Cashbuild (CSB) 1H25 – Results Snapshot

Diluted HEPS 570.2cps (+3.6% y-y).
Revenue up 5.3% y-y to R6 093m. Revenue from existing stores increased by 4% y-y, and the nine new stores contributed 1% y-y growth.
GPM down 40bps to 24.3%.
Expenses well controlled, down 5.7% y-y, with expense-to-sales ratio down from 24.0% to 21.5%.
OPM expanded by 190bps to 2.8%.
Dividend of 326.0cps (1H24: 325cps).
Cash and cash equivalents increased by 20% y-y to R1 909m.
Stock levels, including new stores, have decreased by 1% y-y.
During the period, CSB opened three new stores, closed seven underperforming stores, refurbished 14 stores and relocated one store.
Selling price inflation was 1.5% at the end of the period.