Slide 1: FY25 Full Year Results Presentation ASX cover letter
METCASH LIMITED ABN 32 112 073 480 1 THOMAS HOLT DRIVE MACQUARIE PARK 23 June 2025 NSW 2113 AUSTRALIA PO BOX 557 MACQUARIE PARK NSW 1670 AUSTRALIA PHONE: 02 9741 3000 Market Announcements Office FAX: 02 9741 3399 WEB: www.metcash.com Australian Securities Exchange Limited 20 Bridge Street Sydney NSW
Slide 2: FY25 Full Year Results
FY25 Full Year Results 23 June 2025
Slide 3: Acknowledgement of country
Acknowledgement of country We acknowledge the Traditional Custodians of the land on which we are all connecting today. We are connecting from the lands of the Bunurong Peoples of the Kulin Nation, and pay respects to Elders across Country, past, present and emerging. 2
Slide 4: Group overview and divisional results
Group overview and divisional results Doug Jones Group Chief Executive Officer
Slide 5: Metcash
Metcash The leading wholesaler and service provider to independent businesses in Australia upport of thrivin s g in Our purpose To create Championing Sustainable Successful Shareholder Independents Value lo c al communities 4
Slide 6: Metcash
Metcash The leading wholesaler and service provider to independent businesses in Australia 03 02 01 Supply chain and logistics Our flywheel 01 capability, reach, reliability and efficiency The centre of Retail networks operated in our business Our core 02 partnership with independent owners model wh
Slide 7: Group overview
Group overview Solid results delivered through strategy and execution, now well positioned to accelerate growth Strong growth through Disciplined operational and Set for accelerated growth challenging conditions strategic execution • Food a larger and better business • Further improvement in ESG cre
Slide 8: Extending through the value chain for growth and value creation
Extending through the value chain for growth and value creation Winning with Independents • Metcash operates in a diverse set of markets, with a wide range of Revenue1 contribution revenue streams 81% • Ongoing focus on further improving competitiveness of our independent retail networks 74% • Growt
Slide 9: Group financial overview
Group financial overview Strong profit and cash performance – balance sheet flexibility Group Revenue1 Group EBIT Reported PAT $19.5bn $507.8m $283.3m +7.2% Underlying +2.3% +10.1% ($515.5m ex restructuring costs2) (Underlying -2.4%) Operating Debt Leverage Underlying cashflow Ratio4 EPS5 Total Divi
Slide 10: Results overview by pillar
Results overview by pillar FY25 $m FY24 $m % Sales Revenue (including charge-through ) 1 Food 10,608.52 9,552.1 11.1 18% 19% Liquor 5,321.7 5,150.1 3.3 Hardware 3,559.1 3,476.9 2.4 27% 55% 53% 28% Total sales revenue 19,489.3 18,179.1 7.2 (including charge-through sales1) Less: Charge-through sales1
Slide 11: Food sales
Food sales A larger, more diversified and resilient business FY25 $m FY24 $m % Supermarkets sales • Quality and competitiveness of offer continues to resonate with shoppers Total revenue as per Statutory Accounts 9,341.2 8,307.8 12.4 in value conscious environment Charge-through sales 1,267.3 1,244.
Slide 12: Food sales
Food sales A larger, more diversified and resilient business FY25 $m FY24 $m % Campbells & Convenience sales • Renewed growth strategy delivering accelerating growth, particularly in Total revenue as per Statutory Accounts 9,341.2 8,307.8 12.4 petrol and convenience channel Charge-through sales 1,26
Slide 13: Food earnings
Food earnings A larger, more diversified and more resilient business • Supermarkets and Campbells & Convenience FY25 $m FY24 $m % o Continued strong trading performance (ex tobacco) EBITDA 345.5 277.6 24.5 o Supermarkets Inquiry costs $1.3m Supermarkets and Campbells & o Restructuring costs $2.5m 29
Slide 14: Tobacco sales
Tobacco sales Proactive strategies to mitigate impact of decline effective • Continuation of sharp rise in illicit tobacco sales Growing share of legal tobacco market • Law enforcement largely ineffective • Proposed new law in QLD is encouraging o Landlords subject to criminal sanctions and fines o
Slide 15: Liquor
Liquor Independents continue to outperform market, led by IBA FY25 $m FY24 $m % Sales • Continued shopper preference for convenience and quality of differentiated Total revenue as per Statutory Accounts 5,306.1 5,133.6 3.4 independent offer, delivering o Acceleration of growth in 2H (1H: +2.1%, 2H:
Slide 16: Liquor market share gains
Liquor Market share gains across all categories 2 270 bps increase in market share Share gains in all categories vs pcp 0.75% ALM National competitors 1 FY22 FY25 1 0.25% 28.4% 31.1% -0.25% 71.6% 68.9% -0.75% Total Beer Cider Glass Spirits RTD Wine ALM Chains & other independents packaged liquor Imp
Slide 17: Hardware
Hardware Continued strong execution in challenging market – formation of Total Tools and Hardware Group FY25 $m FY24 $m % Sales • Total sales increased 2.4% Total Hardware o IHG +2.8% o Total Tools +0.6% Total revenue as per Statutory Accounts 2,675.7 2,471.0 8.3 • Trade activity remains subdued, wi
Slide 18: Hardware – IHG
Hardware – IHG Continued strong execution in challenging market Sales FY25 $m FY24 $m % • Improved trajectory in 2H • Trade continued to be impacted by subdued trade market – improvement in Q4 IHG • DIY sales holding – strong Q4 in WA, SA and QLD • JV & company owned stores +11.6% (-0.8% ex Bianco/A
Slide 19: Hardware – Total Tools
Hardware – Total Tools Network expansion driving growth Revenue FY25 $m FY24 $m % • Growth in total revenue driven by store expansion, mostly offset by: o Impact of cost-of-living pressures on trades people Total Tools o Subdued trade activity • Franchise fees and other revenue +6.2% Total revenue (
Slide 20: Acquisitions update
Acquisitions update Synergy benefits tracking in line with plan Superior Foods – positioning to accelerate growth • Foodservice and Convenience business unit formed • Strengthened team to accelerate growth • Merchandising team being integrated into Metcash Food • Good progress on strategic value cre
Slide 21: Group financials
Group financials Deepa Sita Group Chief Financial Officer
Slide 22: Financial Overview
Financial Overview Strong profit and cash performance – balance sheet flexibility • Revenue growth of 8.9% and reported profit increase of 10.1% • Strong cash performance • 3 yr CRR 94.7% (guidance increased to 80% – 90%) • Underlying EPS 25.1 cps • $7.7m restructuring and related costs in underlyin
Slide 23: Capital Management
Capital Management Framework FY25 Outcomes Consistent and disciplined application of capital framework Cash from Cash for Net interest FY24 operating investing & lease activities activities payments Operating cashflow $539m $483m Cash realisation Core capex Service obligations Capex & M&A 1 $552m $3
Slide 24: Profit and Loss
Profit and Loss FY25 ($m) FY24 ($m) % Sales revenue including charge-through sales 19,489.3 18,179.1 7.2 Charge-through sales (2,166.3) (2,266.7) 4.4 Sales revenue per statutory accounts 17,323.0 15,912.4 8.9 EBITDA 747.8 688.3 8.6 1 Depreciation and amortisation (240.0) (192.0) (25.0) 2 EBIT 507.8
Slide 25: Cashflows
Cashflows FY25 ($m) FY24 ($m) Operating cashflows 1 539.0 482.6 Investing cashflows , net 2 (523.9) (328.4) Capital expenditure (including Program Horizon, DC upgrades and store upgrades) 3 (148.5) (135.9) Acquisitions of businesses 1, 4 (403.8) (205.6) Net loan repayments and other investing activi
Slide 26: Balance Sheet
Balance Sheet 2 30 Apr 25 ($m) 30 Apr 24 ($m) Capital expenditure ($m) % Trade and other receivables and prepayments 2,096.0 1,906.2 Sales ($bn) 1,542.8 1,196.9 20 Inventories 400 19 Trade payables and provisions (3,182.1) (2,635.0) 18 300 17 Net working capital 456.7 468.1 16 200 15 Intangible asse
Slide 27: Debt Management
Debt Management 1 Debt facility maturity profile Group cash movements and DLR for FY25 ($m) 600 300 400 539 200 200 DLR DLR DLR 0.45x (120) 0.96x 1.33x $m 100 0 -200 0 (404) (252) (36) FY26 FY27 FY28 FY29 FY30 FY31 FY32 -400 (142) Working capital Syndicated facility -600 (162) (577) -800 • Net debt
Slide 28: Group trading update and outlook
Group trading update and outlook Doug Jones Group Chief Executive Officer
Slide 29: Trading update and outlook
Trading update and outlook Commentary FY26 Pillar sales – first 7 weeks v pcp Positive start to FY26 with sales growth in all pillars Group Food • Total sales +4.7% (+2.7% ex tobacco and Superior Foods) • Significant increase in total sales ex-tobacco reflects inclusion of Superior Foods and Food ex
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Slide 31: Appendices
Appendices Accounting & disclosure Strategic 1 Dividends 6 ESG highlights 2 Financial history 7 Retail Media 3 Superior earnings waterfall 8 Sorted Total Tools EBIT margin Program Horizon update 4 Put options maturity Total Tools 9 5 Future disclosure – Food and Hardware 10 Beyond Horizon 11 Bannere
Slide 32: Dividends
Dividends 01. Dividend • Total dividend 18.0 cps fully franked • Interim dividend 8.5cps • Final dividend 9.5 cps o Ex dividend date: 15 July 2025 o Record date: 16 July 2025 o Payment date: 27 August 2025 Dividend reinvestment plan dd • No discount • Participation deadline: 17 July 2025 • Pricing p
Slide 33: Financial history
Financial history 02. FY25 FY24 FY23 FY22 FY21 Financial Performance Sales revenue ($m) 17,323.0 15,912.4 15,803.4 15,164.8 14,315.3 Sales revenue (including charge-through sales) ($m) 19,489.3 18,179.1 18,052.4 17,405.7 16,361.1 EBITDA ($m) 747.8 688.3 675.8 648.2 565.1 Underlying EBIT ($m) 507.8 4
Slide 34: Superior Foods – earnings waterfall
Superior Foods – earnings waterfall 03. EBIT 1. Metcash Equity Investor Presentation (EIP) 5 February 2024 (page 17). FY24E EBIT represents six months actual results to December 2023 and six months historical 39.9 underlying budget to June 2024, prior to purchase price adjustments 2. Pro-rata adjust
Slide 35: Hardware – Total Tools (EBIT margin deep dive)
Hardware – Total Tools (EBIT margin deep dive) 04. Focus on maximising EBIT dollars TT Sales & EBIT performance • Expanding JV store network is a key growth strategy 1200 90 80 Results in: 17.3% • 1150 LTM Network sales ($m) 1,158 70 1100 14.3% o Additional EBIT dollars 1,085 1,112 12.1% 60 EBIT ($m
Slide 36: Put options – maturity
Put options – maturity 04. Number Financial Put option Put option maturity at FY25 of stores Year value $m Statement of Financial Position Total Tools JV Stores Between May 2025 and July 2025 4 FY26 3.3 Between May 2026 and July 2026 2 FY27 7.5 Between May 2027 and July 2027 24 FY28 53.5 Between May
Slide 37: Future Disclosure – Food and Hardware
Future Disclosure – Food and Hardware* 05. 1 Food Pillar Sales ($) EBITDA ($) EBIT ($) Additional disclosure: Supermarkets (incl tobacco) Food - Supermarkets (excl tobacco) • Teamwork score Foodservice and Convenience (incl tobacco) • Store movements - FSC (excl tobacco) • Supermarkets w
Slide 38: Continued good progress on ESG
Continued good progress on ESG 06. Group People Planet Impact Achieved Interim 2030 Emissions Donations through IGA community Dow Jones Best-in-class Indicies Gender Target for FY24 chest program Female representation: 90th FY24: 89th percentile FY23: 87th percentile 44% Leadership team 43% NEDs, 32
Slide 39: Retail Media
Retail Media 07. Strong progress, LocalEyes launched • LocalEyes brand launched Nov. 2024 • National, unified, cross-format in-store digital advertising network that benefits suppliers, retailers, and shoppers • Rollout of national digital screen network progressing to plan: o 133 screens live, grow
Slide 40: Sorted
Sorted 08. Expansion of leading digital marketplace Supermarkets Campbells & Convenience • Customers can procure products from our mega DCs • Transitioned to Sorted in March 25 as well as from a large and growing range of charge- through suppliers • Customers can procure from entire range held at st
Slide 41: Program Horizon
Program Horizon 09. Continued steady progress, balancing cost, time, quality and risk Program Summary Progress against milestones Risks and risk management • Moving from legacy ERP to suite of Microsoft • Successful Legal Entities Rationalisation release • Program Horizon is a large and complex and
Slide 42: Beyond Horizon
Beyond Horizon 10. AI – leveraging Microsoft partnership • Microsoft leading in application of AI • AI being embedded across D365 • Leveraging Microsoft partnership to lead sector in value-adding AI applications • Early use cases already delivering value Debtor management People & Culture Payment ti
Slide 43: Bannered store numbers
Bannered store numbers 11. Store movement in period April 2025 opened / joined closed / left April 2024 Supermarkets banner group banner group Large format IGA 249 248 Medium format IGA 628 642 Small format IGA 395 391 Total IGA bannered stores 1,272 22 (31) 1,281 Total Supermarket Network (all bann
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