Bid Corporation (BID) Q1 2026 TU earnings summary

Trading performance and financial trends

• Revenue grew 8.0% (6.4% in constant currency), with organic growth of nearly 4% and acquisitions contributing up to 1.4%; food inflation added 2–2.5%.

• Trading profit increased 8.6% in ZAR (6.4–6.8% in constant currency), with margins slightly up despite global cost and margin pressures.

• Headline earnings per share rose 7.2% (5.1% in constant currency), aided by currency volatility.

• Free cash flow and working capital improved year-on-year, with lower capital investment and acquisition outflows.

• EBITDA margin (pre-IFRS 16) reached 6.1%, and the balance sheet remains strong with R22.3 billion in available headroom.

Regional and divisional performance

• Europe delivered 9% sales growth in constant currency, with strong results in Italy and Poland.

• UK achieved nearly 5% sales growth and over 8% trading profit growth, with improved margins and new contract wins.

• Australasia faced tough conditions; Australia saw 5% revenue growth mainly from volume, and New Zealand showed signs of recovery.

• Emerging Markets posted 7% sales and profit growth in constant currency; South Africa showed double-digit growth, Brazil improved, and Argentina remained volatile but profitable.

• Greater China and Chile faced margin pressure and challenges, while Malaysia and Singapore performed well.

Strategic and operational updates

• Four small acquisitions were completed in South Africa, Italy, the UK, and Malaysia, with a disciplined approach to bolt-on deals.

• M&A pipeline has shortened as many targets have passed peak profitability.

• Focus remains on Own Brand, imports, and light value-add manufacturing to sustain margins.

• CapEx spend has been reduced, prioritizing organic growth and strategic investments.

• Fleet and material handling equipment replacement has stabilized post-COVID.