ENDEAVOUR GROUP LIMITED — Annual Report 2021

Aug 25, 2021

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F21 Full Year Results August 2021

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a more sociable future together We’re We’re We’re real inclusive responsible We work We’re team We endeavour with spirit players for better

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Endeavour Group Overview of F21

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Location: Broadbeach Tavern

Solid results in a challenging year

Established Endeavour Group as an independent listed business

Navigated the significant impacts of COVID-19

Delivered solid financial results with record Retail sales and Hotels trade optimisation

Invested for the future

Remained committed to recognising “our imprint”

Location: BWS Glebe

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Establishing Endeavour Group

• Delivered one of the largest Established Endeavour as an demergers in Australian history independent public company • Endeavour Group demerged • Established our new board and from Woolworths on governance frameworks 28 June 2021 • Separated critical systems

• • Market capitalisation • Stood-up new functions to of c.$10.8 billion on support the business •

• demerger Implemented key partnership agreements with Woolworths

Created our independent identity and Group purpose

• Established our Purpose

• • Defined our Values and Ways of Working

• Remain committed to recognising our imprint and will release our first Sustainability Strategy in Q2

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Navigating COVID-19

We remain focussed on keeping our customers and teams safe and supporting the communities we serve

• Extensive PPE[1] roll-out

• COVID-19 leave options for all team members

• Supporting vaccinations

Impacts

Our response

Retail

• Elevated demand

• Shift to in-home consumption

• Customers purchasing differently

• Focus on in-store safety and team resourcing

• Launched contactless pick-up (direct-to-boot), contactless drive-thru, on-demand delivery, optimised websites and apps

• Significantly expanded local and smaller supplier ranging and shortened small supplier payment terms

Hotels

• 169 days where one or more of our hotels were closed in F21 with VIC and QLD closures most material

• Trading restrictions continue to impact

• Once restrictions were lifted in each market, strong trading conditions quickly resumed as customers returned to hotels

• Constant agility and resilience

• Closing and reopening hotels as needed

• Meeting changing regulations

• All rooms and 4,000+ gaming machines made COVIDSafe

• Redeployment of team members to Retail

• Opportunity to reset operations

1: Personal protective equipment

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Delivering $11.6b $899m $445m 24.8c 7.0c
Profit after Earnings Final dividend per
results Total Sales [1] EBIT [1]
tax per share share
F21 Financial highlights +9.3% +22.1%
Retail Hotels
$10.2b $669m $1.4b $261m
Total Sales [1] EBIT [1] Total Sales [1] EBIT [1]
+9.6% +17.6% +7.3% +49.1%
Powered by:
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1: Year on year change is calculated with comparison to the Equivalent F20 result, refer to the Appendices for further detail on comparative figures.

Delivering results - F21 Strategic highlights

Knowing our customers

At the heart of our business is a market leading customer franchise

Innovating to meet customer needs

Continuing to deliver growth and portfolio enhancement

Improving customer service Growing customer engagement Combined Hotels external My Dan’s Retail VOC 75 4.2/5 online reviews[2] 5.5m members +20% NPS[1] Growing digital Expanding & enhancing Optimising the engagement our network Group New Pinnacle Online Retail Retail Hotels c.530 products $859m sales +33 stores +5 Hotels with 575+ New suppliers Retail Hotel contactless 115+ 64 renewals 26 renewals Upgraded order & pay 500+ EGMs[3]

Being one team

Living Our Purpose and Values

Continually responding to COVID-19 for Continuing our commitment our customers, team, and community to operating sustainably

1: Combined weighted online and instore Voice of Customer, across Dan Murphy’s and BWS 2: External online reviews as measured by Revinate 3: Electronic Gaming Machines

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Commitment to “our imprint”

F21 Highlights

• Voluntary pre-commitment for every gaming machine

• Enhanced self-exclusion enabled by facial recognition

• Harm-minimisation initiatives: ID25, “Don’t Buy It for Them”, “Choose to DrinkWise”

• Together with our customers we supported a range of local and national charities in F21

• Over 90 sites with solar installed

• Committed to zero waste and a circular economy in our South Australian operations

• ~36% women in senior leadership positions

• Domestic and family violence awareness training launched for our 28,000+ team members

Our approach to responsibility

• Remain a leader in responsible service of alcohol and conduct of gambling

• Go beyond minimum legal and regulatory compliance via a range of voluntary initiatives intended to reduce harm and lead the industry. Examples include:

• Tailored and bespoke training programs

• Dedicated & experienced compliance teams

• Application of harm minimisation technologies

• Partnerships with community organisations

• Invest and innovate to support the communities we serve

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Investing for the future

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Accelerating digital investment to drive customer engagement

• Personalisation capabilities

• Evolving web and app experience

• Evolving Retail experience through contactless pick-up

• Evolving Hotel experience through TITO[1] and me&u[2]

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Retail 76 +34.7% 8.4% online online sales online penetration VOC growth +157bps

2: Digital ordering system for Hotels, which enables customers to make contactless orders from their table

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Brand building and product capabilities continue to drive growth

• Evolved Pinnacle from follower to trend leader

530+ new Pinnacle products

• Quality acquisitions growing Paragon Wine Estates

• Increasing 3rd party recognition of Pinnacle quality

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1: Ticket-In Ticket Out for gaming

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Chapel Hill Wines
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Financial Results

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F21 Financial Result highlights
Asset base with
Strong trading in Solid cash and Delivering for
further potential
volatile conditions capital foundations shareholders
to create value
$1.1b $3.4b 24.8c
$11.6b
Operating cash Net assets Earnings per share
Sales
inflow
+9.3% [1]
$899m 117.3% $613m 7.0c
EBIT Cash realisation Book value of freehold Final dividend
+22.1% [1] ratio land & property per share
$445m $625m $312m 71%
Profit after Debt headroom [2] Capital expenditure H2 dividend payout
income tax ratio [3]
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F21 Financial Result highlights

• 1: Represents growth when compared to the Equivalent F20 result; refer to the Appendices for further detail on comparative figures.

• 2: Debt headroom refers to committed undrawn debt facilities as at 28 June 2021.

• 3: Payout ratio based on portion of H2 F21 profit after income tax determined to be paid to shareholders as a final dividend.

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F21 F20[1] CHANGE

Group financial performance

• Group Sales +9.3%[2] to $11.6b, Retail and Hotels both higher than the equivalent prior period

• Group EBIT up 22.1%[2] due to strong sales and cycling of hotel closures in F20[1]

• EBIT margins improved versus F20[1] for Hotels and Retail

• Other includes Group overheads of $31m (part year cost). Full year expectation of $55m-$60m

• Profit after income tax $445m represents 24.8c earnings per share

$ million

Sales

Retail	10,178	9,286	9.6%
Hotels	1,417	1,320	7.3%
Total Sales	11,595	10,606	9.3%

Profit for the year

Retail EBIT	669	569	17.6%
Hotels EBIT	261	175	49.1%
Other EBIT	(31)	(8)	n.m.
Total EBIT	899	736	22.1%
Finance costs	(247)	n/a	n/a
Proft before income tax	652	n/a	n/a
Income tax expense	(207)	n/a	n/a
Proft for the year (after income tax)	445	n/a	n/a
EBIT Margin
Retail EBIT Margin (%)	6.6	6.1	45 bps
Hotels EBIT Margin (%)	18.4	13.3	516 bps
Total EBIT Margin (%)	7.8	6.9	81 bps

• 1: F20 refers to the Equivalent F20 result, refer to the Appendices for further detail on comparative figures.

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2: Year on year change is calculated with comparison to the Equivalent F20 result, refer to the Appendices for further detail on comparative figures.

Retail financial performance

	F21	F201	CHANGE
Sales ($m)	10,178	9,286	9.6%
EBITDA ($m)	936	807	16.0%
Depreciation and amortisation ($m)	267	238	12.2%
EBIT ($m)	669	569	17.6%
Gross margin (%)	24.2	23.1	110 bps
Cost of doing business (%)	17.6	17.0	63 bps
EBIT to sales (%)	6.6	6.1	45 bps
Sales per square metre ($)	21,012	19,603	7.2%
Funds employed ($m)	4,138	4,089	1.2%
Return on average funds employed (%)	16.5	13.4	311 bps

• Strong sales growth with shift to in-home consumption (COVID-19)

• Margin gains from premiumisation, level of promotions and Pinnacle penetration

• CODB rate at 17.6%[1] , +63 bps with one-off costs and investments in digital and technology, offsetting benefits from the leverage of the fixed cost base

• ROFE benefited from higher sales and strong working capital management

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1: F20 refers to the Equivalent F20 result; refer to the Appendices for further detail on comparative figures.

Hotels financial performance

• Performed well in light of significant COVID-19 closures and restrictions (195 days when all our Hotels were open for trading)

• Favourable trading as restrictions eased and strong variable cost management resulted in EBIT growth and healthy EBIT margin. Below pre-COVID-19

• Continued to invest for the future

	F21	F201	CHANGE
Sales ($m)	1,417	1,320	7.3%
EBITDA ($m)	499	408	22.3%
Depreciation and amortisation ($m)	238	233	2.1%
EBIT ($m)	261	175	49.1%
Gross margin (%)	85.0	83.0	208 bps
Cost of doing business (%)	66.6	69.7	(308) bps
EBIT to sales (%)	18.4	13.3	516 bps
Funds employed ($m)	3,852	3,886	(0.9%)
Return on average funds employed (%)	6.7	4.5	224 bps

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1: F20 refers to the Equivalent F20 result; refer to the Appendices for further detail on comparative figures.

Balance sheet

• Trade working capital (TWC)

• • Higher Retail sales achieved without increasing trade working capital due to strong inventory management

• TWC days 24 (-6 days vs F20)

Property

• Significant property portfolio underpinning the Hotels business

• Freehold land property includes 6 retail sites, 49 hotels, and wine assets

• Intangibles

• • Includes liquor and gaming licences

Other

• Endeavour retains stake in ALE Property Group valued at $87m at year end

$ million	F21	F20	CHANGE
Inventory	1,213	1,269	(56)
Trade payables	(889)	(950)	61
Trade and other receivables 1	159	158	1
Trade working capital	483	477	6
Lease assets	3,117	2,983	134
Property, plant and equipment	1,887	1,843	44
Intangible assets	3,845	3,838	7
Other liabilities (net)2	(535)	(507)	(28)
Funds employed	8,797	8,634	163
Tax liabilities (net)	268	224	44
Related party liabilities/(assets)	85	(46)	131
Net debt	1,277	1,458	(181)
Lease liabilities	3,779	3,611	168
Equity	3,388	3,387	1
Total funding & tax	8,797	8,634	163
Return on funds employed3(%)	11.1	9.0	208 bps

• 1.Excludes related party balances.

• 2.Comprises mainly other financial assets, accruals and provisions.

• 3.Calculated as EBIT as a percentage of average (opening, mid and closing) adjusted funds employed. F20 Return on Funds employed is based on Equivalent F20 results.

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Cash and liquidity

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Cash generative Long-term debt facilities in place

• Net debt $1.3b at year end

• Committed undrawn debt facilities of $625m[1] plus material cash balances

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• On demerger,
• $1.9b syndicated debt facility was established
(oversubscribed)
117.3%
$1.1b •
$600m bilateral revolving credit facilities
Cash
Operating
Realisation
Cash inflow
Ratio Debt maturity profile
Bilateral revolving credit facilities Syndicated debt facilities
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1: As at the Demerger date of 28 June 2021

Capital expenditure

Sustaining Capex

• Essential spend prioritised first to maintain operations and minimum site standards

• • Optimised to lowest sustaining level • Returns created via renewals and productivity Growth Capex • Capex prioritised based on maintaining and improving market share

• • Plus Capex utilised for strategic opportunities including Acquisitions

• • Target threshold = EPS accretive over

• Returns created via renewals and productivity

• Target threshold = EPS accretive over a 3 year horizon.

EXAMPLE INVESTMENT TYPES

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SNAPSHOT OF F21 CAPEX
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Productivity &
Core Technology
Supply Chain
Stay in
Renewals F21 Capex
Business
$312m
Major Site
Site Upgrades
Redevelopments
New sites Gaming
F21 Capex
Incubators /
Acquisitions $312m
Other growth
Digital Pinnacle
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Capital allocation strategy

Developing a financial framework to optimise shareholder returns through a disciplined approach to capital management

Strong free cash flow generation to be deployed inline with capital allocation priorities:

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Free cash flow

Targeting investment grade credit metrics

• Maintain shareholder dividend distributions

• Target outcomes consistent with investment grade credit metrics

• Capex prioritised to deliver a balance of short and long-term returns

• Disciplined approach to organic and inorganic investments

Further leverage balance sheet

• Property network optimisation

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Capital Shareholder
Acquisitions
expenditures distributions
EPS growth DPS growth
Total shareholder value
EPS growth + yield)
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• Invest in longer term opportunities that deliver above-average returns

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F22 priorities and outlook

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Priorities for F22

Continue to manage and respond to COVID-19 impacts

Maintain stability of the business in our first year of independent operation Sustain growth momentum across the Group

Invest and build to drive long-term growth Launch our Sustainability strategy

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F22 - First 8 weeks

• Continued significant volatility due to COVID-19 outbreaks

• Retail tracking well (cycling Retail trading highs of Q1 F21)

• Very challenging start to the year for Hotels. As at 24th August, 41% of our Hotels were closed due to public health orders (54 in NSW & 85 in VIC)

F22 - frst 8 weeks Sales	vs F21	vs F201
Retail	(1.7%)	21.5%
Hotels	(7.3%)	(36.2%)
Group	(2.3%)	11.1%

• We have remained focussed on supporting our teams through COVID-19 related impacts

1: F20 refers to the Equivalent F20 result; refer to the Appendices for further detail on comparative figures.

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In summary

Business fundamentals

Excellent business fundamentals, well positioned to continue to perform and grow

Record results for Retail, Hotels proving to be resilient but limited by COVID-19 closures

Innovation

Continuing to invest in innovations to meet customer needs

COVID-19

Continued volatility and restrictions impacting F22 performance, particularly in Hotels

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Q&A Steve Donohue - Chief Executive Officer

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Appendices

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2 year and quarterly sales

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$ million
insert chart
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Retail

• Retail sales growing strongly over two years

• Benefitted from the switch to in-home consumption, particularly in H1 F21

• Comparisons to F20 are distorted by record Retail sales growth rates in March to June 2020

+20.4%

Retail Sales 2 year change[1]

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2-year change [1] : 26.8% 22.9% 15.9% 14.8%
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$ million
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Hotels

• Hotel sales were impacted by closures and restrictions in both F20 and F21

(13.6%)

Hotels Sales

• Customers and sales returned quickly once Hotels Sales restrictions lifted 2 year change[1]

• Cycling extensive closures in Q4 of F20

2-year change[1] : 29.3%) 16.1%3.0%3.5%

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1: 2-year change is calculated as movement between Statutory F21 and Equivalent F19. Equivalent F19 results have been adjusted to remove the impact of the 53[rd ] week.

Cash realisation ratio of 117% due to strong Retail performance

$ million	$ million
EBIT	899
Depreciation and amortisation expenses	505
Changes in trade and other receivables	5
Changes in inventories	61
Changes in tradepayables	(59)
Changes in assets and liabilities and other non-cash items	130
Finance costs on borrowingspaid	(72)
Payment for the interest component of lease liabilities	(174)
Income taxpaid	(181)
Operatingcash fow	1,114
Payments forproperty,plant and equipment and intangible assets	(279)
Payments to acquire businesses, net of cash acquired	(39)
Proceeds from sale of businesses, net of cash disposed	-
Repayment of lease liabilities	(247)
Dividendpaid1	(52)
Free cash fow	497
Cash realisation ratio2 (%)	117.3

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• 1 Dividends paid of $52 million reflects total dividends of $282 million, less Woolworths Group’s $230 million share which was settled through intercompany borrowings.

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2 Represents operating cash flow as a percentage of profit after income tax before depreciation and amortisation expense.

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Network
Network Network
New / Closures /
as at 28 as at 27
Acquisitions disposals
June 2020 June 2021
Dan Murphy's 241 11 (1) 251
16 4
BWS 1,369 40 (17) 1,392 52 406 130
Retail 1,610 51 (18) 1,643 24 139 28
17 92 33
81 383 54
2 3
Hotels (incl. clubs) 334 5 - 339
KEY
75 322 85 1
Dan Murphy’s
1x
Bottling facilities 3 - - 3 BWS
Hotels (incl. clubs) 2 34 5
Wineries
Bottling facilities
Wineries 3 1 - 4
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Current market dynamics

Tailwinds

• Shift to in-home consumption continuing to support Retail sales

• Strong returns from digital investments

• Premiumisation and moderation trends

• Reduced consumer spending on international travel and duty free drinks

• Reduced promotional activity during COVID-19 impacted periods

Headwinds

• Continuing COVID-19 related trading restrictions in the Hotels business

• Cycling F21 retail trading highs and leverage

• Additional costs across the Group associated with ensuring customer and team safety

• International trade & logistics

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Endeavour’s investment thesis

Why invest in Endeavour Group

How we drive growth

		Why invest in Endeavour Group How we drive growth
Market leading brands and position		• Leading retail bands • Largest retail & hotel network in Australia • 1,775+ Liquor Licences and ~12,400 gaming machine entitlements • Leading digital presence • 5.5m My Dan’s members and Everyday Rewards partnership • EndeavourX provides a dedicated function to drive eCommerce, digital and loyalty capability • Pinnacle drinks provides consumer brand and product development capabilities • Core growth through new stores and hotels and renewal program • Expand share in eComm through investments in digital and loyalty • Income growth and enhanced margins through expansion of Pinnacle brands
Advanced digital and product capabilities through EndeavourX and Pinnacle Drinks
Partnerships that reinforce the portfolio		• Combination and co-location of retail and hotel assets enables enhanced fnancial performance • Partnership with Woolworths provides scale and capability through partner stores, digital, supply chain and technology • Leverage joint capabilities to unlock growth opportunities through partnerships
Strong earnings & cash generation		• Resilient performance through COVID-19 with natural hedge between on/of premise consumption • Strong operating cash fow and access to liquidity to fund growth and distributions to shareholders • Reinvestment of cash generated in earnings accretive opportunities

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F20: Statutory and Equivalent Information

Statutory F20 relates to the 52-week period ended 28 June 2020. However, this 52-week period only includes the results for Woolworths’ Drinks and Hotels businesses after they were transferred to, and merged with, Endeavour Group Limited (Endeavour Group) on 2 February 2020 and 4 February 2020, respectively. Prior to this only the results of Endeavour Group Limited, previously known as Pinnacle Liquor Group Pty Limited, were included.

To enhance comparability of profit or loss information between reporting periods Equivalent F20 financial information is presented, which includes the results of Woolworths’ Drinks and Hotels businesses for the full 52-week period ended 28 June 2020. This information has been sourced from the data used in the F20 Woolworths Group Limited (‘Woolworths Group’) Annual Report, before significant items and adjusted to exclude consolidation adjustments not applicable to the Endeavour Group on a standalone basis.

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Glossary

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Term

Description

Cash realisation ratio Operating cash fow as a percentage of Group net proft after tax before depreciation and amortisation Comparable sales Measure of sales which excludes stores that have been opened or closed in the last 12 months and demonstrable impact on existing stores from store disruption as a result of store renewals or new store openings / closures Cost of doing business (CODB) Expenses which relate to the operation of the business Direct-to-boot A convenient option for customers to pick up online orders where the order is provided to customers while they wait in their car Drive-thru Convenient options for customers to pick up online orders or shop using drive-through facilities eCommerce (eComm) Online channels including but not limited to store websites, apps and other digital platforms. Free cash fow Cash fow generated by the Group after equity related fnancing activities including dividends and repayment of lease liabilities Funds employed Net assets employed excluding net tax balances Key Partnership Agreements Synergistic agreements with Woolworths for the continuing provision of certain services consistent with relationship prior to demerger

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Glossary (cont.)

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Term

Description

n.m. Not meaningful Net assets employed Net assets excluding net debt and other fnancial assets and liabilities Net promoter score (NPS) A loyalty measure based on a single question where a customer rates a business on a scale of zero to 10. The score is the net result of the percentage of customers providing a score of nine or 10 (promoters) less the percentage of customers providing a score of zero to six (detractors) On-demand/express delivery An express or scheduled delivery service providing online orders at the customer’s convenience Online penetration Online penetration is calculated as total online sales as a percentage of total Retail sales for the same time period Pick-up A service which enables collection of online shopping orders in-store or at select locations Return on Funds Employed (ROFE) ROFE is calculated as EBIT before signifcant items for the previous 12 months as a percentage of average (opening, mid and closing) funds employed including signifcant items provisions Total net debt Borrowings less cash balances including debt hedging derivatives and lease liabilities VOC NPS Voice of Customer Net Promoter Score (VOC NPS) is based on feedback from Woolworths Rewards members (for BWS) or My Dan's members (for Dan Murphy's). VOC NPS is the number of promoters (score of nine or 10) less the number of detractors (score of six or below)

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Disclaimers

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This presentation is dated 26 August 2021 and unless stated otherwise is current as at that date.

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This presentation contains summary and general information about Endeavour Group Limited and its controlled entities (together, ‘Endeavour Group’), and Endeavour Group’s activities as at the date of this presentation. It is sourced from and should be read in conjunction with Endeavour Group’s other periodic and continuous disclosure announcements filed with the Australian Securities Exchange, available at www.asx.com.au. Information about Endeavour Group's financial performance is current as at the last announcement provided to the Australian Securities Exchange.

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This presentation has not been audited in accordance with Australian Auditing Standards.

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This presentation contains certain non-IFRS measures that Endeavour Group believes are relevant and appropriate to understanding its business. Refer to Endeavour Group’s Appendix 4E Preliminary Final Report issued on 26 August 2021 for further details.

This presentation is for information purposes only and is not a prospectus or product disclosure statement, financial product or investment advice or a recommendation to acquire Endeavour Group shares or other securities. It has been prepared without taking into account the objectives, financial situation or needs of any person. Before making an investment decision, prospective investors and investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction. Past performance is no guarantee of future performance.

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No representation or warranty, expressed or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, no Endeavour Group company, or their respective directors, employees or agents, nor any other person accepts liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including, without limitation, any liability from fault or negligence.

This presentation may contain forward-looking statements including statements regarding an intent, belief or current expectation with respect to Endeavour Group’s business and operations, market conditions, results of operations and financial condition, specific provisions and risk management practices. When used in this presentation, the words ‘plan’, ‘will’, ‘anticipate’, ‘expect’, ‘may’, ‘should’ and similar expressions, as they relate to Endeavour Group and its management, are intended to identify forward-looking statements. Forward looking statements involve known and unknown risks, uncertainties and assumptions and other important factors that could cause the actual results, performances or achievements of Endeavour Group to be materially different from future results, performances or achievements expressed or implied by such statements.

Balance sheet and cash flow information presented in this presentation is consistent with the information disclosed in Endeavour Group’s Appendix 4E Preliminary Final Report issued on 26 August 2021. That Preliminary Final Report has been prepared in accordance with ASX Listing Rule 4.3A and has been derived from the unaudited Financial Report. The Financial Report is being audited and is expected to be made available on 8 September 2021.

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The release of this announcement has been authorised by the Board