MACROSLM · CORPORATE FINANCE & STRATEGY · DRIVER-BASED PLANNINGCONFIDENTIAL · WORKING DRAFT

Base-case FY2027 store payroll holds the plan at $279M EBITDA; the downside is a margin story, not a volume one

Full-year EBITDA bridge from the approved plan to the mid-year reforecast. Toggle the scenario to re-run the drivers; upside and downside flex volume, price/mix, and operating expense against the same $265M plan.

SCENARIO

Exhibit 1 | EBITDA bridge, plan → reforecast ($M)

Reforecast revenue (FY27)

$1,268M

+2.3% vs plan

EBITDA

$279M

+$14M vs plan

EBITDA margin

22.0%

+30 bps vs plan

Free cash flow conversion

61%

of EBITDA

Plan EBITDA $265M · drivers below

Source: HomeStyle Retail FP&A; driver-based reforecast. Plan EBITDA $265M. Figures illustrative.1