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The Bidvest Group
The Bidvest Group (BVT) investor relations material
The Bidvest Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary2 Mar, 2026
Executive summary
Achieved resilient interim results with revenue up 3.7% to R66.7bn and trading profit up 6.9% to R6.7bn, driven by operational excellence, margin gains, and strong cash generation.
Portfolio realignment and international expansion, especially in hygiene services, rebuilt the offshore footprint, now contributing 27% of revenue and 25% of profits; hygiene services account for 55% of Services International trading profit.
Major acquisitions included Aquatico, Citron, and Cleanbio, with Adcock delisted and Bidvest Life SPA signed; M&A pipeline now largely depleted.
Free cash flow increased by nearly R2bn year-over-year to R3.8bn, supporting deleveraging and economic value creation.
Bidvest Bank sale to Access Bank terminated; sale process restarted; Bidvest Life disposal pending regulatory approval.
Financial highlights
Revenue reached R66.7bn (+3.7%), trading profit R6.7bn (+6.9%), and gross profit margin improved by 43bps to 28.1%.
Trading margin expanded to 10.1% (+31bps); HEPS up 5.1%, normalised HEPS up 5.3%; interim dividend of 495 cents per share, up 5.3%.
Free cash flow at R3.8bn, up from R2bn; cash conversion improved to 69.8% from 44.8%.
Net debt to EBITDA stable at 2.2x; ROFE at 37.6%, ROIC at 13.4%; EBITDA interest cover at 6.4x.
Net asset value per share: 11,547 cents (vs. 10,861 prior year); net debt: R33.4bn.
Outlook and guidance
Focus on accelerating organic growth, improving cash generation, and deleveraging; growth capex concentrated in Freight.
Expect stronger cash performance and working capital release in the second half.
Offshore hygiene, hospitality, and testing sectors to continue strong performance; improved automotive and Adcock synergies anticipated.
No material M&A planned; capital deployment limited while deleveraging.
Macroeconomic outlook in South Africa is optimistic, with lower interest rates, declining inflation, and improved credit ratings.
Revised timelines and key hurdles for relaunched Bidvest Bank sale
Balance debt reduction, growth capex, and ROIC rebuild
Hygiene growth: North America product/sales strategy
Hygiene: shift from M&A to organic growth?
Bank sale delay: impact on deleveraging target?
Automotive: mitigating Chinese vehicle impact?
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Next The Bidvest Group earnings date
H2 202631 Aug, 2026
The Bidvest Group
Next The Bidvest Group earnings date
H2 202631 Aug, 2026
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Frequently asked questions
The Bidvest Group Ltd is a South Africa-based conglomerate operating across a wide range of sectors, including services, trading, and distribution. The company’s business portfolio includes areas such as foodservice, freight management, office and print solutions, automotive retail, financial services, and healthcare. Bidvest’s diversified operations serve both local and international markets, with a focus on delivering essential goods and services across industries. Its subsidiary companies operate semi-independently to provide tailored solutions within their respective sectors. The company is headquartered in Johannesburg, South Africa, and its shares are listed on the Johannesburg Stock Exchange.
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