• Consecutive year-on-year improvement in network sales, Underlying Revenue and Underlying EBITDA
• Beefy's Pies expansion continues with ongoing growth in network sales, Same Store Sales, and new store openings
• Development Agreement signed to introduce Firehouse Subs to Australia and open 165 restaurants over 10 years

Retail Food Group Limited (ASX: RFG) is pleased to release its FY25 financial report, with its Appendix 4E and Results Presentation. The company has delivered a second consecutive year of growth in network sales, revenue and Underlying EBITDA, with a continued focus on the needs of its customers, engagement with its Franchise Partners, and execution of its 'Enhance and Grow' strategy. Highlights for the year ended 27 June 2025 include: Network Performance - RFG's global network consists of c. 1,250 outlets in 30 countries, with its focus directed on five brands: Gloria Jeans, Donut King, Beefy's Pies, Crust Gourmet Pizza Bars and Firehouse Subs. Domestic network sales grew 0.3% on the prior comparative period, with momentum building in Q4 after tougher trading conditions in Q3. Underlying Revenue, EBITDA & NPAT - Underlying Revenue increased 13.6% on the prior comparative period, with the full year contribution and growth from Beefy's Pies. Underlying EBITDA of $29.6m was up 1.7% on the prior comparative period. Statutory NPAT was impacted by the non-cash impairment of Brumby's Bakery and provisions and asset impairments to restructure the corporate store division. Balance Sheet & Cashflow - As at 27 June 2025, the Group had cash reserves of $26.0m, resulting in net debt of $9.0m. Underlying operating cash conversion was 75% in FY25, in line with FY24 outcomes. Strategy Update - RFG announced a 20-year development agreement with Restaurant Brands International (RBI) to launch the Firehouse Subs brand in Australia, with 165 outlets to open in the first 10 years. The company's Company Stores will focus on Beefy's Pies and Firehouse Subs as it looks to deliver rapid growth in these brands. Brumby's Bakery has been assessed against RFG's strategic growth pillars, and the company is investigating options for divestment in FY26. Outlook - RFG is clear on its priorities: to enhance its core brands through prioritising retailing excellence and technology, and to grow its network domestically in core brands, including via the new agreement to introduce Firehouse Subs in Australia, and internationally with Gloria Jean's and Donut King.

RFG expects to refinance its debt facility as it falls due in April 2026.

RFG is clear on its priorities: to enhance its core brands through prioritising retailing excellence and technology, and to grow its network domestically in core brands, including via the new agreement to introduce Firehouse Subs in Australia, and internationally with Gloria Jean's and Donut King.