Wrap Text
Condensed consolidated interim financial results for the 26 weeks ended 31 August 2025 and cash dividend declaration
Boxer Retail Limited
(formerly Boxer Retail Proprietary Limited)
Incorporated in the Republic of South Africa
Registration number: 2024/392006/06
JSE and A2X share code: BOX
ISIN code: ZAE000339891
("Boxer")
CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE 26 WEEKS ENDED 31 AUGUST 2025 (H1 FY26) AND CASH DIVIDEND DECLARATION
26 weeks to 26 weeks to
31 August 2025 25 August 2024
H1 FY26 H1 FY25 % change
Turnover R22.5 billion R19.8 billion 13.9
Trading profit R931 million R809 million 15.1
Trading profit margin 4.1% 4.1%
Profit before tax before capital items R700 million R680 million 2.9
Headline earnings R518 million R492 million 5.3
Headline earnings per share (HEPS) - cents 114.28 164.00** (30.3)*
Earnings per share (EPS) - cents 110.75 163.67** (32.3)*
Dividend per share - cents 45.30
* The decline in HEPS and EPS is the result of the IPO structure, which resulted in a substantial increase in the share count in November 2024.
**In accordance with IAS 33, per share earnings metrics for H1 FY25 as reported in the Boxer Pre Listing Statement have been restated.
Highlights
- Turnover growth acceleration to 13.9%, up from 9.0% in H2 FY25 (pro forma 52 weeks)
- 5.3% like-for-like sales growth far outpacing selling price inflation, as a result of strong like-for-like volume growth
- Trading profit increase of 15.1%
- Trading profit margin maintained at 4.1%, despite extra costs incurred as a listed entity
- Net cash (excluding lease liabilities) of R1.1 billion, up from a net debt position of R180 million at February 2025
- Inaugural post IPO dividend declared of 45.30 cents per share, at a payout ratio of 40% of headline earnings per share
Introduction
H1 FY26 represented another strong trading period for Boxer, proving yet again that staying faithful to our vision of being the People's Champion by
continuously delivering low prices to our customers delivers great outcomes for all our stakeholders.
For the 26 weeks ended 31 August 2025 (H1 FY26), Boxer turnover grew 13.9% to R22.5 billion. Trading profit increased 15.1% to R931 million, at a trading
margin of 4.1%. The stable trading profit margin, despite additional ongoing costs related to being a listed entity, was driven by the strong trading result
and strong commissions and other income growth, as Boxer began to leverage data collection from its new customer loyalty programme, the Boxer Rewards Club.
H1 FY26 headline earnings grew 5.3% to R518 million, which Boxer considers to be a strong result given the drag on trading profit from costs associated with
being a listed entity, as well as a 79.1% increase in net finance charges (to R231 million) driven by the balance sheet restructure at the time of the IPO
and higher IFRS 16 lease interest due to expansion of the store estate. HEPS, however, declined 30.3% as a consequence of a 51.1% increase in the weighted
average number of ordinary shares (WANOS) due to the dilution from the 157.4 million shares issued in the IPO.
Cash dividend declaration
The Board has declared an inaugural interim dividend of 45.30 cents per share. This is in line with the pre-listing statement, whereby the Board
communicated its intention to pay a dividend from FY26 on a payout ratio of 40% of Headline earnings per share. The dividend will be paid on
8 December 2025. Please refer to the full cash dividend declaration below for more detailed information.
Outlook
After opening 25 new stores in H1 FY26, Boxer is on-track to achieve its target of opening 60 new stores on a full year basis. Despite the prevailing low
selling price inflation, Boxer's ability to achieve like-for-like volume growth has considerably supported the interim result, and bodes well for the full
year.
Boxer had a strong interim period, with trading momentum picking up in July and August. Trading momentum has remained strong in the six weeks post period
end. While recent trading is encouraging, the H2 FY26 result will largely be driven by trading over the critical Black Friday and Festive periods.
The Board is pleased that Boxer managed to hold its interim trading profit margin at 4.1%, despite incurring additional costs associated with being a listed
entity and expensing the IPO admission award. On a full year FY26 basis, the Board continues to anticipate some margin pressure relative to the 5.4% FY25
trading margin (52w pro forma basis), but this will ultimately depend on H2 trading outcomes.
Shareholders are reminded that Boxer's FY26 WANOS will increase by c.34% year-on-year to fully account for the IPO share issue. This IPO-related share
increase will likely result in a decrease in FY26 earnings metrics reflected on a per share basis, however, the full year impact should reflect a lower
decrease than that reflected above for H1 FY26 (where WANOS increased by 51.1%). Boxer continues to recommend that shareholders should focus on absolute
FY26 Headline earnings growth, which the Board feels more appropriately reflects operational performance.
Regardless of economic conditions, Boxer remains resolutely focused on operational execution to capture its substantial long-term structural growth
opportunity.
James Formby Marek Masojada
Chairman Chief Executive Officer
13 October 2025
ABOUT THIS ANNOUNCEMENT
This announcement is the responsibility of the directors. It is only an abridged summary of the information contained in the Group's interim H1 FY26 result
announcement and does not contain full details. Any investment decision should be based on the full interim results published on the Group's website at
www.boxerinvestor.co.za and on the JSE cloudlink at: https://senspdf.jse.co.za/documents/2025/jse/isse/BOXE/BOXFY26H1.pdf
The information contained in this announcement has neither been audited nor reviewed by the Group's external auditors.
FORWARD LOOKING INFORMATION
This report contains certain forward-looking statements which relate to the possible future performance and financial position of Boxer. All forward-looking
statements are solely based on the views and considerations of the directors. These statements involve risk and uncertainty as they relate to events and
depend on circumstances that may or may not occur in the future. Boxer does not undertake to update or revise any of these forward-looking statements
publicly, whether to reflect new information, future events or otherwise. These forward-looking statements have not been reviewed or reported on by Boxer's
external auditors.
RESULT WEBCAST
The Group will hold an online results presentation at 8:30am this morning. All interested stakeholders are invited to watch the webcast which can be
accessed using the following link: www.corpcam.com/boxer13102025. The slides accompanying the result presentation, which will include information on the
Group's strategy, will be available on the Boxer Investor Relations website at www.boxerinvestor.co.za shortly before the commencement of the presentation.
A playback of the webcast will be made available on our website approximately 2 hours after the presentation.
CASH DIVIDEND DECLARATION
Tax reference number: 9304/920/25/0
Number of shares in issue: 457 407 408
The Board has declared an interim gross dividend (number 1) of 45.300 cents per share out of income reserves.
The dividend declared is subject to withholding tax at 20%.
The tax payable is 9.060 cents per share, resulting in shareholders who are not exempt from dividends tax with a net dividend of 36.240 cents per share.
The key dates in respect of the dividend are as follows:
Declaration date Thursday 9 October 2025
Last date to trade (CUM dividend) Tuesday 2 December 2025
Ex-Dividend date Wednesday 3 December 2025
Record date Friday 5 December 2025
Payment date Monday 8 December 2025
Share certificates may not be dematerialised or rematerialised between Wednesday, 3 December 2025 and Friday, 5 December 2025, both days inclusive.
ABOUT BOXER RETAIL LIMITED
Boxer Retail Limited is a leading South African grocery, liquor and building materials retailer, with a strong focus on discount grocery retail. Boxer has
over 500 stores and employs more than 30 000 employees. For further information on Boxer, please visit www.boxerinvestor.co.za.
DIRECTORS OF BOXER RETAIL LIMITED
Executive directors
Marek Masojada (CEO), David Wayne (CFO)
Non-executive directors
James Formby (Chairman), Sean Summers
Independent non-executive directors
Charlotte Maponya (Lead independent non-executive director), Cindy Robertson, Dineo Molefe, Jesmane Boggenpoel, Leon Lourens
CORPORATE INFORMATION
Registered office
41 The Boulevard, Westend Office Park, Westville 3630
Company Secretary
Vaughan Pierce
Email address: CompanySecretary@boxer.co.za
Investor relations
Stephen Carrott
Email address: StephenCarrott@boxer.co.za
Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Transfer secretaries
Computershare Investor Services Proprietary Limited
Date: 13-10-2025 07:05:00
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