• Domestic network sales of $254.6m, with 0.2% same-store sales growth
• Underlying EBITDA of $9.2m, down 43.1% vs PCP, within guidance range
• Transformation program underway to improve cost base and franchise partner earnings

Retail Food Group Limited (RFG) has released its 1H26 Half Year Report, Appendix 4D and Results Presentation. The company's domestic network sales of $254.6m were resilient, down 1.0% versus the prior comparable period (PCP), despite challenging trading conditions, non-core brand outlet closures, and the company store strategy reset. Core brand network sales were up 0.8% versus the PCP at $247.0m. Total domestic same-store sales growth was 0.2%, driven by Crust (+2.2%) and Beefy's (+4.6%), which offset weakness in other CCB brands (-0.7%). Underlying EBITDA of $9.2m was down 43.1% versus the PCP, but within the company's guidance range. This reflected challenging trading conditions in 2Q26, slower than anticipated contributions from newer Beefy's outlets, the cycling of one-off insurance proceeds, a reduction in lease provision releases, and lower coffee margins. RFG's focus is shifting to improve support for its franchise partners through operational process improvements, enhanced procurement and supply chain management, and a back-to-basics marketing strategy. The company has also completed a debt refinancing, providing balance sheet stability and funding certainty for its strategic priorities. RFG maintains its FY26 underlying EBITDA guidance of $20.0-24.0m, indicating an improvement in 2H26 versus 1H26 performance.

RFG maintains its FY26 underlying EBITDA guidance of $20.0-24.0m.

RFG's transformation program is focused on improving cost base, enhancing franchise partner earnings, and increasing store retention. The company expects to launch the first Firehouse Subs store in Australia in FY26.