Slide 1: Coles Group Limited – 2026 Half Year Results Presentation
27 February 2026 The Manager Company Announcements Office Australian Securities Exchange Dear Sir or Madam Coles Group Limited – 2026 Half Year Results Presentation Please find attached for immediate release to the market the 2026 Half Year Results Presentation for Coles Group Limited. This announce
Slide 2: 2026 Half Year Results Presentation
2026 Half Year Results Presentation 27 February 2026 Leah Weckert, Managing Director & Chief Executive Officer Charlie Elias, Chief Financial Officer Coles' Christmas range included more than 340 Own Brand products and exclusive specialty drinks, designed to cater to every style of celebration.
Slide 3: Disclaimer
Disclaimer This presentation contains summary information about Coles Group Limited (ACN 004 089 936) and its controlled entities (together, ‘Coles’, ‘Coles Group’ or ‘the Group’) and Coles’ activities as at the date of this presentation. It is information given in summary form only and does not pur
Slide 4: 1H26 highlights
1H26 highlights Strong Supermarkets EBIT growth of 14.6% with continued sales momentum Supermarkets eCommerce sales growth of 27% Automation programs and operational efficiencies delivering tangible benefits Customer satisfaction scores improved across all key metrics Liquorland banner simplificatio
Slide 5: 1H26 financial highlights
1H26 financial highlights Group sales revenue Group EBIT NPAT Reported Reported, excl. SI 1 Reported, excl. SI 1 2.5% 10.2% 12.5% $23.6 billion $1,231 million $676 million Supermarkets revenue Supermarkets EBIT Interim Dividend3 growth growth declared Adjusted2, excl. tobacco Reported 41 cps 6.1% 14
Slide 6: Strategic priorities continue to underpin strong performance
Strategic priorities continue to underpin strong performance ✔ Highlighted value through Winter and Spring value campaigns and seasonal promotions and specials Destination ✔ Expanded range of everyday value products and launched >500 new products within our for food and Exclusive to Coles range drin
Slide 7: Delivering on our value commitment to customers
Destination for food and drink Delivering on our value commitment to customers Expanded Promotional offers range of including Winter and Value and promotional everyday ‘Shop. Scan. WIN!’ Spring value and European campaigns value campaigns products Glassware campaign >500 Exclusive Recognised with Ex
Slide 8: Customer satisfaction scores improved across all key metrics
Destination for food and drink Customer satisfaction scores improved across all key metrics Quality Availability Store look and feel Price +330 bps +390 bps +370 bps +180 bps Notes: (1) Tell Coles NPS for 2Q26 vs 2Q25. 7
Slide 9: Strong eCommerce sales growth with focus on execution driving customer satisfaction and efficiencies
Accelerated by digital Strong eCommerce sales growth with focus on execution driving customer satisfaction and efficiencies Digital enhancements Customer feedback Catering for all shopping missions Making +27.0% shopping easier Double digit growth across and saving time +5.3 points uplift in Tell +3
Slide 10: Flybuys active members exceeded 10 million and Coles Plus delivered significant uplift in subscriptions
Accelerated by digital Flybuys active members exceeded 10 million and Coles Plus delivered significant uplift in subscriptions + 6.2% growth in active members Voted Australia’s best-rated rewards program1 + 65% growth in subscriptions2 Providing customers with even more value Notes: (1) Based on Can
Slide 11: Consistent track record of delivering sustainable efficiency benefits through our SSI program
Delivered consistently for the future Consistent track record of delivering sustainable efficiency benefits through our SSI program >$1 billion $133 million1 Simplify and Save to Invest (SSI) initiatives this period benefits targeted over 4 years benefits delivered in 1H26 included: • Leveraging tec
Slide 12: AI is embedded within Coles and use cases are evolving rapidly
Delivered consistently for the future AI is embedded within Coles and use cases are evolving rapidly Customers Operations Team Members • Personalised experiences across • Forecasting, demand planning the shopping journey, adapting and ranging • Knowledge Assistant, providing content for customers su
Slide 13: Committed to supporting our team members, suppliers, communities and the environment
Committed to supporting our team members, suppliers, communities and the environment Team members Suppliers Communities Environment Launched Round #14 of the Coles Raised >$1.6 million towards the 87.7% of eligible packaging2 being Maintained our highest-ever team Nurture Fund to support projects th
Slide 14: Group financial overview
13 Group financial overview Coles sent over 1,900 pallets of stock by sea to Cairns following heavy rain and flooding in early 2026,13 ensuring we continued to serve communities cut off by road and rail.
Slide 15: 1H26 results – Group
1H26 results – Group $m 1H26 1H25 Change Group results (excluding SI1) Sales revenue 23,618 23,035 2.5% EBITDA (excl. SI¹) 2,205 2,045 7.8% EBIT (excl. SI¹) 1,231 1,117 10.2% Financing costs (269) (271) 0.7% Income tax expense (286) (245) (16.7%) Net profit after tax (excl. SI¹) 676 601 12.5% Group
Slide 16: 1H26 results – Segment overview
1H26 results – Segment overview $m 1H26 1H25 Change Adjusted1 Supermarkets Supermarkets delivered strong earnings growth Sales revenue 21,365 20,629 3.6% 4.2% with Adjusted sales growth excl. tobacco of EBIT 1,234 1,077 14.6% 6.1% and EBIT margin expansion supported by operating efficiencies and the
Slide 17: Operating cash flow
Operating cash flow Cash flow Commentary $m 1H26 1H25 Consistent with the prior corresponding period, an additional payment run EBIT (excl. significant items) 1,231 1,117 occurred in the final week of the half resulting in an additional cash outflow of approximately $560 million (1H25: $520 million)
Slide 18: Capital expenditure
Capital expenditure Capital expenditure breakdown Key capital expenditure initiatives $m 1H26 1H25 Store renewals • Store renewals across Supermarkets (35) and Liquor (1271) Store renewals 198 167 • New stores across Supermarkets (6) and Liquor (11) Growth initiatives Growth initiatives 127 130 • Co
Slide 19: Funding and dividends
Funding and dividends Debt facility maturity profile ($m) Dividend (cps) Weighted average Interim Final Franking credit Bank facilties AMTN drawn debt maturity of balance of ~$600 4.4 years with undrawn million after facilities of $1.9 billion payment of interim dividend 300 AUD million 300 30 32 32
Slide 20: Supermarkets
19 Supermarkets Coles Wingham, NSW proudly re-opened its doors during the half, six months 19 on from the devastating floods which forced its closure.
Slide 21: Supermarkets – key metrics
Supermarkets – key metrics Sales revenue Adjusted sales revenue Reported EBIT ex-tobacco1 3.6% 6.1% 14.6% $21.4 billion vs. pcp $1.2 billion eCommerce sales2 eCommerce penetration2 Exclusive to Coles sales 27.0% 13.1% 5.7% Notes: (1) Adjusted for the competitor industrial action in 2Q25 which is est
Slide 22: Supermarkets – 1H26 results
Supermarkets – 1H26 results Sales momentum combined with margin expansion $m 1H26 1H25 Change Adjusted1 Key commentary Key P&L items • Sales growth driven by continued investment in value, including our Winter Sales revenue 21,365 20,629 3.6% 4.2% and Spring value campaigns and an expanded range of
Slide 23: Liquor
22 Liquor 22 We successfully completed our 'Simply Liquorland’ banner conversions during the half.
Slide 24: Liquor – key metrics
Liquor – key metrics Sales revenue Adjusted sales revenue1 Convenience portfolio sales growth2 3.2% 2.9% Positive $1.9 billion vs. pcp EBIT eCommerce sales3 Liquor store renewals4 37.3% 0.7% 127 $42 million completed in 1H26 Notes: (1) Adjusted for the competitor industrial action in 2Q25 which is e
Slide 25: Liquor – 1H26 results
Liquor – 1H26 results Positive sales growth across convenience portfolio notwithstanding subdued market and competitive environment impacting Liquorland Warehouse stores $m 1H26 1H25 Change Adjusted1 Key commentary Key P&L items • The liquor market remained subdued and competitive intensity Sales re
Slide 26: Outlook
Outlook 25 Coles has extended its long-term major partnership with Little Athletics Australia, with our banana donations program continuing into a ninth season supporting over 400 grassroots centres across Australia
Slide 27: Outlook
Outlook “We know value remains front of mind for our customers and we • In the first seven weeks of the third quarter, Supermarkets sales revenue increased by 3.7% (5.3% ex- are well placed to deliver great tobacco) as we continued to cycle impacts from the competitor industrial action last year. va
Slide 28: Q&A
Q&A 27 Team members at our Werribee, Vic store celebrating 'RU OK?' Day.
Slide 29: Appendix
28 Appendix Our second annual ‘Go Red for Redkite’ campaign raised $560,000 28 to support families facing childhood cancer.
Slide 30: Segment financials
Segment financials Excluding the impact of the competitor industrial action and non-recurring costs Supermarkets $m 1H26 1H25 Change Sales revenue 21,365 20,509 4.2% Excludes: EBITDA 2,129 2,007 6.1% • the sales revenue and earnings impact of the competitor industrial EBIT 1,234 1,149 7.4% action in