Bid Corporation (BID) H2 2025 earnings summary

Executive summary

• Achieved solid growth in earnings and headline earnings per share in both rand and constant currency, with revenue up 4.3% to R235.6bn and operations in 31 countries.

• Organic growth, supported by bolt-on acquisitions, continues to drive performance, with a focus on foodservice, technology, and sustainability.

• Strong operational execution and adaptability in volatile macroeconomic conditions, with a focus on local currency management.

• Headline earnings per share rose nearly 10% in constant currency and 6.5% in rand; final dividend increased by 6.2%.

• The business model remains robust and scalable, with a focus on digital and sustainability initiatives.

Financial highlights

• Revenue increased by 6.8% in constant currency, with organic growth in the mid-4% range.

• Headline earnings per share rose nearly 10% in constant currency; trading profit grew 6.4% to R12.95bn.

• Operating margin improved from 5.3% to 5.5%; trading margin at 6%.

• Dividend per share increased to 1,160.0 cents (up 6.4%), in line with earnings growth.

• Free cash flow declined due to higher capital investments and acquisitions, but cash generated by operations after working capital was R16.6bn, up 7.5%.

Outlook and guidance

• Confident in continued growth, with July trading starting solidly and revenue up 6.2% in the first eight weeks of the new year.

• Moderate food inflation expected to return, seen as positive for trading if managed well.

• Cost inflation, especially wages, is expected to remain elevated; strategic investments in distribution and value-added manufacturing will continue.

• No material debt maturities in the near term; further CapEx planned but expected to normalize to 1.5%-2% of revenue.

• Focus remains on organic growth, strategic bolt-on acquisitions, and operational efficiency.