Diluted HEPS from continuing ops of 709cps (+7.9% y-y).
Turnover growth +7.2% y-y, with Checkers +8.9% y-y, Shoprite +4.4% y-y, Usave +4.5% y-y, Liquor +11.1% y-y, Non-SA +12.1%.
GP margin down 10bps from 23.9% to 23.8%, due to SHP’s “commitment to affordability”.
Expense growth of 6.6% y-y, with staff costs +8.6% y-y. The expense-to-sales ratio decreased from 19.9% to 19.8%.
Trading margin unchanged at 5.7%.
Dividend 307cps (1H25: 285cps) on dividend cover of 2.3x.
Strong cash growth with net cash of R15.0bn (1H25: R5.4bn) and gross debt at R6.7bn (1H25: R5.8bn). Impacted by earlier cut-off before creditor payments, and prior year Pingo acquisition (R500m) and share buybacks (R1bn).
Capex intensity eased to 2.9% (1H25: 3.3%).
Sales growth in the first month of 2H26 for SHP SA was +7.5% y-y with inflation at 0.7% (LY: 3.1%). Low single-digit selling price inflation is likely to be sustained.
