Endeavour Group reported 3Q25 sales down 1.7%. The Retail division shrank further, while Hotels had a good quarter. The good news for the company and shareholders is the decline in retail sales should now be over. We forecast Retail comp growth of 2.1% for 4Q25e and 3.0% for FY26e. Hotels should see stronger growth, but investors should factor in an earnings dip associated with cashless gaming in Victoria from the end of 2025.