Education Phone Sales 100+ Stores Online TGG Commercial Phone Sales Leading retailer of premium home appliances and bathroom Help people find the perfect appliance to improve life in their home Home renovator and new home builders 10+ Stores Online Commercial developers Builders & Architects The group modelFor personal use only
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JB HI-FI LIMITED PAGE 5 https://www.thegoodguys.com.au/wcsstore/AUOnlineSAS/images/good-guys-logo.svg Underpinned by 4 key competitive advantages The group model Suppliers ▪ Strong and engaged supplier relationships both locally and globally ▪ Provide suppliers with the ability to execute promotions at scale ▪ Ability to maximise reach of new technology and innovation launches Customer base ▪ Large, engaged and diversified customer base across the three brands ▪ Multiple brands with unique and distinct brand personalities appealing to different target customers ▪ Brand’s individual strength within market segments (Technology & Consumer Electronics, Home Appliances & Premium) ensure wider appeal ▪ High volume website traffic provides significant marketing opportunities and reach Category & Brand Diversification ▪ Reduce reliance on any single category or brand performance Scale & Diversification1 Low Cost Operating Model2 Multichannel Capability3 People and Culture4 Customer value ▪ Constant focus on productivity and minimising unnecessary expenditure allows us to pass on greater value pricing to customers Agility and resilience ▪ Low cost allows us to: ▪ Respond to market price activity and maintain focus on market share; and ▪ Compete effectively with traditional competitors and new market entrants Operational leverage ▪ Group function enables business to drive efficiencies across large cost base Maximising customer reach ▪ Stores - high quality store locations that provide convenience and easy access ▪ Online - high brand awareness and optimised digital experience drives high traffic through websites ▪ Phone / chat / video - convenient and personalised sales experience giving customers ability to negotiate a deal ▪ Commercial - national support for corporate, government, construction and education customers Increased sales opportunity ▪ Easy and convenient access to the brands via customer’s desired shopping channel ▪ Fast fulfilment, via in-store shopping, click and collect or delivery from the store network or big and bulky home delivery centres Enhanced customer experience ▪ Provide customers with a frictionless shopping experience regardless of their chosen sales channel ▪ Store base provides confidence with aftersales support regardless of sales channels used when buying Best customer experience ▪ Knowledgeable and passionate teams who put customers first and provide exceptional customer service ▪ Strong, overarching culture that also reflects the individual brand personalities Innovation and Agility ▪ Dynamic and flexible environment allows the business to pivot quickly and adapt to any changing market conditions Talent retention ▪ Highly engaged teams who have a connection with our brands and our purpose ▪ Diverse and inclusive workforce ▪ Unrelenting focus on health and safety For personal use only
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JB HI-FI LIMITED PAGE 6 Generating sustainable long-term growth Community Investment Make a positive impact in the communities in which our team members live and work Ethical Sourcing Work with our supply partners to protect and further human rights Climate Action Working towards net zero direct (scope 1 & 2) carbon emissions by 2030 Recycling & Circular Economy Manage operational waste and end-of-life product responsibly and optimising recycling Health, Safety & Wellbeing Create and maintain a safe and healthy workplace Engagement, Talent, Diversity & Inclusion Build highly engaged teams, develop our people and ensure that we maintain a diverse and inclusive work environment The Group today released its FY25 Sustainability Report outlining our commitment to having a positive impact on our people, our community and our environment The FY25 Sustainability Report can be found on the Group’s investor website (https://investors.jbhifi.com.au/) OUR PEOPLE OUR COMMUNITIES OUR ENVIRONMENT For personal use only
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2. FY25 Performance For personal use only
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JB HI-FI LIMITED PAGE 8 Group Highlights ▪ In addition to the FY25 results, the Board has today: ▪ Declared a special dividend of 100 cps fully franked, or $109.3 million, and together with the final dividend, will distribute $224 million to shareholders; ▪ Announced an increase to the dividend payout ratio from 65% to a range of 70-80% of NPAT3 from FY26; and ▪ Announced that Group Chief Executive Officer, Terry Smart, will retire from the Group on 3 October 2025 and be succeeded by current Group Chief Operating Officer, Nick Wells 1 All FY25 Group results disclosed in this presentation include e&s results for the period of ownership (2 September 2024 to 30 June 2025) 2 Statutory results. Excluding the one-off $13.7 million expense in FY25 relating to the resolution of the ACCC proceedings against The Good Guys, EBIT was up 9.4% to $707.8 million, NPAT was up 8.5% to $476.1 million and EPS was up 8.5% to 435.5 cps 3 Attributable to the owners of JB Hi-Fi Limited FY25 FY24 Total sales ($m) 10,554.8 9,592.4 962.4 10.0% ▲ Earnings before interest and tax ($m)2 694.1 647.2 46.9 7.3% ▲ Net profit after tax ($m)2,3 462.4 438.8 23.6 5.4% ▲ Earnings per share (basic ¢)2,3 423.0 401.4 +22 cps 5.4% ▲ Dividend per share (¢) 275.0 261.0 +14 cps 5.4% ▲ GrowthAUD 1 For personal use only
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JB HI-FI LIMITED PAGE 9 Group FY25 Performance 1 Statutory results. Excluding the one-off $13.7 million expense in FY25 relating to the resolution of the ACCC proceedings agains t The Good Guys, The Good Guys EBIT was up 9.7% to $173.5 million, with EBIT margin up 15 bps to 6.1%. Group EBIT was up 9.4% to $707.8 million, with EBIT Margin down 4 bps to 6.7%. FY25 FY24 $m % Sales ($m) - JB HI-FI Australia 7,103.2 6,609.9 493.4 7.5% ▲ - JB HI-FI New Zealand (NZD) 396.3 327.9 68.3 20.8% ▲ - The Good Guys 2,865.0 2,679.1 185.8 6.9% ▲ - e&s 225.2 n/a 225.2 n/a Total Sales (AUDm) 10,554.8 9,592.4 962.4 10.0% ▲ EBIT ($m) - JB HI-FI Australia 530.3 491.2 39.1 8.0% ▲ - JB HI-FI New Zealand (NZD) (0.2) (2.3) 2.0 n/m ▲ - The Good Guys1 159.8 158.1 1.7 1.1% ▲ - e&s 4.2 n/a 4.2 n/a Total EBIT (AUDm)1 694.1 647.2 46.9 7.3% ▲ EBIT Margin (%) - JB HI-FI Australia 7.47% 7.43% +3 bps ▲ - JB HI-FI New Zealand (0.06%) (0.69%) +63 bps ▲ - The Good Guys1 5.58% 5.90% (32 bps) ▼ - e&s 1.85% n/a n/a Total EBIT Margin (%)1 6.58% 6.75% (17 bps) ▼ GrowthFor personal use only
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JB HI-FI LIMITED PAGE 10 JB HI-FI Australia FY25 Performance Sales ($m) 7,103.2 6,609.9 7.5% ▲ Gross Profit ($m) 1,562.3 1,467.8 6.4% ▲ Gross Margin (%) 21.99% 22.21% (21 bps) ▼ Cost of Doing Business (%) 12.42% 12.61% (19 bps) ▼ EBITDA ($m) 680.2 634.1 7.3% ▲ EBITDA Margin (%) 9.58% 9.59% (2 bps) ▼ EBIT ($m) 530.3 491.2 8.0% ▲ EBIT Margin (%) 7.47% 7.43% +3 bps ▲ AUD FY25 FY24 Growth For personal use only
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JB HI-FI LIMITED PAGE 11 4.9% 8.7% 6.5% 9.0% 7.5% 5.0% 8.8% 6.0% 8.2% 7.2% Q1 Q2 Q3 Q4 FY Total Comp ▪ Total sales increased by 7.5% to $7.10 billion, with comparable sales up 7.2%, driven by continued customer demand, new product releases, and well-executed promotional activity ▪ The key growth categories were Mobile Phones, Small Appliances, Computers and Games Hardware (particularly in Q4 with the launch of Nintendo Switch 2). Software sales (Music, Movies and Games) were 2.9% of total sales (FY24: 3.6%) ▪ Online1 sales increased by 16.4% to $1.19 billion or 16.8% of total sales (FY24: 15.5%) ▪ Gross profit increased by 6.4% to $1.56 billion with gross margin down 21 bps to 22.0%, driven by sales mix and ongoing competitive activity ▪ CODB was 12.4%, down 19 bps, and in absolute terms grew 5.8%, with disciplined cost control throughout the year ▪ Depreciation increased by 4.9% with an increase in both depreciation on right-of-use assets and depreciation on fixed assets ▪ EBIT increased by 8.0% to $530.3 million with EBIT margin up 3 bps to 7.5% FY25 Sales JB HI-FI Australia FY25 Performance SALES GROWTH BY QUARTER 1 Online sales includes web chat and over the phone sales FY25 EarningsFor personal use only
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JB HI-FI LIMITED PAGE 12 JB HI-FI New Zealand FY25 Performance 1 In June FY20, the Group recorded a non-cash impairment of JB HI-FI New Zealand right-of-use assets and fixed assets. As a result of this impairment, JB HI-FI New Zealand FY25 and FY24 EBIT have benefitted from a reduction to depreciation expense (FY25: NZD2.8 million, FY24: NZD3.2 million) Sales ($m) 396.3 327.9 20.8% ▲ Gross Profit ($m) 67.3 55.5 21.3% ▲ Gross Margin (%) 16.99% 16.93% +6 bps ▲ Cost of Doing Business (%) 14.72% 15.59% (86 bps) ▼ EBITDA ($m) 9.0 4.4 104.3% ▲ EBITDA Margin (%) 2.28% 1.35% +93 bps ▲ EBIT ($m)1 (0.2) (2.3) 89.7% ▲ EBIT Margin (%) (0.06%) (0.69%) +63 bps ▲ FY25 FY24 GrowthNZD For personal use only
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JB HI-FI LIMITED PAGE 13 19.6% 20.2% 17.5% 25.9% 20.8% 2.7% 9.4% 7.5% 15.7% 9.2% Q1 Q2 Q3 Q4 FY Total Comp ▪ Total sales increased by 20.8% to NZD396.3 million, with comparable sales up 9.2% ▪ The key growth categories were Mobile Phones, Computers, Audio and Small Appliances. Software sales (Music, Movies and Games) were 4.8% of total sales (FY24: 5.6%) ▪ Online1 sales increased by 48.1% to NZD63.0 million or 15.9% of total sales (FY24: 13.0%) ▪ Gross profit increased by 21.3% to NZD67.3 million with gross margin up 6 bps to 17.0% ▪ CODB was 14.7%, down 86 bps, and in absolute terms grew 14.1%, with disciplined cost control throughout the year and continued investment in new stores and strategic initiatives ▪ EBITDA was NZD9.0 million, up 104.3% ▪ EBIT was negative NZD0.2 million, up NZD2.0 million FY25 Sales JB HI-FI New Zealand FY25 Performance SALES GROWTH BY QUARTER 1 Online sales includes web chat and over the phone sales FY25 EarningsFor personal use only
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JB HI-FI LIMITED PAGE 14 The Good Guys FY25 Performance 1 Underlying EBIT excludes the one-off $13.7 million expense in FY25 relating to the resolution of the ACCC proceedings against The Good Guys Sales ($m) 2,865.0 2,679.1 6.9% ▲ Gross Profit ($m) 672.4 621.2 8.2% ▲ Gross Margin (%) 23.47% 23.19% +28 bps ▲ Cost of Doing Business (%) 14.65% 14.00% +65 bps ▲ EBITDA ($m) 252.7 246.1 2.7% ▲ EBITDA Margin (%) 8.82% 9.19% (36 bps) ▼ EBIT ($m) 159.8 158.1 1.1% ▲ EBIT Margin (%) 5.58% 5.90% (32 bps) ▼ Underlying EBIT ($m)1 173.5 158.1 9.7% ▲ Underlying EBIT Margin (%) 6.06% 5.90% +15 bps ▲ AUD FY25 FY24 Growth For personal use only
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JB HI-FI LIMITED PAGE 15 5.3% 12.4% 4.6% 4.4% 6.9% 5.0% 11.9% 4.1% 4.0% 6.5% Q1 Q2 Q3 Q4 FY Total Comp ▪ Total sales increased by 6.9% to $2.87 billion, with comparable sales up 6.5% ▪ The key growth categories were Floorcare, Portable Appliances, Cooking and Computers ▪ Online1 sales increased by 9.9% to $425.4 million or 14.8% of total sales (FY24: 14.5%) ▪ Gross profit increased by 8.2% to $672.4 million with gross margin up 28 bps to 23.5% driven by continued strong execution ▪ CODB was 14.6%, up 65 bps, and in absolute terms grew 11.9%. Underlying CODB2 was 14.2%, up 17 bps, and in absolute terms grew 8.2%, with an investment in store wages to support increased store traffic ▪ Depreciation increased by 5.5% with an increase in both depreciation on right- of-use assets and depreciation on fixed assets ▪ EBIT increased by 1.1% to $159.8 million, with EBIT margin down 32 bps to 5.6%. Underlying EBIT2 was up 9.7% to $173.5 million, with underlying EBIT margin up 15 bps to 6.1% FY25 Sales The Good Guys FY25 Performance SALES GROWTH BY QUARTER 1 Online sales includes web chat and over the phone sales 2 Underlying CODB and underlying EBIT exclude the one-off $13.7 million expense in FY25 relating to the resolution of the ACCC proceedings against The Good Guys FY25 EarningsFor personal use only
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JB HI-FI LIMITED PAGE 16 On 2 September 2024, the Group completed the acquisition of 75% of e&s, a highly complementary premium home appliance and bathroom retailer e&s FY25 Performance ▪ Total sales were up 5.2% to $225.2 million, with comparable sales up 4.2% ▪ Sales growth was driven by the Commercial division ▪ EBIT was $4.2 million, in line with the Group’s expectations, with EBIT margin at 1.9% 1 e&s results are presented for the period of ownership (2 September 2024 to 30 June 2025) FY25 Sales FY25 Earnings Sales ($m) 225.2 Gross Profit ($m) 64.3 Gross Margin (%) 28.56% Cost of Doing Business (%) 23.31% EBITDA ($m) 11.8 EBITDA Margin (%) 5.25% EBIT ($m) 4.2 EBIT Margin (%) 1.85% AUD FY251 For personal use only
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3. Balance Sheet and Cash Flow For personal use only
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JB HI-FI LIMITED PAGE 18 ▪ Inventory was $1.30 billion, up 18.7% or $204.8 million year on year. Excluding e&s, inventory was up 12.8% or $139.5 million year on year, with increased inventory to support new stores and Q4 FY25 and Q1 FY26 sales ▪ Inventory turnover was down 27 bps to 6.71x. Excluding e&s, inventory turnover was 6.91x, down 8 bps (FY24: 6.98x) ▪ Payables were up 22.9% or $165.1 million year on year in line with the increase in inventory ▪ 30 June net working capital was in line with the prior year 1 Net Cash / (Net Debt) excluding AASB 16 Lease Liability Group Balance Sheet and Cash Flow Group Balance Sheet AUDm FY25 FY24 Cash 284.1 317.7 Receivables 186.5 135.1 Inventories 1,298.5 1,093.6 Other 46.5 39.9 Total Current Assets 1,815.6 1,586.3 Fixed Assets 224.8 196.9 Intangibles & Goodwill 1,080.7 1,031.4 Right of Use Asset 638.7 568.3 Other 122.9 103.7 Total Non-Current Assets 2,067.1 1,900.3 Total Assets 3,882.7 3,486.6 Payables 885.9 720.8 Borrowings - 15.0 Lease Liabilities 201.2 182.6 Other 463.9 392.4 Total Current Liabilities 1,551.0 1,310.8 Borrowings - - Lease Liabilities 513.2 459.8 Other 196.7 156.9 Total Non-Current Liabilities 709.9 616.7 Total Liabilities 2,260.9 1,927.5 Net Assets 1,621.8 1,559.1 Net Cash / (Net Debt)1 284.1 302.7 Net Working Capital 75.6 76.0 For personal use only
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JB HI-FI LIMITED PAGE 19 Group Cash Flow Statement ▪ Operating cash flows and operating cash conversion continue to be strong ▪ Capex was $82.1 million, up 10.4% or $7.7 million year on year, with investment in the store portfolio, online and strategic initiatives ▪ Investing cashflows include $47.6 million cash consideration on purchase of e&s less $6.8 million cash balances acquired ▪ Dividends paid of $385.9 million, including a FY24 special dividend of 80 cps or $87.5 million ▪ Net Cash was $284.1 million, down $18.5 million, with continued strong cash generation offset by the acquisition of e&s and the payment of the FY24 special dividend Group Performance Indicators 1 Free Cash Flow = Net Cash Flow from Operations less Purchases of P&E (net) and Repayment of Lease Liabilities 2 Net Cash / (Net Debt) excluding AASB 16 Lease Liability 3 Pre AASB16 Group Balance Sheet and Cash Flow FY25 FY24 Fixed Charge Ratio 3 3.9x 3.9x Interest Cover 3 276.2x 327.3x Gearing Ratio 3 0.0 0.0 Return on Invested Capital 51.9% 51.5% AUDm FY25 FY24 EBITDA 952.9 884.3 Change in working capital (10.0) 40.2 Net interest received / (paid) on borrowings 9.8 9.3 Interest on lease liabilities (35.3) (29.2) Income tax paid (224.7) (177.7) Other 18.9 25.6 Net Cash Flow from Operations 711.6 752.6 Purchases of P&E (net) (82.1) (74.4) Investments (net of cash acquired) (40.8) - Net Cash Flow from Investing (122.9) (74.4) (Repayment) / proceeds from borrowings (16.4) (34.8) Payment of lease liabilities (199.2) (187.6) Shares acquired by the employee share trust (20.9) (17.0) Dividends paid (385.9) (298.5) Net Cash Flow from Financing (622.4) (537.9) Net Change in Cash Position (33.7) 140.3 Effect of exchange rates 0.1 0.1 Cash at the end of Period 284.1 317.7 Free Cash Flow 1 430.2 490.6 Net Cash / (Net Debt) at the end of Period 2 284.1 302.7 For personal use only
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JB HI-FI LIMITED PAGE 20 FY25 Final and Special Dividend ▪ As a result of the Group’s continued strong financial performance and cashflow generation, the Group has an elevated net cash position and a significant franking credit balance ▪ Taking this into account, the Board has today declared: ▪ A final dividend of 105 cents per share (cps) fully franked, up 2 cps or 1.9%, bringing the total ordinary dividend to 275 cps, up 14 cps or 5.4% and representing 65% of NPAT1; and ▪ A special dividend of 100 cps fully franked ▪ The combined final dividend and special dividend will distribute $224 million to shareholders ▪ The record date for the final dividend and special dividend is 22 August 2025, with payment to be made on 5 September 2025 FY26 Dividend Payout Ratio ▪ The Board have reviewed the Group’s capital structure and today announced an increase to the dividend payout ratio from 65% to a range of 70-80% of NPAT1 from FY26 ▪ The capital management initiatives announced today reflect the Board’s commitment to maximising returns to all shareholders, whilst maintaining an optimal capital structure that provides the Group with balance sheet capacity to invest in organic and inorganic opportunities Group Balance Sheet and Cash Flow 1 Attributable to the owners of JB Hi-Fi Limited FY25 ORDINARY DIVIDEND OF 275 CPS & SPECIAL DIVIDEND OF 100 CPS 287cps 316cps 312cps 261cps 275cps 80cps 100cps FY21 FY22 FY23 FY24 FY25 For personal use only
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4. FY26 Trading Update For personal use only
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JB HI-FI LIMITED PAGE 22 6.1% 38.1% 4.2% 1.0% 5.1% 24.0% 3.8% (2.7%) JB HI-FI Australia JB HI-FI New Zealand The Good Guys e&s Total Comp July 2025 sales update The Group provides the following sales update for the period 1 July 2025 to 31 July 2025 ▪ Total sales growth for JB HI-FI Australia was 6.1% (July 2024: 5.6%) with comparable sales growth of 5.1% (July 2024: 5.2%) ▪ Total sales growth for JB HI-FI New Zealand was 38.1% (July 2024: 12.2%) with comparable sales growth of 24.0% (July 2024: -4.9%) ▪ Total sales growth for The Good Guys was 4.2% (July 2024: 2.7%) with comparable sales growth of 3.8% (July 2024: 2.7%) ▪ Total sales growth for e&s was 1.0% with comparable sales growth of -2.7% Whilst the retail market remains uncertain, the Group is pleased to see sales momentum continue into July supported by new product launches and an improved stock position Group FY26 Trading Update JULY SALES GROWTH For personal use only
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5. Group Focus Areas For personal use only
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JB HI-FI LIMITED PAGE 24 The Group continues to leverage and evolve its unique offer and capabilities Group FY26 Focus Areas Group FY26 Focus Areas Brand Reach ▪ JB Hi-Fi New Zealand expansion - 3 new stores in FY26 ▪ e&s integration and expansion - 1 new store in FY26 ▪ JB Hi-Fi Australia - 5 new stores and 1 closure in FY26 ▪ The Good Guys - No new stores and 2 major relocations in FY26 ▪ Commercial growth - expand customer base CUSTOMER FIRST Retail Execution ▪ Prove value - actively promote and demonstrate value ▪ Keep it simple - focus on the metrics that matter ▪ Customer engagement - create engaging in-store experiences ▪ Operational efficiencies - drive operational efficiencies to re-invest in customer facing roles Multichannel ▪ Online - leverage the significant online traffic ▪ Marketplace - expand range and drive awareness ▪ Membership programs - deliver personalization at scale ▪ Enhance sales channels - create consistent customer experiences across channels Supply Chain ▪ Delivery options - create best in class customer experiences ▪ Optimize inventory flow - enhanced stock availability during peak trade periods ▪ Evolve supply chain network - align to multichannel strategy and improve flow of bulky products For personal use only
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6. Investment Checklist For personal use only
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JB HI-FI LIMITED PAGE 26 Investment Checklist Unique and relevant brands Flexible business model – history of category growth and development Diverse and resilient product categories across multiple brands Scale operator, market leader Global best in class metrics including low cost of doing business and high sales per square metre Unique team culture and unrivalled customer service Multichannel capability built around high-quality store portfolio Experienced management team Shareholder return focused – through proactive capital management and dividend policies High return on invested capital For personal use only
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Appendices For personal use only
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JB HI-FI LIMITED PAGE 28 Group Profit and Loss – Breakdown Appendix I 1 Attributable to the owners of JB Hi-Fi Limited AUDm JB HI-FI AUST JB HI-FI NZ (NZD) The Good Guys e&s Group JB HI-FI AUST JB HI-FI NZ (NZD) The Good Guys Group \ Sales 7,103.2 396.3 2,865.0 225.2 10,554.8 6,609.9 327.9 2,679.1 9,592.4 10.0% ▲ Gross Profit 1,562.3 67.3 672.4 64.3 2,360.4 1,467.8 55.5 621.2 2,140.4 10.3% ▲ Gross Margin 21.99% 16.99% 23.47% 28.56% 22.36% 22.21% 16.93% 23.19% 22.31% +5 bps ▲ EBITDA 680.2 9.0 252.7 11.8 952.9 634.1 4.4 246.1 884.3 7.8% ▲ Depreciation on Fixed Assets 36.1 2.5 21.7 1.4 61.5 34.5 1.3 19.2 54.9 12.1% ▲ Depreciation on Right of Use Assets 113.8 6.7 71.2 6.2 197.3 108.4 5.4 68.8 182.2 8.3% ▲ EBIT 530.3 (0.2) 159.8 4.2 694.1 491.2 (2.3) 158.1 647.2 7.3% ▲ EBIT Margin 7.47% (0.06%) 5.58% 1.85% 6.58% 7.43% (0.69%) 5.90% 6.75% (17 bps) ▼ Interest on Lease Liabilities 19.2 1.5 13.1 1.6 35.3 17.5 1.5 10.3 29.2 21.0% ▲ Net Interest on Borrowings - - - - (9.2) - - - (9.4) (1.2%) ▼ Profit before Tax 511.1 (1.7) 146.7 2.6 668.0 473.7 (3.7) 147.8 627.4 6.5% ▲ Tax Expense 205.2 188.6 8.8% NPAT 462.8 438.8 5.5% ▲ NPAT attributable to Equity holders of the parent 462.4 438.8 5.4% ▲ Non-controlling interests 0.4 - n/a Headline Statistics: Ordinary dividends per share (¢) 275.0 261.0 5.4% ▲ Earnings per share (basic ¢)1 423.0 401.4 5.4% ▲ Cost of Doing Business 12.42% 14.72% 14.65% 23.31% 13.33% 12.61% 15.59% 14.00% 13.10% +24 bps ▲ Stores 206 23 107 12 348 205 19 106 330 +18 stores FY25 FY24 Growth For personal use only
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JB HI-FI LIMITED PAGE 29 a) 5 year Group Profit and Loss Appendix II 1 Attributable to the owners of JB Hi-Fi Limited AUDm FY25 FY24 FY23 FY22 FY21 Sales 10,554.8 9,592.4 9,626.4 9,232.0 8,916.1 Gross Profit 2,360.4 2,140.4 2,182.5 2,080.4 1,977.2 Gross Margin 22.36% 22.31% 22.67% 22.53% 22.18% EBITDA 952.9 884.3 993.2 1,013.9 961.6 Depreciation on Fixed Assets 61.5 54.9 55.2 53.8 54.8 Depreciation on Right of Use Assets 197.3 182.2 169.0 165.5 163.7 219.3 218.5 EBIT 694.1 647.2 769.0 794.6 743.1 EBIT Margin 6.58% 6.75% 7.99% 8.61% 8.33% Interest on Lease Liabilities 35.3 29.2 21.9 18.7 21.3 Net Interest on Borrowings (9.2) (9.4) (0.0) 0.6 1.8 Profit before Tax 668.0 627.4 747.1 775.3 720.0 Tax Expense 205.2 188.6 222.5 230.4 213.9 NPAT 462.8 438.8 524.6 544.9 506.1 NPAT attributable to Equity holders of the parent 462.4 438.8 524.6 544.9 506.1 Non-controlling interests 0.4 - - - - Headline Statistics: Ordinary dividends per share (¢) 275.0 261.0 312.0 316.0 287.0 Earnings per share (basic ¢)1 423.0 401.4 479.9 479.5 440.8 Cost of Doing Business 13.33% 13.10% 12.35% 11.55% 11.39% For personal use only
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JB HI-FI LIMITED PAGE 30 b) 5 year JB HI-FI Australia Profit and Loss Appendix II AUDm FY25 FY24 FY23 FY22 FY21 Sales 7,103.2 6,609.9 6,546.1 6,196.5 5,956.8 Gross Profit 1,562.3 1,467.8 1,481.4 1,387.7 1,325.2 Gross Margin 21.99% 22.21% 22.63% 22.40% 22.25% EBITDA 680.2 634.1 690.9 681.4 658.5 Depreciation on Fixed Assets 36.1 34.5 37.4 38.9 39.7 Depreciation on Right of Use Assets 113.8 108.4 101.6 97.6 95.7 136.5 135.5 EBIT 530.3 491.2 551.9 544.9 523.0 EBIT Margin 7.47% 7.43% 8.43% 8.79% 8.78% Interest on Lease Liabilities 19.2 17.5 13.4 10.9 12.4 Profit before Tax 511.2 473.7 538.6 534.0 510.6 Headline Statistics: Cost of Doing Business 12.42% 12.61% 12.07% 11.40% 11.19% Stores 206 205 202 199 197 For personal use only
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JB HI-FI LIMITED PAGE 31 c) 5 year JB HI-FI New Zealand Profit and Loss Appendix II NZDm FY25 FY24 FY23 FY22 FY21 Sales 396.3 327.9 292.1 262.4 261.6 Gross Profit 67.3 55.5 46.7 45.7 46.6 Gross Margin 16.99% 16.93% 16.00% 17.40% 17.83% EBITDA 9.0 4.4 5.3 12.2 12.3 Depreciation on Fixed Assets 2.5 1.3 0.1 0.5 0.9 Depreciation on Right of Use Assets 6.7 5.4 0.8 2.8 5.6 3.3 6.5 EBIT (0.2) (2.3) 4.4 8.8 5.8 EBIT Margin (0.06%) (0.69%) 1.52% 3.37% 2.23% Interest on Lease Liabilities 1.5 1.5 0.4 0.4 0.4 Profit before Tax (1.7) (3.7) 4.0 8.5 5.4 Headline Statistics: Cost of Doing Business 14.72% 15.59% 14.18% 12.75% 13.12% Stores 23 19 14 14 14 For personal use only
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JB HI-FI LIMITED PAGE 32 d) 5 year The Good Guys Profit and Loss Appendix II AUDm FY25 FY24 FY23 FY22 FY21 Sales 2,865.0 2,679.1 2,813.0 2,789.4 2,715.7 Gross Profit 672.4 621.2 658.4 649.9 608.6 Gross Margin 23.47% 23.19% 23.40% 23.30% 22.41% EBITDA 252.7 246.1 297.4 321.1 291.7 Depreciation on Fixed Assets 21.7 19.2 17.7 14.4 14.3 Depreciation on Right of Use Assets 71.2 68.8 66.6 65.3 62.8 79.7 77.1 EBIT 159.8 158.1 213.0 241.4 214.7 EBIT Margin 5.58% 5.90% 7.57% 8.65% 7.90% Interest on Lease Liabilities 13.1 10.3 8.1 7.4 8.6 Profit before Tax 146.7 147.8 204.9 234.0 206.1 Headline Statistics: Cost of Doing Business 14.65% 14.00% 12.83% 11.79% 11.67% Stores 107 106 106 106 105 For personal use only
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JB HI-FI LIMITED PAGE 33 e) 5 year Group Balance Sheet 1 Net Cash / (Net Debt) excluding AASB 16 Lease Liability Appendix II AUDm FY25 FY24 FY23 FY22 FY21 Cash 284.1 317.7 177.3 125.6 263.2 Receivables 186.5 135.1 146.5 132.6 102.8 Inventories 1,298.5 1,093.6 1,040.9 1,135.3 938.8 Other 46.5 39.9 34.6 31.2 35.7 Total Current Assets 1,815.6 1,586.3 1,399.3 1,424.7 1,340.5 Fixed Assets 224.8 196.9 182.8 169.0 169.0 Intangibles & Goodwill 1,080.7 1,031.4 1,031.4 1,031.4 1,031.4 Right of Use Asset 638.7 568.3 530.1 461.6 536.3 Other 122.9 103.7 91.3 74.7 69.3 Total Non-Current Assets 2,067.1 1,900.3 1,835.6 1,736.7 1,806.0 Total Assets 3,882.7 3,486.6 3,234.9 3,161.4 3,146.5 Payables 885.9 720.8 660.5 721.6 668.6 Borrowings - 15.0 - - - Lease Liabilities 201.2 182.6 174.1 167.0 167.3 Other 463.9 392.4 350.3 417.7 410.6 Total Current Liabilities 1,551.0 1,310.8 1,184.9 1,306.3 1,246.5 Borrowings - - 49.8 59.4 - Lease Liabilities 513.2 459.8 431.2 378.0 464.0 Other 196.7 156.9 149.4 137.4 127.6 Total Non-Current Liabilities 709.9 616.7 630.4 574.8 591.6 Total Liabilities 2,260.9 1,927.5 1,815.3 1,881.1 1,838.1 Net Assets 1,621.8 1,559.1 1,419.6 1,280.3 1,308.4 Net Cash / (Net Debt)1 284.1 302.7 127.5 66.2 263.2 Net Working Capital 75.6 76.0 116.2 121.2 1.8 For personal use only
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JB HI-FI LIMITED PAGE 34 f) 5 year Group Cash Flow 1 Free Cash Flow = Net Cash Flow from Operations less Purchases of P&E (net) and Repayment of lease liabilities Appendix II AUDm FY25 FY24 FY23 FY22 FY21 EBITDA 952.9 884.3 993.2 1,013.9 961.6 Change in working capital (10.0) 40.2 5.0 (119.4) (241.0) Net interest received / (paid) on borrowings 9.8 9.3 0.7 (0.6) (1.7) Interest on lease liabilities (35.3) (29.2) (21.9) (18.7) (21.3) Income tax paid (224.7) (177.7) (282.5) (264.4) (158.7) Other 18.9 25.6 22.1 16.5 19.7 Net Cash Flow from Operations 711.6 752.6 716.4 627.4 558.7 Purchases of P&E (net) (82.1) (74.4) (71.7) (57.4) (57.7) Investments (net of cash acquired) (40.8) - - - - Net Cash Flow from Investing (122.9) (74.4) (71.7) (57.4) (57.7) (Repayment) / proceeds from borrowings (16.4) (34.8) (10.0) 59.4 - Payment of lease liabilities (199.2) (187.6) (182.8) (177.6) (168.9) Off-market share buy-back - - (0.3) (250.6) - Proceeds from the issue of Equity - - - - - Shares acquired by the employee share trust (20.9) (17.0) (17.3) (28.2) (10.2) Dividends Paid (385.9) (298.5) (382.7) (310.2) (310.2) Net Cash Flow from Financing (622.4) (537.9) (593.1) (707.2) (489.3) Net Change in Cash Position (33.7) 140.3 51.6 (137.2) 11.7 Effect of exchange rates 0.1 0.1 0.1 (0.4) (0.0) Cash at the end of Period 284.1 317.7 177.3 125.6 263.2 Free Cash Flow1 430.2 490.6 461.9 392.4 332.0 For personal use only
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JB HI-FI LIMITED PAGE 35 g) 5 year Group CODB reconciliation Appendix II AUDm FY25 FY24 FY23 FY22 FY21 Other income (ex interest revenue) (1.1) (1.8) (3.2) (2.2) (1.3) Sales and marketing expenses 1,167.0 1,039.1 978.3 881.1 845.8 Occupancy expenses 349.6 328.0 321.8 302.8 293.6 less depreciation, amortisation & impairment (246.4) (225.8) (214.8) (210.1) (207.6) Administration expenses 52.7 48.1 46.0 41.8 41.3 less depreciation & impairment (12.4) (11.2) (9.4) (9.2) (10.9) Other expenses 98.0 79.8 70.6 62.3 54.7 CODB 1,407.5 1,256.2 1,189.3 1,066.4 1,015.7 Sales 10,554.8 9,592.4 9,626.4 9,232.0 8,916.1 CODB (% of sales) 13.33% 13.10% 12.35% 11.55% 11.39% For personal use only
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JB HI-FI LIMITED PAGE 36 1 2 14 24 5 14 24 41 30 60 3 5 2 3 28 57 23 348 stores across Australia and New Zealand1 Group store reconciliation Appendix III 11 1 1 As at 30 June 2025 Opened Closed Acquired Total JB Hi-Fi Australia 205 2 (1) - 206- JB Hi-Fi New Zealand 19 4 - - 23- The Good Guys 106 1 - - 107 e&s - 1 - 11 12 TOTAL 330 8 (1) 11 348 FY24 FY25 For personal use only
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JB HI-FI LIMITED PAGE 37 Important Notice and Disclaimer The material in this presentation is general background information about JB Hi-Fi Limited (ACN 093 220 136) (JB Hi-Fi) and its activities current as at the date of the presentation, 11th August 2025. It is information given in summary form and does not purport to be complete. It should be read in conjunction with JB Hi-Fi’s other periodic and continuous disclosure announcements filed with the Australian Securities Exchange, which are available at www.asx.com.au. Information in this presentation is not intended to be relied upon as advice to investors or potential investors and does not consider the investment objectives, financial situation or needs of any particular investor. Investors should consider these factors, and consult with their own legal, tax, business and/or financial advisor in connection with any investment decision. This presentation has not been audited in accordance with Australian Auditing Standards. This presentation contains statements that are, or may be deemed to be, forward looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Such forward looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of JB Hi-Fi, which may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. The operating and financial performance of JB Hi-Fi is influenced by a variety of general economic and business conditions, including levels of consumer spending, inflation, interest and exchange rates, access to debt and capital markets, government fiscal, monetary and regulatory policies. No representation or warranty, expressed or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, JB Hi-Fi and its related bodies corporate, respective directors, employees or agents, and any other person does not accept liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including, without limitation, any liability from fault or negligence. For personal use only