Endeavour Group (EDV) H1 2026 earnings summary

Executive summary

• Group sales rose 0.9% year-over-year to $6.7 billion, with underlying EBIT at $563 million, at the upper end of guidance, reflecting improved momentum in both retail and hotels.

• Retail focus on value and price leadership drove sales growth and market share gains, especially in Dan Murphy's and BWS, which saw Q2 sales growth of 2.2% and record December sales, despite a highly competitive environment.

• Hotels delivered 4.4% sales growth, supported by food, bar, and gaming, with 21 venues upgraded and over 800 new EGMs installed, fueling revenue growth.

• Statutory NPAT was $247 million, down 17.1% year-over-year, impacted by $31 million in significant items after tax.

• The Board declared a fully franked interim dividend of 10.8 cents per share (70% payout ratio).

Financial highlights

• Underlying EBIT declined 5.4% year-over-year; underlying NPAT fell 6.7% to $278 million; statutory NPAT was $247 million.

• Retail sales increased 0.2% to $5.5 billion; Dan Murphy's and BWS combined sales grew 0.7%.

• Hotels sales rose 4.4% to $1.2 billion, with comparable hotel sales up 4.2%.

• Online sales for Dan Murphy's and BWS surged 35.1%, now 11.3% of combined sales.

• Gross profit margin in retail declined 84 bps to 23.9% due to price leadership and promotions; hotel gross margin expanded 12 bps to 85%.

Outlook and guidance

• Sales growth moderated in February after a strong holiday period; consumer spending outlook remains uncertain amid inflation and global tensions.

• Group expects FY26 OpEx and CapEx to be at or below prior guidance, with CapEx revised up to $460–500 million to support hotel renewals.

• Commitment to price leadership in retail and accelerated hotel investment to continue.

• Management expects continued compliance with financial covenants and sufficient liquidity for the next 12 months.