Boxer Retail (BOX) Trading Update summary

Trading performance

• Turnover grew 12.1% and like-for-like sales increased 3.9% for the 17 weeks ended 29 June 2025, showing improvement over previous periods.

• Consistent market share gains were achieved, with positive trends as the high base from early FY25 normalises.

• Internal food inflation was -0.6% on a volume-held-constant basis, reflecting a further reduction from prior periods.

• Volume-held-constant inflation for FY22, FY23, and FY24 was 4.2%, 10.1%, and 3.1% respectively.

Strategic outlook and store expansion

• On track to meet low-teens FY26 turnover growth objective, supported by like-for-like momentum and store rollout.

• Seven Superstores and ten liquor stores opened in the first four months of FY26.

• Store rollout targets for FY26 remain on track, with current visibility supporting guidance.

• Confident in FY26 gross margin outlook despite margin management challenges in a low inflation environment.

Financial reporting and forward-looking statements

• Financial information is unaudited and based on the Board's responsibility.

• Pro forma turnover growth figures are for illustrative purposes and may not fairly present financial position.

• Forward-looking statements reflect current Board views and are subject to risks and uncertainties.