Diluted HEPS 24.4cps (+4.3% y-y).
Net turnover increased by 5.3% y-y to R3 122m. Rooms revenue increased by 4.3% y-y to R2 034m. Food and beverage revenue increased by 6.2% y-y to R807m.
Expenses increased by 7.7% y-y, with expenses-to-sales increasing from 81.5% to 83.4%.
OPM decreased by 190bps to 16.6%. No dividend (1H25: nil).
Finance costs declined to R101m (1H25: R161m), reflecting lower debt levels. Gross debt declined from R1.5bn to R1.1bn.
Cash generated from operating activities up from R421m to R512m.
Occupancy rate improved from 58.9% to 59.1%.
Average room rate increased by 3.8% y-y to R1 385.
Elevated capex levels due to major refurbishments at several hotels.
On 30 September 2025, the group successfully refinanced its debt package into two-year revolving credit facilities maturing on 30 September 2027, with an option to extend for a further 12 months to 30 September 2028.