Combined Motor (CMH) H1 2026 earnings summary

Executive summary

• Headline earnings per share rose 23% year-over-year, reflecting improved economic conditions compared to the prior election-impacted period.

• Financial structure remains robust, with strong cash generation supporting a proposed share repurchase offer.

Financial highlights

• Revenue increased 16.3% year-over-year to R7.6 billion for the six months ended 31 August 2025.

• Operating profit grew 14% to R323.5 million, while total profit and comprehensive income rose 22.7% to R164.6 million.

• Earnings per share and headline earnings per share both increased 22.6% to 220.0 cents.

• Net asset value per share climbed 8.2% to 1913 cents.

• Cash resources at period-end were R774.5 million, up 14.9% year-over-year.

Outlook and guidance

• Modest but steady growth in national new vehicle sales is expected to support the retail/distribution segment.

• The Foton commercial vehicle range is anticipated to further boost profitability.

• Forward bookings in car hire indicate a positive tourism season, with lower interest rates expected to reduce fleet holding costs.