Signet Jewelers : 2024 Annual Report

2024F I S CA L

Annual Report

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About Us

Signet Jewelers Limited is the world's largest retailer of diamond jewelry. As a Purpose-driven and sustainability-focused company, Signet is a participant in the United Nations Global Compact and adheres to its principles-based approach to responsible business. Signet operates eCommerce sites and approximately 2,700 stores under the name brands KAY Jewelers, Zales, Jared, Banter by Piercing Pagoda, Diamonds Direct, Blue Nile, James Allen, Rocksbox, Peoples Jewellers, H.Samuel, and Ernest Jones. Our sales derive from the retailing of jewelry, watches, and associated services. Signet's shares are listed on the New York Stock Exchange (SIG).

America's #1 jewelry destination for engagement rings and romantic gifts at great value to help you express your love in ways as personal as it feels.

Empowers fashion lovers to creatively express themselves with affordable jewelry

and more than 50 years of piercing expertise.

Innovative digitally-native diamond company on the leading edge of custom bridal design and diamond jewelry.

Best jewelry values on UK High Street with style and design at heart for the fun- loving fashion follower.

Creating beautifully designed and crafted jewelry empowering style lovers to bring their wow to every moment for 100 years.

Direct diamond importer offering extraordinary value and selection in a luxurious, customer-centric experience.

Making the joy of jewelry accessible and convenient through our circular shopping platforms.

A contemporary UK jeweler offering unrivaled diamond selection and Swiss timepieces.

Leading full-service jeweler offering high-quality accessible luxury and customized designs.

Pioneering diamond retailer offering premium New York City craftsmanship in bridal and fashion, both online and in our interactive showcase stores.

Largest specialty jewelry brand in Canada catering to the Sentimental Gifter and mid-market bridal customer.

Providing expert jewelry services such as care, repair, and bespoke custom design, as well as warranty and insurance products.

SIGNET JEWELERS FISCAL 2024 ANNUAL REPORT

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Where We Operate

A	B
		C
	A	D
	G

F

E

		A		B		C
	UNITED STATES		CANADA		UK AND REPUBLIC
	2,319		92		OF IRELAND
			287
		Stores		Stores		Stores
D		E				F		G
ISRAEL		BOTSWANA				INDIA		UAE
Technology Centers		Diamond Polishing Factory		Diamond Liaison Center		Distribution Center

$7.2 B

Total Sales

GLOBALLY

22.9%

eCommerce Sales

27,991

Total Team Members

This report contains certain forward-looking statements. Any statements that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially. We urge you to read the risk factors, cautionary language, and other disclosures in our Annual Report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. Except as required by law, we undertake no obligation to revise or publicly update forward-looking statements in light of new information or future events.

This report also discusses certain non-GAAP financial measures. For further discussion of the non-GAAP financial measures, as well as reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures, see Item 7 of the Company's Annual Report on Form 10-K and the Appendix to this Annual Report.

SIGNET JEWELERS FISCAL 2024 ANNUAL REPORT

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Letter from the Chairman

DEAR SHAREHOLDERS,

Pursuant to the Company's Board tenure requirements, I will retire as Chair of Signet's Board of Directors (the "Board") at the upcoming Annual General Meeting of Shareholders in June (the "Annual Meeting").

Elected first as a Director in January 2012 and then as Chair in June of that year, it has been my privilege to serve this Board and you as shareholders for the past 12 years. I sincerely appreciate your investment, patience, and support as the Company has been transformed into a jewelry industry leader.

In this, my final letter to you, I'd like to briefly highlight the results of Signet's continuing transformation.

A MUCH STRONGER COMPANY

Commencing in June 2012, the Board established a vision for the Company and for the role that the Board would play in reaching its potential. We committed to expanding the Board's diversity with a broader mix of backgrounds and experiences to strengthen its capability, not only to provide oversight but

also to partner with management in a supportive, collaborative way.

"Today, we have the most diverse Board in Signet's history and are among the most diverse boards in the jewelry industry."

At that time, the Company was growing and had established itself as the specialty jewelry leader in both the US and the UK. Still, it was clear that Signet had significant potential for growth. We strongly encouraged the management team to accelerate growth both organically and through acquisition, and consistently supported investment in their strategies to accomplish this goal.

Today, Signet ranks as the world's largest diamond jewelry retailer with an estimated 9% of the highly fragmented US jewelry market and nearly one-third of US bridal market share. We've nearly doubled sales since 2012 through organic growth and a series

of acquisitions.

As a result, we have a diverse portfolio of 11 banners that are strategically positioned to serve approximately 80% of US category spend. Over time, we have developed an operating model designed to enable the Company to deliver annual double-digit non- GAAP operating margins. Since 2012, total shareholder

return expanded by almost 200%, with nearly $4 billion returned to shareholders through share repurchases and dividends. Our financial profile ranks us highly among peers, with low levels of debt and more than $2.5 billion in liquidity.

Beyond these financial metrics, Signet is now a Connected Commerce leader within the jewelry industry with an integrated shopping experience that combines mobile, online, and brick-and-mortar shopping options, enabling us to serve customers whenever, wherever, and however they want to engage with us. Our data-driven customer and operational insights set us apart in the industry.

Our agile, innovative, and Purpose-driven culture has earned us recognition as a Great Place to Work- Certified™ company for four consecutive years based on survey responses from our team members. Quite simply, Signet is a transformed company.

Much credit for this transformation goes to our CEO, Gina Drosos, her leadership team, and the greater Signet organization. Gina was appointed CEO in

2017 following five years of service on our Board. Signet employees, customers, and shareholders are benefiting from her strategic clarity, consumer savvy, disciplined decision-making, and persistence in the face of adversity, particularly during the pandemic. She is a driven and empathetic leader to the Signet team and a valued colleague and partner to the Board and me.

My colleagues on the Board also deserve recognition for their contributions to Signet's transformation. In this regard, three significant changes to the Board's composition and capabilities deserve highlighting: diversity, structure, and collaboration and engagement. These changes tie back to our Board's vision from 12 years ago and clearly reflect its current DNA.

BOARD DIVERSITY

The Board's diversity has improved dramatically since June 2012. This stems from our commitment to increasing the diversity of our Board so that it represents the customers we serve and provides a diverse range of experiences and insights in critical areas to drive Signet's success.

Today, we have the most diverse Board in Signet's history and are among the most diverse boards in the jewelry industry. With the addition of Sandra Cochran to our Board in February of this year, women represent half of the 12 Board nominees at the 2024 Annual Meeting, and African Americans represent one-sixth of the nominees.

SIGNET JEWELERS FISCAL 2024 ANNUAL REPORT

Racial and gender diversity represent just one dimension of the Board's increased strength today. Our Directors bring a much broader mix of industry experience and personal expertise, including marketing, finance, digital, innovation, human resources, and IT/information security. They have experience across a broad mix of industries, including retail, beauty, fashion, financial services, food and beverage, food service, and consumer goods.

Board diversity catalyzes effective governance. A highly diverse Board asks better questions, makes more insightful decisions, and provides more collaborative support to management. The quality, diversity, and strength of our Board today should make you proud as a shareholder and give you strong confidence in Signet's future.

BOARD STRUCTURE

The second significant change in our Board since 2012 is its structure. To ensure that we optimize our Board's effectiveness, we studied and embraced governance best practices across a wide range of industries and in many parts of the world. This has informed our efforts to evolve the structure of our Board.

Our committee structure stands out as a prime example of our structural improvements. Committees enable us to align the experience and expertise of Board members with the governance needs of the business.

To encourage greater Purpose to our business, we added the Corporate Social Responsibility Committee in 2014. More recently, we evolved the scope and work of this Committee in 2021 when we rechartered it to become the Corporate Citizenship & Sustainability Committee.

This evolution has helped us grow the Company in highly responsible ways, and lead change within and beyond our industry. With the oversight and support of the Committee, we have strengthened our ability to elevate responsible sourcing and labor practices, introduce Corporate Sustainability Goals that align with the United Nations Sustainable Development Goals, and improve transparency in corporate disclosures and reporting.

We created the Finance Committee in 2020. This Committee provides strategic direction and oversees corporate financing or refinancing transactions, budget planning activities, the Company's credit and finance program and portfolio, treasury and capital allocation strategies, and mergers and acquisitions.

In 2021, we added technology to the scope of our Nomination and Corporate Governance Committee and rechartered that Committee as the Governance & Technology Committee. This Committee now provides expanded oversight of cybersecurity, data privacy, technology, and digital matters and risks relating to the Company's Connected Commerce strategies.

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These committee changes deliver two important capabilities. First, they ensure the Board's focus is sufficiently robust, reflecting the markets and macroeconomic environments in which we operate. Second, they enable us to leverage the tremendous talent and expertise of the Board.

BOARD COLLABORATION AND ENGAGEMENT

The third way our Board is stronger today is evident in how we work with one another and with Gina and her leadership team. We stay consistently engaged during and between our Board meetings with functional leaders on Gina's leadership team having direct and frequent access to functional experts on the Board. We provide stewardship, access, and collaboration as we use our expertise, insights, and external relationships to provide a broad aray of support to the Signet Leadership Team.

Our Board is deeply committed to the Company's success. We are accountable to our shareholders, who place their trust in us as stewards. We care about the customers we serve, and we support our team members. We respect and challenge each other and Gina and her leaders with whom we partner collegially. These are hallmarks of effective governance.

A BRILLIANT FUTURE

As I prepare to conclude my tenure as a Director and Chair, I proudly recall the many ways in which this Company has transformed - with leadership from our Board, Gina and the Signet Leadership Team, and at every level of the organization. Signet operates as a Purpose-driven,consumer-led company that inspires love. We help to lead the change we want to see in our industry and the world. I am proud of all that we've accomplished together.

I conclude my tenure with confidence in the Company's future, in Helen McCluskey as she steps into the role of Chair, and in the clear-headed leadership from Gina, the Signet Leadership Team, and the entire Signet organization.

This outstanding team remains well-positioned to deliver long-term sustainable growth rooted in our ambitions and commitments. I look forward, as a continuing shareholder, to watching them win in the marketplace.

Sincerely,

H. Todd Stitzer

Chairman of the Board,

Signet Jewelers

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Fiscal 2024 Snapshot

EXPANDING GROSS MARGIN THROUGH SERVICES GROWTH

AND STRATEGIC MERCHANDISE ASSORTMENT

$7.2B

Total Sales

39.4%

Gross Margin

4.9%

Growth in Services

STRONG LIQUIDITY AND CASH GENERATION

$2.5B

Total Liquidity

$622M

Pro-Forma Adjusted

Free Cash Flow1

DISCIPLINED CAPITAL ALLOCATION

Invest in the Business

• More than $180 million in capital investments
• Acquisition of SJR National to bolster and accelerate service and repair capabilities

Optimize Capital Structure

• 2.3x adjusted debt to EBITDAR leverage ratio1
• Below the newly stated goal of 2.5x or less

Return Capital to Shareholders

• Nearly 2 million shares repurchased

• Increased common dividend for a third consecutive year

1 See Item 7 of the Company's Annual Report on Form 10-K and the Appendix to this Annual Report for a discussion of the non-GAAP financial measures used by the Company and related reconciliations to the most comparable GAAP measures.

Rings from the Shy Creation Collection from Jared

SIGNET JEWELERS FISCAL 2024 ANNUAL REPORT

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Letter from the Chief Executive Officer

DEAR SHAREHOLDERS,

Our Signet team delivered on our commitments again in Fiscal 2024 despite unique challenges in engagements and a weak macroeconomic backdrop. Sales of $7.2 billion and $643 million of non-GAAP operating income1 landed squarely within our guidance range, with non-GAAP diluted earnings per share (EPS)1 of $10.37, exceeding guidance. We have delivered total shareholder returns near the top of our peer group for the past one, three, and five years, and our forward P/E multiple expanded by four turns to approximately 10x over the last year. Overall liquidity, at $2.5 billion, was well above targeted levels. Importantly, we delivered pro-forma adjusted free cash flow1 above $600 million for the fourth consecutive year.

"As a company transformed for growth, built for long-termperformance, and committed to our Purpose of Inspiring Love, we have significant competitive advantages that form a strong foundation for growth in the years ahead."

While the COVID-19 pandemic's impact on most industries ended several years ago, its negative impact on couples getting engaged and buying engagement rings hit a low point in Signet's Fiscal 2024. Full-scale shutdowns in 2020 significantly impacted dating patterns as fewer couples met during the COVID-19 crisis. The typical timeframe between couples starting to date and getting engaged is a little over three years. This created a -25% engagement trough in Fiscal 2024, which, given that ~50% of Signet's merchandise sales are in bridal jewelry, was a predicted drag on Signet's growth. We predicted the engagement trough, with the bottoming of engagements this past fall, and we now expect a three-year tailwind for our business as engagements gradually recover.

As we enter Fiscal 2025, we are at an inflection point with three primary reasons we are confident in our Company's strategy and capabilities to drive long- term growth. First, we are prepared for the return of engagements. Second, we can win the "second purchase" with new fashion and gifting assortments

that leverage our new personalization capabilities. Third, our commitment to financial strength and stability has allowed us to build an operating model and fortressed balance sheet to facilitate continuous investment in competitive advantages. We believe we have the right combination of insights, capabilities, strategies, and people to change long-standing paradigms around the jewelry shopping experience and to create long-term, sustained value for you and all our stakeholders.

As a company transformed for growth, built for long- term performance, and committed to our Purpose of Inspiring Love, we have significant competitive advantages that form a strong foundation for growth in the years ahead.

INSPIRING LOVE - THE RETURN

TO ENGAGEMENTS

Thanks to Signet's competitive advantage in data and consumer insight capabilities, we can forecast and plan for the changing consumer trends and demographics that inform much of our business. A big piece of this is engagements. Our proprietary database tracks 45 milestones in the dating behavior of couples that statistically predict a probable engagement. We're seeing positive indicators that the post-COVID-19 return to engagements is taking shape just as we predicted. Our data analysis included data that is readily available. We believe engagements in the US should increase between 5% and 10% this year and increase by 25% over the next three years. This is a clear opportunity for us to attract new customers. As couples come to Signet's banners, they find that we offer tenured jewelry experts, known brands, consistent newness of products, and a full range of customization options.

Today, our customer insights into who is getting engaged show that it's far more diverse as the demographics of our country evolve. As we lean into understanding multicultural traditions and trends, we can offer the right product mix at the right price points to attract the customer segments that we know are growing.

I am often asked if love is alive and well through commitments such as engagements and marriage. We're happy to report that it is - in 2024, 86% of 18- to 24-year-olds say they want to get married someday, up from 70% in 2018, according to Ypulse

SIGNET JEWELERS FISCAL 2024 ANNUAL REPORT

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research. That data is strong. But it's also important to add here that the concept of marriage looks different now than it did 50 years ago. We think this is something to be celebrated. For instance, Gen Z and younger Millennials tend to focus on achieving specific goals and aspirations before they're ready to commit to a serious relationship. So, engagement often comes later in many relationships. We are here to help couples celebrate love in whatever form it takes and to mark the precious milestones at every point in their relationship.

We are studying the 17 million couples in our Customer Data Platform who are known to be in dating relationships and not yet married. Using this data to provide personalized marketing and education to attract engagement customers is exciting. This kind of innovation - connecting consumer insights to macroeconomics and demographics - led to the growth in our share of the bridal market by 50 basis points in Fiscal 2024 and overall US market share by approximately 300 basis points since the beginning of our transformation.

Fashion jewelry from KAY

WINNING THE "SECOND PURCHASE" AND BEYOND

We see a customer's engagement ring purchase as the first step towards a lifetime relationship with our Signet banners. It's often the most expensive purchase a couple has made together, and our ability to educate, build trust, and drive value is paramount. Building on these relationships, we win the "second purchase" with new fashion and gifting assortments - through a focus on personalized marketing, the right message,

the right product, and the right timing. Our data indicates newly engaged and married couples are very active in the jewelry category in the immediate years following their engagement and marriage - buying gifts for each other, family, and friends.

To this end, we are focusing on extending personalized marketing to newly engaged couples using our Customer Data Platform, enhancing our loyalty program to encourage second purchases, leveraging our services offering including custom design and consultation, and equipping our jewelry consultants with content to use in their own marketing efforts and digital storefronts. Another key piece of this is driving innovation with an inspiring, fresh, and on-trend product mix in our stores and online. Leveraging our scale and sourcing advantages, we plan to increase newness by 5-10 points in Fiscal 2025, from about 25% to 30-35%.

SIGNET'S FINANCIAL STRENGTH REMAINS A CLEAR COMPETITIVE ADVANTAGE

We've remained focused on building an operating model that is generating significant cash, and we continue to use that cash to drive shareholder returns. We've delivered more than 70% free cash flow conversion1 for four straight years. During that time, we've invested in growing our digital capabilities that have driven eCommerce penetration to 23% of our sales in Fiscal 2024 and have accelerated our services offerings. Our financial strength has allowed us to invest in building competitive advantages, acquire Diamonds Direct and Blue Nile to strengthen our banner portfolio, and return more than $1.5 billion to shareholders since the end of Fiscal 2018, including raising our dividend for the third consecutive year in Fiscal 2025. We were able to make those investments and return capital to shareholders while significantly reducing our debt leverage ratio.

Compared to Fiscal 2018, we increased sales per square foot by 40%, increased our average transaction value in North America by 50%, and reduced mall penetration by approximately 20%. This reflects increases in product newness, productivity, digital capabilities, and the optimization of our store footprint. Our closure of more than 1,000 doors primarily in underperforming malls, and selective off-mall expansion, has substantially strengthened our fleet. This has structurally increased our operating margin by more than 300 basis points.

Our recently announced buyback of half of the convertible preferred shares held by Leonard Green

1 See Item 7 of the Company's Annual Report on Form 10-K and the Appendix to this Annual Report for a discussion of the non-GAAP financial measures used by the

Company and related reconciliations to the most comparable GAAP measures.

SIGNET JEWELERS FISCAL 2024 ANNUAL REPORT

Partners, allowing us to reduce this obligation and boost our outlook for the current fiscal year, is indicative of just how far we've come on the journey to sustainable and enduring financial strength. We were able to manage this maturity early without the need for new debt. Our flexible operating model that consistently generates strong free cash flow and higher profitability gives us even more opportunity in the years ahead as we continue to optimize inventory, deliver cost savings, and expand our operating margin to meet our mid-term goals.

UNITED BY PURPOSE

Whether viewed through the lens of Fiscal 2024, or more holistically over the past six years, our story is consistent: Signet is strategically positioned to leverage our scale, competitive advantages, and strong financial position to win despite category or general macroeconomic pressures. We have developed an innovative, agile culture that's Purpose- driven and people-focused.

"Having a Purpose that inspires our team truly differentiates us. Our actions attract the best talent, garner consumer appreciation, and most importantly, enable us to be a good corporate citizen in the communities we serve."

On that note, I'm also proud to share how our Purpose of Inspiring Love and the dedication of Signet team members delivered significant legacy-building impacts in Fiscal 2024. Last year, we celebrated two incredible milestones with St. Jude Children's Research Hospital®. First, we marked the 25th anniversary of the Signet- St. Jude partnership with the announcement that

we reached $100 million raised for St. Jude over the course of the relationship. Secondly, Signet made a new, multiyear $100 million commitment that will further advance research and treatment at St. Jude. Treatments developed at St. Jude have helped push the overall childhood cancer survival rate from 20% to more than 80% in the United States, and we can all be proud that Signet has been an important partner in the fight to increase survivorship.

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Marilyn Monroe™

Collection from Zales

Our next $100 million commitment will help increase this even further and go toward increasing survival rates around the world, where they are much lower.

Having a Purpose that inspires our team truly differentiates us. Our actions attract the best talent, garner consumer appreciation, and most importantly, enable us to be a good corporate citizen in the communities we serve. In our recent Voice of the Employee survey, which received more than 14,000 responses, 87% of our team members told us that they clearly see how their role makes a real difference in contributing to our Company's Purpose of Inspiring Love. For the fourth year in a row, employee engagement and pride have earned Signet the distinction as a Great Place to Work-Certified™ company. Signet was also named to America's Greatest Workplaces for Women 2024 and America's Greatest Workplaces for Diversity 2024 by Newsweek.

As we enter Fiscal 2025 and the fourth year of our Inspiring Brilliance strategy, we're excited to showcase how we're reinventing Signet from a traditional fine- jewelry retailer to a portfolio of culturally relevant, consumer-led jewelry brands. The capabilities we have built and the strong financial foundation we've created are the foundation for accelerated growth ahead. We have a clear, compelling vision, our team is energized, and we are positioning the Company

to achieve our mid-term financial goals in the years ahead: increase revenue to $9-$10 billion, with an annual double-digitnon-GAAP operating margin.

Virginia C. Drosos

Chief Executive Officer

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Sustainability Highlights

OUR PURPOSE AND OUR CORPORATE

SUSTAINABILITY GOALS

Signet pursues its Purpose of Inspiring Love because, when strategically applied, it can bring lasting change to its team members and throughout the jewelry value chain. To advance our Purpose, we leverage our innovation and scale to celebrate love inclusively, safeguard human rights, and catalyze positive impact in communities worldwide and for the planet. We work collaboratively across the Company to make progress on our 2030 Corporate Sustainability Goals, according to our three loves framework: Love for All People, Love for Our Team, and Love for Our Planet and Products. This approach sets a defined course for living out our Purpose with accountability to our Board and leadership.

To advance our Purpose, we leverage our innovation and scale to celebrate love inclusively, safeguard human rights, and catalyze positive impact in communities worldwide and for the planet.

During Fiscal 2024, we adopted corporate governance practices and policies to elevate our transparency and best-in-class practices. We also reassessed the measurability of our goals and associated performance indicators to make them stronger. In the same period, Signet earned the designation of a Great Place to Work-Certified™ company for the fourth consecutive year, which reflects the pride, engagement, and enthusiasm of our team members throughout our organization. We are proud and honored by this recognition, and we attribute this accolade to our focus on our Purpose, culture, team member engagement, and our overall human capital management strategy. In 2024, Signet was named to two lists by Newsweek magazine, America's Greatest Workplaces for Women 2024 and America's Greatest Workplaces for Diversity 2024.

Signet also took steps to improve its management of carbon emissions in operations and introduce new products and services to repurpose or reuse materials. We remain committed to taking science- based approaches to avoid the worst effects of climate change.

For the fourth year, our corporate sustainability reporting adheres to SASB Standards. The Company will continue to engage in ongoing efforts to manage environmental, social, and governance factors for our business and supply chain, as we seek to better understand and respond to our shareholders' stewardship policies and needs. We will continue our efforts to provide transparency on our 2030 Corporate Sustainability Goals and related disclosures to all stakeholders.

For our Fiscal 2024 fundraising campaign benefiting St. Jude Children's Research Hospital®, Signet raised $8.75 million. This record-breakingcontribution was the highest amount Signet has ever raised in one year for St. Jude. Signet has raised more than $100 million throughout its 25-yearpartnership and committed in late 2023 to raising another $100 million for St. Jude.

Named a Great Place to Work- Certified™ company for the fourth year. Our commitment to creating an

exceptional team	JUL 2023 - JUL 2024
USA

member experience

is reflected in our team's strong feedback on the Great Place to Work® Trust Index Survey™.

Since 2021, Signet has been a participant in the United Nations Global Compact corporate responsibility initiative.

The Ten Principles of the UN Global Compact take into account the fundamental responsibilities of businesses in the

areas of human rights, labor, environment, and anti-corruption.

In August 2022, the International Sustainability Standards Board (ISSB) assumed responsibility for the SASB Standards when the Value Reporting Foundation (VRF), the global nonprofit that previously maintained these Standards, consolidated into the IFRS Foundation. The "SASB Standards" is the full name of the standards as the original author of the standards, the Sustainability Accounting Standards Board has since been consolidated into the ISSB.

SIGNET JEWELERS FISCAL 2024 ANNUAL REPORT