KMD Brands reports FY26 momentum across its Kathmandu, Rip Curl, and Oboz brands, with Kathmandu delivering 4.8% higher direct-to-consumer sales while Rip Curl faces softer demand and heightened promotional activity in Australia. The group guides annual sales of about NZ$1.04 billion to NZ$1.044 billion, with underlying EBITDA projected to rise to NZ$38–$41 million as it improves efficiency and cash flow. Net debt is expected to sit around NZ$63–$66 million, driven by altered supplier terms, higher inventory investment, and currency headwinds. The company also announced the planned divestment of its Southeast Asian manufacturing facility, aiming to generate net proceeds of NZ$5–7 million and release about NZ$6 million in working capital. Oboz has returned to growth on the back of new product launches and strong online demand, helping balance the mixed performance across the portfolio. Overall, KMD Brands is pursuing its Next Level strategy to strengthen the balance sheet and navigate regional demand shifts ahead of its FY26 results release.