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Pick n Pay Stores (PIK) investor relations material
Pick n Pay Stores H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary27 Oct, 2025
Executive summary
Group turnover rose 4.9% year-over-year to R58.8 billion for H1 FY26, with Boxer segment up 13.9% and Pick n Pay segment up 0.1%.
Trading profit increased 273.5% to R310 million, driven by Boxer's strong performance and improved Pick n Pay gross margin.
Headline loss reduced by 45.3% to R439 million, reflecting profit recovery initiatives and recapitalisation benefits.
Store reset program nearly complete, with most underperforming stores closed or turned around; 65 loss-making stores converted or closed by end FY26.
Strategic priorities include strengthening the customer offer, accelerating like-for-like sales, and establishing a future-fit business.
Financial highlights
Group turnover reached R58.8bn, up 4.9% year-over-year (like-for-like 4.7%).
Trading profit rose to R310 million, with EBITDA at R2.27 billion for H1 FY26.
Headline loss per share improved 56.2% to 59.77 cents; basic loss per share improved 52% to 67.53 cents.
Group net cash (excluding leases) at period-end was R5.1 billion, up R885 million since FY25 year-end.
Group invested R1.0 billion in capital projects, a 64% increase year-over-year.
Outlook and guidance
FY26 trading loss expected to be broadly in line with FY25; break-even at trading profit after lease interest targeted by FY28.
Positive operational leverage anticipated from FY27 as future-fit initiatives take effect.
Like-for-like sales growth in Pick n Pay South African supermarkets post-period-end remains in line with H1 FY26.
No dividend will be declared until sustainable profitability is achieved.
CapEx for FY26 expected at R2.2 billion, split equally between Pick n Pay and Boxer.
Detail the key drivers for PnP core profitability by FY28
How will PnP sustain market share gains in a tough market?
When will OpEx investments yield trading profit gains?
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Next Pick n Pay Stores earnings date
H2 202625 May, 2026
Next Pick n Pay Stores earnings date
H2 202625 May, 2026
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Frequently asked questions
Pick n Pay Stores Limited is a South African retail company, operating under the brand names Pick n Pay, Boxer, and TM Supermarkets. The company has established itself as a retailer of food, clothing, and general merchandise, including household, liquor, health, and beauty products. With a business presence extending across Namibia, Zambia, Botswana, Lesotho, Nigeria, Zimbabwe, South Africa, and Eswatini, Pick n Pay has grown to become a significant player in the retail sector within the African continent. Pick n Pay is headquartered in Cape Town, Western Cape, South Africa, and its shares are listed on the Johannesburg Stock Exchange.
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