Endeavour Group (EDV) Q3 2025 TU earnings summary

Executive summary

• Q3 F25 group sales were AUD 2.8 billion, down 1.7% year-over-year, with Retail down 3.1% and Hotels up 5.1%.

• Retail sales rebounded in April, driven by strong Easter trading, while Hotels maintained strong momentum across all business drivers.

• Online sales for Dan Murphy's and BWS grew 6.7% in Q3, representing 8.4% of total sales; on a normalized 16-week basis, online sales rose 11.1%.

• My Dan's active membership reached 5.5 million, and Pub+ membership grew to over 540,000.

• Jayne Hrdlicka appointed as new Managing Director and CEO, effective January 2026.

Financial highlights

• Q3 F25 Retail sales: AUD 2.3 billion, down 3.1% year-over-year; Hotels sales: AUD 512 million, up 5.1%.

• H2 F25 year-to-date (16 weeks) group sales broadly flat compared to prior year.

• Online penetration for BWS and Dan Murphy's reached 8.4% in Q3.

• Retail net promoter scores and customer satisfaction returned to or exceeded pre-disruption levels.

• Promotional intensity increased in retail ahead of Easter and ANZAC Day, impacting gross profit margin expansion opportunities.

Outlook and guidance

• Retail market conditions are expected to gradually improve as inflation moderates and interest rate cut prospects rise.

• Group targets flat to modest retail sales growth and mid-single-digit hotel sales growth for the remainder of F25.

• Cost inflation remains a headwind for both retail and hotels in the second half.

• F25 capex and finance costs expected within previously guided ranges; $1 billion debt facility refinancing to be completed before F25 year-end.

• April saw positive sales growth, with retail achieving Easter sales in line with the previous year and hotels continuing to grow.