Diluted HEPS up 2.4% y-y to 1 412cps, but adjusted for NKD transaction costs, dHEPS +8.0% y-y. NKD acquisition is effective post year-end on 31 March 2026.
Turnover growth +4.3% y-y, with comp sales +1.1% y-y.
GPM improved by 70bps to 40.9% despite a highly promotional market.
Expenses-to-sales ratio increased from 28.8% to 29.3% with expense growth of 6.0% y-y (4.2% y-y excl NKD acquisition costs).
Operating margin stable at 14.7%. Normalised margin up 50bps.
Capex of R1.1bn, with capex-to-sales rising from 2.0% to 2.5%.
Strong cash position up from R4.1bn to R11.7bn, boosted by R7bn new debt raised to pay for NKD post year-end. Net cash R4.7bn.
Dividend of 916cps (FY25: 897cps) on stable cover of 1.5x.
Outlook: Trading in April was challenging, but improved in May and early June.
Capex forecast for FY27 R1.1bn with 180 new stores planned for MRP SA; NKD capex of EUR24m with 150 new stores.
