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Key points from Standard Bank's (SBK) 1H26 results presentation

Diluted HEPS increased by 10.6% y-y to 1 594.1cps (1H25: 1 441.5cps). Total net income increased by 4.4% y-y to R98 981m, with NII growth of 3.6% y-y, NIR growth of 8.1% y-y and net income growth from Insurance and Asset Management of -3.3% y-y. Credit impairment charges decreased by 12.3% y-y, while impairment charge-to-net income decreased from 8.6% to 7.2%. Operating costs increased by 4.2% y-y, while operating cost-to-income decreased slightly from 51.0% to 50.9%. PBT margin up by 200bps to 41.1%. Dividend of 902.0cps (1H25: 817.0cps). Credit loss ratio decreased from 0.93% to 0.73%. Net interest margin decreased from 4.89% to 4.72%. Return on equity of 19.8% (1H25: 19.1%). Banking gross loans and advances to customers growth of 4.8% y-y (1H25: 5.8% y-y).

Key points from Weaver Fintech's (WVR) 1H26 results presentation

Diluted HEPS down 10.1% y-y to 255.2cps (1H25: 283.9cps). Revenue increased by 9.6% y-y to R2.8bn, driven by a strong performance in Fintech (+29.9% y-y). Retail GPM up 60bps to 46.8% (1H25: 46.2%). Total expense growth of 20.0% y-y, driven by credit impairment losses rising 44.2% y-y to R1 234m. Expense-to-sales ratio increased from 64.3% to 70.5%. OPM declined by 140bps to 20.3%. No dividend, as the board elected to preserve capital while credit normalises (1H25: 140.0cps). Gross debt up to R4.8bn (1H25: R3.5bn) with net cash increasing to R240m (1H25: R20m). Disbursements growth slowed to 10.0% y-y in the 1H26 (1H25: 30.0% y-y), as credit acceptance rates and limit exposure were deliberately curtailed in 2Q26 in response to the tougher consumer credit environment. Collections were hampered by the change in DebiCheck tracking. Fintech debtor costs up 62.0% y-y to R1 008m. Fintech’s provision rate was raised to 17.3% (1H25: 15.3%) together with R127m of higher write-offs net of recoveries and book sales. The credit loss ratio increased to 24.7% (1H25: 21.2%).

Key points from Nedbank's (NED) 1H26 results presentation

Diluted HEPS increased by 2.3% y-y to 1 803.0cps (1H25: 1 762.0cps). Growth was ahead of headline earnings growth due to the run rate impact of the well-timed share buybacks executed in 2025. Net income before impairments increased by 4.2% y-y to R38 596m, with NII growth of 4.0% y-y and NIR growth of 9.6% y-y. Impairment charge increased by 25.8% y-y, while ECL impairment charge-to-net income increased from 10.3% to 12.4%. Operating costs increased by 3.0% y-y, while operating cost-to-income decreased from 56.9% to 56.2%. PBT margin up by 160bps to 29.6%, largely driven by lower impairment charges on non-financial instruments and other losses. Dividend of 1 052.0cps (1H25: 1 028.0cps). Credit loss ratio increased from 0.81% to 0.95%. Net interest margin decreased from 1.92% to 1.86%. Return on equity of 15.0% (1H25: 15.2%). Banking loans and advances growth of 7.4% y-y (1H25: 6.4% y-y). The group expects the underlying growth momentum across all businesses to continue in 2H26, supporting an improvement in headline earnings growth from the flat outcome reported in 1H26.

Key points from AB InBev's (ANH) 1H26 results presentation

Key points from Mondi Group's (MNP) 1H26 results presentation

Key points from British American Tobacco's (BTI) 1H26 results presentation

Diluted HEPS decreased by 85.5% y-y to 5.4cps (1H25: 37.2cps). Revenue increased by 1.7% y-y to €3 975m, driven by revenue contribution from Schumacher plant acquisitions. GPM decreased by 280bps to 38.2%. Total expenses increased by 30.3% y-y to €1 695m, while expense-to-sales increased from 33.3% to 42.6%. Input costs are higher y-y, impacted by higher energy, raw material, and logistics costs due to the Middle East conflict. They remain above average 1H26 input costs going into 3Q26. OPM decreased from 7.8% to -4.5%. MNP incurred non-cash impairment charges of €296m and restructuring and closure costs of €24m. Dividend of 9.4cps (1H25: 23.3cps). Cash generated from operating activities decreased from €376m to €319m. Gross debt down 0.6% to €2 793m, with net cash decreasing to €152m. The Uncoated Fine Paper segment was combined under Corrugated Packaging. MNP had three further plant closures in April; total closures at six. Four remaining plant closures are expected to be completed by year-end.

Diluted HEPS declined 5.8% y-y 157.9pps (1H25: 167.7pps). Adjusted Diluted EPS increased by 3.5% y-y to 167.7pps Revenue increased by 1.4% y-y to £12 235m. Total expenses increased by 13.8% y-y to £7 969m, while expense-to-sales increased from 58.0% to 65.1%. This was driven by £370m in costs incurred under the Fit2Win program. OPM decreased from 42.0% to 34.9%. Share of results of associates and jv’s decreased from £1.5bn to £189m Dividend of 121.3pps (1H25: 118.9pps). Cash generated from operating activities increased from £2 309m to £3 402m. Gross debt down 0.4% to £35 063m, with net cash decreasing from £4 164m to £2 468m. New Category revenue growth was driven by a strong performance from Modern Oral globally, and a return to double-digit growth in U.S. Vapour. BTI has actively increased investment in key markets in response to heightened competitive activity, including in the U.S., where combustibles volume share has started to stabilise.

Diluted Underlying EPS of USD 2.18 (1H25: USD 1.79). Revenue increased by 11.5% y-y to USD 31.9bn. GPM increased by 110bps to 57.1%. Total expenses increased by 12.5% y-y to USD 9.9bn, while expense-to-sales increased from 30.8% to 31.1%. EBIT% increased by 70bps to 27.2%. Non-underlying net finance costs significantly increased from USD 339m to USD 2.0bn due to mark-to-market gains on derivative instruments. Gross debt down to USD 72.3bn (LY: USD 75.6bn), with net cash increasing to USD 7.6bn (LY: USD 7.1bn). Organic volume growth of +0.8% in HY26, with beer volumes up by 1.2% and non-beer volumes down by 1.5%. Key highlights include: global megabrand momentum outside of their home markets; successful activation of the World Cup across markets, and BEES Marketplace GMV growth of 50% to 1.2bn USD. Expected FY26 net capex of between USD 3.5bn and USD 4bn. ANH expects EBITDA to grow in line with the medium-term outlook of between 4.0%-8.0%.