Bid Corporation (BID) H1 2026 earnings summary

Executive summary

• Revenue grew 7.1% year-over-year to R126.3 billion, with constant currency growth of 5.9% and limited acquisition impact.

• Trading profit increased 8.1% to R6.8 billion, with trading margin up to 5.4% from 5.3% year-over-year.

• Headline earnings per share (HEPS) rose 8.5% to 1,325.2 cps; interim dividend increased 9.8% to 615.0 cps, with a 2.15x HEPS cover.

• Delivered strong results in a challenging global environment, leveraging a diversified, decentralised model.

• Four bolt-on acquisitions completed, strengthening market positions and product offerings.

Financial highlights

• Gross profit margin stable at 24.0%; operating expenses as % of revenue decreased to 18.6%.

• Free cash flow improved, with cash generated from operations before working capital at R8.8 billion.

• Net debt/EBITDA at 0.5x, net debt reduced to R7.8 billion; solvency and liquidity ratios remain strong.

• Return on funds employed (ROFE) at 53.5%; return on invested capital (ROIC) at 15.2%.

• Dividend cover at 2.15x normalised HEPS.

Outlook and guidance

• Trading conditions expected to remain in line with recent trends; moderate food inflation and pressured consumer sentiment.

• Further real constant currency growth anticipated in H2 F2026; capex rate to moderate over next 18 months.

• Sufficient liquidity and headroom for organic and acquisitive growth; focus on improving returns.

• CapEx expected to be lower than prior years, with no elevated levels anticipated soon.

• Management remains optimistic despite more headwinds than tailwinds, confident in maintaining momentum.