• Stable revenue and strong cashflow, with Retail H1 Operating EBIT margin of 7.2%
• Hotels sales momentum increased, with all business drivers in growth
• Strong cash flow driving lower net debt and improved balance sheet metrics
• Progressing Hotels renewal and property portfolio optimisation programs

Endeavour Group reported stable revenue and strong cashflow in H1 F25, with Retail H1 Operating EBIT margin of 7.2%. This was despite Victorian supply chain disruption, which impacted Retail sales by an estimated $40-50 million. Hotels sales momentum increased, with all business drivers in growth. The company delivered strong cash flow, driving lower net debt and improved balance sheet metrics. Endeavour continued to progress its Hotels renewal and property portfolio optimisation programs, with 16 hotel renewals completed in H1 and a further 13 scheduled for H2. The company's endeavourGO program achieved $40 million in savings in H1, and is on track to deliver over $290 million in cumulative savings by F26. The One Endeavour program is also tracking to plan, with key milestones achieved in H1. Endeavour remains focused on enhancing returns from its hotel network, unlocking value in its $1 billion property portfolio, and driving efficiency through its cost optimisation initiatives.

Endeavour Group expects its FY25 total capital expenditure to be in the range of $375 million to $425 million, including $45 million to $55 million for the One Endeavour program costs. The company's FY25 finance costs are expected to be between $305 million and $315 million.