Australian Retail & Consumer Sector: Jul-26 Store Network Tracker in the Australian Retail & Consumer Sector

Research evidence excerpt

Australian Retail & Consumer Sector: Jul-26 Store Network Tracker in the Australian Retail & Consumer Sector

Global Research

20 July 2026ab

Australian Retail & Consumer Sector Equities

AustraliaJul-26 Store Network Tracker in the Australian

Retail & Consumer Sector Retail

Shaun Cousins

Analyst

shaun.cousins@ubs.com

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

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

of store rollouts across DMP, GYG, LOV and UNI, where net store growth is a key feature Analyst

of 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$22.00/share price target zack.pontey@ubs.com

DMP store network is 3,472 as at 15-Jul-26, down 46 stores since 1H26, reflecting the +61-2-9324 2475

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

1,268 (-19 since 1H26), Europe 1,318 (-25 since 1H26). UBSe FY26E store network Associate Analyst

3,482 vs Visible Alpha (VA) 3,510. DMP provided the following outlook at its 1H26 stephanie.la@ubs.com

result: reiterated FY26E underlying NPAT to be above then Visible Alpha NPAT (A +61-2-9324 2655

$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 &