Endeavour Drinks Hotel Strategy Day highlighted a clear focus on efficiency at scale and refurbishment of its hotels. The business had lacked that focus under Woolworths ownership and the initiatives should lift earnings. Patience is required as the benefits will flow from FY26e onwards. The detailed financial scorecard disclosed by the company is also a big step forward in accountability. We still incorporate a risk to earnings from regulatory changes. While the exact form is not clear, on a 3-5 year horizon, there could be a hit to Hotel earnings.