KMD Brands Limited

Overview

Kathmandu, a certified B Corp, was founded in 1987 in New Zealand and specialises in quality clothing and equipment for travel and adventure. Oboz, which became part of the group in 2018, is based in North America and designs ‘True to the Trail’ outdoor footwear to help people explore the wilderness. Rip Curl, acquired in 2019, is a leading global surf brand born in Bells Beach, Australia in 1969.

With a shared focus on expertly designed, technical and sustainable products, all three brands are distributed through wholesale, retail and digital channels.

On 19 October 2009 the company, then named Kathmandu Holdings Limited, announced an Initial public offering for fully paid ordinary shares to be listed on ASX and NZX under the code KMD.

On 16 March 2022, the company changed its name to KMD Brands Limited.

Performance

The following information was extracted from KMD Brands Limited's Full Year Results, released on 23 September 2026:

FY26 financial summary (vs FY25):

• Group sales up +6.5% to $1,053.0 million.

• Gross margin increased +1.2% of sales to 57.7%.

• Underlying operating expenses(1) up +4.4% to $565.2 million.

• Underlying EBITDA(1) $42.0 million, up +137.7% year-on-year (“YOY”).

• Statutory NPAT loss -$414.4 million, inclusive of a $394m post tax impairment expense. Underlying NPAT(1) loss -$9.0 million.

• Net Working Capital $196.4 million, $38.7 million higher YOY.

• Net Debt $48.1 million, down $4.7 million YOY.

• No final dividend declared.

Trading update

Direct-to-consumer same store sales (including online) year on year on a constant currency basis for the first seven weeks from Monday 27th July to Sunday 13th September 2026 in a seasonally non-significant trading period:

• Kathmandu +7.4% YOY, supported by strong growth in New Zealand, and online channels.

• Rip Curl +1.0% YOY. Rip Curl brand stores +4.0% YOY and Ozmosis multi brand stores -12.1% YOY. Rip Curl brand stores grew across multiple geographies and online, while Ozmosis multi-brand stores experienced difficult trading conditions due to product assortment challenges.