Endeavour Group Ltd · ASX:EDV
Endeavour — Investor Day (May 2026)
69 slides from Endeavour's investor day presentation, May 27, 2026
Slide 1: 2026 Investor Day
2026 Investor Day 27 May 2026 1
Slide 2: Disclaimers
Disclaimers This presentation is dated 27 May, 2026 and unless stated otherwise is current as at that date. This presentation contains summary and general information about Endeavour Group Limited and its controlled entities (together, Endeavour, the Group, or Endeavour Group), and Endeavour Group’s
Slide 3: Introduction and Endeavour Strategy
Introduction and Endeavour Strategy Jayne Hrdlicka, CEO
Slide 4: Welcome to The Forest Hotel
Pere Welcome to The Forest Hotel 3% endeavour “ays Group
Slide 5: Acknowledgement of country
Acknowledgement of country Artwork: Celebration Place by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji)
Slide 6: Agenda
Agenda Time Item Who 9:00-9:30 Introduction and Endeavour Strategy Jayne Hrdlicka, Chief Executive Officer Catriona Larritt, Chief Customer Officer 9:30-10:00 Retail Strategy Benjamin Ward, Managing Director of Dan Murphy’s Jeanette Fenske, Managing Director of BWS 10:00-10:30 Q&A Session Paul Walto
Slide 7: Strategic review resetting the foundation for growth
Strategic review resetting the foundation for growth Comprehensive strategic review Highlighting where we lost our way Losing sight of our customers Comprehensive factbase Diluting the customer value proposition across each of our brands Establishing an objective, data-driven baseline of our underly
Slide 8: Experienced industry leaders in place to execute on a refreshed strategy
Experienced industry leaders in place to execute on a refreshed strategy 10+ years experience across complex strategy Jayne Hrdlicka Senior executive with track record leading large Eleanor Khor and commercial roles. Former Managing scale performance improvement. Former CEO MD, Strategy, Chief Execu
Slide 9: Strategic focus across Retail, Hotels and Group
Strategic focus across Retail, Hotels and Group Retail Hotels Group Resetting our multi-brand strategy, Accelerating performance Simplifying how we operate to reduce putting customers first improvement and investment cost and increase pace of change • Restore unrivalled price leadership • Rebuild ou
Slide 10: Untapped potential in the combined retail and hospitality portfolio
Untapped potential in the combined retail and hospitality portfolio Deliver interlinked value Leverage scale Harness data and insights Community engagement Extensive customer reach Co-located real estate Innovation, compliance and training ‘Test and learn’ Shared customer innovation opportunity Proc
Slide 11: Phased approach to delivering sustainable growth and returns
Phased approach to delivering sustainable growth and returns Phase 1 (F26-F27) Phase 2 (F27-F28) Phase 3 (F28-F30) Strategic reset and Building growth platform Leverage competitive strength transformation kick-off • New strategy • Simplify how we operate • Accelerate growth • New leadership opportun
Slide 12: Near-term focus: Drive revenue growth and cost reduction
Near-term focus: Drive revenue growth and cost reduction Unlock stronger revenue growth in retail • Dan Murphy’s: Better retail fundamentals, price leadership, range depth, & digital assets • BWS: Better retail fundamentals, modernising the digital experience, convenient customer experiences & deliv
Slide 13: Retail
Retail Resetting our multi-brand strategy, putting customers first Catriona Larritt Benjamin Ward Jeanette Fenske Chief Customer Officer Managing Director, Dan Murphy’s Managing Director, BWS 13
Slide 14: Deeply connected to evolving customer needs
Deeply connected to evolving customer needs Extensive customer Frontline insights & Large customer base Innovation touchpoints advocacy We interact with the … and understand the Using team feedback to Ability to rapidly test, majority of Australia’s customer purchasing better understand learn and sc
Slide 15: Engaged customers driving growth
Engaged customers driving growth Luxury Wine ($25-$50) Retail liquor remains a category +7.0% 2yr sales CAGR customers love to engage with Premiumisation and ‘better drinking’ Experience-led purchase where Mid-strength Beer emotional connection and brand loyalty remain strong +5.6% 2yr sales CAGR Mo
Slide 16: Meeting the demands of unique customer segments
Meeting the demands of unique customer segments Value Stock-up Brand-seeker Inspiration Convenience Highly engaged and looking Chasing the best deal, every Every bottle chosen with Trust in brands that never Take a quick, simple hassle- to discover the latest sip, every time purpose and preparation
Slide 17: Brands positioned to win across segments
Brands positioned to win across segments Two distinct customer facing brands … … positioned to serve unique customer needs Competitive Prices Value Mechanic The Destination for Value and Range Unrivalled Prices Your Local for Convenience with a Twist Convenience Mission Stock-up 17
Slide 18: Unmatched omnichannel reach
Unmatched omnichannel reach Physical Network Digital Presence Partner Ecosystem 1,737 Direct to Customer Woolworths Partnership Convenient apps and websites for Attached to to supermarkets and Stores Nationally Dan Murphy's and BWS grocery-plus-liquor website Australia's largest retail liquor footpr
Slide 19: Benjamin Ward
Benjamin Ward Managing Director, Dan Murphy’s
Slide 20: Opportunity to unlock our potential through better retailing
Opportunity to unlock our potential through better retailing and a greater focus on the customer Dan Murphy’s is an iconic, market-leading brand Significant upside remains Extensive store Deepest range Get retail fundamentals right footprint & size in Australia ~1k sqm >4k Restore brand position as
Slide 21: Retail Fundamentals
Retail Fundamentals Restoring discipline and consistency in execution that aligns with our customer value proposition Driving customer-led decisions across Customer focus range, space and pricing Operating a low cost and scalable model Low cost that enables our price promise Disciplined Ensuring con
Slide 22: Price Leadership
Price Leadership Restore brand position as unrivalled price leader Clearer value Won’t be beaten on price Drive engagement communications Being clear and consistent Creating more ways to Competing vigorously about the value we offer engage our members by leading everyday across every customer and en
Slide 23: Tailored Range
Tailored Range Delivering a more customer-led range Moving to a more sophisticated and customer-led ranging model Dan Murphy’s Profitability Significant variability in per Linear Metre by Drinks Subcategory profitability per linear metre provides opportunities to: $ Profitability per linear metre Ta
Slide 24: Digital Assets
Digital Assets Significant member base and digital assets with untapped potential My Dan’s is one of Australia’s Dan Murphy’s captures an largest member programs outsized share of online traffic ~5.6m >3.5 x Active My Dan’s Website Visits members (vs next largest competitor) Sources: SimilarWeb 24
Slide 25: Jeanette Fenske
Jeanette Fenske Managing Director, BWS
Slide 26: BWS offers unmatched convenience
BWS offers unmatched convenience BWS is known as the home of convenience for customers across the country Significant upside remains Australia’s largest Convenient customer Get retail fundamentals right footprint touchpoints 1,451 ~4m Evolve the digital experience Stores across Australia Digital tra
Slide 27: Retail Fundamentals
Retail Fundamentals Getting the basics right for every customer touchpoint Localising range and space while driving value Customer focus through competitive pricing, promotions and loyalty Eliminating operational complexity to drive Low cost efficiency and reinvest in our core value proposition Disc
Slide 28: Evolve the Digital Experience
Evolve the Digital Experience Maximising convenience by making it even easier and faster for customers to shop online +40% Rolling out new discovery and Own Platforms Digital traffic growth (F25) convenience features while keeping our best Fast, simple & reliable ~34 min delivery deals front Average
Slide 29: In-store Experiences and Range
In-store Experiences and Range Amplifying the experience for locals through customer-led range and enhanced in-store experiences Tailoring range to meet localised needs Creating enhanced in-store experiences Stocking products tailored to Integrated; Discover online, experience local customer prefere
Slide 30: Engagement Platforms
Engagement Platforms Delivering more through engagement platforms to drive higher value repeat sales to customers ~4.6 m ~$580 m Active members Total Appy Deals sales since launch 1 $10 Partner Transact Unlock Exciting Earn Points Discounts Ecosystem Deals Promotions Digitally Notes: 1) From launch
Slide 31: Key messages
Key messages Strategy based on deep customer insights Distinct brands meet different shopping missions Strategic priorities initially focused on top-line growth Dan Murphy’s: Price leadership, optimised range and digital asset development BWS: Digital, convenient experiences and customer value 31
Slide 32: Retail Q&A Session
Retail Q&A Session
Slide 33: ALH Hotels
ALH Hotels Accelerating performance improvement and investment Paul Walton Catriona Larritt MD, ALH Hotels (Interim) Chief Customer Officer 33
Slide 34: ALH operates at the centre of an attractive Hotels market
ALH operates at the centre of an attractive Hotels market Total addressable market of ~$34bn 1 Strong and growing markets Food & Beverage Market Growth 2 Attractive hospitality category with a Pub & Bar Food Pub & Bar Beverages strong growth profile driven by 3% ~$4bn ~$7bn community engagement and
Slide 35: National scale and local management provides deep guest insight
National scale and local management provides deep guest insight and enables improved experiences and growth First-party Market Local Satisfaction Driver-level Offers Experiences pub+ data research teams scores feedback We have a deep … and this will continue to … built on by direct understanding of
Slide 36: Deep guest insights
Deep guest insights Experience-seekers Gaming Enthusiasts Relaxed Diners Social Parents Energetic socialisers chasing Regular guests that enjoy gaming Comfort-first guests seeking Family-focused visitors seeking variety and a good time as a form of entertainment meals and drinks at a slower pace a s
Slide 37: ALH is Australia's largest provider of pub hospitality experiences
ALH is Australia’s largest provider of pub hospitality experiences 6 352 1 NT 134 Hotels, Australia’s largest pubs network 27 WA QLD ~1.1m SA 38 NSW Total pub+ registrations 55 ~13k Number of hotels VIC 86 Gaming entitlements 6 TAS Notes: 1) Incl. 5 managed clubs in VIC 37
Slide 38: Unlocking full potential requires us to change the way we work
Unlocking full potential requires us to change the way we work Data-driven baseline Informing the strategic shifts required to accelerate growth Team Feedback Directly engage Publicans to identify Purpose ALH as a growth engine for the Group operational friction and unlock potential Active portfolio
Slide 39: We've shaped our strategy around 6 pillars
We’ve shaped our strategy around 6 pillars Accelerating Leveraging Guest Growing the pub+ Portfolio and Data & Insights Program Gaming Renewal Unlocking Uplifting Continuing to Operational Accommodation Commit to Efficiency Offer Responsibility 39
Slide 40: Guest Data and Insights
Guest Data and Insights Leveraging data and guest insights to deliver local community experiences that unlock growth Taking a data-led approach to optimise our propositions for guests Curating menus to deliver a compelling range of guest favourites Enhancing gaming room experience based on customer
Slide 41: Operational Efficiency
Operational Efficiency Clearing the path for great hospitality: Standardising the routine, elevating the guest experience Simplifying and standardising how we operate to free up time for our Publicans to focus on our Guests Data led tools that simplify the admin and put insights in our Publicans' ha
Slide 42: Portfolio Renewal
Portfolio Renewal Stepping up the scale of our portfolio renewals program while continuing to target a year 2 ROI of >15% A range of targeted actions available Accelerating investment in F27 CAPEX per Description # Hotels Renewed Hotel ($m)1 (F24-F26 Actuals and Forecast, Future Indicative Range)2 R
Slide 43: Portfolio Renewal Case Studies
Portfolio Renewal Case Studies The Morris, WA Skyways Hotel, VIC Last renewal Top 5 ALH gaming room in VIC >15 years prior Freehold venue with ALH’s first premium no DA requirements gaming room concept Strong gaming market Opportunity to rebrand and demographics Renewal completed in early F25: ~$3m
Slide 44: Accommodation
Accommodation Significant headroom exists across our accommodation network Opportunity to organically increase capacity • Converting unbranded rooms to branded status and reopening closed rooms • Repurposing underutilised spaces into new guest rooms Uplifting the digital experience for guests • Refr
Slide 45: pub+ program
pub+ program Leveraging data to drive deeper engagement with customers Strong growth since launch in August 2024 Focused on driving deeper engagement Strong and Growing Community ~1.1m Untapped opportunity to utilise pub+ data and deliver value to members registrations Unlocking Value for Guests Gue
Slide 46: Commitment to a collaborative, engaged and compliant approach to gaming
Commitment to a collaborative, engaged and compliant approach to gaming Founded on core principles … Collaborative Player-focused Team-led Direct dialogue with Solutions placing Ensuring teams are Government, regulators, the guest at properly educated operators, industry the centre and trained to an
Slide 47: Key messages
Key messages Australia’s largest Hotels network with 352 hotels Unlocking ALH as a growth engine for the Group Accelerating investment in our portfolio with strong returns Leveraging first-party guest data to uplift venue propositions Helping publicans deliver responsible, leading guest experiences
Slide 48: ALH Hotels Q&A Session
a toe ALH Hotels Q&A Session 3% endeavour “ays Group
Slide 49: Morning Tea Break
Morning Tea Break
Slide 50: Simpler & More Efficient Group Platform
Simpler & More Efficient Group Platform Jayne Hrdlicka, CEO
Slide 51: Delivering three Group-wide initiatives to support transformation
Delivering three Group-wide initiatives to support transformation across the Group Simplify and Drive Cost-out Woolworths Partnership Optimise our Asset Base • Reducing complexity, • Continuing to progress our IT • Monetising property development bureaucracy and cost to deliver separation from Woolw
Slide 52: ~$300m of cost out by F29
~$300m of cost out by F29 $300m cumulative ~$300m in additional cost savings cost savings F22-F26 to be delivered F27-29; including ~$100m in Year 1 Right sizing support functions and ensuring right labour model to $300m best serve customers across the network cumulative savings delivered, Operation
Slide 53: Pinnacle's role and asset ownership
Pinnacle’s role and asset ownership Pinnacle exists as a private and exclusive label business in service of our Retail brands Critical for driving new product development, unlocking category margins and delivering range extension for customers Streamlined asset ownership Exiting all non-core winery
Slide 54: Leveraging network scale to deepen trade partner activations
Leveraging network scale to deepen trade partner activations and commercialise data Significant Leveraging Australia's largest Physical and hospitality and drinks ecosystem to Digital Reach deliver customer access and insights Trade Partner Scaling capacity to deepen trade partner activation and con
Slide 55: Capital Management Framework
Capital Management Framework Kate Beattie, CFO
Slide 56: Key Messages
Key Messages Highly cash generative business with capacity to fund strategic plans from multiple sources Disciplined capital management framework to support long-term value creation Dividend policy and target leverage revised to reflect investment required for growth Investment supported by robust g
Slide 57: Strong cash flow and capital discipline have enabled a stable debt position
Strong cash flow and capital discipline have enabled a stable debt position F22 - F25 Cash Realisation (%) 1,2 F22 - F25 Net Debt and Lease Liabilities ($m) 93% 70% 108% 110% Notes: (1) Cash realisation is calculated as operating cash flow divided by operating profit excluding depreciation. Operatin
Slide 58: Material headroom exists in committed debt facilities
Material headroom exists in committed debt facilities Debt Maturity Profile ($m), June-251 • Current committed debt facilities of $2.65 billion with a weighted average maturity of 4.3 years 2 • $650 million of facilities undrawn as at June ‘25. The next debt facility maturity is in November ‘27 • Ad
Slide 59: Multiple sources of funding to drive growth strategy
Multiple sources of funding to drive growth strategy Increase in Earnings Asset Management Debt Capacity Dividend Policy & Cash Flow • 90-110% cash • Hotel portfolio • Material existing debt • 50-75% dividend realisation ratio optimisation facility headroom payout ratio1 • Returns from delivery • Pr
Slide 60: Leverage weighted by hotel leases, which are valuable long WALE assets
Leverage weighted by hotel leases, which are valuable long WALE assets Our long-dated lease book provides long-term asset protection Leverage Ratio (Post-AASB 16) (F25) Guarantees long-term right to operate in prime locations, Hotels Retail Group Total insulating from landlord displacement and provi
Slide 61: Target <2.0x EBITDA (pre-AASB 16) leverage
Target <2.0x EBITDA (pre-AASB 16) leverage following initial period of accelerated investment Post-AASB 16 Leverage Ratio (F22 - F25) Pre-AASB 16 Leverage Ratio (F22 - F25)1 • Target <2.0x EBITDA pre-AASB 16 leverage ratio1,2 • Leverage expected to be elevated in F26 and F27 due to temporary invento
Slide 62: Capital management framework to support long term value creation
Capital management framework to support long term value creation Operating Cash Flow (90-110% cash realisation) Strong cash flow generation Leases Sustaining CAPEX • Payment of leases • Stay-in business / sustaining the core Target leverage revised to <2.0x EBITDA on • One Endeavour technology trans
Slide 63: Strategy requires accelerated investment phased over the coming years
Strategy requires accelerated investment phased over the coming years CAPEX Outlook by Investment Type1 Examples ~$450m One Endeavour (OE): Technology separation from Woolworths Sustaining: Renewals/refurbishments, facilities management, plant and equipment, and corporate technology Growth: Accelera
Slide 64: Prioritisation of growth investment based on a range of factors
Prioritisation of growth investment based on a range of factors, with a focus on maximising risk-adjusted returns Investment continues to be assessed based … in addition to a range of key qualitative factors on relative return and risk profiles 1 … NPV IRR ROI ($) (%) (%) Strategic Importance Return
Slide 65: Investment supported by strong governance
Investment supported by strong governance Capital management framework Investment governance Supports investment to drive Disciplined capital growth and deliver strong management framework shareholder returns through supported by centralised the cycle program office. Transformation investments Capit
Slide 66: Q&A Session
Q&A Session 66
Slide 67: Closing Remarks
Closing Remarks Jayne Hrdlicka, CEO
Slide 68: Near-term focus: Drive revenue growth and cost reduction
Near-term focus: Drive revenue growth and cost reduction Unlock stronger revenue growth in retail • Dan Murphy’s: Better retail fundamentals, price leadership, range depth, & digital assets • BWS: Better retail fundamentals, modernising the digital experience, convenient customer experiences & deliv
Slide 69: Key takeaways
Key takeaways Privileged assets Benefits from our combined Group (Retail + Hotels) Businesses are highly cash generative Significant untapped growth and cost-out potential to be realised Prioritised and deliberate approach to executing on our strategy 69