Remgro (REM) H2 2025 earnings summary

Executive summary

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

• Ordinary dividend rose 30.3% to ZAR 3.44 per share, with a special dividend of ZAR 2 per share declared.

• Balance sheet fully de-geared, enabling proactive capital allocation and new investments.

• Portfolio simplification advanced through unbundling of eMedia Investments, disposal of BAT shares, and pursuit of the CIVH/Vodacom deal.

• Key portfolio companies—Mediclinic, OUTsurance, RCL Foods, and RAINBOW—delivered robust contributions; Heineken Beverages returned to profitability.

Financial highlights

• Headline earnings up 38.6% to ZAR 7.8 billion; headline EPS up 38.4% to ZAR 14.09.

• Adjusted headline earnings rose 24% year-over-year, reflecting operational improvements.

• Ordinary dividend up 30.3% to ZAR 3.44 per share; special dividend of ZAR 2 per share declared.

• Dividends received at the center increased by 24% to ZAR 3.8 billion.

• Intrinsic net asset value increased 16.7% to ZAR 162.5 billion; closing share price up 16.2%.

Outlook and guidance

• Focus on active performance optimization, disciplined capital allocation, and ESG integration.

• Positive earnings momentum seen in early FY 2026; ongoing portfolio simplification and capital allocation to drive further value.

• Continued investment in core portfolio and rationalization of non-core assets.

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

• Management confident in sustainable growth and cash generation despite challenging market conditions.