Earnings release
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F26 First Quarter Trading Update Retail sales trend improving, continued sales growth in Hotels Sales for the 14 weeks from 30 June 2025 to 5 October 2025 $ million Q1 F26 14 WEEKS Q1 F25 14 WEEKS CHANGE Dan Murphy's and BWS 2,442 2,466 1.0% Specialty 1 57 68 16.2% Retail 1 2,499 2,534 1.4% Hotels 592 567 4.4% Total first quarter Group sales 3,091 3,101 0.3% Highlights ● Retail sales trend improved during the quarter with a return to positive sales growth in September 2 ● Focus on value and price leadership supporting improved Retail sales momentum ● Hotels sales momentum remains strong with all key business drivers in growth ● Increased customer satisfaction scores across Dan Murphyʼs, BWS and Hotels Endeavour Group CEO Kate Beattie, said: “Endeavour Groupʼs Q1 trading result was underpinned by continued growth in our Hotels business while Retail sales momentum improved progressively through the quarter. Hotels delivered 4.4% sales growth. Retail sales across Dan Murphyʼs and BWS were 1.0% below the pcp. Following a soft start to F26, our Retail sales trajectory improved over Q1, with positive sales growth in September. Targeted and well-executed promotions during the September school holidays and footy finals delivered strong sales however consumer spending was relatively subdued outside of key events. Pleasingly, our teamʼs unwavering focus on delivering great value, range and service to our customers drove improvements in customer satisfaction scores across both Dan Murphyʼs 1 pt) and BWS 4 pts). We have continued to strengthen our competitive position by reinforcing our best-in-market everyday low pricing on the key brands and products our customers value most, complemented by value-focused promotions and underpinned by Dan Murphyʼs lowest liquor price guarantee. Promotional intensity across the retail liquor market remained elevated throughout Q1, particularly in the online channel where our sales grew by 20.9%. Our Hotels business continues to perform well, with growth across all four key drivers: Food, Bars, Gaming, and Accommodation. Hotel renewals, localised Food and Bars menus, new EGMs and our expanded Nightcap 2 Combined Dan Murphy's and BWS sales. 1 Q1 F26 Specialty includes sales from the Jimmy Brings / Milkrun partnership, Langtons and Pinnacle Drinks external customers. Q1 F25 Specialty sales and F25 Retail sales have been adjusted to exclude $4 million of sales from the Prowine bottling facility, which ceased operations in March 2025. Endeavour Group Limited ACN 159 767 843 | Level 3, 10 Shelley Street, Sydney, NSW, 2000 ASX Announcement | 31/10/2025 ‘Creating a more sociable future togetherʼ For personal use only
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accommodation offering all contributed to this positive trading result. Enhanced experiences for our hotel guests were reflected in higher customer satisfaction scores. Our guests are also continuing to embrace the benefits of our pub+ loyalty program which now has over 560,000 active members and accounts for almost 30% of Food and Bars transactions in our Hotels. Looking ahead, the second quarter remains a key trading period for the Group, with marquee events including Spring Racing, The Ashes Series, Christmas festivities, New Year and the start of summer holidays. In Retail, weʼre focused on strengthening our market-leading position for value, range, service and convenience, capitalising on the increased number of occasions to socialise and celebrate. In Hotels, we will continue to focus on improving guest experience, through both capital and operational investments across our network, and on enhancing the benefits for members of our pub+ loyalty program to deepen customer engagement. Our 30,000 team members are energised and ready to deliver great value products and outstanding experiences to our customers and guests as they gather with friends and family to socialise and enjoy the festive season. Finally, we are making good progress on our Group-wide strategy review, which will establish the framework for creating value for all our stakeholders and delivering sustainable returns for shareholders over the medium to long term.“ Endeavour Group Limited ACN 159 767 843 | Level 3, 10 Shelley Street, Sydney, NSW, 2000 ASX Announcement | 31/10/2025 ‘Creating a more sociable future togetherʼ 2 For personal use only
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Retail ● Total Retail sales were $2,499 million for the quarter, down 1.4% on the pcp. This includes the impact of lower Specialty sales following the integration of Shortyʼs operations into Dan Murphy's, and the transition of Jimmy Brings to a partnership model with Milkrun in F25. ● Combined Dan Murphy's and BWS sales of $2,442 million, 1.0% vs pcp. On a comparable store basis, sales for Dan Murphy's and BWS were down 1.3% vs Q1 F25. ● Following subdued sales in July and August, sales momentum improved in September. Combined Dan Murphy's and BWS sales returned to growth, supported by effective trade plan execution around holidays and footy finals, as well as targeted offers. ● Online sales grew 20.9% to represent 10.2% of Dan Murphyʼs and BWS sales. Growth was driven by strong promotional activity, a more competitive delivery fee structure and strength in the ultra-convenience channel. Pick-up transactions made up 76% of Dan Murphyʼs online orders. ● Dan Murphyʼs further strengthened its market-leading Voice of Customer score to 82 1 pt), while BWS achieved its highest ever score of 79 4 pts). ● My Danʼs total active member base grew to 5.6 million with a scan rate of 84%. ● BWSʼ exclusive app based pricing offer, Appy Deals, has driven over 700k monthly app users during the quarter, up 23% vs the pcp. ● BWS entered the third year of its partnership with the AFL, connecting footy fans with the BWS brand throughout the season. ● Total network of 1,728 stores. Dan Murphyʼs opened two stores, closed one store and completed four renewals. BWS opened six stores, closed five stores, and completed 13 store renewals. Hotels ● Hotels sales of $592 million in Q1 F26, 4.4% vs Q1 F25, with continued growth across all key drivers and strong performance during key events British and Irish Lions series, Fatherʼs Day and footy finals). On a comparable hotel basis, sales were up 3.6% vs Q1 F25. ● The Northern Grounds Hotel, Great Northernʼs first ever flagship pub, a joint venture between Asahi and ALH launched at Diddillibah in Queensland. Following the launch, the Northern Grounds Hotel has become a top-10 ALH venue for F&B nationally (previously outside the top-150. ● Gaming remains resilient with key markets of Victoria and Queensland delivering the strongest growth. Overall performance in gaming has benefitted from the installation of 250 new EGMʼs in Q1, in addition to 900 EGMʼs which were installed in H2 F25. Hotels continued to grow market share in Victoria. ● Accommodation revenue grew strongly, driven by acquisitions and growth in occupancy. A new Nightcap accommodation website and booking engine was launched in Q1. ● Trialling new Food and Bars concepts, including the Signor Fox Italian in venue Bar & Kitchen, which was launched at the Boundary Hotel VIC and the Albion Hotel QLD. ● Customer satisfaction improved to 9.1/10 0.2, driven by a continued focus on value and service. ● The pub+ app, rolled out nationally in August 2024 has over 560,000 active users who now account for almost 30% of Food and Bars transactions in our hotels. ● Ten hotel renewals completed in the quarter including six whole-of-venue repositionings at the Royal FTG VIC, Palace Hotel VIC, Albion Hotel QLD, Northern Grounds QLD, The Condo Hotel QLD and Norfolk Tavern QLD. A further ten renewals are scheduled to be completed by the end of H1 F26 including Skyways VIC which will introduce a new premium gaming room concept. ● The Group now operates a total of 352 Hotels following the planned closure of OʼMalleyʼs QLD and the Imperial Hotel QLD due to resumption by the Queensland government. Endeavour Group Limited ACN 159 767 843 | Level 3, 10 Shelley Street, Sydney, NSW, 2000 ASX Announcement | 31/10/2025 ‘Creating a more sociable future togetherʼ 3 For personal use only
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October Trading and Outlook The positive sales growth in Retail which began in September has continued in October. The Group will continue to invest in maintaining a differentiated everyday price position as well as delivering incremental value through promotions, reinforcing its market leading Retail customer value proposition. Promotional intensity across the retail liquor market is expected to continue to be elevated through the second half. In Q2, the Group is cycling supply chain disruption in the prior year, which impacted both sales and the ability to invest in promotional activity during the peak summer trading period. Hotels have also made a positive start to Q2. Sales growth in October is modestly below the Q1 trend, driven by beer pricing and event timing. Inflationary pressure on wages and elevated security costs, combined with increased depreciation and amortisation, remain a headwind to earnings growth in the half. The Group expects to install 400 new EGMʼs and complete a further 10 Hotel renewals in Q2. In F26 ● Capital expenditure outlook remains within our guidance range of $420 million to $470 million, including One Endeavour. ● One Endeavour total capital and operating expenditure is expected to be between $90 million and $110 million. ● Finance costs are expected to be broadly in line with F25. ● Hotels D&A is expected to be approximately $20 million higher than in F25 on a full year basis. This largely reflects the timing impact of the installation of approximately 900 new EGMʼs in the second half of F25 as well as the ramp up of the renewal program. Endeavour Group Limited ACN 159 767 843 | Level 3, 10 Shelley Street, Sydney, NSW, 2000 ASX Announcement | 31/10/2025 ‘Creating a more sociable future togetherʼ 4 For personal use only
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Retail Operating Metrics Q1 F26 14 WEEKS Q1 F25 14 WEEKS Customer metrics BWS VOC NPS Store and Online) 79 75 Dan Murphyʼs VOC NPS Store and Online) 82 81 My Danʼs active members (million) 5.6 5.5 Sales productivity metrics Dan Murphy's and BWS $ million) 2,442 2,466 Specialty $ million) 3 57 68 Total Retail sales $ million) 3 2,499 2,534 Total Retail sales growth 1.4% 0.0% Combined Dan Murphy's and BWS sales growth 1.0% 0.1% Combined Dan Murphy's and BWS comparable sales growth 1.3% 1.1% Q1 F26 14 WEEKS Q1 F25 14 WEEKS eCommerce Customer Metrics Dan Murphy's Online VOC NPS 77 76 BWS Online VOC NPS 77 72 eCommerce Metrics Combined Dan Murphy's and BWS online sales $ million) 249 206 Combined Dan Murphy's and BWS online sales growth 20.9% 9.5% Combined Dan Murphy's and BWS online penetration 10.2% 8.4% Dan Murphy's and BWS Pick-up mix (orders) 4 61.5% 59.1% 4 Pick-up mix excludes ultra-convenience orders 3 Q1 F26 Specialty includes sales from the Jimmy Brings / Milkrun partnership, Langtons and Pinnacle Drinks external customers. Q1 F25 Specialty sales and F25 Retail sales have been adjusted to exclude $4 million of sales from the Prowine bottling facility, which ceased operations in March 2025. Endeavour Group Limited ACN 159 767 843 | Level 3, 10 Shelley Street, Sydney, NSW, 2000 ASX Announcement | 31/10/2025 ‘Creating a more sociable future togetherʼ 5 For personal use only
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Hotels Operating Metrics Q1 F26 14 WEEKS Q1 F25 14 WEEKS Sales productivity metrics Total sales $ million) 592 567 Total sales growth 4.4% 2.5% Comparable sales growth 3.6% 2.9% The contents of this F26 First Quarter Trading Update are derived from the unaudited accounting records of Endeavour Group. Endeavour Group CEO Kate Beattie and CFO Tali Ross will host an analyst and investor conference call today at 1030am AEDT. Analysts, investors and media can access the management briefing via the following: Teleconference Registration: https://s1.c-conf.com/diamondpass/100502845ub8et.html Participants will need to pre-register for the call at the link above. You will receive a calendar invite and a unique code which is to be quoted when dialling into the call. The release of this announcement was authorised by the Board. Further Information Investors Media Robert Wruck Lizzy Bold Mobile: 61 474 481 963 Mobile: 61 421 765 446 robert.wruck@edg.com.au lizzy.bold@edg.com.au Endeavour Group Limited ACN 159 767 843 | Level 3, 10 Shelley Street, Sydney, NSW, 2000 ASX Announcement | 31/10/2025 ‘Creating a more sociable future togetherʼ 6 For personal use only
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Appendices Appendix 1 New stores/hotels and renewals F26 First Quarter OPENING BALANCE GROSS NEW STORES / HOTELS INCL. ACQUISITIONS CLOSURES ENDING BALANCE RENEWALS BWS 1,444 6 5 1,445 13 Dan Murphy's 278 2 1 279 4 The Cellar 4 0 0 4 0 Retail 1,726 8 6 1,728 17 Hotels 354 0 2 352 10 Endeavour Group 2,080 8 8 2,080 27 Appendix 2 Glossary T ERM D ESCRIPTION B2B Business-to-business. Comparable sales Retail: Measure of sales which excludes stores that have been opened or closed in the last 12 months and demonstrable impact on existing stores from store disruption from new store openings/closures. Hotels: Measure of sales which excludes hotels opened or closed in the last 12 months. My Danʼs active members My Dan's active members are the number of unique members who have transacted in the last 12 months. n.a. Not applicable. Combined Dan Murphy's and BWS online penetration Online penetration is calculated as total combined Dan Murphy's and BWS online sales as a percentage of total combined Dan Murphy's and BWS sales for the same time period pcp Prior comparable period. Renewals A significant upgrade to the store / hotel environment, enhancing customer experience, range and process efficiency (including digital). VOC NPS Voice of Customer Net Promoter Score VOC NPS is based on feedback from customers, and represents the number of promoters (score of nine or 10 less the number of detractors (score of six or below). This includes scores from in-store and online customers. Endeavour Group Limited ACN 159 767 843 | Level 3, 10 Shelley Street, Sydney, NSW, 2000 ASX Announcement | 31/10/2025 ‘Creating a more sociable future togetherʼ 7 For personal use only