Collins Foods Ltd. (CKF.AX): What to look for in next Tuesday‘s FY26 result

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Collins Foods Ltd. (CKF.AX): What to look for in next Tuesday‘s FY26 result

Collins Foods Ltd. (CKF.AX)

24 June 2026 Citi Research

Competitive landscape. McDonald’s recent quarterly revealed its Australian resurgence is continuing with a 2nd subsequent

quarter of mid-to-high single digit comp growth and third consecutive quarter of market share gains. Yum!’s 1Q result revealed

KFC Australia has remained resilient through to 31 March 2026, but we would be interested to see whether Collins has been

impacted thereafter. We are also interested to learn what impact new and emerging competitors such as El Jannah, Gami, Nene

might be having on Collins.

SSS outlook. Australian momentum softened marginally at the last update on 11 March 2026 with SSS of 3.1% of the last 14

weeks, down from 3.6% in the first 7 weeks of 2H26. Subsequent to this update there have been two interest rate rises in

Australia (17 March and 5 May) which would have put pressure on the consumer. Our 2H26 Australian SSS is 3.2%.

Germany update. We would like to know how the new acquisition of 8 restaurants in Bavaria has been integrated and how

rollout plans are evolving now that Collins has a third state to open stores in. Collins’ new Germany rollout target is 45 to 90

new restaurants (CitiE: 67) over the coming 4 years. We would also like to know how synergies of central costs between Bavaria

and Baden Württemberg are playing out.

KFC brand relaunch. How will Yum!’s global brand relaunch of KFC impact Collins from an opex and capex perspective.

GLP1s. The drums continue to beat louder around the GLP1 impact on quick service restaurants. We expect the better QSR

operators to evolve by focusing more on portion sizing, protein content and packaging. The rollout of KWENCH beverages