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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Barloworld
Barloworld (BAW) investor relations material
Barloworld has been delisted
Barloworld H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary24 Nov, 2025
Executive summary
Demonstrated resilience amid global and regional volatility, with strategic focus on fixing, optimising, and growing the business portfolio.
Maintained disciplined capital allocation, investing in growth, paying down debt, and distributing dividends.
Continued pivot toward defensive, asset-light, and cash-generative industrial sectors.
Financial highlights
Group revenue declined 10% year-over-year to R37.7 billion, mainly due to normalisation in Mongolia and subdued results in southern Africa.
Excluding VT, revenue was R36 billion, down 4.7% from the prior year.
EBITDA margin (excluding VT) remained resilient at 11.7%.
Net asset value per share increased 3.9% to 9,141 cents.
Net debt improved by 37% to R884 million.
Total dividend distributed was 120 cents per share.
Group headline earnings per share fell to 810 cents from 1,022 cents.
Outlook and guidance
Positive outlook for Zambia, supported by strong copper prices, but hard currency liquidity challenges persist in Africa.
South Africa expected to benefit from logistics reforms and infrastructure initiatives, though consumer sentiment remains cautious.
Equipment southern Africa ends the year with a strong order book, nearly doubling to R3 billion.
Ingrain's maize supply secured for 2025/26, with favourable crop projections.
Mongolia's growth rates expected to stabilise; VT trading near break-even with sufficient capital.
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Latest events from Barloworld
- Revenue and EBITDA fell, debt dropped 44%, Mongolia surged, Russia pressured, risks persist.BAW
Q3 2024 TU - EBITDA margin held at 12.2% and dividend rose 4% despite 7% revenue drop.BAWH2 2024
- Revenue and earnings declined, but Mongolia outperformed while Russia and SA lagged.BAWH1 2025
- Mongolia growth and Ingrain margin gains offset VT and southern Africa weakness; cost controls support profitability.BAWTrading Update
Barloworld
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Frequently asked questions
Barloworld Limited is an industrial brand management company that specializes in the processing, distribution, and provision of services across two primary sectors: Industrial Equipment & Services and Consumer Industries. Its Industrial Equipment division offers earthmoving equipment, industrial services, and power systems, catering to the operational needs across mining, construction, and power solution sectors. The Consumer Industries business, known as Ingrain, supplies essential ingredients for a variety of products in the food and beverages, paper, pharmaceuticals, building materials, and adhesives industries, among others. Barloworld operates in multiple geographies, demonstrating a strong capability in developing businesses in diverse territories, including those with high growth prospects. The company is headquartered in Johannesburg, South Africa, and its shares are listed on the Johannesburg Stock Exchange.