Historical setup
What FY25 said to watch
From PBT loss widened 124% to $104.7m on flat revenue as Kathmandu swung to loss
No quantified FY26 target has been supplied alongside the result, so the release cannot be benchmarked against a stated number. What it does establish is a worsening trajectory: HY25 underlying EBITDA was $3.9m and the full-year figure is $17.7m, implying a second half only marginally better despite the seasonal weighting that historically favours 2H earnings.
The release frames the response through a 'Next Level' strategy and outlook section, but until that translates into stabilised gross margin and a positive Kathmandu contribution, the relevant question is whether 2H FY25 was a trough or a new run-rate. The result itself does not resolve that.