1 Top Management and Board of Directors; 2 Top shareholders; 3 Peer Comparison & Ranking of UNI; 4 Currency Synopsis: Australian Dollar (AUD) Top Management and Board of Directors Top Management Top Management [Five top executives with tenure < 4 yrs] Name Designation Since Appointment Ethan Orsini Chief Financial Officer, Joint Company Secretary 1 Yr, 2 Mos Clare Therese Craven Joint Company Secretary 3 Yrs, 1 Mo Alice Barbery Chief Executive Officer, Director - Peter Birtles Chairman, Director - Renee Jones Executive Director - Board Of Directors Board Of Directors [Four directors with tenure < 4 yrs] Name Designation Since Appointment Renee Gamble Non-Executive Director 3 Yrs, 6 Mos Kaylene Gaffney Director - David MacLean Director - Trent Peterson Director - Resignations in the past 4 years Name Designation Date of Resignation Renee Jones Company Secretary 30 August 2024 Srdjan Dangubic Director 01 December 2021 Edward MacDonald Chief Financial Officer, Company Secretary 19 April 2021 Top shareholders Top 20 shareholders Name of the Share Holder Number Of Shares % of Capital Citicorp Nominees Pty Limited 21759279 29.7 HSBC Custody Nominees (Australia] Limited 11553505 15.8 National Nominees Limited 11250115 15.4 J P Morgan Nominees Australia Pty Limited 7653389 10.5 Rayra Pty Ltd 3100000 4.2 Hoang George Minh Do 2230924 3.0 Dorothy Alice Barbery 2162897 3.0 BNP Paribas Noms Pty Ltd 1635178 2.2 BNP Paribas Nominees Pty Ltd 1591128 2.2 Catalyst Direct Capital 1200000 1.6 James Cameron 982096 1.3 David Maclean 650000 0.9 Renee Jones 583333 0.8 Stephen Harris & Monique Harris 540532 0.7 Flocolo 1 Pty Ltd 252500 0.3 BNP Paribas Nominees Pty Ltd Hub24 Custodial Serv Ltd 203559 0.3 Peter Birtles 200000 0.3 Morgan Hendry 116667 0.2 Bond Street Custodians Limited 92113 0.1 Grant Bryce Bourke 78340 0.1 % held by Top 20 shareholders 92.6% Peer Comparison & Ranking of UNI PEER COMPARISON: UNI IN INDICES Universal Store Holdings is a constituent of the following indices. Its market capitalisation is $383 million and accounts for 0.3% of the combined MCap of the S&P/ASX 200 Consumer Discretionary Index. Index Name MCap of Index ($ b) UNI MCap as % of Index S&P/ASX 200 Consumer Discretionary Index 146 0.3 All Ordinaries Index 1,957 0.02 BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING: Universal Store Holdings vs Australian Market Out of 1,546 stocks in the Australian Market, Universal Store Holdings is ranked Fifty-fourth(54) by P/Earnings/ Growth, Eighty-eighth(88) by Yield, Ninety-third(93) by ROE and Ninety-eighth(98) by ROA. Australian Avg UNI UNI Rank P/Earnings/ Growth 4.7x 0.4x 54 Yield (%) 3.3 5.4 88 ROE (%) 3.8 22.5 93 ROA (%) 0.8 12.3 98 Free Cash Flow (706.8 M) 39.9 M 105 P/Earnings - 16.9x 219 Net Profit $ 20.2 M 22.5 M 252 Market Cap $ 1.4 B 382.6 M 293 Revenue $ 535.9 M 189.1 M 294 EBITDA Margin% 4.4 4.4 318 Total Debt/Equity (the lower the better) 0.8x 0.5x 896 Premium to 52-Wk Low (%) 18.8 67.7 1107 Discount to 52-Wk High (%) 1.6 18.7 1167 Negative values are shown in brackets. Stock in Index and Stock in Sector Description UNI All Ordinaries Index % of All Ordinaries Index Retailing sector % of Retailing sector Net Profit $ 22.5 M 64.6 B 0.03 1.5 B 1.5 Revenue $ 189.1 M 679.3 B 0.03 71.5 B 0.3 Total Assets $ 182.9 M 4,676.5 B 0.004 53.9 B 0.3 MCap $ 382.6 M 1,957.5 B 0.02 101.7 B 0.4 Relative Valuation Indicators: Stock vs Index and Stock vs Sector Description UNI All Ordinaries Index Avg. Retailing sector Avg. Price/Earnings 16.9 27.0 69.0 P/Earnings/Growth 0.42 -1.44 - Yield (%) 5.39 3.46 2.72 Price/Net Tangible Assets -13.32 3.88 -130.23 Total Debt/Equity (the lower the better) 0.5x 0.88x 1.12x MARKET SHARE Universal Store Holdings vs Retailing sector [Retailing sector Total in Brackets] Net Profit of $A34.3 million [1.5% of aggregate sector net profit of $A2.2 billion; down from 2.0% in the previous year.] GLOBAL RANK [out of 45,793 stocks] AND RANK OF UNIVERSAL STORE HOLDINGS IN THE ASIA PACIFIC REGION [out of 1,826 stocks] Description Value Global Rank In APAC Region MCap ($) 382.6M 15,306 325 Total Assets ($) 181.2M 21,771 438 Revenue ($) 187.3M 16,120 315 Net Profit ($) 22.3M 11,973 236 Return on Equity % 22.5 3,373 94 Net Profit Margin % 11.9 10,340 240 Price/Earnings 18.1 13,088 312 Yield % 2.0 12,511 296 PV1000 (1Year) $* 1,687 5,834 256 $* Change (1Year) % 68.5 3,372 169 * 1 year ago AUD 1 = $ 0.66 Jun 27, 2025: AUD 1 equals $ 0.66 RANK OF UNIVERSAL STORE HOLDINGS IN THE ALL ORDINARIES INDEX [out of 304 stocks], IN THE AUSTRALIAN MARKET [out of 1655 stocks] AND IN THE RETAILING SECTOR [out of 43 stocks] Description Value In All Ordinaries Index In Australian Market In Retailing sector MCap ($A) 583.8M 221 284 17 Total Assets ($A) 279.1M 247 387 27 Revenue ($A) 288.5M 193 278 32 Net Profit ($A) 34.3M 165 214 14 Return on Equity % 22.5 29 87 9 Net Profit Margin % 11.9 104 220 5 Price/Earnings 16.9 83 269 18 Yield % 5.4 36 97 7 PV1000 (1Year) AUD 1,711 30 225 6 LONG-TERM FUNDAMENTAL RANKING: 3 OUT OF 5 [5 is best] Universal Store Holdings is ranked number 17 out of 50 listed retailer in the Australia with a market capitalization of $A583.8 million. In the retailer it has the 27th highest total assets and 31st highest revenues. Within its sector it has a relatively moderate P/E of 16.9. It has a strong relative ROE of 22.5% and ROA of 12.3%. The company paid a dividend of 22.0c in the last twelve months. The dividend yield is high at 5.4%. Finally, its earnings growth in the past 12 months has been a comparatively high 40.6%. Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1. Currency Synopsis: Australian Dollar (AUD) % Change of AUD vs Currency Basket Period-Based In the past year the Australian Dollar fell 2.4% against the US Dollars; in the past three years the Australian Dollar fell 5.4% against the US Dollars. Last Country 1-day % 1-week % 1-Year % 3-Yrs % AUD1=0.653USD United States Of America 0.6 1.0 -2.4 -5.4 AUD1=4.677CNY China 0.5 0.6 -3.7 1.1 AUD1=94.407JPY Japan 0.4 0.6 -11.6 1.5 AUD1=0.559EUR European Union -0.1 -1.0 -10.5 -14.8 AUD1=885.573KRW South Korea 0.7 -0.7 -4.7 -1.2 AUD1=0.833SGD Singapore 0.2 - -8.1 -13.2 AUD1=1.079NZD New Zealand -0.1 -0.3 -1.2 -1.6 AUD1=0.476GBP United Kingdom -0.1 -1.4 -9.7 -15.4 AUD1=5.124HKD Hong Kong 0.6 0.9 -1.9 -5.5 AUD1=0.524CHF Switzerland 0.3 -1.1 -12.4 -21.0 AUD1=0.895CAD Canada 0.5 0.9 -2.0 -0.2 AUD1=6.177SEK Sweden -0.1 -1.3 -12.1 -11.9 AUD1=6.597NOK Norway 0.3 2.0 -7.0 -3.9 AUD1=12.336MXN Mexico - 0.1 1.9 -10.7 1 Dividend; 2 Financials as Reported H1/2024, FY 2024, Past 5 Years Dividend Dividend History In the past 5 years annual dividends have increased by 36.0c from 5.0c to 41.0c. Based on a start date of 5 years ago, there has been no decline in dividends over the last 5 years. Date Paid Value (c) Type 06 Mar 2025 22 Interim 04 Sep 2024 19 Final Tr 12 Months 41 2023 - 2024 24.5 2022 - 2023 24.5 2021 - 2022 21.5 2020 - 2021 5 Financials as Reported H1/2024, FY 2024, Past 5 Years Financials as reported (Half Year) RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In $A Thousand, except per share data and shares outstanding) INCOME STATEMENT AS REPORTED Description $A Thousand $A Thousand Dec 31 2024 2023 Change % Revenue from contracts with customers 183,503 158,001 Up 16.1 Raw materials and consumables used -72,313 -63,660 Deterioration 13.6 111,190 94,341 Up 17.9 Other income 1,717 699 Up 145.6 Other gains 14 13 Up 7.7 Employee benefits expenses -41,487 -33,436 Deterioration 24.1 Occupancy expenses -3,636 -3,349 Deterioration 8.6 Depreciation and amortisation expense -19,021 -17,297 Deterioration 10.0 Impairment of CTC goodwill -13,600 Marketing expenses -5,312 -4,427 Deterioration 20.0 Banking and transaction fees -21 -19 Deterioration 10.5 Other expenses -6,285 -5,054 Deterioration 24.4 Finance costs -2,659 -2,453 Deterioration 8.4 Finance income 595 440 Up 35.2 Profit before income tax 21,495 29,458 Down 27.0 Income tax expense -10,204 -8,720 Deterioration 17.0 Profit attributable to owners of Universal Store Holdings Limited 11,291 20,738 Down 45.6 Gains on cash flow hedges 619 Other comprehensive income for the period net of tax 619 Total comprehensive income for the period is attributable to: Owners of Universal Store Holdings Limited 11,910 20,738 Down 42.6 Basic earnings per share (cents) 15.0c 27.0c Down 44.4 Diluted earnings per share (cents) 15.0c 27.0c Down 44.4 NO OF SHARES 76,658,120 76,491,571 Up 0.2 BALANCE SHEET AS REPORTED Description $A Thousand $A Thousand Dec 31, 2024 Jun 30, 2024 Change % Assets Current assets Cash and cash equivalents 37,652 29,267 Up 28.7 Trade receivables 1,945 1,549 Up 25.6 Other receivables 5,008 4,208 Up 19.0 Inventories 28,475 29,895 Down 4.7 Other financial assets 884 Total current assets 73,964 64,919 Up 13.9 Non-current assets Plant and equipment 19,851 17,937 Up 10.7 Right-of-use assets 61,434 56,098 Up 9.5 Goodwill and intangible assets 126,543 140,141 Down 9.7 Total non-current assets 207,828 214,176 Down 3.0 Total assets 281,792 279,095 Up 1.0 Liabilities Current liabilities Trade and other payables 35,816 25,175 Up 42.3 Lease liabilities 23,662 20,698 Up 14.3 Contract liabilities 3,963 1,846 Up 114.7 Provisions 2,769 2,384 Up 16.1 Current tax liabilities 6,847 3,487 Up 96.4 Other financial liabilities 14 Total current liabilities 73,057 53,604 Up 36.3 Non-current liabilities Borrowings 14,936 Lease liabilities 43,785 40,572 Up 7.9 Provisions 1,293 1,093 Up 18.3 Other payables 2,906 Deferred tax liabilities 12,752 13,584 Down 6.1 Total non-current liabilities 57,830 73,091 Down 20.9 Total liabilities 130,887 126,695 Up 3.3 Net assets 150,905 152,400 Down 1.0 Equity Contributed equity 110,844 110,844 Steady Reserves 11,292 9,501 Up 18.9 Retained earnings 28,769 32,055 Down 10.3 Total equity 150,905 152,400 Down 1.0 CASH FLOW AS REPORTED Description $A Thousand $A Thousand Dec 31 2024 2023 Change % Operating activities Receipts from customers 205,126 173,102 Up 18.5 Payments to suppliers and employees -135,209 -118,553 Deterioration 14.0 Interest received 595 440 Up 35.2 Interest paid -2,651 -2,418 Deterioration 9.6 Income taxes paid -7,942 -4,440 Deterioration 78.9 Net cash flows from operating activities 59,919 48,131 Up 24.5 Investing activities Purchase of plant and equipment -4,948 -4,315 Deterioration 14.7 Purchase of intangible assets -284 -54 Deterioration 425.9 Proceeds from sale of plant and equipment 182 1,084 Down 83.2 Payment of contingent consideration associated with acquisition of CTC -2,629 -3,043 Improved 13.6 Net cash flows used in investing activities -7,679 -6,328 Deterioration 21.3 Financing activities Payment of principle portion of lease liabilities -15,555 -14,898 Deterioration 4.4 Lease incentives received in cash 570 80 Up 612.5 Repayment of borrowings -15,000 Upfront finance charge of borrowings -5 Dividends paid to the equity holders of the Parent -14,577 -6,138 Deterioration 137.5 Proceeds from MEP loan repayments 712 46 Up 1,447.8 Net cash flows used in financing activities -43,855 -20,910 Deterioration 109.7 Net increase in cash and cash equivalents 8,385 20,893 Down 59.9 Cash and cash equivalents at beginning of the half-year 29,267 21,444 Up 36.5 Cash and cash equivalents at 31 December 37,652 42,337 Down 11.1 Financials as reported (FY 2024 [year-ended 30 June 2024 ]) RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In $A Thousand, except per share data and shares outstanding) INCOME STATEMENT AS REPORTED (FY 2024 [year-ended 30 June 2024 ]) Description $A Thousand $A Thousand Jun 30 2024 2023 Change % Revenue from contracts with customers 288,523 263,052 Up 9.7 Raw materials and consumables used -114,998 -107,721 Deterioration 6.8 173,525 155,331 Up 11.7 Other income/(loss) 4,292 -535 Recovery Other gain/Ooss) -18 Employee benefits expenses -66,737 -60,827 Deterioration 9.7 Occupancy expenses -6,259 -6,326 Improved 1.1 Depreciation amortisation and impairment expense -34,862 -30,389 Deterioration 14.7 Transaction costs associated with acquisition of CTC -1,806 Marketing expenses -8,414 -8,232 Deterioration 2.2 Banking and transaction fees -38 -35 Deterioration 8.6 Other expenses -10,296 -9,145 Deterioration 12.6 Finance costs -4,924 -4,023 Deterioration 22.4 Finance income 1,171 639 Up 83.3 Profit before income tax 47,440 34,652 Up 36.9 Income tax expense -13,104 -11,081 Deterioration 18.3 Profit for the period 34,336 23,571 Up 45.7 Profit for the year is attributable to: Owners of Universal Store Holdings Limited 34,336 23,571 Up 45.7 Other comprehensive income Total comprehensive income for the period 34,336 23,571 Up 45.7 Total comprehensive income for the period is attributable to: Owners of Universal Store Holdings Limited 34,336 23,571 Up 45.7 34,336 23,571 Up 45.7 Earnings per share Basic earnings per share (cents]* 45.0c 32.0c Up 40.6 Diluted earnings per share (cents]* 45.0c 31.0c Up 45.2 NO OF SHARES 76,527,257 75,076,151 Up 1.9 BALANCE SHEET AS REPORTED (FY 2024 [year-ended 30 June 2024 ]) Description $A Thousand $A Thousand Jun 30 2024 2023 Change % Assets Current assets Cash and cash equivalents 29,267 21,444 Up 36.5 Trade receivables 1,549 1,896 Down 18.3 Other receivables 4,208 3,016 Up 39.5 Inventories 29,895 25,980 Up 15.1 Current tax assets 717 Total current assets 64,919 53,053 Up 22.4 Non-current assets Plant and equipment 17,937 16,061 Up 11.7 Right-of-use assets 56,098 57,370 Down 2.2 Goodwill and intangible assets 140,141 140,395 Down 0.2 Total non-current assets 214,176 213,826 Up 0.2 Total assets 279,095 266,879 Up 4.6 Liabilities Current liabilities Trade and other payables 25,175 24,602 Up 2.3 Lease liabilities 20,698 21,114 Down 2.0 Contract liabilities 1,846 1,568 Up 17.7 Provisions 2,384 2,181 Up 9.3 Current tax liabilities 3,487 Other financial liabilities 14 Total current liabilities 53,604 49,465 Up 8.4 Non-current liabilities Borrowings 14,936 14,879 Up 0.4 Lease liabilities 40,572 42,396 Down 4.3 Provisions 1,093 1,071 Up 2.1 Other payables 2,906 9,634 Down 69.8 Deferred tax liabilities 13,584 12,991 Up 4.6 Total non-current liabilities 73,091 80,971 Down 9.7 Total liabilities 126,695 130,436 Down 2.9 Net assets 152,400 136,443 Up 11.7 Equity Contributed equity 110,844 110,844 Steady Share-based payment reserve 9,501 9,083 Up 4.6 Retained earnings 32,055 16,516 Up 94.1 Total equity 152,400 136,443 Up 11.7 CASH FLOW AS REPORTED (FY 2024 [year-ended 30 June 2024 ]) Description $A Thousand $A Thousand Jun 30 2024 2023 Change % Operating activities Receipts from customers (inclusive of GST) 317,661 293,205 Up 8.3 Payments to suppliers and employees (inclusive of GST) -238,160 -222,728 Deterioration 6.9 Transaction costs associated with acquisition of CTC -1,806 Interest received 1,171 639 Up 83.3 Interest paid -4,860 -3,842 Deterioration 26.5 Income taxes paid -8,306 -10,943 Improved 24.1 Net cash flows from operating activities 67,506 54,525 Up 23.8 Investing activities Payment for acquisition of subsidiary net of cash acquired -16,526 Payment of deferred variable consideration associated with acquisition of CTC -3,043 Proceeds from sale of plant and equipment 1,264 621 Up 103.5 Purchase of plant and equipment -8,559 -9,871 Improved 13.3 Purchase of intangible assets -210 -355 Improved 40.8 Net cash flows used in investing activities -10,548 -26,131 Improved 59.6 Financing activities Payment of principle portion of lease liabilities -30,478 -28,424 Deterioration 7.2 Lease incentives received in cash 94 645 Down 85.4 Upfront finance charge of borrowings -125 Dividends paid to the equity holders of the Parent -18,797 -18,426 Deterioration 2.0 Proceeds from MEP loan repayments 46 612 Down 92.5 Net cash used in financing activities -49,135 -45,718 Deterioration 7.5 Net increase/(decrease) in cash and cash equivalents 7,823 -17,324 Recovery Cash and cash equivalents at the beginning of the financial year 21,444 38,768 Down 44.7 Cash and cash equivalents at end of the period 29,267 21,444 Up 36.5 Download UNIVERSAL STORE HOLDINGS Financials Past 5 Years Description (June 30) 2024 2023 2022 2021 2020 Income Statement Revenue per share 3.77 3.5 2.92 3.44 1.53 EBITDA (M) 12.6 4.3 7 11.3 (3.7) Depreciation (M) (34.9) (30.4) (25.1) (23.9) (22.1) Tax (M) (13.1) (11.1) (8.9) (10.8) (5.5) Net profit (M) 34.3 23.6 20.6 24.4 12.8 EPS 0.45 0.32 0.3 0.4 0.23 Balance Sheet Equity Share Capital (M) 152.4 136.4 111.5 103 76.5 Retained Earnings (M) 32.1 16.5 11.4 6.5 19.9 Total Debt (M) 76.2 78.4 63.4 34 69.8 Total Assets (M) 279.1 266.9 203.6 204.2 222.6 Current Asset (M) 64.9 53.1 59.8 53.5 58.6 Fixed Asset (M) 17.9 16.1 10.9 9.2 11 Working Capital (M) 11.3 3.6 18.8 9.5 18.3 Cash Flow Operating Cash Flow (M) 67.5 54.5 42 47.5 47.2 Investing Cash Flow (M) (10.5) (26.1) (6.8) (2.9) (4.2) Financing Cash Flow (M) (49.1) (45.7) (29.9) (52.9) (12) Net Cash Flow (M) 7.8 (17.3) 5.4 (8.4) 31