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1 2026 Full Year Results Presentation 25 August2026 Leah Weckert, Managing Director & Chief Executive Officer Charlie Elias, Chief Financial Officer The new Coles and Liquorland in Yarrawonga, Victoria. Opened in May 2026 and one of the 13 new supermarkets and 16 new liquor stores opened during the year.
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2 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 purport to be complete. It should be read in conjunction with Coles’ other periodic corporate reports and continuous disclosure announcements filed with the Australian Securities Exchange (ASX), available at www.asx.com.au. This presentation is for information purposes only and is not a prospectus or product disclosure statement, financial product or investment advice or a recommendation to acquire Coles shares or other securities. It has been prepared without taking into account the investment objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and seek legal, taxation, business and/or financial advice appropriate to their circumstances. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Coles or its directors, employees or agents, nor any other person, accepts liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including, without limitation, any liability from fault or negligence on the part of Coles or its directors, employees, contractors or agents. 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Forward-looking statements, management judgements and estimates should be considered together with the risks, uncertainties and assumptions associated with the relevant statements particularly given the inherent unpredictability of future policy, market conditions, and technological developments. Except as required by applicable laws or regulations, the Group does not undertake to publicly update, review or revise any of the forward-looking statements in this presentation or to advise of any change in assumptions on which any such statement is based or changes to management judgements or estimates. Past performance cannot be relied on as a guide for future performance. This presentation may contain statements that have been prepared by Coles on the basis of information from publicly available sources, and other third-party sources. While Coles believes that each of these third-party sources is credible and that third-party information relied upon has been prepared by a reputable source, this information has not been verified by the Group and the Group cannot guarantee the currency, accuracy, or completeness of such information in this presentation. There may be differences in the way third parties calculate or report data compared to Coles, which means third-party data may not be comparable to Coles’ data. Non-IFRS financial information This presentation contains IFRS and non-IFRS financial information. IFRS financial information is financial information that is presented in accordance with all relevant accounting standards. Non-IFRS financial information is financial information that is presented other than in accordance with relevant accounting standards and may not be directly comparable with other companies’ information. Any non-IFRS financial information included in this presentation has been labelled to differentiate it from statutory or IFRS financial information. Non-IFRS measures are used by management to assess and monitor business performance at the Group and segment level and should be considered in addition to, and not as a substitute for, IFRS information. Operating metrics that are prepared on a non-IFRS basis have been included in the segment commentary to support an understanding of comparable business performance. Non-IFRS information is not subject to audit or review. Balance Sheet and Cash Flow information presented in this presentation is consistent with underlying information disclosed in the Appendix 4E Full Year Financial Report. Due to rounding, numbers presented throughout this presentation may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
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3 33 The opening of Coles' Customer Fulfilment Centre in Truganina, Victoria in September 2024. Wellness Week was celebrated across Coles, encouraging our team members to take meaningful steps towards improving their health and wellbeing. FY26 highlights Group EBIT +9.9% and NPAT +13.7%1 Market share gains in Supermarkets2 with sales ex-tobacco of +5.1% Supermarkets eCommerce sales +26.4%; CFCs EBITDA positive $311 million in Simplify and Save to Invest benefits Customer satisfaction and team member engagement increased Targeted investment underway across network, automation and technology Notes: (1) Excluding significant items. Significant items of $235 million ($165 million after tax) were recorded as a result of the Federal Court judgment received in September 2025 in relation to the Fair Work Ombudsman's (FWO) proceedings; (2) Based on Circana (AU) Pty Ltd Ltd, Shopper Panel, Total AU - Coles & AU All Outlets, Total Store, Dollar Sales % Change vs a year ago for the 52 week period ending 12 July 2026.
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4 4 FY26 financial highlights - strong earnings growth Notes: (1) SI refers to significant items. Significant items of $235 million ($165 million after tax) were recorded as a result of the Federal Court judgment received in September 2025 in relation to the Fair Work Ombudsman's (FWO) proceedings; (2) The Coles Board has declared a fully franked final dividend of 37 cents per share, with a record date of 4 September 2026 and a payment date of 22 September 2026. $1,255 million$45.6 billion +2.8% $2,322 million +9.9% +5.1% Group sales revenue growth Group EBIT excl. SI1 NPAT excl. SI1 Supermarkets sales revenue growth ex- tobacco Supermarkets EBIT growth Total dividends2 declared, fully franked +13.7% +12.2% 78cps +13.0%
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5 Consistent strategy execution driving strong performance ✓ Customer proposition is resonating Customer satisfaction higher across all key metrics, value offer stronger with a greater focus on everyday prices and more relevant promotions and Exclusive to Coles penetration increasing to 35% ✓ Digital is scaling profitably Supermarkets eCommerce sales +26.4% (consistent with 3 year average +27%), CFCs EBITDA positive in their second year of operations and Supermarkets EBIT margin expanded 43bps ✓ Productivity is converting growth into earnings SSI program delivered $311 million, EBIT growth significantly above sales ✓ Balance sheet strength is funding targeted reinvestment 101% cash realisation, 2.3x leverage and incremental investment in FY27 focused on network, automation and technology ‘Everyday Essentials’ ‘Data’ replaced by ‘AI’ Refreshed in FY26 to reflect importance of non -food in our offer and the increasing role of AI in our business Coles’ strategy flywheel
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6 More value, simpler promotions and greater personalisation Destination for food, drink and everyday essentials Fewer, bigger promotions Increased loyalty & personalisation Exclusive to ColesExpanded everyday value range Notes: (1) Represents average weekly number of items on Everyday Low Price (EDLP). >5,600 everyday value products1 More impactful discounts for customers Growth ahead of rest of store Record engagement
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7 Exclusive to Coles continues to strengthen differentiation Destination for food, drink and everyday essentials +6.1% Exclusive to Coles sales growth1 40 awards 17 Product of the Year awards +9.2% Coles Finest sales growth Health & convenience ranges performing strongly New exclusive partnerships Notes: (1) Sales growth is on a like-for-like basis, including products that meet the Exclusive to Coles definition in both reporting periods.
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8 Notes: (1) Tell Coles NPS for FY26 vs FY25 (moving annual total basis). Customer satisfaction scores improved across all key metrics Destination for food, drink and everyday essentials Quality +240bps Range +220bps Price +110bps Store look and feel +280bps Availability +330bps
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9 Improved pick and last mile delivery efficiency 1.3 2.0 2.8 2.8 3.7 4.5 5.6 0.0 1.0 2.0 3.0 4.0 5.0 6.0 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Largest on-demand offer Expanded Uber Eats partnership provides Coles’ customers with access to ~17,000 products Notes: (1) Supermarkets eCommerce sales and penetration include liquor sold through coles.com.au. Accelerated by digital Unique offer accelerating digital engagement and driving profitable growth … with disciplined execution delivering profitable growth Double digit sales uplift across all channels +26.4% Supermarkets eCommerce sales growth1 13.6% Supermarkets eCommerce sales penetration1 +245bps increase in sales penetration Our best online availability Shop fruit and veg with confidence Guaranteed shelf life with Deliver More 1 hour delivery windows available Shop later at night for next day delivery +10% Coles 360 income growth Online fulfilment through our CFCs +72% Coles Plus & Coles Plus Saver subscribers +260 stores Windowless Rapid Click & Collect >85% orders fulfilled within the next day >30% reduction in Click & Collect wait times Supermarkets EBIT margin expansion alongside strong eCommerce growth Supermarkets eCommerce sales 1 ($bn)
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10 Accelerated by digital CFCs delivered strong volume growth and positive EBITDA NPS +710bps ahead of total Online NPS1 >30% sales growth ahead of total eComm growth Positive EBITDA in FY26 (year 2 of operations) Catchment areas expanded Same day delivery introduced Expanded offer with introduction of big pack value range Further automation driving operating efficiency, including on grid robotic pick arms, auto frame loading and auto bagging Notes: (1) FY26 (moving annual total basis).
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11 Accelerated by digital Personalisation connecting loyalty, commerce and media Making discovery easier More personalised offers Expanding customer touchpoints New for you My weekly specials My weekly specials shopper >2x more likely to complete their shop New advertising placements in app reaching ~4 million weekly visits >10% additional value by participating in personalised offers
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12 Notes: (1) Excludes benefits from ADC program. Delivered consistently for the future $876 million of SSI benefits delivered; on track to exceed $1 billion by FY27 $311 million SSI benefits delivered1 FY26 $876 million benefits delivered since FY241 CUMULATIVE $1.9 billion benefits delivered since FY20 under SSI and Smarter Selling programs PROVEN TRACK RECORD $238m $565m $876m FY24 FY25 FY26 Cumulative SSI savings
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13 >1,800 stores ~18m transactions p/week >8,000 suppliers ~35,000 SKUs 10.3m active Flybuys members >115,000 team members 1. Customers and growth Delivering value at scale Next wave • Personalised experiences • In-store object verification and detection • Customer contact centres Conversational shopping, discovery, transacting and post-purchase support Conversion NPS Time 2. Smarter operations Delivering value at scale Next wave • Forecasting • Space and ranging optimisation • Inventory and store decisions End to end (E2E) supply chain intelligence across inventory, pallet, DC, transport and fulfilment Availability Waste Cost 3. Team productivity Delivering value at scale Next wave • AI assistant for policy and learning • Knowledge work at scale (ChatGPT, Copilot) Software development life cycle acceleration; function specific agents and guided work in the flow of work Hours Speed Quality Our scale, proprietary data and channels create a structural AI advantage Next wave of value – moving from discrete use cases to connected systems of work Delivered consistently for the future
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14 Committed to supporting our team members, suppliers, communities and our sustainability priorities Notes: (1) Based on results of our May 2026 mysay team member engagement survey (67% participation); (2) Leadership positions comprises the Executive Leadership Team, general managers, team members pay grade eight and above and supermarket store managers. Pay grade eight and above includes middle managers and specialist roles; (3) Excluding floral, nuts, dried fruit, sauces, dressings and packaged salads; (4) Community contributions include Coles’ direct contributions, fundraising leverage, value of in-kind donations and management costs, aligned with the Business for Societal Impact (B4SI) Framework; (5) Equivalent to 20.5 million kilograms of food donated, valued at $106 million. In addition to unsold edible food, these figures also include bulk food and grocery donations to SecondBite and Foodbank; (6) Eligible packaging is defined as all of Coles Own Brand product packaging and Coles Liquor Own Brand packaging. Based on packaging data overlaid with unit sales over a 52-week period until June 2026. Legal and regulatory environment • In September 2025, the Federal Court delivered judgment on historical pay arrangements for award -covered salaried team members. The matter involves a number of complex issues relating to the interpretation and application of the General Retail Industry Award 2010 (GRIA). • In May 2026, the Federal Court found in proceedings brought by the ACCC that supplier -driven price increases for the 245 products subject to the proceedings were commercially justified, but that certain associated ticketing representations were misleading. The decision highlights the need for clear and practical regula tory guidance on minimum price establishment periods. • Final orders have not yet been made. Highest ever team member engagement¹ 42.4% Women in leadership2 >97.5% fresh produce sourced from Australian growers3 >$3.5 million in grants awarded through Coles Nurture Fund $45 million contributed in community support4 40.9 million meals equivalent donations to SecondBite and Foodbank5 Reduced by 82.6% Scope 1 & 2 emissions from FY20 baseline 87.2% eligible packaging assessed as recyclable6
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15 15 15 The Coles in Spring Farm Village, Tasmania, opened in May 2026. 15 Strategic update
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16 Execution against our FY23 priorities has delivered a stronger business Stronger customer outcomes Scaled digital capabilities A more efficient network FY23 priorities FY26 outcomes Strengthen value, range and quality and differentiate through Exclusive to Coles Scale eCommerce, loyalty and retail media Modernise the supply chain, accelerate the store network and reinvest productivity benefits 5/5 key customer satisfaction metrics improved in FY261 $5.6bn FY26 Supermarkets eCommerce sales; more than 2x FY23 Leading next day and on- demand delivery offers >4x Coles Plus & Coles Plus Saver subscribers +55% Coles 360 retail media income ADCs/CFCs fully operational and delivering results +33 Supermarkets opened $876m SSI benefits delivered 10.3m active Flybuys members 35% Exclusive to Coles penetration 15.1% Coles Finest 3-year sales CAGR +270bps EDLP penetration ~15% reduction in promotions +181 Supermarket renewals Notes: (1) Tell Coles NPS for FY26 vs FY25 (moving annual total basis) for Quality, Availability, Range, Price and Store look and feel. Accelerated use of data and AI
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17 FY23 FY26 Total sales revenue Continuing operations $40.5bn Group EBIT Continuing operations $1,859m Total sales revenue $45.6bn Group EBIT1 $2,322m +4.0% CAGR +7.7% CAGR EBIT growth significantly ahead of sales growth Return on capital 16.5% Return on capital1 17.3% +80bps Notes: (1) Excluding significant items. Significant items of $235 million ($165 million after tax) were recorded as a result of the Federal Court judgment received in September 2025 in relation to the Fair Work Ombudsman's (FWO) proceedings Translating to strong earnings growth and returns Dividend per share 66cps Dividend per share 78cps +18.2%
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18 Operating cash flow Less interest and tax Core capex Strong balance sheet Free cash flow Transformation capex Dividends Special dividends & buy-backs Core capex ~$1.1bn pa ~$300m pa maintenance capex ~$800m pa core growth and efficiency Transformation capex ~$0.5bn ADCs and CFCs Significant projects target returns in excess of WACC 1 + risk premium FY24-FY26 (last 3 years)Capital management framework Cash realisation ~100% Target above 100% Progressive annual increases ~80% dividend payout Dividends $2.8bn Acquisitions ~$1bn Property acquisition & developments MilkCo and Tasmania Liquor acquisitions Focus is on accretive M&A in key adjacencies Acquisitions Strategic investments Shareholder returns Leverage ratio 2.6x (FY23) 2.3x (FY26) Strong investment grade rating (BBB+ / Baa1) Disciplined capital allocation will continue to underpin future growth and shareholder returns Notes: (1) Weighted average cost of capital.
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19 $880 million investment in third ADC1 Will serve VIC and TAS and integrate with SA and WA network 4.6m cartons per week capacity, ~15% above NSW/QLD ADCs Completes eastern seaboard ambient automation Commissioning by FY30 Victorian ADC Stores, renewals, data & technology Repositioning Liquor Coles Capability Centre $300 million incremental investment by end FY28 ~45 new supermarkets in infill and high growth locations ~150 supermarket renewals, expanding online capacity and improving customer experience Priority tech investment to simplify systems, improve efficiency & accelerate AI Multi-year program to create a more focused and efficient business Create a more integrated food and drink experience Optimise network with greater emphasis on supermarket co-locations Simplify the operating model Strategic partnership with Accenture Access to global capability and technology at scale >$100 million pa run rate financial benefits by end-FY292 ~$190 million one-off investment in FY27, including change program, dual running and redundancy costs Customer stronger experience and offer Capacity more stores and online capacity Cost leadership structural productivity benefits Returns disciplined investment thresholds FY27 forecast capex (inclusive of these initiatives) ~$1.55 billion3 Notes: (1) ~$190 million invested to date; (2) Cash benefit, inclusive of annual EBIT and capital expenditure savings; (3) Does not include Coles Capability Centre one-off costs which will be expensed in FY27. Looking ahead: targeted investments to drive growth
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20 20 20 20 Our Customer Fulfilment Centres delivered a strong performance during the year reflecting the strength of our 'Deliver More' offer and its ongoing appeal to customers. Group financial overview
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21 $m FY26 FY25 Change Group results (excluding SI¹) Sales revenue 45,580 44,352 2.8% EBITDA (excl. SI¹) 4,220 3,941 7.1% EBIT (excl. SI¹) 2,322 2,112 9.9% Financing costs (538) (541) 0.6% Income tax expense (529) (467) (13.3%) Net profit after tax (excl. SI¹) 1,255 1,104 13.7% Group results (including SI¹) Net profit after tax (excl. SI¹) 1,255 1,104 13.7% Significant items, after tax (165) (25) n/m Net profit after tax 1,090 1,079 1.0% Basic earnings per share (cents) 81.5 80.8 0.9% Final dividend per share (cents) 37.0 32.0 15.6% FY26 results – Group n/m denotes not meaningful. Notes: (1) SI refers to significant items. Significant items of $235 million ($165 million after tax) were recorded as a result of the Federal Court judgment received in September 2025 in relation to the Fair Work Ombudsman's (FWO) proceedings. FY25 includes significant items of $35 million ($25 million after tax) relating to the future closure and site reconfiguration costs on development of a new Victorian ADC.
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22 $m FY26 FY25 Change Supermarkets Sales revenue 41,472 39,987 3.7% EBIT 2,365 2,108 12.2% EBIT margin % 5.7 5.3 43bps Liquor Sales revenue 3,547 3,667 (3.3%) EBIT 59 113 (47.8%) EBIT margin % 1.7 3.1 (142bps) Other Sales revenue 561 698 (19.6%) EBIT (102) (109) 6.4% Supermarkets sales increased 3.7% (5.1% ex-tobacco) and EBIT 12.2% with EBIT margin expanding 43bps. Operating efficiencies more than offset investment in value and incremental 2H fuel costs. The absence of major project implementation, dual running and transition costs also positively contributed. Liquor sales declined 3.3% and EBIT 47.8% with sales impacted by the cycling of prior year benefits from the competitor supply chain disruption, together with ongoing cost of living pressures and subdued consumer sentiment. Promotional activity across the sector was also elevated, particularly in the large format end of the market Improvement in Other EBIT primarily reflected lower corporate costs, partly offset by higher net property losses. FY26 results – Segment overview
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23 Operating cash flow $m FY26 FY25 EBIT (excl. significant items) 2,322 2,112 Depreciation and amortisation 1,898 1,829 Significant items (235) (35) EBITDA (incl. significant items) 3,985 3,906 EBITDA (excl. FY26 significant items1) 4,220 3,906 Change in working capital² 6 73 Change in provisions and other² 288 2 Operating cash flow (excl. interest and tax) 4,279 3,981 Cash realisation ratio³ 101% 102% Cash flow Notes: (1) Significant items of $235 million ($165 million after tax) were recorded as a result of the Federal Court judgment received in September 2025 in relation to the FWO proceedings; (2) Reflects cash movements and therefore differ from changes in working capital and provisions in the balance sheet which include non-cash movements; (3) Calculated as net cash flow from operating activities before interest and tax, divided by EBITDA. Inclusive of the provision raised as a result of the Federal Court judgment received in September 2025 in relation to the FWO’s proceedings of $235 million, the cash realisation ratio would have been 107%. Commentary • Working capital broadly neutral, with higher receivables largely offset by increased payables. • Provisions and other primarily reflects the provision raised as a result of the Federal Court judgment received in September 2025 in relation to the Fair Work Ombudsman's (FWO) proceedings.
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24 Store renewals 71 Supermarkets and 141 Liquor renewals/conversions Growth initiatives 13 new Supermarkets and 16 Liquor stores and continued eCommerce investment Efficiency initiatives VIC ADC, store front-end initiatives and Liquor Easy Ordering Maintenance Refrigeration, electrical, store and technology lifecycle replacement Property FY26 net property investment of $217 million Outlook FY27 operating capital expenditure expected to be approximately $1.55 billion $m FY26 FY25 Store renewals 368 349 Growth initiatives 320 258 Efficiency initiatives 201 356 Maintenance 300 302 Operating capital expenditure 1,189 1,265 Property acquisitions and development 379 262 Property divestments (162) (207) Net property capital expenditure 217 55 Net capital expenditure 1,406 1,320 Capital expenditure Capital expenditure breakdown Key capital expenditure initiatives $1,356m $1,399m $1,265m $1,189m ~$1.55bn FY23 FY24 FY25 FY26 FY27F Core capex (ex ADCs/CFCs) ADCs/CFCs Incremental investment
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25 33 36 36 37 41 30 30 32 32 37 FY22 FY23 FY24 FY25 FY26 Interim Final Strong balance sheet and liquidity support investment and dividends Dividends (cps)Debt facility maturity profile ($m) BBB+ Baa1 Leverage ratio2 Investment grade credit ratings Notes: (1) Drawn debt includes bank guarantees; (2) Leverage ratio calculated as gross debt less cash at bank and on deposit add lease liabilities, divided by EBITDA (excluding significant items) for the preceding 12-month period. Weighted average drawn debt maturity of 4.4 years with undrawn facilities of $2.5 billion1 Franking credit balance of ~$550 million after payment of final dividend 0.6x 0.7x 0.6x 2.1x 1.9x 1.7x FY24 FY25 FY26 Debt Lease 2.7x 2.6x 2.3x
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26 26 26 Team members at the opening of the Coles Local in Glen Iris, Victoria in April 2026. 26 Supermarkets
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27 Supermarkets $41.5bn 3.7% vs. pcp eCommerce sales growth1 +26.4% vs. pcp +5.1% Sales revenue Sales revenue growth ex- tobacco 27 Exclusive to Coles sales growth2 vs. pcp Notes: (1) eCommerce sales and penetration includes liquor sold through coles.com.au; (2) Sales growth is on a like-for-like basis, including products that meet the Exclusive to Coles definition in both reporting periods. 13.6% eCommerce penetration1 EBIT growth +6.1% +12.2% vs. pcpvs. pcp
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28 Supermarkets – FY26 results Key commentary • Sales +3.7% (+5.1% ex-tobacco) supported by value investment and key trade events • Q4 inflation broadly stable at 1.0% (Q3: 1.1%) • eCommerce sales +26.4%; penetration increased to 13.6%1 with double digit growth across all fulfilment channels • Gross margin +37bps, with ADC benefits, strategic sourcing, SSI and Coles 360 more than offsetting value investment and incremental fuel costs • CODB % improved 6bps as productivity and operating leverage offset inflation, higher regulatory and technology costs and eCommerce mix • The absence of major project implementation, dual running and transition costs in FY26 also positively contributed +6bps and +20bps to the gross margin and CODB outcomes respectively • EBIT margin expanded 43bps to 5.7% $m FY26 FY25 Change Key P&L items Sales revenue 41,472 39,987 3.7% EBITDA 4,099 3,788 8.2% EBIT 2,365 2,108 12.2% Rate to Sales metrics Gross margin 27.8 27.4 37bps CODB (22.1) (22.1) 6bps EBIT margin 5.7 5.3 43bps Key metrics (non-IFRS) Sales growth excl. tobacco (%) 5.1 5.7 (62bps) Comparable sales growth (%) 3.4 3.7 (28bps) eCommerce penetration¹ (%) 13.6 11.2 245bps Inflation (%) 1.5 1.5 2bps Inflation excl. tobacco (%) 1.2 1.2 - Inflation excl. tobacco and fresh (%) 0.8 0.2 66bps Notes: (1) eCommerce sales and penetration include liquor sold through coles.com.au.
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29 29 29 Coles made celebrations easier with our integrated food and drink offering, helping customers spend less time shopping and more time enjoying the occasion. 29 Liquor
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30 Liquor Sales revenue $3.5bn (3.3%) vs. pcp Gross margin +12% EBIT $59m Liquor store renewals 141 completed in FY26 Notes: (1) Includes the 895 Liquorland and Liquorland Cellars stores; (2) Based on Q4 FY26 vs Q4 FY25. 30 Convenience portfolio1 sales growth Positive (47.8%) vs. pcp Net Promoter Score (NPS)2 23.9% +40bps vs. pcp improvement vs. pcp
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31 Liquor – FY26 results $m FY26 FY25 Change Key P&L items Sales revenue 3,547 3,667 (3.3%) EBITDA 199 246 (19.1%) EBIT 59 113 (47.8%) Rate to Sales metrics Gross margin (%) 23.9 23.5 40bps CODB (%) (22.2) (20.4) (182bps) EBIT margin (%) 1.7 3.1 (142bps) Key metrics (non-IFRS) Comparable sales growth (%) (3.4) (1.3) n/m eCommerce penetration¹ (%) 7.6 7.4 14bps • Sales were impacted by the cycling of prior year benefits from the competitor supply chain disruption, together with ongoing cost of living pressures and subdued consumer sentiment. Promotional activity across the sector was also elevated, particularly in the large format end of the market • Sales decline moderated to 2.5% in Q4 • Positive sales growth delivered across our convenience portfolio2 which accounts for more than 90% of our store footprint • Gross margin +40 bps supported by strategic sourcing, promotional optimisation, Coles 360 and a disciplined approach to price investment • EBITDA declined 19.1% and EBIT declined 47.8%, as inflation, fixed cost deleverage and $20m of Simply Liquorland one-off costs more than offset gross margin gains Key commentary Notes: (1) eCommerce sales and penetration include B2B sales and exclude liquor sold through coles.com.au which is reported in Supermarkets eCommerce sales; (2) Includes the 895 Liquorland and Liquorland Cellars stores. n/m denotes not meaningful.
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32 32 32 Through the support of our team members, customers and supplier partners, our Fitted for Work campaign raised >$500,000, helping women experiencing disadvantage become job ready and secure meaningful employment. Outlook
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33 Outlook Supermarkets • We enter FY27 in a strong position, with Supermarkets having gained market share and significantly improved customer satisfaction scores over the past year • Sales growth for the first eight weeks of FY27 was consistent with 4Q FY26. In the first few weeks of FY27, sales momentum was well ahead of 4Q FY26, with a temporary moderation during a competitor’s collectibles campaign in late July and early August • Following the end of the collectibles campaign sales recovered quickly back to levels consistent with 4Q FY26 • Our differentiated eCommerce offer continues to be a significant driver of growth with penetration increasing to 15.7% over the period Liquor • Sales trajectory strengthened across the first eight weeks relative to 4Q FY26 • Our convenience portfolio continued to deliver positive growth, while performance in the warehouse portfolio also improved “We know what matters most to our customers - delivering great value, quality and convenience every time they shop with us. We have made significant progress over the last three years, and have a strong plan for the year ahead to keep improving the customer offer, strengthen the business and support sustainable long term growth.” Leah Weckert Coles Group Managing Director & Chief Executive Officer
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34 34 34 Coles is proud to support former team member Johnathan Thurston and the Johnathan Thurston Academy, focused on preparing First Nations students for employment and long-term economic participation. Q&A