Core Brands: Positive Underlying Trading Signals
Core brands network sales +0.8%, same-store sales +0.2% and core brand average weekly sales +0.9%, demonstrating improving network quality and underlying brand resilience despite a reduction in store numbers.
Beefy's Strong Network Performance
Beefy's Pies delivered 19% network sales growth and 4.6% same-store sales growth in H1, with network average weekly sales of $28,000. Brand expansion and product innovation (e.g., Aussie Roast Lamb Pie >15,000 units sold) remain growth levers.
Gloria Jean's Glorange Refresh Early Success
Refurbished Glorange outlets recorded sales uplifts of +31% (Goulburn) and +25% (Robina); a new Gloria Jean's store (Shepparton) is trading +24% above the network average (ex-drive-thru). Five further refreshes planned in H2.
Product Innovation Driving Sales for Donut King and Crust
Donut King's premium Christmas program lifted campaign performance +15% and premium donut category +14%. Crust launched 5 new summer flavours generating >$1.0M incremental product sales (following prior meat deluxe $1.3M uplift in FY25).
Refinancing Provides Balance Sheet Certainty
Post-period refinancing completed: new $41.2M facility with WH Soul Pattinson (matures 31 Aug 2027) with an additional $7.5M drawdown capacity to support strategic priorities, providing short-term funding certainty.
Transformation / Cost-Out Program Progress
Transformation program (cost rationalization, operational enhancement, structural alignment) has delivered a current year cost reduction run rate of $1.2M–$1.8M already and targets ~$5.7M–$7.0M of annualised savings in FY27 (management also referenced $5.0M–$7.0M as a FY27 objective).
Company Store Strategy Progress
70% of the 50 targeted company-store transitions/exits are agreed or complete, progressing the company store reset designed to improve network quality and future cash flow.
International and Supply-Chain Advances
Turkiye international supply hub is now operational, expected to improve service levels, purchasing compliance and unlock freight options across the region; international outlets stable at 528 and management sees material upside for international EBITDA contribution long-term.
Firehouse Subs Rollout on Track
Progress on supplier selection, store design and marketing with target to open the first Australian Firehouse Subs restaurant in Q4 FY26; 20-year development agreement targets 15 company stores in first 3 years (RFG expects about half of that by end FY27).
Maintained FY26 Underlying EBITDA Guidance
Management reiterates FY26 underlying EBITDA guidance of $20.0M–$24.0M, implying a material improvement in H2 versus H1 performance.