• Retail sales momentum building as customers respond positively to lower prices
• Dan Murphy's and BWS Q2 sales growth of 2.2%, including a record December sales month
• Hotels performing well, delivering Q2 sales growth of 4.5%, in line with Q1

Endeavour Group reported a solid H1 F26 performance, with Retail sales momentum building as customers respond positively to lower prices. Dan Murphy's and BWS delivered Q2 sales growth of 2.2%, including a record December sales month, while the Hotels business performed well, delivering Q2 sales growth of 4.5% in line with Q1. The company's Underlying EBIT of $563 million was at the upper end of previous guidance. Retail Underlying EBIT declined 11.6% due to investment in lower shelf prices and elevated promotional activity, while Hotels Underlying EBIT increased 5.0%. The company is focused on restoring unrivaled price leadership in Dan Murphy's, driving differentiation across its multi-brand retail strategy, and accelerating investment in the Hotels network through venue renewals and EGM replacements. Endeavour is also simplifying its operations to drive cost savings, with $24 million in endeavourGO savings realized in H1 F26. The company's balance sheet remains strong, with net debt decreasing by $34 million and an Underlying leverage ratio of 3.3x. Capital expenditure increased by $71 million versus H1 F25, driven by Retail network expansion and accelerated investment in Hotels renewals, with F26 total capex guidance revised upwards to $460-$500 million.

Endeavour Group expects FY26 finance costs to be broadly in line with FY25.

Endeavour Group is focused on restoring unrivaled price leadership in Dan Murphy's, driving differentiation across its multi-brand retail strategy, and accelerating investment in the Hotels network through venue renewals and EGM replacements. The company is also simplifying its operations to drive cost savings.