Annual report
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26 August 2026 ASX Market Announcements Office Australian Securities Exchange 20 Bridge Street Sydney NSW 2000 Appendix 4E and Annual Report Attached for release is the Woolworths Group Appendix 4E and 2026 Annual Report for the year ended 28 June 2026. Authorised by: Dom Millgate, Group Company Secretary For further information contact Investors and analysts Paul van Meurs Head of Investor Relations +61 407 521 651 Media Woolworths Press Office media@woolworths.com.au +61 2 8885 1033 Woolworths Group Limited ABN 88 000 014 675 1 Woolworths Way, Bella Vista NSW 2153
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Current reporting period (52 weeks) 30 June 2025 to 28 June 2026 Prior corresponding period (52 weeks) 1 July 2024 to 29 June 2025 Results for announcement to the market Key information % CHANGE $M Revenue 3.6 to 71,539 Profit after tax attributable to equity holders of the parent entity before significant items1 15.4 to 1,599 Profit after tax attributable to equity holders of the parent entity 18.1 to 1,138 1 Significant items for the current period includes end-to-end payroll review remediation of $710 million and associated interest accrual of $20 million, partially offset by a revaluation of the remaining put option liability over non-controlling interest of $12 million, an income tax benefit of $219 million and a $38 million income tax benefit on the recognition of carry-forward capital tax losses. Details relating to dividends 1 CENTS PER SHARE $M 2026 interim dividend paid on 2 April 2026 45 550 2026 final dividend declared on 26 August 2026 2,3 52 635 4 1 All dividends are fully franked at a 30% tax rate. 2 Record date for determining entitlement to the 2026 final dividend is 2 September 2026. 3 The 2026 final dividend is payable on or around 25 September 2026 and is not provided for as at 28 June 2026. 4 Represents the anticipated dividend based on the shares on issue as at the date of this report. This value will change if there are any shares issued between the date of this report and the ex-dividend date. The Dividend Reinvestment Plan (DRP) remains active. Eligible shareholders may participate in the DRP in respect of all or part of their shareholding. There is currently no DRP discount applied and no limit on the number of shares that can participate in the DRP. Shares will be allocated to shareholders under the DRP for the 2026 final dividend at an amount equal to the average of the daily volume weighted average market price of ordinary shares of the Company traded on the ASX over the period of 10 trading days commencing on 4 September 2026. The last date for receipt of election notices for the DRP is 3 September 2026. The Company intends to purchase shares on-market and transfer these to participants on or around 25 September 2026 to satisfy its obligations under the DRP . Net tangible assets per share AS AT 28 JUNE 2026 CENTS PER SHARE 29 JUNE 2025 CENTS PER SHARE Net tangible assets per share 1 23.0 12.4 1 Net tangible assets per share is calculated as net assets of $4,910 million (2025: $4,962 million) adjusted for intangible assets of $4,514 million (2025: $4,709 million) and non-controlling interests of $115 million (2025: $102 million) and is based on the closing number of fully paid ordinary shares of 1,221,599,192 (2025: 1,221,595,333). Details of subsidiaries, associates and joint ventures Entities that the Group incorporated or gained control of during the current reporting period COMPANY COUNTRY OF INCORPORATION INCORPORATION OR ACQUISITION DATE ACN 693 658 623 Pty Limited Australia 11 December 2025 Greenhills Investments Capital Pty Limited Australia 15 December 2025 Appendix 4E – Preliminary Final Report under ASX Listing Rule 4.3A Woolworths Group Limited Appendix 4E
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Details of associates and joint ventures LEGAL OWNERSHIP INTEREST AS AT 28 JUNE 2026 29 JUNE 2025 173 Burke Rd JV Pty Ltd 50.1% 50.1% Quantium Telstra Pty Ltd 1 49.9% 49.9% Northcote Precinct Landco Pty Ltd 49.9% – NP Fulfilment Group Pty Limited 40.0% 40.0% W23 Global Fund LP 20.0% 20.0% W23 Global GP LLP 20.0% 20.0% FutureFeed Pty Ltd 12.4% 12.4% 1 The Quantium Group Holdings Pty Limited, a subsidiary of the Group, holds a 49.9% ownership interest in this entity, which it classifies as an investment in associate and applies the equity method of accounting. Other Additional Appendix 4E disclosure requirements and further information, including commentary on significant features of the operating performance, results of segments, trends in performance and other factors affecting the results for the current period, are contained in the 2026 Annual Report and accompanying F26 Full Year Profit and Dividend Announcement. The Consolidated Financial Statements contained within the 2026 Annual Report, of which this report is based upon, have been audited by Deloitte Touche Tohmatsu. Details of subsidiaries, associates and joint ventures (continued) Appendix 4E – Preliminary Final Report under ASX Listing Rule 4.3A Woolworths Group Limited Appendix 4E
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2026 Annual Report Getting it right for customers WOOLWORTHS GROUP LIMITED ABN 88 000 014 675
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Progress against medium-term strategic priorities See pages 18–25 Messages from the Chair and CEO See pages 6–9 Contents SECTION 1 Performance highlights About this report 2 About Woolworths Group 4 Message from the Chair 6 Message from the CEO 8 Realising our potential 10 Business model 12 Value chain 14 Operating context 16 Progress against medium-term strategic priorities 18 Progress led by our team 26 Impact for a better tomorrow 28 SECTION 2 Business review Group financial performance 30 Australian Food 34 New Zealand Food 37 Australian B2B 39 W Living 40 Risk management approach 42 SECTION 3 Sustainability Report Climate Statement 50 Directors’ Declaration 83 Independent Assurance Report 84 SECTION 4 Directors’ Report Governance 88 Board of Directors 90 Group Executive Committee 93 Directors’ Statutory Report 96 Remuneration Report 98 SECTION 5 Financial Report Auditor’s Independence Declaration 122 Financial Report 123 Directors’ Declaration 179 Independent Auditor’s Report 180 SECTION 6 Other information Shareholder information 184 Glossary 186 Subleases 188 Company directory 189 See pages 50–87 Sustainability Report (Climate Statement) Getting it right for customers We strive to be the first choice for customers, offering the best products and shopping experiences, led by our People and powered by T echnology. We are purpose-led and committed to delivering better experiences for a better tomorrow. Woolworths Group Annual Report 2026 1Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Progress against medium-term strategic priorities See pages 18–25 Messages from the Chair and CEO See pages 6–9 Contents SECTION 1 Performance highlights About this report 2 About Woolworths Group 4 Message from the Chair 6 Message from the CEO 8 Realising our potential 10 Business model 12 Value chain 14 Operating context 16 Progress against medium-term strategic priorities 18 Progress led by our team 26 Impact for a better tomorrow 28 SECTION 2 Business review Group financial performance 30 Australian Food 34 New Zealand Food 37 Australian B2B 39 W Living 40 Risk management approach 42 SECTION 3 Sustainability Report Climate Statement 50 Directors’ Declaration 83 Independent Assurance Report 84 SECTION 4 Directors’ Report Governance 88 Board of Directors 90 Group Executive Committee 93 Directors’ Statutory Report 96 Remuneration Report 98 SECTION 5 Financial Report Auditor’s Independence Declaration 122 Financial Report 123 Directors’ Declaration 179 Independent Auditor’s Report 180 SECTION 6 Other information Shareholder information 184 Glossary 186 Subleases 188 Company directory 189 See pages 50–87 Sustainability Report (Climate Statement) Getting it right for customers We strive to be the first choice for customers, offering the best products and shopping experiences, led by our People and powered by T echnology. We are purpose-led and committed to delivering better experiences for a better tomorrow. Woolworths Group Annual Report 2026 1Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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About this report The 2026 Annual Report for the financial year ended 28 June 2026 contains certain non-IFRS financial measures of historical financial performance, balance sheet or cash flows. Non-IFRS financial measures are financial measures other than those defined or specified under all relevant accounting standards and may not be directly comparable with other companies’ measures but are common practice in the industry in which Woolworths Group Limited (Woolworths Group or Group) operates. Non-IFRS financial information Non-IFRS financial information should be considered in addition to, and is not intended to be a substitute for, or more important than, IFRS measures. The presentation of non-IFRS measures is in line with Regulatory Guide 230 issued by the Australian Securities and Investments Commission in December 2011 to promote full and clear disclosure for investors and other users of financial information and minimise the possibility of being misled by such information. These measures are used by management and the directors as the primary measures of assessing the financial performance of the Group and individual segments. The directors also believe that these non -IFRS measures assist in providing additional meaningful information on the underlying drivers of the business, performance and trends, as well as the financial position of Woolworths Group. Non-IFRS financial measures are also used to enhance the comparability of information between reporting periods (such as comparable sales), by adjusting for non-recurring or uncontrollable factors which affect IFRS measures, to aid the user in understanding the Woolworths Group’s performance. Consequently, non-IFRS measures are used by the directors and management for performance analysis, planning, reporting and incentive setting purposes and have remained consistent with the prior year. Non-IFRS measures are not subject to audit or review. Disclaimer This report contains forward-looking statements, including, but not limited to statements regarding: trends in consumer preferences; commodity prices; goals, targets, plans, strategies and objectives of Woolworths Group; assumed near and long-term scenarios and transition pathways; potential global responses to climate change; Woolworths Group’s strategies and climate transition planning; expectations regarding the achievement of Woolworths Group’s climate and sustainability goals and targets; regulatory and policy developments; the development and uptake of certain technologies; and the potential effect of possible future events on the value of Woolworths Group. The forward-looking statements in this report are based on management’s good faith, current expectations and reflect judgements, assumptions and estimates and other information available as at the date of this report. They are, by their nature, subject to significant uncertainties, many of which are outside Woolworths Group’s control. Actual results, circumstances and developments may differ materially from those expressed in this report and readers are cautioned not to place undue reliance on these forward-looking statements. Forward -looking statements should therefore be read in conjunction with, and are qualified by reference to the expectations, judgements, assumptions, estimates and other information and risk factors, referred to above. Past performance is not a reliable guide of future performance. Woolworths Group makes no representation, guarantee or assurance as to the likelihood of achievement, completeness, correctness, accuracy or reasonableness of any forward-looking statement contained in this report. Woolworths Group does not undertake to update any forward-looking statements in this report, except as required by applicable law. Acknowledgement of Country Woolworths Group acknowledges the many Traditional Owners of the lands across Australia, and pay our respects to their Elders past and present. We recognise their strengths and enduring connection to lands, waters and skies as the Custodians of the oldest continuing cultures on the planet. We are committed to actively contributing to Australia’s reconciliation journey through listening and learning, empowering more diverse voices, caring deeply for our communities and working together for a better tomorrow. ‘A Brave Heart for a Better Tomorrow’ artwork by David Williams of Gilimbaa. 2 Reporting suite The 2026 Annual Report provides a consolidated summary of Woolworths Group’s performance for the financial year ended 28 June 2026, as well as progress against the Group’s strategic agenda to create long-term value for its stakeholders. The Operating Financial Review is covered on pages 2–49 of this report and the Directors’ Report on pages 88–97. The information in these sections has been verified through the Group’s internal verification process. The Group’s Sustainability Report (climate-related disclosures) on pages 50–87, Remuneration Report on pages 98–121 and the Financial Statements on pages 122–178 have been audited by Deloitte. This report should be read in conjunction with the other reports that comprise the 2026 reporting suite, including: Where to find ANNUAL REPORT SUSTAINABILITY DATA PACK MODERN SLAVERY STATEMENT CORPORATE GOVERNANCE STATEMENT NATU R E REPORT Strategic priorities ● Operational performance ● Financial performance ● Risk management ● ○ ○ Governance, policies and practices ○ ● Board composition ● ● Climate-related disclosures ● ○ ○ Sustainability strategy and governance ● ● ● Sustainability performance ○ ● ● ○ ● Key: ● Comprehensive ○ Key messages Woolworths Group’s 2026 annual reporting documents include: The 2026 reporting suite can be found at www.woolworthsgroup.com.au/reports Corporate Governance Statement Modern Slavery Statement Nature Report Sustainability Data Pack Describes the Group’s corporate governance framework, policies and practices as at 26 August 2026. For detailed information on the Group’s progress to identify, manage and mitigate the specific risks of modern slavery in its operations and supply chain. The Group’s approach to identifying and addressing nature- related risks and opportunities. For detailed data on key sustainability metrics, basis of preparation and glossary. Woolworths Group Annual Report 2026 3Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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About this report The 2026 Annual Report for the financial year ended 28 June 2026 contains certain non-IFRS financial measures of historical financial performance, balance sheet or cash flows. Non-IFRS financial measures are financial measures other than those defined or specified under all relevant accounting standards and may not be directly comparable with other companies’ measures but are common practice in the industry in which Woolworths Group Limited (Woolworths Group or Group) operates. Non-IFRS financial information Non-IFRS financial information should be considered in addition to, and is not intended to be a substitute for, or more important than, IFRS measures. The presentation of non-IFRS measures is in line with Regulatory Guide 230 issued by the Australian Securities and Investments Commission in December 2011 to promote full and clear disclosure for investors and other users of financial information and minimise the possibility of being misled by such information. These measures are used by management and the directors as the primary measures of assessing the financial performance of the Group and individual segments. The directors also believe that these non -IFRS measures assist in providing additional meaningful information on the underlying drivers of the business, performance and trends, as well as the financial position of Woolworths Group. Non-IFRS financial measures are also used to enhance the comparability of information between reporting periods (such as comparable sales), by adjusting for non-recurring or uncontrollable factors which affect IFRS measures, to aid the user in understanding the Woolworths Group’s performance. Consequently, non-IFRS measures are used by the directors and management for performance analysis, planning, reporting and incentive setting purposes and have remained consistent with the prior year. Non-IFRS measures are not subject to audit or review. Disclaimer This report contains forward-looking statements, including, but not limited to statements regarding: trends in consumer preferences; commodity prices; goals, targets, plans, strategies and objectives of Woolworths Group; assumed near and long-term scenarios and transition pathways; potential global responses to climate change; Woolworths Group’s strategies and climate transition planning; expectations regarding the achievement of Woolworths Group’s climate and sustainability goals and targets; regulatory and policy developments; the development and uptake of certain technologies; and the potential effect of possible future events on the value of Woolworths Group. The forward-looking statements in this report are based on management’s good faith, current expectations and reflect judgements, assumptions and estimates and other information available as at the date of this report. They are, by their nature, subject to significant uncertainties, many of which are outside Woolworths Group’s control. Actual results, circumstances and developments may differ materially from those expressed in this report and readers are cautioned not to place undue reliance on these forward-looking statements. Forward -looking statements should therefore be read in conjunction with, and are qualified by reference to the expectations, judgements, assumptions, estimates and other information and risk factors, referred to above. Past performance is not a reliable guide of future performance. Woolworths Group makes no representation, guarantee or assurance as to the likelihood of achievement, completeness, correctness, accuracy or reasonableness of any forward-looking statement contained in this report. Woolworths Group does not undertake to update any forward-looking statements in this report, except as required by applicable law. Acknowledgement of Country Woolworths Group acknowledges the many Traditional Owners of the lands across Australia, and pay our respects to their Elders past and present. We recognise their strengths and enduring connection to lands, waters and skies as the Custodians of the oldest continuing cultures on the planet. We are committed to actively contributing to Australia’s reconciliation journey through listening and learning, empowering more diverse voices, caring deeply for our communities and working together for a better tomorrow. ‘A Brave Heart for a Better Tomorrow’ artwork by David Williams of Gilimbaa. 2 Reporting suite The 2026 Annual Report provides a consolidated summary of Woolworths Group’s performance for the financial year ended 28 June 2026, as well as progress against the Group’s strategic agenda to create long-term value for its stakeholders. The Operating Financial Review is covered on pages 2–49 of this report and the Directors’ Report on pages 88–97. The information in these sections has been verified through the Group’s internal verification process. The Group’s Sustainability Report (climate-related disclosures) on pages 50–87, Remuneration Report on pages 98–121 and the Financial Statements on pages 122–178 have been audited by Deloitte. This report should be read in conjunction with the other reports that comprise the 2026 reporting suite, including: Where to find ANNUAL REPORT SUSTAINABILITY DATA PACK MODERN SLAVERY STATEMENT CORPORATE GOVERNANCE STATEMENT NATU R E REPORT Strategic priorities ● Operational performance ● Financial performance ● Risk management ● ○ ○ Governance, policies and practices ○ ● Board composition ● ● Climate-related disclosures ● ○ ○ Sustainability strategy and governance ● ● ● Sustainability performance ○ ● ● ○ ● Key: ● Comprehensive ○ Key messages Woolworths Group’s 2026 annual reporting documents include: The 2026 reporting suite can be found at www.woolworthsgroup.com.au/reports Corporate Governance Statement Modern Slavery Statement Nature Report Sustainability Data Pack Describes the Group’s corporate governance framework, policies and practices as at 26 August 2026. For detailed information on the Group’s progress to identify, manage and mitigate the specific risks of modern slavery in its operations and supply chain. The Group’s approach to identifying and addressing nature- related risks and opportunities. For detailed data on key sustainability metrics, basis of preparation and glossary. Woolworths Group Annual Report 2026 3Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Food retail Our cornerstone supermarkets business in Australia and New Zealand, bringing fresher ways to help our customers live better every day. Complementary businesses BIG W and Petstock are our specialty general merchandise and pet retail businesses. Complementary services These include Everyday Rewards, the Group’s leading loyalty, rewards and services business, Cartology, the Group’s retail media business, and Primary Connect, the Group’s distribution and fulfilment network. PFD is our B2B food business, extending our scale in food. About Woolworths Group Established in 1924, Woolworths Group is one of Australia and New Zealand’s largest retailers with a wide-reaching store network and eCommerce business, anchored in the strength of its cornerstone Food business. Group sales $71.5B 3.6% from F25 Group eCommerce sales $10.6B 15.9% from F25 Group EBIT (before SI) 1 $3,105M 12.7% from F25 Group financial performanceEveryday Retail Group 1 Before significant items as presented in the Group Financial Performance section on page 31. 4 1,729 Our store network 26.1M average customer transactions per week 1.7% from F25 Woolworths Supermarkets 1,130 BIG W 178 Petstock Retail 240 Woolworths New Zealand 181 Group retail stores 86% of the Australian population within a 10-minute drive from a Woolworths supermarket 209,026 team members 33% of team members <25 years of age 90% of the Australian population covered by our eCommerce network 31.5M Average weekly digital traffic to Group platforms 7.2% from F25 Group scale Woolworths Group Annual Report 2026 5Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Food retail Our cornerstone supermarkets business in Australia and New Zealand, bringing fresher ways to help our customers live better every day. Complementary businesses BIG W and Petstock are our specialty general merchandise and pet retail businesses. Complementary services These include Everyday Rewards, the Group’s leading loyalty, rewards and services business, Cartology, the Group’s retail media business, and Primary Connect, the Group’s distribution and fulfilment network. PFD is our B2B food business, extending our scale in food. About Woolworths Group Established in 1924, Woolworths Group is one of Australia and New Zealand’s largest retailers with a wide-reaching store network and eCommerce business, anchored in the strength of its cornerstone Food business. Group sales $71.5B 3.6% from F25 Group eCommerce sales $10.6B 15.9% from F25 Group EBIT (before SI) 1 $3,105M 12.7% from F25 Group financial performanceEveryday Retail Group 1 Before significant items as presented in the Group Financial Performance section on page 31. 4 1,729 Our store network 26.1M average customer transactions per week 1.7% from F25 Woolworths Supermarkets 1,130 BIG W 178 Petstock Retail 240 Woolworths New Zealand 181 Group retail stores 86% of the Australian population within a 10-minute drive from a Woolworths supermarket 209,026 team members 33% of team members <25 years of age 90% of the Australian population covered by our eCommerce network 31.5M Average weekly digital traffic to Group platforms 7.2% from F25 Group scale Woolworths Group Annual Report 2026 5Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Message from the Chair Delivering for customers, team and shareholders I am pleased to report that we have made significant progress in F26. Last year we set ourselves important goals to reverse a period of underperformance and we have delivered against those goals. A focus on the retail fundamentals has driven an improved performance and shareholder experience during the year. F26 performance Pleasingly, all business segments' improved performance contributed to the Group’s financial outcomes. This was achieved against a backdrop of record low consumer confidence and rising costs defining a challenging macroeconomic backdrop. More than any other factor, it has been the efforts of our team throughout the business, under Amanda’s leadership, that has delivered this improved performance. F26 Group EBIT 1 increased by 12.7% reflecting investment in more value for customers, greater convenience and improved execution in Australian Food to rebuild sales momentum following a more challenging prior year which was also impacted by industrial action. The improvement in Australian Food, combined with a return to profitability in BIG W and a strong focus on Group-wide productivity, drove the improved performance. The Group’s complementary businesses & services also delivered a significant contribution to earnings for the year. Petstock’s robust performance was driven by new own brand product launches in both the Petstock and Woolworths retail businesses delivering great value and quality, combined with strong growth in eCommerce convenience. PFD delivered both solid sales and EBIT growth with the QSR sales channel remaining resilient. Media, Rewards & Services grew strongly and Cartology’s revenue momentum in H2 reflected the combination of proprietary analytics and media and product insights gaining increased traction with suppliers. Group NPAT 2 increased by 15.4% in F26. Reflecting the improved performance, the Board declared a fully franked final dividend per share of 52 cents, an increase of 15.6% on the prior year with the total dividend per share for F26 of 97 cents increasing by 15.5%. The remuneration outcomes as outlined on pages 98 –121 of this report also align to the improved performance. As part of the Group’s short-term incentive, safety metrics achieved between Target and Stretch outcomes, driven by company-wide efforts focused on risk reduction, proactive injury prevention, and early care. Total Recordable Injury Frequency Rate (TRIFR) and Injury Severity Score improved by 10% and 6% respectively compared to last year. The second tranche of the one-off Accelerator Incentive outlined in last year’s report also achieved the vesting outcomes in the year after delivering meaningful progress towards our low-cost retailing goals while delivering nearer-term trading momentum. However, longer-term targets reflected in the Group’s LTI were not met due to the F24 and F25 performance which appropriately resulted in a nil vesting in F26. 1 Before significant items. 2 Attributable to equity holders of the parent entity before significant items as presented in the Group Financial Performance section on page 31. 6 Leveraging world-class assets Strategic investments in recent years have been critical to ensure we remain competitive in an ever-evolving retail sector. The Group’s market-leading digital and eCommerce assets have supported recent sales growth as consumers have become fast adopters of apps and online tools that make shopping easier. In F26 Group eCommerce sales increased 15.9% with a sales penetration of 15.9%, an increase of around five percentage points over the last three years. Investment in the Group’s store network has been critical to service the various shopping missions of our customers. The scale of our network has allowed us to meet the rise in ultra-convenience with On Demand, our fastest growing proposition, more than doubling in the last two years. This has been aided by the establishment of Direct to Boot facilities in 785 stores as at the end of F26, with the majority also servicing Direct to Boot Now orders within one hour. The Group’s supply chain network has undergone a significant transformation over the last 10 years. This includes the completion of the state-of-the-art Moorebank precinct late last year, with the co-located national and regional distribution centres featuring the latest automation technology and safety features that is expected to unlock significant efficiencies and productivity savings for the Group. For more than a decade we have been investing in our digital and data capabilities which has enabled strong AI foundations. We are convinced AI will empower customers and our teams in ways that will change the way we shop and work. This includes the launch of intelligent shopping agents that transform how customers plan and shop, tools that optimise the routes our online shoppers pick in stores, and enabling our team to meet the individual needs of our diverse customer base in a more relevant and inspiring manner. We are excited by the opportunities AI presents and remain diligent to ensure it delivers the right outcomes for all stakeholders. Impact that matters Earlier this year we launched the Group’s 2030 Sustainability Plan, focused on five key areas where we can drive the most significant impact. Highlights include the expansion of the soft plastic recycling program to over 700 stores, and the continued positive impact on local communities through the donation of the equivalent of over 44 million meals to our food rescue partners in F26. The Group also maintained its global number one ranking by KnowTheChain for the second year reflecting our efforts to tackle modern slavery. In F26, the Group’s Human Rights Program due diligence has been extended, reaching deeper into our supply chains and embedding safeguards that help protect workers. Further details can be found in this year’s Modern Slavery Statement. Pages 50–87 include the Group’s first Sustainability Report, which combined with our F26 Nature Report, reflects the importance of sustainable food systems. The Group remains on track to deliver its Scope 1 and 2 reduction goal by 2030, with a key milestone of 100% renewable electricity achieved in December last year. We also continue to work with suppliers, government and industry more broadly to support progress on Scope 3 emissions. This year, we entered a multi-year partnership with key beef partners to trial new technology to reduce methane emissions in grass-fed cattle, and expanded our electric vehicle prime mover pilot to reduce emissions with our transport supply chain partners. Effectively managing nature-based risk is key to protecting our food supply chain. Last year the Group completed a detailed nature-materiality assessment, aligned with the Taskforce for Nature-Related Financial Disclosures LEAP assessment framework, across our direct operations and highly-traded commodities. We have made good progress across many of our short-term priority areas, with a clear focus on our animal protein categories of red meat, poultry, eggs and seafood, as outlined in our Nature Report. Board updates I was pleased to announce the appointment of Terry Bowen as a non-executive director to the Woolworths Group Board in August. Terry has over 30 years of strategic, financial and operational experience across a range of sectors within some of Australia’s leading companies. Having held various senior executive leadership roles, Terry is expected to make a significant contribution to the Board, supplementing and enhancing the current skills and experience of the other directors through his deep expertise in capital allocation, business transformation, risk management and supply chain. Jon Alferness joined the Board in March of this year and is a highly experienced technology and product leader with more than 20 years’ experience in Silicon Valley and the global retail sector. Most recently, Jon was the Executive Vice President and Chief Product Officer for Walmart US, where he oversaw the integration of advanced digital capabilities into daily operations. These appointments further strengthen the Board's retail and digital expertise. Tracey Fellows retired from the Board in March of this year. I would like to thank Tracey for her valuable contribution to the Board and committees on which she served. Looking ahead The Group has momentum across most key measures which, while pleasing, offers no assurance that it will be sustained in what is a challenging and intensive competitive market. What galvanises the Board and management is the belief in Woolworths Group’s potential and the dedication of our teams to go above and beyond in service of our customers. By doing this, we are confident that we can deliver long-term sustainable growth for our shareholders. Scott Perkins Chair Woolworths Group Annual Report 2026 7Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Message from the Chair Delivering for customers, team and shareholders I am pleased to report that we have made significant progress in F26. Last year we set ourselves important goals to reverse a period of underperformance and we have delivered against those goals. A focus on the retail fundamentals has driven an improved performance and shareholder experience during the year. F26 performance Pleasingly, all business segments' improved performance contributed to the Group’s financial outcomes. This was achieved against a backdrop of record low consumer confidence and rising costs defining a challenging macroeconomic backdrop. More than any other factor, it has been the efforts of our team throughout the business, under Amanda’s leadership, that has delivered this improved performance. F26 Group EBIT 1 increased by 12.7% reflecting investment in more value for customers, greater convenience and improved execution in Australian Food to rebuild sales momentum following a more challenging prior year which was also impacted by industrial action. The improvement in Australian Food, combined with a return to profitability in BIG W and a strong focus on Group-wide productivity, drove the improved performance. The Group’s complementary businesses & services also delivered a significant contribution to earnings for the year. Petstock’s robust performance was driven by new own brand product launches in both the Petstock and Woolworths retail businesses delivering great value and quality, combined with strong growth in eCommerce convenience. PFD delivered both solid sales and EBIT growth with the QSR sales channel remaining resilient. Media, Rewards & Services grew strongly and Cartology’s revenue momentum in H2 reflected the combination of proprietary analytics and media and product insights gaining increased traction with suppliers. Group NPAT 2 increased by 15.4% in F26. Reflecting the improved performance, the Board declared a fully franked final dividend per share of 52 cents, an increase of 15.6% on the prior year with the total dividend per share for F26 of 97 cents increasing by 15.5%. The remuneration outcomes as outlined on pages 98 –121 of this report also align to the improved performance. As part of the Group’s short-term incentive, safety metrics achieved between Target and Stretch outcomes, driven by company-wide efforts focused on risk reduction, proactive injury prevention, and early care. Total Recordable Injury Frequency Rate (TRIFR) and Injury Severity Score improved by 10% and 6% respectively compared to last year. The second tranche of the one-off Accelerator Incentive outlined in last year’s report also achieved the vesting outcomes in the year after delivering meaningful progress towards our low-cost retailing goals while delivering nearer-term trading momentum. However, longer-term targets reflected in the Group’s LTI were not met due to the F24 and F25 performance which appropriately resulted in a nil vesting in F26. 1 Before significant items. 2 Attributable to equity holders of the parent entity before significant items as presented in the Group Financial Performance section on page 31. 6 Leveraging world-class assets Strategic investments in recent years have been critical to ensure we remain competitive in an ever-evolving retail sector. The Group’s market-leading digital and eCommerce assets have supported recent sales growth as consumers have become fast adopters of apps and online tools that make shopping easier. In F26 Group eCommerce sales increased 15.9% with a sales penetration of 15.9%, an increase of around five percentage points over the last three years. Investment in the Group’s store network has been critical to service the various shopping missions of our customers. The scale of our network has allowed us to meet the rise in ultra-convenience with On Demand, our fastest growing proposition, more than doubling in the last two years. This has been aided by the establishment of Direct to Boot facilities in 785 stores as at the end of F26, with the majority also servicing Direct to Boot Now orders within one hour. The Group’s supply chain network has undergone a significant transformation over the last 10 years. This includes the completion of the state-of-the-art Moorebank precinct late last year, with the co-located national and regional distribution centres featuring the latest automation technology and safety features that is expected to unlock significant efficiencies and productivity savings for the Group. For more than a decade we have been investing in our digital and data capabilities which has enabled strong AI foundations. We are convinced AI will empower customers and our teams in ways that will change the way we shop and work. This includes the launch of intelligent shopping agents that transform how customers plan and shop, tools that optimise the routes our online shoppers pick in stores, and enabling our team to meet the individual needs of our diverse customer base in a more relevant and inspiring manner. We are excited by the opportunities AI presents and remain diligent to ensure it delivers the right outcomes for all stakeholders. Impact that matters Earlier this year we launched the Group’s 2030 Sustainability Plan, focused on five key areas where we can drive the most significant impact. Highlights include the expansion of the soft plastic recycling program to over 700 stores, and the continued positive impact on local communities through the donation of the equivalent of over 44 million meals to our food rescue partners in F26. The Group also maintained its global number one ranking by KnowTheChain for the second year reflecting our efforts to tackle modern slavery. In F26, the Group’s Human Rights Program due diligence has been extended, reaching deeper into our supply chains and embedding safeguards that help protect workers. Further details can be found in this year’s Modern Slavery Statement. Pages 50–87 include the Group’s first Sustainability Report, which combined with our F26 Nature Report, reflects the importance of sustainable food systems. The Group remains on track to deliver its Scope 1 and 2 reduction goal by 2030, with a key milestone of 100% renewable electricity achieved in December last year. We also continue to work with suppliers, government and industry more broadly to support progress on Scope 3 emissions. This year, we entered a multi-year partnership with key beef partners to trial new technology to reduce methane emissions in grass-fed cattle, and expanded our electric vehicle prime mover pilot to reduce emissions with our transport supply chain partners. Effectively managing nature-based risk is key to protecting our food supply chain. Last year the Group completed a detailed nature-materiality assessment, aligned with the Taskforce for Nature-Related Financial Disclosures LEAP assessment framework, across our direct operations and highly-traded commodities. We have made good progress across many of our short-term priority areas, with a clear focus on our animal protein categories of red meat, poultry, eggs and seafood, as outlined in our Nature Report. Board updates I was pleased to announce the appointment of Terry Bowen as a non-executive director to the Woolworths Group Board in August. Terry has over 30 years of strategic, financial and operational experience across a range of sectors within some of Australia’s leading companies. Having held various senior executive leadership roles, Terry is expected to make a significant contribution to the Board, supplementing and enhancing the current skills and experience of the other directors through his deep expertise in capital allocation, business transformation, risk management and supply chain. Jon Alferness joined the Board in March of this year and is a highly experienced technology and product leader with more than 20 years’ experience in Silicon Valley and the global retail sector. Most recently, Jon was the Executive Vice President and Chief Product Officer for Walmart US, where he oversaw the integration of advanced digital capabilities into daily operations. These appointments further strengthen the Board's retail and digital expertise. Tracey Fellows retired from the Board in March of this year. I would like to thank Tracey for her valuable contribution to the Board and committees on which she served. Looking ahead The Group has momentum across most key measures which, while pleasing, offers no assurance that it will be sustained in what is a challenging and intensive competitive market. What galvanises the Board and management is the belief in Woolworths Group’s potential and the dedication of our teams to go above and beyond in service of our customers. By doing this, we are confident that we can deliver long-term sustainable growth for our shareholders. Scott Perkins Chair Woolworths Group Annual Report 2026 7Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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In F26 we made good progress across a number of areas which showed up in a stronger financial performance. In August last year, following performance that was below our expectations, we outlined the actions we were taking to reposition the Group for long-term sustainable growth. F26 summary Following a period of significant change and disruption in F25, we saw greater stability across the Group with key leadership and structure changes better aligned with our strategic priorities. We focused on rebuilding customer trust, restoring momentum and getting back to the level of retail excellence our customers and shareholders expect of us. Group sales increased by 3.6% with all businesses delivering an improved performance. This improvement in sales momentum, together with strong productivity and cost control, drove solid Group EBIT 1 growth of 12.7%. In our key Australian Food business, we took action to restore customer momentum in the first half of the year through delivering more value for customers, greater convenience and better execution. Customers have noticed, with advocacy scores improving throughout the year and strong sales momentum. Australian Food total sales in F26 increased by 4.6% with growth of 5.7% in the second half. This was driven mainly by customers putting more items in their baskets and this momentum has continued into F27. eCommerce and Rewards & Services delivered a strong sales contribution and improved profitability. While growth was stable throughout the year, we saw an acceleration in the second half supported by investment in eCommerce and Everyday Rewards offers and network expansion. The improved sales growth, a disciplined cost and productivity focus, and a higher earnings contribution from eCommerce and Rewards & Services drove Australian Food EBIT growth of 8.5% in F26. In New Zealand, ongoing investment and improvements to the customer offer supported a recovery in earnings during the year. However, market growth remains challenged and the trading environment highly competitive. This, together with some disruption from a new store operating model, led to lower profit in the second half. BIG W returned to profitability in F26 as improvements to range and better execution throughout the year, particularly in Clothing, led to higher-margin sales. In-store and above-store productivity initiatives largely offset inflation supporting the strong profit improvement in the year. Across the Group, we are focused on making every dollar count and restoring a low cost discipline. We delivered approximately $400 million above-store cost savings in F26, in line with expectations. This together with a strong focus on productivity helped deliver a reduction in cost of doing business across the Group. Message from the CEO Getting it right for customers Our customers remain at the heart of Woolworths Group and serving them each day is a privilege we do not take lightly. On average we serve more than 26 million customers per week, and getting that right every day, so they continue to choose us first, is our ambition. 1 Before significant items. 8 Strategic progress in F26 We made meaningful shifts for our customers to put us first in food through a focus on value, fresh, availability and convenience. We invested in dependable, low prices for our customers through increased promotions, added more items to Lower Shelf Prices, and delivered more benefits to our customers through our Everyday Rewards program. This has supported an improvement in Value for Money scores compared to prior periods. Providing value customers can trust is critical in the current environment and we are committed to limiting the impact of rising costs on our customers. We worked hard to strengthen our retail execution and have seen an improvement in availability, as well as taking steps to improve our range and offer in key categories, particularly in own brand and Everyday Needs. We have been transforming our digital experience and Olive, our digital shopping assistant, has taken a big step forward through agentic AI. Olive has transformed into a personal shopping companion, making the weekly shop easier in store and online. In November 2025, we opened the Moorebank Regional Distribution Centre, completing the renewal and expansion of our ambient grocery supply chain in NSW. We are confident the investments to modernise our supply chain will deliver a highly competitive, low-cost network that will unlock significant benefits for our team and customers and support long-term growth. On our second strategic priority, we have made progress in improving returns in New Zealand Food and BIG W. Both businesses delivered an earnings improvement in the year supported by their transformation agendas. However, we know this momentum needs to be sustained to deliver double-digit returns over the medium term. In New Zealand Food, progress on our brand and reputation scores give us confidence that customers are recognising improvements to our offer. We are seeing early signs of benefits from the roll out of a new store operating model to improve the team and customer experience despite some initial disruption. The relaunch of Member Prices in March is resonating with customers and has supported an improvement in Value for Money and Everyday Rewards scores. However, trading conditions are expected to remain subdued and our priority is restoring sales momentum to deliver an improved financial performance in F27. In BIG W, we have taken steps to reposition our range to provide better quality and more affordable options to customers, as well as extending our range through BIG W Market. We also improved our execution supported by the roll out of new technology and productivity initiatives. Our complementary businesses and services made a significant contribution to Group earnings, contributing around a third of the Group’s EBIT growth in F26. Petstock completed a value reset and strengthened its own brand offer, and despite a more challenging customer environment in the second half, PFD delivered solid sales and EBIT growth. A highlight was strong growth in Media, Rewards & Services with record Everyday Rewards member engagement and a pleasing improvement in Cartology in the second half of the year following a number of successful promotional campaigns. Finally, following the conclusion of our five-year Sustainability Plan, we launched our 2030 Plan which sets out our ambition for the next phase of our sustainability journey with some key achievements during the year. In December, we achieved 100% renewable electricity across our operations in support of our net zero goals and we are on track to achieve our Scope 1 and 2 emissions reduction targets by 2030. Last year we also celebrated a decade of partnership with OzHarvest and we reached an incredible milestone, providing 100 million meals to Australians in need over the last 10 years. Our progress this year would not be possible without our dedicated team and I want to thank them for their incredible commitment. I see first-hand across our stores the effort they go to, day in, day out to go the extra mile for our customers to get a shelf stocked before a busy period or to help an elderly customer find the last of the winter mandarins. It is these moments, repeated millions of times every week, that have helped us rebuild trust with our customers to choose Woolworths first. Looking ahead As we look ahead, we are determined to build on the momentum we have achieved by making further progress on our strategy in F27. We are focused on delivering better customer experiences and transforming to be a future-fit modern retailer, led by our people and powered by technology. I have confidence that if we do this successfully, we will be the first choice for customers. While we are operating in a challenging economic environment and a dynamic competitive landscape, I am confident we can continue to deliver for our customers, team members and shareholders in the year ahead. Amanda Bardwell Chief Executive Officer Woolworths Group Annual Report 2026 9Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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In F26 we made good progress across a number of areas which showed up in a stronger financial performance. In August last year, following performance that was below our expectations, we outlined the actions we were taking to reposition the Group for long-term sustainable growth. F26 summary Following a period of significant change and disruption in F25, we saw greater stability across the Group with key leadership and structure changes better aligned with our strategic priorities. We focused on rebuilding customer trust, restoring momentum and getting back to the level of retail excellence our customers and shareholders expect of us. Group sales increased by 3.6% with all businesses delivering an improved performance. This improvement in sales momentum, together with strong productivity and cost control, drove solid Group EBIT 1 growth of 12.7%. In our key Australian Food business, we took action to restore customer momentum in the first half of the year through delivering more value for customers, greater convenience and better execution. Customers have noticed, with advocacy scores improving throughout the year and strong sales momentum. Australian Food total sales in F26 increased by 4.6% with growth of 5.7% in the second half. This was driven mainly by customers putting more items in their baskets and this momentum has continued into F27. eCommerce and Rewards & Services delivered a strong sales contribution and improved profitability. While growth was stable throughout the year, we saw an acceleration in the second half supported by investment in eCommerce and Everyday Rewards offers and network expansion. The improved sales growth, a disciplined cost and productivity focus, and a higher earnings contribution from eCommerce and Rewards & Services drove Australian Food EBIT growth of 8.5% in F26. In New Zealand, ongoing investment and improvements to the customer offer supported a recovery in earnings during the year. However, market growth remains challenged and the trading environment highly competitive. This, together with some disruption from a new store operating model, led to lower profit in the second half. BIG W returned to profitability in F26 as improvements to range and better execution throughout the year, particularly in Clothing, led to higher-margin sales. In-store and above-store productivity initiatives largely offset inflation supporting the strong profit improvement in the year. Across the Group, we are focused on making every dollar count and restoring a low cost discipline. We delivered approximately $400 million above-store cost savings in F26, in line with expectations. This together with a strong focus on productivity helped deliver a reduction in cost of doing business across the Group. Message from the CEO Getting it right for customers Our customers remain at the heart of Woolworths Group and serving them each day is a privilege we do not take lightly. On average we serve more than 26 million customers per week, and getting that right every day, so they continue to choose us first, is our ambition. 1 Before significant items. 8 Strategic progress in F26 We made meaningful shifts for our customers to put us first in food through a focus on value, fresh, availability and convenience. We invested in dependable, low prices for our customers through increased promotions, added more items to Lower Shelf Prices, and delivered more benefits to our customers through our Everyday Rewards program. This has supported an improvement in Value for Money scores compared to prior periods. Providing value customers can trust is critical in the current environment and we are committed to limiting the impact of rising costs on our customers. We worked hard to strengthen our retail execution and have seen an improvement in availability, as well as taking steps to improve our range and offer in key categories, particularly in own brand and Everyday Needs. We have been transforming our digital experience and Olive, our digital shopping assistant, has taken a big step forward through agentic AI. Olive has transformed into a personal shopping companion, making the weekly shop easier in store and online. In November 2025, we opened the Moorebank Regional Distribution Centre, completing the renewal and expansion of our ambient grocery supply chain in NSW. We are confident the investments to modernise our supply chain will deliver a highly competitive, low-cost network that will unlock significant benefits for our team and customers and support long-term growth. On our second strategic priority, we have made progress in improving returns in New Zealand Food and BIG W. Both businesses delivered an earnings improvement in the year supported by their transformation agendas. However, we know this momentum needs to be sustained to deliver double-digit returns over the medium term. In New Zealand Food, progress on our brand and reputation scores give us confidence that customers are recognising improvements to our offer. We are seeing early signs of benefits from the roll out of a new store operating model to improve the team and customer experience despite some initial disruption. The relaunch of Member Prices in March is resonating with customers and has supported an improvement in Value for Money and Everyday Rewards scores. However, trading conditions are expected to remain subdued and our priority is restoring sales momentum to deliver an improved financial performance in F27. In BIG W, we have taken steps to reposition our range to provide better quality and more affordable options to customers, as well as extending our range through BIG W Market. We also improved our execution supported by the roll out of new technology and productivity initiatives. Our complementary businesses and services made a significant contribution to Group earnings, contributing around a third of the Group’s EBIT growth in F26. Petstock completed a value reset and strengthened its own brand offer, and despite a more challenging customer environment in the second half, PFD delivered solid sales and EBIT growth. A highlight was strong growth in Media, Rewards & Services with record Everyday Rewards member engagement and a pleasing improvement in Cartology in the second half of the year following a number of successful promotional campaigns. Finally, following the conclusion of our five-year Sustainability Plan, we launched our 2030 Plan which sets out our ambition for the next phase of our sustainability journey with some key achievements during the year. In December, we achieved 100% renewable electricity across our operations in support of our net zero goals and we are on track to achieve our Scope 1 and 2 emissions reduction targets by 2030. Last year we also celebrated a decade of partnership with OzHarvest and we reached an incredible milestone, providing 100 million meals to Australians in need over the last 10 years. Our progress this year would not be possible without our dedicated team and I want to thank them for their incredible commitment. I see first-hand across our stores the effort they go to, day in, day out to go the extra mile for our customers to get a shelf stocked before a busy period or to help an elderly customer find the last of the winter mandarins. It is these moments, repeated millions of times every week, that have helped us rebuild trust with our customers to choose Woolworths first. Looking ahead As we look ahead, we are determined to build on the momentum we have achieved by making further progress on our strategy in F27. We are focused on delivering better customer experiences and transforming to be a future-fit modern retailer, led by our people and powered by technology. I have confidence that if we do this successfully, we will be the first choice for customers. While we are operating in a challenging economic environment and a dynamic competitive landscape, I am confident we can continue to deliver for our customers, team members and shareholders in the year ahead. Amanda Bardwell Chief Executive Officer Woolworths Group Annual Report 2026 9Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Woolworths Group is a purpose-led organisation comprising world-class assets and capabilities that provide a unique competitive advantage and significant potential. Purpose Ambition We create better experiences together for a better tomorrow Be the first choice for customers, offering the best products and shopping experiences, led by our People and powered by Technology I care deeply I listen and learn I always do the right thing Values Ways-of-working We’re customer 1st, team 1st We’re always improving We deliver end-to-end We encourage freedom within clear frameworks We keep things simple Realising our potential 10 Sales growth from Woolworths Food Retail in line or above the market Woolworths Food Retail EBIT growth > sales Incremental growth from complementary businesses and services Double-digit TSR Financial aspirations Read about the Group’s financial performance on pages 30–33 Medium-term strategic priorities To deliver this potential, the Group is focused on three key medium-term strategic priorities: Become first choice for the Freshest Australian Food Improve returns in New Zealand Food and BIG W Grow complementary businesses & services Read about the Group’s progress on pages 18 –25 Led by our People and powered by Technology The Group’s experienced team and expansive digital, data and AI capabilities provide a unique competitive advantage. Read more on pages 26–27 Sustainability impact Read about the Group’s 2030 Sustainability Plan on pages 28–29 Climate & nature Supporting sustainable food systems through positive action on climate, nature and animal welfare Waste & circularity Moving from linear waste management to circularity Human rights Advancing human rights through addressing exploitation and modern slavery risks Social impact Supporting our communities through targeted initiatives Health & nutrition Making healthier options more accessible and affordable Woolworths Group Annual Report 2026 11Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Woolworths Group is a purpose-led organisation comprising world-class assets and capabilities that provide a unique competitive advantage and significant potential. Purpose Ambition We create better experiences together for a better tomorrow Be the first choice for customers, offering the best products and shopping experiences, led by our People and powered by Technology I care deeply I listen and learn I always do the right thing Values Ways-of-working We’re customer 1st, team 1st We’re always improving We deliver end-to-end We encourage freedom within clear frameworks We keep things simple Realising our potential 10 Sales growth from Woolworths Food Retail in line or above the market Woolworths Food Retail EBIT growth > sales Incremental growth from complementary businesses and services Double-digit TSR Financial aspirations Read about the Group’s financial performance on pages 30–33 Medium-term strategic priorities To deliver this potential, the Group is focused on three key medium-term strategic priorities: Become first choice for the Freshest Australian Food Improve returns in New Zealand Food and BIG W Grow complementary businesses & services Read about the Group’s progress on pages 18 –25 Led by our People and powered by Technology The Group’s experienced team and expansive digital, data and AI capabilities provide a unique competitive advantage. Read more on pages 26–27 Sustainability impact Read about the Group’s 2030 Sustainability Plan on pages 28–29 Climate & nature Supporting sustainable food systems through positive action on climate, nature and animal welfare Waste & circularity Moving from linear waste management to circularity Human rights Advancing human rights through addressing exploitation and modern slavery risks Social impact Supporting our communities through targeted initiatives Health & nutrition Making healthier options more accessible and affordable Woolworths Group Annual Report 2026 11Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Value drivers Iconic Australian and New Zealand brands The Group comprises retail brands that have a proud 100 -year history across Australia and New Zealand, known for fresh food and a wide range of great value products. Large, connected customer base On average, the Group facilitates 26.1 million customer transactions each week with a large, connected customer base across Australia and New Zealand. Leading loyalty program Everyday Rewards members reached over 13 million in F26 with an active loyalty base across Australia and New Zealand. The more a member engages, the higher their advocacy and loyalty to the Group’s retail banners. Expansive digital, data and AI capabilities The Group has established strong foundations to leverage AI through significant investment in digital and data capabilities. Widest network reach, best-in-class retail assets A modern, well-located store network and a state-of-the-art supply chain is critical to maintaining customer reach. As at the end of F26, the Group’s total store network comprised 1,729 retail stores across Australia and New Zealand supported by leading eCommerce capabilities. Experienced team with deep retail experience The Group’s experienced team of over 209,000 across Australia and New Zealand are critical in delivering better experiences for customers every day. Business model Deliver sales & volume growth Providing dependable and low prices to customers Reinvest in customers to deliver better experiences Leading products and experiences will be the reason customers choose us The Group’s value drivers are essential to create long-term sustainable growth for all our stakeholders. 12 Value created for stakeholders Unlock productivity & efficiency Reshaping our Group to compete in a dynamic retail environment Group customer metrics increased on the prior year driven by improvements in Australian Food, New Zealand Food and BIG W. Customers 49 Group VOC NPS 4pts vs. F25 In December 2025, the Group achieved 100% renewable electricity across its operations in Australia and New Zealand supporting its net zero goals. Planet 45% reduction in Scope 1 & 2 emissions vs. F23 baseline 44M+ meals donated to food rescue partners in Australia and New Zealand In F26, Woolworths Supermarkets celebrated a decade of partnership with OzHarvest, providing 100 million meals to Australians in need over the last 10 years. Communities F26 Group EBIT before significant items increased 12.7% with all trading segments contributing to growth for the year. Group NPAT before significant items increased by 15.4% 2 reflecting Group EBIT growth. Shareholders 97₵ $1,599M F26 full year dividend per share 1 Group NPAT 2 1 Fully franked. 2 Attributable to equity holders of the parent entity before significant items as presented in the Group Financial Performance section on page 31. Group team advocacy improved during the year driven by a recovery in store team advocacy. Team 29 Group Team NPS (June 2026) 6pts vs. F25 Supplier sentiment improved throughout the year driven by improvements in collaboration and communication. Suppliers 52% VOS (May 2026) 2pts vs. March 2026 Woolworths Group Annual Report 2026 13 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Value drivers Iconic Australian and New Zealand brands The Group comprises retail brands that have a proud 100 -year history across Australia and New Zealand, known for fresh food and a wide range of great value products. Large, connected customer base On average, the Group facilitates 26.1 million customer transactions each week with a large, connected customer base across Australia and New Zealand. Leading loyalty program Everyday Rewards members reached over 13 million in F26 with an active loyalty base across Australia and New Zealand. The more a member engages, the higher their advocacy and loyalty to the Group’s retail banners. Expansive digital, data and AI capabilities The Group has established strong foundations to leverage AI through significant investment in digital and data capabilities. Widest network reach, best-in-class retail assets A modern, well-located store network and a state-of-the-art supply chain is critical to maintaining customer reach. As at the end of F26, the Group’s total store network comprised 1,729 retail stores across Australia and New Zealand supported by leading eCommerce capabilities. Experienced team with deep retail experience The Group’s experienced team of over 209,000 across Australia and New Zealand are critical in delivering better experiences for customers every day. Business model Deliver sales & volume growth Providing dependable and low prices to customers Reinvest in customers to deliver better experiences Leading products and experiences will be the reason customers choose us The Group’s value drivers are essential to create long-term sustainable growth for all our stakeholders. 12 Value created for stakeholders Unlock productivity & efficiency Reshaping our Group to compete in a dynamic retail environment Group customer metrics increased on the prior year driven by improvements in Australian Food, New Zealand Food and BIG W. Customers 49 Group VOC NPS 4pts vs. F25 In December 2025, the Group achieved 100% renewable electricity across its operations in Australia and New Zealand supporting its net zero goals. Planet 45% reduction in Scope 1 & 2 emissions vs. F23 baseline 44M+ meals donated to food rescue partners in Australia and New Zealand In F26, Woolworths Supermarkets celebrated a decade of partnership with OzHarvest, providing 100 million meals to Australians in need over the last 10 years. Communities F26 Group EBIT before significant items increased 12.7% with all trading segments contributing to growth for the year. Group NPAT before significant items increased by 15.4% 2 reflecting Group EBIT growth. Shareholders 97₵ $1,599M F26 full year dividend per share 1 Group NPAT 2 1 Fully franked. 2 Attributable to equity holders of the parent entity before significant items as presented in the Group Financial Performance section on page 31. Group team advocacy improved during the year driven by a recovery in store team advocacy. Team 29 Group Team NPS (June 2026) 6pts vs. F25 Supplier sentiment improved throughout the year driven by improvements in collaboration and communication. Suppliers 52% VOS (May 2026) 2pts vs. March 2026 Woolworths Group Annual Report 2026 13 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Value chain Why it matters The farming and sourcing of raw materials is fundamental to delivering fresh, quality food and the production of quality own brand products. Sustainability Product safety Agriculture Why it matters Quality data is a key organisational asset, helping to support strategic and operational decisions, and enabling AI innovation. Data, tech & AI Why it matters Maintaining strong and collaborative relationships with our suppliers, processors and packaging partners is essential to delivering high quality products at great value. Suppliers Why it matters The strength and resilience of our supply chain is critical to ensure we maintain high levels of freshness, availability and choice for our customers. Logistics Our approach to protecting our value chain and mitigating risk Privacy and data management Technology Sustainability Legal, regulatory and governance Supply chain and operational resilience 14 Woolworths Group’s connected value chain delivers sustainable stakeholder outcomes and fulfils our commitment to a better tomorrow. Why it matters The Group’s retail businesses provide Australian and New Zealand customers with their food and everyday needs both in store and online, supported by complementary businesses and services. Food retail Why it matters The Group’s team members are critical in serving our customers and ensuring we are providing great shopping experiences while maintaining a safe and inclusive work environment. Team Why it matters Providing our customers with great value products and convenient shopping experiences is critical to the success of our business. Customers Why it matters Minimising food waste and plastic packaging across our value chain helps us to reduce our environmental impact while supporting efforts to mitigate food insecurity. Product stewardship Strategy and transformation People Safety, health and wellbeing Pay and entitlements Customer Strategy and transformation Sustainability More information on our risk management approach can be found on pages 42–49 Woolworths Group Annual Report 2026 15 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Value chain Why it matters The farming and sourcing of raw materials is fundamental to delivering fresh, quality food and the production of quality own brand products. Sustainability Product safety Agriculture Why it matters Quality data is a key organisational asset, helping to support strategic and operational decisions, and enabling AI innovation. Data, tech & AI Why it matters Maintaining strong and collaborative relationships with our suppliers, processors and packaging partners is essential to delivering high quality products at great value. Suppliers Why it matters The strength and resilience of our supply chain is critical to ensure we maintain high levels of freshness, availability and choice for our customers. Logistics Our approach to protecting our value chain and mitigating risk Privacy and data management Technology Sustainability Legal, regulatory and governance Supply chain and operational resilience 14 Woolworths Group’s connected value chain delivers sustainable stakeholder outcomes and fulfils our commitment to a better tomorrow. Why it matters The Group’s retail businesses provide Australian and New Zealand customers with their food and everyday needs both in store and online, supported by complementary businesses and services. Food retail Why it matters The Group’s team members are critical in serving our customers and ensuring we are providing great shopping experiences while maintaining a safe and inclusive work environment. Team Why it matters Providing our customers with great value products and convenient shopping experiences is critical to the success of our business. Customers Why it matters Minimising food waste and plastic packaging across our value chain helps us to reduce our environmental impact while supporting efforts to mitigate food insecurity. Product stewardship Strategy and transformation People Safety, health and wellbeing Pay and entitlements Customer Strategy and transformation Sustainability More information on our risk management approach can be found on pages 42–49 Woolworths Group Annual Report 2026 15 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Operating context During the year the operating context continued to evolve creating both opportunities and risks for the Group. 1 IPSOS AU National Issues Monitor – June 2026. 2 Woolworths Food Retail. Market drivers Cost-of-living pressures remain elevated and are continuing to impact household budgets. After signs of a tentative improvement in customer sentiment towards the end of 2025, persistent inflation, consecutive interest rate rises and global conflict in F26 have entrenched value -seeking behaviours with customers remaining value-focused. • Strengthened Lower Shelf Prices • Delivered strong promotional program and increased investment in Rewards offers • Launched Price Freeze initiative in H2 to provide more price certainty to customers • Relaunched Member Prices in New Zealand 62% of customers rate cost-of-living as their top issue 1 How we are respondingCustomer sentiment Market drivers Customers are making healthier choices more frequently, with trends like high protein and high fibre becoming more popular. We have seen an increase in demand for protein-rich products across a number of categories, as well as an increased demand for healthier, ready-made meal options. Increased usage of weight loss drugs is also driving a shift to nutrient-dense, high quality meals. • Responded to customer trends with new product launches • Launched new convenience meals range with a focus on high-protein and ultra fresh options • Introduced new and exclusive varietals of Fruit & Vegetables • Roll out of new Dinner Destination section in 133 stores and in the Woolworths app to support the customer shopping journey 9.5% growth in Health Food & Drinks sales in F26 2 How we are respondingHealth and nutrition 16 Market drivers A high inflationary environment and increased geopolitical volatility has driven elevated costs across the Group. This includes supply chain costs such as fuel, freight and distribution, as well as team wages, leases and energy costs. • Above-store cost savings delivered in line with expectations supporting reduction in Group CODB. Key areas of savings included above store costs, goods not for resale, and marketing and IT spend • Maintained strong focus on productivity and cost discipline through stores and supply chain • Continued roll out of exit gates to improve stockloss, now in over half of the Australian Food store network4.0% wage and superannuation increase for Australian store team members in F26 How we are respondingCost inflation Market drivers AI continues to transform how and where customers shop. It is also transforming the way our teams work and helping to streamline operations and automate workflows to drive greater efficiencies. Over the past decade the Group has established strong digital and data foundations through significant investment in capabilities, enabling the Group to leverage AI across all parts of the business. • Announced new five-year strategic partnership with Google Cloud • Leveraged agentic AI to transform digital shopping assistant, Olive • Personalisation engine delivering millions of tailored weekly offers • Further optimised eCommerce fulfilment, including shorter pick paths and more efficient last-mile delivery routing • Roll out of Gemini Enterprise to support office team members 60% of customer service contacts are automated through customer agents How we are respondingTechnology and AI Market drivers Global macro events and disruptions are causing greater geopolitical volatility which has the potential to cause supply shortages, increase supply chain costs and impact operational performance. • Increased inventory weight on key lines • Implemented a range of measures to support inventory availability and supply chain resilience • Supported transport partners through regular fuel price adjustments during the Middle East conflict • Regular engagement with state and federal governments 31.3 Group closing inventory days in F26, up 1.1 days on the prior year to help mitigate potential supply chain disruptions How we are respondingGeopolitical volatility Woolworths Group Annual Report 2026 17 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Operating context During the year the operating context continued to evolve creating both opportunities and risks for the Group. 1 IPSOS AU National Issues Monitor – June 2026. 2 Woolworths Food Retail. Market drivers Cost-of-living pressures remain elevated and are continuing to impact household budgets. After signs of a tentative improvement in customer sentiment towards the end of 2025, persistent inflation, consecutive interest rate rises and global conflict in F26 have entrenched value -seeking behaviours with customers remaining value-focused. • Strengthened Lower Shelf Prices • Delivered strong promotional program and increased investment in Rewards offers • Launched Price Freeze initiative in H2 to provide more price certainty to customers • Relaunched Member Prices in New Zealand 62% of customers rate cost-of-living as their top issue 1 How we are respondingCustomer sentiment Market drivers Customers are making healthier choices more frequently, with trends like high protein and high fibre becoming more popular. We have seen an increase in demand for protein-rich products across a number of categories, as well as an increased demand for healthier, ready-made meal options. Increased usage of weight loss drugs is also driving a shift to nutrient-dense, high quality meals. • Responded to customer trends with new product launches • Launched new convenience meals range with a focus on high-protein and ultra fresh options • Introduced new and exclusive varietals of Fruit & Vegetables • Roll out of new Dinner Destination section in 133 stores and in the Woolworths app to support the customer shopping journey 9.5% growth in Health Food & Drinks sales in F26 2 How we are respondingHealth and nutrition 16 Market drivers A high inflationary environment and increased geopolitical volatility has driven elevated costs across the Group. This includes supply chain costs such as fuel, freight and distribution, as well as team wages, leases and energy costs. • Above-store cost savings delivered in line with expectations supporting reduction in Group CODB. Key areas of savings included above store costs, goods not for resale, and marketing and IT spend • Maintained strong focus on productivity and cost discipline through stores and supply chain • Continued roll out of exit gates to improve stockloss, now in over half of the Australian Food store network4.0% wage and superannuation increase for Australian store team members in F26 How we are respondingCost inflation Market drivers AI continues to transform how and where customers shop. It is also transforming the way our teams work and helping to streamline operations and automate workflows to drive greater efficiencies. Over the past decade the Group has established strong digital and data foundations through significant investment in capabilities, enabling the Group to leverage AI across all parts of the business. • Announced new five-year strategic partnership with Google Cloud • Leveraged agentic AI to transform digital shopping assistant, Olive • Personalisation engine delivering millions of tailored weekly offers • Further optimised eCommerce fulfilment, including shorter pick paths and more efficient last-mile delivery routing • Roll out of Gemini Enterprise to support office team members 60% of customer service contacts are automated through customer agents How we are respondingTechnology and AI Market drivers Global macro events and disruptions are causing greater geopolitical volatility which has the potential to cause supply shortages, increase supply chain costs and impact operational performance. • Increased inventory weight on key lines • Implemented a range of measures to support inventory availability and supply chain resilience • Supported transport partners through regular fuel price adjustments during the Middle East conflict • Regular engagement with state and federal governments 31.3 Group closing inventory days in F26, up 1.1 days on the prior year to help mitigate potential supply chain disruptions How we are respondingGeopolitical volatility Woolworths Group Annual Report 2026 17 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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In F26, the Group made good progress on its strategic agenda to deliver long-term sustainable growth. Progress against medium-term strategic priorities Become first choice for the Freshest Australian Food In Australian Food we have made meaningful shifts for customers to choose us first across our five strategic focus areas. Consistent and meaningful value A strong promotional program and investment in Everyday Rewards and eCommerce offers during the year delivered more value for customers and more reasons to choose Woolworths first. During the year, more items were added to Lower Shelf Price with the total range now including over 800 everyday items as at the end of June. The lower prices have resonated with customers which was reflected in double-digit unit growth across the program in F26 and improvements in Value for Money VOC, up three points compared to the prior year. In April, in response to growing cost-of-living pressures, Woolworths froze the price of 300 own and exclusive brand basket essentials for three months to provide more price certainty for customers at the checkout. Everyday Rewards member engagement grew strongly with members reaching a record 10.8 million in F26, increasing by 3.4% compared to the prior year. Growth was supported by upweighted investment in Everyday Rewards offers as well as new and returning campaigns including Fissler cookware, Shop & Scan to Win, and Big Points Blitz. New Rewards partners ANZ and American Express were also added during the year, providing more benefits to members. Our focus areas Best of Australian Fresh Products you love and need Easiest ways to shop Consistent and meaningful value Execution excellence 18 Best of Australian Fresh Improvements in availability, quality and value supported Fresh sales growth of 6.9% in F26 and Fruit & Vegetables VOC NPS ended the year up two points on the prior year. During the year Woolworths Supermarkets progressed its strategic sourcing program to increase direct supply of Fruit & Vegetables from the best quality producers. New and exclusive varietals launched during the year included premium apples, grapes and stone fruit, as well as new lines such as melon balls, tearless onions and kiwi berries. As part of our ambition to improve Fresh capability, we completed the first wave of Fresh service fundamentals training across 130 stores, with plans to roll out across all stores in F27. Products you love and need Woolworths Supermarkets also made good progress improving its own brand range with the launch of over 445 new and 680 reformulated own brand products across a number of key categories. Own and exclusive brands sales in F26 increased 5.5% on the prior year with an increase in customer advocacy. Some key highlights for the year included our globally-inspired pantry ranges La Mesita (Mexican), Lantern Alley (Asian) and La Gina (Italian). We are also adding more space for Middle Eastern and South Asian ranges in stores to better cater to local tastes. In Everyday Needs categories, we have made progress on providing the best range and value. In Baby, we relaunched our Little One’s nappy range, and in Pet, we introduced almost 80 new Baxters & Smitten own brand products. Billie’s Bowl, part of the Petstock own brand portfolio, was also launched in Woolworths Supermarkets in Q3. In Health & Beauty we launched new and exclusive beauty brands including Booie Cosmetics, Billie, Bubble and Daise. Meeting the growing customer demand for convenience In May we transformed our convenience meals range which included the launch of 83 new and 60 reformulated ready-made, convenience meals, helping to better meet growing customer demand. The new range includes healthier high-protein options as well as new slow-cooked and roast meal options and a variety of side dishes. We also completed quality and packaging improvements across our existing range of convenience meals. This has been supported by the roll out of a new, dedicated Dinner Destination section in the Fresh area across 133 stores and in the Woolworths app to support the customer shopping journey. Woolworths Group Annual Report 2026 19 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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In F26, the Group made good progress on its strategic agenda to deliver long-term sustainable growth. Progress against medium-term strategic priorities Become first choice for the Freshest Australian Food In Australian Food we have made meaningful shifts for customers to choose us first across our five strategic focus areas. Consistent and meaningful value A strong promotional program and investment in Everyday Rewards and eCommerce offers during the year delivered more value for customers and more reasons to choose Woolworths first. During the year, more items were added to Lower Shelf Price with the total range now including over 800 everyday items as at the end of June. The lower prices have resonated with customers which was reflected in double-digit unit growth across the program in F26 and improvements in Value for Money VOC, up three points compared to the prior year. In April, in response to growing cost-of-living pressures, Woolworths froze the price of 300 own and exclusive brand basket essentials for three months to provide more price certainty for customers at the checkout. Everyday Rewards member engagement grew strongly with members reaching a record 10.8 million in F26, increasing by 3.4% compared to the prior year. Growth was supported by upweighted investment in Everyday Rewards offers as well as new and returning campaigns including Fissler cookware, Shop & Scan to Win, and Big Points Blitz. New Rewards partners ANZ and American Express were also added during the year, providing more benefits to members. Our focus areas Best of Australian Fresh Products you love and need Easiest ways to shop Consistent and meaningful value Execution excellence 18 Best of Australian Fresh Improvements in availability, quality and value supported Fresh sales growth of 6.9% in F26 and Fruit & Vegetables VOC NPS ended the year up two points on the prior year. During the year Woolworths Supermarkets progressed its strategic sourcing program to increase direct supply of Fruit & Vegetables from the best quality producers. New and exclusive varietals launched during the year included premium apples, grapes and stone fruit, as well as new lines such as melon balls, tearless onions and kiwi berries. As part of our ambition to improve Fresh capability, we completed the first wave of Fresh service fundamentals training across 130 stores, with plans to roll out across all stores in F27. Products you love and need Woolworths Supermarkets also made good progress improving its own brand range with the launch of over 445 new and 680 reformulated own brand products across a number of key categories. Own and exclusive brands sales in F26 increased 5.5% on the prior year with an increase in customer advocacy. Some key highlights for the year included our globally-inspired pantry ranges La Mesita (Mexican), Lantern Alley (Asian) and La Gina (Italian). We are also adding more space for Middle Eastern and South Asian ranges in stores to better cater to local tastes. In Everyday Needs categories, we have made progress on providing the best range and value. In Baby, we relaunched our Little One’s nappy range, and in Pet, we introduced almost 80 new Baxters & Smitten own brand products. Billie’s Bowl, part of the Petstock own brand portfolio, was also launched in Woolworths Supermarkets in Q3. In Health & Beauty we launched new and exclusive beauty brands including Booie Cosmetics, Billie, Bubble and Daise. Meeting the growing customer demand for convenience In May we transformed our convenience meals range which included the launch of 83 new and 60 reformulated ready-made, convenience meals, helping to better meet growing customer demand. The new range includes healthier high-protein options as well as new slow-cooked and roast meal options and a variety of side dishes. We also completed quality and packaging improvements across our existing range of convenience meals. This has been supported by the roll out of a new, dedicated Dinner Destination section in the Fresh area across 133 stores and in the Woolworths app to support the customer shopping journey. Woolworths Group Annual Report 2026 19 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Transforming our digital experience Through agentic AI, Olive, our much-loved digital shopping assistant, has been transformed into a market-leading conversational shopping companion. Olive is making the weekly shop easier in store and online and is able to tailor menus based on customer preferences, identify specials and boosted products, as well as build faster, more predictive baskets based on a customer’s purchasing habits. Olive can now act as a personal shopping assistant for everything from everyday essentials to special occasions, like planning a birthday party, and is available for use in the Woolworths app. Progress against medium-term strategic priorities IMAGE Easiest ways to shop The Group’s leading store network remains critical to delivering better experiences for customers both in store and online. Woolworths Supermarkets continued to invest in the store network with the opening of 13 net new stores and completion of 67 renewals in F26. eCommerce growth remained strong in F26 and accelerated in the second half reflecting investment in the customer offer and network expansion. During the year we expanded the Direct to Boot and MILKRUN network and established a new partnership with DoorDash. Adelaide CFC was opened in November 2025 to increase eCommerce capacity in South Australia and a new eStore was opened in St Mary’s, NSW. It is the largest of its kind across the network, merging a traditional supermarket with an automated fulfilment centre and adding capacity in the key Western Sydney market. 20 Completion of the Moorebank supply chain precinct The Moorebank Regional Distribution Centre officially opened in November 2025 and completed the renewal and expansion of the Group’s ambient grocery supply chain in NSW. The state-of-the-art, fully automated facility services the NSW regional network of over 300 stores with the capacity to move 2.8 million cartons per week. The use of automated technology builds sequenced pallets tailored to each store layout, enabling faster restocking and better on-shelf availability. The new co-located sites at Moorebank will materially improve the experience for team members and customers and unlock greater efficiencies across the supply chain network. Execution excellence During the year we focused on improving our retail execution. To improve availability for customers, we held more stock weight on key promotional lines and increased the number of store deliveries over weekends. This contributed to an improvement in Out of Stocks VOC NPS which ended the year up two points compared to F25. Exit gates have been rolled out to 681 stores and are supporting improved stockloss rates. $1.3B capital investment 2.4M average cartons per week (MoRDC) in June 2026 Woolworths Group Annual Report 2026 21 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Transforming our digital experience Through agentic AI, Olive, our much-loved digital shopping assistant, has been transformed into a market-leading conversational shopping companion. Olive is making the weekly shop easier in store and online and is able to tailor menus based on customer preferences, identify specials and boosted products, as well as build faster, more predictive baskets based on a customer’s purchasing habits. Olive can now act as a personal shopping assistant for everything from everyday essentials to special occasions, like planning a birthday party, and is available for use in the Woolworths app. Progress against medium-term strategic priorities IMAGE Easiest ways to shop The Group’s leading store network remains critical to delivering better experiences for customers both in store and online. Woolworths Supermarkets continued to invest in the store network with the opening of 13 net new stores and completion of 67 renewals in F26. eCommerce growth remained strong in F26 and accelerated in the second half reflecting investment in the customer offer and network expansion. During the year we expanded the Direct to Boot and MILKRUN network and established a new partnership with DoorDash. Adelaide CFC was opened in November 2025 to increase eCommerce capacity in South Australia and a new eStore was opened in St Mary’s, NSW. It is the largest of its kind across the network, merging a traditional supermarket with an automated fulfilment centre and adding capacity in the key Western Sydney market. 20 Completion of the Moorebank supply chain precinct The Moorebank Regional Distribution Centre officially opened in November 2025 and completed the renewal and expansion of the Group’s ambient grocery supply chain in NSW. The state-of-the-art, fully automated facility services the NSW regional network of over 300 stores with the capacity to move 2.8 million cartons per week. The use of automated technology builds sequenced pallets tailored to each store layout, enabling faster restocking and better on-shelf availability. The new co-located sites at Moorebank will materially improve the experience for team members and customers and unlock greater efficiencies across the supply chain network. Execution excellence During the year we focused on improving our retail execution. To improve availability for customers, we held more stock weight on key promotional lines and increased the number of store deliveries over weekends. This contributed to an improvement in Out of Stocks VOC NPS which ended the year up two points compared to F25. Exit gates have been rolled out to 681 stores and are supporting improved stockloss rates. $1.3B capital investment 2.4M average cartons per week (MoRDC) in June 2026 Woolworths Group Annual Report 2026 21 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Investment in value, Everyday Rewards, own brand and convenience led to improvements in New Zealand Food’s customer metrics and brand scores during the year. To deliver more value to customers, Member Prices was relaunched on more than 1,500 items and we increased the value given back to customers through improved Everyday Rewards offers. In addition to a strong promotional program, we also launched a new range of value-focused bulk products in Fresh. This investment has contributed to an improvement in Value for Money customer scores and supported increased Everyday Rewards member engagement. Active Everyday Rewards members increased by 6.8% compared to the prior year, with an increase in customer advocacy over the year and more customers scanning their Everyday Rewards card when they shop. In December, we completed the rebranding of the New Zealand store network to Woolworths. We also continued to invest in the store network with the opening of three new stores and the completion of ten renewals during the year. Demand propositions continued to grow strongly in New Zealand with eCommerce growth of 10.8% in F26. Direct to Boot has been rolled out to 62 locations and MILKRUN is available in 95 stores. FreshChoice is increasingly allowing us to expand our presence in regional locations. FreshChoice stores are smaller format, franchised by local owner-operators and are tailored to local community needs. FreshChoice continues to be an important contributor to growth with revenue in F26 up 8.5%. New store team operating model A new store operating model was rolled out across New Zealand supermarkets in H1 to improve the team and customer experience, moving from departments to collaborative, cross-functional teamwork. The new model supports clearer leadership pathways with over 30% of the team now multi-skilled across a number of departments. Since rollout, over 5,000 new team members have been recruited and over 300 team members were promoted into new leadership positions. We remain confident it will deliver an improved team and customer experience. New Zealand Food Progress against medium-term strategic priorities While the operating environment in F26 was challenging and the market highly competitive, we made good progress on our customer strategy and maintained a strong cost discipline which delivered an improvement in earnings. Improve returns in New Zealand Food and BIG W All figures are in New Zealand dollars. 22 To deliver more value to customers, BIG W launched a new value campaign, Big Price Drops, on over 2,000 items across a range of categories including health and beauty, homewares, kitchenware, toys and technology with a double-digit average shelf price reduction. BIG W also introduced free lay-by for Christmas on all toy sale purchases, giving families flexibility to pay off their gifts until early November, as well as a price match promise for items in the Toy Sale catalogue. A new brand platform, ‘How Good’s That’, was also launched during the year with the new platform resonating with customers and supporting an increase in brand NPS in Q4, up five points compared to the prior year. Own Brand sales growth was a highlight in F26, increasing by 7.5% with strong growth in Somersault, BIG W’s own brand toy range, Openook, BIG W’s own brand Home range, and Clothing, reflecting the benefits of BIG W’s continued investment in design and sourcing capabilities. The improvement in the Clothing trading business was key to the stronger performance in F26, benefitting from range and design improvements, and improved availability supported by the roll out of new RFID technology. Planning discipline and clearance optimisation also supported a more profitable sales mix. Next Gen Availability, a productivity initiative standardising store processes in order to reduce operational waste, was also rolled out in 82 stores to drive labour efficiencies and improvements in on-shelf availability. As demand for convenience continues to grow, customers now have access to an extended range with over three million items through BIG W Market. BIG W eCommerce GTV sales increased 26.7% compared to the prior year in F26 supported by growth in BIG W Market, driving traffic to the BIG W app and website. BIG W New BIG W store format Two stores were renewed during the year with BIG W’s new store format rolled out to Plumpton in Western Sydney and Queen Victoria in Melbourne. The new format features improved navigation and dedicated ‘shop-in-shops’ for key categories such as Health & Beauty, Party and Tech. An upgraded Toy section adjacent to the Party Shop and Seasonal Events space provides families with a wide selection of toys, including BIG W’s own brand Somersault range. A designated bulk-buy corner offers competitive prices on household essentials and further enhancements include upgraded fitting rooms, improved customer service and checkout areas and clear signage highlighting special offers. BIG W made good progress repositioning its range to provide better quality and more affordable options to customers and improved its execution supporting an improved financial performance in F26. Woolworths Group Annual Report 2026 23 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Investment in value, Everyday Rewards, own brand and convenience led to improvements in New Zealand Food’s customer metrics and brand scores during the year. To deliver more value to customers, Member Prices was relaunched on more than 1,500 items and we increased the value given back to customers through improved Everyday Rewards offers. In addition to a strong promotional program, we also launched a new range of value-focused bulk products in Fresh. This investment has contributed to an improvement in Value for Money customer scores and supported increased Everyday Rewards member engagement. Active Everyday Rewards members increased by 6.8% compared to the prior year, with an increase in customer advocacy over the year and more customers scanning their Everyday Rewards card when they shop. In December, we completed the rebranding of the New Zealand store network to Woolworths. We also continued to invest in the store network with the opening of three new stores and the completion of ten renewals during the year. Demand propositions continued to grow strongly in New Zealand with eCommerce growth of 10.8% in F26. Direct to Boot has been rolled out to 62 locations and MILKRUN is available in 95 stores. FreshChoice is increasingly allowing us to expand our presence in regional locations. FreshChoice stores are smaller format, franchised by local owner-operators and are tailored to local community needs. FreshChoice continues to be an important contributor to growth with revenue in F26 up 8.5%. New store team operating model A new store operating model was rolled out across New Zealand supermarkets in H1 to improve the team and customer experience, moving from departments to collaborative, cross-functional teamwork. The new model supports clearer leadership pathways with over 30% of the team now multi-skilled across a number of departments. Since rollout, over 5,000 new team members have been recruited and over 300 team members were promoted into new leadership positions. We remain confident it will deliver an improved team and customer experience. New Zealand Food Progress against medium-term strategic priorities While the operating environment in F26 was challenging and the market highly competitive, we made good progress on our customer strategy and maintained a strong cost discipline which delivered an improvement in earnings. Improve returns in New Zealand Food and BIG W All figures are in New Zealand dollars. 22 To deliver more value to customers, BIG W launched a new value campaign, Big Price Drops, on over 2,000 items across a range of categories including health and beauty, homewares, kitchenware, toys and technology with a double-digit average shelf price reduction. BIG W also introduced free lay-by for Christmas on all toy sale purchases, giving families flexibility to pay off their gifts until early November, as well as a price match promise for items in the Toy Sale catalogue. A new brand platform, ‘How Good’s That’, was also launched during the year with the new platform resonating with customers and supporting an increase in brand NPS in Q4, up five points compared to the prior year. Own Brand sales growth was a highlight in F26, increasing by 7.5% with strong growth in Somersault, BIG W’s own brand toy range, Openook, BIG W’s own brand Home range, and Clothing, reflecting the benefits of BIG W’s continued investment in design and sourcing capabilities. The improvement in the Clothing trading business was key to the stronger performance in F26, benefitting from range and design improvements, and improved availability supported by the roll out of new RFID technology. Planning discipline and clearance optimisation also supported a more profitable sales mix. Next Gen Availability, a productivity initiative standardising store processes in order to reduce operational waste, was also rolled out in 82 stores to drive labour efficiencies and improvements in on-shelf availability. As demand for convenience continues to grow, customers now have access to an extended range with over three million items through BIG W Market. BIG W eCommerce GTV sales increased 26.7% compared to the prior year in F26 supported by growth in BIG W Market, driving traffic to the BIG W app and website. BIG W New BIG W store format Two stores were renewed during the year with BIG W’s new store format rolled out to Plumpton in Western Sydney and Queen Victoria in Melbourne. The new format features improved navigation and dedicated ‘shop-in-shops’ for key categories such as Health & Beauty, Party and Tech. An upgraded Toy section adjacent to the Party Shop and Seasonal Events space provides families with a wide selection of toys, including BIG W’s own brand Somersault range. A designated bulk-buy corner offers competitive prices on household essentials and further enhancements include upgraded fitting rooms, improved customer service and checkout areas and clear signage highlighting special offers. BIG W made good progress repositioning its range to provide better quality and more affordable options to customers and improved its execution supporting an improved financial performance in F26. Woolworths Group Annual Report 2026 23 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Progress against medium-term strategic priorities Closest to customers Retail media business Cartology completed the roll out of a new in-store screen network of over 1,600 Health & Beauty and Household aisle-entry screens across Woolworths Supermarkets during the year. The new in-store screens provide clients with new opportunities to extend their marketing reach across the Woolworths store network. Ads Manager, a new self-service platform, was also rolled out to Cartology advertisers during the year to enable self-service management of campaigns and easier access to post-campaign reporting. Our complementary businesses & services provided a significant contribution to Group earnings in F26. Grow complementary businesses & services Cartology highlights 7.8% 11.3% F26 Cartology revenue growth H2 F26 Cartology revenue growth 1,600+ #1 aisle-entry screens added retail omnichannel network Leading loyalty program and services Revenue for Everyday Services grew strongly in the year with Everyday Mobile the highlight. Everyday Mobile active customers increased 10% compared to the prior year with a pleasing seven-point increase in customer NPS driven by price and value satisfaction. New policy growth in Car and Home and strong retention in Pet insurance helped support an overall increase in Everyday Insurance active policies in the year, up 4.3% compared to F25. #1 owned retail grocery loyalty program in Australia and New Zealand 24 Improving our pet offer Petstock completed a value reset during the year to lower prices on key lines which delivered a strong improvement in value perception. This was supported by the launch of PetCash, a new loyalty program to deliver more benefits to customers, and increased value communication in store and online. Petstock own and exclusive brand sales grew strongly in F26, up 27% compared to the prior year. The Billie’s Bowl range, including kibble, pet treats and biscuits, was expanded to Woolworths Supermarkets in the second half as well as the Tilly’s pet food range. eCommerce sales grew 24% in F26 following pricing and delivery changes to the On Demand proposition, and the launch of a new app. Petstock was rated the top pet store by Australian customers in Canstar Blue’s 2025 survey, receiving five stars across key categories including checkout experience, product range, website, store layout and presentation, and overall satisfaction. Continued growth in PFD PFD growth remained strong in F26, increasing by 5.2%. The QSR channel remained resilient reflecting strong demand from existing customers and outlet expansion despite reduced out-of-home spend in H2. To improve the customer experience, PFD began building a new digital eCommerce platform and supplier portal in F26 which is expected to launch in H1 F27. PFD also expanded its national network with three new sites secured during the year and construction commenced on a new facility in Western Australia. The new facility is expected to open in October 2026 and will double existing capacity to better support PFD’s growing customer base across Western Australia, including regional operations in Geraldton, Bunbury, Albany, Esperance and Kalgoorlie. Strengthening PC+ capabilities PC+, the Group’s third-party transport service, delivered strong revenue growth in F26 driven by volume growth in Freight, Warehousing and International Services. PC+ EBIT growth was driven by higher volumes and cost efficiencies through improved network utilisation. The onboarding of new partners and strong customer retention in the year also supported a record advocacy score with ‘Preferred Supply Chain Partner’ reaching the highest level since 2020. Woolworths Group Annual Report 2026 25 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Progress against medium-term strategic priorities Closest to customers Retail media business Cartology completed the roll out of a new in-store screen network of over 1,600 Health & Beauty and Household aisle-entry screens across Woolworths Supermarkets during the year. The new in-store screens provide clients with new opportunities to extend their marketing reach across the Woolworths store network. Ads Manager, a new self-service platform, was also rolled out to Cartology advertisers during the year to enable self-service management of campaigns and easier access to post-campaign reporting. Our complementary businesses & services provided a significant contribution to Group earnings in F26. Grow complementary businesses & services Cartology highlights 7.8% 11.3% F26 Cartology revenue growth H2 F26 Cartology revenue growth 1,600+ #1 aisle-entry screens added retail omnichannel network Leading loyalty program and services Revenue for Everyday Services grew strongly in the year with Everyday Mobile the highlight. Everyday Mobile active customers increased 10% compared to the prior year with a pleasing seven-point increase in customer NPS driven by price and value satisfaction. New policy growth in Car and Home and strong retention in Pet insurance helped support an overall increase in Everyday Insurance active policies in the year, up 4.3% compared to F25. #1 owned retail grocery loyalty program in Australia and New Zealand 24 Improving our pet offer Petstock completed a value reset during the year to lower prices on key lines which delivered a strong improvement in value perception. This was supported by the launch of PetCash, a new loyalty program to deliver more benefits to customers, and increased value communication in store and online. Petstock own and exclusive brand sales grew strongly in F26, up 27% compared to the prior year. The Billie’s Bowl range, including kibble, pet treats and biscuits, was expanded to Woolworths Supermarkets in the second half as well as the Tilly’s pet food range. eCommerce sales grew 24% in F26 following pricing and delivery changes to the On Demand proposition, and the launch of a new app. Petstock was rated the top pet store by Australian customers in Canstar Blue’s 2025 survey, receiving five stars across key categories including checkout experience, product range, website, store layout and presentation, and overall satisfaction. Continued growth in PFD PFD growth remained strong in F26, increasing by 5.2%. The QSR channel remained resilient reflecting strong demand from existing customers and outlet expansion despite reduced out-of-home spend in H2. To improve the customer experience, PFD began building a new digital eCommerce platform and supplier portal in F26 which is expected to launch in H1 F27. PFD also expanded its national network with three new sites secured during the year and construction commenced on a new facility in Western Australia. The new facility is expected to open in October 2026 and will double existing capacity to better support PFD’s growing customer base across Western Australia, including regional operations in Geraldton, Bunbury, Albany, Esperance and Kalgoorlie. Strengthening PC+ capabilities PC+, the Group’s third-party transport service, delivered strong revenue growth in F26 driven by volume growth in Freight, Warehousing and International Services. PC+ EBIT growth was driven by higher volumes and cost efficiencies through improved network utilisation. The onboarding of new partners and strong customer retention in the year also supported a record advocacy score with ‘Preferred Supply Chain Partner’ reaching the highest level since 2020. Woolworths Group Annual Report 2026 25 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Progress led by our team Improved team advocacy During the year we saw an improvement in team advocacy across the Group. The Group’s ‘good place to work’ advocacy metric improved by six points to 29 at the end of F26 driven by a recovery in store team advocacy. For our store teams, advocacy increased by seven points compared to the prior year supported by stronger team camaraderie, cohesion and enhanced leadership at the store level. Support team advocacy also improved compared to the prior year but there is more to do to address team concerns after a period of significant change in recent years. Developing our store teams In Woolworths Supermarkets, over 9,500 store team members were promoted in F26 reflecting our commitment to grow and develop our team and improve career pathways. The percentage of female store managers increased by 2% compared to the prior year, reaching 38% in F26. In Woolworths New Zealand we rolled out a new store team operating model to improve the team and customer experience. Since rollout we have recruited and trained over 5,000 new team members and promoted over 300 team members into new leadership positions. Keeping our team safe We continued our advocacy to reduce acts of violence and aggression within our stores as part of an industry -wide alliance. As part of this, we advocated to state and territory governments for stronger laws, including workplace protection orders (WPOs). Pleasingly, in addition to established WPO frameworks in the Australian Capital Territory and South Australia’s proclamation in May 2026, enabling legislation was introduced to the Victorian and Western Australian parliaments in mid-2026, as well as commitments by the New South Wales and Tasmanian governments. We have also continued our investment in measures to deter crime and create a safer environment for our team and customers, including the deployment of further risk reduction controls in high-risk stores and the launch of new virtual reality safety training modules, which have now been completed by over 105,000 team members. Woolworths Group is one of Australia and New Zealand’s largest employers with over 200,000 team members in stores, across our supply chain and in our support offices. Our experienced team is critical to the Group’s success. 29 Group Team NPS (June 2026) 6 pts vs. F25 11.78 Total Recordable Injury Frequency Rate (TRIFR) score 10% from F25 26 Digitally-enabled transformation During the year we rolled out a new Group-wide safety and wellbeing portal, enabled by Donesafe, supporting our commitment to a proactive safety culture. Unifying real-time hazard identification, incident reporting and safety workflows into a single intuitive platform, the portal removes traditional barriers to reporting and empowers every team member to take collective ownership of safety. Richer analytics will enable us to deploy targeted risk-reduction initiatives and elevate our safety performance. We are also leveraging AI to improve our processes and are piloting a specialised AI-enabled safety and wellbeing agent which can be accessed through the portal and provides on-demand, context-specific safety guidance from an approved knowledge base. In F26, we continued to drive an engineering-led focus on hazard elimination, material risk management, as well as enhancing early care pathways. This supported an improvement across our core safety metrics, delivering a 10% reduction in TRIFR to 11.78 in F26, as well as a 6% reduction in our injury severity score. We continue to mature material risk event awareness and risk management through our high potential learning event program. Our wellbeing strategy is integrated directly into our safety and wellbeing framework, focusing on fostering a mentally healthy workplace by managing physical and psychosocial hazards, promoting shared accountability and delivering measurable support outcomes. To grow leader capability, over 14,000 leaders completed wellbeing training supported by the launch of ‘Lead Well, Support Well’ training and digital resources. The Group’s latest team advocacy survey demonstrated that 73% of team members believe that mental health support is readily available, an increase of 2% compared to the prior year. Sonder, our wellbeing provider, has been activated by over 50,000 team members, providing safety, medical and mental health support. Good Shepherd, our financial wellbeing provider, responded to over 4,000 team members seeking support for financial hardship this year. We further progressed our risk programs to mitigate vehicle -related incidents. For back-of-house and loading dock areas, we focused on strengthening exclusion zones through back-of-house modifications and installed physical controls like bollards, speed humps and chevron markings in Direct to Boot areas. In addition to this, we are nearing completion of the implementation of our edge protection and boom gate program across the Group to eliminate fall-from-height risks. To reduce manual handling risks at the source, in collaboration with the team we introduced new equipment, including mini electric pallet jacks, auto-levelling springer trolleys and tote trolleys. Over 120,000 team members across Woolworths Supermarkets and BIG W completed our risk-based training, Moving Stuff Safely at Our Place. We expanded our AI-powered hazard detection pilot to three Australian supermarkets following the successful roll out across distribution centres in New Zealand, where Woolworths New Zealand was named a finalist in the Safeguard Innovation Awards. We also strengthened contractor safety through the digital Site 360 platform and regular ‘Better Together’ forums with our contractors. During the year we continued to mature our safety foundations through the Group’s safety promise, ‘Our Place – We’re safer together’. Safety Woolworths Group Annual Report 2026 27 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Progress led by our team Improved team advocacy During the year we saw an improvement in team advocacy across the Group. The Group’s ‘good place to work’ advocacy metric improved by six points to 29 at the end of F26 driven by a recovery in store team advocacy. For our store teams, advocacy increased by seven points compared to the prior year supported by stronger team camaraderie, cohesion and enhanced leadership at the store level. Support team advocacy also improved compared to the prior year but there is more to do to address team concerns after a period of significant change in recent years. Developing our store teams In Woolworths Supermarkets, over 9,500 store team members were promoted in F26 reflecting our commitment to grow and develop our team and improve career pathways. The percentage of female store managers increased by 2% compared to the prior year, reaching 38% in F26. In Woolworths New Zealand we rolled out a new store team operating model to improve the team and customer experience. Since rollout we have recruited and trained over 5,000 new team members and promoted over 300 team members into new leadership positions. Keeping our team safe We continued our advocacy to reduce acts of violence and aggression within our stores as part of an industry -wide alliance. As part of this, we advocated to state and territory governments for stronger laws, including workplace protection orders (WPOs). Pleasingly, in addition to established WPO frameworks in the Australian Capital Territory and South Australia’s proclamation in May 2026, enabling legislation was introduced to the Victorian and Western Australian parliaments in mid-2026, as well as commitments by the New South Wales and Tasmanian governments. We have also continued our investment in measures to deter crime and create a safer environment for our team and customers, including the deployment of further risk reduction controls in high-risk stores and the launch of new virtual reality safety training modules, which have now been completed by over 105,000 team members. Woolworths Group is one of Australia and New Zealand’s largest employers with over 200,000 team members in stores, across our supply chain and in our support offices. Our experienced team is critical to the Group’s success. 29 Group Team NPS (June 2026) 6 pts vs. F25 11.78 Total Recordable Injury Frequency Rate (TRIFR) score 10% from F25 26 Digitally-enabled transformation During the year we rolled out a new Group-wide safety and wellbeing portal, enabled by Donesafe, supporting our commitment to a proactive safety culture. Unifying real-time hazard identification, incident reporting and safety workflows into a single intuitive platform, the portal removes traditional barriers to reporting and empowers every team member to take collective ownership of safety. Richer analytics will enable us to deploy targeted risk-reduction initiatives and elevate our safety performance. We are also leveraging AI to improve our processes and are piloting a specialised AI-enabled safety and wellbeing agent which can be accessed through the portal and provides on-demand, context-specific safety guidance from an approved knowledge base. In F26, we continued to drive an engineering-led focus on hazard elimination, material risk management, as well as enhancing early care pathways. This supported an improvement across our core safety metrics, delivering a 10% reduction in TRIFR to 11.78 in F26, as well as a 6% reduction in our injury severity score. We continue to mature material risk event awareness and risk management through our high potential learning event program. Our wellbeing strategy is integrated directly into our safety and wellbeing framework, focusing on fostering a mentally healthy workplace by managing physical and psychosocial hazards, promoting shared accountability and delivering measurable support outcomes. To grow leader capability, over 14,000 leaders completed wellbeing training supported by the launch of ‘Lead Well, Support Well’ training and digital resources. The Group’s latest team advocacy survey demonstrated that 73% of team members believe that mental health support is readily available, an increase of 2% compared to the prior year. Sonder, our wellbeing provider, has been activated by over 50,000 team members, providing safety, medical and mental health support. Good Shepherd, our financial wellbeing provider, responded to over 4,000 team members seeking support for financial hardship this year. We further progressed our risk programs to mitigate vehicle -related incidents. For back-of-house and loading dock areas, we focused on strengthening exclusion zones through back-of-house modifications and installed physical controls like bollards, speed humps and chevron markings in Direct to Boot areas. In addition to this, we are nearing completion of the implementation of our edge protection and boom gate program across the Group to eliminate fall-from-height risks. To reduce manual handling risks at the source, in collaboration with the team we introduced new equipment, including mini electric pallet jacks, auto-levelling springer trolleys and tote trolleys. Over 120,000 team members across Woolworths Supermarkets and BIG W completed our risk-based training, Moving Stuff Safely at Our Place. We expanded our AI-powered hazard detection pilot to three Australian supermarkets following the successful roll out across distribution centres in New Zealand, where Woolworths New Zealand was named a finalist in the Safeguard Innovation Awards. We also strengthened contractor safety through the digital Site 360 platform and regular ‘Better Together’ forums with our contractors. During the year we continued to mature our safety foundations through the Group’s safety promise, ‘Our Place – We’re safer together’. Safety Woolworths Group Annual Report 2026 27 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Impact for a better tomorrow Sustainability is fundamental to our business and the way we operate, helping us make a positive impact for a better tomorrow. Following the conclusion of our five -year Sustainability Plan in December 2025, we launched our 2030 Sustainability Plan in March which sets out clear ambitions for the next phase of the Group’s sustainability journey. The plan focuses on five material areas addressed through 14 goals: climate & nature, waste & circularity, human rights, social impact, and health & nutrition. In F26, these initiatives delivered over an estimated $800 million in net societal benefit. In F26, we evolved our sustainability reporting suite in line with our updated strategic priorities and regulatory requirements. The suite comprises our mandatory Sustainability (Climate) Report containing our climate statements (on pages 50–87), the Sustainability Data Pack, the Modern Slavery Statement and a new Nature Report. This year we also introduced an Impact Report that moves beyond data and metrics, seeking to share the human story and showcase our team and partners who bring to life what sustainability means for the Group. Access our 2026 Sustainability Reporting Suite Climate & nature We are working towards net zero across our value chain by 2050, supporting sustainable food systems through climate and nature action. In December 2025, Woolworths Group achieved 100% renewable electricity across Australia and New Zealand. We source over two-thirds of our power through strategic wind and solar partnerships, supported by 351 on -site solar systems. We prioritise investment in new renewable projects to expand grid capacity while matching our consumption through large-scale generation certificates. This, together with low emissions refrigerants and 178 home delivery trucks, has resulted in a 45% reduction in Scope 1 and 2 emissions compared to F23. This is part of our goal to reduce Scope 1 and 2 emissions by 80% by F30. As an active member of the Climate Leaders Coalition, the Group continued to partner on various initiatives to accelerate decarbonisation and climate resilience and support a reduction in Scope 3 emissions. See our F26 Sustainability Report We recognise that healthy animals, biodiversity, soils and waterways play a critical role in supporting food production. Woolworths Group is one part of a large and complex supply chain and we collaborate with our suppliers, industry and government to support system-wide change. Our Nature Report details our priority areas for action and the progress made to continue to meet our customers’ needs over the longer term. See our F26 Nature Report 28 Waste & circularity Packaging and food waste remain a concern for customers. For the Group, shifting our perspective from waste to resource recovery provides an opportunity for circular solutions. At the end of June, we reached the milestone of soft plastics recycling across 700 stores, successfully processing more than 50 million pieces (415 tonnes) to date. This plastic is now repurposed for in -store wall panelling and our own brand bread bags, which are made with 30% 1 recycled plastic. Additionally, we achieved 31% average recycled content in plastic packaging for our own brand products this year and improved food waste diversion from landfill, from 83.5% last year to 87.5% in F26. Human rights We work to advance human rights by addressing modern slavery risks across our global supply chain and to actively contribute to improving workers’ livelihoods. Woolworths Group ranked first in the 2026 KnowTheChain Food and Beverage Benchmark for our Human Rights Program, marking the second consecutive ranking at number one. This global benchmark evaluates how the world’s largest food and beverage companies tackle forced labour risks across their supply chains and deliver impact through their work. In F26, through our Human Rights Program, we have overseen $236,000 returned to over 500 workers. We are seeking to drive systemic change through the Consumer Goods forum, partnering with other major brands and retailers including Mondelēz International, Nestlé and Unilever to establish an Ethical Recruitment Marketplace. We also continue advocating for a National Labour Hire Licensing Scheme in Australia to support better protections for workers employed through labour hire. See our F26 Modern Slavery Statement Social impact As one of Australia and New Zealand’s largest retailers, we recognise the impact we have on the communities in which we operate. In F26, we partnered with food rescue organisations including OzHarvest and Foodbank in Australia, and AFRA in New Zealand, to turn surplus food into the equivalent donation of over 44 million meals, supporting our goal of a 50% increase in meal donations to people in need. As a large private employer of First Nations, Māori, and Pasifika peoples, we are committed to reconciliation, with our new Stretch Reconciliation Action Plan launching in F27. In F26, we nearly doubled our spend with Indigenous businesses, over $54 million across 51 businesses. We also supported over 16,000 First Nations students through partnerships with the Clontarf and STARS Foundation. Health & nutrition Health is a top customer priority. We are making healthier choices more accessible, investing in affordable options and enhancing our digital search capabilities. Our dietary, lifestyle, and Health Star Rating digital product filters continue to support informed decision making, and we have seen growth in sales tonnage of healthier products 2 from 79.7% in F25 to 80.4% in F26. We have helped close to one million children participate in our community sports programs, and this year, we have provided over 21 million pieces of free fruit in our stores. 1 Our own brand bags use 30% recycled plastic made from the advanced recycling process, using the mass balance approach. Advanced recycling allows soft plastics to be transformed into new, food-grade packaging. The mass balance approach tracks the amount of used plastic processed in the advanced recycling process. 2 Calculated based on sales tonnage across Australian and New Zealand Supermarkets and Metros. Healthier products include all nutritious products as defined by Australian and New Zealand Dietary Guidelines, and all discretionary products ≥3.5 Health Star Rating. See our F26 Impact Report Woolworths Group Annual Report 2026 29 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Impact for a better tomorrow Sustainability is fundamental to our business and the way we operate, helping us make a positive impact for a better tomorrow. Following the conclusion of our five -year Sustainability Plan in December 2025, we launched our 2030 Sustainability Plan in March which sets out clear ambitions for the next phase of the Group’s sustainability journey. The plan focuses on five material areas addressed through 14 goals: climate & nature, waste & circularity, human rights, social impact, and health & nutrition. In F26, these initiatives delivered over an estimated $800 million in net societal benefit. In F26, we evolved our sustainability reporting suite in line with our updated strategic priorities and regulatory requirements. The suite comprises our mandatory Sustainability (Climate) Report containing our climate statements (on pages 50–87), the Sustainability Data Pack, the Modern Slavery Statement and a new Nature Report. This year we also introduced an Impact Report that moves beyond data and metrics, seeking to share the human story and showcase our team and partners who bring to life what sustainability means for the Group. Access our 2026 Sustainability Reporting Suite Climate & nature We are working towards net zero across our value chain by 2050, supporting sustainable food systems through climate and nature action. In December 2025, Woolworths Group achieved 100% renewable electricity across Australia and New Zealand. We source over two-thirds of our power through strategic wind and solar partnerships, supported by 351 on -site solar systems. We prioritise investment in new renewable projects to expand grid capacity while matching our consumption through large-scale generation certificates. This, together with low emissions refrigerants and 178 home delivery trucks, has resulted in a 45% reduction in Scope 1 and 2 emissions compared to F23. This is part of our goal to reduce Scope 1 and 2 emissions by 80% by F30. As an active member of the Climate Leaders Coalition, the Group continued to partner on various initiatives to accelerate decarbonisation and climate resilience and support a reduction in Scope 3 emissions. See our F26 Sustainability Report We recognise that healthy animals, biodiversity, soils and waterways play a critical role in supporting food production. Woolworths Group is one part of a large and complex supply chain and we collaborate with our suppliers, industry and government to support system-wide change. Our Nature Report details our priority areas for action and the progress made to continue to meet our customers’ needs over the longer term. See our F26 Nature Report 28 Waste & circularity Packaging and food waste remain a concern for customers. For the Group, shifting our perspective from waste to resource recovery provides an opportunity for circular solutions. At the end of June, we reached the milestone of soft plastics recycling across 700 stores, successfully processing more than 50 million pieces (415 tonnes) to date. This plastic is now repurposed for in -store wall panelling and our own brand bread bags, which are made with 30% 1 recycled plastic. Additionally, we achieved 31% average recycled content in plastic packaging for our own brand products this year and improved food waste diversion from landfill, from 83.5% last year to 87.5% in F26. Human rights We work to advance human rights by addressing modern slavery risks across our global supply chain and to actively contribute to improving workers’ livelihoods. Woolworths Group ranked first in the 2026 KnowTheChain Food and Beverage Benchmark for our Human Rights Program, marking the second consecutive ranking at number one. This global benchmark evaluates how the world’s largest food and beverage companies tackle forced labour risks across their supply chains and deliver impact through their work. In F26, through our Human Rights Program, we have overseen $236,000 returned to over 500 workers. We are seeking to drive systemic change through the Consumer Goods forum, partnering with other major brands and retailers including Mondelēz International, Nestlé and Unilever to establish an Ethical Recruitment Marketplace. We also continue advocating for a National Labour Hire Licensing Scheme in Australia to support better protections for workers employed through labour hire. See our F26 Modern Slavery Statement Social impact As one of Australia and New Zealand’s largest retailers, we recognise the impact we have on the communities in which we operate. In F26, we partnered with food rescue organisations including OzHarvest and Foodbank in Australia, and AFRA in New Zealand, to turn surplus food into the equivalent donation of over 44 million meals, supporting our goal of a 50% increase in meal donations to people in need. As a large private employer of First Nations, Māori, and Pasifika peoples, we are committed to reconciliation, with our new Stretch Reconciliation Action Plan launching in F27. In F26, we nearly doubled our spend with Indigenous businesses, over $54 million across 51 businesses. We also supported over 16,000 First Nations students through partnerships with the Clontarf and STARS Foundation. Health & nutrition Health is a top customer priority. We are making healthier choices more accessible, investing in affordable options and enhancing our digital search capabilities. Our dietary, lifestyle, and Health Star Rating digital product filters continue to support informed decision making, and we have seen growth in sales tonnage of healthier products 2 from 79.7% in F25 to 80.4% in F26. We have helped close to one million children participate in our community sports programs, and this year, we have provided over 21 million pieces of free fruit in our stores. 1 Our own brand bags use 30% recycled plastic made from the advanced recycling process, using the mass balance approach. Advanced recycling allows soft plastics to be transformed into new, food-grade packaging. The mass balance approach tracks the amount of used plastic processed in the advanced recycling process. 2 Calculated based on sales tonnage across Australian and New Zealand Supermarkets and Metros. Healthier products include all nutritious products as defined by Australian and New Zealand Dietary Guidelines, and all discretionary products ≥3.5 Health Star Rating. See our F26 Impact Report Woolworths Group Annual Report 2026 29 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 1
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Group financial performance The Group’s F26 financial results reflect an improved performance across all trading segments despite a challenging operating environment and persistent cost-of-living pressures for customers. 1 Before significant items. 2 Before significant items attributable to equity holders of the parent entity. 3 Normalised ROFE is calculated using EBIT before significant items adjusted to remove the impact of the 53rd week in F24. No adjustments to average funds employed have been made. Group sales $71,539M 3.6% from F25 ● eCommerce sales 67,92 2 69,077 71,539 64,294 60,849 F22 F23 F24 F25 F26 Group EBIT 1 $3,105M 12.7% from F25 3,223 2,754 3,105 3,116 2,690 F22 F23 F24 F25 F26 Group sales in F26 increased by 3.6% driven by solid growth in Australian Food. All segments reported sales growth on the prior year. In New Zealand Food, growth in New Zealand dollars was more than offset by currency depreciation with Group sales on a constant currency basis increasing by 4.2%. Group EBIT before significant items increased by 12.7% with all trading segments contributing to growth for the year. The Group EBIT margin increased by 35 bps supported by a 24 bps reduction in Group CODB due to above-store cost savings and a strong productivity agenda. Excluding the impact of industrial action in the prior year and supply chain implementation costs, EBIT would have increased by 8.7%. Group NPAT 2 $1,599M 15.4% from F25 1,711 1,385 1,599 1,721 1,514 F22 F23 F24 F25 F26 Group ROFE 1 16.4% 2.7 pts from F25 15.7 13.7 16.4 14.9 13.7 F23 F24 3 F25 F26F22 NPAT attributable to equity holders of the parent entity before significant items increased 15.4% to $1,599 million reflecting Group EBIT growth. Group ROFE before significant items was 16.4%, an increase of 2.7 pts on the prior year. 30 F26 Group sales and EBIT summary $ MILLION F26 F25 1 CHANGE Australian Food 53,852 51,488 4.6% New Zealand Food (AUD) 7, 323 7, 557 (3.1)% New Zealand Food (NZD) 8,491 8,286 2.5% Australian B2B 2 5,983 5,74 3 4.2% W Living 5,694 5,597 1.7% Other 3 274 246 11.6% Intersegment eliminations and reclassifications 4 (1,587) (1,554) 2.1% Total Group sales 71,539 69,077 3.6% $ MILLION F26 F25 1 CHANGE Australian Food 2,953 2,721 8.5% New Zealand Food (AUD) 141 138 2.9% New Zealand Food (NZD) 163 150 8.8% Australian B2B 155 137 13.0% W Living 116 (31) n.m. Other 3 (260) (211) 23.4% Group EBIT before significant items 3,105 2,754 12.7% Significant items (698) (569) 22.7% Group EBIT after significant items 2,407 2,185 10.1% Group profit or loss for the 52 weeks ended 28 June 2026 $ MILLION F26 F25 CHANGE Group Sales 71,539 69,077 3.6% EBITDA before significant items 6,089 5,707 6.7% Depreciation and amortisation 5 (2,984) (2,953) 1.0% EBIT before significant items 3,105 2,754 12.7% Net finance costs (809) (811) (0.2)% Income tax expense (683) (568) 20.4% NPAT before significant items 1,613 1,375 17. 2 % Non-controlling interests (14) 10 n.m. NPAT attributable to equity holders of the parent entity before significant items 1,599 1,385 15.4% Significant items after tax (461) (422) 9.1% NPAT attributable to equity holders of the parent entity after significant items 1,138 963 18.1% MARGINS – BEFORE SIGNIFICANT ITEMS Gross margin (%) 27.4 27. 2 12 bps Cost of doing business (CODB) (%) 23.0 23.3 (24) bps EBIT (%) 4.3 4.0 35 bps NPAT (%) 2.2 2.0 23 bps Group basic EPS (cents) before significant items 130.9 113.5 15.4% Total dividend per share (cents) – fully franked 97 84 15.5% 1 F25 restated to reflect Everyday Market and Healthylife moving to Australian Food from W Living. 2 Revenue in Australian B2B includes $395 million (F25: $382 million) of freight revenue received from suppliers for freight services provided on products sold by the Group. At the Group level, this revenue is reclassified as a reduction in cost of sales, resulting in no change to EBIT. 3 Other comprises Quantium as well as various support functions, including property and overhead costs and the Group’s share of profit or loss of investments accounted for using the equity method. 4 Intersegment eliminations and reclassifications represent the elimination of intersegment revenue and the reclassification of external freight revenue recognised in Australian B2B that is reclassified and recognised as a reduction to cost of sales at a Group level. 5 Depreciation and amortisation of $414 million is included in cost of sales (F25: $379 million). Woolworths Group Annual Report 2026 31 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 2
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Group financial performance The Group’s F26 financial results reflect an improved performance across all trading segments despite a challenging operating environment and persistent cost-of-living pressures for customers. 1 Before significant items. 2 Before significant items attributable to equity holders of the parent entity. 3 Normalised ROFE is calculated using EBIT before significant items adjusted to remove the impact of the 53rd week in F24. No adjustments to average funds employed have been made. Group sales $71,539M 3.6% from F25 ● eCommerce sales 67,92 2 69,077 71,539 64,294 60,849 F22 F23 F24 F25 F26 Group EBIT 1 $3,105M 12.7% from F25 3,223 2,754 3,105 3,116 2,690 F22 F23 F24 F25 F26 Group sales in F26 increased by 3.6% driven by solid growth in Australian Food. All segments reported sales growth on the prior year. In New Zealand Food, growth in New Zealand dollars was more than offset by currency depreciation with Group sales on a constant currency basis increasing by 4.2%. Group EBIT before significant items increased by 12.7% with all trading segments contributing to growth for the year. The Group EBIT margin increased by 35 bps supported by a 24 bps reduction in Group CODB due to above-store cost savings and a strong productivity agenda. Excluding the impact of industrial action in the prior year and supply chain implementation costs, EBIT would have increased by 8.7%. Group NPAT 2 $1,599M 15.4% from F25 1,711 1,385 1,599 1,721 1,514 F22 F23 F24 F25 F26 Group ROFE 1 16.4% 2.7 pts from F25 15.7 13.7 16.4 14.9 13.7 F23 F24 3 F25 F26F22 NPAT attributable to equity holders of the parent entity before significant items increased 15.4% to $1,599 million reflecting Group EBIT growth. Group ROFE before significant items was 16.4%, an increase of 2.7 pts on the prior year. 30 F26 Group sales and EBIT summary $ MILLION F26 F25 1 CHANGE Australian Food 53,852 51,488 4.6% New Zealand Food (AUD) 7, 323 7, 557 (3.1)% New Zealand Food (NZD) 8,491 8,286 2.5% Australian B2B 2 5,983 5,74 3 4.2% W Living 5,694 5,597 1.7% Other 3 274 246 11.6% Intersegment eliminations and reclassifications 4 (1,587) (1,554) 2.1% Total Group sales 71,539 69,077 3.6% $ MILLION F26 F25 1 CHANGE Australian Food 2,953 2,721 8.5% New Zealand Food (AUD) 141 138 2.9% New Zealand Food (NZD) 163 150 8.8% Australian B2B 155 137 13.0% W Living 116 (31) n.m. Other 3 (260) (211) 23.4% Group EBIT before significant items 3,105 2,754 12.7% Significant items (698) (569) 22.7% Group EBIT after significant items 2,407 2,185 10.1% Group profit or loss for the 52 weeks ended 28 June 2026 $ MILLION F26 F25 CHANGE Group Sales 71,539 69,077 3.6% EBITDA before significant items 6,089 5,707 6.7% Depreciation and amortisation 5 (2,984) (2,953) 1.0% EBIT before significant items 3,105 2,754 12.7% Net finance costs (809) (811) (0.2)% Income tax expense (683) (568) 20.4% NPAT before significant items 1,613 1,375 17. 2 % Non-controlling interests (14) 10 n.m. NPAT attributable to equity holders of the parent entity before significant items 1,599 1,385 15.4% Significant items after tax (461) (422) 9.1% NPAT attributable to equity holders of the parent entity after significant items 1,138 963 18.1% MARGINS – BEFORE SIGNIFICANT ITEMS Gross margin (%) 27.4 27. 2 12 bps Cost of doing business (CODB) (%) 23.0 23.3 (24) bps EBIT (%) 4.3 4.0 35 bps NPAT (%) 2.2 2.0 23 bps Group basic EPS (cents) before significant items 130.9 113.5 15.4% Total dividend per share (cents) – fully franked 97 84 15.5% 1 F25 restated to reflect Everyday Market and Healthylife moving to Australian Food from W Living. 2 Revenue in Australian B2B includes $395 million (F25: $382 million) of freight revenue received from suppliers for freight services provided on products sold by the Group. At the Group level, this revenue is reclassified as a reduction in cost of sales, resulting in no change to EBIT. 3 Other comprises Quantium as well as various support functions, including property and overhead costs and the Group’s share of profit or loss of investments accounted for using the equity method. 4 Intersegment eliminations and reclassifications represent the elimination of intersegment revenue and the reclassification of external freight revenue recognised in Australian B2B that is reclassified and recognised as a reduction to cost of sales at a Group level. 5 Depreciation and amortisation of $414 million is included in cost of sales (F25: $379 million). Woolworths Group Annual Report 2026 31 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 2
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Group balance sheet as at 28 June 2026 $ MILLION 28 JUNE 2026 29 JUNE 2025 CHANGE Inventories 4,465 4,169 296 Trade payables (6,302) (6,016) (286) Net investment in inventory (1,837) (1,847) 10 Trade, other receivables and prepayments 1,470 1,390 80 Other creditors, provisions and other liabilities (5,835) (4,890) (945) Property, plant and equipment and investments 10,490 10,433 57 Net assets held for sale 351 200 151 Intangible assets 4,514 4,709 (195) Lease assets 8,660 9,162 (502) Other assets 368 387 (19) Total funds employed 18,181 19,544 (1,363) Net tax balances 1,951 1,665 286 Net assets employed 20,132 21,209 (1,077) Cash and borrowings (3,664) (4,236) 572 Derivatives (89) 121 (210) Net debt (including derivatives and ex lease liabilities) (3,753) (4,115) 362 Lease liabilities (11,316) (11, 874) 558 Total net debt (including derivatives) (15,069) (15,989) 920 Put option liabilities over non-controlling interests (153) (258) 105 Net assets 4,910 4,962 (52) Non-controlling interests 115 102 13 Shareholders’ equity 4,795 4,860 (65) Total equity 4,910 4,962 (52) Inventories of $4,465 million increased by $296 million compared to the prior year, primarily driven by higher stock holdings to support elevated trading including targeted investment in promotional lines, and to mitigate potential supply chain disruptions. This was partially offset by a decrease in BIG W inventory reflecting seasonal timing, and improved stock management. Closing inventory days increased 1.1 days. Trade payables of $6,302 million increased by $286 million mainly reflecting growth in Australian Food, New Zealand Food and Australian B2B. This was partially offset by foreign exchange impacts and the closure of MyDeal. Closing trade payables increased by 0.7 days. Other creditors, provisions and other liabilities of $5,835 million increased by $945 million primarily driven by an increase in the team member remediation provision of $710 million and an increase in team incentive accruals compared to the prior year. Property, plant and equipment and investments of $10,490 million was largely unchanged on the prior year with an increase in property, plant and equipment offset by the disposal of small investments. Lease assets of $8,660 million decreased by $502 million due to lease depreciation and foreign exchange impacts. This was partially offset by lease additions in Australian Food and New Zealand Food related to store growth and lease remeasurements. Net tax balances of $1,951 million increased by $286 million due to an increase in deferred tax assets associated with the salaried team member remediation provisions. Net debt (including derivatives and excluding lease liabilities) of $3,753 million decreased by $362 million reflecting the cash inflow for the year. Lease liabilities of $11,316 million decreased by $558 million mainly driven by lease payments and terminations, partially offset by lease liability additions, remeasurements and interest expense. Put option liabilities over non-controlling interests of $153 million decreased by $105 million mainly driven by the reduction of the MyDeal put option liability of $89 million. Group financial performance 32 Group EBITDA before significant items increased 6.7% to $6,089 million with EBITDA growth in all trading segments. Increase in inventories of $351 million reflects higher stock holdings to support elevated trading and mitigate supply chain disruption, partially offset by lower inventory in BIG W. Increase in trade payables of $367 million reflects higher purchases to support elevated trading and higher inventory holdings. Net change in other working capital and non-cash items of $471 million relates to higher employee-related accruals and non-cash share-based payments. Cash from operating activities before interest and tax increased 5.2% to $6,498 million. Net interest paid (including leases) of $822 million was broadly unchanged on the prior year. Tax paid of $728 million decreased by 9.1% compared to the prior year driven by a lower F25 income tax return final payment compared to the prior year, somewhat offset by higher instalment payments. Payments for the purchase of property, plant and equipment and intangible assets of $2,435 million was modestly below the prior year with a decrease in operating capital expenditure offset by an increase in property expenditure. Proceeds from the sale of businesses and investments of $137 million primarily relate to the net proceeds received on the sale of small investments. Proceeds in F25 related to the Group’s sale of a tranche of its Endeavour Group shareholding. Payments for the purchase of additional equity interests in subsidiaries of $92 million largely reflects the purchase of the remaining interest in MyDeal in H1 to facilitate the restructuring and closure of the business. F25 included the purchase of the remaining 35% equity interest in PFD. Dividends paid (including to non-controlling interests) of $1,113 million decreased by 33.2% compared to F25 which included $489 million related to a special dividend. The cash realisation ratio was 107% (F25: 103%) reflecting EBITDA growth and an increase in other working capital and non-cash items. Group cash flows for the 52 weeks ended 28 June 2026 $ MILLION F26 F25 CHANGE Group EBITDA before significant items 6,089 5,707 6.7% Working capital and non-cash movements 409 467 (12.4)% Cash from operating activities before interest and tax 6,498 6,174 5.2% Interest paid – leases (586) (597) (1.8)% Net interest paid – non-leases (236) (226) 4.4% Tax paid (728) (801) (9.1)% Total cash provided by operating activities 4,948 4,550 8.7% Total cash used in investing activities (2,014) (1,926) 4.6% Cash flow before purchase of additional equity interest, lease payments and dividends 2,934 2,624 11.8% Payments for the purchase of additional equity interest in subsidiaries (92) (422) (78.2)% Repayment of principal component of lease liabilities (1,298) (1,223) 6.1% Dividends paid and payments for shares held in trust (1,198) (1,689) (29.1)% Net cash flow 346 (710) n.m. Cash realisation ratio 1 107% 103% 1 Operating cash flow as a percentage of Group net profit after tax before depreciation and amortisation. Cash realisation ratio excludes significant items. Woolworths Group Annual Report 2026 33 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 2
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Group balance sheet as at 28 June 2026 $ MILLION 28 JUNE 2026 29 JUNE 2025 CHANGE Inventories 4,465 4,169 296 Trade payables (6,302) (6,016) (286) Net investment in inventory (1,837) (1,847) 10 Trade, other receivables and prepayments 1,470 1,390 80 Other creditors, provisions and other liabilities (5,835) (4,890) (945) Property, plant and equipment and investments 10,490 10,433 57 Net assets held for sale 351 200 151 Intangible assets 4,514 4,709 (195) Lease assets 8,660 9,162 (502) Other assets 368 387 (19) Total funds employed 18,181 19,544 (1,363) Net tax balances 1,951 1,665 286 Net assets employed 20,132 21,209 (1,077) Cash and borrowings (3,664) (4,236) 572 Derivatives (89) 121 (210) Net debt (including derivatives and ex lease liabilities) (3,753) (4,115) 362 Lease liabilities (11,316) (11, 874) 558 Total net debt (including derivatives) (15,069) (15,989) 920 Put option liabilities over non-controlling interests (153) (258) 105 Net assets 4,910 4,962 (52) Non-controlling interests 115 102 13 Shareholders’ equity 4,795 4,860 (65) Total equity 4,910 4,962 (52) Inventories of $4,465 million increased by $296 million compared to the prior year, primarily driven by higher stock holdings to support elevated trading including targeted investment in promotional lines, and to mitigate potential supply chain disruptions. This was partially offset by a decrease in BIG W inventory reflecting seasonal timing, and improved stock management. Closing inventory days increased 1.1 days. Trade payables of $6,302 million increased by $286 million mainly reflecting growth in Australian Food, New Zealand Food and Australian B2B. This was partially offset by foreign exchange impacts and the closure of MyDeal. Closing trade payables increased by 0.7 days. Other creditors, provisions and other liabilities of $5,835 million increased by $945 million primarily driven by an increase in the team member remediation provision of $710 million and an increase in team incentive accruals compared to the prior year. Property, plant and equipment and investments of $10,490 million was largely unchanged on the prior year with an increase in property, plant and equipment offset by the disposal of small investments. Lease assets of $8,660 million decreased by $502 million due to lease depreciation and foreign exchange impacts. This was partially offset by lease additions in Australian Food and New Zealand Food related to store growth and lease remeasurements. Net tax balances of $1,951 million increased by $286 million due to an increase in deferred tax assets associated with the salaried team member remediation provisions. Net debt (including derivatives and excluding lease liabilities) of $3,753 million decreased by $362 million reflecting the cash inflow for the year. Lease liabilities of $11,316 million decreased by $558 million mainly driven by lease payments and terminations, partially offset by lease liability additions, remeasurements and interest expense. Put option liabilities over non-controlling interests of $153 million decreased by $105 million mainly driven by the reduction of the MyDeal put option liability of $89 million. Group financial performance 32 Group EBITDA before significant items increased 6.7% to $6,089 million with EBITDA growth in all trading segments. Increase in inventories of $351 million reflects higher stock holdings to support elevated trading and mitigate supply chain disruption, partially offset by lower inventory in BIG W. Increase in trade payables of $367 million reflects higher purchases to support elevated trading and higher inventory holdings. Net change in other working capital and non-cash items of $471 million relates to higher employee-related accruals and non-cash share-based payments. Cash from operating activities before interest and tax increased 5.2% to $6,498 million. Net interest paid (including leases) of $822 million was broadly unchanged on the prior year. Tax paid of $728 million decreased by 9.1% compared to the prior year driven by a lower F25 income tax return final payment compared to the prior year, somewhat offset by higher instalment payments. Payments for the purchase of property, plant and equipment and intangible assets of $2,435 million was modestly below the prior year with a decrease in operating capital expenditure offset by an increase in property expenditure. Proceeds from the sale of businesses and investments of $137 million primarily relate to the net proceeds received on the sale of small investments. Proceeds in F25 related to the Group’s sale of a tranche of its Endeavour Group shareholding. Payments for the purchase of additional equity interests in subsidiaries of $92 million largely reflects the purchase of the remaining interest in MyDeal in H1 to facilitate the restructuring and closure of the business. F25 included the purchase of the remaining 35% equity interest in PFD. Dividends paid (including to non-controlling interests) of $1,113 million decreased by 33.2% compared to F25 which included $489 million related to a special dividend. The cash realisation ratio was 107% (F25: 103%) reflecting EBITDA growth and an increase in other working capital and non-cash items. Group cash flows for the 52 weeks ended 28 June 2026 $ MILLION F26 F25 CHANGE Group EBITDA before significant items 6,089 5,707 6.7% Working capital and non-cash movements 409 467 (12.4)% Cash from operating activities before interest and tax 6,498 6,174 5.2% Interest paid – leases (586) (597) (1.8)% Net interest paid – non-leases (236) (226) 4.4% Tax paid (728) (801) (9.1)% Total cash provided by operating activities 4,948 4,550 8.7% Total cash used in investing activities (2,014) (1,926) 4.6% Cash flow before purchase of additional equity interest, lease payments and dividends 2,934 2,624 11.8% Payments for the purchase of additional equity interest in subsidiaries (92) (422) (78.2)% Repayment of principal component of lease liabilities (1,298) (1,223) 6.1% Dividends paid and payments for shares held in trust (1,198) (1,689) (29.1)% Net cash flow 346 (710) n.m. Cash realisation ratio 1 107% 103% 1 Operating cash flow as a percentage of Group net profit after tax before depreciation and amortisation. Cash realisation ratio excludes significant items. Woolworths Group Annual Report 2026 33 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 2
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Australian Food Business review Sales $53,852M 4.6% from F25 EBIT $2,953M 8.5% from F25 ROFE 29.2% 2.4 pts from F25 Investment in value, fresh and convenience as well as better execution delivered an improvement in customer metrics in F26. VOC NPS (Store and Online) in Q4 recovered two points compared to a disrupted Q3 and was up two points on the prior year. Store-controllable VOC of 79% increased by two points compared to Q3 and one point compared to the prior year, with the biggest improvements in Value for Money, Out of Stocks and Fruit & Vegetables. Australian Food total sales increased by 4.6% in F26 to $53,852 million with H2 sales increasing by 5.7%. Excluding the impact of industrial action in the prior ye a r, F26 sales increased by 4.1%. Gross margin (%) decreased by 2 bps to 28.6% (-20 bps ex Tobacco) with H2 gross margin (%) decreasing by 12 bps (-26 bps ex Tobacco). Key drivers included price and promotional investment, Meat input cost pressures and supply chain costs. Offsetting this were margin mix benefits from a decline in Tobacco sales, a modest improvement in stockloss, and Services and Cartology growth. CODB (%) decreased by 22 bps reflecting productivity initiatives and above-store cost savings, which more than offset a 4.0% increase in store team wages and superannuation, and a higher online mix. CODB (%) in H1 also benefitted from cycling the impact of industrial action in the prior year. CODB (%) in H2 decreased by 19 bps. Depreciation and amortisation increased by 3.7% driven by new stores, renewals, and supply chain and tech-enabled store investments. Australian Food F26 EBIT of $2,953 million increased by 8.5% with the EBIT margin increasing by 20 bps to 5.5%. EBIT included supply chain implementation costs of $113 million (F25: $111 million) and the prior year included the H1 impact of industrial action of $95 million. Excluding these impacts, F26 EBIT would have increased by 4.8%. H2 EBIT of $1,443 million increased by 7.0% with the H2 EBIT margin up 7 bps. Excluding supply chain implementation costs of $61 million in H2 (H2 F25: $70 million), H2 EBIT would have increased by 6.1%. ROFE of 29.2% increased by 2.4 pts on the prior year largely due to EBIT growth with average funds employed broadly unchanged on the prior year. Woolworths Food Retail F26 total sales increased by 4.5% (5.9% ex Tobacco), driven by strong item and sales growth in H2 reflecting customer investment and improved execution. H2 total sales increased by 5.7% (6.6% ex Tobacco) with Q4 total sales increasing by 5.3% (5.9% ex Tobacco). Comparable sales in Q4 increased by 4.7% largely driven by transaction growth. Woolworths Supermarkets (store-originated) F26 sales increased by 2.1% with H2 sales increasing by 2.8% driven by item growth. Growth rates in stores and eCommerce improved in all categories in H2 relative to H1 with the strength of key events a highlight. Investment in the customer offer and better execution led to improved sales momentum in Australian Food. This, together with strong productivity and cost discipline, delivered solid earnings growth in F26. 34 Fresh sales grew 6.9% with double-digit growth in Meat, as well as strong growth in Poultry and Everyday Chilled reflecting a strong promotional program, improved availability and increased demand for protein. Grocery Food sales grew 7.1% supported by solid growth in Drinks; Breakfast, Health & International Foods; and Snacking through a continued focus on in-store execution including simplified ranges and availability alongside a shift towards Lower Shelf Prices. Sales growth in Everyday Needs, including Pet and Baby, remained more subdued but improved in H2 following price investment and range enhancements. Tobacco sales declined by 43% on the prior year; however, the rate of decline moderated as the year progressed with H2 sales declining by 34%. Own and exclusive brand sales increased by 5.5% in F26 driven by growth in Meat and Fresh sales. Average prices in Q4 declined by 0.6% with average prices excluding Tobacco below the prior year in every quarter of F26. Deflation in Grocery was driven by lower shelf prices and an increase in promotional activity relating to Easter, somewhat offset by inflation in Fresh driven by Meat, with higher prices in lamb and beef. Sales per square metre increased by 2.6% with Woolworths Food Retail sales growth of 4.5% compared to average space growth of 1.9%. During the year 13 net new stores were opened, and 67 renewals were completed including five new stores and 27 renewals in Q4. Woolworths Food Retail EBIT of $2,634 million increased by 5.2%. $ MILLION F26 F25 1 CHANGE Total sales 53,852 51,488 4.6% EBITDA 5,041 4,734 6.5% Depreciation and amortisation (2,088) (2,013) 3.7% EBIT 2,953 2,721 8.5% Gross margin (%) 28.6 28.6 (2) bps CODB (%) 23.1 23.3 (22) bps EBIT to sales (%) 5.5 5.3 20 bps Sales per square metre ($) 2 20,231 19,709 2.6% Funds employed (closing) 9,923 10,249 (3.2)% ROFE (%) 29.2 26.8 2.4 pts Australian Food sales by business $ MILLION F26 F25 1 CHANGE Woolworths Food Retail (Stores and eCommerce) 3 53,212 50,903 4.5% WooliesX (including eCommerce) 4 10,045 8,589 17.0 % Elimination of eCommerce sales 5 (8,713) (7, 3 4 8) 18.6% Intrasegment eliminations 6 (692) (656) 5.5% Total Australian Food sales 53,852 51,488 4.6% DAP & EBIT performance by business $ MILLION F26 F25 1 CHANGE Woolworths Food Retail (Stores and eCommerce) 3 2,634 2,504 5.2% WooliesX (including eCommerce) 4 675 396 70.3% Elimination of eCommerce DAP 5 (356) (179) 99.1% Australian Food EBIT 2,953 2,721 8.5% 1 F25 restated to reflect Everyday Market and Healthylife moving to Australian Food from W Living. 2 Woolworths Food Retail only. 3 Woolworths Food Retail includes Woolworths Supermarkets, Metro, WooliesX B2C eCommerce, Woolworths at Work, MILKRUN, Healthylife and Everyday Market. 4 WooliesX includes B2C eCommerce, Woolworths at Work, MILKRUN, Healthylife, Everyday Market, Digital & Media, Rewards & Services and HomeRun. 5 Eliminations reflect the reversal of eCommerce sales and DAP which are included in both Woolworths Food Retail and WooliesX. 6 Intrasegment eliminations primarily relates to the elimination of Everyday Rewards revenue from the sale of points and payment processing services within Australian Food. Woolworths Group Annual Report 2026 35 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 2
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Australian Food Business review Sales $53,852M 4.6% from F25 EBIT $2,953M 8.5% from F25 ROFE 29.2% 2.4 pts from F25 Investment in value, fresh and convenience as well as better execution delivered an improvement in customer metrics in F26. VOC NPS (Store and Online) in Q4 recovered two points compared to a disrupted Q3 and was up two points on the prior year. Store-controllable VOC of 79% increased by two points compared to Q3 and one point compared to the prior year, with the biggest improvements in Value for Money, Out of Stocks and Fruit & Vegetables. Australian Food total sales increased by 4.6% in F26 to $53,852 million with H2 sales increasing by 5.7%. Excluding the impact of industrial action in the prior ye a r, F26 sales increased by 4.1%. Gross margin (%) decreased by 2 bps to 28.6% (-20 bps ex Tobacco) with H2 gross margin (%) decreasing by 12 bps (-26 bps ex Tobacco). Key drivers included price and promotional investment, Meat input cost pressures and supply chain costs. Offsetting this were margin mix benefits from a decline in Tobacco sales, a modest improvement in stockloss, and Services and Cartology growth. CODB (%) decreased by 22 bps reflecting productivity initiatives and above-store cost savings, which more than offset a 4.0% increase in store team wages and superannuation, and a higher online mix. CODB (%) in H1 also benefitted from cycling the impact of industrial action in the prior year. CODB (%) in H2 decreased by 19 bps. Depreciation and amortisation increased by 3.7% driven by new stores, renewals, and supply chain and tech-enabled store investments. Australian Food F26 EBIT of $2,953 million increased by 8.5% with the EBIT margin increasing by 20 bps to 5.5%. EBIT included supply chain implementation costs of $113 million (F25: $111 million) and the prior year included the H1 impact of industrial action of $95 million. Excluding these impacts, F26 EBIT would have increased by 4.8%. H2 EBIT of $1,443 million increased by 7.0% with the H2 EBIT margin up 7 bps. Excluding supply chain implementation costs of $61 million in H2 (H2 F25: $70 million), H2 EBIT would have increased by 6.1%. ROFE of 29.2% increased by 2.4 pts on the prior year largely due to EBIT growth with average funds employed broadly unchanged on the prior year. Woolworths Food Retail F26 total sales increased by 4.5% (5.9% ex Tobacco), driven by strong item and sales growth in H2 reflecting customer investment and improved execution. H2 total sales increased by 5.7% (6.6% ex Tobacco) with Q4 total sales increasing by 5.3% (5.9% ex Tobacco). Comparable sales in Q4 increased by 4.7% largely driven by transaction growth. Woolworths Supermarkets (store-originated) F26 sales increased by 2.1% with H2 sales increasing by 2.8% driven by item growth. Growth rates in stores and eCommerce improved in all categories in H2 relative to H1 with the strength of key events a highlight. Investment in the customer offer and better execution led to improved sales momentum in Australian Food. This, together with strong productivity and cost discipline, delivered solid earnings growth in F26. 34 Fresh sales grew 6.9% with double-digit growth in Meat, as well as strong growth in Poultry and Everyday Chilled reflecting a strong promotional program, improved availability and increased demand for protein. Grocery Food sales grew 7.1% supported by solid growth in Drinks; Breakfast, Health & International Foods; and Snacking through a continued focus on in-store execution including simplified ranges and availability alongside a shift towards Lower Shelf Prices. Sales growth in Everyday Needs, including Pet and Baby, remained more subdued but improved in H2 following price investment and range enhancements. Tobacco sales declined by 43% on the prior year; however, the rate of decline moderated as the year progressed with H2 sales declining by 34%. Own and exclusive brand sales increased by 5.5% in F26 driven by growth in Meat and Fresh sales. Average prices in Q4 declined by 0.6% with average prices excluding Tobacco below the prior year in every quarter of F26. Deflation in Grocery was driven by lower shelf prices and an increase in promotional activity relating to Easter, somewhat offset by inflation in Fresh driven by Meat, with higher prices in lamb and beef. Sales per square metre increased by 2.6% with Woolworths Food Retail sales growth of 4.5% compared to average space growth of 1.9%. During the year 13 net new stores were opened, and 67 renewals were completed including five new stores and 27 renewals in Q4. Woolworths Food Retail EBIT of $2,634 million increased by 5.2%. $ MILLION F26 F25 1 CHANGE Total sales 53,852 51,488 4.6% EBITDA 5,041 4,734 6.5% Depreciation and amortisation (2,088) (2,013) 3.7% EBIT 2,953 2,721 8.5% Gross margin (%) 28.6 28.6 (2) bps CODB (%) 23.1 23.3 (22) bps EBIT to sales (%) 5.5 5.3 20 bps Sales per square metre ($) 2 20,231 19,709 2.6% Funds employed (closing) 9,923 10,249 (3.2)% ROFE (%) 29.2 26.8 2.4 pts Australian Food sales by business $ MILLION F26 F25 1 CHANGE Woolworths Food Retail (Stores and eCommerce) 3 53,212 50,903 4.5% WooliesX (including eCommerce) 4 10,045 8,589 17.0 % Elimination of eCommerce sales 5 (8,713) (7, 3 4 8) 18.6% Intrasegment eliminations 6 (692) (656) 5.5% Total Australian Food sales 53,852 51,488 4.6% DAP & EBIT performance by business $ MILLION F26 F25 1 CHANGE Woolworths Food Retail (Stores and eCommerce) 3 2,634 2,504 5.2% WooliesX (including eCommerce) 4 675 396 70.3% Elimination of eCommerce DAP 5 (356) (179) 99.1% Australian Food EBIT 2,953 2,721 8.5% 1 F25 restated to reflect Everyday Market and Healthylife moving to Australian Food from W Living. 2 Woolworths Food Retail only. 3 Woolworths Food Retail includes Woolworths Supermarkets, Metro, WooliesX B2C eCommerce, Woolworths at Work, MILKRUN, Healthylife and Everyday Market. 4 WooliesX includes B2C eCommerce, Woolworths at Work, MILKRUN, Healthylife, Everyday Market, Digital & Media, Rewards & Services and HomeRun. 5 Eliminations reflect the reversal of eCommerce sales and DAP which are included in both Woolworths Food Retail and WooliesX. 6 Intrasegment eliminations primarily relates to the elimination of Everyday Rewards revenue from the sale of points and payment processing services within Australian Food. Woolworths Group Annual Report 2026 35 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 2
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eComX sales in F26 increased by 18.6% to $8,713 million with eCommerce penetration reaching 17.3% in Q4, up 2.1 pts on the prior year. eCommerce sales momentum increased in H2 with growth of 22.0%. This reflected investment in the customer offer and cycling a softer H2 last year due to residual industrial action impacts, as well as weather events in Queensland. Customers continue to value the convenience of rapid delivery with On Demand growth again a highlight. Almost half of online delivery orders in Q4 were delivered within two hours, up 7 pts compared to the prior year to 47%, supported by the expansion of MILKRUN and a new partnership with DoorDash established in H2. Pick up sales increased by 21.6% in F26 with Pick up mix reaching 42.1% of sales in Q4. Direct to Boot was available in 785 locations at the end of F26 with seven new locations added in H2. Direct to Boot Now (under 60 minute service) was added to a further 88 stores in H2, with 661 stores offering the service at the end of F26. eComX F26 DAP increased by 99% on the prior year to $356 million with the DAP margin increasing by 165 bps to 4.1%. The improvement was driven by strong sales growth delivering scale benefits, growth in higher margin propositions and strong cost discipline and productivity initiatives. Growth also benefitted from cycling cold chain investment in the prior year, disruption from industrial action and other non-recurring items. Excluding these factors, eComX DAP would have increased by approximately 50%. Complementary services (Media, wPay, Rewards & Services) sales increased by 9.6% in F26. Cartology revenue grew 7.8% with an improved H2 growth rate of 11.3%, driven by successful product launches delivering even greater data-led insights to key customers. The Fissler cookware continuity program and a new partnership with Netflix as part of Big Night In drove strong customer engagement. Other highlights included completing the roll out of in-store aisle entry screens across Woolworths Supermarkets, accelerating the self-service functionality of Cartology Ads Manager and the launch of BIG W 1P Sponsored Search. Rewards, Services and wPay also contributed to growth. Everyday Rewards members reached 10.8 million by the end of F26, an increase of 3.4% on the prior year with record boosting by members. Growth was supported by investment in Everyday Rewards offers as well as new and returning campaigns including Fissler cookware; Shop & Scan to Win; and Big Points Blitz. American Express and ANZ were added to the program as Everyday Rewards partners in F26. WooliesX F26 DAP & EBIT increased by 70.3% to $675 million. During the year 22 new Mini Woolies locations were opened, and soft plastic recycling services were restored to a further 108 stores across Australia in H2, bringing the total to over 700 locations. Woolworths Supermarkets provided the equivalent of over 30 million meals to Australians in need through our food relief partners. Business review 36 New Zealand Food Sales $8,491M 2.5% from F25 EBIT $163M 8.8% from F25 ROFE 5.2% 64 bps from F25 Woolworths New Zealand’s VOC NPS improved by three points in Q4 compared to Q3, driven by a recovery in Out of Stocks and eCommerce fulfilment metrics as the new store operating model was embedded. Value for Money also improved reflecting investment in price, including Member Prices, which was relaunched in March. VOC NPS declined one point on the prior year. Store-controllable VOC ended the quarter at 80%, increasing two points compared to Q3 and down one point on the prior year. New Zealand Food’s total sales increased by 2.5% in F26 to $8,491 million. H2 growth of 2.1% reflected lower market growth, a customer flight to value, a highly competitive environment and disruption from the new store operating model. Q4 comparable sales increased by 1.5%, however, items declined on the prior year. By category, Fresh sales grew 3.4% driven by growth in Meat, Seafood and Fruit & Vegetables. Long Life sales increased modestly with growth in Grocery Food and Frozen somewhat offset by a decline in Everyday Needs. Average prices in Q4 declined by 0.2% compared to the prior year driven by lower prices in Chilled due to declining dairy prices as well as deflation in Fruit & Vegetables driven by better availability. eCommerce sales increased by 10.8% in F26 to $1,365 million with penetration of 16.1%, up 120 bps compared to the prior year with record penetration of 16.9% in Q4. On Demand propositions continued to drive growth with 25% of online delivery orders fulfilled within two hours, up 2.6 pts on the prior year. Two new Direct to Boot locations were added in Q4, bringing the total to 62 locations at the end of F26. Other revenue increased by 12.2% in F26 driven by strong growth in FreshChoice, which was supported by the opening of one new FreshChoice store and two supermarket conversions during the year. Everyday Rewards members increased by 6.8% in F26 to 2.3 million with the relaunch of Member Prices and the roll out of Everyday Rewards across the FreshChoice franchise network supporting member growth. Member engagement also increased strongly through successful Boost your Budget, Big Points Blitz and Shop & Scan to Win campaigns, reflected in record tag rates of 81.5% in Q4. Sales per square metre increased by 3.3% reflecting sales growth and a reduction in average space of 0.8%. During the year Woolworths New Zealand opened three new stores, closed four stores and converted two supermarkets to FreshChoice franchise stores. New Zealand Food made progress on its strategy in F26 and despite more challenging trading in H2, EBIT and ROFE in F26 increased on the prior year. All figures are in New Zealand dollars. Woolworths Group Annual Report 2026 37 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 2
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eComX sales in F26 increased by 18.6% to $8,713 million with eCommerce penetration reaching 17.3% in Q4, up 2.1 pts on the prior year. eCommerce sales momentum increased in H2 with growth of 22.0%. This reflected investment in the customer offer and cycling a softer H2 last year due to residual industrial action impacts, as well as weather events in Queensland. Customers continue to value the convenience of rapid delivery with On Demand growth again a highlight. Almost half of online delivery orders in Q4 were delivered within two hours, up 7 pts compared to the prior year to 47%, supported by the expansion of MILKRUN and a new partnership with DoorDash established in H2. Pick up sales increased by 21.6% in F26 with Pick up mix reaching 42.1% of sales in Q4. Direct to Boot was available in 785 locations at the end of F26 with seven new locations added in H2. Direct to Boot Now (under 60 minute service) was added to a further 88 stores in H2, with 661 stores offering the service at the end of F26. eComX F26 DAP increased by 99% on the prior year to $356 million with the DAP margin increasing by 165 bps to 4.1%. The improvement was driven by strong sales growth delivering scale benefits, growth in higher margin propositions and strong cost discipline and productivity initiatives. Growth also benefitted from cycling cold chain investment in the prior year, disruption from industrial action and other non-recurring items. Excluding these factors, eComX DAP would have increased by approximately 50%. Complementary services (Media, wPay, Rewards & Services) sales increased by 9.6% in F26. Cartology revenue grew 7.8% with an improved H2 growth rate of 11.3%, driven by successful product launches delivering even greater data-led insights to key customers. The Fissler cookware continuity program and a new partnership with Netflix as part of Big Night In drove strong customer engagement. Other highlights included completing the roll out of in-store aisle entry screens across Woolworths Supermarkets, accelerating the self-service functionality of Cartology Ads Manager and the launch of BIG W 1P Sponsored Search. Rewards, Services and wPay also contributed to growth. Everyday Rewards members reached 10.8 million by the end of F26, an increase of 3.4% on the prior year with record boosting by members. Growth was supported by investment in Everyday Rewards offers as well as new and returning campaigns including Fissler cookware; Shop & Scan to Win; and Big Points Blitz. American Express and ANZ were added to the program as Everyday Rewards partners in F26. WooliesX F26 DAP & EBIT increased by 70.3% to $675 million. During the year 22 new Mini Woolies locations were opened, and soft plastic recycling services were restored to a further 108 stores across Australia in H2, bringing the total to over 700 locations. Woolworths Supermarkets provided the equivalent of over 30 million meals to Australians in need through our food relief partners. Business review 36 New Zealand Food Sales $8,491M 2.5% from F25 EBIT $163M 8.8% from F25 ROFE 5.2% 64 bps from F25 Woolworths New Zealand’s VOC NPS improved by three points in Q4 compared to Q3, driven by a recovery in Out of Stocks and eCommerce fulfilment metrics as the new store operating model was embedded. Value for Money also improved reflecting investment in price, including Member Prices, which was relaunched in March. VOC NPS declined one point on the prior year. Store-controllable VOC ended the quarter at 80%, increasing two points compared to Q3 and down one point on the prior year. New Zealand Food’s total sales increased by 2.5% in F26 to $8,491 million. H2 growth of 2.1% reflected lower market growth, a customer flight to value, a highly competitive environment and disruption from the new store operating model. Q4 comparable sales increased by 1.5%, however, items declined on the prior year. By category, Fresh sales grew 3.4% driven by growth in Meat, Seafood and Fruit & Vegetables. Long Life sales increased modestly with growth in Grocery Food and Frozen somewhat offset by a decline in Everyday Needs. Average prices in Q4 declined by 0.2% compared to the prior year driven by lower prices in Chilled due to declining dairy prices as well as deflation in Fruit & Vegetables driven by better availability. eCommerce sales increased by 10.8% in F26 to $1,365 million with penetration of 16.1%, up 120 bps compared to the prior year with record penetration of 16.9% in Q4. On Demand propositions continued to drive growth with 25% of online delivery orders fulfilled within two hours, up 2.6 pts on the prior year. Two new Direct to Boot locations were added in Q4, bringing the total to 62 locations at the end of F26. Other revenue increased by 12.2% in F26 driven by strong growth in FreshChoice, which was supported by the opening of one new FreshChoice store and two supermarket conversions during the year. Everyday Rewards members increased by 6.8% in F26 to 2.3 million with the relaunch of Member Prices and the roll out of Everyday Rewards across the FreshChoice franchise network supporting member growth. Member engagement also increased strongly through successful Boost your Budget, Big Points Blitz and Shop & Scan to Win campaigns, reflected in record tag rates of 81.5% in Q4. Sales per square metre increased by 3.3% reflecting sales growth and a reduction in average space of 0.8%. During the year Woolworths New Zealand opened three new stores, closed four stores and converted two supermarkets to FreshChoice franchise stores. New Zealand Food made progress on its strategy in F26 and despite more challenging trading in H2, EBIT and ROFE in F26 increased on the prior year. All figures are in New Zealand dollars. Woolworths Group Annual Report 2026 37 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 2
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Gross margin (%) decreased by 14 bps in F26 and H2 gross margin (%) decreased by 43 bps compared to the prior year. The decline was driven by price investment, higher stockloss, freight costs and increased Everyday Rewards investment in H2. The increase in stockloss was primarily due to higher waste and markdowns as a result of the store operating model implementation. CODB (%) decreased by 25 bps in F26 with H2 CODB (%) decreasing by 27 bps compared to the prior year. The decrease was primarily driven by productivity improvements and above-store cost savings despite an increase in depreciation, and increased investment in team hours to support the rollout of the new store operating model. New Zealand Food F26 EBIT of $163 million increased by 8.8% compared to the prior year with the EBIT margin increasing 11 bps to 1.9%. H2 EBIT decreased by 7.7% to $63 million with the EBIT margin decreasing 16 bps to 1.5% reflecting the gross margin decline. New Zealand Food ROFE increased 64 bps to 5.2% reflecting full year EBIT growth and a reduction in average funds employed. Woolworths New Zealand opened four new Mini Woolies sites in F26, bringing the total number of locations to eight. Over $100,000 was donated to the Salvation Army as part of the Christmas appeal together with customer donations of over $300,000. In F26, more than 5,000 tonnes of food was donated to food rescue organisations, the equivalent of over 10 million meals and over $1 million was donated to over 30 food rescue partners across New Zealand. $ MILLION (NZD) F26 F25 CHANGE Total sales 8,491 8,286 2.5% EBITDA 536 515 3.9% Depreciation and amortisation (373) (365) 2.0% EBIT 163 150 8.8% Gross margin (%) 22.5 22.7 (14) bps CODB (%) 20.6 20.8 (25) bps EBIT to sales (%) 1.9 1.8 11 bps Sales per square metre ($) 19,993 19,360 3.3% Funds employed (closing) 3,054 3,065 (0.4)% ROFE (%) 5.2 4.6 64 bps Business review 38 Australian B2B Sales $5,983M 4.2% from F25 EBIT $155M 13.0% from F25 ROFE 12.8% 2.0 pts from F25 Australian B2B total sales in F26 increased by 4.2% to $5,983 million with H2 sales up 3.4%. B2B Food sales increased by 6.6% to $3,714 million largely driven by solid PFD growth and higher export meat sales. B2B Food sales increased by 3.8% in H2 with the growth rate impacted by a change in the PFD reporting calendar to align to Woolworths Group which led to one less trading week in the half compared to the prior year. PFD sales increased by 5.2% in F26 with the strongest growth in the QSR channel reflecting demand from existing customers and outlet expansion. H2 sales increased by 0.8% with growth on a comparable basis of 4.8%. The moderation in growth in H2 reflected a more challenging second half in the Food Service channel, particularly in March and April driven by softer consumer demand. Export meat sales increased by 38.9% with strong volume gains from higher livestock supply. B2B Supply Chain sales increased by 0.5% in F26 to $2,269 million driven by strong growth in PC+ revenue with volume growth in Freight, Warehousing and International Services somewhat offset by a reduction in SIW sales due to declining wholesale Tobacco sales. H2 sales increased by 2.8% with PC+ sales remaining strong and a more modest reduction in SIW sales. Australian B2B EBIT increased by 13.0% in F26 to $155 million with H2 EBIT increasing by 10.8%. PFD’s profit growth was driven by resilient sales growth and strong cost control, however, softer consumer demand in the Food Service channel somewhat constrained EBIT growth in H2. PC+ EBIT growth was driven by higher volumes and cost efficiencies through improved network utilisation. ROFE (%) increased by 2.0 pts to 12.8% reflecting EBIT growth. $ MILLION F26 F25 CHANGE Total sales 5,983 5,74 3 4.2% EBITDA 286 255 12.0% Depreciation and amortisation (131) (118) 11.0% EBIT 155 137 13.0% EBIT to sales (%) 2.6 2.4 20 bps Funds employed (closing) 1,161 1,220 (4.8)% ROFE (%) 12.8 10.8 2.0 pts Sales performance by business $ MILLION F26 F25 CHANGE B2B Food 3,714 3,485 6.6% B2B Supply Chain 2,269 2,258 0.5% Total Australian B2B sales 5,983 5,74 3 4.2% Australian B2B delivered strong EBIT growth in F26. Sales growth in PFD, PC+ and export meat sales as well as cost efficiencies supported the increase in EBIT and improvement in ROFE. Woolworths Group Annual Report 2026 39 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 2
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Gross margin (%) decreased by 14 bps in F26 and H2 gross margin (%) decreased by 43 bps compared to the prior year. The decline was driven by price investment, higher stockloss, freight costs and increased Everyday Rewards investment in H2. The increase in stockloss was primarily due to higher waste and markdowns as a result of the store operating model implementation. CODB (%) decreased by 25 bps in F26 with H2 CODB (%) decreasing by 27 bps compared to the prior year. The decrease was primarily driven by productivity improvements and above-store cost savings despite an increase in depreciation, and increased investment in team hours to support the rollout of the new store operating model. New Zealand Food F26 EBIT of $163 million increased by 8.8% compared to the prior year with the EBIT margin increasing 11 bps to 1.9%. H2 EBIT decreased by 7.7% to $63 million with the EBIT margin decreasing 16 bps to 1.5% reflecting the gross margin decline. New Zealand Food ROFE increased 64 bps to 5.2% reflecting full year EBIT growth and a reduction in average funds employed. Woolworths New Zealand opened four new Mini Woolies sites in F26, bringing the total number of locations to eight. Over $100,000 was donated to the Salvation Army as part of the Christmas appeal together with customer donations of over $300,000. In F26, more than 5,000 tonnes of food was donated to food rescue organisations, the equivalent of over 10 million meals and over $1 million was donated to over 30 food rescue partners across New Zealand. $ MILLION (NZD) F26 F25 CHANGE Total sales 8,491 8,286 2.5% EBITDA 536 515 3.9% Depreciation and amortisation (373) (365) 2.0% EBIT 163 150 8.8% Gross margin (%) 22.5 22.7 (14) bps CODB (%) 20.6 20.8 (25) bps EBIT to sales (%) 1.9 1.8 11 bps Sales per square metre ($) 19,993 19,360 3.3% Funds employed (closing) 3,054 3,065 (0.4)% ROFE (%) 5.2 4.6 64 bps Business review 38 Australian B2B Sales $5,983M 4.2% from F25 EBIT $155M 13.0% from F25 ROFE 12.8% 2.0 pts from F25 Australian B2B total sales in F26 increased by 4.2% to $5,983 million with H2 sales up 3.4%. B2B Food sales increased by 6.6% to $3,714 million largely driven by solid PFD growth and higher export meat sales. B2B Food sales increased by 3.8% in H2 with the growth rate impacted by a change in the PFD reporting calendar to align to Woolworths Group which led to one less trading week in the half compared to the prior year. PFD sales increased by 5.2% in F26 with the strongest growth in the QSR channel reflecting demand from existing customers and outlet expansion. H2 sales increased by 0.8% with growth on a comparable basis of 4.8%. The moderation in growth in H2 reflected a more challenging second half in the Food Service channel, particularly in March and April driven by softer consumer demand. Export meat sales increased by 38.9% with strong volume gains from higher livestock supply. B2B Supply Chain sales increased by 0.5% in F26 to $2,269 million driven by strong growth in PC+ revenue with volume growth in Freight, Warehousing and International Services somewhat offset by a reduction in SIW sales due to declining wholesale Tobacco sales. H2 sales increased by 2.8% with PC+ sales remaining strong and a more modest reduction in SIW sales. Australian B2B EBIT increased by 13.0% in F26 to $155 million with H2 EBIT increasing by 10.8%. PFD’s profit growth was driven by resilient sales growth and strong cost control, however, softer consumer demand in the Food Service channel somewhat constrained EBIT growth in H2. PC+ EBIT growth was driven by higher volumes and cost efficiencies through improved network utilisation. ROFE (%) increased by 2.0 pts to 12.8% reflecting EBIT growth. $ MILLION F26 F25 CHANGE Total sales 5,983 5,74 3 4.2% EBITDA 286 255 12.0% Depreciation and amortisation (131) (118) 11.0% EBIT 155 137 13.0% EBIT to sales (%) 2.6 2.4 20 bps Funds employed (closing) 1,161 1,220 (4.8)% ROFE (%) 12.8 10.8 2.0 pts Sales performance by business $ MILLION F26 F25 CHANGE B2B Food 3,714 3,485 6.6% B2B Supply Chain 2,269 2,258 0.5% Total Australian B2B sales 5,983 5,74 3 4.2% Australian B2B delivered strong EBIT growth in F26. Sales growth in PFD, PC+ and export meat sales as well as cost efficiencies supported the increase in EBIT and improvement in ROFE. Woolworths Group Annual Report 2026 39 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 2
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W Living total sales increased 1.7% in F26 to $5,694 million with BIG W sales up 0.9% and Petstock sales up 12.3% compared to the prior year. This was offset somewhat by a reduction in MyDeal sales following its closure on 30 September 2025. W Living’s EBITDA increased by 35.2% to $359 million in F26 with W Living EBIT of $116 million up $147 million on the prior year. ROFE increased by 7.3 pts to 6.0% reflecting the EBIT improvement and a reduction in average funds employed, partially driven by the impairment of BIG W and MyDeal assets in F25. Sales $5,694M 1.7% from F25 EBIT $116M ROFE 6.0% 7.3 pts from F25 W Living Petstock Petstock’s sales increased by 12.3% to $964 million in F26 with strong growth driven by solid comparable sales, franchise buy backs and a full year of ownership of the pet accessories and pet food manufacturing businesses acquired in F25. Petstock H2 sales increased by 11.4%. Comparable sales in F26 increased by 5.8% driven by a strong customer response to price investment and a value reset completed during the year together with strong eCommerce growth of 24%. eCommerce growth was supported by pricing and delivery changes to the On Demand proposition and the launch of a new app. H2 comparable sales increased by 5.9%. Own and exclusive brand sales increased by 27% and Billie’s Bowl and Tilly’s pet food ranges were expanded to Woolworths Supermarkets in H2. Petstock opened 10 new retail stores during the year and acquired three franchise stores. It also closed eight retail stores and one vet reflecting a network optimisation strategy focused on the best locations. Petstock’s F26 EBIT of $58 million increased by 33.5% compared to the prior year reflecting sales growth, the contribution from acquisitions and strong cost management. $ MILLION F26 F25 1 CHANGE Total sales 5,694 5,597 1.7% EBITDA 359 266 35.2% Depreciation and amortisation (243) (297) (17.9) % EBIT 116 (31) n.m. EBIT to sales (%) 2.0 (0.5) 258 bps Funds employed (closing) 1,922 2,029 (5.3)% ROFE (%) 6.0 (1.3) 7 .3 pts 1 F25 restated to reflect Everyday Market and Healthylife moving to Australian Food from W Living. BIG W restated to include BIG W Market. Business review W Living’s EBIT increased materially on the prior year reflecting BIG W’s return to profit, the closure of MyDeal and strong EBIT growth from Petstock. 40 $ MILLION F26 F25 1 CHANGE Total sales 4,716 4,674 0.9% EBITDA 234 182 28.1% Depreciation and amortisation (170) (215) (21.4)% EBIT 64 (33) n.m Gross margin (%) 31.4 29.9 152 bps CODB (%) 30.1 30.6 (55) bps EBIT to sales (%) 1.4 (0.7) 208 bps Sales per square metre ($) 4,575 4,544 0.7% Funds employed (closing) 942 955 (1.4)% ROFE (%) 7.0 (2.8) 9.8 pts 1 F25 restated to include BIG W Market. BIG W BIG W’s customer metrics remained strong and broadly stable in F26. VOC NPS (Store and Online) of 63 increased one point on both Q3 and the prior year driven by an improvement in Value for Money scores following the launch of a new value campaign, Big Price Drops. Store-controllable VOC of 83% was unchanged on Q3 and increased one point compared to the prior year. BIG W total sales in F26 increased by 0.9% to $4,716 million with H2 sales declining by 0.3% Total dollars transacted under the BIG W brand (total GTV sales) increased by 3.7% in F26 and 1.6% in H2. Ranging discipline, better stock flow, reduced clearance activity and strong 3P sales growth supported an improved sales profile. Cycling of significant clearance activity in the prior year led to lower volumes with a comparable item decline of 1.7% in F26 which was offset by an increase in average selling prices from a higher mix of full price sales. Own brand sales grew 7.5% in F26 with strong growth in Toys (Somersault), Home (Openook) and Clothing, reflecting the benefits of BIG W’s continued investment in design and sourcing capabilities. By trading segment, Clothing continued to strengthen through improved range, availability and reduced clearance activity. Play sales growth was driven by Toys despite cycling major releases in Gaming and Tech in the prior year. Home was stable with a strong Openook performance offset by branded small appliances. Everyday sales remained challenged in a competitive trading environment with plans in place to improve performance, including the Big Price Drops value campaign launched in April, and a price reset in Health & Beauty in Q4. BIG W’s eCommerce sales of $580 million increased by 11.5% with eCommerce GTV sales of $956 million increasing 26.7% compared to the prior year. eCommerce GTV penetration was 18.8%, 3.4 pts above the prior year. Average weekly traffic to the BIG W website and app increased by 13% in F26 driven by strong growth in app usage of 32%. Gross margin (%) of 31.4% increased by 152 bps compared to the prior year mainly driven by a higher mix of full price sales and lower clearance and promotions, particularly in Clothing. Stockloss improved on the prior year due to strategic loss mitigation initiatives including Health & Beauty shop -in-shops. H2 gross margin (%) increased by 240 bps. CODB (%) decreased by 55 bps to 30.1%, with H2 CODB (%) declining by 45 bps compared to the prior year. In-store and above-store productivity initiatives delivered cost savings that largely offset inflation. CODB (%) also reflected lower depreciation and amortisation resulting from the F25 impairment which was partially offset by full recognition of marketplace operating costs following the integration of BIG W Market into BIG W during H1. BIG W EBITDA increased 28.1% to $234 million with EBIT increasing to $64 million. BIG W’s EBIT margin of 1.4% was up 2.1 pts on the prior year. H2 EBITDA of $74 million increased by 87.8% with H2 LBIT of $6 million, significantly improved on the H2 F25 LBIT of $64 million. Closing inventory declined on the prior year with a disciplined range reduction and better stock flow during seasonal and key event changeovers. Closing funds employed reflected a reduction in BIG W’s weighted average lease term, and lower trade working capital. Together with customers, BIG W donated over $1.7 million to children’s hospitals and research institutes throughout the year. This included customer fundraising initiatives at Easter, Toy Sale and Christmas, proceeds from the sale of charity gift wrap and art bags, and BIG W corporate donations. Woolworths Group Annual Report 2026 41 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 2
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W Living total sales increased 1.7% in F26 to $5,694 million with BIG W sales up 0.9% and Petstock sales up 12.3% compared to the prior year. This was offset somewhat by a reduction in MyDeal sales following its closure on 30 September 2025. W Living’s EBITDA increased by 35.2% to $359 million in F26 with W Living EBIT of $116 million up $147 million on the prior year. ROFE increased by 7.3 pts to 6.0% reflecting the EBIT improvement and a reduction in average funds employed, partially driven by the impairment of BIG W and MyDeal assets in F25. Sales $5,694M 1.7% from F25 EBIT $116M ROFE 6.0% 7.3 pts from F25 W Living Petstock Petstock’s sales increased by 12.3% to $964 million in F26 with strong growth driven by solid comparable sales, franchise buy backs and a full year of ownership of the pet accessories and pet food manufacturing businesses acquired in F25. Petstock H2 sales increased by 11.4%. Comparable sales in F26 increased by 5.8% driven by a strong customer response to price investment and a value reset completed during the year together with strong eCommerce growth of 24%. eCommerce growth was supported by pricing and delivery changes to the On Demand proposition and the launch of a new app. H2 comparable sales increased by 5.9%. Own and exclusive brand sales increased by 27% and Billie’s Bowl and Tilly’s pet food ranges were expanded to Woolworths Supermarkets in H2. Petstock opened 10 new retail stores during the year and acquired three franchise stores. It also closed eight retail stores and one vet reflecting a network optimisation strategy focused on the best locations. Petstock’s F26 EBIT of $58 million increased by 33.5% compared to the prior year reflecting sales growth, the contribution from acquisitions and strong cost management. $ MILLION F26 F25 1 CHANGE Total sales 5,694 5,597 1.7% EBITDA 359 266 35.2% Depreciation and amortisation (243) (297) (17.9) % EBIT 116 (31) n.m. EBIT to sales (%) 2.0 (0.5) 258 bps Funds employed (closing) 1,922 2,029 (5.3)% ROFE (%) 6.0 (1.3) 7 .3 pts 1 F25 restated to reflect Everyday Market and Healthylife moving to Australian Food from W Living. BIG W restated to include BIG W Market. Business review W Living’s EBIT increased materially on the prior year reflecting BIG W’s return to profit, the closure of MyDeal and strong EBIT growth from Petstock. 40 $ MILLION F26 F25 1 CHANGE Total sales 4,716 4,674 0.9% EBITDA 234 182 28.1% Depreciation and amortisation (170) (215) (21.4)% EBIT 64 (33) n.m Gross margin (%) 31.4 29.9 152 bps CODB (%) 30.1 30.6 (55) bps EBIT to sales (%) 1.4 (0.7) 208 bps Sales per square metre ($) 4,575 4,544 0.7% Funds employed (closing) 942 955 (1.4)% ROFE (%) 7.0 (2.8) 9.8 pts 1 F25 restated to include BIG W Market. BIG W BIG W’s customer metrics remained strong and broadly stable in F26. VOC NPS (Store and Online) of 63 increased one point on both Q3 and the prior year driven by an improvement in Value for Money scores following the launch of a new value campaign, Big Price Drops. Store-controllable VOC of 83% was unchanged on Q3 and increased one point compared to the prior year. BIG W total sales in F26 increased by 0.9% to $4,716 million with H2 sales declining by 0.3% Total dollars transacted under the BIG W brand (total GTV sales) increased by 3.7% in F26 and 1.6% in H2. Ranging discipline, better stock flow, reduced clearance activity and strong 3P sales growth supported an improved sales profile. Cycling of significant clearance activity in the prior year led to lower volumes with a comparable item decline of 1.7% in F26 which was offset by an increase in average selling prices from a higher mix of full price sales. Own brand sales grew 7.5% in F26 with strong growth in Toys (Somersault), Home (Openook) and Clothing, reflecting the benefits of BIG W’s continued investment in design and sourcing capabilities. By trading segment, Clothing continued to strengthen through improved range, availability and reduced clearance activity. Play sales growth was driven by Toys despite cycling major releases in Gaming and Tech in the prior year. Home was stable with a strong Openook performance offset by branded small appliances. Everyday sales remained challenged in a competitive trading environment with plans in place to improve performance, including the Big Price Drops value campaign launched in April, and a price reset in Health & Beauty in Q4. BIG W’s eCommerce sales of $580 million increased by 11.5% with eCommerce GTV sales of $956 million increasing 26.7% compared to the prior year. eCommerce GTV penetration was 18.8%, 3.4 pts above the prior year. Average weekly traffic to the BIG W website and app increased by 13% in F26 driven by strong growth in app usage of 32%. Gross margin (%) of 31.4% increased by 152 bps compared to the prior year mainly driven by a higher mix of full price sales and lower clearance and promotions, particularly in Clothing. Stockloss improved on the prior year due to strategic loss mitigation initiatives including Health & Beauty shop -in-shops. H2 gross margin (%) increased by 240 bps. CODB (%) decreased by 55 bps to 30.1%, with H2 CODB (%) declining by 45 bps compared to the prior year. In-store and above-store productivity initiatives delivered cost savings that largely offset inflation. CODB (%) also reflected lower depreciation and amortisation resulting from the F25 impairment which was partially offset by full recognition of marketplace operating costs following the integration of BIG W Market into BIG W during H1. BIG W EBITDA increased 28.1% to $234 million with EBIT increasing to $64 million. BIG W’s EBIT margin of 1.4% was up 2.1 pts on the prior year. H2 EBITDA of $74 million increased by 87.8% with H2 LBIT of $6 million, significantly improved on the H2 F25 LBIT of $64 million. Closing inventory declined on the prior year with a disciplined range reduction and better stock flow during seasonal and key event changeovers. Closing funds employed reflected a reduction in BIG W’s weighted average lease term, and lower trade working capital. Together with customers, BIG W donated over $1.7 million to children’s hospitals and research institutes throughout the year. This included customer fundraising initiatives at Easter, Toy Sale and Christmas, proceeds from the sale of charity gift wrap and art bags, and BIG W corporate donations. Woolworths Group Annual Report 2026 41 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 2
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Risk management approach The Group’s risk management approach is fundamental to executing the Group’s strategy, maintaining operational resilience, and delivering sustainable long-term shareholder value. In a dynamic retail environment, a robust risk framework enables leaders to make confident, risk-informed decisions every day. The Group’s risk practices continuously evolve in response to a dynamic operating environment. As macroeconomic headwinds, shifting consumer expectations and supply chain volatility reframe the retail landscape, proactive risk management allows the Group to remain agile, keep store teams safe and deliver value for customers. The rapid evolution of AI introduces new operational demands alongside modern capabilities. To address emerging exposures, including cyber security, data privacy, and ethical compliance, the Group maintains AI governance anchored in human oversight and robust data and ethics principles. The Group is integrating AI capabilities directly into its risk management practices to enhance threat detection, improve operational foresight and further strengthen business continuity across the network. This forward-looking, data-led approach strengthens operational resilience and positions the Group to consistently deliver for all stakeholders. The Group categorises risks across: • Strategic: risks that could impact the achievement of long-term strategic objectives and market position • Operational: risks inherent in day-to-day operations, including supply chain, technology platforms and stores • Emerging: future-focused risks, where the full scale and implications are still evolving and therefore require proactive monitoring and preparation Accountability for risk management is embedded across the Group and aligned with the Group’s operating model. Every leader is empowered to identify, assess and manage their own risks. This approach fosters a proactive risk culture, enabling teams at all levels to make informed decisions and take the considered, proportionate risks necessary to innovate, and execute the Group’s strategy. Risk appetite statements Board-endorsed risk appetite statements define the level and nature of risk the Group is willing to accept in the pursuit of its strategic objectives and the creation of long-term shareholder value. Reviewed annually, they establish the critical guardrails for the Group’s operations and guide leaders and team members when making decisions. Each risk appetite statement is owned by a Group Executive sponsor (RAS Lead), who is responsible for assessing whether the Group is operating within its defined limits. Risk management framework The Board-approved risk management framework sets out the Group’s commitment and approach to managing risk. The framework is reviewed annually and updated in response to internal and external changes, so that it remains relevant. Risk teams To support the Group’s leader-led approach, specialist risk teams who have the capabilities and skills to identify, assess, respond to and monitor risks have been established. The Group has also invested in building risk capabilities through tailored programs that enhance technical expertise (including AI), data proficiency, and critical leadership skills. Material risks Material risks are defined as risks that, should they occur, would have the most significant impact on the Group. While the Group’s material risks are unchanged since the 2025 Annual Report, the risk environment is evolving. People and Technology risks are currently at an elevated level, driven by ongoing talent market pressures and a rapidly intensifying global cyber threat landscape, where sophisticated AI-driven attacks are becoming more frequent. Simultaneously, Safety and Privacy and Data risks are evolving in response to changing operational environments, the accelerated adoption of AI, and increasingly complex regulatory expectations. Direct updates on the appropriate management of material risks and key areas of focus are provided to the Group Executive Committee and the Risk Committee on a regular basis. The material risks faced by the Group and the risk management approach to each of them are outlined on pages 44–49. Further information in relation to risk management can be found throughout the Annual Report and in the Corporate Governance Statement . 42 The Board of Directors Risk leadership The People, Sustainability and Audit and Finance Committee have oversight over the risks that are pertinent to their area Risk Committee Sets and communicates expectations for risk management Monitors risk leadership including commitment to behavioural based risk initiatives Satisfies itself that Woolworths Group has in place an appropriate risk management framework Sets risk appetite and provides oversight of strategic, emerging and operational material risk exposures and risk-taking Monitors the effectiveness of Woolworths Group governance practices Group Executive Committee Sets business direction and resolves significant enterprise risk issues Provides recommendations to the Board on risk policy, frameworks and risk practices Manages material risks and reporting on material risk matters Implements effective risk management in the business units Lines of accountability 1st line of accountability 2nd line of accountability 3rd/4th line of accountability Business Oversight functions Independent assurance Owns and manages risk, including identifying and assessing risks and implementing, operating and monitoring controls Oversees and sets frameworks and standards. Independently monitors and provides analysis and reporting on risks and controls Provides independent assurance of frameworks and controls effectiveness Group businesses Group platforms Group Risk and Compliance People Team Group Safety, Health & Wellbeing Group Product Safety Group Privacy Group Legal Group Security Group Finance Group Sustainability Internal Audit External Audit External Assurance Macro Risk Factors Macro risk factors are attributes, characteristics or exposures that increase the likelihood of a material risk occurring. These are closely monitored as they are a cause of many material risks, including: Climate The material risks impacted by climate include: strategy and transformation; customer; legal, regulatory and governance; product safety; supply chain and operational resilience; suppliers; and sustainability. Cyber The material risks impacted by cyber include: technology; customer; supply chain and operational resilience; privacy and data management; financial; legal, regulatory and governance; and safety, health and wellbeing. Geopolitics The material risks impacted by geopolitics include: people; safety, health and wellbeing; customer; sustainability; privacy and data management; technology; and supply chain and operational resilience. Recognising that macro risk factors act as key drivers of the Group’s material risks, the Group actively manages its exposure through targeted initiatives. This includes advancing climate transition and adaptation plans, investing in cyber defences and data privacy safeguards, and enhancing supply chain resilience to navigate geopolitical volatility. Risk management oversight The diagram below provides an overview of risk governance and management at Woolworths Group, outlining the key responsibilities of the Board, its Committees, and various leadership teams. The Group operates a four lines of accountability model, ensuring all team members contribute to effectively identifying and managing risks and compliance obligations. Woolworths Group Annual Report 2026 43 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 2
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Risk management approach The Group’s risk management approach is fundamental to executing the Group’s strategy, maintaining operational resilience, and delivering sustainable long-term shareholder value. In a dynamic retail environment, a robust risk framework enables leaders to make confident, risk-informed decisions every day. The Group’s risk practices continuously evolve in response to a dynamic operating environment. As macroeconomic headwinds, shifting consumer expectations and supply chain volatility reframe the retail landscape, proactive risk management allows the Group to remain agile, keep store teams safe and deliver value for customers. The rapid evolution of AI introduces new operational demands alongside modern capabilities. To address emerging exposures, including cyber security, data privacy, and ethical compliance, the Group maintains AI governance anchored in human oversight and robust data and ethics principles. The Group is integrating AI capabilities directly into its risk management practices to enhance threat detection, improve operational foresight and further strengthen business continuity across the network. This forward-looking, data-led approach strengthens operational resilience and positions the Group to consistently deliver for all stakeholders. The Group categorises risks across: • Strategic: risks that could impact the achievement of long-term strategic objectives and market position • Operational: risks inherent in day-to-day operations, including supply chain, technology platforms and stores • Emerging: future-focused risks, where the full scale and implications are still evolving and therefore require proactive monitoring and preparation Accountability for risk management is embedded across the Group and aligned with the Group’s operating model. Every leader is empowered to identify, assess and manage their own risks. This approach fosters a proactive risk culture, enabling teams at all levels to make informed decisions and take the considered, proportionate risks necessary to innovate, and execute the Group’s strategy. Risk appetite statements Board-endorsed risk appetite statements define the level and nature of risk the Group is willing to accept in the pursuit of its strategic objectives and the creation of long-term shareholder value. Reviewed annually, they establish the critical guardrails for the Group’s operations and guide leaders and team members when making decisions. Each risk appetite statement is owned by a Group Executive sponsor (RAS Lead), who is responsible for assessing whether the Group is operating within its defined limits. Risk management framework The Board-approved risk management framework sets out the Group’s commitment and approach to managing risk. The framework is reviewed annually and updated in response to internal and external changes, so that it remains relevant. Risk teams To support the Group’s leader-led approach, specialist risk teams who have the capabilities and skills to identify, assess, respond to and monitor risks have been established. The Group has also invested in building risk capabilities through tailored programs that enhance technical expertise (including AI), data proficiency, and critical leadership skills. Material risks Material risks are defined as risks that, should they occur, would have the most significant impact on the Group. While the Group’s material risks are unchanged since the 2025 Annual Report, the risk environment is evolving. People and Technology risks are currently at an elevated level, driven by ongoing talent market pressures and a rapidly intensifying global cyber threat landscape, where sophisticated AI-driven attacks are becoming more frequent. Simultaneously, Safety and Privacy and Data risks are evolving in response to changing operational environments, the accelerated adoption of AI, and increasingly complex regulatory expectations. Direct updates on the appropriate management of material risks and key areas of focus are provided to the Group Executive Committee and the Risk Committee on a regular basis. The material risks faced by the Group and the risk management approach to each of them are outlined on pages 44–49. Further information in relation to risk management can be found throughout the Annual Report and in the Corporate Governance Statement . 42 The Board of Directors Risk leadership The People, Sustainability and Audit and Finance Committee have oversight over the risks that are pertinent to their area Risk Committee Sets and communicates expectations for risk management Monitors risk leadership including commitment to behavioural based risk initiatives Satisfies itself that Woolworths Group has in place an appropriate risk management framework Sets risk appetite and provides oversight of strategic, emerging and operational material risk exposures and risk-taking Monitors the effectiveness of Woolworths Group governance practices Group Executive Committee Sets business direction and resolves significant enterprise risk issues Provides recommendations to the Board on risk policy, frameworks and risk practices Manages material risks and reporting on material risk matters Implements effective risk management in the business units Lines of accountability 1st line of accountability 2nd line of accountability 3rd/4th line of accountability Business Oversight functions Independent assurance Owns and manages risk, including identifying and assessing risks and implementing, operating and monitoring controls Oversees and sets frameworks and standards. Independently monitors and provides analysis and reporting on risks and controls Provides independent assurance of frameworks and controls effectiveness Group businesses Group platforms Group Risk and Compliance People Team Group Safety, Health & Wellbeing Group Product Safety Group Privacy Group Legal Group Security Group Finance Group Sustainability Internal Audit External Audit External Assurance Macro Risk Factors Macro risk factors are attributes, characteristics or exposures that increase the likelihood of a material risk occurring. These are closely monitored as they are a cause of many material risks, including: Climate The material risks impacted by climate include: strategy and transformation; customer; legal, regulatory and governance; product safety; supply chain and operational resilience; suppliers; and sustainability. Cyber The material risks impacted by cyber include: technology; customer; supply chain and operational resilience; privacy and data management; financial; legal, regulatory and governance; and safety, health and wellbeing. Geopolitics The material risks impacted by geopolitics include: people; safety, health and wellbeing; customer; sustainability; privacy and data management; technology; and supply chain and operational resilience. Recognising that macro risk factors act as key drivers of the Group’s material risks, the Group actively manages its exposure through targeted initiatives. This includes advancing climate transition and adaptation plans, investing in cyber defences and data privacy safeguards, and enhancing supply chain resilience to navigate geopolitical volatility. Risk management oversight The diagram below provides an overview of risk governance and management at Woolworths Group, outlining the key responsibilities of the Board, its Committees, and various leadership teams. The Group operates a four lines of accountability model, ensuring all team members contribute to effectively identifying and managing risks and compliance obligations. Woolworths Group Annual Report 2026 43 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 2
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Product safety Safety, health and wellbeing Risk trajectory: Risk trajectory: Customer safety is paramount and unsafe products may result in injury, harm or illness to customers. Not meeting product safety framework requirements could lead to regulatory impacts, claims and reputational damage. Risk management approach: • clear end-to-end procedures and processes for managing product safety throughout the supply chain from design, manufacturing, transport, and storage to customer purchase • ongoing review and monitoring of controls throughout the product lifecycle to confirm compliance with mandatory and internal safety and brand requirements • ongoing horizon scanning to identify and respond to emerging product safety risks and regulatory changes • using diverse data sources and analytics to identify potential product safety issues • dedicated product and food safety teams across the Group who lead responses to customer complaints and the withdrawal or recall of products when required. Committee: RAS lead: Managing Director, Woolworths Retail and Managing Director, BIG W The safety and wellbeing of team members, customers and contractors is paramount. As the business context changes and the safety and wellbeing landscape evolves, the Group continues to transform and mature its safety promise, ‘Our Place – We’re safer together’, and proactively manage physical and psychosocial workplace hazards. Risk management approach: • engaging in team consultation, fostering shared ownership, empowering team members to report hazards, and evaluating both successes and opportunities to drive continuous safety learning • defining day-to-day operational accountability across all leadership levels, and their teams, to actively manage physical and psychosocial hazards to maintain a safe, supportive and healthy workplace • maintaining an independently verified Safety Management System that proactively manages occupational injury and illness alongside material events that may lead to serious harm • implementing clearly defined critical controls to manage safety and wellbeing risks • providing early intervention, injury care and return-to-work programs to support team members who suffer an injury or illness • driving proactive risk mitigation through data-driven insights and targeted investments to execute the Group’s overarching safety and wellbeing strategy • conducting safety and wellbeing training to equip all team members with essential skills, knowledge, tools, and processes for safe work • delivering comprehensive wellbeing programs encompassing physical, mental, emotional and financial wellbeing support • providing dedicated technical expertise and support through the specialised safety and wellbeing team • overseeing performance through Board, management and business-unit specific health and safety governance. Committee: RAS lead: Chief People Officer Risk management approach 44 Key: Audit and Finance Committee Group Executive Committee Risk Committee Board People Committee Sustainability Committee Risk trajectory: Increasing Decreasing Stable Pay and entitlements People Risk trajectory: Risk trajectory: Paying team members correctly is critical to maintaining trust, engagement, compliance and living the Group’s values. The Group continues to progress its pay confidence strategy, strengthening IT systems and controls and monitoring to drive proactive, end-to-end compliance. Risk management approach: • clear leadership, governance and oversight for the Group’s pay confidence program • enhancing pay-related systems and uplifting supporting processes • ongoing review and identification of pay risks and uplift of controls • enhancing processes for implementing and testing new and renewed industrial instruments to check system configuration and supporting processes • continue to invest in subject matter expertise by bringing in skilled and experienced pay professionals • continuation of remediation programs, including making repayments to current and former team members, as required. Committee: RAS lead: Chief People Officer A diverse and capable team is critical to the Group’s success. The Group is committed to fostering a respectful and inclusive culture that empowers team members and attracts strong talent. Equally important is maintaining clear behavioural standards and safeguards to actively protect team members, contractors and customers from unacceptable conduct. Risk management approach: • building a Customer 1st, Team 1st culture which aims to provide a sense of safety, belonging and inclusion, including taking deliberate steps to address bullying, harassment and discrimination, and fostering an environment for growth and development • a dedicated listening program through Voice of Te am surveys and other consultative mechanisms to help adapt and refine existing People strategies and improve team experience • hybrid working principles for improved collaboration, retaining flexibility and supporting team member wellbeing • focused attention on proactive talent management and strategic workforce planning to ensure the Group has the skills needed today and for the future • investment in people risk management initiatives to understand and build confidence across team -related risks (including pay, talent, conduct, industrial relations, data and privacy). This includes upgrading the Group’s People systems and implementing controls across core People processes • targeted retention plans for key talent and critical roles essential in driving the Group’s future strategic direction. Committee: RAS lead: Chief People Officer Woolworths Group Annual Report 2026 45 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 2
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Product safety Safety, health and wellbeing Risk trajectory: Risk trajectory: Customer safety is paramount and unsafe products may result in injury, harm or illness to customers. Not meeting product safety framework requirements could lead to regulatory impacts, claims and reputational damage. Risk management approach: • clear end-to-end procedures and processes for managing product safety throughout the supply chain from design, manufacturing, transport, and storage to customer purchase • ongoing review and monitoring of controls throughout the product lifecycle to confirm compliance with mandatory and internal safety and brand requirements • ongoing horizon scanning to identify and respond to emerging product safety risks and regulatory changes • using diverse data sources and analytics to identify potential product safety issues • dedicated product and food safety teams across the Group who lead responses to customer complaints and the withdrawal or recall of products when required. Committee: RAS lead: Managing Director, Woolworths Retail and Managing Director, BIG W The safety and wellbeing of team members, customers and contractors is paramount. As the business context changes and the safety and wellbeing landscape evolves, the Group continues to transform and mature its safety promise, ‘Our Place – We’re safer together’, and proactively manage physical and psychosocial workplace hazards. Risk management approach: • engaging in team consultation, fostering shared ownership, empowering team members to report hazards, and evaluating both successes and opportunities to drive continuous safety learning • defining day-to-day operational accountability across all leadership levels, and their teams, to actively manage physical and psychosocial hazards to maintain a safe, supportive and healthy workplace • maintaining an independently verified Safety Management System that proactively manages occupational injury and illness alongside material events that may lead to serious harm • implementing clearly defined critical controls to manage safety and wellbeing risks • providing early intervention, injury care and return-to-work programs to support team members who suffer an injury or illness • driving proactive risk mitigation through data-driven insights and targeted investments to execute the Group’s overarching safety and wellbeing strategy • conducting safety and wellbeing training to equip all team members with essential skills, knowledge, tools, and processes for safe work • delivering comprehensive wellbeing programs encompassing physical, mental, emotional and financial wellbeing support • providing dedicated technical expertise and support through the specialised safety and wellbeing team • overseeing performance through Board, management and business-unit specific health and safety governance. Committee: RAS lead: Chief People Officer Risk management approach 44 Key: Audit and Finance Committee Group Executive Committee Risk Committee Board People Committee Sustainability Committee Risk trajectory: Increasing Decreasing Stable Pay and entitlements People Risk trajectory: Risk trajectory: Paying team members correctly is critical to maintaining trust, engagement, compliance and living the Group’s values. The Group continues to progress its pay confidence strategy, strengthening IT systems and controls and monitoring to drive proactive, end-to-end compliance. Risk management approach: • clear leadership, governance and oversight for the Group’s pay confidence program • enhancing pay-related systems and uplifting supporting processes • ongoing review and identification of pay risks and uplift of controls • enhancing processes for implementing and testing new and renewed industrial instruments to check system configuration and supporting processes • continue to invest in subject matter expertise by bringing in skilled and experienced pay professionals • continuation of remediation programs, including making repayments to current and former team members, as required. Committee: RAS lead: Chief People Officer A diverse and capable team is critical to the Group’s success. The Group is committed to fostering a respectful and inclusive culture that empowers team members and attracts strong talent. Equally important is maintaining clear behavioural standards and safeguards to actively protect team members, contractors and customers from unacceptable conduct. Risk management approach: • building a Customer 1st, Team 1st culture which aims to provide a sense of safety, belonging and inclusion, including taking deliberate steps to address bullying, harassment and discrimination, and fostering an environment for growth and development • a dedicated listening program through Voice of Te am surveys and other consultative mechanisms to help adapt and refine existing People strategies and improve team experience • hybrid working principles for improved collaboration, retaining flexibility and supporting team member wellbeing • focused attention on proactive talent management and strategic workforce planning to ensure the Group has the skills needed today and for the future • investment in people risk management initiatives to understand and build confidence across team -related risks (including pay, talent, conduct, industrial relations, data and privacy). This includes upgrading the Group’s People systems and implementing controls across core People processes • targeted retention plans for key talent and critical roles essential in driving the Group’s future strategic direction. Committee: RAS lead: Chief People Officer Woolworths Group Annual Report 2026 45 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 2
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Sustainability Privacy and data management Risk trajectory: Risk trajectory: The Group’s commitment to sustainability is intrinsic to the business and its operations. The Group recognises that responding to evolving stakeholder expectations and meeting disclosure requirements is critical to maintaining trust. Through a focus on five key impact areas, climate and nature, waste and circularity, health and nutrition, social impact and human rights, the Group will maintain its position as a responsible and trusted retailer. Risk management approach: • monitoring sustainability goals within the Group’s Sustainability 2030 Plan and reporting progress and challenges to governance forums • holding accountability, maintaining intent and effectively integrating sustainability across the Group • annual review of the human rights program, including assessment against key external benchmarks and stakeholder feedback for continuous program improvement and refinement of controls assessment • updating climate scenario modelling to test resilience planning and decision making and independent validation of AASB S2 climate disclosures • First Nations Advisory Board provides strategic guidance, internal policy advice and oversight on Indigenous affairs • ongoing engagement with the Group’s stakeholders – including customers, team members, supply partners, investors, and communities – to understand evolving priorities and effectively balance diverse needs to deliver sustainable, long-term growth • reviewing and strengthening the Group’s sustainability governance, risk management and frameworks which are shared with the Sustainability Committee • as part of the Group’s technology-driven sustainability risk management approach, we leverage an AI-powered intelligence platform to proactively map key high risk supply chains to support the identification of potentially complex and hidden human rights risks. Committee: RAS lead: Chief of Group Public Affairs, Communication and Sustainability Safeguarding customer and team data is fundamental to the Group’s commitment to privacy, responsible use of data and maintaining trust. Quality data is a key organisational asset, helping to support strategic and operational decisions, and enabling technologies including AI. As customer and regulatory expectations continue to evolve, the Group’s commitment to data and privacy will enable the Group to realise the benefits safely. Risk management approach: • continuous review and enhancement of frameworks and initiatives to manage the lifecycle of personal information, privacy and data management risks and embed responsible use of data • regular training and awareness programs to provide team members with an understanding of privacy and data management commensurate to their role and responsibilities • ongoing updates to the Woolworths Group Privacy Centre (including Privacy Policies and other artefacts) to provide increased transparency to customers on how the Group collects, uses, shares and manages their personal information • managing data quality, protection risks and compliance to regulations in line with the Group’s endorsed data management policy • embedding governance across key strategic and operational metrics through assigned ownership, clear definitions, and verified sources to provide confidence in the data driving decisions • privacy, data sponsorship and data council forums to provide oversight of risks and issues, establish best practices, and deliver work programs relating to privacy compliance and data management • maintaining and testing processes to respond to data or privacy-related incidents/breaches, queries, individual rights requests or complaints • enhancing and embedding the Group’s Responsible AI and Unstructured Data Management framework to support the adoption and roll out of AI across the organisation • dedicated privacy, data ethics, data owners, data stewards and risk experts to provide specialist support across the Group. Committee: RAS lead: Chief Risk Officer and Chief Information Officer Risk management approach Further detail on the Group’s material sustainability- related risks can be found on pages 50–87 of this report as well as in the Group’s 2026 Nature Report and the 2026 Modern Slavery Statement . 46 Key: Audit and Finance Committee Group Executive Committee Risk Committee Board People Committee Sustainability Committee Risk trajectory: Increasing Decreasing Stable Technology Supply chain and operational resilience Risk trajectory: Risk trajectory: The Group’s technology footprint continues to expand in scope, scale and complexity, aligned to business operations, strategic intent and evolving regulatory requirements. At the same time, the cyber threat landscape is rapidly changing. The advancement of AI and associated next-generation AI models requires us to continuously adapt how we respond to complex, fast-evolving threats. Risk management approach: • continually enhancing critical technology processes, controls, frameworks and standards supported by investment in infrastructure, technology and security capabilities to provide secure, stable and available platforms • regular review and monitoring of information technology infrastructure and applications footprints to assess operational risk and security threats • regular testing and maintenance of response playbooks to minimise business impact of technology and cyber incidents • replacement of obsolete technology assets and/ or keeping technology assets current in a managed and predictable manner • continue strengthening critical technology controls through assessments, monitoring and validation of control effectiveness • ongoing assessment and monitoring of third party technology and cyber security controls • leveraging governance and oversight mechanisms to adapt to evolving threats, technology advancements and regulatory requirements, driving informed decisions and targeted investments that enhance technology enablement, system availability, and information security • conducted business-wide Gemini and AI education sessions to equip team members with the essential skills to enable AI adoption • established a dynamic AI governance framework and multi -tiered oversight to ensure the Group’s AI strategy aligns with its core Responsible AI Principles: fairness, accountability, transparency, reliability, and privacy and security. Committee: RAS lead: Chief Information Officer Ensuring consistent product and service availability is vital to meeting the needs of customers and the communities. The Group’s end-to-end supply chain resilience is underpinned by a proactive strategy of continuous monitoring, expanded network contingencies, and robust crisis response testing and scenario modelling. Supply continuity was successfully maintained despite external pressures, including weather-related disruption and global fuel volatility. Risk management approach: • Board review and approval of the Group’s supply chain strategy and network plans, including capital investment to build network resilience • business resilience frameworks, standards, and playbooks to provide guidance on how the Group prevents, prepares, responds and recovers from disruption • maintaining a critical infrastructure risk management program to meet requirements under the Security of Critical Infrastructure Act • planning for, monitoring and responding to key events that threaten the continuity of the Group’s operations through crisis and disruption management teams and protocols, utilising network-wide crisis response plans to maintain store service levels • working with transport and industry partners to advocate for investment into key freight corridors to strengthen network resilience • developed data-driven tools and early-warning signals to proactively identify, monitor and navigate geopolitical and country-specific exposures • forward-looking scenario and business continuity planning to manage the flow and distribution of products and maintain operations during weather and transport events, industrial action and systems and technology impacts. Committee: RAS lead: Managing Director, Primary Connect and Chief Supply Chain Officer Woolworths Group Annual Report 2026 47 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 2
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Sustainability Privacy and data management Risk trajectory: Risk trajectory: The Group’s commitment to sustainability is intrinsic to the business and its operations. The Group recognises that responding to evolving stakeholder expectations and meeting disclosure requirements is critical to maintaining trust. Through a focus on five key impact areas, climate and nature, waste and circularity, health and nutrition, social impact and human rights, the Group will maintain its position as a responsible and trusted retailer. Risk management approach: • monitoring sustainability goals within the Group’s Sustainability 2030 Plan and reporting progress and challenges to governance forums • holding accountability, maintaining intent and effectively integrating sustainability across the Group • annual review of the human rights program, including assessment against key external benchmarks and stakeholder feedback for continuous program improvement and refinement of controls assessment • updating climate scenario modelling to test resilience planning and decision making and independent validation of AASB S2 climate disclosures • First Nations Advisory Board provides strategic guidance, internal policy advice and oversight on Indigenous affairs • ongoing engagement with the Group’s stakeholders – including customers, team members, supply partners, investors, and communities – to understand evolving priorities and effectively balance diverse needs to deliver sustainable, long-term growth • reviewing and strengthening the Group’s sustainability governance, risk management and frameworks which are shared with the Sustainability Committee • as part of the Group’s technology-driven sustainability risk management approach, we leverage an AI-powered intelligence platform to proactively map key high risk supply chains to support the identification of potentially complex and hidden human rights risks. Committee: RAS lead: Chief of Group Public Affairs, Communication and Sustainability Safeguarding customer and team data is fundamental to the Group’s commitment to privacy, responsible use of data and maintaining trust. Quality data is a key organisational asset, helping to support strategic and operational decisions, and enabling technologies including AI. As customer and regulatory expectations continue to evolve, the Group’s commitment to data and privacy will enable the Group to realise the benefits safely. Risk management approach: • continuous review and enhancement of frameworks and initiatives to manage the lifecycle of personal information, privacy and data management risks and embed responsible use of data • regular training and awareness programs to provide team members with an understanding of privacy and data management commensurate to their role and responsibilities • ongoing updates to the Woolworths Group Privacy Centre (including Privacy Policies and other artefacts) to provide increased transparency to customers on how the Group collects, uses, shares and manages their personal information • managing data quality, protection risks and compliance to regulations in line with the Group’s endorsed data management policy • embedding governance across key strategic and operational metrics through assigned ownership, clear definitions, and verified sources to provide confidence in the data driving decisions • privacy, data sponsorship and data council forums to provide oversight of risks and issues, establish best practices, and deliver work programs relating to privacy compliance and data management • maintaining and testing processes to respond to data or privacy-related incidents/breaches, queries, individual rights requests or complaints • enhancing and embedding the Group’s Responsible AI and Unstructured Data Management framework to support the adoption and roll out of AI across the organisation • dedicated privacy, data ethics, data owners, data stewards and risk experts to provide specialist support across the Group. Committee: RAS lead: Chief Risk Officer and Chief Information Officer Risk management approach Further detail on the Group’s material sustainability- related risks can be found on pages 50–87 of this report as well as in the Group’s 2026 Nature Report and the 2026 Modern Slavery Statement . 46 Key: Audit and Finance Committee Group Executive Committee Risk Committee Board People Committee Sustainability Committee Risk trajectory: Increasing Decreasing Stable Technology Supply chain and operational resilience Risk trajectory: Risk trajectory: The Group’s technology footprint continues to expand in scope, scale and complexity, aligned to business operations, strategic intent and evolving regulatory requirements. At the same time, the cyber threat landscape is rapidly changing. The advancement of AI and associated next-generation AI models requires us to continuously adapt how we respond to complex, fast-evolving threats. Risk management approach: • continually enhancing critical technology processes, controls, frameworks and standards supported by investment in infrastructure, technology and security capabilities to provide secure, stable and available platforms • regular review and monitoring of information technology infrastructure and applications footprints to assess operational risk and security threats • regular testing and maintenance of response playbooks to minimise business impact of technology and cyber incidents • replacement of obsolete technology assets and/ or keeping technology assets current in a managed and predictable manner • continue strengthening critical technology controls through assessments, monitoring and validation of control effectiveness • ongoing assessment and monitoring of third party technology and cyber security controls • leveraging governance and oversight mechanisms to adapt to evolving threats, technology advancements and regulatory requirements, driving informed decisions and targeted investments that enhance technology enablement, system availability, and information security • conducted business-wide Gemini and AI education sessions to equip team members with the essential skills to enable AI adoption • established a dynamic AI governance framework and multi -tiered oversight to ensure the Group’s AI strategy aligns with its core Responsible AI Principles: fairness, accountability, transparency, reliability, and privacy and security. Committee: RAS lead: Chief Information Officer Ensuring consistent product and service availability is vital to meeting the needs of customers and the communities. The Group’s end-to-end supply chain resilience is underpinned by a proactive strategy of continuous monitoring, expanded network contingencies, and robust crisis response testing and scenario modelling. Supply continuity was successfully maintained despite external pressures, including weather-related disruption and global fuel volatility. Risk management approach: • Board review and approval of the Group’s supply chain strategy and network plans, including capital investment to build network resilience • business resilience frameworks, standards, and playbooks to provide guidance on how the Group prevents, prepares, responds and recovers from disruption • maintaining a critical infrastructure risk management program to meet requirements under the Security of Critical Infrastructure Act • planning for, monitoring and responding to key events that threaten the continuity of the Group’s operations through crisis and disruption management teams and protocols, utilising network-wide crisis response plans to maintain store service levels • working with transport and industry partners to advocate for investment into key freight corridors to strengthen network resilience • developed data-driven tools and early-warning signals to proactively identify, monitor and navigate geopolitical and country-specific exposures • forward-looking scenario and business continuity planning to manage the flow and distribution of products and maintain operations during weather and transport events, industrial action and systems and technology impacts. Committee: RAS lead: Managing Director, Primary Connect and Chief Supply Chain Officer Woolworths Group Annual Report 2026 47 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 2
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Financial Legal, regulatory and governance Risk trajectory: Risk trajectory: Providing accurate, timely and transparent financial disclosures whilst strengthening the Group’s financial performance is a key priority. The Group is exposed to adverse movements in foreign exchange, interest and inflation rates and fuel costs that could impact profitability and cash flows. Liquidity management, including making timely payments to team and suppliers, is an important operational requirement and necessary to support growth initiatives. Risk management approach: • managing specific treasury risks – including interest rates, foreign currency, fuel and counterparty risks in line with the Group’s treasury policy • regular monitoring of financial performance, including key performance metrics, and revision to short-term and longer-term financial targets to incorporate changes to the external market. Results are subject to external audits • conducting sensitivity analysis and scenario planning to assess the adequacy of funding and long-term liquidity position, including the Group’s ability to deliver strategic initiatives • establishing dedicated cross-functional working groups to monitor and respond to areas of emerging risk, including ongoing trade volatility and the impact on the Group’s cost of sales • an insurance program that protects the Group against accidents, natural disasters, and other events. The Group has a range of externally placed insurance policies and self-insured programs which are monitored to help manage risk exposure. The Group considers its insurance program to be sufficient in the context of the nature and scale of the business • ongoing monitoring of new accounting, financial and tax regulations and implementing required changes to enable compliance, including the recently released Sustainability Reporting Standards. Committee: RAS lead: Chief Financial Officer The Group continues to face a wide range of legal and regulatory obligations, including in relation to health and safety, product safety, employment, competition and consumer, financial services, privacy and corporate and governance regulation. Failure to comply with any legal and regulatory requirements could negatively impact team members, customers, operations, shareholders and reputation, and expose the Group to investigations, litigation or prosecution which may adversely impact financial performance and licence to operate. Risk management approach: • dedicated teams who partner across the Group to advise on and monitor legal, regulatory, and public policy changes and issues • the Group’s Code of Conduct which provides clear guidance to all team members on compliance and behavioural expectations, and includes a clear statement of the Group’s core values • having a regulatory compliance risk framework and oversight activities which support effective operations, complemented by the ongoing consideration of emerging or changing regulatory impact • actively monitoring for regulatory changes and planning for ongoing obligation management • new starter and annual compliance training programs which are required to be completed by all team members • Speak Up, the Group’s ethics reporting service which encompasses a formal whistleblowing process through which the Group actively encourages current and former team members, suppliers, and their families to report, anonymously or otherwise, any wrongdoing or breaches of the law. Committee: RAS lead: Chief Legal Officer Risk management approach 48 Strategy and transformation Customer Risk trajectory: Risk trajectory: The Group’s ambition is to be the first choice for customers offering the best products and shopping experiences. The Group’s retail businesses and complementary businesses and services work together to deliver its strategic agenda in a dynamic and competitive retail environment. Failure to execute the Group’s strategic agenda may impact the Group’s ability to manage its costs, remain competitive and deliver on its growth plans. Risk management approach: • dedicated strategy teams, transformation teams and change management capabilities that partner across the Group to assist with the evaluation and mitigation of the impact of continued and significant change • review and approval of the Group’s strategies by the Board and regular updates on progress against agreed objectives and key results • assigning lead accountability of strategic objectives to key management and considering risks in the annual strategy and quarterly delivery cycles • consideration of risks and competitive dynamics when developing major initiatives through the Group’s project risk framework, investment councils and governance forums • key management and governance forums to adapt Group priorities and operating settings based on key customer shopping patterns, customer and team feedback, competitive landscape, supplier metrics and regulatory changes • applying stage-gate governance and assurance across key transformation programs to mitigate delivery risk and validate readiness prior to implementation. Committee: RAS lead: Chief Executive Officer At the heart of the Group’s strategy is an unwavering commitment to delivering value and maintaining customer trust. This is enabled by the Group’s ability to deeply understand customer needs and embed those insights into strategic decisions. In a competitive market defined by cost-of-living pressures, rapid AI advancements, and evolving shopping expectations, the Group’s capacity to anticipate and adapt to these shifts is critical to protecting its brand, reputation, and financial performance. Risk management approach: • listening and engaging with customers through integrated feedback mechanisms, including Voice of Customer surveys, bespoke and ‘always on’ customer research, customer service contacts and focus groups. These insights are adopted into new and existing strategies • sharing and embedding qualitative and quantitative customer feedback from various channels and frontline teams across the organisation to improve customer proposition in stores and online • dedicated customer strategy, marketing, loyalty and insight teams working closely together, monitoring trends and developments both locally and globally to assist in a cross -functional and holistic response to customer opportunities and challenges across the Group • key management and governance forums that have oversight over decisions that have impact on customer and community perceptions of Woolworths Group. Committee: RAS lead: Chief of Group Public Affairs, Communication and Sustainability Key: Audit and Finance Committee Group Executive Committee Risk Committee Board People Committee Sustainability Committee Risk trajectory: Increasing Decreasing Stable Woolworths Group Annual Report 2026 49 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 2
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Financial Legal, regulatory and governance Risk trajectory: Risk trajectory: Providing accurate, timely and transparent financial disclosures whilst strengthening the Group’s financial performance is a key priority. The Group is exposed to adverse movements in foreign exchange, interest and inflation rates and fuel costs that could impact profitability and cash flows. Liquidity management, including making timely payments to team and suppliers, is an important operational requirement and necessary to support growth initiatives. Risk management approach: • managing specific treasury risks – including interest rates, foreign currency, fuel and counterparty risks in line with the Group’s treasury policy • regular monitoring of financial performance, including key performance metrics, and revision to short-term and longer-term financial targets to incorporate changes to the external market. Results are subject to external audits • conducting sensitivity analysis and scenario planning to assess the adequacy of funding and long-term liquidity position, including the Group’s ability to deliver strategic initiatives • establishing dedicated cross-functional working groups to monitor and respond to areas of emerging risk, including ongoing trade volatility and the impact on the Group’s cost of sales • an insurance program that protects the Group against accidents, natural disasters, and other events. The Group has a range of externally placed insurance policies and self-insured programs which are monitored to help manage risk exposure. The Group considers its insurance program to be sufficient in the context of the nature and scale of the business • ongoing monitoring of new accounting, financial and tax regulations and implementing required changes to enable compliance, including the recently released Sustainability Reporting Standards. Committee: RAS lead: Chief Financial Officer The Group continues to face a wide range of legal and regulatory obligations, including in relation to health and safety, product safety, employment, competition and consumer, financial services, privacy and corporate and governance regulation. Failure to comply with any legal and regulatory requirements could negatively impact team members, customers, operations, shareholders and reputation, and expose the Group to investigations, litigation or prosecution which may adversely impact financial performance and licence to operate. Risk management approach: • dedicated teams who partner across the Group to advise on and monitor legal, regulatory, and public policy changes and issues • the Group’s Code of Conduct which provides clear guidance to all team members on compliance and behavioural expectations, and includes a clear statement of the Group’s core values • having a regulatory compliance risk framework and oversight activities which support effective operations, complemented by the ongoing consideration of emerging or changing regulatory impact • actively monitoring for regulatory changes and planning for ongoing obligation management • new starter and annual compliance training programs which are required to be completed by all team members • Speak Up, the Group’s ethics reporting service which encompasses a formal whistleblowing process through which the Group actively encourages current and former team members, suppliers, and their families to report, anonymously or otherwise, any wrongdoing or breaches of the law. Committee: RAS lead: Chief Legal Officer Risk management approach 48 Strategy and transformation Customer Risk trajectory: Risk trajectory: The Group’s ambition is to be the first choice for customers offering the best products and shopping experiences. The Group’s retail businesses and complementary businesses and services work together to deliver its strategic agenda in a dynamic and competitive retail environment. Failure to execute the Group’s strategic agenda may impact the Group’s ability to manage its costs, remain competitive and deliver on its growth plans. Risk management approach: • dedicated strategy teams, transformation teams and change management capabilities that partner across the Group to assist with the evaluation and mitigation of the impact of continued and significant change • review and approval of the Group’s strategies by the Board and regular updates on progress against agreed objectives and key results • assigning lead accountability of strategic objectives to key management and considering risks in the annual strategy and quarterly delivery cycles • consideration of risks and competitive dynamics when developing major initiatives through the Group’s project risk framework, investment councils and governance forums • key management and governance forums to adapt Group priorities and operating settings based on key customer shopping patterns, customer and team feedback, competitive landscape, supplier metrics and regulatory changes • applying stage-gate governance and assurance across key transformation programs to mitigate delivery risk and validate readiness prior to implementation. Committee: RAS lead: Chief Executive Officer At the heart of the Group’s strategy is an unwavering commitment to delivering value and maintaining customer trust. This is enabled by the Group’s ability to deeply understand customer needs and embed those insights into strategic decisions. In a competitive market defined by cost-of-living pressures, rapid AI advancements, and evolving shopping expectations, the Group’s capacity to anticipate and adapt to these shifts is critical to protecting its brand, reputation, and financial performance. Risk management approach: • listening and engaging with customers through integrated feedback mechanisms, including Voice of Customer surveys, bespoke and ‘always on’ customer research, customer service contacts and focus groups. These insights are adopted into new and existing strategies • sharing and embedding qualitative and quantitative customer feedback from various channels and frontline teams across the organisation to improve customer proposition in stores and online • dedicated customer strategy, marketing, loyalty and insight teams working closely together, monitoring trends and developments both locally and globally to assist in a cross -functional and holistic response to customer opportunities and challenges across the Group • key management and governance forums that have oversight over decisions that have impact on customer and community perceptions of Woolworths Group. Committee: RAS lead: Chief of Group Public Affairs, Communication and Sustainability Key: Audit and Finance Committee Group Executive Committee Risk Committee Board People Committee Sustainability Committee Risk trajectory: Increasing Decreasing Stable Woolworths Group Annual Report 2026 49 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 2
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Sustainability Report About this report This report outlines the Group’s governance, risk management approach and strategies to manage the impact of climate change on the Group. Disclosures include the Group’s mandatory climate‑related disclosures for the financial year ended 28 June 2026 ( F26) and outline the climate‑related risks and opportunities that could be expected to reasonably affect the Group’s prospects over the short, medium and long term. In addition to this Sustainability Report (the report), the Group also fulfils its mandatory reporting requirements under the National Greenhouse and Energy Reporting Scheme (NGERS) to transparently report greenhouse gas ( GHG) emissions and energy consumption. Contents 1 Governance 53 2 Risk management 56 3 Strategy 58 4 Metrics and targets 75 5 Notes to the Sustainability Report 79 Directors’ Declaration 83 Independent Assurance Report 84 Climate Statement Upstream activities include product sourcing, agricultural food production and manufacturing from over 14,500 direct suppliers. These activities contribute to the Group’s Scope 3 emissions; resilience across these sectors supports the ongoing supply of quality fresh food. Upstream supply chain 50 Overview of the Group’s supply chain As Australia and New Zealand’s largest retailer, Woolworths Group recognises that short ‑, medium‑ and long‑term value is linked to climate resilience across an extensive value chain – from agricultural food production and manufacturing, through the Group’s logistical operations and direct store network, and to millions of customers we serve each week. The scenario modelling contained within this report indicates a low financial impact to the Group from physical climate ‑related events, such as flooding and cyclone, on direct assets and major transport routes. This can principally be attributed to the Group’s geographically diverse operational footprint across Australia and New Zealand, coupled with ongoing investment in site‑level resilience measures. Similarly, the Group’s extensive sourcing network and broad product range provide a natural hedge against material supply chain risk from physical risk impacts, such as drought, flood and fires on food production and supply. This does not take away from the impacts that agricultural producers can be expected to directly experience in specific locations from chronic and extreme weather events. Conversely, climate ‑related transition risks, such as potential policy ‑driven carbon costs related to the Group’s direct and supply chain emissions, present more material financial risks. For this reason, and for customers and communities, the Group continues to invest in strategies to reduce climate‑related risks across its operations and supply chain, including working towards Net Zero by 2050. Downstream activities, such as customer product use and household waste, result from an average of 26.1 million customer transactions each week and contribute to the Group’s Scope 3 emissions. Own operations comprise the Group’s physical assets under its direct control, including its network of 1,311 supermarkets and 24 distribution centres across Australia and New Zealand. Scope 1 and 2 decarbonisation efforts include a focus on direct electricity use, alongside site resilience initiatives. Downstream supply chainOwn operations Woolworths Group Annual Report 2026 51 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3
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Sustainability Report About this report This report outlines the Group’s governance, risk management approach and strategies to manage the impact of climate change on the Group. Disclosures include the Group’s mandatory climate‑related disclosures for the financial year ended 28 June 2026 ( F26) and outline the climate‑related risks and opportunities that could be expected to reasonably affect the Group’s prospects over the short, medium and long term. In addition to this Sustainability Report (the report), the Group also fulfils its mandatory reporting requirements under the National Greenhouse and Energy Reporting Scheme (NGERS) to transparently report greenhouse gas ( GHG) emissions and energy consumption. Contents 1 Governance 53 2 Risk management 56 3 Strategy 58 4 Metrics and targets 75 5 Notes to the Sustainability Report 79 Directors’ Declaration 83 Independent Assurance Report 84 Climate Statement Upstream activities include product sourcing, agricultural food production and manufacturing from over 14,500 direct suppliers. These activities contribute to the Group’s Scope 3 emissions; resilience across these sectors supports the ongoing supply of quality fresh food. Upstream supply chain 50 Overview of the Group’s supply chain As Australia and New Zealand’s largest retailer, Woolworths Group recognises that short ‑, medium‑ and long‑term value is linked to climate resilience across an extensive value chain – from agricultural food production and manufacturing, through the Group’s logistical operations and direct store network, and to millions of customers we serve each week. The scenario modelling contained within this report indicates a low financial impact to the Group from physical climate ‑related events, such as flooding and cyclone, on direct assets and major transport routes. This can principally be attributed to the Group’s geographically diverse operational footprint across Australia and New Zealand, coupled with ongoing investment in site‑level resilience measures. Similarly, the Group’s extensive sourcing network and broad product range provide a natural hedge against material supply chain risk from physical risk impacts, such as drought, flood and fires on food production and supply. This does not take away from the impacts that agricultural producers can be expected to directly experience in specific locations from chronic and extreme weather events. Conversely, climate ‑related transition risks, such as potential policy ‑driven carbon costs related to the Group’s direct and supply chain emissions, present more material financial risks. For this reason, and for customers and communities, the Group continues to invest in strategies to reduce climate‑related risks across its operations and supply chain, including working towards Net Zero by 2050. Downstream activities, such as customer product use and household waste, result from an average of 26.1 million customer transactions each week and contribute to the Group’s Scope 3 emissions. Own operations comprise the Group’s physical assets under its direct control, including its network of 1,311 supermarkets and 24 distribution centres across Australia and New Zealand. Scope 1 and 2 decarbonisation efforts include a focus on direct electricity use, alongside site resilience initiatives. Downstream supply chainOwn operations Woolworths Group Annual Report 2026 51 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3
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KEY JUDGEMENT OR MEASUREMENT UNCERTAINTY DESCRIPTION Materiality assessment Judgements made to materiality assessment of statements, applied to the full report For the purposes of this report, the Group determines materiality for climate‑related financial disclosures by assessing whether that information could reasonably be expected to influence the economic decisions of primary users of the Group’s general purpose financial reports. The Group adopts the definition of primary users referred to in AASB S2, being existing and potential investors, lenders and other creditors. The Group’s methodology integrates quantitative financial thresholds, consistent with the consolidated financial statements; with a qualitative risk‑based assessment aligned with the Group Risk Management framework. In accordance with AASB S2, the Group identifies CRROs by considering both the potential for immediate and future financial prospects. Scenario analysis Refer to Section 3 for further details The Group applied judgement in selecting scenarios to reflect a range of plausible global warming outcomes and transition pathways that could materially affect the Group’s strategy, business model, financial position and performance over selected time horizons. Scenarios are used to assess the Group’s resilience and do not represent forecasts or constitute definitive outcomes. It is difficult to predict whether any of the scenarios discussed in this report will eventuate. Anticipated financial effects Refer to Section 3 for further details on specific assumptions and judgements Estimating anticipated financial effects involves a high level of measurement uncertainty. To estimate the anticipated financial effects of CRROs, the Group made a combination of judgements in determining the scope of operations and the Group’s supply chain, setting the appropriate assumptions for each CRRO, prioritising quality data sources where available at the reporting date without undue cost and effort in accordance with AASB S2, and basing decisions on the availability and quality of that data. Where the Group has been unable to quantify the anticipated financial effect due to high measurement uncertainty such that the resulting information is not useful, an explanation is provided and qualitative information is provided about those financial effects. The most material judgements involve the scoping of business units and commodities, the selection of carbon assumptions and to abstain from applying assumptions on pass‑through dynamics. The Group will continue to refine modelling as data quality and methodologies mature. Greenhouse Gas (GHG) emissions Refer to Section 4.2 for further details The Group’s GHG emission estimates rely on modelling and a blend of methodologies, involving judgement in selecting the most appropriate methods, emission factors, and proxy data, particularly when considering data availability and quality. Consequently, these estimates incorporate assumptions, extrapolations, and the use of various emission factors. Changes in methodologies or improvements in data availability may lead to variations and improvement in the GHG emissions reported over time. Refer to Section 3.2 for further judgements, assumptions and estimates. Forward‑looking statements This report includes forward‑looking statements regarding sustainability targets and initiatives and forward ‑looking statements about anticipated financial impacts which are subject to significant uncertainties outside the Group’s control. This includes the nature of climate outcomes, and time horizons over which those could emerge; potential global responses to climate change; regulatory and market changes, technological uptake; and the potential effect of possible future events on the value of the Group. These statements are based on current expectations and assumptions and are subject to risks and uncertainties. Actual outcomes may differ materially due to changes in regulatory requirements, market, economic and environmental conditions, consumer preferences, or technological developments or other risks beyond the Group’s control. Basis of preparation Statement of compliance The Sustainability Report has been prepared in accordance with s292A of the Corporations Act 2001 (Cth) and the Australian Sustainability Reporting Standard AASB S2 Climate-related Disclosures (AASB S2) and was approved and authorised for issue in accordance with a resolution of the Directors on 26 August 2026. The Sustainability Report has been prepared for the same consolidated reporting entity and reporting period as the Group’s Consolidated Financial Statements (refer to Note 1.1 Basis of preparation in the Financial Report), unless otherwise stated. All amounts in this report are presented in Australian dollars. First‑time adoption and transition reliefs This is the first year in which the Group has prepared climate‑related financial disclosures in accordance with AASB S2. The Group has applied transitional relief available for the F26 reporting period and has not disclosed comparative information in this report. The Group has elected to disclose comparative information for GHG emissions and does so on a voluntary basis. Significant judgements and measurement uncertainties The preparation of this report involves significant judgements, particularly in identifying climate‑related risks and opportunities (CRROs) and the selection of climate scenarios and time horizons to test climate resilience. The Sustainability Report requires the use of certain estimates for information that is not directly measurable. Estimates are necessary when the Group lacked available information, when dealing with forward‑looking information, or due to data limitations and variables outside the Group’s control. These judgements and estimates form a foundational baseline for first‑year reporting. The Group intends to review assumptions and improve methodology as improved data becomes available in subsequent reporting periods. The following section details the key judgements made by management in preparing this report, along with areas subject to a high degree of measurement uncertainty. 52 Sustainability Report 1 Governance The Group’s sustainability activities, including climate, are overseen by a comprehensive governance framework, as detailed below. 1.1 Approach The Board retains ultimate responsibility for the oversight of CRROs. The Board has established committees to support it in discharging its responsibilities relating to CRROs and receives recommendations from those Committees. The Sustainability and Audit and Finance Committee charters were revised in July 2025 to formalise the Audit and Finance Committee’s oversight of financial disclosures regarding climate (including but not limited to financial information relating to CRROs contained in the annual Sustainability Report). To support the preparation of this Sustainability Report, in addition to regular scheduled Committee meetings, the Sustainability Committee and Audit and Finance Committee convened three joint meetings in F26, with all Directors invited. At each subsequent meeting, the Board also receives a report of key matters considered and items endorsed in each Committee meeting. The Board approves the Group’s risk management framework, Group risk appetite, the sustainability strategy, climate emissions reduction targets and sustainability (including climate ‑related) disclosures and major expenditure and capital initiatives in excess of the authority levels delegated to the CEO. Woolworths Group Board Sustainability Committee Risk Committee Audit and Finance Committee People Committee Responsibilities: • overseeing development, monitoring execution and reviewing effectiveness of the Group’s sustainability strategy to ensure it is consistent with the Group’s business strategy and objectives, supports the Group’s values and addresses material sustainability risks facing the Group • reviewing and recommending to the Board the Group’s sustainability strategy, plans and targets • overseeing policies, frameworks and initiatives to manage the Group’s CRROs • monitoring of progress towards climate targets • monitoring external developments and benchmarks. Responsibilities: • overseeing development, monitoring execution and reviewing effectiveness of risk strategy, framework, policies and initiatives to identify and address the Group’s material risks • overseeing the identification, assessment, and integration of sustainability risks and opportunities (including climate) into the Group risk management framework • monitoring material risk exposures and recommending adjustments to the Group’s risk appetite and framework to the Board. Responsibilities: • overseeing frameworks, strategies and initiatives in respect of remuneration and reward • considering whether and how sustainability (including climate) performance metrics are included in remuneration policies and frameworks. Responsibilities: • reviewing and making recommendations to the Board with respect to the reliability and appropriateness of disclosure within the Group’s financial statements and reports (including climate‑related disclosures) • overseeing the quantification of CRROs • considering relevant estimates, and judgements and accounting standards • overseeing associated independent assurance processes. Woolworths Group Annual Report 2026 53 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3
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KEY JUDGEMENT OR MEASUREMENT UNCERTAINTY DESCRIPTION Materiality assessment Judgements made to materiality assessment of statements, applied to the full report For the purposes of this report, the Group determines materiality for climate‑related financial disclosures by assessing whether that information could reasonably be expected to influence the economic decisions of primary users of the Group’s general purpose financial reports. The Group adopts the definition of primary users referred to in AASB S2, being existing and potential investors, lenders and other creditors. The Group’s methodology integrates quantitative financial thresholds, consistent with the consolidated financial statements; with a qualitative risk‑based assessment aligned with the Group Risk Management framework. In accordance with AASB S2, the Group identifies CRROs by considering both the potential for immediate and future financial prospects. Scenario analysis Refer to Section 3 for further details The Group applied judgement in selecting scenarios to reflect a range of plausible global warming outcomes and transition pathways that could materially affect the Group’s strategy, business model, financial position and performance over selected time horizons. Scenarios are used to assess the Group’s resilience and do not represent forecasts or constitute definitive outcomes. It is difficult to predict whether any of the scenarios discussed in this report will eventuate. Anticipated financial effects Refer to Section 3 for further details on specific assumptions and judgements Estimating anticipated financial effects involves a high level of measurement uncertainty. To estimate the anticipated financial effects of CRROs, the Group made a combination of judgements in determining the scope of operations and the Group’s supply chain, setting the appropriate assumptions for each CRRO, prioritising quality data sources where available at the reporting date without undue cost and effort in accordance with AASB S2, and basing decisions on the availability and quality of that data. Where the Group has been unable to quantify the anticipated financial effect due to high measurement uncertainty such that the resulting information is not useful, an explanation is provided and qualitative information is provided about those financial effects. The most material judgements involve the scoping of business units and commodities, the selection of carbon assumptions and to abstain from applying assumptions on pass‑through dynamics. The Group will continue to refine modelling as data quality and methodologies mature. Greenhouse Gas (GHG) emissions Refer to Section 4.2 for further details The Group’s GHG emission estimates rely on modelling and a blend of methodologies, involving judgement in selecting the most appropriate methods, emission factors, and proxy data, particularly when considering data availability and quality. Consequently, these estimates incorporate assumptions, extrapolations, and the use of various emission factors. Changes in methodologies or improvements in data availability may lead to variations and improvement in the GHG emissions reported over time. Refer to Section 3.2 for further judgements, assumptions and estimates. Forward‑looking statements This report includes forward‑looking statements regarding sustainability targets and initiatives and forward ‑looking statements about anticipated financial impacts which are subject to significant uncertainties outside the Group’s control. This includes the nature of climate outcomes, and time horizons over which those could emerge; potential global responses to climate change; regulatory and market changes, technological uptake; and the potential effect of possible future events on the value of the Group. These statements are based on current expectations and assumptions and are subject to risks and uncertainties. Actual outcomes may differ materially due to changes in regulatory requirements, market, economic and environmental conditions, consumer preferences, or technological developments or other risks beyond the Group’s control. Basis of preparation Statement of compliance The Sustainability Report has been prepared in accordance with s292A of the Corporations Act 2001 (Cth) and the Australian Sustainability Reporting Standard AASB S2 Climate-related Disclosures (AASB S2) and was approved and authorised for issue in accordance with a resolution of the Directors on 26 August 2026. The Sustainability Report has been prepared for the same consolidated reporting entity and reporting period as the Group’s Consolidated Financial Statements (refer to Note 1.1 Basis of preparation in the Financial Report), unless otherwise stated. All amounts in this report are presented in Australian dollars. First‑time adoption and transition reliefs This is the first year in which the Group has prepared climate‑related financial disclosures in accordance with AASB S2. The Group has applied transitional relief available for the F26 reporting period and has not disclosed comparative information in this report. The Group has elected to disclose comparative information for GHG emissions and does so on a voluntary basis. Significant judgements and measurement uncertainties The preparation of this report involves significant judgements, particularly in identifying climate‑related risks and opportunities (CRROs) and the selection of climate scenarios and time horizons to test climate resilience. The Sustainability Report requires the use of certain estimates for information that is not directly measurable. Estimates are necessary when the Group lacked available information, when dealing with forward‑looking information, or due to data limitations and variables outside the Group’s control. These judgements and estimates form a foundational baseline for first‑year reporting. The Group intends to review assumptions and improve methodology as improved data becomes available in subsequent reporting periods. The following section details the key judgements made by management in preparing this report, along with areas subject to a high degree of measurement uncertainty. 52 Sustainability Report 1 Governance The Group’s sustainability activities, including climate, are overseen by a comprehensive governance framework, as detailed below. 1.1 Approach The Board retains ultimate responsibility for the oversight of CRROs. The Board has established committees to support it in discharging its responsibilities relating to CRROs and receives recommendations from those Committees. The Sustainability and Audit and Finance Committee charters were revised in July 2025 to formalise the Audit and Finance Committee’s oversight of financial disclosures regarding climate (including but not limited to financial information relating to CRROs contained in the annual Sustainability Report). To support the preparation of this Sustainability Report, in addition to regular scheduled Committee meetings, the Sustainability Committee and Audit and Finance Committee convened three joint meetings in F26, with all Directors invited. At each subsequent meeting, the Board also receives a report of key matters considered and items endorsed in each Committee meeting. The Board approves the Group’s risk management framework, Group risk appetite, the sustainability strategy, climate emissions reduction targets and sustainability (including climate ‑related) disclosures and major expenditure and capital initiatives in excess of the authority levels delegated to the CEO. Woolworths Group Board Sustainability Committee Risk Committee Audit and Finance Committee People Committee Responsibilities: • overseeing development, monitoring execution and reviewing effectiveness of the Group’s sustainability strategy to ensure it is consistent with the Group’s business strategy and objectives, supports the Group’s values and addresses material sustainability risks facing the Group • reviewing and recommending to the Board the Group’s sustainability strategy, plans and targets • overseeing policies, frameworks and initiatives to manage the Group’s CRROs • monitoring of progress towards climate targets • monitoring external developments and benchmarks. Responsibilities: • overseeing development, monitoring execution and reviewing effectiveness of risk strategy, framework, policies and initiatives to identify and address the Group’s material risks • overseeing the identification, assessment, and integration of sustainability risks and opportunities (including climate) into the Group risk management framework • monitoring material risk exposures and recommending adjustments to the Group’s risk appetite and framework to the Board. Responsibilities: • overseeing frameworks, strategies and initiatives in respect of remuneration and reward • considering whether and how sustainability (including climate) performance metrics are included in remuneration policies and frameworks. Responsibilities: • reviewing and making recommendations to the Board with respect to the reliability and appropriateness of disclosure within the Group’s financial statements and reports (including climate‑related disclosures) • overseeing the quantification of CRROs • considering relevant estimates, and judgements and accounting standards • overseeing associated independent assurance processes. Woolworths Group Annual Report 2026 53 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3
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Board composition, expertise, skills and training The Board comprises a majority of independent non‑executive directors with diverse backgrounds that provide the necessary experience and skills to oversee the Group’s sustainability activities. The Board via its Nomination Committee annually reviews the current and future skills and competencies of the directors and Board as a whole, including expertise in climate and other sustainability areas. Directors complete an annual self‑assessment regarding their ability to develop and oversee sustainability initiatives and strategies, including to address CRROs, waste reduction and circularity, human rights and responsible sourcing. The Board annually reviews Committee composition to ensure an appropriate balance of skills and capabilities. The Sustainability Committee, Audit and Finance Committee and the Risk Committee receive briefings from management or external experts as part of Board education on material topics such as emerging issues, global trends and technical climate matters. In the reporting period, briefings were held on emissions reduction programs and progress against targets; climate resilience programs; updates to scenario analysis and material climate risks; preparedness for disclosure against upcoming regulatory change relating to the introduction of the AASB S2 reporting standard; critical infrastructure resilience threats; and Australian climate transition policy and emissions data sources. Additional information on Board composition and the skills and experience of the Board of Directors is available in the Governance section on pages 88–92 of the Annual Report. 1.2 Management accountability The framework below details executive accountability for the effective implementation of the Group’s sustainability strategy and management of CRROs: 1.1 Approach (continued) Accountable for the overall implementation of strategies to address the Group’s CRROs, supported by the Chief Group Public Affairs, Communication and Sustainability Officer (CSO), Chief Financial Officer (CFO), Chief Risk Officer (CRO), Chief Legal Officer (CLO) and other members of the Group Executive Committee. Chief Executive Officer and Managing Director (CEO) CSO CRO All Group Executive Members CLOCFO Accountable for leading implementation of the sustainability strategy; overseeing and monitoring delivery programs to address and manage the Group’s CRROs; integrating climate considerations into the Group strategy; overseeing stakeholder engagement; reporting related to the Group’s Sustainability strategy and progress. Accountable for the Group risk profile and the risk management framework. Oversees the processes required to identify, assess and monitor CRROs in accordance with the Group’s risk management framework. Each Group Executive member is responsible for setting and managing the operational initiatives in their business required to deliver the sustainability strategy. Accountable for the Group’s budget setting and planning (including for climate investments); accounting and financial reporting systems, policies, processes; audit processes; and reporting related to financial disclosures, including climate ‑related disclosures. Responsible for modelling the financial impact of CRROs. Accountable for overseeing regulatory compliance with the Group’s legal obligations, including as they relate to disclosure and reporting. Management reports progress on sustainability strategy and net zero transition to the Sustainability Committee at each Committee meeting. 54 Sustainability Report Management assessment and oversight Management has established controls and procedures to ensure the accuracy and reliability of climate‑related information and assessment of the Group’s CRROs, having regard to the potential for material financial impact, operational resilience and reputational standing. Controls and procedures overseen by the CSO include: Financial controls and procedures overseen by the CFO include: • calculation of Scope 1, 2 and 3 GHG emissions, subject to annual external assurance; • monitoring of delivery progress against Scope 1, 2 and 3 Net Zero targets; • updating climate scenario analysis; • reporting on resilience program progress; and • review of the Group’s Scope 3 targets, modelling judgements and assumptions to support targets. • quantification and internal reviews of the financial impacts of CRROs; • considering appropriate budget allocation to deliver climate ‑related programs; and • cross ‑functional reviews of climate‑related disclosure, leveraging internal subject matter experts and external advisers. See Section 2.2 of this Sustainability Report for further detail on how the Group uses scenarios to inform identification of climate‑related transition and physical risks, and value creation opportunities. Approach to program planning and delivery The Group has integrated planning and delivery of climate ‑related programs (such as renewable electricity) to address the short ‑ and medium‑term CRROs within the annual strategy planning and budget setting process. This includes engagement across relevant business units to identify and quantify programs and appropriately fund the delivery of these within the business unit’s short ‑term (0–3 years) operating and strategic planning cycle. Management of physical risk impacts is also embedded within operational activities of the Group’s property, network planning and store renewal teams, and transport logistics teams. See Section 3.2 of this Sustainability Report for further detail on relevant business units when considering impacts of the Group’s CRROs and Section 3.4 for further details about the Group’s Net Zero delivery programs. Trade‑off considerations Climate ‑related trade‑off decisions, including those overseeing decisions on major transactions (such as capital expenditure), are considered within the Group’s strategic planning processes and delivery forums. In F26 management considered several climate trade‑off decisions relating to the Group’s net zero delivery programs and program delivery design options against those targets as part of this annual strategy planning cycle. Incentives and remuneration The People Committee is responsible for recommending and overseeing executive remuneration arrangements and making recommendations to the Board in regard to the remuneration framework and reward outcomes for senior executives, including the exercise of Board discretion in relation to those outcomes. In F26, while no specific percentage of executive remuneration was directly linked to climate‑related metrics, the CSO’s individual performance objectives, which can influence their reward outcomes, included the delivery of the Group’s Sustainability strategy, including the Group’s Scope 1, 2 and 3 emission reduction targets. 1.2 Management accountability (continued) Woolworths Group Annual Report 2026 55 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Governance 1
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Board composition, expertise, skills and training The Board comprises a majority of independent non‑executive directors with diverse backgrounds that provide the necessary experience and skills to oversee the Group’s sustainability activities. The Board via its Nomination Committee annually reviews the current and future skills and competencies of the directors and Board as a whole, including expertise in climate and other sustainability areas. Directors complete an annual self‑assessment regarding their ability to develop and oversee sustainability initiatives and strategies, including to address CRROs, waste reduction and circularity, human rights and responsible sourcing. The Board annually reviews Committee composition to ensure an appropriate balance of skills and capabilities. The Sustainability Committee, Audit and Finance Committee and the Risk Committee receive briefings from management or external experts as part of Board education on material topics such as emerging issues, global trends and technical climate matters. In the reporting period, briefings were held on emissions reduction programs and progress against targets; climate resilience programs; updates to scenario analysis and material climate risks; preparedness for disclosure against upcoming regulatory change relating to the introduction of the AASB S2 reporting standard; critical infrastructure resilience threats; and Australian climate transition policy and emissions data sources. Additional information on Board composition and the skills and experience of the Board of Directors is available in the Governance section on pages 88–92 of the Annual Report. 1.2 Management accountability The framework below details executive accountability for the effective implementation of the Group’s sustainability strategy and management of CRROs: 1.1 Approach (continued) Accountable for the overall implementation of strategies to address the Group’s CRROs, supported by the Chief Group Public Affairs, Communication and Sustainability Officer (CSO), Chief Financial Officer (CFO), Chief Risk Officer (CRO), Chief Legal Officer (CLO) and other members of the Group Executive Committee. Chief Executive Officer and Managing Director (CEO) CSO CRO All Group Executive Members CLOCFO Accountable for leading implementation of the sustainability strategy; overseeing and monitoring delivery programs to address and manage the Group’s CRROs; integrating climate considerations into the Group strategy; overseeing stakeholder engagement; reporting related to the Group’s Sustainability strategy and progress. Accountable for the Group risk profile and the risk management framework. Oversees the processes required to identify, assess and monitor CRROs in accordance with the Group’s risk management framework. Each Group Executive member is responsible for setting and managing the operational initiatives in their business required to deliver the sustainability strategy. Accountable for the Group’s budget setting and planning (including for climate investments); accounting and financial reporting systems, policies, processes; audit processes; and reporting related to financial disclosures, including climate ‑related disclosures. Responsible for modelling the financial impact of CRROs. Accountable for overseeing regulatory compliance with the Group’s legal obligations, including as they relate to disclosure and reporting. Management reports progress on sustainability strategy and net zero transition to the Sustainability Committee at each Committee meeting. 54 Sustainability Report Management assessment and oversight Management has established controls and procedures to ensure the accuracy and reliability of climate‑related information and assessment of the Group’s CRROs, having regard to the potential for material financial impact, operational resilience and reputational standing. Controls and procedures overseen by the CSO include: Financial controls and procedures overseen by the CFO include: • calculation of Scope 1, 2 and 3 GHG emissions, subject to annual external assurance; • monitoring of delivery progress against Scope 1, 2 and 3 Net Zero targets; • updating climate scenario analysis; • reporting on resilience program progress; and • review of the Group’s Scope 3 targets, modelling judgements and assumptions to support targets. • quantification and internal reviews of the financial impacts of CRROs; • considering appropriate budget allocation to deliver climate ‑related programs; and • cross ‑functional reviews of climate‑related disclosure, leveraging internal subject matter experts and external advisers. See Section 2.2 of this Sustainability Report for further detail on how the Group uses scenarios to inform identification of climate‑related transition and physical risks, and value creation opportunities. Approach to program planning and delivery The Group has integrated planning and delivery of climate ‑related programs (such as renewable electricity) to address the short ‑ and medium‑term CRROs within the annual strategy planning and budget setting process. This includes engagement across relevant business units to identify and quantify programs and appropriately fund the delivery of these within the business unit’s short ‑term (0–3 years) operating and strategic planning cycle. Management of physical risk impacts is also embedded within operational activities of the Group’s property, network planning and store renewal teams, and transport logistics teams. See Section 3.2 of this Sustainability Report for further detail on relevant business units when considering impacts of the Group’s CRROs and Section 3.4 for further details about the Group’s Net Zero delivery programs. Trade‑off considerations Climate ‑related trade‑off decisions, including those overseeing decisions on major transactions (such as capital expenditure), are considered within the Group’s strategic planning processes and delivery forums. In F26 management considered several climate trade‑off decisions relating to the Group’s net zero delivery programs and program delivery design options against those targets as part of this annual strategy planning cycle. Incentives and remuneration The People Committee is responsible for recommending and overseeing executive remuneration arrangements and making recommendations to the Board in regard to the remuneration framework and reward outcomes for senior executives, including the exercise of Board discretion in relation to those outcomes. In F26, while no specific percentage of executive remuneration was directly linked to climate‑related metrics, the CSO’s individual performance objectives, which can influence their reward outcomes, included the delivery of the Group’s Sustainability strategy, including the Group’s Scope 1, 2 and 3 emission reduction targets. 1.2 Management accountability (continued) Woolworths Group Annual Report 2026 55 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Governance 1
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2 Risk management 2.1 Approach To be confident the Group will achieve its purpose, execute its strategy and grow its business, it needs to manage risk effectively. This includes protecting the current value of the Group's assets, but also capitalising on opportunities to deliver future growth. The Group recognises climate as a macro risk factor that can impact multiple material risks across several key areas. Macro risk factors are attributes, characteristics or exposures that increase the likelihood of a material risk occurring. These are monitored as they are a cause of many of the Group’s material risks. The Group’s approach to managing the risks associated with sustainability continues to evolve, in line with regulatory and societal expectations. 2.2 Identifying and assessing material climate‑related risks and opportunities The Group uses its established risk management framework (RMF) and strategy planning processes to identify, monitor and report on material CRROs. Climate considerations are evaluated alongside, and relative to, other material enterprise risks. The Group draws on diverse sources to support evidence‑based material risk and opportunity identification across operations and supply chain. This year, the top‑down climate risk identification assessment covered: Australian Food, New Zealand Food and BIG W, as well as the broader supply chain. These businesses were assessed as the nature of their business activities were most relevant to CRROs, covering 92% of revenue. Inputs include climate scenario analysis (refer to Note 5.1), external research and expert climate modelling (refer to Note 5.2 ), existing operational and strategic risks, emerging risks, and business feedback and insights. Identifying and assessing climate risks CRROs are assessed using the Group’s risk matrix, outlined in the RMF, which evaluates each risk based on its potential likelihood and consequence of occurrence against financial and non‑financial criteria. Through this process, potential risks were identified, evaluated, and prioritised based on this criteria. Only risks classified as high or very high under the RMF risk rating table were considered relevant for disclosure. Based on the high ‑level assessment performed, a subset of these risks were expected to exceed the financial materiality threshold and were subjected to modelling to quantify the anticipated financial effects disclosed in Section 3.2 . Recognising the long‑term nature of climate change, the ‘likelihood’ scale for CRROs used to assess the probability of occurrence has been set over the time horizons below. The Group also applies climate‑related scenario analysis to inform the identification of both physical and transition risks. This tests the resilience of the business model and supply chain across different temperature pathways. Prioritisation of climate risks relative to other types of risk Consideration of multiple time horizons enables prioritisation to capture CRROs where the probability of occurrence may vary across the assessed horizons, and align actions against business planning cycles. CRROs are prioritised according to their risk ratings, consistent with how other risks are prioritised. CRROs are not prioritised differently to other risks. Monitoring of climate‑related risks Climate‑related risks are monitored by management through both quantitative and qualitative methods. Any material changes to the trajectory of physical and transition risk categories are reported to the Sustainability Committee at least annually for review. There have been no material changes to the Group risk management processes in the reporting period. Short-term (0–3 years) Aligned to business planning cycles Medium-term (4–10 years) Supports decision making for near ‑term climate targets and climate delivery programs Long-term (11–25 years) Considers the longer ‑term nature of climate impacts and net zero targets 56 Sustainability Report Scenarios to inform climate risks The Group continues to identify risks and assess the resilience of its business model and supply chain across multiple scenarios. To financially quantify climate‑related risks, two climate scenarios have been used in F26: a low‑warming (1.5°C Net Zero) scenario consistent with the global temperature goal set out in the Paris Agreement and a high‑warming (>3°C Climate Distress) scenario to assess the Group’s resilience against physical climate impacts. Scenarios are informed by external expert guidance, recent science and government policy, and updated over time. 1 1 Scenarios are grounded in plausible warming pathways referenced by the Intergovernmental Panel on Climate Change (IPCC), where Shared Socioeconomic Pathways (SSPs) model potential societal changes, including shifts in policy, customer behaviour, technology and investor priorities, and Representative Concentration Pathways (RCPs) model different trajectories of GHG concentrations and their resulting potential global warming by 2100. 2.2 Identifying and assessing material climate‑related risks and opportunities (continued) Climate opportunities Opportunities are identified using the same climate‑related scenario analysis applied to risks, highlighting areas where the transition to a low‑carbon economy presents commercial upside. Opportunities, such as optimising energy resource efficiency or developing low‑carbon product lines, are assessed and prioritised based on their potential to deliver tangible commercial value and deliver climate benefits. Considered to include bold global climate action, supported by strong policies and significant investment in innovation, that limits global warming to 1.4–1.5°C by 2100. Early investments in clean energy transition, adaptation measures, and sustainable farming practices effectively safeguard food production, despite current impacts from climate change. As the economy transitions away from emissions ‑intensive activity, household purchasing power recovers. Shared Socioeconomic Pathway (SSP) 1‑1.9Net Zero (1.5°C) Scenario Description Under this scenario’s emissions policies, global warming surpasses 3°C by 2100. The increased frequency and severity of extreme weather events could cause significant damage to assets and infrastructure, exacerbates food productivity losses, and severely disrupts value chains. Rising global material and energy costs disproportionately impact economies, increasing the cost of living while households face reduced spending power due to weather ‑related economic impacts. Shared Socioeconomic Pathway (SSP) 3‑7.0Climate Distress (>3.0°C) Scenario Description See Note 5.1 for more information on the assumptions and methodology used in scenario analysis. Woolworths Group Annual Report 2026 57 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Risk management 2
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2 Risk management 2.1 Approach To be confident the Group will achieve its purpose, execute its strategy and grow its business, it needs to manage risk effectively. This includes protecting the current value of the Group's assets, but also capitalising on opportunities to deliver future growth. The Group recognises climate as a macro risk factor that can impact multiple material risks across several key areas. Macro risk factors are attributes, characteristics or exposures that increase the likelihood of a material risk occurring. These are monitored as they are a cause of many of the Group’s material risks. The Group’s approach to managing the risks associated with sustainability continues to evolve, in line with regulatory and societal expectations. 2.2 Identifying and assessing material climate‑related risks and opportunities The Group uses its established risk management framework (RMF) and strategy planning processes to identify, monitor and report on material CRROs. Climate considerations are evaluated alongside, and relative to, other material enterprise risks. The Group draws on diverse sources to support evidence‑based material risk and opportunity identification across operations and supply chain. This year, the top‑down climate risk identification assessment covered: Australian Food, New Zealand Food and BIG W, as well as the broader supply chain. These businesses were assessed as the nature of their business activities were most relevant to CRROs, covering 92% of revenue. Inputs include climate scenario analysis (refer to Note 5.1), external research and expert climate modelling (refer to Note 5.2 ), existing operational and strategic risks, emerging risks, and business feedback and insights. Identifying and assessing climate risks CRROs are assessed using the Group’s risk matrix, outlined in the RMF, which evaluates each risk based on its potential likelihood and consequence of occurrence against financial and non‑financial criteria. Through this process, potential risks were identified, evaluated, and prioritised based on this criteria. Only risks classified as high or very high under the RMF risk rating table were considered relevant for disclosure. Based on the high ‑level assessment performed, a subset of these risks were expected to exceed the financial materiality threshold and were subjected to modelling to quantify the anticipated financial effects disclosed in Section 3.2 . Recognising the long‑term nature of climate change, the ‘likelihood’ scale for CRROs used to assess the probability of occurrence has been set over the time horizons below. The Group also applies climate‑related scenario analysis to inform the identification of both physical and transition risks. This tests the resilience of the business model and supply chain across different temperature pathways. Prioritisation of climate risks relative to other types of risk Consideration of multiple time horizons enables prioritisation to capture CRROs where the probability of occurrence may vary across the assessed horizons, and align actions against business planning cycles. CRROs are prioritised according to their risk ratings, consistent with how other risks are prioritised. CRROs are not prioritised differently to other risks. Monitoring of climate‑related risks Climate‑related risks are monitored by management through both quantitative and qualitative methods. Any material changes to the trajectory of physical and transition risk categories are reported to the Sustainability Committee at least annually for review. There have been no material changes to the Group risk management processes in the reporting period. Short-term (0–3 years) Aligned to business planning cycles Medium-term (4–10 years) Supports decision making for near ‑term climate targets and climate delivery programs Long-term (11–25 years) Considers the longer ‑term nature of climate impacts and net zero targets 56 Sustainability Report Scenarios to inform climate risks The Group continues to identify risks and assess the resilience of its business model and supply chain across multiple scenarios. To financially quantify climate‑related risks, two climate scenarios have been used in F26: a low‑warming (1.5°C Net Zero) scenario consistent with the global temperature goal set out in the Paris Agreement and a high‑warming (>3°C Climate Distress) scenario to assess the Group’s resilience against physical climate impacts. Scenarios are informed by external expert guidance, recent science and government policy, and updated over time. 1 1 Scenarios are grounded in plausible warming pathways referenced by the Intergovernmental Panel on Climate Change (IPCC), where Shared Socioeconomic Pathways (SSPs) model potential societal changes, including shifts in policy, customer behaviour, technology and investor priorities, and Representative Concentration Pathways (RCPs) model different trajectories of GHG concentrations and their resulting potential global warming by 2100. 2.2 Identifying and assessing material climate‑related risks and opportunities (continued) Climate opportunities Opportunities are identified using the same climate‑related scenario analysis applied to risks, highlighting areas where the transition to a low‑carbon economy presents commercial upside. Opportunities, such as optimising energy resource efficiency or developing low‑carbon product lines, are assessed and prioritised based on their potential to deliver tangible commercial value and deliver climate benefits. Considered to include bold global climate action, supported by strong policies and significant investment in innovation, that limits global warming to 1.4–1.5°C by 2100. Early investments in clean energy transition, adaptation measures, and sustainable farming practices effectively safeguard food production, despite current impacts from climate change. As the economy transitions away from emissions ‑intensive activity, household purchasing power recovers. Shared Socioeconomic Pathway (SSP) 1‑1.9Net Zero (1.5°C) Scenario Description Under this scenario’s emissions policies, global warming surpasses 3°C by 2100. The increased frequency and severity of extreme weather events could cause significant damage to assets and infrastructure, exacerbates food productivity losses, and severely disrupts value chains. Rising global material and energy costs disproportionately impact economies, increasing the cost of living while households face reduced spending power due to weather ‑related economic impacts. Shared Socioeconomic Pathway (SSP) 3‑7.0Climate Distress (>3.0°C) Scenario Description See Note 5.1 for more information on the assumptions and methodology used in scenario analysis. Woolworths Group Annual Report 2026 57 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Risk management 2
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3 Strategy 3.1 Approach The Group’s climate strategy and risk management approach addresses two key programs of work in parallel, 1) building resilience and supporting adaptation against physical risk impacts to operations, logistics, and commodities; and 2) planning against transition risks associated with shifting to a low‑carbon economy. Climate delivery plans are informed by various evidence‑based inputs, including climate scenario modelling, risk assessments, historical event impacts, global and domestic policies and research, supplier commitments, and a wide range of stakeholder engagement and economic inputs. Short ‑, medium ‑ and long ‑term impact horizons are considered to inform appropriate response planning, and guide the optimal allocation of capital and operational expenditure to protect long ‑term value. 3.2 Protecting and creating value Protecting value: Mitigating climate‑related risks The Group has disclosed the potential financial impacts of physical weather‑related events and transition risks separately, but acknowledges such impacts could occur concurrently. The potential financial effects of physical climate‑related risks is assessed as low to moderate, reflecting the Group’s diverse geographic and product footprint, and its continued investment in mitigation and resilience measures. The Group defines its material physical risks as acute weather events (such as floods, storms and bushfires) and chronic weather events that disrupt or damage operations, or impact food production within its supply chain. Physical risks Direct assets Scenarios assessed below indicate that although proactive network planning and site‑level resilience measures (like backup generators) are effective in managing current disruptions caused by physical climate impacts, stores and distribution centres may face increasing cost pressures (such as increased capital expenditure to manage disruption or cover higher insurance premiums) that may occur under a high‑warming future in a >3°C scenario. To mitigate these risks, the Group uses forward ‑looking climate scenario modelling within network planning. This helps identify the highest ‑risk and highest ‑value stores to prioritise for resilience planning, and assists in identifying optimal locations for future stores and distribution centres. Transport routes Despite utilising a mix of road and rail, the Group remains reliant on broader national infrastructure resilience for long‑distance routes, and engages with government and broader industry stakeholders on these matters. In a >3°C scenario, multi‑day closures of these key corridors could impact logistical flexibility, potentially causing stock shortages and trade impacts. To mitigate these risks, the Group utilises forward ‑looking climate scenario modelling to identify optimal locations for contingency stockpiling and alternative transport routes. Supply chain The Group’s extensive range of products and sourcing locations provides a level of protection against any material concentration risk in its supply chain. It is however acknowledged that whilst this helps reduce the Group’s overall risk, producers will continue to experience more material direct impacts in certain locations. For this reason, the Group continues to diversify product sourcing through strategic sourcing plans and support for various community resilience and disaster recovery programs. 58 Sustainability Report These risks arise from a global shift toward a low ‑carbon economy. The Group defines its transition risks as policy, regulatory, and market shifts toward a low ‑carbon economy that increase carbon pricing costs under a Net Zero (1.5°C) scenario, or cause increased costs from litigation and reputational impacts within the business or supply chain. To mitigate potential financial exposure, the Group continues to invest in low‑carbon technologies, including renewable electricity, low emissions refrigerants, and fleet electrification, in line with Science‑Based Target Initiative (SBTi) validated Net Zero pathways. These programs supporting the Group’s Net Zero targets aim to reduce both the increasing physical risk impacts to the Group’s assets, transport routes and commodities, and the Group’s exposure to potential future carbon costs that may be applied to Scope 1 and 2 emissions. Many also aim to drive operational efficiency and reduced energy costs. Across the Group’s supply chain (Scope 3 emissions), programs underway are prioritising primary data collection, and partnerships that support productivity, emissions reduction and resilience within the agricultural and transport sectors. See Section 3.4 for more information. Climate ‑related transition risks are more material in the short‑to‑medium term compared to physical risks. Transition risks Value creation: Embracing new climate‑related opportunities Beyond risk mitigation actions outlined above, the transition to a low‑carbon economy presents opportunities for new value creation. This includes operational efficiency gains and growing new and existing revenue streams. The Group can capture this value through strategic investments in technology that optimise energy use and improve supply chain efficiencies, alongside the development and supply of innovative, sustainably produced and low‑carbon products that meet evolving customer preferences. Additional benefits in decarbonising operations include protecting margins by reducing exposure to volatile energy costs and supply risks. 3.2 Protecting and creating value (continued) Woolworths Group Annual Report 2026 59 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Strategy 3
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3 Strategy 3.1 Approach The Group’s climate strategy and risk management approach addresses two key programs of work in parallel, 1) building resilience and supporting adaptation against physical risk impacts to operations, logistics, and commodities; and 2) planning against transition risks associated with shifting to a low‑carbon economy. Climate delivery plans are informed by various evidence‑based inputs, including climate scenario modelling, risk assessments, historical event impacts, global and domestic policies and research, supplier commitments, and a wide range of stakeholder engagement and economic inputs. Short ‑, medium ‑ and long ‑term impact horizons are considered to inform appropriate response planning, and guide the optimal allocation of capital and operational expenditure to protect long ‑term value. 3.2 Protecting and creating value Protecting value: Mitigating climate‑related risks The Group has disclosed the potential financial impacts of physical weather‑related events and transition risks separately, but acknowledges such impacts could occur concurrently. The potential financial effects of physical climate‑related risks is assessed as low to moderate, reflecting the Group’s diverse geographic and product footprint, and its continued investment in mitigation and resilience measures. The Group defines its material physical risks as acute weather events (such as floods, storms and bushfires) and chronic weather events that disrupt or damage operations, or impact food production within its supply chain. Physical risks Direct assets Scenarios assessed below indicate that although proactive network planning and site‑level resilience measures (like backup generators) are effective in managing current disruptions caused by physical climate impacts, stores and distribution centres may face increasing cost pressures (such as increased capital expenditure to manage disruption or cover higher insurance premiums) that may occur under a high‑warming future in a >3°C scenario. To mitigate these risks, the Group uses forward ‑looking climate scenario modelling within network planning. This helps identify the highest ‑risk and highest ‑value stores to prioritise for resilience planning, and assists in identifying optimal locations for future stores and distribution centres. Transport routes Despite utilising a mix of road and rail, the Group remains reliant on broader national infrastructure resilience for long‑distance routes, and engages with government and broader industry stakeholders on these matters. In a >3°C scenario, multi‑day closures of these key corridors could impact logistical flexibility, potentially causing stock shortages and trade impacts. To mitigate these risks, the Group utilises forward ‑looking climate scenario modelling to identify optimal locations for contingency stockpiling and alternative transport routes. Supply chain The Group’s extensive range of products and sourcing locations provides a level of protection against any material concentration risk in its supply chain. It is however acknowledged that whilst this helps reduce the Group’s overall risk, producers will continue to experience more material direct impacts in certain locations. For this reason, the Group continues to diversify product sourcing through strategic sourcing plans and support for various community resilience and disaster recovery programs. 58 Sustainability Report These risks arise from a global shift toward a low ‑carbon economy. The Group defines its transition risks as policy, regulatory, and market shifts toward a low ‑carbon economy that increase carbon pricing costs under a Net Zero (1.5°C) scenario, or cause increased costs from litigation and reputational impacts within the business or supply chain. To mitigate potential financial exposure, the Group continues to invest in low‑carbon technologies, including renewable electricity, low emissions refrigerants, and fleet electrification, in line with Science‑Based Target Initiative (SBTi) validated Net Zero pathways. These programs supporting the Group’s Net Zero targets aim to reduce both the increasing physical risk impacts to the Group’s assets, transport routes and commodities, and the Group’s exposure to potential future carbon costs that may be applied to Scope 1 and 2 emissions. Many also aim to drive operational efficiency and reduced energy costs. Across the Group’s supply chain (Scope 3 emissions), programs underway are prioritising primary data collection, and partnerships that support productivity, emissions reduction and resilience within the agricultural and transport sectors. See Section 3.4 for more information. Climate ‑related transition risks are more material in the short‑to‑medium term compared to physical risks. Transition risks Value creation: Embracing new climate‑related opportunities Beyond risk mitigation actions outlined above, the transition to a low‑carbon economy presents opportunities for new value creation. This includes operational efficiency gains and growing new and existing revenue streams. The Group can capture this value through strategic investments in technology that optimise energy use and improve supply chain efficiencies, alongside the development and supply of innovative, sustainably produced and low‑carbon products that meet evolving customer preferences. Additional benefits in decarbonising operations include protecting margins by reducing exposure to volatile energy costs and supply risks. 3.2 Protecting and creating value (continued) Woolworths Group Annual Report 2026 59 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Strategy 3
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Climate‑related risks This section outlines the climate‑related risks identified through the Group’s RMF and F26 scenario analysis. Quantification of potential financial effects is based on complex, forward‑looking modelling with inherent uncertainties. The key judgements and assumptions are outlined below. Judgements and assumptions in estimating anticipated financial effects Scope of the assessment • Business units: Current modelling focuses on the Group’s most material businesses; Australian Food (Supermarkets and Metro), New Zealand Food (Supermarkets excluding franchises) and BIG W, representing approximately 90% of consolidated revenue. • Physical locations and transport routes: The Group commissioned expert data for modelling the business units in scope. This includes data for approximately 1,500 physical locations across Australia and New Zealand (representing approximately 78% of all Group locations), and five major road and rail transport routes in Australia (selected based on freight volume, primary contingency status, and regional store access). For New Zealand Food, transport routes are currently excluded, as expert climate data is not available at this time. • Commodities: Coverage is constrained by current data availability, with a view to build over time. For physical risks, the Group commissioned expert climate data for 10 high‑volume food commodities, representing 29% of costs of goods sold (COGS) of the business units modelled. Current modelling extrapolates findings to proximate product categories, increasing coverage to 43% of COGS. For transition risks, current modelling includes the same product groups as above (key domestic supply chains), all Scope 1 and 2 emissions (well known and under direct control), and upstream transport Scope 3 emissions (key sector in national decarbonisation pathways and critical to the Group’s Primary Connect activity). Product categories heavily exposed to global supply chains, subject to different regulatory environments, are currently excluded. Macroeconomic variables • Population growth: Identical population growth assumptions are applied across both scenarios to isolate the impacts of climate ‑specific risks from potential demographic shifts. • Disposable income: Disposable income is assumed constant across both scenarios. While the Group acknowledges systemic climate risks may impact long‑term economic productivity and aggregate incomes, current methodologies do not provide a reliable basis to isolate climate‑specific impacts from other productivity drivers. Business variables • Market share: Market share is assumed to remain static over time across both scenarios. This approach reflects a neutral competitive stance, where the Group faces no relative advantage or disadvantage in navigating climate risks. • Product mix: The Group’s product mix is assumed to remain static over time across both scenarios. While the Group acknowledges that climate considerations may shift consumer preferences and demand patterns, forecasting these shifts carries high estimation uncertainty. The Group’s approach ensures speculative gross margin gains are not factored into the climate risk quantification. Financial effects • Supply chain impacts: The majority of climate ‑related risks arise in the Group’s supply chain. The impact to the Group depends on cost pass ‑through dynamics among producers, the Group, and end consumers. Given the significant measurement uncertainty on cost pass ‑through dynamics, the Group has not applied pass ‑through assumptions in its estimation of anticipated financial effects. However disclosure of the estimated anticipated effect on the supply chain is considered useful information, so the gross unmitigated impact across suppliers, the Group and customers is disclosed. • Presentation: Results are presented as ranges to reflect the high degree of estimation uncertainty and methodological judgements. To facilitate a consistent comparison of financial effects over the short, medium and long term, these effects are expressed in basis points (bps) of annual sales for a given reference year. This approach provides a scalable measure that remains relevant as the Group’s revenue and size evolves over time. For the F26 reference year, one basis point (0.01% of annual sales) represents approximately $7 million. Basis points (bps) is also used in other sections of the Group’s Annual Report. Time horizons The financial impacts disclosed within the risk tables are represented as annual impacts. The reference years for each of the time horizons are: • Short term (0–3 years): 2030 • Medium term (4–10 years): 2040 • Long term (11–25 years): 2050 See Note 5.2 for more information on the external data sources used in financial quantification. 3.2 Protecting and creating value (continued) 60 Sustainability Report Scope of the financial assessment The scope of the Group’s financial disclosure includes: • Impacts: Floods, storms (cyclones) and bushfires. Excludes sea level rise, drought and heatwaves. • Stores and distribution centres across Australian Food, New Zealand Food and BIG W, representing approximately 78% of physical locations. Excludes PFD, Petstock, New Zealand franchises and other Group subsidiaries. • Arterial road and rail transport routes in Australia. Excludes transport routes in New Zealand. Quantified financial effect Current In F26, acute weather events resulted in 104 days of disruption to operations and damage to stores, with an identified earnings impact of $9 million (averaged for the past three years was $21 million). Enhanced tracking is being developed to improve visibility of climate‑related financial impacts. Future Potential financial impacts are highest under the >3°C scenario over the long term, but expected to remain immaterial to the Group’s financial position given the diversity of the Group’s extensive operational footprint and existing resilience and mitigation plans. Methodology and key assumptions • Future financial impacts are modelled by scaling baseline impacts (average of the financial impacts over the past three years) for projected changes in extreme weather frequency under each scenario and time horizon. • Baseline impacts include both insured and out‑of‑pocket losses. Accordingly, the projected increase in overall physical damages captures (by proxy) potential impacts to insurance premiums. • Projected changes in extreme weather frequency are derived from expert climate data commissioned by the Group for approximately 1,500 individual Group locations in Australia and New Zealand, and five arterial transport routes in Australia. To maximise coverage, the transport route findings are extrapolated to additional transport routes. See Note 5.2 for more information. • Projected changes in extreme weather frequency do not consider tipping points or compounding and cascading risks. • Modelling assumes no changes to the geographic distribution and resilience of the Group’s stores, distribution centres and transport routes. • Population‑linked volume growth is used as a proxy for store, distribution centre and transport network growth. Mitigation Direct mitigation • The geographically diverse footprint across Australia and New Zealand provides a foundation for resilience across the store network. • Investing in high risk site infrastructure and Emergency Management Teams to support business continuity, and response and recovery plans. • All physical assets are insured and claims can be made for losses relating to storm and flood damage. Indirect mitigation • The Group advocates for, and collaborates with, government and industry bodies to support investment in the resilience of national arterial transport corridors. Anticipated effect using scenarios 1.5°C >3°C Short-term (0–3) Low Low Medium -term (4–10) Low Low Long-term (11–25) Low Low Risk description and impact to Group Increased frequency and severity of acute weather events of storms, floods, bushfires cause damage and disruptions to stores, distribution centres and transport routes. Potential financial impacts for the Group include lost sales due to store closures, inventory write‑offs from power outages, damage to assets and buildings (potentially requiring write‑offs or impairments), and increased costs for store repair, recovery, and transport. Impact on annual sales (bps): Low: <20 bps Moderate: 20–150 bps High: >150 bps See Section 3.3 for more information Disruption and damage to operations (stores, distribution centres and transport routes)Physical Woolworths Group Annual Report 2026 61 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Strategy 3
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Climate‑related risks This section outlines the climate‑related risks identified through the Group’s RMF and F26 scenario analysis. Quantification of potential financial effects is based on complex, forward‑looking modelling with inherent uncertainties. The key judgements and assumptions are outlined below. Judgements and assumptions in estimating anticipated financial effects Scope of the assessment • Business units: Current modelling focuses on the Group’s most material businesses; Australian Food (Supermarkets and Metro), New Zealand Food (Supermarkets excluding franchises) and BIG W, representing approximately 90% of consolidated revenue. • Physical locations and transport routes: The Group commissioned expert data for modelling the business units in scope. This includes data for approximately 1,500 physical locations across Australia and New Zealand (representing approximately 78% of all Group locations), and five major road and rail transport routes in Australia (selected based on freight volume, primary contingency status, and regional store access). For New Zealand Food, transport routes are currently excluded, as expert climate data is not available at this time. • Commodities: Coverage is constrained by current data availability, with a view to build over time. For physical risks, the Group commissioned expert climate data for 10 high‑volume food commodities, representing 29% of costs of goods sold (COGS) of the business units modelled. Current modelling extrapolates findings to proximate product categories, increasing coverage to 43% of COGS. For transition risks, current modelling includes the same product groups as above (key domestic supply chains), all Scope 1 and 2 emissions (well known and under direct control), and upstream transport Scope 3 emissions (key sector in national decarbonisation pathways and critical to the Group’s Primary Connect activity). Product categories heavily exposed to global supply chains, subject to different regulatory environments, are currently excluded. Macroeconomic variables • Population growth: Identical population growth assumptions are applied across both scenarios to isolate the impacts of climate ‑specific risks from potential demographic shifts. • Disposable income: Disposable income is assumed constant across both scenarios. While the Group acknowledges systemic climate risks may impact long‑term economic productivity and aggregate incomes, current methodologies do not provide a reliable basis to isolate climate‑specific impacts from other productivity drivers. Business variables • Market share: Market share is assumed to remain static over time across both scenarios. This approach reflects a neutral competitive stance, where the Group faces no relative advantage or disadvantage in navigating climate risks. • Product mix: The Group’s product mix is assumed to remain static over time across both scenarios. While the Group acknowledges that climate considerations may shift consumer preferences and demand patterns, forecasting these shifts carries high estimation uncertainty. The Group’s approach ensures speculative gross margin gains are not factored into the climate risk quantification. Financial effects • Supply chain impacts: The majority of climate ‑related risks arise in the Group’s supply chain. The impact to the Group depends on cost pass ‑through dynamics among producers, the Group, and end consumers. Given the significant measurement uncertainty on cost pass ‑through dynamics, the Group has not applied pass ‑through assumptions in its estimation of anticipated financial effects. However disclosure of the estimated anticipated effect on the supply chain is considered useful information, so the gross unmitigated impact across suppliers, the Group and customers is disclosed. • Presentation: Results are presented as ranges to reflect the high degree of estimation uncertainty and methodological judgements. To facilitate a consistent comparison of financial effects over the short, medium and long term, these effects are expressed in basis points (bps) of annual sales for a given reference year. This approach provides a scalable measure that remains relevant as the Group’s revenue and size evolves over time. For the F26 reference year, one basis point (0.01% of annual sales) represents approximately $7 million. Basis points (bps) is also used in other sections of the Group’s Annual Report. Time horizons The financial impacts disclosed within the risk tables are represented as annual impacts. The reference years for each of the time horizons are: • Short term (0–3 years): 2030 • Medium term (4–10 years): 2040 • Long term (11–25 years): 2050 See Note 5.2 for more information on the external data sources used in financial quantification. 3.2 Protecting and creating value (continued) 60 Sustainability Report Scope of the financial assessment The scope of the Group’s financial disclosure includes: • Impacts: Floods, storms (cyclones) and bushfires. Excludes sea level rise, drought and heatwaves. • Stores and distribution centres across Australian Food, New Zealand Food and BIG W, representing approximately 78% of physical locations. Excludes PFD, Petstock, New Zealand franchises and other Group subsidiaries. • Arterial road and rail transport routes in Australia. Excludes transport routes in New Zealand. Quantified financial effect Current In F26, acute weather events resulted in 104 days of disruption to operations and damage to stores, with an identified earnings impact of $9 million (averaged for the past three years was $21 million). Enhanced tracking is being developed to improve visibility of climate‑related financial impacts. Future Potential financial impacts are highest under the >3°C scenario over the long term, but expected to remain immaterial to the Group’s financial position given the diversity of the Group’s extensive operational footprint and existing resilience and mitigation plans. Methodology and key assumptions • Future financial impacts are modelled by scaling baseline impacts (average of the financial impacts over the past three years) for projected changes in extreme weather frequency under each scenario and time horizon. • Baseline impacts include both insured and out‑of‑pocket losses. Accordingly, the projected increase in overall physical damages captures (by proxy) potential impacts to insurance premiums. • Projected changes in extreme weather frequency are derived from expert climate data commissioned by the Group for approximately 1,500 individual Group locations in Australia and New Zealand, and five arterial transport routes in Australia. To maximise coverage, the transport route findings are extrapolated to additional transport routes. See Note 5.2 for more information. • Projected changes in extreme weather frequency do not consider tipping points or compounding and cascading risks. • Modelling assumes no changes to the geographic distribution and resilience of the Group’s stores, distribution centres and transport routes. • Population‑linked volume growth is used as a proxy for store, distribution centre and transport network growth. Mitigation Direct mitigation • The geographically diverse footprint across Australia and New Zealand provides a foundation for resilience across the store network. • Investing in high risk site infrastructure and Emergency Management Teams to support business continuity, and response and recovery plans. • All physical assets are insured and claims can be made for losses relating to storm and flood damage. Indirect mitigation • The Group advocates for, and collaborates with, government and industry bodies to support investment in the resilience of national arterial transport corridors. Anticipated effect using scenarios 1.5°C >3°C Short-term (0–3) Low Low Medium -term (4–10) Low Low Long-term (11–25) Low Low Risk description and impact to Group Increased frequency and severity of acute weather events of storms, floods, bushfires cause damage and disruptions to stores, distribution centres and transport routes. Potential financial impacts for the Group include lost sales due to store closures, inventory write‑offs from power outages, damage to assets and buildings (potentially requiring write‑offs or impairments), and increased costs for store repair, recovery, and transport. Impact on annual sales (bps): Low: <20 bps Moderate: 20–150 bps High: >150 bps See Section 3.3 for more information Disruption and damage to operations (stores, distribution centres and transport routes)Physical Woolworths Group Annual Report 2026 61 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Strategy 3
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1 External yield projections considered the impact of a changing climate on the yield and production figures for beef, dairy, avocado, banana, sugar cane, potato, barley, canola, wheat and seafood in Australia. For New Zealand, yield and production impacts focused on beef, dairy and seafood. See Note 5.2 for more information. Scope of the financial assessment The scope of the Group’s financial disclosure includes: • Impacts: direct chronic (rainfall and temperature change) and acute (floods, storms, bushfire) events impacts to yields; excludes compounding risks like rising input costs (e.g. water, fertiliser, supplementary feed). See Note 5.2 for more information. • Product categories: fruit, vegetables, cereals, dairy, meat and seafood, representing approximately 29% of COGS of the business units modelled where expert climate data was available at the granularity required for analysis without undue cost and effort. Excludes global commodities (e.g. cocoa, tea, coffee) and non ‑food categories. • Commodities and priority areas for action focus on fresh food production in Australia and New Zealand, recognising material reliance on domestic fresh food supply. The Group selected these based on product materiality. • Business units: Australian Food, New Zealand Food and BIG W. Quantified financial effect Current In F26, while localised extreme weather adversely affected some individual suppliers, the scale of disruption to the Group was limited and not financially material. Future Over the short‑to‑medium term, physical impacts on food production are modelled to remain financially immaterial to the Group. Potential impacts become more pronounced over the long term under the >3°C scenario, driven by lower and more volatile agricultural yields. Importantly, while national‑level averaging can dilute yield projections, certain regions are modelled to experience higher than average yield losses. Methodology and key assumptions • The impact to the Group depends on cost pass‑through dynamics among producers, the Group and consumers. Given the significant measurement uncertainty on cost pass ‑through dynamics, the Group has not applied pass ‑through assumptions in its estimation of anticipated financial effects. The effects may be shared amongst the supply chain participants (e.g. supplier‑led decarbonisation). • Modelling assumes projected changes in commodity yields translate into equivalent changes in production costs. • Yield projections rely on expert climate data commissioned by the Group for 10 specific commodities across Australia and New Zealand. 1 To maximise coverage, these are used as proxies for broader product categories (e.g. applying wheat data to other cereals). See Note 5.2 for more information. • Expert climate data reflects the distribution of national production by region, rather than specific sourcing regions for the Group. • Product mix is assumed constant over time. Mitigation Direct mitigation • The Group’s product range, supplier base and geographical sourcing footprint is diverse and offers a natural hedge to physical climate impacts. • Climate scenario models help inform strategic sourcing plans for priority categories and products, and in factoring climate‑related supply risk that can be caused by acute and chronic events. • The Group contributes to and advocates for Net Zero pathways, to reduce increasing impacts of climate change on food production. Indirect mitigation • The Group partners with the agricultural supply chain to support on‑farm resilience, including sharing data‑driven insights that can support adoption of sustainable agricultural practices. 3.2 Protecting and creating value (continued) See Section 3.3 for more information Chronic and acute weather events impacting food productionPhysical Risk description and impact to supply chain Acute weather events (floods, storms, bushfires) and chronic shifts (rainfall and temperature change) disrupt the Group’s agricultural supply chain. This may cause crop and livestock yield and productivity losses. For the Group, this may result in increased sourcing costs, supply volatility, and reduced product availability and affordability for customers. Anticipated effect using scenarios 1.5°C >3°C Short-term (0–3) Low Low Medium -term (4–10) Low Moderate Long-term (11–25) Low Moderate Impact on annual sales (bps): Low: <20 bps Moderate: 20–150 bps High: >150 bps 62 Sustainability Report Scope of the financial assessment The scope of the Group’s financial disclosure captures 100% of operational emissions and 44% of supply chain emissions, specifically encompassing: • Total Scope 1 and 2 emissions. • Scope 3 category 1 (purchased goods and services) emissions for fruit, vegetables, cereals, dairy, and meat and seafood across Australian Food, New Zealand Food and BIG W, prioritising material domestic (Australian and New Zealand) supply chains. • Scope 3 category 4 (upstream transport) emissions for Australian Food, New Zealand Food and BIG W, acknowledging the critical role of the transport sector in the national decarbonisation pathways. Quantified financial effect Current There is currently no material financial impact from the economic cost of carbon within the Group’s operations. The Group is not subject to material carbon costs under the Australian Safeguard Mechanism or New Zealand Emissions Trading Scheme costs. Future Under a >3°C scenario, carbon policy settings are assumed to remain substantively unchanged, yielding low to moderate impacts across the Group’s operations and supply chain. Conversely, under a 1.5°C scenario, financial impacts are expected to increase, driven by increased policy settings and costs to reduce emissions. Methodology and key assumptions • The impact to the Group depends on cost pass‑through dynamics among producers, the Group and consumers. Given the significant measurement uncertainty on cost pass ‑through dynamics, the Group has not applied pass ‑through assumptions in their estimation of anticipated financial effects. The effects may be shared amongst the supply chain participants (e.g. supplier‑led decarbonisation). • Current modelling aggregates two complementary financial impacts: decarbonisation costs (the volume of abated emissions multiplied by the average abatement cost per tonne), and residual carbon costs (the volume of remaining emissions multiplied by the assumed carbon cost). • Emissions volumes – both abated and residual – are modelled by applying scenario‑specific decarbonisation pathways to the Group’s baseline footprint. Scope 1 and 2 trajectories reflect the Group’s internal abatement plans. Scope 3 trajectories are based on Commonwealth Scientific and Industrial Research Organisation (CSIRO) modelling. These trajectories are sector‑specific, and account for technology readiness and abatement costs. • Abatement costs (used to calculate total decarbonisation costs) and assumed carbon costs (used to calculate residual carbon costs) are sector‑specific, and sourced primarily from the same CSIRO modelling (complemented by published research from Goldman Sachs). • Under a 1.5°C Net Zero scenario, the weighted‑average assumed carbon cost (per tonne of CO₂e) for non‑FLAG (energy) emissions is approximately $50 in 2030, increasing to approximately $490 in 2050. The weighted‑average assumed carbon cost for FLAG (agriculture) emissions is approximately $50 in 2030, increasing to approximately $150 in 2050. Weighted‑averages are calculated using the Group’s current emissions mix. See Note 5.2 for more information. • Agricultural land sequestration is factored into the CSIRO’s pathways. In the Group’s modelling, it can neutralise agricultural decarbonisation and residual carbon costs, but is capped to not generate a financial net‑surplus in the supply chain. • Although the Group relied on credible sources such as the CSIRO to inform critical assumptions regarding decarbonisation pathways and costs, management acknowledges that these inputs and the resulting projected outcomes remain subject to a high degree of uncertainty. Mitigation Direct mitigation (Own operations) • Scope 1 and 2 emissions reduction targets are being pursued through initiatives focused on low‑carbon refrigerants, renewable electricity and transport decarbonisation. Indirect mitigation (Supply chain) • Delivery programs for Scope 3 emissions reduction targets focus on initiatives which drive collaboration, education, innovation, investment and advocacy across the supply chain. See Section 3.4 for more information Impact of the economic cost of carbon through policy mechanisms on the business model and value chainTransition Risk description and impact to supply chain To accelerate the transition to a lower‑carbon economy, domestic and international policy may impose an effective economic cost on carbon, through direct pricing mechanisms and regulatory frameworks. For the Group, this may result in increased sourcing costs. Across the Group’s supply chain, this may impact cost structures as businesses decarbonise operations and face residual carbon liability. Anticipated effect using scenarios 1.5°C >3°C Short-term (0–3) Moderate Low Medium -term (4–10) High Low Long-term (11–25) High Moderate Impact on annual sales (bps): Low: <20 bps Moderate: 20–150 bps High: >150 bps Woolworths Group Annual Report 2026 63 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Strategy 3
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1 External yield projections considered the impact of a changing climate on the yield and production figures for beef, dairy, avocado, banana, sugar cane, potato, barley, canola, wheat and seafood in Australia. For New Zealand, yield and production impacts focused on beef, dairy and seafood. See Note 5.2 for more information. Scope of the financial assessment The scope of the Group’s financial disclosure includes: • Impacts: direct chronic (rainfall and temperature change) and acute (floods, storms, bushfire) events impacts to yields; excludes compounding risks like rising input costs (e.g. water, fertiliser, supplementary feed). See Note 5.2 for more information. • Product categories: fruit, vegetables, cereals, dairy, meat and seafood, representing approximately 29% of COGS of the business units modelled where expert climate data was available at the granularity required for analysis without undue cost and effort. Excludes global commodities (e.g. cocoa, tea, coffee) and non ‑food categories. • Commodities and priority areas for action focus on fresh food production in Australia and New Zealand, recognising material reliance on domestic fresh food supply. The Group selected these based on product materiality. • Business units: Australian Food, New Zealand Food and BIG W. Quantified financial effect Current In F26, while localised extreme weather adversely affected some individual suppliers, the scale of disruption to the Group was limited and not financially material. Future Over the short‑to‑medium term, physical impacts on food production are modelled to remain financially immaterial to the Group. Potential impacts become more pronounced over the long term under the >3°C scenario, driven by lower and more volatile agricultural yields. Importantly, while national‑level averaging can dilute yield projections, certain regions are modelled to experience higher than average yield losses. Methodology and key assumptions • The impact to the Group depends on cost pass‑through dynamics among producers, the Group and consumers. Given the significant measurement uncertainty on cost pass ‑through dynamics, the Group has not applied pass ‑through assumptions in its estimation of anticipated financial effects. The effects may be shared amongst the supply chain participants (e.g. supplier‑led decarbonisation). • Modelling assumes projected changes in commodity yields translate into equivalent changes in production costs. • Yield projections rely on expert climate data commissioned by the Group for 10 specific commodities across Australia and New Zealand. 1 To maximise coverage, these are used as proxies for broader product categories (e.g. applying wheat data to other cereals). See Note 5.2 for more information. • Expert climate data reflects the distribution of national production by region, rather than specific sourcing regions for the Group. • Product mix is assumed constant over time. Mitigation Direct mitigation • The Group’s product range, supplier base and geographical sourcing footprint is diverse and offers a natural hedge to physical climate impacts. • Climate scenario models help inform strategic sourcing plans for priority categories and products, and in factoring climate‑related supply risk that can be caused by acute and chronic events. • The Group contributes to and advocates for Net Zero pathways, to reduce increasing impacts of climate change on food production. Indirect mitigation • The Group partners with the agricultural supply chain to support on‑farm resilience, including sharing data‑driven insights that can support adoption of sustainable agricultural practices. 3.2 Protecting and creating value (continued) See Section 3.3 for more information Chronic and acute weather events impacting food productionPhysical Risk description and impact to supply chain Acute weather events (floods, storms, bushfires) and chronic shifts (rainfall and temperature change) disrupt the Group’s agricultural supply chain. This may cause crop and livestock yield and productivity losses. For the Group, this may result in increased sourcing costs, supply volatility, and reduced product availability and affordability for customers. Anticipated effect using scenarios 1.5°C >3°C Short-term (0–3) Low Low Medium -term (4–10) Low Moderate Long-term (11–25) Low Moderate Impact on annual sales (bps): Low: <20 bps Moderate: 20–150 bps High: >150 bps 62 Sustainability Report Scope of the financial assessment The scope of the Group’s financial disclosure captures 100% of operational emissions and 44% of supply chain emissions, specifically encompassing: • Total Scope 1 and 2 emissions. • Scope 3 category 1 (purchased goods and services) emissions for fruit, vegetables, cereals, dairy, and meat and seafood across Australian Food, New Zealand Food and BIG W, prioritising material domestic (Australian and New Zealand) supply chains. • Scope 3 category 4 (upstream transport) emissions for Australian Food, New Zealand Food and BIG W, acknowledging the critical role of the transport sector in the national decarbonisation pathways. Quantified financial effect Current There is currently no material financial impact from the economic cost of carbon within the Group’s operations. The Group is not subject to material carbon costs under the Australian Safeguard Mechanism or New Zealand Emissions Trading Scheme costs. Future Under a >3°C scenario, carbon policy settings are assumed to remain substantively unchanged, yielding low to moderate impacts across the Group’s operations and supply chain. Conversely, under a 1.5°C scenario, financial impacts are expected to increase, driven by increased policy settings and costs to reduce emissions. Methodology and key assumptions • The impact to the Group depends on cost pass‑through dynamics among producers, the Group and consumers. Given the significant measurement uncertainty on cost pass ‑through dynamics, the Group has not applied pass ‑through assumptions in their estimation of anticipated financial effects. The effects may be shared amongst the supply chain participants (e.g. supplier‑led decarbonisation). • Current modelling aggregates two complementary financial impacts: decarbonisation costs (the volume of abated emissions multiplied by the average abatement cost per tonne), and residual carbon costs (the volume of remaining emissions multiplied by the assumed carbon cost). • Emissions volumes – both abated and residual – are modelled by applying scenario‑specific decarbonisation pathways to the Group’s baseline footprint. Scope 1 and 2 trajectories reflect the Group’s internal abatement plans. Scope 3 trajectories are based on Commonwealth Scientific and Industrial Research Organisation (CSIRO) modelling. These trajectories are sector‑specific, and account for technology readiness and abatement costs. • Abatement costs (used to calculate total decarbonisation costs) and assumed carbon costs (used to calculate residual carbon costs) are sector‑specific, and sourced primarily from the same CSIRO modelling (complemented by published research from Goldman Sachs). • Under a 1.5°C Net Zero scenario, the weighted‑average assumed carbon cost (per tonne of CO₂e) for non‑FLAG (energy) emissions is approximately $50 in 2030, increasing to approximately $490 in 2050. The weighted‑average assumed carbon cost for FLAG (agriculture) emissions is approximately $50 in 2030, increasing to approximately $150 in 2050. Weighted‑averages are calculated using the Group’s current emissions mix. See Note 5.2 for more information. • Agricultural land sequestration is factored into the CSIRO’s pathways. In the Group’s modelling, it can neutralise agricultural decarbonisation and residual carbon costs, but is capped to not generate a financial net‑surplus in the supply chain. • Although the Group relied on credible sources such as the CSIRO to inform critical assumptions regarding decarbonisation pathways and costs, management acknowledges that these inputs and the resulting projected outcomes remain subject to a high degree of uncertainty. Mitigation Direct mitigation (Own operations) • Scope 1 and 2 emissions reduction targets are being pursued through initiatives focused on low‑carbon refrigerants, renewable electricity and transport decarbonisation. Indirect mitigation (Supply chain) • Delivery programs for Scope 3 emissions reduction targets focus on initiatives which drive collaboration, education, innovation, investment and advocacy across the supply chain. See Section 3.4 for more information Impact of the economic cost of carbon through policy mechanisms on the business model and value chainTransition Risk description and impact to supply chain To accelerate the transition to a lower‑carbon economy, domestic and international policy may impose an effective economic cost on carbon, through direct pricing mechanisms and regulatory frameworks. For the Group, this may result in increased sourcing costs. Across the Group’s supply chain, this may impact cost structures as businesses decarbonise operations and face residual carbon liability. Anticipated effect using scenarios 1.5°C >3°C Short-term (0–3) Moderate Low Medium -term (4–10) High Low Long-term (11–25) High Moderate Impact on annual sales (bps): Low: <20 bps Moderate: 20–150 bps High: >150 bps Woolworths Group Annual Report 2026 63 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Strategy 3
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Current impact The current cost of compliance with AASB and other climate regulations is not material. Future impact In the short to medium term, stricter climate regulations may lead to increased operating costs for audit, assurance, advisory services and legal expenses. Non ‑compliance may lead to an increased risk of regulatory penalties, reputational risk, and loss of investor confidence. This is not expected to have a material financial impact on the Group in future reporting periods due to continued investment in governance and regulatory compliance, but is identified as a material risk because of the potential compliance, regulatory and reputational consequences. Mitigations Direct mitigation • Ongoing monitoring and compliance, with policy and regulatory guidance is maintained. • Key climate risks and controls are reviewed and improved as needed and as appropriate. Indirect mitigation • Active engagement with government, regulators, investors and participation in industry and agency consultations. Risk description and supply chain impact Acceleration of climate regulation, coupled with heightened investor focus, may create financial exposure through rising compliance costs. Non‑compliance could lead to fines, penalties, and reputational damage, potentially resulting in legal challenges from investors and shareholders or customers. 3.2 Protecting and creating value (continued) See Section 1 for more information Increased climate regulation, litigation and reputation impactsTransition 64 Sustainability Report Climate‑related opportunities The Group recognises the environmental and economic opportunities that can arise from the transition to a low‑carbon economy. These climate ‑related opportunities are distinct from, and in addition to, programs in place to mitigate climate ‑related risks. This section sets out the climate ‑related opportunities identified through the scenario analysis performed in F26. The opportunities identified are not expected to have a material financial impact on the business across the Group’s identified time horizons. This will be reassessed annually. Current impact • The Energy Management Centre (EMC) covers 100% of the New Zealand and Australian supermarket network. The roll ‑out of the energy management centre is now complete in New Zealand supermarkets, replicating the success in Australia. This has delivered cost reductions, identified areas of waste and resource efficiency and increasingly insights are enabled by AI. • Refrigeration conversion program from high global warming potential (GWP) to lower GWP refrigerants. This programme has improved overall asset efficiency across the store network while offering protection from the rising cost of high GWP gases. • The Group continued to optimise logistics networks to improve resource efficiency. Future impact The Group continues to invest in energy efficiency upgrades and refrigeration measures. See Section 3.4 for additional information on progress and actions planned. This is not expected to have a material financial impact on the Group in future, but is identified as a material opportunity because of the potential brand and reputation benefits and cost reductions. Opportunity description and business impact Investing in technology to optimise resource and energy use presents opportunities to reduce operating costs and emissions while enhancing operational resilience. This delivers a dual ‑value approach that protects long ‑term margins and actively supports the Group’s transition to a lower ‑carbon operating model. See Section 3.4 for more information Optimising resource useResource efficiency Current impact The Group continues to integrate EV charging infrastructure, supplied with renewable electricity, into store design. In F26, the Group offered Everyday Rewards when charging to drive customer value, support cost of living challenges, and provide new revenue streams to the Group. Future impact Further expansion of the EV customer charging offer to support the transition to EVs. This is not expected to have a material financial impact on the Group in future, but is identified as a material opportunity because of the potential brand and reputation benefits and meeting customer choice given growth in EVs. Opportunity description and business impact Expanding the range of low ‑carbon products and services allows the Group to meet evolving customer preferences and build brand loyalty while generating alternative revenue streams, such as through customer ‑facing EV charging stations. By leveraging its role as a major food retailer to integrate low ‑carbon infrastructure into physical store designs and collaborate across the industry, the Group can support a cost ‑effective transition for the wider food system. Developing innovative low‑carbon products and services See Section 3.4 for more information Products and services Woolworths Group Annual Report 2026 65 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Strategy 3
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Current impact The current cost of compliance with AASB and other climate regulations is not material. Future impact In the short to medium term, stricter climate regulations may lead to increased operating costs for audit, assurance, advisory services and legal expenses. Non ‑compliance may lead to an increased risk of regulatory penalties, reputational risk, and loss of investor confidence. This is not expected to have a material financial impact on the Group in future reporting periods due to continued investment in governance and regulatory compliance, but is identified as a material risk because of the potential compliance, regulatory and reputational consequences. Mitigations Direct mitigation • Ongoing monitoring and compliance, with policy and regulatory guidance is maintained. • Key climate risks and controls are reviewed and improved as needed and as appropriate. Indirect mitigation • Active engagement with government, regulators, investors and participation in industry and agency consultations. Risk description and supply chain impact Acceleration of climate regulation, coupled with heightened investor focus, may create financial exposure through rising compliance costs. Non‑compliance could lead to fines, penalties, and reputational damage, potentially resulting in legal challenges from investors and shareholders or customers. 3.2 Protecting and creating value (continued) See Section 1 for more information Increased climate regulation, litigation and reputation impactsTransition 64 Sustainability Report Climate‑related opportunities The Group recognises the environmental and economic opportunities that can arise from the transition to a low‑carbon economy. These climate ‑related opportunities are distinct from, and in addition to, programs in place to mitigate climate ‑related risks. This section sets out the climate ‑related opportunities identified through the scenario analysis performed in F26. The opportunities identified are not expected to have a material financial impact on the business across the Group’s identified time horizons. This will be reassessed annually. Current impact • The Energy Management Centre (EMC) covers 100% of the New Zealand and Australian supermarket network. The roll ‑out of the energy management centre is now complete in New Zealand supermarkets, replicating the success in Australia. This has delivered cost reductions, identified areas of waste and resource efficiency and increasingly insights are enabled by AI. • Refrigeration conversion program from high global warming potential (GWP) to lower GWP refrigerants. This programme has improved overall asset efficiency across the store network while offering protection from the rising cost of high GWP gases. • The Group continued to optimise logistics networks to improve resource efficiency. Future impact The Group continues to invest in energy efficiency upgrades and refrigeration measures. See Section 3.4 for additional information on progress and actions planned. This is not expected to have a material financial impact on the Group in future, but is identified as a material opportunity because of the potential brand and reputation benefits and cost reductions. Opportunity description and business impact Investing in technology to optimise resource and energy use presents opportunities to reduce operating costs and emissions while enhancing operational resilience. This delivers a dual ‑value approach that protects long ‑term margins and actively supports the Group’s transition to a lower ‑carbon operating model. See Section 3.4 for more information Optimising resource useResource efficiency Current impact The Group continues to integrate EV charging infrastructure, supplied with renewable electricity, into store design. In F26, the Group offered Everyday Rewards when charging to drive customer value, support cost of living challenges, and provide new revenue streams to the Group. Future impact Further expansion of the EV customer charging offer to support the transition to EVs. This is not expected to have a material financial impact on the Group in future, but is identified as a material opportunity because of the potential brand and reputation benefits and meeting customer choice given growth in EVs. Opportunity description and business impact Expanding the range of low ‑carbon products and services allows the Group to meet evolving customer preferences and build brand loyalty while generating alternative revenue streams, such as through customer ‑facing EV charging stations. By leveraging its role as a major food retailer to integrate low ‑carbon infrastructure into physical store designs and collaborate across the industry, the Group can support a cost ‑effective transition for the wider food system. Developing innovative low‑carbon products and services See Section 3.4 for more information Products and services Woolworths Group Annual Report 2026 65 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Strategy 3
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1 A flood event is defined as impacts from both pluvial (extreme precipitation) and fluvial (rainfall flood depth) climate impact. High impact defined by external climate experts on hazard risk score for the relevant climate impact. 3.3 Climate Resilience and Adaptation The Group invests in the physical resilience of its assets and business trade through direct and indirect adaptation measures, informed by climate modelling. In F26, the Group updated its physical risk assessments, integrating findings into a climate geospatial dashboard. Models include hazards such as floods, cyclones and fires, across operations (approximately 1,700 sites including both existing and potential stores and distribution centres), major transport routes, and primary domestic commodities, to assess impacts across various scenarios and time horizons. Resilience programs focus on protecting physical assets and trade continuity, supported by the flexibility of the Group’s financial resources to respond to identified climate impacts. This assessment reflects data available at the time of reporting, complementing the financial impacts disclosed in Section 3.2 by providing a targeted view of asset exposure and vulnerability to specific climate hazards beyond those quantified. As data, the business operations, and climate risk detail evolves, these vulnerability findings, including the scale and proportion of exposed assets, may adjust accordingly. Direct mitigation and adaptation: Stores, distribution centres and transport networks Protecting stores, distribution centres and transport routes mitigates lost sales from disrupted trading days and reduces store repair costs and inventory write‑offs. AREA IMPACT AND ACTIONS Asset and network resilience Currently, 6% of sites meet the threshold for exposure to a high ‑impact flood event.1 Climate modelling indicates that this could increase to 8% of the network (approximately 150 sites) by 2050 under a >3°C climate scenario. In response, the Group is prioritising Australian and New Zealand Food stores as high‑risk, high ‑trade sites to assess which of the 8% of potentially impacted assets are genuinely vulnerable, or already have sufficient resilience plans in place. All physical assets are insured and claims can be made for losses relating to storm and flood damage. To address these identified risks over the short, medium and long term, the Group allocates capital to upgrade physical defences at vulnerable sites. Redeploying financial resources and upgrading assets mitigates future repair costs, safeguards continuous trading capabilities, and demonstrates the Group’s capacity to adapt its footprint to physical climate impacts. Transport networks Climate modelling shows that increased flood exposure across key transport corridors is expected in future years under higher warming scenarios. Operational strategies adapt to these challenges; strategic network planning is designed to reduce trade and stock risks through logistics re ‑routing and strategic stockpiling. The flexibility to redeploy resources delivers immediate operational resilience. Concurrently, ongoing collaboration with Government supports the infrastructure investment critical to mitigating broader transport network risks. Continuity and preparedness Dedicated resilience teams manage operational disruptions through business continuity plans. Proactive measures include increasing inventory ahead of anticipated weather events, activating external generator connections, and equipping stores with emergency response equipment. Te am s at high‑risk sites receive annual emergency response training. Defensive actions, such as deploying thermal refrigeration blankets, protect perishables during power outages. These actions protect near‑term revenue and minimise stock write‑offs. 66 Sustainability Report 3.3 Climate Resilience and Adaptation (continued) Indirect mitigation and adaptation: A resilient supply chain The Group assesses physical risk impacts across its supply chain, by modelling climate hazard risks across key commodities and agricultural production systems within its geospatial climate dashboard. 2 Securing the agricultural supply chain protects the Group’s cost of sales from supply shocks and secures long‑term inventory availability. This capability enables the Group to identify vulnerable regions and analyse their intersection with current sourcing footprints to understand potential shifts in agricultural productivity and supply concentration risk. Insights help inform long‑term sourcing plans to support ongoing supply continuity and a focus on broader agricultural resilience. 2 Commodities modelled include: livestock (red meat and dairy); tropical crops (avocado, banana, sugar cane); temperate horticulture crops (potato); grains and oilseeds (barley, wheat and canola), and seafood. Woolworths Group Annual Report 2026 67 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Strategy 3
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1 A flood event is defined as impacts from both pluvial (extreme precipitation) and fluvial (rainfall flood depth) climate impact. High impact defined by external climate experts on hazard risk score for the relevant climate impact. 3.3 Climate Resilience and Adaptation The Group invests in the physical resilience of its assets and business trade through direct and indirect adaptation measures, informed by climate modelling. In F26, the Group updated its physical risk assessments, integrating findings into a climate geospatial dashboard. Models include hazards such as floods, cyclones and fires, across operations (approximately 1,700 sites including both existing and potential stores and distribution centres), major transport routes, and primary domestic commodities, to assess impacts across various scenarios and time horizons. Resilience programs focus on protecting physical assets and trade continuity, supported by the flexibility of the Group’s financial resources to respond to identified climate impacts. This assessment reflects data available at the time of reporting, complementing the financial impacts disclosed in Section 3.2 by providing a targeted view of asset exposure and vulnerability to specific climate hazards beyond those quantified. As data, the business operations, and climate risk detail evolves, these vulnerability findings, including the scale and proportion of exposed assets, may adjust accordingly. Direct mitigation and adaptation: Stores, distribution centres and transport networks Protecting stores, distribution centres and transport routes mitigates lost sales from disrupted trading days and reduces store repair costs and inventory write‑offs. AREA IMPACT AND ACTIONS Asset and network resilience Currently, 6% of sites meet the threshold for exposure to a high ‑impact flood event.1 Climate modelling indicates that this could increase to 8% of the network (approximately 150 sites) by 2050 under a >3°C climate scenario. In response, the Group is prioritising Australian and New Zealand Food stores as high‑risk, high ‑trade sites to assess which of the 8% of potentially impacted assets are genuinely vulnerable, or already have sufficient resilience plans in place. All physical assets are insured and claims can be made for losses relating to storm and flood damage. To address these identified risks over the short, medium and long term, the Group allocates capital to upgrade physical defences at vulnerable sites. Redeploying financial resources and upgrading assets mitigates future repair costs, safeguards continuous trading capabilities, and demonstrates the Group’s capacity to adapt its footprint to physical climate impacts. Transport networks Climate modelling shows that increased flood exposure across key transport corridors is expected in future years under higher warming scenarios. Operational strategies adapt to these challenges; strategic network planning is designed to reduce trade and stock risks through logistics re ‑routing and strategic stockpiling. The flexibility to redeploy resources delivers immediate operational resilience. Concurrently, ongoing collaboration with Government supports the infrastructure investment critical to mitigating broader transport network risks. Continuity and preparedness Dedicated resilience teams manage operational disruptions through business continuity plans. Proactive measures include increasing inventory ahead of anticipated weather events, activating external generator connections, and equipping stores with emergency response equipment. Te am s at high‑risk sites receive annual emergency response training. Defensive actions, such as deploying thermal refrigeration blankets, protect perishables during power outages. These actions protect near‑term revenue and minimise stock write‑offs. 66 Sustainability Report 3.3 Climate Resilience and Adaptation (continued) Indirect mitigation and adaptation: A resilient supply chain The Group assesses physical risk impacts across its supply chain, by modelling climate hazard risks across key commodities and agricultural production systems within its geospatial climate dashboard. 2 Securing the agricultural supply chain protects the Group’s cost of sales from supply shocks and secures long‑term inventory availability. This capability enables the Group to identify vulnerable regions and analyse their intersection with current sourcing footprints to understand potential shifts in agricultural productivity and supply concentration risk. Insights help inform long‑term sourcing plans to support ongoing supply continuity and a focus on broader agricultural resilience. 2 Commodities modelled include: livestock (red meat and dairy); tropical crops (avocado, banana, sugar cane); temperate horticulture crops (potato); grains and oilseeds (barley, wheat and canola), and seafood. Woolworths Group Annual Report 2026 67 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Strategy 3
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3% 97% 1 100% renewable electricity comes from a mix of on‑site solar and contracts or certificates to cover grid consumption. 2 Consumer packaged goods, general merchandise. 3 Mixed (e.g. downstream consumption, end of life use). Scope 1 and 2 emissions are directly within the Group’s operational control. Material Scope 1 emissions sources include fugitive synthetic refrigerants, transport fuel for fleet cars and home delivery trucks, and natural gas. Scope 2 emissions formed the largest part of the Group’s operational footprint, from the electricity used across the store network, distribution centres and offices. The Group continues to maintain its goal to source 100% renewable electricity, achieved from the end of December 2025. 1 Refrigeration, transport fuels, natural gas Electricity use across all stores, DCs and offices Scope 1 Scope 2 Scope 3 emissions are indirect emissions from the Group’s upstream and downstream supply chain. Approximately 50% of these emissions are from forest, land and agriculture (FLAG) sources generated pre‑farmgate. The remaining 50% are from energy and industrial sources such as post‑farmgate electricity and gas, services, packaging, transport, and downstream household waste. FLAG emissionsScope 3 Energy and industrial emissionsScope 3 Base year Scope 3 inventory (50%) Base year Scope 3 inventory (50%) Key: Excluded from near 2033 term boundary F26 by category % Electricity 13.9 Gas/other 8.6 Services/operations 6.2 Packaging 5.5 Transport 3.3 Waste (downstream) 7.7 Other 3 6.0 Rice 1.3 Cotton <0.01 Other 2 18.9 F26 by category % Beef and lamb 10.1 Dairy 6.8 Poultry and eggs 2.5 Grains 3.4 Pork 3.7 Fruit and vegetables 2.1 3.4 Net Zero Transition Accelerating decarbonisation reduces the Group’s exposure to potential carbon pricing mechanisms and protects margins from volatile energy costs. In F26, the Group’s Scope 1 and 2 emissions make up 3% of the total emissions across its end‑to‑end supply chain. The Group’s Scope 3 emissions are approximately 33 times greater than Scope 1 and 2, making up 97% of the emissions in the end‑to‑end supply chain. Managing Scope 3 emissions is complex and outside of the Group’s direct control; they originate from a variety of sources – the largest being agriculture, energy and transport. The Group’s Net Zero delivery programs manage material transition risks and climate‑related opportunities as the Group works toward net zero emissions by 2050, as described in the key reduction initiatives below. The Group remains on track to deliver Scope 1 and 2 emissions reduction targets, and is partnering on various initiatives to support supply chain Scope 3 emissions reductions. Achieving Scope 3 targets relies on extensive cross‑sector collaboration and progress being made by suppliers, industry and government. The Group annually monitors the policy settings and targets of governments, peers and suppliers on net zero. Scope 3: Value chain Scope 1 and 2: Operations 68 Sustainability Report Net Zero Targets to 2050 The Group is supporting a transition to a lower‑carbon economy, aligned to Science Based Targets Initiative (SBTi) 1 validated Net Zero targets for Scope 1, 2 and 3 by 2050. These targets underpin the mission to support sustainable food systems and a climate‑resilient business across direct operations, logistics and commodity sourcing, through the targets and actions outlined below. 1 From a F23 base year. Emission reduction targets focus on absolute reductions, validated by SBTi in F24. From 2050, the Group may obtain and surrender high‑quality carbon credits to support its net zero targets. 2 In line with SBTi and GHG Protocol guidance, the Group’s F23 base year for emissions reduction is subject to recalculation to ensure accuracy and comparability of data, particularly if there are significant structural changes to operations or if reporting methodologies evolve. 3 Target includes FLAG emissions and removals. Refer to caveats on page 76. 4 Emissions from purchased goods and services, capital goods, fuel and energy related activities, upstream and downstream transportation and distribution, and upstream leased assets. Refer to caveats on page 76. 5 Long‑term energy and industrial (non ‑FLAG) targets also include use of sold products and end of life treatment of sold products. 3.4 Net Zero Transition (continued) FLAG Targets: Non‑FLAG Targets: • Woolworths Group aims to reduce absolute Scope 3 FLAG GHG emissions by 40% by F33 from a F23 base year. 3 • Woolworths Group aims to reduce absolute Scope 3 FLAG GHG emissions by 72% by F50 from a F23 base year. 3 • Woolworths Group aims to reduce absolute Scope 3 GHG energy and industrial emissions by 55% by F33 from a F23 base year.4 • Woolworths Group aims to reduce absolute Scope 3 GHG energy and industrial emissions by 90% by F50 from a F23 base year.5 Scope 3 Actions: • Collaborate: partner with suppliers and industry leaders to share insights and best practice to drive collective action. • Innovate and invest: support the investment and testing of technology that delivers commercial and environmental benefits, and support long ‑term adoption. • Advocate: engage and advocate with government and industry to support the transition towards renewable electricity, low emissions transport, and sustainable agricultural practices. • Educate: continually upskill internal teams through the development of business‑unit‑specific Scope 3 reduction pathways to drive operational accountability. Targets: • Woolworths Group aims to reduce absolute Scope 1 and 2 GHG emissions by 80% by F30 from a F23 base year. 2 • Woolworths Group aims to reduce absolute Scope 1 and 2 GHG emissions by 90% by F45 from a F23 base year. Scope 1 and 2 Actions: • Renewable electricity: maintain 100% renewable electricity across all operations. • Low impact refrigerants: reduced leakage and conversion to natural refrigeration with lower global warming potential. • Transport electrification: transition the home delivery fleet to electric vehicles to reduce last‑mile emissions. Woolworths Group Annual Report 2026 69 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Strategy 3
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3% 97% 1 100% renewable electricity comes from a mix of on‑site solar and contracts or certificates to cover grid consumption. 2 Consumer packaged goods, general merchandise. 3 Mixed (e.g. downstream consumption, end of life use). Scope 1 and 2 emissions are directly within the Group’s operational control. Material Scope 1 emissions sources include fugitive synthetic refrigerants, transport fuel for fleet cars and home delivery trucks, and natural gas. Scope 2 emissions formed the largest part of the Group’s operational footprint, from the electricity used across the store network, distribution centres and offices. The Group continues to maintain its goal to source 100% renewable electricity, achieved from the end of December 2025. 1 Refrigeration, transport fuels, natural gas Electricity use across all stores, DCs and offices Scope 1 Scope 2 Scope 3 emissions are indirect emissions from the Group’s upstream and downstream supply chain. Approximately 50% of these emissions are from forest, land and agriculture (FLAG) sources generated pre‑farmgate. The remaining 50% are from energy and industrial sources such as post‑farmgate electricity and gas, services, packaging, transport, and downstream household waste. FLAG emissionsScope 3 Energy and industrial emissionsScope 3 Base year Scope 3 inventory (50%) Base year Scope 3 inventory (50%) Key: Excluded from near 2033 term boundary F26 by category % Electricity 13.9 Gas/other 8.6 Services/operations 6.2 Packaging 5.5 Transport 3.3 Waste (downstream) 7.7 Other 3 6.0 Rice 1.3 Cotton <0.01 Other 2 18.9 F26 by category % Beef and lamb 10.1 Dairy 6.8 Poultry and eggs 2.5 Grains 3.4 Pork 3.7 Fruit and vegetables 2.1 3.4 Net Zero Transition Accelerating decarbonisation reduces the Group’s exposure to potential carbon pricing mechanisms and protects margins from volatile energy costs. In F26, the Group’s Scope 1 and 2 emissions make up 3% of the total emissions across its end‑to‑end supply chain. The Group’s Scope 3 emissions are approximately 33 times greater than Scope 1 and 2, making up 97% of the emissions in the end‑to‑end supply chain. Managing Scope 3 emissions is complex and outside of the Group’s direct control; they originate from a variety of sources – the largest being agriculture, energy and transport. The Group’s Net Zero delivery programs manage material transition risks and climate‑related opportunities as the Group works toward net zero emissions by 2050, as described in the key reduction initiatives below. The Group remains on track to deliver Scope 1 and 2 emissions reduction targets, and is partnering on various initiatives to support supply chain Scope 3 emissions reductions. Achieving Scope 3 targets relies on extensive cross‑sector collaboration and progress being made by suppliers, industry and government. The Group annually monitors the policy settings and targets of governments, peers and suppliers on net zero. Scope 3: Value chain Scope 1 and 2: Operations 68 Sustainability Report Net Zero Targets to 2050 The Group is supporting a transition to a lower‑carbon economy, aligned to Science Based Targets Initiative (SBTi) 1 validated Net Zero targets for Scope 1, 2 and 3 by 2050. These targets underpin the mission to support sustainable food systems and a climate‑resilient business across direct operations, logistics and commodity sourcing, through the targets and actions outlined below. 1 From a F23 base year. Emission reduction targets focus on absolute reductions, validated by SBTi in F24. From 2050, the Group may obtain and surrender high‑quality carbon credits to support its net zero targets. 2 In line with SBTi and GHG Protocol guidance, the Group’s F23 base year for emissions reduction is subject to recalculation to ensure accuracy and comparability of data, particularly if there are significant structural changes to operations or if reporting methodologies evolve. 3 Target includes FLAG emissions and removals. Refer to caveats on page 76. 4 Emissions from purchased goods and services, capital goods, fuel and energy related activities, upstream and downstream transportation and distribution, and upstream leased assets. Refer to caveats on page 76. 5 Long‑term energy and industrial (non ‑FLAG) targets also include use of sold products and end of life treatment of sold products. 3.4 Net Zero Transition (continued) FLAG Targets: Non‑FLAG Targets: • Woolworths Group aims to reduce absolute Scope 3 FLAG GHG emissions by 40% by F33 from a F23 base year. 3 • Woolworths Group aims to reduce absolute Scope 3 FLAG GHG emissions by 72% by F50 from a F23 base year. 3 • Woolworths Group aims to reduce absolute Scope 3 GHG energy and industrial emissions by 55% by F33 from a F23 base year.4 • Woolworths Group aims to reduce absolute Scope 3 GHG energy and industrial emissions by 90% by F50 from a F23 base year.5 Scope 3 Actions: • Collaborate: partner with suppliers and industry leaders to share insights and best practice to drive collective action. • Innovate and invest: support the investment and testing of technology that delivers commercial and environmental benefits, and support long ‑term adoption. • Advocate: engage and advocate with government and industry to support the transition towards renewable electricity, low emissions transport, and sustainable agricultural practices. • Educate: continually upskill internal teams through the development of business‑unit‑specific Scope 3 reduction pathways to drive operational accountability. Targets: • Woolworths Group aims to reduce absolute Scope 1 and 2 GHG emissions by 80% by F30 from a F23 base year. 2 • Woolworths Group aims to reduce absolute Scope 1 and 2 GHG emissions by 90% by F45 from a F23 base year. Scope 1 and 2 Actions: • Renewable electricity: maintain 100% renewable electricity across all operations. • Low impact refrigerants: reduced leakage and conversion to natural refrigeration with lower global warming potential. • Transport electrification: transition the home delivery fleet to electric vehicles to reduce last‑mile emissions. Woolworths Group Annual Report 2026 69 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Strategy 3
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Achieving Scope 1 and 2 targets is supported by three key programs: 100% renewable electricity, low emissions refrigerants and reduced refrigerant leak rates, and last mile home delivery fleet transitioning to EV. As at the end of 2025, the Group achieved its goal to source 100% renewable electricity. 1 The remaining programs are currently on track to achieve the Group’s 2030 target of 80% emissions reduction, from a F23 base year. Progress is monitored by management and reported to the Sustainability Committee three times a year. Reducing emissions Scope 1 and 2 Key areas of action: Achieved the goal to source 100% renewable energy. Continued to decarbonise refrigerant systems. Reduced fuel consumption for the Woolworths home delivery fleet. To achieve the long‑term ambition of net zero emissions by 2050, the Group prioritises absolute emissions reductions across the value chain. Additional transition levers could include the further expansion of low emissions refrigerants, and other emerging technologies. SBTi Net Zero pathways Key reduction initiatives Home delivery fleet The Group is transitioning its last‑mile home delivery trucks to EVs across Australia and New Zealand. By the end of F26 178 electric home delivery trucks were on the road, up 103 since F25. Whilst transitioning the full home delivery fleet remains an ambition, achieving this relies on further regional infrastructure investment and increased options and availability of EVs. This fleet transition also provides long‑term value by protecting the fleet from ongoing fuel price volatility. A full fleet transition is not required to meet the Group’s 2030 SBTi Scope 1 and 2 targets, and delivery programs to achieve near‑term Scope 1 and 2 2030 targets are currently on track. Achieved goal of 100% renewable 3 2023 2026 45% Reduction in Scope 1 and 2 emissions We are here While detailed pathways have been modelled, this visual has been provided for illustrative purposes. 1 100% renewable electricity comes from a mix of on‑site solar and contracts or certificates to cover grid consumption. 2 The Group remains connected to the electricity grid, with onsite solar reducing electricity consumption where installed. In line with RE100 guidance on credible renewable claims, the Group acquires and surrenders large‑scale generation certificates (LGCs) to match remaining electricity consumption. This ensures no other entity can claim the same renewable electricity and prevents double‑counting. 3 Achieved 31 December 2025. 4 From a F23 base year. Emissions reduction targets focus on absolute reductions, and have been validated by the SBTi in F24. From 2050, the Group may obtain and surrender high‑quality carbon credits in support of its net zero ambition. See Section 4.1 for more information on carbon credits. 70 Renewable energy The Group has sourced 100% renewable electricity supply to power its operations since 31 December 2025. Delivery programs combine on ‑site solar generation (including 41 rooftop solar systems installed in F26, bringing the total to 351), with secured renewable electricity contracts across all Australian states and New Zealand. Where possible, investment in new renewable electricity generation is prioritised to increase grid capacity. This involves strategic partnerships with Bango Wind Farm, Smartest Energy, Iberdrola and CleanCo to leverage a mix of wind and solar. The Group also acquires additional renewable electricity certificates, and benefits from the increasing default renewable electricity delivered through the grid. 2 Complementing these initiatives, is real ‑time monitoring through the Group’s Energy Management Centre which pinpoints peaks, identifies patterns and provides targeted intervention when unexpected consumption spikes are identified. Low‑carbon refrigerants Refrigerant gas emissions and leaks were the second ‑largest source of Scope 1 and 2 emissions behind electricity. Since 2016, the Group has introduced transcritical CO₂ refrigeration systems. In F26, these systems were installed in 25 new or existing stores, bringing the total to 203 stores, reducing the Group’s emissions associated with synthetic refrigerant leakage. Leaks in existing systems also continue to be addressed through the use of leak sensors, active monitoring and predictive maintenance work orders generated by the EMC. Refrigerant emissions will be further reduced through leak prevention and equipment conversions integrated into store renewals and a phased roll ‑out of transcritical CO₂ refrigeration systems across the remaining fleet. 2050204520402030 80% Reduction in Scope 1 and 2 emissions by F30 2 90% Reduction in Scope 1 and 2 emissions by F45 2 SBTi near‑term target SBTi long ‑term target Carbon Credits from 2050 4 Woolworths Group Annual Report 2026 71 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3
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Achieving Scope 1 and 2 targets is supported by three key programs: 100% renewable electricity, low emissions refrigerants and reduced refrigerant leak rates, and last mile home delivery fleet transitioning to EV. As at the end of 2025, the Group achieved its goal to source 100% renewable electricity. 1 The remaining programs are currently on track to achieve the Group’s 2030 target of 80% emissions reduction, from a F23 base year. Progress is monitored by management and reported to the Sustainability Committee three times a year. Reducing emissions Scope 1 and 2 Key areas of action: Achieved the goal to source 100% renewable energy. Continued to decarbonise refrigerant systems. Reduced fuel consumption for the Woolworths home delivery fleet. To achieve the long‑term ambition of net zero emissions by 2050, the Group prioritises absolute emissions reductions across the value chain. Additional transition levers could include the further expansion of low emissions refrigerants, and other emerging technologies. SBTi Net Zero pathways Key reduction initiatives Home delivery fleet The Group is transitioning its last‑mile home delivery trucks to EVs across Australia and New Zealand. By the end of F26 178 electric home delivery trucks were on the road, up 103 since F25. Whilst transitioning the full home delivery fleet remains an ambition, achieving this relies on further regional infrastructure investment and increased options and availability of EVs. This fleet transition also provides long‑term value by protecting the fleet from ongoing fuel price volatility. A full fleet transition is not required to meet the Group’s 2030 SBTi Scope 1 and 2 targets, and delivery programs to achieve near‑term Scope 1 and 2 2030 targets are currently on track. Achieved goal of 100% renewable 3 2023 2026 45% Reduction in Scope 1 and 2 emissions We are here While detailed pathways have been modelled, this visual has been provided for illustrative purposes. 1 100% renewable electricity comes from a mix of on‑site solar and contracts or certificates to cover grid consumption. 2 The Group remains connected to the electricity grid, with onsite solar reducing electricity consumption where installed. In line with RE100 guidance on credible renewable claims, the Group acquires and surrenders large‑scale generation certificates (LGCs) to match remaining electricity consumption. This ensures no other entity can claim the same renewable electricity and prevents double‑counting. 3 Achieved 31 December 2025. 4 From a F23 base year. Emissions reduction targets focus on absolute reductions, and have been validated by the SBTi in F24. From 2050, the Group may obtain and surrender high‑quality carbon credits in support of its net zero ambition. See Section 4.1 for more information on carbon credits. 70 Renewable energy The Group has sourced 100% renewable electricity supply to power its operations since 31 December 2025. Delivery programs combine on ‑site solar generation (including 41 rooftop solar systems installed in F26, bringing the total to 351), with secured renewable electricity contracts across all Australian states and New Zealand. Where possible, investment in new renewable electricity generation is prioritised to increase grid capacity. This involves strategic partnerships with Bango Wind Farm, Smartest Energy, Iberdrola and CleanCo to leverage a mix of wind and solar. The Group also acquires additional renewable electricity certificates, and benefits from the increasing default renewable electricity delivered through the grid. 2 Complementing these initiatives, is real ‑time monitoring through the Group’s Energy Management Centre which pinpoints peaks, identifies patterns and provides targeted intervention when unexpected consumption spikes are identified. Low‑carbon refrigerants Refrigerant gas emissions and leaks were the second ‑largest source of Scope 1 and 2 emissions behind electricity. Since 2016, the Group has introduced transcritical CO₂ refrigeration systems. In F26, these systems were installed in 25 new or existing stores, bringing the total to 203 stores, reducing the Group’s emissions associated with synthetic refrigerant leakage. Leaks in existing systems also continue to be addressed through the use of leak sensors, active monitoring and predictive maintenance work orders generated by the EMC. Refrigerant emissions will be further reduced through leak prevention and equipment conversions integrated into store renewals and a phased roll ‑out of transcritical CO₂ refrigeration systems across the remaining fleet. 2050204520402030 80% Reduction in Scope 1 and 2 emissions by F30 2 90% Reduction in Scope 1 and 2 emissions by F45 2 SBTi near‑term target SBTi long ‑term target Carbon Credits from 2050 4 Woolworths Group Annual Report 2026 71 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3
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Scope 3 FLAG emissions – Supporting sustainable food systems The Group’s reliance on agricultural supply chains requires an ongoing focus on supporting sustainable food systems, through positive action on both climate and nature. Meat is a significant contributor to the Group’s FLAG emissions. In 2025, the Group started obtaining primary supplier data, completing on ‑farm emissions measurement with approximately 40 farmers across 70 farming enterprises to establish a representative sample to build upon. In 2026, the Group also announced a multi ‑year commercial partnership launched with Teys, Seaforest and DIT Ag Tech to trial Australian made technology to reduce methane emissions in grass ‑fed cattle. By testing advanced water‑dosing supplements in extensive farm systems, this partnership seeks to validate solutions that lower value chain emissions whilst also improving on ‑farm productivity. As part of the SBTi FLAG targets, the Group’s No Deforestation goal was announced in F24. 1 This goal has been embedded in supplier sourcing standards, and progress continues to be made, including against existing constraints in a global supply chain. 1 This commitment covers five primary ‑deforestation linked commodities of paper pulp and timber, palm oil, cocoa, soy in stockfeed and Australian fresh beef. While detailed pathways have been modelled, this visual has been provided for illustrative purposes. 2 From a F23 base year. Emission reduction targets focus on absolute reductions, and have been validated by the SBTi in F24. From 2050, the Group may obtain and surrender high ‑quality carbon credits in support of its net zero ambition. See Section 4.1 for more information on carbon credits. Key areas of action: Collaborate with suppliers and other leaders of industry to drive collectively action on industry‑ wide challenges. Innovate and invest in technologies that deliver commercial and environmental benefits. Advocate and engage with government and industry to reduce barriers and support coordinated action. Educate through the sharing of knowledge, best practice and data ‑driven insights across teams and partners. Against an evolving landscape, the Group is investing in new technologies, continues to encourage adoption of sustainable farming and regenerative practices, and sources sustainably produced products. Government and industry ‑wide collaboration and progress remains essential to achieving targets. SBTi Net Zero pathways Scope 3 Beyond direct operations, managing Scope 3 emissions across the supply chain is critical to the Group’s long‑term financial resilience. As Scope 3 emissions occur outside the Group’s direct control, achieving net zero targets requires coordinated action. Partnering with farmers, suppliers, and government will support the systemic shifts necessary to secure a sustainable future for the business and the communities it serves. Reducing emissions Key reduction initiatives We are here 2023 2026 1 Growth Emissions have risen in line with business growth, as anticipated in Group’s pathway modelling. 2 Reductions As the Group transitions to primary supplier data, it will be better positioned to reflect emissions reductions. 1. In line with growth 2. Reductions 72 Reduce FLAG emissions by F50 2 72% Reduce Non-FLAG emissions by F50 2 90% Reduce FLAG emissions by F33 2 40% Reduce Non-FLAG emissions by F33 2 55% 205020452040 Scope 3 Non ‑FLAG Emissions Primary Connect, the Group’s logistics business, is advancing the electrification of its fleet to reduce transport ‑related emissions through strategic investments in technology. This includes transitioning to electrified tugs, with four units in operation by the end of F26, and an additional four planned for F27. This is supported by expansion of its EV prime mover pilot in partnership with Toll and Linfox with nine EV primes operating. In addition to the dedicated EV charging infrastructure at the Moorebank NDC, charging capability at Melbourne South Regional DC has been implemented, to enable broader network flexibility for store delivery by EVs. The Group plans to launch Australian road freight emissions reporting for Primary Connect customers by the end of next year. Supplier engagement Purchased goods and services comprise approximately 82% of the Group’s Scope 3 footprint. Engagement and a shared ambition with suppliers is essential to achieving net zero targets. After launching in 2022, in 2026 the fourth annual value chain emissions program was completed, using THESIS on SupplyShift, with participation from 75 suppliers. As well as providing insight on progress, the program provided an opportunity for collaborative learning on climate strategy amongst suppliers at different stages of maturity. The program also highlighted technology gaps that are critical for efficient and validated reporting, and the Group will keep future options under review as it evolves its approach to supplier engagement. Innovation Through W23, a venture capital partnership with leading international grocery retailers, the Group supports investment in transformative technologies addressing strategically important sustainability challenges, including across climate, energy resilience and circularity. Recent climate ‑focused investments include Verse, a platform that enhances the visibility and optimisation of renewable energy portfolios and infrastructure, alongside Moment Energy, a solution advancing circular battery systems. Samsara Eco continues to progress its world ‑leading enzymatic recycling technology, enabling a circular economy through the infinite recycling of Nylon 6,6 and PET. 2033 Forest land and agricultural sector emissions (FLAG) Energy and industrial emissions (Non ‑FLAG) SBTi near‑term targets SBTi long ‑term targets Carbon Credits from 2050 2 Woolworths Group Annual Report 2026 73 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3
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Scope 3 FLAG emissions – Supporting sustainable food systems The Group’s reliance on agricultural supply chains requires an ongoing focus on supporting sustainable food systems, through positive action on both climate and nature. Meat is a significant contributor to the Group’s FLAG emissions. In 2025, the Group started obtaining primary supplier data, completing on ‑farm emissions measurement with approximately 40 farmers across 70 farming enterprises to establish a representative sample to build upon. In 2026, the Group also announced a multi ‑year commercial partnership launched with Teys, Seaforest and DIT Ag Tech to trial Australian made technology to reduce methane emissions in grass ‑fed cattle. By testing advanced water‑dosing supplements in extensive farm systems, this partnership seeks to validate solutions that lower value chain emissions whilst also improving on ‑farm productivity. As part of the SBTi FLAG targets, the Group’s No Deforestation goal was announced in F24. 1 This goal has been embedded in supplier sourcing standards, and progress continues to be made, including against existing constraints in a global supply chain. 1 This commitment covers five primary ‑deforestation linked commodities of paper pulp and timber, palm oil, cocoa, soy in stockfeed and Australian fresh beef. While detailed pathways have been modelled, this visual has been provided for illustrative purposes. 2 From a F23 base year. Emission reduction targets focus on absolute reductions, and have been validated by the SBTi in F24. From 2050, the Group may obtain and surrender high ‑quality carbon credits in support of its net zero ambition. See Section 4.1 for more information on carbon credits. Key areas of action: Collaborate with suppliers and other leaders of industry to drive collectively action on industry‑ wide challenges. Innovate and invest in technologies that deliver commercial and environmental benefits. Advocate and engage with government and industry to reduce barriers and support coordinated action. Educate through the sharing of knowledge, best practice and data ‑driven insights across teams and partners. Against an evolving landscape, the Group is investing in new technologies, continues to encourage adoption of sustainable farming and regenerative practices, and sources sustainably produced products. Government and industry ‑wide collaboration and progress remains essential to achieving targets. SBTi Net Zero pathways Scope 3 Beyond direct operations, managing Scope 3 emissions across the supply chain is critical to the Group’s long‑term financial resilience. As Scope 3 emissions occur outside the Group’s direct control, achieving net zero targets requires coordinated action. Partnering with farmers, suppliers, and government will support the systemic shifts necessary to secure a sustainable future for the business and the communities it serves. Reducing emissions Key reduction initiatives We are here 2023 2026 1 Growth Emissions have risen in line with business growth, as anticipated in Group’s pathway modelling. 2 Reductions As the Group transitions to primary supplier data, it will be better positioned to reflect emissions reductions. 1. In line with growth 2. Reductions 72 Reduce FLAG emissions by F50 2 72% Reduce Non-FLAG emissions by F50 2 90% Reduce FLAG emissions by F33 2 40% Reduce Non-FLAG emissions by F33 2 55% 205020452040 Scope 3 Non ‑FLAG Emissions Primary Connect, the Group’s logistics business, is advancing the electrification of its fleet to reduce transport ‑related emissions through strategic investments in technology. This includes transitioning to electrified tugs, with four units in operation by the end of F26, and an additional four planned for F27. This is supported by expansion of its EV prime mover pilot in partnership with Toll and Linfox with nine EV primes operating. In addition to the dedicated EV charging infrastructure at the Moorebank NDC, charging capability at Melbourne South Regional DC has been implemented, to enable broader network flexibility for store delivery by EVs. The Group plans to launch Australian road freight emissions reporting for Primary Connect customers by the end of next year. Supplier engagement Purchased goods and services comprise approximately 82% of the Group’s Scope 3 footprint. Engagement and a shared ambition with suppliers is essential to achieving net zero targets. After launching in 2022, in 2026 the fourth annual value chain emissions program was completed, using THESIS on SupplyShift, with participation from 75 suppliers. As well as providing insight on progress, the program provided an opportunity for collaborative learning on climate strategy amongst suppliers at different stages of maturity. The program also highlighted technology gaps that are critical for efficient and validated reporting, and the Group will keep future options under review as it evolves its approach to supplier engagement. Innovation Through W23, a venture capital partnership with leading international grocery retailers, the Group supports investment in transformative technologies addressing strategically important sustainability challenges, including across climate, energy resilience and circularity. Recent climate ‑focused investments include Verse, a platform that enhances the visibility and optimisation of renewable energy portfolios and infrastructure, alongside Moment Energy, a solution advancing circular battery systems. Samsara Eco continues to progress its world ‑leading enzymatic recycling technology, enabling a circular economy through the infinite recycling of Nylon 6,6 and PET. 2033 Forest land and agricultural sector emissions (FLAG) Energy and industrial emissions (Non ‑FLAG) SBTi near‑term targets SBTi long ‑term targets Carbon Credits from 2050 2 Woolworths Group Annual Report 2026 73 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3
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Funding climate delivery programs The Group’s climate delivery funding drives its strategic response to transition risks, including delivery of Scope 1 and 2 targets. In F26, the Group invested $111 million on initiatives that drove both the Group’s overall strategy as well as progress towards Scope 1 and 2 targets.1 To deliver on these targets by 2030, the Group has identified an annual investment requirement of $100 million to $120 million in combined capital and operational expenditure (capex and opex) from F27 to F30.1 Capex is governed by the Group’s Capital Management Framework and evaluated against business priorities and investment hurdle rates, whilst opex is integrated into the everyday cost of doing business and funded by individual business units. The Group maintains a highly flexible and resilient funding structure to accommodate funding requirements to meet climate targets. The Group’s climate strategy and delivery programs are prioritised through annual and three ‑year strategic planning processes, and financially resourced through operational cash flows and debt facilities which can be scaled to meet funding requirements. Climate‑related risks and opportunities and program delivery are subsequently embedded and resourced into operational Business Units across the Group. Internal shadow carbon price (ISCP) The Group completed an internal shadow carbon price pilot in F24 and F25, assessing impacts to Scope 1 and 2 targets from major investments. The pilot is no longer needed as Scope 1 and 2 delivery pathways are now embedded in the business. The Group has not adopted an internal shadow carbon price. Advocacy and engagement The Group is committed to collective action on emissions reduction across key sectors like energy, transport, property and agriculture. This commitment is supported by a clear plan for climate‑related public policy advocacy. A key component is proactive and strategic engagement with the Group’s diverse range of industry associations. The Group undertakes an annual review process to assess key associations for alignment with Paris Agreement goals, evaluating the stated climate position, advocacy, influence, and potential risks. The Group aims to collaborate with aligned associations; proactively engage with associations where a position may lack sufficient clarity; and undertake risk‑based reviews of potentially misaligned associations. 1 Includes capex for converting existing store refrigeration systems to low ‑emission refrigerants (delivered via renewal and ongoing capital programmes) and deploying EV charging infrastructure for the home delivery fleet; and opex for the voluntary component of renewable electricity costs associated with the Group’s 100% renewable electricity commitment. Future funding requirements may change to reflect changes to the delivery program to meet these targets. 3.4 Net Zero Transition (continued) As an active member of the Climate Leaders Coalition (CLC), the Group participated in multiple projects in F26 to accelerate decarbonisation and climate resilience efforts. STRATEGIC FOCUS ENGAGEMENT Streamlining agricultural emissions reporting The Group is leading a project aiming to streamline pre‑farmgate agricultural emissions reporting through the creation of a central data exchange, enabling a ‘report once, share with many’ approach for farmers. The objective is to reduce the reporting burden for farmers and improve reporting quality for all stakeholders. Energy optimisation Supporting a demand‑side energy optimisation workstream that helps organisations actively manage energy consumption. This project is designed to reduce emissions and create value through behind‑the‑meter optimisation, on ‑site generation and storage, and flexible participation in the energy market. Strengthening supply chain resilience Enhancing the climate readiness of supply chains, this project aims to develop a materiality framework to identify climate‑impact risks and map cross‑sector interdependencies to strengthen overall resilience against climate‑related disruption. Advancing low-carbon freight Accelerating the deployment of zero‑emission vehicles for Australian line‑haul freight, the project involves co‑designing pilots for technologies such as renewable diesel, battery electric, and hydrogen fuel cell electric vehicles. Industry Engagement 74 Sustainability Report 1 Emissions from purchased goods and services, capital goods, fuel and energy related activities, upstream and downstream transportation and distribution, and upstream leased assets, use of sold products and end of life treatment of sold products. 2 In line with SBTi and GHG Protocol guidance, the Group’s F23 base year for emissions reduction is subject to recalculation to ensure accuracy and comparability of data, particularly if there are significant structural changes to operations or if reporting methodologies evolve. 3 Emissions from purchased goods and services, capital goods, fuel and energy related activities, upstream and downstream transportation and distribution, and upstream leased assets. 4 Long‑term energy and industrial (non ‑FLAG) targets also include use of sold products and end of life treatment of sold products. 5 Target includes FLAG emissions and removals. Refer to caveats on the following page. 4 Metrics and targets 4.1 Climate targets The Group is continuing its long‑standing commitment to contribute to a 1.5°C pathway and aims to reach net zero emissions across its supply chain by 2050. The net zero target is supported by near‑ and long‑term voluntary emissions reduction targets, independently validated by the Science Based Targets Initiative (SBTi) in F24. The Group’s emissions reduction targets apply to Woolworths Group in its entirety, with the Scope 3 emissions reduction target covering 80% of total supply chain emissions. 1 There have been no revisions to the targets since validation in F24. TARGET TIMEFRAME Woolworths Group aims to reduce absolute Scope 1 and 2 GHG emissions by 80% by F30 from a F23 base year. 2 2030 Woolworths Group aims to reduce absolute Scope 1 and 2 GHG emissions by 90% by F45 from a F23 base year. 2045 Scope 1 and 2 Objective: The mitigation of Scope 1 and Scope 2 GHG emissions. Metric: Scope 1 and 2 emissions from operations – tCO₂e TARGET TIMEFRAME Non-FLAG Woolworths Group aims to reduce absolute Scope 3 GHG energy and industrial emissions by 55% by F33 from a F23 base year. 3 2033 Woolworths Group aims to reduce absolute Scope 3 GHG energy and industrial emissions by 90% by F50 from a F23 base year. 4 2050 FLAG Woolworths Group aims to reduce absolute Scope 3 FLAG GHG emissions by 40% by F33 from a F23 base year. 5 2033 Woolworths Group aims to reduce absolute Scope 3 FLAG GHG emissions by 72% by F50 from a F23 base year. 5 2050 Scope 3 Objective: To partner with suppliers, farmers and growers to decarbonise the agricultural supply chain by supporting their emissions reduction abilities. Metric: Scope 3 emissions from supply chain – tCO₂e Woolworths Group Annual Report 2026 75 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3
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Funding climate delivery programs The Group’s climate delivery funding drives its strategic response to transition risks, including delivery of Scope 1 and 2 targets. In F26, the Group invested $111 million on initiatives that drove both the Group’s overall strategy as well as progress towards Scope 1 and 2 targets.1 To deliver on these targets by 2030, the Group has identified an annual investment requirement of $100 million to $120 million in combined capital and operational expenditure (capex and opex) from F27 to F30.1 Capex is governed by the Group’s Capital Management Framework and evaluated against business priorities and investment hurdle rates, whilst opex is integrated into the everyday cost of doing business and funded by individual business units. The Group maintains a highly flexible and resilient funding structure to accommodate funding requirements to meet climate targets. The Group’s climate strategy and delivery programs are prioritised through annual and three ‑year strategic planning processes, and financially resourced through operational cash flows and debt facilities which can be scaled to meet funding requirements. Climate‑related risks and opportunities and program delivery are subsequently embedded and resourced into operational Business Units across the Group. Internal shadow carbon price (ISCP) The Group completed an internal shadow carbon price pilot in F24 and F25, assessing impacts to Scope 1 and 2 targets from major investments. The pilot is no longer needed as Scope 1 and 2 delivery pathways are now embedded in the business. The Group has not adopted an internal shadow carbon price. Advocacy and engagement The Group is committed to collective action on emissions reduction across key sectors like energy, transport, property and agriculture. This commitment is supported by a clear plan for climate‑related public policy advocacy. A key component is proactive and strategic engagement with the Group’s diverse range of industry associations. The Group undertakes an annual review process to assess key associations for alignment with Paris Agreement goals, evaluating the stated climate position, advocacy, influence, and potential risks. The Group aims to collaborate with aligned associations; proactively engage with associations where a position may lack sufficient clarity; and undertake risk‑based reviews of potentially misaligned associations. 1 Includes capex for converting existing store refrigeration systems to low ‑emission refrigerants (delivered via renewal and ongoing capital programmes) and deploying EV charging infrastructure for the home delivery fleet; and opex for the voluntary component of renewable electricity costs associated with the Group’s 100% renewable electricity commitment. Future funding requirements may change to reflect changes to the delivery program to meet these targets. 3.4 Net Zero Transition (continued) As an active member of the Climate Leaders Coalition (CLC), the Group participated in multiple projects in F26 to accelerate decarbonisation and climate resilience efforts. STRATEGIC FOCUS ENGAGEMENT Streamlining agricultural emissions reporting The Group is leading a project aiming to streamline pre‑farmgate agricultural emissions reporting through the creation of a central data exchange, enabling a ‘report once, share with many’ approach for farmers. The objective is to reduce the reporting burden for farmers and improve reporting quality for all stakeholders. Energy optimisation Supporting a demand‑side energy optimisation workstream that helps organisations actively manage energy consumption. This project is designed to reduce emissions and create value through behind‑the‑meter optimisation, on ‑site generation and storage, and flexible participation in the energy market. Strengthening supply chain resilience Enhancing the climate readiness of supply chains, this project aims to develop a materiality framework to identify climate‑impact risks and map cross‑sector interdependencies to strengthen overall resilience against climate‑related disruption. Advancing low-carbon freight Accelerating the deployment of zero‑emission vehicles for Australian line‑haul freight, the project involves co‑designing pilots for technologies such as renewable diesel, battery electric, and hydrogen fuel cell electric vehicles. Industry Engagement 74 Sustainability Report 1 Emissions from purchased goods and services, capital goods, fuel and energy related activities, upstream and downstream transportation and distribution, and upstream leased assets, use of sold products and end of life treatment of sold products. 2 In line with SBTi and GHG Protocol guidance, the Group’s F23 base year for emissions reduction is subject to recalculation to ensure accuracy and comparability of data, particularly if there are significant structural changes to operations or if reporting methodologies evolve. 3 Emissions from purchased goods and services, capital goods, fuel and energy related activities, upstream and downstream transportation and distribution, and upstream leased assets. 4 Long‑term energy and industrial (non ‑FLAG) targets also include use of sold products and end of life treatment of sold products. 5 Target includes FLAG emissions and removals. Refer to caveats on the following page. 4 Metrics and targets 4.1 Climate targets The Group is continuing its long‑standing commitment to contribute to a 1.5°C pathway and aims to reach net zero emissions across its supply chain by 2050. The net zero target is supported by near‑ and long‑term voluntary emissions reduction targets, independently validated by the Science Based Targets Initiative (SBTi) in F24. The Group’s emissions reduction targets apply to Woolworths Group in its entirety, with the Scope 3 emissions reduction target covering 80% of total supply chain emissions. 1 There have been no revisions to the targets since validation in F24. TARGET TIMEFRAME Woolworths Group aims to reduce absolute Scope 1 and 2 GHG emissions by 80% by F30 from a F23 base year. 2 2030 Woolworths Group aims to reduce absolute Scope 1 and 2 GHG emissions by 90% by F45 from a F23 base year. 2045 Scope 1 and 2 Objective: The mitigation of Scope 1 and Scope 2 GHG emissions. Metric: Scope 1 and 2 emissions from operations – tCO₂e TARGET TIMEFRAME Non-FLAG Woolworths Group aims to reduce absolute Scope 3 GHG energy and industrial emissions by 55% by F33 from a F23 base year. 3 2033 Woolworths Group aims to reduce absolute Scope 3 GHG energy and industrial emissions by 90% by F50 from a F23 base year. 4 2050 FLAG Woolworths Group aims to reduce absolute Scope 3 FLAG GHG emissions by 40% by F33 from a F23 base year. 5 2033 Woolworths Group aims to reduce absolute Scope 3 FLAG GHG emissions by 72% by F50 from a F23 base year. 5 2050 Scope 3 Objective: To partner with suppliers, farmers and growers to decarbonise the agricultural supply chain by supporting their emissions reduction abilities. Metric: Scope 3 emissions from supply chain – tCO₂e Woolworths Group Annual Report 2026 75 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3
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Approach to target management and review Targets undergo internal validation processes to annually review continued appropriateness of targets, including a review of the assumptions that were relied upon when setting the targets, to ensure they remain valid. The outcomes of this review are shared with the Sustainability Committee as part of an annual update to support strategic oversight. Caveats and assumptions relating to Scope 3 targets With respect to each reference to Scope 3 targets in this Report, the Group notes the unique challenges inherent in measuring supply chain emissions and outlines the following context in which the targets were set: • the Group is committed, first and foremost, to comply with legal and regulatory obligations, particularly those in relation to the Group’s dealings with suppliers and other relevant supply chain participants; • the Group always aims to apply appropriate resources, and to engage and collaborate in good faith with suppliers to the Group and other relevant supply chain participants, in working together to meet these challenges, having regard to their scale and available resources; and • the Group’s Scope 3 targets are based on the Group’s planning, modelling and assumptions, made with recent public information available at the date of this report, as to: – the commitments, behaviour and performance of many of the Group’s suppliers and other supply chain participants; – government policy and regulation in relation to these issues; – technology availability of low‑carbon solutions and the associated costs; and – prevailing global guidance regarding definitions relevant to the Scope 3 targets. The Group acknowledges the inherent challenges in long‑range forecasting, especially concerning complex issues like climate change. The evolving nature of scientific understanding, along with potential shifts in policy and behaviour, means there’s a wide range of possible scenarios and outcomes. Therefore, should the information available in relation to these issues change over time, the Group may review and adjust its targets. Accurately quantifying Scope 3 emissions presents inherent challenges due to the Group’s product portfolio. Reported emissions changed in F26 due to business growth, product mix and updated emission factors. While the Group continues to use industry averages, these figures do not yet fully account for all abatement activities underway across the supply chain. The Group continues to improve data quality and measurement methodologies, finding ways to better capture primary supplier data as an essential step forward. Carbon credits In line with SBTi FLAG guidance, the Group’s primary focus remains on achieving absolute emissions reductions across its operations and supply chain. To support its near‑ and long‑term Scope 3 FLAG targets, the Group may use carbon reductions and removals generated within its own supply chain (insetting), directly contributing to absolute reductions. Australian Carbon Credit Units are not part of the Group’s near‑term decarbonisation delivery plans. High‑quality carbon removal credits may be utilised to neutralise residual emissions from 2050 onwards. The Group intends to obtain and surrender such credits only to the extent necessary to achieve the net‑zero target. Any use of carbon credits 1 will adhere to principles for credible use established by recognised international standards. In line with RE100 guidance on credible renewable electricity claims, the Group acquires and surrenders large‑scale generation certificates (LGCs) and Renewable Energy Certificates (RECs) to match remaining electricity consumption and prevent double counting, to support Scope 2 reductions. 1 While they do not count towards emissions reduction targets, the Group may use carbon credits in specific instances to support claims (e.g. Climate Active certified product Macro Free Range Carbon Neutral eggs). Credits used in this instance align with the Group’s internal carbon credit policy. 4.1 Climate targets (continued) 76 Sustainability Report 1 YoY change data is voluntarily disclosed outside of the scope of AASB S2 reporting and assurance. 2 The Group applies a market ‑based measurement approach to track emissions reduction targets (see Section 4.1). 4.2 Emissions Greenhouse gas emissions are calculated in accordance with the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004), using an operational control approach to align the organisational boundary with the areas where the Group has greater direct influence over emissions reduction strategies. The Group’s organisational boundary aligns with the consolidated reporting entity. It excludes current associates and joint ventures due to lack of operational control. No changes to the organisational boundary occurred during F26. Emissions disclosed represent absolute gross emissions measured using the best available information at the time of reporting. Further detail on the methodologies, inputs and assumptions used is included in Note 5.3 at the end of this report. The Group’s transition to 100% green electricity from 31 December 2025 was the key driver in reducing Scope 1 and 2 emissions. In F26, the Group consumed 1,429 MWh of green electricity, supported by the surrender of 910,100 LGCs and 142,553 New Zealand RECs. The Group anticipates that the strategic procurement of LGCs and RECs will continue to underpin the 100% green electricity commitment and contribute towards Scope 1 and 2 decarbonisation targets. MILLION TONNES CO₂e TARGET F26 YOY CHANGE 1 REPORTING CONFIDENCE Scope 1 0.457 3.4% High Scope 2 (market ‑based) 2 0.610 ‑42.2% High Total Scope 1 and Scope 2 (market-based) 1.068 ‑28.7% Scope 2 (location ‑based) 1.238 ‑0.4% High Total Scope 1 and Scope 2 (location-based) 1.696 0.6% Scope 1 and 2 emissions 45% reduction in Scope 1 and 2 emissions compared to a F23 base year 2 Woolworths Group Annual Report 2026 77 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Metrics and targets 4
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Approach to target management and review Targets undergo internal validation processes to annually review continued appropriateness of targets, including a review of the assumptions that were relied upon when setting the targets, to ensure they remain valid. The outcomes of this review are shared with the Sustainability Committee as part of an annual update to support strategic oversight. Caveats and assumptions relating to Scope 3 targets With respect to each reference to Scope 3 targets in this Report, the Group notes the unique challenges inherent in measuring supply chain emissions and outlines the following context in which the targets were set: • the Group is committed, first and foremost, to comply with legal and regulatory obligations, particularly those in relation to the Group’s dealings with suppliers and other relevant supply chain participants; • the Group always aims to apply appropriate resources, and to engage and collaborate in good faith with suppliers to the Group and other relevant supply chain participants, in working together to meet these challenges, having regard to their scale and available resources; and • the Group’s Scope 3 targets are based on the Group’s planning, modelling and assumptions, made with recent public information available at the date of this report, as to: – the commitments, behaviour and performance of many of the Group’s suppliers and other supply chain participants; – government policy and regulation in relation to these issues; – technology availability of low‑carbon solutions and the associated costs; and – prevailing global guidance regarding definitions relevant to the Scope 3 targets. The Group acknowledges the inherent challenges in long‑range forecasting, especially concerning complex issues like climate change. The evolving nature of scientific understanding, along with potential shifts in policy and behaviour, means there’s a wide range of possible scenarios and outcomes. Therefore, should the information available in relation to these issues change over time, the Group may review and adjust its targets. Accurately quantifying Scope 3 emissions presents inherent challenges due to the Group’s product portfolio. Reported emissions changed in F26 due to business growth, product mix and updated emission factors. While the Group continues to use industry averages, these figures do not yet fully account for all abatement activities underway across the supply chain. The Group continues to improve data quality and measurement methodologies, finding ways to better capture primary supplier data as an essential step forward. Carbon credits In line with SBTi FLAG guidance, the Group’s primary focus remains on achieving absolute emissions reductions across its operations and supply chain. To support its near‑ and long‑term Scope 3 FLAG targets, the Group may use carbon reductions and removals generated within its own supply chain (insetting), directly contributing to absolute reductions. Australian Carbon Credit Units are not part of the Group’s near‑term decarbonisation delivery plans. High‑quality carbon removal credits may be utilised to neutralise residual emissions from 2050 onwards. The Group intends to obtain and surrender such credits only to the extent necessary to achieve the net‑zero target. Any use of carbon credits 1 will adhere to principles for credible use established by recognised international standards. In line with RE100 guidance on credible renewable electricity claims, the Group acquires and surrenders large‑scale generation certificates (LGCs) and Renewable Energy Certificates (RECs) to match remaining electricity consumption and prevent double counting, to support Scope 2 reductions. 1 While they do not count towards emissions reduction targets, the Group may use carbon credits in specific instances to support claims (e.g. Climate Active certified product Macro Free Range Carbon Neutral eggs). Credits used in this instance align with the Group’s internal carbon credit policy. 4.1 Climate targets (continued) 76 Sustainability Report 1 YoY change data is voluntarily disclosed outside of the scope of AASB S2 reporting and assurance. 2 The Group applies a market ‑based measurement approach to track emissions reduction targets (see Section 4.1). 4.2 Emissions Greenhouse gas emissions are calculated in accordance with the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004), using an operational control approach to align the organisational boundary with the areas where the Group has greater direct influence over emissions reduction strategies. The Group’s organisational boundary aligns with the consolidated reporting entity. It excludes current associates and joint ventures due to lack of operational control. No changes to the organisational boundary occurred during F26. Emissions disclosed represent absolute gross emissions measured using the best available information at the time of reporting. Further detail on the methodologies, inputs and assumptions used is included in Note 5.3 at the end of this report. The Group’s transition to 100% green electricity from 31 December 2025 was the key driver in reducing Scope 1 and 2 emissions. In F26, the Group consumed 1,429 MWh of green electricity, supported by the surrender of 910,100 LGCs and 142,553 New Zealand RECs. The Group anticipates that the strategic procurement of LGCs and RECs will continue to underpin the 100% green electricity commitment and contribute towards Scope 1 and 2 decarbonisation targets. MILLION TONNES CO₂e TARGET F26 YOY CHANGE 1 REPORTING CONFIDENCE Scope 1 0.457 3.4% High Scope 2 (market ‑based) 2 0.610 ‑42.2% High Total Scope 1 and Scope 2 (market-based) 1.068 ‑28.7% Scope 2 (location ‑based) 1.238 ‑0.4% High Total Scope 1 and Scope 2 (location-based) 1.696 0.6% Scope 1 and 2 emissions 45% reduction in Scope 1 and 2 emissions compared to a F23 base year 2 Woolworths Group Annual Report 2026 77 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Metrics and targets 4
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MILLION TONNES CO₂e UpstreamDownstream TARGET F26 SCOPE 3 PROPORTION EMISSIONS CONFIDENCE 1 Purchased goods and services 28.6 81.7 Medium 2 Capital goods 0.4 1.1 Medium 3 Fuel and energy-related activities 0.1 0.4 High 4 Upstream transportation and distribution 1.2 3.5 Medium 5 Waste generated in operations 0.1 0.3 High 6 Business travel <0.01 <0.0 High 7 Employee commuting 0.3 0.8 Low 8 Upstream leased assets 0.2 0.7 Medium 9 11 12 14 15 Downstream transportation and distribution, use of sold products, end of life treatment of sold products, franchises, investments 4.0 11.4 Low Total 35.0 100 Scope 3 emissions High: supplier‑specific emissions factors, or other calculations based on direct measurement. Medium: volume or spend‑based emissions factors. Low: indirect estimates or calculations based upon industry/geographic averages, updated irregularly. Reporting confidence legend Scope 3 emissions Due to current limitations in securing reliable, supplier ‑specific data, the Group’s Scope 3 emissions calculations rely heavily on average ‑data and spend ‑based methods, using industry ‑average emission factors. As a result, the reported Scope 3 footprint carries an inherent level of estimation uncertainty. A key challenge lies in gathering credible primary data from suppliers, and ongoing work is being undertaken in this area. Additionally, because static industry ‑average emission factors do not capture the decarbonisation efforts of individual suppliers, a lag may occur between actual reductions and reported footprints. The Group aims to progressively replace these estimates with primary supplier data as data quality and access improve across the supply chain. 4.2 Emissions (continued) Given reliance on static emission factors for over 90% of the Group’s footprint, organic business growth remains the primary driver of changes in its reported Scope 3 emissions, with no other material movements recorded during the reporting period. 78 Sustainability Report 5 Notes to the Sustainability Report 5.1 Assumptions used in climate scenario analysis Below are the assumptions used in the qualitative assessment of the Group’s CRROs. The analysis was conducted across short ‑term (0–3 years); medium ‑term (4–10 years); and long ‑term (11–25 years), assessing two selected scenarios: a low‑warming (1.5°C Net Zero) scenario consistent with the global temperature goal set out in the Paris Agreement and a high‑warming (>3°C Climate Distress) scenario to assess the Group’s resilience against physical climate impacts. NET ZERO CLIMATE DISTRESS Global warming level 1.5°C >3°C Shared Socioeconomic Pathway (SSP) 1 SSP1–1.9 S S P3 –7.0 Scenario assumptions • Ambitious decarbonisation drives a shift to renewable energy sources and technologies. • Effective policies achieve net ‑zero emissions by 2050, supported by collaboration and investment. • Specifically, coordinated policy settings across Australian and New Zealand jurisdictions drive decarbonisation through emissions reduction policy, carbon pricing mechanisms, and transition incentives. • Rapid adoption of sustainable technologies and practices. • Early decline in disposable income, but rebounds to positive long ‑term impact reflecting economic adaptation. • Renewable energy transition is hindered by high costs, and supply is dominated by the affordability and availability of energy sources. • A lack of cohesive global climate policy results in a warming trajectory exceeding 3°C, with policies that do not consider the long‑term impacts of rising temperatures. • Locally, transition efforts in Australia and New Zealand remain dependent on policy frameworks that fail to drive meaningful decarbonisation. • Slow technological progress, with large reliance on conventional technologies. • Significant and worsening negative impacts on household disposable income over time due to broader economic impacts. 1 Shared Socioeconomic Pathways (SSPs) model potential societal changes, including shifts in policy, customer behaviour, technology and investor priorities, and Representative Concentration Pathways (RCPs) model different trajectories of GHG concentrations and their resulting potential global warming by 2100. Woolworths Group Annual Report 2026 79 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3
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MILLION TONNES CO₂e UpstreamDownstream TARGET F26 SCOPE 3 PROPORTION EMISSIONS CONFIDENCE 1 Purchased goods and services 28.6 81.7 Medium 2 Capital goods 0.4 1.1 Medium 3 Fuel and energy-related activities 0.1 0.4 High 4 Upstream transportation and distribution 1.2 3.5 Medium 5 Waste generated in operations 0.1 0.3 High 6 Business travel <0.01 <0.0 High 7 Employee commuting 0.3 0.8 Low 8 Upstream leased assets 0.2 0.7 Medium 9 11 12 14 15 Downstream transportation and distribution, use of sold products, end of life treatment of sold products, franchises, investments 4.0 11.4 Low Total 35.0 100 Scope 3 emissions High: supplier‑specific emissions factors, or other calculations based on direct measurement. Medium: volume or spend‑based emissions factors. Low: indirect estimates or calculations based upon industry/geographic averages, updated irregularly. Reporting confidence legend Scope 3 emissions Due to current limitations in securing reliable, supplier ‑specific data, the Group’s Scope 3 emissions calculations rely heavily on average ‑data and spend ‑based methods, using industry ‑average emission factors. As a result, the reported Scope 3 footprint carries an inherent level of estimation uncertainty. A key challenge lies in gathering credible primary data from suppliers, and ongoing work is being undertaken in this area. Additionally, because static industry ‑average emission factors do not capture the decarbonisation efforts of individual suppliers, a lag may occur between actual reductions and reported footprints. The Group aims to progressively replace these estimates with primary supplier data as data quality and access improve across the supply chain. 4.2 Emissions (continued) Given reliance on static emission factors for over 90% of the Group’s footprint, organic business growth remains the primary driver of changes in its reported Scope 3 emissions, with no other material movements recorded during the reporting period. 78 Sustainability Report 5 Notes to the Sustainability Report 5.1 Assumptions used in climate scenario analysis Below are the assumptions used in the qualitative assessment of the Group’s CRROs. The analysis was conducted across short ‑term (0–3 years); medium ‑term (4–10 years); and long ‑term (11–25 years), assessing two selected scenarios: a low‑warming (1.5°C Net Zero) scenario consistent with the global temperature goal set out in the Paris Agreement and a high‑warming (>3°C Climate Distress) scenario to assess the Group’s resilience against physical climate impacts. NET ZERO CLIMATE DISTRESS Global warming level 1.5°C >3°C Shared Socioeconomic Pathway (SSP) 1 SSP1–1.9 S S P3 –7.0 Scenario assumptions • Ambitious decarbonisation drives a shift to renewable energy sources and technologies. • Effective policies achieve net ‑zero emissions by 2050, supported by collaboration and investment. • Specifically, coordinated policy settings across Australian and New Zealand jurisdictions drive decarbonisation through emissions reduction policy, carbon pricing mechanisms, and transition incentives. • Rapid adoption of sustainable technologies and practices. • Early decline in disposable income, but rebounds to positive long ‑term impact reflecting economic adaptation. • Renewable energy transition is hindered by high costs, and supply is dominated by the affordability and availability of energy sources. • A lack of cohesive global climate policy results in a warming trajectory exceeding 3°C, with policies that do not consider the long‑term impacts of rising temperatures. • Locally, transition efforts in Australia and New Zealand remain dependent on policy frameworks that fail to drive meaningful decarbonisation. • Slow technological progress, with large reliance on conventional technologies. • Significant and worsening negative impacts on household disposable income over time due to broader economic impacts. 1 Shared Socioeconomic Pathways (SSPs) model potential societal changes, including shifts in policy, customer behaviour, technology and investor priorities, and Representative Concentration Pathways (RCPs) model different trajectories of GHG concentrations and their resulting potential global warming by 2100. Woolworths Group Annual Report 2026 79 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3
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5.2 External data sources DATA INPUT PRIMARY USE SOURCE AND RATIONALE Climate data: physical locations Projected frequency and severity of acute weather events under different global warming scenarios. Hazards include floods, bushfires, storms, and heat events. Commissioned for all stores and distribution centres for Australian and New Zealand Food and BIG W and five arterial transport routes in Australia. Resilience planning and physical risk financial modelling Third-party data commissioned through external consultants Specialist climate modelling expertise. Climate data: commodity yields Projected impact on commodity yields from acute and chronic weather events under different global warming scenarios. Commissioned for 10 commodities for Australia: beef, dairy, avocado, banana, sugar cane, potato, barley, canola, wheat and seafood. For New Zealand, yield and production impacts focused on beef, dairy and seafood. Togeth e r these represent 29% of COGS of the business units modelled. Resilience planning and physical risk financial modelling Third-party data commissioned through external consultants Specialist climate modelling expertise. Supply chain decarbonisation assumptions Carbon price and decarbonisation pathway curves for agriculture, food manufacturing and transport sectors. Transition risk financial modelling Third-party data commissioned through Commonwealth Scientific and Industrial Research Organisation (CSIRO) Consistent with the Australian Government’s sector‑specific decarbonisation pathways for agriculture and food manufacturing, supported by other independent expert sources (e.g. carbon abatement cost curves for transport). Population growth Driver of business volume growth in risk financial modelling Publicly available datasets Independent and credible sources for Australia and New Zealand. Australian Bureau of Statistics: Population Projections, Australia, 2022–2071, released November 2023 StatsNZ: National population projections: 2024 (base) to 2078 5.3 GHG emission measurement Reporting framework: Greenhouse gas emissions are calculated in accordance with the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004), using an operational control approach. Organisational boundary: Unless otherwise stated, the reporting boundary corresponds to the consolidated reporting entity, including the Group’s wholly ‑owned and majority ‑owned businesses. It excludes current associates and joint ventures due to lack of operational control. No changes to the organisational boundary occurred during F26. 80 Sustainability Report Data hierarchy: The Group prioritises the use of primary activity data across all emission scopes. Where primary data is not available, the Group relies on estimation. This year, we began integrating supplier data into the calculation of the Group’s Scope 3 emissions footprint. While a step forward, this remains limited in scale, focusing only on supplier Scope 1 and 2 emissions information that is publicly available and externally assured. It also retains a degree of uncertainty, as this information is predominantly corporate ‑level rather than product ‑specific. Supplier ‑reported Scope 3 emissions have not been used due to varying quality and reliability. As a result, the calculation of the Group’s Scope 3 emissions continues to rely heavily on the average ‑data and spend ‑based methods, using industry ‑average emission factors (with preference given to the average ‑data method). Reporting period: Reported emissions refer to the F26 financial year: from 30 June 2025 to 28 June 2026 or 1 July 2025 to 30 June 2026, depending on the specific data source. EMISSIONS CATEGORY METHODOLOGY AND DATA SOURCES Scope 1 Emissions are calculated using primary activity data from invoices or direct data feeds (e.g. vehicle distances travelled). Emission factors are sourced from the Australian National Greenhouse Accounts 2025 (average of applicable calendar years), the Ministry for the Environment for New Zealand, and the IPCC AR6 (global warming potential factors for refrigerants). The Group reports no biogenic emissions within its Scope 1 boundary. Scope 2 Emissions are calculated using primary activity data (meter readings). Emission factors are sourced from the Australian and New Zealand Governments Australian National Greenhouse Accounts Factors 2025 and Measuring Emissions Catalogue 2026. Market‑based Scope 2 emissions reflect the surrender of 910,100 LGCs in Australia, and 142,553 RECs in New Zealand. Scope 3 Category 1: Purchased goods and services Emissions are calculated using a combination of: • Average‑data method with industry ‑average emission factors at a product level, representing 72% of category 1 footprint, mainly for food purchased goods; • Spend ‑based method with industry ‑average emission factors at a sector level, representing 23% of category 1 footprint, mainly for non ‑food purchased goods and services; and • Spend ‑based method with supplier ‑specific emission factors at a corporate level, representing 5% of category 1 footprint, mainly for processing stage emissions from large suppliers (with the remaining farm ‑to‑shelf stages captured using the average‑data or spend ‑based methods above). Industry ‑average emission factors are sourced from several independent sources, including local Life Cycle Assessments (LCAs) and international LCAs adapted to Australia by local experts. Supplier ‑specific emission factors are derived from publicly available and externally assured Scope 1 and 2 emissions information. Scope 3 Category 2: Capital goods Emissions are calculated using the spend ‑based method. Emission factors are sourced from iELabs and inflation ‑adjusted to 2026. Scope 3 Category 3: Fuel‑ and energy ‑ related activities Emissions are calculated using the average ‑data method (based on the Group’s Scope 1 and 2 emissions footprint). Emission factors are sourced from the Australian and New Zealand Governments Australian National Greenhouse Accounts Factors 2025 and Measuring Emissions Catalogue 2026. Scope 3 Category 4: Upstream transportation and distribution Emissions are calculated using primary activity data (actual distances travelled) for 78% of total transport. Emission factors are derived based on the Australia National Greenhouse Accounts 2025, taking into account actual vehicle type and load weight. This is an updated methodology for F26. Scope 3 Category 5: Waste generated in operations Emissions are calculated using the waste ‑type specific method. Solid waste volume is sourced from service providers and categorised based on bin audit information. Emission factors are sourced from the Australian and New Zealand Governments Australian National Greenhouse Accounts Factors 2025 and Measuring Emissions Catalogue 2026. 5.3 GHG emission measurement (continued) Woolworths Group Annual Report 2026 81 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Notes to the Sustainability Report 5
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5.2 External data sources DATA INPUT PRIMARY USE SOURCE AND RATIONALE Climate data: physical locations Projected frequency and severity of acute weather events under different global warming scenarios. Hazards include floods, bushfires, storms, and heat events. Commissioned for all stores and distribution centres for Australian and New Zealand Food and BIG W and five arterial transport routes in Australia. Resilience planning and physical risk financial modelling Third-party data commissioned through external consultants Specialist climate modelling expertise. Climate data: commodity yields Projected impact on commodity yields from acute and chronic weather events under different global warming scenarios. Commissioned for 10 commodities for Australia: beef, dairy, avocado, banana, sugar cane, potato, barley, canola, wheat and seafood. For New Zealand, yield and production impacts focused on beef, dairy and seafood. Togeth e r these represent 29% of COGS of the business units modelled. Resilience planning and physical risk financial modelling Third-party data commissioned through external consultants Specialist climate modelling expertise. Supply chain decarbonisation assumptions Carbon price and decarbonisation pathway curves for agriculture, food manufacturing and transport sectors. Transition risk financial modelling Third-party data commissioned through Commonwealth Scientific and Industrial Research Organisation (CSIRO) Consistent with the Australian Government’s sector‑specific decarbonisation pathways for agriculture and food manufacturing, supported by other independent expert sources (e.g. carbon abatement cost curves for transport). Population growth Driver of business volume growth in risk financial modelling Publicly available datasets Independent and credible sources for Australia and New Zealand. Australian Bureau of Statistics: Population Projections, Australia, 2022–2071, released November 2023 StatsNZ: National population projections: 2024 (base) to 2078 5.3 GHG emission measurement Reporting framework: Greenhouse gas emissions are calculated in accordance with the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004), using an operational control approach. Organisational boundary: Unless otherwise stated, the reporting boundary corresponds to the consolidated reporting entity, including the Group’s wholly ‑owned and majority ‑owned businesses. It excludes current associates and joint ventures due to lack of operational control. No changes to the organisational boundary occurred during F26. 80 Sustainability Report Data hierarchy: The Group prioritises the use of primary activity data across all emission scopes. Where primary data is not available, the Group relies on estimation. This year, we began integrating supplier data into the calculation of the Group’s Scope 3 emissions footprint. While a step forward, this remains limited in scale, focusing only on supplier Scope 1 and 2 emissions information that is publicly available and externally assured. It also retains a degree of uncertainty, as this information is predominantly corporate ‑level rather than product ‑specific. Supplier ‑reported Scope 3 emissions have not been used due to varying quality and reliability. As a result, the calculation of the Group’s Scope 3 emissions continues to rely heavily on the average ‑data and spend ‑based methods, using industry ‑average emission factors (with preference given to the average ‑data method). Reporting period: Reported emissions refer to the F26 financial year: from 30 June 2025 to 28 June 2026 or 1 July 2025 to 30 June 2026, depending on the specific data source. EMISSIONS CATEGORY METHODOLOGY AND DATA SOURCES Scope 1 Emissions are calculated using primary activity data from invoices or direct data feeds (e.g. vehicle distances travelled). Emission factors are sourced from the Australian National Greenhouse Accounts 2025 (average of applicable calendar years), the Ministry for the Environment for New Zealand, and the IPCC AR6 (global warming potential factors for refrigerants). The Group reports no biogenic emissions within its Scope 1 boundary. Scope 2 Emissions are calculated using primary activity data (meter readings). Emission factors are sourced from the Australian and New Zealand Governments Australian National Greenhouse Accounts Factors 2025 and Measuring Emissions Catalogue 2026. Market‑based Scope 2 emissions reflect the surrender of 910,100 LGCs in Australia, and 142,553 RECs in New Zealand. Scope 3 Category 1: Purchased goods and services Emissions are calculated using a combination of: • Average‑data method with industry ‑average emission factors at a product level, representing 72% of category 1 footprint, mainly for food purchased goods; • Spend ‑based method with industry ‑average emission factors at a sector level, representing 23% of category 1 footprint, mainly for non ‑food purchased goods and services; and • Spend ‑based method with supplier ‑specific emission factors at a corporate level, representing 5% of category 1 footprint, mainly for processing stage emissions from large suppliers (with the remaining farm ‑to‑shelf stages captured using the average‑data or spend ‑based methods above). Industry ‑average emission factors are sourced from several independent sources, including local Life Cycle Assessments (LCAs) and international LCAs adapted to Australia by local experts. Supplier ‑specific emission factors are derived from publicly available and externally assured Scope 1 and 2 emissions information. Scope 3 Category 2: Capital goods Emissions are calculated using the spend ‑based method. Emission factors are sourced from iELabs and inflation ‑adjusted to 2026. Scope 3 Category 3: Fuel‑ and energy ‑ related activities Emissions are calculated using the average ‑data method (based on the Group’s Scope 1 and 2 emissions footprint). Emission factors are sourced from the Australian and New Zealand Governments Australian National Greenhouse Accounts Factors 2025 and Measuring Emissions Catalogue 2026. Scope 3 Category 4: Upstream transportation and distribution Emissions are calculated using primary activity data (actual distances travelled) for 78% of total transport. Emission factors are derived based on the Australia National Greenhouse Accounts 2025, taking into account actual vehicle type and load weight. This is an updated methodology for F26. Scope 3 Category 5: Waste generated in operations Emissions are calculated using the waste ‑type specific method. Solid waste volume is sourced from service providers and categorised based on bin audit information. Emission factors are sourced from the Australian and New Zealand Governments Australian National Greenhouse Accounts Factors 2025 and Measuring Emissions Catalogue 2026. 5.3 GHG emission measurement (continued) Woolworths Group Annual Report 2026 81 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Notes to the Sustainability Report 5
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EMISSIONS CATEGORY METHODOLOGY AND DATA SOURCES Scope 3 Category 6: Business travel Air‑ and road ‑travel related emissions are calculated using the distance ‑based method. Includes overnight accommodation emissions. Total business travel emissions directly sourced from our travel partner that provide emissions based on DEFRA emission factors. Scope 3 Category 7: Employee commuting Emissions are calculated using the average ‑data method. The average commute per full‑time employee is derived from the Australian Bureau of Statistics Census 2025 and the New Zealand National Statistics For Commuting (2014). Scope 3 Category 8: Upstream leased assets Emissions are calculated using an average ‑data method, based on building typology and emission factors from the National Australian Built Environment Rating System. Scope 3 Category 9: Downstream transportation and distribution Not applicable. Scope 3 Category 10: Processing of sold products Not applicable. Scope 3 Category 11: Use of sold products Emissions calculated based on the average ‑data method, based on lifetime use ‑phase emissions from products sold that directly consume energy (identification of energy consuming products is done manually and hence subject to unintentional inclusions or exclusions). Scope 3 Category 12: End‑of‑life treatment of sold products Emissions calculated using the average ‑data method. Food waste volumes are estimated by multiplying purchased food volumes by an assumed waste percentage (derived from the National Food Waste Strategy Feasibility Study, Australia, 2021). Emission factors are sourced from the Clean Energy Regulator (Australia) and the Ministry for the Environment (New Zealand). Scope 3 Category 13: Downstream leased assets Not applicable. Scope 3 Category 14: Franchises Woolworths New Zealand and Petstock have stores that operate under a franchise model. Emissions are calculated using the Scope 1 and 2 emissions profile of the relevant owned stores. Scope 3 Category 15: Investments Not applicable. 5.3 GHG emission measurement (continued) 82 Sustainability Report The Directors declare that, in the Directors opinion, the entity has taken reasonable steps to ensure the substantive provisions of the attached sustainability report and notes (other than the Directors’ Declaration) for the year ended 28 June 2026 are in accordance with the Corporations Act 2001 including complying with the Australian Sustainability Reporting Standard AASB S2 Climate‑related Disclosures as required by section 296C of the Corporations Act 2001 , and containing the climate statement disclosures required by section 296D of the Corporations Act 2001 . Signed in accordance with a resolution of the Directors made pursuant to s.296A(7) and s.1707C of the Corporations Act 2001. Scott Perkins Chair 26 August 2026 Amanda Bardwell Managing Director and Chief Executive Officer 26 August 2026 Woolworths Group Annual Report 2026 83 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Directors’ Declaration
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EMISSIONS CATEGORY METHODOLOGY AND DATA SOURCES Scope 3 Category 6: Business travel Air‑ and road ‑travel related emissions are calculated using the distance ‑based method. Includes overnight accommodation emissions. Total business travel emissions directly sourced from our travel partner that provide emissions based on DEFRA emission factors. Scope 3 Category 7: Employee commuting Emissions are calculated using the average ‑data method. The average commute per full‑time employee is derived from the Australian Bureau of Statistics Census 2025 and the New Zealand National Statistics For Commuting (2014). Scope 3 Category 8: Upstream leased assets Emissions are calculated using an average ‑data method, based on building typology and emission factors from the National Australian Built Environment Rating System. Scope 3 Category 9: Downstream transportation and distribution Not applicable. Scope 3 Category 10: Processing of sold products Not applicable. Scope 3 Category 11: Use of sold products Emissions calculated based on the average ‑data method, based on lifetime use ‑phase emissions from products sold that directly consume energy (identification of energy consuming products is done manually and hence subject to unintentional inclusions or exclusions). Scope 3 Category 12: End‑of‑life treatment of sold products Emissions calculated using the average ‑data method. Food waste volumes are estimated by multiplying purchased food volumes by an assumed waste percentage (derived from the National Food Waste Strategy Feasibility Study, Australia, 2021). Emission factors are sourced from the Clean Energy Regulator (Australia) and the Ministry for the Environment (New Zealand). Scope 3 Category 13: Downstream leased assets Not applicable. Scope 3 Category 14: Franchises Woolworths New Zealand and Petstock have stores that operate under a franchise model. Emissions are calculated using the Scope 1 and 2 emissions profile of the relevant owned stores. Scope 3 Category 15: Investments Not applicable. 5.3 GHG emission measurement (continued) 82 Sustainability Report The Directors declare that, in the Directors opinion, the entity has taken reasonable steps to ensure the substantive provisions of the attached sustainability report and notes (other than the Directors’ Declaration) for the year ended 28 June 2026 are in accordance with the Corporations Act 2001 including complying with the Australian Sustainability Reporting Standard AASB S2 Climate‑related Disclosures as required by section 296C of the Corporations Act 2001 , and containing the climate statement disclosures required by section 296D of the Corporations Act 2001 . Signed in accordance with a resolution of the Directors made pursuant to s.296A(7) and s.1707C of the Corporations Act 2001. Scott Perkins Chair 26 August 2026 Amanda Bardwell Managing Director and Chief Executive Officer 26 August 2026 Woolworths Group Annual Report 2026 83 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Directors’ Declaration
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Independent Assurance Report to the Members of Woolworths Group Limited REVIEW CONCLUSION (LIMITED ASSURANCE) We have conducted a review of the following specified sustainability disclosures in the Sustainability Report of Woolworths Group Limited (the “Company”) and its subsidiaries (the “Group”) for the 52‑week period ended 28 June 2026 as required by Australian Standard on Sustainability Assurance ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 (“ASSA 5010”) issued by the Auditing and Assurance Standards Board (“AUASB”): REVIEWED SUSTAINABILITY DISCLOSURES (LIMITED ASSURANCE) REPORTING REQUIREMENT OF AUSTRALIAN SUSTAINABILITY REPORTING STANDARD AASB S2 CLIMA TE-RELA TED DISCLOSURES (“AASB S2”) (INCLUDING RELATED GENERAL DISCLOSURES REQUIRED BY APPENDIX D) LOCATION IN THE SUSTAINABILITY REPORT Governance Paragraph 6 Section 1 Governance on pages 53 to 55 Strategy (risk and opportunities) Subparagraphs 9(a), 10(a) and 10(b) Descriptions of the climate‑related risks and opportunities provided within Section 3.2 Protecting and creating value on pages 61 to 65 We have conducted a review of the following specified sustainability disclosures in the Sustainability Report of the Group for the 52‑week period ended 28 June 2026 as requested by the directors: REVIEWED SUSTAINABILITY DISCLOSURES (LIMITED ASSURANCE) REPORTING REQUIREMENT OF AUSTRALIAN SUSTAINABILITY REPORTING STANDARD AASB S2 CLIMA TE-RELA TED DISCLOSURES (“AASB S2”) (INCLUDING RELATED GENERAL DISCLOSURES REQUIRED BY APPENDIX D) LOCATION IN THE SUSTAINABILITY REPORT Scope 3 emissions Subparagraphs 29(a)(i)(3) and 29(a)(ii), (iii) and (vi) Emissions data in million tCO2e provided within table Scope 3 emissions in Section 4.2 Emissions on page 78 and Section 5.3 GHG emission measurement on pages 80 to 82 The requirements of AASB S2 identified in the tables above form the criteria relevant to the specified sustainability disclosures and apply under Division 1 of Part 2M.3 of the Corporations Act 2001 (the “Act”). We have not become aware of any matter in the course of our review that makes us believe that the sustainability disclosures specified in the tables above (collectively, the “Reviewed Sustainability Disclosures”) do not comply with Division 1 of Part 2M.3 of the Corporations Act 2001. Deloitte Touche Tohmatsu ABN 74 490 121 060 Quay Quarter Tower 50 Bridge Street Sydney NSW 2000 Australia Tel: +61 2 9322 7000 www.deloitte.com.au Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Asia Pacific Limited and the Deloitte organisation. 84 Independent Assurance Report AUDIT OPINION (REASONABLE ASSURANCE) We have conducted an audit of the following specified sustainability disclosures in the Sustainability Report of the Group for the 52‑week period ended 28 June 2026 as required by ASSA 5010: AUDITED SUSTAINABILITY DISCLOSURES (REASONABLE ASSURANCE) REPORTING REQUIREMENT OF AUSTRALIAN SUSTAINABILITY REPORTING STANDARD AASB S2 CLIMA TE-RELA TED DISCLOSURES (“AASB S2”) (INCLUDING RELATED GENERAL DISCLOSURES REQUIRED BY APPENDIX D) LOCATION IN THE SUSTAINABILITY REPORT Scope 1 and 2 emissions Subparagraphs 29(a)(i)(1) to (2) and 29(a)(ii) to (v) Emissions data in million tCO2e provided within table Scope 1 and 2 emissions in Section 4.2 Emissions on page 77 and Section 5.3 GHG emission measurement on pages 80 to 82 The requirements of AASB S2 identified in the table above form the criteria relevant to the specified sustainability disclosures and apply under Division 1 of Part 2M.3 of the Corporations Act 2001 (the “Act”). In our opinion, the sustainability disclosures specified in the table above (the “Audited Sustainability Disclosures”), including: (a) subsection 296A(2) (contents of climate statements); and (b) section 296C (compliance with Australian Sustainability Reporting Standard S2 Climate ‑related Disclosures issued by the Australian Accounting Standards Board and any Ministerial legislative instrument); and (c) section 296D (climate statement disclosures). BASIS FOR REVIEW CONCLUSION AND AUDIT OPINION Basis for Review Conclusion on the specified Reviewed Sustainability Disclosures (Limited assurance) Our review has been conducted in accordance with Australian Standard on Sustainability Assurance ASSA 5000 General Requirements for Sustainability Assurance Engagements (“ASSA 5000”) issued by the AUASB. In applying the relevant criteria, we note that subsection 296C(1) of the Act includes a requirement to comply with AASB S2. Our review included obtaining limited assurance about whether the specified Reviewed Sustainability Disclosures are free from material misstatement. Our limited assurance conclusion is based on the procedures we have performed and the evidence we have obtained in accordance with ASSA 5000. The procedures in a review vary in nature and timing from, and are less in extent than for, an audit. Consequently, the level of assurance obtained in a review is substantially lower than the assurance that would have been obtained had an audit been performed. See the ‘Summary of the Work Performed in our Review of the Reviewed Sustainability Disclosures’ section of our report below. Basis for Audit Opinion on the specified Audited Sustainability Disclosures (Reasonable assurance) Our audit has been conducted in accordance with ASSA 5000. Our audit included obtaining reasonable assurance that the specified Audited Sustainability Disclosures are free from material misstatement. Independence and Quality Management Our responsibilities under ASSA 5000 are further described in the ‘Auditor’s Responsibilities’ section of this report. We are independent of the Group in accordance with the applicable ethical requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (November 2018 incorporating all amendments to June 2024 (the “Code”), together with the ethical requirements in the Act, that are relevant to our review/audit of the specified Reviewed/Audited Sustainability Disclosures and public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the Code. We confirm that the independence declaration required by the Act, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s report. Our firm applies Australian Standard on Quality Management ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements , which requires the firm to design, implement and operate a system of quality management, including policies and procedures regarding compliance with ethical requirements, professional standards, and applicable legal and regulatory requirements. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our review conclusion (limited assurance) and audit opinion (reasonable assurance). Woolworths Group Annual Report 2026 85 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Independent Assurance Report
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Independent Assurance Report to the Members of Woolworths Group Limited REVIEW CONCLUSION (LIMITED ASSURANCE) We have conducted a review of the following specified sustainability disclosures in the Sustainability Report of Woolworths Group Limited (the “Company”) and its subsidiaries (the “Group”) for the 52‑week period ended 28 June 2026 as required by Australian Standard on Sustainability Assurance ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 (“ASSA 5010”) issued by the Auditing and Assurance Standards Board (“AUASB”): REVIEWED SUSTAINABILITY DISCLOSURES (LIMITED ASSURANCE) REPORTING REQUIREMENT OF AUSTRALIAN SUSTAINABILITY REPORTING STANDARD AASB S2 CLIMA TE-RELA TED DISCLOSURES (“AASB S2”) (INCLUDING RELATED GENERAL DISCLOSURES REQUIRED BY APPENDIX D) LOCATION IN THE SUSTAINABILITY REPORT Governance Paragraph 6 Section 1 Governance on pages 53 to 55 Strategy (risk and opportunities) Subparagraphs 9(a), 10(a) and 10(b) Descriptions of the climate‑related risks and opportunities provided within Section 3.2 Protecting and creating value on pages 61 to 65 We have conducted a review of the following specified sustainability disclosures in the Sustainability Report of the Group for the 52‑week period ended 28 June 2026 as requested by the directors: REVIEWED SUSTAINABILITY DISCLOSURES (LIMITED ASSURANCE) REPORTING REQUIREMENT OF AUSTRALIAN SUSTAINABILITY REPORTING STANDARD AASB S2 CLIMA TE-RELA TED DISCLOSURES (“AASB S2”) (INCLUDING RELATED GENERAL DISCLOSURES REQUIRED BY APPENDIX D) LOCATION IN THE SUSTAINABILITY REPORT Scope 3 emissions Subparagraphs 29(a)(i)(3) and 29(a)(ii), (iii) and (vi) Emissions data in million tCO2e provided within table Scope 3 emissions in Section 4.2 Emissions on page 78 and Section 5.3 GHG emission measurement on pages 80 to 82 The requirements of AASB S2 identified in the tables above form the criteria relevant to the specified sustainability disclosures and apply under Division 1 of Part 2M.3 of the Corporations Act 2001 (the “Act”). We have not become aware of any matter in the course of our review that makes us believe that the sustainability disclosures specified in the tables above (collectively, the “Reviewed Sustainability Disclosures”) do not comply with Division 1 of Part 2M.3 of the Corporations Act 2001. Deloitte Touche Tohmatsu ABN 74 490 121 060 Quay Quarter Tower 50 Bridge Street Sydney NSW 2000 Australia Tel: +61 2 9322 7000 www.deloitte.com.au Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Asia Pacific Limited and the Deloitte organisation. 84 Independent Assurance Report AUDIT OPINION (REASONABLE ASSURANCE) We have conducted an audit of the following specified sustainability disclosures in the Sustainability Report of the Group for the 52‑week period ended 28 June 2026 as required by ASSA 5010: AUDITED SUSTAINABILITY DISCLOSURES (REASONABLE ASSURANCE) REPORTING REQUIREMENT OF AUSTRALIAN SUSTAINABILITY REPORTING STANDARD AASB S2 CLIMA TE-RELA TED DISCLOSURES (“AASB S2”) (INCLUDING RELATED GENERAL DISCLOSURES REQUIRED BY APPENDIX D) LOCATION IN THE SUSTAINABILITY REPORT Scope 1 and 2 emissions Subparagraphs 29(a)(i)(1) to (2) and 29(a)(ii) to (v) Emissions data in million tCO2e provided within table Scope 1 and 2 emissions in Section 4.2 Emissions on page 77 and Section 5.3 GHG emission measurement on pages 80 to 82 The requirements of AASB S2 identified in the table above form the criteria relevant to the specified sustainability disclosures and apply under Division 1 of Part 2M.3 of the Corporations Act 2001 (the “Act”). In our opinion, the sustainability disclosures specified in the table above (the “Audited Sustainability Disclosures”), including: (a) subsection 296A(2) (contents of climate statements); and (b) section 296C (compliance with Australian Sustainability Reporting Standard S2 Climate ‑related Disclosures issued by the Australian Accounting Standards Board and any Ministerial legislative instrument); and (c) section 296D (climate statement disclosures). BASIS FOR REVIEW CONCLUSION AND AUDIT OPINION Basis for Review Conclusion on the specified Reviewed Sustainability Disclosures (Limited assurance) Our review has been conducted in accordance with Australian Standard on Sustainability Assurance ASSA 5000 General Requirements for Sustainability Assurance Engagements (“ASSA 5000”) issued by the AUASB. In applying the relevant criteria, we note that subsection 296C(1) of the Act includes a requirement to comply with AASB S2. Our review included obtaining limited assurance about whether the specified Reviewed Sustainability Disclosures are free from material misstatement. Our limited assurance conclusion is based on the procedures we have performed and the evidence we have obtained in accordance with ASSA 5000. The procedures in a review vary in nature and timing from, and are less in extent than for, an audit. Consequently, the level of assurance obtained in a review is substantially lower than the assurance that would have been obtained had an audit been performed. See the ‘Summary of the Work Performed in our Review of the Reviewed Sustainability Disclosures’ section of our report below. Basis for Audit Opinion on the specified Audited Sustainability Disclosures (Reasonable assurance) Our audit has been conducted in accordance with ASSA 5000. Our audit included obtaining reasonable assurance that the specified Audited Sustainability Disclosures are free from material misstatement. Independence and Quality Management Our responsibilities under ASSA 5000 are further described in the ‘Auditor’s Responsibilities’ section of this report. We are independent of the Group in accordance with the applicable ethical requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (November 2018 incorporating all amendments to June 2024 (the “Code”), together with the ethical requirements in the Act, that are relevant to our review/audit of the specified Reviewed/Audited Sustainability Disclosures and public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the Code. We confirm that the independence declaration required by the Act, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s report. Our firm applies Australian Standard on Quality Management ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements , which requires the firm to design, implement and operate a system of quality management, including policies and procedures regarding compliance with ethical requirements, professional standards, and applicable legal and regulatory requirements. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our review conclusion (limited assurance) and audit opinion (reasonable assurance). Woolworths Group Annual Report 2026 85 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Independent Assurance Report
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OTHER INFORMATION The directors of the Group are responsible for the other information. The other information comprises the information included in the Group’s annual report for the 52‑week period ended 28 June 2026 but does not include the specified Reviewed/Audited Sustainability Disclosures and our auditor’s report thereon. Our conclusion on the specified Reviewed Sustainability Disclosures and opinion on the specified Audited Sustainability Disclosures do not cover the other information, and we do not express any form of assurance conclusion thereon. The other information includes the Financial Report and Remuneration Report upon which we have performed an audit and issued a separate auditor’s report. In connection with our review of the specified Reviewed Sustainability Disclosures and our audit of the specified Audited Sustainability Disclosures, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the specified Reviewed/Audited Sustainability Disclosures, or our knowledge obtained when conducting the review or audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. RESPONSIBILITIES FOR THE SPECIFIED REVIEWED/AUDITED SUSTAINABILITY DISCLOSURES The Directors of the Group are responsible for: (a) The preparation of the specified Reviewed/Audited Sustainability Disclosures in accordance with the Act; and (b) Designing, implementing and maintaining such internal control necessary to enable the preparation of the specified Reviewed/Audited Sustainability Disclosures, in accordance with the Act that are free from material misstatement, whether due to fraud or error. INHERENT LIMITATIONS IN PREPARING THE REVIEWED/AUDITED SPECIFIED SUSTAINABILITY DISCLOSURES Greenhouse gas emissions quantification is subject to significant measurement uncertainty, which arises because of incomplete scientific knowledge used to determine emissions factors and the values needed to combine emissions of different gases. The comparability of sustainability information between entities and over time may be affected by inconsistencies in the methods to estimate or measure those emissions, due to different, but acceptable, methods applied. Scope 3 greenhouse gas emissions are subject to more inherent limitations than for Scope 1 and Scope 2 emissions, given the lack of availability and relative precision of information used for determining both qualitative and quantitative Scope 3 information from value chain entities outside the operational control of the Group. The specified Reviewed/Audited Sustainability Disclosures include judgements and assumptions about future events and circumstances. Actual outcomes may differ from those described and, accordingly, the disclosures are subject to a higher level of inherent uncertainty. AUDITOR’S RESPONSIBILITIES Our objectives are to: (a) Plan and perform the review to obtain limited assurance about whether the specified Reviewed Sustainability Disclosures are free from material misstatement, whether due to fraud or error, and to issue a review report that includes our conclusion. (b) Plan and perform the audit to obtain reasonable assurance about whether the specified Audited Sustainability Disclosures are free from material misstatement, whether due to fraud or error, and to issue an assurance report that includes our opinion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the specified Reviewed/Audited Sustainability Disclosures. As part of our review and audit in accordance with ASSA 5000, we exercise professional judgement and maintain professional scepticism throughout the engagement. We also: (a) For a review engagement – Perform risk assessment procedures, including obtaining an understanding of internal control relevant to the engagement, to identify and assess the risks of material misstatements, whether due to fraud or error, at the disclosure level but not for the purpose of providing a conclusion on the effectiveness of the entity’s internal control. – Design and perform procedures responsive to assessed risks of material misstatement at the disclosure level. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 86 Independent Assurance Report (b) For an audit engagement – Perform risk assessment procedures, including obtaining an understanding of internal control relevant to the engagement, to identify and assess the risks of material misstatements, whether due to fraud or error, at the assertion level for the disclosures but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. – Design and perform procedures responsive to assessed risks of material misstatement at the assertions level for the disclosures. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. SUMMARY OF THE WORK PERFORMED IN OUR REVIEW OF THE REVIEWED SUSTAINABILITY DISCLOSURES A review is a limited assurance engagement and involves performing procedures to obtain evidence about the specified Reviewed Sustainability Disclosures. The nature, timing and extent of procedures selected depend on professional judgement, including the assessed risks of material misstatement at the disclosure level, whether due to fraud or error. In conducting our review, we: • Performed inquiries, walkthroughs, and inspection of documentation to understand the processes, systems, methodologies and personnel involved in preparing the specified Reviewed Sustainability Disclosures. • Assessed the appropriateness of management’s determined reporting boundary. • With respect to Governance disclosures: – Inquired with management and personnel responsible for the oversight of climate ‑related risk and opportunities to obtain an understanding of the Group’s processes, controls and procedures to monitor, manage and oversee its climate‑related risks and opportunities; and – Performed walkthroughs and inspected the Group’s internal information (including but not limited to Board meeting minutes, terms of reference, committee charters and internal policies). • With respect to Strategy (risk and opportunities) disclosures: – Obtained an understanding of the Group’s process for identifying and assessing its climate ‑related risks and opportunities across its reporting boundary, including management’s materiality assessment process, by performing inquiries to understand the sources of the information used by management and inspecting the Group’s internal documentation of this process; and – Assessed whether the climate ‑related risks and opportunities disclosed are appropriate and complete, based on management’s process and judgements, and whether they have been accurately described and classified. • Performed analytical procedures on Scope 3 emissions data, assessed the accuracy of the industry‑average emission factors and assessed management’s estimation methods against the relevant requirements of AASB S2 and the GHG Protocol. • Reconciled the specified Reviewed Sustainability Disclosures in the Sustainability Report to the underlying outcome of procedures performed. • Evaluated the disclosure and overall presentation of the specified Reviewed Sustainability Disclosures against the relevant requirements of AASB S2. DELOITTE TOUCHE TOHMATSU Tom Imbesi Partner Chartered Accountants Sydney, 26 August 2026 Woolworths Group Annual Report 2026 87 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Independent Assurance Report
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OTHER INFORMATION The directors of the Group are responsible for the other information. The other information comprises the information included in the Group’s annual report for the 52‑week period ended 28 June 2026 but does not include the specified Reviewed/Audited Sustainability Disclosures and our auditor’s report thereon. Our conclusion on the specified Reviewed Sustainability Disclosures and opinion on the specified Audited Sustainability Disclosures do not cover the other information, and we do not express any form of assurance conclusion thereon. The other information includes the Financial Report and Remuneration Report upon which we have performed an audit and issued a separate auditor’s report. In connection with our review of the specified Reviewed Sustainability Disclosures and our audit of the specified Audited Sustainability Disclosures, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the specified Reviewed/Audited Sustainability Disclosures, or our knowledge obtained when conducting the review or audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. RESPONSIBILITIES FOR THE SPECIFIED REVIEWED/AUDITED SUSTAINABILITY DISCLOSURES The Directors of the Group are responsible for: (a) The preparation of the specified Reviewed/Audited Sustainability Disclosures in accordance with the Act; and (b) Designing, implementing and maintaining such internal control necessary to enable the preparation of the specified Reviewed/Audited Sustainability Disclosures, in accordance with the Act that are free from material misstatement, whether due to fraud or error. INHERENT LIMITATIONS IN PREPARING THE REVIEWED/AUDITED SPECIFIED SUSTAINABILITY DISCLOSURES Greenhouse gas emissions quantification is subject to significant measurement uncertainty, which arises because of incomplete scientific knowledge used to determine emissions factors and the values needed to combine emissions of different gases. The comparability of sustainability information between entities and over time may be affected by inconsistencies in the methods to estimate or measure those emissions, due to different, but acceptable, methods applied. Scope 3 greenhouse gas emissions are subject to more inherent limitations than for Scope 1 and Scope 2 emissions, given the lack of availability and relative precision of information used for determining both qualitative and quantitative Scope 3 information from value chain entities outside the operational control of the Group. The specified Reviewed/Audited Sustainability Disclosures include judgements and assumptions about future events and circumstances. Actual outcomes may differ from those described and, accordingly, the disclosures are subject to a higher level of inherent uncertainty. AUDITOR’S RESPONSIBILITIES Our objectives are to: (a) Plan and perform the review to obtain limited assurance about whether the specified Reviewed Sustainability Disclosures are free from material misstatement, whether due to fraud or error, and to issue a review report that includes our conclusion. (b) Plan and perform the audit to obtain reasonable assurance about whether the specified Audited Sustainability Disclosures are free from material misstatement, whether due to fraud or error, and to issue an assurance report that includes our opinion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the specified Reviewed/Audited Sustainability Disclosures. As part of our review and audit in accordance with ASSA 5000, we exercise professional judgement and maintain professional scepticism throughout the engagement. We also: (a) For a review engagement – Perform risk assessment procedures, including obtaining an understanding of internal control relevant to the engagement, to identify and assess the risks of material misstatements, whether due to fraud or error, at the disclosure level but not for the purpose of providing a conclusion on the effectiveness of the entity’s internal control. – Design and perform procedures responsive to assessed risks of material misstatement at the disclosure level. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 86 Independent Assurance Report (b) For an audit engagement – Perform risk assessment procedures, including obtaining an understanding of internal control relevant to the engagement, to identify and assess the risks of material misstatements, whether due to fraud or error, at the assertion level for the disclosures but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. – Design and perform procedures responsive to assessed risks of material misstatement at the assertions level for the disclosures. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. SUMMARY OF THE WORK PERFORMED IN OUR REVIEW OF THE REVIEWED SUSTAINABILITY DISCLOSURES A review is a limited assurance engagement and involves performing procedures to obtain evidence about the specified Reviewed Sustainability Disclosures. The nature, timing and extent of procedures selected depend on professional judgement, including the assessed risks of material misstatement at the disclosure level, whether due to fraud or error. In conducting our review, we: • Performed inquiries, walkthroughs, and inspection of documentation to understand the processes, systems, methodologies and personnel involved in preparing the specified Reviewed Sustainability Disclosures. • Assessed the appropriateness of management’s determined reporting boundary. • With respect to Governance disclosures: – Inquired with management and personnel responsible for the oversight of climate ‑related risk and opportunities to obtain an understanding of the Group’s processes, controls and procedures to monitor, manage and oversee its climate‑related risks and opportunities; and – Performed walkthroughs and inspected the Group’s internal information (including but not limited to Board meeting minutes, terms of reference, committee charters and internal policies). • With respect to Strategy (risk and opportunities) disclosures: – Obtained an understanding of the Group’s process for identifying and assessing its climate ‑related risks and opportunities across its reporting boundary, including management’s materiality assessment process, by performing inquiries to understand the sources of the information used by management and inspecting the Group’s internal documentation of this process; and – Assessed whether the climate ‑related risks and opportunities disclosed are appropriate and complete, based on management’s process and judgements, and whether they have been accurately described and classified. • Performed analytical procedures on Scope 3 emissions data, assessed the accuracy of the industry‑average emission factors and assessed management’s estimation methods against the relevant requirements of AASB S2 and the GHG Protocol. • Reconciled the specified Reviewed Sustainability Disclosures in the Sustainability Report to the underlying outcome of procedures performed. • Evaluated the disclosure and overall presentation of the specified Reviewed Sustainability Disclosures against the relevant requirements of AASB S2. DELOITTE TOUCHE TOHMATSU Tom Imbesi Partner Chartered Accountants Sydney, 26 August 2026 Woolworths Group Annual Report 2026 87 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 3 Independent Assurance Report
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Governance The Group’s purpose of creating better experiences together for a better tomorrow guides us to better meet the needs of all our stakeholders. Woolworths Group is committed to a high standard of corporate governance. Good governance goes beyond legal compliance; we see it as central to our approach in delivering long-term shareholder value. The Board program is formulated each year to achieve an appropriate balance between governance and oversight, continuous learning focused on relevant industry developments, awareness of emerging risks, and market conditions. The program comprises formal meetings, business briefings, presentations from internal and external specialists and advisors, site visits, engagement with team members, and meetings with key stakeholders. Board meetings are structured to balance recurring items, such as strategy, team, customer and community, business performance, financial and other reporting, sustainability, financial and non-financial risks, legal, regulatory, government and policy developments, with other material matters arising from time to time. The Board actively monitors performance against the Group’s strategic priorities, purpose and values. The Board Committees have an annual program of detailed business reviews, with 20 topics considered across F26. Business engagement beyond formal meetings included site visits. Woolworths Group has also followed each of the recommendations of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (4th edition) throughout the reporting period. Further details of the key corporate governance policies and practices of Woolworths Group during the year are set out in the Corporate Governance Statement, which is available on the Woolworths Group website: www.woolworthsgroup.com.au . The members of the Board of Directors and the current composition of the Board Committees are set out in the Board of Directors section. Further information about their skills and experience is set out on pages 89–92 . 88 Description of capabilities Strategy and transformation: Identifying and critically assessing strategic opportunities and threats and associated business plans; overseeing successful transformation execution in large, complex organisations to create sustained, resilient business outcomes. Finance: Effective oversight of capital, financial accounting and corporate reporting, including understanding key business financial drivers and the ability to evaluate the adequacies of internal financial controls and systems. Organisational leadership (including people): Developing and assessing organisational structures and culture and its adherence to the Woolworths Group core values; people management and succession planning; setting strategy-linked remuneration frameworks; and promoting inclusion and belonging. Retail: Experience in the retail and/or fast-moving consumer goods (FMCG) industry, including merchandising, strategy, marketing, product development, supply chain, and including large organisations, global experience. Operations (including supply chain and property): Overseeing physical and digital operations in large, complex organisations. Digital and innovation: Evaluating and implementing new digital and physical technologies, including in-depth understanding of the use of data and data analytics to continue to accelerate business transformation and meet evolving customer needs and expectations. Sustainability: Developing and overseeing sustainability initiatives and strategies, including to address climate and nature risks and opportunities, waste reduction and circularity, human rights and responsible sourcing. Governance (including regulatory and public policy): Identifying and managing governance, legal, regulatory, public policy and corporate affairs issues, including experience working or interacting with government and regulators. Risk: Anticipating, identifying and managing key risks, including financial, non-financial and emerging risks; monitoring the appropriateness and effectiveness of risk management frameworks and controls. S tra te g y an d tra n sfo rm atio n 0 9 0 9 0 9 0 9 0 9 0 9 0 9 0 9 0 9 R isk G o ve rn a nce Sustainability O p e ratio n s R e ta il O rg a n isa tional lead ers h ip F in a n c e Digital and innovation Board capability, composition and tenure The Board is composed of a majority of independent non-executive directors with the skills and capabilities to fulfil their duty to act in the best interests of Woolworths Group. The effective application of those skills and capabilities enables the Board’s contribution to the decision making and governance of the Group. The Board consists of individuals with both relevant skills and capabilities, and diversity of thinking. When combined with management, this leads to Woolworths Group fulfilling its potential through living its purpose, observing its values and executing on its strategy. As part of the ongoing succession planning for the Board, the Nomination Committee reviewed the Board capability matrix, which took into consideration the skills and capabilities that the Board currently requires, together with those needed in the future. An assessment of the optimum mix of these capabilities takes place at least once a year. This also informs the identification and assessment of suitable future candidates for the Board. A summary of the key skills and capabilities of directors is set out below: Capability Board gender diversity ● Women 44% ● Men 56% Board tenure ● 0–3 years 33.3% ● 3–6 years 33.3% ● 6–10+ years 33.3% Key: ● Extensive ● Practiced ● Low Woolworths Group Annual Report 2026 89 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 4
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Governance The Group’s purpose of creating better experiences together for a better tomorrow guides us to better meet the needs of all our stakeholders. Woolworths Group is committed to a high standard of corporate governance. Good governance goes beyond legal compliance; we see it as central to our approach in delivering long-term shareholder value. The Board program is formulated each year to achieve an appropriate balance between governance and oversight, continuous learning focused on relevant industry developments, awareness of emerging risks, and market conditions. The program comprises formal meetings, business briefings, presentations from internal and external specialists and advisors, site visits, engagement with team members, and meetings with key stakeholders. Board meetings are structured to balance recurring items, such as strategy, team, customer and community, business performance, financial and other reporting, sustainability, financial and non-financial risks, legal, regulatory, government and policy developments, with other material matters arising from time to time. The Board actively monitors performance against the Group’s strategic priorities, purpose and values. The Board Committees have an annual program of detailed business reviews, with 20 topics considered across F26. Business engagement beyond formal meetings included site visits. Woolworths Group has also followed each of the recommendations of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (4th edition) throughout the reporting period. Further details of the key corporate governance policies and practices of Woolworths Group during the year are set out in the Corporate Governance Statement, which is available on the Woolworths Group website: www.woolworthsgroup.com.au . The members of the Board of Directors and the current composition of the Board Committees are set out in the Board of Directors section. Further information about their skills and experience is set out on pages 89–92 . 88 Description of capabilities Strategy and transformation: Identifying and critically assessing strategic opportunities and threats and associated business plans; overseeing successful transformation execution in large, complex organisations to create sustained, resilient business outcomes. Finance: Effective oversight of capital, financial accounting and corporate reporting, including understanding key business financial drivers and the ability to evaluate the adequacies of internal financial controls and systems. Organisational leadership (including people): Developing and assessing organisational structures and culture and its adherence to the Woolworths Group core values; people management and succession planning; setting strategy-linked remuneration frameworks; and promoting inclusion and belonging. Retail: Experience in the retail and/or fast-moving consumer goods (FMCG) industry, including merchandising, strategy, marketing, product development, supply chain, and including large organisations, global experience. Operations (including supply chain and property): Overseeing physical and digital operations in large, complex organisations. Digital and innovation: Evaluating and implementing new digital and physical technologies, including in-depth understanding of the use of data and data analytics to continue to accelerate business transformation and meet evolving customer needs and expectations. Sustainability: Developing and overseeing sustainability initiatives and strategies, including to address climate and nature risks and opportunities, waste reduction and circularity, human rights and responsible sourcing. Governance (including regulatory and public policy): Identifying and managing governance, legal, regulatory, public policy and corporate affairs issues, including experience working or interacting with government and regulators. Risk: Anticipating, identifying and managing key risks, including financial, non-financial and emerging risks; monitoring the appropriateness and effectiveness of risk management frameworks and controls. S tra te g y an d tra n sfo rm atio n 0 9 0 9 0 9 0 9 0 9 0 9 0 9 0 9 0 9 R isk G o ve rn a nce Sustainability O p e ratio n s R e ta il O rg a n isa tional lead ers h ip F in a n c e Digital and innovation Board capability, composition and tenure The Board is composed of a majority of independent non-executive directors with the skills and capabilities to fulfil their duty to act in the best interests of Woolworths Group. The effective application of those skills and capabilities enables the Board’s contribution to the decision making and governance of the Group. The Board consists of individuals with both relevant skills and capabilities, and diversity of thinking. When combined with management, this leads to Woolworths Group fulfilling its potential through living its purpose, observing its values and executing on its strategy. As part of the ongoing succession planning for the Board, the Nomination Committee reviewed the Board capability matrix, which took into consideration the skills and capabilities that the Board currently requires, together with those needed in the future. An assessment of the optimum mix of these capabilities takes place at least once a year. This also informs the identification and assessment of suitable future candidates for the Board. A summary of the key skills and capabilities of directors is set out below: Capability Board gender diversity ● Women 44% ● Men 56% Board tenure ● 0–3 years 33.3% ● 3–6 years 33.3% ● 6–10+ years 33.3% Key: ● Extensive ● Practiced ● Low Woolworths Group Annual Report 2026 89 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 4
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Board of Directors Key: Audit and Finance Committee Risk Committee People Committee Sustainability Committee Nomination Committee Denotes Chair of Board/Committee Scott Perkins BCom, LLB (Hons) INDEPENDENT CHAIR Background and experience: Scott is an experienced public company Chair and director and has extensive Australian and international experience as a leading corporate advisor on strategy, mergers and acquisitions and capital market matters. He held senior executive leadership positions at Deutsche Bank from 1999 to 2013, including Managing Director and Head of Corporate Finance for Australia and New Zealand, membership of the Asia Pacific Corporate and Investment Bank Management Committee and Chief Executive Officer of Deutsche Bank New Zealand. He was previously a Director of Brambles (June 2015 to October 2024). Other roles: Chair of Origin Energy since October 2020 (Director since September 2015) and Chair of The Garvan Institute of Medical Research (since December 2023). Appointed Chair: 26 October 2022 Appointed Director: 1 September 2014 Committees: Amanda Bardwell BBus, MBA MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER Background and experience: Amanda Bardwell was appointed Chief Executive Officer and Managing Director on 21 February 2024, effective 1 September 2024. Prior to this, Amanda was Managing Director of WooliesX, leading the Group’s eCommerce, digital and rewards and loyalty businesses since March 2017. Amanda joined Woolworths Group in 2001 and has held a number of roles across both the Supermarket and Drinks businesses. Amanda holds an MBA from the University of New South Wales and a Bachelor of Business from the Queensland University of Technology and is a member of Chief Executive Women. Appointed: 1 September 2024 Jon Alferness BS (Computer Science) INDEPENDENT NON-EXECUTIVE DIRECTOR Background and experience: Jon is a highly experienced technology and product leader with more than 20 years’ experience in Silicon Valley and the global retail sector, including recent focus on the food and grocery sector. His career has been defined by senior executive roles delivering digital transformation and innovation at Walmart, Google and Lyft. Jon was most recently Executive Vice President and Chief Product Officer for Walmart US, a role encompassing eCommerce, Financial Services, Health & Wellness, Merchant Tools, and Last Mile Delivery. Prior to Walmart, Jon spent 13 years at Google as Vice President of Product Management where he played a pivotal role in developing Google Ads across Search, Mobile, Shopping and Travel, driving innovations that shaped the digital advertising landscape. Appointed: 1 March 2026 Committees: 90 Committees: Warwick Bray BSci (Hons), MBA INDEPENDENT NON-EXECUTIVE DIRECTOR Background and experience: Warwick has extensive finance and strategy expertise, bringing decades of experience in the international telecommunications, technology and media sectors. He was the former Chief Financial Officer of Telstra, and held various senior roles at Telstra including Group Managing Director Mobile and Wireline Products, and Executive Director, Head of Corporate Strategy. Earlier in his career he was a Partner with McKinsey in Europe, and was a Managing Director and Head of Telecommunications Equity Research with JP Morgan and Dresdner Kleinwort Wasserstein. Other roles: Director of Spark New Zealand Limited (since 2019) and MinterEllison (since 2025). Appointed: 1 March 2023 Committees: Committees: Jennifer Carr-Smith BA Economics, MBA INDEPENDENT NON-EXECUTIVE DIRECTOR Background and experience: Jennifer is a seasoned board director and online retail executive with experience across organisations undergoing rapid growth and transformation in a number of sectors including consumer packaged goods, apparel and grocery. Jennifer has over 30 years’ experience with diverse organisations from start-ups to large global companies. She has previously held roles as Senior Vice President, General Manager of North America Local at Groupon, President and CEO of Peapod, an online grocery delivery service, Director of Full Harvest (January 2020 to December 2022) and Local Bounti Corporation (April 2023 to March 2025) and Chair of Blue Apron. Other roles: Director of Perdue Farms (since February 2019). Appointed: 17 May 2019 Maxine Brenner BA, LLB INDEPENDENT NON-EXECUTIVE DIRECTOR Background and experience: Maxine has extensive corporate advisory experience, particularly in mergers and acquisitions and corporate restructures. She is a former Managing Director of Investment Banking at Investec Bank Limited Australia. She also practised as a corporate lawyer with Freehill Hollingdale & Page (now Herbert Smith Freehills Kramer) and spent several years as a lecturer in the Faculty of Law at both the University of NSW and the University of Sydney. She was previously a Director of Orica Limited (April 2013 to December 2022), Growthpoint Properties Australia Limited (March 2012 to November 2020), Qantas Airways Limited (August 2013 to February 2024), Origin Energy (November 2013 to October 2025) and a member of the University of NSW Council (August 2014 to December 2025). Other roles: Director of Brambles (since December 2024) and Telstra Group Limited (since February 2023). Appointed: 1 December 2020 Woolworths Group Annual Report 2026 91 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 4
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Board of Directors Key: Audit and Finance Committee Risk Committee People Committee Sustainability Committee Nomination Committee Denotes Chair of Board/Committee Scott Perkins BCom, LLB (Hons) INDEPENDENT CHAIR Background and experience: Scott is an experienced public company Chair and director and has extensive Australian and international experience as a leading corporate advisor on strategy, mergers and acquisitions and capital market matters. He held senior executive leadership positions at Deutsche Bank from 1999 to 2013, including Managing Director and Head of Corporate Finance for Australia and New Zealand, membership of the Asia Pacific Corporate and Investment Bank Management Committee and Chief Executive Officer of Deutsche Bank New Zealand. He was previously a Director of Brambles (June 2015 to October 2024). Other roles: Chair of Origin Energy since October 2020 (Director since September 2015) and Chair of The Garvan Institute of Medical Research (since December 2023). Appointed Chair: 26 October 2022 Appointed Director: 1 September 2014 Committees: Amanda Bardwell BBus, MBA MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER Background and experience: Amanda Bardwell was appointed Chief Executive Officer and Managing Director on 21 February 2024, effective 1 September 2024. Prior to this, Amanda was Managing Director of WooliesX, leading the Group’s eCommerce, digital and rewards and loyalty businesses since March 2017. Amanda joined Woolworths Group in 2001 and has held a number of roles across both the Supermarket and Drinks businesses. Amanda holds an MBA from the University of New South Wales and a Bachelor of Business from the Queensland University of Technology and is a member of Chief Executive Women. Appointed: 1 September 2024 Jon Alferness BS (Computer Science) INDEPENDENT NON-EXECUTIVE DIRECTOR Background and experience: Jon is a highly experienced technology and product leader with more than 20 years’ experience in Silicon Valley and the global retail sector, including recent focus on the food and grocery sector. His career has been defined by senior executive roles delivering digital transformation and innovation at Walmart, Google and Lyft. Jon was most recently Executive Vice President and Chief Product Officer for Walmart US, a role encompassing eCommerce, Financial Services, Health & Wellness, Merchant Tools, and Last Mile Delivery. Prior to Walmart, Jon spent 13 years at Google as Vice President of Product Management where he played a pivotal role in developing Google Ads across Search, Mobile, Shopping and Travel, driving innovations that shaped the digital advertising landscape. Appointed: 1 March 2026 Committees: 90 Committees: Warwick Bray BSci (Hons), MBA INDEPENDENT NON-EXECUTIVE DIRECTOR Background and experience: Warwick has extensive finance and strategy expertise, bringing decades of experience in the international telecommunications, technology and media sectors. He was the former Chief Financial Officer of Telstra, and held various senior roles at Telstra including Group Managing Director Mobile and Wireline Products, and Executive Director, Head of Corporate Strategy. Earlier in his career he was a Partner with McKinsey in Europe, and was a Managing Director and Head of Telecommunications Equity Research with JP Morgan and Dresdner Kleinwort Wasserstein. Other roles: Director of Spark New Zealand Limited (since 2019) and MinterEllison (since 2025). Appointed: 1 March 2023 Committees: Committees: Jennifer Carr-Smith BA Economics, MBA INDEPENDENT NON-EXECUTIVE DIRECTOR Background and experience: Jennifer is a seasoned board director and online retail executive with experience across organisations undergoing rapid growth and transformation in a number of sectors including consumer packaged goods, apparel and grocery. Jennifer has over 30 years’ experience with diverse organisations from start-ups to large global companies. She has previously held roles as Senior Vice President, General Manager of North America Local at Groupon, President and CEO of Peapod, an online grocery delivery service, Director of Full Harvest (January 2020 to December 2022) and Local Bounti Corporation (April 2023 to March 2025) and Chair of Blue Apron. Other roles: Director of Perdue Farms (since February 2019). Appointed: 17 May 2019 Maxine Brenner BA, LLB INDEPENDENT NON-EXECUTIVE DIRECTOR Background and experience: Maxine has extensive corporate advisory experience, particularly in mergers and acquisitions and corporate restructures. She is a former Managing Director of Investment Banking at Investec Bank Limited Australia. She also practised as a corporate lawyer with Freehill Hollingdale & Page (now Herbert Smith Freehills Kramer) and spent several years as a lecturer in the Faculty of Law at both the University of NSW and the University of Sydney. She was previously a Director of Orica Limited (April 2013 to December 2022), Growthpoint Properties Australia Limited (March 2012 to November 2020), Qantas Airways Limited (August 2013 to February 2024), Origin Energy (November 2013 to October 2025) and a member of the University of NSW Council (August 2014 to December 2025). Other roles: Director of Brambles (since December 2024) and Telstra Group Limited (since February 2023). Appointed: 1 December 2020 Woolworths Group Annual Report 2026 91 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 4
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Board of Directors Key: Audit and Finance Committee Risk Committee People Committee Sustainability Committee Nomination Committee Denotes Chair of Board/Committee Ken Meyer INDEPENDENT NON-EXECUTIVE DIRECTOR Background and experience: Ken is a global food retail and consumer-sector executive, entrepreneur, investor and board director with more than 35 years of experience across food retail and consumer markets. Ken spent 24 years at Whole Foods Market, most recently as Executive Vice President of Operations for North America and the United Kingdom until 2019. During this period, he played a key role in the growth of Whole Foods and its eventual sale to Amazon. Ken currently serves as an Executive Partner at Shore Capital Partners, a Chicago-based private equity firm focused on food and beverage investments. He serves on the boards of Alliance Markets & Vending, Companion Baking, H2O Care Partners and Sweetmore Bakeries. Ken is also co-founder of PrimoFare and a founding partner and investment committee member of Midnight Ventures Partners. Appointed: 1 October 2025 Kathee Tesija BSRMM (Fashion Merchandising) INDEPENDENT NON-EXECUTIVE DIRECTOR Background and experience: Kathee has extensive retailing experience in the US market, particularly in merchandising and supply chain management. During a 30-year executive career with Target Corporation in the US, she served as Chief Merchandising and Supply Chain Officer and Executive Vice President and a strategic advisor until 2016. Kathee is currently a senior advisor and consultant for Simpactful, a retail consulting agency in the US. Kathee was previously a Director of Verizon Communications Inc and Clorox Company (May 2020 to November 2024). Appointed: 9 May 2016 Committees: Committees: BS (Food Systems & Economic Management) Committees: Philip Chronican INDEPENDENT NON -EXECUTIVE DIRECTOR Background and experience: Philip has extensive strategic, financial and management expertise. He was responsible for the Retail and Commercial business of the Australia and New Zealand Banking Group Limited (ANZ) in Australia. Prior to joining ANZ, Philip had a long career at Westpac Banking Corporation (Westpac), including the roles of Group CFO of Westpac and Group Executive of its Institutional business consecutively. He also served as NAB Interim Group CEO from March to November 2019. Philip also has broad experience in M&A activity and post-merger integration, and has taken an active and public role in advocating for greater transparency and ethics in banking and promoting workforce diversity. Philip was previously the Chair of the Westmead Institute for Medical Research (to December 2024). Other roles: Chair of NAB since November 2019 (Director since May 2016). Appointed: 1 October 2021 BCom (Hons), MBA (Dist), FAICD, SF Fin 92 Amanda Bardwell MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER Amanda Bardwell was appointed Chief Executive Officer and Managing Director on 21 February 2024, effective 1 September 2024. Prior to this, Amanda was Managing Director of WooliesX, leading the Group’s eCommerce, digital and rewards and loyalty businesses since March 2017. Amanda joined Woolworths Group in 2001 and has held a number of roles across both the Supermarket and Drinks businesses. Amanda holds an MBA from the University of New South Wales and a Bachelor of Business from the Queensland University of Technology and is a member of Chief Executive Women. Alan Beacham CHIEF SUPPLY CHAIN OFFICER AND MANAGING DIRECTOR, PRIMARY CONNECT Alan Beacham was appointed Chief Supply Chain Officer and Managing Director of Primary Connect in February 2026. Prior to joining the Group, Alan spent nearly seven years at Toll Group, most recently serving as Group Managing Director from 2022 to 2025. His leadership at Toll also included presiding over Global Forwarding and Global Express, where he successfully navigated the business through complex divestments and major digital transformations. Alan holds a Bachelor of Manufacturing Engineering (Honours) from Nottingham University. Group Executive Committee Peter Atkin CHIEF LEGAL OFFICER Peter was appointed Chief Legal Officer of Woolworths Group in February 2026. Peter joined the Group from Endeavour Group where he was Group General Counsel since 2016, and played a pivotal role in Endeavour’s transition to a standalone ASX-listed entity following its demerger from Woolworths Group in 2021. Prior to this, Peter held senior legal positions in private practice, including at Ashurst. Chris Brooks MANAGING DIRECTOR, PRIMARY CONNECT+ AND REPLENISHMENT Chris Brooks was appointed Managing Director, Primary Connect+ and Replenishment in March 2026, where he leads the Group’s third-party supply chain business, international supply chain and replenishment functions. Prior to this, Chris was Director, Primary Connect+ and Transport between 2022 to 2026 and has over 30 years experience in transport and logistics. Chris holds a Bachelor of Commerce from the University of Wollongong. Dan Hake MANAGING DIRECTOR, BIG W Dan was appointed Managing Director of BIG W in November 2022. Prior to this, he held a number of senior roles within Woolworths Supermarkets and WooliesX, having joined the Group from the Boston Consulting Group. Dan holds a Master of Management Science from the Vienna University of Business and Economics. Woolworths Group Annual Report 2026 93 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 4
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Board of Directors Key: Audit and Finance Committee Risk Committee People Committee Sustainability Committee Nomination Committee Denotes Chair of Board/Committee Ken Meyer INDEPENDENT NON-EXECUTIVE DIRECTOR Background and experience: Ken is a global food retail and consumer-sector executive, entrepreneur, investor and board director with more than 35 years of experience across food retail and consumer markets. Ken spent 24 years at Whole Foods Market, most recently as Executive Vice President of Operations for North America and the United Kingdom until 2019. During this period, he played a key role in the growth of Whole Foods and its eventual sale to Amazon. Ken currently serves as an Executive Partner at Shore Capital Partners, a Chicago-based private equity firm focused on food and beverage investments. He serves on the boards of Alliance Markets & Vending, Companion Baking, H2O Care Partners and Sweetmore Bakeries. Ken is also co-founder of PrimoFare and a founding partner and investment committee member of Midnight Ventures Partners. Appointed: 1 October 2025 Kathee Tesija BSRMM (Fashion Merchandising) INDEPENDENT NON-EXECUTIVE DIRECTOR Background and experience: Kathee has extensive retailing experience in the US market, particularly in merchandising and supply chain management. During a 30-year executive career with Target Corporation in the US, she served as Chief Merchandising and Supply Chain Officer and Executive Vice President and a strategic advisor until 2016. Kathee is currently a senior advisor and consultant for Simpactful, a retail consulting agency in the US. Kathee was previously a Director of Verizon Communications Inc and Clorox Company (May 2020 to November 2024). Appointed: 9 May 2016 Committees: Committees: BS (Food Systems & Economic Management) Committees: Philip Chronican INDEPENDENT NON -EXECUTIVE DIRECTOR Background and experience: Philip has extensive strategic, financial and management expertise. He was responsible for the Retail and Commercial business of the Australia and New Zealand Banking Group Limited (ANZ) in Australia. Prior to joining ANZ, Philip had a long career at Westpac Banking Corporation (Westpac), including the roles of Group CFO of Westpac and Group Executive of its Institutional business consecutively. He also served as NAB Interim Group CEO from March to November 2019. Philip also has broad experience in M&A activity and post-merger integration, and has taken an active and public role in advocating for greater transparency and ethics in banking and promoting workforce diversity. Philip was previously the Chair of the Westmead Institute for Medical Research (to December 2024). Other roles: Chair of NAB since November 2019 (Director since May 2016). Appointed: 1 October 2021 BCom (Hons), MBA (Dist), FAICD, SF Fin 92 Amanda Bardwell MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER Amanda Bardwell was appointed Chief Executive Officer and Managing Director on 21 February 2024, effective 1 September 2024. Prior to this, Amanda was Managing Director of WooliesX, leading the Group’s eCommerce, digital and rewards and loyalty businesses since March 2017. Amanda joined Woolworths Group in 2001 and has held a number of roles across both the Supermarket and Drinks businesses. Amanda holds an MBA from the University of New South Wales and a Bachelor of Business from the Queensland University of Technology and is a member of Chief Executive Women. Alan Beacham CHIEF SUPPLY CHAIN OFFICER AND MANAGING DIRECTOR, PRIMARY CONNECT Alan Beacham was appointed Chief Supply Chain Officer and Managing Director of Primary Connect in February 2026. Prior to joining the Group, Alan spent nearly seven years at Toll Group, most recently serving as Group Managing Director from 2022 to 2025. His leadership at Toll also included presiding over Global Forwarding and Global Express, where he successfully navigated the business through complex divestments and major digital transformations. Alan holds a Bachelor of Manufacturing Engineering (Honours) from Nottingham University. Group Executive Committee Peter Atkin CHIEF LEGAL OFFICER Peter was appointed Chief Legal Officer of Woolworths Group in February 2026. Peter joined the Group from Endeavour Group where he was Group General Counsel since 2016, and played a pivotal role in Endeavour’s transition to a standalone ASX-listed entity following its demerger from Woolworths Group in 2021. Prior to this, Peter held senior legal positions in private practice, including at Ashurst. Chris Brooks MANAGING DIRECTOR, PRIMARY CONNECT+ AND REPLENISHMENT Chris Brooks was appointed Managing Director, Primary Connect+ and Replenishment in March 2026, where he leads the Group’s third-party supply chain business, international supply chain and replenishment functions. Prior to this, Chris was Director, Primary Connect+ and Transport between 2022 to 2026 and has over 30 years experience in transport and logistics. Chris holds a Bachelor of Commerce from the University of Wollongong. Dan Hake MANAGING DIRECTOR, BIG W Dan was appointed Managing Director of BIG W in November 2022. Prior to this, he held a number of senior roles within Woolworths Supermarkets and WooliesX, having joined the Group from the Boston Consulting Group. Dan holds a Master of Management Science from the Vienna University of Business and Economics. Woolworths Group Annual Report 2026 93 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 4
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Group Executive Committee Jaimie Lovell DIRECTOR, REPUTATION, GOVERNMENT AND INDUSTRY AFFAIRS Jaimie joined Woolworths Group in March 2023. In August 2025, Jaimie’s portfolio was expanded to include Reputation, alongside her existing government and industry responsibilities. Prior to joining the Group, Jaimie was at Westpac Group as the Head of Government Affairs and Public Policy. In addition to her corporate, industry and government experience, Jaimie holds a PhD from the University of Sydney and is a graduate of the AICD. Stephen Harrison CHIEF FINANCIAL OFFICER & CHIEF VALUE OFFICER Stephen was appointed Chief Financial Officer in August 2019. In September 2025, Stephen’s portfolio was expanded to drive value creation and growth for the Group as Chief Value Officer, including executive responsibility for complementary businesses, Petstock and PFD, together with his existing oversight of the Group’s finance, property and M&A functions. Prior to this, Stephen was Finance Director for Australian Food between 2015 to 2019 and Endeavour Drinks between 2013 to 2015. Prior to joining the Group, Stephen worked for a number of leading FMCG businesses across Australia and New Zealand and holds a Bachelor of Economics, Accounting and Finance from Macquarie University and is a Chartered Accountant. Simon Lowden CHIEF OFFICER, GROUP AFFAIRS, COMMUNICATIONS AND SUSTAINABILITY Simon was appointed Chief Officer, Group Affairs, Communications and Sustainability in March 2025. Prior to this, Simon was Chief Sustainability Officer from July 2024. Before joining the Group, Simon was Chief Transformation Officer at Arnott’s for four years and prior to that spent two decades at PepsiCo holding a number of senior executive commercial roles internationally. Simon holds a First Class Hons BSc from Kings College London. Annette Karantoni MANAGING DIRECTOR, WOOLWORTHS RETAIL Annette Karantoni was appointed Managing Director, Woolworths Retail in February 2025. Prior to this, Annette was Chief Supply Chain Officer of Woolworths Group and Managing Director of Primary Connect between October 2021 to February 2025. Before then, Annette was Director of B2C eCommerce within WooliesX and has held a number of other leadership roles across the Group. Amitabh Mall MANAGING DIRECTOR, GROUP ECOMX AND CHIEF DIGITAL & ANALYTICS OFFICER Amitabh was appointed as Managing Director, Group eComX and Chief Digital & Analytics Officer in September 2025. Amitabh joined the Group in July 2021 as Chief Analytics Officer and Managing Director of wiq. Prior to joining the Group, Amitabh was a Senior Partner & Managing Director at Boston Consulting Group. Amitabh holds an MBA from the Indian Institute of Management, Bangalore and a Bachelor of Commerce from Osmania University. 94 • Guy Brent ceased as Managing Director, Woolworths Food Company in September 2025 • Von Ingram ceased as Managing Director, W Living in September 2025 • Bill Reid ceased as Chief Legal Officer in January 2026 • Caryn Katsikogianis ceased as Chief People Officer in March 2026 • John Hunt ceased as Chief Information and Replenishment Officer in June 2026 • Jane Danziger ceased as Managing Director, CustomerX in August 2026 • Caroline Israel was appointed as Chief Transformation and Strategy Officer in July 2026 Notes Mike Tyquin MANAGING DIRECTOR, CARTOLOGY Mike joined Woolworths Group in April 2019 as Managing Director of Cartology, responsible for the establishment and growth of the Group’s retail media business. In August 2025, Mike joined the Group Executive Committee with expanded responsibility to lead insights, media, and loyalty commercialisation across the Group. Prior to joining the Group Mike has held a number of executive roles at leading media businesses in Australia, New Zealand and South East Asia. Rob McCartney MANAGING DIRECTOR, WOOLWORTHS 360 Rob was appointed Managing Director of Woolworths 360 in July 2020. Prior to this, Rob held the role of Format Development Director for Australian Food. Rob is an experienced retailer and has held a number of leadership roles within 7-Eleven, Coles and Target prior to joining Woolworths Group in 2015. Carly Richards CHIEF RISK OFFICER Carly was appointed Chief Risk Officer of Woolworths Group in November 2023. Prior to this, Carly held the role of GM Risk Enablement and Compliance working in partnership to operationalise the Risk Transformation strategy for the Group. Carly has over 30 years of retail risk experience and worked for a number of organisations both locally and overseas including Argos, Target Australia and KPMG. Woolworths Group Annual Report 2026 95 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 4
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Group Executive Committee Jaimie Lovell DIRECTOR, REPUTATION, GOVERNMENT AND INDUSTRY AFFAIRS Jaimie joined Woolworths Group in March 2023. In August 2025, Jaimie’s portfolio was expanded to include Reputation, alongside her existing government and industry responsibilities. Prior to joining the Group, Jaimie was at Westpac Group as the Head of Government Affairs and Public Policy. In addition to her corporate, industry and government experience, Jaimie holds a PhD from the University of Sydney and is a graduate of the AICD. Stephen Harrison CHIEF FINANCIAL OFFICER & CHIEF VALUE OFFICER Stephen was appointed Chief Financial Officer in August 2019. In September 2025, Stephen’s portfolio was expanded to drive value creation and growth for the Group as Chief Value Officer, including executive responsibility for complementary businesses, Petstock and PFD, together with his existing oversight of the Group’s finance, property and M&A functions. Prior to this, Stephen was Finance Director for Australian Food between 2015 to 2019 and Endeavour Drinks between 2013 to 2015. Prior to joining the Group, Stephen worked for a number of leading FMCG businesses across Australia and New Zealand and holds a Bachelor of Economics, Accounting and Finance from Macquarie University and is a Chartered Accountant. Simon Lowden CHIEF OFFICER, GROUP AFFAIRS, COMMUNICATIONS AND SUSTAINABILITY Simon was appointed Chief Officer, Group Affairs, Communications and Sustainability in March 2025. Prior to this, Simon was Chief Sustainability Officer from July 2024. Before joining the Group, Simon was Chief Transformation Officer at Arnott’s for four years and prior to that spent two decades at PepsiCo holding a number of senior executive commercial roles internationally. Simon holds a First Class Hons BSc from Kings College London. Annette Karantoni MANAGING DIRECTOR, WOOLWORTHS RETAIL Annette Karantoni was appointed Managing Director, Woolworths Retail in February 2025. Prior to this, Annette was Chief Supply Chain Officer of Woolworths Group and Managing Director of Primary Connect between October 2021 to February 2025. Before then, Annette was Director of B2C eCommerce within WooliesX and has held a number of other leadership roles across the Group. Amitabh Mall MANAGING DIRECTOR, GROUP ECOMX AND CHIEF DIGITAL & ANALYTICS OFFICER Amitabh was appointed as Managing Director, Group eComX and Chief Digital & Analytics Officer in September 2025. Amitabh joined the Group in July 2021 as Chief Analytics Officer and Managing Director of wiq. Prior to joining the Group, Amitabh was a Senior Partner & Managing Director at Boston Consulting Group. Amitabh holds an MBA from the Indian Institute of Management, Bangalore and a Bachelor of Commerce from Osmania University. 94 • Guy Brent ceased as Managing Director, Woolworths Food Company in September 2025 • Von Ingram ceased as Managing Director, W Living in September 2025 • Bill Reid ceased as Chief Legal Officer in January 2026 • Caryn Katsikogianis ceased as Chief People Officer in March 2026 • John Hunt ceased as Chief Information and Replenishment Officer in June 2026 • Jane Danziger ceased as Managing Director, CustomerX in August 2026 • Caroline Israel was appointed as Chief Transformation and Strategy Officer in July 2026 Notes Mike Tyquin MANAGING DIRECTOR, CARTOLOGY Mike joined Woolworths Group in April 2019 as Managing Director of Cartology, responsible for the establishment and growth of the Group’s retail media business. In August 2025, Mike joined the Group Executive Committee with expanded responsibility to lead insights, media, and loyalty commercialisation across the Group. Prior to joining the Group Mike has held a number of executive roles at leading media businesses in Australia, New Zealand and South East Asia. Rob McCartney MANAGING DIRECTOR, WOOLWORTHS 360 Rob was appointed Managing Director of Woolworths 360 in July 2020. Prior to this, Rob held the role of Format Development Director for Australian Food. Rob is an experienced retailer and has held a number of leadership roles within 7-Eleven, Coles and Target prior to joining Woolworths Group in 2015. Carly Richards CHIEF RISK OFFICER Carly was appointed Chief Risk Officer of Woolworths Group in November 2023. Prior to this, Carly held the role of GM Risk Enablement and Compliance working in partnership to operationalise the Risk Transformation strategy for the Group. Carly has over 30 years of retail risk experience and worked for a number of organisations both locally and overseas including Argos, Target Australia and KPMG. Woolworths Group Annual Report 2026 95 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 4
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Directors’ Statutory Report This is the report of the directors of Woolworths Group Limited (the Company) in respect of the Company and the entities it controlled at the end of, or during, the financial period ended 28 June 2026 (together referred to as the Group). Principal activities The Group operates primarily in Australia and New Zealand, with 1,729 stores (F25: 1,715 stores) and approximately 209,000 employees at year‑end. The principal activities of the Group during the year were as follows: • Australian Food: procurement of food and related products for resale and provision of services to retail customers in Australia, operating 1,130 Woolworths Supermarkets and Metro. • Australian B2B: procurement and distribution of food and related products for resale to other businesses and provision of supply chain services to business customers in Australia. • New Zealand Food: procurement of food and drinks for resale and provision of services to retail customers in New Zealand, operating 181 Woolworths Supermarkets. • BIG W and Petstock: procurement of specialty retail products for resale to customers in Australia, operating 178 BIG W stores and 240 Petstock Retail stores. • The Group also has online operations for its primary trading divisions, including data analytics and consulting services. The Group has a wholesale operation which supplies a further 315 wholesale customer stores, comprising 220 stores relating to Statewide Independent Wholesalers (SIW), 81 stores relating to SuperValue and FreshChoice in New Zealand and 14 stores relating to Petstock Franchise. Meetings of directors The table below sets out the directors of the Company and their attendance at Board and Committee meetings during the financial period ended 28 June 2026. BOARD MEETINGS AUDIT & FINANCE COMMITTEE PEOPLE COMMITTEE RISK COMMITTEE SUSTAINABILITY COMMITTEE NOMINATION COMMITTEE DIRECTOR (A) (B) (A) (B) (A) (B) (A) (B) (A) (B) (A) (B) Non-executive Directors PERKINS, Scott 10 10 4 4 5 5 3 3 3 3 4 4 ALFERNESS, Jon 1 3 3 – – 2 2 1 1 – – 2 2 BRAY , Warwick2 10 10 4 4 – – 3 3 – – 4 4 BRENNER, Maxine 10 10 4 4 5 5 3 3 – – 4 4 CARR‑SMITH, Jennifer 3 10 10 – – – – 3 3 3 3 4 4 CHRONICAN, Philip 10 10 4 4 – – 3 3 – – 4 4 FELLOWS, Tracey 4 7 7 – – 3 3 – – 3 3 2 2 KRAMER, Holly 5 3 3 – – 3 3 – – 1 1 2 2 MEYER, Ken 6 8 8 – – 2 2 – – 2 2 2 2 TESIJA, Kathee 10 10 – – 5 5 – – 3 3 4 4 Executive Director BARDWELL, Amanda 10 10 – – – – – – – – – – (A) Number of scheduled meetings held during the time the director was a member of the Board or Board Committee. (B) Number of scheduled Board or Committee meetings that the director attended as a member. 1 Jon Alferness was appointed as a non-executive director on 1 March 2026 and became a member of the People and Sustainability Committees. Jon was appointed as a member of the Risk Committee and retired as a member of the Sustainability Committee effective 1 April 2026. 2 Warwick Bray became a member of the Sustainability Committee on 1 April 2026. 3 Jennifer Carr-Smith replaced Holly Kramer as the Chair of the Sustainability Committee on 31 October 2025. 4 Tracey Fellows retired as a non-executive director on 1 March 2026. 5 Holly Kramer retired as a non-executive director on 30 October 2025 following the conclusion of the 2025 Annual General Meeting. 6 Ken Meyer was appointed as a non-executive director on 1 October 2025 and became a member of the People and Sustainability Committees. Directors may attend meetings of Committees of which they are not a member. In addition to the scheduled meetings of the Board and its Committees, four additional unscheduled or special purpose Board or Sub‑Committee meetings were held during the financial period ended 28 June 2026. Furthermore, to support the preparation of the F26 Sustainability Report, the Sustainability Committee and Audit and Finance Committee convened three joint meetings in F26. These have not been included in the tables above. 96 Company secretaries Dom Millgate was appointed Group Company Secretary on 24 June 2024, having been Governance Counsel for Woolworths Group Limited since 2022. He has over 20 years’ experience in senior legal and governance roles including ASX‑listed groups with global operations, spanning retail, financial services, manufacturing and construction industries. Dom holds a Bachelor of Finance, Bachelor of Laws and Master of Laws, and is a Fellow of the Governance Institute of Australia. Michelle Hall has over 15 years’ experience in legal, governance and compliance roles, including as company secretary of a number of ASX listed entities across financial services, property and retail industries. Michelle holds a Bachelor of Business, a Bachelor of Laws, and Graduate Diplomas in Legal Practice and Applied Corporate Governance. She is a Fellow of the Governance Institute of Australia. Environmental regulation The Group’s operations are subject to a range of environmental regulations under the law of the Commonwealth of Australia and its states and territories. The Group is also subject to various state and local government food licensing requirements, and may be subject to environmental and town planning regulations incidental to the development of shopping centre sites. The Group has not incurred any significant liabilities under any environmental legislation. Directors’ and officers’ indemnity/insurance (i) The Constitution of the Company provides that the Company will indemnify to the maximum extent permitted by law, any current or former director, secretary or other officer of the Company or a wholly owned subsidiary of the Company against: (a) Any liability incurred by the person in that capacity (except a liability for legal costs); (b) Legal costs incurred in defending or resisting, or otherwise in connection with proceedings, whether civil, criminal or of an administrative or investigatory nature in which the person becomes involved because of that capacity; and (c) Legal costs incurred in good faith in obtaining legal advice on issues relevant to the performance of their functions and discharge of their duties as an officer of the Company or a wholly owned subsidiary, if the expenditure has been approved in accordance with the Company’s policy. (ii) Directors and officers of Woolworths Group Limited and certain subsidiaries have entered into a Deed of Access, Insurance and Indemnity that provides for indemnity against liability as a director or officer, except to the extent of indemnity under an insurance policy or where prohibited by statute. The Deed also entitles the director or officer to access company documents and records, subject to undertakings as to confidentiality, and to receive directors’ and officers’ insurance cover paid for by the Company. (iii) During or since the end of the financial period, the Company has paid or agreed to pay a premium in respect of a contract of insurance insuring directors and officers, and any persons who will insure these in the future, and employees of the Company and its subsidiaries, against certain liabilities incurred in that capacity. Disclosure of the total amount of the premiums and the nature of the liabilities in respect of such insurance is prohibited by the contract of insurance. Non-audit services During the period, Deloitte Touche Tohmatsu Australia, the Company’s auditor, has performed certain other services in addition to their statutory duties. The Board is satisfied that the provision of those non‑audit services during the period by the auditor is compatible with, and did not compromise, the auditor independence requirements of the Corporations Act 2001 (Cth) or as set out in Code of Conduct APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional & Ethical Standards Board, as they did not involve reviewing or auditing the auditor’s own work, acting in a management or decision making capacity for the Company, acting as an advocate for the Company or jointly sharing risks or rewards. Details of amounts paid or payable to the auditor for non‑audit services provided during the year by the auditor are outlined in Note 6.4 to the financial statements. Other information The following information, contained in other sections of this Annual Report, forms part of this Directors’ Report: • Operating and Financial Review (Performance Highlights and Business Review) details on pages 2 –49 inclusive in the Annual Report. • Details of dividends, including the Dividend Reinvestment Plan (DRP) and shares issued as a result of the DRP , as outlined in Note 4.2 and Note 4.3 to the financial statements. • Matters subsequent to the end of the financial period as outlined in Note 6.5 to the financial statements. • Directors’ interests in shares and performance rights as set out in Sections 5.2 and 5.3 of the Remuneration Report. These remain unchanged as at 26 August 2026. • Performance rights granted during the financial period as outlined in Note 6.2 to the financial statements. • Remuneration Report from pages 98 –121. • Auditor’s Independence Declaration on page 122. This Report is made in accordance with a Resolution of the Directors of the Company and is dated 26 August 2026. Scott Perkins Chair Amanda Bardwell Managing Director and Chief Executive Officer Woolworths Group Annual Report 2026 97 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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Directors’ Statutory Report This is the report of the directors of Woolworths Group Limited (the Company) in respect of the Company and the entities it controlled at the end of, or during, the financial period ended 28 June 2026 (together referred to as the Group). Principal activities The Group operates primarily in Australia and New Zealand, with 1,729 stores (F25: 1,715 stores) and approximately 209,000 employees at year‑end. The principal activities of the Group during the year were as follows: • Australian Food: procurement of food and related products for resale and provision of services to retail customers in Australia, operating 1,130 Woolworths Supermarkets and Metro. • Australian B2B: procurement and distribution of food and related products for resale to other businesses and provision of supply chain services to business customers in Australia. • New Zealand Food: procurement of food and drinks for resale and provision of services to retail customers in New Zealand, operating 181 Woolworths Supermarkets. • BIG W and Petstock: procurement of specialty retail products for resale to customers in Australia, operating 178 BIG W stores and 240 Petstock Retail stores. • The Group also has online operations for its primary trading divisions, including data analytics and consulting services. The Group has a wholesale operation which supplies a further 315 wholesale customer stores, comprising 220 stores relating to Statewide Independent Wholesalers (SIW), 81 stores relating to SuperValue and FreshChoice in New Zealand and 14 stores relating to Petstock Franchise. Meetings of directors The table below sets out the directors of the Company and their attendance at Board and Committee meetings during the financial period ended 28 June 2026. BOARD MEETINGS AUDIT & FINANCE COMMITTEE PEOPLE COMMITTEE RISK COMMITTEE SUSTAINABILITY COMMITTEE NOMINATION COMMITTEE DIRECTOR (A) (B) (A) (B) (A) (B) (A) (B) (A) (B) (A) (B) Non-executive Directors PERKINS, Scott 10 10 4 4 5 5 3 3 3 3 4 4 ALFERNESS, Jon 1 3 3 – – 2 2 1 1 – – 2 2 BRAY , Warwick2 10 10 4 4 – – 3 3 – – 4 4 BRENNER, Maxine 10 10 4 4 5 5 3 3 – – 4 4 CARR‑SMITH, Jennifer 3 10 10 – – – – 3 3 3 3 4 4 CHRONICAN, Philip 10 10 4 4 – – 3 3 – – 4 4 FELLOWS, Tracey 4 7 7 – – 3 3 – – 3 3 2 2 KRAMER, Holly 5 3 3 – – 3 3 – – 1 1 2 2 MEYER, Ken 6 8 8 – – 2 2 – – 2 2 2 2 TESIJA, Kathee 10 10 – – 5 5 – – 3 3 4 4 Executive Director BARDWELL, Amanda 10 10 – – – – – – – – – – (A) Number of scheduled meetings held during the time the director was a member of the Board or Board Committee. (B) Number of scheduled Board or Committee meetings that the director attended as a member. 1 Jon Alferness was appointed as a non-executive director on 1 March 2026 and became a member of the People and Sustainability Committees. Jon was appointed as a member of the Risk Committee and retired as a member of the Sustainability Committee effective 1 April 2026. 2 Warwick Bray became a member of the Sustainability Committee on 1 April 2026. 3 Jennifer Carr-Smith replaced Holly Kramer as the Chair of the Sustainability Committee on 31 October 2025. 4 Tracey Fellows retired as a non-executive director on 1 March 2026. 5 Holly Kramer retired as a non-executive director on 30 October 2025 following the conclusion of the 2025 Annual General Meeting. 6 Ken Meyer was appointed as a non-executive director on 1 October 2025 and became a member of the People and Sustainability Committees. Directors may attend meetings of Committees of which they are not a member. In addition to the scheduled meetings of the Board and its Committees, four additional unscheduled or special purpose Board or Sub‑Committee meetings were held during the financial period ended 28 June 2026. Furthermore, to support the preparation of the F26 Sustainability Report, the Sustainability Committee and Audit and Finance Committee convened three joint meetings in F26. These have not been included in the tables above. 96 Company secretaries Dom Millgate was appointed Group Company Secretary on 24 June 2024, having been Governance Counsel for Woolworths Group Limited since 2022. He has over 20 years’ experience in senior legal and governance roles including ASX‑listed groups with global operations, spanning retail, financial services, manufacturing and construction industries. Dom holds a Bachelor of Finance, Bachelor of Laws and Master of Laws, and is a Fellow of the Governance Institute of Australia. Michelle Hall has over 15 years’ experience in legal, governance and compliance roles, including as company secretary of a number of ASX listed entities across financial services, property and retail industries. Michelle holds a Bachelor of Business, a Bachelor of Laws, and Graduate Diplomas in Legal Practice and Applied Corporate Governance. She is a Fellow of the Governance Institute of Australia. Environmental regulation The Group’s operations are subject to a range of environmental regulations under the law of the Commonwealth of Australia and its states and territories. The Group is also subject to various state and local government food licensing requirements, and may be subject to environmental and town planning regulations incidental to the development of shopping centre sites. The Group has not incurred any significant liabilities under any environmental legislation. Directors’ and officers’ indemnity/insurance (i) The Constitution of the Company provides that the Company will indemnify to the maximum extent permitted by law, any current or former director, secretary or other officer of the Company or a wholly owned subsidiary of the Company against: (a) Any liability incurred by the person in that capacity (except a liability for legal costs); (b) Legal costs incurred in defending or resisting, or otherwise in connection with proceedings, whether civil, criminal or of an administrative or investigatory nature in which the person becomes involved because of that capacity; and (c) Legal costs incurred in good faith in obtaining legal advice on issues relevant to the performance of their functions and discharge of their duties as an officer of the Company or a wholly owned subsidiary, if the expenditure has been approved in accordance with the Company’s policy. (ii) Directors and officers of Woolworths Group Limited and certain subsidiaries have entered into a Deed of Access, Insurance and Indemnity that provides for indemnity against liability as a director or officer, except to the extent of indemnity under an insurance policy or where prohibited by statute. The Deed also entitles the director or officer to access company documents and records, subject to undertakings as to confidentiality, and to receive directors’ and officers’ insurance cover paid for by the Company. (iii) During or since the end of the financial period, the Company has paid or agreed to pay a premium in respect of a contract of insurance insuring directors and officers, and any persons who will insure these in the future, and employees of the Company and its subsidiaries, against certain liabilities incurred in that capacity. Disclosure of the total amount of the premiums and the nature of the liabilities in respect of such insurance is prohibited by the contract of insurance. Non-audit services During the period, Deloitte Touche Tohmatsu Australia, the Company’s auditor, has performed certain other services in addition to their statutory duties. The Board is satisfied that the provision of those non‑audit services during the period by the auditor is compatible with, and did not compromise, the auditor independence requirements of the Corporations Act 2001 (Cth) or as set out in Code of Conduct APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional & Ethical Standards Board, as they did not involve reviewing or auditing the auditor’s own work, acting in a management or decision making capacity for the Company, acting as an advocate for the Company or jointly sharing risks or rewards. Details of amounts paid or payable to the auditor for non‑audit services provided during the year by the auditor are outlined in Note 6.4 to the financial statements. Other information The following information, contained in other sections of this Annual Report, forms part of this Directors’ Report: • Operating and Financial Review (Performance Highlights and Business Review) details on pages 2 –49 inclusive in the Annual Report. • Details of dividends, including the Dividend Reinvestment Plan (DRP) and shares issued as a result of the DRP , as outlined in Note 4.2 and Note 4.3 to the financial statements. • Matters subsequent to the end of the financial period as outlined in Note 6.5 to the financial statements. • Directors’ interests in shares and performance rights as set out in Sections 5.2 and 5.3 of the Remuneration Report. These remain unchanged as at 26 August 2026. • Performance rights granted during the financial period as outlined in Note 6.2 to the financial statements. • Remuneration Report from pages 98 –121. • Auditor’s Independence Declaration on page 122. This Report is made in accordance with a Resolution of the Directors of the Company and is dated 26 August 2026. Scott Perkins Chair Amanda Bardwell Managing Director and Chief Executive Officer Woolworths Group Annual Report 2026 97 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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driven largely by sales momentum in Australian Food. Group Sales achieved an outcome between Entry and Target, despite lower than expected results in the New Zealand business. Group EBIT was between Target and Stretch, enabled through the Group’s productivity focus, with benefits flowing to our customers through price investment. Working Capital Days landed between Entry and Target with intentional build up of inventory in Australian Food, New Zealand Food and BIG W to support availability, partially offset by increased payables. Customer Satisfaction (VOC NPS) showed good improvements across the Group, responding to our investment in value and customer experience, ending the year at Stretch. Driven by our ongoing focus on material risk management, proactive injury prevention and early care utilisation, two of the three Safety metrics – TRIFR and High Potential (HiPo) Learning Events – achieved Stretch outcomes while the third metric, Injury Severity Score (ISS), achieved an outcome between Target and Stretch. F26 Reward Outcome: LTI There was no vesting under the F24–26 Woolworths Group Incentive Share Plan (WISP). Performance did not meet Entry for the three metrics – Relative Total Shareholder Return (rTSR), Return on Funds Employed (ROFE) and Reputation. This is the third consecutive year with no LTI vesting. Accelerator Incentive Tranche 2 Outcome In January 2025, the Board introduced a targeted, one-off Accelerator Incentive for select senior leaders (excluding the CEO) with the strategic goal of reviewing our operating model to streamline decision making, increase focus and establish a lower cost base within the Group. As reported last year, Tranche 1 of this incentive was tied to F25 H2 EBIT and simplification initiatives and achieved a 50% payout at the end of F25. Tranche 2 was linked to Cost of Doing Business as a percentage of Sales (CODB%, weighted 50%), Voice of Customer – ‘Value for Money’ (weighted 25%) and Voice of Team – ‘Action Taken on Feedback’ (weighted 25%). On completion of the performance period ending 30 June 2026, Tranche 2, delivered in performance share rights, vested at 78.4% of Maximum or 130.9% of Target. The result reflects solid progress across all three performance metrics. CODB% was between Target and Stretch with a substantial improvement against the prior year, driven by a focus on productivity and above-store cost savings. Value for Money showed a solid improvement with an outcome between Target and Stretch reflecting the priority placed on providing value to our customers in a highly competitive market. Voice of Team – Action Taken on Feedback landed between Entry and Target. Despite positive sentiment toward local leadership, this outcome was negatively impacted by significant Group-wide changes. The Board carefully assessed the merits of this one-off award and was satisfied this incentive successfully drove necessary and urgent changes outside the standard reward framework. These changes have delivered a stronger, leaner organisation and materially contributed to our improved performance. Update on Federal Court Proceedings In September 2025, the Federal Court of Australia delivered its decision regarding historical underpayments of salaried store team leaders covered by the General Retail Industry Award. The Group recognised an additional provision of $730 million (before tax) during the period to cover further potential remediation, interest, superannuation and payroll tax. Final declarations have not yet been made by the Court. The Group applied adjustments in F20 1 and F22 2 to executive remuneration outcomes in response to the team member underpayments. Considering the judgement in September 2025 and the substantial historical adjustments already implemented, on the basis of currently available information the Board has determined that for F26 no further executive remuneration adjustments are currently required, but the Board will continue to Remuneration Report contents 1 F26 Remuneration at a glance 100 2 Executive KMP remuneration 103 3 Governance 112 4 Non-executive directors’ arrangements 116 5 KMP statutory disclosures 117 Dear shareholders, On behalf of the Board, I present our Remuneration Report for F26. This has been a year of strong operational momentum for the Group aided by a focus on retail fundamentals, including delivering reliable value, improved availability, and greater convenience for our customers. We achieved progress against the backdrop of a complex operating environment across Australia and New Zealand characterised by persistent cost-of- living pressures, declining consumer confidence, heightened competition, and broader macroeconomic and geopolitical uncertainties. Through targeted productivity initiatives and sustained investment in our customer offer, the Group delivered meaningful improvements in customer advocacy (VOC NPS) and robust sales growth, particularly in Australian Food, resulting in improved underlying earnings. We have determined remuneration outcomes for F26 in line with our remuneration principles designed to deliver outcomes aligned with shareholder experience. F26 Reward Outcome: STI The STI scorecard outcome for F26 was 77.2% of Maximum or 115.9% of Target. This result reflects an improved trading performance during the period, 1 (a) The CEO and CPO voluntarily forfeited 100% of their STI. (b) The Group Executive Committee received a 10 percentage point reduction in their STI. (c) In-year remediation costs were also applied in the calculation of the ROFE in the F18–20 Transformation Incentive Plan (TIP). (d) The Board Chair reduced his fees by 20%. 2 Incentive outcomes adjusted downwards following identification of further remediation costs. Remuneration Report 98 (TFR) and a 9.5% TFR increase for MD of Woolworths Retail, Annette Karantoni, bringing their TFR to $2.215 million and $1.150 million respectively, effective 1 September 2026. Consistent with the Group’s remuneration policy for newly appointed executives, both Ms Bardwell and Ms Karantoni had their initial TFR on appointment set below the market median. The increases for F27 represent a measured step towards progressively aligning pay with the market median to ensure executive remuneration is appropriately positioned relative to our market peers, with whom we compete for key talent. Furthermore, following a review of annual non-executive director (NED) fees, effective 1 September 2026, the Board Chair and member fees will increase by 2%. This will be the first increase for the Board Chair fee since F23 and Board member fee since F24. In Summary We are committed to remuneration outcomes that appropriately reflect our business performance and the interests of our customers and our shareholders. In F27, our Executive Team will be focused on our Group-wide initiative to create a more efficient and resilient business. We will continue to invest in lower prices, better experiences, and greater convenience for our customers to enable long-term value creation for shareholders. Thank you for your continued support and investment in Woolworths Group. Yours sincerely, Maxine Brenne r Chair – People Committee Who is covered by this report? This report outlines Woolworths Group’s remuneration framework and the outcomes for the year ended 28 June 2026 for Key Management Personnel (KMP). KMP have the authority and responsibility for planning, directing and controlling the activities of Woolworths Group. F26 KMP are: NAME POSITION APPOINTED TERM AS KMP PEOPLE COMMITTEE Current Non-executive KMP Scott Perkins 1 Chair 26 Oct 2022 Full year Jon Alferness 2 Non-executive director 1 Mar 2026 Part year - Warwick Bray Non-executive director 1 Mar 2023 Full year – Maxine Brenner Non-executive director 1 Dec 2020 Full year Chair Jennifer Carr-Smith Non-executive director 17 May 2019 Full year –- Philip Chronican Non-executive director 1 Oct 2021 Full year – Ken Meyer 2 Non-executive director 1 Oct 2025 Part year - Kathryn Tesija Non-executive director 9 May 2016 Full year - Former Tracey Fellows 3 Non-executive director 1 Mar 2023 to 1 March 2026 Part year - Holly Kramer 3 Non-executive director 8 Feb 2016 to 30 Oct 2025 Part year - Executive KMP Amanda Bardwell 4 Managing Director & CEO 1 Sep 2024 Full year Stephen Harrison Chief Financial Officer 1 Aug 2019 Full year Annette Karantoni Managing Director, Woolworths Retail 1 Mar 2025 Full year 1 Mr Perkins was appointed to the Board on 1 September 2014. 2 Mr Alferness and Mr Meyer were appointed to the Board on 1 March 2026 and 1 October 2025, respectively. 3 Ms Fellows and Ms Kramer retired from the Board and ceased as KMP on 1 March 2026 and 30 October 2025, respectively. 4 Ms Bardwell became KMP on 28 June 2021. monitor any material developments. The Group’s focus is now on finalising any remaining historical payments to team members. Regarding the proceedings before the Federal Court in relation to the ACCC’s action concerning supplier -driven cost increases leading to customer price increases, no decision has been received by Woolworths at this time. The Board will consider the outcome of this matter once a decision is received from the Court. F27 Outlook During F26, the Board reviewed the remuneration framework to test its ongoing effectiveness in supporting the Group’s strategy. While no major changes are proposed to the underlying structure, in F27 we are increasing the emphasis on the metrics that best align with our strategy. The STI scorecard will maintain a 60% weighting towards our core financial metrics. We are, however, replacing Working Capital Days with CODB% as our primary ‘Efficiency’ measure which is an actionable and relatable metric for our leaders. This additional weighting to CODB% reflects the critical importance of productivity and cost discipline to Group strategy, ensuring the Group continues to invest in customer value. The remaining 40% of the STI scorecard focuses on strategic metrics that drive our longer-term success. These metrics remain unchanged and will continue to be equally weighted between Customer Satisfaction and Safety. We are also simplifying our LTI structure in line with shareholder feedback, directly aligning the LTI to financial performance and sustainable long-term shareholder value creation. Accordingly, moving forward, we are increasing the weightings of both rTSR and ROFE metrics to 50% each and removing the RepTrak metric. RepTrak remains in place for on-foot awards vesting through F28. Our strategic roadmap for F28 and beyond includes the progressive evolution of our STI scorecard to further strengthen customer focus and operational efficiency. The Board has approved a 3.0% increase to MD and CEO Amanda Bardwell’s Total Fixed Remuneration Woolworths Group Annual Report 2026 99 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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driven largely by sales momentum in Australian Food. Group Sales achieved an outcome between Entry and Target, despite lower than expected results in the New Zealand business. Group EBIT was between Target and Stretch, enabled through the Group’s productivity focus, with benefits flowing to our customers through price investment. Working Capital Days landed between Entry and Target with intentional build up of inventory in Australian Food, New Zealand Food and BIG W to support availability, partially offset by increased payables. Customer Satisfaction (VOC NPS) showed good improvements across the Group, responding to our investment in value and customer experience, ending the year at Stretch. Driven by our ongoing focus on material risk management, proactive injury prevention and early care utilisation, two of the three Safety metrics – TRIFR and High Potential (HiPo) Learning Events – achieved Stretch outcomes while the third metric, Injury Severity Score (ISS), achieved an outcome between Target and Stretch. F26 Reward Outcome: LTI There was no vesting under the F24–26 Woolworths Group Incentive Share Plan (WISP). Performance did not meet Entry for the three metrics – Relative Total Shareholder Return (rTSR), Return on Funds Employed (ROFE) and Reputation. This is the third consecutive year with no LTI vesting. Accelerator Incentive Tranche 2 Outcome In January 2025, the Board introduced a targeted, one-off Accelerator Incentive for select senior leaders (excluding the CEO) with the strategic goal of reviewing our operating model to streamline decision making, increase focus and establish a lower cost base within the Group. As reported last year, Tranche 1 of this incentive was tied to F25 H2 EBIT and simplification initiatives and achieved a 50% payout at the end of F25. Tranche 2 was linked to Cost of Doing Business as a percentage of Sales (CODB%, weighted 50%), Voice of Customer – ‘Value for Money’ (weighted 25%) and Voice of Team – ‘Action Taken on Feedback’ (weighted 25%). On completion of the performance period ending 30 June 2026, Tranche 2, delivered in performance share rights, vested at 78.4% of Maximum or 130.9% of Target. The result reflects solid progress across all three performance metrics. CODB% was between Target and Stretch with a substantial improvement against the prior year, driven by a focus on productivity and above-store cost savings. Value for Money showed a solid improvement with an outcome between Target and Stretch reflecting the priority placed on providing value to our customers in a highly competitive market. Voice of Team – Action Taken on Feedback landed between Entry and Target. Despite positive sentiment toward local leadership, this outcome was negatively impacted by significant Group-wide changes. The Board carefully assessed the merits of this one-off award and was satisfied this incentive successfully drove necessary and urgent changes outside the standard reward framework. These changes have delivered a stronger, leaner organisation and materially contributed to our improved performance. Update on Federal Court Proceedings In September 2025, the Federal Court of Australia delivered its decision regarding historical underpayments of salaried store team leaders covered by the General Retail Industry Award. The Group recognised an additional provision of $730 million (before tax) during the period to cover further potential remediation, interest, superannuation and payroll tax. Final declarations have not yet been made by the Court. The Group applied adjustments in F20 1 and F22 2 to executive remuneration outcomes in response to the team member underpayments. Considering the judgement in September 2025 and the substantial historical adjustments already implemented, on the basis of currently available information the Board has determined that for F26 no further executive remuneration adjustments are currently required, but the Board will continue to Remuneration Report contents 1 F26 Remuneration at a glance 100 2 Executive KMP remuneration 103 3 Governance 112 4 Non-executive directors’ arrangements 116 5 KMP statutory disclosures 117 Dear shareholders, On behalf of the Board, I present our Remuneration Report for F26. This has been a year of strong operational momentum for the Group aided by a focus on retail fundamentals, including delivering reliable value, improved availability, and greater convenience for our customers. We achieved progress against the backdrop of a complex operating environment across Australia and New Zealand characterised by persistent cost-of- living pressures, declining consumer confidence, heightened competition, and broader macroeconomic and geopolitical uncertainties. Through targeted productivity initiatives and sustained investment in our customer offer, the Group delivered meaningful improvements in customer advocacy (VOC NPS) and robust sales growth, particularly in Australian Food, resulting in improved underlying earnings. We have determined remuneration outcomes for F26 in line with our remuneration principles designed to deliver outcomes aligned with shareholder experience. F26 Reward Outcome: STI The STI scorecard outcome for F26 was 77.2% of Maximum or 115.9% of Target. This result reflects an improved trading performance during the period, 1 (a) The CEO and CPO voluntarily forfeited 100% of their STI. (b) The Group Executive Committee received a 10 percentage point reduction in their STI. (c) In-year remediation costs were also applied in the calculation of the ROFE in the F18–20 Transformation Incentive Plan (TIP). (d) The Board Chair reduced his fees by 20%. 2 Incentive outcomes adjusted downwards following identification of further remediation costs. Remuneration Report 98 (TFR) and a 9.5% TFR increase for MD of Woolworths Retail, Annette Karantoni, bringing their TFR to $2.215 million and $1.150 million respectively, effective 1 September 2026. Consistent with the Group’s remuneration policy for newly appointed executives, both Ms Bardwell and Ms Karantoni had their initial TFR on appointment set below the market median. The increases for F27 represent a measured step towards progressively aligning pay with the market median to ensure executive remuneration is appropriately positioned relative to our market peers, with whom we compete for key talent. Furthermore, following a review of annual non-executive director (NED) fees, effective 1 September 2026, the Board Chair and member fees will increase by 2%. This will be the first increase for the Board Chair fee since F23 and Board member fee since F24. In Summary We are committed to remuneration outcomes that appropriately reflect our business performance and the interests of our customers and our shareholders. In F27, our Executive Team will be focused on our Group-wide initiative to create a more efficient and resilient business. We will continue to invest in lower prices, better experiences, and greater convenience for our customers to enable long-term value creation for shareholders. Thank you for your continued support and investment in Woolworths Group. Yours sincerely, Maxine Brenne r Chair – People Committee Who is covered by this report? This report outlines Woolworths Group’s remuneration framework and the outcomes for the year ended 28 June 2026 for Key Management Personnel (KMP). KMP have the authority and responsibility for planning, directing and controlling the activities of Woolworths Group. F26 KMP are: NAME POSITION APPOINTED TERM AS KMP PEOPLE COMMITTEE Current Non-executive KMP Scott Perkins 1 Chair 26 Oct 2022 Full year Jon Alferness 2 Non-executive director 1 Mar 2026 Part year - Warwick Bray Non-executive director 1 Mar 2023 Full year – Maxine Brenner Non-executive director 1 Dec 2020 Full year Chair Jennifer Carr-Smith Non-executive director 17 May 2019 Full year –- Philip Chronican Non-executive director 1 Oct 2021 Full year – Ken Meyer 2 Non-executive director 1 Oct 2025 Part year - Kathryn Tesija Non-executive director 9 May 2016 Full year - Former Tracey Fellows 3 Non-executive director 1 Mar 2023 to 1 March 2026 Part year - Holly Kramer 3 Non-executive director 8 Feb 2016 to 30 Oct 2025 Part year - Executive KMP Amanda Bardwell 4 Managing Director & CEO 1 Sep 2024 Full year Stephen Harrison Chief Financial Officer 1 Aug 2019 Full year Annette Karantoni Managing Director, Woolworths Retail 1 Mar 2025 Full year 1 Mr Perkins was appointed to the Board on 1 September 2014. 2 Mr Alferness and Mr Meyer were appointed to the Board on 1 March 2026 and 1 October 2025, respectively. 3 Ms Fellows and Ms Kramer retired from the Board and ceased as KMP on 1 March 2026 and 30 October 2025, respectively. 4 Ms Bardwell became KMP on 28 June 2021. monitor any material developments. The Group’s focus is now on finalising any remaining historical payments to team members. Regarding the proceedings before the Federal Court in relation to the ACCC’s action concerning supplier -driven cost increases leading to customer price increases, no decision has been received by Woolworths at this time. The Board will consider the outcome of this matter once a decision is received from the Court. F27 Outlook During F26, the Board reviewed the remuneration framework to test its ongoing effectiveness in supporting the Group’s strategy. While no major changes are proposed to the underlying structure, in F27 we are increasing the emphasis on the metrics that best align with our strategy. The STI scorecard will maintain a 60% weighting towards our core financial metrics. We are, however, replacing Working Capital Days with CODB% as our primary ‘Efficiency’ measure which is an actionable and relatable metric for our leaders. This additional weighting to CODB% reflects the critical importance of productivity and cost discipline to Group strategy, ensuring the Group continues to invest in customer value. The remaining 40% of the STI scorecard focuses on strategic metrics that drive our longer-term success. These metrics remain unchanged and will continue to be equally weighted between Customer Satisfaction and Safety. We are also simplifying our LTI structure in line with shareholder feedback, directly aligning the LTI to financial performance and sustainable long-term shareholder value creation. Accordingly, moving forward, we are increasing the weightings of both rTSR and ROFE metrics to 50% each and removing the RepTrak metric. RepTrak remains in place for on-foot awards vesting through F28. Our strategic roadmap for F28 and beyond includes the progressive evolution of our STI scorecard to further strengthen customer focus and operational efficiency. The Board has approved a 3.0% increase to MD and CEO Amanda Bardwell’s Total Fixed Remuneration Woolworths Group Annual Report 2026 99 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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Our purpose: We create better experiences together for a better tomorrow Medium-term strategic priorities Become first choice for the Freshest Australian Food Improve returns in NZ Food and BIG W Grow complementary businesses and services Remuneration principles Objective: Support our strategic priorities Reinforce our purpose, customer 1st team 1st strategy and ways of working Attract, retain and enable the skills and capabilities needed now and in the future Recognise differentiated contributions towards common objectives based on impact Drive sustainable value creation supported by responsible decision-making Be simple, aligned, and easily understood 1 F26 Remuneration at a glance 1.1 Alignment of remuneration framework to our strategic priorities Our remuneration framework is designed to support Woolworths Group’s strategy. This connection is embedded in our variable remuneration components, with performance metrics and hurdles aligned with our strategic priorities. As we operate in a dynamic and rapidly evolving market, we regularly review this alignment so that it continues to support our business objectives. The changes to our F27 remuneration framework will ensure that our leadership team remains focused on creating long-term, sustainable value for our shareholders (see Section 2.5). Remuneration governance In delivering remuneration outcomes to team members, the Board may apply discretion to deliver appropriate outcomes for our shareholders, customers and team. The Board reviews People Committee (PC) recommendations based on the CEO’s proposals for Group and individual performance and incentive outcomes. This review incorporates advice from the Chief Legal Officer, Chief Risk Officer, Chief People Officer and General Manager Internal Audit, as well as consultation with Committee Chairs and all directors. Remuneration Report 100 F26 remuneration framework 1.1 Alignment of remuneration framework to our strategic priorities (continued) Our remuneration framework supports the Group strategy 1.2 F26 executive KMP remuneration mix What is the remuneration mix for executive KMP? A consistent remuneration mix applies for all executive KMP. It is heavily weighted towards variable remuneration, with performance-based pay contributing 67% of total target mix, and 50% of total target reward delivered in deferred equity. Total Target Mix Performance based TFR 33.4% Target STI 33.3% (100% of TFR) Target LTI 33.3% (100% of TFR) 16.65% cash 16.65% deferred share rights (DSTI) Performance rights Total Maximum Mix Performance based TFR 23.8% Maximum STI 35.7% (150% of TFR) Maximum LTI 40.5% (170% of TFR) 17.85% cash 17.85% deferred share rights (DSTI) Performance rights Total Fixed Remuneration (TFR) Base salary, superannuation and car allowance TFR is set in relation to the external market and considers strategic value, size and complexity of the role, individual responsibilities, and experience and skills. TFR is positioned so that total target remuneration (TTR) is around the median of our comparator group of ASX 25 organisations, with additional reference to major national and international retailers as appropriate. Generally, a newly appointed executive developing in the role will have their TTR positioned below the median and as they develop skills and experience in the role, their pay may progress beyond the median position. Short-Term Incentive (STI) 50% of the STI delivered in cash and the remaining 50% deferred as share rights for two years The STI awards executives for annual business performance measured through a balanced scorecard with 60% weighted on financial and 40% on strategic objectives, and their individual contribution. The balanced scorecard has five equally weighted metrics (20% each) – Sales, Earnings Before Interest and Tax (EBIT) before significant items, Working Capital Days, Customer Satisfaction and Safety. Individual performance is assessed against strategic goals, ways of leading and working and our core values. Long-Term Incentive (L TI) Performance rights vesting based on Group performance over three years The LTI aligns executives to overall company performance through three metrics focused on strategic business drivers and long-term shareholder return – Relative Total Shareholder Return (40%), Return on Funds Employed (40%) and Reputation (20%). Equity Equity One-off Accelerator Incentive Tranche 1 (33%) delivered in cash based on performance over six months to 30 June 2025 and Tranche 2 (67%) delivered in performance share rights with vesting based on performance to 30 June 2026, with total opportunity equal to 100% of TFR as at 1 December 2024 As outlined in our F25 report, distinct from our enduring STI and LTI plans, this one-off award was introduced for select senior leaders (excluding the CEO) in January 2025 to drive critical transformation amid significant operational challenges and leadership changes. Building on the foundational Support Office simplification achieved in Tranche 1 (assessed at the end of F25), Tranche 2 focused on accelerating our momentum through F26 to deliver targeted improvements across our cost base, customer value and team metrics. F25 Remuneration at a glance 1 Woolworths Group Annual Report 2026 101 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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Our purpose: We create better experiences together for a better tomorrow Medium-term strategic priorities Become first choice for the Freshest Australian Food Improve returns in NZ Food and BIG W Grow complementary businesses and services Remuneration principles Objective: Support our strategic priorities Reinforce our purpose, customer 1st team 1st strategy and ways of working Attract, retain and enable the skills and capabilities needed now and in the future Recognise differentiated contributions towards common objectives based on impact Drive sustainable value creation supported by responsible decision-making Be simple, aligned, and easily understood 1 F26 Remuneration at a glance 1.1 Alignment of remuneration framework to our strategic priorities Our remuneration framework is designed to support Woolworths Group’s strategy. This connection is embedded in our variable remuneration components, with performance metrics and hurdles aligned with our strategic priorities. As we operate in a dynamic and rapidly evolving market, we regularly review this alignment so that it continues to support our business objectives. The changes to our F27 remuneration framework will ensure that our leadership team remains focused on creating long-term, sustainable value for our shareholders (see Section 2.5). Remuneration governance In delivering remuneration outcomes to team members, the Board may apply discretion to deliver appropriate outcomes for our shareholders, customers and team. The Board reviews People Committee (PC) recommendations based on the CEO’s proposals for Group and individual performance and incentive outcomes. This review incorporates advice from the Chief Legal Officer, Chief Risk Officer, Chief People Officer and General Manager Internal Audit, as well as consultation with Committee Chairs and all directors. Remuneration Report 100 F26 remuneration framework 1.1 Alignment of remuneration framework to our strategic priorities (continued) Our remuneration framework supports the Group strategy 1.2 F26 executive KMP remuneration mix What is the remuneration mix for executive KMP? A consistent remuneration mix applies for all executive KMP. It is heavily weighted towards variable remuneration, with performance-based pay contributing 67% of total target mix, and 50% of total target reward delivered in deferred equity. Total Target Mix Performance based TFR 33.4% Target STI 33.3% (100% of TFR) Target LTI 33.3% (100% of TFR) 16.65% cash 16.65% deferred share rights (DSTI) Performance rights Total Maximum Mix Performance based TFR 23.8% Maximum STI 35.7% (150% of TFR) Maximum LTI 40.5% (170% of TFR) 17.85% cash 17.85% deferred share rights (DSTI) Performance rights Total Fixed Remuneration (TFR) Base salary, superannuation and car allowance TFR is set in relation to the external market and considers strategic value, size and complexity of the role, individual responsibilities, and experience and skills. TFR is positioned so that total target remuneration (TTR) is around the median of our comparator group of ASX 25 organisations, with additional reference to major national and international retailers as appropriate. Generally, a newly appointed executive developing in the role will have their TTR positioned below the median and as they develop skills and experience in the role, their pay may progress beyond the median position. Short-Term Incentive (STI) 50% of the STI delivered in cash and the remaining 50% deferred as share rights for two years The STI awards executives for annual business performance measured through a balanced scorecard with 60% weighted on financial and 40% on strategic objectives, and their individual contribution. The balanced scorecard has five equally weighted metrics (20% each) – Sales, Earnings Before Interest and Tax (EBIT) before significant items, Working Capital Days, Customer Satisfaction and Safety. Individual performance is assessed against strategic goals, ways of leading and working and our core values. Long-Term Incentive (L TI) Performance rights vesting based on Group performance over three years The LTI aligns executives to overall company performance through three metrics focused on strategic business drivers and long-term shareholder return – Relative Total Shareholder Return (40%), Return on Funds Employed (40%) and Reputation (20%). Equity Equity One-off Accelerator Incentive Tranche 1 (33%) delivered in cash based on performance over six months to 30 June 2025 and Tranche 2 (67%) delivered in performance share rights with vesting based on performance to 30 June 2026, with total opportunity equal to 100% of TFR as at 1 December 2024 As outlined in our F25 report, distinct from our enduring STI and LTI plans, this one-off award was introduced for select senior leaders (excluding the CEO) in January 2025 to drive critical transformation amid significant operational challenges and leadership changes. Building on the foundational Support Office simplification achieved in Tranche 1 (assessed at the end of F25), Tranche 2 focused on accelerating our momentum through F26 to deliver targeted improvements across our cost base, customer value and team metrics. F25 Remuneration at a glance 1 Woolworths Group Annual Report 2026 101 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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1.3 Link between performance and remuneration received Group five-year performance summary Short-term measures Long-term measures Sales 1 $M EBIT 1,2 $M Annual TSR % Group ROFE 1 % Group 14.9 15.7 13.7 16.4 13.7 14.7 -12.7 -4.0 33.0 -2.3 26262625242322F: 2625242322F: 64,294 67,922 69,077 71,539 2625242322F: 60,849 3,116 3,223 2,754 3,105 2,690 2625242322F: 2625242322F: 14.9 15.7 13.7 16.4 13.7 14.7 -12.7 -4.0 33.0 -2.3 26262625242322F: 2625242322F: 64,294 67,922 69,077 71,539 2625242322F: 60,849 3,116 3,223 2,754 3,105 2,690 2625242322F: 2625242322F: 14.9 15.7 13.7 16.4 13.7 14.7 -12.7 -4.0 33.0 -2.3 26262625242322F: 2625242322F: 64,294 67,922 69,077 71,539 2625242322F: 60,849 3,116 3,223 2,754 3,105 2,690 2625242322F: 2625242322F: 14.9 15.7 13.7 16.4 13.7 14.7 -12.7 -4.0 33.0 -2.3 26262625242322F: 2625242322F: 64,294 67,922 69,077 71,539 2625242322F: 60,849 3,116 3,223 2,754 3,105 2,690 2625242322F: 2625242322F: STI and L TI outcomes F22 F23 F24 F25 F26 STI (% of Maximum) 46.7 3 53.2 4 34.2 40.4 77. 2 STI (% of Target) 70.0 3 79.8 4 51.3 60.6 115.9 LTI (% of Maximum) 66.7 49.9 – – – Woolworths Group ordinary share price closing ($) 35.46 39.86 33.79 31.14 40.24 Woolworths Group dividend (cents per share) 5 92 104 144 84 97 1 F24 Sales, EBIT and ROFE were reported on a 53-week basis as outlined in the 2024 Financial Report. 2 EBIT before significant items. Refer to Note 2.2 for a reconciliation to statutory net profit after tax. 3 Adjusted scorecard outcome. Board exercised its discretion to set the Working Capital Days metric to Entry. 4 Adjusted scorecard outcome. A 10% point safety related discretionary reduction was applied to the F23 Group STI scorecard outcome from 89.8% to 79.8% of Target. In F25, a further 20% point safety related discretionary adjustment was applied to the overall F23 STI scorecard outcome for Ms Karantoni through lapsing of 50.1% of her F23 DSTI. 5 Interim and final dividends paid in relation to the financial year. F24 includes a special dividend of 40 cents per share. F26 executive KMP remuneration received The table below presents the remuneration actually paid during, or vesting at the conclusion of F26, for executive KMP. This differs from the executive KMP statutory disclosures in Section 5.1, which presents remuneration in accordance with statutory obligations and accounting standards. EXECUTIVE KMP TOTAL FIXED REMUNERATION $ F26 CASH STI $ VESTED F24 DSTI $ 1 VESTED F24–26 LTI $ ACCELERATOR INCENTIVE EQUITY T2 $ 1 TOTAL $ Amanda Bardwell Managing Director & CEO 2,150,000 1,370,045 357,135 – – 3,877,180 Stephen Harrison Chief Financial Officer 1,300,000 753,090 360,686 – 825,788 3,239,564 Annette Karantoni Managing Director – Woolworths Retail 1,050,000 669,092 280,050 – 588,788 2, 5 87, 93 0 1 Vested F24 DSTI and F25 Accelerator Incentive Tranche 2 is based on the five-day volume weighted average price (VWAP) of Woolworths Group shares up to and including 1 July 2026 ($39.8989) and includes Dividend Equivalent Rights on vested share rights allocated at the time of vesting. Remuneration Report 102 2 Executive KMP remuneration 2.1 Short-term incentive Our approach and rationale: F26 short-term incentive We believe that consistent STI metrics from the CEO through to our store teams is an important recognition of the shared accountability for performance at Woolworths Group. All metrics and targets are reviewed annually so that STI drives the right outcomes each year. Individual STI outcomes consider business performance against the STI scorecard, individual contribution to these results, ways of working and core values. Assessing business performance: The STI balanced scorecard reflects a mix of metrics, with 60% weighting on financial metrics and 40% weighting on strategic metrics. Five equally weighted business scorecard metrics drive outcomes for shareholders, customers and our team: Sales EBIT 1 Working Capital Days Customer Satisfaction Safety Sales, EBIT 1 and Working Capital Days Sales, EBIT 1 and Working Capital Days performance are all key financial performance metrics used to measure value creation for our shareholders. Through these metrics, we work towards improving all elements of our financial performance, including the productivity of store selling space, the efficiency of our stores, supply chain and overall management of costs and effective inventory and cash flow management. Customer Satisfaction Our strategy is underpinned by customer experiences and success is dependent on delivering convenient ways to shop and competitive prices for customers so they continue to choose us over our competitors. Our online platforms are key to delivering new and improved ways in which customers can shop with us. Customer feedback is measured using Voice of Customer Net Promoter Score (VOC NPS), based on 12-month rolling average outcomes. Outcomes are weighted 30% to eCommerce customers and 70% to in-store customers. Scores reflect outcomes across the Group, weighted 70% to Australian Food, 10% to New Zealand Food, 10% to BIG W and 10% to Everyday. Safety Our Safety performance is measured by three components, providing a balanced focus on risk reduction, injury prevention, and organisational learning and improvement. Total Recordable Injury Frequency Rate (TRIFR) measures the frequency of injuries, and the effectiveness of our injury prevention initiatives. It is calculated on the number of recordable injuries (those requiring medical treatment, restrictions at work, or lost time) that happen for every million hours worked by our team. The Injury Severity Score (ISS) measures the severity of injuries. It is calculated using weighted scores for medical treatment, restrictions at work, or lost time, with lost time weighted the highest. It uses the same approach as TRIFR with calculation based on every million hours worked by our team. HiPo Learning Events serve as a lead indicator to focus on learning from high potential incidents that can cause serious or fatal harm. This metric assesses the successful delivery and effectiveness of Group-wide HiPo learning sessions. It ensures the knowledge gained is considered and applied throughout the organisation, driving continuous improvement and proactive risk reduction across the Group by addressing potential issues before they lead to severe outcomes. The overall Safety performance outcome is subject to a fatality gateway. 1 Before significant items. Executive KMP remuneration 2Executive KMP remuneration 2 Woolworths Group Annual Report 2026 103 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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1.3 Link between performance and remuneration received Group five-year performance summary Short-term measures Long-term measures Sales 1 $M EBIT 1,2 $M Annual TSR % Group ROFE 1 % Group 14.9 15.7 13.7 16.4 13.7 14.7 -12.7 -4.0 33.0 -2.3 26262625242322F: 2625242322F: 64,294 67,922 69,077 71,539 2625242322F: 60,849 3,116 3,223 2,754 3,105 2,690 2625242322F: 2625242322F: 14.9 15.7 13.7 16.4 13.7 14.7 -12.7 -4.0 33.0 -2.3 26262625242322F: 2625242322F: 64,294 67,922 69,077 71,539 2625242322F: 60,849 3,116 3,223 2,754 3,105 2,690 2625242322F: 2625242322F: 14.9 15.7 13.7 16.4 13.7 14.7 -12.7 -4.0 33.0 -2.3 26262625242322F: 2625242322F: 64,294 67,922 69,077 71,539 2625242322F: 60,849 3,116 3,223 2,754 3,105 2,690 2625242322F: 2625242322F: 14.9 15.7 13.7 16.4 13.7 14.7 -12.7 -4.0 33.0 -2.3 26262625242322F: 2625242322F: 64,294 67,922 69,077 71,539 2625242322F: 60,849 3,116 3,223 2,754 3,105 2,690 2625242322F: 2625242322F: STI and L TI outcomes F22 F23 F24 F25 F26 STI (% of Maximum) 46.7 3 53.2 4 34.2 40.4 77. 2 STI (% of Target) 70.0 3 79.8 4 51.3 60.6 115.9 LTI (% of Maximum) 66.7 49.9 – – – Woolworths Group ordinary share price closing ($) 35.46 39.86 33.79 31.14 40.24 Woolworths Group dividend (cents per share) 5 92 104 144 84 97 1 F24 Sales, EBIT and ROFE were reported on a 53-week basis as outlined in the 2024 Financial Report. 2 EBIT before significant items. Refer to Note 2.2 for a reconciliation to statutory net profit after tax. 3 Adjusted scorecard outcome. Board exercised its discretion to set the Working Capital Days metric to Entry. 4 Adjusted scorecard outcome. A 10% point safety related discretionary reduction was applied to the F23 Group STI scorecard outcome from 89.8% to 79.8% of Target. In F25, a further 20% point safety related discretionary adjustment was applied to the overall F23 STI scorecard outcome for Ms Karantoni through lapsing of 50.1% of her F23 DSTI. 5 Interim and final dividends paid in relation to the financial year. F24 includes a special dividend of 40 cents per share. F26 executive KMP remuneration received The table below presents the remuneration actually paid during, or vesting at the conclusion of F26, for executive KMP. This differs from the executive KMP statutory disclosures in Section 5.1, which presents remuneration in accordance with statutory obligations and accounting standards. EXECUTIVE KMP TOTAL FIXED REMUNERATION $ F26 CASH STI $ VESTED F24 DSTI $ 1 VESTED F24–26 LTI $ ACCELERATOR INCENTIVE EQUITY T2 $ 1 TOTAL $ Amanda Bardwell Managing Director & CEO 2,150,000 1,370,045 357,135 – – 3,877,180 Stephen Harrison Chief Financial Officer 1,300,000 753,090 360,686 – 825,788 3,239,564 Annette Karantoni Managing Director – Woolworths Retail 1,050,000 669,092 280,050 – 588,788 2, 5 87, 93 0 1 Vested F24 DSTI and F25 Accelerator Incentive Tranche 2 is based on the five-day volume weighted average price (VWAP) of Woolworths Group shares up to and including 1 July 2026 ($39.8989) and includes Dividend Equivalent Rights on vested share rights allocated at the time of vesting. Remuneration Report 102 2 Executive KMP remuneration 2.1 Short-term incentive Our approach and rationale: F26 short-term incentive We believe that consistent STI metrics from the CEO through to our store teams is an important recognition of the shared accountability for performance at Woolworths Group. All metrics and targets are reviewed annually so that STI drives the right outcomes each year. Individual STI outcomes consider business performance against the STI scorecard, individual contribution to these results, ways of working and core values. Assessing business performance: The STI balanced scorecard reflects a mix of metrics, with 60% weighting on financial metrics and 40% weighting on strategic metrics. Five equally weighted business scorecard metrics drive outcomes for shareholders, customers and our team: Sales EBIT 1 Working Capital Days Customer Satisfaction Safety Sales, EBIT 1 and Working Capital Days Sales, EBIT 1 and Working Capital Days performance are all key financial performance metrics used to measure value creation for our shareholders. Through these metrics, we work towards improving all elements of our financial performance, including the productivity of store selling space, the efficiency of our stores, supply chain and overall management of costs and effective inventory and cash flow management. Customer Satisfaction Our strategy is underpinned by customer experiences and success is dependent on delivering convenient ways to shop and competitive prices for customers so they continue to choose us over our competitors. Our online platforms are key to delivering new and improved ways in which customers can shop with us. Customer feedback is measured using Voice of Customer Net Promoter Score (VOC NPS), based on 12-month rolling average outcomes. Outcomes are weighted 30% to eCommerce customers and 70% to in-store customers. Scores reflect outcomes across the Group, weighted 70% to Australian Food, 10% to New Zealand Food, 10% to BIG W and 10% to Everyday. Safety Our Safety performance is measured by three components, providing a balanced focus on risk reduction, injury prevention, and organisational learning and improvement. Total Recordable Injury Frequency Rate (TRIFR) measures the frequency of injuries, and the effectiveness of our injury prevention initiatives. It is calculated on the number of recordable injuries (those requiring medical treatment, restrictions at work, or lost time) that happen for every million hours worked by our team. The Injury Severity Score (ISS) measures the severity of injuries. It is calculated using weighted scores for medical treatment, restrictions at work, or lost time, with lost time weighted the highest. It uses the same approach as TRIFR with calculation based on every million hours worked by our team. HiPo Learning Events serve as a lead indicator to focus on learning from high potential incidents that can cause serious or fatal harm. This metric assesses the successful delivery and effectiveness of Group-wide HiPo learning sessions. It ensures the knowledge gained is considered and applied throughout the organisation, driving continuous improvement and proactive risk reduction across the Group by addressing potential issues before they lead to severe outcomes. The overall Safety performance outcome is subject to a fatality gateway. 1 Before significant items. Executive KMP remuneration 2Executive KMP remuneration 2 Woolworths Group Annual Report 2026 103 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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2.1 Short-term incentive (continued) Assessing individual performance: The Individual Modifier is an assessment of individual performance that takes into account: • the ‘What’: the measurable value and impact created for the Group, evaluated against the Group scorecard and individual objectives; and • the ‘How’: the manner in which the performance is delivered, focusing on alignment with our Ways of Leading and Working, and setting up teams up for success. The STI and DSTI for individuals or collective STI participants are also subject to Board discretion and the Group’s malus policy (outlined in Section 3.5), as deemed appropriate. Executive KMP STI outcomes: Depending on performance against each metric, straight-line payouts will apply between Entry and Target, and between Target and Stretch: • zero for below Entry performance • 50% of Target for Entry performance • 100% of Target for Target performance • 150% of Target for Stretch performance. The Board retains discretion to vary individual and overall outcomes (including under the malus policy), taking into account all relevant factors. STI Outcome = TFR STI Scorecard Individual Modifierx x Delivering STI outcomes: • 50% as cash • 50% as share rights deferred for two years. Remuneration Report 104 2.1 Short-term incentive (continued) Performance against F26 STI metrics The Group’s performance in F26 led to the achievement of an outcome of 77.2% of Maximum or 115.9% of Target. This performance was delivered in the context of a challenging environment marked by persistent cost-of-living pressures and declining consumer confidence amidst geopolitical uncertainties. The outcome reflects a solid Australian Food performance driven by sales momentum, an improved BIG W earnings performance, a strong PFD and Petstock contribution and year-on-year improvement in New Zealand Food. Sales achieved an outcome between Entry and Target while EBIT achieved an outcome between Target and Stretch, with productivity and cost discipline enabling targeted price investments. Working Capital Days landed between Entry and Target due to strategic inventory investments supporting customer availability. Improvements in value for money perceptions and availability, particularly in Australian Food, drove a Stretch outcome for Group Customer Satisfaction (VOC NPS). Furthermore, driven by our focus on material risk management, proactive injury prevention and early care utilisation, two of the three Safety metrics – TRIFR and HiPo Learning Events – achieved Stretch outcomes while the third metric, ISS, achieved an outcome between Target and Stretch. Targets and outcomes Outcome (% of Target)Entry Target Stretch Sales ($bn) WEIGHTING: 20% Group sales increased by 3.6% year-on-year, driven by 15.9% eCommerce growth with an outcome between Entry and Target. In Australian Food, targeted investments in value, fresh, and convenience supported strong item growth. Australian B2B delivered solid growth driven by PFD and PC+. BIG W sales profile improved primarily through ranging discipline and better stock flow. New Zealand Food sales increased on the prior year however, currency depreciation led to lower Australian dollar sales. 70.5 71.7 72.9 Sales Entry: T arget: Stretch: Actual: 70.5 71.7 72.9 71.5 71.5 18.6 Earnings Before Interest and Tax ($bn) WEIGHTING: 20% EBIT before significant items was up 12.7% on F25, achieving an outcome between Target and Stretch. This reflects a strong Group-wide performance, driven by solid earnings in Australian Food and a positive earnings contribution from BIG W. Australian Food benefitted from above-store cost savings, productivity improvements and effectively cycling Industrial Action in the prior year. Meanwhile, BIG W’s performance reflects gross profit improvements with a higher mix of full-priced sales and good cost management. 2.91 3.05 3.19 3.11 24.1 Working Capital Days WEIGHTING: 20% Average Working Capital Days landed between Entry and Target with increased payables compared to F25 across Australian and New Zealand Food and Australian B2B, partially offset by higher inventory levels across major retail businesses to support availability for customers. 0.2 -0.5 -1.6 0.0 13.8 Customer Satisfaction WEIGHTING: 20% Group VOC NPS achieved a Stretch outcome, led by improvements in Australian Food. New Zealand Food achieved Entry, as the implementation of our new store operating model impacted outcomes. BIG W missed Entry despite a strong trend into Q4 due to in-store softness earlier in the year and seasonal pressures on customer experience. 46 47 48 48 30.0 Safety WEIGHTING: 20% The Group delivered a strong safety performance this year, achieving Stretch outcomes for TRIFR and HiPo Learning Events, and between Target and Stretch for ISS. Driven by focused efforts on risk reduction, proactive injury prevention and early care, TRIFR and ISS improved by 10% and 6% respectively compared to last year. Timely investigations through HiPo Learning Events provided actionable insights to advance strategic safety programs across the Group, achieving a Stretch outcome. Injury Severity Score 201 195 189 190 10.6 TRIFR 12.84 12.46 12.06 11.78 11.3 HiPo Learning 95 98 100 100 7.5 Total (% of Target) 115.9 Total (% of Max) 77.2 Executive KMP remuneration 2 Woolworths Group Annual Report 2026 105 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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2.1 Short-term incentive (continued) Assessing individual performance: The Individual Modifier is an assessment of individual performance that takes into account: • the ‘What’: the measurable value and impact created for the Group, evaluated against the Group scorecard and individual objectives; and • the ‘How’: the manner in which the performance is delivered, focusing on alignment with our Ways of Leading and Working, and setting up teams up for success. The STI and DSTI for individuals or collective STI participants are also subject to Board discretion and the Group’s malus policy (outlined in Section 3.5), as deemed appropriate. Executive KMP STI outcomes: Depending on performance against each metric, straight-line payouts will apply between Entry and Target, and between Target and Stretch: • zero for below Entry performance • 50% of Target for Entry performance • 100% of Target for Target performance • 150% of Target for Stretch performance. The Board retains discretion to vary individual and overall outcomes (including under the malus policy), taking into account all relevant factors. STI Outcome = TFR STI Scorecard Individual Modifierx x Delivering STI outcomes: • 50% as cash • 50% as share rights deferred for two years. Remuneration Report 104 2.1 Short-term incentive (continued) Performance against F26 STI metrics The Group’s performance in F26 led to the achievement of an outcome of 77.2% of Maximum or 115.9% of Target. This performance was delivered in the context of a challenging environment marked by persistent cost-of-living pressures and declining consumer confidence amidst geopolitical uncertainties. The outcome reflects a solid Australian Food performance driven by sales momentum, an improved BIG W earnings performance, a strong PFD and Petstock contribution and year-on-year improvement in New Zealand Food. Sales achieved an outcome between Entry and Target while EBIT achieved an outcome between Target and Stretch, with productivity and cost discipline enabling targeted price investments. Working Capital Days landed between Entry and Target due to strategic inventory investments supporting customer availability. Improvements in value for money perceptions and availability, particularly in Australian Food, drove a Stretch outcome for Group Customer Satisfaction (VOC NPS). Furthermore, driven by our focus on material risk management, proactive injury prevention and early care utilisation, two of the three Safety metrics – TRIFR and HiPo Learning Events – achieved Stretch outcomes while the third metric, ISS, achieved an outcome between Target and Stretch. Targets and outcomes Outcome (% of Target)Entry Target Stretch Sales ($bn) WEIGHTING: 20% Group sales increased by 3.6% year-on-year, driven by 15.9% eCommerce growth with an outcome between Entry and Target. In Australian Food, targeted investments in value, fresh, and convenience supported strong item growth. Australian B2B delivered solid growth driven by PFD and PC+. BIG W sales profile improved primarily through ranging discipline and better stock flow. New Zealand Food sales increased on the prior year however, currency depreciation led to lower Australian dollar sales. 70.5 71.7 72.9 Sales Entry: T arget: Stretch: Actual: 70.5 71.7 72.9 71.5 71.5 18.6 Earnings Before Interest and Tax ($bn) WEIGHTING: 20% EBIT before significant items was up 12.7% on F25, achieving an outcome between Target and Stretch. This reflects a strong Group-wide performance, driven by solid earnings in Australian Food and a positive earnings contribution from BIG W. Australian Food benefitted from above-store cost savings, productivity improvements and effectively cycling Industrial Action in the prior year. Meanwhile, BIG W’s performance reflects gross profit improvements with a higher mix of full-priced sales and good cost management. 2.91 3.05 3.19 3.11 24.1 Working Capital Days WEIGHTING: 20% Average Working Capital Days landed between Entry and Target with increased payables compared to F25 across Australian and New Zealand Food and Australian B2B, partially offset by higher inventory levels across major retail businesses to support availability for customers. 0.2 -0.5 -1.6 0.0 13.8 Customer Satisfaction WEIGHTING: 20% Group VOC NPS achieved a Stretch outcome, led by improvements in Australian Food. New Zealand Food achieved Entry, as the implementation of our new store operating model impacted outcomes. BIG W missed Entry despite a strong trend into Q4 due to in-store softness earlier in the year and seasonal pressures on customer experience. 46 47 48 48 30.0 Safety WEIGHTING: 20% The Group delivered a strong safety performance this year, achieving Stretch outcomes for TRIFR and HiPo Learning Events, and between Target and Stretch for ISS. Driven by focused efforts on risk reduction, proactive injury prevention and early care, TRIFR and ISS improved by 10% and 6% respectively compared to last year. Timely investigations through HiPo Learning Events provided actionable insights to advance strategic safety programs across the Group, achieving a Stretch outcome. Injury Severity Score 201 195 189 190 10.6 TRIFR 12.84 12.46 12.06 11.78 11.3 HiPo Learning 95 98 100 100 7.5 Total (% of Target) 115.9 Total (% of Max) 77.2 Executive KMP remuneration 2 Woolworths Group Annual Report 2026 105 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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2.2 Long-term incentive Assessing individual performance: The Board has discretion to adjust the vesting outcome for individuals where it is appropriate to do so (additionally, see malus policy as outlined in Section 3.5). Delivering LTI outcomes: Executive KMP are awarded a maximum value of 170% of TFR at the beginning of the three-year performance period. Awards of performance rights are made at face value based on the five-day VWAP up to and including 1 July at the beginning of the performance period. Dividends that would have been earned and reinvested over the performance period vest in the form of additional shares subject to the performance conditions. The deferred nature of LTI arrangements supports retention and also provides a risk management lever to facilitate application of the malus policy during the performance period. Assessing business performance: The LTI rewards executives subject to performance against three metrics over a three-year performance period. The LTI scorecard reflects 80% weighting on financial metrics and 20% weighting on non-financial metrics. Relative TSR Return on Funds Employed Reputation Relative TSR Relative TSR is used as a metric in our LTI plan to align executive outcomes with long-term shareholder value creation. The peer group is ASX 100 companies. Vesting of 50% is achieved when our peer group ranking is at the median and vesting of 100% is achieved at the 75th percentile or higher. Return on Funds Employed ROFE is an important metric to drive behaviours consistent with the delivery of long-term shareholder returns. ROFE improvements can be delivered through earnings growth as well as the disciplined allocation of capital and management of assets and working capital. ROFE is defined as EBIT before significant items for the previous 12 months as a percentage of average (opening, mid and closing) funds employed. Reputation Reputation represents the Group’s ability to build and maintain credibility with customers and other stakeholders and is measured independently through the RepTrak® Pulse Score which assesses brand reputation across four key metrics: trust, admiration, positive feeling and esteem. Vesting schedule Depending on performance against each metric, straight-line vesting will apply between Entry and Target, and between Target and Stretch. The vesting schedule for these metrics is: rTSR 1 ROFE Reputation TOTAL % MAX Entry 20% 8% 4% 32% Target n/a 24% 12% n/a Stretch 40% 40% 20% 100% 1 Consistent with market practice, 50% of the rTSR tranche vests at the 50th percentile, the entry point for vesting to occur, with stretch achieved at the 75th percentile. Our approach and rationale: F26–28 long-term incentive The Group’s LTI plan is called the Woolworths Incentive Share Plan (WISP). The plan is designed to align executives to overall company performance by delivering on the Group’s strategic priorities and long-term shareholder returns. The LTI plan includes financial and non-financial metrics. The Board retains discretion to vary individual and overall outcomes (including under the malus policy), taking into account all relevant factors. All metrics and targets are reviewed annually so that LTI drives the right outcomes. Remuneration Report 106 2.2 Long-term incentive (continued) 1 ROFE is calculated as EBIT before significant items for the previous 12 months as a percentage of average (opening, mid and closing) funds employed. Performance against F24–26 L TI metrics The F24–26 WISP was granted effective July 2023, with challenging performance targets and demanding stretch objectives to reach maximum outcomes. There is no vesting under the F24–26 WISP as performance did not meet Entry for any of the three metrics: rTSR (40% weighting), ROFE (40% weighting) and Reputation (20% weighting). Targets and outcomes Outcome (% of Target)Entry Target Stretch Relative Total Shareholder Return WEIGHTING: 40% Woolworths Group’s TSR over the F24–26 WISP performance period was at the 28th percentile of the peer group and therefore no performance rights vested under this tranche. 50 75N /A 28 0.0 Return on Funds Employed 1 WEIGHTING: 40% Woolworths Group ROFE was 16.4% which was below Entry and therefore no performance rights vested under this tranche. 16.9 17.7 18.6 16.4 0.0 Reputation WEIGHTING: 20% Woolworths Group’s RepTrak score of 69.3 was below Entry, and therefore no performance rights vested under this tranche. While the target was set with the expectation of absolute score improvement, shifting stakeholder sentiment during the performance period led to an overall decline. Pleasingly, we have observed a steady improvement in these scores over the last 12 months. 7 7.1 78.2 79.9 69.3 0.0 Total (% of Target) 0.0 Total (% of Max) 0.0 Executive KMP remuneration 2 Woolworths Group Annual Report 2026 107 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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2.2 Long-term incentive Assessing individual performance: The Board has discretion to adjust the vesting outcome for individuals where it is appropriate to do so (additionally, see malus policy as outlined in Section 3.5). Delivering LTI outcomes: Executive KMP are awarded a maximum value of 170% of TFR at the beginning of the three-year performance period. Awards of performance rights are made at face value based on the five-day VWAP up to and including 1 July at the beginning of the performance period. Dividends that would have been earned and reinvested over the performance period vest in the form of additional shares subject to the performance conditions. The deferred nature of LTI arrangements supports retention and also provides a risk management lever to facilitate application of the malus policy during the performance period. Assessing business performance: The LTI rewards executives subject to performance against three metrics over a three-year performance period. The LTI scorecard reflects 80% weighting on financial metrics and 20% weighting on non-financial metrics. Relative TSR Return on Funds Employed Reputation Relative TSR Relative TSR is used as a metric in our LTI plan to align executive outcomes with long-term shareholder value creation. The peer group is ASX 100 companies. Vesting of 50% is achieved when our peer group ranking is at the median and vesting of 100% is achieved at the 75th percentile or higher. Return on Funds Employed ROFE is an important metric to drive behaviours consistent with the delivery of long-term shareholder returns. ROFE improvements can be delivered through earnings growth as well as the disciplined allocation of capital and management of assets and working capital. ROFE is defined as EBIT before significant items for the previous 12 months as a percentage of average (opening, mid and closing) funds employed. Reputation Reputation represents the Group’s ability to build and maintain credibility with customers and other stakeholders and is measured independently through the RepTrak® Pulse Score which assesses brand reputation across four key metrics: trust, admiration, positive feeling and esteem. Vesting schedule Depending on performance against each metric, straight-line vesting will apply between Entry and Target, and between Target and Stretch. The vesting schedule for these metrics is: rTSR 1 ROFE Reputation TOTAL % MAX Entry 20% 8% 4% 32% Target n/a 24% 12% n/a Stretch 40% 40% 20% 100% 1 Consistent with market practice, 50% of the rTSR tranche vests at the 50th percentile, the entry point for vesting to occur, with stretch achieved at the 75th percentile. Our approach and rationale: F26–28 long-term incentive The Group’s LTI plan is called the Woolworths Incentive Share Plan (WISP). The plan is designed to align executives to overall company performance by delivering on the Group’s strategic priorities and long-term shareholder returns. The LTI plan includes financial and non-financial metrics. The Board retains discretion to vary individual and overall outcomes (including under the malus policy), taking into account all relevant factors. All metrics and targets are reviewed annually so that LTI drives the right outcomes. Remuneration Report 106 2.2 Long-term incentive (continued) 1 ROFE is calculated as EBIT before significant items for the previous 12 months as a percentage of average (opening, mid and closing) funds employed. Performance against F24–26 L TI metrics The F24–26 WISP was granted effective July 2023, with challenging performance targets and demanding stretch objectives to reach maximum outcomes. There is no vesting under the F24–26 WISP as performance did not meet Entry for any of the three metrics: rTSR (40% weighting), ROFE (40% weighting) and Reputation (20% weighting). Targets and outcomes Outcome (% of Target)Entry Target Stretch Relative Total Shareholder Return WEIGHTING: 40% Woolworths Group’s TSR over the F24–26 WISP performance period was at the 28th percentile of the peer group and therefore no performance rights vested under this tranche. 50 75N /A 28 0.0 Return on Funds Employed 1 WEIGHTING: 40% Woolworths Group ROFE was 16.4% which was below Entry and therefore no performance rights vested under this tranche. 16.9 17.7 18.6 16.4 0.0 Reputation WEIGHTING: 20% Woolworths Group’s RepTrak score of 69.3 was below Entry, and therefore no performance rights vested under this tranche. While the target was set with the expectation of absolute score improvement, shifting stakeholder sentiment during the performance period led to an overall decline. Pleasingly, we have observed a steady improvement in these scores over the last 12 months. 7 7.1 78.2 79.9 69.3 0.0 Total (% of Target) 0.0 Total (% of Max) 0.0 Executive KMP remuneration 2 Woolworths Group Annual Report 2026 107 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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2.3 Accelerator Incentive Our approach and rationale As disclosed in the F25 Remuneration Report (see page 90 in the 2025 Annual Report), the Board introduced a one-off Accelerator Incentive in January 2025 to ensure leadership was focused on critical business priority: the Group’s simplification journey. Its mid-year commencement was timed to immediately build momentum and realign Group priorities under Ms Bardwell’s leadership, serving as a separate focus in addition to the metrics of ongoing importance in our STI and LTI plans. Mr Harrison and Ms Karantoni participated due to their direct responsibility for delivering these outcomes across the Group. As reported last year, the incentive was structured in two parts. Tranche 1 (33% of the maximum award) was tied to F25 H2 EBIT and simplification initiatives, which resulted in a 50% payout in cash. Meanwhile, Tranche 2 (67% of the maximum award), delivered in performance share rights, focused on the longer-term realisation of simplification benefits and was tested at the end of F26. Performance against: Accelerator Incentive – Tranche 2 Accelerator Tranche 2, delivered in performance share rights, achieved an overall outcome of 78.4% of Maximum or 130.9% of Target. Performance was anchored by CODB% landing between Target and Stretch through Group-wide productivity and simplification initiatives, demonstrating strong cost discipline. Additionally, Value for Money landed between Target and Stretch, driven primarily by pricing investments in Australian Food. Finally, ‘VOT – Action Taken on Feedback’ achieved an outcome between Entry and Target in the context of significant Group -wide change. Tranche 2: Realisation of Simplification Benefits Measures the value realised from delivery of strategic priorities over an 18-month period. WEIGHTING Cost of Doing Business % of Sales 50% Maintains executive alignment to effective cost management following implementation of cost-focused initiatives delivered in F25. Cost efficiency and optimisation is a key lever to return to strong ongoing earnings growth. Voice of Customer – Value for Money 25% During a period of significant organisational change, it is critical we remain acutely focused on what matters most for our customers. VOC Value for Money maintains emphasis on delivering value to customers measured on a 12-month rolling average basis. Voice of Team – Action Taken on Feedback 25% Given the level of change in our operating model, continuing to listen to our teams is a critical focus area to maintain our ability to deliver for our customers and shareholders. It measures the action that is taken on feedback received from Support Team Members on a 12-month rolling average basis. Targets and outcomes Outcome (% of Target)Entry Target Stretch Cost of Doing Business as % of Sales (%) WEIGHTING: 50% A Group-wide focus on embedding always-on cost discipline, combined with a strong operational productivity focus, has mitigated emerging inflation, investments and volume-related cost growth, with Group CODB as % of sales decreasing by 24 bps year-on-year resulting in an outcome between Target and Stretch. Store productivity and Support Office simplification benefits supported a strong outcome in Australian Food and BIG W. New Zealand reduced relative overheads through strict financial control and operational gains despite tough trading conditions. Meanwhile, strong sales growth in Petstock absorbed rising operating and employment costs. 23.1923.34 22.9423.09 23.01 66.9 Voice of Customer – Value for Money WEIGHTING: 25% Voice of Customer – Value for Money landed between Target and Stretch, as a result of improved pricing sentiment in particular across Australian Food supported by our investment in customer value. Balancing this, New Zealand and BIG W achieved Entry, due to softer perceptions in eCommerce. 61.3 62.3 63.3 63.2 40.0 Voice of Team – Action Taken on Feedback WEIGHTING: 25% Voice of Team – Action Taken on Feedback achieved an outcome between Entry and Target. Results over the performance period highlighted positive sentiment toward direct line managers, but team sentiment was lower than planned on the speed and visibility of actions taken given our ongoing change pressures. 53.1 55.1 58.1 55.0 24.0 Total (% of Target) 130.9 Total (% of Max) 78.4 Remuneration Report 108 2.4 What we paid executive KMP in F26 and their current shareholdings The following pages present actual remuneration received by the executive KMP in F26, shown in the context of their overarching remuneration structure. The F26 Target and Maximum remuneration represent the basis for all awards granted in the current year. F26 Actual remuneration includes: • TFR received (including base salary, superannuation and car allowance) • cash STI received for business and individual performance in F26 • equity that vested or was performance tested at the end of F26 for the prior year plans i.e. F24 DSTI and Accelerator Incentive Tranche 2. The individual tables also show progress against the Minimum Shareholding Requirement (MSR) as at 1 July 2026. The aggregate value of current shareholdings and unvested DSTI awards are used to determine progress against MSR. Further details on the MSR are included in Section 3.5. The changes in share price and the accumulated dividends that would have been earned and reinvested over the period in the form of additional rights are contributing factors to the final value received at vesting by the executive KMP. Additional rights are referred to as Dividend Equivalent Rights (DERs). Each remuneration component in the tables below has been rounded to the nearest thousand. Amanda Bardwell Managing Director and CEO T erm as KMP: Full Y ear Actual remuneration received in F26 relative to F26 Target and Maximum ($000) 1 Target Remuneration 2 Maximum Remuneration 2 Actual Remuneration 2 3,877 6,450 9,031 1,0752,150 2,1501,075 1,6132,150 1,613 3,655 2,150 357 1,370 Progress on MSR as at 1 July 2026 ($000) 1 2,897 T arget Actual 4,300 Equity granted ($000) 1 Unvested LTI and STI awards ($000) 1 Vested LTI and STI awards ($000) 1 including share price uplift and DERs Shares 1,776 F24 DSTI 357 F24–26 WISP – F25 DSTI 764 Total 2,897 F26 DSTI 1,370 F26–28 WISP 4,669 Total 6,039 F25 DSTI 764 F25–27 WISP 3,957 F26 DSTI 1,370 F26–28 WISP 4,669 Total 10,760 F24 DSTI 357 F24–26 WISP – Total 357 1 Value of shares and unvested share rights as of 1 July 2026 based on 5-day VWAP of Woolworths Group shares. 2 MSR compliance is required by 1 September 2029 (five years from being appointed as CEO). LEGEND TFR Cash STI Deferred STI LTI Accelerator T2 Executive KMP remuneration 2 Woolworths Group Annual Report 2026 109 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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2.3 Accelerator Incentive Our approach and rationale As disclosed in the F25 Remuneration Report (see page 90 in the 2025 Annual Report), the Board introduced a one-off Accelerator Incentive in January 2025 to ensure leadership was focused on critical business priority: the Group’s simplification journey. Its mid-year commencement was timed to immediately build momentum and realign Group priorities under Ms Bardwell’s leadership, serving as a separate focus in addition to the metrics of ongoing importance in our STI and LTI plans. Mr Harrison and Ms Karantoni participated due to their direct responsibility for delivering these outcomes across the Group. As reported last year, the incentive was structured in two parts. Tranche 1 (33% of the maximum award) was tied to F25 H2 EBIT and simplification initiatives, which resulted in a 50% payout in cash. Meanwhile, Tranche 2 (67% of the maximum award), delivered in performance share rights, focused on the longer-term realisation of simplification benefits and was tested at the end of F26. Performance against: Accelerator Incentive – Tranche 2 Accelerator Tranche 2, delivered in performance share rights, achieved an overall outcome of 78.4% of Maximum or 130.9% of Target. Performance was anchored by CODB% landing between Target and Stretch through Group-wide productivity and simplification initiatives, demonstrating strong cost discipline. Additionally, Value for Money landed between Target and Stretch, driven primarily by pricing investments in Australian Food. Finally, ‘VOT – Action Taken on Feedback’ achieved an outcome between Entry and Target in the context of significant Group -wide change. Tranche 2: Realisation of Simplification Benefits Measures the value realised from delivery of strategic priorities over an 18-month period. WEIGHTING Cost of Doing Business % of Sales 50% Maintains executive alignment to effective cost management following implementation of cost-focused initiatives delivered in F25. Cost efficiency and optimisation is a key lever to return to strong ongoing earnings growth. Voice of Customer – Value for Money 25% During a period of significant organisational change, it is critical we remain acutely focused on what matters most for our customers. VOC Value for Money maintains emphasis on delivering value to customers measured on a 12-month rolling average basis. Voice of Team – Action Taken on Feedback 25% Given the level of change in our operating model, continuing to listen to our teams is a critical focus area to maintain our ability to deliver for our customers and shareholders. It measures the action that is taken on feedback received from Support Team Members on a 12-month rolling average basis. Targets and outcomes Outcome (% of Target)Entry Target Stretch Cost of Doing Business as % of Sales (%) WEIGHTING: 50% A Group-wide focus on embedding always-on cost discipline, combined with a strong operational productivity focus, has mitigated emerging inflation, investments and volume-related cost growth, with Group CODB as % of sales decreasing by 24 bps year-on-year resulting in an outcome between Target and Stretch. Store productivity and Support Office simplification benefits supported a strong outcome in Australian Food and BIG W. New Zealand reduced relative overheads through strict financial control and operational gains despite tough trading conditions. Meanwhile, strong sales growth in Petstock absorbed rising operating and employment costs. 23.1923.34 22.9423.09 23.01 66.9 Voice of Customer – Value for Money WEIGHTING: 25% Voice of Customer – Value for Money landed between Target and Stretch, as a result of improved pricing sentiment in particular across Australian Food supported by our investment in customer value. Balancing this, New Zealand and BIG W achieved Entry, due to softer perceptions in eCommerce. 61.3 62.3 63.3 63.2 40.0 Voice of Team – Action Taken on Feedback WEIGHTING: 25% Voice of Team – Action Taken on Feedback achieved an outcome between Entry and Target. Results over the performance period highlighted positive sentiment toward direct line managers, but team sentiment was lower than planned on the speed and visibility of actions taken given our ongoing change pressures. 53.1 55.1 58.1 55.0 24.0 Total (% of Target) 130.9 Total (% of Max) 78.4 Remuneration Report 108 2.4 What we paid executive KMP in F26 and their current shareholdings The following pages present actual remuneration received by the executive KMP in F26, shown in the context of their overarching remuneration structure. The F26 Target and Maximum remuneration represent the basis for all awards granted in the current year. F26 Actual remuneration includes: • TFR received (including base salary, superannuation and car allowance) • cash STI received for business and individual performance in F26 • equity that vested or was performance tested at the end of F26 for the prior year plans i.e. F24 DSTI and Accelerator Incentive Tranche 2. The individual tables also show progress against the Minimum Shareholding Requirement (MSR) as at 1 July 2026. The aggregate value of current shareholdings and unvested DSTI awards are used to determine progress against MSR. Further details on the MSR are included in Section 3.5. The changes in share price and the accumulated dividends that would have been earned and reinvested over the period in the form of additional rights are contributing factors to the final value received at vesting by the executive KMP. Additional rights are referred to as Dividend Equivalent Rights (DERs). Each remuneration component in the tables below has been rounded to the nearest thousand. Amanda Bardwell Managing Director and CEO T erm as KMP: Full Y ear Actual remuneration received in F26 relative to F26 Target and Maximum ($000) 1 Target Remuneration 2 Maximum Remuneration 2 Actual Remuneration 2 3,877 6,450 9,031 1,0752,150 2,1501,075 1,6132,150 1,613 3,655 2,150 357 1,370 Progress on MSR as at 1 July 2026 ($000) 1 2,897 T arget Actual 4,300 Equity granted ($000) 1 Unvested LTI and STI awards ($000) 1 Vested LTI and STI awards ($000) 1 including share price uplift and DERs Shares 1,776 F24 DSTI 357 F24–26 WISP – F25 DSTI 764 Total 2,897 F26 DSTI 1,370 F26–28 WISP 4,669 Total 6,039 F25 DSTI 764 F25–27 WISP 3,957 F26 DSTI 1,370 F26–28 WISP 4,669 Total 10,760 F24 DSTI 357 F24–26 WISP – Total 357 1 Value of shares and unvested share rights as of 1 July 2026 based on 5-day VWAP of Woolworths Group shares. 2 MSR compliance is required by 1 September 2029 (five years from being appointed as CEO). LEGEND TFR Cash STI Deferred STI LTI Accelerator T2 Executive KMP remuneration 2 Woolworths Group Annual Report 2026 109 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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2.4 What we paid executive KMP in F26 and their current shareholdings (continued) Stephen Harrison Chief Financial Officer Term as KMP: Full Year Actual remuneration received in F26 relative to F26 Target and Maximum ($000) 1 Target Remuneration Maximum Remuneration Actual Remuneration 3,240 3,900 5,460 1,300 650 1,300650 1,300 975 2,210975 1,300 361 826753 Progress on MSR as at 1 July 2026 ($000) 1 3,178 1,300T arget Actual Equity granted ($000) 1 Unvested LTI and STI awards ($000) 1 Vested LTI and STI awards ($000) 1 including share price uplift and DERs F25 DSTI 464 F25–27 WISP 2,027 F26 DSTI 753 F26–28 WISP 2,823 Total 6,067 Shares 1,527 F24 DSTI 361 F24–26 WISP – F25 DSTI 464 Accelerator T2 826 Total 3,178 F26 DSTI 753 F26–28 WISP 2,823 Total 3,576 F24 DSTI 361 F24–26 WISP – Accelerator T2 826 Total 1,187 Annette Karantoni Managing Director, Woolworths Retail T erm as KMP: Full Y ear Actual remuneration received in F26 relative to Target and Maximum ($000) 1 Target Remuneration Maximum Remuneration Actual Remuneration 2,588 3,150 4,411 1,050 525 1,050525 1,050 788 1,785788 1,050 669 589280 Progress on MSR as at 1 July 2026 ($000) 1 3,178 1,050T arget Actual Equity granted ($000) 1 Unvested LTI and STI awards ($000) 1 Vested LTI and STI awards ($000) 1 including share price uplift and DERs F25 DSTI 347 F25–27 WISP 1,646 F26 DSTI 669 F26–28 WISP 2,280 Total 4,942 Shares 1,962 F24 DSTI 280 F24–26 WISP – F25 DSTI 347 Accelerator T2 589 Total 3,178 F26 DSTI 669 F26–28 WISP 2,280 Total 2,949 F24 DSTI 280 F24–26 WISP – Accelerator T2 589 Total 869 1 Value of shares and unvested share rights as of 1 July 2026 based on 5-day VWAP of Woolworths Group shares. LEGEND TFR Cash STI Deferred STI LTI Accelerator T2 Remuneration Report 110 2.5 F27 outlook F27 remuneration changes The Board reviews executive KMP remuneration each year in alignment with the remuneration framework outlined in Section 1.1. Following independent ASX 25 market benchmarking, the Board has approved F27 TFR increases for Managing Director and CEO Amanda Bardwell (3.0% to $2.215 million) and Managing Director Woolworths Retail Annette Karantoni (9.5% to $1.150 million), effective 1 September 2026. Consistent with the Group’s policy for newly appointed executives, both leaders initially had their TFR set below the market median to allow for experience-based progression. These adjustments represent a measured step towards progressively aligning their pay with the market median to ensure competitiveness. F27 Remuneration framework changes As Woolworths Group enters its next phase, our priority is to leverage scale and efficiency to continue to provide value to customers and maintain sales momentum while making further progress on our strategic priorities to deliver for our customers, team and shareholders. To support this journey, the Board has reviewed the executive remuneration framework to ensure it directly reflects and appropriately incentivises our progress and maintains the link between reward and performance through relevant metrics. Our priority is to ensure that every metric is robust, material, and provides a clear link between our core strategic goals and long-term value creation. F27 STI Overview WEIGHTING Financial performance 60% Sales 20% EBIT 20% Efficiency CODB% 20% Strategic performance 40% Customer Satisfaction VOC NPS 20% Safety 7.5% TRIFR, 7.5% ISS, and 5% HiPo Learning Sessions 20% Refined ‘Financial Efficiency’ measure Financial metrics continue to anchor the scorecard with a 60% weighting, however Cost of Doing Business as a percentage of Sales (CODB%) will replace Working Capital Days as the primary ‘Efficiency’ measure. This change reflects the critical role of productivity and cost discipline in our strategy. Efficient management of costs ensures that the Group can continue to invest in the customer offer and maintain its price competitiveness, particularly in an environment of higher cost inflation and customer cost-of-living pressures. While Working Capital Days remains a key metric that the business focuses on to manage its cash generation and returns, it is impacted by exogenous factors including extreme weather events and supply chain disruption which frequently results in an intentional but unforeseeable build up of inventory. CODB% is a clear and actionable metric to which our leaders can directly relate, validated through its inclusion in the Accelerator Incentive Tranche 2 scorecard. Maintained strategic focus 40% of the scorecard remains dedicated to strategic performance metrics that support our progress in reshaping into a modern, future-fit retailer. In F27, this non-financial component will continue to be equally weighted between our existing Customer Satisfaction and Safety metrics, which remain unchanged. F27–29 LTI Overview WEIGHTING Financial performance 100% ROFE 50% rTS R 50% Financial weighting adjusted to 100% Responding directly to shareholder feedback and shifting market standards, the Board has simplified the LTI structure and removed RepTrak for future LTI awards, to focus entirely on financial outcomes. Return on Funds Employed (ROFE) and relative Total Shareholder Return (rTSR) have both been increased to equal 50% weightings. This shift ensures executive outcomes are firmly tied to sustainable long-term shareholder value creation, aligning with our next strategic phase and the core ambition of being ‘the first choice for our customers’. Streamlined performance metrics While we are removing RepTrak from new LTI awards, it will remain in awards currently on foot until F28. Safeguarding our corporate reputation remains central to our business and Board oversight. The Board will retain full discretion under the plan rules over the current and future LTI awards to adjust executive remuneration outcomes for any significant reputational or conduct matters. Executive KMP remuneration 2 Woolworths Group Annual Report 2026 111 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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2.4 What we paid executive KMP in F26 and their current shareholdings (continued) Stephen Harrison Chief Financial Officer Term as KMP: Full Year Actual remuneration received in F26 relative to F26 Target and Maximum ($000) 1 Target Remuneration Maximum Remuneration Actual Remuneration 3,240 3,900 5,460 1,300 650 1,300650 1,300 975 2,210975 1,300 361 826753 Progress on MSR as at 1 July 2026 ($000) 1 3,178 1,300T arget Actual Equity granted ($000) 1 Unvested LTI and STI awards ($000) 1 Vested LTI and STI awards ($000) 1 including share price uplift and DERs F25 DSTI 464 F25–27 WISP 2,027 F26 DSTI 753 F26–28 WISP 2,823 Total 6,067 Shares 1,527 F24 DSTI 361 F24–26 WISP – F25 DSTI 464 Accelerator T2 826 Total 3,178 F26 DSTI 753 F26–28 WISP 2,823 Total 3,576 F24 DSTI 361 F24–26 WISP – Accelerator T2 826 Total 1,187 Annette Karantoni Managing Director, Woolworths Retail T erm as KMP: Full Y ear Actual remuneration received in F26 relative to Target and Maximum ($000) 1 Target Remuneration Maximum Remuneration Actual Remuneration 2,588 3,150 4,411 1,050 525 1,050525 1,050 788 1,785788 1,050 669 589280 Progress on MSR as at 1 July 2026 ($000) 1 3,178 1,050T arget Actual Equity granted ($000) 1 Unvested LTI and STI awards ($000) 1 Vested LTI and STI awards ($000) 1 including share price uplift and DERs F25 DSTI 347 F25–27 WISP 1,646 F26 DSTI 669 F26–28 WISP 2,280 Total 4,942 Shares 1,962 F24 DSTI 280 F24–26 WISP – F25 DSTI 347 Accelerator T2 589 Total 3,178 F26 DSTI 669 F26–28 WISP 2,280 Total 2,949 F24 DSTI 280 F24–26 WISP – Accelerator T2 589 Total 869 1 Value of shares and unvested share rights as of 1 July 2026 based on 5-day VWAP of Woolworths Group shares. LEGEND TFR Cash STI Deferred STI LTI Accelerator T2 Remuneration Report 110 2.5 F27 outlook F27 remuneration changes The Board reviews executive KMP remuneration each year in alignment with the remuneration framework outlined in Section 1.1. Following independent ASX 25 market benchmarking, the Board has approved F27 TFR increases for Managing Director and CEO Amanda Bardwell (3.0% to $2.215 million) and Managing Director Woolworths Retail Annette Karantoni (9.5% to $1.150 million), effective 1 September 2026. Consistent with the Group’s policy for newly appointed executives, both leaders initially had their TFR set below the market median to allow for experience-based progression. These adjustments represent a measured step towards progressively aligning their pay with the market median to ensure competitiveness. F27 Remuneration framework changes As Woolworths Group enters its next phase, our priority is to leverage scale and efficiency to continue to provide value to customers and maintain sales momentum while making further progress on our strategic priorities to deliver for our customers, team and shareholders. To support this journey, the Board has reviewed the executive remuneration framework to ensure it directly reflects and appropriately incentivises our progress and maintains the link between reward and performance through relevant metrics. Our priority is to ensure that every metric is robust, material, and provides a clear link between our core strategic goals and long-term value creation. F27 STI Overview WEIGHTING Financial performance 60% Sales 20% EBIT 20% Efficiency CODB% 20% Strategic performance 40% Customer Satisfaction VOC NPS 20% Safety 7.5% TRIFR, 7.5% ISS, and 5% HiPo Learning Sessions 20% Refined ‘Financial Efficiency’ measure Financial metrics continue to anchor the scorecard with a 60% weighting, however Cost of Doing Business as a percentage of Sales (CODB%) will replace Working Capital Days as the primary ‘Efficiency’ measure. This change reflects the critical role of productivity and cost discipline in our strategy. Efficient management of costs ensures that the Group can continue to invest in the customer offer and maintain its price competitiveness, particularly in an environment of higher cost inflation and customer cost-of-living pressures. While Working Capital Days remains a key metric that the business focuses on to manage its cash generation and returns, it is impacted by exogenous factors including extreme weather events and supply chain disruption which frequently results in an intentional but unforeseeable build up of inventory. CODB% is a clear and actionable metric to which our leaders can directly relate, validated through its inclusion in the Accelerator Incentive Tranche 2 scorecard. Maintained strategic focus 40% of the scorecard remains dedicated to strategic performance metrics that support our progress in reshaping into a modern, future-fit retailer. In F27, this non-financial component will continue to be equally weighted between our existing Customer Satisfaction and Safety metrics, which remain unchanged. F27–29 LTI Overview WEIGHTING Financial performance 100% ROFE 50% rTS R 50% Financial weighting adjusted to 100% Responding directly to shareholder feedback and shifting market standards, the Board has simplified the LTI structure and removed RepTrak for future LTI awards, to focus entirely on financial outcomes. Return on Funds Employed (ROFE) and relative Total Shareholder Return (rTSR) have both been increased to equal 50% weightings. This shift ensures executive outcomes are firmly tied to sustainable long-term shareholder value creation, aligning with our next strategic phase and the core ambition of being ‘the first choice for our customers’. Streamlined performance metrics While we are removing RepTrak from new LTI awards, it will remain in awards currently on foot until F28. Safeguarding our corporate reputation remains central to our business and Board oversight. The Board will retain full discretion under the plan rules over the current and future LTI awards to adjust executive remuneration outcomes for any significant reputational or conduct matters. Executive KMP remuneration 2 Woolworths Group Annual Report 2026 111 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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3 Governance 3.1 Role of the Board The Board reviews, challenges, applies judgement and, as appropriate, approves the People Committee’s (PC) recommendations relating to the remuneration of executive KMP and of non-executive directors and the policies and frameworks that govern both. When reviewing performance and determining incentive outcomes, the Board starts from the presumption that performance outcomes that determine incentive awards should align with market-reported outcomes, executive performance and shareholder returns. To achieve this alignment, the Board retains discretion over final performance and incentive outcomes, and recognises that there are cases where adjustments should be made. The Board considers PC recommendations and consequences of risk-related matters, including whether malus or other adjustments should be applied in the process of finalising individual and collective reward outcomes. In determining reward outcomes, the Board will consider, amongst other things, the degree to which incidents are: • in line with our legal obligations, ethical expectations and Woolworths’ values • within Woolworths operational control • impacting the experience of our customers, our teams and our shareholders • reflective of portfolio/strategy changes implemented but not envisaged in the original performance targets • due to significant change in asset valuations outside the normal course of business • classified as significant risk management and compliance matters. 3.2 Role of the People Committee (PC) The PC operates under its own Charter and reports to the Board. The role of the PC is to provide advice and assistance to the Board in relation to people management and remuneration policies, so that remuneration outcomes for senior executives are appropriate and aligned to company performance and shareholder expectations. The PC reviews the CEO’s proposal for performance and incentive outcomes with a risk lens. This incorporates advice from the Chief Legal Officer, Chief Risk Officer, Chief People Officer and General Manager Internal Audit, as well as consultation with Committee Chairs and all directors to help inform its recommendations to the Board on the consequence of risk-related matters on variable remuneration of the CEO and her direct reports, and overall Group STI and LTI outcomes. All directors attend this meeting. The PC finalises its recommendations to the Board in a discussion where no member of the management is present. The CEO is not present when their individual performance or remuneration is discussed. A copy of the PC Charter is available on the website: www.woolworthsgroup.com.au/au/en/who-we-are/our-leadership- team/board-committees.html. The Chair of the Board and the Chair of the PC regularly engage with external stakeholders on remuneration arrangements. Independent Remuneration Advisors Where appropriate, the Board and the PC consult external remuneration advisors from time to time. The requirement for external remuneration advisor services is assessed in the context of matters the PC needs to address. External advice is used as a guide, and does not serve as a substitute for directors’ thorough consideration of the relevant matters. The Board and PC did not seek or receive any remuneration recommendations from external advisors in F26 as defined by the Corporations Act 2001 (Cth). Remuneration Report 112 3.3 Terms of executive KMP service agreements All executive KMP are employed on service agreements that detail the components of remuneration paid but do not prescribe how remuneration levels are to be modified from year to year. The agreements do not provide for a fixed term, although the service agreements may be terminated on specified notice. The notice period is 12 months for the Managing Director and CEO and six months for all other executive KMP. Below is a summary of the termination provisions for executive K M P. Termination by Woolworths Group Termination by executive KMP Where the notice period is worked: • TFR is paid in respect of and for the duration of the notice period. Where the notice period is paid in lieu: • TFR in respect of the notice period (and, if appropriate, a reasonable estimate of STI) is paid as a lump sum. In both circumstances: • the extent to which STI, DSTI and LTI arrangements remain in place will be treated in accordance with the relevant rules for the award, including any exercise of discretion by the Board. Refer to Section 3.4 for further details. If termination is for cause: • only accrued leave and unpaid total fixed remuneration for days worked is paid • STI, DSTI and LTI are forfeited. Where the notice period is worked: • TFR is paid in respect of and for the duration of the notice period. Where the notice period is paid in lieu: • TFR in respect of the notice period is paid as a lump sum. In both circumstances: • the extent to which STI is payable will be treated in accordance with the relevant rules for the award, including any exercise of discretion by the Board • unvested DSTI and LTI are treated in accordance with the relevant rules for the award and at the discretion of the Board. Refer to Section 3.4 for further details. In addition, and upon further payment (where required), the Company may invoke a restraint period of up to 12 months following separation, preventing executive KMP from engaging in any business activity with competitors. Governance 3 Woolworths Group Annual Report 2026 113 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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3 Governance 3.1 Role of the Board The Board reviews, challenges, applies judgement and, as appropriate, approves the People Committee’s (PC) recommendations relating to the remuneration of executive KMP and of non-executive directors and the policies and frameworks that govern both. When reviewing performance and determining incentive outcomes, the Board starts from the presumption that performance outcomes that determine incentive awards should align with market-reported outcomes, executive performance and shareholder returns. To achieve this alignment, the Board retains discretion over final performance and incentive outcomes, and recognises that there are cases where adjustments should be made. The Board considers PC recommendations and consequences of risk-related matters, including whether malus or other adjustments should be applied in the process of finalising individual and collective reward outcomes. In determining reward outcomes, the Board will consider, amongst other things, the degree to which incidents are: • in line with our legal obligations, ethical expectations and Woolworths’ values • within Woolworths operational control • impacting the experience of our customers, our teams and our shareholders • reflective of portfolio/strategy changes implemented but not envisaged in the original performance targets • due to significant change in asset valuations outside the normal course of business • classified as significant risk management and compliance matters. 3.2 Role of the People Committee (PC) The PC operates under its own Charter and reports to the Board. The role of the PC is to provide advice and assistance to the Board in relation to people management and remuneration policies, so that remuneration outcomes for senior executives are appropriate and aligned to company performance and shareholder expectations. The PC reviews the CEO’s proposal for performance and incentive outcomes with a risk lens. This incorporates advice from the Chief Legal Officer, Chief Risk Officer, Chief People Officer and General Manager Internal Audit, as well as consultation with Committee Chairs and all directors to help inform its recommendations to the Board on the consequence of risk-related matters on variable remuneration of the CEO and her direct reports, and overall Group STI and LTI outcomes. All directors attend this meeting. The PC finalises its recommendations to the Board in a discussion where no member of the management is present. The CEO is not present when their individual performance or remuneration is discussed. A copy of the PC Charter is available on the website: www.woolworthsgroup.com.au/au/en/who-we-are/our-leadership- team/board-committees.html. The Chair of the Board and the Chair of the PC regularly engage with external stakeholders on remuneration arrangements. Independent Remuneration Advisors Where appropriate, the Board and the PC consult external remuneration advisors from time to time. The requirement for external remuneration advisor services is assessed in the context of matters the PC needs to address. External advice is used as a guide, and does not serve as a substitute for directors’ thorough consideration of the relevant matters. The Board and PC did not seek or receive any remuneration recommendations from external advisors in F26 as defined by the Corporations Act 2001 (Cth). Remuneration Report 112 3.3 Terms of executive KMP service agreements All executive KMP are employed on service agreements that detail the components of remuneration paid but do not prescribe how remuneration levels are to be modified from year to year. The agreements do not provide for a fixed term, although the service agreements may be terminated on specified notice. The notice period is 12 months for the Managing Director and CEO and six months for all other executive KMP. Below is a summary of the termination provisions for executive K M P. Termination by Woolworths Group Termination by executive KMP Where the notice period is worked: • TFR is paid in respect of and for the duration of the notice period. Where the notice period is paid in lieu: • TFR in respect of the notice period (and, if appropriate, a reasonable estimate of STI) is paid as a lump sum. In both circumstances: • the extent to which STI, DSTI and LTI arrangements remain in place will be treated in accordance with the relevant rules for the award, including any exercise of discretion by the Board. Refer to Section 3.4 for further details. If termination is for cause: • only accrued leave and unpaid total fixed remuneration for days worked is paid • STI, DSTI and LTI are forfeited. Where the notice period is worked: • TFR is paid in respect of and for the duration of the notice period. Where the notice period is paid in lieu: • TFR in respect of the notice period is paid as a lump sum. In both circumstances: • the extent to which STI is payable will be treated in accordance with the relevant rules for the award, including any exercise of discretion by the Board • unvested DSTI and LTI are treated in accordance with the relevant rules for the award and at the discretion of the Board. Refer to Section 3.4 for further details. In addition, and upon further payment (where required), the Company may invoke a restraint period of up to 12 months following separation, preventing executive KMP from engaging in any business activity with competitors. Governance 3 Woolworths Group Annual Report 2026 113 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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3.4 Treatment of unvested equity awards upon exit For the DSTI and LTI plans, the Board has overriding discretion over the treatment of awards when an executive ceases employment. At the 2023 AGM, shareholders again approved providing the Board with discretion to determine how unvested share rights awards will be treated when an executive ceases employment. The approach the Board would expect to take when exercising this discretion is: REASON FOR LEAVING DEFERRED STI UNVESTED LTI Genuine retirement Remain on foot until the end of the deferral period and vest at that time Award pro-rated for portion of the performance period participant has worked and remains ‘on foot’ until the end of the performance periodDeath, illness and incapacity Termination for cause/gross misconduct/poor performance Award forfeited Award forfeited Resignation Award forfeited Award forfeited Mutual separation, redundancy, or other reasons as determined by the Board The Board will determine the treatment considering the circumstances on a case by case basis In cases of resignation, the Board will consider the circumstances surrounding each case. For instance, where the executive is not resigning to join a direct competitor and all reasonable steps have been taken to continue to support the success of the business through to their final date of employment, the Board may consider it appropriate to allow some incentive awards to remain on foot. In any case, where an award remains on foot post employment, the Board retains absolute discretion under the various plan rules as to the final vesting outcome. The Board will continue to monitor the executive following the termination of their employment and if they do not meet their post -employment obligations, the Board may lapse any remaining awards. For example, in cases where: • the executive resigns to join a competitor organisation, or in the Board’s opinion the executive does not support the business to their final day of employment, any unvested DSTI and LTI will generally lapse • the executive retires from Woolworths, but then at a later date (and prior to vesting of awards) undertakes actions inconsistent with retirement, it may result in the Board reconsidering the treatment of any unvested awards. Remuneration Report 114 3.5 Other governance requirements Hedging policy Under the securities trading policy, senior executives and other specified team members (Specified Persons) may not enter into any derivative (including hedging) transaction that will protect the value of either unvested securities or vested securities that are subject to a disposal restriction, issued as part of our share plans. Compliance with the policy is a condition of participation in the plans. Malus policy The executive KMP STI and LTI arrangements are subject to malus provisions that enable the Board to adjust unpaid and/or unvested awards (including to reduce to zero) where it is appropriate to do so. The Board may determine that any unpaid cash STI, unvested DSTI or LTI awards will be forfeited in the event of wilful misconduct, dishonesty or severe breach of our Code of Conduct by the executive. The Board may also adjust these awards in cases of unexpected or unforeseen events impacting performance outcomes, performance with regard to non-financial risk (including environmental and climate risks), an outcome which would cause significant reputational damage to the Woolworths Group brand, or a broader assessment of performance indicating there should be an adjustment. Minimum shareholding requirements (MSR) • CEO: 200% of TFR • Other executive KMP: 100% of TFR • Compliance is required within five years of appointment • MSR includes the aggregate value of current shareholdings and unvested DSTI awards for executive K M P. Dividends Shares equivalent to the value of dividends that would have been earned and reinvested over the performance period are provided at the time of vesting. No dividend equivalent shares will be provided on awards (or portions thereof) that do not vest. Blackout periods Under the securities trading policy, Specified Persons and their closely related parties must not deal in Woolworths Group securities during a blackout period. Blackout periods operate in the lead up to certain key announcements, namely: • quarter 1 sales results and Woolworths Group Annual General Meeting • quarter 3 sales results • half and full year results. The Chair, on recommendation of the Chief Legal Officer and Company Secretary, may vary or impose a restriction during other periods where deemed appropriate. Woolworths Group team members, including Specified Persons and their closely related parties, must also not deal in securities if they possess inside information, whether or not a blackout period applies to them. Governance 3 Woolworths Group Annual Report 2026 115 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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3.4 Treatment of unvested equity awards upon exit For the DSTI and LTI plans, the Board has overriding discretion over the treatment of awards when an executive ceases employment. At the 2023 AGM, shareholders again approved providing the Board with discretion to determine how unvested share rights awards will be treated when an executive ceases employment. The approach the Board would expect to take when exercising this discretion is: REASON FOR LEAVING DEFERRED STI UNVESTED LTI Genuine retirement Remain on foot until the end of the deferral period and vest at that time Award pro-rated for portion of the performance period participant has worked and remains ‘on foot’ until the end of the performance periodDeath, illness and incapacity Termination for cause/gross misconduct/poor performance Award forfeited Award forfeited Resignation Award forfeited Award forfeited Mutual separation, redundancy, or other reasons as determined by the Board The Board will determine the treatment considering the circumstances on a case by case basis In cases of resignation, the Board will consider the circumstances surrounding each case. For instance, where the executive is not resigning to join a direct competitor and all reasonable steps have been taken to continue to support the success of the business through to their final date of employment, the Board may consider it appropriate to allow some incentive awards to remain on foot. In any case, where an award remains on foot post employment, the Board retains absolute discretion under the various plan rules as to the final vesting outcome. The Board will continue to monitor the executive following the termination of their employment and if they do not meet their post -employment obligations, the Board may lapse any remaining awards. For example, in cases where: • the executive resigns to join a competitor organisation, or in the Board’s opinion the executive does not support the business to their final day of employment, any unvested DSTI and LTI will generally lapse • the executive retires from Woolworths, but then at a later date (and prior to vesting of awards) undertakes actions inconsistent with retirement, it may result in the Board reconsidering the treatment of any unvested awards. Remuneration Report 114 3.5 Other governance requirements Hedging policy Under the securities trading policy, senior executives and other specified team members (Specified Persons) may not enter into any derivative (including hedging) transaction that will protect the value of either unvested securities or vested securities that are subject to a disposal restriction, issued as part of our share plans. Compliance with the policy is a condition of participation in the plans. Malus policy The executive KMP STI and LTI arrangements are subject to malus provisions that enable the Board to adjust unpaid and/or unvested awards (including to reduce to zero) where it is appropriate to do so. The Board may determine that any unpaid cash STI, unvested DSTI or LTI awards will be forfeited in the event of wilful misconduct, dishonesty or severe breach of our Code of Conduct by the executive. The Board may also adjust these awards in cases of unexpected or unforeseen events impacting performance outcomes, performance with regard to non-financial risk (including environmental and climate risks), an outcome which would cause significant reputational damage to the Woolworths Group brand, or a broader assessment of performance indicating there should be an adjustment. Minimum shareholding requirements (MSR) • CEO: 200% of TFR • Other executive KMP: 100% of TFR • Compliance is required within five years of appointment • MSR includes the aggregate value of current shareholdings and unvested DSTI awards for executive K M P. Dividends Shares equivalent to the value of dividends that would have been earned and reinvested over the performance period are provided at the time of vesting. No dividend equivalent shares will be provided on awards (or portions thereof) that do not vest. Blackout periods Under the securities trading policy, Specified Persons and their closely related parties must not deal in Woolworths Group securities during a blackout period. Blackout periods operate in the lead up to certain key announcements, namely: • quarter 1 sales results and Woolworths Group Annual General Meeting • quarter 3 sales results • half and full year results. The Chair, on recommendation of the Chief Legal Officer and Company Secretary, may vary or impose a restriction during other periods where deemed appropriate. Woolworths Group team members, including Specified Persons and their closely related parties, must also not deal in securities if they possess inside information, whether or not a blackout period applies to them. Governance 3 Woolworths Group Annual Report 2026 115 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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4 Non-executive directors’ arrangements 4.1 Non-executive directors’ remuneration policy and structure Non-executive director fees are paid from an aggregate annual fee pool of $4,000,000, as approved by shareholders at the AGM on 18 November 2010. Total Board and Committee fees paid during F26 were $3,552,347 (refer to Section 5.1 for individual details). Following a review of the annual non-executive director fees, effective 1 September 2026, the Board Chair and member fees will increase by 2%. This will be the first increase in the Board Chair fee since F23 and in Board member fee since F24. Non-executive directors do not receive variable pay and no directors’ fees are paid to executive directors. The table below provides a summary of the F26 Board and Committee fees and includes superannuation: CHAIR MEMBER BOARD AND COMMITTEE FEES F26 FEE ($) F26 FEE ($) Woolworths Group Board 825,000 262,640 Audit and Finance Committee 65,000 32,500 People Committee 65,000 32,500 Risk Committee 65,000 32,500 Sustainability Committee 65,000 32,500 Nomination Committee Nil Nil 4.2 Non-executive directors’ minimum shareholding requirement Non-executive directors are required to hold a minimum number of shares for alignment with other shareholders. The MSR is: • Chair – 200% of the annual Chair fee within five years of appointment. • Other non-executive directors – 100% of the annual base fee within three years of appointment. The shares or share instruments may be held personally, by a close family member, within a self-managed superannuation fund, or by a family trust or private company. Details of the current shareholdings for non-executive directors as at 28 June 2026 are provided in Section 5.3. 4.3 Non-executive directors’ equity plan The Non-Executive Director Equity Plan (NEDP) was introduced to encourage and facilitate share ownership. The NEDP provides a pre-set automated mechanism for participants to acquire shares, recognising that non-executive directors can often be limited in their ability to purchase shares because of Australian insider trading laws. Non -executive director share rights are allocated quarterly at the same time as the underlying shares are issued to the plan’s trustee. For Australian -based directors, these rights convert into ordinary shares each half year; and for US-based directors, these rights convert into shares at the end of the director’s tenure or other prescribed events (with additional shares equivalent to the dividends that would have been earned and reinvested on those rights), subject to compliance with the securities trading policy. The NEDP supports the MSR for Board members as it allows non-executive directors to reach the MSR more quickly, as shares are acquired on a pre-tax basis. Details of the share rights allocated to non-executive directors are set out in Section 5.2. Remuneration Report 116 5 KMP statutory disclosures 5.1 KMP remuneration The table below sets out the remuneration of non-executive directors of Woolworths Group Limited. Amounts represent the payments relating to the period during which the individuals were KMP. SHORT-TERM BENEFITS DIRECTOR FEES $ FEES SACRIFICED UNDER NEDP 1 $ NON-MONETARY AND OTHER BENEFITS 2 $ POST EMPLOYMENT BENEFITS 3 $ TOTAL $ Non-executive directors Current S R Perkins F26 795,000 – 1,273 30,000 826,273 F25 795,068 – 1,735 29,932 826,735 J Alferness 4,5 F26 121,772 7 ,441 11,379 – 140,592 W Bray F26 248,265 90,000 1,273 30,000 369,538 F25 236,741 96,014 1,735 29,932 364,422 M N Brenner F26 362,640 – 1,273 30,000 393,913 F25 365,241 – 1,735 29,932 396,908 J C Carr-Smith4 F26 399,307 – 14,572 – 413,879 F25 365,173 25,009 7, 95 8 – 398,140 P W Chronican F26 345,140 – 1,273 15,000 361,413 F25 362,673 – 1,735 – 364,408 K Meyer4,6 F26 285,730 – 16,359 – 302,089 K A Tesija4 F26 377 ,640 – 27, 24 9 – 404,889 F25 380,173 – 7, 95 8 – 388,131 Former T Fellows 7 F26 178,427 20,000 857 20,000 219,284 F25 260,241 40,001 1,735 29,932 331,909 H S Kramer8 F26 112,547 – 430 7, 5 0 0 120,477 F25 266,193 66,541 1,735 29,932 364,401 1 Fees sacrificed under NEDP represents non-executive directors’ fees sacrificed in the current period to purchase share rights under the NEDP. Refer to Section 4.3 for further details. 2 Non-monetary and other benefits include the deemed premium in respect of the Directors’ and Officers’ Indemnity insurance and, where applicable, travel benefits and associated fringe benefits tax. 3 Post employment benefits represents superannuation paid directly to the non-executive directors’ nominated superannuation fund. If the Group is not required to pay superannuation, the payment may be made as cash. 4 Fees include an overseas directors’ allowance of $10,000 per eligible flight for Mr Alferness, Ms Carr-Smith, Mr Meyer and Ms Tesija, as applicable. 5 Mr Alferness was appointed as a non-executive director on 1 March 2026. 6 Mr Meyer was appointed as a non-executive director on 1 October 2025. 7 Ms Fellows ceased being a non-executive director on 1 March 2026. 8 Ms Kramer ceased being a non-executive director on 30 October 2025. Woolworths Group Annual Report 2026 117 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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4 Non-executive directors’ arrangements 4.1 Non-executive directors’ remuneration policy and structure Non-executive director fees are paid from an aggregate annual fee pool of $4,000,000, as approved by shareholders at the AGM on 18 November 2010. Total Board and Committee fees paid during F26 were $3,552,347 (refer to Section 5.1 for individual details). Following a review of the annual non-executive director fees, effective 1 September 2026, the Board Chair and member fees will increase by 2%. This will be the first increase in the Board Chair fee since F23 and in Board member fee since F24. Non-executive directors do not receive variable pay and no directors’ fees are paid to executive directors. The table below provides a summary of the F26 Board and Committee fees and includes superannuation: CHAIR MEMBER BOARD AND COMMITTEE FEES F26 FEE ($) F26 FEE ($) Woolworths Group Board 825,000 262,640 Audit and Finance Committee 65,000 32,500 People Committee 65,000 32,500 Risk Committee 65,000 32,500 Sustainability Committee 65,000 32,500 Nomination Committee Nil Nil 4.2 Non-executive directors’ minimum shareholding requirement Non-executive directors are required to hold a minimum number of shares for alignment with other shareholders. The MSR is: • Chair – 200% of the annual Chair fee within five years of appointment. • Other non-executive directors – 100% of the annual base fee within three years of appointment. The shares or share instruments may be held personally, by a close family member, within a self-managed superannuation fund, or by a family trust or private company. Details of the current shareholdings for non-executive directors as at 28 June 2026 are provided in Section 5.3. 4.3 Non-executive directors’ equity plan The Non-Executive Director Equity Plan (NEDP) was introduced to encourage and facilitate share ownership. The NEDP provides a pre-set automated mechanism for participants to acquire shares, recognising that non-executive directors can often be limited in their ability to purchase shares because of Australian insider trading laws. Non -executive director share rights are allocated quarterly at the same time as the underlying shares are issued to the plan’s trustee. For Australian -based directors, these rights convert into ordinary shares each half year; and for US-based directors, these rights convert into shares at the end of the director’s tenure or other prescribed events (with additional shares equivalent to the dividends that would have been earned and reinvested on those rights), subject to compliance with the securities trading policy. The NEDP supports the MSR for Board members as it allows non-executive directors to reach the MSR more quickly, as shares are acquired on a pre-tax basis. Details of the share rights allocated to non-executive directors are set out in Section 5.2. Remuneration Report 116 5 KMP statutory disclosures 5.1 KMP remuneration The table below sets out the remuneration of non-executive directors of Woolworths Group Limited. Amounts represent the payments relating to the period during which the individuals were KMP. SHORT-TERM BENEFITS DIRECTOR FEES $ FEES SACRIFICED UNDER NEDP 1 $ NON-MONETARY AND OTHER BENEFITS 2 $ POST EMPLOYMENT BENEFITS 3 $ TOTAL $ Non-executive directors Current S R Perkins F26 795,000 – 1,273 30,000 826,273 F25 795,068 – 1,735 29,932 826,735 J Alferness 4,5 F26 121,772 7 ,441 11,379 – 140,592 W Bray F26 248,265 90,000 1,273 30,000 369,538 F25 236,741 96,014 1,735 29,932 364,422 M N Brenner F26 362,640 – 1,273 30,000 393,913 F25 365,241 – 1,735 29,932 396,908 J C Carr-Smith4 F26 399,307 – 14,572 – 413,879 F25 365,173 25,009 7, 95 8 – 398,140 P W Chronican F26 345,140 – 1,273 15,000 361,413 F25 362,673 – 1,735 – 364,408 K Meyer4,6 F26 285,730 – 16,359 – 302,089 K A Tesija4 F26 377 ,640 – 27, 24 9 – 404,889 F25 380,173 – 7, 95 8 – 388,131 Former T Fellows 7 F26 178,427 20,000 857 20,000 219,284 F25 260,241 40,001 1,735 29,932 331,909 H S Kramer8 F26 112,547 – 430 7, 5 0 0 120,477 F25 266,193 66,541 1,735 29,932 364,401 1 Fees sacrificed under NEDP represents non-executive directors’ fees sacrificed in the current period to purchase share rights under the NEDP. Refer to Section 4.3 for further details. 2 Non-monetary and other benefits include the deemed premium in respect of the Directors’ and Officers’ Indemnity insurance and, where applicable, travel benefits and associated fringe benefits tax. 3 Post employment benefits represents superannuation paid directly to the non-executive directors’ nominated superannuation fund. If the Group is not required to pay superannuation, the payment may be made as cash. 4 Fees include an overseas directors’ allowance of $10,000 per eligible flight for Mr Alferness, Ms Carr-Smith, Mr Meyer and Ms Tesija, as applicable. 5 Mr Alferness was appointed as a non-executive director on 1 March 2026. 6 Mr Meyer was appointed as a non-executive director on 1 October 2025. 7 Ms Fellows ceased being a non-executive director on 1 March 2026. 8 Ms Kramer ceased being a non-executive director on 30 October 2025. Woolworths Group Annual Report 2026 117 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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The table below sets out the remuneration of executive KMP of Woolworths Group Limited. Amounts represent the payments relating to the period during which the individuals were KMP. SHORT-TERM BENEFITS SHARE-BASED PAYMENTS7 SALARY1 $ CASH INCENTIVE 2 $ ACCEL- ERA TOR INCENTIVE TRANCHE 1 3 $ NON- MONETARY AND OTHER BENEFITS4 $ POST EMPLOY- MENT BENEFITS5 $ OTHER LONG -TERM BENEFITS6 $ STI EQUITY GRANTS8 $ LTI EQUITY GRANTS 9 $ ACCEL- ER ATOR INCENTIVE TRANCHE 23 $ TOTAL $ Executive KMP A Bardwell F26 2,269,201 1,370,045 – 1,273 30,000 37, 9 6 8 421,560 693,470 – 4,823,517 F25 2,052,120 598,425 – 1,735 29,932 524,845 374,198 642,277 – 4,223,532 S Harrison F26 1,139,461 753,090 – 1,273 138,804 22,787 344,793 460,338 431,977 3,292,523 F25 1,065,825 363,600 189,750 1,735 118,575 44,732 3 37, 8 4 9 468,821 169,549 2,760,436 A Karantoni10 F26 1,079,229 669,092 – 1,273 30,000 19,391 262,005 376,324 308,011 2,745,325 F25 363,613 106,050 90,200 577 9,977 5,117 63,440 188,391 80,595 9 07, 9 6 0 1 Salary includes the net change in accrued annual leave within the period and a car allowance. 2 Cash incentive represents the cash component of the F26 STI, which is 50% of the total STI award. The remaining 50% is deferred in share rights for two years. 3 Accelerator Incentive Tranche 1 (33% of maximum award) was payable in cash and was performance tested at the end of F25. Accelerator incentive Tranche 2 (67% of maximum award) was granted in performance rights and was performance tested at the end of F26. The value represents the employee benefits expense based on the grant date fair value. 4 Non-monetary and other benefits include the deemed premium in respect of the Directors’ and Officers’ Indemnity insurance. 5 Post employment benefits represent superannuation paid directly to the executive KMP’s nominated superannuation fund. 6 Other long-term benefits represents the net change in accrued long service leave within the period. 7 Share-based payments represents the fair value of share rights expected to vest and is recognised as an expense over the vesting period. 8 STI equity grants are deferred STI awards that are not subject to any further performance conditions but are subject to Board discretion and the Group’s malus policy. 9 For LTI equity grants, the amount recognised is adjusted to reflect the expected number of share rights that will vest for non-market based performance conditions (ROFE and Reputation). No adjustment is made for failure to achieve the relative TSR performance condition, as this is taken into account in the determination of the fair value at grant date. The fair value of share rights subject to the relative TSR performance condition is calculated at the grant date using a Monte Carlo simulation model, whilst the fair value of other share rights is calculated using a Black-Scholes option pricing model. 10 Ms Karantoni became an executive KMP on 1 March 2025, upon her appointment as Managing Director, Woolworths Retail. F25 amount represents payments relating to the period during which Ms Karantoni was an executive KMP. 5.1 KMP remuneration (continued) Remuneration Report 118 5.2 KMP share right movements The table below summarises the movements in holdings of share right interests in Woolworths Group Limited relating to the period during which individuals were KMP in F26. A share right entitles the holder to one fully paid ordinary Woolworths Group Limited share and is subject to applicable vesting conditions for executive KMPs. Only the non-executive directors who have elected to participate in the NEDP and held share rights in F26 are included in the table below. OPENING BALANCE NO. SHARE RIGHTS GRANTED SHARE RIGHTS VESTED SHARE RIGHTS LAPSED 4 NO. CLOSING BALANCE NO.NO. 1 $ 2 NO. $ 3 Non-executive directors Current J Alferness – 198 7 ,441 – – – 198 W Bray 1,592 3,158 90,000 (4,750) 155,429 – – J C Carr-Smith 14,174 – – – – – 14,174 Former T Fellows 664 701 20,000 (1,365) 43,789 – – H S Kramer 1,103 – – (1,103) 32,981 – – Executive KMP A Bardwell 211,902 136,786 3,001,927 (12,738) (380,881) (45,657) 290,293 S Harrison 179,873 83,862 2,209,735 (10,610) (317, 252) (42,581) 210,544 A Karantoni 144,224 66,930 1,761,121 (4,192) (125,346) (40,826) 166,136 1 For non-executive directors, the number of share rights granted represent those granted under the NEDP. For executive KMP , the number of share rights granted during the period includes F25 DSTI and F26 WISP awards. The holders of these share rights are also entitled to accumulated dividends on underlying awards that would have been earned and reinvested over the vesting period in the form of DERs. The number includes DERs in relation to F24 DSTI and F25 Accelerator Tranche 2 awards that were tested for vesting at the conclusion of F26. 2 For non-executive directors, amounts represent non-executive directors’ fees sacrificed in the current period to purchase share rights under the NEDP. For executive KMP , amounts represent the total fair value of share rights granted during the period as determined by an independent actuary. This is recognised as an employee benefits expense over the vesting period of the share right, in accordance with Australian Accounting Standards. 3 The value of share rights vested during the period is calculated as the number of shares multiplied by the VWAP of Woolworths Group Limited shares traded in the five days prior to and including the date of vesting. 4 Share rights lapsed represent the number of F23 WISP performance share rights, which lapsed as a result of not meeting the performance hurdles. For Ms Karantoni, the amount includes a portion of the F23 DSTI performance share rights, which lapsed as a result of a 20% point safety related discretionary adjustment being applied to the overall F23 STI scorecard outcome in F25. KMP statutory disclosures 5 Woolworths Group Annual Report 2026 119 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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The table below sets out the remuneration of executive KMP of Woolworths Group Limited. Amounts represent the payments relating to the period during which the individuals were KMP. SHORT-TERM BENEFITS SHARE-BASED PAYMENTS7 SALARY1 $ CASH INCENTIVE 2 $ ACCEL- ERA TOR INCENTIVE TRANCHE 1 3 $ NON- MONETARY AND OTHER BENEFITS4 $ POST EMPLOY- MENT BENEFITS5 $ OTHER LONG -TERM BENEFITS6 $ STI EQUITY GRANTS8 $ LTI EQUITY GRANTS 9 $ ACCEL- ER ATOR INCENTIVE TRANCHE 23 $ TOTAL $ Executive KMP A Bardwell F26 2,269,201 1,370,045 – 1,273 30,000 37, 9 6 8 421,560 693,470 – 4,823,517 F25 2,052,120 598,425 – 1,735 29,932 524,845 374,198 642,277 – 4,223,532 S Harrison F26 1,139,461 753,090 – 1,273 138,804 22,787 344,793 460,338 431,977 3,292,523 F25 1,065,825 363,600 189,750 1,735 118,575 44,732 3 37, 8 4 9 468,821 169,549 2,760,436 A Karantoni10 F26 1,079,229 669,092 – 1,273 30,000 19,391 262,005 376,324 308,011 2,745,325 F25 363,613 106,050 90,200 577 9,977 5,117 63,440 188,391 80,595 9 07, 9 6 0 1 Salary includes the net change in accrued annual leave within the period and a car allowance. 2 Cash incentive represents the cash component of the F26 STI, which is 50% of the total STI award. The remaining 50% is deferred in share rights for two years. 3 Accelerator Incentive Tranche 1 (33% of maximum award) was payable in cash and was performance tested at the end of F25. Accelerator incentive Tranche 2 (67% of maximum award) was granted in performance rights and was performance tested at the end of F26. The value represents the employee benefits expense based on the grant date fair value. 4 Non-monetary and other benefits include the deemed premium in respect of the Directors’ and Officers’ Indemnity insurance. 5 Post employment benefits represent superannuation paid directly to the executive KMP’s nominated superannuation fund. 6 Other long-term benefits represents the net change in accrued long service leave within the period. 7 Share-based payments represents the fair value of share rights expected to vest and is recognised as an expense over the vesting period. 8 STI equity grants are deferred STI awards that are not subject to any further performance conditions but are subject to Board discretion and the Group’s malus policy. 9 For LTI equity grants, the amount recognised is adjusted to reflect the expected number of share rights that will vest for non-market based performance conditions (ROFE and Reputation). No adjustment is made for failure to achieve the relative TSR performance condition, as this is taken into account in the determination of the fair value at grant date. The fair value of share rights subject to the relative TSR performance condition is calculated at the grant date using a Monte Carlo simulation model, whilst the fair value of other share rights is calculated using a Black-Scholes option pricing model. 10 Ms Karantoni became an executive KMP on 1 March 2025, upon her appointment as Managing Director, Woolworths Retail. F25 amount represents payments relating to the period during which Ms Karantoni was an executive KMP. 5.1 KMP remuneration (continued) Remuneration Report 118 5.2 KMP share right movements The table below summarises the movements in holdings of share right interests in Woolworths Group Limited relating to the period during which individuals were KMP in F26. A share right entitles the holder to one fully paid ordinary Woolworths Group Limited share and is subject to applicable vesting conditions for executive KMPs. Only the non-executive directors who have elected to participate in the NEDP and held share rights in F26 are included in the table below. OPENING BALANCE NO. SHARE RIGHTS GRANTED SHARE RIGHTS VESTED SHARE RIGHTS LAPSED 4 NO. CLOSING BALANCE NO.NO. 1 $ 2 NO. $ 3 Non-executive directors Current J Alferness – 198 7 ,441 – – – 198 W Bray 1,592 3,158 90,000 (4,750) 155,429 – – J C Carr-Smith 14,174 – – – – – 14,174 Former T Fellows 664 701 20,000 (1,365) 43,789 – – H S Kramer 1,103 – – (1,103) 32,981 – – Executive KMP A Bardwell 211,902 136,786 3,001,927 (12,738) (380,881) (45,657) 290,293 S Harrison 179,873 83,862 2,209,735 (10,610) (317, 252) (42,581) 210,544 A Karantoni 144,224 66,930 1,761,121 (4,192) (125,346) (40,826) 166,136 1 For non-executive directors, the number of share rights granted represent those granted under the NEDP. For executive KMP , the number of share rights granted during the period includes F25 DSTI and F26 WISP awards. The holders of these share rights are also entitled to accumulated dividends on underlying awards that would have been earned and reinvested over the vesting period in the form of DERs. The number includes DERs in relation to F24 DSTI and F25 Accelerator Tranche 2 awards that were tested for vesting at the conclusion of F26. 2 For non-executive directors, amounts represent non-executive directors’ fees sacrificed in the current period to purchase share rights under the NEDP. For executive KMP , amounts represent the total fair value of share rights granted during the period as determined by an independent actuary. This is recognised as an employee benefits expense over the vesting period of the share right, in accordance with Australian Accounting Standards. 3 The value of share rights vested during the period is calculated as the number of shares multiplied by the VWAP of Woolworths Group Limited shares traded in the five days prior to and including the date of vesting. 4 Share rights lapsed represent the number of F23 WISP performance share rights, which lapsed as a result of not meeting the performance hurdles. For Ms Karantoni, the amount includes a portion of the F23 DSTI performance share rights, which lapsed as a result of a 20% point safety related discretionary adjustment being applied to the overall F23 STI scorecard outcome in F25. KMP statutory disclosures 5 Woolworths Group Annual Report 2026 119 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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5.3 KMP share movements The table below summarises the movements of interests in shares of Woolworths Group Limited relating to the period during which individuals were KMP. The terms of the NEDP applying to US-based non-executive directors provide that share rights received, following salary sacrifice of NED fees, must not vest and convert into shares before the cessation of their service as a director, or a number of other prescribed occurrences under US securities laws. Mr Alferness and Ms Carr-Smith, non-executive US-based directors of Woolworths Group Limited, are not included in the table below as they have not yet received any shares on vesting of share rights within the current period, though they currently hold the equivalent of 198 and 14,174 shares, respectively, through the NEDP as set out in Section 5.2. OPENING BALANCE NO. SHARES RECEIVED ON VESTING OF SHARE RIGHTS NO. NET SHARES PURCHASED/ (DISPOSED) NO. CLOSING BALANCE NO. Non-executive directors Current S R Perkins 45,973 – 4,027 50,000 W Bray 4,284 4,750 – 9,034 M N Brenner 8,935 – – 8,935 P W Chronican 20,000 – – 20,000 K Meyer – – 1,000 1,000 K A Tesija 8,980 – – 8,980 Former T Fellows 1 5,805 1,365 – 7,170 H S Kramer2 20,730 1,103 – 21,833 Executive KMP A Bardwell 31,765 12,738 – 44,503 S Harrison 27,6 6 5 10,610 – 38,275 A Karantoni 44,976 4,192 – 49,168 1 Ms Fellows's closing balance is as at 1 March 2026, the date Ms Fellows ceased to be a non-executive director. 2 Ms Kramer's closing balance is as at 30 October 2025, the date Ms Kramer ceased to be a non-executive director. Remuneration Report 120 5.4 Share rights outstanding for executive KMP The table below sets out the grants and outstanding number of share rights for current executive KMP. AWARD GRANT DATE1 PERFORMANCE PERIOD START DATE PERFORMANCE PERIOD END DATE2 NO. OF RIGHTS EXCLUDING DERS NO.OF DERS 3 TOTAL NO. OF RIGHTS MAXIMUM VALUE OF AWARD TO VEST $ 4 Executive KMP A Bardwell F24 WISP 01 /07/23 01 /07/23 01 /07/26 45,976 – 45,976 – F24 DSTI 27/08/24 01 /07/24 01 /07/26 8,349 602 8,951 296,056 F25 WISP 31/10/24 01 /07/24 01 /07/27 99,182 – 99,182 2,280,393 F25 DSTI 12/09/25 01 /07/25 01 /07/27 19,160 – 19,160 548,168 F26 WISP 5 30/10/25 01 /07/25 01 /07/28 117, 024 – 117, 024 2,453,759 289,691 602 290,293 5,578,376 S Harrison F24 WISP 01 /07/23 01 /07/23 01 /07/26 42,127 – 42,127 – F24 DSTI 27/08/24 01 /07/24 01 /07/26 8,432 608 9,040 298,999 F25 WISP 01 /07/24 01 /07/24 01 /07/27 50,807 – 50,807 1,400,139 F25 ACCELERATOR T26 01/01/25 01/01/25 30/06/26 25,316 855 26,171 603,885 F25 DSTI 21/08/25 01 /07/25 01 /07/27 11,641 – 11,641 391,254 F26 WISP 01 /07/25 01 /07/25 01 /07/28 70,758 – 70,758 1,818,481 209,081 1,463 210,544 4,512,758 A Karantoni F24 WISP 01 /07/23 01 /07/23 01 /07/26 33,359 – 33,359 – F24 DSTI 27/08/24 01 /07/24 01 /07/26 6,547 472 7, 019 232,157 F25 WISP 01 /07/24 01 /07/24 01 /07/27 41,249 – 41,249 1,136,74 0 F25 ACCELERATOR T26 01/01/25 01/01/25 30/06/26 18,051 609 18,660 430,590 F25 DSTI 21/08/25 01 /07/25 01 /07/27 8,698 – 8,698 292,340 F26 WISP 01 /07/25 01 /07/25 01 /07/28 57,151 – 57,151 1,468,781 165,055 1,081 166,136 3,560,608 GRANT DATE FAIR VALUE OF PERFORMANCE SHARE RIGHT 7 CEO OTHER KMP TSR REPUTATION AND ROFE DSTI TSR REPUTATION AND ROFE DSTI / ACCELERATOR T2 F24 WISP $16.60 $35.86 – $21.51 $39.73 – F24 DSTI – – $35.46 – – $35.46 F25 WISP $10.86 $31.08 – $18.54 $33.57 – F25 ACCELERATOR T26 – – – – – $30.43 F25 DSTI – – $28.61 – – $33.61 F26 WISP $8.65 $29.18 – $17.39 $31.24 – The minimum value of share rights vesting is nil. Share rights remain subject to ongoing vesting conditions and the Group’s malus policy. 1 Grant date is the date on which there is a shared understanding of the terms and conditions of the share-based payment arrangement. 2 Exercise of share rights will occur the day after the full year results are announced to the market. 3 DERs will be delivered as additional shares at the time of vesting on the share rights that actually vest. 4 The maximum value of award to vest represents the total maximum value of employee benefits expense, based on the grant date fair value, that would be recognised if all share rights which remain outstanding as at 28 June 2026 satisfied all relevant vesting conditions. 5 The F26 WISP grant to Ms Bardwell was approved by shareholders at the 2025 AGM held on 30 October 2025 in accordance with listing rule 10.14. 6 Accelerator Incentive Tranche 2. 7 The value disclosed is an input in the calculation of share-based expenses recognised over the vesting period. KMP statutory disclosures 5 Woolworths Group Annual Report 2026 121 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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5.3 KMP share movements The table below summarises the movements of interests in shares of Woolworths Group Limited relating to the period during which individuals were KMP. The terms of the NEDP applying to US-based non-executive directors provide that share rights received, following salary sacrifice of NED fees, must not vest and convert into shares before the cessation of their service as a director, or a number of other prescribed occurrences under US securities laws. Mr Alferness and Ms Carr-Smith, non-executive US-based directors of Woolworths Group Limited, are not included in the table below as they have not yet received any shares on vesting of share rights within the current period, though they currently hold the equivalent of 198 and 14,174 shares, respectively, through the NEDP as set out in Section 5.2. OPENING BALANCE NO. SHARES RECEIVED ON VESTING OF SHARE RIGHTS NO. NET SHARES PURCHASED/ (DISPOSED) NO. CLOSING BALANCE NO. Non-executive directors Current S R Perkins 45,973 – 4,027 50,000 W Bray 4,284 4,750 – 9,034 M N Brenner 8,935 – – 8,935 P W Chronican 20,000 – – 20,000 K Meyer – – 1,000 1,000 K A Tesija 8,980 – – 8,980 Former T Fellows 1 5,805 1,365 – 7,170 H S Kramer2 20,730 1,103 – 21,833 Executive KMP A Bardwell 31,765 12,738 – 44,503 S Harrison 27,6 6 5 10,610 – 38,275 A Karantoni 44,976 4,192 – 49,168 1 Ms Fellows's closing balance is as at 1 March 2026, the date Ms Fellows ceased to be a non-executive director. 2 Ms Kramer's closing balance is as at 30 October 2025, the date Ms Kramer ceased to be a non-executive director. Remuneration Report 120 5.4 Share rights outstanding for executive KMP The table below sets out the grants and outstanding number of share rights for current executive KMP. AWARD GRANT DATE1 PERFORMANCE PERIOD START DATE PERFORMANCE PERIOD END DATE2 NO. OF RIGHTS EXCLUDING DERS NO.OF DERS 3 TOTAL NO. OF RIGHTS MAXIMUM VALUE OF AWARD TO VEST $ 4 Executive KMP A Bardwell F24 WISP 01 /07/23 01 /07/23 01 /07/26 45,976 – 45,976 – F24 DSTI 27/08/24 01 /07/24 01 /07/26 8,349 602 8,951 296,056 F25 WISP 31/10/24 01 /07/24 01 /07/27 99,182 – 99,182 2,280,393 F25 DSTI 12/09/25 01 /07/25 01 /07/27 19,160 – 19,160 548,168 F26 WISP 5 30/10/25 01 /07/25 01 /07/28 117, 024 – 117, 024 2,453,759 289,691 602 290,293 5,578,376 S Harrison F24 WISP 01 /07/23 01 /07/23 01 /07/26 42,127 – 42,127 – F24 DSTI 27/08/24 01 /07/24 01 /07/26 8,432 608 9,040 298,999 F25 WISP 01 /07/24 01 /07/24 01 /07/27 50,807 – 50,807 1,400,139 F25 ACCELERATOR T26 01/01/25 01/01/25 30/06/26 25,316 855 26,171 603,885 F25 DSTI 21/08/25 01 /07/25 01 /07/27 11,641 – 11,641 391,254 F26 WISP 01 /07/25 01 /07/25 01 /07/28 70,758 – 70,758 1,818,481 209,081 1,463 210,544 4,512,758 A Karantoni F24 WISP 01 /07/23 01 /07/23 01 /07/26 33,359 – 33,359 – F24 DSTI 27/08/24 01 /07/24 01 /07/26 6,547 472 7, 019 232,157 F25 WISP 01 /07/24 01 /07/24 01 /07/27 41,249 – 41,249 1,136,74 0 F25 ACCELERATOR T26 01/01/25 01/01/25 30/06/26 18,051 609 18,660 430,590 F25 DSTI 21/08/25 01 /07/25 01 /07/27 8,698 – 8,698 292,340 F26 WISP 01 /07/25 01 /07/25 01 /07/28 57,151 – 57,151 1,468,781 165,055 1,081 166,136 3,560,608 GRANT DATE FAIR VALUE OF PERFORMANCE SHARE RIGHT 7 CEO OTHER KMP TSR REPUTATION AND ROFE DSTI TSR REPUTATION AND ROFE DSTI / ACCELERATOR T2 F24 WISP $16.60 $35.86 – $21.51 $39.73 – F24 DSTI – – $35.46 – – $35.46 F25 WISP $10.86 $31.08 – $18.54 $33.57 – F25 ACCELERATOR T26 – – – – – $30.43 F25 DSTI – – $28.61 – – $33.61 F26 WISP $8.65 $29.18 – $17.39 $31.24 – The minimum value of share rights vesting is nil. Share rights remain subject to ongoing vesting conditions and the Group’s malus policy. 1 Grant date is the date on which there is a shared understanding of the terms and conditions of the share-based payment arrangement. 2 Exercise of share rights will occur the day after the full year results are announced to the market. 3 DERs will be delivered as additional shares at the time of vesting on the share rights that actually vest. 4 The maximum value of award to vest represents the total maximum value of employee benefits expense, based on the grant date fair value, that would be recognised if all share rights which remain outstanding as at 28 June 2026 satisfied all relevant vesting conditions. 5 The F26 WISP grant to Ms Bardwell was approved by shareholders at the 2025 AGM held on 30 October 2025 in accordance with listing rule 10.14. 6 Accelerator Incentive Tranche 2. 7 The value disclosed is an input in the calculation of share-based expenses recognised over the vesting period. KMP statutory disclosures 5 Woolworths Group Annual Report 2026 121 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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26 August 2026 Board of Directors Woolworths Group Limited 1 Woolworths Way Bella Vista NSW 2153 Dear Directors, Auditor’s Independence Declaration – Woolworths Group Limited In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration of independence to the Board of Directors of Woolworths Group Limited. As lead audit partner for the audit of the financial report and the audit or review of select disclosures within the sustainability report of Woolworths Group Limited for the year ended 28 June 2026, I declare that to the best of my knowledge and belief, there have been no contraventions of: • The auditor independence requirements of the Corporations Act 2001 in relation to the audit of the financial report and the audit or review of select disclosures within the sustainability report; and • Any applicable code of professional conduct in relation to the audit or review. Yours faithfully DELOITTE TOUCHE TOHMATSU Tom Imbesi Partner Chartered Accountants Sydney, 26 August 2026 Deloitte Touche Tohmatsu ABN 74 490 121 060 Quay Quarter Tower 50 Bridge Street Sydney NSW 2000 www.deloitte.com.au Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Asia Pacific Limited and the Deloitte organisation. 122 Auditor’s Independence Declaration 2026 Financial Report T able of Contents Consolidated Financial Statements Consolidated Statement of Profit or Loss 124 Consolidated Statement of Other Comprehensive Income 125 Consolidated Statement of Financial Position 126 Consolidated Statement of Changes in Equity 127 Consolidated Statement of Cash Flows 128 Notes to the Consolidated Financial Statements 1 General information 1.1 Basis of preparation 129 1.2 New accounting Standards and Interpretations 129 1.3 Critical accounting estimates and judgements 130 2 Group performance 2.1 Revenue and other income 131 2.2 Reportable segments 132 2.3 Branch and administration expenses 134 2.4 Net finance costs 135 2.5 Income taxes 136 3 Assets and liabilities 3.1 Trade and other receivables 137 3.2 Inventories 137 3.3 Other financial assets and liabilities 138 3.4 Other assets 139 3.5 Leases 139 3.6 Property, plant and equipment 142 3.7 Intangible assets 144 3.8 Commitments for capital expenditure 145 3.9 Impairment of non-financial assets 146 3.10 Deferred tax 147 3.11 Trade and other payables 149 3.12 Provisions 150 4 Capital structure, financing and risk management 4.1 Earnings per share 153 4.2 Dividends 153 4.3 Contributed equity 154 4.4 Reserves 155 4.5 Reconciliation of profit for the period to net cash provided by operating activities 156 4.6 Borrowings 156 4.7 Financial risk management 158 5 Group structure 5.1 Subsidiaries 164 5.2 Parent entity 168 5.3 Related parties 169 6 Other 6.1 Contingent liabilities 170 6.2 Share-based payments and share schemes 170 6.3 Retirement plans 172 6.4 Auditor’s remuneration 174 6.5 Subsequent events 174 Consolidated Entity Disclosure Statement 175 Directors’ Declaration 179 Independent Auditor’s Report 180 $71,539M Revenue, representing an increase of 3.6% from the prior year. See page 131 $3,105M EBIT before significant items, representing an increase of 12.7% from the prior year. See page 132 Reportable segments Following the closure of MyDeal, the Group revised its reportable segments, transferring Everyday Market and Healthylife from W Living to Australian Food. BIG W Market is now reported under BIG W’s eCommerce sales and WMP costs are allocated to BIG W Market and Everyday Market. See page 132 Woolworths Group Annual Report 2026 123 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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26 August 2026 Board of Directors Woolworths Group Limited 1 Woolworths Way Bella Vista NSW 2153 Dear Directors, Auditor’s Independence Declaration – Woolworths Group Limited In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration of independence to the Board of Directors of Woolworths Group Limited. As lead audit partner for the audit of the financial report and the audit or review of select disclosures within the sustainability report of Woolworths Group Limited for the year ended 28 June 2026, I declare that to the best of my knowledge and belief, there have been no contraventions of: • The auditor independence requirements of the Corporations Act 2001 in relation to the audit of the financial report and the audit or review of select disclosures within the sustainability report; and • Any applicable code of professional conduct in relation to the audit or review. Yours faithfully DELOITTE TOUCHE TOHMATSU Tom Imbesi Partner Chartered Accountants Sydney, 26 August 2026 Deloitte Touche Tohmatsu ABN 74 490 121 060 Quay Quarter Tower 50 Bridge Street Sydney NSW 2000 www.deloitte.com.au Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Asia Pacific Limited and the Deloitte organisation. 122 Auditor’s Independence Declaration 2026 Financial Report T able of Contents Consolidated Financial Statements Consolidated Statement of Profit or Loss 124 Consolidated Statement of Other Comprehensive Income 125 Consolidated Statement of Financial Position 126 Consolidated Statement of Changes in Equity 127 Consolidated Statement of Cash Flows 128 Notes to the Consolidated Financial Statements 1 General information 1.1 Basis of preparation 129 1.2 New accounting Standards and Interpretations 129 1.3 Critical accounting estimates and judgements 130 2 Group performance 2.1 Revenue and other income 131 2.2 Reportable segments 132 2.3 Branch and administration expenses 134 2.4 Net finance costs 135 2.5 Income taxes 136 3 Assets and liabilities 3.1 Trade and other receivables 137 3.2 Inventories 137 3.3 Other financial assets and liabilities 138 3.4 Other assets 139 3.5 Leases 139 3.6 Property, plant and equipment 142 3.7 Intangible assets 144 3.8 Commitments for capital expenditure 145 3.9 Impairment of non-financial assets 146 3.10 Deferred tax 147 3.11 Trade and other payables 149 3.12 Provisions 150 4 Capital structure, financing and risk management 4.1 Earnings per share 153 4.2 Dividends 153 4.3 Contributed equity 154 4.4 Reserves 155 4.5 Reconciliation of profit for the period to net cash provided by operating activities 156 4.6 Borrowings 156 4.7 Financial risk management 158 5 Group structure 5.1 Subsidiaries 164 5.2 Parent entity 168 5.3 Related parties 169 6 Other 6.1 Contingent liabilities 170 6.2 Share-based payments and share schemes 170 6.3 Retirement plans 172 6.4 Auditor’s remuneration 174 6.5 Subsequent events 174 Consolidated Entity Disclosure Statement 175 Directors’ Declaration 179 Independent Auditor’s Report 180 $71,539M Revenue, representing an increase of 3.6% from the prior year. See page 131 $3,105M EBIT before significant items, representing an increase of 12.7% from the prior year. See page 132 Reportable segments Following the closure of MyDeal, the Group revised its reportable segments, transferring Everyday Market and Healthylife from W Living to Australian Food. BIG W Market is now reported under BIG W’s eCommerce sales and WMP costs are allocated to BIG W Market and Everyday Market. See page 132 Woolworths Group Annual Report 2026 123 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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2026 2025 NOTE $M $M Revenue 2.1 71,539 69,077 Cost of sales (51,970) (50,262) Gross profit 19,569 18,815 Other income 2.1 249 273 Branch expenses 2.3.1 (12,657) (12,294) Administration expenses 2.3.1 (4,056) (4,040) Other expenses1 2.2.2 (698) (569) Earnings before interest and tax 2,407 2,185 Net finance costs 2 2.4 (829) (811) Profit before income tax 1,578 1, 374 Income tax expense 3 2.5.1 (426) (421) Profit for the period 1,152 953 Profit/(loss) for the period attributable to: Equity holders of the parent entity 1,138 963 Non-controlling interests 14 (10) 1,152 953 CENTS CENTS Earnings per share (EPS) attributable to equity holders of the parent entity Basic EPS 4.1 93.2 78.9 Diluted EPS 4.1 92.5 78.4 1 These are recognised within the Significant Items note. Refer to Note 2.2.2 for further details. 2 For the current period, net finance costs include the end-to-end payroll review remediation interest accrual of $20 million. Refer to Note 2.2.2 for further details. 3 For the current period, income tax expense includes a $38 million income tax benefit in relation to previously unutilised capital losses recognised in the period to offset the capital gain on disposal of investments accounted for within other comprehensive income. Refer to Note 2.2.2 for further details. The above Consolidated Statement of Profit or Loss should be read in conjunction with the accompanying Notes to the Consolidated Financial Statements. 124 Consolidated Statement of Profit or Loss 2026 2025 $M $M Profit for the period 1,152 953 Other comprehensive income Items that may be subsequently reclassified to profit or loss, net of tax Effective portion of changes in the fair value of cash flow hedges 16 (14) Foreign currency translation of foreign operations (162) 22 Items that will not be subsequently reclassified to profit or loss, net of tax Fair value gain/(loss) on equity investments designated as at fair value through other comprehensive income 37 (4) Actuarial loss on defined benefit superannuation plans (2) (3) Other comprehensive (loss)/income for the period (111) 1 Total comprehensive income for the period 1,041 954 Total comprehensive income/(loss) for the period attributable to: Equity holders of the parent entity 1,027 964 Non-controlling interests 14 (10) 1,041 954 The above Consolidated Statement of Other Comprehensive Income should be read in conjunction with the accompanying Notes to the Consolidated Financial Statements. Woolworths Group Annual Report 2026 125 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Consolidated Statement of Other Comprehensive Income
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2026 2025 NOTE $M $M Revenue 2.1 71,539 69,077 Cost of sales (51,970) (50,262) Gross profit 19,569 18,815 Other income 2.1 249 273 Branch expenses 2.3.1 (12,657) (12,294) Administration expenses 2.3.1 (4,056) (4,040) Other expenses1 2.2.2 (698) (569) Earnings before interest and tax 2,407 2,185 Net finance costs 2 2.4 (829) (811) Profit before income tax 1,578 1, 374 Income tax expense 3 2.5.1 (426) (421) Profit for the period 1,152 953 Profit/(loss) for the period attributable to: Equity holders of the parent entity 1,138 963 Non-controlling interests 14 (10) 1,152 953 CENTS CENTS Earnings per share (EPS) attributable to equity holders of the parent entity Basic EPS 4.1 93.2 78.9 Diluted EPS 4.1 92.5 78.4 1 These are recognised within the Significant Items note. Refer to Note 2.2.2 for further details. 2 For the current period, net finance costs include the end-to-end payroll review remediation interest accrual of $20 million. Refer to Note 2.2.2 for further details. 3 For the current period, income tax expense includes a $38 million income tax benefit in relation to previously unutilised capital losses recognised in the period to offset the capital gain on disposal of investments accounted for within other comprehensive income. Refer to Note 2.2.2 for further details. The above Consolidated Statement of Profit or Loss should be read in conjunction with the accompanying Notes to the Consolidated Financial Statements. 124 Consolidated Statement of Profit or Loss 2026 2025 $M $M Profit for the period 1,152 953 Other comprehensive income Items that may be subsequently reclassified to profit or loss, net of tax Effective portion of changes in the fair value of cash flow hedges 16 (14) Foreign currency translation of foreign operations (162) 22 Items that will not be subsequently reclassified to profit or loss, net of tax Fair value gain/(loss) on equity investments designated as at fair value through other comprehensive income 37 (4) Actuarial loss on defined benefit superannuation plans (2) (3) Other comprehensive (loss)/income for the period (111) 1 Total comprehensive income for the period 1,041 954 Total comprehensive income/(loss) for the period attributable to: Equity holders of the parent entity 1,027 964 Non-controlling interests 14 (10) 1,041 954 The above Consolidated Statement of Other Comprehensive Income should be read in conjunction with the accompanying Notes to the Consolidated Financial Statements. Woolworths Group Annual Report 2026 125 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Consolidated Statement of Other Comprehensive Income
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2026 2025 NOTE $M $M Current assets Cash and cash equivalents 1,497 1,275 Trade and other receivables 3.1 1,046 1,034 Inventories 3.2 4,465 4,169 Other financial assets 3.3 47 52 Other current assets 3.4 285 261 7, 3 4 0 6,791 Assets held for sale 351 200 Total current assets 7,6 91 6,991 Non-current assets Trade and other receivables 3.1 211 146 Other financial assets 3.3 120 383 Lease assets 3.5.1 8,660 9,162 Property, plant and equipment 3.6 10,331 10,172 Intangible assets 3.7 4,514 4,709 Investments accounted for using the equity method 115 77 Deferred tax assets 3.10.1 2,127 1,853 Other non-current assets 3.4 296 336 Total non‑current assets 26,374 26,838 T otal assets 34,065 33,829 Current liabilities Trade and other payables 3.11 8,660 8,083 Lease liabilities 3.5.2 1,736 1,699 Borrowings 4.6.1 401 244 Current tax payable 129 127 Other financial liabilities 3.3 262 342 Provisions 3.12 2,468 1,791 Other current liabilities 30 11 Total current liabilities 13,686 12,297 Non-current liabilities Lease liabilities 3.5.2 9,580 10,175 Borrowings 4.6.1 4,760 5,267 Other financial liabilities 3.3 103 46 Provisions 3.12 943 963 Deferred tax liability 3.10.1 47 61 Other non-current liabilities 36 58 Total non‑current liabilities 15,469 16,570 Total liabilities 29,155 28,867 Net assets 4,910 4,962 Equity Contributed equity 4.3 5,578 5,627 Reserves 4.4 (7, 5 31) (7,479) Retained earnings 6,74 8 6,712 Equity attributable to equity holders of the parent entity 4,795 4,860 Non-controlling interests 5.1.3 115 102 Total equity 4,910 4,962 The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying Notes to the Consolidated Financial Statements. 126 Consolidated Statement of Financial Position ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT ENTITY 2026 SHARE CAPITAL $M SHARES HELD IN TRUST $M RESERVES $M RETAINED EARNINGS $M TOTAL $M NON‑ CONTROLLING INTERESTS $M TOTAL EQUITY $M Balance at 29 June 2025 5,665 (38) (7, 479) 6,712 4,860 102 4,962 Profit for the period – – – 1,138 1,138 14 1,152 Other comprehensive loss for the period – – (109) (2) (111) (111) Total comprehensive (loss)/income for the period – – (109) 1,136 1,027 14 1,041 Dividends – – – (1,100) (1,100) (13) (1,113) Issue/(transfer) of shares to satisfy employee long-term incentive plans – 36 (36) – – – – Purchase of shares by the Woolworths Employee Share Trust – (85) – – (85) – (85) Purchase of additional equity interests in subsidiaries – – (11) – (11) 11 – Share-based payments expense – – 85 – 85 1 86 Deferred tax on share-based payments expense – – 19 – 19 – 19 Balance at 28 June 2026 5,665 (87) (7, 5 31) 6,74 8 4,795 115 4,910 ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT ENTITY 2025 SHARE CAPITAL $M SHARES HELD IN TRUST $M RESERVES $M RETAINED EARNINGS $M TOTAL $M NON‑ CONTROLLING INTERESTS $M TOTAL EQUITY $M Balance at 30 June 2024 5,665 (61) (7,609) 7, 413 5,408 162 5,570 Profit/(loss) for the period – – – 963 963 (10) 953 Other comprehensive income/(loss) for the period – – 4 (3) 1 – 1 Total comprehensive income/(loss) for the period – – 4 960 964 (10) 954 Dividends – – – (1,661) (1,661) (2) (1,663) Issue/(transfer) of shares to satisfy employee long-term incentive plans – 48 (48) – – – – Purchase of shares by the Woolworths Employee Share Trust – (25) – – (25) – (25) Purchase of additional equity interests in subsidiaries – – 69 – 69 (69) – Share-based payments expense – – 79 – 79 1 80 Recognition of non-controlling interest from acquisition of subsidiaries – – – – – 20 20 Deferred tax on share-based payments expense – – 26 – 26 – 26 Balance at 29 June 2025 5,665 (38) (7,479) 6,712 4,860 102 4,962 The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying Notes to the Consolidated Financial Statements. Woolworths Group Annual Report 2026 127 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Consolidated Statement of Changes in Equity
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2026 2025 NOTE $M $M Current assets Cash and cash equivalents 1,497 1,275 Trade and other receivables 3.1 1,046 1,034 Inventories 3.2 4,465 4,169 Other financial assets 3.3 47 52 Other current assets 3.4 285 261 7, 3 4 0 6,791 Assets held for sale 351 200 Total current assets 7,6 91 6,991 Non-current assets Trade and other receivables 3.1 211 146 Other financial assets 3.3 120 383 Lease assets 3.5.1 8,660 9,162 Property, plant and equipment 3.6 10,331 10,172 Intangible assets 3.7 4,514 4,709 Investments accounted for using the equity method 115 77 Deferred tax assets 3.10.1 2,127 1,853 Other non-current assets 3.4 296 336 Total non‑current assets 26,374 26,838 T otal assets 34,065 33,829 Current liabilities Trade and other payables 3.11 8,660 8,083 Lease liabilities 3.5.2 1,736 1,699 Borrowings 4.6.1 401 244 Current tax payable 129 127 Other financial liabilities 3.3 262 342 Provisions 3.12 2,468 1,791 Other current liabilities 30 11 Total current liabilities 13,686 12,297 Non-current liabilities Lease liabilities 3.5.2 9,580 10,175 Borrowings 4.6.1 4,760 5,267 Other financial liabilities 3.3 103 46 Provisions 3.12 943 963 Deferred tax liability 3.10.1 47 61 Other non-current liabilities 36 58 Total non‑current liabilities 15,469 16,570 Total liabilities 29,155 28,867 Net assets 4,910 4,962 Equity Contributed equity 4.3 5,578 5,627 Reserves 4.4 (7, 5 31) (7,479) Retained earnings 6,74 8 6,712 Equity attributable to equity holders of the parent entity 4,795 4,860 Non-controlling interests 5.1.3 115 102 Total equity 4,910 4,962 The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying Notes to the Consolidated Financial Statements. 126 Consolidated Statement of Financial Position ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT ENTITY 2026 SHARE CAPITAL $M SHARES HELD IN TRUST $M RESERVES $M RETAINED EARNINGS $M TOTAL $M NON‑ CONTROLLING INTERESTS $M TOTAL EQUITY $M Balance at 29 June 2025 5,665 (38) (7, 479) 6,712 4,860 102 4,962 Profit for the period – – – 1,138 1,138 14 1,152 Other comprehensive loss for the period – – (109) (2) (111) (111) Total comprehensive (loss)/income for the period – – (109) 1,136 1,027 14 1,041 Dividends – – – (1,100) (1,100) (13) (1,113) Issue/(transfer) of shares to satisfy employee long-term incentive plans – 36 (36) – – – – Purchase of shares by the Woolworths Employee Share Trust – (85) – – (85) – (85) Purchase of additional equity interests in subsidiaries – – (11) – (11) 11 – Share-based payments expense – – 85 – 85 1 86 Deferred tax on share-based payments expense – – 19 – 19 – 19 Balance at 28 June 2026 5,665 (87) (7, 5 31) 6,74 8 4,795 115 4,910 ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT ENTITY 2025 SHARE CAPITAL $M SHARES HELD IN TRUST $M RESERVES $M RETAINED EARNINGS $M TOTAL $M NON‑ CONTROLLING INTERESTS $M TOTAL EQUITY $M Balance at 30 June 2024 5,665 (61) (7,609) 7, 413 5,408 162 5,570 Profit/(loss) for the period – – – 963 963 (10) 953 Other comprehensive income/(loss) for the period – – 4 (3) 1 – 1 Total comprehensive income/(loss) for the period – – 4 960 964 (10) 954 Dividends – – – (1,661) (1,661) (2) (1,663) Issue/(transfer) of shares to satisfy employee long-term incentive plans – 48 (48) – – – – Purchase of shares by the Woolworths Employee Share Trust – (25) – – (25) – (25) Purchase of additional equity interests in subsidiaries – – 69 – 69 (69) – Share-based payments expense – – 79 – 79 1 80 Recognition of non-controlling interest from acquisition of subsidiaries – – – – – 20 20 Deferred tax on share-based payments expense – – 26 – 26 – 26 Balance at 29 June 2025 5,665 (38) (7,479) 6,712 4,860 102 4,962 The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying Notes to the Consolidated Financial Statements. Woolworths Group Annual Report 2026 127 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Consolidated Statement of Changes in Equity
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2026 2025 NOTE $M $M Cash flows from operating activities Receipts from customers 75,877 73,510 Payments to suppliers and employees (69,379) (67, 3 36) Payments for the interest component of lease liabilities 3.5.2 (586) (597) Net finance costs paid on borrowings (236) (226) Income tax paid (728) (801) Net cash provided by operating activities 4.5 4,948 4,550 Cash flows from investing activities Proceeds from the sale of property, plant and equipment 348 298 Payments for property, plant and equipment and intangible assets (2,435) (2,528) Proceeds from the sale of subsidiaries and investments, net of cash disposed 1 137 408 Payments for the purchase of businesses, net of cash acquired (16) (84) Payments for the purchase of investments (46) (12) Advances to non-related parties (5) (8) Dividends received 3 – Net cash used in investing activities (2,014) (1,926) Cash flows from financing activities Repayment of the principal component of lease liabilities 3.5.2 (1,298) (1,223) Proceeds from borrowings 4.6.1 442 2,686 Repayment of borrowings 4.6.1 (555) (2,001) Dividends paid 4.2 (1,100) (1,661) Dividends paid to non-controlling interests (13) (3) Payments for the purchase of additional equity interests in subsidiaries (92) (422) Payments for shares held in trust (85) (25) Net cash used in financing activities (2,701) (2,649) Net increase in cash and cash equivalents 233 (25) Effects of exchange rate changes on cash and cash equivalents (11) 2 Cash and cash equivalents at start of period 1,275 1,298 Cash and cash equivalents at end of period 1,497 1,275 1 During the period the Group disposed of several investments. The majority of this relates to W23 Ventures Pty Limited (‘W23’), a wholly owned subsidiary of the Group. W23 entered into an agreement to sell a 7.74% equity interest in EUC Management Pty Ltd (‘Eucalyptus’). The Group recognised a consideration of $111 million, of which $22 million has been received as at 28 June 2026. Refer to Note 3.3 for further details. The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying Notes to the Consolidated Financial Statements. 128 Consolidated Statement of Cash Flows 1 General information 1.1 Basis of preparation Woolworths Group Limited (the Company) is a for-profit company, which is incorporated and domiciled in Australia. The Financial Report of the Company is for the 52-week period ended 28 June 2026 and comprises the Company and its subsidiaries (together referred to as the Group). The comparative period is the 52-week period ended 29 June 2025. The Consolidated Financial Statements are presented in Australian dollars and amounts have been rounded to the nearest million dollars unless otherwise stated, in accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2026/183. The Financial Report was authorised for issue by the directors on 26 August 2026. 1.1.1 Basis of accounting The Consolidated Financial Statements of the Group are general purpose financial statements, which have been prepared in accordance with the Corporations Act 2001 , Australian Accounting Standards and other authoritative pronouncements issued by the Australian Accounting Standards Board (AASB), and comply with other requirements of the law. Compliance with Australian Accounting Standards ensures that the Financial Report complies with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Consequently, this Financial Report has been prepared in accordance with and complies with IFRS as issued by the IASB. The Consolidated Financial Statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) during the period. Certain comparative amounts have been reclassified or restated to conform with the current period’s presentation. The accounting policies have been applied consistently to all periods presented in the Consolidated Financial Statements, unless otherwise stated. 1.1.2 Going concern The directors have, at the time of approving the Financial Report, a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The going concern basis of accounting has been determined after taking into consideration all available information at the time of approving the Financial Report. The Group’s working capital is in a net current liability position as at 28 June 2026 of $5,995 million (2025: net current liability position of $5,306 million). The net current liability position is principally due to the fast turning nature of inventories, the timing of payments to suppliers, the use of available funds to support investments that are classified as non-current assets, and the Group’s current lease obligations. The directors continually monitor the Group’s working capital position, including forecast working capital requirements, and are satisfied that the Group’s current cash reserves, expected cash flows from operations and available facilities will enable the Group to pay its debts as and when they fall due. 1.2 New accounting Standards and Interpretations 1.2.1 New and amended Standards that are effective for the current period The Group has adopted the following new and revised Standards issued by the AASB that are relevant to its operations and effective for the current annual reporting period: • AASB 2026-1 Amendments to Australian Accounting Standards – Disclosures about uncertainties in the financial statements The amendments did not have a material impact on the amounts recognised or disclosures made by the Group within the current and prior periods, and are not expected to significantly affect future periods. Woolworths Group Annual Report 2026 129 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Notes to the Consolidated Financial Statements for the period ended 28 June 2026
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2026 2025 NOTE $M $M Cash flows from operating activities Receipts from customers 75,877 73,510 Payments to suppliers and employees (69,379) (67, 3 36) Payments for the interest component of lease liabilities 3.5.2 (586) (597) Net finance costs paid on borrowings (236) (226) Income tax paid (728) (801) Net cash provided by operating activities 4.5 4,948 4,550 Cash flows from investing activities Proceeds from the sale of property, plant and equipment 348 298 Payments for property, plant and equipment and intangible assets (2,435) (2,528) Proceeds from the sale of subsidiaries and investments, net of cash disposed 1 137 408 Payments for the purchase of businesses, net of cash acquired (16) (84) Payments for the purchase of investments (46) (12) Advances to non-related parties (5) (8) Dividends received 3 – Net cash used in investing activities (2,014) (1,926) Cash flows from financing activities Repayment of the principal component of lease liabilities 3.5.2 (1,298) (1,223) Proceeds from borrowings 4.6.1 442 2,686 Repayment of borrowings 4.6.1 (555) (2,001) Dividends paid 4.2 (1,100) (1,661) Dividends paid to non-controlling interests (13) (3) Payments for the purchase of additional equity interests in subsidiaries (92) (422) Payments for shares held in trust (85) (25) Net cash used in financing activities (2,701) (2,649) Net increase in cash and cash equivalents 233 (25) Effects of exchange rate changes on cash and cash equivalents (11) 2 Cash and cash equivalents at start of period 1,275 1,298 Cash and cash equivalents at end of period 1,497 1,275 1 During the period the Group disposed of several investments. The majority of this relates to W23 Ventures Pty Limited (‘W23’), a wholly owned subsidiary of the Group. W23 entered into an agreement to sell a 7.74% equity interest in EUC Management Pty Ltd (‘Eucalyptus’). The Group recognised a consideration of $111 million, of which $22 million has been received as at 28 June 2026. Refer to Note 3.3 for further details. The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying Notes to the Consolidated Financial Statements. 128 Consolidated Statement of Cash Flows 1 General information 1.1 Basis of preparation Woolworths Group Limited (the Company) is a for-profit company, which is incorporated and domiciled in Australia. The Financial Report of the Company is for the 52-week period ended 28 June 2026 and comprises the Company and its subsidiaries (together referred to as the Group). The comparative period is the 52-week period ended 29 June 2025. The Consolidated Financial Statements are presented in Australian dollars and amounts have been rounded to the nearest million dollars unless otherwise stated, in accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2026/183. The Financial Report was authorised for issue by the directors on 26 August 2026. 1.1.1 Basis of accounting The Consolidated Financial Statements of the Group are general purpose financial statements, which have been prepared in accordance with the Corporations Act 2001 , Australian Accounting Standards and other authoritative pronouncements issued by the Australian Accounting Standards Board (AASB), and comply with other requirements of the law. Compliance with Australian Accounting Standards ensures that the Financial Report complies with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Consequently, this Financial Report has been prepared in accordance with and complies with IFRS as issued by the IASB. The Consolidated Financial Statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) during the period. Certain comparative amounts have been reclassified or restated to conform with the current period’s presentation. The accounting policies have been applied consistently to all periods presented in the Consolidated Financial Statements, unless otherwise stated. 1.1.2 Going concern The directors have, at the time of approving the Financial Report, a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The going concern basis of accounting has been determined after taking into consideration all available information at the time of approving the Financial Report. The Group’s working capital is in a net current liability position as at 28 June 2026 of $5,995 million (2025: net current liability position of $5,306 million). The net current liability position is principally due to the fast turning nature of inventories, the timing of payments to suppliers, the use of available funds to support investments that are classified as non-current assets, and the Group’s current lease obligations. The directors continually monitor the Group’s working capital position, including forecast working capital requirements, and are satisfied that the Group’s current cash reserves, expected cash flows from operations and available facilities will enable the Group to pay its debts as and when they fall due. 1.2 New accounting Standards and Interpretations 1.2.1 New and amended Standards that are effective for the current period The Group has adopted the following new and revised Standards issued by the AASB that are relevant to its operations and effective for the current annual reporting period: • AASB 2026-1 Amendments to Australian Accounting Standards – Disclosures about uncertainties in the financial statements The amendments did not have a material impact on the amounts recognised or disclosures made by the Group within the current and prior periods, and are not expected to significantly affect future periods. Woolworths Group Annual Report 2026 129 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Notes to the Consolidated Financial Statements for the period ended 28 June 2026
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1.2.2 New and revised Standards and Interpretations on issue but are not yet effective Certain new accounting standards and amendments to accounting standards have been issued that are not mandatory for the current reporting period and have not been early adopted by the Group. The Group’s assessment of the potential impacts of these new standards and amendments is outlined below: STANDARD/AMENDMENT EXPECTED IMPACT TO THE GROUP EFFECTIVE FOR THE GROUP FOR ANNUAL REPORTING PERIODS BEGINNING ON AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments The AASB amended AASB 9 Financial Instruments and AASB 7 Financial Instruments: Disclosures to include new requirements, which: • Clarify the timing of the recognition and derecognition of financial assets and financial liabilities, including an exception for certain financial liabilities settled through an electronic cash transfer system; • Clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; • Add new disclosures for certain instruments with contractual terms that can change cash flows; and • Update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). Included in cash and cash equivalents as at 28 June 2026 is $695 million (2025: $684 million) relating to receivables from credit card merchants for electronic funds transfers, and credit card and debit card point of sale transactions. The equivalent amount will be reclassified from cash and cash equivalents to receivables in the 2027 financial period. 1 July 2026 AASB 18 Presentation and Disclosure in Financial Statements (AASB 18) The AASB issued AASB 18, which will replace AASB 101 Presentation of Financial Statements . Although the standard does not change the recognition and measurement of items in the financial statements, it introduces enhanced requirements for presentation and disclosure, including introducing new categories and defined subtotals in the Consolidated Statement of Profit or Loss, requiring the disclosure of management-defined performance measures, and changing the grouping of information in the financial statements. The Group expects that AASB 18 will have a material impact on the presentation of its Consolidated Financial Statements. 1 July 2027 1.2.3 Sustainability disclosure standards AASB S2 Climate-related Disclosures (AASB S2) is a mandatory standard covering disclosure of climate-related risks and opportunities. AASB S2 is effective for the Group for the current annual reporting period. Refer to the Sustainability Report within the Annual Report, which is published in accordance with the requirements of AASB S2. 1.3 Critical accounting estimates and judgements In applying the Group’s accounting policies, the directors are required to make estimates, judgements and assumptions that affect amounts reported in this Financial Report. The estimates, judgements and assumptions are based on historical experience, adjusted for current market conditions and other factors that are believed to be reasonable under the circumstances, and are reviewed on a regular basis. Actual results may differ from these estimates. The estimates, judgements and assumptions which involve a higher degree of complexity or that have a significant risk of causing a material adjustment to the amounts recognised in the Consolidated Financial Statements are included in Note 3.5 Leases, Note 3.9 Impairment of non-financial assets, and Note 3.12 Provisions. Revisions to accounting estimates are recognised prospectively. 1.2 New accounting Standards and Interpretations (continued) 130 Notes to the Consolidated Financial Statements 2 Group performance 2.1 Revenue and other income 2026 2025 $M $M Revenue by category Sale of goods in-store to retail customers 54,900 54,220 Sale of goods online to retail customers 10,596 9,146 Sale of goods and provision of supply chain services to business customers 1 4,582 4,354 Other revenue 2 1,461 1,357 Total revenue 71,539 69,077 Other income Share of profit from investments accounted for using the equity method (8) 4 Other3 257 269 Total other income 249 273 1 Excludes freight revenue of $395 million (2025: $382 million), which is shown as cost of sales at the Group level. Refer to Note 2.2.1 for further details. 2 Other revenue primarily comprises revenue from franchise activities, consulting and the provision of financial services. 3 Other income primarily comprises operating lease rental income and income from non-operating activities across the Group. Material accounting policies Sale of goods Revenue from the sale of goods is recognised when control of the goods is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled to in exchange for those goods. Cash payments are generally received at the point of sale of goods to retail and online customers. Credit terms are provided to business customers, with payment generally due within 24 days. In most cases, the Group is the principal in the sale of goods, recognising revenue on a gross basis. For certain transactions, the Group acts as an agent and recognises commission revenue, which represents the consideration received from the customer, net of amounts payable to third parties when its performance obligation is satisfied. Loyalty program The Group operates a loyalty program, Everyday Rewards, which allows customers to accumulate points that can be redeemed primarily for additional goods and services. The loyalty points earned by a customer on the purchase of a good is a separate performance obligation as it provides a material right to the customer. A portion of the transaction price is allocated to the loyalty points awarded to the customer based on its relative stand ‑alone selling price and is recognised as a contract liability within trade and other payables until the points are redeemed. Revenue is recognised upon redemption of the points by the customer. The Group recognises breakage revenue in the Consolidated Statement of Profit or Loss based on an estimate of members not expected to redeem their loyalty points in the future. Woolworths Group Annual Report 2026 131 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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1.2.2 New and revised Standards and Interpretations on issue but are not yet effective Certain new accounting standards and amendments to accounting standards have been issued that are not mandatory for the current reporting period and have not been early adopted by the Group. The Group’s assessment of the potential impacts of these new standards and amendments is outlined below: STANDARD/AMENDMENT EXPECTED IMPACT TO THE GROUP EFFECTIVE FOR THE GROUP FOR ANNUAL REPORTING PERIODS BEGINNING ON AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments The AASB amended AASB 9 Financial Instruments and AASB 7 Financial Instruments: Disclosures to include new requirements, which: • Clarify the timing of the recognition and derecognition of financial assets and financial liabilities, including an exception for certain financial liabilities settled through an electronic cash transfer system; • Clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; • Add new disclosures for certain instruments with contractual terms that can change cash flows; and • Update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). Included in cash and cash equivalents as at 28 June 2026 is $695 million (2025: $684 million) relating to receivables from credit card merchants for electronic funds transfers, and credit card and debit card point of sale transactions. The equivalent amount will be reclassified from cash and cash equivalents to receivables in the 2027 financial period. 1 July 2026 AASB 18 Presentation and Disclosure in Financial Statements (AASB 18) The AASB issued AASB 18, which will replace AASB 101 Presentation of Financial Statements . Although the standard does not change the recognition and measurement of items in the financial statements, it introduces enhanced requirements for presentation and disclosure, including introducing new categories and defined subtotals in the Consolidated Statement of Profit or Loss, requiring the disclosure of management-defined performance measures, and changing the grouping of information in the financial statements. The Group expects that AASB 18 will have a material impact on the presentation of its Consolidated Financial Statements. 1 July 2027 1.2.3 Sustainability disclosure standards AASB S2 Climate-related Disclosures (AASB S2) is a mandatory standard covering disclosure of climate-related risks and opportunities. AASB S2 is effective for the Group for the current annual reporting period. Refer to the Sustainability Report within the Annual Report, which is published in accordance with the requirements of AASB S2. 1.3 Critical accounting estimates and judgements In applying the Group’s accounting policies, the directors are required to make estimates, judgements and assumptions that affect amounts reported in this Financial Report. The estimates, judgements and assumptions are based on historical experience, adjusted for current market conditions and other factors that are believed to be reasonable under the circumstances, and are reviewed on a regular basis. Actual results may differ from these estimates. The estimates, judgements and assumptions which involve a higher degree of complexity or that have a significant risk of causing a material adjustment to the amounts recognised in the Consolidated Financial Statements are included in Note 3.5 Leases, Note 3.9 Impairment of non-financial assets, and Note 3.12 Provisions. Revisions to accounting estimates are recognised prospectively. 1.2 New accounting Standards and Interpretations (continued) 130 Notes to the Consolidated Financial Statements 2 Group performance 2.1 Revenue and other income 2026 2025 $M $M Revenue by category Sale of goods in-store to retail customers 54,900 54,220 Sale of goods online to retail customers 10,596 9,146 Sale of goods and provision of supply chain services to business customers 1 4,582 4,354 Other revenue 2 1,461 1,357 Total revenue 71,539 69,077 Other income Share of profit from investments accounted for using the equity method (8) 4 Other3 257 269 Total other income 249 273 1 Excludes freight revenue of $395 million (2025: $382 million), which is shown as cost of sales at the Group level. Refer to Note 2.2.1 for further details. 2 Other revenue primarily comprises revenue from franchise activities, consulting and the provision of financial services. 3 Other income primarily comprises operating lease rental income and income from non-operating activities across the Group. Material accounting policies Sale of goods Revenue from the sale of goods is recognised when control of the goods is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled to in exchange for those goods. Cash payments are generally received at the point of sale of goods to retail and online customers. Credit terms are provided to business customers, with payment generally due within 24 days. In most cases, the Group is the principal in the sale of goods, recognising revenue on a gross basis. For certain transactions, the Group acts as an agent and recognises commission revenue, which represents the consideration received from the customer, net of amounts payable to third parties when its performance obligation is satisfied. Loyalty program The Group operates a loyalty program, Everyday Rewards, which allows customers to accumulate points that can be redeemed primarily for additional goods and services. The loyalty points earned by a customer on the purchase of a good is a separate performance obligation as it provides a material right to the customer. A portion of the transaction price is allocated to the loyalty points awarded to the customer based on its relative stand ‑alone selling price and is recognised as a contract liability within trade and other payables until the points are redeemed. Revenue is recognised upon redemption of the points by the customer. The Group recognises breakage revenue in the Consolidated Statement of Profit or Loss based on an estimate of members not expected to redeem their loyalty points in the future. Woolworths Group Annual Report 2026 131 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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2.2 Reportable segments 2.2.1 Financial performance of the Group’s reportable segments Reportable segments are identified on the basis of internal reports on the business units of the Group that are regularly reviewed by the Board and executive management team (the chief operating decision makers) in order to allocate resources to the segments and assess their performance. The primary reporting measures of the reportable segments are sales and earnings before interest, tax (EBIT), which is consistent with the way management monitors and reports the performance of these segments. The Group’s reportable segments offer different products and services across various geographical locations, or service different customer types, and are managed separately. Intersegment arrangements, including the recovery of intersegment charges for shared services, property and administration overhead costs, are not designed to derive a net profit and are therefore charged on a cost basis. Following the closure of MyDeal, the Group revised its reportable segments, moving Everyday Market and Healthylife from W Living to Australian Food. BIG W Market is now reported as part of BIG W’s eCommerce sales (both within W Living), with Woolworths MarketPlus platform costs allocated across BIG W Market and Everyday Market. Comparative amounts have been restated to conform with the current period’s presentation. The following is a summary of the Group’s reportable segments and an analysis of each segment’s revenue and results: • Australian Food – purchase of food, household essentials and related products for resale and provision of services (including via eCommerce, marketplace platforms and retail media) to retail and business customers in Australia; • Australian B2B – purchase and distribution of food and related products for resale to other businesses and provision of supply chain services to business customers in Australia; • New Zealand Food – purchase of food, drinks, household essentials and related products for resale and provision of services (including via eCommerce and retail media) to retail and business customers in New Zealand; • W Living – purchase of general merchandise and pet products for resale (including via eCommerce and marketplace platforms) to retail customers in Australia and New Zealand; and • Other – comprises Quantium and various support functions including property and Group overhead costs. 2026 AUSTRALIAN FOOD $M AUSTRALIAN B2B $M NEW ZEALAND FOOD $M W LIVING $M OTHER $M ELIMINATIONS/ RECLASSIFICATIONS $M TOTAL $M Revenue External 53,682 4,978 7, 322 5,684 268 (395) 71,539 Internal 170 1,005 1 10 6 (1,192) – Total revenue1 53,852 5,983 7, 323 5,694 274 (1,587) 71,539 EBIT before depreciation, amortisation and significant items 5,041 286 462 359 (59) – 6,089 Depreciation – lease assets (851) (69) (133) (119) (57) – (1,229) Depreciation and amortisation – other assets (1,237) (62) (188) (124) (144) – (1,755) Depreciation and amortisation2 (2,088) (131) (321) (243) (201) – (2,984) EBIT before significant items 2,953 155 141 116 (260) – 3,105 Significant items3 (698) EBIT 2,407 Net finance costs4 (829) Profit before income tax 1,578 Income tax expense5 (426) Profit for the period 1,152 Capital expenditure6 1,216 54 204 120 866 – 2,460 1 Revenue in Australian B2B includes $395 million of freight revenue recognised for freight services provided to suppliers on products sold by the Group. At the Group level, this revenue is reclassified as a reduction in cost of sales, resulting in no change to EBIT. 2 Refer to Note 2.3.3 for further details. 3 Refer to Note 2.2.2 for further details. 4 Net finance costs includes the end-to-end payroll review remediation interest accrual of $20 million. Refer to Note 2.2.2 for further details. 5 Income tax expense includes a $38 million income tax benefit in relation to previously unutilised capital losses recognised in the period to offset the capital gain on disposal of investments accounted for within other comprehensive income. Refer to Note 2.2.2 for further details. 132 Notes to the Consolidated Financial Statements 6 Capital expenditure comprises the purchase of property, plant and equipment, and intangible assets. 2025 (restated)1 AUSTRALIAN FOOD $M AUSTRALIAN B2B $M NEW ZEALAND FOOD $M W LIVING $M OTHER $M ELIMINATIONS/ RECLASSIFICATIONS $M TOTAL $M Revenue External 51,332 4,736 7, 556 5,597 238 (382) 69,077 Internal 156 1,007 1 – 8 (1,172) – Total revenue2 51,488 5,74 3 7, 557 5,597 246 (1,554) 69,077 EBIT before depreciation, amortisation and significant items 4,734 255 471 266 (19) – 5,707 Depreciation – lease assets (822) (62) (137) (134) (56) – (1,211) Depreciation and amortisation – other assets (1,191) (56) (196) (163) (136) – (1,742) Depreciation and amortisation 3 (2,013) (118) (333) (297) (192) – (2,953) EBIT before significant items 2,721 137 138 (31) (211) – 2,754 Significant items 4 (569) EBIT 2,185 Net finance costs (811) Profit before income tax 1, 374 Income tax expense (421) Profit for the period 953 Capital expenditure 5 1,334 49 254 129 709 – 2,475 1 Refer to Note 1.1.1 for further details. 2 Revenue in Australian B2B includes $382 million of freight revenue recognised for freight services provided to suppliers on products sold by the Group. At the Group level, this revenue is reclassified as a reduction in cost of sales, resulting in no change to EBIT. 3 Refer to Note 2.3.3 for further details. 4 Refer to Note 2.2.2 for further details. 5 Capital expenditure comprises the purchase of property, plant and equipment, and intangible assets. 2.2.2 Individually significant items Individually significant items are items which are not directly related to the underlying trading performance of the business and have been highlighted to help users of this Financial Report to understand the financial performance of the Group during the period. These include: 2026 2025 $M $M End-to-end payroll review remediation (710) – BIG W impairment – (346) Support office and store operating model redundancy and restructuring costs – (146) MyDeal impairment and closure costs – (52) Healthylife impairment – (17) Other 12 (8) Total Group significant items before interest and tax (698) (569) Interest accrual for end-to-end payroll review remediation (20) – Total Group significant items before income tax (718) (569) Income tax benefit 1 219 147 Income tax benefit on recognition of carry-forward capital tax losses 38 – Total Group significant items (461) (422) 1 For the current period, there is no tax impact other than on the end-to-end payroll review remediation of $710 million and associated interest accrual of $20 million. The items in Other are non-deductible or non-assessable for tax purposes (2025: no tax impact on the impairment of goodwill of $92 million (included in the BIG W impairment ($72 million), MyDeal impairment ($8 million) and Healthylife impairment ($12 million)), and the fair value gains of $16 million recognised on acquisitions of businesses (included in Other)). 2.2 Reportable segments (continued) Woolworths Group Annual Report 2026 133 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Group performance 2
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2.2 Reportable segments 2.2.1 Financial performance of the Group’s reportable segments Reportable segments are identified on the basis of internal reports on the business units of the Group that are regularly reviewed by the Board and executive management team (the chief operating decision makers) in order to allocate resources to the segments and assess their performance. The primary reporting measures of the reportable segments are sales and earnings before interest, tax (EBIT), which is consistent with the way management monitors and reports the performance of these segments. The Group’s reportable segments offer different products and services across various geographical locations, or service different customer types, and are managed separately. Intersegment arrangements, including the recovery of intersegment charges for shared services, property and administration overhead costs, are not designed to derive a net profit and are therefore charged on a cost basis. Following the closure of MyDeal, the Group revised its reportable segments, moving Everyday Market and Healthylife from W Living to Australian Food. BIG W Market is now reported as part of BIG W’s eCommerce sales (both within W Living), with Woolworths MarketPlus platform costs allocated across BIG W Market and Everyday Market. Comparative amounts have been restated to conform with the current period’s presentation. The following is a summary of the Group’s reportable segments and an analysis of each segment’s revenue and results: • Australian Food – purchase of food, household essentials and related products for resale and provision of services (including via eCommerce, marketplace platforms and retail media) to retail and business customers in Australia; • Australian B2B – purchase and distribution of food and related products for resale to other businesses and provision of supply chain services to business customers in Australia; • New Zealand Food – purchase of food, drinks, household essentials and related products for resale and provision of services (including via eCommerce and retail media) to retail and business customers in New Zealand; • W Living – purchase of general merchandise and pet products for resale (including via eCommerce and marketplace platforms) to retail customers in Australia and New Zealand; and • Other – comprises Quantium and various support functions including property and Group overhead costs. 2026 AUSTRALIAN FOOD $M AUSTRALIAN B2B $M NEW ZEALAND FOOD $M W LIVING $M OTHER $M ELIMINATIONS/ RECLASSIFICATIONS $M TOTAL $M Revenue External 53,682 4,978 7, 322 5,684 268 (395) 71,539 Internal 170 1,005 1 10 6 (1,192) – Total revenue1 53,852 5,983 7, 323 5,694 274 (1,587) 71,539 EBIT before depreciation, amortisation and significant items 5,041 286 462 359 (59) – 6,089 Depreciation – lease assets (851) (69) (133) (119) (57) – (1,229) Depreciation and amortisation – other assets (1,237) (62) (188) (124) (144) – (1,755) Depreciation and amortisation2 (2,088) (131) (321) (243) (201) – (2,984) EBIT before significant items 2,953 155 141 116 (260) – 3,105 Significant items3 (698) EBIT 2,407 Net finance costs4 (829) Profit before income tax 1,578 Income tax expense5 (426) Profit for the period 1,152 Capital expenditure6 1,216 54 204 120 866 – 2,460 1 Revenue in Australian B2B includes $395 million of freight revenue recognised for freight services provided to suppliers on products sold by the Group. At the Group level, this revenue is reclassified as a reduction in cost of sales, resulting in no change to EBIT. 2 Refer to Note 2.3.3 for further details. 3 Refer to Note 2.2.2 for further details. 4 Net finance costs includes the end-to-end payroll review remediation interest accrual of $20 million. Refer to Note 2.2.2 for further details. 5 Income tax expense includes a $38 million income tax benefit in relation to previously unutilised capital losses recognised in the period to offset the capital gain on disposal of investments accounted for within other comprehensive income. Refer to Note 2.2.2 for further details. 132 Notes to the Consolidated Financial Statements 6 Capital expenditure comprises the purchase of property, plant and equipment, and intangible assets. 2025 (restated)1 AUSTRALIAN FOOD $M AUSTRALIAN B2B $M NEW ZEALAND FOOD $M W LIVING $M OTHER $M ELIMINATIONS/ RECLASSIFICATIONS $M TOTAL $M Revenue External 51,332 4,736 7, 556 5,597 238 (382) 69,077 Internal 156 1,007 1 – 8 (1,172) – Total revenue2 51,488 5,74 3 7, 557 5,597 246 (1,554) 69,077 EBIT before depreciation, amortisation and significant items 4,734 255 471 266 (19) – 5,707 Depreciation – lease assets (822) (62) (137) (134) (56) – (1,211) Depreciation and amortisation – other assets (1,191) (56) (196) (163) (136) – (1,742) Depreciation and amortisation 3 (2,013) (118) (333) (297) (192) – (2,953) EBIT before significant items 2,721 137 138 (31) (211) – 2,754 Significant items 4 (569) EBIT 2,185 Net finance costs (811) Profit before income tax 1, 374 Income tax expense (421) Profit for the period 953 Capital expenditure 5 1,334 49 254 129 709 – 2,475 1 Refer to Note 1.1.1 for further details. 2 Revenue in Australian B2B includes $382 million of freight revenue recognised for freight services provided to suppliers on products sold by the Group. At the Group level, this revenue is reclassified as a reduction in cost of sales, resulting in no change to EBIT. 3 Refer to Note 2.3.3 for further details. 4 Refer to Note 2.2.2 for further details. 5 Capital expenditure comprises the purchase of property, plant and equipment, and intangible assets. 2.2.2 Individually significant items Individually significant items are items which are not directly related to the underlying trading performance of the business and have been highlighted to help users of this Financial Report to understand the financial performance of the Group during the period. These include: 2026 2025 $M $M End-to-end payroll review remediation (710) – BIG W impairment – (346) Support office and store operating model redundancy and restructuring costs – (146) MyDeal impairment and closure costs – (52) Healthylife impairment – (17) Other 12 (8) Total Group significant items before interest and tax (698) (569) Interest accrual for end-to-end payroll review remediation (20) – Total Group significant items before income tax (718) (569) Income tax benefit 1 219 147 Income tax benefit on recognition of carry-forward capital tax losses 38 – Total Group significant items (461) (422) 1 For the current period, there is no tax impact other than on the end-to-end payroll review remediation of $710 million and associated interest accrual of $20 million. The items in Other are non-deductible or non-assessable for tax purposes (2025: no tax impact on the impairment of goodwill of $92 million (included in the BIG W impairment ($72 million), MyDeal impairment ($8 million) and Healthylife impairment ($12 million)), and the fair value gains of $16 million recognised on acquisitions of businesses (included in Other)). 2.2 Reportable segments (continued) Woolworths Group Annual Report 2026 133 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Group performance 2
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The individually significant items before income tax of $718 million recognised during the period are detailed below. END-TO-END PAYROLL REVIEW REMEDIATION On 5 September 2025, the Group received the Federal Court of Australia’s decision relating to historical underpayments of award-covered salaried store team leaders. On the basis of the Group’s review of the Court’s decision, an additional provision of $710 million was recognised during the current period, comprising further potential remediation to award-covered salaried store team leaders of $406 million (before income tax) and interest, superannuation and payroll tax of $304 million. Refer to Note 3.12 for further details. INTEREST ACCRUAL FOR END-TO-END PAYROLL REVIEW REMEDIATION The Group recognised $20 million in interest costs in the second half of the 2026 financial period, related to the Group’s payroll remediation provisions, which were recognised as a result of the Federal Court of Australia’s decision in September 2025. The ongoing interest accrual is significant and expected to be approximately $20 million per half-year until payments are made. The interest relating to previous periods was included in the additional provision of $710 million outlined above. Refer to Note 3.12 for further details. INCOME TAX BENEFIT ON RECOGNITION OF CARRY-FORWARD CAPITAL TAX LOSSES During the period, following the disposal of the investments in Eucalyptus and Samsara, which are accounted for within other comprehensive income, an income tax benefit of $38 million was recognised within income tax expense, for the tax effected carry-forward capital losses which offset the capital gains arising from the disposals. OTHER Revaluation of put option liability over non-controlling interest As disclosed in Note 3.3, the Group has recognised a put option liability over the remaining non-controlling interest in Quantium. At each reporting period, the put option liability is reassessed to reflect the present value of the Group’s best estimate of the amount expected to be paid for the non-controlling interest at the estimated time of exercise. During the period, a net revaluation gain of $12 million was recognised, representing a reduction in the amount expected to be paid. 2.3 Branch and administration expenses 2.3.1 Branch and administration expenses recognised in the Consolidated Statement of Profit or Loss 2026 2025 NOTE $M $M Employee benefits expense 2.3.2 10,488 9,993 Depreciation and amortisation expense 2.3.3 2,570 2,574 Occupancy (service) expenses 795 750 Contract labour and consultancy fees 711 759 Other1 2,149 2,258 Total branch and administration expenses 16,713 16,334 Branch expenses 12,657 12,294 Administration expenses 4,056 4,040 Total branch and administration expenses 16,713 16,334 1 Other includes expenses such as light and power, IT, insurance, and repairs and maintenance. 2.2 Reportable segments (continued) 134 Notes to the Consolidated Financial Statements 2.3.2 Employee benefits expense 2026 2025 NOTE $M $M Remuneration and on-costs 11,408 10,395 Superannuation expense 1,028 952 Share-based payments expense 98 92 Total employee benefits expense 12,534 11,439 Cost of sales 1,336 1,293 Other expenses 2.2.2 710 153 Branch and administration expenses 10,488 9,993 Total employee benefits expense 12,534 11,439 2.3.3 Depreciation and amortisation expense 2026 2025 NOTE $M $M Depreciation – lease assets 3.5.1 1,229 1,211 Depreciation – property, plant and equipment 3.6 1,276 1,209 Amortisation – intangible assets 3.7 479 533 Total depreciation and amortisation expense 2,984 2,953 Cost of sales 414 379 Branch and administration expenses 2,570 2,574 Total depreciation and amortisation expense 2,984 2,953 2.4 Net finance costs 2026 2025 $M $M Interest expense 1 893 878 Less: interest capitalised 2 (32) (40) Interest income 3 (32) (27) Total net finance costs 829 811 1 Interest expense includes interest on leases of $586 million (2025: $597 million), interest on borrowings and derivatives of $287 million (2025: $276 million), interest on end-to-end payroll review remediation of $20 million (2025: nil) and nil interest expense on put option liabilities (2025: $5 million). 2 Weighted average capitalisation rate is 4.79% (2025: 4.88%). 3 Interest income is recognised by the Group in its capacity as a lessor, over the lease term. 2.3 Branch and administration expenses (continued) Woolworths Group Annual Report 2026 135 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Group performance 2
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The individually significant items before income tax of $718 million recognised during the period are detailed below. END-TO-END PAYROLL REVIEW REMEDIATION On 5 September 2025, the Group received the Federal Court of Australia’s decision relating to historical underpayments of award-covered salaried store team leaders. On the basis of the Group’s review of the Court’s decision, an additional provision of $710 million was recognised during the current period, comprising further potential remediation to award-covered salaried store team leaders of $406 million (before income tax) and interest, superannuation and payroll tax of $304 million. Refer to Note 3.12 for further details. INTEREST ACCRUAL FOR END-TO-END PAYROLL REVIEW REMEDIATION The Group recognised $20 million in interest costs in the second half of the 2026 financial period, related to the Group’s payroll remediation provisions, which were recognised as a result of the Federal Court of Australia’s decision in September 2025. The ongoing interest accrual is significant and expected to be approximately $20 million per half-year until payments are made. The interest relating to previous periods was included in the additional provision of $710 million outlined above. Refer to Note 3.12 for further details. INCOME TAX BENEFIT ON RECOGNITION OF CARRY-FORWARD CAPITAL TAX LOSSES During the period, following the disposal of the investments in Eucalyptus and Samsara, which are accounted for within other comprehensive income, an income tax benefit of $38 million was recognised within income tax expense, for the tax effected carry-forward capital losses which offset the capital gains arising from the disposals. OTHER Revaluation of put option liability over non-controlling interest As disclosed in Note 3.3, the Group has recognised a put option liability over the remaining non-controlling interest in Quantium. At each reporting period, the put option liability is reassessed to reflect the present value of the Group’s best estimate of the amount expected to be paid for the non-controlling interest at the estimated time of exercise. During the period, a net revaluation gain of $12 million was recognised, representing a reduction in the amount expected to be paid. 2.3 Branch and administration expenses 2.3.1 Branch and administration expenses recognised in the Consolidated Statement of Profit or Loss 2026 2025 NOTE $M $M Employee benefits expense 2.3.2 10,488 9,993 Depreciation and amortisation expense 2.3.3 2,570 2,574 Occupancy (service) expenses 795 750 Contract labour and consultancy fees 711 759 Other1 2,149 2,258 Total branch and administration expenses 16,713 16,334 Branch expenses 12,657 12,294 Administration expenses 4,056 4,040 Total branch and administration expenses 16,713 16,334 1 Other includes expenses such as light and power, IT, insurance, and repairs and maintenance. 2.2 Reportable segments (continued) 134 Notes to the Consolidated Financial Statements 2.3.2 Employee benefits expense 2026 2025 NOTE $M $M Remuneration and on-costs 11,408 10,395 Superannuation expense 1,028 952 Share-based payments expense 98 92 Total employee benefits expense 12,534 11,439 Cost of sales 1,336 1,293 Other expenses 2.2.2 710 153 Branch and administration expenses 10,488 9,993 Total employee benefits expense 12,534 11,439 2.3.3 Depreciation and amortisation expense 2026 2025 NOTE $M $M Depreciation – lease assets 3.5.1 1,229 1,211 Depreciation – property, plant and equipment 3.6 1,276 1,209 Amortisation – intangible assets 3.7 479 533 Total depreciation and amortisation expense 2,984 2,953 Cost of sales 414 379 Branch and administration expenses 2,570 2,574 Total depreciation and amortisation expense 2,984 2,953 2.4 Net finance costs 2026 2025 $M $M Interest expense 1 893 878 Less: interest capitalised 2 (32) (40) Interest income 3 (32) (27) Total net finance costs 829 811 1 Interest expense includes interest on leases of $586 million (2025: $597 million), interest on borrowings and derivatives of $287 million (2025: $276 million), interest on end-to-end payroll review remediation of $20 million (2025: nil) and nil interest expense on put option liabilities (2025: $5 million). 2 Weighted average capitalisation rate is 4.79% (2025: 4.88%). 3 Interest income is recognised by the Group in its capacity as a lessor, over the lease term. 2.3 Branch and administration expenses (continued) Woolworths Group Annual Report 2026 135 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Group performance 2
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2.5 Income taxes 2.5.1 Income tax expense recognised in the Consolidated Statement of Profit or Loss 2026 2025 $M $M Current tax expense 696 637 Adjustments recognised during the period in relation to the current tax of prior periods (5) (12) Deferred tax relating to the origination and reversal of temporary differences (265) (204) Total income tax expense 426 421 2.5.2 Reconciliation between profit before income tax and income tax expense 2026 2025 $M $M Profit before income tax 1,578 1, 374 Income tax expense using the Australian corporate tax rate of 30% 473 412 Tax effect of amounts which are not deductible/(taxable) in calculating taxable income: Non-deductible expenses 1 3 36 Non-assessable income 2 (9) (6) Share of profits of investments accounted for using the equity method 2 (1) Share-based payments expense 1 (14) Unrecognised tax losses from the current period 1 2 Impact of differences in offshore tax rates (1) (1) Income tax benefit on recognition of carry-forward capital tax losses 3 (38) – Other (1) 5 431 433 Adjustments relating to prior periods (5) (12) Income tax expense 426 421 1 Non-deductible expenses for the prior period includes the impact of the tax effected impairment of goodwill in BIG W ($22 million), Healthylife ($4 million) and MyDeal ($2 million). Refer to Note 2.2.2 for further details. 2 Non-assessable income for the current period includes the tax effected gain of $4 million recognised on the revaluation of the put option liability over non-controlling interest (2025: tax effected gains of $5 million on acquisitions of businesses). Refer to Note 2.2.2 for further details. 3 Income tax benefit in relation to previously unutilised capital losses recognised in the period to offset the capital gain on disposal of investments accounted for within other comprehensive income. Refer to Note 3.3 for further details. 136 Notes to the Consolidated Financial Statements 3 Assets and liabilities 3.1 Trade and other receivables 2026 2025 $M $M Current Trade receivables 474 474 Loss allowance (5) (6) Total current trade receivables 469 468 Other receivables 584 586 Loss allowance (7) (20) Total current other receivables1 577 566 Total current trade and other receivables 1,046 1,034 Non‑current Trade and other receivables 211 146 Total non‑current trade and other receivables 211 146 Total trade and other receivables 1,257 1,180 1 Total current other receivables primarily includes the Eucalyptus receivable of $70 million (2025: nil), Endeavour Group receivables of $60 million (2025: $77 million) and supplier rebates of $50 million (2025: $73 million). 3.2 Inventories 2026 $M 2025 $M Inventories 4,523 4,227 Provision for inventory obsolescence (58) (58) Total inventories 4,465 4,169 Cost of inventories recognised as an expense within cost of sales during the period was $44,490 million (2025: $43,732 million). Material accounting policies Inventories Inventories are valued at the lower of cost and net realisable value. Cost is calculated using the weighted average cost method. Cost of sales recognised in the Consolidated Statement of Profit or Loss includes the cost of inventories recognised as an expense. Woolworths Group Annual Report 2026 137 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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2.5 Income taxes 2.5.1 Income tax expense recognised in the Consolidated Statement of Profit or Loss 2026 2025 $M $M Current tax expense 696 637 Adjustments recognised during the period in relation to the current tax of prior periods (5) (12) Deferred tax relating to the origination and reversal of temporary differences (265) (204) Total income tax expense 426 421 2.5.2 Reconciliation between profit before income tax and income tax expense 2026 2025 $M $M Profit before income tax 1,578 1, 374 Income tax expense using the Australian corporate tax rate of 30% 473 412 Tax effect of amounts which are not deductible/(taxable) in calculating taxable income: Non-deductible expenses 1 3 36 Non-assessable income 2 (9) (6) Share of profits of investments accounted for using the equity method 2 (1) Share-based payments expense 1 (14) Unrecognised tax losses from the current period 1 2 Impact of differences in offshore tax rates (1) (1) Income tax benefit on recognition of carry-forward capital tax losses 3 (38) – Other (1) 5 431 433 Adjustments relating to prior periods (5) (12) Income tax expense 426 421 1 Non-deductible expenses for the prior period includes the impact of the tax effected impairment of goodwill in BIG W ($22 million), Healthylife ($4 million) and MyDeal ($2 million). Refer to Note 2.2.2 for further details. 2 Non-assessable income for the current period includes the tax effected gain of $4 million recognised on the revaluation of the put option liability over non-controlling interest (2025: tax effected gains of $5 million on acquisitions of businesses). Refer to Note 2.2.2 for further details. 3 Income tax benefit in relation to previously unutilised capital losses recognised in the period to offset the capital gain on disposal of investments accounted for within other comprehensive income. Refer to Note 3.3 for further details. 136 Notes to the Consolidated Financial Statements 3 Assets and liabilities 3.1 Trade and other receivables 2026 2025 $M $M Current Trade receivables 474 474 Loss allowance (5) (6) Total current trade receivables 469 468 Other receivables 584 586 Loss allowance (7) (20) Total current other receivables1 577 566 Total current trade and other receivables 1,046 1,034 Non‑current Trade and other receivables 211 146 Total non‑current trade and other receivables 211 146 Total trade and other receivables 1,257 1,180 1 Total current other receivables primarily includes the Eucalyptus receivable of $70 million (2025: nil), Endeavour Group receivables of $60 million (2025: $77 million) and supplier rebates of $50 million (2025: $73 million). 3.2 Inventories 2026 $M 2025 $M Inventories 4,523 4,227 Provision for inventory obsolescence (58) (58) Total inventories 4,465 4,169 Cost of inventories recognised as an expense within cost of sales during the period was $44,490 million (2025: $43,732 million). Material accounting policies Inventories Inventories are valued at the lower of cost and net realisable value. Cost is calculated using the weighted average cost method. Cost of sales recognised in the Consolidated Statement of Profit or Loss includes the cost of inventories recognised as an expense. Woolworths Group Annual Report 2026 137 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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3.3 Other financial assets and liabilities 2026 2025 $M $M Other financial assets Current Derivatives 47 52 Total current other financial assets 47 52 Non‑current Derivatives 76 199 Listed equity securities – 11 Unlisted equity securities 27 163 Other 17 10 Total non‑current other financial assets 120 383 Total other financial assets 167 435 Other financial liabilities Current Derivatives 109 84 Put option liabilities over non-controlling interests 153 258 Total current other financial liabilities 262 342 Non‑current Derivatives 103 46 Total non‑current other financial liabilities 103 46 Total other financial liabilities 365 388 DERIVATIVES The Group uses various types of derivatives to hedge exposures to variability in both interest and foreign exchange rates. Refer to Note 4.7 for further details. UNLISTED EQUITY SECURITIES The Group has various investments in unlisted equity securities, which are measured at fair value through other comprehensive income. Refer to Note 4.7.4 for further details. During the period, W23 Ventures Pty Limited, a wholly owned subsidiary of the Group, sold a 7.74% equity interest in Eucalyptus. The Group recognised a consideration of $111 million, of which $22 million has been received as at 28 June 2026 and $93 million ($23 million as non-current) has been recognised as a receivable, with a gain on sale of $65 million recognised in other comprehensive income. PUT OPTION LIABILITIES OVER NON-CONTROLLING INTERESTS During the current period, the Group: • Acquired the remaining 19.8% equity interest in MyDeal.com.au Pty Limited (MyDeal) following the exercise of its call option. This resulted in a decrease in the Group’s put option liabilities over non-controlling interests of $89 million; and • Acquired a further equity interest in The Quantium Group Holdings Pty Limited following the exercise of their put option by the non-executive shareholders. This resulted in a decrease in the Group’s put option liabilities over non-controlling interests of $4 million. The put option liability was also reassessed to reflect the present value of the Group’s best estimate of the amount expected to be paid at the estimated time of exercise, resulting in a net revaluation gain of $12 million. Refer to Note 2.2.2 for further details. The Group continues to recognise a put option liability over the remaining non-controlling interest in Quantium based on the present value of the amounts expected to be paid at the estimated time of exercise. The liability is presented as ‘current’ as the put option is currently exercisable. The value of the put option liability is determined using various assumptions including estimations of future performance, and changes in working capital, net debt and estimated exercise date. Any changes to these assumptions would result in a change to the value of the put option liability recognised within the Consolidated Statement of Profit or Loss. 138 Notes to the Consolidated Financial Statements Material accounting policies Put option liabilities over non-controlling interests At each reporting period, the put option liabilities are reassessed to reflect the Group’s best estimate of the amounts expected to be paid at the estimated time of exercise, discounted to present value using the Group’s marginal cost of debt for borrowings over a similar term. Any changes in the estimate are recognised in the Consolidated Statement of Profit or Loss. The estimates and judgements applied in determining the Group’s put option liabilities over non‑controlling interests involve a high degree of complexity and, by nature, are uncertain as they relate to estimations of future performance. 3.4 Other assets 2026 2025 $M $M Current Lease receivables 45 61 Prepayments 207 183 Other assets 33 17 Total other current assets 285 261 Non‑current Lease receivables 290 309 Prepayments 6 27 Total other non‑current assets 296 336 Total other assets 581 597 3.5 Leases 3.5.1 Lease assets 2026 PROPERTIES $M PLANT AND EQUIPMENT $M OTHER $M TOTAL $M Cost 21,457 541 50 22,048 Less: accumulated depreciation and impairment (13,150) (192) (46) (13,388) Carrying amount at end of period 8,307 349 4 8,660 Movement: Carrying amount at start of period 8,880 273 9 9,162 Additions 233 173 – 406 Acquisition of business 2 – – 2 Terminations (34) (2) – (36) Remeasurements 493 2 (1) 494 Depreciation expense (1,128) (97) (4) (1,229) Impairment expense (8) – – (8) Other1 (131) – – (131) Carrying amount at end of period 8,307 349 4 8,660 1 Other primarily includes the effect of movement in exchange rates from the weakening of the NZD against the AUD ($129 million). 3.3 Other financial assets and liabilities (continued) Woolworths Group Annual Report 2026 139 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Assets and liabilities 3
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3.3 Other financial assets and liabilities 2026 2025 $M $M Other financial assets Current Derivatives 47 52 Total current other financial assets 47 52 Non‑current Derivatives 76 199 Listed equity securities – 11 Unlisted equity securities 27 163 Other 17 10 Total non‑current other financial assets 120 383 Total other financial assets 167 435 Other financial liabilities Current Derivatives 109 84 Put option liabilities over non-controlling interests 153 258 Total current other financial liabilities 262 342 Non‑current Derivatives 103 46 Total non‑current other financial liabilities 103 46 Total other financial liabilities 365 388 DERIVATIVES The Group uses various types of derivatives to hedge exposures to variability in both interest and foreign exchange rates. Refer to Note 4.7 for further details. UNLISTED EQUITY SECURITIES The Group has various investments in unlisted equity securities, which are measured at fair value through other comprehensive income. Refer to Note 4.7.4 for further details. During the period, W23 Ventures Pty Limited, a wholly owned subsidiary of the Group, sold a 7.74% equity interest in Eucalyptus. The Group recognised a consideration of $111 million, of which $22 million has been received as at 28 June 2026 and $93 million ($23 million as non-current) has been recognised as a receivable, with a gain on sale of $65 million recognised in other comprehensive income. PUT OPTION LIABILITIES OVER NON-CONTROLLING INTERESTS During the current period, the Group: • Acquired the remaining 19.8% equity interest in MyDeal.com.au Pty Limited (MyDeal) following the exercise of its call option. This resulted in a decrease in the Group’s put option liabilities over non-controlling interests of $89 million; and • Acquired a further equity interest in The Quantium Group Holdings Pty Limited following the exercise of their put option by the non-executive shareholders. This resulted in a decrease in the Group’s put option liabilities over non-controlling interests of $4 million. The put option liability was also reassessed to reflect the present value of the Group’s best estimate of the amount expected to be paid at the estimated time of exercise, resulting in a net revaluation gain of $12 million. Refer to Note 2.2.2 for further details. The Group continues to recognise a put option liability over the remaining non-controlling interest in Quantium based on the present value of the amounts expected to be paid at the estimated time of exercise. The liability is presented as ‘current’ as the put option is currently exercisable. The value of the put option liability is determined using various assumptions including estimations of future performance, and changes in working capital, net debt and estimated exercise date. Any changes to these assumptions would result in a change to the value of the put option liability recognised within the Consolidated Statement of Profit or Loss. 138 Notes to the Consolidated Financial Statements Material accounting policies Put option liabilities over non-controlling interests At each reporting period, the put option liabilities are reassessed to reflect the Group’s best estimate of the amounts expected to be paid at the estimated time of exercise, discounted to present value using the Group’s marginal cost of debt for borrowings over a similar term. Any changes in the estimate are recognised in the Consolidated Statement of Profit or Loss. The estimates and judgements applied in determining the Group’s put option liabilities over non‑controlling interests involve a high degree of complexity and, by nature, are uncertain as they relate to estimations of future performance. 3.4 Other assets 2026 2025 $M $M Current Lease receivables 45 61 Prepayments 207 183 Other assets 33 17 Total other current assets 285 261 Non‑current Lease receivables 290 309 Prepayments 6 27 Total other non‑current assets 296 336 Total other assets 581 597 3.5 Leases 3.5.1 Lease assets 2026 PROPERTIES $M PLANT AND EQUIPMENT $M OTHER $M TOTAL $M Cost 21,457 541 50 22,048 Less: accumulated depreciation and impairment (13,150) (192) (46) (13,388) Carrying amount at end of period 8,307 349 4 8,660 Movement: Carrying amount at start of period 8,880 273 9 9,162 Additions 233 173 – 406 Acquisition of business 2 – – 2 Terminations (34) (2) – (36) Remeasurements 493 2 (1) 494 Depreciation expense (1,128) (97) (4) (1,229) Impairment expense (8) – – (8) Other1 (131) – – (131) Carrying amount at end of period 8,307 349 4 8,660 1 Other primarily includes the effect of movement in exchange rates from the weakening of the NZD against the AUD ($129 million). 3.3 Other financial assets and liabilities (continued) Woolworths Group Annual Report 2026 139 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Assets and liabilities 3
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2025 PROPERTIES $M PLANT AND EQUIPMENT $M OTHER $M TOTAL $M Cost 21,185 468 52 21,705 Less: accumulated depreciation and impairment (12,305) (195) (43) (12,543) Carrying amount at end of period 8,880 273 9 9,162 Movement: Carrying amount at start of period 9,381 213 10 9,604 Additions 411 128 – 539 Acquisition of businesses 46 – – 46 Terminations (57) (1) – (58) Remeasurements 375 8 4 387 Depreciation expense (1,131) (75) (5) (1,211) Impairment expense (149) – – (149) Other 4 – – 4 Carrying amount at end of period 8,880 273 9 9,162 3.5.2 Lease liabilities 2026 2025 $M $M Movement: Carrying amount at start of period 11 , 874 12,144 Additions 413 540 Acquisition of business 2 46 Terminations (13) (48) Remeasurements 494 387 Interest expense 586 597 Payments for the interest component of lease liabilities (586) (597) Repayment of the principal component of lease liabilities (1,298) (1,223) Other (156) 28 Carrying amount at end of period 11,316 11, 874 Current 1,736 1,699 Non-current 9,580 10,175 Carrying amount at end of period 11,316 11, 874 2026 2025 MATURITY PROFILE OF CONTRACTUAL UNDISCOUNTED CASH FLOWS $M $M One year or less 1,898 1,828 One year to two years 1,863 1,796 Two years to five years 5,004 4,890 Five years to 10 years 4,482 4,932 Over 10 years 1,211 1,564 Total undiscounted lease liabilities 14,458 15,010 COMMITMENTS FOR LEASES NOT YET COMMENCED As at 28 June 2026, the Group had committed to leases which had not yet commenced. Accordingly, these lease contracts are not included in the calculation of the Group’s lease liabilities. The Group has estimated that the potential future lease payments for these lease contracts as at the end of the financial period would result in an increase in undiscounted lease liabilities of $1,915 million (2025: $1,814 million). 3.5 Leases (continued) 140 Notes to the Consolidated Financial Statements 3.5.3 Other amounts recognised 2026 2025 $M $M Consolidated Statement of Profit or Loss (included in branch and administration expenses) Variable lease payments not included in the measurement of lease liabilities 1 97 106 Expense relating to short-term leases 23 19 Consolidated Statement of Cash Flows (included in payments to suppliers and employees) Payments for short-term leases, service components of leases, and variable lease payments 901 859 1 Variable lease payments primarily relate to turnover rent for stores and represent less than 5% (2025: less than 5%) of total lease payments. Material accounting policies The Group primarily enters into leases for retail and distribution properties, which include extension options. Where it is reasonably certain that the Group will exercise these options, they are included in the lease term. The Group evaluates lease durations whenever controllable circumstances change that influence the certainty of exercising extension rights. To determine if economic incentives exist, factors like significant leasehold investments, site ‑level profitability, potential relocation expenses, and the strategic value of the premises are considered. At the end of the reporting period, the weighted average remaining lease terms for the Group’s portfolio of store and distribution centre property leases were: WEIGHTED AVERAGE LEASE TERM (WALT) 1 WEIGHTED AVERAGE LEASE EXPIRY (WALE) 1 2026 (YEARS) 2025 (YEARS) 2026 (YEARS) 2025 (YEARS) Australian Food 7.7 8.2 6.8 7.3 Australian B2B 6.7 7.9 6.3 6.5 New Zealand Food 8.0 8.3 7. 2 7.6 W Living (BIG W and Petstock) 6.6 7.4 5.4 5.4 1 Represents the weighted average number of years from the end of the reporting period to the end of the reasonably certain lease term (WALT) and to the contractual lease end date (WALE). Lease assets and liabilities Lease assets are initially measured at cost comprising the initial lease liability, lease payments made at or before the commencement date (less any lease incentives received), and initial direct and restoration costs. They are depreciated on a straight ‑line basis over the shorter of the lease term or the useful life of the underlying asset. Lease liabilities are measured at the present value of lease payments to be made during the lease term, discounted using the interest rate implicit in the lease or the Group’s incremental borrowing rate specific to the lease term, which is derived from key external market‑based rates and the Group’s credit margin. Lease payments primarily include fixed payments, less any lease incentives receivable. Lease liabilities are subsequently measured to incorporate the interest charge recognised in the Consolidated Statement of Profit or Loss and are reduced for the lease payments made. When there is a change in lease term or in future lease payments, lease liabilities are remeasured, with a corresponding adjustment to lease assets. Holdover leases In assessing whether the Group is reasonably certain to extend or renew a lease in holdover, the Group considers all relevant facts and circumstances that create an economic incentive to remain in the leased premises and whether a lease asset and lease liability should be recognised. Non-lease components The Group separates the non‑lease components for property leases based on a residual method using property outgoings market data. Non‑lease components are recognised as an expense in the Consolidated Statement of Profit or Loss as incurred and include items such as embedded property outgoings, and repairs and maintenance. 3.5 Leases (continued) Woolworths Group Annual Report 2026 141 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Assets and liabilities 3
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2025 PROPERTIES $M PLANT AND EQUIPMENT $M OTHER $M TOTAL $M Cost 21,185 468 52 21,705 Less: accumulated depreciation and impairment (12,305) (195) (43) (12,543) Carrying amount at end of period 8,880 273 9 9,162 Movement: Carrying amount at start of period 9,381 213 10 9,604 Additions 411 128 – 539 Acquisition of businesses 46 – – 46 Terminations (57) (1) – (58) Remeasurements 375 8 4 387 Depreciation expense (1,131) (75) (5) (1,211) Impairment expense (149) – – (149) Other 4 – – 4 Carrying amount at end of period 8,880 273 9 9,162 3.5.2 Lease liabilities 2026 2025 $M $M Movement: Carrying amount at start of period 11 , 874 12,144 Additions 413 540 Acquisition of business 2 46 Terminations (13) (48) Remeasurements 494 387 Interest expense 586 597 Payments for the interest component of lease liabilities (586) (597) Repayment of the principal component of lease liabilities (1,298) (1,223) Other (156) 28 Carrying amount at end of period 11,316 11, 874 Current 1,736 1,699 Non-current 9,580 10,175 Carrying amount at end of period 11,316 11, 874 2026 2025 MATURITY PROFILE OF CONTRACTUAL UNDISCOUNTED CASH FLOWS $M $M One year or less 1,898 1,828 One year to two years 1,863 1,796 Two years to five years 5,004 4,890 Five years to 10 years 4,482 4,932 Over 10 years 1,211 1,564 Total undiscounted lease liabilities 14,458 15,010 COMMITMENTS FOR LEASES NOT YET COMMENCED As at 28 June 2026, the Group had committed to leases which had not yet commenced. Accordingly, these lease contracts are not included in the calculation of the Group’s lease liabilities. The Group has estimated that the potential future lease payments for these lease contracts as at the end of the financial period would result in an increase in undiscounted lease liabilities of $1,915 million (2025: $1,814 million). 3.5 Leases (continued) 140 Notes to the Consolidated Financial Statements 3.5.3 Other amounts recognised 2026 2025 $M $M Consolidated Statement of Profit or Loss (included in branch and administration expenses) Variable lease payments not included in the measurement of lease liabilities 1 97 106 Expense relating to short-term leases 23 19 Consolidated Statement of Cash Flows (included in payments to suppliers and employees) Payments for short-term leases, service components of leases, and variable lease payments 901 859 1 Variable lease payments primarily relate to turnover rent for stores and represent less than 5% (2025: less than 5%) of total lease payments. Material accounting policies The Group primarily enters into leases for retail and distribution properties, which include extension options. Where it is reasonably certain that the Group will exercise these options, they are included in the lease term. The Group evaluates lease durations whenever controllable circumstances change that influence the certainty of exercising extension rights. To determine if economic incentives exist, factors like significant leasehold investments, site ‑level profitability, potential relocation expenses, and the strategic value of the premises are considered. At the end of the reporting period, the weighted average remaining lease terms for the Group’s portfolio of store and distribution centre property leases were: WEIGHTED AVERAGE LEASE TERM (WALT) 1 WEIGHTED AVERAGE LEASE EXPIRY (WALE) 1 2026 (YEARS) 2025 (YEARS) 2026 (YEARS) 2025 (YEARS) Australian Food 7.7 8.2 6.8 7.3 Australian B2B 6.7 7.9 6.3 6.5 New Zealand Food 8.0 8.3 7. 2 7.6 W Living (BIG W and Petstock) 6.6 7.4 5.4 5.4 1 Represents the weighted average number of years from the end of the reporting period to the end of the reasonably certain lease term (WALT) and to the contractual lease end date (WALE). Lease assets and liabilities Lease assets are initially measured at cost comprising the initial lease liability, lease payments made at or before the commencement date (less any lease incentives received), and initial direct and restoration costs. They are depreciated on a straight ‑line basis over the shorter of the lease term or the useful life of the underlying asset. Lease liabilities are measured at the present value of lease payments to be made during the lease term, discounted using the interest rate implicit in the lease or the Group’s incremental borrowing rate specific to the lease term, which is derived from key external market‑based rates and the Group’s credit margin. Lease payments primarily include fixed payments, less any lease incentives receivable. Lease liabilities are subsequently measured to incorporate the interest charge recognised in the Consolidated Statement of Profit or Loss and are reduced for the lease payments made. When there is a change in lease term or in future lease payments, lease liabilities are remeasured, with a corresponding adjustment to lease assets. Holdover leases In assessing whether the Group is reasonably certain to extend or renew a lease in holdover, the Group considers all relevant facts and circumstances that create an economic incentive to remain in the leased premises and whether a lease asset and lease liability should be recognised. Non-lease components The Group separates the non‑lease components for property leases based on a residual method using property outgoings market data. Non‑lease components are recognised as an expense in the Consolidated Statement of Profit or Loss as incurred and include items such as embedded property outgoings, and repairs and maintenance. 3.5 Leases (continued) Woolworths Group Annual Report 2026 141 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Assets and liabilities 3
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3.6 Property, plant and equipment 2026 DEVELOPMENT PROPERTIES $M FREEHOLD LAND, WAREHOUSE, RETAIL, AND OTHER PROPERTIES $M LEASEHOLD IMPROVEMENTS $M PLANT AND EQUIPMENT $M TOTAL $M Cost 1,880 1,277 4,834 13,675 21,666 Less: accumulated depreciation and impairment (64) (178) (2,711) (8,382) (11,335) Carrying amount at end of period 1 1,816 1,099 2,123 5,293 10,331 Movement: Carrying amount at start of period 1,624 1,184 2,089 5,275 10,172 Additions 637 22 342 1,042 2,043 Acquisitions of businesses – – – 24 24 Disposals – (8) (4) (1) (13) Transfer to assets held for sale (263) (190) – (453) Depreciation expense – (27) (256) (993) (1,276) Impairment expense (26) 5 – (1) (22) Transfers and other (140) 140 (16) 20 4 Effect of movements in foreign exchange rates (16) (27) (32) (73) (148) Carrying amount at end of period 1 1,816 1,099 2,123 5,293 10,331 2025 DEVELOPMENT PROPERTIES $M FREEHOLD LAND, WAREHOUSE, RETAIL, AND OTHER PROPERTIES $M LEASEHOLD IMPROVEMENTS $M PLANT AND EQUIPMENT $M TOTAL $M Cost 1,699 1,342 4,641 13,036 20,718 Less: accumulated depreciation and impairment (75) (158) (2,552) (7,761) (10,546) Carrying amount at end of period 1 1,624 1,184 2,089 5,275 10,172 Movement: Carrying amount at start of period 1,563 1,139 1,932 5,044 9,678 Additions 429 26 378 1,175 2,008 Acquisitions of businesses – – 33 53 86 Disposals (1) (48) (9) (7) (65) Transfer to assets held for sale (216) (43) – – (259) Depreciation expense – (25) (246) (938) (1,209) Impairment expense (3) (8) – (51) (62) Transfers and other (149) 138 (3) (10) (24) Effect of movements in foreign exchange rates 1 5 4 9 19 Carrying amount at end of period 1 1,624 1,184 2,089 5,275 10,172 1 Carrying amount at the end of the period includes assets under construction of $1,033 million (2025: $1,171 million). 142 Notes to the Consolidated Financial Statements Material accounting policies Property, plant and equipment The Group’s property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Freehold land and development properties are not depreciated, while leasehold improvements are depreciated on a straight‑line basis over the shorter of the respective remaining lease term and the estimated useful life of the asset. All other property, plant and equipment are depreciated on a straight‑line basis over their estimated useful lives to their residual values. The useful lives of the Group’s property, plant and equipment are as follows: Buildings 15–40 years Plant and equipment 2.5–20 years Leasehold improvements Up to 25 years Financial reporting impacts of climate ‑related matters The Group has identified climate‑related physical risks to its assets and operations and is implementing a plan to address these risks. These include improving the Group’s resilience of its assets through the implementation of generators for areas exposed to a high risk of power outage, considering flood risks in network planning, implementing defensive measures and training for effective use in flood ‑risk stores, and investing in distribution centre infrastructure and equipment to enhance stock resilience. Refer to Section 3.2 of the Sustainability Report within the Annual Report for further details. Useful lives During the period, there were no changes to the useful lives of property, plant and equipment as a result of climate ‑related risks. If in future reporting periods there are changes to the proposed useful lives and/or residual values due to climate‑related risks, these changes will be accounted for on a prospective basis. 3.6 Property, plant and equipment (continued) Woolworths Group Annual Report 2026 143 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Assets and liabilities 3
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3.6 Property, plant and equipment 2026 DEVELOPMENT PROPERTIES $M FREEHOLD LAND, WAREHOUSE, RETAIL, AND OTHER PROPERTIES $M LEASEHOLD IMPROVEMENTS $M PLANT AND EQUIPMENT $M TOTAL $M Cost 1,880 1,277 4,834 13,675 21,666 Less: accumulated depreciation and impairment (64) (178) (2,711) (8,382) (11,335) Carrying amount at end of period 1 1,816 1,099 2,123 5,293 10,331 Movement: Carrying amount at start of period 1,624 1,184 2,089 5,275 10,172 Additions 637 22 342 1,042 2,043 Acquisitions of businesses – – – 24 24 Disposals – (8) (4) (1) (13) Transfer to assets held for sale (263) (190) – (453) Depreciation expense – (27) (256) (993) (1,276) Impairment expense (26) 5 – (1) (22) Transfers and other (140) 140 (16) 20 4 Effect of movements in foreign exchange rates (16) (27) (32) (73) (148) Carrying amount at end of period 1 1,816 1,099 2,123 5,293 10,331 2025 DEVELOPMENT PROPERTIES $M FREEHOLD LAND, WAREHOUSE, RETAIL, AND OTHER PROPERTIES $M LEASEHOLD IMPROVEMENTS $M PLANT AND EQUIPMENT $M TOTAL $M Cost 1,699 1,342 4,641 13,036 20,718 Less: accumulated depreciation and impairment (75) (158) (2,552) (7,761) (10,546) Carrying amount at end of period 1 1,624 1,184 2,089 5,275 10,172 Movement: Carrying amount at start of period 1,563 1,139 1,932 5,044 9,678 Additions 429 26 378 1,175 2,008 Acquisitions of businesses – – 33 53 86 Disposals (1) (48) (9) (7) (65) Transfer to assets held for sale (216) (43) – – (259) Depreciation expense – (25) (246) (938) (1,209) Impairment expense (3) (8) – (51) (62) Transfers and other (149) 138 (3) (10) (24) Effect of movements in foreign exchange rates 1 5 4 9 19 Carrying amount at end of period 1 1,624 1,184 2,089 5,275 10,172 1 Carrying amount at the end of the period includes assets under construction of $1,033 million (2025: $1,171 million). 142 Notes to the Consolidated Financial Statements Material accounting policies Property, plant and equipment The Group’s property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Freehold land and development properties are not depreciated, while leasehold improvements are depreciated on a straight‑line basis over the shorter of the respective remaining lease term and the estimated useful life of the asset. All other property, plant and equipment are depreciated on a straight‑line basis over their estimated useful lives to their residual values. The useful lives of the Group’s property, plant and equipment are as follows: Buildings 15–40 years Plant and equipment 2.5–20 years Leasehold improvements Up to 25 years Financial reporting impacts of climate ‑related matters The Group has identified climate‑related physical risks to its assets and operations and is implementing a plan to address these risks. These include improving the Group’s resilience of its assets through the implementation of generators for areas exposed to a high risk of power outage, considering flood risks in network planning, implementing defensive measures and training for effective use in flood ‑risk stores, and investing in distribution centre infrastructure and equipment to enhance stock resilience. Refer to Section 3.2 of the Sustainability Report within the Annual Report for further details. Useful lives During the period, there were no changes to the useful lives of property, plant and equipment as a result of climate ‑related risks. If in future reporting periods there are changes to the proposed useful lives and/or residual values due to climate‑related risks, these changes will be accounted for on a prospective basis. 3.6 Property, plant and equipment (continued) Woolworths Group Annual Report 2026 143 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Assets and liabilities 3
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3.7 Intangible assets 2026 GOODWILL $M BRAND NAMES 1 $M SOFTWARE 2 $M CUSTOMER CONTRACTS AND RELATIONSHIPS $M OTHER $M TOTAL $M Cost 3,866 482 4,602 371 174 9,495 Less: accumulated amortisation and impairment (1,488) (28) (3,215) (175) (75) (4,981) Carrying amount at end of period 2,378 454 1,387 196 99 4,514 Movement: Carrying amount at start of period 2,468 477 1,433 226 105 4,709 Acquisitions of businesses3 (15) 8 – 4 – (3) Additions – – 407 – 10 417 Disposals (1) – (6) – – (7) Transfers – – (4) – – (4) Amortisation expense – (2) (427) (34) (16) (479) Impairment expense (1) – – – – (1) Effect of movements in foreign exchange rates (73) (29) (16) – – (118) Carrying amount at end of period 2,378 454 1,387 196 99 4,514 2025 GOODWILL $M BRAND NAMES 1 $M SOFTWARE 2 $M CUSTOMER CONTRACTS AND RELATIONSHIPS $M OTHER $M TOTAL $M Cost 4,133 505 4,271 368 165 9,442 Less: accumulated amortisation and impairment (1,665) (28) (2,838) (142) (60) (4,733) Carrying amount at end of period 2,468 477 1,433 226 105 4,709 Movement: Carrying amount at start of period 2,466 467 1,573 269 98 4,873 Acquisitions of businesses 3 86 16 – 14 – 116 Additions – 1 442 – 24 467 Disposals (1) – (9) – – (10) Transfers – – 24 – – 24 Amortisation expense – (4) (475) (37) (17) (533) Impairment expense (92) (5) (123) (20) – (240) Effect of movements in foreign exchange rates 9 2 1 – – 12 Carrying amount at end of period 2,468 477 1,433 226 105 4,709 1 As at 28 June 2026, brand names includes $445 million (2025: $473 million) of brand names with indefinite useful lives and $9 million (2025: $4 million) with finite useful lives. 2 Carrying amount at the end of the period for software includes assets under development of $474 million (2025: $438 million). 3 Acquisitions of businesses primarily reflect the finalisation of the City Kitchen acquisition accounting, resulting in a net reduction in goodwill of $20 million and the recognition of a finite useful life brand name of $8 million (2025: goodwill of $74 million recognised as a result of the City Kitchen acquisition, and other individually immaterial business acquisitions, which resulted in the recognition of goodwill ($12 million), brand names ($16 million) and customer contracts and relationships ($14 million)). 144 Notes to the Consolidated Financial Statements Material accounting policies Intangible assets The Group’s intangible assets are measured at cost less accumulated amortisation and impairment losses. Goodwill and brand names with indefinite useful lives are not amortised. All other intangible assets are amortised over their estimated useful lives as follows: Brand names with finite useful lives One to 10 years Software ‑ core systems Five to 10 years Other software Three to five years Customer contracts and relationships Three to 10 years Other intangible assets Nine years Internally-generated intangible assets Development expenditure is capitalised only if the expenditure can be measured reliably, the asset is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, the expenditure is recognised in the Consolidated Statement of Profit or Loss as incurred. Subsequent to initial recognition, internally ‑generated intangible assets are recognised at cost less accumulated amortisation and impairment losses. Expenditure on research activities is recognised as an expense in the period in which it is incurred. Software-as-a-Service Configuration and customisation costs incurred as part of the Group’s Software ‑as‑a‑Service arrangements are recognised as operating expenses when the services are received. Expenditure directly attributable to the development or enhancement of software applications that are controlled by the Group, including on ‑premises and private cloud systems, is capitalised as an intangible asset when the recognition criteria are met. These costs include those that create new functionality or materially enhance existing functionality and are expected to generate future economic benefits for the Group. 3.8 Commitments for capital expenditure Capital expenditure commitments of the Group at the reporting date are as follows: 2026 2025 $M $M Estimated capital expenditure under firm contracts, payable: Not later than one year 786 975 Later than one year, not later than two years 118 195 Later than two years, not later than five years 52 6 Total capital expenditure commitments 956 1,176 3.7 Intangible assets (continued) Woolworths Group Annual Report 2026 145 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Assets and liabilities 3
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3.7 Intangible assets 2026 GOODWILL $M BRAND NAMES 1 $M SOFTWARE 2 $M CUSTOMER CONTRACTS AND RELATIONSHIPS $M OTHER $M TOTAL $M Cost 3,866 482 4,602 371 174 9,495 Less: accumulated amortisation and impairment (1,488) (28) (3,215) (175) (75) (4,981) Carrying amount at end of period 2,378 454 1,387 196 99 4,514 Movement: Carrying amount at start of period 2,468 477 1,433 226 105 4,709 Acquisitions of businesses3 (15) 8 – 4 – (3) Additions – – 407 – 10 417 Disposals (1) – (6) – – (7) Transfers – – (4) – – (4) Amortisation expense – (2) (427) (34) (16) (479) Impairment expense (1) – – – – (1) Effect of movements in foreign exchange rates (73) (29) (16) – – (118) Carrying amount at end of period 2,378 454 1,387 196 99 4,514 2025 GOODWILL $M BRAND NAMES 1 $M SOFTWARE 2 $M CUSTOMER CONTRACTS AND RELATIONSHIPS $M OTHER $M TOTAL $M Cost 4,133 505 4,271 368 165 9,442 Less: accumulated amortisation and impairment (1,665) (28) (2,838) (142) (60) (4,733) Carrying amount at end of period 2,468 477 1,433 226 105 4,709 Movement: Carrying amount at start of period 2,466 467 1,573 269 98 4,873 Acquisitions of businesses 3 86 16 – 14 – 116 Additions – 1 442 – 24 467 Disposals (1) – (9) – – (10) Transfers – – 24 – – 24 Amortisation expense – (4) (475) (37) (17) (533) Impairment expense (92) (5) (123) (20) – (240) Effect of movements in foreign exchange rates 9 2 1 – – 12 Carrying amount at end of period 2,468 477 1,433 226 105 4,709 1 As at 28 June 2026, brand names includes $445 million (2025: $473 million) of brand names with indefinite useful lives and $9 million (2025: $4 million) with finite useful lives. 2 Carrying amount at the end of the period for software includes assets under development of $474 million (2025: $438 million). 3 Acquisitions of businesses primarily reflect the finalisation of the City Kitchen acquisition accounting, resulting in a net reduction in goodwill of $20 million and the recognition of a finite useful life brand name of $8 million (2025: goodwill of $74 million recognised as a result of the City Kitchen acquisition, and other individually immaterial business acquisitions, which resulted in the recognition of goodwill ($12 million), brand names ($16 million) and customer contracts and relationships ($14 million)). 144 Notes to the Consolidated Financial Statements Material accounting policies Intangible assets The Group’s intangible assets are measured at cost less accumulated amortisation and impairment losses. Goodwill and brand names with indefinite useful lives are not amortised. All other intangible assets are amortised over their estimated useful lives as follows: Brand names with finite useful lives One to 10 years Software ‑ core systems Five to 10 years Other software Three to five years Customer contracts and relationships Three to 10 years Other intangible assets Nine years Internally-generated intangible assets Development expenditure is capitalised only if the expenditure can be measured reliably, the asset is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, the expenditure is recognised in the Consolidated Statement of Profit or Loss as incurred. Subsequent to initial recognition, internally ‑generated intangible assets are recognised at cost less accumulated amortisation and impairment losses. Expenditure on research activities is recognised as an expense in the period in which it is incurred. Software-as-a-Service Configuration and customisation costs incurred as part of the Group’s Software ‑as‑a‑Service arrangements are recognised as operating expenses when the services are received. Expenditure directly attributable to the development or enhancement of software applications that are controlled by the Group, including on ‑premises and private cloud systems, is capitalised as an intangible asset when the recognition criteria are met. These costs include those that create new functionality or materially enhance existing functionality and are expected to generate future economic benefits for the Group. 3.8 Commitments for capital expenditure Capital expenditure commitments of the Group at the reporting date are as follows: 2026 2025 $M $M Estimated capital expenditure under firm contracts, payable: Not later than one year 786 975 Later than one year, not later than two years 118 195 Later than two years, not later than five years 52 6 Total capital expenditure commitments 956 1,176 3.7 Intangible assets (continued) Woolworths Group Annual Report 2026 145 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Assets and liabilities 3
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3.9 Impairment of non‑financial assets At each reporting date, the Group assesses whether there is any indication that an asset may be impaired. External and internal factors, such as performance against budget, and changes in market conditions, are monitored to assess for indications of impairment. If any such indication exists, the recoverable amount of the asset is estimated as the higher of fair value less costs of disposal (FVLCOD) or value in use (VIU), and is determined for the individual asset where possible; otherwise, for the cash-generating unit (CGU) to which it belongs. CGUs are the smallest identifiable group of assets and liabilities that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. An impairment loss is recognised for the amount by which the carrying amount of an asset or a CGU exceeds its recoverable amount. For the purposes of impairment testing, an intangible asset with an indefinite life is allocated to each CGU that is expected to benefit from the synergies relating to the business combination, reflecting the lowest level for which the asset is monitored for internal management purposes. The Group’s intangible assets with indefinite useful lives are as follows: 2026 2025 CGU GOODWILL $M BRAND NAMES $M GOODWILL $M BRAND NAMES $M Australian Food 984 12 1,005 3 New Zealand Food 545 214 617 242 PFD 360 43 360 43 Petstock 346 166 343 166 Quantium 143 19 143 19 Carrying amount at end of period 1 2,378 454 2,468 473 1 In the prior period, the carrying values of the BIG W, MyDeal and Healthylife CGUs were fully impaired. 3.9.1 CGU Impairment testing The Group performed its annual impairment test for CGUs with goodwill and brand names with indefinite useful lives, which included the calculation of recoverable amount based on VIU, with the significant assumptions outlined below: ASSUMPTION HOW IT WAS DETERMINED Forecast future cash flows The forecast future cash flows were derived from the Group’s most recent three-year Board-approved plan. For impairment testing, the cash flows were risk-adjusted, where applicable, to consider a range of potential future performance outcomes and were extrapolated to determine a terminal value. The long-term growth rate of 2.5% (2025: 2.5%) per annum was used for impairment testing and does not exceed the long-term average growth rate for the industry. Discount rates The estimated future cash flows are discounted to their present value using a pre-tax discount rate (derived from a post-tax discount rate), which reflects the current market assessment of the time value of money and risk specific to the CGU. The post-tax discount rates applied by the Group for impairment testing purposes are as follows: CGU 2026 % 2025 % Australian Food 8.7 8.2 New Zealand Food 8.6 8.6 PFD 9.5 8.9 Petstock 9.8 9.3 Quantium 11.2 10.7 146 Notes to the Consolidated Financial Statements CGU IMPAIRMENT TESTING RESULTS For all CGUs, recoverable amount exceeded carrying value and therefore, no impairments were recognised during the period. However, for the following CGUs there remains uncertainty within the forecasted cash flows: NEW ZEALAND FOOD As at 28 June 2026, the recoverable amount of the New Zealand Food CGU exceeded its carrying value and no impairment loss was recognised. The performance during the period was impacted by challenging market conditions alongside operational disruptions. The valuation relies on achieving management’s forecasts, which assume a stable yet challenging environment, efficiency gains, and earnings recovery. The forecasts remain subject to external market pressures and execution risks linked to the improvement program. As a result, a 1.0% increase in the post-tax discount rate, and a 10.0% reduction in EBIT within the terminal year, would result in the recoverable value approximating its carrying value. PETSTOCK As at 28 June 2026, the recoverable amount of the Petstock CGU exceeded its carrying value and no impairment loss was recognised. Despite a competitive market and cost of living pressures on customers, performance during the period improved year-on-year. Growth was driven by strong online sales, better price perception, annualised acquisitions, franchise store acquisitions, and the roll-out of wholesale supply to the Group. Given its recent acquisition, the valuation relies on continued growth and synergies with the Group. As a result, a 0.2% increase in the post-tax discount rate, and a 4.0% reduction in EBIT within the terminal year, would result in the recoverable value approximating its carrying value. Material accounting policies The recoverable amount of a CGU is based on its VIU which is calculated as the present value of the estimated future cash flows in the Group’s most recent three ‑year Board ‑approved plan, reflecting management’s best estimate of income, expenses, capital expenditure and cash flows for each CGU. For the purposes of performing an impairment test, a terminal value was estimated. Financial reporting impacts of climate ‑related matters The Group continues to assess the impact of climate ‑related physical risks to its assets and operations, and is implementing a plan to improve the resilience of its assets. Refer to Note 3.6 for further details. Given that the average remaining useful life of the Group’s significant non ‑financial tangible assets is approximately eight years, the potential impacts of climate ‑related risks are not considered to present a risk of impairment to the carrying values of non ‑financial assets in the near term. 3.10 Deferred tax 3.10.1 Deferred tax balances recognised in the Consolidated Statement of Financial Position 2026 2025 $M $M Deferred tax assets 2,127 1,853 Deferred tax liabilities (47) (61) Net deferred tax assets 2,080 1,792 3.9 Impairment of non‑financial assets (continued) Woolworths Group Annual Report 2026 147 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Assets and liabilities 3
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3.9 Impairment of non‑financial assets At each reporting date, the Group assesses whether there is any indication that an asset may be impaired. External and internal factors, such as performance against budget, and changes in market conditions, are monitored to assess for indications of impairment. If any such indication exists, the recoverable amount of the asset is estimated as the higher of fair value less costs of disposal (FVLCOD) or value in use (VIU), and is determined for the individual asset where possible; otherwise, for the cash-generating unit (CGU) to which it belongs. CGUs are the smallest identifiable group of assets and liabilities that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. An impairment loss is recognised for the amount by which the carrying amount of an asset or a CGU exceeds its recoverable amount. For the purposes of impairment testing, an intangible asset with an indefinite life is allocated to each CGU that is expected to benefit from the synergies relating to the business combination, reflecting the lowest level for which the asset is monitored for internal management purposes. The Group’s intangible assets with indefinite useful lives are as follows: 2026 2025 CGU GOODWILL $M BRAND NAMES $M GOODWILL $M BRAND NAMES $M Australian Food 984 12 1,005 3 New Zealand Food 545 214 617 242 PFD 360 43 360 43 Petstock 346 166 343 166 Quantium 143 19 143 19 Carrying amount at end of period 1 2,378 454 2,468 473 1 In the prior period, the carrying values of the BIG W, MyDeal and Healthylife CGUs were fully impaired. 3.9.1 CGU Impairment testing The Group performed its annual impairment test for CGUs with goodwill and brand names with indefinite useful lives, which included the calculation of recoverable amount based on VIU, with the significant assumptions outlined below: ASSUMPTION HOW IT WAS DETERMINED Forecast future cash flows The forecast future cash flows were derived from the Group’s most recent three-year Board-approved plan. For impairment testing, the cash flows were risk-adjusted, where applicable, to consider a range of potential future performance outcomes and were extrapolated to determine a terminal value. The long-term growth rate of 2.5% (2025: 2.5%) per annum was used for impairment testing and does not exceed the long-term average growth rate for the industry. Discount rates The estimated future cash flows are discounted to their present value using a pre-tax discount rate (derived from a post-tax discount rate), which reflects the current market assessment of the time value of money and risk specific to the CGU. The post-tax discount rates applied by the Group for impairment testing purposes are as follows: CGU 2026 % 2025 % Australian Food 8.7 8.2 New Zealand Food 8.6 8.6 PFD 9.5 8.9 Petstock 9.8 9.3 Quantium 11.2 10.7 146 Notes to the Consolidated Financial Statements CGU IMPAIRMENT TESTING RESULTS For all CGUs, recoverable amount exceeded carrying value and therefore, no impairments were recognised during the period. However, for the following CGUs there remains uncertainty within the forecasted cash flows: NEW ZEALAND FOOD As at 28 June 2026, the recoverable amount of the New Zealand Food CGU exceeded its carrying value and no impairment loss was recognised. The performance during the period was impacted by challenging market conditions alongside operational disruptions. The valuation relies on achieving management’s forecasts, which assume a stable yet challenging environment, efficiency gains, and earnings recovery. The forecasts remain subject to external market pressures and execution risks linked to the improvement program. As a result, a 1.0% increase in the post-tax discount rate, and a 10.0% reduction in EBIT within the terminal year, would result in the recoverable value approximating its carrying value. PETSTOCK As at 28 June 2026, the recoverable amount of the Petstock CGU exceeded its carrying value and no impairment loss was recognised. Despite a competitive market and cost of living pressures on customers, performance during the period improved year-on-year. Growth was driven by strong online sales, better price perception, annualised acquisitions, franchise store acquisitions, and the roll-out of wholesale supply to the Group. Given its recent acquisition, the valuation relies on continued growth and synergies with the Group. As a result, a 0.2% increase in the post-tax discount rate, and a 4.0% reduction in EBIT within the terminal year, would result in the recoverable value approximating its carrying value. Material accounting policies The recoverable amount of a CGU is based on its VIU which is calculated as the present value of the estimated future cash flows in the Group’s most recent three ‑year Board ‑approved plan, reflecting management’s best estimate of income, expenses, capital expenditure and cash flows for each CGU. For the purposes of performing an impairment test, a terminal value was estimated. Financial reporting impacts of climate ‑related matters The Group continues to assess the impact of climate ‑related physical risks to its assets and operations, and is implementing a plan to improve the resilience of its assets. Refer to Note 3.6 for further details. Given that the average remaining useful life of the Group’s significant non ‑financial tangible assets is approximately eight years, the potential impacts of climate ‑related risks are not considered to present a risk of impairment to the carrying values of non ‑financial assets in the near term. 3.10 Deferred tax 3.10.1 Deferred tax balances recognised in the Consolidated Statement of Financial Position 2026 2025 $M $M Deferred tax assets 2,127 1,853 Deferred tax liabilities (47) (61) Net deferred tax assets 2,080 1,792 3.9 Impairment of non‑financial assets (continued) Woolworths Group Annual Report 2026 147 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Assets and liabilities 3
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3.10.2 Movement in deferred tax balances 2026 OPENING BALANCE $M RECOGNISED IN PROFIT OR LOSS $M RECOGNISED IN EQUITY $M ACQUISITIONS AND OTHER $M CLOSING BALANCE $M Deferred tax assets Property, plant and equipment 342 39 (1) (7) 373 Revenue and capital losses 49 (5) – – 44 Lease liabilities 3,737 (176) (44) – 3,517 Provisions, accruals and other liabilities 924 204 (9) 2 1,121 Cash flow and fair value hedges 14 25 (6) – 33 Total deferred tax assets 5,066 87 (60) (5) 5,088 Deferred tax liabilities Intangible assets (224) 13 8 (2) (205) Unrealised exchange differences (31) (23) 25 – (29) Lease assets (3,026) 178 37 – (2,811) Investments (6) 6 – – – Prepayments (2) – – – (2) Other 15 4 19 1 39 Total deferred tax liabilities (3, 274) 178 89 (1) (3,008) Net deferred tax asset/(liability) 1,792 265 29 (6) 2,080 2025 OPENING BALANCE $M RECOGNISED IN PROFIT OR LOSS $M RECOGNISED IN EQUITY $M ACQUISITIONS AND OTHER $M CLOSING BALANCE $M Deferred tax assets Property, plant and equipment 300 45 – (3) 342 Revenue and capital losses 111 (62) – – 49 Lease liabilities 3,824 (101) – 14 3,737 Provisions, accruals and other liabilities 887 31 1 5 924 Cash flow and fair value hedges 41 (33) 6 – 14 Total deferred tax assets 5,163 (120) 7 16 5,066 Deferred tax liabilities Intangible assets (245) 28 – (7) (224) Unrealised exchange differences (64) 36 (3) – (31) Lease assets (3,167) 155 – (14) (3,026) Investments (78) 76 (4) – (6) Prepayments (4) 2 – – (2) Other (41) 27 29 – 15 Total deferred tax liabilities (3,599) 324 22 (21) (3,274) Net deferred tax asset/(liability) 1,564 204 29 (5) 1,792 UNRECOGNISED DEFERRED TAX ASSETS During the period, unused capital losses were recognised to offset capital gains from the disposal of investments in Eucalyptus and Samsara, which are accounted for within other comprehensive income. As at 28 June 2026, the Group has unused capital losses of $369 million (2025: $486 million) available for offset against future capital gains. A deferred tax asset has not been recognised in association with these capital losses as it is not probable that there will be sufficient capital gains available against which these capital losses can be utilised in the foreseeable future. As at 28 June 2026, there were $12 million of unused revenue losses (2025: $47 million). 3.10 Deferred tax (continued) 148 Notes to the Consolidated Financial Statements OECD PILLAR TWO MODEL RULES The Group is within the scope of the OECD Pillar Two tax legislation that has been substantively enacted in Australia. The Australian Pillar Two legislation applies the Income Inclusion Rule (IIR) and Qualifying Domestic Minimum Top-up Tax (QDMTT) which are effective from the 2025 financial period, and the Undertaxed Profits Rule (UTPR) which is effective from the 2026 financial period. The current tax arising under the IIR and QDMTT for the current period is immaterial. As the Group is not controlled by any other entity, it currently has no exposure to the UTPR. The Group has also applied the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities relating to Pillar Two income taxes. 3.10.3 Tax consolidation The Company and its wholly owned Australian resident entities formed a tax consolidated group with effect from 1 July 2002. Woolworths Group Limited is the head entity of the tax consolidated group and has assumed the current tax liabilities of the members in the tax consolidated group (the Woolworths tax group). Income tax expense or benefit, deferred tax assets, and deferred tax liabilities arising from temporary differences of the members of the tax consolidated group are recognised by each subsidiary where the subsidiary would have been able to recognise the deferred tax asset or deferred tax liability on a standalone basis. The members of the tax consolidated group have entered into a tax funding agreement with the Company which sets out the funding obligations in respect of income tax amounts. The agreement requires payments by the subsidiary to the Company equal to the income tax liability assumed by the Company. The Company is required to make payment to the subsidiary equal to the current tax asset assumed by the Company. In respect of carried forward tax losses brought into the Group on consolidation by subsidiary members, the Company will pay the subsidiary member for such losses when these losses are transferred to the tax consolidated group in the event the subsidiary member would have been entitled to recognise the benefit of these losses on a standalone basis. Income tax expense of $219 million (2025: $210 million) was charged by the Company to subsidiaries during the period through at-call intercompany accounts. 3.11 Trade and other payables 2026 2025 $M $M Trade payables 6,302 6,016 Accruals 1,791 1,573 Contract liabilities 567 494 Total trade and other payables 8,660 8,083 3.11.1 Supplier finance arrangements As at 28 June 2026, the Group has an optional supply chain finance facility in place with a balance of $7 million (2025: nil) to assist suppliers with managing their working capital. The underlying accounting treatment of these invoices remains unchanged. The relevant invoices continue to be payable on their original due dates and continue to be classified as Trade and other payables in the Consolidated Statement of Financial Position. 3.11.2 Contract liabilities Contract liabilities represent consideration received for performance obligations not yet satisfied primarily relating to the Group’s loyalty program (Everyday Rewards), gift cards, and the provision of data analytics and consulting services. Substantially all of the revenue deferred as at the end of the current period will be recognised in the following period. 3.10 Deferred tax (continued) Woolworths Group Annual Report 2026 149 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Assets and liabilities 3
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3.10.2 Movement in deferred tax balances 2026 OPENING BALANCE $M RECOGNISED IN PROFIT OR LOSS $M RECOGNISED IN EQUITY $M ACQUISITIONS AND OTHER $M CLOSING BALANCE $M Deferred tax assets Property, plant and equipment 342 39 (1) (7) 373 Revenue and capital losses 49 (5) – – 44 Lease liabilities 3,737 (176) (44) – 3,517 Provisions, accruals and other liabilities 924 204 (9) 2 1,121 Cash flow and fair value hedges 14 25 (6) – 33 Total deferred tax assets 5,066 87 (60) (5) 5,088 Deferred tax liabilities Intangible assets (224) 13 8 (2) (205) Unrealised exchange differences (31) (23) 25 – (29) Lease assets (3,026) 178 37 – (2,811) Investments (6) 6 – – – Prepayments (2) – – – (2) Other 15 4 19 1 39 Total deferred tax liabilities (3, 274) 178 89 (1) (3,008) Net deferred tax asset/(liability) 1,792 265 29 (6) 2,080 2025 OPENING BALANCE $M RECOGNISED IN PROFIT OR LOSS $M RECOGNISED IN EQUITY $M ACQUISITIONS AND OTHER $M CLOSING BALANCE $M Deferred tax assets Property, plant and equipment 300 45 – (3) 342 Revenue and capital losses 111 (62) – – 49 Lease liabilities 3,824 (101) – 14 3,737 Provisions, accruals and other liabilities 887 31 1 5 924 Cash flow and fair value hedges 41 (33) 6 – 14 Total deferred tax assets 5,163 (120) 7 16 5,066 Deferred tax liabilities Intangible assets (245) 28 – (7) (224) Unrealised exchange differences (64) 36 (3) – (31) Lease assets (3,167) 155 – (14) (3,026) Investments (78) 76 (4) – (6) Prepayments (4) 2 – – (2) Other (41) 27 29 – 15 Total deferred tax liabilities (3,599) 324 22 (21) (3,274) Net deferred tax asset/(liability) 1,564 204 29 (5) 1,792 UNRECOGNISED DEFERRED TAX ASSETS During the period, unused capital losses were recognised to offset capital gains from the disposal of investments in Eucalyptus and Samsara, which are accounted for within other comprehensive income. As at 28 June 2026, the Group has unused capital losses of $369 million (2025: $486 million) available for offset against future capital gains. A deferred tax asset has not been recognised in association with these capital losses as it is not probable that there will be sufficient capital gains available against which these capital losses can be utilised in the foreseeable future. As at 28 June 2026, there were $12 million of unused revenue losses (2025: $47 million). 3.10 Deferred tax (continued) 148 Notes to the Consolidated Financial Statements OECD PILLAR TWO MODEL RULES The Group is within the scope of the OECD Pillar Two tax legislation that has been substantively enacted in Australia. The Australian Pillar Two legislation applies the Income Inclusion Rule (IIR) and Qualifying Domestic Minimum Top-up Tax (QDMTT) which are effective from the 2025 financial period, and the Undertaxed Profits Rule (UTPR) which is effective from the 2026 financial period. The current tax arising under the IIR and QDMTT for the current period is immaterial. As the Group is not controlled by any other entity, it currently has no exposure to the UTPR. The Group has also applied the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities relating to Pillar Two income taxes. 3.10.3 Tax consolidation The Company and its wholly owned Australian resident entities formed a tax consolidated group with effect from 1 July 2002. Woolworths Group Limited is the head entity of the tax consolidated group and has assumed the current tax liabilities of the members in the tax consolidated group (the Woolworths tax group). Income tax expense or benefit, deferred tax assets, and deferred tax liabilities arising from temporary differences of the members of the tax consolidated group are recognised by each subsidiary where the subsidiary would have been able to recognise the deferred tax asset or deferred tax liability on a standalone basis. The members of the tax consolidated group have entered into a tax funding agreement with the Company which sets out the funding obligations in respect of income tax amounts. The agreement requires payments by the subsidiary to the Company equal to the income tax liability assumed by the Company. The Company is required to make payment to the subsidiary equal to the current tax asset assumed by the Company. In respect of carried forward tax losses brought into the Group on consolidation by subsidiary members, the Company will pay the subsidiary member for such losses when these losses are transferred to the tax consolidated group in the event the subsidiary member would have been entitled to recognise the benefit of these losses on a standalone basis. Income tax expense of $219 million (2025: $210 million) was charged by the Company to subsidiaries during the period through at-call intercompany accounts. 3.11 Trade and other payables 2026 2025 $M $M Trade payables 6,302 6,016 Accruals 1,791 1,573 Contract liabilities 567 494 Total trade and other payables 8,660 8,083 3.11.1 Supplier finance arrangements As at 28 June 2026, the Group has an optional supply chain finance facility in place with a balance of $7 million (2025: nil) to assist suppliers with managing their working capital. The underlying accounting treatment of these invoices remains unchanged. The relevant invoices continue to be payable on their original due dates and continue to be classified as Trade and other payables in the Consolidated Statement of Financial Position. 3.11.2 Contract liabilities Contract liabilities represent consideration received for performance obligations not yet satisfied primarily relating to the Group’s loyalty program (Everyday Rewards), gift cards, and the provision of data analytics and consulting services. Substantially all of the revenue deferred as at the end of the current period will be recognised in the following period. 3.10 Deferred tax (continued) Woolworths Group Annual Report 2026 149 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Assets and liabilities 3
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3.12 Provisions 2026 2025 $M $M Current Employee benefits 2,121 1,401 Self-insured risks 245 229 Restructuring and other 102 161 Total current provisions 2,468 1,791 Non‑current Employee benefits 167 165 Self-insured risks 586 563 Restructuring and other 190 235 Total non‑current provisions 943 963 Total provisions 3,411 2,754 3.12.1 Team member remediation provision 2026 2025 $M $M Balance at start of period 146 199 Net changes in the provision 1 704 (53) Balance at end of period 850 146 1 Net changes in the provision for the current period include the additional provision of $710 million recognised during the period relating to the end-to-end payroll review remediation of award-covered salaried store leaders and the associated interest accrual of $20 million, net of payments to team members and other changes to historical estimates. Included in provisions is the team member remediation provision of $850 million (2025: $146 million), representing the Group’s best estimates of the amounts required to settle the Group’s obligations under the General Retail Industry Award (GRIA) as well as other modern awards, enterprise agreements (EAs), and statutory entitlements for both salaried and hourly paid team members. The provision includes interest accrued at the rate prescribed by Australian law. Interest will continue to accrue in future periods until legal proceedings are finalised and/or the amounts are settled in full. The Group may also be subject to penalties, the quantum of which would ultimately be determined by the Court and it is difficult to reliably estimate any potential penalty amount at this time. The provision is classified as a current liability. However, the actual timing of payments may extend beyond 12 months from the reporting date due to ongoing legal proceedings, the complexity of finalising remediation calculations, and the administrative processes required to identify and remit payment to affected employees. END-TO-END PAYROLL REVIEW On 30 October 2019, the Group disclosed that a number of salaried team members had not been paid in full compliance with the Group’s obligations under the Fair Work Act and GRIA. The Group has since undertaken an extensive remediation for its affected salaried store leaders, drawing on team member records and contractual arrangements, expert external guidance and industry standard approaches to construction of the award. As at 28 June 2026, the Group has made total payments of $487 million to the affected salaried team members and $201 million to the affected hourly paid team members. During the 2021 financial period, the Group established an end-to-end review across the Group’s payroll systems and processes to test and assess compliance with the Group’s obligations under the GRIA as well as other modern awards, EAs, and statutory entitlements for both salaried and hourly paid team members. During the course of this review, certain areas of non-compliance were identified. The Group has applied extensive resources to the review and analysis of its records, and the calculation of the likely remediation to affected team members. In June 2021, the FWO commenced legal proceedings against the Group, seeking orders in relation to alleged contraventions of the Fair Work Act and further compensation of affected salaried team members. The FWO proceedings were heard by the Federal Court in June and July 2023. Class action proceedings brought by Adero Law Firm against the Woolworths Group in 2019 were heard at the same time. 150 Notes to the Consolidated Financial Statements During the 2023 financial period, the Group concluded its compliance testing and finalised remediation estimates relating to its multi-year review program across the relevant awards and EAs covering all employees, including the Group’s supply chain operations. This was subject to ongoing engagement with team members, regulators, and the relevant legal proceedings (including relating to historical underpayments of award-covered salaried store team leaders). On 5 September 2025, the Group received the Federal Court of Australia’s decision, which was lengthy and complex, and did not determine all issues in the proceedings. A number of case management hearings have occurred during the 2026 financial period however no final orders were made. A further decision (or decisions) of the Federal Court in relation to a number of unresolved issues is expected in the 2027 financial period. On the basis of the Group’s review of the Court’s September 2025 decision, and applying the judgement outlined below for calculation of the estimate, during the period an additional provision of $753 million (before income tax) was recognised, comprising further potential remediation to salaried store leaders of $429 million and interest, superannuation and payroll tax of $324 million. The additional provision principally relates to the Court’s decision on set-off provisions, minimum break between shifts and treatment of leave. The estimate includes further remediation related to historical underpayments from 2013 to 2019 and the impact of the decision from 2019 to the end of the 2026 financial period. As at 28 June 2026, the Group has a team member remediation provision of $850 million (2025: $146 million), of which $829 million (2025: $61 million) relates to salaried team members and $21 million (2025: $85 million) relates to hourly paid team members. These provisions remain subject to finalisation of payments to the respective team members, ongoing regulatory engagement, and the resolution of the legal proceedings. SIGNIFICANT JUDGEMENT AND UNCERTAINTY The calculation of the provision has been determined having regard to the possible outcomes of ongoing regulatory engagements and legal proceedings (including any appeals), the potential probabilities of those outcomes, and the risks and uncertainties associated with each outcome. This calculation involves significant judgement and uncertainty, particularly in estimating future cash outflows for remediation and the potential impacts arising from those ongoing engagements and proceedings. The calculations also rely on complex assumptions (including, but not limited to, discount rates, salary and wage levels, service periods, and the interpretation and interdependencies of the various provisions of the GRIA, EAs and other relevant awards) and are based on the latest information available. As at the date of this report, the Group’s estimate remains subject to ongoing regulatory engagement and the resolution of all legal proceedings. The outcomes of legal proceedings, including the resolution of any appeal processes, are inherently difficult to predict and significant judgement has been applied in assessing the likely outcome and associated risks, for each contested matter, in determining the estimate and measuring the provision. Any changes, which may be required to the provision arising from new information, as a result of the ongoing regulatory engagements, or final determination of the legal proceedings, including any review of the remediation estimates, could vary the amounts already provided. Any changes to the provision would be accounted for as a change in accounting estimate within the relevant period. 3.12.2 Movements in total self‑insured risks, restructuring, and other provisions SELF‑INSURED RISKS RESTRUCTURING AND OTHER 2026 $M 2025 $M 2026 $M 2025 $M Movement: Balance at start of period 792 721 396 317 Net provisions recognised 228 236 25 111 Cash payments (181) (156) (146) (62) Other (8) (9) 17 30 Balance at end of period 831 792 292 396 Current 245 229 101 161 Non-current 586 563 191 235 Balance at end of period 831 792 292 396 3.12 Provisions (continued) Woolworths Group Annual Report 2026 151 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Assets and liabilities 3
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3.12 Provisions 2026 2025 $M $M Current Employee benefits 2,121 1,401 Self-insured risks 245 229 Restructuring and other 102 161 Total current provisions 2,468 1,791 Non‑current Employee benefits 167 165 Self-insured risks 586 563 Restructuring and other 190 235 Total non‑current provisions 943 963 Total provisions 3,411 2,754 3.12.1 Team member remediation provision 2026 2025 $M $M Balance at start of period 146 199 Net changes in the provision 1 704 (53) Balance at end of period 850 146 1 Net changes in the provision for the current period include the additional provision of $710 million recognised during the period relating to the end-to-end payroll review remediation of award-covered salaried store leaders and the associated interest accrual of $20 million, net of payments to team members and other changes to historical estimates. Included in provisions is the team member remediation provision of $850 million (2025: $146 million), representing the Group’s best estimates of the amounts required to settle the Group’s obligations under the General Retail Industry Award (GRIA) as well as other modern awards, enterprise agreements (EAs), and statutory entitlements for both salaried and hourly paid team members. The provision includes interest accrued at the rate prescribed by Australian law. Interest will continue to accrue in future periods until legal proceedings are finalised and/or the amounts are settled in full. The Group may also be subject to penalties, the quantum of which would ultimately be determined by the Court and it is difficult to reliably estimate any potential penalty amount at this time. The provision is classified as a current liability. However, the actual timing of payments may extend beyond 12 months from the reporting date due to ongoing legal proceedings, the complexity of finalising remediation calculations, and the administrative processes required to identify and remit payment to affected employees. END-TO-END PAYROLL REVIEW On 30 October 2019, the Group disclosed that a number of salaried team members had not been paid in full compliance with the Group’s obligations under the Fair Work Act and GRIA. The Group has since undertaken an extensive remediation for its affected salaried store leaders, drawing on team member records and contractual arrangements, expert external guidance and industry standard approaches to construction of the award. As at 28 June 2026, the Group has made total payments of $487 million to the affected salaried team members and $201 million to the affected hourly paid team members. During the 2021 financial period, the Group established an end-to-end review across the Group’s payroll systems and processes to test and assess compliance with the Group’s obligations under the GRIA as well as other modern awards, EAs, and statutory entitlements for both salaried and hourly paid team members. During the course of this review, certain areas of non-compliance were identified. The Group has applied extensive resources to the review and analysis of its records, and the calculation of the likely remediation to affected team members. In June 2021, the FWO commenced legal proceedings against the Group, seeking orders in relation to alleged contraventions of the Fair Work Act and further compensation of affected salaried team members. The FWO proceedings were heard by the Federal Court in June and July 2023. Class action proceedings brought by Adero Law Firm against the Woolworths Group in 2019 were heard at the same time. 150 Notes to the Consolidated Financial Statements During the 2023 financial period, the Group concluded its compliance testing and finalised remediation estimates relating to its multi-year review program across the relevant awards and EAs covering all employees, including the Group’s supply chain operations. This was subject to ongoing engagement with team members, regulators, and the relevant legal proceedings (including relating to historical underpayments of award-covered salaried store team leaders). On 5 September 2025, the Group received the Federal Court of Australia’s decision, which was lengthy and complex, and did not determine all issues in the proceedings. A number of case management hearings have occurred during the 2026 financial period however no final orders were made. A further decision (or decisions) of the Federal Court in relation to a number of unresolved issues is expected in the 2027 financial period. On the basis of the Group’s review of the Court’s September 2025 decision, and applying the judgement outlined below for calculation of the estimate, during the period an additional provision of $753 million (before income tax) was recognised, comprising further potential remediation to salaried store leaders of $429 million and interest, superannuation and payroll tax of $324 million. The additional provision principally relates to the Court’s decision on set-off provisions, minimum break between shifts and treatment of leave. The estimate includes further remediation related to historical underpayments from 2013 to 2019 and the impact of the decision from 2019 to the end of the 2026 financial period. As at 28 June 2026, the Group has a team member remediation provision of $850 million (2025: $146 million), of which $829 million (2025: $61 million) relates to salaried team members and $21 million (2025: $85 million) relates to hourly paid team members. These provisions remain subject to finalisation of payments to the respective team members, ongoing regulatory engagement, and the resolution of the legal proceedings. SIGNIFICANT JUDGEMENT AND UNCERTAINTY The calculation of the provision has been determined having regard to the possible outcomes of ongoing regulatory engagements and legal proceedings (including any appeals), the potential probabilities of those outcomes, and the risks and uncertainties associated with each outcome. This calculation involves significant judgement and uncertainty, particularly in estimating future cash outflows for remediation and the potential impacts arising from those ongoing engagements and proceedings. The calculations also rely on complex assumptions (including, but not limited to, discount rates, salary and wage levels, service periods, and the interpretation and interdependencies of the various provisions of the GRIA, EAs and other relevant awards) and are based on the latest information available. As at the date of this report, the Group’s estimate remains subject to ongoing regulatory engagement and the resolution of all legal proceedings. The outcomes of legal proceedings, including the resolution of any appeal processes, are inherently difficult to predict and significant judgement has been applied in assessing the likely outcome and associated risks, for each contested matter, in determining the estimate and measuring the provision. Any changes, which may be required to the provision arising from new information, as a result of the ongoing regulatory engagements, or final determination of the legal proceedings, including any review of the remediation estimates, could vary the amounts already provided. Any changes to the provision would be accounted for as a change in accounting estimate within the relevant period. 3.12.2 Movements in total self‑insured risks, restructuring, and other provisions SELF‑INSURED RISKS RESTRUCTURING AND OTHER 2026 $M 2025 $M 2026 $M 2025 $M Movement: Balance at start of period 792 721 396 317 Net provisions recognised 228 236 25 111 Cash payments (181) (156) (146) (62) Other (8) (9) 17 30 Balance at end of period 831 792 292 396 Current 245 229 101 161 Non-current 586 563 191 235 Balance at end of period 831 792 292 396 3.12 Provisions (continued) Woolworths Group Annual Report 2026 151 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Assets and liabilities 3
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RESTRUCTURING PROVISIONS Restructuring and other provisions of $292 million primarily include provisions relating to: • Redundancy costs associated with the previously announced closure of two distribution centres (2025: four) which were historically recognised as part of the Group’s supply chain network strategy and transformation in New South Wales and Victoria; and • Operating model redundancies and restructuring costs. During the current period: • $85 million in payments were made to affected support office team members and $57 million in payments were made to team members impacted resulting from changes to the supply chain network; • Following the announced cessation of the Group’s contract with Endeavour Group for warehouse operations at its Melbourne Liquor Distribution Centre (MLDC) in September 2028, the Group recognised a provision of $61 million for one-off closure costs. This primarily comprises a redundancy provision of $53 million. As part of the contractual agreement with Endeavour Group, a receivable of $40 million was also recognised, representing the partial reimbursement of these one-off costs, with a net cost of $21 million; and • The Group made the decision to retain the Melbourne Ambient National Distribution Centre, to support network overflow and extended range in Victoria. As a result, certain redundancy payments are no longer required and the provision was reduced by $21 million, which offsets the net costs to exit MLDC. Material accounting policies The main provisions held by the Group are in relation to employee benefits, self ‑insured risks and restructuring. The key assumptions underpinning these provisions are reviewed periodically. Employee benefits Provisions for employee benefits comprise a liability for benefits accruing to employees in respect of annual leave, long service leave and team member pay remediation, which represents the Group’s best estimate of the expenditure required to settle its obligations in accordance with the relevant EAs and GRIA. Expected future salary and wage levels (including on‑cost rates), the experience of employee departures, and periods of service, are considered in the determination of these provisions. Self-insurance The provision for self‑insured risks primarily represents the estimated liability for workers’ compensation and public liability claims. Self‑insurance provisions are determined based on independent actuarial assessments, which consider numbers, amounts and duration of claims and allow for future inflation and investment returns. Allowance is included for injuries which occurred before the reporting date, but where the claim is expected to be notified after the reporting date. Restructuring A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring either has commenced or has been publicly announced, creating a valid expectation. Restructuring provisions are recognised based on the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the Group. Financial reporting impacts of climate ‑related matters The impact of acute weather events, such as flooding, on physical assets and subsequent business interruptions includes, but is not limited to, an increase in the Group’s cost of insurable risks primarily due to higher premiums, higher deductibles and policy exclusions. 3.12 Provisions (continued) 152 Notes to the Consolidated Financial Statements 4 Capital structure, financing and risk management The Group manages its capital structure with the objective of enhancing long-term shareholder value through funding its business at an optimised weighted average cost of capital. The capital management framework has been approved by the Board and management is responsible for monitoring and operating within this framework. Capital is defined as the combination of equity and debt. The Group manages its capital through various means, including: • raising or reducing debt; • raising or returning capital (including via a dividend reinvestment plan); and • determining the amount of dividends paid to shareholders. In managing its capital, the Group monitors a number of metrics including the cash realisation ratio and leverage (net debt to EBITDA before significant items). The Group remains committed to its solid investment grade credit ratings, which are BBB and Baa2 according to Standard & Poor’s and Moody’s respectively. The Group’s net debt and leverage position as at the reporting date are as follows: NOTE 2026 2025 Borrowings 4.6.1 5,161 5,511 Lease liabilities 3.5.2 11,316 11, 874 Less: cash (1,497) (1,275) Net debt on the Consolidated Statement of Financial Position 14,980 16,110 Fair value adjustments 1 117 116 Net debt used in leverage ratio 15,097 16,226 EBITDA before significant items 2.2.1 6,089 5,707 Net debt to EBITDA before significant items 2.5x 2.8x 1 Fair value (non-cash) adjustments included in borrowings and mark-to-market of foreign currency hedging associated with the Group’s Euro medium-term notes. 4.1 Earnings per share 2026 2025 Profit for the period attributable to equity holders of the parent entity used in earnings per share ($M) 1,138 963 Weighted average number of shares used in earnings per share (shares, millions) Basic earnings per share 1,221.2 1,220.8 Diluted earnings per share 1 1,230.5 1,228.7 Basic earnings per share (cents per share) 93.2 78.9 Diluted earnings per share (cents per share) 92.5 78.4 1 Includes 9.3 million shares (2025: 7.9 million shares) deemed to be issued for no consideration in respect of employee performance rights. 4.2 Dividends 2026 2025 CENTS PER SHARE TOTAL AMOUNT DATE OF PAYM ENT CENTS PER SHARE TOTAL AMOUNT DATE OF PAYM ENT $M $M Current year interim 45 550 2 April 2026 39 476 23 April 2025 Prior year final 45 550 26 September 2025 57 696 30 September 2024 Prior year special – – – 40 489 30 September 2024 Dividends paid during the period 90 1,100 136 1,661 Issue of shares to satisfy the dividend reinvestment plan – – Dividends paid in cash 1,100 1,661 Woolworths Group Annual Report 2026 153 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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RESTRUCTURING PROVISIONS Restructuring and other provisions of $292 million primarily include provisions relating to: • Redundancy costs associated with the previously announced closure of two distribution centres (2025: four) which were historically recognised as part of the Group’s supply chain network strategy and transformation in New South Wales and Victoria; and • Operating model redundancies and restructuring costs. During the current period: • $85 million in payments were made to affected support office team members and $57 million in payments were made to team members impacted resulting from changes to the supply chain network; • Following the announced cessation of the Group’s contract with Endeavour Group for warehouse operations at its Melbourne Liquor Distribution Centre (MLDC) in September 2028, the Group recognised a provision of $61 million for one-off closure costs. This primarily comprises a redundancy provision of $53 million. As part of the contractual agreement with Endeavour Group, a receivable of $40 million was also recognised, representing the partial reimbursement of these one-off costs, with a net cost of $21 million; and • The Group made the decision to retain the Melbourne Ambient National Distribution Centre, to support network overflow and extended range in Victoria. As a result, certain redundancy payments are no longer required and the provision was reduced by $21 million, which offsets the net costs to exit MLDC. Material accounting policies The main provisions held by the Group are in relation to employee benefits, self ‑insured risks and restructuring. The key assumptions underpinning these provisions are reviewed periodically. Employee benefits Provisions for employee benefits comprise a liability for benefits accruing to employees in respect of annual leave, long service leave and team member pay remediation, which represents the Group’s best estimate of the expenditure required to settle its obligations in accordance with the relevant EAs and GRIA. Expected future salary and wage levels (including on‑cost rates), the experience of employee departures, and periods of service, are considered in the determination of these provisions. Self-insurance The provision for self‑insured risks primarily represents the estimated liability for workers’ compensation and public liability claims. Self‑insurance provisions are determined based on independent actuarial assessments, which consider numbers, amounts and duration of claims and allow for future inflation and investment returns. Allowance is included for injuries which occurred before the reporting date, but where the claim is expected to be notified after the reporting date. Restructuring A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring either has commenced or has been publicly announced, creating a valid expectation. Restructuring provisions are recognised based on the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the Group. Financial reporting impacts of climate ‑related matters The impact of acute weather events, such as flooding, on physical assets and subsequent business interruptions includes, but is not limited to, an increase in the Group’s cost of insurable risks primarily due to higher premiums, higher deductibles and policy exclusions. 3.12 Provisions (continued) 152 Notes to the Consolidated Financial Statements 4 Capital structure, financing and risk management The Group manages its capital structure with the objective of enhancing long-term shareholder value through funding its business at an optimised weighted average cost of capital. The capital management framework has been approved by the Board and management is responsible for monitoring and operating within this framework. Capital is defined as the combination of equity and debt. The Group manages its capital through various means, including: • raising or reducing debt; • raising or returning capital (including via a dividend reinvestment plan); and • determining the amount of dividends paid to shareholders. In managing its capital, the Group monitors a number of metrics including the cash realisation ratio and leverage (net debt to EBITDA before significant items). The Group remains committed to its solid investment grade credit ratings, which are BBB and Baa2 according to Standard & Poor’s and Moody’s respectively. The Group’s net debt and leverage position as at the reporting date are as follows: NOTE 2026 2025 Borrowings 4.6.1 5,161 5,511 Lease liabilities 3.5.2 11,316 11, 874 Less: cash (1,497) (1,275) Net debt on the Consolidated Statement of Financial Position 14,980 16,110 Fair value adjustments 1 117 116 Net debt used in leverage ratio 15,097 16,226 EBITDA before significant items 2.2.1 6,089 5,707 Net debt to EBITDA before significant items 2.5x 2.8x 1 Fair value (non-cash) adjustments included in borrowings and mark-to-market of foreign currency hedging associated with the Group’s Euro medium-term notes. 4.1 Earnings per share 2026 2025 Profit for the period attributable to equity holders of the parent entity used in earnings per share ($M) 1,138 963 Weighted average number of shares used in earnings per share (shares, millions) Basic earnings per share 1,221.2 1,220.8 Diluted earnings per share 1 1,230.5 1,228.7 Basic earnings per share (cents per share) 93.2 78.9 Diluted earnings per share (cents per share) 92.5 78.4 1 Includes 9.3 million shares (2025: 7.9 million shares) deemed to be issued for no consideration in respect of employee performance rights. 4.2 Dividends 2026 2025 CENTS PER SHARE TOTAL AMOUNT DATE OF PAYM ENT CENTS PER SHARE TOTAL AMOUNT DATE OF PAYM ENT $M $M Current year interim 45 550 2 April 2026 39 476 23 April 2025 Prior year final 45 550 26 September 2025 57 696 30 September 2024 Prior year special – – – 40 489 30 September 2024 Dividends paid during the period 90 1,100 136 1,661 Issue of shares to satisfy the dividend reinvestment plan – – Dividends paid in cash 1,100 1,661 Woolworths Group Annual Report 2026 153 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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All dividends are fully franked at a 30% tax rate. On 26 August 2026, the Board of Directors declared a final dividend of 52 cents per share in respect of the 2026 financial period, fully franked at a 30% tax rate. The amount will be paid on or around 25 September 2026 and is expected to be $635 million. As the dividend was declared subsequent to 28 June 2026, no provision was made as at 28 June 2026 in the Consolidated Statement of Financial Position. Dividend Reinvestment Plan (DRP) The DRP remains active. Eligible shareholders may participate in the DRP in respect of all or part of their shareholding. There is currently no DRP discount applied and no limit on the number of shares that can participate in the DRP. Shares will be allocated to shareholders under the DRP for the 2026 final dividend at an amount equal to the average of the daily volume weighted average market price of ordinary shares of the Company traded on the ASX over the period of 10 trading days commencing on 4 September 2026. The last date for receipt of election notices for the DRP is 3 September 2026. The Company intends to purchase shares on-market and transfer these to participants on or around 25 September 2026 to satisfy its obligations under the DRP. Franking credit balance 2026 2025 $M $M Franking credits available for future financial periods (tax paid basis, 30% tax rate)1 1 ,746 1,509 1 Excludes $53 million (2025: $53 million) attributable to non -controlling interests. The above amount represents the balance of the franking accounts at the end of the period, adjusted for franking credits that will arise from the payment of income tax payable at the end of the period and franking debits that will arise from the payment of dividends provided at the end of the period. 4.3 Contributed equity 2026 2025 NUMBER $M NUMBER $MM M Share capital 1,221,599,192 fully paid ordinary shares (2025: 1,221,595,333)1 Movement: Balance at start of period 1,221.6 5,665 1,221.6 5,665 Issue of shares to satisfy the dividend reinvestment plan – – – – Balance at end of period 1,221.6 5,665 1,221.6 5,665 Shares held in trust Movement: Balance at start of period (1.2) (38) (1.8) (61) Issue of shares to satisfy employee long-term incentive plans 2 1.1 36 1.4 48 Purchase of shares by the Woolworths Employee Share Trust (2.3) (85) (0.8) (25) Balance at end of period (2.4) (87) (1.2) (38) Contributed equity at end of period 1,219.2 5,578 1,220.4 5,627 1 Holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at shareholders’ meetings. In the event of winding up of the Company, ordinary shareholders rank after creditors and are fully entitled to any proceeds on liquidation. 2 Performance rights carry no voting rights. Refer to Note 6.2 for further details. 4.2 Dividends (continued) 154 Notes to the Consolidated Financial Statements 4.4 Reserves Reserves comprise of the following: • Cash flow hedge reserve – comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred; • Foreign currency translation reserve – comprises all foreign exchange differences arising from the translation of foreign operations where their functional currency is different to the Group’s presentation currency; • Remuneration reserve – comprises the fair value of share-based payment plans recognised as an expense in the Consolidated Statement of Profit or Loss; • Demerger reserve – comprises the demerger dividend, which represents the difference between the fair value of Endeavour Group’s net assets distributed and the capital reduction on the demerger date of 28 June 2021; and • Other reserves – comprise the equity instrument reserve which arises on the revaluation of investments in unlisted equity securities, and the put option liability reserve representing the put option liabilities over non-controlling interests recognised on acquisitions of businesses. 2026 CASH FLOW HEDGE RESERVE $M FOREIGN CURRENCY TRANSLATION RESERVE $M REMUNERATION RESERVE $M DEMERGER RESERVE $M OTHER RESERVES $M TOTAL $M Balance at start of period (24) 66 239 (6,966) (794) (7, 479) Effective portion of changes in the fair value of cash flow hedges, net of tax 18 – – – – 18 Transfers to initial carrying amount of hedged items, net of tax (2) – – – – (2) Foreign currency translation of foreign operations, net of tax1 – (162) – – – (162) Share-based payments expense – – 85 – – 85 Transfer of shares to satisfy employee long-term incentive plans – – (36) – – (36) Purchase of additional equity interests in subsidiaries – – – – (11) (11) Change in the fair value of investments in equity securities – – – – 37 37 Deferred tax on share-based payments – – 19 – – 19 Balance at end of period (8) (96) 307 (6,966) (768) (7, 5 31) 2025 CASH FLOW HEDGE RESERVE $M FOREIGN CURRENCY TRANSLATION RESERVE $M REMUNERATION RESERVE $M DEMERGER RESERVE $M OTHER RESERVES $M TOTAL $M Balance at start of period (10) 44 182 (6,966) (859) (7,609) Effective portion of changes in the fair value of cash flow hedges, net of tax (22) – – – – (22) Transfers to initial carrying amount of hedged items, net of tax 8 – – – – 8 Foreign currency translation of foreign operations, net of tax1 – 22 – – – 22 Share-based payments expense – – 79 – – 79 Transfer of shares to satisfy employee long-term incentive plans – – (48) – – (48) Purchase of additional shares from non-controlling interest – – – – 69 69 Change in the fair value of investments in equity securities – – – – (4) (4) Deferred tax on share-based payments – – 26 – – 26 Balance at end of period (24) 66 239 (6,966) (794) (7,479) 1 Foreign currency translation of foreign operations, net of tax primarily comprises a loss of $159 million from the weakening of the NZD against the AUD (2025: gain of $21 million). Woolworths Group Annual Report 2026 155 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Capital structure, financing and risk management 4
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All dividends are fully franked at a 30% tax rate. On 26 August 2026, the Board of Directors declared a final dividend of 52 cents per share in respect of the 2026 financial period, fully franked at a 30% tax rate. The amount will be paid on or around 25 September 2026 and is expected to be $635 million. As the dividend was declared subsequent to 28 June 2026, no provision was made as at 28 June 2026 in the Consolidated Statement of Financial Position. Dividend Reinvestment Plan (DRP) The DRP remains active. Eligible shareholders may participate in the DRP in respect of all or part of their shareholding. There is currently no DRP discount applied and no limit on the number of shares that can participate in the DRP. Shares will be allocated to shareholders under the DRP for the 2026 final dividend at an amount equal to the average of the daily volume weighted average market price of ordinary shares of the Company traded on the ASX over the period of 10 trading days commencing on 4 September 2026. The last date for receipt of election notices for the DRP is 3 September 2026. The Company intends to purchase shares on-market and transfer these to participants on or around 25 September 2026 to satisfy its obligations under the DRP. Franking credit balance 2026 2025 $M $M Franking credits available for future financial periods (tax paid basis, 30% tax rate)1 1 ,746 1,509 1 Excludes $53 million (2025: $53 million) attributable to non -controlling interests. The above amount represents the balance of the franking accounts at the end of the period, adjusted for franking credits that will arise from the payment of income tax payable at the end of the period and franking debits that will arise from the payment of dividends provided at the end of the period. 4.3 Contributed equity 2026 2025 NUMBER $M NUMBER $MM M Share capital 1,221,599,192 fully paid ordinary shares (2025: 1,221,595,333)1 Movement: Balance at start of period 1,221.6 5,665 1,221.6 5,665 Issue of shares to satisfy the dividend reinvestment plan – – – – Balance at end of period 1,221.6 5,665 1,221.6 5,665 Shares held in trust Movement: Balance at start of period (1.2) (38) (1.8) (61) Issue of shares to satisfy employee long-term incentive plans 2 1.1 36 1.4 48 Purchase of shares by the Woolworths Employee Share Trust (2.3) (85) (0.8) (25) Balance at end of period (2.4) (87) (1.2) (38) Contributed equity at end of period 1,219.2 5,578 1,220.4 5,627 1 Holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at shareholders’ meetings. In the event of winding up of the Company, ordinary shareholders rank after creditors and are fully entitled to any proceeds on liquidation. 2 Performance rights carry no voting rights. Refer to Note 6.2 for further details. 4.2 Dividends (continued) 154 Notes to the Consolidated Financial Statements 4.4 Reserves Reserves comprise of the following: • Cash flow hedge reserve – comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred; • Foreign currency translation reserve – comprises all foreign exchange differences arising from the translation of foreign operations where their functional currency is different to the Group’s presentation currency; • Remuneration reserve – comprises the fair value of share-based payment plans recognised as an expense in the Consolidated Statement of Profit or Loss; • Demerger reserve – comprises the demerger dividend, which represents the difference between the fair value of Endeavour Group’s net assets distributed and the capital reduction on the demerger date of 28 June 2021; and • Other reserves – comprise the equity instrument reserve which arises on the revaluation of investments in unlisted equity securities, and the put option liability reserve representing the put option liabilities over non-controlling interests recognised on acquisitions of businesses. 2026 CASH FLOW HEDGE RESERVE $M FOREIGN CURRENCY TRANSLATION RESERVE $M REMUNERATION RESERVE $M DEMERGER RESERVE $M OTHER RESERVES $M TOTAL $M Balance at start of period (24) 66 239 (6,966) (794) (7, 479) Effective portion of changes in the fair value of cash flow hedges, net of tax 18 – – – – 18 Transfers to initial carrying amount of hedged items, net of tax (2) – – – – (2) Foreign currency translation of foreign operations, net of tax1 – (162) – – – (162) Share-based payments expense – – 85 – – 85 Transfer of shares to satisfy employee long-term incentive plans – – (36) – – (36) Purchase of additional equity interests in subsidiaries – – – – (11) (11) Change in the fair value of investments in equity securities – – – – 37 37 Deferred tax on share-based payments – – 19 – – 19 Balance at end of period (8) (96) 307 (6,966) (768) (7, 5 31) 2025 CASH FLOW HEDGE RESERVE $M FOREIGN CURRENCY TRANSLATION RESERVE $M REMUNERATION RESERVE $M DEMERGER RESERVE $M OTHER RESERVES $M TOTAL $M Balance at start of period (10) 44 182 (6,966) (859) (7,609) Effective portion of changes in the fair value of cash flow hedges, net of tax (22) – – – – (22) Transfers to initial carrying amount of hedged items, net of tax 8 – – – – 8 Foreign currency translation of foreign operations, net of tax1 – 22 – – – 22 Share-based payments expense – – 79 – – 79 Transfer of shares to satisfy employee long-term incentive plans – – (48) – – (48) Purchase of additional shares from non-controlling interest – – – – 69 69 Change in the fair value of investments in equity securities – – – – (4) (4) Deferred tax on share-based payments – – 26 – – 26 Balance at end of period (24) 66 239 (6,966) (794) (7,479) 1 Foreign currency translation of foreign operations, net of tax primarily comprises a loss of $159 million from the weakening of the NZD against the AUD (2025: gain of $21 million). Woolworths Group Annual Report 2026 155 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Capital structure, financing and risk management 4
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4.5 Reconciliation of profit for the period to net cash provided by operating activities 2026 2025 (RESTATED)1 NOTE $M $M Profit for the period 1,152 953 Adjustments for: Net share of profit of investments accounted for using the equity method 2.1 8 (4) Depreciation and amortisation 2.3.3 2,984 2,953 Impairment of non-financial assets 1 16 459 Share-based payments expense 86 80 Net gain on disposal and write-off of assets (11) (45) Doubtful debts allowance 13 – Revaluation of put option liabilities over non-controlling interests 2.2.2 12 – Other2 1 39 Changes in: (Increase)/decrease in inventories (351) 44 Increase in trade payables 367 171 Increase in provisions 652 120 (Increase)/decrease in trade and other receivables (18) 6 Increase in other payables 329 150 Increase in deferred tax (288) (201) Decrease in income tax payable (4) (175) Net cash provided by operating activities 4,948 4,550 1 In the prior period, impairment of non-financial assets included the BIG W impairment of $346 million, MyDeal impairment of $45 million and Healthylife impairment of $17 million. 2 Included in the prior period was a decrease in other assets of $33 million, which was reclassified to Other to conform with the current period’s presentation. 4.6 Borrowings (I) FINANCING TRANSACTIONS DURING THE CURRENT PERIOD During the current period, the Group refinanced or extended $1.5 billion of bilateral bank facilities to new tenors of at least 48 months. These facilities are used to manage the Group’s short-term cash flow requirements and to support the Group’s liquidity position. As at 28 June 2026, the Group has $357 million of commercial paper outstanding. These instruments are used to support working capital and short-term liquidity, backstopped by access to committed bank facilities. (II) UPCOMING MA TURITIES No material maturities are expected to occur in the subsequent financial period. 156 Notes to the Consolidated Financial Statements 4.6.1 Composition and movements in borrowings NON‑CASH MOVEMENTS CASH MOVEMENTS 2026 OPENING BALANCE $M TRANSFERS FROM NON‑ CURRENT TO CURRENT $M EFFECT OF MOVEMENTS IN FOREIGN EXCHANGE R ATES1 $M ACQUISITION OF BUSINESS $M OTHER 2 $M PROCEEDS $M REPAYMENTS $M CLOSING BALANCE $M Current, unsecured Short-term money market loans 27 – (2) – – 31 (27) 29 Bank loans 21 – – – – 16 (21) 16 Securities 196 – – – 2 356 (198) 356 Total current borrowings 244 – (2) – 2 403 (246) 401 Non‑current, unsecured Bank loans 652 – (9) – – 39 (307) 375 Securities 4,643 – (152) – (82) – (2) 4,407 Unamortised borrowing costs (28) – – – 6 – – (22) Total non‑current borrowings 5,267 – (161) – (76) 39 (309) 4,760 Total borrowings 5,511 – (163) – (74) 442 (555) 5,161 NON‑CASH MOVEMENTS CASH MOVEMENTS 2025 OPENING BALANCE $M TRANSFERS FROM NON‑ CURRENT TO CURRENT $M EFFECT OF MOVEMENTS IN FOREIGN EXCHANGE R ATES1 $M ACQUISITION OF BUSINESS $M OTHER 2 $M PROCEEDS $M REPAYMENTS $M CLOSING BALANCE $M Current, unsecured Short-term money market loans – – – – – 27 – 27 Bank loans 312 9 – – – – (300) 21 Securities 400 – – – – 196 (400) 196 Total current borrowings 712 9 – – – 223 (700) 244 Non‑current, unsecured Bank loans 1,353 (9) 2 32 – 575 (1,301) 652 Securities 2,531 – 113 – 111 1,888 – 4,643 Unamortised borrowing costs (18) – – – (10) – – (28) Total non‑current borrowings 3,866 (9) 115 32 101 2,463 (1,301) 5,267 Total borrowings 4,578 – 115 32 101 2,686 (2,001) 5,511 1 The effect of movements in foreign exchange rates represents the change in the carrying values of the European Medium Term Notes which are hedged items in a cash flow hedge relationship of $152 million (2025: $113 million) and the translation of foreign operations bank loans of $11 million (2025: $2 million). 2 Other primarily includes $82 million (2025: $111 million) relating to several Domestic Medium Term Notes, which are hedged items in a fair value hedge relationship and are subject to changes in the carrying amount due to fair value adjustments attached to each arrangement. 4.6 Borrowings (continued) Woolworths Group Annual Report 2026 157 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Capital structure, financing and risk management 4
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4.5 Reconciliation of profit for the period to net cash provided by operating activities 2026 2025 (RESTATED)1 NOTE $M $M Profit for the period 1,152 953 Adjustments for: Net share of profit of investments accounted for using the equity method 2.1 8 (4) Depreciation and amortisation 2.3.3 2,984 2,953 Impairment of non-financial assets 1 16 459 Share-based payments expense 86 80 Net gain on disposal and write-off of assets (11) (45) Doubtful debts allowance 13 – Revaluation of put option liabilities over non-controlling interests 2.2.2 12 – Other2 1 39 Changes in: (Increase)/decrease in inventories (351) 44 Increase in trade payables 367 171 Increase in provisions 652 120 (Increase)/decrease in trade and other receivables (18) 6 Increase in other payables 329 150 Increase in deferred tax (288) (201) Decrease in income tax payable (4) (175) Net cash provided by operating activities 4,948 4,550 1 In the prior period, impairment of non-financial assets included the BIG W impairment of $346 million, MyDeal impairment of $45 million and Healthylife impairment of $17 million. 2 Included in the prior period was a decrease in other assets of $33 million, which was reclassified to Other to conform with the current period’s presentation. 4.6 Borrowings (I) FINANCING TRANSACTIONS DURING THE CURRENT PERIOD During the current period, the Group refinanced or extended $1.5 billion of bilateral bank facilities to new tenors of at least 48 months. These facilities are used to manage the Group’s short-term cash flow requirements and to support the Group’s liquidity position. As at 28 June 2026, the Group has $357 million of commercial paper outstanding. These instruments are used to support working capital and short-term liquidity, backstopped by access to committed bank facilities. (II) UPCOMING MA TURITIES No material maturities are expected to occur in the subsequent financial period. 156 Notes to the Consolidated Financial Statements 4.6.1 Composition and movements in borrowings NON‑CASH MOVEMENTS CASH MOVEMENTS 2026 OPENING BALANCE $M TRANSFERS FROM NON‑ CURRENT TO CURRENT $M EFFECT OF MOVEMENTS IN FOREIGN EXCHANGE R ATES1 $M ACQUISITION OF BUSINESS $M OTHER 2 $M PROCEEDS $M REPAYMENTS $M CLOSING BALANCE $M Current, unsecured Short-term money market loans 27 – (2) – – 31 (27) 29 Bank loans 21 – – – – 16 (21) 16 Securities 196 – – – 2 356 (198) 356 Total current borrowings 244 – (2) – 2 403 (246) 401 Non‑current, unsecured Bank loans 652 – (9) – – 39 (307) 375 Securities 4,643 – (152) – (82) – (2) 4,407 Unamortised borrowing costs (28) – – – 6 – – (22) Total non‑current borrowings 5,267 – (161) – (76) 39 (309) 4,760 Total borrowings 5,511 – (163) – (74) 442 (555) 5,161 NON‑CASH MOVEMENTS CASH MOVEMENTS 2025 OPENING BALANCE $M TRANSFERS FROM NON‑ CURRENT TO CURRENT $M EFFECT OF MOVEMENTS IN FOREIGN EXCHANGE R ATES1 $M ACQUISITION OF BUSINESS $M OTHER 2 $M PROCEEDS $M REPAYMENTS $M CLOSING BALANCE $M Current, unsecured Short-term money market loans – – – – – 27 – 27 Bank loans 312 9 – – – – (300) 21 Securities 400 – – – – 196 (400) 196 Total current borrowings 712 9 – – – 223 (700) 244 Non‑current, unsecured Bank loans 1,353 (9) 2 32 – 575 (1,301) 652 Securities 2,531 – 113 – 111 1,888 – 4,643 Unamortised borrowing costs (18) – – – (10) – – (28) Total non‑current borrowings 3,866 (9) 115 32 101 2,463 (1,301) 5,267 Total borrowings 4,578 – 115 32 101 2,686 (2,001) 5,511 1 The effect of movements in foreign exchange rates represents the change in the carrying values of the European Medium Term Notes which are hedged items in a cash flow hedge relationship of $152 million (2025: $113 million) and the translation of foreign operations bank loans of $11 million (2025: $2 million). 2 Other primarily includes $82 million (2025: $111 million) relating to several Domestic Medium Term Notes, which are hedged items in a fair value hedge relationship and are subject to changes in the carrying amount due to fair value adjustments attached to each arrangement. 4.6 Borrowings (continued) Woolworths Group Annual Report 2026 157 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Capital structure, financing and risk management 4
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Financial reporting impacts of climate ‑related matters Included in the Group’s borrowings as at 28 June 2026 are $1.5 billion (2025: $1.5 billion) of Sustainability Linked Bonds (SLBs), which have a direct link to the Group’s commitment to reducing emissions. The SLB structure embeds a penalty (via a prospective margin increase of 0.25% per annum) into the terms of the notes. This penalty applies if, at the respective testing dates of the notes, the Group’s Scope 1 and 2 emissions reduction percentage (against the 2023 baseline) is not in line with or is lower than the straight ‑line trajectory of the Group’s 2030 emissions reduction target. The Group has committed to reducing its Scope 1 and 2 emissions from its own operations by 80% by 2030 (compared to a 2023 baseline) using a market ‑based approach. For the current period, the Group’s Scope 1 and 2 emissions were 45% below baseline, which aligns with the required trajectory and as a result, complies with the SLB test date on 28 June 2026. 4.7 Financial risk management The Group’s Treasury function is responsible for managing its liquidity, funding and capital requirements, and identifying and managing financial risks relating to the Group’s operations. These financial risks include: • Market risk (refer to Note 4.7.1); • Liquidity risk (refer to Note 4.7.2); and • Credit risk (refer to Note 4.7.3). These risks affect the fair value measurements applied by the Group, which are detailed in Note 4.7.4. The Group adheres to a treasury policy approved by the Board, which has written principles relating to liquidity risk, interest rate risk, foreign exchange risk, credit risk, and the use of derivatives for hedging purposes. The Treasury function reports on its compliance with the policy to the Board. The Group uses various types of derivatives to hedge its exposures to variability in interest rates and foreign exchange rates. The Group does not enter into or trade financial instruments, including derivatives, for speculative purposes. 4.7.1 Market risk (I) INTEREST RATE RISK Interest rate risk is the risk of a reduction in earnings and/or cash flow due to adverse movements in interest rates because the Group’s borrowings and associated hedging arrangements reset directly in accordance with interest rate benchmarks or reset regularly to current rates influenced by interest rate benchmarks. The risk is managed by maintaining an appropriate mix between floating and fixed rate borrowings and through the use of approved derivatives to hedge the risk. (II) FOREIGN EXCHANGE RISK Foreign exchange risk is the risk that a change in foreign exchange rates may negatively impact the Group’s cash flow or profitability because the Group has an exposure to a foreign currency or has foreign currency denominated obligations. The exposure to purchases denominated in foreign currencies is primarily managed through forward exchange contracts and foreign currency options. These have been designated as cash flow hedges and the Group has established a 100% hedge relationship against the identified exposure. To hedge the risk of adverse movements in foreign exchange rates in relation to borrowings denominated in foreign currency, the Group enters into cross currency swaps under which it agrees to exchange specified principal and interest foreign currency amounts at an agreed future date at a specified exchange rate. The European Medium Term Notes are 100% hedged in this way. Foreign currency exposures arising on translation of net investments in foreign subsidiaries are predominantly unhedged. 4.6 Borrowings (continued) 158 Notes to the Consolidated Financial Statements (III) HEDGE ACCOUNTING ARRANGEMENTS At the reporting date, the fair value and notional amounts of derivatives entered into for hedging purposes for the Group are: NOTIONAL VALUE FAIR VALUE ASSET FAIR VALUE LIABILITY 2026 2025 2026 2025 2026 2025 $M $M $M $M $M $M Cash flow hedges Forward exchange contracts 1,375 1,396 19 23 (15) (17) Cross currency swaps 1,768 1,768 45 128 (102) (44) Foreign currency options 385 295 12 6 (6) – Interest rate swaps 1,675 1,560 13 1 (2) (8) 89 158 (125) (69) Fair value hedges Interest rate swaps 2,400 2,400 – 61 (83) (61) – 61 (83) (61) Total 89 219 (208) (130) Forward exchange contracts and foreign currency options At the reporting date, the net amount of unrealised gains under forward exchange contracts and foreign currency options that are hedging anticipated purchases of inventory and equipment is $10 million (2025: $12 million net unrealised gain). The hedge relationships are all assessed as highly effective with insignificant hedge ineffectiveness and the net nil unrealised gain has been recognised in the hedge reserve (2025: $6 million net unrealised gain). The weighted average exchange rates hedged by outstanding forward exchange contracts and foreign currency options are AUD/USD 1: 0.68 (2025: 0.65) and AUD/EUR: 0.58 (2025: 0.59). Cross currency swaps At the reporting date, cross currency swaps have a net unrealised loss of $57 million (2025: $84 million net unrealised gain), of which $35 million is attributable to an unrealised loss on the foreign exchange component (2025: $116 million net unrealised gain) and $22 million is attributable to an unrealised loss on the interest rate component (2025: $32 million net unrealised loss). The interest rate components of the cross currency swaps are designated as cash flow hedges, in a 100% hedge relationship with the underlying debt. Accordingly, the unrealised loss of $22 million (2025: $32 million unrealised loss) attributable to the interest rate component has been recognised in the cash flow hedge reserve at the reporting date, with insignificant hedge ineffectiveness. The movement in the recognised gain attributable to the foreign exchange component of $152 million (2025: $113 million gain) has been recognised in the Consolidated Statement of Profit or Loss during the period, completely offsetting the foreign exchange revaluation of the underlying debt. Interest rate swaps – cash flow hedges At the reporting date, interest rate swaps designated as cash flow hedges have a net unrealised gain of $11 million (2025: $7 million unrealised loss). Accordingly, an $18 million unrealised gain was recognised in the cash flow hedge reserve with insignificant hedge ineffectiveness. Interest rate swaps – fair value hedges At the reporting date, interest rate swaps designated as fair value hedges have an unrealised loss of $83 million (2025: nil). These interest rate swaps are designated to be in a 100% hedge relationship against the identified exposure and the unrealised loss of $82 million (2025: $111 million unrealised gain) has been recognised in the Consolidated Statement of Profit or Loss, offsetting the movement in the fair value of the hedged item. 1 The average rate includes foreign currency options measured at the floor rate. 4.7 Financial risk management (continued) Woolworths Group Annual Report 2026 159 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Capital structure, financing and risk management 4
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Financial reporting impacts of climate ‑related matters Included in the Group’s borrowings as at 28 June 2026 are $1.5 billion (2025: $1.5 billion) of Sustainability Linked Bonds (SLBs), which have a direct link to the Group’s commitment to reducing emissions. The SLB structure embeds a penalty (via a prospective margin increase of 0.25% per annum) into the terms of the notes. This penalty applies if, at the respective testing dates of the notes, the Group’s Scope 1 and 2 emissions reduction percentage (against the 2023 baseline) is not in line with or is lower than the straight ‑line trajectory of the Group’s 2030 emissions reduction target. The Group has committed to reducing its Scope 1 and 2 emissions from its own operations by 80% by 2030 (compared to a 2023 baseline) using a market ‑based approach. For the current period, the Group’s Scope 1 and 2 emissions were 45% below baseline, which aligns with the required trajectory and as a result, complies with the SLB test date on 28 June 2026. 4.7 Financial risk management The Group’s Treasury function is responsible for managing its liquidity, funding and capital requirements, and identifying and managing financial risks relating to the Group’s operations. These financial risks include: • Market risk (refer to Note 4.7.1); • Liquidity risk (refer to Note 4.7.2); and • Credit risk (refer to Note 4.7.3). These risks affect the fair value measurements applied by the Group, which are detailed in Note 4.7.4. The Group adheres to a treasury policy approved by the Board, which has written principles relating to liquidity risk, interest rate risk, foreign exchange risk, credit risk, and the use of derivatives for hedging purposes. The Treasury function reports on its compliance with the policy to the Board. The Group uses various types of derivatives to hedge its exposures to variability in interest rates and foreign exchange rates. The Group does not enter into or trade financial instruments, including derivatives, for speculative purposes. 4.7.1 Market risk (I) INTEREST RATE RISK Interest rate risk is the risk of a reduction in earnings and/or cash flow due to adverse movements in interest rates because the Group’s borrowings and associated hedging arrangements reset directly in accordance with interest rate benchmarks or reset regularly to current rates influenced by interest rate benchmarks. The risk is managed by maintaining an appropriate mix between floating and fixed rate borrowings and through the use of approved derivatives to hedge the risk. (II) FOREIGN EXCHANGE RISK Foreign exchange risk is the risk that a change in foreign exchange rates may negatively impact the Group’s cash flow or profitability because the Group has an exposure to a foreign currency or has foreign currency denominated obligations. The exposure to purchases denominated in foreign currencies is primarily managed through forward exchange contracts and foreign currency options. These have been designated as cash flow hedges and the Group has established a 100% hedge relationship against the identified exposure. To hedge the risk of adverse movements in foreign exchange rates in relation to borrowings denominated in foreign currency, the Group enters into cross currency swaps under which it agrees to exchange specified principal and interest foreign currency amounts at an agreed future date at a specified exchange rate. The European Medium Term Notes are 100% hedged in this way. Foreign currency exposures arising on translation of net investments in foreign subsidiaries are predominantly unhedged. 4.6 Borrowings (continued) 158 Notes to the Consolidated Financial Statements (III) HEDGE ACCOUNTING ARRANGEMENTS At the reporting date, the fair value and notional amounts of derivatives entered into for hedging purposes for the Group are: NOTIONAL VALUE FAIR VALUE ASSET FAIR VALUE LIABILITY 2026 2025 2026 2025 2026 2025 $M $M $M $M $M $M Cash flow hedges Forward exchange contracts 1,375 1,396 19 23 (15) (17) Cross currency swaps 1,768 1,768 45 128 (102) (44) Foreign currency options 385 295 12 6 (6) – Interest rate swaps 1,675 1,560 13 1 (2) (8) 89 158 (125) (69) Fair value hedges Interest rate swaps 2,400 2,400 – 61 (83) (61) – 61 (83) (61) Total 89 219 (208) (130) Forward exchange contracts and foreign currency options At the reporting date, the net amount of unrealised gains under forward exchange contracts and foreign currency options that are hedging anticipated purchases of inventory and equipment is $10 million (2025: $12 million net unrealised gain). The hedge relationships are all assessed as highly effective with insignificant hedge ineffectiveness and the net nil unrealised gain has been recognised in the hedge reserve (2025: $6 million net unrealised gain). The weighted average exchange rates hedged by outstanding forward exchange contracts and foreign currency options are AUD/USD 1: 0.68 (2025: 0.65) and AUD/EUR: 0.58 (2025: 0.59). Cross currency swaps At the reporting date, cross currency swaps have a net unrealised loss of $57 million (2025: $84 million net unrealised gain), of which $35 million is attributable to an unrealised loss on the foreign exchange component (2025: $116 million net unrealised gain) and $22 million is attributable to an unrealised loss on the interest rate component (2025: $32 million net unrealised loss). The interest rate components of the cross currency swaps are designated as cash flow hedges, in a 100% hedge relationship with the underlying debt. Accordingly, the unrealised loss of $22 million (2025: $32 million unrealised loss) attributable to the interest rate component has been recognised in the cash flow hedge reserve at the reporting date, with insignificant hedge ineffectiveness. The movement in the recognised gain attributable to the foreign exchange component of $152 million (2025: $113 million gain) has been recognised in the Consolidated Statement of Profit or Loss during the period, completely offsetting the foreign exchange revaluation of the underlying debt. Interest rate swaps – cash flow hedges At the reporting date, interest rate swaps designated as cash flow hedges have a net unrealised gain of $11 million (2025: $7 million unrealised loss). Accordingly, an $18 million unrealised gain was recognised in the cash flow hedge reserve with insignificant hedge ineffectiveness. Interest rate swaps – fair value hedges At the reporting date, interest rate swaps designated as fair value hedges have an unrealised loss of $83 million (2025: nil). These interest rate swaps are designated to be in a 100% hedge relationship against the identified exposure and the unrealised loss of $82 million (2025: $111 million unrealised gain) has been recognised in the Consolidated Statement of Profit or Loss, offsetting the movement in the fair value of the hedged item. 1 The average rate includes foreign currency options measured at the floor rate. 4.7 Financial risk management (continued) Woolworths Group Annual Report 2026 159 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Capital structure, financing and risk management 4
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(IV) CASH FLOW HEDGE RESERVE The table below details the movements in the cash flow hedge reserve during the period: 2026 2025 $M $M Balance at start of period (24) (10) Gain/(loss) arising on changes in fair value of hedging instruments entered into for cash flow hedges: Forward exchange contracts and foreign currency options (5) 1 Cross currency swaps 11 (25) Interest rate swaps 18 (7) Income tax related to gains recognised in other comprehensive income (6) 9 18 (22) Transfers to initial carrying amount of hedged items: Forward exchange contracts and foreign currency options (2) 11 Income tax related to amounts transferred to initial carrying amount of hedged items – (3) (2) 8 Balance at end of period (8) (24) (V) SENSITIVITY ANAL YSIS Reasonably possible changes at the reporting date of the Group’s exposure to floating interest rate risk and foreign currency risk, after taking into consideration hedges of foreign currency payables, foreign currency borrowings and forecast foreign currency transactions, could result in the following impacts: INTEREST RATE RISK • 1% change in floating Australian interest rates could result in either a $36 million increase or a $33 million decrease on equity before tax and no impact on profit before tax. FOREIGN EXCHANGE RISK • 10% change in foreign exchange rates could result in either a $166 million increase or a $164 million decrease on equity before tax and no impact on profit before tax 1. 1 The sensitivity analysis is based on the AUD moving against the EUR, GBP and USD, as well as the NZD moving against the AUD, EUR and USD. (VI) POWER PURCHASE AGREEMENT In 2022, the Group entered into a power purchase agreement (PPA) for a period of 9.5 years. As at 28 June 2026, the fair value of the PPA was $32 million (2025: $32 million). The PPA is not a physical electricity supply contract but operates as a contract for difference where a strike price is agreed. If the electricity spot price is higher than the strike price, the counterparty will pay the difference to the Group. Conversely, if the electricity spot price is lower than the strike price, the Group will pay the difference to the counterparty. The PPA is classified as a derivative asset and is measured at fair value through profit or loss. 4.7. 2 Liquidity risk Liquidity risk is the risk that the Group may not have sufficient cash balances and access to funding sources to meet its cash obligations. This risk arises through events such as large amounts falling due for payment, an interruption to cash inflows due to technology incidents or banking system interruption, or an interruption to funding sources and markets. The treasury policy approved by the Board has set an appropriate liquidity risk management framework for the Group. The Group maintains a minimum daily liquidity ratio, which the Treasury function monitors and forecasts over a 12-month rolling period. The Group may decide to hold higher levels of liquidity from time to time in anticipation of expected requirements or events. To minimise refinancing risk, the Group maintains a diversity of funding sources and debt maturities. At the reporting date, the Group has total undrawn committed facilities of $3,069 million (2025: $2,994 million) available. These facilities may be drawn at any time, subject to the terms of the lending agreements. Some facilities are subject to certain financial covenants and undertakings. No covenants have been breached during the period. The following tables detail the Group’s undiscounted non -derivative liabilities and derivative assets and liabilities and their contractual maturities. The maturity profile of the Group’s undiscounted lease liabilities is included in Note 3.5.2. 4.7 Financial risk management (continued) 160 Notes to the Consolidated Financial Statements MATURITY ANALYSIS OF FINANCIAL LIABILITIES 2026 ONE YEAR OR LESS ONE TO TWO YEARS TWO TO FIVE YEARS OVER FIVE YEARS TOTAL $M $M $M $M $M Non‑derivatives Borrowings (floating) (419) (65) (333) (7) (824) Borrowings (fixed) (137) (499) (2,548) (2,300) (5,484) Put option liabilities over non-controlling interests (153) – – – (153) Trade and other payables1 (8,093) – – – (8,093) (8,802) (564) (2,881) (2,307) (14,554) Derivatives Foreign exchange contracts (9) – – – (9) Cross currency swaps (37) (29) (72) (14) (152) Interest rate swaps 2 (21) (18) (34) (2) (75) (67) (47) (106) (16) (236) Total (8,869) (611) (2,987) (2,323) (14,790) MATURITY ANALYSIS OF FINANCIAL LIABILITIES 2025 ONE YEAR OR LESS ONE TO TWO YEARS TWO TO FIVE YEARS OVER FIVE YEARS TOTAL $M $M $M $M $M Non‑derivatives Borrowings (floating) (300) (38) (647) (10) (995) Borrowings (fixed) (138) (155) (2,276) (3,053) (5,622) Put option liabilities over non-controlling interests (258) – – – (258) Trade and other payables1 (7,589) – – – (7,589) (8,285) (193) (2,923) (3,063) (14,464) Derivatives Foreign exchange contracts (1) 2 – – 1 Cross currency swaps (49) 1 (73) (60) (181) Interest rate swaps 2 (10) (11) (16) 27 (10) (60) (8) (89) (33) (190) Total (8,345) (201) (3,012) (3,096) (14,654) 1 Excludes contract liabilities. 2 Interest rate swaps are net settled. For floating rate instruments, the amount disclosed is determined by reference to the interest rate at the last re-pricing date and the loans are assumed to be repaid at the respective facility maturity date. Cash flows represented are contractual and calculated on an undiscounted basis, based on current rates at the reporting date. 4.7 Financial risk management (continued) Woolworths Group Annual Report 2026 161 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Capital structure, financing and risk management 4
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(IV) CASH FLOW HEDGE RESERVE The table below details the movements in the cash flow hedge reserve during the period: 2026 2025 $M $M Balance at start of period (24) (10) Gain/(loss) arising on changes in fair value of hedging instruments entered into for cash flow hedges: Forward exchange contracts and foreign currency options (5) 1 Cross currency swaps 11 (25) Interest rate swaps 18 (7) Income tax related to gains recognised in other comprehensive income (6) 9 18 (22) Transfers to initial carrying amount of hedged items: Forward exchange contracts and foreign currency options (2) 11 Income tax related to amounts transferred to initial carrying amount of hedged items – (3) (2) 8 Balance at end of period (8) (24) (V) SENSITIVITY ANAL YSIS Reasonably possible changes at the reporting date of the Group’s exposure to floating interest rate risk and foreign currency risk, after taking into consideration hedges of foreign currency payables, foreign currency borrowings and forecast foreign currency transactions, could result in the following impacts: INTEREST RATE RISK • 1% change in floating Australian interest rates could result in either a $36 million increase or a $33 million decrease on equity before tax and no impact on profit before tax. FOREIGN EXCHANGE RISK • 10% change in foreign exchange rates could result in either a $166 million increase or a $164 million decrease on equity before tax and no impact on profit before tax 1. 1 The sensitivity analysis is based on the AUD moving against the EUR, GBP and USD, as well as the NZD moving against the AUD, EUR and USD. (VI) POWER PURCHASE AGREEMENT In 2022, the Group entered into a power purchase agreement (PPA) for a period of 9.5 years. As at 28 June 2026, the fair value of the PPA was $32 million (2025: $32 million). The PPA is not a physical electricity supply contract but operates as a contract for difference where a strike price is agreed. If the electricity spot price is higher than the strike price, the counterparty will pay the difference to the Group. Conversely, if the electricity spot price is lower than the strike price, the Group will pay the difference to the counterparty. The PPA is classified as a derivative asset and is measured at fair value through profit or loss. 4.7. 2 Liquidity risk Liquidity risk is the risk that the Group may not have sufficient cash balances and access to funding sources to meet its cash obligations. This risk arises through events such as large amounts falling due for payment, an interruption to cash inflows due to technology incidents or banking system interruption, or an interruption to funding sources and markets. The treasury policy approved by the Board has set an appropriate liquidity risk management framework for the Group. The Group maintains a minimum daily liquidity ratio, which the Treasury function monitors and forecasts over a 12-month rolling period. The Group may decide to hold higher levels of liquidity from time to time in anticipation of expected requirements or events. To minimise refinancing risk, the Group maintains a diversity of funding sources and debt maturities. At the reporting date, the Group has total undrawn committed facilities of $3,069 million (2025: $2,994 million) available. These facilities may be drawn at any time, subject to the terms of the lending agreements. Some facilities are subject to certain financial covenants and undertakings. No covenants have been breached during the period. The following tables detail the Group’s undiscounted non -derivative liabilities and derivative assets and liabilities and their contractual maturities. The maturity profile of the Group’s undiscounted lease liabilities is included in Note 3.5.2. 4.7 Financial risk management (continued) 160 Notes to the Consolidated Financial Statements MATURITY ANALYSIS OF FINANCIAL LIABILITIES 2026 ONE YEAR OR LESS ONE TO TWO YEARS TWO TO FIVE YEARS OVER FIVE YEARS TOTAL $M $M $M $M $M Non‑derivatives Borrowings (floating) (419) (65) (333) (7) (824) Borrowings (fixed) (137) (499) (2,548) (2,300) (5,484) Put option liabilities over non-controlling interests (153) – – – (153) Trade and other payables1 (8,093) – – – (8,093) (8,802) (564) (2,881) (2,307) (14,554) Derivatives Foreign exchange contracts (9) – – – (9) Cross currency swaps (37) (29) (72) (14) (152) Interest rate swaps 2 (21) (18) (34) (2) (75) (67) (47) (106) (16) (236) Total (8,869) (611) (2,987) (2,323) (14,790) MATURITY ANALYSIS OF FINANCIAL LIABILITIES 2025 ONE YEAR OR LESS ONE TO TWO YEARS TWO TO FIVE YEARS OVER FIVE YEARS TOTAL $M $M $M $M $M Non‑derivatives Borrowings (floating) (300) (38) (647) (10) (995) Borrowings (fixed) (138) (155) (2,276) (3,053) (5,622) Put option liabilities over non-controlling interests (258) – – – (258) Trade and other payables1 (7,589) – – – (7,589) (8,285) (193) (2,923) (3,063) (14,464) Derivatives Foreign exchange contracts (1) 2 – – 1 Cross currency swaps (49) 1 (73) (60) (181) Interest rate swaps 2 (10) (11) (16) 27 (10) (60) (8) (89) (33) (190) Total (8,345) (201) (3,012) (3,096) (14,654) 1 Excludes contract liabilities. 2 Interest rate swaps are net settled. For floating rate instruments, the amount disclosed is determined by reference to the interest rate at the last re-pricing date and the loans are assumed to be repaid at the respective facility maturity date. Cash flows represented are contractual and calculated on an undiscounted basis, based on current rates at the reporting date. 4.7 Financial risk management (continued) Woolworths Group Annual Report 2026 161 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Capital structure, financing and risk management 4
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4.7.3 Credit risk Credit risk is the risk that counterparties who may be required to pay monies to the Group may fail and therefore not be able to make those payments. Under the treasury policy approved by the Board, the Group can only invest surplus funds or execute derivatives with counterparty banks and financial institutions that are rated BBB+ or higher by Standard & Poor’s or Baa1 by Moody’s (or equivalent with other rating agencies). The recognised financial assets of the Group include amounts receivable arising from unrealised gains on derivatives. For derivatives, credit risk may also arise from the potential failure of the counterparties to meet their obligations under the respective contracts at maturity. At the reporting date, no material credit risk exposure existed in relation to potential counterparty failure on such financial instruments. Other than the loss allowance recognised in relation to trade and other receivables in Note 3.1, no financial assets were impaired or past due. 4.7.4 Fair value measurement of financial instruments Some of the Group’s financial assets and financial liabilities are measured at fair value at the end of each reporting period. They are grouped into the following levels based on the degree to which the fair value measurement inputs are observable: Level 1 Fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3 Fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). FAIR VALUE ASSET FAIR VALUE LIABILITY NOTE 2026 2025 2026 2025 FAIR VALUE HIERARCHY $M $M $M $M Listed equity securities 3.3 – 11 – – Level 1 Forward exchange contracts and foreign currency options 4.7.1 31 29 (21) (17) Level 2 Cross currency and interest rate swaps 4.7.1 58 190 (187) (113) Level 2 Power purchase agreement 4.7.1 32 32 – – Level 2 Unlisted equity securities 3.3 27 163 – – Level 3 Other 2 – (4) – Level 2 There were no transfers between Level 1, Level 2, or Level 3 during the period, and any reasonably possible changes in significant unobservable inputs for Level 3 fair values would not have resulted in a material change in the values of the unlisted equity securities. RECONCILIATION OF LEVEL 3 MOVEMENTS UNLISTED EQUITY SECURITIES 2026 2025 $M $M Balance at start of the period 163 177 Additions – 3 Disposals (208) – Revaluation 72 (17) Balance at end of the period 27 163 FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES THAT ARE NOT MEASURED AT FAIR VALUE ON A RECURRING BASIS The carrying values of cash and cash equivalents, financial assets, bank and other loans, and non -interest bearing monetary financial liabilities of the Group approximate their fair value. 4.7 Financial risk management (continued) 162 Notes to the Consolidated Financial Statements ESTIMATION OF FAIR VALUES At each reporting period, the Group reviews any material adjustments for Level 3 fair values and assesses whether any evidence can be obtained from third parties to support the conclusion that these valuations meet the requirements of the Standards, including the level in the fair value hierarchy in which the valuations should be classified. Any material valuation adjustments are reported to the Board. The following summarises the major methods and assumptions used in estimating the fair values of financial assets and liabilities categorised within Level 2 and Level 3 of the fair value hierarchy: • The fair value of foreign exchange contracts is determined using a discounted cash flow model where future cash flows are estimated based on market forward exchange rates as at the end of the reporting period and the contract forward rate, discounted by the observable yield curves of the respective currency; • The fair value of foreign currency options is determined using a Black -Scholes model; • The fair value of cross currency and interest rate swaps is determined using a discounted cash flow model where future cash flows are estimated based on market forward interest rates and in the case of cross currency swaps, market forward exchange rates as at the end of the reporting period and the contract rates, discounted by the observable yield curves, adjusted to reflect the credit risk of the various respective counterparties; • The fair value of the power purchase arrangement is determined using a discounted cash flow model where the future cash flows are estimated based on a combination of market and forecast forward prices, discounted at the credit risk of the relevant counterparty; and • The fair value of unlisted equity securities is determined using the pricing from the latest external fundraising of the unlisted entity which represents the current market value of the investment or, where this is not available, using an appropriate model such as a discounted cash flow model based on estimated future cash flows, discounted at a rate that reflects the relative risks of the investment. 4.7 Financial risk management (continued) Woolworths Group Annual Report 2026 163 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Capital structure, financing and risk management 4
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4.7.3 Credit risk Credit risk is the risk that counterparties who may be required to pay monies to the Group may fail and therefore not be able to make those payments. Under the treasury policy approved by the Board, the Group can only invest surplus funds or execute derivatives with counterparty banks and financial institutions that are rated BBB+ or higher by Standard & Poor’s or Baa1 by Moody’s (or equivalent with other rating agencies). The recognised financial assets of the Group include amounts receivable arising from unrealised gains on derivatives. For derivatives, credit risk may also arise from the potential failure of the counterparties to meet their obligations under the respective contracts at maturity. At the reporting date, no material credit risk exposure existed in relation to potential counterparty failure on such financial instruments. Other than the loss allowance recognised in relation to trade and other receivables in Note 3.1, no financial assets were impaired or past due. 4.7.4 Fair value measurement of financial instruments Some of the Group’s financial assets and financial liabilities are measured at fair value at the end of each reporting period. They are grouped into the following levels based on the degree to which the fair value measurement inputs are observable: Level 1 Fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3 Fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). FAIR VALUE ASSET FAIR VALUE LIABILITY NOTE 2026 2025 2026 2025 FAIR VALUE HIERARCHY $M $M $M $M Listed equity securities 3.3 – 11 – – Level 1 Forward exchange contracts and foreign currency options 4.7.1 31 29 (21) (17) Level 2 Cross currency and interest rate swaps 4.7.1 58 190 (187) (113) Level 2 Power purchase agreement 4.7.1 32 32 – – Level 2 Unlisted equity securities 3.3 27 163 – – Level 3 Other 2 – (4) – Level 2 There were no transfers between Level 1, Level 2, or Level 3 during the period, and any reasonably possible changes in significant unobservable inputs for Level 3 fair values would not have resulted in a material change in the values of the unlisted equity securities. RECONCILIATION OF LEVEL 3 MOVEMENTS UNLISTED EQUITY SECURITIES 2026 2025 $M $M Balance at start of the period 163 177 Additions – 3 Disposals (208) – Revaluation 72 (17) Balance at end of the period 27 163 FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES THAT ARE NOT MEASURED AT FAIR VALUE ON A RECURRING BASIS The carrying values of cash and cash equivalents, financial assets, bank and other loans, and non -interest bearing monetary financial liabilities of the Group approximate their fair value. 4.7 Financial risk management (continued) 162 Notes to the Consolidated Financial Statements ESTIMATION OF FAIR VALUES At each reporting period, the Group reviews any material adjustments for Level 3 fair values and assesses whether any evidence can be obtained from third parties to support the conclusion that these valuations meet the requirements of the Standards, including the level in the fair value hierarchy in which the valuations should be classified. Any material valuation adjustments are reported to the Board. The following summarises the major methods and assumptions used in estimating the fair values of financial assets and liabilities categorised within Level 2 and Level 3 of the fair value hierarchy: • The fair value of foreign exchange contracts is determined using a discounted cash flow model where future cash flows are estimated based on market forward exchange rates as at the end of the reporting period and the contract forward rate, discounted by the observable yield curves of the respective currency; • The fair value of foreign currency options is determined using a Black -Scholes model; • The fair value of cross currency and interest rate swaps is determined using a discounted cash flow model where future cash flows are estimated based on market forward interest rates and in the case of cross currency swaps, market forward exchange rates as at the end of the reporting period and the contract rates, discounted by the observable yield curves, adjusted to reflect the credit risk of the various respective counterparties; • The fair value of the power purchase arrangement is determined using a discounted cash flow model where the future cash flows are estimated based on a combination of market and forecast forward prices, discounted at the credit risk of the relevant counterparty; and • The fair value of unlisted equity securities is determined using the pricing from the latest external fundraising of the unlisted entity which represents the current market value of the investment or, where this is not available, using an appropriate model such as a discounted cash flow model based on estimated future cash flows, discounted at a rate that reflects the relative risks of the investment. 4.7 Financial risk management (continued) Woolworths Group Annual Report 2026 163 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Capital structure, financing and risk management 4
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5 Group structure 5.1 Subsidiaries 5.1.1 Deed of cross guarantee Woolworths Group Limited and some of the wholly owned Australian subsidiaries set out in Note 5.1.1 (together referred to as the Closed Group) have entered into a deed of cross guarantee (the Deed), as defined in ASIC Corporations (Wholly -owned Companies) Instrument 2016/785 (the Instrument). The effect of the Deed is that each entity in the Closed Group guarantees the payment in full of all debts of the other entities in the Closed Group in the event of their winding up. Pursuant to the Instrument, the wholly -owned subsidiaries within the Closed Group are relieved from the requirement to prepare, audit and lodge separate financial reports. PARTIES TO THE DEED DURING THE PERIOD COMPANY Woolworths Group Limited Wholly owned Australian subsidiaries ACN 693 658 623 Pty Limited Queensland Property Investments Pty Ltd Advantage Supermarkets Pty Ltd Shopper Data Group Pty Ltd Advantage Supermarkets WA Pty Ltd Shopper Media Group Pty Ltd Alors Holdings Pty Ltd Shopper Media Group Holdings Pty Ltd Amazed.com Pty Ltd Shopper Media Group Operations Pty Ltd Andmist Pty Limited Spaurum Pty Ltd Australian Grocery Wholesalers Pty Limited The Kitchenary Holdings Pty Ltd Australian Safeway Stores Pty Ltd The Kitchenary NZ Pty Ltd Barjok Pty Ltd The Kitchenary Pty Ltd BIG W Group Pty Limited Universal Wholesalers Pty Limited Calvartan Pty Limited Vincentia Nominees Pty Ltd Cartology Pty Limited W23 Investments Pty Limited Cenijade Pty Limited W23 Pty Limited Drumstar Pty Ltd W23 Incubator Pty Limited Duke Living Pty Ltd W23 Ventures Pty Limited E-Com (Aus) Pty Ltd W360 R&D Pty Limited Fabcot Pty Ltd WGP No 1 Pty Limited Food For Good Foundation Pty Ltd Woolstar Pty Limited Gembond Pty Limited Woolworths (International) Pty Limited Grand Horizons Pty Ltd Woolworths (Q’land) Pty Limited GreenGrocer.com.au Pty Ltd Woolworths (South Australia) Pty Limited Healthylife Company Pty Limited Woolworths (Victoria) Pty Limited HP Distribution Pty Limited Woolworths (W.A.) Pty Limited Josona Pty Ltd Woolworths360 Pty Limited Leasehold Investments Pty Ltd Woolworths360 Investments Pty Limited Macro Wholefoods Company Pty Limited Woolworths Custodian Pty Ltd Masters Installation Pty Limited Woolworths Format Development Pty Limited Milkrun Delivery Pty Limited Woolworths Group Payments Pty Limited MyDeal.com.au Pty Limited Woolworths International Trading Pty Limited Nalos Pty Ltd Woolworths Investments Pty Limited PEH (NZ IP) Pty Ltd Woolworths Management Pty Ltd PFD Food Services Pty Ltd Woolworths Marketplace Pty Limited Philip Leong Stores Pty Limited Woolworths Properties Pty Limited Primary Connect International Pty Limited Woolworths Property Double Bay Pty Limited Progressive Enterprises Holdings Limited WPay Pty Limited 164 Notes to the Consolidated Financial Statements A Statement of Profit or Loss and retained earnings, and Statement of Financial Position for the entities which were party to the Deed during the period are as follows: 2026 2025 $M $M Revenue 62,653 59,924 Cost of sales (45,518) (43,554) Gross profit 17,13 5 16,370 Other income 293 281 Branch expenses (10,865) (10,741) Administration expenses (4,174) (4,016) Earnings before interest and tax 2,389 1,894 Net finance costs (779) (629) Profit before income tax 1,610 1,265 Income tax expense (363) (456) Profit for the period 1,247 809 2026 2025 RETAINED EARNINGS $M $M Balance at start of period 5,802 6,657 Profit for the period 1,247 809 Dividends paid (1,100) (1,661) Actuarial loss on defined benefit superannuation plans, net of tax (2) (3) Balance at end of period 5,947 5,802 5.1 Subsidiaries (continued) Woolworths Group Annual Report 2026 165 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Group structure 5
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5 Group structure 5.1 Subsidiaries 5.1.1 Deed of cross guarantee Woolworths Group Limited and some of the wholly owned Australian subsidiaries set out in Note 5.1.1 (together referred to as the Closed Group) have entered into a deed of cross guarantee (the Deed), as defined in ASIC Corporations (Wholly -owned Companies) Instrument 2016/785 (the Instrument). The effect of the Deed is that each entity in the Closed Group guarantees the payment in full of all debts of the other entities in the Closed Group in the event of their winding up. Pursuant to the Instrument, the wholly -owned subsidiaries within the Closed Group are relieved from the requirement to prepare, audit and lodge separate financial reports. PARTIES TO THE DEED DURING THE PERIOD COMPANY Woolworths Group Limited Wholly owned Australian subsidiaries ACN 693 658 623 Pty Limited Queensland Property Investments Pty Ltd Advantage Supermarkets Pty Ltd Shopper Data Group Pty Ltd Advantage Supermarkets WA Pty Ltd Shopper Media Group Pty Ltd Alors Holdings Pty Ltd Shopper Media Group Holdings Pty Ltd Amazed.com Pty Ltd Shopper Media Group Operations Pty Ltd Andmist Pty Limited Spaurum Pty Ltd Australian Grocery Wholesalers Pty Limited The Kitchenary Holdings Pty Ltd Australian Safeway Stores Pty Ltd The Kitchenary NZ Pty Ltd Barjok Pty Ltd The Kitchenary Pty Ltd BIG W Group Pty Limited Universal Wholesalers Pty Limited Calvartan Pty Limited Vincentia Nominees Pty Ltd Cartology Pty Limited W23 Investments Pty Limited Cenijade Pty Limited W23 Pty Limited Drumstar Pty Ltd W23 Incubator Pty Limited Duke Living Pty Ltd W23 Ventures Pty Limited E-Com (Aus) Pty Ltd W360 R&D Pty Limited Fabcot Pty Ltd WGP No 1 Pty Limited Food For Good Foundation Pty Ltd Woolstar Pty Limited Gembond Pty Limited Woolworths (International) Pty Limited Grand Horizons Pty Ltd Woolworths (Q’land) Pty Limited GreenGrocer.com.au Pty Ltd Woolworths (South Australia) Pty Limited Healthylife Company Pty Limited Woolworths (Victoria) Pty Limited HP Distribution Pty Limited Woolworths (W.A.) Pty Limited Josona Pty Ltd Woolworths360 Pty Limited Leasehold Investments Pty Ltd Woolworths360 Investments Pty Limited Macro Wholefoods Company Pty Limited Woolworths Custodian Pty Ltd Masters Installation Pty Limited Woolworths Format Development Pty Limited Milkrun Delivery Pty Limited Woolworths Group Payments Pty Limited MyDeal.com.au Pty Limited Woolworths International Trading Pty Limited Nalos Pty Ltd Woolworths Investments Pty Limited PEH (NZ IP) Pty Ltd Woolworths Management Pty Ltd PFD Food Services Pty Ltd Woolworths Marketplace Pty Limited Philip Leong Stores Pty Limited Woolworths Properties Pty Limited Primary Connect International Pty Limited Woolworths Property Double Bay Pty Limited Progressive Enterprises Holdings Limited WPay Pty Limited 164 Notes to the Consolidated Financial Statements A Statement of Profit or Loss and retained earnings, and Statement of Financial Position for the entities which were party to the Deed during the period are as follows: 2026 2025 $M $M Revenue 62,653 59,924 Cost of sales (45,518) (43,554) Gross profit 17,13 5 16,370 Other income 293 281 Branch expenses (10,865) (10,741) Administration expenses (4,174) (4,016) Earnings before interest and tax 2,389 1,894 Net finance costs (779) (629) Profit before income tax 1,610 1,265 Income tax expense (363) (456) Profit for the period 1,247 809 2026 2025 RETAINED EARNINGS $M $M Balance at start of period 5,802 6,657 Profit for the period 1,247 809 Dividends paid (1,100) (1,661) Actuarial loss on defined benefit superannuation plans, net of tax (2) (3) Balance at end of period 5,947 5,802 5.1 Subsidiaries (continued) Woolworths Group Annual Report 2026 165 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Group structure 5
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2026 2025 $M $M Current assets Cash and cash equivalents 1,230 979 Trade and other receivables 835 816 Inventories 3,809 3,523 Other financial assets 41 53 Other current assets 259 228 6,174 5,599 Assets held for sale 347 170 Total current assets 6,521 5,769 Non-current assets Trade and other receivables 1,424 1,522 Other financial assets 1,671 1,924 Lease assets 7, 3 6 6 7,617 Property, plant and equipment 9,148 8,811 Intangible assets 2,477 2,386 Investments accounted for using the equity method 105 62 Deferred tax assets 2,082 1,74 4 Other non-current assets 350 397 Total non‑current assets 24,623 24,463 T otal assets 31,144 30,232 Current liabilities Trade and other payables 8,712 8,069 Lease liabilities 1,539 1,491 Borrowings 386 220 Current tax payable 109 128 Other financial liabilities 262 342 Provisions 2,295 1,546 Other current liabilities 30 10 Total current liabilities 13,333 11,806 Non-current liabilities Lease liabilities 8,303 8,645 Borrowings 4,346 4,840 Other financial liabilities 103 46 Provisions 924 943 Other non-current liabilities 35 57 Total non‑current liabilities 13,711 14,531 Total liabilities 27 ,044 26,337 Net assets 4,100 3,895 Equity Contributed equity 5,578 5,627 Reserves (7, 425) (7, 53 4) Retained earnings 5,947 5,802 Total equity 4,100 3,895 5.1 Subsidiaries (continued) 166 Notes to the Consolidated Financial Statements 5.1.2 Details of wholly owned subsidiaries that are material to the Group The material subsidiaries of Woolworths Group Limited are as follows: COMPANY COUNTRY OF INCORPORATION ULTIMATE AUSTRALIAN CONTROLLING ENTITY Woolworths (International) Pty Limited Australia Woolworths Group Limited Woolworths New Zealand Group Limited New Zealand Woolworths Group Limited Woolworths New Zealand Limited New Zealand Woolworths Group Limited 5.1.3 Details of non‑wholly owned subsidiaries that have material non‑controlling interests PRINCIPAL PLACE OF BUSINESS PROPORTION OF VOTING RIGHTS HELD BY NON‑CONTROLLING INTERESTS NAME OF SUBSIDIARY 2026 % 2025 % PETstock Pty Ltd Australia 45.0 45.0 The Quantium Group Holdings Pty Limited Australia 19.1 19.6 The movement in non-controlling interests is as follows: 2026 PETSTOCK PTY LTD $M THE QUANTIUM GROUP HOLDINGS PTY LIMITED $M INDIVIDUALL Y IMMATERIAL SUBSIDIARIES $M TOTAL NON‑ CONTROLLING INTERESTS $M Balance at start of period 53 35 14 102 Profit for the period 11 2 1 14 Dividends (3) (2) (8) (13) Share-based payments expense – 1 – 1 Purchase of additional equity interests in subsidiaries – (1) 12 11 Balance at end of period 61 35 19 115 2025 PETSTOCK PTY LTD $M PFD FOOD SERVICES PTY LTD $M THE QUANTIUM GROUP HOLDINGS PTY LIMITED $M INDIVIDUALL Y IMMATERIAL SUBSIDIARIES $M TOTAL NON‑ CONTROLLING INTERESTS $M Balance at start of period 31 59 46 26 162 Profit/(loss) for the period 4 5 (7) (12) (10) Dividends (2) – – – (2) Share-based payments expense – – 1 – 1 Recognition of non-controlling interests from acquisition of subsidiaries 20 – – – 20 Derecognition of non-controlling interests on acquisition of shares – (64) (5) – (69) Balance at end of period 53 – 35 14 102 5.1 Subsidiaries (continued) Woolworths Group Annual Report 2026 167 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Group structure 5
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2026 2025 $M $M Current assets Cash and cash equivalents 1,230 979 Trade and other receivables 835 816 Inventories 3,809 3,523 Other financial assets 41 53 Other current assets 259 228 6,174 5,599 Assets held for sale 347 170 Total current assets 6,521 5,769 Non-current assets Trade and other receivables 1,424 1,522 Other financial assets 1,671 1,924 Lease assets 7, 3 6 6 7,617 Property, plant and equipment 9,148 8,811 Intangible assets 2,477 2,386 Investments accounted for using the equity method 105 62 Deferred tax assets 2,082 1,74 4 Other non-current assets 350 397 Total non‑current assets 24,623 24,463 T otal assets 31,144 30,232 Current liabilities Trade and other payables 8,712 8,069 Lease liabilities 1,539 1,491 Borrowings 386 220 Current tax payable 109 128 Other financial liabilities 262 342 Provisions 2,295 1,546 Other current liabilities 30 10 Total current liabilities 13,333 11,806 Non-current liabilities Lease liabilities 8,303 8,645 Borrowings 4,346 4,840 Other financial liabilities 103 46 Provisions 924 943 Other non-current liabilities 35 57 Total non‑current liabilities 13,711 14,531 Total liabilities 27 ,044 26,337 Net assets 4,100 3,895 Equity Contributed equity 5,578 5,627 Reserves (7, 425) (7, 53 4) Retained earnings 5,947 5,802 Total equity 4,100 3,895 5.1 Subsidiaries (continued) 166 Notes to the Consolidated Financial Statements 5.1.2 Details of wholly owned subsidiaries that are material to the Group The material subsidiaries of Woolworths Group Limited are as follows: COMPANY COUNTRY OF INCORPORATION ULTIMATE AUSTRALIAN CONTROLLING ENTITY Woolworths (International) Pty Limited Australia Woolworths Group Limited Woolworths New Zealand Group Limited New Zealand Woolworths Group Limited Woolworths New Zealand Limited New Zealand Woolworths Group Limited 5.1.3 Details of non‑wholly owned subsidiaries that have material non‑controlling interests PRINCIPAL PLACE OF BUSINESS PROPORTION OF VOTING RIGHTS HELD BY NON‑CONTROLLING INTERESTS NAME OF SUBSIDIARY 2026 % 2025 % PETstock Pty Ltd Australia 45.0 45.0 The Quantium Group Holdings Pty Limited Australia 19.1 19.6 The movement in non-controlling interests is as follows: 2026 PETSTOCK PTY LTD $M THE QUANTIUM GROUP HOLDINGS PTY LIMITED $M INDIVIDUALL Y IMMATERIAL SUBSIDIARIES $M TOTAL NON‑ CONTROLLING INTERESTS $M Balance at start of period 53 35 14 102 Profit for the period 11 2 1 14 Dividends (3) (2) (8) (13) Share-based payments expense – 1 – 1 Purchase of additional equity interests in subsidiaries – (1) 12 11 Balance at end of period 61 35 19 115 2025 PETSTOCK PTY LTD $M PFD FOOD SERVICES PTY LTD $M THE QUANTIUM GROUP HOLDINGS PTY LIMITED $M INDIVIDUALL Y IMMATERIAL SUBSIDIARIES $M TOTAL NON‑ CONTROLLING INTERESTS $M Balance at start of period 31 59 46 26 162 Profit/(loss) for the period 4 5 (7) (12) (10) Dividends (2) – – – (2) Share-based payments expense – – 1 – 1 Recognition of non-controlling interests from acquisition of subsidiaries 20 – – – 20 Derecognition of non-controlling interests on acquisition of shares – (64) (5) – (69) Balance at end of period 53 – 35 14 102 5.1 Subsidiaries (continued) Woolworths Group Annual Report 2026 167 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Group structure 5
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Summarised financial information in respect of each of the Group’s subsidiaries that has a material non -controlling interest was as follows: PETSTOCK PTY LTD THE QUANTIUM GROUP HOLDINGS PTY LIMITED 2026 2025 2026 2025 $M $M $M $M Current assets 220 209 189 167 Non-current assets 546 652 207 216 Current liabilities 145 183 123 110 Non-current liabilities 551 636 62 75 Net cash inflow/(outflow) – – 56 (10) 5.2 Parent entity The parent entity of the Group is Woolworths Group Limited and directly owns the majority of the Australian operations. 2026 2025 $M $M Assets Current assets 5,359 4,825 Non-current assets 30,907 31,187 T otal assets 36,266 36,012 Liabilities Current liabilities 18,730 17, 93 8 Non-current liabilities 13,494 14,202 Total liabilities 32,224 32,140 Net assets 4,042 3,872 Equity Contributed equity 5,578 5,627 Reserves (7, 59 9) (7,6 37 ) Retained earnings 1 6,063 5,882 Total equity 4,042 3,872 2026 2025 $M $M Profit for the period 1,283 1,017 Other comprehensive income for the period, net of tax (30) (6) Total comprehensive income for the period 1,253 1,011 1 Retained earnings includes a profit reserve of $8,067 million and a loss reserve of $2,004 million (2025: profit reserve of $7,886 million and a loss reserve of $2,004 million). RETAINED EARNINGS 2026 $M 2025 $M Balance at start of period 5,882 6,529 Profit for the period 1,283 1,017 Dividends paid (1,100) (1,661) Actuarial loss on defined benefit superannuation plans, net of tax (2) (3) Balance at end of period 6,063 5,882 5.1 Subsidiaries (continued) 168 Notes to the Consolidated Financial Statements Guarantees The parent entity has entered into a deed of cross guarantee with the effect that the Company guarantees debts in respect of certain subsidiaries. Further details on the deed of cross guarantee and the subsidiaries subject to the deed are disclosed in Note 5.1.1. Other guarantees held by the parent entity are the same as those held by the Group as disclosed in Note 6.1. Commitments for capital expenditure 2026 2025 $M $M Estimated capital expenditure under firm contracts, payable: Not later than one year 310 467 Later than one year, not later than two years 41 25 Later than two years, not later than five years 1 6 352 498 Material accounting policies The parent entity financial information has been prepared using accounting policies consistent with those applied in the Consolidated Financial Statements. Set out below are the material accounting policies that are specific to the parent entity financial information. Investments in subsidiaries, associates and joint ventures Investments in subsidiaries, associates and joint ventures are accounted for at cost. Tax consolidation The Company and its wholly owned Australian resident entities are members of a tax ‑consolidated group under Australian tax law. The Company is the head entity within the tax ‑consolidated group. Refer to Note 3.10 for further details. 5.3 Related parties 5.3.1 Transactions within the Group During the period, Woolworths Group Limited advanced loans to, received and repaid loans from, and provided treasury, accounting, legal, taxation, workers’ compensation insurance, and administrative services to other entities within the Group. Entities within the Group also exchanged goods and services in sale and purchase transactions. All transactions occurred on the basis of normal commercial terms and conditions. Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. 5.3.2 Directors and Key Management Personnel All transactions with directors and Key Management Personnel (including their related parties) were conducted at an arm’s length basis in the ordinary course of business and under usual terms and conditions for customers and employees. The total remuneration for Key Management Personnel of the Group is as follows: 2026 2025 $ $ Short-term employee benefits 10,703,784 9,033,349 Post-employment benefits 331,304 323,110 Termination benefits – 1,084,363 Other long-term benefits 80,146 583,472 Share-based payments 3,298,478 2,269,971 14,413,712 13,294,265 5.2 Parent entity (continued) Woolworths Group Annual Report 2026 169 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Group structure 5
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Summarised financial information in respect of each of the Group’s subsidiaries that has a material non -controlling interest was as follows: PETSTOCK PTY LTD THE QUANTIUM GROUP HOLDINGS PTY LIMITED 2026 2025 2026 2025 $M $M $M $M Current assets 220 209 189 167 Non-current assets 546 652 207 216 Current liabilities 145 183 123 110 Non-current liabilities 551 636 62 75 Net cash inflow/(outflow) – – 56 (10) 5.2 Parent entity The parent entity of the Group is Woolworths Group Limited and directly owns the majority of the Australian operations. 2026 2025 $M $M Assets Current assets 5,359 4,825 Non-current assets 30,907 31,187 T otal assets 36,266 36,012 Liabilities Current liabilities 18,730 17, 93 8 Non-current liabilities 13,494 14,202 Total liabilities 32,224 32,140 Net assets 4,042 3,872 Equity Contributed equity 5,578 5,627 Reserves (7, 59 9) (7,6 37 ) Retained earnings 1 6,063 5,882 Total equity 4,042 3,872 2026 2025 $M $M Profit for the period 1,283 1,017 Other comprehensive income for the period, net of tax (30) (6) Total comprehensive income for the period 1,253 1,011 1 Retained earnings includes a profit reserve of $8,067 million and a loss reserve of $2,004 million (2025: profit reserve of $7,886 million and a loss reserve of $2,004 million). RETAINED EARNINGS 2026 $M 2025 $M Balance at start of period 5,882 6,529 Profit for the period 1,283 1,017 Dividends paid (1,100) (1,661) Actuarial loss on defined benefit superannuation plans, net of tax (2) (3) Balance at end of period 6,063 5,882 5.1 Subsidiaries (continued) 168 Notes to the Consolidated Financial Statements Guarantees The parent entity has entered into a deed of cross guarantee with the effect that the Company guarantees debts in respect of certain subsidiaries. Further details on the deed of cross guarantee and the subsidiaries subject to the deed are disclosed in Note 5.1.1. Other guarantees held by the parent entity are the same as those held by the Group as disclosed in Note 6.1. Commitments for capital expenditure 2026 2025 $M $M Estimated capital expenditure under firm contracts, payable: Not later than one year 310 467 Later than one year, not later than two years 41 25 Later than two years, not later than five years 1 6 352 498 Material accounting policies The parent entity financial information has been prepared using accounting policies consistent with those applied in the Consolidated Financial Statements. Set out below are the material accounting policies that are specific to the parent entity financial information. Investments in subsidiaries, associates and joint ventures Investments in subsidiaries, associates and joint ventures are accounted for at cost. Tax consolidation The Company and its wholly owned Australian resident entities are members of a tax ‑consolidated group under Australian tax law. The Company is the head entity within the tax ‑consolidated group. Refer to Note 3.10 for further details. 5.3 Related parties 5.3.1 Transactions within the Group During the period, Woolworths Group Limited advanced loans to, received and repaid loans from, and provided treasury, accounting, legal, taxation, workers’ compensation insurance, and administrative services to other entities within the Group. Entities within the Group also exchanged goods and services in sale and purchase transactions. All transactions occurred on the basis of normal commercial terms and conditions. Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. 5.3.2 Directors and Key Management Personnel All transactions with directors and Key Management Personnel (including their related parties) were conducted at an arm’s length basis in the ordinary course of business and under usual terms and conditions for customers and employees. The total remuneration for Key Management Personnel of the Group is as follows: 2026 2025 $ $ Short-term employee benefits 10,703,784 9,033,349 Post-employment benefits 331,304 323,110 Termination benefits – 1,084,363 Other long-term benefits 80,146 583,472 Share-based payments 3,298,478 2,269,971 14,413,712 13,294,265 5.2 Parent entity (continued) Woolworths Group Annual Report 2026 169 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Group structure 5
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6 Other 6.1 Contingent liabilities Guarantees The Group has entered the following guarantees however the probability of having to make a payment under these guarantees is considered remote: • Guarantees in the normal course of business relating to conditions set out in development applications and for the sale of properties; and • Guarantees against workers’ compensation self -insurance liabilities as required by State WorkCover authorities. The guarantees are based on independent actuarial advice of the outstanding liability. No provision has been made in the Consolidated Financial Statements in respect of these contingencies; however, there is a provision of $831 million for self-insured risks (2025: $792 million), which includes liabilities relating to workers’ compensation claims that have been recognised in the Consolidated Statement of Financial Position at the reporting date. Refer to Note 3.12.2 for further details. From time to time, entities within the Group are party to various legal actions as well as inquiries from regulators and government bodies. As at 28 June 2026, the Consolidated Statement of Financial Position reflects the Group’s best estimate of all known liabilities arising from such matters and there are no material contingent liabilities that require disclosure, other than those noted as follows. Other matters Australian Competition and Consumer Commission (ACCC) and New Zealand Commerce Commission (NZCC) Proceedings On 23 September 2024, the ACCC commenced proceedings in the Federal Court against Woolworths Group Limited (the Group) for allegedly breaching the Australian Consumer Law in relation to discount pricing representations on common supermarket products. Class action proceedings were subsequently launched against the Group by Gerard Malouf & Partners in relation to the same allegations. On 5 May 2025, the NZCC brought criminal proceedings against Woolworths New Zealand Ltd, a wholly owned subsidiary of Woolworths Group Limited, for allegedly breaching section 10 of the Fair Trading Act 1986 in relation to the price consumers were to pay, or paid, for grocery products. The Group is defending the ACCC proceedings and the class action, which may or may not result in a liability. The Group is also defending the NZCC proceedings. The potential outcomes of these proceedings and potential proceedings cannot be determined at this stage, and therefore meet the definition of a contingent liability for which no provision was recognised as at 28 June 2026. 6.2 Share‑based payments and share schemes 6.2.1 Share‑based payments LONG-TERM INCENTIVE (LTI) PLAN Equity-settled share -based payments form part of the remuneration of eligible employees of the Group. The Group continues to operate the Woolworths Incentive Share Plan (WISP), an LTI plan which delivers a right to acquire a share at a future date. A summary of the LTI plan performance hurdles for all outstanding grants is as follows: RELATIVE TOTAL SHAREHOLDER RETURN (TSR) REPUTATION1 RETURN ON FUNDS EMPLOYED (ROFE)1 GRANT YEAR VESTING PERIOD (YEARS) WEIGHTING (%) HURDLE/RANGE (PERCENTILE) WEIGHTING (%) WEIGHTING (%) F24, F25, F262 Three 40.00 50th – 75th 20.00 40.00 1 Hurdle/range not published for Reputation and ROFE as the Group does not provide market guidance on these metrics and the targets are commercially sensitive. The LTI targets and performance will be published following the end of the performance period. 2 The TSR component vests progressively where TSR equals or exceeds the 50th percentile of the comparator group up to the full 40% vesting, where TSR equals the 75th percentile of the comparator group. Reputation and ROFE components vest progressively, upon attaining certain hurdles, to a maximum weighting of 20% and 40% respectively. 170 Notes to the Consolidated Financial Statements The variables in the table below are used as inputs into the model to determine the fair value of performance rights. F26 WISP F25 WISP F24 WISP Grant date1 1 Jul 2025 1 Jul 2024 1 Jul 2023 Performance period start date 1 Jul 2025 1 Jul 2024 1 Jul 2023 Exercise date 1 Jul 2028 1 Jul 2027 1 Jul 2026 Expected volatility 2 16.0% 16.0% 17.0 % Risk-free interest rate 3.2% 4.2% 4.1% Weighted average fair value at grant date $25.70 $ 27.56 $32.44 1 Grant date represents the date on which there is a shared understanding of the terms and conditions of the arrangement. 2 The expected volatility is based on the historical implied volatility calculated based on the weighted average remaining life of the performance rights adjusted for any expected changes to future volatility due to publicly available information. DEFERRED SHORT-TERM INCENTIVE (DEFERRED STI) Share rights are offered to select employees under the Deferred STI, which has the following features: • STI plans have a one-year performance period linked to financial performance metrics and strategic performance metrics; and • If the performance hurdles are met, executives receive half of the STI outcome as Deferred STI share rights. Executives are required to remain employed for a further two years for the share rights to vest, otherwise the share rights are forfeited, unless the Board exercises its discretion in accordance with the plan rules. ACCELERATOR INCENTIVE As outlined in the 2025 Annual Report, distinct from our enduring STI and LTI plans, this one-off award was introduced for select senior leaders (excluding the CEO) in January 2025 to drive critical transformation amid significant operational challenges and leadership changes. As reported last year, the incentive was structured in two parts. Tranche 1 (33% of the maximum award) was tied to the EBIT in the second half of the 2025 financial period and simplification initiatives, which resulted in a 50% payout. Meanwhile, Tranche 2 (67% of the maximum award), delivered in performance share rights, focused on the longer-term realisation of simplification benefits and was tested at the end of the 2026 financial period. Tranche 2 was subject to three performance metrics – Cost of Doing Business as a percentage of Sales (CODB%, weighted 50%), Voice of Customer – ‘Value for Money’ (weighted 25%) and Voice of Team – ‘Actions Taken on Feedback’ (weighted 25%). The share rights were subject to forfeiture on termination of employment and were subject to Board discretion and the Group’s malus policy. Refer to Section 2.3 of the Remuneration Report for further details. SIGN-ON AND RETENTION RIGHTS Share rights are offered as sign-on to new hires where appropriate and offered to retain key employees to deliver on the Group’s strategic direction. Sign-on and retention rights generally do not have performance measures attached to them due to the objective of retaining key talent and vest subject to the executive remaining employed by the Group, generally for a specified period of time as may be applicable. RECOGNITION SHARE PLAN The performance rights sub -plan has also been used to reward employees of the Group. Participants are required to meet a service condition for the share rights to vest. MOVEMENTS IN OUTSTANDING SHARE RIGHTS The following table summarises the movements in outstanding share rights for all of the above plans: 2026 2025 NO. OF RIGHTS NO. OF RIGHTS Outstanding at start of period 12,814,318 11,066,641 Granted during the period 4,843,322 6,783,550 Vested during the period (1,111,938) (1,162,128) Lapsed during the period (3,972,466) (3,873,745) Outstanding at end of period 12,573,236 12,814,318 6.2 Share‑based payments and share schemes (continued) Woolworths Group Annual Report 2026 171 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Other 6
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6 Other 6.1 Contingent liabilities Guarantees The Group has entered the following guarantees however the probability of having to make a payment under these guarantees is considered remote: • Guarantees in the normal course of business relating to conditions set out in development applications and for the sale of properties; and • Guarantees against workers’ compensation self -insurance liabilities as required by State WorkCover authorities. The guarantees are based on independent actuarial advice of the outstanding liability. No provision has been made in the Consolidated Financial Statements in respect of these contingencies; however, there is a provision of $831 million for self-insured risks (2025: $792 million), which includes liabilities relating to workers’ compensation claims that have been recognised in the Consolidated Statement of Financial Position at the reporting date. Refer to Note 3.12.2 for further details. From time to time, entities within the Group are party to various legal actions as well as inquiries from regulators and government bodies. As at 28 June 2026, the Consolidated Statement of Financial Position reflects the Group’s best estimate of all known liabilities arising from such matters and there are no material contingent liabilities that require disclosure, other than those noted as follows. Other matters Australian Competition and Consumer Commission (ACCC) and New Zealand Commerce Commission (NZCC) Proceedings On 23 September 2024, the ACCC commenced proceedings in the Federal Court against Woolworths Group Limited (the Group) for allegedly breaching the Australian Consumer Law in relation to discount pricing representations on common supermarket products. Class action proceedings were subsequently launched against the Group by Gerard Malouf & Partners in relation to the same allegations. On 5 May 2025, the NZCC brought criminal proceedings against Woolworths New Zealand Ltd, a wholly owned subsidiary of Woolworths Group Limited, for allegedly breaching section 10 of the Fair Trading Act 1986 in relation to the price consumers were to pay, or paid, for grocery products. The Group is defending the ACCC proceedings and the class action, which may or may not result in a liability. The Group is also defending the NZCC proceedings. The potential outcomes of these proceedings and potential proceedings cannot be determined at this stage, and therefore meet the definition of a contingent liability for which no provision was recognised as at 28 June 2026. 6.2 Share‑based payments and share schemes 6.2.1 Share‑based payments LONG-TERM INCENTIVE (LTI) PLAN Equity-settled share -based payments form part of the remuneration of eligible employees of the Group. The Group continues to operate the Woolworths Incentive Share Plan (WISP), an LTI plan which delivers a right to acquire a share at a future date. A summary of the LTI plan performance hurdles for all outstanding grants is as follows: RELATIVE TOTAL SHAREHOLDER RETURN (TSR) REPUTATION1 RETURN ON FUNDS EMPLOYED (ROFE)1 GRANT YEAR VESTING PERIOD (YEARS) WEIGHTING (%) HURDLE/RANGE (PERCENTILE) WEIGHTING (%) WEIGHTING (%) F24, F25, F262 Three 40.00 50th – 75th 20.00 40.00 1 Hurdle/range not published for Reputation and ROFE as the Group does not provide market guidance on these metrics and the targets are commercially sensitive. The LTI targets and performance will be published following the end of the performance period. 2 The TSR component vests progressively where TSR equals or exceeds the 50th percentile of the comparator group up to the full 40% vesting, where TSR equals the 75th percentile of the comparator group. Reputation and ROFE components vest progressively, upon attaining certain hurdles, to a maximum weighting of 20% and 40% respectively. 170 Notes to the Consolidated Financial Statements The variables in the table below are used as inputs into the model to determine the fair value of performance rights. F26 WISP F25 WISP F24 WISP Grant date1 1 Jul 2025 1 Jul 2024 1 Jul 2023 Performance period start date 1 Jul 2025 1 Jul 2024 1 Jul 2023 Exercise date 1 Jul 2028 1 Jul 2027 1 Jul 2026 Expected volatility 2 16.0% 16.0% 17.0 % Risk-free interest rate 3.2% 4.2% 4.1% Weighted average fair value at grant date $25.70 $ 27.56 $32.44 1 Grant date represents the date on which there is a shared understanding of the terms and conditions of the arrangement. 2 The expected volatility is based on the historical implied volatility calculated based on the weighted average remaining life of the performance rights adjusted for any expected changes to future volatility due to publicly available information. DEFERRED SHORT-TERM INCENTIVE (DEFERRED STI) Share rights are offered to select employees under the Deferred STI, which has the following features: • STI plans have a one-year performance period linked to financial performance metrics and strategic performance metrics; and • If the performance hurdles are met, executives receive half of the STI outcome as Deferred STI share rights. Executives are required to remain employed for a further two years for the share rights to vest, otherwise the share rights are forfeited, unless the Board exercises its discretion in accordance with the plan rules. ACCELERATOR INCENTIVE As outlined in the 2025 Annual Report, distinct from our enduring STI and LTI plans, this one-off award was introduced for select senior leaders (excluding the CEO) in January 2025 to drive critical transformation amid significant operational challenges and leadership changes. As reported last year, the incentive was structured in two parts. Tranche 1 (33% of the maximum award) was tied to the EBIT in the second half of the 2025 financial period and simplification initiatives, which resulted in a 50% payout. Meanwhile, Tranche 2 (67% of the maximum award), delivered in performance share rights, focused on the longer-term realisation of simplification benefits and was tested at the end of the 2026 financial period. Tranche 2 was subject to three performance metrics – Cost of Doing Business as a percentage of Sales (CODB%, weighted 50%), Voice of Customer – ‘Value for Money’ (weighted 25%) and Voice of Team – ‘Actions Taken on Feedback’ (weighted 25%). The share rights were subject to forfeiture on termination of employment and were subject to Board discretion and the Group’s malus policy. Refer to Section 2.3 of the Remuneration Report for further details. SIGN-ON AND RETENTION RIGHTS Share rights are offered as sign-on to new hires where appropriate and offered to retain key employees to deliver on the Group’s strategic direction. Sign-on and retention rights generally do not have performance measures attached to them due to the objective of retaining key talent and vest subject to the executive remaining employed by the Group, generally for a specified period of time as may be applicable. RECOGNITION SHARE PLAN The performance rights sub -plan has also been used to reward employees of the Group. Participants are required to meet a service condition for the share rights to vest. MOVEMENTS IN OUTSTANDING SHARE RIGHTS The following table summarises the movements in outstanding share rights for all of the above plans: 2026 2025 NO. OF RIGHTS NO. OF RIGHTS Outstanding at start of period 12,814,318 11,066,641 Granted during the period 4,843,322 6,783,550 Vested during the period (1,111,938) (1,162,128) Lapsed during the period (3,972,466) (3,873,745) Outstanding at end of period 12,573,236 12,814,318 6.2 Share‑based payments and share schemes (continued) Woolworths Group Annual Report 2026 171 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Other 6
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6.2.2 Share schemes EMPLOYEE SHARE PURCHASE PLAN The Employee Share Purchase Plan provides permanent full -time and part-time employees who are Australian tax residents and are aged 18 years or over with the opportunity to purchase shares through a pre-tax salary sacrifice plan. The Group pays the associated brokerage costs. The total shares purchased during the year were 2,778,565 (2025: 1,232,914) at an average price per share of $36.96 (2025: $31.80) to satisfy the vesting of share rights and allocation of shares under the Group’s employee share plans. NON-EXECUTIVE DIRECTOR EQUITY PLAN The Non-Executive Director Equity Plan allows non-executive directors to acquire share rights through a pre-tax fee sacrifice plan. No additional expense is recognised in relation to the shares purchased under the Employee Share Purchase Plan and the shares issued under the Non -Executive Director Equity Plan as they are acquired out of salary/fee sacrificed remuneration. 6.3 Retirement plans 6.3.1 Defined contribution retirement plans The majority of employees in Australia and New Zealand are part of a defined contribution superannuation scheme and receive fixed contributions from the Group in accordance with the rules of the Woolworths Group Superannuation Plan (WGSP) and/or any statutory obligations. The amount recognised as an expense for defined contribution retirement plans is $1,024 million (2025: $948 million). 6.3.2 Defined benefit retirement plans The Company sponsors a defined benefit retirement plan, the WGSP , that provides superannuation benefits for employees upon retirement and is closed to new members. The assets of the WGSP are held in a sub-plan within Australian Retirement Trust (ART) that is legally separated from the Group. The WGSP invests entirely in pooled unit trust products where prices are quoted on a daily basis. The Group contributes to the WGSP at rates as set out in the Trust Deed and Rules and the Participation Deed between the Group and Australian Retirement Trust Pty Ltd. Members contribute to the WGSP at rates dependent upon their membership category. The plan provides lump sum defined benefits that are defined by salary and period of membership. An actuarial valuation was carried out at both reporting dates by Willis Towers Watson. The principal actuarial assumptions used for the purpose of the valuation are as follows: 2026 2025 % % Discount rate 5.7 5.1 Expected rate of salary increase 3.5 3.5 Rate of price inflation 2.6 2.5 At the reporting date, the Group’s exposure to reasonably possible changes of the discount rate or expected rate of salary increase, while holding all other assumptions constant, is not considered material. The average duration of the defined benefit obligation at the end of the reporting period is 5.6 years (2025: 6.0 years) which relates wholly to active participants. 6.2 Share‑based payments and share schemes (continued) 172 Notes to the Consolidated Financial Statements (I) CATEGORIES OF PLAN ASSETS The plan invests entirely in pooled superannuation trust products where prices are quoted daily. The asset allocation of the plan has been set taking into account the membership profile, the liquidity requirements of the plan, and risk appetite of the Group. The percentage invested in each asset class is as follows: 2026 2025 % % Equity instruments 54 53 Debt instruments 15 16 Real estate 20 21 Cash and cash equivalents 2 2 Other 9 8 Total 100 100 (II) MOVEMENTS IN THE PRESENT VALUE OF THE DEFINED BENEFIT OBLIGATION AND FAIR VALUE OF PLAN ASSETS The amount included in other non-current liabilities in the Consolidated Statement of Financial Position in respect of the net defined benefit liability is as follows: FAIR VALUE OF PLAN ASSETS PRESENT VALUE OF DEFINED BENEFIT OBLIGATION NET DEFINED BENEFIT OBLIGATION 2026 2025 2026 2025 2026 2025 $M $M $M $M $M $M Balance at start of period 172 181 (201) (209) (29) (28) Recognised in Consolidated Statement of Profit or Loss: Current service cost – – (2) (3) (2) (3) Finance income/(costs) 8 10 (10) (11) (2) (1) Contributions by plan participants 1 1 (1) (1) – – Total amount included in branch expenses 9 11 (13) (15) (4) (4) Recognised in the Consolidated Statement of Other Comprehensive Income: Return on plan assets 3 7 – – 3 7 Actuarial loss – – (6) (12) (6) (12) Total amount recognised in other comprehensive income, before tax 3 7 (6) (12) (3) (5) Other movements: Benefits paid (36) (33) 36 33 – – Contributions by employer 5 8 – – 5 8 Administration costs and taxes (1) (2) (1) 2 (2) – Balance at end of period 152 172 (185) (201) (33) (29) 6.3 Retirement plans (continued) Woolworths Group Annual Report 2026 173 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Other 6
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6.2.2 Share schemes EMPLOYEE SHARE PURCHASE PLAN The Employee Share Purchase Plan provides permanent full -time and part-time employees who are Australian tax residents and are aged 18 years or over with the opportunity to purchase shares through a pre-tax salary sacrifice plan. The Group pays the associated brokerage costs. The total shares purchased during the year were 2,778,565 (2025: 1,232,914) at an average price per share of $36.96 (2025: $31.80) to satisfy the vesting of share rights and allocation of shares under the Group’s employee share plans. NON-EXECUTIVE DIRECTOR EQUITY PLAN The Non-Executive Director Equity Plan allows non-executive directors to acquire share rights through a pre-tax fee sacrifice plan. No additional expense is recognised in relation to the shares purchased under the Employee Share Purchase Plan and the shares issued under the Non -Executive Director Equity Plan as they are acquired out of salary/fee sacrificed remuneration. 6.3 Retirement plans 6.3.1 Defined contribution retirement plans The majority of employees in Australia and New Zealand are part of a defined contribution superannuation scheme and receive fixed contributions from the Group in accordance with the rules of the Woolworths Group Superannuation Plan (WGSP) and/or any statutory obligations. The amount recognised as an expense for defined contribution retirement plans is $1,024 million (2025: $948 million). 6.3.2 Defined benefit retirement plans The Company sponsors a defined benefit retirement plan, the WGSP , that provides superannuation benefits for employees upon retirement and is closed to new members. The assets of the WGSP are held in a sub-plan within Australian Retirement Trust (ART) that is legally separated from the Group. The WGSP invests entirely in pooled unit trust products where prices are quoted on a daily basis. The Group contributes to the WGSP at rates as set out in the Trust Deed and Rules and the Participation Deed between the Group and Australian Retirement Trust Pty Ltd. Members contribute to the WGSP at rates dependent upon their membership category. The plan provides lump sum defined benefits that are defined by salary and period of membership. An actuarial valuation was carried out at both reporting dates by Willis Towers Watson. The principal actuarial assumptions used for the purpose of the valuation are as follows: 2026 2025 % % Discount rate 5.7 5.1 Expected rate of salary increase 3.5 3.5 Rate of price inflation 2.6 2.5 At the reporting date, the Group’s exposure to reasonably possible changes of the discount rate or expected rate of salary increase, while holding all other assumptions constant, is not considered material. The average duration of the defined benefit obligation at the end of the reporting period is 5.6 years (2025: 6.0 years) which relates wholly to active participants. 6.2 Share‑based payments and share schemes (continued) 172 Notes to the Consolidated Financial Statements (I) CATEGORIES OF PLAN ASSETS The plan invests entirely in pooled superannuation trust products where prices are quoted daily. The asset allocation of the plan has been set taking into account the membership profile, the liquidity requirements of the plan, and risk appetite of the Group. The percentage invested in each asset class is as follows: 2026 2025 % % Equity instruments 54 53 Debt instruments 15 16 Real estate 20 21 Cash and cash equivalents 2 2 Other 9 8 Total 100 100 (II) MOVEMENTS IN THE PRESENT VALUE OF THE DEFINED BENEFIT OBLIGATION AND FAIR VALUE OF PLAN ASSETS The amount included in other non-current liabilities in the Consolidated Statement of Financial Position in respect of the net defined benefit liability is as follows: FAIR VALUE OF PLAN ASSETS PRESENT VALUE OF DEFINED BENEFIT OBLIGATION NET DEFINED BENEFIT OBLIGATION 2026 2025 2026 2025 2026 2025 $M $M $M $M $M $M Balance at start of period 172 181 (201) (209) (29) (28) Recognised in Consolidated Statement of Profit or Loss: Current service cost – – (2) (3) (2) (3) Finance income/(costs) 8 10 (10) (11) (2) (1) Contributions by plan participants 1 1 (1) (1) – – Total amount included in branch expenses 9 11 (13) (15) (4) (4) Recognised in the Consolidated Statement of Other Comprehensive Income: Return on plan assets 3 7 – – 3 7 Actuarial loss – – (6) (12) (6) (12) Total amount recognised in other comprehensive income, before tax 3 7 (6) (12) (3) (5) Other movements: Benefits paid (36) (33) 36 33 – – Contributions by employer 5 8 – – 5 8 Administration costs and taxes (1) (2) (1) 2 (2) – Balance at end of period 152 172 (185) (201) (33) (29) 6.3 Retirement plans (continued) Woolworths Group Annual Report 2026 173 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Other 6
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6.4 Auditor’s remuneration The remuneration of the Group’s external auditors, Deloitte Touche Tohmatsu (Deloitte), is as follows: 2026 2025 $’000 $’000 Deloitte Touche Tohmatsu and related network firms Audit or review of the financial report Group 2,897 2,669 Subsidiaries 1,373 1,525 Total audit or review of the financial report 4,270 4,194 Assurance services Regulatory assurance services 192 8 Other assurance services 182 254 Total assurance services 374 262 Other services: Tax compliance services 122 160 Consulting services 100 – Other non-assurance services 286 338 Total other services 508 498 5,152 4,954 6.5 Subsequent events As at the date of this report, there are no other matters or circumstances occurring subsequent to the end of the reporting period which would have a material impact on the 2026 Financial Report. 174 Notes to the Consolidated Financial Statements Below is the Group consolidated entity disclosure statement as required by the Corporations Act (s.295(3A)(a)). Bodies corporate ENTITY NAME PLACE FORMED OR INCORPORATED AND TAX JURISDICTION % OF SHARE CAPITAL HELD 150 Barwon Pty Ltd3 Australia 28 1581 Botany Road Botany Pty Ltd2 Australia 100 159 Penshurst St Pty Ltd2 Australia 100 240 Oxford St Pty Ltd2 Australia 100 294 Bondi Road Pty Ltd2 Australia 100 ACN 159 053 406 Pty Ltd Australia 55 ACN 159 054 645 Pty Ltd Australia 55 ACN 159 280 412 Pty Ltd Australia 55 ACN 628 341 980 Pty Ltd2 Australia 100 ACN 629 421 594 Pty Ltd Australia 55 ACN 629 422 028 Pty Ltd Australia 55 ACN 681 603 234 Pty Ltd Australia 100 ACN 693 658 623 Pty Limited Australia 100 Advantage Supermarkets Pty Ltd 2 Australia 100 Advantage Supermarkets WA Pty Ltd Australia 100 Agribrands Pty Ltd 3 Australia 33 Agribrands Trading Pty Ltd3 Australia 33 Alors Holdings Pty Limited Australia 100 Alpine Peaks No 5 Pty Ltd2 Australia 100 Amazed.com Pty Ltd Australia 100 Andmist Pty Limited Australia 100 Appert Pty Limited Australia 100 Australian Grocery Wholesalers Pty Limited Australia 100 Australian Safeway Stores Pty Ltd Australia 100 Barjok Pty Ltd Australia 100 Bergam Pty Limited Australia 75 Big Dog Australia Pty Ltd 3 Australia 28 Big Dog Pet Foods Pty Ltd3 Australia 28 BIG W Group Pty Limited Australia 100 BIG W HK Procurement Pty Limited Hong Kong 100 Birdzone Pty Ltd3 Australia 33 Bondi Properties Pty Limited 2 Australia 100 Calvartan Pty Limited Australia 100 Cartology NZ Limited New Zealand 100 Cartology Pty Limited Australia 100 Cenijade Pty Limited Australia 100 Chris Essex Holdings Pty Ltd 3 Australia 28 Drumstar Pty Ltd Australia 100 DSE Investments Inc USA 100 Duke Living Pty Ltd Australia 100 E-Com (Aus) Pty Ltd Australia 100 Equine Holdings Pty Ltd Australia 55 Establo Limited New Zealand 55 Fabcot Pty Ltd Australia 100 Fishboyz Pty Limited Australia 100 ENTITY NAME PLACE FORMED OR INCORPORATED AND TAX JURISDICTION % OF SHARE CAPITAL HELD Food Company HK Procurement Pty Limited Hong Kong 100 Food for Good Foundation Pty Ltd Australia 100 GDL Rx No1 Limited3 New Zealand 49 GDL Rx No2 Limited3 New Zealand 49 GDL Rx No3 Limited3 New Zealand 49 GDL Rx No4 Limited3 New Zealand 49 GDL Rx No5 Limited3 New Zealand 49 GDL Rx No6 Limited3 New Zealand 49 GDL Rx No7 Limited3 New Zealand 49 GDL Rx No8 Limited3 New Zealand 49 GDL Rx No9 Limited3 New Zealand 49 GDL Rx No10 Limited3 New Zealand 49 GDL Rx No11 Limited3 New Zealand 49 Gembond Pty Limited 2 Australia 100 General Distributors Limited New Zealand 100 Genuine Range Pty Ltd Australia 55 Gobble Gobble Pty Ltd Australia 55 Golp Pty Ltd 3 Australia 28 Grand Horizons Pty Ltd 2 Australia 100 GreenGrocer.com.au Pty Ltd Australia 100 Greenhills Investments Capital Pty Limited Australia 100 Hart Retail Group Pty Ltd Australia 55 Health Outcomes Australia Pty Limited 3 Australia 40 Healthylife Company Pty Limited 1 Australia 100 Healthylife Direct Pty Limited Australia 60 HP Distribution Pty Limited Australia 100 Hypersonic Technologies Inc USA 100 Jahaps Pty Ltd 2, 3 Australia 28 Josona Pty Ltd 2 Australia 100 Kennedy Corporation Holdings NZ Limited New Zealand 100 Kent St Maryborough Pty Ltd 2 Australia 100 Leasehold Investments Pty Ltd Australia 100 Macro Wholefoods Company Pty Limited Australia 100 Market Blueprint Pty Ltd Australia 81 Masters Installation Pty Limited Australia 100 Milkrun Delivery Pty Limited Australia 100 Milkrun Operations Pty Ltd Australia 100 MyDeal.com.au Pty Limited Australia 100 Nalos Pty Ltd 2 Australia 100 New Zealand Wine Cellars Limited New Zealand 100 Nightingale Dusk Pty Ltd 2 Australia 100 Nineteen North Star Pty Ltd 2 Australia 100 PEH (NZ IP) Pty Ltd Australia 100 Woolworths Group Annual Report 2026 175 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Consolidated Entity Disclosure Statement
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6.4 Auditor’s remuneration The remuneration of the Group’s external auditors, Deloitte Touche Tohmatsu (Deloitte), is as follows: 2026 2025 $’000 $’000 Deloitte Touche Tohmatsu and related network firms Audit or review of the financial report Group 2,897 2,669 Subsidiaries 1,373 1,525 Total audit or review of the financial report 4,270 4,194 Assurance services Regulatory assurance services 192 8 Other assurance services 182 254 Total assurance services 374 262 Other services: Tax compliance services 122 160 Consulting services 100 – Other non-assurance services 286 338 Total other services 508 498 5,152 4,954 6.5 Subsequent events As at the date of this report, there are no other matters or circumstances occurring subsequent to the end of the reporting period which would have a material impact on the 2026 Financial Report. 174 Notes to the Consolidated Financial Statements Below is the Group consolidated entity disclosure statement as required by the Corporations Act (s.295(3A)(a)). Bodies corporate ENTITY NAME PLACE FORMED OR INCORPORATED AND TAX JURISDICTION % OF SHARE CAPITAL HELD 150 Barwon Pty Ltd3 Australia 28 1581 Botany Road Botany Pty Ltd2 Australia 100 159 Penshurst St Pty Ltd2 Australia 100 240 Oxford St Pty Ltd2 Australia 100 294 Bondi Road Pty Ltd2 Australia 100 ACN 159 053 406 Pty Ltd Australia 55 ACN 159 054 645 Pty Ltd Australia 55 ACN 159 280 412 Pty Ltd Australia 55 ACN 628 341 980 Pty Ltd2 Australia 100 ACN 629 421 594 Pty Ltd Australia 55 ACN 629 422 028 Pty Ltd Australia 55 ACN 681 603 234 Pty Ltd Australia 100 ACN 693 658 623 Pty Limited Australia 100 Advantage Supermarkets Pty Ltd 2 Australia 100 Advantage Supermarkets WA Pty Ltd Australia 100 Agribrands Pty Ltd 3 Australia 33 Agribrands Trading Pty Ltd3 Australia 33 Alors Holdings Pty Limited Australia 100 Alpine Peaks No 5 Pty Ltd2 Australia 100 Amazed.com Pty Ltd Australia 100 Andmist Pty Limited Australia 100 Appert Pty Limited Australia 100 Australian Grocery Wholesalers Pty Limited Australia 100 Australian Safeway Stores Pty Ltd Australia 100 Barjok Pty Ltd Australia 100 Bergam Pty Limited Australia 75 Big Dog Australia Pty Ltd 3 Australia 28 Big Dog Pet Foods Pty Ltd3 Australia 28 BIG W Group Pty Limited Australia 100 BIG W HK Procurement Pty Limited Hong Kong 100 Birdzone Pty Ltd3 Australia 33 Bondi Properties Pty Limited 2 Australia 100 Calvartan Pty Limited Australia 100 Cartology NZ Limited New Zealand 100 Cartology Pty Limited Australia 100 Cenijade Pty Limited Australia 100 Chris Essex Holdings Pty Ltd 3 Australia 28 Drumstar Pty Ltd Australia 100 DSE Investments Inc USA 100 Duke Living Pty Ltd Australia 100 E-Com (Aus) Pty Ltd Australia 100 Equine Holdings Pty Ltd Australia 55 Establo Limited New Zealand 55 Fabcot Pty Ltd Australia 100 Fishboyz Pty Limited Australia 100 ENTITY NAME PLACE FORMED OR INCORPORATED AND TAX JURISDICTION % OF SHARE CAPITAL HELD Food Company HK Procurement Pty Limited Hong Kong 100 Food for Good Foundation Pty Ltd Australia 100 GDL Rx No1 Limited3 New Zealand 49 GDL Rx No2 Limited3 New Zealand 49 GDL Rx No3 Limited3 New Zealand 49 GDL Rx No4 Limited3 New Zealand 49 GDL Rx No5 Limited3 New Zealand 49 GDL Rx No6 Limited3 New Zealand 49 GDL Rx No7 Limited3 New Zealand 49 GDL Rx No8 Limited3 New Zealand 49 GDL Rx No9 Limited3 New Zealand 49 GDL Rx No10 Limited3 New Zealand 49 GDL Rx No11 Limited3 New Zealand 49 Gembond Pty Limited 2 Australia 100 General Distributors Limited New Zealand 100 Genuine Range Pty Ltd Australia 55 Gobble Gobble Pty Ltd Australia 55 Golp Pty Ltd 3 Australia 28 Grand Horizons Pty Ltd 2 Australia 100 GreenGrocer.com.au Pty Ltd Australia 100 Greenhills Investments Capital Pty Limited Australia 100 Hart Retail Group Pty Ltd Australia 55 Health Outcomes Australia Pty Limited 3 Australia 40 Healthylife Company Pty Limited 1 Australia 100 Healthylife Direct Pty Limited Australia 60 HP Distribution Pty Limited Australia 100 Hypersonic Technologies Inc USA 100 Jahaps Pty Ltd 2, 3 Australia 28 Josona Pty Ltd 2 Australia 100 Kennedy Corporation Holdings NZ Limited New Zealand 100 Kent St Maryborough Pty Ltd 2 Australia 100 Leasehold Investments Pty Ltd Australia 100 Macro Wholefoods Company Pty Limited Australia 100 Market Blueprint Pty Ltd Australia 81 Masters Installation Pty Limited Australia 100 Milkrun Delivery Pty Limited Australia 100 Milkrun Operations Pty Ltd Australia 100 MyDeal.com.au Pty Limited Australia 100 Nalos Pty Ltd 2 Australia 100 New Zealand Wine Cellars Limited New Zealand 100 Nightingale Dusk Pty Ltd 2 Australia 100 Nineteen North Star Pty Ltd 2 Australia 100 PEH (NZ IP) Pty Ltd Australia 100 Woolworths Group Annual Report 2026 175 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Consolidated Entity Disclosure Statement
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ENTITY NAME PLACE FORMED OR INCORPORATED AND TAX JURISDICTION % OF SHARE CAPITAL HELD Petstock (Taylors Lakes) Pty Ltd2 Australia 55 Petstock (Townsville) Pty Ltd Australia 55 Petstock (Tuggerah) Pty Ltd3 Australia 48 Petstock (Vermont) Pty Ltd Australia 55 Petstock (West Gosford) Pty Ltd Australia 55 Petstock ACT Pty Ltd2 Australia 55 Petstock Baldivis Pty Ltd Australia 55 Petstock Foundation Limited Australia 55 Petstock Holdings Pty Ltd 2, 3 Australia 28 Petstock Industries Pty Ltd Australia 55 Petstock Inner East Melbourne Pty Ltd3 Australia 28 Petstock Investments Pty Ltd Australia 55 Petstock Joondalup Pty Ltd Australia 55 Petstock Mini Pty Ltd Australia 55 Petstock NDC Pty Ltd Australia 55 Petstock North Qld Pty Ltd Australia 55 Petstock North Sydney Pty Ltd Australia 55 Petstock NZ Limited New Zealand 55 Petstock Property Pty Ltd Australia 55 Petstock Provincial Pty Ltd Australia 55 PETstock Pty Ltd Australia 55 Petstock Qld Pty Ltd2, 3 Australia 28 Petstock Retail Pty Ltd Australia 55 Petstock Rural Pty Ltd Australia 55 Petstock SO Regional Pty Ltd Australia 55 Petstock Tasmania Pty Ltd Australia 55 Petstock Toowoomba Pty Ltd Australia 55 Petstock Vet (Bennetts Green) Pty Ltd Australia 55 Petstock Vet (Bunbury) Pty Ltd3 Australia 28 Petstock Vet (Carrum Downs) Pty Ltd3 Australia 28 Petstock Vet (Clyde North) Pty Ltd Australia 55 Petstock Vet (Essendon) Pty Ltd Australia 55 Petstock Vet (Gregory Hills) Pty Ltd Australia 55 Petstock Vet (Lilydale) Pty Ltd Australia 55 Petstock Vet (No.2) Pty Ltd Australia 55 Petstock Vet (North Lakes) Pty Ltd Australia 55 Petstock Vet (Robina) Pty Ltd Australia 55 Petstock Vet (Rouse Hill) Pty Ltd Australia 55 Petstock Vet (Toowoomba) Pty Ltd Australia 55 Petstock Vet (Waurn Ponds) Pty Ltd Australia 55 Petstock Vet Pty Ltd Australia 55 Petstock WA (1) Pty Ltd Australia 55 Petstock WA Co Pty Ltd2 Australia 55 Petstock Wagga Wagga Pty Ltd Australia 55 Petvet Altona North Pty Ltd Australia 55 Petvet Craigieburn Pty Ltd Australia 55 PFD Food Services Pty Ltd Australia 100 PHIL Ventures Pty Ltd Australia 55 Philip Leong Stores Pty Limited Australia 100 Point Gate Developments Pty Limited Australia 100 ENTITY NAME PLACE FORMED OR INCORPORATED AND TAX JURISDICTION % OF SHARE CAPITAL HELD Pet Culture Group Pty Limited Australia 100 Pet Culture Pty Ltd Australia 55 Pet Imports Pty Ltd Australia 55 Pet Market (Australia) Pty Ltd Australia 55 Pet Post (Australia) Pty Ltd Australia 55 Pet Source Pty Ltd Australia 55 Pet Wise Investments Pty Ltd Australia 55 Petbiz Pty Ltd Australia 55 Peters Pure Animal Foods Pty Ltd3 Australia 33 Petmarket NZ Limited New Zealand 55 Petspiration Insurance Pty Ltd Australia 55 Petspiration Pty Ltd Australia 55 Petstock (Altona North) Pty Ltd Australia 55 Petstock (Ashmore) Pty Ltd Australia 55 Petstock (Balcatta) Pty Ltd 2 Australia 55 Petstock (Ballarat) Pty Ltd Australia 55 Petstock (Bathurst) Pty Ltd Australia 55 Petstock (Belmont WA) Pty Ltd Australia 55 Petstock (Bendigo) Pty Ltd Australia 55 Petstock (Braeside) Pty Ltd Australia 55 Petstock (Brighton) Pty Ltd2 Australia 55 Petstock (Bunbury) Pty Ltd 2 Australia 55 Petstock (Caboolture) Pty Ltd2 Australia 55 Petstock (Cannonvale) Pty Ltd Australia 55 Petstock (Capalaba) Pty Ltd Australia 55 Petstock (Chelsea) Pty Ltd Australia 55 Petstock (Coffs Harbour) Pty Ltd Australia 55 Petstock (Craigieburn) Pty Ltd Australia 55 Petstock (Darwin) Pty Ltd Australia 55 Petstock (Dural) Pty Ltd Australia 55 Petstock (Erina) Pty Ltd Australia 55 Petstock (Essendon) Pty Ltd 3 Australia 33 Petstock (Geelong) Pty Ltd Australia 55 Petstock (GEM) Pty Ltd Australia 55 Petstock (Hervey Bay) Pty Ltd Australia 55 Petstock (Hoppers Crossing) Pty Ltd Australia 55 Petstock (Indooroopilly) Pty Ltd Australia 55 Petstock (Kawana Waters) Pty Ltd3 Australia 28 Petstock (Kilmore) Pty Ltd Australia 55 Petstock (Kingsford) Pty Ltd2, 3 Australia 28 Petstock (Mitcham) Pty Ltd Australia 55 Petstock (Mornington) Pty Ltd Australia 55 Petstock (MP) Pty Ltd Australia 55 Petstock (Noosa) Pty Ltd2 Australia 55 Petstock (OpCo) Pty Ltd Australia 55 Petstock (Rouse Hill) Pty Ltd Australia 55 Petstock (Services) Pty Ltd Australia 55 Petstock (Shepparton) Pty Ltd 2 Australia 55 Petstock (Sunbury) Pty Ltd Australia 55 Petstock (Sunshine) Pty Ltd Australia 55 Petstock (Swan Valley) Pty Ltd Australia 55 Petstock (Tamworth) Pty Ltd Australia 55 176 Consolidated Entity Disclosure Statement ENTITY NAME PLACE FORMED OR INCORPORATED AND TAX JURISDICTION % OF SHARE CAPITAL HELD Total Animal Supplies Pty Ltd3 Australia 33 Triton Altas Corporation Pty Ltd2 Australia 100 Universal Wholesalers Pty Limited Australia 100 Vet Holdings (NSW) & (WA) Pty Ltd Australia 55 Vetland NZ Limited New Zealand 55 Vincentia Nominees Pty Ltd Australia 100 W23 Incubator Pty Limited Australia 100 W23 Investments Pty Limited Australia 100 W23 Pty Limited Australia 100 W23 Ventures Pty Limited Australia 100 W360 R&D Pty Limited Australia 100 WGP No 1 Pty Limited Australia 100 Wholesale Distributors Limited New Zealand 100 Wholesale Services Limited New Zealand 100 Woolstar Pty Limited Australia 100 Woolworths (International) Pty Limited Australia 100 Woolworths (Q’Land) Pty Limited Australia 100 Woolworths (South Australia) Pty Limited Australia 100 Woolworths (Victoria) Pty Limited Australia 100 Woolworths (W.A.) Pty Limited Australia 100 Woolworths Captive Insurance Pte Limited Singapore 100 Woolworths Custodian Pty Ltd 2 Australia 100 Woolworths Format Development Pty Limited Australia 100 Woolworths Group Limited Australia N/A Woolworths Group Payments Pty Limited Australia 100 Woolworths India Private Limited India 100 Woolworths International Trading Pty Limited Australia 100 Woolworths Investments Pty Limited Australia 100 Woolworths Management Pty Ltd Australia 100 Woolworths Marketplace Pty Limited Australia 100 Woolworths New Zealand Group Limited New Zealand 100 Woolworths New Zealand Limited New Zealand 100 Woolworths Properties Pty Limited Australia 100 Woolworths Property Double Bay Pty Limited Australia 100 Woolworths360 Investments Pty Limited Australia 100 Woolworths360 Pty Limited Australia 100 WPay New Zealand Limited New Zealand 100 WPay Pty Limited Australia 100 ENTITY NAME PLACE FORMED OR INCORPORATED AND TAX JURISDICTION % OF SHARE CAPITAL HELD Point Gate Properties Pty Limited Australia 100 Primary Connect International Pty Limited Australia 100 Progressive Enterprises Holdings Limited Australia 100 PS Centre of Excellence Pty Ltd Australia 55 PS Doggie Daycare Pty Ltd Australia 55 PS Equine Pty Ltd Australia 55 PS NSW Group Pty Ltd2, 3 Australia 28 PSD Rural Pty Ltd 3 Australia 28 PSHO Strategic Pty Ltd Australia 55 PSM Retail Group Pty Ltd Australia 55 Quantium Analytics Private Limited India 81 Quantium Digital Pty Limited Australia 81 Quantium Group New Zealand Pty Limited New Zealand 81 Quantium Health HK Limited 3 Hong Kong 40 Quantium Health Holdings Pty Ltd Australia 81 Quantium Health Information Technology Company3 Saudi Arabia 40 Quantium Health Limited 3 UK 40 Quantium Health Pty Limited 3 Australia 40 Quantium Health SA (Pty) Limited 3 South Africa 40 Quantium Inc USA 81 Quantium Limited UK 81 Quantium Software Pty Limited Australia 81 Quantium South Africa (Pty) Ltd South Africa 81 Quantium Ventures Pty Limited Australia 81 Queensland Property Investments Pty Ltd Australia 100 Raging Bullant Developments Pty Ltd2 Australia 100 Ribs Finance Pty Ltd Australia 55 Shopper Data Group Pty Ltd Australia 100 Shopper Media Group Holdings Pty Ltd Australia 100 Shopper Media Group Operations Pty Ltd Australia 100 Shopper Media Group Pty Ltd 2 Australia 100 Somerset Eight Pty Ltd 2 Australia 100 Spaurum Pty Ltd Australia 100 St Arnaud Equity Pty Ltd 3 Australia 33 Statewide Independent Wholesalers Limited Australia 60 Syd Hill & Sons Pty Ltd3 Australia 28 The Kitchenary Holdings Pty Ltd Australia 100 The Kitchenary NZ Pty Ltd 4 Australia 100 The Kitchenary Pty Ltd Australia 100 The Quantium Group Holdings Pty Limited Australia 81 The Quantium Group Pty Limited Australia 81 The Supplychain Limited New Zealand 100 TimePet Pty Ltd3 Australia 28 Woolworths Group Annual Report 2026 177 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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ENTITY NAME PLACE FORMED OR INCORPORATED AND TAX JURISDICTION % OF SHARE CAPITAL HELD Petstock (Taylors Lakes) Pty Ltd2 Australia 55 Petstock (Townsville) Pty Ltd Australia 55 Petstock (Tuggerah) Pty Ltd3 Australia 48 Petstock (Vermont) Pty Ltd Australia 55 Petstock (West Gosford) Pty Ltd Australia 55 Petstock ACT Pty Ltd2 Australia 55 Petstock Baldivis Pty Ltd Australia 55 Petstock Foundation Limited Australia 55 Petstock Holdings Pty Ltd 2, 3 Australia 28 Petstock Industries Pty Ltd Australia 55 Petstock Inner East Melbourne Pty Ltd3 Australia 28 Petstock Investments Pty Ltd Australia 55 Petstock Joondalup Pty Ltd Australia 55 Petstock Mini Pty Ltd Australia 55 Petstock NDC Pty Ltd Australia 55 Petstock North Qld Pty Ltd Australia 55 Petstock North Sydney Pty Ltd Australia 55 Petstock NZ Limited New Zealand 55 Petstock Property Pty Ltd Australia 55 Petstock Provincial Pty Ltd Australia 55 PETstock Pty Ltd Australia 55 Petstock Qld Pty Ltd2, 3 Australia 28 Petstock Retail Pty Ltd Australia 55 Petstock Rural Pty Ltd Australia 55 Petstock SO Regional Pty Ltd Australia 55 Petstock Tasmania Pty Ltd Australia 55 Petstock Toowoomba Pty Ltd Australia 55 Petstock Vet (Bennetts Green) Pty Ltd Australia 55 Petstock Vet (Bunbury) Pty Ltd3 Australia 28 Petstock Vet (Carrum Downs) Pty Ltd3 Australia 28 Petstock Vet (Clyde North) Pty Ltd Australia 55 Petstock Vet (Essendon) Pty Ltd Australia 55 Petstock Vet (Gregory Hills) Pty Ltd Australia 55 Petstock Vet (Lilydale) Pty Ltd Australia 55 Petstock Vet (No.2) Pty Ltd Australia 55 Petstock Vet (North Lakes) Pty Ltd Australia 55 Petstock Vet (Robina) Pty Ltd Australia 55 Petstock Vet (Rouse Hill) Pty Ltd Australia 55 Petstock Vet (Toowoomba) Pty Ltd Australia 55 Petstock Vet (Waurn Ponds) Pty Ltd Australia 55 Petstock Vet Pty Ltd Australia 55 Petstock WA (1) Pty Ltd Australia 55 Petstock WA Co Pty Ltd2 Australia 55 Petstock Wagga Wagga Pty Ltd Australia 55 Petvet Altona North Pty Ltd Australia 55 Petvet Craigieburn Pty Ltd Australia 55 PFD Food Services Pty Ltd Australia 100 PHIL Ventures Pty Ltd Australia 55 Philip Leong Stores Pty Limited Australia 100 Point Gate Developments Pty Limited Australia 100 ENTITY NAME PLACE FORMED OR INCORPORATED AND TAX JURISDICTION % OF SHARE CAPITAL HELD Pet Culture Group Pty Limited Australia 100 Pet Culture Pty Ltd Australia 55 Pet Imports Pty Ltd Australia 55 Pet Market (Australia) Pty Ltd Australia 55 Pet Post (Australia) Pty Ltd Australia 55 Pet Source Pty Ltd Australia 55 Pet Wise Investments Pty Ltd Australia 55 Petbiz Pty Ltd Australia 55 Peters Pure Animal Foods Pty Ltd3 Australia 33 Petmarket NZ Limited New Zealand 55 Petspiration Insurance Pty Ltd Australia 55 Petspiration Pty Ltd Australia 55 Petstock (Altona North) Pty Ltd Australia 55 Petstock (Ashmore) Pty Ltd Australia 55 Petstock (Balcatta) Pty Ltd 2 Australia 55 Petstock (Ballarat) Pty Ltd Australia 55 Petstock (Bathurst) Pty Ltd Australia 55 Petstock (Belmont WA) Pty Ltd Australia 55 Petstock (Bendigo) Pty Ltd Australia 55 Petstock (Braeside) Pty Ltd Australia 55 Petstock (Brighton) Pty Ltd2 Australia 55 Petstock (Bunbury) Pty Ltd 2 Australia 55 Petstock (Caboolture) Pty Ltd2 Australia 55 Petstock (Cannonvale) Pty Ltd Australia 55 Petstock (Capalaba) Pty Ltd Australia 55 Petstock (Chelsea) Pty Ltd Australia 55 Petstock (Coffs Harbour) Pty Ltd Australia 55 Petstock (Craigieburn) Pty Ltd Australia 55 Petstock (Darwin) Pty Ltd Australia 55 Petstock (Dural) Pty Ltd Australia 55 Petstock (Erina) Pty Ltd Australia 55 Petstock (Essendon) Pty Ltd 3 Australia 33 Petstock (Geelong) Pty Ltd Australia 55 Petstock (GEM) Pty Ltd Australia 55 Petstock (Hervey Bay) Pty Ltd Australia 55 Petstock (Hoppers Crossing) Pty Ltd Australia 55 Petstock (Indooroopilly) Pty Ltd Australia 55 Petstock (Kawana Waters) Pty Ltd3 Australia 28 Petstock (Kilmore) Pty Ltd Australia 55 Petstock (Kingsford) Pty Ltd2, 3 Australia 28 Petstock (Mitcham) Pty Ltd Australia 55 Petstock (Mornington) Pty Ltd Australia 55 Petstock (MP) Pty Ltd Australia 55 Petstock (Noosa) Pty Ltd2 Australia 55 Petstock (OpCo) Pty Ltd Australia 55 Petstock (Rouse Hill) Pty Ltd Australia 55 Petstock (Services) Pty Ltd Australia 55 Petstock (Shepparton) Pty Ltd 2 Australia 55 Petstock (Sunbury) Pty Ltd Australia 55 Petstock (Sunshine) Pty Ltd Australia 55 Petstock (Swan Valley) Pty Ltd Australia 55 Petstock (Tamworth) Pty Ltd Australia 55 176 Consolidated Entity Disclosure Statement ENTITY NAME PLACE FORMED OR INCORPORATED AND TAX JURISDICTION % OF SHARE CAPITAL HELD Total Animal Supplies Pty Ltd3 Australia 33 Triton Altas Corporation Pty Ltd2 Australia 100 Universal Wholesalers Pty Limited Australia 100 Vet Holdings (NSW) & (WA) Pty Ltd Australia 55 Vetland NZ Limited New Zealand 55 Vincentia Nominees Pty Ltd Australia 100 W23 Incubator Pty Limited Australia 100 W23 Investments Pty Limited Australia 100 W23 Pty Limited Australia 100 W23 Ventures Pty Limited Australia 100 W360 R&D Pty Limited Australia 100 WGP No 1 Pty Limited Australia 100 Wholesale Distributors Limited New Zealand 100 Wholesale Services Limited New Zealand 100 Woolstar Pty Limited Australia 100 Woolworths (International) Pty Limited Australia 100 Woolworths (Q’Land) Pty Limited Australia 100 Woolworths (South Australia) Pty Limited Australia 100 Woolworths (Victoria) Pty Limited Australia 100 Woolworths (W.A.) Pty Limited Australia 100 Woolworths Captive Insurance Pte Limited Singapore 100 Woolworths Custodian Pty Ltd 2 Australia 100 Woolworths Format Development Pty Limited Australia 100 Woolworths Group Limited Australia N/A Woolworths Group Payments Pty Limited Australia 100 Woolworths India Private Limited India 100 Woolworths International Trading Pty Limited Australia 100 Woolworths Investments Pty Limited Australia 100 Woolworths Management Pty Ltd Australia 100 Woolworths Marketplace Pty Limited Australia 100 Woolworths New Zealand Group Limited New Zealand 100 Woolworths New Zealand Limited New Zealand 100 Woolworths Properties Pty Limited Australia 100 Woolworths Property Double Bay Pty Limited Australia 100 Woolworths360 Investments Pty Limited Australia 100 Woolworths360 Pty Limited Australia 100 WPay New Zealand Limited New Zealand 100 WPay Pty Limited Australia 100 ENTITY NAME PLACE FORMED OR INCORPORATED AND TAX JURISDICTION % OF SHARE CAPITAL HELD Point Gate Properties Pty Limited Australia 100 Primary Connect International Pty Limited Australia 100 Progressive Enterprises Holdings Limited Australia 100 PS Centre of Excellence Pty Ltd Australia 55 PS Doggie Daycare Pty Ltd Australia 55 PS Equine Pty Ltd Australia 55 PS NSW Group Pty Ltd2, 3 Australia 28 PSD Rural Pty Ltd 3 Australia 28 PSHO Strategic Pty Ltd Australia 55 PSM Retail Group Pty Ltd Australia 55 Quantium Analytics Private Limited India 81 Quantium Digital Pty Limited Australia 81 Quantium Group New Zealand Pty Limited New Zealand 81 Quantium Health HK Limited 3 Hong Kong 40 Quantium Health Holdings Pty Ltd Australia 81 Quantium Health Information Technology Company3 Saudi Arabia 40 Quantium Health Limited 3 UK 40 Quantium Health Pty Limited 3 Australia 40 Quantium Health SA (Pty) Limited 3 South Africa 40 Quantium Inc USA 81 Quantium Limited UK 81 Quantium Software Pty Limited Australia 81 Quantium South Africa (Pty) Ltd South Africa 81 Quantium Ventures Pty Limited Australia 81 Queensland Property Investments Pty Ltd Australia 100 Raging Bullant Developments Pty Ltd2 Australia 100 Ribs Finance Pty Ltd Australia 55 Shopper Data Group Pty Ltd Australia 100 Shopper Media Group Holdings Pty Ltd Australia 100 Shopper Media Group Operations Pty Ltd Australia 100 Shopper Media Group Pty Ltd 2 Australia 100 Somerset Eight Pty Ltd 2 Australia 100 Spaurum Pty Ltd Australia 100 St Arnaud Equity Pty Ltd 3 Australia 33 Statewide Independent Wholesalers Limited Australia 60 Syd Hill & Sons Pty Ltd3 Australia 28 The Kitchenary Holdings Pty Ltd Australia 100 The Kitchenary NZ Pty Ltd 4 Australia 100 The Kitchenary Pty Ltd Australia 100 The Quantium Group Holdings Pty Limited Australia 81 The Quantium Group Pty Limited Australia 81 The Supplychain Limited New Zealand 100 TimePet Pty Ltd3 Australia 28 Woolworths Group Annual Report 2026 177 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6
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ENTITY NAME PLACE FORMED OR INCORPORATED AND TAX JURISDICTION 1553 Botany Road Trust Australia Advantage Supermarkets Unit Trust Australia Agribrands Property Trust Australia AP Opportunity Trust Australia Beverly Hills First Trust Australia Bondi Rd Trust Australia Botany Rd Trust Australia Box Road Trust Australia Brisbane Warehouse Trust Australia Crystal Comet Trust Australia Dawn Rush Trust Australia Duke Box Trust Australia Emerald Vines Trust Australia Employee Share Purchase Plan Trust Australia Epsilon Mile Trust Australia Freddy The Dog Trust Australia Gembond Trust Australia Graphic Lights Trust Australia Home Raglan Property Trust Australia Indiana Blue Trust Australia Iron Cross Trust Australia Jahaps Unit Trust Australia Kent St Maryborough Trust Australia Lime Tree Field Trust Australia Long Term Incentive Plan Trust Australia Master Bare Trust Australia Memphis Red Trust Australia Non Executive Director Equity Plan Trust Australia North Bondi Properties Trust Australia Nutcracker Trust Australia Oakville Rd Trust Australia Opal Ocean Trust Australia Oxford Paddington Trust Australia Pacific Green Trust Australia Panda Hair Trust Australia Penshurst St Trust Australia Petstock ACT Unit Trust Australia Petstock Balcatta Trust Australia Petstock Brighton Unit Trust Australia Petstock Bunbury Trust Australia Petstock Caboolture Trust Australia Petstock Kingsford Unit Trust Australia Petstock Noosa Trust Australia Petstock QLD Group Trust Australia ENTITY NAME PLACE FORMED OR INCORPORATED AND TAX JURISDICTION Petstock Shepparton Unit Trust Australia Petstock Taylors Lakes Trust Australia Petvet Brighton Unit Trust Australia Petvet Unit Trust Australia Poseidon Acquisitions Trust Australia PS Lara Property Trust Australia PS NSW Group Trust Australia Shopper Media Group Unit Trust Australia The Apollo Twenty Trust Australia The Ares Nine Trust Australia The Billy Blue Trust Australia The Captain Trust Australia The Choco Chest Trust Australia The Elermore Vale Property Trust Australia The Entrance Road Trust Australia The Fourth Ave Trust Australia The Glass Tree Trust Australia The Golden Compass Trust Australia The Guntawong Road Trust Australia The Jade Thundercloud Trust Australia The Kinder Deco Trust Australia The Midnight Whisper Trust Australia The Moonlight Spirit Trust Australia The Night Ray Trust Australia The Orchid Oasis Trust Australia The Paper Plane Trust Australia The Peony Property Holdings Trust Australia The Pet Rock Trust Australia The Petstock Unit Trust Australia The Polo Rain Trust Australia The Rino Dance Trust Australia The Timelock Trust Australia The Unimax Holdings Trust Australia The Velvet Thunderclap Trust Australia The Victor Mill Trust Australia The Victoria Wattle Trust Australia The Wilson St Horsham Trust Australia Wandella Rd Trust Australia Wodonga Warehouse Trust Australia Woolworths Employee Share Plan TrustAustralia Woolworths Executive Management Share Plan Australia Woolworths Non Executive Directors Share Plan Australia 1 Participant in the Joint Venture, Healthylife Direct Pty Limited, which is consolidated in the consolidated financial report. 2 The entity is a trustee of a trust within the consolidated entity. 3 The entity is an indirectly owned and controlled subsidiary of the parent entity, Woolworths Group Limited. 4 The Kitchenary NZ Pty Ltd is incorporated in Australia and has a registered branch in New Zealand. The branch operations have tax obligations in New Zealand. Trusts 178 Consolidated Entity Disclosure Statement The directors declare that: (a) in the directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; (b) in the directors’ opinion, the attached Consolidated Financial Statements are in compliance with International Financial Reporting Standards, as stated in Note 1.1.1 to the Consolidated Financial Statements; (c) in the directors’ opinion, the attached Consolidated Financial Statements and notes thereto are in accordance with the Corporations Act 2001, including compliance with accounting standards and giving a true and fair view of the financial position and performance of the Group; and (d) the directors have been given the declarations required by s.295A of the Corporations Act 2001; and (e) in the directors’ opinion, the attached consolidated entity disclosure statement is true and correct. At the date of this declaration, the Company is within the class of companies affected by ASIC Corporations (Wholly-owned Companies) Instrument 2016/785. The nature of the deed of cross guarantee is such that each company which is party to the deed guarantees to each creditor payment in full of any debt in accordance with the deed of cross guarantee. In the directors’ opinion, there are reasonable grounds to believe that the Company and the companies to which the Instrument applies, as detailed in Note 5.1 to the Consolidated Financial Statements will, as a group, be able to meet any obligations or liabilities to which they are, or may become, subject by virtue of the deed of cross guarantee. Signed in accordance with a resolution of the directors made pursuant to s.295(5) of the Corporations Act 2001. On behalf of the directors. Scott Perkins Chair 26 August 2026 Amanda Bardwell Managing Director and Chief Executive Officer 26 August 2026 Woolworths Group Annual Report 2026 179 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Directors’ Declaration
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ENTITY NAME PLACE FORMED OR INCORPORATED AND TAX JURISDICTION 1553 Botany Road Trust Australia Advantage Supermarkets Unit Trust Australia Agribrands Property Trust Australia AP Opportunity Trust Australia Beverly Hills First Trust Australia Bondi Rd Trust Australia Botany Rd Trust Australia Box Road Trust Australia Brisbane Warehouse Trust Australia Crystal Comet Trust Australia Dawn Rush Trust Australia Duke Box Trust Australia Emerald Vines Trust Australia Employee Share Purchase Plan Trust Australia Epsilon Mile Trust Australia Freddy The Dog Trust Australia Gembond Trust Australia Graphic Lights Trust Australia Home Raglan Property Trust Australia Indiana Blue Trust Australia Iron Cross Trust Australia Jahaps Unit Trust Australia Kent St Maryborough Trust Australia Lime Tree Field Trust Australia Long Term Incentive Plan Trust Australia Master Bare Trust Australia Memphis Red Trust Australia Non Executive Director Equity Plan Trust Australia North Bondi Properties Trust Australia Nutcracker Trust Australia Oakville Rd Trust Australia Opal Ocean Trust Australia Oxford Paddington Trust Australia Pacific Green Trust Australia Panda Hair Trust Australia Penshurst St Trust Australia Petstock ACT Unit Trust Australia Petstock Balcatta Trust Australia Petstock Brighton Unit Trust Australia Petstock Bunbury Trust Australia Petstock Caboolture Trust Australia Petstock Kingsford Unit Trust Australia Petstock Noosa Trust Australia Petstock QLD Group Trust Australia ENTITY NAME PLACE FORMED OR INCORPORATED AND TAX JURISDICTION Petstock Shepparton Unit Trust Australia Petstock Taylors Lakes Trust Australia Petvet Brighton Unit Trust Australia Petvet Unit Trust Australia Poseidon Acquisitions Trust Australia PS Lara Property Trust Australia PS NSW Group Trust Australia Shopper Media Group Unit Trust Australia The Apollo Twenty Trust Australia The Ares Nine Trust Australia The Billy Blue Trust Australia The Captain Trust Australia The Choco Chest Trust Australia The Elermore Vale Property Trust Australia The Entrance Road Trust Australia The Fourth Ave Trust Australia The Glass Tree Trust Australia The Golden Compass Trust Australia The Guntawong Road Trust Australia The Jade Thundercloud Trust Australia The Kinder Deco Trust Australia The Midnight Whisper Trust Australia The Moonlight Spirit Trust Australia The Night Ray Trust Australia The Orchid Oasis Trust Australia The Paper Plane Trust Australia The Peony Property Holdings Trust Australia The Pet Rock Trust Australia The Petstock Unit Trust Australia The Polo Rain Trust Australia The Rino Dance Trust Australia The Timelock Trust Australia The Unimax Holdings Trust Australia The Velvet Thunderclap Trust Australia The Victor Mill Trust Australia The Victoria Wattle Trust Australia The Wilson St Horsham Trust Australia Wandella Rd Trust Australia Wodonga Warehouse Trust Australia Woolworths Employee Share Plan TrustAustralia Woolworths Executive Management Share Plan Australia Woolworths Non Executive Directors Share Plan Australia 1 Participant in the Joint Venture, Healthylife Direct Pty Limited, which is consolidated in the consolidated financial report. 2 The entity is a trustee of a trust within the consolidated entity. 3 The entity is an indirectly owned and controlled subsidiary of the parent entity, Woolworths Group Limited. 4 The Kitchenary NZ Pty Ltd is incorporated in Australia and has a registered branch in New Zealand. The branch operations have tax obligations in New Zealand. Trusts 178 Consolidated Entity Disclosure Statement The directors declare that: (a) in the directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; (b) in the directors’ opinion, the attached Consolidated Financial Statements are in compliance with International Financial Reporting Standards, as stated in Note 1.1.1 to the Consolidated Financial Statements; (c) in the directors’ opinion, the attached Consolidated Financial Statements and notes thereto are in accordance with the Corporations Act 2001, including compliance with accounting standards and giving a true and fair view of the financial position and performance of the Group; and (d) the directors have been given the declarations required by s.295A of the Corporations Act 2001; and (e) in the directors’ opinion, the attached consolidated entity disclosure statement is true and correct. At the date of this declaration, the Company is within the class of companies affected by ASIC Corporations (Wholly-owned Companies) Instrument 2016/785. The nature of the deed of cross guarantee is such that each company which is party to the deed guarantees to each creditor payment in full of any debt in accordance with the deed of cross guarantee. In the directors’ opinion, there are reasonable grounds to believe that the Company and the companies to which the Instrument applies, as detailed in Note 5.1 to the Consolidated Financial Statements will, as a group, be able to meet any obligations or liabilities to which they are, or may become, subject by virtue of the deed of cross guarantee. Signed in accordance with a resolution of the directors made pursuant to s.295(5) of the Corporations Act 2001. On behalf of the directors. Scott Perkins Chair 26 August 2026 Amanda Bardwell Managing Director and Chief Executive Officer 26 August 2026 Woolworths Group Annual Report 2026 179 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Directors’ Declaration
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Independent Auditor’s Report to the members of Woolworths Group Limited REPORT ON THE AUDIT OF THE FINANCIAL REPORT Opinion We have audited the financial report of Woolworths Group Limited (the “Company”) and its subsidiaries (the “Group”) which comprises the consolidated statement of financial position as at 28 June 2026, the consolidated statement of profit or loss, the consolidated statement of other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the 52-week period then ended, and notes to the financial statements, including material accounting policy information and other explanatory information, the consolidated entity disclosure statement and the directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: • Giving a true and fair view of the Group’s financial position as at 28 June 2026 and of its financial performance for the 52-week period then ended; and • Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to audits of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report for the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Deloitte Touche Tohmatsu ABN 74 490 121 060 Quay Quarter Tower 50 Bridge Street Sydney NSW 2000 www.deloitte.com.au Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Asia Pacific Limited and the Deloitte organisation. 180 Independent Auditor’s Report KEY AUDIT MATTER HOW THE SCOPE OF OUR AUDIT RESPONDED TO THE KEY AUDIT MATTER Technology and controls over financial reporting The Group uses technology extensively in its financial reporting process. The environment is complex, with significant automation, varying levels of system integration, and a combination of automated and manual controls used to govern the process. A key element of the technology environment is the management of user access and change management processes. During the current year, Woolworths completed upgrades to certain financial reporting systems. These upgrades created additional complexity in the technology environment and required careful change management to maintain the reliability of financial reporting during the transition period. Our assessment of the technology environment related to financial reporting forms a key component of our external audit and is considered a key audit matter. In conjunction with our IT specialists, our procedures included: • Updating our understanding of key business processes and supporting systems, including automated and manual controls relevant to financial reporting; • Assessing changes to systems and controls relevant to financial reporting, including the evaluation of system upgrades and remediated control deficiencies; • Evaluating the design and testing the implementation of controls relevant to financial reporting; and • Evaluating control deficiencies identified and, where applicable, modifying the nature, timing and extent of our substantive audit procedures. Team member remediation provisions Refer to Note 3.12 Provisions. Included in provisions is a team member remediation provision of $850 million (2025: $146 million), representing the Group’s best estimate of amounts required to settle obligations relating to award entitlements for salaried and hourly paid team members. The Group is party to proceedings in the Federal Court of Australia related to the interpretation and application of the General Retail Industry Award (GRIA) for salaried team members. On 5 September 2025, the Court delivered its decision, which presented new information for the Group. Based on the Group’s review of the decision, additional provisions were recognised during the period, as discussed in Notes 2.2.2 and 3.12.1. Significant judgement and estimation uncertainty exists due to: • Complex assumptions and calculations required to estimate remediation amounts; and • Ongoing legal proceedings and uncertainty regarding their outcome, including potential appeals. We identified team member remediation provisions as a key audit matter due to its materiality and the significant judgement and estimation uncertainty involved. In conjunction with our award compliance specialists, our procedures included: • Performing a detailed review of the Federal Court decision, and related legal advice obtained by the Group, to confirm our understanding of the compliance matters and the application of the decision; • Holding discussions with management and their advisors to evaluate and challenge the effect of the Federal Court decision on the Group’s remediation calculation methodology, the provision estimate for salaried team members and the broader applicability of the decision to other employee groups; • Evaluating and challenging management’s estimate of the provision, including: – Independently recalculating remediation amounts for a sample of employees; – Evaluating the accuracy and completeness of the historical data and the appropriateness of key judgements and assumptions used; – Evaluating the accuracy and completeness of estimates for interest and on-costs; and – Assessing the adequacy of disclosures in Notes 2.2.2 and 3.12.1 to the financial statements. Woolworths Group Annual Report 2026 181 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Independent Auditor’s Report
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Independent Auditor’s Report to the members of Woolworths Group Limited REPORT ON THE AUDIT OF THE FINANCIAL REPORT Opinion We have audited the financial report of Woolworths Group Limited (the “Company”) and its subsidiaries (the “Group”) which comprises the consolidated statement of financial position as at 28 June 2026, the consolidated statement of profit or loss, the consolidated statement of other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the 52-week period then ended, and notes to the financial statements, including material accounting policy information and other explanatory information, the consolidated entity disclosure statement and the directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: • Giving a true and fair view of the Group’s financial position as at 28 June 2026 and of its financial performance for the 52-week period then ended; and • Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to audits of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report for the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Deloitte Touche Tohmatsu ABN 74 490 121 060 Quay Quarter Tower 50 Bridge Street Sydney NSW 2000 www.deloitte.com.au Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Asia Pacific Limited and the Deloitte organisation. 180 Independent Auditor’s Report KEY AUDIT MATTER HOW THE SCOPE OF OUR AUDIT RESPONDED TO THE KEY AUDIT MATTER Technology and controls over financial reporting The Group uses technology extensively in its financial reporting process. The environment is complex, with significant automation, varying levels of system integration, and a combination of automated and manual controls used to govern the process. A key element of the technology environment is the management of user access and change management processes. During the current year, Woolworths completed upgrades to certain financial reporting systems. These upgrades created additional complexity in the technology environment and required careful change management to maintain the reliability of financial reporting during the transition period. Our assessment of the technology environment related to financial reporting forms a key component of our external audit and is considered a key audit matter. In conjunction with our IT specialists, our procedures included: • Updating our understanding of key business processes and supporting systems, including automated and manual controls relevant to financial reporting; • Assessing changes to systems and controls relevant to financial reporting, including the evaluation of system upgrades and remediated control deficiencies; • Evaluating the design and testing the implementation of controls relevant to financial reporting; and • Evaluating control deficiencies identified and, where applicable, modifying the nature, timing and extent of our substantive audit procedures. Team member remediation provisions Refer to Note 3.12 Provisions. Included in provisions is a team member remediation provision of $850 million (2025: $146 million), representing the Group’s best estimate of amounts required to settle obligations relating to award entitlements for salaried and hourly paid team members. The Group is party to proceedings in the Federal Court of Australia related to the interpretation and application of the General Retail Industry Award (GRIA) for salaried team members. On 5 September 2025, the Court delivered its decision, which presented new information for the Group. Based on the Group’s review of the decision, additional provisions were recognised during the period, as discussed in Notes 2.2.2 and 3.12.1. Significant judgement and estimation uncertainty exists due to: • Complex assumptions and calculations required to estimate remediation amounts; and • Ongoing legal proceedings and uncertainty regarding their outcome, including potential appeals. We identified team member remediation provisions as a key audit matter due to its materiality and the significant judgement and estimation uncertainty involved. In conjunction with our award compliance specialists, our procedures included: • Performing a detailed review of the Federal Court decision, and related legal advice obtained by the Group, to confirm our understanding of the compliance matters and the application of the decision; • Holding discussions with management and their advisors to evaluate and challenge the effect of the Federal Court decision on the Group’s remediation calculation methodology, the provision estimate for salaried team members and the broader applicability of the decision to other employee groups; • Evaluating and challenging management’s estimate of the provision, including: – Independently recalculating remediation amounts for a sample of employees; – Evaluating the accuracy and completeness of the historical data and the appropriateness of key judgements and assumptions used; – Evaluating the accuracy and completeness of estimates for interest and on-costs; and – Assessing the adequacy of disclosures in Notes 2.2.2 and 3.12.1 to the financial statements. Woolworths Group Annual Report 2026 181 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Independent Auditor’s Report
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KEY AUDIT MATTER HOW THE SCOPE OF OUR AUDIT RESPONDED TO THE KEY AUDIT MATTER Carrying value of goodwill and non ‑current assets Refer to Note 3.9 Impairment of non-financial assets. As at 28 June 2026, the Group holds goodwill of $2,378 million, other intangible assets of $2,136 million, lease assets of $8,660 million and property, plant and equipment of $10,331 million. As disclosed in Note 3.9, the Group performs annual impairment testing for goodwill and indefinite life intangible assets and assesses other non-current assets for indicators of impairment. The impairment assessment involves significant judgement, including key assumptions and estimates related to future cash flows, which are inherently uncertain and exposed to changes in economic and market conditions. As highlighted in Note 3.9, the recoverability of the New Zealand Food and Petstock CGUs remains sensitive to achieving performance aligned with forecast expectations. We identified the carrying value of goodwill and non-current assets as a key audit matter due to the significant judgement involved in estimating future cash flows and recent impairment losses. In conjunction with our valuation specialists, our procedures included: • Assessing the methodology used to estimate the recoverable amount of each cash-generating unit (or group of cash-generating units, where applicable); • Agreeing future cash flows to the latest management forecasts and evaluating their reasonableness based on historical performance, current market conditions and external sources, where applicable; • Evaluating the reasonableness of other key assumptions, including the discount rates and growth rates used by management; • Performing independent sensitivity analysis on key assumptions to assess the impact on the recoverable amount and testing conclusion; and • Assessing the adequacy of disclosures in Note 3.9 to the financial statements. Other Information The directors are responsible for the other information. The other information comprises the information included in the Group’s annual report for the 52-week period ended 28 June 2026 but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and we do not express any form of assurance conclusion thereon. The other information includes the Sustainability Report upon which we have performed a review and audit of specified sustainability disclosures and issued a separate auditor’s review (limited assurance) and audit (reasonable assurance) report. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the directors for the Financial Report The directors are responsible: • For the preparation of the financial report in accordance with the Corporations Act 2001, including giving a true and fair view of the financial position and performance of the Group in accordance with Australian Accounting Standards; and • For such internal control as the directors determine is necessary to enable the preparation of the financial report in accordance with the Corporations Act 2001, including giving a true and fair view of the financial position and performance of the Group, and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. 182 Independent Auditor’s Report Auditor’s Responsibilities for the Audit of the Financial Report (continued) As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. • Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation. • Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group as a basis for forming an opinion on the Group financial report. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial report of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in pages 98 to 121 of the Directors’ Report for the 52-week period ended 28 June 2026. In our opinion, the Remuneration Report of Woolworths Group Limited for the 52-week period ended 28 June 2026 complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. DELOITTE TOUCHE TOHMATSU Tom Imbesi Partner Chartered Accountants Sydney, 26 August 2026 Woolworths Group Annual Report 2026 183 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Independent Auditor’s Report
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KEY AUDIT MATTER HOW THE SCOPE OF OUR AUDIT RESPONDED TO THE KEY AUDIT MATTER Carrying value of goodwill and non ‑current assets Refer to Note 3.9 Impairment of non-financial assets. As at 28 June 2026, the Group holds goodwill of $2,378 million, other intangible assets of $2,136 million, lease assets of $8,660 million and property, plant and equipment of $10,331 million. As disclosed in Note 3.9, the Group performs annual impairment testing for goodwill and indefinite life intangible assets and assesses other non-current assets for indicators of impairment. The impairment assessment involves significant judgement, including key assumptions and estimates related to future cash flows, which are inherently uncertain and exposed to changes in economic and market conditions. As highlighted in Note 3.9, the recoverability of the New Zealand Food and Petstock CGUs remains sensitive to achieving performance aligned with forecast expectations. We identified the carrying value of goodwill and non-current assets as a key audit matter due to the significant judgement involved in estimating future cash flows and recent impairment losses. In conjunction with our valuation specialists, our procedures included: • Assessing the methodology used to estimate the recoverable amount of each cash-generating unit (or group of cash-generating units, where applicable); • Agreeing future cash flows to the latest management forecasts and evaluating their reasonableness based on historical performance, current market conditions and external sources, where applicable; • Evaluating the reasonableness of other key assumptions, including the discount rates and growth rates used by management; • Performing independent sensitivity analysis on key assumptions to assess the impact on the recoverable amount and testing conclusion; and • Assessing the adequacy of disclosures in Note 3.9 to the financial statements. Other Information The directors are responsible for the other information. The other information comprises the information included in the Group’s annual report for the 52-week period ended 28 June 2026 but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and we do not express any form of assurance conclusion thereon. The other information includes the Sustainability Report upon which we have performed a review and audit of specified sustainability disclosures and issued a separate auditor’s review (limited assurance) and audit (reasonable assurance) report. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the directors for the Financial Report The directors are responsible: • For the preparation of the financial report in accordance with the Corporations Act 2001, including giving a true and fair view of the financial position and performance of the Group in accordance with Australian Accounting Standards; and • For such internal control as the directors determine is necessary to enable the preparation of the financial report in accordance with the Corporations Act 2001, including giving a true and fair view of the financial position and performance of the Group, and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. 182 Independent Auditor’s Report Auditor’s Responsibilities for the Audit of the Financial Report (continued) As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. • Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation. • Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group as a basis for forming an opinion on the Group financial report. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial report of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in pages 98 to 121 of the Directors’ Report for the 52-week period ended 28 June 2026. In our opinion, the Remuneration Report of Woolworths Group Limited for the 52-week period ended 28 June 2026 complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. DELOITTE TOUCHE TOHMATSU Tom Imbesi Partner Chartered Accountants Sydney, 26 August 2026 Woolworths Group Annual Report 2026 183 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Independent Auditor’s Report
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The shareholder information set out below was applicable as at 1 August 2026. Distribution of shares Analysis of numbers of shareholders by size of holding: RANGE OF SHARES NUMBER OF SHAREHOLDERS PERCENTAGE OF ISSUED CAPITAL % 1 – 1,000 251,867 6.39 1,001 – 5,000 96,317 17. 24 5,001 – 10,000 10,085 5.72 10,001 – 100,000 4,213 6.63 100,001 and over 83 64.02 Total 362,565 100.00 All shares above are fully paid ordinary shares. Each fully paid ordinary share carries one voting right. There were 8,322 holders of less than a marketable parcel of shares based on the closing market price on 31 July 2026 of $39.7 7. Top 20 largest shareholders NAME NUMBER OF SHARES PERCENTAGE OF TOTAL SHARES ISSUED % 1 HSBC Custody Nominees (Australia) Limited 341,498,028 27.95 2 J P Morgan Nominees Australia Pty Limited 165,797,117 13.57 3 Citicorp Nominees Pty Limited 132, 4 67,19 9 10.84 4 BNP Paribas Nominees Pty Ltd 89,023,340 7. 29 5 Pacific Custodians Pty Limited 10,589,356 0.87 6 Netwealth Investments Limited 8,954,825 0.73 7 Australian Foundation Investment Company Limited 7 ,380,000 0.60 8 Australian Executor Trustees Limited 4,147, 8 32 0.34 9 Woolworths Custodian Pty Ltd 3,774,74 3 0.31 10 Argo Investments Limited 3,379,526 0.28 11 Mutual Trust Pty Ltd 2,434,528 0.20 12 UBS Nominees Pty Ltd 1,286,523 0.11 13 BKI Investment Company Limited 1,209,906 0.10 14 The Senior Master of the Supreme Court 775,020 0.06 15 Djerriwarrh Investments Limited 6 85, 074 0.06 16 IOOF Investment Services Limited 585,008 0.05 17 Sargents Charity Limited 400,000 0.03 18 Ninety Seventh Bantu Pty Ltd 399,731 0.03 19 Palm Beach Nominees Pty Limited 346,131 0.03 20 Amcil Limited 264,000 0.02 184 Shareholder information (as at 1 August 2026) Substantial shareholders As at 1 August 2026, Woolworths Group Limited had been notified of the following substantial shareholdings: HOLDER SHARES HELD AT DATE OF NOTICE PERCENTAGE OF SHARES HELD AT DATE OF NOTICE % DATE OF NOTICE State Street Corporation 100,046,167 8.19 10/03/2025 BlackRock Group 80,972,196 6.43 29/05/2019 Vanguard Group 73,442,037 6.01 11/11/2025 Unquoted equity securities As at 1 August 2026, there were 12,444,264 rights over unissued ordinary shares. Dividend The final dividend of 52 cents per share is expected to be paid on or around 25 September 2026 to eligible shareholders. There is currently no DRP discount applied and no limit on the number of shares that can participate in the dividend reinvestment plan. The Company intends to purchase shares on-market and transfer these to participants on or around 25 September 2026 to satisfy its obligations under the DRP. Stock exchange listings Woolworths Group Limited ordinary shares are listed on the Australian Securities Exchange (ASX) under code: WOW. Corporate Governance Statement The Corporate Governance Statement is located on our website. Visit www.woolworthsgroup.com.au. Shareholder calendar 1 2026 SEPTEMBER 2 Record date for final dividend SEPTEMBER 25 Payment date for final dividend OCTOBER 28 Announcement of first quarter sales results OCTOBER 29 Annual General Meeting 2027 FEBRUARY 24 Announcement of 2027 half-year financial results MARCH 4 Record date for interim dividend APRIL 2 Payment date for interim dividend APRIL 29 Announcement of third quarter sales results AUGUST 25 Announcement of 2027 full-year financial results 1 Dates are subject to change. Woolworths Group Annual Report 2026 185 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Shareholder information (as at 1 August 2026)
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The shareholder information set out below was applicable as at 1 August 2026. Distribution of shares Analysis of numbers of shareholders by size of holding: RANGE OF SHARES NUMBER OF SHAREHOLDERS PERCENTAGE OF ISSUED CAPITAL % 1 – 1,000 251,867 6.39 1,001 – 5,000 96,317 17. 24 5,001 – 10,000 10,085 5.72 10,001 – 100,000 4,213 6.63 100,001 and over 83 64.02 Total 362,565 100.00 All shares above are fully paid ordinary shares. Each fully paid ordinary share carries one voting right. There were 8,322 holders of less than a marketable parcel of shares based on the closing market price on 31 July 2026 of $39.7 7. Top 20 largest shareholders NAME NUMBER OF SHARES PERCENTAGE OF TOTAL SHARES ISSUED % 1 HSBC Custody Nominees (Australia) Limited 341,498,028 27.95 2 J P Morgan Nominees Australia Pty Limited 165,797,117 13.57 3 Citicorp Nominees Pty Limited 132, 4 67,19 9 10.84 4 BNP Paribas Nominees Pty Ltd 89,023,340 7. 29 5 Pacific Custodians Pty Limited 10,589,356 0.87 6 Netwealth Investments Limited 8,954,825 0.73 7 Australian Foundation Investment Company Limited 7 ,380,000 0.60 8 Australian Executor Trustees Limited 4,147, 8 32 0.34 9 Woolworths Custodian Pty Ltd 3,774,74 3 0.31 10 Argo Investments Limited 3,379,526 0.28 11 Mutual Trust Pty Ltd 2,434,528 0.20 12 UBS Nominees Pty Ltd 1,286,523 0.11 13 BKI Investment Company Limited 1,209,906 0.10 14 The Senior Master of the Supreme Court 775,020 0.06 15 Djerriwarrh Investments Limited 6 85, 074 0.06 16 IOOF Investment Services Limited 585,008 0.05 17 Sargents Charity Limited 400,000 0.03 18 Ninety Seventh Bantu Pty Ltd 399,731 0.03 19 Palm Beach Nominees Pty Limited 346,131 0.03 20 Amcil Limited 264,000 0.02 184 Shareholder information (as at 1 August 2026) Substantial shareholders As at 1 August 2026, Woolworths Group Limited had been notified of the following substantial shareholdings: HOLDER SHARES HELD AT DATE OF NOTICE PERCENTAGE OF SHARES HELD AT DATE OF NOTICE % DATE OF NOTICE State Street Corporation 100,046,167 8.19 10/03/2025 BlackRock Group 80,972,196 6.43 29/05/2019 Vanguard Group 73,442,037 6.01 11/11/2025 Unquoted equity securities As at 1 August 2026, there were 12,444,264 rights over unissued ordinary shares. Dividend The final dividend of 52 cents per share is expected to be paid on or around 25 September 2026 to eligible shareholders. There is currently no DRP discount applied and no limit on the number of shares that can participate in the dividend reinvestment plan. The Company intends to purchase shares on-market and transfer these to participants on or around 25 September 2026 to satisfy its obligations under the DRP. Stock exchange listings Woolworths Group Limited ordinary shares are listed on the Australian Securities Exchange (ASX) under code: WOW. Corporate Governance Statement The Corporate Governance Statement is located on our website. Visit www.woolworthsgroup.com.au. Shareholder calendar 1 2026 SEPTEMBER 2 Record date for final dividend SEPTEMBER 25 Payment date for final dividend OCTOBER 28 Announcement of first quarter sales results OCTOBER 29 Annual General Meeting 2027 FEBRUARY 24 Announcement of 2027 half-year financial results MARCH 4 Record date for interim dividend APRIL 2 Payment date for interim dividend APRIL 29 Announcement of third quarter sales results AUGUST 25 Announcement of 2027 full-year financial results 1 Dates are subject to change. Woolworths Group Annual Report 2026 185 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Shareholder information (as at 1 August 2026)
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GLOSSARY 1P Sales of Woolworths Group’s owned merchandise 3P Sales of third-party sellers’ merchandise Active eCom customer Customers that have made a purchase online in the last four weeks AI Artificial intelligence B2B Business to business B2C Business to customer Cash realisation ratio Operating cash flow as a percentage of Group net profit after tax before depreciation and amortisation Comparable sales Measure of sales, excluding stores that have been opened or closed in the last 12 months and existing stores where there has been a demonstrable impact from store disruption because of store refurbishment or new store openings/closures Constant currency Group sales growth assuming that the prior year average exchange rate was used to translate the current year sales into Australian dollars Cost of doing business (CODB) Expenses relating to the operation of the business Customer fulfilment centre (CFC) Dedicated online distribution centre DAP Directly-attributable profit only includes costs directly attributable to the eCommerce business, such as picking, packing and delivery costs; CFC and variable DC costs; marketing costs; eCommerce support costs; and CFC and eCommerce-specific asset depreciation DC Distribution centre Direct to Boot (DTB) Where a customer places an online order and drives to a dedicated area where a team member places the order directly in the customer’s boot Everyday Market An integrated online marketplace that allows customers to shop products from other Woolworths Group brands and partners alongside their groceries Funds employed Net assets employed, excluding net tax balances GTV Gross transaction value IA Period of industrial action impacting Woolworths Food Retail in November and December 2024 NDC National distribution centre Net debt Borrowings less cash balances, including debt hedging derivatives and lease liabilities Net Promoter Score (NPS) A loyalty measure based on a single question where a customer rates a business on a scale of zero to 10. 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) n.m. Not meaningful PC+ Primary Connect’s third-party supply chain business Pick up A service which enables collection of online shopping orders in store or at selected locations QSR Quick service restaurants RDC Regional distribution centre Renewal A total store transformation focused on the overall store environment, team, range and process efficiency (including digital) 186 Glossary GLOSSARY Return on funds employed (ROFE) Calculated as EBIT before significant items for the previous 12 months as a percentage of average (opening, mid and closing) funds employed Sales per square metre Total sales for the previous 12 months by business divided by average trading area of stores and fulfilment centres Scope 1 emissions Direct greenhouse gas emissions from sources that are owned or controlled by Woolworths Group. Includes emissions from fuel for Company-owned vehicles, natural gas use in operations, and refrigerant gases from cooling and refrigeration systems. Scope 2 emissions Indirect greenhouse gas emissions from the generation of purchased electricity, heat, cooling or steam consumed by the Group. Includes emissions from the electricity used to power, light and cool the Group's stores, distribution centres and support offices. Scope 3 emissions Other indirect greenhouse gas emissions that occur in the upstream and downstream value chain of the Group. Includes emissions from the manufacturing of purchased goods, third-party transport and logistics, and customer waste. SIW Statewide Independent Wholesalers Tag rate Proportion of sales where customers have scanned their Everyday Rewards card TSR T otal shareholder return Voice of Customer (VOC) Externally facilitated survey of a sample of Woolworths Group customers where customers rate Woolworths Group businesses on several criteria. Expressed as a percentage of customers providing a rating of six or seven on a seven-point scale VOC NPS VOC NPS is based on feedback from a sample of Woolworths Group customers. NPS is the percentage of promoters (score of nine or 10) less the percentage of detractors (score of six or below) Woolworths Food Retail Woolworths Food Retail includes the stores and eCommerce businesses of Australian Food Woolworths MarketPlus (WMP) Woolworths Group’s third-party marketplace platform Other non-IFRS measures used in describing the business performance include: • Earnings before interest, tax, depreciation and amortisation (EBITDA) • Volume productivity metrics including transactions growth, items per basket and item growth • Trading area • Fixed assets and investments • Net tax balances • Closing trade payable days • Change in average prices • Margins including gross profit, CODB, EBIT and LBIT • Cash from operating activities before interest and tax • Significant items • Net investment in inventory • Net assets held for sale • Closing inventory days • Average inventory days • Directly attributable profit • Cash realisation ratio • Net debt Woolworths Group Annual Report 2026 187 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Glossary
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GLOSSARY 1P Sales of Woolworths Group’s owned merchandise 3P Sales of third-party sellers’ merchandise Active eCom customer Customers that have made a purchase online in the last four weeks AI Artificial intelligence B2B Business to business B2C Business to customer Cash realisation ratio Operating cash flow as a percentage of Group net profit after tax before depreciation and amortisation Comparable sales Measure of sales, excluding stores that have been opened or closed in the last 12 months and existing stores where there has been a demonstrable impact from store disruption because of store refurbishment or new store openings/closures Constant currency Group sales growth assuming that the prior year average exchange rate was used to translate the current year sales into Australian dollars Cost of doing business (CODB) Expenses relating to the operation of the business Customer fulfilment centre (CFC) Dedicated online distribution centre DAP Directly-attributable profit only includes costs directly attributable to the eCommerce business, such as picking, packing and delivery costs; CFC and variable DC costs; marketing costs; eCommerce support costs; and CFC and eCommerce-specific asset depreciation DC Distribution centre Direct to Boot (DTB) Where a customer places an online order and drives to a dedicated area where a team member places the order directly in the customer’s boot Everyday Market An integrated online marketplace that allows customers to shop products from other Woolworths Group brands and partners alongside their groceries Funds employed Net assets employed, excluding net tax balances GTV Gross transaction value IA Period of industrial action impacting Woolworths Food Retail in November and December 2024 NDC National distribution centre Net debt Borrowings less cash balances, including debt hedging derivatives and lease liabilities Net Promoter Score (NPS) A loyalty measure based on a single question where a customer rates a business on a scale of zero to 10. 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) n.m. Not meaningful PC+ Primary Connect’s third-party supply chain business Pick up A service which enables collection of online shopping orders in store or at selected locations QSR Quick service restaurants RDC Regional distribution centre Renewal A total store transformation focused on the overall store environment, team, range and process efficiency (including digital) 186 Glossary GLOSSARY Return on funds employed (ROFE) Calculated as EBIT before significant items for the previous 12 months as a percentage of average (opening, mid and closing) funds employed Sales per square metre Total sales for the previous 12 months by business divided by average trading area of stores and fulfilment centres Scope 1 emissions Direct greenhouse gas emissions from sources that are owned or controlled by Woolworths Group. Includes emissions from fuel for Company-owned vehicles, natural gas use in operations, and refrigerant gases from cooling and refrigeration systems. Scope 2 emissions Indirect greenhouse gas emissions from the generation of purchased electricity, heat, cooling or steam consumed by the Group. Includes emissions from the electricity used to power, light and cool the Group's stores, distribution centres and support offices. Scope 3 emissions Other indirect greenhouse gas emissions that occur in the upstream and downstream value chain of the Group. Includes emissions from the manufacturing of purchased goods, third-party transport and logistics, and customer waste. SIW Statewide Independent Wholesalers Tag rate Proportion of sales where customers have scanned their Everyday Rewards card TSR T otal shareholder return Voice of Customer (VOC) Externally facilitated survey of a sample of Woolworths Group customers where customers rate Woolworths Group businesses on several criteria. Expressed as a percentage of customers providing a rating of six or seven on a seven-point scale VOC NPS VOC NPS is based on feedback from a sample of Woolworths Group customers. NPS is the percentage of promoters (score of nine or 10) less the percentage of detractors (score of six or below) Woolworths Food Retail Woolworths Food Retail includes the stores and eCommerce businesses of Australian Food Woolworths MarketPlus (WMP) Woolworths Group’s third-party marketplace platform Other non-IFRS measures used in describing the business performance include: • Earnings before interest, tax, depreciation and amortisation (EBITDA) • Volume productivity metrics including transactions growth, items per basket and item growth • Trading area • Fixed assets and investments • Net tax balances • Closing trade payable days • Change in average prices • Margins including gross profit, CODB, EBIT and LBIT • Cash from operating activities before interest and tax • Significant items • Net investment in inventory • Net assets held for sale • Closing inventory days • Average inventory days • Directly attributable profit • Cash realisation ratio • Net debt Woolworths Group Annual Report 2026 187 Performance highlights 1Business review 2 Directors’ Report 4 Sustainability Report 3 Financial Report 5 Other information 6 Glossary
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The key terms and conditions of the subleases between Woolworths Group Limited (Woolworths Group) and Endeavour Group Limited (Endeavour Group) are as follows: TERM DESCRIPTION Head lease The subleases contain an obligation on Endeavour Group to perform and observe Woolworths Group’s obligations as tenant under the head lease that relate to the liquor premises. There is an obligation on Woolworths Group to observe and perform its obligations under the head lease. Commencement date and term The term and further terms of each sublease align with the term and further terms under the relevant head lease, minus one day. Option terms Where Woolworths Group exercises its option to renew the head lease, it must offer a further term to Endeavour Group (provided the further term does not extend beyond 31 December 2040). However, in circumstances where head leases include an obligation to trade as a liquor store, Endeavour Group is obliged to exercise its option if Woolworths Group does. Occupancy costs The rent and outgoings payable are calculated according to the proportion of the area of the liquor premises against the area of the whole premises. All occupancy costs must be paid by Endeavour Group to Woolworths Group, with any adjustments to outgoings to be made at the end of the financial year. Amenity Endeavour Group must not do anything that would detract from the amenity of the supermarket premises or interfere with Woolworths Group’s business. Dealings Endeavour Group must not assign, sublet or license without Woolworths Group’s consent. Consent may be granted or withheld at Woolworths Group’s absolute discretion. A change in control of Endeavour Group is a breach of the sublease. Make good obligations Endeavour Group is required to leave the liquor premises in good and tenantable repair and condition. Endeavour Group must comply with the make good requirements under the head lease. 188 Subleases Registered office 1 Woolworths Way Bella Vista NSW 2153 Tel: (02) 8885 0000 Web: www.woolworthsgroup.com.au Company Secretaries Dominic Millgate Michelle Hall Investor relations Paul van Meurs Auditor Deloitte Touche Tohmatsu Quay Quarter Tower 50 Bridge Street, Sydney NSW 2000 Tel: (02) 9322 7000 Web: www.deloitte.com.au Shareholder enquiries MUFG Corporate Services Locked Bag A14, Sydney South NSW 1235 Web: https://au.investorcentre.mpms.mufg.com For shareholders: Tel: 1300 368 664 Email: woolworths@cm.mpms.mufg.com For team members: Tel: 1800 111 281 Email: woolworths@cm.mpms.mufg.com Media Tel: (02) 8885 1033 Email: media@woolworths.com.au Five Year Summary The Five Year Summary is available on the Woolworths Group website. Company directory 189
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The key terms and conditions of the subleases between Woolworths Group Limited (Woolworths Group) and Endeavour Group Limited (Endeavour Group) are as follows: TERM DESCRIPTION Head lease The subleases contain an obligation on Endeavour Group to perform and observe Woolworths Group’s obligations as tenant under the head lease that relate to the liquor premises. There is an obligation on Woolworths Group to observe and perform its obligations under the head lease. Commencement date and term The term and further terms of each sublease align with the term and further terms under the relevant head lease, minus one day. Option terms Where Woolworths Group exercises its option to renew the head lease, it must offer a further term to Endeavour Group (provided the further term does not extend beyond 31 December 2040). However, in circumstances where head leases include an obligation to trade as a liquor store, Endeavour Group is obliged to exercise its option if Woolworths Group does. Occupancy costs The rent and outgoings payable are calculated according to the proportion of the area of the liquor premises against the area of the whole premises. All occupancy costs must be paid by Endeavour Group to Woolworths Group, with any adjustments to outgoings to be made at the end of the financial year. Amenity Endeavour Group must not do anything that would detract from the amenity of the supermarket premises or interfere with Woolworths Group’s business. Dealings Endeavour Group must not assign, sublet or license without Woolworths Group’s consent. Consent may be granted or withheld at Woolworths Group’s absolute discretion. A change in control of Endeavour Group is a breach of the sublease. Make good obligations Endeavour Group is required to leave the liquor premises in good and tenantable repair and condition. Endeavour Group must comply with the make good requirements under the head lease. 188 Subleases Registered office 1 Woolworths Way Bella Vista NSW 2153 Tel: (02) 8885 0000 Web: www.woolworthsgroup.com.au Company Secretaries Dominic Millgate Michelle Hall Investor relations Paul van Meurs Auditor Deloitte Touche Tohmatsu Quay Quarter Tower 50 Bridge Street, Sydney NSW 2000 Tel: (02) 9322 7000 Web: www.deloitte.com.au Shareholder enquiries MUFG Corporate Services Locked Bag A14, Sydney South NSW 1235 Web: https://au.investorcentre.mpms.mufg.com For shareholders: Tel: 1300 368 664 Email: woolworths@cm.mpms.mufg.com For team members: Tel: 1800 111 281 Email: woolworths@cm.mpms.mufg.com Media Tel: (02) 8885 1033 Email: media@woolworths.com.au Five Year Summary The Five Year Summary is available on the Woolworths Group website. Company directory 189