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Tiger Brands (TBS) investor relations material
Tiger Brands H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary26 Nov, 2025
Executive summary
Achieved strong operational and financial performance, with 3.5% volume growth and 2.7% revenue growth, driven by portfolio optimization, cost leadership, and major disposals and SKU rationalization ahead of guidance at 27% versus 20%.
Returned R10 billion to shareholders through special dividends, share buybacks, and ordinary dividends.
Sustainability initiatives included agricultural partnerships, 3,000 jobs saved, 1,275 new jobs created, and a 12% reduction in scope 2 GHG emissions.
Exceeded medium-term guidance targets for volume, revenue, and operating margin.
Cash conversion improved to 90%, supporting strong dividend payouts.
Financial highlights
Operating margin improved to 11.1%, up from 8.4% in FY24, with operating income at R2,180m in H2 25.
Revenue increased to R34,392m, a 3% rise from FY24.
EPS rose 50% to 2,662c, and HEPS increased 31% to 3,832c.
Working capital days improved to 52.1 from 67.2, with a sustainable target of 65 days.
Capex increased 22% to R1,189m, focused on Super Bakery and culinary mega site.
Outlook and guidance
Medium-term volume growth guidance set at 4%-6%, with revenue growth above inflation and long-term target of 4%-6%.
Operating margin expected to reach 12% in the medium term and 15% longer term.
ROE target above 20% in the short term, aiming for 25% longer term.
Continued focus on cost optimization, manufacturing efficiency, product innovation, and exploring inorganic growth.
Ongoing capital allocation discipline, with further portfolio optimization and SKU rationalization.
Initial AI use cases and observed results
Outline inorganic growth strategy for longer term
How to achieve 60% General Trade penetration?
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Next Tiger Brands earnings date
H1 202627 May, 2026
Next Tiger Brands earnings date
H1 202627 May, 2026
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Frequently asked questions
Tiger Brands Limited is a manufacturer and distributor of fast-moving consumer goods (FMCG) primarily based in South Africa. The company boasts a diverse product portfolio that includes baby care products, beverages, snacks and treats, personal care products, grains, groceries, canned fruits and vegetables, sports drinks, ready-to-drink beverages, baby nutrition, chocolates, health bars, home care, and out-of-home products. The company is headquartered in Sandton, South Africa, and its shares are listed on the Johannesburg Stock Exchange.
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