Endeavour Group will hold a strategy day on 27 May 2026. While a good opportunity to hear about its focus and meet new management, we expect the strategic pillars to be about improving its price position in Dan Murphy’s and cutting costs, both largely known topics. We wonder about the future of Pinnacle Drinks and see upside from a shift in range towards RTDs. Hotels refurbishments will be a feature with a higher frequency needed. We think the strategy day is unlikely to reveal much new, and puts the focus on a) liquor industry demand growth and b) the execution of its strategy.