Endeavour Group Ltd · ASX:EDV
Endeavour — FY2026 Earnings Presentation
47 slides from Endeavour's earnings presentation, Aug 24, 2026
Slide 1: F26 Results Presentation
F26 Results Presentation 1
Slide 2: Acknowledgement of country
Acknowledgement of country Artwork: Celebration Place by Riki Salam Mualgal, Kaurareg, Kuku Yalanji)
Slide 3: Group Highlights
Pere Group Highlights 3% endeavour Zyys Group
Slide 4: F26 key highlights
F26 key highlights ● Retail sales momentum building as customers respond positively to value and price leadership ● Combined sales growth for Dan Murphyʼs and BWS increased from 0.7% in H1 to 1.4% in H2 ● Dan Murphyʼs and BWS comparable store sales growth of 0.5% ● Hotels delivered 4.2% sales growth
Slide 5: F26 financial overview - Group
F26 financial overview - Group Revenue & earnings Cashflow & balance sheet Shareholder returns $12.2b + 1.3% $933m F25 $1.2b 20.2c F25 23.7c Sales Operating cash flow (underlying) Underlying EPS $845m - 8.7% 2.9c F25 23.7c 1 Underlying EBIT 93% F25 110% Statutory EPS Underlying cash realisation
Slide 6: F26 financial overview - Retail and Hotels
F26 financial overview - Retail and Hotels Retail Hotels $10.0b 0.7% $2.2b 4.2% Sales Sales $464m - 17.6% $462m 4.1% 1 Underlying EBIT Underlying EBIT 1 4.6% - 103 bps 21.0% - 2 bps Underlying EBIT Margin Underlying EBIT Margin 10.2% - 210 bps 10.6% + 49 bps 2 2 Underlying ROFE Underlying ROFE 1.
Slide 7: Group Strategy
Group Strategy
Slide 8: 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 unrivaled price leadership • Rebuild our
Slide 9: Progress against strategy in F26
Progress against strategy in F26 ✓ Redefined customer value propositions across Dan Murphyʼs and BWS Retail ✓ Re-established Dan Murphy's price leadership Resetting our multi-brand strategy, putting customers first ✓ Grew online sales by 35% ✓ Launched simplification of BWS in-store team processes ✓
Slide 10: Targeting $300m of cost out by F29
Targeting $300m of cost out by F29 $300m in cost savings $100m cost savings target in F27 to be delivered F2729; including $100m in F27 Targeting $85m of cost savings Right sizing support functions and ensuring in Retail and $15m in Hotels right labour model to best serve customers across the net
Slide 11: Accelerating investment to drive future growth
Accelerating investment to drive future growth F27 CAPEX expected to be elevated to support CAPEX Outlook by Investment Type execution of our strategic roadmap One Endeavour OE $550m-$650m Technology separation from Woolworths Growth: Includes accelerated hotel and EGM $448m renewals, eCommerce a
Slide 12: In F27 the Group will begin executing a number of transformation initiatives
In F27 the Group will begin executing a number of transformation initiatives In F27, the Group expects to Accelerated Hotel Digital, Data & increase annual eCommerce Renewals Analytics growth capex investment by up to $60m and opex of $40m to $60m1 to deliver transformation Customer Experience Simp
Slide 13: Stepping up the scale of our Hotels renewals program
Stepping up the scale of our Hotels renewals program while continuing to target a year 2 ROI of 15% Targeting F27 Hotels Renewal Capex of Accelerating renewals in F27 between $130m and $160m1 Targeted Description # Hotels Renewed Venues # F24F26 Actuals and F27 Forecast, Future Target Range) Repo
Slide 14: One Endeavour progress update
One Endeavour progress update Progress & Outlook Project timeline F23 F24 F25 F26 F27 F28 F29 Completed ● F26 actual expenditure under low end of guidance range, driven by spend Spend Management Complete optimisation Property Lease Management Complete ● ERP design completed to plan People Systems Co
Slide 15: Brand Highlights
Pere Brand Highlights 34 endeavour 3, group
Slide 16: F26 Brand highlights - Dan Murphy's
F26 Brand highlights - Dan Murphyʼs Expanded Network Increased Customer Engagement Growing Share Record VOC “Value for Investment in price leadership Moneyˮ score delivering share gains 84% My Dan's member 9 consecutive months of scan rate transaction growth Market leading Purchase Record online sal
Slide 17: F26 Brand highlights - BWS
F26 Brand highlights - BWS Expanded Network Positive Customer Metrics Improved Value and Convenience BWS App Monthly Active Users averaged 730k 15% vs LY Record VOC “Value for Moneyˮ score Market leading loyalty Record online sales 10% YoY perception1 39% Online VOC increased to 79 6 vs F25
Slide 18: Customer perception of our market leading value proposition is growing
Customer perception of our market leading value proposition is growing Dan Murphyʼs and BWS Quarterly Value for Money Score1 1. Based on customer survey when asked with respect to their most recent visit: "to what extent were you satisfied or dissatisfied with value for money"? 18
Slide 19: Retail sales momentum building
Retail sales momentum building Combined Dan Murphyʼs and BWS Quarterly Sales Growth 1,2 Implemented shelf price reset at end of Q1 to reinforce price leadership ● Retail sales momentum steadily improved during the year ● Combined sales growth for Dan Murphyʼs and BWS increased from 0.7% in H1 to 1.4
Slide 20: F26 Brand highlights - Hotels
F26 Brand highlights - Hotels Investing in the Network Increased Customer Engagement Enhanced Guest Experience Record annual Food and Bar sales 750,000+ active members of pub+ Installed 2,000 new EGMs loyalty program Growing gaming market share in Pub+ users account for 32% of Victoria Food and Bar
Slide 21: Hotel renewals delivering strong returns
Hotel renewals delivering strong returns Hotel renewals and redevelopments program results F24 Cohort1 F25 Cohort1 Renewed venues (#)2 23 25 Capital invested $m3 $63m $50m Performance post renewal4 Aggregate Year 1 ROI % 15% 16% 23 venues) 25 venues) Aggregate Year 2 ROI % 20% - 23 venue
Slide 22: Group Financials
Group Financials
Slide 23: Group F26 financial performance
Group F26 financial performance F26 F25 $ million 52 WEEKS 52 WEEKS CHANGE Retail Sales 10,016 9,950 0.7% Hotels Sales 2,196 2,108 4.2% ● Group Sales up 1.3% vs. F25 Group Sales 12,212 12,058 1.3% ● Underlying Group EBIT declined 8.7%, reflecting lower GP margin in Retail and the impact of cost
Slide 24: Cash realisation
Cash realisation F26 F25 $ million 52 WEEKS 52 WEEKS CHANGE ● Underlying cash realisation ratio1 of EBIT (underlying) 845 926 81 93% from operating cash flow of Depreciation and amortisation expenses 642 616 26 $933m Changes in trade working capital 25 80 105 Changes in assets and liabilit
Slide 25: Balance sheet metrics
Balance sheet metrics Net debt Net debt increase of $198m $1,883m ● Net debt increased by $198m to $1.9b at year end $1,685m primarily due to increased capital expenditure on stores and venue renewals, lower F26 earnings, and higher inventory ● Underlying leverage ratio (pre-AASB 161 of 1.9x ● Weig
Slide 26: Capital expenditure
Capital expenditure F26 F25 CHANGE Stay in business 62 62 - Renewals 33 22 11 ● Total capital expenditure increased by $54m Network expansion 38 26 12 vs F25, driven by Retail network expansion and Property redevelopments - 1 1 accelerated investment in Hotels renewal Digital, data & eCommerce 27
Slide 27: Retail
Retail
Slide 28: Retail financial performance
Retail financial performance ● Total Retail sales increased by 0.7% to $10.0 billion ● Combined Dan Murphyʼs and BWS sales growth increased from 0.7% in H1 to 1.4% in H2 ● Dan Murphyʼs and BWS delivered positive comparable store sales growth of 0.5% ● Underlying GP margin declined 86 bps reflecting
Slide 29: Hotels
Pere Hotels 3% endeavour Zyys Group
Slide 30: Hotels financial performance
Hotels financial performance ● Sales growth of 4.4% in H1 and 3.9% in H2. Sales growth moderated to 3.7% in Q3 as growing cost of living pressure, including fuel price increases, impacted consumer spending. Q4 sales growth improved to 4.2% (or 3.9% adjusted for estimated uplift in sales from the FIF
Slide 31: Outlook
Pere Outlook 3% endeavour “ays group
Slide 32: F27 trading update and outlook
F27 trading update and outlook ● First 7 weeks trading in F27 ● Retail sales 4.6% ● Hotels sales 2.2% (or 2.0% excluding estimated uplift in July sales from one-off events including FIFA World Cup) ● Retail ● Sales momentum in Retail continues to build in early F27 with transaction growth underpi
Slide 33: F27 trading update and outlook
F27 trading update and outlook ● In F27 the Group expects: ● Capital expenditure of between $550m and $650m including: ○ One Endeavour capex of $75m to $90m ○ Up to $60m increase in capital investment across a number of transformation initiatives including digital, data & eCommerce, Retail media and
Slide 34: Q&A
Pere Q&A 34 endeavour Zyys Group
Slide 35: Appendix
Pere Appendix 34 endeavour Zyys Group
Slide 36: Sustainability highlights
Sustainability highlights People Responsibility and Community Planet 41% 99% 97% 1st of senior management of team members trained of relevant team completed Power Purchase Agreement signed positions filled by women in our unique Leading in bespoke Responsible Gaming in SA, to commence in 2027 Respon
Slide 37: Network
Network 1 288 6 Dan Murphyʼs stores2 17 6 56 427 1,451 7 BWS stores 29 143 134 27 1 21 101 38 351 3 Hotels (incl. managed Key: 2 2 88 402 55 clubs) Dan Murphyʼs BWS 90 325 85 1 6 Wineries Hotels (incl clubs) Wineries 2 4 36 6 1 1 Bottling facilities Bottling facilities 1. As at 28 June 2026. 2. I
Slide 38: Group financial performance
Group F26 F25 financial $ million 52 WEEKS 52 WEEKS CHANGE Retail Sales 10,016 9,950 0.7% performance BWS and Dan Murphy's 9,817 9,717 1.0% Specialty 199 233 14.6% Hotels Sales 2,196 2,108 4.2% Group Sales 12,212 12,058 1.3% Retail Underlying EBIT 464 563 17.6% Hotels Underlying EBIT 462 444
Slide 39: Group sales composition
Group sales composition F26 F25 52 WEEKS 52 WEEKS CHANGE BWS and Dan Murphy's 80.39% 80.59% 20 bps Specialty 1.63% 1.93% 30 bps Gaming 7.21% 6.99% 22 bps Bars 5.54% 5.35% 20 bps Food 3.99% 3.94% 5 bps Accommodation 0.89% 0.83% 7 bps Other Hotels 0.35% 0.37% 3 bps Total 100.00% 100.00% 1.
Slide 40: Group funds employed
Group funds employed $ million F26 28 JUNE 2026 F25 29 JUNE 2025 CHANGE Trade working capital 626 638 12 Lease assets 2,904 3,073 169 Property, plant and equipment 2,315 2,289 26 Intangible assets 4,162 4,279 117 Other liabilities (net) 716 760 44 Funds employed 9,291 9,519 228 Tax liabi
Slide 41: Cash flow
Cash flow F26 F25 $ million 52 WEEKS 52 WEEKS CHANGE EBIT (underlying) 845 926 81 Depreciation and amortisation expenses 642 616 26 Changes in trade working capital 25 80 105 Changes in assets and liabilities and other non-cash items 27 47 74 Finance costs on borrowings paid 106 116
Slide 42: Historical financial performance
Historical financial performance1 Retail H1 F19 H2 F19 H1 F20 H2 F20 H1 F21 H2 F21 H1 F22 H2 F22 H1 F23 H2 F23 H1 F24 H2 F24 H1 F25 H2 F25 H1 F26 H2 F26 Sales $M 4,564 3,889 4,777 4,509 5,690 4,488 5,657 4,429 5,446 4,459 5,583 4,491 5,501 4,449 5,513 4,503 Underlying EBIT 316 222 338 231 419 250
Slide 43: Significant Items
Significant Items F26 F25 $ million 52 WEEKS 52 WEEKS Variance Melbourne Liquor Distribution Centre 40 - 40 Restructuring and Strategic Review Costs 58 - 58 Write-downs of Non-Current Assets 80 - 80 Portfolio Rationalisation and Asset Impairments 194 - 194 Significant Items befor
Slide 44: Summary of forward looking statements
Summary of forward looking statements Area Description Underlying effective tax rate We expect the F27 full year underlying effective tax rate to be approximately 33% F27 finance costs are expected to be between $330m and $340m, based on interest rates current at the date of this Finance costs prese
Slide 45: Comparative figures
Comparative figures Normalised 52-week Equivalent F19 Information, Equivalent F20 Information and 52-week F24 Information Woolworths' Drinks and Hotels businesses were transferred to, and merged with, Endeavour Group Limited on 2 February 2020 Restructure) and 4 February 2020 Merger, respectively
Slide 46: Glossary
Glossary Term Description CAGR Compound annual growth rate Cost of doing business CODB Expenses which relate to the operation of the business eCommerce Online channels including but not limited to store websites, apps and other digital platforms Free cash flow Total net cash flows generated by End
Slide 47: Disclaimers
Disclaimers This presentation is dated 24 August 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