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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.
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H1 2026 earnings summary13 Oct, 2025

Executive summary

  • Turnover grew 13.9% year-over-year to R22.5 billion, with like-for-like sales up 5.3% and trading profit up 15.1% to R931 million, maintaining a 4.1% margin.

  • 25 new stores opened, net increase of 22, bringing total to 547; 2,300 new jobs created in H1.

  • Inaugural dividend of 45.30 cents per share declared, representing a 40% payout of headline earnings.

  • Net cash position improved to R1.1 billion from net debt of R180 million at FY25 year-end.

  • Strategic initiatives included the launch of the Boxer Rewards Club (2.3 million members) and the Boxer Supplier Portal.

Financial highlights

  • EBITDA rose 13.7% to R1.61 billion; headline earnings up 5.3% to R518 million.

  • Gross margin stable at 20.3%; trading margin flat at 4.1%.

  • Trading expenses increased 14.3%, mainly due to new store rollouts and listing-related costs.

  • Net finance charges up 79.1% due to IPO-related balance sheet changes and higher lease interest.

  • Profit before tax before capital items rose 2.9% to R700 million.

Outlook and guidance

  • Guidance to open 60 stores for FY2026, with 35 targeted in H2; full-year capex projected at R1.1 billion.

  • Expect short-term margin dilution (0.1%) from new Tongaat DC, normalizing over 3-4 years.

  • H2 performance will depend on Black Friday and festive trading; focus on achieving full-year targets.

  • No major change in selling price inflation expected in H2; competitive pricing to continue.

  • FY26 HEPS expected to decline year-on-year due to share dilution, but headline earnings growth remains a focus.

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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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