Retail Food Group Limited · ASX:RFG
Retail Food — H1 2026 Earnings Presentation
30 slides from Retail Food's earnings presentation, Feb 26, 2026
Slide 1: 1H26 Results Presentation
Retail Food Group Limited Level 4, 35 Robina Town Centre Drive Robina Qld 4226 26 February 2026 1H26 Results Presentation Please find enclosed for release to the market Retail Food Group Limited’s 1H26 Results Presentation. This announcement has been authorised for release by the Board of Directors.
Slide 2: RFG 1H26 Result
1H26 RESULT| 26 FEBRUARY 2026 RFG 1H26 Result 26 February 2026
Slide 3: Agenda & Presenters
Agenda & Presenters Agenda Peter George - 1H26 Business Update Executive Chairman - 1H26 Financial Update - FY26 Outlook and Q&A Ryan - Appendix Chellingworth Chief Financial Officer RFG 1H26 Result – 26 February 2026 2
Slide 4: Corporate Snapshot
Corporate Snapshot Australia’s largest multi-brand retail food franchise manager RFG owns 10 retail food franchise brands and has a global footprint spanning 29 countries and more than 1,200 trading outlets. This includes over 690 Australian outlets across 10 brands. RFG also manufactures & distribu
Slide 5: 1H26 Business Update
1H26 Business Update RFG 1H26 Result – 26 February 2026 4
Slide 6: Key Takeaways
Key Takeaways Challenging 1H26, with focus now on transformation and enhancing network Performance Transformation Growth Opportunities Positive Core Brand metrics despite Cost Rationalisation Disciplined investment in medium to challenging conditions: ➢ Right-size the business longer term growth opp
Slide 7: 1H26 Results Summary
1H26 Results Summary Network resiliency through difficult trading conditions & strategy reset Domestic Network Sales Domestic Outlets Domestic Network Sales of $254.6m (-1.0% vs PCP) remain resilient and were achieved despite difficult trading conditions, non-core brand outlet closures, $254.6m 693
Slide 8: 1H26 Network Results
1H26 Network Results Results reflect store consolidation, improving network quality Underlying Revenue Underlying EBITDA Network Sales ($m) SSS Domestic Outlets ($m) ($m) 1H25 1H26 1H25 1H26 1H25 1H26 1H25 1H26 Jun 25 Dec 25 Café, Coffee, Bakery (CCB) 187.2 182.8 +1.1% -0.4% 46.5 45.9 14.3 7.5 461 4
Slide 9: Strategic Focus
Strategic Focus Immediate focus on Core Brand Network Sales and efficiency in order to maximise value for Franchise Partners and Shareholders Supporting Franchise Partners Growth Opportunities In challenging economic conditions our focus is shifting to supporting our franchise Disciplined investment
Slide 10: Transformation
Transformation Focus on near-term execution against strategic priorities Cost Rationalisation Operational Enhancement Structural Alignment Actions ➢ Right-size the business for ➢ Identify process inefficiencies ➢ Enhance alignment within core expected revenue growth and fix or redesign where busines
Slide 11: Gloria Jean's Refresh
Gloria Jean’s Refresh Encouraging performance from sites operating new ‘Glorange’ format 4 sites Operating under new format Further work to refresh Brand Refreshed marketing approach • Refocus on core customer • Menu simplification and value clarity • Prioritise core products and clearer value offer
Slide 12: Brand Innovation
Brand Innovation Customer insights driving product innovation To coincide with the summer period, Crust launched 5 new summer flavours, resulting Donut King launched its Premium in: Gloria Jean’s collaboration with Christmas offering. • $1.1m of product sales3. Pistachio Papi launched in • +15% lift
Slide 13: Beefy's Pies
Beefy’s Pies Focus on enhancing new store performance and sustainable growth +18.7% +4.6% Network Sales Growth Same Store Sales Growth $12.1m $1.5m 1H26 Underlying Revenue 1H26 Underlying EBITDA up 18.7% on 1H25 Vs $1.9m in 1H25 $27.6k 1H26 Average Weekly Sales $14.9k AWS of 7 new stores 16 70% of n
Slide 14: International
International Key growth opportunity bolstered by Türkiye Hub Türkiye Hub online from early February 2026 • Established a new supply chain and support hub closer to our International Master Franchise Partners in Istanbul – targeting improved service and purchasing compliance. • Location adds road fr
Slide 15: Firehouse Subs
Firehouse Subs First Store to Launch Q4 FY26 Continued Progress in 1H26 • On track to open first restaurant in Q4 FY26. • Key ingredient suppliers selected, progressing through to contract signing. • Tasting sessions held with consumers and landlords. • Marketing launch plans developed, agency engag
Slide 16: Company Store Strategy Reset
Company Store Strategy Reset Majority planned store transitions/exits have been completed or agreed Plan Progress Future Focus In August 2025, the Group announced 70% of outlets now transitioned to a The Group's company store strategy the strategic reset for its 65 company Franchise Partner, have ag
Slide 17: 1H26 Financial Update
1H26 Financial Update RFG 1H26 Result – 26 February 2026 16
Slide 18: Revenue resilient with earnings impacted by coffee, company store costs
P&L Revenue resilient with earnings impacted by coffee, company store costs A$m 1H251 1H26 Change Underlying Revenue was 1.3% lower vs the PCP as increased Network Sales 257.1 254.6 -1.0% Company Stores Revenue (Beefy’s and CIBO) helped offset a one-off receipt of insurance proceeds in the PCP ($2.7
Slide 19: Reconciliation Overview
Reconciliation Overview • Refer detailed reconciliation on slides 27 and 28. • Marketing fund EBITDA represents timing differences Statutory to Underlying EBITDA Reconciliation between the collection and expenditure of marketing levies. These amounts are restricted for use for brand activities. • Co
Slide 20: CCB – Café, Coffee, Bakery
CCB – Café, Coffee, Bakery Sales impacted by outlet decline; remaining network health improved Domestic Network Sales Trading Outlets CCB accounts for 72% of Domestic Network Sales (vertical integration of coffee & pies). $182.8m -2.4% PCP 426 -35 vs June 25 Network Sales decline reflects lower cust
Slide 21: QSR – Quick Service Restaurants
QSR – Quick Service Restaurants Key Sales metrics back in growth; earnings lower from non-repeat of provision releases Domestic Network Sales Trading Outlets QSR accounts for 28% of Domestic Network Sales $71.8m +2.8% PCP 267 +6 vs June 25 Network Sales growth was driven by improved customer count a
Slide 22: Cash Flow
Cash Flow Cashflow headwinds in 1H26; initiatives to drive improvement in 2H26 A$m 1H25 1H26 Change Operating Cash Flow declined in 1H26 vs the PCP primarily due to: • The one-off receipt of $2.7m of insurance proceeds and $0.3m Operating Cash Flow 11.8 1.9 -83.7% received from debt recoveries in th
Slide 23: Balance Sheet
Balance Sheet Stable balance sheet post debt refinancing A$m Jun-25 Dec-25 Change Cash reserves include $11.3m of restricted cash relating to marketing funds, cash-backed bank guarantees, and cash held for Cash 26.0 16.7 -35.6% Receivables 11.0 13.0 18.5% Firehouse commitments ($12.1m at Jun-25). In
Slide 24: Capital Management
Capital Management Refinancing provides balance sheet certainty & support for strategy Refinance Focus going forward: 1. Core Brand focus on operational efficiency and In Feb 2026 the senior debt facility with WHSP improved marketing efforts to drive improved was refinanced, with a new 19-month, $41
Slide 25: FY26 Outlook & Trading Update
FY26 Outlook & Trading Update FY26 Guidance – Underlying EBITDA $20-24 million 1. Macro economic conditions remain challenging following 5. International Growth to be driven by go live of Türkiye hub February interest rate increase and low consumer confidence improving product availability for inter
Slide 26: Q&A
Q&A RFG 1H26 Result – 26 February 2026 25
Slide 27: Appendix
Appendix RFG 1H26 Result – 26 February 2026 26
Slide 28: Reconciliations
Reconciliations Statutory to Underlying Adjustments 1H26 1H26 $ millions Marketing C-Stores C-Stores Statutory Firehouse International Other Underlying Funds Trading Provision NETWORK SALES 254.6 254.6 REVENUE 69.0 (7.0) (10.3) - - - - 51.7 As % of NS 27.1% - - 20.3% Franchise Related Income 28.8 (7
Slide 29: Reconciliations
Reconciliations Statutory to Underlying Adjustments 1H25 1H25 $ millions Marketing C-Stores C-Stores Statutory Firehouse International Other Underlying Funds Trading Provision NETWORK SALES 257.1 257.1 REVENUE 73.7 (7.2) (14.2) - - - - 52.4 As % of NS 28.7% - - - - - - 20.4% Franchise Related Income
Slide 30: Disclaimer
Disclaimer This Presentation contains summary information about the current and proposed activities of Retail Food Group Limited ACN 106 840 082 and its subsidiaries (RFG, the Company or Group) as at the date of this Presentation, unless otherwise stated. The information in this Presentation is of a