Endeavour Group Ltd · ASX:EDV
Endeavour — FY2025 Earnings Presentation
47 slides from Endeavour's earnings presentation, Aug 25, 2025
Slide 1: F25 Results Presentation
Dan Murphyʼs Alexandria, NSW Endeavour Group F25 Results Presentation
Slide 2: Overview and Group Strategy
Overview and Group Strategy Kate Beattie CEO The Crows Nest Hotel, NSW
Slide 3: Acknowledgement of country
Acknowledgement of country Artwork: Celebration Place by Riki Salam Mualgal, Kaurareg, Kuku Yalanji)
Slide 4: Group highlights
Mermaid Waters Hotel, QLD Group highlights
Slide 5: F25 key highlights - Stable revenue and strong cashflow
F25 key highlights - Stable revenue and strong cashflow ● Stable Group revenue result, with strong momentum in Hotels offsetting softness in the retail liquor market ● Hotels sales grew by 4.1%1 with all drivers in growth, supported by targeted capital investment ● Retail sales declined 1.2%1 reflec
Slide 6: F25 financial overview - Group
F25 financial overview - Group Financial strength Revenue & earnings1 Shareholder returns & capital discipline $12.1b 0.3% vs F24 52W $1.2b F24 $1.2b 23.7c F24 52W: 28.3c Sales Operating cash flow Earnings per share $1.0b 7.3% vs F24 52W Operating EBIT2 110% F24 108% 18.8c F24 21.8c Cash
Slide 7: F25 financial overview - Retail and Hotels
F25 financial overview - Retail and Hotels Retail1 Hotels1 $10.0b 1.2% vs F24 52W $2.1b 4.1% vs F24 52W Retail Sales Hotels Sales $624m 12.0% vs F24 52W $463m 4.5% vs F24 52W 2 2 Retail Operating EBIT Hotels Operating EBIT 6.3% 77 bps vs F24 52W 22.0% 9 bps vs F24 52W Retail Operat
Slide 8: Simplify and focus
Simplify and focus Key initiatives in F25 ● Integrated Shortyʼs operations into Dan Murphyʼs ● Transitioned Jimmy Brings to a partnership model with Milkrun ● Exited non-core production by closing the Prowine bottling facility ● Optimised network through targeted BWS store closures and the sale of R
Slide 9: Brand highlights - Dan Murphy's
Brand highlights - Dan Murphyʼs Network Customer Value and Convenience Maintained price leadership in a 81 competitive market VOC (-) On average, My Danʼs members receive $16 in benefits each time they shop1 Enhanced omnichannel offer through delivery partnerships and next-day 5.5m My Danʼs members
Slide 10: Brand highlights - BWS
Brand highlights - BWS Network Customer Value and Convenience Expanded customer reach through 76 growth in delivery offerings VOC 1 Strengthened Everyday Rewards loyalty offers, with new ways to earn points through participation in "Boost 1.6 million app downloads1 Your Budget" and "Extras Perksˮ
Slide 11: Product trends and innovation
Product trends and innovation 11
Slide 12: Product trends and innovation
Product trends and innovation 12
Slide 13: Brand highlights - ALH Hotels
Brand highlights - ALH Hotels Network Customer Value and Experience Pub+ users account for more than 25% 9.0 of F&B transactions VOC 0.3 Over 1,000 new EGM cabinets Expanded Nightcap accommodation brand to 86 venues nationally 480,000 active members of pub+ loyalty program pub+ Active Member (cu
Slide 14: Hotel renewals - adding value across multiple drivers
Hotel renewals - adding value across multiple drivers The Morris WA Queens Beach Hotel QLD Aug ‘24 May ʼ25 Pub and Jun ‘25 Accom. ● $3m capital spend for full repositioning of the ● $5m capital investment. 7 new accommodation venue and rebrand from ‘The Saintʼ. Refurbished rooms added and al
Slide 15: Hotel renewals remain on track to deliver 15% Year 2 ROI target
Hotel renewals remain on track to deliver 15% Year 2 ROI target ALH Renewals and Redevelopments Program Results Focused investment in fewer, but on average larger-scale renewals touching more sales drivers F24 Cohort1 Renewed venues (#)2 23 Capital invested $m3 $63m Performance 12 months post rene
Slide 16: endeavourGO program achieving material cost savings
endeavourGO program achieving material cost savings Activity Based Rostering: delivering sustainable productivity uplift Dan Murphy's VOC BWS VOC ● F25 savings of $75 million benefitting GP and Average weekly labour hours CODB 8% ● $265 million in cumulative savings delivered to Average weekly labo
Slide 17: Update on One Endeavour program
Update on One Endeavour program Following completion of the design and discovery phase relating to Store Transition, the Group has updated the sequencing of the One Endeavour program to prioritise near term value delivery and maximise overall program benefits ● People Systems implementation now comp
Slide 18: One Endeavour timeline
One Endeavour timeline Progress & Outlook Project timeline F23 F24 F25 F26 F27 F28 F29 F30 ● People Systems now complete Completed and Inflight ● ERP Design phase substantially Spend Management Complete completed in F25; build timeline accelerated Property Lease Management Complete ● Stores Transiti
Slide 19: F25 Progress - unlocking value in our property portfolio
F25 Progress - unlocking value in our property portfolio 10 freehold sites with high development potential - four DAʼs have been lodged, with a fifth to be lodged in F26 One further development Four development applications Material opportunity to monetise application will be lodged in have been lod
Slide 20: Creating our positive imprint
Creating our positive imprint People Responsibility and Community Planet Championing individuality, human Advocating responsible choices and supporting positive Reducing our impact rights and personal rights change in our communities on the planet Women represented 43% in Senior Leadership 95% Of te
Slide 21: Group Financials
Group Financials Tali Ross CFO New Brighton Hotel, Manly NSW
Slide 22: Group financial performance
Group financial performance REPORTED REPORTED NORMALISED ● Group Sales broadly in line with F25 F24 F24 NORMALISED last year 0.3% vs F24 52-week) $ million 52 WEEKS 53 WEEKS CHANGE 52 WEEKS CHANGE ● Group Operating EBIT declined Retail Sales 9,950 10,246 2.9% 10,074 1.2% 7.3% vs F24 52-
Slide 23: Strong cash generation
Strong cash generation REPORTED F25 REPORTED F24 ● Strong cash realisation ratio1 of $ million 52 WEEKS 53 WEEKS CHANGE 110% from operating cash flow of EBIT 926 1,055 129 $1.2 billion Depreciation and amortisation expenses 616 607 9 Changes in trade working capital 80 68 12 ● Working capital
Slide 24: Disciplined capital expenditure
Disciplined capital expenditure $ million F25 F241 CHANGE Stay in business 62 85 23 2 ● Total net capital expenditure $100 million lower than F24 Renewals 22 43 21 Pinnacle - 47 47 ● Retail Stay in business and Renewals reductions are a result Network expansion 26 48 22 of elevated spend in
Slide 25: Balance sheet metrics
Balance sheet metrics Net debt Net debt reduction of $187 million $1,872m ● Net debt was $187 million lower compared to F24, while average net debt decreased by $146 million, reflecting $1,685m ongoing capital discipline ● Leverage ratio1 of 3.6x slightly above target range of 3.0x to 3.5x ● Refinan
Slide 26: Retail
Retail 3" endeavour Za group
Slide 27: Retail financial performance
Retail financial performance ● Sales declined 1.2% 52-week) reflecting subdued spending in retail liquor and the impact of supply chain disruption ● Gross Profit margin maintained despite increased promotional intensity during Q4 ● Operating CODB grew 3.5% 52-week) with endeavourGo program continu
Slide 28: Hotels
Hotels The Morris Hotel, Innaloo, WA
Slide 29: Hotels financial performance
Hotels financial performance ● Sales growth 52-week) of 4.1% with momentum improving in H2. Sales growth was delivered across all four key business drivers ● Food and Bars growth benefitted from a successful pub+ loyalty app launch, optimised menu and range as well as strong trading around key even
Slide 30: Outlook
Outlook 2" endeavour Fy Group
Slide 31: F26 H1 priorities
F26 H1 priorities Group strategy refresh Drive strong execution of key spring and summer trading period Accelerate investment in enhanced customer experience Progress property portfolio optimisation Continue to drive business optimisation through endeavourGo Progress ERP design and build 31
Slide 32: F26 trading update and outlook
F26 trading update and outlook ● Hotel sales momentum remains strong, supported by higher transaction volumes ● Renewals, upgrades to our EGM fleet and enhancements to our pub+loyalty program are expected to underpin continued growth in Hotels ● Consumer spending in the retail liquor market remains
Slide 33: Q&A
Q&A Kate Beattie Chief Executive Officer Tali Ross Chief Financial Officer
Slide 34: Appendix
Appendix Other 3s endeavour ays group
Slide 35: Unique market leading portfolio with significant upside
Unique market leading portfolio with significant upside Market leader in defensive Large, growing & highly Strong omnichannel Differentiated product offering categories engaged customer loyalty base execution ● Australiaʼs largest retail drinks and ● Building deeper connections by ● Expanding reach
Slide 36: Well positioned to deliver value for our stakeholders
Well positioned to deliver value for our stakeholders Attractive business Simple, scalable, customer-first strategy Creating value fundamentals Network scale Create meaningful experiences for our shared social customer Customers Australiaʼs largest retail drinks and Convenience, range, value and hos
Slide 37: Our strategy scorecard
Our strategy scorecard Planning Progressing Achieving Off Plan Shared customer Efficient end-to-end Capital allocation to One team living our Positive and sustainable Deliver shareholder foundations business drive growth purpose and values imprint returns Drive revenue growth through Grow earnings a
Slide 38: Network
Network 1 282 7 Dan Murphyʼs stores2 17 6 56 426 1,444 9 BWS stores 28 142 136 27 1 20 99 38 354 Hotels (incl. managed clubs) Key: 2 2 88 395 55 Dan Murphyʼs BWS 87 329 86 1 6 Wineries Hotels (incl clubs) Wineries 2 -1 3 36 6 1 1 Bottling facilities3 Bottling facilities 1. As at 29 June 2025 2. In
Slide 39: Group sales composition
Group sales F25 F24 52W CHANGE composition BWS and Dan Murphy's 80.59% 81.18% 59 bps Specialty1 1.93% 2.08% 15 bps Gaming 6.99% 6.73% 26 bps Bars 5.35% 5.08% 27 bps Food 3.94% 3.81% 13 bps Accommodation 0.83% 0.76% 7 bps Other Hotels 0.37% 0.36% 1 bps Total 100.00% 100.00% 1. Specialty includes
Slide 40: Group financial performance
Group REPORTED F25 NORMALISED F24 $ million 52 WEEKS 52 WEEKS CHANGE financial Sales Retail 9,950 10,074 1.2% performance Hotels Total sales 2,108 12,058 2,025 12,099 4.1% 0.3% Profit for the period Operating Retail EBIT 624 709 12.0% Operating Hotels EBIT 463 443 4.5% Other EBIT 81 67
Slide 41: Balance sheet
Balance REPORTED F25 REPORTED F24 sheet $ million Trade working capital 29 JUNE 2025 638 30 JUNE 2024 725 Change 87 Lease assets 3,073 3,201 128 Property, plant and equipment 2,289 2,234 55 Intangible assets 4,279 4,274 5 Other liabilities (net) 760 710 50 Funds employed 9,519 9,724 205
Slide 42: Cash flow
Cash flow REPORTED F25 REPORTED F24 $ million 52 WEEKS 53 WEEKS CHANGE EBIT 926 1,055 129 Depreciation and amortisation expenses 616 607 9 Changes in trade working capital 80 68 12 Changes in assets and liabilities and other non-cash items 47 17 64 Finance costs on borrowings paid 116 117
Slide 43: Historical financial performance
Historical financial performance1 COVID19 unwind / Pre COVID19 COVID19 Post COVID19 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 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 Operating EB
Slide 44: Summary of forward looking statements
Summary of forward looking statements Area Description Group optimisation We are targeting cumulative optimisation savings of $290 million+ by F26, with $265 million delivered as at F25, to mitigate inflationary pressures and enable continued investment in line with strategy Effective tax rate We ex
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 Cash realisation ratio Operating cash flow as a percentage of Group profit for the year after income tax but before depreciation and amortisation Cost of doing business CODB Expenses which relate to the operation of the business eCommerce
Slide 47: Disclaimers
Disclaimers This presentation is dated 25 August 2025 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