Announcement PDF Retail Food Group Limited Level 4, 35 Robina Town Centre Drive Robina Qld 4226 20 August 2025 FY25 Results Presentation Please find enclosed for release to the market Retail Food Group Limited’s FY25 Results Presentation. This announcement has been authorised for release by the Board of Directors. 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 holds the exclusive licence to grow Firehouse Subs restaurants in Australia and expects to open the first restaurant in mid FY26. RFG distributes high quality pies from our Sunshine Coast Bakery and coffee through our Sydney Roastery. For more information about RFG visit: www.rfg.com.au YEAR END FINANCIAL RESULTS FY25 FINANCIAL RESULTS| AUGUST 2025 Financial Results Agenda 1. Business update 2. Financial performance 3. Q&A Matt Marshall Chief Executive Officer Results Webinar Wednesday 20 August 10:00am AEST Webinar: https://investorhub.rfg.com.au/webinars/Leo4Mr-fy25year-end-results-presentation Rob Shore Chief Financial Officer 2 FY25 FINANCIAL RESULTS| AUGUST 2025 We’ve Progressed Our ‘Enhance’ Strategy 1 2 3 Solid financial growth in a challenging market delivered with consecutive year on year improvement in network sales, revenue and underlying EBITDA. Crust returned to growth in Q4 (+5.5% network sales). Advanced customer insights have shaped our modernized brand roadmaps to fuel growth via refreshed stores, product innovation and digital channel expansion. Voice of Customer platform launched to unlock better commercial performance. Improved network quality with initiatives delivered to manage input costs, strengthen franchisee engagement, boost quality of franchisee recruitment, with 37 new outlets opened in FY25. 3 FY25 FINANCIAL RESULTS| AUGUST 2025 We’ve Progressed Our ‘Grow’ Strategy 1 2 3 Beefy’s expansion continues with ongoing growth in network sales (+16.6%), same store sales (+5.1%) and new store openings (+5 since acquisition). 50 outlet goal by 2028. 20-year partnership with RBI2 to launch Firehouse Subs in Australia with key team members now in place and first store expected to open mid FY26. International network has delivered improved financial outcomes in FY25 with a new supply hub in Turkey and new Head of International commencing in Q1 FY26. 1. Beefy’s SSS excludes the Gympie outlet which saw a 33% SSS decline following the opening of the Gympie ByPass 2. RFG has agreed a 20 year development term, inclusive of our options, with scope to exit after year 3. RFG’s rights to open and franchise stores after 2027 are subject to the satisfaction of certain conditions 4 FY25 FINANCIAL RESULTS| AUGUST 2025 We’re Managing Our Legacy Portfolio 1 2 3 Our Company Stores will focus on Beefy’s Pies and Firehouse Subs as we look to deliver rapid growth in these brands. Outlets we operate in other brands will transition to Franchise Partner ownership or close. Brumby’s Bakery has been assessed against our strategic growth pillars. Given our other growth priorities, we are investigating options for divestment in FY26. We divested the international operations of Café2U, The Coffee Guy and It’s a Grind releasing more than $1 million of capital. Michel’s, Pizza Capers, CIBO and domestic mobile van Franchise Partners continue to be supported whilst being offered conversion opportunities to larger alternative brands where feasible. 5 FY25 FINANCIAL RESULTS| AUGUST 2025 Continuing To Deliver Growth In FY25 $505.4m $102.7m $455.7m $29.6m DOMESTIC NETWORK SALES UP 0.3% ON PCP DRIVEN BY CCB GROWTH BRANDS UP 4.8% SAME STORE SALES DOWN 0.2%4 DUE TO QSR SSS DECLINE IN Q1 – Q3 BEFORE A REBOUND IN Q4 TO SSS GROWTH OF +2.2% UNDERLYING EBITDA UP 1.7% ON PCP 93 ($14.9m) NEW GLOBAL TRADING OUTLETS OPENED2 STATUTORY NET PROFIT AFTER TAX DOWN 357.3% ON PCP 38 $22.0m NEW DOMESTIC TRADING OUTLETS OPENED3 (1) (2) (3) (4) UNDERLYING REVENUE UP 13.6% ON PCP UNDERLYING OPERATING CASH INFLOWS DOWN 2.3% ON PCP CCB Growth brands include Gloria Jean’s (inc. CIBO Espresso), Donut King and Beefy’s Pies Global outlets, excludes acquired outlets Domestic outlets only, excludes acquired outlets For comparison purposes, Same Store network sales as it relates to Beefy’s includes sales from the period 29 June 2023 to 10 December 2023 being the period prior to RFG ownership. 6 FY25 FINANCIAL RESULTS| AUGUST 2025 Key Takeaways Momentum building into FY26 • Momentum gaining pace as retail conditions improved in Q4 and into FY26. Growth Brands including Crust, are growing faster than the underlying macro economic conditions, which are improving • Growth Brands3 grew outlets +24 and network sales +2.7% as we focused our resources • Underlying Revenue grew 13.6% on PCP. Underlying EBITDA up 1.7% on PCP at $29.6m • Our truly global business provides an existing platform to capitalise on growth opportunities with Gloria Jean’s Delivering on New Strategy Network Health Improved • Crust results improved in Q4 with SSS growth of +3.9% on the back of reset brand initiatives launched in FY25 • Signed key new growth driver – Firehouse Subs Australia with first store expected to launch in mid FY26 • Closures in core brands at 7% of network. 77% of closures were low performing stores2 or non-core brand closures. 8 outlet closures were attributable to Brumby’s during the year. • Beefy’s opened its 14th outlet in August, up from 9 on acquisition and on track to achieve our target of 50 stores by 2028 • Company store focus will shift to Beefy’s and Firehouse. Existing GJ & DK stores to be sold to FPs to accelerate their growth and recycle capital. Underperforming stores to close • Brumby’s Bakery has been assessed against our strategic priorities given the resource requirements for growth in our other brands, and a decision made to explore options for divestment in FY26 • • Announced a bold new direction for Gloria Jean’s to revitalise the brand with an ambition to refurbish +50% of stores in FY26, with 29 Franchise Partners already registering interest Multi-Site Operator (MSO) program delivered 8 new outlets, with our most experienced operators, with a further MSO pipeline of 15 stores underway (1) (2) AWS is inclusive of network sales generated by Rack’em Bones BBQ Ribs virtual brand within an existing physical pizza brand outlet Low performing: CCB <$10k AWS, QSR <$12k AWS. New stores AWS excludes first week of trading and closed stores AWS excludes last week of trading. Excludes Rack’em Bones (3) Our growth brands are Gloria Jeans (incl CIBO), Donut King, Beefy’s Pies, Crust and Firehouse Subs which will launch into Australia in FY26. Network Sales increase includes Beefy’s Pies & CIBO Espresso acquired in December 2023 and 2024 respectively. 7 FY25 FINANCIAL RESULTS| AUGUST 2025 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. RFG has the rights to develop the Firehouse Subs brand in Australia. 30 >55m 6 >$500m 7000 c.1250 COUNTRIES CORE BRANDS ESTIMATED DOMESTIC NETWORK EMPLOYEES (1) DOMESTIC CONSUMER TRANSACTIONS DOMESTIC NETWORK SALES GLOBAL TRADING OUTLETS1 Domestic outlets totalled 722 at 27 June 2025, down 19 in the year. Core brands grew outlets by 17 inclusive of Brumby’s Bakery which declined by 7 outlets. International trading outlets declined on on PCP due to sale of Café 2U UK and The Coffee Guy NZ 8 FY25 FINANCIAL RESULTS| AUGUST 2025 Our Global Gloria Jean’s Network Enables New Opportunities 634 TRADING OUTLETS 30 COUNTRIES 207 TRADING OUTLETS 3 COUNTRIES 14 TRADING OUTLETS 1 COUNTRY 138 TRADING OUTLETS 1 COUNTRY 9 FY25 FINANCIAL RESULTS| AUGUST 2025 Our Strategy By putting the customer at the heart of our strategy, we have a clear framework for success ENHANCE Healthy network Scale brands to >200+ outlets Enhanced store refurbishments Brand health and innovation Leveraging digital at scale GROW Beefy's Pies Firehouse Subs International 10 FY25 FINANCIAL RESULTS| AUGUST 2025 Enhance: Brand Health And Innovation Customer insights driving brand health, performance, and rolling product innovation pipeline • Crust tops QSR customer satisfaction scores1 • Dedicated focus on product quality, translation of value and franchise training • High Protein Bases launched in H2 and Meat Deluxe range launched in Q4 continue to grow 1. 2. 3. 4. 5. 6. • Unlocking lunch - new and improved Hot Dogs delivering category growth of 117% vs PCP2 • Premium donut range result drive +2% SSS, +3.8% ATV versus prior year3 • Brand consideration grown 5% in the three months post Premium Donut launch4 Fonto Moments in QSR April 2025 9th June – 7th July 2025 vs 2024, same stores data for the period 4 weeks post launch 3rd Mar - 15th April 2025 vs 2024, same stores data for the period 4 weeks post launch Tracksuit brand tracking (always on), n=3,407 31st May – 27th June 2025 vs 2024, same stores data for the period 4 weeks post launch UberEats Business Manager • New gourmet sausage roll range launched driving category sales growth by 12.3%5 • Big NSW pie launched with Big QLD pie for Steak vs Steak campaign • Mini snack bundle launched in Q4 and already the brand’s #1 selling product on Uber Eats6 11 FY25 FINANCIAL RESULTS| AUGUST 2025 Enhance: Gloria Jean’s, A Bold New Direction Strategic brand evolution aimed at re-imagining the customer experience A Bold New Direction Dynamic Content for Digital Screens This is not just a new look it’s a complete reset. Touching every aspect of the business to enhance the customer experience and simplify the store operations whilst delivering a unique beverage destination New digital screen integration will feature dynamic product content to hero key menu items with strong flavour appeal • Modern store design and operational excellence • Menu innovation and dayparting • Digital integration for agility • Expanding delivery and grab-and-go options • Attract new customers • Improved unit economics FY26 Ambition • Tiered refurbishment program aiming to upgrade +50% of the network in FY26, with 29 Franchise Partners already registering interest • CIBO conversions - 7 company stores will convert in H1FY26 • Flexible store formats to deliver new store growth both domestically and internationally 12 12 FY25 FINANCIAL RESULTS| AUGUST 2025 Enhance: Healthy Network Strengthening our network by focusing on the drivers of end-to-end store economics 1. <2.5% Leveraging our scale to deliver improved outcomes across; • Supplier engagement (cost of goods) • Landlords (rent and build cost contributions) AVERAGE ANNUAL RENTAL INCREASE BELOW 2.5% IN FY25 1.2% ANNUALISED IMPACT OF SUPPLIER PRICE INCREASES 1. Better Buying 8 MSO OUTLETS DELIVERED IN FY25 WITH A FURTHER 15 IN THE PIPELINE 26% IMPROVED FRANCHISE LEAD CONVERSION IN FY25 WITH APPLICATIONS RECEIVED UP 88% Better Buying for our Network 3. Quality of Network 2. Franchise Partner Engagement 2. Franchise Partner Engagement Partnering for success with our Franchise Partners; • Structured engagement calendar • Tools that ‘make it easy’ to follow proven systems 3. Quality of Network Benchmarking success criteria for healthy unit economics; • P&L collection and operational benchmarking • High quality new stores unlocking network growth 13 FY25 FINANCIAL RESULTS| AUGUST 2025 Enhance: Leveraging Digital At Scale Acquiring new customers by accessing new digital occasions at scale <2.5% DIGITAL TRANSACTIONS IN CCB WITH SIGNIFICANT GROWTH POTENTIAL 2.5X ATV ON DIGITAL TRANSACTIONS IS 2.5X LARGER THAN IN-STORE ATV1 >80% Our Unique Opportunity Our extensive national footprint enables us to serve customers wherever they are by unlocking new channels for growth and strengthening our digital brand presence. 1. Digital Technology 2. Ease of Access 3. Capture Key Occasions • Unlock first party customer data • Owned platforms • Dynamic in store screens • Deeper customer insights • In-store (kiosk, digital menus) • Day parting, value bundles • Targeted customer offers • Delivery and 3PA • Snacking occasions • Personalisation and loyalty • Click & Collect • Gifting and catering TRANSACTIONS IN QSR ARE DIGITAL 57% GROWTH IN DONUT KING OCCASIONS SALES ON 1H25 1. For the period FY26 Wk1-5 inclusive of CCB Brands Beefy’s, Gloria Jeans and Donut King 1414 FY25 FINANCIAL RESULTS| AUGUST 2025 Grow: Firehouse Subs Signed a 20-year agreement1 for FHS in Australia, with 165 stores within 10 years 01 02 Feb 2025 Signed Agreements with RBI March 2025 Kick off meeting April & May 2025 Extensive menu & procurement underway June 2025 GM Firehouse Subs commenced August 2025 Final customer research kick-off Mid FY26 First site expected to open 03 04 RECRUITMENT OF TRACY STEINWAND – GM FIREHOUSE SUBS AUSTRALIA Extensive experience in food & beverage franchising including at Subway Australia & New Zealand. Tracy has extensive experience in operational excellence, enhancing digital presence and driving customer engagement WE EXPECT TO OPEN THE FIRST RESTAURANT IN MID FY26 Following extensive work on brand & operational training, supply chain and QA, the first restaurant is expected to open in South East Queensland in mid FY26 TARGETING AT LEAST 165 NEW RESTAURANTS IN 10 YEARS We expect to open 15 company store restaurants in the first three years before commencing franchising in year four INVESTMENT COMMITMENT OF US$4 MILLION PER YEAR FOR THREE YEARS RFG committed to funding rapid growth by investing US$4 million per year (total of US$12 million over first three years), increasing to US$5 million in years 4 to 6 1. RFG has agreed a 20 year development term, inclusive of our options, with scope to exit after year 3. RFG’s rights to open and franchise stores after 2027 are subject to the satisfaction of certain conditions 15 FY25 FINANCIAL RESULTS| AUGUST 2025 Grow: Beefy’s Pies 5 new stores delivered since acquisition, ambition for 50 stores by 2028, franchising to commence in FY26 Pipeline of FY26 sites: • Morayfield, Brisbane (Q1 FY26) • Oxenford, Gold Coast (Q1 FY26) $30.7k +16.6% 14 +5.1% FY25 AVERAGE WEEKLY SALES 2 Capalaba, Brisbane TRADING OUTLETS AS AT 15 AUGUST 2025 50 TRADING OUTLETS NEW GOAL FOR 2028 INCLUDES FRANCHISING Coolangatta, Gold Coast NETWORK SALES GROWTH1 SAME STORE SALES2 GROWTH (VS PRE ACQUISITION TRADING) $21.2m FY25 Underlying Revenue $3.4m FY25 Underlying EBITDA 1. Network Sales growth is taken against the full year to 28 June 2024 which includes a period prior to RFG’s acquisition on 12 December 2023 2. Same Store Sales growth excludes Gympie which was impacted by the Gympie ByPass and distorts the normal trading pattern. Including Gympie, SSS for all 9 stores was 1.5% 16 FY25 FINANCIAL RESULTS| AUGUST 2025 Grow: International Significant international growth opportunity for Gloria Jean’s and Donut King 507 TRADING OUTLETS 29 LICENSED TERRITORIES 10 TRADING OUTLETS • Established a new supply chain and support hub closer to our Master Franchise Partners in Istanbul to unlock a revenue growth opportunity through improved service and purchasing compliance • Recruited an experienced Head of International commencing in late Q1 FY26 • Selected trusted partners have been identified for expansion into new priority markets • Potential exists for expansion within our existing Gloria Jean’s Master Franchise Partner network, with Donut King our next priority for international expansion. Crust & Beefy’s can be grown internationally at the right time • International business model is a capital light expansion opportunity 2 LICENSED TERRITORIES 17 FY25 FINANCIAL RESULTS| AUGUST 2025 Company Store Strategy Corporately owned & operated outlets in established brands will transition to Franchise Partner ownership or be permanently closed as the Group focuses capital on Beefy’s Pies and Firehouse Subs Completed Revised Corporate Store Strategy Pre 2020 5 outlets 2022 - 2024 +38 to total 63 outlets at end FY24 FY25 Total 65 outlets • Rapid loss of store numbers during and immediately after Covid • Company store investments protected outlet numbers and restarted network growth whilst the franchise network recovered • • 50 to sell or exit 15 to be retained • Network performance is improving, Franchise Partners have confidence to invest, particularly MSO’s. FPs can better manage geographically dispersed outlets Underperforming outlets will be exited; some outlets can be sold to FPs which releases capital and resource focus for our brands in an earlier growth stage We will continue to operate high growth brands (Beefy’s & Firehouse Subs) moving forwards • A one time restructuring provision of $15.7m • Non-cash impairment of PPE $5.3m • Onerous lease provisions booked for all stores marketed for sale or approved for exit $8.9m • Redundancy and other costs provided for totalling $1.5m to reduce overheads in FY26 • Onerous lease provisions reflect the total remaining lease obligation irrespective of our focus or opportunities to sell the outlet • Net Corporate Store loss in FY25 for outlets to be sold or exited was $1.5 million (post AASB16) included in non-core EBITDA with an associated cash outflow of $5.2m (includes lease cash flows) • Retained outlets, primarily Beefy’s, generated EBITDA of $3.3 million in FY25 • 3 outlets sold prior to year end and 6 sales agreed and in progress Planned • 39 outlets available for sale to franchise network • 5 outlets will permanently close in H1FY26 • Corporate Store network will simplify to Beefy’s, Firehouse Subs, Gloria Jean’s Robina and Donut King Burleigh Heads • Beefy’s Pies and Firehouse Subs outlets are forecast to grow rapidly over the next 3 years with outlets concentrated in South East Queensland 18 FY25 FINANCIAL RESULTS| AUGUST 2025 Brumby’s Bakery Brumby’s Bakery has been assessed against our strategic priorities given the resource requirements for growth in our other brands, and a decision made to explore options for divestment Our Strategic Pillars are unchanged 01 Customer Opportunity 02 >200 Outlets 03 Success. Made. Simple. 04 Low Capital Investment 05 Vertically Integrated • Brumby’s Bakery was acquired by RFG in 2007 • RFG has assessed Brumby’s against our strategic priorities alongside the acquisition of Beefy’s Pies and the Australian rights to launch Firehouse Subs • Brumby’s is a profitable contributor to the CCB segment but has seen outlet declines over an extended period • Annual impairment testing of the intangibles associated with Brumby’s including brand asset and goodwill has resulted in a non-cash impairment of $12.2 million • A divestment process is underway but there are no guarantees it will result in an acceptable offer 19 FY25 FINANCIAL RESULTS| AUGUST 2025 FY25 Underlying Financial Results $102.7m 20.3% UP 13.6% ON PCP UP 24BPS ON PCP $29.6m 28.8% UP 1.7% ON PCP DOWN 34 BPS ON PCP UNDERLYING REVENUE UNDERLYING EBITDA REVENUE YIELD UNDERLYING EBITDA MARGIN $13.3m Financial results continue to improve • Revenue yield is impacted by the mix of Franchise Service Fees, sales of manufactured products, and revenue from corporately operated outlets • EBITDA margin is driven by the full year contribution of Beefy’s which operates corporately operated outlets. We expect to commence franchising in late FY26 • Beefy’s Pies performed strongly with store numbers up 5 since acquisition in December 2023, strong Same Store Sales growth and a full year contribution of financial results to FY25 • Underlying results are presented excluding3 UNDERLYING NPAT DOWN 22.2% ON PCP $22.0m UNDERLYING OPERATING CASH INFLOWS DOWN 2.3% ON PCP 74.3% UNDERLYING EBITDA TO UNDERLYING OPERATING CASHFLOW CONVERSION • Marketing funds and one off costs for M&A activity • One off costs in relation to company stores which will transition to franchise ownership or close in FY25 (trading results & provisions) • One off non-cash impairment of intangible assets associated with Brumby’s Bakery • Balance sheet continues to be strong with minimal net debt (Net Leverage Ratio of 0.30x) and a capital light business model • Underlying operating cashflow was in line with PCP at $22.0m (1) Trading outlets as at 27 June 2025 (2) Net Leverage Ratio defined as net debt (senior secured debt outstanding less unrestricted cash) divided by Underlying EBITDA (3) Refer detailed reconciliation on pages 24, 29 & 30 20 FY25 FINANCIAL RESULTS| AUGUST 2025 Café, Coffee, Bakery (CCB) Performed Strongly $366.9m DOMESTIC NETWORK SALES UP 2.0% ON PCP $16.6k AVERAGE WEEKLY SALES UP 5.3% ON PCP 36m $324.9m SAME STORE SALES2 UP 1.1% 461 TRADING OUTLETS DOWN 32 ON PCP, CORE CCB BRANDS DOWN 1 $10.18 CUSTOMER COUNT DOWN 3.3% ON PCP AVERAGE TRANSACTION VALUE UP 5.5% ON PCP $90.9m $25.5m UNDERLYING SEGMENT REVENUE UP 15.8% ON PCP • All core CCB brands were flat or in SSS growth in FY25 • CCB contributes c. 72.6% of Group network sales with higher revenue conversion due to vertical integration of coffee & pies • Core CCB outlets finished the year in line with PCP at 427 which includes the loss of 7 Brumby’s outlets as new outlets opened and the acquisition of CIBO Espresso offset closures. 16 new outlets opened in FY25 which averaged an AWS 21.1% greater than closed outlets4 • CCB Network health improved significantly with AWS across the segment up 5.3% • Beefy’s outperformed with SSS up 5.1% on PCP alongside outlet growth remaining on track to our 50 outlets goal by 2028 • Underlying Revenue & EBITDA for the segment excludes company stores planned to be exited through sale or closure. These stores generated revenue of $25.4m and an EBITDA loss of $1.1m in FY25 • Decision made to explore divestment options for Brumby’s Bakery UNDERLYING SEGMENT EBITDA UP 4.1% ON PCP 1. All figures are for the 52 weeks ending 27 June 2025 compared to PCP 2. For comparison purposes, Same Store network sales as it relates to Beefy’s includes sales from the period 29 June 2023 to 10 December 2023 which was prior to RFG ownership 3. Beefy’s SSS excludes the Gympie outlet which saw a 33% SSS decline following the opening of the Gympie ByPass 4. New stores and closed stores AWS is calculated on full trading weeks. Total CCB closures include 30 low performing stores (defined as <$10k AWS), 22 non-core outlets and 18 other closures. 21 FY25 FINANCIAL RESULTS| AUGUST 2025 Quick Service Restaurants (‘QSR’) Achieve Q4 Growth • Softer conditions in QSR prevailed during Q1 – Q3 before rapid improvement in Q4 with Crust network sales growth of +5.5% as menu innovation resonated with customers and market conditions improved • QSR contributed 27.4% of Group network sales with no vertical integration of product sales into the network and only 4 Company Store operated outlets (1.5% of QSR outlets) resulting in a lower revenue conversion • TRADING OUTLETS1 UP 13 ON PCP A reduction in Pizza Capers outlets (non-core) in FY25 is contributing to the net network sales decline • $44.63 Crust performed well on big sporting events with State of Origin Game 1 delivering network sales growth of 5.0% and Game 2 resulting in growth of 10.8% • Underlying results for QSR exclude company store outlets planned to be exited through sale or closure. These stores generated revenue of $1.1m and an EBITDA loss of $0.5m $138.5m $130.8m $18.3k 261 DOMESTIC NETWORK SALES FULL YEAR DOWN 3.9% CRUST Q4 UP 5.5% AVERAGE WEEKLY SALES DOWN 1.9% 3.1m SAME STORE SALES1 DOWN 3.1% CUSTOMER COUNT DOWN 5.1% AVERAGE TRANSACTION VALUE UP 1.3% ON PCP $11.8m $4.0m UNDERLYING SEGMENT REVENUE DOWN 1.2% ON PCP SEGMENT EBITDA DOWN 11.8% 1. AWS, SSS & Trading outlets metrics for QSR are inclusive of Rack’em Bones BBQ Ribs as this brand operates within an existing Crust outlet 16 FY25 FINANCIAL RESULTS| AUGUST 2025 Income Statement UNDERLYING CONSOLIDATED INCOME STATEMENT FY24 FY25 Underlying Revenue increased 13.6% on PCP with the full year contribution and growth from Beefy’s Pies. Statutory revenue up 8.5% on PCP, a reconciliation is provided on slide 29 NETWORK SALES Change FY24 vs FY25 503.9 505.4 0.3% UNDERLYING REVENUE 102.7 20.3% 13.6% Revenue from corporately operated outlets which will be retained grew $12.8m on PCP primarily driven by growth and a full year contribution of Beefy’s Pies. EBITDA generated from this cohort of outlets to be retained in FY26 was $3.3m 90.4 22.8% Franchise Related Income 48.4 10.7 30.9 0.4 (25.6) (4.4) (21.2) 64.7 44.6 23.5 30.9 3.7 (31.2) (10.4) (20.8) 71.5 70.6% (35.7) (23.6) (4.1) 69.6% (41.9) (23.3) (9.8) 11.4 (19.4) 3.7 (12.6) 29.1 (4.8) (4.2) (4.2) 15.9 5.8 29.6 (5.8) (5.1) (5.3) 13.3 (14.9) $millions • • • • • • Tight cost control ensured minimal change in payroll costs driven by inflation and continued investment in people to help drive growth offset by productivity improvements The Group is head on lease at over 390 locations and management of leases is a core activity for the Group. Lease impairments relate to the release of provisions for onerous leases and rental arrears owed by FPs which have been actively managed down through site exit or brand conversion and re-openings. As forecast, this fell significantly in FY25 as legacy site issues were proactively resolved Underlying EBITDA of $29.6m up 1.7% on PCP, this is reconciled to statutory profit measures on pages 24, 29 & 30 Depreciation & amortisation increased $1.0m primarily driven by the full year consolidation of Beefy’s Pies and corporately operated outlets • Finance costs increased in line with higher borrowings in H2 and costs associated with the additional drawdown • Tax includes deferred tax movements, no material cash tax is payable and the Group has c. $100.8m of Australian tax losses to offset against future profits As % of NS Company Stores Revenue Coffee Revenue Other revenue COGS Company Store COGS Coffee COGS GP GP Margin Expenses Payroll expenses Company Store expenses Lease Impairments Corporate Overheads UNDERLYING EBITDA Depreciation & Amortisation Finance Costs Tax UNDERLYING NPAT Statutory NPAT 21.7% 10.4% 17.5% 1.7% -16.3% -357% 23 FY25 FINANCIAL RESULTS| AUGUST 2025 Reported vs Underlying Results • Refer to detailed reconciliations for FY25 & the PCP on slides 29 & 30 • Underlying Revenue excludes restricted domestic marketing fund revenues and revenues from corporately operated outlets which will transition to Franchise Partners or be exited in FY26 • • • • Underlying EBITDA excludes restricted domestic marketing funds, costs associated with M&A activity, one-off restructuring costs and is inclusive of AASB15 and AASB16 A strategic restructure is underway to either sell corporately operated outlets to Franchise Partners or exit the site to focus resources into growth brands (Beefy’s Pies and Firehouse Subs). Underlying EBITDA excludes provisions to exit the sites including lease and redundancy costs totaling $10.4m and FY25 trading losses of $1.5m. Underlying NPAT excludes noncash PPE impairments of $5.3m in connection with this restructure and depreciation, finance and tax expense incurred in the year of $3.2m Brumby’s Bakery has been assessed against our strategic priorities given the resource requirements for growth in our other brands, and a decision made to explore options for divestment. A non-core, non-cash impairment relating to the Brand Assets and Goodwill of $12.2m has been recognised in FY25 (pre deferred tax) Marketing fund EBITDA represent timing differences between collection and expenditure of marketing levies which are restricted in use for brand marketing activities. This was immaterial in FY25 Statutory to Underlying EBITDA Reconciliation FY24 Statutory EBITDA $21.7m FY25 Statutory EBITDA $15.3m Marketing Fund EBITDA $0.04m M&A Costs $2.3m Company Stores Lease & Other Provisions $10.4m FY25 Underlying EBITDA $29.6m Company Stores Trading EBITDA $1.5m Statutory to Underlying NPAT Reconciliation Company Stores Restructure Total Cost $15.7m FY24 Statutory NPAT $5.8m FY25 Underlying NPAT $13.3m Brumby’s Non-Cash Impairment $9.1m FY25 Statutory NPAT ($14.9)m Other $3.4m 24 FY25 FINANCIAL RESULTS| AUGUST 2025 Financial Position • Cash reserves of $26.0m (FY24: $20.6m) includes $2.5m of restricted cash relating to marketing funds (FY24: $2.3m) • Working capital remained in line with PCP including trade receivables, inventory and payables. • Inventory levels include additional inventory on hand at Beefy’s Pies and green coffee bean raw materials. During FY25 we continue to utilise green bean contracts at pricing locked in below current market rates which helped to offset commodity price fluctuations during the year. • Intangibles includes the goodwill, brand and intellectual property rights associated with our various retail brands. There is no remaining asset value associated with the non-core Michel’s Patisserie, Café2U, The Coffee Guy or Pizza Capers brands. • During the year impairment testing on Brumby’s Bakery (acquired in 2007) resulted in a $12.2m non-cash impairment to the brand value and associated goodwill. • Other current liabilities includes the remaining $2.0m deferred consideration payable on the acquisition of Beefy’s Pies which was paid early in FY26 • Provisions of $10.4m have been recognised in relati