Key Highlights

  • For FY2026, Collins Foods reported Revenue from continuing operations of A$1,592.6 million, up 8.6% on FY2025's A$1,466.5 million.
  • For FY2026 (year ended 30 June 2026), Retail Food Group reported a statutory net profit after tax of A$1.1 million, reversing a A$14.9 million statutory net loss in FY2025.
  • Lark Distilling is a Tasmania-based single malt whisky producer operating distilleries including Lark, Nant and the Pontville site (acquired in 2021), alongside cellar door and hospitality operations.
  • The three businesses combine different revenue models, Capital needs and execution priorities within the retail sector.

Collins Foods (ASX:CKF), Retail Food Group (ASX:RFG) and Lark Distilling Co. (ASX:LRK) approach FY2027 from different operating positions. Their latest company disclosures show how revenue quality, cash conversion and delivery against announced programs matter more than a shared sector label.

Each company is assessed on its own reporting calendar and Business model. The discussion below retains company-reported financial measures and announced plans while separating those facts from assumptions about future outcomes.

Company Business

Collins Foods Limited (ASX:CKF)

For FY2026, Collins Foods reported revenue from continuing operations of A$1,592.6 million, up 8.6% on FY2025's A$1,466.5 million. Underlying EBITDA rose 6.3% to A$244.5 million and underlying EBIT rose 10.1% to A$130.7 million. Underlying NPAT climbed 13.0% to A$61.4 million, while statutory NPAT rose 280.5% to A$47.1 million (from A$12.4 million in FY2025), the large percentage move reflecting one-off Taco Bell exit costs that weighed more heavily on the prior year. Basic EPS was 52.0 cents, up 12.7%. The continuing-operations EBITDA Margin eased slightly to 15.4% (from 15.7%), while the EBIT margin improved marginally to 8.2%.

Retail Food Group Limited (ASX:RFG)

Lark Distilling Co. Ltd (ASX:LRK)

Lark Distilling is a Tasmania-based single malt whisky producer operating distilleries including Lark, Nant and the Pontville site (acquired in 2021), alongside cellar door and hospitality operations. It reports on the standard Australian financial year, with FY2026 covering the twelve months to 30 June 2026. Lark is best understood as a premium spirits and hospitality Brand rather than a restaurant business, another instance where this article's "restaurant" framing is a loose fit for one of its three subjects.

Financial Performance

Collins Foods Limited (ASX:CKF)

For FY2026, Collins Foods reported revenue from continuing operations of A$1,592.6 million, up 8.6% on FY2025's A$1,466.5 million. Underlying EBITDA rose 6.3% to A$244.5 million and underlying EBIT rose 10.1% to A$130.7 million. Underlying NPAT climbed 13.0% to A$61.4 million, while statutory NPAT rose 280.5% to A$47.1 million (from A$12.4 million in FY2025), the large percentage move reflecting one-off Taco Bell exit costs that weighed more heavily on the prior year. Basic EPS was 52.0 cents, up 12.7%. The continuing-operations EBITDA margin eased slightly to 15.4% (from 15.7%), while the EBIT margin improved marginally to 8.2%.

By segment, KFC Australia grew to 295 restaurants (up seven), with revenue up 7.6% to A$1,241.3 million and same-store sales up 2.7% (against 0.3% in FY2025); restaurant-level EBITDA rose 6.2% to A$260.5 million, though the margin dipped 26 basis points to 21.0%. KFC Europe (Netherlands and Germany) grew revenue 12.5% (7.0% constant currency) to A$351.3 million across 80 restaurants, with EBIT more than doubling to A$14.9 million and the EBIT margin expanding to 4.2%. Germany was the standout, with same-store sales of 3.7% (against a 3.3% decline in FY2025), while the Netherlands posted flat same-store sales of 0.0% but improved restaurant EBIT margins to 8.5% and a small market-share gain to 9.2%.

Retail Food Group Limited (ASX:RFG)

For FY2026 (year ended 30 June 2026), Retail Food Group reported a statutory net profit after tax of A$1.1 million, reversing a A$14.9 million statutory net loss in FY2025. Underlying revenue was A$99.6 million, down about 3%, while underlying EBITDA fell 31.4% to A$20.3 million (from A$29.6 million) and underlying NPAT declined 41.8%. Domestic network sales — total sales generated across franchised outlets, distinct from RFG's own franchisor revenue — were A$489.5 million, down 3.1%, with same-store sales down modestly (around 0.7–0.8% for the year). The domestic outlet network stood at roughly 665 locations, down 29 in the second half alone, as six new openings were outweighed by 35 closures of underperforming or non-core sites. Executive Chairman Peter George described second-half underlying EBITDA of A$11.1 million as "an Earnings inflection point," attributing it to cost-transformation savings of A$2.3–2.5 million in FY2026, ahead of an original A$1.2–1.8 million target.

RFG's core brand portfolio includes Gloria Jean's Coffees, Donut King, Brumby's Bakery, Michel's Patisserie, Crust Gourmet Pizza and Beefy's Pies, alongside the newly acquired Firehouse Subs master franchise, which opened its first Australian restaurant at Mt Gravatt, Queensland, in mid-2026, with four Firehouse Subs sites targeted by December 2026 and 15 by end-FY2027. Pizza Capers was retired from the network in June 2026 as part of ongoing brand rationalisation. Following a A$12.2 million non-cash Impairment against Brumby's Bakery in FY2025, RFG has also flagged plans to transition corporately operated stores — including some Brumby's sites — to Franchise ownership or exit them, as part of simplifying its owned-store footprint. In a significant Leadership change, chief executive Matt Marshall stepped down in September 2025; chairman Peter George became executive chairman to lead a global search for a permanent CEO, which had not concluded as at this article's cut-off.

Lark Distilling Co. Ltd (ASX:LRK)

Lark reported FY2026 sales revenue of A$19.701 million, up 14.7% on FY2025's A$17.169 million, but a statutory net loss after tax of A$39.960 million, up sharply (253%) from an A$11.319 million loss in FY2025. Gross Profit was slightly lower at A$9.876 million (from A$10.049 million), and operating EBITDA — stripping out non-cash items — was negative A$4.5 million, which the chair attributed to continued Investment in sales, Marketing and international expansion. The bulk of the enlarged statutory loss reflected two non-cash items: a A$20.7 million Goodwill impairment relating to prior acquisitions, and a A$15.5 million write-down primarily against the "Shene" whisky bank acquired via the 2021 Pontville distillery purchase, which the company said carried a higher cost base than whisky produced in-house. Net tangible assets per security fell to 68.98 cents, from 88.03 cents a year earlier. No Dividend was paid, recommended or declared during FY2026.

Sector Context

The companies serve different parts of the retail economy, so their revenue and cost structures are not directly interchangeable. Contract duration, recurring income, customer concentration, Capital Expenditure and Acquisition accounting can materially change how headline growth appears in each set of accounts.

A useful comparison therefore starts with the source of revenue and the cash required to support it. Reported guidance remains conditional on management execution, customer activity and the timing of announced projects or integrations.

Risks to Consider

Collins Foods Limited (ASX:CKF)

Execution against announced programs, customer concentration and cost control remain the main variables to monitor.

Retail Food Group Limited (ASX:RFG)

The central uncertainties concern delivery timing, margin discipline and whether expected project or acquisition benefits emerge as planned.

Lark Distilling Co. Ltd (ASX:LRK)

Future results may be affected by customer activity, integration demands, funding requirements and changes in the company’s operating mix.

What to Watch Next

Collins Foods Limited (ASX:CKF)

At its 1 September 2026 AGM, Collins Foods outlined the rollout of "Kwench by KFC," a non-traditional format, alongside its "Supercharge" remodelling program of dual-lane drive-throughs and revised kitchens. It completed an eight-restaurant Munich acquisition on 1 June 2026 — not reflected in FY2026 results — and signed development agreements targeting 45 to 90 additional European restaurants by FY2030, while restructuring its Netherlands corporate franchise agreement with Yum! to improve long-term unit economics. An FY2027 trading update for the first eight weeks showed Australian same-store sales of 4.0% and total sales up 6.7%, while Germany's total sales rose 26.4% (aided by Munich) but same-store sales fell 7.2%, and the Netherlands saw total sales down 5.2% and same-store sales down 7.8% — early European softness even as Australia improved.

Management has guided to FY2027 capex of roughly A$80–100 million, covering continued Kwench rollout, 7–10 new Australian restaurants and European expansion (around A$20 million, plus roughly A$3 million of incremental overhead to accelerate the German pipeline). The divergence between resilient Australian trading and softer early-FY2027 European trends could remain in focus, as could cost inflation, which management describes as flat-to-modest in Australia but deflationary in parts of Europe, against elevated labour cost growth generally.

Retail Food Group Limited (ASX:RFG)

RFG has not paid a dividend since 2017, and none was declared for FY2026. It refinanced its Debt Facility with Washington H Soul Pattinson and Company Limited (WHSP) in February 2026 to approximately A$41.2 million; unrestricted cash at 30 June 2026 was about A$14.4 million. The 2024 name-change proposal, share consolidation and debt refinancing together reflect a company still working through years of earnings Volatility and network contraction, rather than untroubled growth.

The return to a small statutory profit and an improved second-half EBITDA run-rate may be watched as an early signal of whether RFG's cost-transformation program (targeting a further A$5–7 million of savings in FY2027) can offset continued network attrition and soft discretionary café and bakery spending. The pace and success of the Firehouse Subs rollout, progress in finding a permanent CEO, and further store-network rationalisation could all remain relevant through the rest of 2026.

How to Read the Current Position

The clearest assessment will come from subsequent company reporting. Revenue should be read alongside margins and cash flow, while acquisition-led growth should be distinguished from organic activity. Guidance and longer-term targets are company objectives rather than assured outcomes.