Endeavour Group Ltd · ASX:EDV
Endeavour — H1 F26 Earnings Presentation
42 slides from Endeavour's earnings presentation, Mar 5, 2026
Slide 1: Endeavour Group H1 F26 Results Presentation
Endeavour Group H1 F26 Results Presentation The Crows Nest Hotel, NSW
Slide 2: Acknowledgement of country
Acknowledgement of country Artwork: Celebration Place by Riki Salam Mualgal, Kaurareg, Kuku Yalanji)
Slide 3: H1 Results Highlights
H1 Results Highlights Jayne Hrdlicka CEO
Slide 4: Key H1 highlights
Key H1 highlights ● Group Underlying EBIT of $563 million1,2 ● Retail sales momentum building as customers respond positively to lower prices ● Dan Murphyʼs and BWS Q2 sales growth of 2.2% including a record December sales month ● Dan Murphyʼs and BWS delivered positive comparable store sales growth
Slide 5: H1 F26 financial overview - Group
H1 F26 financial overview - Group Financial strength Revenue & earnings Shareholder returns & capital discipline $6.7b 0.9% $997m H1 F25 $1.0b 15.6c H1 F25 16.7c Sales Operating cash flow Underlying EPS $563m 5.4% Underlying EBIT1 165% H1 F25 168% 13.8c H1 F25 16.7c Underlying cash realisation
Slide 6: H1 F26 financial overview - Retail and Hotels
H1 F26 financial overview - Retail and Hotels Retail Hotels $5.5b 0.2% $1.2b 4.4% Sales Sales $327m 11.6% $275m 5.0% 1 Underlying EBIT Underlying EBIT 1 5.9% 79 bps 23.5% 13 bps Underlying EBIT Margin Underlying EBIT Margin 11.5% 179 bps 10.5% 49 bps Underlying ROFE Underlying ROFE 1. Underly
Slide 7: Brand highlights - Dan Murphy's
Brand highlights - Dan Murphyʼs Expanded Network Increased Customer Engagement Growing Market Share 5.6m My Danʼs active members Investment in price leadership with 84% scan rate delivering market share gains Achieved a record purchase Record trading weeks leading into intent1 score in December both
Slide 8: Brand highlights - BWS
Brand highlights - BWS Expanded Network Positive Customer Metrics Improved Value and Convenience BWS App Monthly Active Users BWS VOC “Value for Moneyˮ all time high of 850k in December reached a record high in (21% vs LY) December Achieved the highest eCommerce H1 eCommerce VOC increased sales mon
Slide 9: Brand highlights - Hotels
Brand highlights - Hotels Optimised Network Increased Customer Engagement Enhanced Guest Experience Record Food and Bar sales including key event days e.g. Fathers Day, 600,000 active members of pub+ Melbourne Cup, Christmas Day and loyalty program New Years Eve Pub+ users account for 29% of Instal
Slide 10: Hotel renewals delivering strong returns
Hotel renewals delivering strong returns Hotel renewals and redevelopments program results F24 Cohort1 H1 F25 Cohort1 Renewed venues (#)2 23 13 Capital invested $m3 $63m $26m Performance post renewal4: Aggregate Year 1 ROI % 15% 17% 23 venues) 13 venues) Aggregate Year 2 ROI % 20% - 15 v
Slide 11: One Endeavour F26 expenditure at lower end of guidance
One Endeavour F26 expenditure at lower end of guidance Progress & Outlook Project timeline F23 F24 F25 F26 F27 F28 F29 F30 ● ERP build phase timeline Completed accelerated and on track Spend Management Complete ● F26 Operating Cost Property Lease Management Complete Allocation: 100% of program Peopl
Slide 12: Unlocking value in our property portfolio
Unlocking value in our $1bn property portfolio Freehold sites with high development potential - four DAs lodged, two approved and Material opportunity to monetise more in preparation value in our property portfolio DA approved DA approved Forest Hotel: Accommodation Chelsea Heights: Onsite Supermar
Slide 13: Creating our positive imprint
Creating our positive imprint People Responsibility and Community Planet Championing individuality, Advocating responsible choices and supporting positive Reducing our impact human rights and personal rights change in our communities on the planet of senior management 98% of team members trained in
Slide 14: Group Strategy
Group Strategy The Crows Nest Hotel, NSW
Slide 15: New leadership team, strategic review well progressed
New leadership team, strategic review well progressed ● Comprehensive strategic review near completion ● Experienced leadership team in place ● Reestablished price leadership in Retail; accelerating investment in Hotels ● Strategy will maintain both Retail and Hotels businesses in the portfolio ● In
Slide 16: Experienced industry leaders in place to execute refreshed strategy
Experienced industry leaders in place to execute refreshed strategy Eleanor Khor ● 10+ years experience across strategy and ● Senior executive with track record leading Jayne Hrdlicka MD, Strategy, commercial roles large scale performance improvement Chief Executive Officer Transformation & ● Former
Slide 17: Our portfolio depth and breadth brings competitive strength
Our portfolio depth and breadth brings competitive strength + + Network Scale Cost Opportunities Customer Insights Ongoing opportunity to reduce cost Leveraging venue licences to through company wide Significant opportunity to leverage operate the largest nationwide simplification, continued focus o
Slide 18: Areas of strategic focus
Areas of strategic focus Retail Hotels Group Resetting our multi-brand Accelerating investment in Simplifying what we do and strategy, putting customers first the network how we operate ● Restore unrivaled price leadership ● Accelerate venue renewals and ● Simplify and drive cost out of the in Danʼs
Slide 19: Group Financials
Group Financials Kate Beattie CFO New Brighton Hotel, Manly NSW
Slide 20: Group financial performance
Group financial performance H1 F26 H1 F25 $ million 27 WEEKS 27 WEEKS CHANGE ● Group Sales up 0.9% vs. pcp Retail Sales 5,513 5,501 0.2% BWS and Dan Murphy's 5,404 5,365 0.7% ● Underlying Group EBIT declined 5.4% Specialty 109 136 19.9% ● endeavourGO savings of $24 million, taking Hotels Sales
Slide 21: Cash realisation
Cash realisation H1 F26 H1 F25 $ million 27 WEEKS 27 WEEKS CHANGE ● Underlying cash realisation EBIT 518 595 77 ratio1 of 165% from operating Depreciation and amortisation expenses 332 318 14 cash flow of $1 billion Changes in trade working capital 317 326 9 Changes in assets and liabilities
Slide 22: Balance sheet metrics
Balance sheet metrics Net debt Net debt reduction of $34 million $1,273m ● Net debt decreased by $34 million versus H1 $1,239m F25 supported by a reduction in trade working capital and proceeds from capital asset sales ● Underlying leverage ratio1 of 3.3x ● Weighted average debt maturity 4.6 years P
Slide 23: Capital expenditure
Capital expenditure H1 F26 H1 F25 CHANGE Stay in business 36 31 5 Renewals 13 17 4 Network expansion 21 7 14 ● Total capital expenditure increased by $71 million vs Property redevelopments - - - H1 F25, driven by Retail network expansion and accelerated investment in Hotels renewal Digital, data &
Slide 24: Retail
NOBODY BEATS DanMurphys ~ [LOWEST LIQUOR ~ | PRICE GUARANTEE Retail ’"% endeavour group MY, “AN awe
Slide 25: Retail financial performance
Retail financial performance ● Total Retail sales increased by 0.2% to $5.5 billion ● Combined Dan Murphyʼs and BWS sales grew 2.2% in Q2 (or 0.6% adjusting for the estimated $45 million sales impact of supply chain disruption in the pcp). Dan Murphyʼs and BWS delivered positive comparable store sal
Slide 26: Hotels
Hotels Mermaid Waters Hotel, Mermaid Waters QLD
Slide 27: Hotels financial performance
Hotels financial performance ● Sales growth of 4.4% with consistent growth across Q1 4.4%) and Q2 4.5%. Comparable hotel sales grew by 4.2% ● Food and Bar growth delivered through optimised menus as well as record trading during key event periods ● Gaming remained resilient, delivering mid single
Slide 28: Outlook
Outlook ’"% endeavour group MY, “AN awe
Slide 29: H2 F26 trading update and outlook
H2 F26 trading update and outlook ● First 7 weeks trading in H2 F26 ● Retail sales 1.3% ● Hotels sales 4.5% ● Retail is continuing to gain share in a competitive liquor market ● Sales growth in both Retail and Hotels moderated in February compared to January ● Retail sales in the first seven week
Slide 30: Q&A
Q&A Jayne Hrdlicka Chief Executive Officer Kate Beattie Chief Financial Officer
Slide 31: Appendix
Appendix 3% endeavour Za Group
Slide 32: Network
Network 1 286 4 Dan Murphyʼs stores2 17 6 56 427 1,456 12 BWS stores 29 143 134 27 1 20 101 38 352 2 Hotels (incl. managed Key: 2 2 89 402 55 clubs) Dan Murphyʼs BWS 88 330 86 1 6 Wineries Hotels (incl clubs) Wineries 2 4 36 6 1 1 Bottling facilities Bottling facilities 1. As at 4 January 2026 2.
Slide 33: Group sales composition
Group sales composition H1 F26 H1 F25 27 WEEKS 27 WEEKS CHANGE BWS and Dan Murphy's 80.88% 81.04% 16bps Specialty1 1.63% 2.05% 42bps Gaming 6.96% 6.72% 24bps Bars 5.39% 5.17% 22bps Food 3.93% 3.87% 6bps Accommodation 0.87% 0.79% 8bps Other Hotels 0.34% 0.36% 2bps Total 100.00% 100.00% 1.
Slide 34: Group financial performance
Group financial H1 F26 H1 F25 $ million 27 WEEKS 27 WEEKS CHANGE performance Retail Sales BWS and Dan Murphy's 5,513 5,404 5,501 5,365 0.2% 0.7% Speciality 109 136 19.9% Hotels Sales 1,169 1,120 4.4% Group Sales 6,682 6,621 0.9% Retail Underlying EBIT 327 370 11.6% Hotels Underlying EBIT 275
Slide 35: Balance sheet
Balance sheet $ million H1 F26 4 JAN 2026 F25 29 JUNE 2025 H1 F25 5 JAN 2025 Trade working capital 329 638 392 Lease assets 3,038 3,073 3,128 Property, plant and equipment 2,345 2,289 2,199 Intangible assets 4,263 4,279 4,275 Other liabilities (net) 811 760 749 Funds employed 9,164 9,519 9,245
Slide 36: Cash flow
Cash flow $ million H1 F26 27 WEEKS H1 F25 27 WEEKS CHANGE EBIT 518 595 77 Depreciation and amortisation expenses 332 318 14 Changes in trade working capital 317 326 9 Changes in assets and liabilities and other non-cash items 107 65 42 Finance costs on borrowings paid 52 57 5 Payment fo
Slide 37: Historical financial performance
Historical financial performance1 Pre COVID19 COVID19 COVID19 unwind / 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 H1 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
Slide 38: Significant Items
Significant Items H1 F26 H1 F25 $ million 27 WEEKS 27 WEEKS Variance Melbourne Liquor Distribution Centre 40 - 40 Advisory fees 9 - 9 Gain on asset sales and non cash impairment 4 - 4 Significant items before tax 45 - 45 Income tax benefit 14 - 14 Significant items after tax 31 -
Slide 39: Summary of forward looking statements
Summary of forward looking statements Area Description Underlying effective tax rate We expect the F26 full year underlying effective tax rate to be approximately 32.5% F26 finance costs are expected to be broadly in line with F25, based on interest rates current at the date of this Finance costs pr
Slide 40: 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 41: 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 Cash flow generated by the Group afte
Slide 42: Disclaimers
Disclaimers This presentation is dated 4 March 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 Groupʼs