• Stable Group revenue result, with strong momentum in Hotels offsetting softness in the retail liquor market
• Hotels sales grew by 4.1% with all drivers in growth, supported by targeted capital investment
• Retail sales declined 1.2% reflecting softer retail liquor spending and H1 supply chain disruption

Endeavour Group reported a stable revenue result for F25, with strong performance in the Hotels business offsetting softness in the Retail liquor market. Group revenue declined 0.3% on a 52-week comparable basis, with Hotels sales growing 4.1% and Retail sales declining 1.2%. The Group achieved strong cash flow and capital discipline, delivering a $187 million reduction in net debt. The endeavourGO program delivered $75 million in optimisation savings in F25, bringing the cumulative savings to $265 million since F22. The Group completed 27 hotel renewals and progressed its property portfolio optimisation program, realising $50 million from asset sales. NPAT of $426 million includes $11 million post-tax impact of restructuring costs in H2. The Group is undergoing a strategy refresh with incoming MD & CEO Jayne Hrdlicka commencing on 1 January 2026.

The Group expects F26 capital expenditure to be $420 million to $470 million, including $40 million to $50 million for the One Endeavour program costs. Finance costs are expected to be broadly in line with F25.