BOXER RETAIL LIMITED - Trading update and trading statement for the 26 weeks ended 31 August 2025 (H1 FY26)

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")


Trading update and trading statement for the 26 weeks ended 31 August 2025 (H1 FY26)

Trading update


Trading for the 26-week period to 31 August 2025 ("the Period") reflected improved turnover
momentum during the last two months of the Period. Boxer is pleased to report that turnover for the
Period grew 13.9%, with like-for-like sales increasing 5.3%. Internal food inflation for the Period was
-0.7% as measured on a volume-held-constant basis.


                                         Previously published          26 weeks ended
                                         17 weeks to 29 June 2025      31 August 2025 (H1 FY26)
                                         % growth                      % growth
 Turnover                                12.1%                         13.9%
 Like-for-like sales                     3.9%                          5.3%


Trading statement


Shareholders are referred to The Operational Review within the 2025 Annual Financial Statements, as
published on 12 May 2025. In that release, Boxer advised that it expected to report earnings per share
(EPS) and headline earnings per share (HEPS) for H1 FY26 to decline by more than 20% year-on-year.
Shareholders were also advised at the time that the expected HEPS and EPS decline was purely the
result of the chosen IPO structure, which resulted in a substantial increase in the share count in
November 2024, and was not a reflection of operational performance.


Boxer is currently finalising its results for the Period, and is accordingly able to update investors that
its expected H1 FY26 earnings fall within the ranges as set out in the table below. The improvement
in headline earnings is driven by a strong trading result, which was able to partially offset the
previously guided incremental costs associated with being a listed entity. The decline in the per share
earnings metrics was due to an increase in the weighted average share count arising from the IPO,
which resulted in the weighted average number of ordinary shares in issue (net of treasury shares)
increasing by 51.1% from a restated* 299.999 million for H1 FY25 to 453.290 million for H1 FY26.


                                        Expected range         26 weeks to               26 weeks to
                                        % change            31 August 2025            25 August 2024
                                                            Expected Range                 Restated*
                                                           Cents per share           Cents per share
 Absolute earnings metrics

 Headline earnings (Rm)                    0% to +9%             492 - 539                      492

 Per share earnings metrics

 Earnings per share (EPS)               -30% to -36%       105.21 ' 115.18                   163.67
 Diluted EPS                            -30% to -36%       104.26 ' 114.14                   163.67
 Headline earnings per share (HEPS)     -28% to -34%       108.57 ' 118.85                   164.00
 Diluted HEPS                           -28% to -34%       107.59 ' 117.78                   164.00


*In accordance with IAS 33, per share earnings metrics for H1 FY25 (26 weeks to 25 August 2024) as
 reported in the Boxer Pre Listing Statement have been restated to account for the retrospective
 adjustment of the weighted average and diluted weighted average number of shares in issue, which
 was the result of a reorganisation at the time of the IPO.

H1 FY26 result announcement and presentation


Shareholders are advised that Boxer plans to release its H1 FY26 financial results on SENS at 7:05am
on Monday, 13 October 2025. An online results presentation will follow at 8:30am. Stakeholders are
invited to register for the results presentation webcast via the following link:
https://www.corpcam.com/Boxer13102025. The slides accompanying the result presentation 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.


The financial information on which this trading update is based is the responsibility of the Boxer Board
of directors and has not been reviewed by or reported on by Boxer's external auditors.

By order of the Board
Westville
29 September 2025


Sponsor: RAND MERCHANT BANK (a division of FirstRand Bank Limited)

Date: 29-09-2025 07:05:00

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