Novus Holdings (NVS) H2 2026 earnings summary

Executive summary

• Revenue for FY2026 was R4,195m, a slight decrease of 0.7% compared to FY2025, with Print, Publishing & Distribution contributing 65.5% of total revenue due to full-year inclusion of Publishing & Distribution.

• Gross profit margin improved to 33% from 31% year-over-year, mainly from better margins in Print and Education.

• Operating profit (excluding other gains/losses) declined 9% to R359m, and EBITDA fell 18% to R562m.

• Tangible net asset value per share increased 7.9% to 639.75 cents.

Segment performance

• Print, Publishing & Distribution revenue rose to R2,796.5m (up from R2,625.4m), with EBITDA at R172m, down from R204m, due to one-off acquisition costs and significant capex including a new digital press.

• Education revenue dropped to R758.6m from R925.7m, with EBITDA at R282m (down from R352m), impacted by lower orders and procurement delays; R29m invested in AI-enabled and digital platforms.

• Packaging revenue declined to R699.5m from R736.9m, but EBITDA increased to R109m from R102m, with margin protection strategies and ongoing innovation.

Financial highlights

• Overheads increased to R1,021m from R932m.

• Earnings per share were 84.12c (down from 110.88c), and headline EPS was 84.79c (down from 88.3c).

• Net working capital at March 2026 was R405m.

• Net cash at year-end was R677.4m, with gross cash of R1,017bn.