KMD Brands stock trades at NZD 1.88 as EBITDA rises

Published on 10/07/2026 at 03:34 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

FY26 underlying EBITDA reached NZD 42.0 million, up 137.7 percent from the prior year. FY27 guidance targets revenue of NZD 1.055 billion to NZD 1.075 billion.

KMD, NZKMDE0001S3, Illustration mit AI erstellt.

KMD Brands stock was trading at NZD 1.88 on the NZX on October 7, 2026, down 1.57 percent from the prior close. The latest company figures show a sharper operating recovery in FY26, but a large impairment kept the statutory result deeply negative.

FY26 EBITDA rises sharply

According to the NZX announcement dated September 23, 2026, group sales for the twelve months ended July 31, 2026, increased 6.5 percent to NZD 1.053 billion. Underlying EBITDA rose 137.7 percent year over year to NZD 42.0 million from NZD 17.7 million.

The operating improvement reached the margin line as well. The NZX release said gross margin increased 1.2 percentage points to 57.7 percent, while net debt fell NZD 4.7 million year over year to NZD 48.1 million.

Impairment keeps risk visible

The same FY26 announcement reported a statutory NPAT loss of NZD 414.4 million, including a NZD 394.0 million post-tax impairment expense. Underlying NPAT was a loss of NZD 9.0 million, leaving the recovery dependent on continued progress rather than on a completed return to profitability.

KMD also reported uneven brand and channel performance in its early FY27 trading update. Kathmandu direct-to-consumer same-store sales rose 7.4 percent on a constant-currency basis during the first seven weeks, while Rip Curl increased 1.0 percent and Ozmosis multi-brand stores declined 12.1 percent, according to the NZX release.

FY27 guidance sets the test

KMD Brands guided FY27 revenue to NZD 1.055 billion to NZD 1.075 billion and underlying EBITDA to NZD 52 million to NZD 55 million. The EBITDA midpoint of NZD 53.5 million is NZD 11.5 million above FY26 actual EBITDA, a quantified benchmark for the next stage of the turnaround.

Analyst expectations remain constructive but cautious. As Ragtrader reported on September 24, 2026, UBS retained a Buy rating while reducing its 12-month price target to NZD 2.55. The report also highlighted the challenge of converting early Kathmandu sales momentum into broader group growth.

Stock trades near yearly low

At NZD 1.88 on October 7, 2026, KMD Brands had a market capitalization of NZD 89.2 million and remained NZD 0.38 above its 52-week low of NZD 1.50. The 52-week high was NZD 8.38, keeping the share price well below its yearly peak while management works through the FY27 plan.