Slides
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Annual ResultsFor the year ended 30 June 2026
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Executive Comments Mpumi Madisa01Financial Overview Mark Steyn02Divisional OverviewMpumi Madisa03Outlook Mpumi Madisa04Annexure 05AGENDA
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EXECUTIVE COMMENTS
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RevenueR130.3bn+2.9%Trading profitR13.1bn+8.4%Final dividend483 cents+6.6%FY2026 shows a decisive step-up in growth, margin and earnings deliveryFROM RESILIENCE TO RENEWED MOMENTUM+0.7%+8.4%-3.2%+6.0%9.5%10.0%FY2025 FY2026 A stronger operating result, not simply a low-base reboundTrading profit growthContinuing HEPSTrading margin Year-on-year inflection
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WE SAID IT. WE DELIVERED ITThe priorities communicated to shareholders translated into measurable FY2026 outcomes Accelerate organic growthTrading profit +8.4%All operating divisions delivered profit growthImprovecash generationOperating cash +16.9%R17.2bn generated by operationsR12.5bn free cash flow (+26.9%)Cash conversion 109%Reduce leverageNet debt/EBITDA ↓ 0.3x to 1.9xFree cash generated reduced debt Net debt ↓ R4bnRebuild returnsPositive operating leverageMargin expanded 50bps to 10.0%Returns still work in progressGrowth in trading profitCommercial Products+27.2%Freight+10.3%Adcock Ingram+9.4%Services South Africa+8.3%Automotive+7.1%Branded Products+5.4%Services International+4.3%
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ADVANCING STRATEGY. PROGRESS BANKEDFreight leasessecuredSigned the 25-year liquid bulk operator license & lease (Port of Durban) 2 more under negotiationBidvest BankdisposalDisposal negotiations active, with proceeds earmarked for debt reductionHygiene strategySalesforce restructure and strengthened2 new branches opened: New York & WinnipegCitron UK fully integrated in PHSPeople andskillsSuccession, diversity and inclusion progressed. Sustainability targets were exceeded, particularly in procurement, appointments and IT security Innovation and technologyWellbeing and development in focus Innovation enabled by technology, collaboration and deep expertiseDeliberate steps across the portfolio, people and innovation delivered tangible progress in FY2026 Driving deliberate, inclusive and sustainable prosperity in our home markets PeopleEmpowering our people through inclusive development, lifelong learning, and future-focused leadershipPurposeDriving positive changewith integrityPerformance driving excellence and sustainable growth through ethical governance, accountable leadership and inclusive economic growth
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FINANCIAL OVERVIEW
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FINANCIAL HIGHLIGHTSChangeYear ended 30 June 2025Year ended 30 June 2026R billion2.9% 126.6130.3Revenue↑27.7%28.3%Gross profit*↑18.5%18.7%Expenses*8.4% 12.013.1Trading profit↑9.5%10.0%Trading profit margin*6.0% 1 759.51 864.2HEPS (cents) 5.9% 1 886.41 997.7Normalised HEPS (cents) -6.1x6.1xEBITDA interest cover (times) # ↓2.2x1.9xNet debt/EBITDA (times)16.9%14.717.2Cash generated by operations after working capital↑95.3%109.0%Cash conversion** ↑36.9%38.6%ROFE ↓14.0%13.4%ROIC* As % of revenue** As % of trading profit# IFRS16 adjusted
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INCOME STATEMENT ANALYSISRevenue +2.9% (organic +1.5%)•Growth led by Automotive, supported by higher new vehicle volumes, Commercial Products, driven by the Electrical cluster turnaround, Plumblink and renewable energy activity•Boost from acquisitions in Services International and Services SAGross profit +5.2%•Gross margin +61bps to 28.3%•Resilient in most divisions. Strongly up in Freight due to positive terminal operating leverage, Services International richer hygiene mix but under pressure in Automotive Expenses +3.8% •Organic 2.9%•Excellent broad-based effortTrading profit +8.4% (organic +5.0%)•Excellent result from Commercial Products•Outstanding results from Freight and Adcock•Impressive result from Services SA•Pleasing results from Automotive, Branded Products, Services International•Stronger ZAR moderated reported Services International resultEffective tax rate 25.4%Acquisition costs significantly reduced in line with organic focus Excellent expense managementMargin management paying off 0.0%2.0%4.0%6.0%8.0%10.0%12.0%FY21 FY22 FY23 FY24 FY25 FY26TotalLike-for-likeCPI8.0%8.5%9.0%9.5%10.0%10.5%25.0%26.0%27.0%28.0%29.0%30.0%FY21 FY22 FY23 FY24 FY25 FY26GP marginTP margin (rhs)
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EXCEPTIONAL FREE CASH FLOW GENERATIONCash flow (Rbn)Cash generated vs working capital (Rbn)17.00.2(2.9)(1.7)(2.7)(2.2)(3.5)(3.8)Cashgeneratedfrom ops preWCWorkingcapitalCapex Cash effectsof investingactivitiesNet financechargesTaxation Distributions Cash effectsof financingactivities6.66.57.37.58.07.48.17.88.78.3(2.6)1.3(5.6)3.0(4.2)(2.7)(3.6)2.4(2.6)2.851%88%4%76%33%88%45%95%70%109%1HFY22 2HFY22 1HFY23 2HFY23 1HFY24 2HFY24 1HFY25 2HFY25 1HFY26 2HFY26Cash generated from ops pre wcNet wcCash conversion R17 billion cash generated by operations before working capital (+7%)Working capital release of R0.2 billion, R1.4 billion improvement from prior year•Inventory well managed, particularly in Branded Products, Commercial Products•Debtors growth is aligned to revenue•Creditors growth reflects a normalised inventory cycle Cash generated after working capital +17% to R17.2bnCash conversion ratio 109% (FY25 95%)
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DEBT REDUCTION PLAN PROGRESSED WELLNet debt (Rbn) reduced and leverage improved0.01.02.03.0010203040FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26Net debt (Rbn)Net debt/EBITDA Free cash flow of R12.5 billion (+27%) exceptionalNet debt/EBITDA 1.9x •Achieved better than expected operational deleveragingCapital recycling proceeds still to come•Adcock and Bidvest Bank monetisation•Will settle outstanding 2026 Eurobond ($186mn) Available funding → EUR545mn + R10bn
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Covenant 3.0x | Internal limit 2.5x | Internal sweet spot 1.5-1.8x EXTENDED MATURITY AND MANAGED INTEREST COSTS 0%2%4%6%8%10%FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26051015FY27 FY28 FY29 FY30 FY31 FY32 FY33Local debtForeign debtMaturity of debt extended and well diversified Balanced liquidity and cost•Extended maturity profile ($-bond, domestic bonds, term loan) at tighter spreads •Redeemed expensive preference shares •Weighted average cost of debt 6.3% (FY25 6.2%) vs 6.7% expectationRetained overweight variable rate exposure at 60% Net finance charges (ex IFRS16, hedge adj) +4.3%•Flat 2H on 1HCost of debt stabilised. Overweight variable rate debt
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RETURNS IMPROVING 0.05.010.015.0FY21 FY22 FY23 FY24 FY25 FY26Trading profitFCFFree cash generation (Rbn)ROFE up as capital spend moderates & organic growth acceleratesLevers to build returns Drive organic trading profit growth•Accelerated with positive momentum•At acquisition, clear plan to deliver value over medium-term. Track actively with more work to do in FY2027Increased free cash flow generation•R9.9 billion to R12.5 billion No material M&A in the short term We build and grow businesses for the long-term •Return metrics unique to each business with glide path expectation set at acquisition•Balance operational decisions with sustainability in mind 20.0%25.0%30.0%35.0%40.0% 0.0 5.0 10.0 15.0 20.0FY20 FY21 FY22 FY23 FY24 FY25 FY26RbnCapexAcquisitionsROFE (rhs)
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CAPITAL RECYCLING Bidvest Bank, Bidvest Life Disposal processes•SPA signed for Bidvest Life. Awaiting regulatory approval•Bank negotiations advancingOperational result•Bidvest Bank result reflects slow capital deployment, lower non-interest revenue and greater impairments. Expense management was good•Bidvest Life delivered a good performanceIn terms of IFRS depreciation and amortisation was suspended•Adjusted for this in normalised headline disclosure•NAV impaired to FY2025 closing position
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DIVISIONAL OVERVIEW
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SERVICES INTERNATIONAL
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Customer retention & new businessNorth American hygiene growth Continued collaboration across the portfolioCommercial differentiation through AI and innovationFORWARD FOCUSFacilities management•Intense competition and price-sensitive customers in all territories•Momentum in net new business wins improved in 2H•Aggregate trading profit margin stabilised SERVICES INTERNATIONAL |Alan FainmanROFEFunds EmployedEBITDATrading MarginTrading ProfitRevenue146.0%R3.0bnR5.1bn10.0%R4.4bnR44.0bn600bps854bps3.6%24bps4.3%1.8% RESULT DRIVERSFormidable hygiene services performance (+18% cFX)SA businesses excelledLarge contract rescoping and retention challenges in facilities managementStrong rand moderated reported resultOutstanding cash generation and excellent returns OPERATIONAL PERFORMANCEHygiene services•>50% of divisional profit•Further margin expansion at gross and trading profit levels•Hygiene pool and rental base growth reported•Investment in product development, sales capacity and two new branches: New York and Winnipeg
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FREIGHT
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FREIGHT |Wiseman MadinaneROFEFunds EmployedEBITDATrading MarginTrading ProfitRevenue42.4%R5.4bnR2.7bn25.3%R2.3bnR9.1bn120bps705bps11.6%196bps10.3%1.7%•Clearing and forwarding activities were under pressure from constrained demand and volatile global freight markets. Warehousing and transportation grew strongly•Regional businesses faced increased competition and lower volumes. Strategic initiatives to strengthen competitive positioning continuesNegotiate and conclude long-term leases for terminal operations R2.5bn capex approved to date for terminal expansionInfrastructure upgrades and continuous improvementFORWARD FOCUS RESULT DRIVERSGrowth in bulk volumes improved terminal capacity utilisation. 2H benefitted from maize exportsHealthy stevedoring, overland and multi-modal logistics activity. Clearingand forwarding and regional businesses faced increased competitionBTT Island View - Terminal Operator Agreement signed Strong cash generation OPERATIONAL PERFORMANCETerminal operations•+15% agricultural bulk volumes led by maize exports and rice imports •+10% liquid and gas volumes supported by capacity additions and improvements•+6% bulk mineral volumes dominated by chrome•Export mineral volumes supported a strong stevedoring result
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SERVICES SOUTH AFRICA
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SERVICES SOUTH AFRICA | Akona Matsau •TIC operations processed record sample volumes. Environmental and cross-border capabilities represent platform for growth. Aquatico contribution exceeded expectations•Travel affected by reduced corporate travel, elevated airfares and missed airline rebate targets linked to geopolitical disruption. Leisure travel continued to growNew business and retention supported by value-added solutions and innovationContract pricing and margin disciplineBroader TIC offerings and technology-led optimisationFORWARD FOCUSRESULT DRIVERSHospitality performed exceptionally wellAquatico acquisition broadened TIC offeringWage and fuel under-recovery, slow 4Q travel caused pressureHealthy cash generationCapex investment in Aquazania, Laundries, Travel OPERATIONAL PERFORMANCE•World-class airport lounges drew higher passenger volumes; catering restructuring restored profitability•Allied Services grew on demand for bottled water, coffee solutions and indoor and outdoor greens. Contractual work remained healthy•Good contract wins and retention in Security but very price-sensitive customers. Improved profitability in niche businesses supported by innovative products and services ROFEFunds EmployedEBITDATrading MarginTrading ProfitRevenue101.0%R1.5bnR2.0bn11.5%R1.6bnR13.6bn-200bps1 045bps7.6%8bps8.3%7.5%
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BRANDED PRODUCTS
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BRANDED PRODUCTS | Gail Solomon •Office Products held up well. Subdued sector wide volumes was offset by operational efficiency gains, cost optimisation and disciplined product and customer mix management. Office automation offset softer public sector demand with private sector growth. Strong product offering and mix drove another strong furniture result Aligning product range with current market trendsContinue innovation for sustainable product / service solutions and enabling technologyConverting the new business pipelineFORWARD FOCUSRESULT DRIVERSImproved product mix and targeted pricing actionsBenefits from prior-year restructuring and tight cost controlInvestment in technology to expand route-to-market and execution of innovation initiatives across selected businessesExceptional, consistent operational cash generationOPERATIONAL PERFORMANCE•Data, Print and Packaging performed well, with selected categories lifted by stronger demand and product innovation. Excellent cost and production control•Consumer Products mixed as discretionary spend stayed under pressure in competitive market. Focus on product steadied sales volumes in most segments. Back-to-school and Aerial King yielded disappointing results. ROFEFunds EmployedEBITDATrading MarginTrading ProfitRevenue38.0%R3.1bnR1.3bn9.2%R1.2bnR12.9bn30bps476bps4.6%55bps5.4%0.9%
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COMMERCIAL PRODUCTS
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COMMERCIAL PRODUCTS |Howard Greenstein •Strong contract wins for PPE and workwear•Introduced well-priced ranges of motorcycles and golf carts to meet evolving demand •Balance of the portfolio performance moderated by the non-repeat of project work and outright equipment sales, customer downtrading and contract losses. Updated pricing strategies and value propositions gaining traction Product development and commercial data insightsConverting broader public-sector tender activityBranch network upgrade and expansionFORWARD FOCUSRESULT DRIVERSLeading trade businesses the standout performersImproved margins on favourable product mixMuted industrial activity and volatile raw material input pricesExcellent cash generation and working capital, including inventorydraw-downOPERATIONAL PERFORMANCE•Electrical and plumbing wholesale trade businesses benefitted from branch expansion, product development and convenience-driven propositions•Renewable product sales stabilised and inventory reduction•Significant public-sector smart meter contracts delivered successfully, with more opportunities in the pipeline. Healthy export sales into AfricaROFEFunds EmployedEBITDATrading MarginTrading ProfitRevenue22.0%R5.4bnR1.3bn6.4%R1.2bnR18.3bn600bps781bps25.3%96bps27.2%8.2%
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AUTOMOTIVE
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AUTOMOTIVE | Carla Seppings Franchised vehicle retailing•New vehicle volumes +12% but fewer used cars sold•Asian brand sales +3x YoY . Brand representation gap narrowed to the market (Jun26 at 14% vs 24%; Jun25 at 3% vs 17% ) •Mix changes, higher fleet sales and used vehicle price deflation weighed on gross margin. Aftermarket was stableBrand diversificationNew sales channels and value-chain collaborationImproving competitiveness amid rapid market shiftsFORWARD FOCUSRESULT DRIVERSBrand diversification gained momentumPressure on new and used vehicle gross margins Solid performance across the wider automotive value chainReceipt of a long-outstanding insurance claimOPERATIONAL PERFORMANCE•Value-added products and insurance underwriting delivered very pleasing results on new launches and channel optimisation •Strong investment portfolio performance•Truck body activity improved after a slow start. Vehicle inspection holding its own•Non-franchise operations modernised auctions and broadened its target segment to improve inventory turn. Performance improved on prior year, but business plan not met ROFEFunds EmployedEBITDATrading MarginTrading ProfitRevenue23.7%R4.1bnR1.0bn3.4%R1.0bnR28.7bn30bps865bps2.6%5bps7.1%5.5%
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ADCOCK INGRAM
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ADCOCK INGRAM | Rhulani Nhlaniki •Simplified ownership after delisting •Industry expert co-owner input beginning to deliver benefits•Bidvest held an effective 64.3% during the year, reducing to 51.0% post year-endProduct portfolio growth initiativesStrategic manufacturing footprint decisionsManaging regulatory and pricing headwindsFORWARD FOCUSRESULT DRIVERSImproved sales mixKey market positions maintainedManaged regulatory and manufacturing headwinds satisfactorily Good cash generation and improved returnsOPERATIONAL PERFORMANCE•Resilient performance. All divisions contributed to the improved profitability•Flawless distribution execution during peak demand periods•Modest volume growth but disappointingly low regulated price increaseROFEFunds EmployedEBITDATrading MarginTrading ProfitRevenue25.5%R5.8bnR1.4bn13.2%R1.3bnR9.7bn230bps97bps8.9%120bps9.4%0.5%
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OUTLOOK
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HYGIENE SERVICES. PATH TO GLOBAL #1 Medium-term growth guidance (cfx)•Established positions → mid-single digits•Evolving positions → mid- to high-single digitsStructural growth drivers → urbanization, ageing population FY26 aggregated Bidvest hygiene services profit•+18% cFX •+90bps to 18.7% marginWashroom sites serviced by Bidvest’s hygiene operationsBidvest present in 11 countries; #1 in 8 Focused on•Washroom product & service penetration•Leverage global sourcing•Best practice sharing•Technology and AI deployment•Leverage FM/janitorial footprint to accelerate hygiene growth 5 500 0006 000 0006 500 0007 000 0007 500 0008 000 0002024 2025 2026
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Higher returnsROIC | ROFE | Shareholder valueContinued organic growth and operating leverage Technology and AI deployment to drive productivity, capital efficiency and customer valueDisposal proceeds FY2026 restored momentumFY2027 is about compoundingReinforcing four priorities, supported by broadening momentum and a higher-quality earnings mix Despite subdued macroeconomic conditions, Bidvest enters FY2027 with stronger earnings momentum, improving returns, declining leverage and multiple self-help growth opportunities SUSTAIN MOMENTUM. CONVERT EARNINGS INTO VALUEOrganic growthHygiene | TIC | Tourism | Office products & servicesNew business momentum strengthened across all divisions in FY2026Outlook for bulk commodity volumes favourable. Prevailing El Niño introduces some uncertaintyPublic-sector tender and infrastructure activity rising in select categoriesProgress & conclude strategic terminal agreementsCash conversionWorking capital | Cost disciplineStrong cash generation, improving returns and disciplined capital allocationDeleveragingFree cash flow | Disposal proceedsCapital recycling through disposal of Bidvest Bank and Bidvest LifeCAPITAL ALLOCATION GUARDRAILSNo material near-term M&A Debt reduction first Targeted growth capital Portfolio discipline OUTLOOK
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THIS IS
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ANNEXURE
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LOOKING AHEAD•Improved retention and contract win momentum across the board. Mobilisations to follow•Supply chain and sourcing initiatives to yield benefit•Hygiene market expected toremain robust•North America growth focus supported by rebuild sales force and expanded branch networkSERVICES INTERNATIONALInternational operations•Standout performance from PHS. Citron integration bedded down. The enlarged washroom business mobilised several sizable contracts. Specialist businesses performed well•Citron delivered in line with expectations. The salesforce was restructured and 2 new branches were opened, readying the business for growth. Sourcing synergies identified but still to come•RHS focused on operational and financial disciplines to deliver consistent service levels and support growth•Noonan performance stabilised as commercial discipline and active cost management neutralised GP pressure from rescoping, rebids and insourcing. Business momentum ended the year stronger and the pipeline is positive•BIC Consolidated faced tough trading conditions. New business wins accelerated in 2H. Management focus is on new sectors and offering an integrated solution. Margin and cost management was goodSouth African operations•Another excellent result from Steiner. Margin discipline and strong top-line growth across all business lines, the key drivers•Prestige delivered an outstanding result on the back of good contract wins and retentions as well as cost management•Bidvest FM’s strategic transition showed real progress in the face of price-sensitive customers
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FREIGHTLOOKING AHEAD•Mineral commodity exports expected to remain strong although chrome ore may be impacted by new electricity tariff•Maize exports expected to remain subdued amid pricing disparity and prevailing El Niño weather conditions•Execute capex projects timely and within budget•Conclude negotiations on remaining terminal operator agreements and strategic business resetsBidvest Tank Terminals •Strong improvement driven by expansion, annual tank rental rate escalations, improved capacity utilisation•10% growth in volumes handled → + fuels, oils, gasses; - vegetable oilSouth African Bulk Terminals •15% volume increase → maize exports significantly higher, wheat imports steady, rice imports upBulk Connections •+6% volumes → Good contributions dominated by chrome as well as positive contributions from manganese and iron ore; no ferrochrome•3% of volumes handled via railBidfreight Port Operations•Excellent trading in Durban and Gqeberha, partly offset by declines in Richards Bay and Saldanha•Well controlled operating costsBidvest International Logistics•Subdued growth. Strong overland logistics performance, supported by new customers, efficiency improvements and fleet growth neutralised by tough trading conditions in international logisticsManica Group Namibia•Profitability lower due to reduced volumes, rate pressure from increased competition and softer oil and gas activity•In-port warehouse development expected to be complete in October 2026Bidvest SACD •Much improved performance. Focus on higher-margin revenue streams, post restructuring, yielding benefitNaval and Bidvest Marine Services •Remain under pressure. Management teams focused on targeted business development, disciplined pricing, and tighter controls
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SERVICES SOUTH AFRICALOOKING AHEAD•Improved retention and contract win momentum across the board. Mobilisations to follow•Supply chain and sourcing initiatives to yield benefit•Hygiene market expected toremain robust•North America growth focus supported by rebuild sales force and expanded branch networkSecurity and Aviation•Margin pressure in labour intensive activities, negative business mix and higher fuel price depressed Protea Coin result. UDS held its own•Good Bidair Cargo result on increased volumes despite higher jet fuel cost. Vericon, GPT, BidTrack, SACO reported pleasing growth in a difficult trading environmentHospitality•Exceptional performance from Lounges as upgraded offering, innovation and higher passenger volumes all came together. Slower volumes in domestic airport lounges in 4Q•Catering delivered a turnaround performance. New central production facility has started operatingAllied •Mixed trading environment. Resilient annuity businesses continued to perform. Project work started slowly•Strong growth from Aquazania, Execuflora and Top Turf•Laundries and hotel amenities businesses receiving attentionTravel•Reduced corporate travel and resultant miss in airline rebates in 4Q impacted overall result. Diversification into sport travel offering exciting opportunities as does technology pivot•Leisure business had a positive year, but reduced discretionary leisure spend evident. Cruise demand depressed by geopolitical events TIC •Aquatico exceeded expectation and WearCheck remained solid. Strong environmental impetus. Ebola and corporate shutdowns in Mozambique created some headwinds •New business opportunities and strategic priorities advancing well
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BRANDED PRODUCTSLOOKING AHEAD•Product realignment, innovationand expansion remain strategic focus areas•Reignite sustainable revenue growth •Weak consumer confidence a headwind Data, Print and Packaging•Overall, a good performance delivered. Expense control excellent •Print and packaging businesses performed strongly delivering good revenue and profit growth•Volume growth, improved mix and product innovation supported a good result from packaging businesses•Structural market changes and less project work challenged Bidvest Data and Mobility performance Office Products•Waltons delivered marginal profit growth due to once-off costs incurred. Tough trading environment marked by muted customer demand as well as a weaker back to school season. Brandability continued to excel•Konica Minolta delivered solid growth as revenue pressure was offset by positive mix and expense control•Good trading profit growth from Cecil Nurse in a constrained market. Exit with softer order bookConsumer Products•A mixed performance from the Office and Leisure businesses. Revenue pressure across most businesses but profitability partly protected through margin discipline and cost control•Home of Living Brands reported growth in appliances as enhanced focus and business processes gain traction. Aerial King underperformed due to subdued subscription rate growth in the satellite TV sector•Interbrand benefitted from active product range expansion and pricing interventions •Kolok’s product portfolio extension resulted in neutralising contraction in print consumable demand •Silveray’s performance was affected by a subdued back to school season•LK Products experienced weaker than expected demand. Management focus remains on increasing key account and export coverage
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COMMERCIAL PRODUCTSLOOKING AHEAD•Customer and product mix enhancement to continue•New smart meter tenders could be significant•Export sales potential very promising•Broader tender and contract activity from both public and private sectors•Low business confidence remains a hinderanceTrade•Plumblink result outstanding with record revenue and profit achieved. Opened 10 new stores, revamped 14•Bidvest Electrical turnaround pleasing. Significant smart meter sales, renewable energy sales at acceptable margin and healthy export sales. Voltex opened 8 new branches•Voltex MVLV delivered pleasing result, Eagle Lighting solidDIY/Tools/Workwear•Better product mix and strong contract wins at G Fox culminated in a very good result •Academy Brushware and Matus remain subdued. Lower demand from a difficult DIY sector was a key headwindIndustrial (Packaging, General, Warehousing)•Packaging and material handling businesses remained under pressure•Previous strategic initiatives at Berzacks, Burncrete and Renttech evident and good profitability reported Tuning Fork achieved very good results as on the back of new product introductions and benefits from previous restructuringVulcanhad a poor year with export sales declining significantly King Pie successfully introduced a retail product which drove significant volume uplift but at very low margin. Exports were impacted by foot-and-mouth restrictions
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McCarthy•Multi franchise and brand diversification strategy gaining momentum •Rationalisation and optimisation efforts continue•Market disruption manifesting in revenue deflation and record low GP margins•Fleet sales 28% of new vehicle sales•Proactive brand representation shift in Namibia yielding benefitAllied services•Bidvest Insurance delivered another strong operational performance •New value-added products introduced and sales channels enhanced by technology•Investment income exceeded expectations •Compendium underperformed on sales shortfall only partially offset by strong expense management•Dekra mitigating major contract loss with new business wins, innovation and good operating cost control•Serco ended the year with better business momentum but delayed customer orders remain a featureNon franchise motor retail•Modernisation of Burchmores’ business and marketing model is a key imperative•Strong sales momentum in Cubbi but not yet profitable AUTOMOTIVE0.0%5.0%10.0%15.0%20.0%25.0%Jul 24Sep 24Nov 24Jan 25Mar 25May 25Jul 25Sep 25Nov 25Jan 26Mar 26May 26McCarthyMarketLOOKING AHEAD•Diversification and rationalisation will remain focus areas•Affordability and value are changing brand hierarchies •Agility and efficiency will remain key imperatives•Economic and affordability pressures expected to prevailChinese brand sales
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ADCOCK INGRAM•Natco Pharma partnership bedding downConsumer •Recovered nicely from slow start•Gross margin best in Adcock and trading profit improved on good cost discipline•Brand performance was mixedOTC•Maintained top market share•Operational challenges required interventionPrescription•Pleasing growth and positive sales mix but higher factory under-recoveries•Originator segment grew at double digits while generics basket declined •15 new products launched during the yearHospital•Regulatory issues disrupted operations•Organic volumes growth and positive sales mix supported revenue growth LOOKING AHEAD•Restructuring and diversification underway•New product extensions and branch launches to support growth•Natco product and operational collaboration to deliver value
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BIDVEST LISTED INSTRUMENTS Equity•JSE BVTSJ •US ADR BDVSYDebt•Bidvest Group UK 6.2% Sep 2032•BID17-28