Interim report
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Contents Review of operations 1 Cash dividend declaration 5 Group statement of comprehensive income 6 Group statement of financial position 7 Group statement of changes in equity 8 Group statement of cash flows 9 Notes to the financial information 10 Pro forma financial information 15 Additional information 16 Number of stores 17 Corporate information 18 Review of operations Cash dividend declaration Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial information Additional information UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 26 WEEKS ENDED 30 AUGUST 2026
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Review OF OPERATIONS Unaudited financial results for the 26 weeks ended 30 August 2026 26 weeks to 26 weeks to 30 August 2026 31 August 2025 H1 FY27 H1 FY26* % Change Turnover R24.1 billion R22.7 billion 6.3 % Trading profit R1 006 million R931 million 8.1 % Trading profit margin 4.2% 4.1% Profit before tax before capital items R774 million R700 million 10.6 % Headline earnings R565 million R518 million 9.1 % Headline earnings per share 124.83 cents 114.28 cents 9.2 % Dividend per share - cents 49.93 cents 45.30 cents 10.2 % * H1 FY26 Turnover restated to now include certain items previously recognised within cost of goods sold (COGS). H1 FY26 trading profit is not impacted. Highlights • 600th Boxer store opened • Turnover growth of 6.3% with implied like-for-like volume growth of 3.8% • Other income up 34.7% year-on-year, driven by B-Inside data insights growth and B-Media retail media launch • Trading profit growth of 8.1% with the trading profit margin up 0.1% year-on-year to 4.2% • Profit before tax and capital items up 10.6% to R774 million • Net cash (excluding lease liabilities) of R2.3 billion, up from R0.7 billion at 1 March 2026 • Interim dividend declared of 49.93 cents/share, at a pay-out ratio of 40.0% of headline earnings per share Introduction Despite facing a challenging H1 FY27 trading environment, characterised by a constrained consumer and continued selling price deflation, Boxer produced credible 10.6% growth in profit before tax and capital items, as a result of firm control of its operational levers. Boxer continued to invest in price through the period, staying true to its vision of being the People’s Champion by bringing lower prices to customers. For the 26 weeks ended 30 August 2026 (H1 FY27), Boxer turnover grew 6.3% to R24.1 billion. Trading profit increased 8.1% to R1 billion, at a trading margin of 4.2%, a 0.1% increase vs. H1 FY26. The trading profit margin expansion achieved in the context of moderate turnover growth was the result of 0.5% gross profit margin expansion together with exceptional other income growth of 34.7%. Profit before tax and capital items grew 10.6% to R774 million, above the rate of trading profit growth. This was the consequence of net finance charges increasing just 0.4% year-on-year due to reduced balance sheet leverage. H1 FY27 headline earnings increased 9.1% to R565 million, while HEPS increased 9.2%, approximately in line with headline earnings growth. Operational performance review Turnover Turnover growth for the period was 6.3%, including like-for-like sales growth of 1.4%. The turnover growth moderation vs. the 10.9% growth reported for H2 FY26 was the consequence of a further reduction in selling price inflation and increased economic pressure on the consumer, particularly following the fuel price increases from early May 2026. Boxer's market sha re continued to increase ove r H1 FY27, based on Boxer's calculations using data reported by NielsenIQ1. Boxer opened 24 new stores during the interim period, including 9 Boxer Superstores and 15 Boxer Liquor. The 24 net new stores opened in H1 FY27 are slightly ahead of the 22 net new stores opened in H1 FY26. On a rolling 12-month basis, the estate increased by 53 net new stores since H1 FY26. H1 FY27 internal selling price inflation was -2.4%, as measured on a volume-held-constant basis. This represented a further softening vs. the -0.7% and -1.6% reported for H1 FY26 and H2 FY26 respectively. Boxer’s H1 FY27 selling price inflation was well below Statistics SA food and non-alcoholic beverage inflation for the 6 month period of +2.0%, reflecting both Boxer’s continued price investment for its customers and the skew towards commodities in the Boxer turnover mix. Boxer produced implied like-for-like volume growth (like-for-like sales growth less internal selling price inflation) of 3.8% for the period, showing that the company’s value proposition continues to resonate with its customers. Store estate – number of stores H1 FY27 FY26 H1 FY26 6-month net additions 12-month net additions Total stores 600 576 547 24 53 Superstores 347 338 327 9 20 Liquor 221 206 189 15 32 Build 32 32 31 0 1 Liquor stores as a % of Superstores 64% 61% 58% 1 Boxer's calculations based in part on data reported by NielsenIQ through its Retail Index Service for FMCG, for the period week ending 08/03/2026 to week ending 30/08/2026, Modern Trade. (Copyright © 2026 NielsenIQ.) Review of operations Cash dividend declaration Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial information Additional information UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 26 WEEKS ENDED 30 AUGUST 2026 1
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Review OF OPERATIONS continued Gross profit The gross profit margin expanded to 20.7% from a restated 20.2% in the previous comparable period. Gross margin accretion was the net result of margin pressures (reduced point-of-sale margin delivering more value to customers and increased transport costs due to diesel price hikes) being more than offset by margin gains (strong margin mix management and economies of scale). Boxer’s relatively low gross profit margin within the context of South African food retail peers is testament to the great prices the Group delivers to its customers every day. Other trading income Commissions and other income increased 34.7% year-on-year to R260 million, increasing to 1.1% of turnover from 0.9% of turnover in H1 FY26. Overall performance was driven by moderate continued growth in value added services, an increased contribution from the B-Inside supplier portal (launched in FY26), and an initial contribution from the B-Media retail media offering, launched in early FY27. Trading expenses Trading expenses increased 10.2% to R4.2 billion. Trading expense growth was primarily driven by new store roll-out, with the total number of stores in the estate increasing by 9.7% vs. H1 FY26. Other important contributors to trading expense growth in the period were energy costs and increased advertising expenditure. Employee costs – Increased 9.1% to R1.8 billion, driven by employee growth, above-inflation wage increases, and share-based payments. Occupancy costs – Increased 7.3% t o R680 million, driven by annual lease escalations, store roll-out and security costs. Occupancy cost was impacted by a R27 million IFRS 16 profit on termination of leases, vs. R13 million in H1 FY26. Operations costs – Increased 12.0% to R1.3 billion, driven primarily by energy costs (electricity and diesel), PPE depreciation and IT expenditure. Merchandising and administration costs – Increased 14.2% to R425 million. Expense growth in the period was driven by increased advertising expenditure related to promotions and B-Media’s Nyama Battle television programme, and to a lesser extent by increased credit and debit card commissions, in line with cards accounting for an increased proportion of customer payments. Trading profit Trading profit increased 8.1% to R1.0 billion, at a trading margin of 4.2%. The high growth in commissions and other income, together with gross profit margin accretion, more than offset the margin dilution impact of trading expense growth as discussed above. Rm H1 FY27 H1 FY26 % change Turnover 24 094 22 656 6.3 Gross profit 4 978 4 580 8.7 Other trading income 260 193 34.7 Trading expenses (4 232) (3 842) 10.2 Trading profit 1 006 931 8.1 Gross profit margin 20.7% 20.2% Trading profit margin 4.2% 4.1% Net finance costs Net finance costs, including implied interest charges under IFRS 16, increased 0.4% to R232 million. Funding interest – Net funding interest received of R30 million for H1 FY27 represented a R32 million positive swing from the R2 million net interest paid in H1 FY26. This was the result of Boxer paying down the remaining portion of its long-term debt during the period, and increased average cash on hand during the period. IFRS 16 Lease interest – Lease liability interest increased 14.4% to R262 million, driven by store openings, lease renewals, and the mechanics of IFRS 16, whereby lease interest expense is disproportionately higher on the commencement of new leases. Review of operations Cash dividend declaration Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial information Additional information UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 26 WEEKS ENDED 30 AUGUST 2026 2
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Review OF OPERATIONS continued Profit before tax before capital items Profit before tax before capital items increased 10.6% year-on-year to R774 million, due to the combined impact of the 8.1% trading profit increase and the approximately flat net finance charge. Tax Boxer’s effective tax rate for the period was 27.0% (26.2% in H1 FY26) in line with the South African corporate tax rate. Earnings per share Headline earnings increased by 9.1% to R565 million. Headline earnings per share (HEPS) – All impairment losses and other capital items are excluded from the calculation of Headline earnings per share. HEPS increased 9.2% to 124.83 cents per share. Earnings per share (EPS) – All items of a capital nature, including impairments, are included in the calculations of Earnings per share. EPS increased 13.1% to 125.28 cents per share. Financial position review Gearing Boxer had net cash (excluding lease liabilities) of R2.3 billion at H1 FY27 period-end, versus R709 million at FY26 period-end. Boxer paid down the final R200m of its long-term debt during the period. Including R5.4 billion of lease liabilities (up 8.4% year-on-year), Boxer had net debt of R3.1 billion at period end. Cash and cash equivalents 2 029 538 1 430 Long-term bank debt – (200) (650) Net amounts owed by Pick n Pay* 282 371 346 Net cash excluding lease liabilities 2 311 709 1 126 Lease liabilities (5 361) (5 271) (4 946) Net debt including lease liabilities (3 050) (4 562) (3 820) Rm H1 FY27 30 August 2026 FY26 1 March 2026 H1 FY26 31 August 2025 * Amounts owed by Pick n Pay relate to outstanding overnight settlements of operational cash flows which result from the sharing of payments system infrastructure. Working capital Working capital released R1.3 billion of liquidity during the interim period. Inventory increased by 16.0% vs. H1 FY26 (and 2.6% vs. FY26 year- end). Trade and other payables increased by 7.6% vs. H1 FY26 (and 25.2% vs. FY26 year-end). The working capital liquidity release was partly the result of a payables timing difference at period end as well as normal H1/H2 seasonality, whereby working capital tends to release liquidity in H1 and absorb liquidity in H2. Capital investment Capital investment for the period totalled R320 million, a 40.6% decline vs. the R539 million investment in H1 FY26, but approximately in line with the R310m H1 FY25 capital investment. The lower capital investment relative to H1 FY26 was due to the non-repeat of the R115 million supply chain investment for the fit-out and equipment costs of the Tongaat DC incurred during H1 FY26. Capital investment guidance for FY27 is unchanged at approximately R1.1 billion. Review of operations Cash dividend declaration Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial information Additional information UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 26 WEEKS ENDED 30 AUGUST 2026 3
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Review OF OPERATIONS continued Cash dividend declaration The Board has declared an interim dividend of 49.93 cents per share. This amounts to a payout ratio on headline earnings per share of 40.0%. The dividend will be paid on 7 December 2026. Please refer to the cash dividend declaration included with this announcement for detailed information. Outlook Boxer’s H2 FY27 and FY28 store opening pipeline is well developed. The Group is on-track to achieve its target of opening 60 new stores for full year FY27, which will support turnover growth from new stores in the second half and beyond. As at 30 September 2026, Boxer had opened 32 new stores year-to-date, up from 24 at the end of H1. Trading momentum improved somewhat during the four weeks post period-end. Boxer anticipates an improved H2 FY27 from a turnover perspective given better recent trading and the relatively soft base from November and December 2025. A note of caution is, however, warranted: trading visibility is currently low given macroeconomic risks and the uncertain short term outlook for food inflation. While the gradual food inflation rise that Boxer had anticipated for FY27 has not yet materialised, the Group continues to expect a food inflation uplift, albeit delayed vs. our previous expectation. Selling price inflation for September 2026, at -2.1%, was higher than the -2.4% H1 FY27 aggregate, and above the -3.1% recorded for August 2026. Elevated oil and diesel prices continue to impact Boxer’s customers and also our cost base. Notwithstanding these very real challenges, as in the first half of the year, Boxer endeavours to continue to manage its Income Statement levers to deliver a satisfactory result for full year FY27. Boxer remains resolutely focused on execution to capture its substantial long-term structural growth opportunity, and this remains management’s primary focus irrespective of economic conditions. Sean Summers Marek Masojada Chair Chief Executive Officer 8 October 2026 Review of operations Cash dividend declaration Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial information Additional information UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 26 WEEKS ENDED 30 AUGUST 2026 4
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Cash dividend DECLARATION Tax reference number: 9304/920/25/0 Number of shares in issue: 457 407 408 The Board has declared an interim gross dividend (number 3) of 49.9320 cents per share out of income reserves. The dividend declared is subject to withholding tax at 20% . The tax payable is 9.9864 cents per share, resulting in shareholders who are not exempt from dividends tax with a net dividend of 39.9456 cents per share. The key dates in respect of the dividends are as follows: Declaration date Thursday 8 October 2026 Last day to trade (CUM Dividend) Tuesday 1 December 2026 Ex-Dividend date Wednesday 2 December 2026 Record date Friday 4 December 2026 Payment date Monday 7 December 2026 Share certificates may not be dematerialised or rematerialised between Wednesday, 2 December 2026 and Friday, 4 December 2026 both days inclusive. Review of operations Cash dividend declaration Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial information Additional information UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 26 WEEKS ENDED 30 AUGUST 2026 5
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Group statement of COMPREHENSIVE INCOME Restated* Unaudited Unaudited Audited 26 weeks to 30 August 2026 26 weeks to 31 August 2025 52 weeks to 01 March 2026 Note Rm Rm Rm Revenue 2 24 393 22 892 47 139 Turnover 2 24 094 22 656 46 682 Cost of merchandise sold (19 116) (18 076) (36 610) Gross profit 4 978 4 580 10 072 Other trading income 2 260 193 390 Trading expenses (4 232) (3 842) (7 824) Employee costs (1 839) (1 686) (3 400) Occupancy costs (680) (634) (1 293) Operations costs (1 288) (1 150) (2 356) Merchandising and administration costs (425) (372) (775) Trading profit 1 006 931 2 638 Finance income 2 39 43 67 Finance costs 3 (271) (274) (549) Profit before tax before capital items 774 700 2 156 Profit/(loss) on capital items 3 (20) (44) Profit/(loss) on disposal of assets 17 (15) (13) Loss from impairments of property, plant and equipment and intangible assets (8) (5) (16) Loss from impairment on right-of-use assets (6) – (15) Profit before tax 777 680 2 112 Tax (210) (178) (556) Profit for the period 567 502 1 556 Other comprehensive income, net of tax Items that may be reclassified to profit or loss 1 – (2) Movement in cash flow hedge 1 – (2) Total comprehensive income for the period 568 502 1 554 Earnings per share Cents Cents Cents Basic earnings per share 4 125.28 110.75 343.50 Diluted earnings per share 4 123.98 109.75 340.19 * In line with the restatement presented in the Group Annual Financial Statements for the 52 weeks ended 01 March 2026, the Group Condensed Interim Financial Statements have also been restated to correct for the turnover related to certain articles where system mapping erroneously resulted in turnover being presented within cost of merchandise sold. The reclassification increased prior period revenue, turnover and cost of merchandise sold by R138 million, with no net impact on previously reported profit. Review of operations Cash dividend declaration Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial information Additional information UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 26 WEEKS ENDED 30 AUGUST 2026 6
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Group statement of FINANCIAL POSITION Unaudited Unaudited Audited As at As at As at 30 August 2026 31 August 2025 01 March 2026 Note Rm Rm Rm ASSETS Non-current assets Property, plant and equipment 4 032 3 991 4 091 Intangible assets 328 334 324 Right-of-use assets 4 019 3 759 3 981 Loans 127 123 122 Deferred tax asset 237 236 153 8 743 8 443 8 671 Current assets Inventory 4 380 3 776 4 267 Trade and other receivables 468 454 436 Cash and cash equivalents 2 029 1 430 538 Loans 9 7 5 Right-of-return asset 4 4 4 Amount owing by related party 9 282 346 371 7 172 6 017 5 621 Total assets 15 915 14 460 14 292 EQUITY AND LIABILITIES Equity Share capital 5 8 203 8 203 8 203 Treasury shares 6 (350) (265) (265) Retained earnings 3 770 2 688 3 587 Common control reserve (8 197) (8 197) (8 197) Other reserves (2) (1) (3) Total equity 3 424 2 428 3 325 Non-current liabilities Lease liabilities 4 707 4 326 4 633 Borrowings 7 – 650 200 4 707 4 976 4 833 Current liabilities Trade and other payables 6 514 6 055 5 201 Lease liabilities 654 620 638 Provisions 40 57 40 Deferred revenue 269 254 143 Current tax liability 306 70 110 Derivative financial instruments 1 – 2 7 784 7 056 6 134 Total equity and liabilities 15 915 14 460 14 292 Number of ordinary shares in issue – thousands 4.2 457 407 457 407 457 407 Weighted average number of ordinary shares in issue – thousands 4.2 452 602 453 290 452 987 Diluted weighted average number of ordinary shares in issue – thousands 4.2 457 325 457 404 457 397 Review of operations Cash dividend declaration Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial information Additional information UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 26 WEEKS ENDED 30 AUGUST 2026 7
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Group statement of CHANGES IN EQUITY Share capital Treasury shares Retained earnings Common control reserve Other reserves Total equity Unaudited Rm Rm Rm Rm Rm Rm At 02 March 2025 8 203 (205) 2 142 (8 197) (1) 1 942 Total comprehensive income for the period – – 502 – – 502 Profit for the period – – 502 – – 502 Transactions with owners – (60) 44 – – (16) Share purchases – (60) – – – (60) Share-based payments – – 44 – – 44 At 31 August 2025 8 203 (265) 2 688 (8 197) (1) 2 428 Total comprehensive income for the period – – 1 055 – (2) 1 053 Profit for the period – – 1 055 – – 1 055 Movement in cash flow hedge – – – – (2) (2) Transactions with owners – – (156) – – (156) Dividends – – (207) – – (207) Share-based payments – – 51 – – 51 At 01 March 2026 8 203 (265) 3 587 (8 197) (3) 3 325 Total comprehensive income for the period – – 567 – 1 568 Profit for the period – – 567 – – 567 Movement in cash flow hedge – – – – 1 1 Transactions with owners – (85) (384) – – (469) Dividends – – (436) – – (436) Share purchases – (85) – – – (85) Share-based payments – – 52 – – 52 At 30 August 2026 8 203 (350) 3 770 (8 197) (2) 3 424 Review of operations Cash dividend declaration Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial information Additional information UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 26 WEEKS ENDED 30 AUGUST 2026 8
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Group statement of CASH FLOWS Unaudited Unaudited Audited 26 weeks to 30 August 2026 26 weeks to 31 August 2025 52 weeks to 01 March 2026 Note Rm Rm Rm Cash flows from operating activities Trading profit 1 006 931 2 638 Adjusted for non-cash items 759 707 1 444 Depreciation on property, plant and equipment 354 327 665 Amortisation on intangible assets 10 9 19 Depreciation on right-of-use assets 370 340 699 Share-based payment expense 52 44 96 Profit on termination of leases (27) (13) (35) Cash generated before movements in working capital 1 765 1 638 4 082 Movements in working capital 1 289 1 040 (386) Movement in trade and other payables, provisions and deferred revenue 1 434 1 435 483 Movement in inventory and right-of-return asset (113) (399) (891) Movement in trade and other receivables (32) 4 22 Cash generated from trading activities 3 054 2 678 3 696 Interest paid on lease liabilities (311) (274) (472) Interest paid (9) (45) (66) Interest received 33 37 57 Cash generated from operations 2 767 2 396 3 215 Dividend paid (436) – (207) Tax paid (98) (265) (520) Cash generated from operating activities 2 233 2 131 2 488 Cash flows from investing activities Investment in intangible assets (12) (11) (22) Investment in property, plant and equipment (306) (528) (995) Proceeds on disposal of property, plant and equipment and intangible assets 6 2 5 Purchase of operations (2) – – Loans advanced by the Group (13) (4) (26) Loans repaid to the Group 28 13 43 Lease incentives received 17 17 76 Cash utilised in investing activities (282) (511) (919) Cash flows from financing activities Principal lease liability payments (264) (254) (620) Borrowings repaid 7 (200) (200) (650) Related party loan repaid by the Group – (127) (127) Share purchases 6 (85) (60) (60) Cash utilised in financing activities (549) (641) (1 457) Net increase in cash and cash equivalents 1 402 979 112 Cash and cash equivalents at beginning of period 909 797 797 Cash and cash equivalents at end of period 2 311 1 776 909 Comprising of: Cash and cash equivalents 2 029 1 430 538 Amount owing by related party 9 282 346 371 Review of operations Cash dividend declaration Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial information Additional information UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 26 WEEKS ENDED 30 AUGUST 2026 9
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Notes to the FINANCIAL INFORMATION 1. Basis of preparation and accounting policies The condensed consolidated interim financial statements for the period ended 30 August 2026 are prepared in accordance with the requirements of the Companies Act, as applicable to summarised financial statements, IFRS Accounting Standards ® as issued by the International Accounting Standards Board, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, and the Financial Pronouncements, as issued by the Financial Reporting Standards Council, and as a minimum, contain the information required by IAS 34 Interim Financial Reporting. The condensed consolidated interim financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s Annual Financial Statements for the 52 weeks ended 01 March 2026. The accounting policies applied in the preparation of these condensed consolidated interim financial statements are in terms of IFRS Accounting Standards and are consistent with those applied in the financial statements for the 52 weeks ended 01 March 2026. The Group has not early adopted any standard, pronouncement, interpretation or amendment that has been issued but is not yet effective. These condensed consolidated interim financial statements have been prepared by the Group’s Finance Division under the supervision of Chief Finance Officer (CFO), David Wayne CA(SA). 2. Revenue Restated* Unaudited Unaudited Audited 26 weeks to 30 August 2026 26 weeks to 31 August 2025 52 weeks to 01 March 2026 Rm Rm Rm 2.1 Revenue from contracts with customers 24 354 22 849 47 072 Turnover 24 094 22 656 46 682 Commissions and other income 260 193 390 Finance income 39 43 67 Bank balances and investments# 30 37 57 Loans and receivables at the effective interest rate# 9 6 10 24 393 22 892 47 139 * Comparative figures have been restated to correct for the turnover related to certain articles (see Group Statement of Comprehensive Income). # Disclosure has been expanded for the current year. Prior year disclosure has been expanded for comparability. 3. Finance costs Unaudited Unaudited Audited 26 weeks to 30 August 2026 26 weeks to 31 August 2025 52 weeks to 01 March 2026 Rm Rm Rm Lease liabilities 262 229 483 Other interest 9 45 66 271 274 549 Review of operations Cash dividend declaration Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial information Additional information UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 26 WEEKS ENDED 30 AUGUST 2026 10
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Notes to the FINANCIAL INFORMATION continued 4. Basic, headline and diluted earnings per share Unaudited Unaudited Audited 26 weeks to 30 August 2026 26 weeks to 31 August 2025 52 weeks to 01 March 2026 Cents per share Cents per share Cents per share Basic earnings per share 125.28 110.75 343.50 Diluted earnings per share 123.98 109.75 340.19 Headline earnings per share 124.83 114.28 351.67 Diluted headline earnings per share 123.54 113.25 348.27 Dividends paid per share 95.37 – 45.30 4.1 Reconciliation between basic and headline earnings Unaudited Unaudited Audited 26 weeks to 30 August 2026 26 weeks to 31 August 2025 52 weeks to 01 March 2026 Rm Rm Rm Profit for the period – basic earnings for the period 567 502 1 556 Adjustments: (2) 16 37 (Profit)/loss on disposal of assets (17) 15 13 Tax effect of disposal of assets 4 (4) (3) Loss from impairments 14 5 31 Tax effect of loss from impairments (3) – (4) Headline earnings for the period 565 518 1 593 4.2 Number of ordinary shares Unaudited Unaudited Audited 26 weeks to 30 August 2026 26 weeks to 31 August 2025 52 weeks to 01 March 2026 000's 000's 000's Number of ordinary shares in issue 457 407 457 407 457 407 Weighted average number of ordinary shares in issue (net of treasury shares) 452 602 453 290 452 987 Diluted weighted average number of ordinary shares in issue (net of treasury shares) 457 325 457 404 457 397 Review of operations Cash dividend declaration Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial information Additional information UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 26 WEEKS ENDED 30 AUGUST 2026 11
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Notes to the FINANCIAL INFORMATION continued 5. Share capital Unaudited Unaudited Audited 26 weeks to 30 August 2026 26 weeks to 31 August 2025 52 weeks to 01 March 2026 Rm Rm Rm Authorised 1 000 000 000 (2025: 1 000 000 000) ordinary no par value shares – – – Issued 457 407 408 (2025: 457 407 408) ordinary no par value shares 8 203 8 203 8 203 The unissued shares remain under the control of the directors until the next Annual General Meeting. The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at meetings of the Company. The Company can issue new shares to settle the Group's obligations under its long-term incentive plan (LTIP) scheme, but issues in this regard are limited to 5% of issued shares. 6. Treasury shares Unaudited Unaudited Audited 26 weeks to 30 August 2026 26 weeks to 31 August 2025 52 weeks to 01 March 2026 Rm Rm Rm At beginning of the period 265 205 205 Additions during the period 85 60 60 At end of period 350 265 265 000's 000's 000's The movement in the number of treasury shares held is as follows: At beginning of the period 4 724 3 796 3 796 Additions during the period 1 062 928 928 At end of period 5 786 4 724 4 724 The addition of treasury shares of the Group was through purchases by a Group subsidiary for the purposes of the Group LTIP. Review of operations Cash dividend declaration Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial information Additional information UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 26 WEEKS ENDED 30 AUGUST 2026 12
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Notes to the FINANCIAL INFORMATION continued 7. Borrowings At the beginning of the period, the Group had unsecured interest-bearing borrowings of R200 million, comprising R120 million from Absa Bank Limited and R80 million from FirstRand Bank Limited. The borrowings, which were contractually repayable on 25 October 2029, were settled early on 28 April 2026. The related financial liabilities were derecognised on settlement and, consequently, the Group had no interest-bearing borrowings at the reporting date. The Group complied with all applicable borrowing covenant requirements up to the date of settlement. The borrowings bore interest at three-month JIBAR plus 180 basis points until their settlement. Unaudited Unaudited Audited 26 weeks to 30 August 2026 26 weeks to 31 August 2025 52 weeks to 01 March 2026 Rm Rm Rm Total interest bearing borrowings: Absa Bank Limited – 390 120 FirstRand Bank Limited – 260 80 – 650 200 Reconciliation of carrying value of borrowings: At the beginning of the period 200 850 850 Finance charges raised 3 36 50 Finance charges repaid (3) (36) (50) Borrowings repaid (200) (200) (650) At the end of the period – 650 200 8. Geographical information South Africa Eswatini Group Rm Rm Rm 26 weeks to 30 August 2026 Revenue 24 011 382 24 393 Turnover 23 712 382 24 094 Commission and other income 260 – 260 Finance income 39 – 39 Depreciation and amortisation 359 5 364 Property, plant and equipment 3 970 62 4 032 Intangible assets 328 – 328 Right-of-use assets 3 975 44 4 019 26 weeks to 31 August 2025 Revenue* 22 573 319 22 892 Turnover* 22 337 319 22 656 Commission and other income 193 – 193 Finance income 43 – 43 Depreciation and amortisation 331 5 336 Property, plant and equipment 3 940 51 3 991 Intangible assets 334 – 334 Right-of-use assets 3 726 33 3 759 * Comparative figures have been restated to correct for the turnover related to certain articles (see Group Statement of Comprehensive Income). Review of operations Cash dividend declaration Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial information Additional information UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 26 WEEKS ENDED 30 AUGUST 2026 13
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Notes to the FINANCIAL INFORMATION continued 9. Material related party transactions During the period under review, in the ordinary course of business, certain companies within the Group entered into transactions with each other. These inter-group transactions and related balances are eliminated on consolidation. The Group also enters into certain related party transactions with Pick n Pay Retailers Proprietary Limited, the majority shareholder of Boxer Retail Limited, in the ordinary course of business. These related party trading expenses are similar to those reported in the prior year. During the period, the Group purchased two retail operations from Pick n Pay Retailers Proprietary Limited (refer to note 12). During the period, the Group paid dividends of R243 million to Pick n Pay Retailers Proprietary Limited. The amount of R 282 million ( 2025: R 346 million) owing by related party as reflected in the group statement of financial position relates to an amount receivable from Pick n Pay Retailers Proprietary Limited and is the result of a shared payments system infrastructure, whereby payments are received by Pick n Pay and fully settled with the Group the following day. For further information, refer to the 2026 audited Group Annual Financial Statements for disclosures relating to the Group. 10. Financial instruments All financial instruments held by the Group are measured at amortised cost, with the exception of derivatives designated as hedging instruments. The carrying value of all financial instruments held at amortised cost approximate their fair value. There have been no transfers between Level 1, Level 2 and Level 3 of the fair value hierarchy during the period. 11. Capital commitments As at 30 August 2026, the Group has total capital commitments of R815 million, of which R768 million is contracted for. 12. Purchase of operations During the period the Group acquired two retail operations from Pick n Pay Retailers Proprietary Limited . The acquisitions did not have a significant impact on the Group's results and no goodwill arose. The total purchase consideration and the fair value of the identifiable net assets acquired amounted to R6 million. Of the total purchase consideration, R2 million was settled in cash. 13. Subsequent events There have been no material events between the reporting date and the date of approval of these condensed interim financial statements. Review of operations Cash dividend declaration Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial information Additional information UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 26 WEEKS ENDED 30 AUGUST 2026 14
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Pro forma FINANCIAL INFORMATION Certain financial information presented in the unaudited condensed interim financial statements constitutes pro forma financial information in terms of the JSE Listings Requirements. The pro forma financial information has been prepared to illustrate the additional financial measures regularly used by the management of the Group to assess operating performance, and thereby enhances an investor’s understanding of the Group’s results of operations and financial performance. The pro forma financial information is prepared for illustrative purposes only and because of its nature, may not fairly present the Group’s financial position, changes in equity, results of operations or cash flows. The directors of the Company are responsible for the pro forma financial information, which has been presented in accordance with the JSE Listings Requirements. The pro forma financial information has not been audited by the Group’s external auditors for the interim periods. 1. Net debt (excluding lease liabilities), and net debt (including lease liabilities)i Net debt (excluding lease liabilities), and net debt (including lease liabilities) for the Group on a historical basis for each of the periods indicated is calculated and presented in the following table. As at As at As at 30 August 2026 31 August 2025 01 March 2026 Rm Rm Rm Cash and cash equivalents 2 029 1 430 538 Amount owing by related party 282 346 371 Borrowings – (650) (200) Net cash (excluding lease liabilities) 2 311 1 126 709 Non-current lease liabilities (4 707) (4 326) (4 633) Current lease liabilities (654) (620) (638) Net debt (including lease liabilities) (3 050) (3 820) (4 562) i. Information has been extracted, without adjustment, from the unaudited Group Condensed Consolidated Interim Financial Statements of Boxer Retail Limited for the period ended 30 August 2026 including the comparative information presented therein. 2. EBITDA and EBITDA (pre-IFRS 16)i The following presents a reconciliation from profit for the period (computed in accordance with IFRS) to EBITDA and EBITDA (pre-IFRS 16) for the Group on a historical basis for each of the periods indicated. 26 weeks to 30 August 2026 26 weeks to 31 August 2025 52 weeks to 01 March 2026 Rm Rm Rm Profit for the period 567 502 1 556 Tax 210 178 556 Loss from impairment on right-of-use-assets 6 – 15 Loss from impairments of property, plant and equipment and intangible assets 8 5 16 (Profit)/loss on disposal of assets (17) 15 13 Finance costs 271 274 549 Finance income (39) (43) (67) Trading profit 1 006 931 2 638 Depreciation on property, plant and equipment 354 327 665 Amortisation on intangible assets 10 9 19 Depreciation on right-of-use-assets 370 340 699 Finance income – loans and receivables 9 6 10 EBITDA 1 749 1 613 4 031 Profit on termination of leases (27) (13) (35) Lease incentives received 17 17 76 Principal lease liability payments (264) (254) (620) Interest paid on lease liabilities (311) (274) (472) EBITDA (pre-IFRS 16) 1 164 1 089 2 980 i. Information has been extracted, without adjustment, from the unaudited Group Condensed Consolidated Interim Financial Statements of Boxer Retail Limited for the period ended 30 August 2026 including the comparative information presented therein. Review of operations Cash dividend declaration Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial information Additional information UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 26 WEEKS ENDED 30 AUGUST 2026 15
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Additional INFORMATION Additional information may not represent a defined term under IFRS and, as a result, it may not be comparable with similarly titled measures reported by other companies. Additional information is the responsibility of the Board of directors of the Group, is presented for illustrative purposes only and has not been reviewed nor reported on by the Group’s external auditors. 1. Like-for-like turnover growth comparisons Like-for-like (LFL) turnover growth comparisons remove the impact of store openings and closures in the current and previous reporting periods. Turnover on new or closed adjacent liquor stores inherits the LFL indicator of the Superstore that it is attached to, as this is the manner in which the Group manages its store base. This is not the case for new or closed stand-alone Boxer Liquor stores. 2. Forward-looking information These condensed interim financial statements contain certain forward-looking statements related to the Group’s possible future actions, long term strategy, performance, liquidity position and financial position which, although based on assumptions and/or estimates that the Group considers reasonable, are subject to risks and uncertainties which could cause actual events and conditions to differ materially from those expressed or implied by the forward-looking statements. All forward-looking statements are solely based on the views and considerations of the Board, and in particular, as at the date hereof. The Group does not undertake to update or revise any of these forward-looking statements publicly, whether to reflect new information, future events or otherwise. These forward-looking statements have not been reviewed or reported on by the Group’s external auditors. Review of operations Cash dividend declaration Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial information Additional information UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 26 WEEKS ENDED 30 AUGUST 2026 16
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Number of STORES As at 01 March 2026 Opened Closed As at 30 August 2026 Boxer South Africa 564 23 – 587 Superstores 330 9 – 339 Liquor 202 14 – 216 Build 32 – – 32 Boxer Eswatini 12 1 – 13 Superstores 8 – – 8 Liquor 4 1 – 5 Build – – – – Total by format 576 24 – 600 Superstores 338 9 – 347 Liquor 206 15 – 221 Build 32 – – 32 Review of operations Cash dividend declaration Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial information Additional information UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 26 WEEKS ENDED 30 AUGUST 2026 17
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Corporate INFORMATION JSE Limited sponsor Rand Merchant Bank (a division of FirstRand Bank Limited) 1 Merchant Place Corner Rivonia Road and Fredman Drive Sandton, 2196 South Africa Independent Auditors Ernst & Young Inc. 1 Pencarrow Crescent P.O. Box 859 Durban 4000 South Africa Principal transactional bankers Absa Limited Rand Merchant Bank (a division of FirstRand Bank Limited) Company Secretary: Vaughan Pierce companysecretary@boxer.co.za Website www.boxer.co.za Investor relations Stephen Carrott StephenCarrott@boxer.co.za www.boxerinvestor.co.za Customer careline Tel: +27 860 02 69 37 Email: customercare@boxer.co.za Connect with us Review of operations Cash dividend declaration Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial information Additional information UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 26 WEEKS ENDED 30 AUGUST 2026 18 Boxer Retail Limited Registration number: 2024/392006/06 JSE and A2X share code: BOX ISIN: ZAE000339891 Board of directors Executive Marek Adam Masojada (CEO) David Peter Wayne (CFO) Non-executive Sean Summers (Chair) James Formby Independent non-executive Charlotte Maponya (Lead) Cindy Robertson Dineo Molefe Jesmane Boggenpoel Registered office 41 The Boulevard Westend Office Park Westville, 3630 South Africa Tel: +27 31 275 7000 Postal address P.O. Box 370 Westville, 3630 South Africa Registrar Computershare Investor Services Proprietary Limited First Floor Rosebank Towers 15 Biermann Avenue Rosebank, Johannesburg, 2196 South Africa