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Boxer Retail (BOX) investor relations material
Boxer Retail H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary13 Oct, 2025
Executive summary
Achieved strong results post-November 2024 IPO, with turnover up 13.9% to R22.5 billion and market share gains in a deflationary, competitive environment.
Opened 25 new stores, reaching 547 total, and created over 2,300 new jobs with 2,100 internal promotions.
Declared inaugural dividend of 45.30 cents per share, representing a 40% payout ratio of headline earnings per share.
Launched Boxer Rewards Club, reaching 2.3 million members, and rolled out the Boxer Supplier Portal to drive customer loyalty and data monetization.
Net cash position improved to R1.1 billion from net debt of R180 million at FY25 year-end.
Financial highlights
Turnover reached R22.5 billion, up 13.9% year-over-year; like-for-like sales grew 5.3%.
Trading profit was R931 million, up 15.1% at a stable 4.1% margin.
EBITDA rose 13.7% to R1.61 billion; headline earnings increased 5.3% to R518 million.
Net cash position of R1.1 billion at period end, compared to R180 million net debt in February 2025.
Free cash flow after CapEx/share repurchases was R1.04 billion.
Outlook and guidance
Strong trading momentum continued into the six weeks post-period end, with focus on Black Friday and festive season performance.
Guidance to open 60 stores for the full year, with 35 targeted in H2; full-year capex projected at R1.1 billion.
Additional costs expected from new Tongaat DC and annualizing IPO-related debt, causing short-term margin pressure.
No major change in selling price inflation expected for H2; competitive pricing to continue.
FY26 HEPS expected to decline year-on-year due to share dilution, but absolute headline earnings growth remains a focus.
Expected FY26 HEPS decline magnitude?
Detail FY26 trading margin pressure drivers
What is the Tongaat DC's expected financial impact?
Future margin outlook considering new costs?
How to sustain market share growth?
How will Be Inside portal impact pricing?
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Next Boxer Retail earnings date
Q3 202612 Jan, 2026
Next Boxer Retail earnings date
Q3 202612 Jan, 2026
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Frequently asked questions
Boxer Retail Limited operates as a retail chain specializing in providing a wide range of consumer goods, including groceries, household essentials, and general merchandise. The company serves customers through its network of stores, focusing on affordability and convenience for individuals and families. The company is headquartered in Durban, South Africa, and its shares are listed on the JSE.
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