Australian Retail & Consumer Sector "May-26 Store Network Tracker in the..."

Research evidence excerpt

Australian Retail & Consumer Sector "May-26 Store Network Tracker in the..."

Global Research

15 May 2026ab

Australian Retail & Consumer Sector Equities

AustraliaMay-26 Store Network Tracker in the Australian

Retail & Consumer Sector Retail

Shaun Cousins

Analyst

shaun.cousins@ubs.com

Australian Retail & Consumer Store Network Tracker - May 2026 +61-2-9324 3844

UBS May-26 Australian Retail & Consumer Store Network Tracker monitors the progress James Meares

of store roll-outs across DMP, GYG, LOV, UNI, where net store growth is a key feature of Analyst

the investment thesis. The note utilises data available from the respective companies' james.meares@ubs.com

websites, compiled together to show the trajectory of store/restaurant networks on +61-29-324 3575

both a financial year and intra-period basis. Zack Pontey

Associate Analyst

DMP - Buy rated, A$24.00/share price target zack.pontey@ubs.com

DMP store network is 3482 as at 15-May-26, down 36 stores since 1H26, reflecting the +61-2-9324 2475

priority on franchisee & DMP profitability. By division: ANZ 886 (-2 since 1H26), Asia

1276 (-11 since 1H26), Europe 1320 (-23 since 1H26). UBSe FY26E store network 3515

vs Visible Alpha 3524. DMP provided the following outlook at its 1H26 result: reiterated

FY26E underlying NPAT to be above then Visible Alpha (VA) NPAT (A$118.7m) as made

at its 2025 AGM; additional ~A$15-25m of cost savings, on top of initial A$60-70m

(reduced headcount, lower food & packaging costs [SKU simplification & streamlined

pizza boxes]), with franchisees to receive 2/3 of these savings; 1st 8wks 2H26E SSSg -

7.2% (+1.5% 1st 7wks pcp), negatively impacted by weather in NED & GER, later

Chinese NY, and the planned reduction in deep discounts (0% SSSg wk end 22-Feb-26).