Nampak (NPK) H1 2026 earnings summary

Executive summary

• Revenue for the six months ended 31 March 2026 was R5.6bn, down 1% year-over-year, but up 6% excluding the Diversified segment.

• Normalised EBITDA declined 6% to R816m, but rose 9% excluding Diversified.

• Net debt reduced by 30% to R2.2bn, with net gearing improved to 69% from 149%.

• Net finance costs decreased by 33%, supporting profit growth.

• Strategic review of Diversified completed; Zimbabwe asset sale in progress and impairment recognized.

Financial highlights

• Beverage South Africa revenue up 5% to R3.6bn; Angola up 30% to R700m; Diversified down 18% to R1.4bn.

• Normalised headline earnings increased 9% to R346m; HEPS up 8% to 4,132c.

• Operating profit fell 6% to R899m; profit before tax up 6% to R710m.

• Net profit declined 86% due to non-recurring prior year credits and asset impairments.

• Return on invested capital at 14.6%, above WACC of 12.4%.

Outlook and guidance

• Beverage-led growth and Diversified optimization are strategic priorities, with Springs capacity expansion expected by 2027.

• Angola expected to remain a key growth driver, targeting debt-free status by year-end.

• Limited CapEx expected post-2026, with future CapEx forecast at R250–300m annually.

• Full-year performance may be impacted by global macro disruptions, rising aluminum prices, and inflationary pressures.

• Dividend resumption anticipated in the near term, subject to debt position.