Remgro (REM) H2 2025 earnings summary

Executive summary

• Headline earnings increased by 38.6% year-over-year to ZAR 7.8 billion, with headline earnings per share up 38.4% to ZAR 14.09.

• Ordinary dividend increased by 30.3% to ZAR 3.44 per share, with a special dividend of ZAR 2 per share declared, funded by the BAT share sale.

• Balance sheet fully de-geared, creating capacity for new investments and growth.

• Portfolio simplification advanced with the unbundling of eMedia Investments, disposal of BAT and other holdings, and pursuit of the CIVH/Vodacom deal.

• Portfolio companies OUTsurance, Mediclinic, RCL Foods, and RAINBOW delivered strong operational improvements.

Financial highlights

• Headline earnings rose to ZAR 7.8 billion from ZAR 5.6 billion year-over-year.

• Dividends received at the center increased to ZAR 3.87 billion, up 23.6% year-over-year.

• Total dividend for the year is ZAR 3.44 per share, up 30.3%, with a special dividend of ZAR 2 per share.

• Net cash increased by ZAR 4.04 billion, mainly from asset disposals and debt redemption.

• Intrinsic net asset value (INAV) increased 16.7% to ZAR 162.5 billion, with INAV per share up 16.5%.

Outlook and guidance

• Positive earnings momentum continued into the first months of the new financial year.

• Focus remains on portfolio simplification, disciplined capital allocation, and ESG integration.

• Market conditions remain challenging, but management is confident in sustainable growth and cash generation.

• Ongoing strategic priorities: performance optimization, considered capital allocation, and ESG leadership.

• ESG action and enhanced climate reporting to be embedded across the group.