Remgro (REM) H2 2026 earnings summary

Executive summary

• Headline earnings rose 42.3% to ZAR 11.1 billion, with headline EPS up 42.2% to ZAR 20.03 year-over-year, driven by strong operational performance and portfolio optimization.

• Ordinary dividend per share increased by 73% to ZAR 5.95, with a special dividend of ZAR 5.50 per share declared, totaling ZAR 11.45 per share for the year.

• Portfolio transformation and simplification continued, including the Maziv-Vodacom merger, Mediclinic restructuring, and exit from FirstRand, resulting in a more focused and resilient asset base.

• Major contributors to performance included Mediclinic, Rainbow, OUTsurance, CIVH, and Heineken Beverages, with over 90% of INAV reporting earnings growth.

• Sustained operational improvements and value creation across core investees, with strong cash generation at the center.

Financial highlights

• Headline earnings up 42.3% to ZAR 11.1 billion; excluding once-offs, up 29.3% to ZAR 10.1 billion.

• Headline earnings per share: ZAR 20.03, up 42.2% year-over-year; adjusted HEPS (excluding once-offs): ZAR 18.19, up 29.1%.

• INAV per share increased 4.6% to ZAR 305.80; total growth including distributions was 8.9%.

• Free cash flow at the center up 105.6% to ZAR 8.3 billion; adjusted free cash flow per share up 28.6% to ZAR 8.91.

• Cash at the center rose to ZAR 20.4 billion at year-end, up 143.6% year-over-year, further increased to ZAR 22.5 billion post-year-end.

Outlook and guidance

• Focus shifts from portfolio transformation to value compounding, leveraging a strong balance sheet and simplified portfolio.

• Continued disciplined capital allocation, with priorities on performance, growth opportunities, and sustainability.

• AI identified as a key lever for accelerating strategic execution across the portfolio.

• Dividend guidance maintained at 1.5x adjusted free cash flow cover.

• Group positioned for resilience and optionality amid ongoing macroeconomic volatility and geopolitical risks.