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Update Food Liquor Hardware & ToolsFinancials AppendixGroup METCASH LIMITED 2026 Annual General Meeting WINNING WITH INDEPENDENTS
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Pg 2 Metcash AGM 2026 ACKNOWLEDGEMENT OF COUNTRY We acknowledge the Traditional Custodians of the land on which we are all connecting today. We are connecting from the land of the Gadigal People of the Eora Nation, and pay our respect to elders across Country, past, present and emerging.
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Metcash AGM 2026Pg 3 BOARD OF DIRECTORS David Whittle Non-executive Director Peter Birtles Non-executive Chairman Doug Jones Group Chief Executive Officer Marina Go Chair of the People, Culture and Nomination Committee Margie Haseltine Chair of Safety and Sustainability Committee Mark Johnson Chair of the Audit, Risk and Compliance Committee Nicky Sparshott Non-executive Director Johanna O’Shea Company Secretary
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Metcash AGM 2026Pg 4 METCASH MANAGEMENT Deepa Sita Group Chief Financial Officer Grant Ramage CEO, Food Kylie Wallbridge CEO, Australian Liquor Marketers Julie Hutton Chief Legal Risk & Compliance Officer Danielle Jenkinson Group Growth Officer Scott Marshall CEO, Total Tools and Hardware Group Doug Jones Group Chief Executive Officer Neil Whiteing Group Chief Information Officer Kobie Taylor Group People & Culture Officer
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Metcash AGM 2026 MEETING AGENDA Pg 5 1. Receive and consider the financial report of the Company and review the reports of the directors and auditor for the year ended 30 April 2026 • Chairman’s Address • CEO review of performance 2. Resolution to elect Nicky Sparshott as a Director 3. Resolution to adopt the Remuneration Report 4. Resolution to approve grant of performance rights to Mr Douglas Jones, Group CEO 5. Special Resolution to approve the giving of financial assistance under section 260B(2) of the Corporations Act
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Pg 6 Metcash AGM 2026 CHAIRMAN’S ADDRESS PETER BIRTLES Metcash Chairman
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Pg 7 Metcash AGM 2026 FY26 REVIEW OF PERFORMANCE DOUG JONES Group Chief Executive Officer
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BETTER TOGETHER RESULTS MATTER CHAMPION CUSTOMERS GIVE A DAMN BACK LOCAL BRILLIANCE WINNING WITH INDEPENDENTS OUR PURPOSE OUR ASPIRATION TO BE THE NUMBER ONE PARTNER POWERING AN UNSTOPPABLE NETWORK OF INDEPENDENTS OUR VALUES
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Metcash AGM 2026 Three mutually reinforcing elements plus incremental growth opportunities Pg 9 OUR SUSTAINABLE COMPETITIVE ADVANTAGE Unmatched Scale Competitive Networks ~105,000 Customers ~4,800 Contract customers/ stores ~6,300 Bannered retail stores ~95% Of Australians served ~5,500 Suppliers 62 Distribution centres FOOD LIQUOR HARDWARE & TOOLS Local community connections Independent Retailers Franchise partners End Customers Business Services Supply Chain Marketing & Media Procurement & Supplier Management Digital Solutions INVENTORY MANAGEMENT STORE SUPPORT NATIONAL DISTRIBUTION CENTRE TRANSPORT & LOGISTICS NETWORK Flywheel Differentiated, Trusted Capabilities HARDWARE & TOOLS FOOD The Bottle-O IGA Liquor Thirsty Camel Porters Liquor Cellarbrations IGA Friendly Grocer IGA Local Grocer Campbells Foodland IGA Superior Food Services C-Store Distribution Mitre 10 Hardings Home Hardware Tru Value Hardware Total Tools Thrifty-Link Hardware Design 10 LIQUOR
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Metcash AGM 2026 CLEAR PROGRESS AGAINST STRATEGY Pg 10 Pursuing successful growth strategies Key achievements Delivering unique, differentiated value Improved pricing position across all pillars – core IGA network more competitive than ever Store upgrades continuing to deliver sales uplift Extending through value chain for growth & resilience Retail now 14.1% of earnings (9.1% in FY20) and Foodservice & Convenience 10.1% (3.2% in FY20) Strong growth in Tools retail (sales +7.2%) Gross new stores added to network since FY24 (Supermarkets 43, Liquor 211, Hardware & Tools 43) Food retail ownership initiated, liquor retail acquisitions performing well TTHG Merger Sales momentum building across independent networks, owned retail, and frame and truss (H2>H1) Business further strengthened through creation of one leading and scaled Hardware & Tools business Integration completed, duplication removed and initial scale benefits delivered Strategy reset with plan to return to mid-cycle margins Extending and strengthening core competitive advantages Horizon ERP near completion - provides platform for Microsoft's leading suite of Al capability Further expansion of Sorted, Metcash’s leading digital B2B marketplace - $5.9bn, now ~30% of Metcash revenue National retail media network - building a scalable, high-margin growth driver Leveraging platform for M&A growth and enhancing performance Foodservice & Convenience seeing strong sales growth (38.2% CAGR since FY23) Synergy targets achieved for all 3 major acquisitions (Superior, Bianco, Alpine) Lifting resilience, improving competitiveness, extending growth options and strengthening the platform
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Pg 11 Metcash AGM 2026 FY26 RESULTS GROUP OVERVIEW DOUG JONES Group Chief Executive Officer
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Pg 12 Metcash AGM 2026 GROUP FINANCIAL OVERVIEW Strong profit and cash performance and balance sheet flexibility 1. Includes charge-t hrough sales, which represent direct sales from suppliers to retailers, invoiced through Metcash 2. FY26 strategy and integration costs of $12.4m 3. Includes impact of dividend reinvestment plan (DRP) on weighted average shares outstanding (WASO) 4. Cash realisation ratio (CRR) = cashflow from operations/underlying NPATDA (depreciation and amortisation not tax effected) 5. Debt Leverage Ratio (DLR) = Net Debt/Underling EBITDA less depreciation of ROU assets (rolling 12 months basis) Group Revenue1 $19.6BN 0 .7 % ( +3.8% ex-tobacco) Group EBITDA $761.7M 1 .9 % (+3.5% ex one-off strategy and integration costs)2 Group EBIT $503.7M 0 .8 % (+1.6% ex one-off strategy and integration costs)2 Reported PAT $279.1M 1 .5 % (Underlying $268.8m) Underlying EPS3 24.5CPS Reported 25.4cps Operating Cashflow $558.0M 3 .5 % 3yr av. CRR4 ~104% Debt Leverage Ratio5 1.0x Target 1.0x – 1.75x Total Dividends 18.0CPS ~74% UPAT
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Pg 13 Metcash AGM 2026 RESULTS OVERVIEW BY PILLAR 1. Direct sales from suppliers to retailers, invoiced through Metcash 2. I ncludes Superior Foods for the 47-week period from 3 June 2024 3. Includes ROU depreciation of $154.1m (FY25: $145.9m) EBITDA 761.7 747.8 1.9 Depreciation and amortisation3 (258.0) (240.0) (7.5) Total EBIT 503.7 507.8 (0.8) Food 261.8 248.42 5.4 Liquor 100.1 104.1 (3.8) Hardware & Tools 177.3 189.3 (6.3) Corporate (35.5) (34.0) (4.4) 54%27% 19% 55% 27% 18% 48% 19% 33% 46% 19% 35% FY26 Total Pillar sales revenue $19.6bn FY25 Total Pillar sales revenue $19.5bn FY26 Total Pillar EBIT $539m FY25 Total Pillar EBIT $542m Food Hardware & ToolsLiquor FY26 ($M) FY25 ($M) % Sales Revenue (including charge-through1) Food 10,543.0 10,608.52 (0.6) Liquor 5,374.6 5,321.7 1.0 Hardware & Tools 3,710.8 3,559.1 4.3 Total sales revenue (including charge-through sales 1) 19,628.4 19,489.3 0.7 Less: Charge-through sales1 (2,274.4) (2,166.3) 5.0 Total sales revenue (Statutory Accounts) 17,354.0 17,323.0 0.2
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Pg 14 Metcash AGM 2026 REVENUE STREAMS GROWTH Continuing to build on dependable, high-quality wholesale base 0 100 200 300 400 500 600 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Wholesale Foodservice & Convenience Retail Food Wholesale Liquor Wholesale Hardware Wholesale Tools Wholesale Foodservice & Convenience Liquor Retail Hardware Retail Tools Retail EBIT ($m) by revenue stream 0 100 200 300 400 500 600 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 35% Wholesale growth FY19–FY26 EBIT ($m) by pillar and revenue stream91% FY19 1. FY22 on a 52 week basis 1 1 76% Wholesale % of group earnings FY26
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Pg 15 Metcash AGM 2026 ESG PROGRESS 1. E xcludes acquisitions (Superior Foods, Alpine and Bianco). These sites will transition from 1 May 2026 2. Acquired businesses, including Superior Food Services, are included into Group TRIFR reporting in FY26 Group People Planet Impact Dow Jones Best-in-class Indicies 89th FY25: 90th percentile FY24: 89th percentilepercentile Monash Modern Slavery Rating ‘A’ Improvement from ‘B’ rating at last reporting period rating Renewable energy target 100% Achieved goal of sourcing 100% renewable energy on 1st November 2025 and ongoing 1 Gender Female representation NEDs; 56% Group Leadership Team 50% ✓ Maintained pay parity per WGEA Total Reportable Injury Frequency Rate 17.8 TRIFR2 Mental Health First Aid 450+ Recognised as a Master Workplace (up from previous ‘Advanced’) Accredited mental health first aiders Achieved Interim 2030 Emissions Target for FY26 22.7% decrease from pcp On-site Solar 12% increase in on-site renewable energy generated Solar installation 8.3MW Across the network Donations through IGA community chest program ~$4.0m $2.6m in pcp BinTrim Waste Program 373 Stores/sites received support from Corporate for waste avoidance & recycling initiatives Battery recycling ~680t Since program inceptionrecycled Extended renewable energy goal to include all Australian sites by 2026 First AASB52 compliant sustainability report released alongside financial statements - FY26 ~0.15% improvement on pcp
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Pg 16 Metcash AGM 2026 TECHNOLOGY - HORIZON Program Summary Replacement of legacy Food and Liquor ERP to suite of Microsoft and ‘best of breed’ strategic capabilities on evergreen cloud platform Key benefits Reduces technology complexity by transitioning from legacy ERP systems to modern cloud-based technology backbone Increases automation and efficiency while creating a platform for an AI enabled organisation Simplifies and aligns processes across Food and Liquor pillars to enable ongoing improvements and efficiencies Scope extended to leverage Microsoft Fabric as the common Data and Insights technology – retiring legacy systems, supporting AI-ready platform, and delivering additional benefits Evergreen platform lowers upgrade complexity by avoiding major periodic upgrades, reducing upgrade disruption and downtime risk Upcoming planned milestones Release 1 (National Support Office & WA Food, L iquor and Campbells) – Q4 CY26 Release 2 (rest of business) targeted Q 1 CY27 to manage business risk associated with peak trading period. Additional cost of moving Release 2 and extended data and insights scope is likely to be $18m-20m Progress Successfully implemented: D365 Finance for Corporate, Food and Liquor finance functions Legal entities rationalisation (simplified legal structures and delivers efficiencies) PaymentsPlus upgrade to modernise vendor payments platform Blue Yonder modernisation of supply chain forecasting and replenishment capability Completed Customer Master deployment across Food, Liquor and Campbells Led by internal teams with strategic partner support (capabilities retained) User Acceptance Testing being finalised Business readiness and cutover activities being finalised End user training has commenced Steady progress through test phases, first deployment planned 2H CY26 Project Costs Capex Sig. item (pre-tax) Sig. item (post - tax) $m $m $m FY27E 18-20 22-24 15-17
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Pg 17 Metcash AGM 2026 TRADING UPDATE FY27 Revenue – first 18 weeks Commentary Group Continued sales growth across all pillars 1H earnings expected to be impacted by adverse sales mix in Superior, removal of accelerated tobacco excise increase (as previously disclosed) and persistent cost inflation in Food and Liquor Cost inflation pressures remain elevated and cost-out programs remain on track. Current plans contemplate reducing the impact of elevated cost pressures in Food and Liquor in 2H and continuing to support the Hardware pillar’s momentum Food Supermarkets • Sales have remained resilient despite a highly competitive trading environment • Tobacco sales continue to improve, supported by strong trading in QLD, NSW and WA where regulatory measures have been implemented and effectively enforced Foodservice and Convenience • Superior Food sales growth in Corporate accounts partly offset by a decline in ‘Street’, QSR and Shipping segments • Recent contract wins in Petrol and Convenience have supported sales improvement, primarily in tobacco 1H earnings are expected to be impacted by the cessation of the accelerated tobacco excise (net ~$10m in FY27, 1H weighted); an adverse change in sales mix across the Food Service and Convenience sector and ongoing cost inflation above sales growth rates Group Total sales ex tobacco +2.8% (+3.5% incl. tobacco) Food ex tobacco Total sales +2.6% (+3.8% incl. tobacco) o Supermarkets +2.6% (+1.3% incl. tobacco) o Foodservice & Convenience +2.8% (+11.3% incl. tobacco) o Superior Food +2.7% o Campbells & Convenience +3.0% (+21.5% incl. tobacco) o Total tobacco sales +11.7% o Wholesale price inflation (ex tobacco & produce) 1.5% Liquor Total sales +0.8% o Wholesale sales to on premise customers +5.1% o Australian wholesale sales to IBA retail and contract customers flat Total Tools and Hardware Total sales +6.0% o Total Tools +9.8% (LfL network sales +3.8%) o Hardware +5.0% (LfL network sales +5.4%)
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Pg 18 Metcash AGM 2026 TRADING UPDATE Liquor Further market share gains by ALM-supplied independents Retail sales being impacted by subdued consumer demand and elevated competitive intensity The New Zealand wholesale business is expected to be wound down over the coming months and exited fully in early 2H. Earnings impact ~$2m (excluding redundancies). NZ retail liquor operations (Allied Retail Group) will continue to operate Pillar earnings are expected to be impacted by ongoing cost inflation above sale s g rowth rates Hardware and Tools Strong sales momentum maintained, with market uncertainty continuing to impact se ctor outlook The pillar continues to make progress against the strategies aimed at returning the business to mid-cycle margins Group Total sales ex tobacco +2.8% (+3.5% incl. tobacco) Food ex tobacco Total sales +2.6% (+3.8% incl. tobacco) o Supermarkets +2.6% (+1.3% incl. tobacco) o Foodservice & Convenience +2.8% (+11.3% incl. tobacco) o Superior Food +2.7% o Campbells & Convenience +3.0% (+21.5% incl. tobacco) o Total tobacco sales +11.7% o Wholesale price inflation (ex tobacco & produce) 1.5% Liquor Total sales +0.8% o Wholesale sales to on premise customers +5.1% o Australian wholesale sales to IBA retail and contract customers flat Total Tools and Hardware Total sales +6.0% o Total Tools +9.8% (LfL network sales +3.8%) o Hardware +5.0% (LfL network sales +5.4%) FY27 Revenue – first 18 weeks Commentary
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Update Food Liquor Hardware & ToolsFinancials AppendixGroup WINNING WITH INDEPENDENTS