Diluted headline loss per share of 60cps (1H25: 136cps) as headline loss reduced by 45.3% y-y. No dividend declared.
Turnover growth +4.9% y-y with like-for-like growth of 4.7% y-y.
Boxer growth strong at 13.9% y-y while PnP sales +0.1% y-y. Rest of Africa down -6.3% y-y due to Namibia franchise termination.
GPM improved from 17.9% to 18.2% due to lower waste, better category management and logistics efficiencies. Offset by reduced
margin on sales to franchisees.
PnP expenses increased by 0.9% y-y with the expense-to-sales ratio increasing from 22.0% to 22.2%.
Group operating margin improved from 0.1% to 0.5%, with PnP at -1.7% and Boxer at 4.1%.
Cash of R5.7bn (1H25: R3.7bn) while gross debt dropped from R6.0bn in 1H25 to R650m in 1H26, following restructure in 2H25.
PnP LFL sales in first 6 weeks of 2H26 in line with 1H26. PnP trading loss to continue as corporate supermarket LFL sales growth lags
LFL operating cost growth. FY26 trading loss expected to be broadly in line with FY25.
