Cashbuild (CSB) H2 2026 earnings summary

Executive summary

• Revenue increased 6% year-over-year to ZAR 12.1 billion, with strong second-half performance and support from the Amper Alles acquisition.

• Normalized operating profit rose 9% to ZAR 311 million, excluding the loss on the Malawi subsidiary and adjustments for refundable customer accounts.

• Headline earnings per share was ZAR 9.60, with net asset value per share down 3% to ZAR 77.84.

• Store count ended at 317, with new formats and acquisitions, including Amper Alles, supporting expansion.

Financial highlights

• Gross profit margin improved to 25.3%, up from 24.8% year-over-year.

• Operating expenses rose 7%, mainly due to higher people and IT costs from SAP migration.

• Profit after tax was ZAR 173 million, down 24% year-over-year; normalized profit after tax up 5% to ZAR 196 million.

• Dividend per share maintained at ZAR 6.26, with a 1.5x dividend cover policy.

• Cash and short-term funds exceeded ZAR 2 billion; closing cash balance just over ZAR 2 billion.

Outlook and guidance

• Over 40 new stores approved for opening in the next three years, with continued focus on new formats and store development.

• Margin ambition is to gradually return to a 5% operating margin over the medium term.

• First seven weeks of FY2027 sales are at similar levels to the prior year, reflecting continued pressure in the DIY retail environment.