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The Bidvest Group (BVT) investor relations material
The Bidvest Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Strong trading profit growth in Services South Africa, Services International, Branded Products, and Automotive, offset by contractions in Freight, Commercial Products, and Adcock Ingram, resulting in mixed overall performance.
Group revenue increased 4.9% to $126.6bn/R126.6bn, with organic growth flat due to price-sensitive demand and currency effects.
Trading profit rose 1% to $12bn, with margin declining from 9.9% to 9.5%.
Cash conversion ratio improved to 95%, with cash generated by operations reaching R14.7bn.
Nine acquisitions completed, including Citroen/Citron, marking entry into North America.
Financial highlights
Revenue up 4.9% to $126.6bn/R126.6bn, supported by acquisitive growth.
Gross margin stable at 27.7%, with margin expansion in some divisions offset by negative mix in Freight.
Operating expenses up 6.2%, but only 2.8% excluding acquisitions; expense margin rose to 18.5%.
Free cash flow rose to £9.9bn, up £700m year-over-year; EBITDA up 1.7% to R13.9bn.
Final dividend declared at $0.04 per share, up 1.3% to 453 cents.
Outlook and guidance
Focus on organic growth, cash generation, and reducing gross debt levels, with bullish outlook for FY2026.
Targeting net debt/EBITDA below 2x for FY2026 and 1.5x for FY2027.
Continued investment in hygiene, water, TIC, and travel sectors; leveraging new business wins and contract retention.
Full-year contributions expected from recent acquisitions, including Citroen/Citron NA and UK.
No major M&A expected in FY2026; focus on organic growth and deleveraging.
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