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Financial Year 2026 Results August 2026
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Joyce Group “Helping Australians add value to their greatest asset - the family home” 51% Majority Interest in Net Profit Attributable to JYC Shareholders 31 showrooms KWB Group Joyce Corporation Ltd (ASX: JYC) Strong balance sheet with net cash of $48.5M at 30 Jun ‘26 Large addressable markets and growth potential High performing, high margin, capital - light businesses Established brands with strong customer relationships 100% Ownership 5 Stores Franchise Fee Income 37 Stores REVENUE EBIT FY 26 FY26 $143.2 M $31.6 M KWB is a leader in the “do it for me” k itchen & w ardrobe renovation market, delivering an exceptional consumer experience for its customers. It is proudly the only k itchen and w ardrobe renovation company to achieve over 5 ,800 5 - s tar reviews on Australia’s largest independent consumer review site (Productreview.com.au) REVENUE EBIT FY26 FY 26 $26.6M $4.7M With a network of 42 stores supported by a strong omnichannel offering that supports its franchised and company - owned stores , Bedshed supplies quality bedding and bedroom furnishings across Australia and is one of the industry’s most recognisable brands 2
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Operating Results Financial Year 30 June 2026
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Joyce Group FY26 Performance 4 Overview o Strong operational and financial performance from capital - light and high margin businesses o Strategy focused on organic growth, operational efficiency and disciplined capital management o FY26 operational highlights include: o Double - digit order, revenue and EBIT growth in KWB with 2 new showrooms added to network o LFL revenue growth and improved EBIT margins across network leading to increased Bedshed Combined operation EBIT o $10.8M Normalised* NPAT to JYC shareholders o Strong balance sheet, $48.5M Group net cash and debt free o Normalised NPAT payout ratio at 80% delivers 30 cent full year ordinary dividend (fully franked) o Significant opportunity for network expansion in both KWB and Bedshed which are under - represented across Australia * Refer to Appendix for details of normalising adjustments $169.9M Revenue $31.5M Normalised Group EBIT* $48.5M Group Net Cash $10.8M NPAT Attributable to JYC S/Holders* 36. 6 cps Earnings per share* 17.0 cps Fully Franked Final Dividend 18.5% Normalised EBIT Margin*
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Results Overview 5 * Refer to Appendix for details of normalising adjustments ($’000) FY26 FY25 Variance Revenue 169,885 148,154 21,731 14.7% Contribution Margin 84,318 73,025 11,293 15.5% Total Group Expenses 43,17 5 41,440 1,73 5 4.2% Expenses as % of Revenue 25.4% 28.0% - - Normalised EBITDA 41,143 32,80 7 * 8,33 6 25.4% Normalised EBITDA Margin 24.2% 22.1%* - - Normalised EBIT 31,508 23,901* 7,607 31.8% Normalised NPAT 21,562 16,696* 4,866 29.1% Normalised NPAT - JYC Members 10,806 8,210* 2,596 31.6% Key financial performance metrics Normalised NPAT* to JYC shareholders $10.8M, up 3 2 % on FY25 Normalised EBIT margin expanded to 18.5%, from 16.1% in FY25 Normalised Group EBIT $31.5M , up 3 2 % on FY25 Increased revenue and gross margin delivered against continued cost - of - living pressures Cost control with CODB at 25% of revenue , down from 28% in FY25
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Results Overview Focused on returns to shareholders 6 * Refer to Appendix for details of normalising adjustments FY26 FY25 Total Dividend (cents per share) 30.0 27.5 Ordinary Dividend (cents per share) 30.0 22.0 Special Dividend (cents per share) - 5.5 Normalised* EPS (cents per share) 36.6 27.8 Dividends paid/payable ($’000) 8,871 8,132 Final dividend of 17.0 cents per share (fully franked) Normalised* NPAT payout ratio of 80% (maintained dividend policy of 60% - 80%) Normalised* Earnings per share of 36. 6 cents Committed to shareholder returns through dividends and share price appreciation 3.00 3.50 4.00 4.50 5.00 5.50 6.00 6.50 7.00 JYC Share Price ($) Full Yr Ordinary dividend of 30 cents (fully franked) increased from 22 cents in FY25
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7 Cashflow 12 months to 30 Jun ‘26 ($M) Operating Cashflow • $ 46.3 M cash generated from operating activities (excl. $8.6M lease payments, $6.9M tax payments and $1.2M interest received) Investing Activities include • $1.5M purchase of other property, plant & equipment in ordinary activities (primarily showroom upgrades and refurbishments) • $0.7M development of intangible assets (software development) Capital Management • $48.5M closing Group cash (no debt) • Cash held in KWB $30.0M at 30 June ‘26 • JYC share of cash $18.6M at 30 June ‘26 • Strong balance sheet and capital - light businesses provide solid base to manage potential volatile trading conditions 48.5 39.2 46.3 10.1 9.1 2.4 - 5.7 - 8.6 $0 $20 $40 $60 $80 $100 Closing Cash Dividends Paid KWB Minority Interests Dividends Paid JYC Shareholders Capex net of disposals Tax and interest Lease Liabilities Operating Cashflow Opening Cash Results Overview
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KWB Group
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KWB Group 9 Showroom Network June ‘25 New Showrooms Closed Showrooms June ‘26 29 2 - 31 Wallspan o 4 x SA Showrooms Kitchen Connection o 13 x QLD Showrooms o 14 x NSW Showrooms Focus on organic network growth with 2 new showrooms added in FY26 (Melrose Park (SA) and Moore Park (NSW)) Flagship showrooms at Fyshwick (ACT) and Fortitude Valley (QLD) scheduled to open in FY27 New showrooms added in Melrose Park (SA) and Moore Park (NSW) Network expanded to 31 showrooms at 30 June 2026 Long - term target of 55+ showrooms in A - grade locations (network plan of 55 with growth beyond) More than 4,300 kitchens and 2,100 wardrobes designed and installed in FY26 Winner of 2026 Product Review awards (fifth year in a row)
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18.8 21.8 28.0 37.6 43.6 51.9 60.7 62.8 83.1 100.3 114.5 111.6 110.3 131.2 2.9 3.1 3.2 3.8 4.4 4.3 4.7 6.6 7.7 8.9 9.7 10.1 12.0 0 5 10 15 20 25 30 35 $0 $20 $40 $60 $80 $100 $120 $140 $160 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY24 FY25 FY26 Wardrobe Revenue lhs ($M) Kitchen Revenue lhs ($M) EBIT rhs ($M) 10 History of growth Long term trend of Revenue and EBIT Growth driven through network expansion and increasing category attachment
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KWB Group 11 Business model * https://www.productreview.com.au/listings/kitchen - connection Showroom (specify & qualify) Design & Sell (in home) Completion & Seek Referral Final Site Measure Plan & Schedule Logistics & Delivery Installation Management Inspiring showrooms - located in A - grade homemaker centres , displaying premium brands and products Unique value proposition delivering a positive, seamless and hassle - free design and installation experience resulting in exceptional consumer experience that creates referrals (over 5,800 5 - star customer reviews*) Capital - light , resilient business model - flexible labour, proprietary systems and installation control deliver strong margins, excellent cashflow from staged customer payments and resilience in tougher conditions Experienced management with track record of growth and continual improvement in operational efficiencies Invested in centralised and optimised support for showroom network - internal training academy for sales staff and installation partners and National Scheduling Centre
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KWB Group Orders and Revenue o $150.0M of orders (up 16.6% on FY25), delivered from existing and new showrooms o Orders up 21.7% in the first half, moderating to 12.2% in the second half o $121.3M of like - for - like* orders, up 5.9% ($114.5M in FY25) o $49.9M Order Book at 30 June 2026 ($44.2M at 30 June 2025) o $143.2M FY26 revenue, up 19.0% on FY25 ($120.4M FY25) o Conversion and average transaction values (ATV) remained resilient through the year 12 0 1 2 3 4 5 6 0 20 40 60 80 100 120 140 160 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Total Revenue and Average Revenue per showroom ($M) Revenue (LHS) Average Revenue per showroom (RHS) - 1 2 3 4 5 6 - 50 100 150 200 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Total Orders and Average Orders per showroom ($M) Orders (LHS) Average orders per showroom (RHS) * like - for - like: excludes showrooms opened during FY26 and FY25
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KWB Group 13 May 26 Record LTM orders of $150.5M 50 70 90 110 130 150 170 Last 12 month (LTM) average orders and sales ($M) Orders Sales Revenue o Orders surpassing revenue demonstrating growth potential o New showrooms typically take 6 - 12 months to ramp up to targeted order and revenue levels o Forward Order Book of $46.7M at end of July 2026 ($44.4M pcp ) provides revenue coverage into FY27 o $20M of orders 1 July to 23 Aug 2026: o July orders down 9.8% on a strong pcp o Aug orders to 23 Aug up 1% on pcp o Conversion and ATV remaining resilient in FY27 to date Record orders in FY26
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KWB Group 14 Operating Performance o $31.6M EBIT, up 30.3% on FY25 of $24.3M o Operating gross margin up 1 percentage point , remains above 50% o Costs remain tightly controlled o 22.1% EBIT margin (FY25 20.2%) o expanding from 21.6% in 1HY to ~22.6% in 2HY o Revenue of $143.2M, up 19.0% on FY25 o Measured network expansion and new showroom contributions supported EBIT growth o $30.0M cash on hand at 30 June 2026 (incl. customer deposits of $15.0M) ($’000) FY26 FY25 Variance % Segment Revenue 143,236 120,388 22,848 19.0% Segment EBIT 31,612 24,265 7,347 30.3% Segment EBIT Margin % 22.1% 20.2% - - 0% 5% 10% 15% 20% 25% - 5 10 15 20 25 30 35 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 EBIT* ($M) and EBIT Margin EBIT (LHS) EBIT Margin (RHS) * FY22 EBIT normalised to exclude gain on revaluation of property
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15 KWB Group Growth from the core o enquiry quality, sales conversion, designer and installation capacity and gross margin Refine the experience o digital - led marketing and shorter customer lead times Scale the systems o CRM and operating systems investment so the network scales without added overhead Depth in leadership o Cameron Crowell as CEO, supported by executive structure, succession planning and training academy Technology and AI o Leveraging the operating systems and AI to lift productivity and customer experience A planned transition, executed to plan. Same proven model, same operating disciplines, clear focus on execution and targeted refinements where returns are evident Building on the Fundamentals
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16 KWB Group FY27 Foundation o 33 showrooms by end FY27 with the Fyshwick (ACT) and Fortitude Valley (QLD) flagship showrooms Near term o Selective A - grade locations and expansion of the wardrobe category into New South Wales Medium term o Victoria and beyond – staged entry into Victoria and selected locations - building towards 55 A - grade locations Longer term o Further expansion into Western Australia and other opportunities as they arise - beyond 55 showrooms “Built the way KWB always has – purposefully, with infrastructure ahead of growth, funded from a capital - light model and robust balance sheet” Network expansion - 55 A - grade showrooms and beyond
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17 KWB Group A proven category o wardrobe revenue has grown consistently since FY14, with more than 2,100 wardrobes designed and installed in FY26 Attachment to the core o sold through the same showrooms and installation network, adding revenue without adding fixed cost A dedicated range o refined wardrobe range to be tested in Queensland ahead of a national rollout Staged rollout o near to mid term expansion into the ACT and NSW - following the same measured approach as kitchen showroom network expansion Capital - light upside o category growth compounds with network growth, lifting revenue per showroom without additional footprint Wardrobes - a national growth category
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Bedshed
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Bedshed 19 Store Network Company operations o 2 x WA Stores o 1 x QLD Store o 2 x NSW Stores Franchise operations o 13 x WA Stores o 11 x QLD Stores o 4 x NSW Stores o 9 x VIC Stores Store June ‘25 New / (sold or closed) Stores June ‘26 Franchised 36 3 / (2) 37 Company 6 - / (1) 5 Strong brand and highly regarded franchise model Strong relationship with franchisees - many franchisees in network 20+ years Long - term p lanned network of 65+ Stores focused on growth of franchised business with optionality for company - owned store growth Enhanced Franchise network : o Caringbah (NSW), Ellenbrook (WA) and Mackay (QLD) added o Tuggerah (NSW) and Craigieburn (VIC) closed Fundamental focus on franchise operations (complemented by strategic portfolio of company - owned stores)
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Bedshed 20 Business Written Sales (BWS) and Revenue o $163.9M network BWS up 1.8% on FY25, supported by Black Friday, Boxing Day and EOFY Stocktake campaigns o Like - for - like BWS of $159.8M comparable to pcp o Company - owned store revenue $20.4M ($21.1M FY25) o $19.1M like - for - like** Company - owned store revenue up 4.5% on FY25 o Franchise operations revenue $6.2M ($6.1M FY25) o $26.6M revenue* from Combined Operations in FY26** (compared to $27.2M in FY25) o July 2026 BWS of $11.9 million, up 1.8% on pcp . August 2026 BWS to 23 August of $9.5 million up 6.1% on pcp 0 5 10 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Franchise Operations Revenue ($M) 0 10 20 30 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Company Store Revenue ($M) * BWS convert to revenue at point of order for Franchise Operations and point of delivery for Company Store operations ** Mackay Company – owned store was sold to franchisee in Dec 2025
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Bedshed 21 Revenue ($’000) FY26 FY25 Variance Revenue Franchise operations 6,213 6,104 109 1.8% Company - owned stores 20,436* 21,114 (678) (3.2%) Combined Operations Revenue 26,649 27,218 (569) (2.1%) 0 10 20 30 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Combined Operations Revenue ($M) * FY26 Company - owned store revenue includes 6 months only of Mackay store which was sold to franchisee in Dec 2025
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22 Bedshed Operating Performance o Combined Operations improved EBIT and EBIT margin despite challenging trading conditions as consumers remained focused on promotions and shopping for value o Operational improvements, cost control and sales mix helped offset margin pressure across the network o Robust underlying EBIT of $4.7M from Combined Operations o FY26 Franchising EBIT of $3.0M at strong margin of 48.2% (46.4% in FY25) o Company - owned store EBIT of $1.7M at margin of 8.4% (7.2% in FY25) o Successful introduction of new ranges of furniture and rationalisation of the product range 0% 10% 20% 30% 40% 50% 60% 0 1 2 3 4 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Franchise Operations EBIT ($M) and EBIT Margin EBIT (LHS) EBIT Margin (RHS) -5% 0% 5% 10% 15% 20% 25% -1 0 1 2 3 4 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Company Store EBIT ($M) and EBIT Margin EBIT (LHS) EBIT Margin (RHS)
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23 Bedshed Operating Performance ($’000) FY26 FY25 Variance EBIT Franchise operations 2,996 2,831 165 5.8% Company - owned stores 1,720 1,515 205 13.5% Combined Operations EBIT 4,716 4,346 370 8.5% EBIT Margin % 17.7 16.0 - - 0% 5% 10% 15% 20% 25% 30% 0 2 4 6 8 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Combined Operations EBIT ($M) and EBIT Margin EBIT (LHS) EBIT Margin (RHS)
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24 Bedshed Protect and grow margin o continued product rationalisation and supply chain improvements Lower the cost of entry o refined store format cuts fit - out costs and reduces franchisee working capital o supports attraction and retention of high - quality franchisees Optimise company - owned stores o building on like - for - like revenue growth of 4.5% in FY26 Drive network - wide BWS o proven national campaign calendar Grow the network footprint o long - term planned target of 65+ stores A stronger franchise offer and more efficient network
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Corporate Directory 25
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Corporate Directory 26 Board of Directors Jeremy Kirkwood Non - executive Director (Chair) Karen Gadsby Non - executive Director (Deputy Chair) Travis McKenzie Non - executive Director Nicholas Palmer Non - executive Director Key Management Personnel Dan Madden CEO - Joyce Corporation Gavin Culmsee MD - Bedshed Tim Allison CFO & CoSec - Joyce Corporation Cameron Crowell CEO - KWB Group John Bourke Non - executive Director - KWB Board James Versace CFO - KWB Group Top 20 JYC Shareholders – 24 th August 2026 Units % Units 1. ADAMIC PTY LTD 7,711,568 26.08 2. HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 2,280,849 7.71 3. J P MORGAN NOMINEES AUSTRALIA PTY LIMITED 1,647,872 5.57 4. ANACACIA PTY LTD <WATTLE FUND A/C> 1,548,492 5.24 5. UFBA PTY LTD 1,275,000 4.31 6. DANIEL SMETANA <THE D A SMETANA FAMILY A/C> 1,224,651 4.14 7. PALM BEACH NOMINEES PTY LIMITED 1,178,962 3.99 8. MR JUSTIN ZHIWEI TEO 990,000 3.35 9. NETWEALTH INVESTMENTS LIMITED <WRAP SERVICES A/C> 980,823 3.32 10. MR DANIEL ALEXANDER SMETANA 775,434 2.62 11. MR DAN SMETANA 734,022 2.48 12. TREASURE ISLAND HIRE BOAT COMPANY PTY LTD <STAFF SUPER FUND ACCOUNT> 351,967 1.19 13. MR JOHN BOURKE 350,125 1.18 14. CONARD HOLDINGS PTY LTD <THE COWDEN FAMILY A/C> 347,940 1.18 15. MR CHRIS PALIN 276,944 0.94 16. MR GAVIN W CULMSEE + MS KARA F CULMSEE 259,748 0.88 17. MS ANNA MARIA KRISTANCIC 251,707 0.85 18. CITICORP NOMINEES PTY LIMITED 221,834 0.75 19. MARTEHOF PTY LTD <TEMA SUPER FUND A/C> 217,000 0.73 20. BOXER INVESTMENTS PTY LTD <BOXER A/C> 190,000 0.64 Total 22,814,938 77.16 Balance of register 6,754,331 22.84 Grand total 29,569,269 100.00
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References 27 This Presentation should be read in conjunction with the following documents lodged with the ASX on 31 August 2026 under the ASX ticker JYC : o FY 26 - Annual Report, including Appendix 4 E o FY 26 - Results Announcement o Dividend/Distribution - JYC
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Appendix: FY25 normalising adjustments 28 ($’000) EBITDA EBIT PBT Tax NPAT NPAT attributable to JYC s/holders FY25 Results per Financial Statements 31,872 22,666 22,320 (6,487) 15,833 7,347 Crave realised loss on sale of assets 297 297 297 (89) 208 208 Crave impairment of software - 300 300 (90) 210 210 Wind up of Crave business operations 68 68 68 (21) 47 47 One - off corporate expenditure 570 570 570 (172) 398 398 FY25 Normalised Results 32,807 23,901 23,555 (6,859) 16,696 8,210 nb : there were no normalising adjustments in FY 26 – reported FY 26 results are the normalised results . FY 25 adjustments are shown as comparatives .
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29 Disclaimer Information contained in this presentation may involve forward looking statements and comments about the future including possible future performance estimates, estimated earnings, potential growth of the company or its industry or other projections . Forward looking statements can generally be identified by the use of forward - looking words such as “expect”, “anticipate”, “likely”, “intend”, “should”, “could”, “may”, “predict”, “plan”, “propose”, “will”, “believe”, “forecast”, “estimate”, “target”, “outlook”, “guidance” and other similar expressions within the meaning of securities laws in applicable jurisdictions . Indications of and guidance or outlook on, future earnings or financial position or performance are also forward - looking statements . Whilst “JYC” believes these are reasonable at the time of printing, actual results may differ from those expressed or implied by these forward - looking statements . Results may also be affected by a number of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to : price fluctuations, actual demand, currency fluctuations, industry competition, COVID - 19 , legislative, fiscal or regulatory developments, chan g es in accounting standards, economic and financial market conditions in various countries and regions, political risks, product delay or advancements, approvals and cost estimates . These statements refer to the future and therefore involve unknown risks and uncertainties . Non‐ IFRS financial information is supplied to gain meaningful insight to the underlying performance of some business units . The Company has provided this in order to assist the reader in obtaining a better understanding of reported IFRS financial data and where possible non‐ IFRS financial data has been identified as ‘underlying EBIT’ . Investors should seek individual independent financial advice regarding the contents of this presentation . This presentation does not constitute ( 1 ) investment or financial product advice (nor tax, accounting or legal advice) or ( 2 ) any recommendation to acquire securities and does not and will not form any part of any contract for acquisition of securities . Each recipient of this presentation should make its own enquiries and investigations regarding all information in this presentation (including, without limitation, the assumptions, uncertainties and contingencies which may affect the future operations of JYC and the impact that different future outcomes may have on JYC) . No warranty or representation is expressed or implied or will be made as to the fairness, accuracy, completeness or correctness of data presented the information, opinions and conclusions contained in this presentation . To the maximum extent permitted by law, none of JYC’s Directors, employees or agents, advisers, nor any other person (Relevant Person) accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it . No Relevant Person accepts responsibility for any error or omission in this presentation . This presentation is not a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with ASIC) or any other law . This presentation is for information purposes only and is not an invitation, solicitation or offer of securities for subscription, purchase or sale in any jurisdiction . This presentation has been prepared without taking into account any person’s individual investment objectives, financial situation or particular needs . Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and seek legal, accounting and taxation advice appropriate to their jurisdiction . An investment in JYC shares is subject to known and unknown risks, some of which are beyond the control of JYC . JYC does not guarantee any particular rate of return or the performance of JYC . We do not undertake to update or revise this presentation, whether as a result of new information, future events or otherwise . This presentation should be read in conjunction with the Appendix 4 E, the Annual Report and any subsequent announcements posted on the ASX and company websites - www . joycegroup . com . au .