Slides
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Giordano 2026 1H Results - Analyst Day 2026 Aug 26
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BEYOND BOUNDARIES To transition Giordano into a growth company 「超越界限」5年策略 轉型為一家增長型公司 STRATEGY 2030
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Beyond Boundaries We are in the second year of our strategic 5 year cycle 「超越界限」五年策略週期的第二年 2024 A year of transition Regain our position in Greater China (ML China + HK) 重獲我們於大中華區的地位 (中國內地 + 香港) Accelerate growth in South East Asia & Gulf Cooperation Council 加速東南亞和海灣阿拉 伯國家合作委員會的業務增長 REVITALIZE & RECALIBRATE RECONNECTRESET 2025 2026-2027 2027+ 過渡和轉型之年 重整 重振及重配 重建連繫 Enhancing Fundamentals 鞏固基 本實力 Strengthening our Go-To-Market Strategy 強化進入市場策略 Building Internal Capabilities 打造 企業內部實力 SS’25: ‒ Freshness in Product 保持產品的 新鮮度 ‒ One Brand, 3 divisions 一個品 牌，3個分部 ‒ Correct OTB to support growth 精確採購預算以支持增長 ‒ Less is more 精簡為優 Generating Market Excitement 營造市場熱度 Revitalize the brand portfolio 重振品牌 Deliver great, quality products to different consumer segments 為不同的消費群提供卓越和優質的產 品 Digital First 數位先導 eCommerce Acceleration 加速電 子商務發展 Channel Focus 專注我們的渠道 Capability building 強化核心能力
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4 • Revitalize Giordano 重振佐丹奴 • Beau Monde by Giordano • Giordano Ladies • GC by Giordano • Digital Transformation 數碼轉型 • eCom Acceleration 加速電子商務發展 • Digital First 數位先導 • Leverage Digital Insights 善用數據洞察 • Future Product Creation 未來產品創新 • Centralized HQ Functions 集中總部職能 • Marketing & Brand Effectiveness 市場營銷及品 牌效益 • Sourcing Strategy 採購策略 • Shared Services 共享服務 • Operation Excellence 卓越經營 • Mainland China Brand revitalisation 於中國內地重振品牌 • Winning in Hong Kong 於香港市場取勝 One Giordano Men, Women, Junior 大中華區 Greater China Digital First 數位先導 Brand Portfolio 品牌組合 Beyond Boundaries strategy has 4 key strategic lever of growth with a focus on brand transition 超越界限策略設有 4 個主要的策略性增長槓桿，並以品牌過渡為重點
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5 2026 1H Results 2026年上半年業績 Stable Revenue amidst challenging market conditions 在充滿挑戰的市場環境下收入維持穩定 P&L Overview – First Half 2026 Group Revenue 本集團收入 OPEX to revenue slight increase 經營費用 HK$108m Net Profit (PATs) 淨溢利 6.7 HK Cents 港仙 Interim dividend of (vs. 2025 HK$121m) (對比2025年1.21億港元) 100%at Per share 每股 +0.4% Net Sales 淨銷售 (Excluding GCC) (不包括海灣阿拉伯國家 合作委員會地區) -1.0% Net Sales 淨銷售 (Including GCC) (包括海灣阿拉伯國家合作委員會地區) Gross Profit Improvement 毛利提升 Inventory increase due to risk management 因風險管理所需而增 加存貨 YOY 按年 中期股息 為 利潤及成本概覽 – 2026上半年 1.08億港元 +5.8% (Excluding GCC) (不包括海灣阿拉伯國家 合作委員會地區) +1.7% (Including GCC) (包括海灣阿拉伯國家合作委 員會地區) dividend payout ratio 派息率
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6 1H Success Markets 1H 成功市場 Hong Kong 香港 FLAT vs 1H 2025 對比1H 2025 Taiwan 台灣 +6.4% vs 1H 2025 對比1H 2025 Singapore 新加坡 +8.4% vs 1H 2025 對比1H 2025 Thailand 泰國 +8.7% vs 1H 2025 對比1H 2025 Malaysia 馬來西亞 +7. 1% vs 1H 2025 對比1H 2025 Vietnam 越南 +6.7% vs 1H 2025 對比1H 2025 (In current rate) (按當前匯率計算)
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7 1H Success Digital First 上半年成功推進數位先導 Rest of the World 世界其他各地 (Core Business 核心業務) Mainland China 中國內地 +12.5% +11.9% +24.5% Rest of the World世界其他各地 (Non-Core Business非核心業務) -80.0%
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8 1H Challenges in … 上半年挑戰… 8 Indonesia (Core Business) 印尼（核心業務） GCC 海灣阿拉伯國家合作 委員會地區 -4.2% vs 1H 2025 -7.1% vs 1H 2025 (In current rate) (按當前匯率計算) Import License Issue 進口限制 Middle East Crisis 中東危機
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9 Our 2 largest markets GCC and Indonesia Represent a combined 36% of our revenue and 65% of our PATs in 2025 我們最大的兩個市場海灣阿拉伯國家合作委員會和印尼 在 2025 年共佔我們收入的 36% 及股東應佔溢利的 65% GCC 海灣阿拉伯國家合 作委員會地區 Indonesia 2025 FY 2024 FY Revenue 19% 18% PATs 50% 50% 2025 FY 2024 FY Revenue 18% 20% PATs 15% 32%
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Brand Transformation Progress品牌轉型進展 Launch of our new Giordano Ladies store to engage with a younger female consumer 推出全新Giordano Ladies門市，吸引更年輕的女性顧客群 Central Store, Hong Kong Since April, our Hong Kong Business has grown 自四月起，香港業務錄得增長 +5% Revenue 1H 2026 收入 2026年上半年
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Key Achievements since launch of QRC flagship (Since Opening 17 April to 30 Jun) 皇后大道中旗艦店開幕以來的關鍵成效 (自4月17日開幕至6月30日) 11 +20% Sales vs Last Year Performance 銷售額按年表現 Gross Profit 毛利 +3pp ATV 平均交易金額 +17% ASP 平均售價 +15% Traffic 客流量 +15% Conversion 轉化率 12% Customer Profile 顧客檔案 Under 20 20-29 30 - 39 20歲以下
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Giordano 2026 Interim Results AnnouncementAugust 26, 2026 12 Overview • Group revenue declined by a modest 1.0% YOY to HK$1,914 million (1H25: HK$1,934 million). Excluding the impact of GCC, revenue +0.4% YOY • Gross margin +1.6pp to 57.2% (1H25: 55.6%) Channel mix; pricing strategy; sourcing execution • OPEX to revenue ratio +1.6pp to 50.5% (1H25: 48.9%) Digital -First strategy increasing E-Platform associated expenses • PATS at HK$108 million (1H25: HK$121 million), net margin -0.7pp at 5.6% (1H25 : 6.3%). Excluding impact of GCC, net margin -0.1pp • Basic EPS 6.7 HK cents (1H25: 7.5 HK cents) • Group inventories closed at HK$580 million (1H25: HK$513 million) ITOC +20 days to 128 days (1H25: 108 days) Partly due to earlier shipment to GCC markets to mitigate potential logistics disruptions • Net cash HK$650 million (1H25: HK$722 million) Mainly due to inventory initiative for GCC market • The Board of Directors has declared an interim dividend 6.7 HK cents per share Payout ratio: 100.0%
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Giordano 2026 Interim Results AnnouncementAugust 26, 2026 13 Revenue by market GROUP REVENUE -1.0% RETAIL REVENUE +0.4% RETAIL REVENUE +0.5% (EX GCC) GROUP REVENUE +2.9% (EX GCC) Greater China -0.6% (excl. wholesales: +4.2%) Positive growth: MC+5.0% ; TW +6.4% Strong growth ecommerce in MC +11.9% Southeast Asia and Australia +1.6% Growth driver markets: MY +7.1%; TH +8.7%; SG+8.4%; VN+6.7% Importation issue: Indonesia -5.1% Gulf Cooperation Council -7.1% Intensified geopolitical tensions
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Giordano 2026 Interim Results AnnouncementAugust 26, 2026 14 Revenue by channel Offline -1.8% (excl. GCC: +0.7%) Greater China +0.7% (TW rebound +7.9%) SEA+ 0.8% (MY +3.7%; TH +4.9%; SG+7.7%; VN+7.1%) GCC -10.1% (Intensified geopolitical tensions) Online +12.5% Mainland China +11.9% Core business (excl. non-Giordano brands) : +14.2% Rest of the world online business +14.8% Rest of the world online business (excl. non-Giordano brands) +24.5% Wholesale -12.2% Wholesales to overseas franchisees (w/o South Korean JV) growth +9.8%
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Giordano 2026 Interim Results AnnouncementAugust 26, 2026 15 Gross profit margin 1H26Gross profit margin +1.6pp YOY at 57.2% (1H25: 55.6%) Channel mix shift, structured pricing framework, stronger sourcing execution
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Giordano 2026 Interim Results AnnouncementAugust 26, 2026 16 Operating expense Operating expense-to-revenue ratio +1.6pp Higher e-platform charges and logistics costs align with “Digital-First” strategy
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Giordano 2026 Interim Results Announcement 17 Net profit attributable to shareholders (“PATS“) August 26, 2026 1H2025 1H2026 PATS HK$121 million HK$108 million Net Margin 6.3% 5.6% • PATS at HK$108 million (1H25: HK$121 million), net margin -0.7pp at 5.6% (1H25 : 6.3%). Excluding impact of GCC, net margin -0.1pp
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Giordano 2026 Interim Results AnnouncementAugust 26, 2026 18 Mainland China +5.0% • Online business +11.9% • Offline business -8.2% due to reset initiatives Hong Kong and Macau’s retail Flat • Newly relaunched “gl” flagship store in Central • Giordano Ladies revenue in HK +5% • Giordano 2.0 programme Taiwan +6.4% • Refreshed leadership structure • Focus on retail excellence Market update: Greater China
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Giordano 2026 Interim Results AnnouncementAugust 26, 2026 19 Market update: Southeast Asia and Australia (“SEA”) SEA +1.6% • Indonesia: -5.1% Importation issue • Market benefited from improvement in product assortment and storytelling effectiveness again with "Beyond Boundaries" five- year strategy Singapore: +8.4% Thailand: +8.7% Malaysia: +7.1% Vietnam: +6.7%
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Giordano 2026 Interim Results AnnouncementAugust 26, 2026 20 Market update: Gulf Cooperation Council (“GCC”) • Escalation of regional tensions in late February and the ongoing Middle East crisis • Confident in GCC Region’s long-term potential and our ability to navigate near-term volatility (In HK$ million) 1H2026 1H2025 Change Revenue 342 368 (7.1%) Franchised stores 48 44 4 Direct-operated stores 143 142 1 Store at period-end 191 186 5
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Giordano 2026 Interim Results AnnouncementAugust 26, 2026 21 Inventories • ITOC up by 20 days at 128 days • Strategic front-loading for GCC against supply chain risks • System inventories +1% YOY Remain healthy At (In HK$ million) June 30 2026 December 31 2025 June 30 2025 Inventories owned by the Group 580 556 513 Inventories held by 48.5% South Korea joint venture 235 273 293 Inventories held by franchisees in Mainland China 30 34 34 Finished goods at suppliers 9 18 6 Inventories not owned by the Group 274 325 333 Total system inventories 854 881 846
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22 BRAND TRANSFORMATION PROGRESS 品牌轉型進展
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Brand Portfolio 品牌組合 1 2 Relaunch 重新發佈 Giordano 2.0 Reposition重新定位 Giordano Ladies
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Brand Transformation Progress 品牌轉型進展 2nd Flagship: Manson House, Tsim Sha Tsui 2Q2027 第二間旗艦店：尖沙咀文遜大廈 2027年第二季
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Giordano Ladies Brand Transformation Progress 品牌轉型進展 Thailand 泰國 Hong Kong 香港 Mainland China 中國內地 Malaysia 馬來西亞 Singapore 新加坡 Indonesia 印尼 25 海灣阿拉伯國家 合作委員會地區 In Progress 進行中 2027 Q4 2026 2027 2027 2027/2028 2027GCC
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2.0 26 Brand Relaunch in 2H / 1Q 2027 2026年下半年／2027年第一季 重新推出品牌
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BECOME AN ICONIC BRAND AGAIN 重塑經典品牌 27
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28 Target Audience 目標受眾 All Races: diverse presentation in design & campaigns 所有族裔：在設計與宣傳活動中呈現多元面貌 All Genders: gender-neutral basics plus tailored fits 所有性別：無性別日常基本款及量體裁衣的版型 All Ages: timeless staples for young & mature shoppers alike 所有年齡：適合年輕及熟齡顧客的經典百搭單品 All Sizes: extended sizing as standard, not an afterthought 所有尺碼：提供更寬泛的尺碼選擇作為標準配置，而非事後補充 INCLUSIVITY CORE ACROSS ALL CONSUMER SEGMENTS 包容性貫穿所有消費群體
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Global Launch Q4 2026 2026年第四季全球發布 Singapore 新加坡 Thailand 泰國 Malaysia 馬來西亞 Indonesia 印尼 GCC 海灣阿拉伯 國家合作委 員會地區 Taiwan 台灣 Mainland China 中國內地 Global Proprietary Website 全球自營網站
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Giordano 2.0 retail experience launches in Singapore @Ngee Ann City, Takashimaya Giordano 2.0 零售新體驗登陸新加坡 @ 義安城高島屋
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Giordano 2.0 retail experience launches in Malaysia @118 Mall Giordano 2.0 零售新體驗登陸馬來西亞 @ 118 Mall
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Giordano 2.0 Global Flagship Relaunch in 2027 Q2 Giordano 2.0 將於2027年第二季全球旗艦店重塑推出 Manson House, Hong Kong
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Winning in Mainland China 於中國內地取勝 Resetting Resetting current portfolio Closing under-performing stores 重組現有店舖網絡; 關閉表現欠佳店舖 Relaunch in 2027 2027年重塑登場
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We're going global – more markets, better execution, bigger impact. 我們正走向全球—開拓更多市場、展現更佳執行力、發 揮更大影響。 Taiwan台灣 Thailand泰國 Malaysia馬來西亞 Indonesia印尼 GCC 海灣阿拉伯國家合作 委員會地區 35
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Driving Digital Commerce Beyond Boundaries 全面驅動數位電子商務 North America 北美洲 Europe歐洲 NEW MARKETS新市場
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Relaunching in India 重啟印度業務
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2H Outlook 下半年展望 38
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As of 23 Aug *constant rate Hong Kong 香港 +12.1% Taiwan台灣 +5.3% Singapore 新加坡 +7.6% Malaysia 馬來西亞 +5.4% Vietnam 越南 +8.5% Cambodia 柬埔寨 +1.6% UAE 阿聯酋 +0.2% Saudi Arabia 沙特阿拉伯 +6.8% Thailand泰國 +1.4% Indonesia (Core Business) 印尼 (主要核心業務) -1.8% +7.0%* August, we see improvement in our underlying business 八月，我們的基礎業 務呈現改善 (In current rate) (以當前匯率計算)
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A deeper look into our Home Market, Hong Kong in Aug (Comp Store) 進一步檢視我們的本土市場香港 八月份的同店表現 Flagship +31% Cluster A +16% Cluster B +31% Cluster C +25% Sales + Outlet +19%
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42 Continue to Elevate Product Launches 持續提升產品 發布水平
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43 Launched in July 於7月底發佈 Units Sold銷售數量 79,000 Sell Through售罄率 56.8% New Product Launched 全新產品推出 Chiikawa
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45 Outlook 展望 1. Uncertainty in Middle East 中東局勢的不確定性 2. Macro-economic challenges 宏觀經濟挑戰
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Beyond Boundaries is a growth & investment strategy OUR AMBITIONS SET IN 2025 2025 2030 Strive to achieve revenue at a high single to low double-digit compound annual growth rate (CAGR) Endeavour to achieve profit after tax margins trending towards historic levels NET SALES GROWTH PROFIT AFTER TAX 超越界限為一項增長及投資策略 我們為2025設立的願景 努力實現 高單位到低雙位數 收入複合年均增長率 (CAGR) 淨銷售額增長 努力實現 除所得稅後溢利率趨於歷史水平 除所得税後溢利
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Q&A
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48 THANK YOU. 48