Slides
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Endeavour Group F25 Results Presentation Dan Murphyʼs Alexandria, NSW For personal use only
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Overview and Group Strategy Kate Beattie CEO The Crows Nest Hotel, NSW For personal use only
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Artwork: Celebration Place by Riki Salam Mualgal, Kaurareg, Kuku Yalanji) Acknowledgement of country For personal use only
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Group highlights Mermaid Waters Hotel, QLD For personal use only
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● 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 reflecting softer retail liquor spending and H1 supply chain disruption ● Strong cash flow and capital discipline delivered $187 million reduction in net debt ● Achieved $75 million in optimisation savings from endeavourGO $265 million cumulative since F22 ● Completed 27 hotel renewals and progressed our property portfolio optimisation program ● NPAT of $426 million2 includes $11 million post-tax impact of restructuring costs in H2 5 ● Strategy refresh underway with incoming MD & CEO Jayne Hrdlicka commencing 1 January 2026 F25 key highlights - Stable revenue and strong cashflow 1. F24 was a 53-week trading period, whereas F25 was a 52-week trading period. Growth rates are shown on a 52-week comparable basis, with F24 adjusted to exclude the impact of the 53rd week. 2 NPAT attributable to equity holders of the Company Note: All growth rates in this presentation are calculated against F24 unless otherwise stated For personal use only
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$426m NPAT3 $12.1b Sales Revenue & earnings1 0.3% vs F24 52W 110% Cash realisation ratio Financial strength & capital discipline $1.2b Operating cash flow F24 $1.2b Shareholder returns 23.7c Earnings per share 18.8c Dividend per share 79% Dividend payout ratio F24 21.8c F24 52W: 28.3c 3.6x Leverage ratio F24 108% Target: 3.03.5x $1.0b Operating EBIT 2 7 .3% vs F24 52W 15.8% vs F24 52W F25 financial overview - Group 1. F24 was a 53-week trading period, whereas F25 was a 52-week trading period. All references to 52-week changes are adjusted for the additional 53rd week in F24 2. Operating EBIT excludes One Endeavour program operating expenditure 3. NPAT attributable to equity holders of the Company $926m EBIT 11.0% vs F24 52W 6 For personal use only
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F25 financial overview - Retail and Hotels 1. F24 was a 53-week trading period, whereas F25 was a 52-week trading period. All references to 52-week changes are adjusted for the additional 53rd week in F24 2. Operating EBIT / ROFE excludes the impact of the One Endeavour program 13.8% Retail Operating ROFE2 $10.0b Retail Sales Retail1 1.2% vs F24 52W Hotels1 $624m Retail Operating EBIT 2 12.0% vs F24 52W 163 bps vs F24 52W 6.3% Retail Operating EBIT Margin 77 bps vs F24 52W 10.6% Hotels Operating ROFE 2 $2.1b Hotels Sales 4.1% vs F24 52W $463m Hotels Operating EBIT 2 4.5% vs F24 52W 51 bps vs F24 52W 22.0% Hotels Operating EBIT Margin 9 bps vs F24 52W 7 For personal use only
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8 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 Raintrees Tavern QLD) at end of lease ● Reprioritised the One Endeavour program to accelerate our ERP system rollout while deferring Stores Transition ● Restructured support office For personal use only
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Brand highlights - Dan Murphyʼs 9 5.5m My Danʼs members with 84% scan rate Maintained price leadership in a competitive market On average, My Danʼs members receive $16 in benefits each time they shop1 Enhanced omnichannel offer through delivery partnerships and next-day delivery rollout Network Customer Value and Convenience 282 Stores 7 10 Renewals 81 VOC (-) 1. Average savings per member basket For personal use only
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Brand highlights - BWS 10 Expanded customer reach through growth in delivery offerings Strengthened Everyday Rewards loyalty offers, with new ways to earn points through participation in "Boost Your Budget" and "Extras Perksˮ campaigns 1.6 million app downloads1 On average, ‘Appy Dealsʼ customers spend $15 more per visit BWS Total App Downloads (cumulative) (m, Jun-23 to Jun-25 1,444 Stores 9 49 Renewals 76 VOC 1 Network Customer Value and Convenience 1. In F25. For personal use only
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Product trends and innovation 11 For personal use only
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Product trends and innovation 12 For personal use only
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Brand highlights - ALH Hotels 13 Pub+ users account for more than 25% of F&B transactions 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 (cumulative) (‘000, Jan-25 to Jun-25 354 Hotels (-) 27 Renewals 9.0 VOC 0.3 Network Customer Value and Experience For personal use only
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Hotel renewals - adding value across multiple drivers 14 Queens Beach Hotel QLD May ʼ25 Pub and Jun ‘25 Accom. ● $5m capital investment. 7 new accommodation rooms added and all 48 rooms brought up to Nightcap standard. 8 new EGMs added. ● F&B sales growth of 35%. Accommodation sales growth of 60% and top 10 accommodation venue (from top 25. Gaming ranking up 44 places The Morris WA Aug ‘24 ● $3m capital spend for full repositioning of the venue and rebrand from ‘The Saintʼ. Refurbished the sports bar, beer garden, bistro and external facade. ● F&B sales up 70%, and now the 20th highest performing F&B venue nationally (up from 106th). For personal use only
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15 Focused investment in fewer, but on average larger-scale renewals touching more sales drivers ALH Renewals and Redevelopments Program Results F24 Cohort1 Renewed venues (#)2 23 Capital invested $m3 $63m Performance 12 months post renewal4: Aggregate Year 1 ROI % 15% 1. Hotel renewals and redevelopments completed in F24 2.Excludes renewals below $250,000 3.Total capital invested in renewal. Capex may have been incurred in more than one financial year 4.Venue included in ROI measurement once it has traded for at least 12 months post renewal Hotel renewals remain on track to deliver 15% Year 2 ROI targetFor personal use only
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● F25 savings of $75 million benefitting GP and CODB ● $265 million in cumulative savings delivered to date and on track to deliver $290 million+ by F26 - material offset to inflationary impacts ● Activity based rostering and workforce planning continuing to drive efficiency improvements 16 endeavourGO program achieving material cost savings Activity Based Rostering: delivering sustainable productivity uplift Average weekly labour hours in our Retail stores have decreased by 8% compared to F22 while customer satisfaction has improved 8% Dan Murphy's VOC BWS VOC Average weekly labour hours For personal use only
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● People Systems implementation now complete ● Implementation of a standalone ERP system has been accelerated, with completion now targeted for H1 F28 ● Store systems separation deferred; to recommence from F28 and complete in F30 ● Revised approach will avoid separating on to legacy architecture before subsequently upgrading ● This will enable a direct transition to a modern omni-channel store systems solution connected to new ERP, significantly de-risking the program and avoiding substantial interim cost ● F25 cash expenditure of $110 million was lower than previous guidance of $114 million-$129 million ● Planned capital and operating expenditure on the One Endeavour program in F26 is now $90 million-$110 million which is ~$80 million less than previous guidance1 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 17 Update on One Endeavour program 1. Based on midpoint of current and previous guidance range For personal use only
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Progress & Outlook ● People Systems now complete ● ERP Design phase substantially completed in F25; build timeline accelerated ● Stores Transition investment deferred until F28, with completion due in F30 ● F26 Operating Cost Allocation: 100% of program costs will be allocated to Retail ● Planned total expenditure in F26 is now $80m less than previous guidance 3 Project timeline F25 F26 F27 Completed and Inflight Retail & Finance ERP Discovery / Design F24 Stores Transition: Infrastructure and Applications People Systems Spend Management Complete F28 Operating costs2 $45m Cost estimates1 Capital expenditure $33m F23 $26m $15m Discovery / Design One Endeavour timeline Property Lease Management Complete Planning and design $80m $30m $50m - $60m Stores Transition: Asset Protection $40m - $50m Complete Complete F29 F30 Estimated Build Design / Build 1. This information is based on best estimates at the time of reporting, noting that key components of scope and cost will continue to be refined as the programs progress 2. Refer to slide 43 for allocation of costs to date to Retail and Hotels segments. For F26, the estimated allocation is 100% to the Retail segment 3. Based on midpoint of current and previous guidance range Current capital capacity expected to be sufficient to support program funding As a result of resequencing, One Endeavour F26 opex is expected to be lower than F25 opex 18 For personal use only
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F25 Progress - unlocking value in our property portfolio 1. Estimated aggregate value of 5 freehold sites based on independent valuation reports or feasibility analysis of the proposed development. Camberwell, Doncaster, and Chelsea Heights sites are valued assuming development consent is obtained. The Morrison and Forest sites are based on 'As-Is' valuations. Note: While the above development applications have been formally lodged with the relevant consent authorities, we are working with stakeholders to resolve any issues that may be raised during the development assessment process, using our best endeavours to obtain development consents as soon as practicable. The images shown are for illustration purposes only. 10 freehold sites with high development potential - four DAʼs have been lodged, with a fifth to be lodged in F26 Five freehold sites currently valued at $100 150 million 1 Four development applications have been lodged to date Material opportunity to monetise value in our property portfolio One further development application will be lodged in F26 $100m - $150m $50m Camberwell: Mixed-use Precinct Chelsea Heights: Onsite Supermarket Morrison Hotel: Hotel, Units & Pub Forest Hotel: Accommodation Shoppingtown Hotel, Doncaster: Pub, hotel accommodation, Dan Murphyʼs & Apartments Development Application to be lodged in F26 $50 million realised in F25 as part of our focus on portfolio optimisation and capital efficiency 19 For personal use only
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Reducing our impact on the planet Advocating responsible choices and supporting positive change in our communities Championing individuality, human rights and personal rights 20 Creating our positive imprint People Responsibility and Community Planet 95% Of team members trained in our unique Leading in Responsibility training $7 .9m Invested into our communities with our customers 91% ID25 score for liquor retail mystery shopper compliance 90% of relevant team completed bespoke Responsible Gaming training, above regulatory requirements 9m Customer impressions with responsibility messaging 2 43% Women represented in Senior Leadership Group 0.5% Median gender pay gap for Endeavour Group 1 10.20 Total Recordable Injury Frequency Rate 277 Sites with solar generating 22,371 MWH of energy 98% Own Brand packaging is reusable, recyclable or compostable 1. 0.1% for Australian Leisure and Hospitality Group Pty Limited 2. As part of the ‘Always Respect, Always Drinkwiseʼ campaign, timed during major sporting events For personal use only
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Group Financials Tali Ross CFO New Brighton Hotel, Manly NSW For personal use only
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● Group Sales broadly in line with last year 0.3% vs F24 52-week) ● Group Operating EBIT declined 7.3% vs F24 52-week, impacted by lower Retail sales ● One Endeavour program costs impacted by Stores Transition deferral ● Group EBIT includes $16 million of restructuring pre-tax costs 2 in H2 largely sitting in Other EBIT ● Total Finance costs of $300 million in line with last year 52-week) ● NPAT 3 was $426 million, 15.8% lower than F24 52-week). The effective tax rate for F25 was 32.1% Group financial performance 1. Expenses associated with the Other segment, comprising corporate costs 2. $16 million pre-tax restructuring costs comprise $2 million in Retail Operating EBIT, $11 million in Other EBIT, $3 million in One Endeavour Costs Retail 3. NPAT attributable to equity holders of the parent entity $ million REPORTED F25 52 WEEKS REPORTED F24 53 WEEKS CHANGE NORMALISED F24 52 WEEKS NORMALISED CHANGE Retail Sales 9,950 10,246 2.9% 10,074 1.2% Hotels Sales 2,108 2,063 2.2% 2,025 4.1% Sales 12,058 12,309 2.0% 12,099 0.3% Operating Retail EBIT 624 717 13.0% 709 12.0% Operating Hotels EBIT 463 451 2.7% 443 4.5% Other EBIT1 81 68 19.1% 67 20.9% Group Operating EBIT 1,006 1,100 8.5% 1,085 7 .3% One Endeavour Costs 80 45 77.8% 44 81.8% EBIT 926 1,055 12.2% 1,041 11.0% Finance costs - Leases 191 190 0.5% 187 2.1% Finance costs - Non-leases 109 116 6.0% 113 3.5% Profit before income tax 626 749 16.4% 741 15.5% Income tax expense 201 238 15.5% 236 14.8% Non-controlling interests 1 1 0.0% 1 0.0% NPAT attributable to equity holders of the parent entity 426 512 16.8% 506 15.8% 22 For personal use only
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Strong cash generation 2323 ● Strong cash realisation ratio1 of 110% from operating cash flow of $1.2 billion ● Working capital improved as the Group continued to realise benefits from inventory optimisation initiatives ● Free cash flow was boosted by disciplined capital expenditure, fewer business acquisitions, as well as proceeds from property and business sales 1. Cash realisation ratio - Operating cash flow as a percentage of Group profit for the year after income tax but before depreciation and amortisation $ million REPORTED F25 52 WEEKS REPORTED F24 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 1 Payment for the interest component of lease liabilities 192 194 2 Income tax paid 211 192 19 Operating cash flows 1,150 1,210 60 Proceeds from the sale of property, plant and equipment 44 - 44 Payments for property, plant and equipment and intangible assets 334 419 85 Proceeds from sale of business 6 2 4 Payments to acquire businesses, net of cash acquired 10 26 16 Repayment of lease liabilities 300 307 7 Dividend paid 358 390 32 Other 11 12 1 Free cash flow 187 58 129 Cash realisation ratio % 110 108 2 pp For personal use only
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1. Excludes $5 million purchase price allocation revaluation for a prior period acquisition and $4m goodwill arising from the recognition of deferred tax liabilities on acquisition 2. Included in both the current and comparative number are proceeds from the sale of assets and sale of business Disciplined capital expenditure ● Total net capital expenditure $100 million lower than F242 ● Retail Stay in business and Renewals reductions are a result of elevated spend in F24 ● No Pinnacle growth capex deployed post Dorrien winery expansion (efficiency investment) in F24 ● Continued investment in digital and data driving Retail margin expansion ● Hotels Stay in business spend increased as a result of investment in gaming compliance hardware and software ● Increased Hotels renewals with a focus on a smaller number of larger-scale venue renewals ● $50m realised from asset sales as part of our focus on portfolio optimisation and capital efficiency ● F26 capex expected to be $420m-$470m, including $40m - $50m for One Endeavour program costs 24 $ million F25 F241 CHANGE Stay in business 62 85 23 Renewals 22 43 21 Pinnacle - 47 47 Network expansion 26 48 22 Property / Redevelopment 1 - 1 Digital, data & eCommerce 36 26 10 Retail 147 249 102 Stay in business 79 50 29 Renewals 123 77 46 Property / redevelopment 1 3 2 Digital, data and eCommerce 4 13 9 Network expansion 9 21 12 Hotels 216 164 52 One Endeavour 30 33 3 Other 1 - 1 Total Capital Expenditure 394 446 52 Proceeds from Sale of Assets2 50 2 48 Net Capital Expenditure 344 444 100 For personal use only
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Balance sheet metrics 1. Leverage ratio - Net debt plus lease liabilities, divided by 12-month rolling EBITDA F24 Net Debt Committed drawn Committed undrawn F25 Net Debt Trade working capital Repayment of leases Dividends Capex Other Net debt ● Net debt was $187 million lower compared to F24, while average net debt decreased by $146 million, reflecting ongoing capital discipline ● Leverage ratio1 of 3.6x slightly above target range of 3.0x to 3.5x ● Refinanced a $1 billion syndicated debt facility, extending the weighted average debt maturity to 5.1 years ● Committed undrawn debt facilities of $650 million ● 48% of drawn bank facilities hedged to fixed rates ● Weighted average cost of debt 5.4% ● F26 finance costs expected to be broadly in line with F25 Net debt reduction of $187 million $1,872m $1,685m 25 Other operating cash inflows Debt maturity profile $ million) For personal use only
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Retail For personal use only
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Retail financial performance 27 ● 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 continuing to provide an offset to inflationary pressure, including award wage increase of 4.25%1 ● Operating EBIT margin of 6.3% reflected reduced operating leverage from lower sales and the impact of inflation on costs Op. EBIT margin: 7.0% Op.EBIT margin: 6.3% Chart is an indicative sizing of drivers of year on year movement in EBIT 1. Award wage increase of 4.25% includes 0.5% superannuation guarantee increase $ million REPORTED F25 52 WEEKS NORMALISED F24 52 WEEKS NORMALISED CHANGE Sales 9,950 10,074 1.2% Operating EBITDA 946 1,019 7.2% Depreciation and amortisation 322 310 3.9% Operating EBIT 624 709 12.0% One Endeavour Costs 61 31 96.8% EBIT 563 678 17 .0% Gross profit margin % 24.5% 24.4% 7bps Operating Cost of doing business % 18.2% 17.4% 84bps Operating EBIT to sales % 6.3% 7 .0% 77bps EBIT to sales % 5.7% 6.7% 107bps Operating ROFE % 13.8% 15.4% 163bps ROFE % 12.3% 14.6% 231bps For personal use only
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Hotels The Morris Hotel, Innaloo, WA For personal use only
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Hotels financial performance 29 ● 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 events ● Gaming performance was driven by growth in our key markets of Queensland and Victoria ● Accommodation delivered strong growth through acquisitions and renewals ● Gross Profit margin supported by optimised menu, range and better buying ● Operating CODB grew 4.1%, reflecting the impact of inflation (including award wage increase of 4.25%1 ) and elevated security, repair and maintenance costs, partly offset by optimisation savings from endeavourGO program Op. EBIT margin: 21.9% Op. EBIT margin: 22.0% Chart is an indicative sizing of drivers of year on year movement in EBIT $ million REPORTED F25 52 WEEKS NORMALISED F24 52 WEEKS NORMALISED CHANGE Sales 2,108 2,025 4.1% Operating EBITDA 756 727 4.0% Depreciation and amortisation 293 284 3.2% Operating EBIT 463 443 4.5% One Endeavour Costs 19 13 46.2% EBIT 444 430 3.3% Gross profit margin % 84.8% 84.8% 4bps Operating Cost of doing business % 62.9% 62.9% 2bps Operating EBIT to sales % 22.0% 21.9% 9bps EBIT to sales % 21.1% 21.2% 17bps Operating ROFE % 10.6% 10.1% 51bps ROFE % 10.1% 9.8% 38bps 1. Award wage increase of 4.25% includes 0.5% superannuation guarantee increase For personal use only
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Outlook For personal use only
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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 F26 H1 priorities For personal use only
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32 First 7 weeks trading in F26 ● Hotels sales 4.4% ● Dan Murphyʼs and BWS sales 1.3% In F26 the Group expects: ● Total capex - between $420m and $470m including One Endeavour ● One Endeavour - total capex and opex of between $90m and $110m ● Finance costs - broadly in line with F25 ● 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 subdued, however H1 provides the opportunity to reinforce our position as the market leader for value, range, service and convenience, as we lean into the increased occasions to socialise and celebrate ● We expect retail liquor market conditions to improve as inflation moderates and real wages increase ● We remain focused on capital discipline and we will continue to prioritise operating efficiency and cost savings F26 trading update and outlook For personal use only
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Q&A Kate Beattie Chief Executive Officer Tali Ross Chief Financial Officer For personal use only
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Appendix Other For personal use only
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Unique market leading portfolio with significant upside ● Australiaʼs largest retail drinks and hospitality network ● Unique portfolio including 1,725 stores and 350 hotels ● Expanding reach and meeting customer needs through integration of in-store and digital channels ● Meeting evolving customer needs with a focus on innovative product development ● Building deeper connections by leveraging data and insights to deliver engaging experiences Differentiated product offeringLarge, growing & highly engaged customer loyalty base Market leader in defensive categories Strong omnichannel execution Unlocking value in our $1b property portfolio Cost optimisation program driving efficiency gains Highly cash generative business delivering sustainable dividend yield Enhancing returns from our Hotel network through ALH renewals program ● Strong free cash flow provides capacity to fund growth and pay dividends while maintaining investment grade debt metrics ● Driving returns by accelerating the modernisation and optimisation of our Hotels network ● Pursuing development opportunities across freehold and leasehold ● Targeting $290m+ cost savings by F26 while investing for growth 35 For personal use only
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Network scale Australiaʼs largest retail drinks and hospitality networks with scale production assets Financial strength Proven track record of growth, profitability and capital returns Customer understanding One of Australiaʼs largest and most engaged customer bases Team and culture Engaged team with a purpose-driven culture Trusted brands Recognised, trusted consumer brands Well positioned to deliver value for our stakeholders Create meaningful experiences for our shared social customer Unlock scalable solutions to drive growth Shared customer foundations Efficient end-to-end business Capital allocation to drive growth One team living our purpose and values Positive and sustainable imprint Bring our purpose and imprint to life Attractive business fundamentals Simple, scalable, customer-first strategy Creating value v v Licence to operate Privileged portfolio of licences, backed by a relentless focus on compliance and responsibility Customers Convenience, range, value and service to create leading omnichannel experiences Shareholders Targeting shareholder value creation of 10%+ from F261 Community Leaving a positive imprint on the community, people and planet Suppliers Supporting and growing the industries in which we operate Team Maintaining an effective and engaged team by attracting, retaining and developing talent Australiaʼs #1 large format drinks retailer, and the destination for value, range and service Australiaʼs largest and most convenient drinks retailer Australiaʼs largest network of hospitality venues Portfolio of exclusive brands driving product innovation and strong returns 1. Sum of EPS growth and dividend yield; Assuming stabilised interest rates and inflation environment 36 For personal use only
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Shared customer foundations Drive revenue growth through meaningful omnichannel customer experiences Our strategy scorecard Sales efficiency Grow comparable store and hotels sales Customer experience Improve Voice of Customer in Retail and Hotels Deliver customer value Sustain Dan Murphyʼs price leadership and leading value perception 1 Brand health Maintain or improve NPS for BWS and Dan Murphyʼs Omnichannel engagement Grow monthly active app and web users and conversion Understand our customers Grow active members Efficient end-to-end business Grow earnings ahead of sales through higher margins and CODB optimisation Optimisation $290m+ savings in F23F26 while investing for growth Maintain leading operating cost metrics Sales efficiency Grow comparable store and hotels sales One Endeavour Transition and simplify our technology landscape and business Sustainable margin Sustainably grow Retail, and Hotels food and bars, gross profit margins Advanced Analytics Implement use cases to drive price, promotion and range optimisation across Retail and Hotels Pinnacle investment Invest in Pinnacle to drive value and choice for customers, revenue and margin growth Capital allocation to drive growth Deliver growth and returns from prioritised capital allocation, portfolio optimisation, and new earnings streams Capital discipline for growth investments Working capital Decrease Trade working capital days Portfolio optimisation Actively manage our asset and business portfolio to maximise value New earning streams Add new products, channels, brands or production capability One team living our purpose and values Attracting, retaining and developing our talent in line with our ambition, Purpose and Values Values and Ways of Working Maintain or improve Living our Values and Ways of Working Team Experience Maintain or improve EngagementGender equality Maintain or improve gender pay equity WGEA Maintain 404020 gender balance In senior management Positive and sustainable imprint Deliver on our sustainability commitments in Responsibility and Community, People and Planet Culture of Responsibility and Compliance Full compliance with regulatory requirements 100% of team members complete leading in Responsibility training Promoting Responsibility Creating responsibility campaigns to reach 5m people per campaign Evolve and improve Player Protect Community engagement Increase our support of Community Partnerships and reconciliation Environment 100% renewable energy by 2030 Meet our targets on packaging, to improve circularity Safety Reduce Total Recordable Injury Frequency Rate TRIFR Deliver shareholder returns Deliver long-term shareholder value of 10%+ per year from F26 2 Revenue Grow revenue at or above market Earnings Mid-to-high single- digit EBIT growth Sustainably grow EBIT margin Capital discipline Cash realisation ratio of 90110% Expand ROFE Financial strength Maintain lease-adjusted leverage3 of 3.03.5x Shareholder returns High single-digit EPS growth Dividend payout ratio 7075% 15%+ return on growth capital invested v 37 Notes: 1. Price leadership based on Endeavour Group internal price index; value perception based on Ergo Liquortracker survey. 2. Sum of EPS growth and dividend yield; Assuming stabilised interest rates and inflation environment. 3. Net debt plus lease liabilities divided by 12-month rolling EBITDA. Planning Off PlanProgressing Achieving For personal use only
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2 20 99 395 38 2 28 56 88 87 3 142 17 426 329 36 27 86 136 55 1 1 1 6 6 2 Bottling facilities3 Network 1 6 Wineries 354 Hotels (incl. managed clubs) 1,444 BWS stores 282 Dan Murphyʼs stores 2 7 9 Dan Murphyʼs BWS Hotels (incl clubs) Wineries Bottling facilities Key: 1. As at 29 June 2025 2. Including 4 The Cellar stores 3. 1 Bottling facility closed in March 2025 38 1 -1 For personal use only
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1. Specialty includes Jimmy Brings, Langtons, Shorty's Liquor, Vinpac and Pinnacle Drinks external sales Group sales composition 39 F25 F24 52W CHANGE 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% For personal use only
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Group financial performance 40 $ million REPORTED F25 52 WEEKS NORMALISED F24 52 WEEKS CHANGE Sales Retail 9,950 10,074 1.2% Hotels 2,108 2,025 4.1% Total sales 12,058 12,099 0.3% Profit for the period Operating Retail EBIT 624 709 12.0% Operating Hotels EBIT 463 443 4.5% Other EBIT 81 67 20.9% Group Operating EBIT 1,006 1,085 7 .3% One Endeavour Costs 80 44 81.8% Total EBIT 926 1,041 11.0% Finance costs - Leases 191 187 2.1% Finance costs - Non-leases 109 113 3.5% Profit before income tax 626 741 15.5% Income tax expense 201 236 14.8% Non-controlling interests 1 1 0.0% Profit for the period (after income tax) 426 506 15.8% EBIT Margin Operating Retail EBIT margin % 6.3% 7.0% 77bps Operating Hotels EBIT margin % 22.0% 21.9% 9bps Operating EBIT margin % 8.3% 9.0% 62bps For personal use only
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Balance sheet 41 1. Operating ROFE excludes the impact of the One Endeavour program $ million REPORTED F25 29 JUNE 2025 REPORTED F24 30 JUNE 2024 Change Trade working capital 638 725 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 Tax liabilities (net) 193 208 15 Other (assets)/liabilities (net) 20 39 19 Lease liabilities 3,829 3,913 84 Net debt 1,685 1,872 187 Equity 3,832 3,770 62 Total funding and tax 9,519 9,724 205 Operating Return on funds employed ROFE %1 11.2 12.1 92bps ROFE % 10.3 11.6 132bps For personal use only
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Cash flow 42 $ million REPORTED F25 52 WEEKS REPORTED F24 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 1 Payment for the interest component of lease liabilities 192 194 2 Income tax paid 211 192 19 Operating cash flows 1,150 1,210 60 Proceeds from the sale of property, plant and equipment 44 - 44 Payments for property, plant and equipment and intangible assets 334 419 85 Proceeds from sale of business 6 2 4 Payments to acquire businesses, net of cash acquired 10 26 16 Repayment of lease liabilities 300 307 7 Dividend paid 358 390 32 Other 11 12 1 Free cash flow 187 58 129 Cash realisation ratio % 110 108 2 pp For personal use only
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Historical financial performance1 Pre COVID19 COVID19 COVID19 unwind / Post COVID19 43 1. H1 F19 H2 F20 based on Equivalent F20 and Normalised 52-week Equivalent F19 results sourced from the data used in the respective Woolworths Group Limited Annual Report, adjusted to exclude consolidation adjustments not applicable to Endeavour Group standalone. F24 based on 52-week results 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 EBIT 316 222 338 231 419 250 463 210 424 253 449 260 397 227 Operating EBIT Margin(% 6.9% 5.7% 7 .1% 5.1% 7 .4% 5.6% 8.2% 4.7% 7 .8% 5.7% 8.0% 5.8% 7 .2% 5.1% One Endeavour Costs 2 6 6 13 13 18 27 34 EBIT 316 222 338 231 419 250 461 204 418 240 436 242 370 193 EBIT Margin % 6.9% 5.7% 7.1% 5.1% 7.4% 5.6% 8.1% 4.6% 7.7% 5.4% 7.8% 5.4% 6.7% 4.3% Hotels 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 865 775 919 401 667 750 680 831 1,056 923 1,084 941 1,120 988 Operating EBIT 207 144 227 52 122 138 121 194 260 175 265 178 274 189 Operating EBIT Margin % 23.9% 18.6% 24.7% 13.0% 18.3% 18.4% 17 .8% 23.3% 24.6% 19.0% 24.4% 18.9% 24.5% 19.1% One Endeavour Costs 4 3 5 8 12 7 EBIT 207 144 227 52 122 138 121 194 256 172 260 170 262 182 EBIT Margin % 23.9% 18.6% 24.7% 13.0% 18.3% 18.4% 17.8% 23.3% 24.2% 18.6% 24.0% 18.1% 23.4% 18.4% For personal use only
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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 expect the F26 full year effective tax rate to be in the range of 31 32% Finance costs F26 finance costs are expected to be broadly in line with F25 Capital expenditure Capital expenditure in F26 is anticipated to be between $420 and $470 million, including One Endeavour program capital One Endeavour Refer to One Endeavour program guidance provided on slide 18 44 For personal use only
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Normalised 52-week Equivalent F19 Information, Equivalent F20 Information and 52-week F24 Information Comparative figures 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. Prior to this only the results of Endeavour Group Limited, previously known as Pinnacle Liquor Group Pty Limited, were included. To enhance comparability against pre COVID19 periods, a Normalised 52-week Equivalent F19 period and an Equivalent F20 period are referenced. Normalised 52-week Equivalent F19 Information relates to the results of what was previously known as Woolworthsʼ Drinks and Hotels businesses for the 52-week period ended 23 June 2019. This information has been sourced from the data used in the F19 Woolworths Group Limited Annual Report, adjusted to include transactions to other Woolworths Group controlled entities that were previously classified as intercompany (pre Demerger) and remove the impact of the 53rd week in F19 from 24 to 30 June 2019. Equivalent F20 Financial Information relates to the results of what was previously known as Woolworthsʼ Drinks and Hotels businesses for the full 52-week period ended 28 June 2020, rather than only after the Restructure and Merger. This information has been sourced from the data used in the F20 Woolworths Group Limited Annual Report, adjusted to exclude consolidation adjustments not applicable to Endeavour Group on a standalone basis. 52-week F24 Financial Information relates to the financial results for the 52-week period ended 23 June 2024, removing the impact of the 53rd week in F24 from 24 to 30 June 2024. 45 For personal use only
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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 Online channels including but not limited to store websites, apps and other digital platforms Free cash flow Cash flow generated by the Group after equity related financing activities including dividends and repayment of lease liabilities Funds employed Net assets excluding net debt, lease liabilities, other financing-related assets and liabilities and net tax balances Gaming Refers to the operation of Electronic Gaming Machines My Danʼs active member My Dan's active members are the number of unique members who have transacted in the last twelve months n.m. Not meaningful Net debt Borrowings less cash and cash equivalents and excluding the impact of unamortised borrowing costs Net Promoter Score NPS A loyalty measure based on a single question where a customer rates a business on a scale of zero to ten. The score is the net result of the percentage of customers providing a score of nine or 10 (promoters) less the percentage of customers providing a score of zero to six (detractors) Price index An index comparing Dan Murphyʼs pricing to selected competitors. Competitor product pricing information is sourced by Endeavour through a number of channels, mostly via external providers. Pricing is reviewed on a product by product basis against many different suppliers. Product comparisons are weighted by Endeavourʼs volume mix to create a weighted index. Higher volume lines will have a bigger impact on the index than smaller lines Return on Funds Employed ROFE ROFE is calculated as EBIT for the previous 12 months as a percentage of 13 month average adjusted funds employed, where adjusted funds employed refers to funds employed adjusted to exclude deferred taxes on indefinite life intangible assets. Return on Investment ROI ROI calculated as increase to EBIT divided by invested capital (invested capital includes total capital expenditure, net of depreciation) Operating EBIT / ROFE / CODB Operating EBIT/ROFE/CODB excludes the impact of the One Endeavour program VOC NPS VOC NPS is based on feedback from Everyday Rewards members (for BWS) or My Danʼs members (for Dan Murphyʼs). VOC NPS is the number of promoters (score of nine or 10) less the number of detractors (score of six or below) 46 For personal use only
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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 Groupʼs activities as at the date of this presentation. It should be read in conjunction with Endeavour Groupʼs other periodic and continuous disclosure announcements filed with the Australian Securities Exchange, available at www.asx.com.au. Information about Endeavour Groupʼs financial performance is current as at the last announcement provided to the Australian Securities Exchange. This presentation has not been audited in accordance with Australian Auditing Standards. This presentation contains certain non-IFRS measures that Endeavour Group believes are relevant and appropriate to understanding its business. Refer to Endeavour Groupʼs 2025 Full-year Financial Report issued on 25 August 2025 for further details. F19 information is based on a normalised 52-week equivalent in F19. F24 information is based on a normalised 52-week equivalent in F24. 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 Endeavour Group shares or other securities. It has been prepared without taking into account the objectives, financial situation or needs of any person. Before making an investment decision, prospective investors and investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction. Past performance is no guarantee of future performance. No representation or warranty, expressed 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, no Endeavour Group company, or their respective 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. This presentation may contain forward-looking statements including statements regarding an intent, belief or current expectation with respect to Endeavour Groupʼs business and operations, market conditions, results of operations and financial condition, specific provisions and risk management practices. When used in this presentation, the words ‘forecastʼ, ‘targetʼ, ‘estimateʼ, ‘planʼ, ‘willʼ, ‘anticipateʼ, ‘mayʼ, ‘believeʼ, ‘shouldʼ , ‘expectʼ, ‘intendʼ, ‘outlookʼ, ‘guidanceʼ and similar expressions, as they relate to Endeavour Group and its management, are intended to identify forward-looking statements. Forward looking statements involve known and unknown risks, uncertainties and assumptions and other important factors that could cause the actual results, performances or achievements of Endeavour Group to be materially different from future results, performances or achievements expressed or implied by such statements. The release of this presentation has been authorised by the Board. Endeavour Group Limited ACN 159 767 843 | 26 Waterloo Street, Surry Hills, NSW, 2010 Disclaimers 47 For personal use only