Exhibit 2.1

New channels lift contribution margin by 4.2pp over the plan horizon.

2.1
3.0
4.2
3.6

Direct-to-customer is the single largest lever — it alone accounts for 2.4pp of the gain.

Source: Company data, team analysis (contribution margin, pp vs. FY25) 7
03

Section 03

A phased impact bridge closes the margin gap by 2028.

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