Announcement PDF Retail Food Group Limited Level 4, 35 Robina Town Centre Drive Robina Qld 4226 20 August 2024 FY24 Annual Report Please find enclosed for release to the market Retail Food Group Limited’s FY24 Annual Report. This announcement has been authorised for release by the Board of Directors. ENDS Investor Enquiries: Robert Shore, CFO 0401 229528 Robert.shore@rfg.com.au About Retail Food Group Limited: RFG is a global food and beverage company headquartered in Queensland. It is Australia’s largest multi-brand retail food franchise manager and is the owner of iconic brands including Gloria Jean’s, Donut King, Brumby’s Bakery, Crust Gourmet Pizza and Beefy’s Pies. The Company is also a roaster and supplier of high-quality coffee products. For more information about RFG visit: www.rfg.com.au Sign up for investor alerts at: https://investorhub.rfg.com.au/auth/signup 20 24 ANNUAL REPORT About Retail Food Group Retail Food Group is a global food and beverage company headquartered in Queensland, Australia. RFG is Australia’s largest multi-brand retail food and beverage franchise owner with a portfolio of quality franchise brands under its ownership. 31 COUNTRIES 5 CORE BRANDS >40m >500m CONSUMER TRANSACTIONS DOMESTIC NETWORK SALES ESTIMATED DOMESTIC NETWORK EMPLOYEES GLOBAL TRADING OUTLETS 7000 c.1350 CONTENTS Gloria Jean’s operates in 31 countries using the RFG recipe for success 2024 Annual Report This 2024 Retail Food Group Limited Annual Report for the financial year ended 28 June 2024 complies with reporting requirements and contains statutory financial statements. This document is not a concise report prepared under section 314(2) of the Corporations Act. 2024 Corporate Governance Statement The 2024 Corporate Governance Statement can be found on the Group’s website: https://investorhub.rfg.com.au/governance About Retail Food Group II Chairman’s Letter VI Chief Executive Officer’s Report VII Case Study Beefy’s Pies Acquisition XII Purpose and New Identity XIV Our Growth Strategy XVI FY24 Major Highlights XVIII Executive Leadership Team XXVI Corporate Directory 1 Director’s Report 2 Remuneration Report 18 Financial Statements 40 Director’s Declaration 107 Independent Auditor’s Report to the Members of Retail Food Group Limited 108 Additional Stock Exchange Information117 741 OUTLETS NET OUTLET GROWTH OF +42 DOMESTIC NETWORK SALES UP 0.3% ON PCP DRIVEN BY CCB SEGMENT UP 3.0% 114.9m 33 12.43 $ AVERAGE TRANSACTION VALUE UP 4.1% ON PCP IV 504m $ NEW PHYSICAL LOCATIONS OPENED IN THE YEAR $ $ RETAIL FOOD GROUP REVENUE1 UP 12.9% ON PCP 29.2m EBITDA2 UP 15.0% ON PCP 3 KEY TAKEAWAYS FROM A SUCCESSFUL YEAR Group Back In Growth Network Health Improved Delivering on New Strategy ƒ Network Sales Growth of +0.3% on PCP, acceleration in H2 +2.4% on PCP ƒ CCB Network Sales Growth +3.0% ƒ Revenue1 Growth +12.9% on PCP ƒ EBITDA2 Growth +15.0% on PCP ƒ Acquired Beefy’s Pies in December 2023, contributed EBITDA2 of $1.7m ƒ Average Weekly Sales3 +5.3% ƒ New FP Pipeline includes 20 committed MSO sites ƒ 131 FP renewals completed ƒ Total closures in core brands <6% of network ƒ Launching new corporate identity and values ƒ New team executing our growth strategy ƒ Launched DK Occasions ƒ Executed key synergies for Beefys in <6 months ƒ Executing on IT improvement plan ƒ Launched new FP recruitment program ‘Success. Made. Simple.’ ƒ Regained access to prioritised bank lending for FPs (1) Underlying Revenue is a non-IFRS measure not subject to audit. Underlying Revenue excludes restricted domestic marketing fund revenues and USA operations (2) Underlying EBITDA is a non-IFRS measure not subject to audit. Underlying EBITDA excludes non-recurring, non-core costs of legacy legal matters, acquisition costs, restructuring costs and non-cash impairments and is inclusive of AASB15 and AASB16 (3) AWS is inclusive of Rack’em Bones BBQ Ribs as this brand operates within an existing Crust outlet FY24 ANNUAL REPORT V CHAIRMAN’S LETTER Guided by a new management team led by highly capable CEO Matt Marshall, we spent FY24 focused firmly on pursuing the many growth opportunities that lay before us. The year’s performance demonstrated the firm platform laid for long-term sustainable success, enabling my own transition, at beginning of FY25, to a more traditional non-executive chairman role. A highlight in FY24 was the acquisition of Beefy’s Pies, which provides growth opportunities, synergies and evidences that inorganic growth will supplement growth from our existing business. I’d like to thank Beefy’s founders, the Hobbs family, for entrusting us with a highly successful business and sharing our vision for the Company’s future success by becoming shareholders as part of the transaction. I’d also like to thank Washington H Soul Pattinson for its ongoing support both as a key shareholder and, also, as a lender, via the FY24 extension of RFG’s senior debt arrangements to include an additional $20m Facility B, a portion of which was drawn to fund the Beefy’s transaction. During FY24, we continued to focus on ESG, particularly discussed in our Sustainability Report released in May 2024. Among other things, that report detailed our revised approach to carbon calculation, to provide more appropriate baseline measurements to inform emissions reduction targets and future initiatives. Additionally, in May 2024, the Company entered into a binding deed to settle the Michel’s Patisserie class action. The settlement, which remains subject to Court approval, involves a dismissal of the proceeding without RFG making any admissions, nor any payment to the applicant, any class member or towards the applicant’s or the litigation funder’s costs of the proceeding. With a focus on growth and an ambition to become a more consumer-led business, we approach the future with growing confidence in our strategy to deliver long-term stakeholder rewards. On behalf of my fellow Directors, I’d therefore like to extend thanks and appreciation to our franchise partners, master franchise partners and team for their continuing efforts and commitment to ensuring our customers receive an exceptional product, service and experience. I would also like to thank each of you, our shareholders, for your ongoing support of the Company. Yours sincerely Peter George Chairman of the Board We also expanded our relationship with Rainforest Alliance, with over 97% of our FY24 domestic green coffee bean requirements now satisfied by certified coffee. VI RETAIL FOOD GROUP CHIEF EXECUTIVE OFFICER’S REPORT Strong performance in a very challenging retail market Retail Food Group has delivered a strong financial result in FY24, successfully navigating a tough retail environment with resilient core brands and clear value propositions for our customers. Group Financial Performance Network Sales Growth of 0.3% on PCP Acceleration of Network Sales in H2 +2.4% on PCP Revenue1 Growth +12.9% on PCP CCB Network Sales Growth +3.0% EBITDA2 Growth +15.0% on PCP 1. Underlying Revenue is a non-IFRS measure not subject to audit. Underlying Revenue excludes restricted domestic marketing fund revenues and USA operations as for page V. 2. Underlying EBITDA is a non-IFRS measure not subject to audit. Underlying EBITDA excludes non-recurring, non-core costs of legacy legal matters, acquisition costs, restructuring costs and non-cash impairments and is inclusive of AASB15 and AASB16 FY24 ANNUAL REPORT VII VIII RETAIL FOOD GROUP CHIEF EXECUTIVE OFFICER’S REPORT (CONT) “In a tough macro environment, we are pleased to have delivered on the first year of our growth strategy whilst building organisational capability and culture.” In 2024, we reset our corporate strategy to align with a clear growth agenda as we move towards becoming a more customer-led retail organisation. This shift ensures that customer needs are central to our decisions better enabling us to deliver exceptional value and brand experiences. Work to consolidate our portfolio and strengthen our core brands will continue, ensuring the health of our franchise network remains our primary measure of success. We continue to recruit key talent and strengthen our organisational capabilities. By building a robust and agile organisation, we are well positioned to achieve our ambitious objectives and deliver long-term value to our stakeholders. FY24 ANNUAL REPORT IX A strong financial result that returns the Group to growth We successfully delivered growth by focusing on enhanced customer experiences, building brand relevance and offering greater value to our customers. The Café, Coffee, Bakery (CCB) segment represented 71% of total network sales and performed strongly as our core brands continue to demonstrate resilience in tough retail conditions. Leveraging key occasions, implementing bundle deals to drive transaction values, and benchmarking execution standards in store have been key to driving results. Quick Service Restaurants (QSR) remains challenged with heavy competitor discounting impacting customer counts. Our focus in pizza remains on unlocking new occasions, offering ‘feed the family’ value offers and trend led product innovation. We have continued investment in our digital experience and protecting franchise partner profitability with growth in Rack ‘em Bones across multiple channels. X RETAIL FOOD GROUP A healthy network in growth FY24 network results were underpinned by the quality of new stores, improvements in average weekly sales across the network and the launch of a multi-site operator (MSO) incentive program that encourages our best operators to own more stores. We already have 20 sites committed under the new MSO incentive program, commencing from FY25. Additionally, we regained access to prioritised bank lending for Franchise Partners, providing a pathway for support. Following the successful integration of the Beefy’s business, we have launched our first new store in Ballina with further site opportunities under negotiation. Now at 10 company operated sites, Beefy’s is an important part of our growth story over the next few years. The company’s combination of leading iconic brands and vertically integrated coffee, pies and sweet bakery goods, supported by an extensive distribution network, remains a significant strength across our network and creates great opportunities for business growth, improved financial performance and value creation for stakeholders. CHIEF EXECUTIVE OFFICER’S REPORT (CONT) Unlocking new revenue streams Outlook Over the past year, we have invested in key capability to accelerate the deployment of technology to improve customer experiences and unlock new revenue opportunities. We have made significant progress to enable network rollout of updated POS, QR codes, digital kiosks, 3PA integration, delivery tracking in QSR, enhanced mobile app functionality and loyalty programs. We are excited to announce the evolution of our company that places our customer at the core of our purpose, with multiple growth drivers identified. Underpinned by new values to guide the way we behave, this is the start of a new chapter that will create an environment for success for all stakeholders. “we have a bold vision to be the most accessible, easy to operate and admired retail brand network” The launch of Donut King Occasions is our second eCommerce channel expansion following the success of Rack ‘em Bones. Both models operate by leveraging the existing store network to drive incremental profitability for Franchise Partners. Investing for the future We recognise the importance of building a high performing team that translates into a highly capable and supportive community where our people and Franchise Partners are empowered and thrive. In FY24, we continued to recruit key talent to accelerate the execution of our growth strategy and introduced new short and long-term variable remuneration structures with challenging targets to better align senior management with shareholder interests. Proudly, we announce the proposed change of our company with a purposeful and memorable new name that will be taken to shareholders at the AGM later this year for approval. Reshaping Retail Food Group into Savora Brands, we have a bold vision to be the most accessible, easy to operate and admired retail brand network and we invite you to grow with us. On behalf of all the management team, I’d like to extend thanks to all our Franchise Partners, support office and retail teams, suppliers and shareholders for their ongoing passion, hard work and support. I look forward to working with you all as we continue to pursue profitable growth for our stakeholders. Matt Marshall CEO FY24 ANNUAL REPORT XI CASE STUDY BEEFY’S PIES ACQUISITION Customer-centricity as a foundation for brand growth Since Beefy’s joined our brand portfolio in December 2023, our approach has been to deeply understand the Beefy’s value proposition so that we can continue to build brand relevance, brand love and accelerate the growth in the brand’s customer base and their experience. $ 10.0m ACQUISITION CONSIDERATION Leveraging Retail Food Group’s vertical integration in coffee, all Beefy’s stores changed over to serving award-winning, Rain Forrest Alliance certified coffee in Q4, ensuring cost-efficiency and a more premium offer at the same price point for Beefy’s loyal customers. In Q4, the store network was upgraded to a new point-of-sale system that has opened access to third-party aggregators such as Uber, Doordash, and Menulog, and access to a new customer loyalty app, starting the transition of Beefy’s guests from a paper-based system to a digital application. This will allow for personalized offers, value deals, and direct customer messaging. Digital kiosks have been integrated into new store designs to elevate customer experience and help to drive up transaction value and loyalty sign-ups. Topping off the end of a big first seven months post acquisition, Beefy’s store footprint was extended with the opening of the first store in New South Wales. Ballina is a tourist hot-spot location, with a strong local community. The launch generated extensive local media coverage and a big opening week, and there is more to come in FY25 as we look to extend our store locations in line with customer demand for the brand. XII RETAIL FOOD GROUP $ 1.7m EBITDA CONTRIBUTION SINCE 11 DECEMBER 2023 $ 10.1m REVENUE SINCE 11 DECEMBER 2023 15 GOAL TO GROW TO 15 STORES BY END OF FY25 (FROM 9) FY24 ANNUAL REPORT XIII Customer at the core of our purpose We are evolving our organisation to be closer to our customers, focusing on elevating customer experience to drive growth and increase franchise partner profitability. PURPOSE We strive for a positive customer experience in everything we do. VISION To be the most accessible, easy to operate, and admired retail brand network. MISSION To build a positive, supportive community where our people and franchise partners are empowered and thrive. CORE VALUES ACT WITH INTEGRITY We always look to do the right thing by our employees, franchise partners, customers, investors, suppliers, our business and the world we live in. XIV STAND TALLER TOGETHER We are passionate about the work we do, the people we partner with, the way we collaborate, and what we stand for. RETAIL FOOD GROUP MAKE IT EASIER MAKE IT HAPPEN OWN IT We make business accessible and easier for our franchise partners, who we support with our expertise and care. Together we aim to deliver ‘Success. Made. Simple.” We embrace innovative ways of working for a brighter tomorrow, creating unstoppable momentum that delivers results. We understand what is required of us and we are empowered and accountable to move with speed for positive impact. Leading to a new identity and name We spoke to a range of people across our key stakeholder groups: Team Members, Board Members, Franchise Partners, and Business Partners. This change marks an important milestone in our company’s evolution, reflecting our commitment to a clear purpose: to strive for positive customer experiences in everything we do. The new name, Savora Brands, symbolises our forward-looking vision and dedication to building on our strong retail brand heritage while pursuing growth and innovation. FY24 ANNUAL REPORT XV OUR GROWTH STRATEGY FRAMEWORK PURPOSE VISION MISSION OUR STRATEGIC GROWTH DRIVERS OUR VALUES ESG COMMITMENT & PILLARS XVI RETAIL FOOD GROUP Our Growth Strategy During FY24, Retail Food Group undertook a holistic review of its market, brands, partners, customers and supply chain to reset our growth Strategy. This resulted in a clear need to refresh the Company’s Purpose, Vision and Values, leading to a reframing of our strategic growth drivers as the Company transitions out of turnaround and into growth. The refresh was led by the Executive Leadership Team, with involvement from a cross functional working group from members of our Board of Directors, Team members representative of all functions and levels across the business, and our Franchise Partners, to ensure the reset encapsulated the voices of our stakeholders. This was critical to underpin the culture of the organization, and support Retail Food Group’s growth strategy. We strive for a positive customer experience in everything we do. To be the most accessible, easy to operate, and admired retail brand network. To build a positive, supportive community where our people and franchise partners are empowered and thrive. GREAT CUSTOMER EXPERIENCES A HEALTHY NETWORK ACCELERATED TECH SOLUTIONS GROWTH FOCUSED HIGH PERFORMING TEAM We strive for a positive customer experience in everything we do by building brand relevance, delivering elevated experiences and driving insight led innovation. The health of our Franchise Partner network is a fundamental driver of success underpinned by the strength of the unit economics in each brand. Investment in technology to unlock omni channel opportunities, enhance the customer experience and access new revenue streams. Focus on attracting the right partners with accessible, easy to operate brands that are capital light and have the potential for network scale. A highly capable and supportive community where our people and franchise partners are empowered and thrive. Act with Integrity Stand Taller Together Make it Easier Make it Happen Own it Inspiring towards a healthy and prosperous planet and people Environmental Protection Responsible Sourcing Excellence in well-being Healthier customers & communities Ensuring a prosperous Savora FY24 ANNUAL REPORT XVII MAJOR HIGHLIGHTS : DELIVERING VALUE TO THE CUSTOMER In a challenging retail market with constrained consumer spending, value deals have been essential for driving customer count and increasing transaction value across our brands. We have avoided the discounting approach favoured by some of our competitors, and instead focused on shopper deals that have delivered higher transaction values, helping to maintain sales volumes and profitability in tough economic conditions. XVIII RETAIL FOOD GROUP MAJOR HIGHLIGHTS : ON TREND PRODUCT INNOVATION Menu Innovation This year, we’ve committed to a customer-led innovation journey. By focusing on Innovation Platforms across all our brands, we’ve realigned our approach to reflect key consumer trends and needs, ensuring a more focused approach to our product launches and range upgrades. Although these changes are in their early stages, we’ve already achieved several successful launches, especially in the latter half of the financial year. Capitalising on the “sweet spicy” trend in savory foods, Crust successfully elevated key products in their menu with the Classics With a Twist limited time offer campaign. This included customer-trending flavours like hot honey and tropical spice. The popularity of the Pepperoni Nouveau led to a second LTO for this variant. Gloria Jean’s Flavour of the Month cold beverages have gained momentum with trendy flavors like Crème Brule, Pavlova, and our popular Biscoff collaboration (more on page XXII). Responding to the consumer shift towards healthier options, we partnered with franchisees to develop and trial Acai innovations. The successful trial has paved the way for a national rollout in FY25. FY24 ANNUAL REPORT XIX MAJOR HIGHLIGHTS : WINNING KEY OCCASIONS A focus on winning key occasions, such as Christmas, Easter, State of Origin and National Donut Day has continued to drive success for our Franchise Partners. These events attract higher shopper spending, offering opportunities to boost revenue and attract new customers. Compelling product innovation, effective promotions and tailored offerings during these times help create brand affiliation and customer loyalty in a competitive market. Key occasion and season LTOs continue to be a customer favourite for the Donut King brand. The major campaign of the year, Home of the Hot Cinnamon Donut for National Donut Day saw the brand give away 95,379 cinnamon donuts for free to the delight of our customers. The campaign repeatedly drives strong customer count and higher ATV across our stores and continues to build awareness for the brand and its iconic hot cinnamon donut. XX RETAIL FOOD GROUP MAJOR HIGHLIGHTS : ACCELERATING TECH SOLUTIONS Over the past twelve months, we have continued to roll out further digital integration across our Donut King and Gloria Jean’s outlets, allowing for greater ease of table ordering for our customers. A successful kiosk trial was undertaken in two of our Gloria Jean’s stores in Victoria, and following refinements to the menu set up, we have begun integrating the technology into our new store designs and some store refurbishments where space permits. Our Beefy’s Ballina store was the first to have two new kiosks included in the build, along with digital screens in the window to allow for dynamic menu and brand content displays. We launched our online ordering platform for our Rack ‘em Bones and Ribs brand, which is integrated with our TASK POS system. This allows the brand to extend into own delivery and other 3PA providers, increasing customer access to our brand. We are prioritising the alignment of our technology and channels to cater to the diverse ways our customers prefer to shop, ensuring seamless follow-through on their interactions with our brands. FY24 ANNUAL REPORT XXI MAJOR HIGHLIGHTS : BRAND PARTNERSHIPS Brand partnerships have been vital for enhancing our brands’ market reach, boosting credibility, driving innovation, and creating value for our franchise partners and their customers. It was another big year of partnerships for our Donut King brand, launching successful campaign partnerships across skincare, jewellery, FMCG and cinema with: ƒ Bondi Sands ƒ By Charlotte ƒ Twisties ƒ Mean Girls Donut King’s brand partnerships focus on surprising and delighting our customers, creating unexpected yet fun activations that garner significant reach across mainstream media and social channels. Capitalising on the global Biscoff® trend, the Gloria Jean’s team launched the most successful Flavour of the Month LTO to date with the addition of the Biscoff® Chiller. The success of this initiative has resulted the negotiation of a global agreement with the Biscoff ® brand as we progress towards a permanent menu offer in FY25. Season two of Foxtel’s House of the Dragon saw the Crust team align with the launch and Foxtel customers to offer a free pizza. Brand partnerships will continue to form an important part of our strategy in FY25. XXII RETAIL FOOD GROUP MAJOR HIGHLIGHTS : CHARITY PARTNERSHIPS Strategic brand partnerships with charity organisations are essential for aligning with our ESG agenda for Healthier Communities. Through our charity partnerships, we aim to help address social and environmental challenges more effectively, leveraging our resources and influence for greater impact. These partnerships demonstrate our commitment to corporate social responsibility whilst helping to enhance our brand’s reputation and build trust with consumers. Our partnerships in FY24 also provided opportunities for employee engagement and community involvement, fostering a sense of purpose and unity within the company. Ultimately, aligning with charity partners helps Retail Food Group and our brands contribute to the well-being of communities. For the third consecutive year, Brumby’s partnered with Movember to support men’s health. In FY24, we increased our investment by donating $1 from every Mo Loaf sold, raising a total of $75,000. This brings the total amount raised over the past three years to $200,000. In partnership with our Donut King brand, members of our Retail Food Group team and some of our Franchise Partners joined the MS Queensland team to support their Brissie to Bay charity ride on 9th June, helping to raise awareness and vital funds for people living with Multiple Sclerosis and other neurological conditions. Along with a team of over 40 cyclists in full pink Donut King kits, a second team came together to build the world’s largest donut wall. By 8am, the team had broken the Official GUINNESS WORLD RECORDS title by individually hanging 5,365 of Donut King’s iconic strawberry and chocolate glazed donuts. Wrapping up the end of a strong partnerships’ year, Beefy’s once again launched their limitededition Big Queenslander Pie, this time joining the Sunshine Coast’s 92.7 MIX FM Give Me 5 campaign. The activation raised $25,000 to provide help for critically ill children and adults. FY24 ANNUAL REPORT XXIII XXIV RETAIL FOOD GROUP CASE STUDY DONUT KING OCCASIONS 1 Circana xxx 2 Consumer research, name of agency, n=xxx Investing in Donut King to extend Category Leadership Our Donut King brand continues to lead the donut category in Australia,1 but changing consumer shopping habits and store availability meant that 42.9% of customers who desired to shop with the brand, could no longer easily do so. With a commitment to quality and fun and a mission to bring more joy to Aussies of all ages, Donut King Occasions was born. Prioritising customer experience across all touchpoints, we worked closely with our partners to create a spectacular online experience to ensure that our customers’ favourite donuts could be delivered for any occasion. ƒ Donut King Occasions enables our Franchise Partners to meet the customer outside of the traditional shopping mall location ƒ Donut King Occasions will be distributed to customers using our nationwide network of over 200 stores as mini factories 1. Circana CREST®, Australia, Year End Jun 2024 2. Stellar Market Research, Brand Health Tracking, Q1 FY24, n=508 ƒ We’ve created an incremental revenue stream for our Franchise Partners, with no additional rent and minimal incremental labour ƒ Our website uses an algorithm to consider distance, store capacity, and available products to minimise delivery costs ƒ RFG is responsible for website, customer service and delivery management via third party partners for which we earn an ecommerce fee alongside standard franchise and marketing fees ƒ Consumer pricing is competitive, staying true to our mainstream brand proposition as we don’t need an expensive new factory or separate labour shifts The launch is scaling to Australia-wide in early FY25, and will be supported with a national marketing campaign, ongoing activation calendar and innovation pipeline as we bring our delicious donuts to more customers. FY24 ANNUAL REPORT XXV Julie Woodall Tom Elliott Network Development Manager - Property Head of Company Store Operations Executive Leadership Team Matt Marshall Chief Executive Officer XXVI Khloe Caneris Jason Lyons Head of People and Culture General Manager - Operations, Beefy’s Pies RETAIL FOOD GROUP Adam Bailey Rob Shore Chief Information Officer Chief Financial Officer Tanya Watt Chief Marketing Officer Ryan Chellingworth Mark Connors Deputy Chief Financial Officer Director of Corporate Services and Company Secretary FY24 ANNUAL REPORTXXVII From left to right: Jacinta Caithness, Peter George, Michael Bulley, Kerry Ryan, David Grant XXVIII RETAIL FOOD GROUP CORPORATE DIRECTORY Directors Peter George Non-Executive Chairman David Grant Independent Non-Executive Director Kerry Ryan Independent Non-Executive Director Michael Bulley Non-Executive Director Jacinta Caithness (Appointed 25 September 2023) Independent Non-Executive Director Company Secretary Anthony Mark Connors Registered office Level 11, 2 Corporate Court Bundall QLD 4217 Principal place of business Level 4, 35 Robina Town Centre Drive Robina QLD 4226 Share register Computershare Investor Services Level 1, 200 Mary Street Brisbane QLD 4000 Solicitors Arnold Bloch Leibler Level 21, 333 Collins Street Melbourne VIC 3000 Auditors KPMG Heritage Lanes, Level 11, 80 Ann Street Brisbane QLD 4000 Bankers Commonwealth Bank of Australia Level 8, Commonwealth Bank Place South 11 Harbour Street Sydney NSW 2000 Stock exchange listing Retail Food Group Limited (ASX: RFG) shares are listed on the Australian Securities Exchange Website address www.rfg.com.au FY24 ANNUAL REPORT 1 DIRECTOR’S REPORT Information about the Directors The Directors of Retail Food Group Limited (‘RFG’, ‘Group’ or ‘Company’) present the Annual Report of the Company for the financial year ended 28 June 2024 in accordance with the provisions of the Corporations Act 2001. Information about the Directors Name Peter George Non-Executive Chairman Bachelor of Commerce / Bachelor of Laws David Grant Independent Non-Executive Director Bachelor of Commerce (Accounting, Finance & Systems) Graduate of the Australian Institute of Company Directors and a member of Chartered Accountants Australia & New Zealand. 2 Particulars Non-Executive Chairman, Bachelor of Commerce/Ba