Wrap Text
TIGER BRANDS’ AUDITED GROUP RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 AND FINAL DIVIDEND DECLARATION
TIGER BRANDS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1944/017881/06)
Share code: TBS
ISIN: ZAE000071080
(Tiger Brands or the Company or Group)
TIGER BRANDS' AUDITED GROUP RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 AND FINAL DIVIDEND
DECLARATION
Tiger Brands delivers a strong set of results for the year ended 30 September 2025 (FY25) with volume growth
and operating margin ahead of guidance, and a declaration of a R4.0 billion special dividend to shareholders
Salient Features – continuing operations*
• Revenue increased by 2.7% to R34.4 billion (2024: R33.5 billion)
• Group operating income** increased by 35% to R3.8 billion (2024: R2.8 billion)
• Milling and Baking operating profit increased by 27% to R761 million
• Grains operating profit increased by 236% to R736 million
• EPS:
- Total operations increased by 30% to 2 482 cents per share (2024 restated: 1 914 cents per share)
- Continuing operations increased by 50% to 2 662 cents per share (2024 restated: 1 776 cents per share)
• HEPS:
- Total operations increased by 15% to 2 056 cents per share (2024 restated: 1 782 cents per share)
- Continuing operations increased by 31% to 2 141 cents per share (2024 restated: 1 631 cents per share)
• Total cash proceeds of R5.0 billion from sale of non-core operations
• Closing cash position improved by R1.8 billion to R3.2 billion post share buybacks and special distributions:
o R1.5 billion share buybacks completed
o Interim special dividend of 1 216 cents per share (R1.8 billion)
• The Group has made the decision to reduce its dividend cover from 1.75x to 1.25x for the current year and
foreseeable future. This has resulted in the final ordinary dividend increasing by 79.7% to 1 229 cents per
share (2024: 684 cents per share)
• Final special dividend of 2 710 cents per share (R4.0 billion)
• Total ordinary dividend for FY25 of 1 644 cents per share (R 2.4 billion)
• Total special dividend for FY25 of 3 926 cents per share (R5.8 billion)
* Prior year (FY24) continuing operations results have been restated for the classification of the Group's
Langeberg & Ashton Foods (LAF), Randfontein operations and Chococam as discontinued operations in
terms of IFRS 5: Non-current Assets Held for Sale and Discontinued Operations (IFRS 5)
** Before impairments, fair value losses and non-operational items
Overview of continuing operations
Tiger Brands delivered strong earnings growth and continued cash generation, demonstrating disciplined
operational excellence against a backdrop of constrained consumer spending.
Despite food and non-alcoholic beverages inflation moderating to 4.5% in September 2025, consumers remain
under pressure and value seeking, as the rise of other essential costs impacts disposable income.
To address this, Tiger Brands' strategy is underpinned by a focus on providing value for consumers, with
management executing continuous improvement (CI) and strategic pricing initiatives in FY25, which resulted in
increased affordability of the Company's products. CI initiatives include value engineering, logistics optimisation,
and factory efficiencies.
Overall revenue improved by 2.7% to R34.4 billion compared to prior year, driven by 3.5% volume growth, and
price deflation of 0.8%.
Gross margin increased to 31.3% from 29.1% in the prior year on a comparable basis. This increase was driven
by value engineering savings on recipes and packaging, and factory efficiencies from labour optimisation and
increased volume throughput in key categories.
The Group's operating income for FY25 increased by 35% to R3.8 billion, driven by topline growth, and CI
initiatives delivering ahead of guidance. Double-digit operating margin at 11.1% was ahead of guidance, a 2.6%
improvement versus prior year.
The decrease in income from associates to R376 million (2024: R724 million) is reflective of the Company's
portfolio optimisation strategy, which saw the disposal of Chilean associate Empressas Carozzi S.A. (Carozzi) in
February 2025. Net finance income for the year was R65 million (2024: net finance cost R287 million), due to the
group being in a net cash position for most of the year.
The Group's effective tax rate, before fair value losses, non-operational items and income from associates
increased marginally to 28.0% compared to 27.7% in FY24.
Improved working capital management contributed R1.2 billion cash inflow, compared to a R746 million inflow
in the prior year. This supported cash generated from operations increasing by R1.6 billion to R7.1 billion (2024:
R5.5 billion). The Group achieved a notable cash conversation ratio of 90% for FY25, which was 6% higher than
prior year of 84%.
Earnings Per Share (EPS) from total operations increased by 30% to 2 482 cents per share (2024 restated: 1 914
cents per share). Headline EPS (HEPS) from total operations increased by 15% to 2 056 cents per share (2024
restated: 1 782 cents per share). The variation between HEPS and EPS mainly relates to profit on the disposal of
the non-core Baby Wellbeing division and the associate, Carozzi.
On a continuing operations basis, EPS increased by 50% to 2 662 cents per share (2024 restated: 1 776 cents per
share), and HEPS increased by 31% to 2 141 cents per share (restated 2024: 1 631 cents per share). This increase
in earnings was impacted by the disposals during the period. It is important to note that Carozzi earnings for the
year to February 2025 and the Baby Wellbeing trading results to end of the first half (H1 25) are included in
continuing operations.
Please note that EPS and HEPS have been restated for the classification of the Group's Langeberg & Ashton
Foods (LAF), Randfontein operations and Chococam operations as discontinued operations in terms of IFRS 5:
Non-current Assets Held for Sale and Discontinued Operations (IFRS 5).
Strategic Update
Corporate Brand
More than twenty-five years after changing our company name from Tiger Oats, we have taken the bold step to
refresh the Tiger Brands corporate brand. This change builds on our legacy of more than a century and reflects
our commitment to contribute to a healthier, more resilient Southern Africa by bringing affordable, quality
foods, and essentials to everyone.
At Tiger Brands, we hold a fundamental belief: that everyone should have access to good food and quality
essentials. Through our beloved brands, we have been part of homes across the region; a reliable and essential
part of daily life. But we recognise there is still more work to be done. In Southern Africa, too many families
still struggle to put nutritious meals on the table or access the everyday products that make life better. We are
therefore making it our mission to bring affordable, quality foods, and essentials to everyone, from the biggest
cities to the smallest villages.
In line with our strategic focus to rejuvenate our brands, we are constantly innovating to bring consumers the
best value, quality and affordable products across our categories.
The Board and management are therefore pleased to announce that in line with the corporate brand refresh,
we have also updated our corporate purpose to be deliberate about the active role we play in creating positive
and sustainable outcomes across our value chain. Our refreshed purpose captures the promise we make to our
stakeholders, "to cultivate and nourish lives every day and every tomorrow".
Capital Allocation
Our disciplined capital allocation framework remains unchanged, underpinned by driving shareholder value.
Our framework is clear that once internal capital requirements are fully funded, there are three avenues which
management considers in returning excess capital to shareholders, namely, share buybacks, special dividends
and a review of the ordinary dividend cover.
To that end, management embarked on a share buyback program, having received the necessary shareholder
authority at the AGM held on 20 February 2025. As of 30 September 2025, R1.5 billion had been deployed
resulting in the repurchase of 5.5 million shares. The share buyback program continued beyond the reporting
period, and as of 21 November 2025 an additional 4.4 million shares had been repurchased (an additional R1.5
billion deployed).
The ordinary dividend cover was also revised downwards from 1.75x to 1.25x, with management satisfied that
this level of divided cover is sustainable for the foreseeable future given current business capital requirements.
The Board is pleased to declare a final special dividend to shareholders of 2 710 cents per share, which will return
a further R4.0 billion to shareholders, in addition to the R1.8bn declared in H1 25. Note that as per regulatory
requirements, the special dividend is subject to approval by the South African Reserve Bank.
These carefully considered capital allocation decisions underscore our deliberate intent to finding the optimal
balance between driving shareholder returns, optimising our capital structure and fostering sustainable growth.
Portfolio Optimisation
There was considerable progress on the Company's portfolio optimisation strategy in FY25.
In shaping our portfolio and aligned with our stated vision of growing as Southern Africa's leading consumer
goods company, with the most accessible loved brands, we clarified categories and divisions where Tiger Brands
has a competitive advantage (core), and those not considered core to the future competitiveness of the
Company (non-core).
Following the SENS announcement released on 10 November 2025, where the LAF transaction completion was
reiterated and Chococam confirmed as discontinued, management is pleased to expand on progress made on
other non-core operations:
• Randfontein operations: As previously announced, the Maize business is being sold together with the
wheat mill to facilitate a simpler and expedited transaction, and to aid in optimising Tiger Brands'
wheat milling footprint, delivering improved conversion costs. The Competition Commission has
recommended approval of the transaction to the Competition Tribunal, with envisaged completion in
H2 26.
• Beacon chocolate and King Foods: These divisions are included in continuing operations, and
management remains committed to driving growth and margin expansion until such time that an
executable value realisation plan has been established.
Update on Listeriosis class action
As previously communicated in the SENS released on 12 May 2025, the Company's lead reinsurer, QBE Insurance
Group Limited, having primary conduct of the defence of the class action against Tiger Brands authorised the
insurers' attorneys to make settlement offers to specific named persons who suffered damage as a result of
listeriosis caused by genotype L1-SL6-ST6-CT4148 of Listeria monocytogenes (or ST6). Engagements between
the legal representatives of the parties are continuing as regards the terms of a possible settlement, with a view
to finding a means to bring finality to the class action litigation.
Management is pleased to report that interim relief payments for claimants with urgent needs were made to
confirmed claimants or their custodians subject to agreed criteria and conditions. Outside of those payments
made, the Company's insurers have also agreed to extend further interim payments to additional claimants with
urgent medical needs who meet agreed criteria. Although not legally obligated to make interim payments at this
stage of the class action, the decision to do so underscores Tiger Brands and its insurers commitment to
achieving a just resolution of the listeriosis class action as soon as possible.
As previously stated, Tiger Brands has adequate product liability insurance cover for a group of its size.
Segmental Operating Performance
Second half (H2 25) volume growth continued the positive momentum of H1 25, with volume growth in H2 25
from continuing operations at 5.7%. Tiger Brands' defined basket inflation for 12mm and 6mm lagged the market
in line with our strategy to continue driving affordability and relevance of our products.
Milling and Baking
Revenue for Milling and Baking increased by 5.3% to R8.6 billion, driven by volume growth of 7.9% and price
deflation of 2.6% primarily from Wheat. Bakeries experienced volume growth for the first time since
implementation of the refreshed strategy, most notably in H2 25. This performance was enabled by investments
in route-to-market software, which provides real-time data, and increased the team's ability to implement
strategic pricing initiatives.
Operating income increased by 26.8% to R761 million, and margins increased by 1.5% to 8.8% versus prior year.
This increase was largely driven by H2 25 momentum of strategic initiatives implemented and factory
efficiencies. Continued focus to reduce damages and returns, further enabled profit improvement.
Grains
Grains revenue performance of R7.1 billion was driven by 6% volume growth, offset by price deflation of 5% due
to deflation experienced in soft commodities. The volume growth was driven by continued investment behind
focus brands and diligent price management accredited to strategic procurement. Grains experienced notable
growth in volume market share, growing ahead of the market in 12mm, and 6mm respectively.
Operating profit improvement versus prior year of 236% to R736 million, and margin improvement of 7.3% to
10.4% was driven by strategic price management, factory efficiencies, as well as logistics optimisation initiatives
which delivered ahead of expectations. Notably, H2 25 operating margin was 14.6% compared to 5.6% in the
prior year, and 6.4% in H1 25.
Culinary
Culinary revenue increased by 3.1% to R10.2 billion driven by 3.2% volume growth, as a result of key strategic
initiatives within the condiments category and markedly improved service levels in H2 25. Growth in condiments
was driven by value engineering, which enabled deliberate investment in price to deliver affordability to value
seeking consumers. There were market share improvements across condiments, baby nutrition and spreads
(12mm).
Operating income at R1.07 billion was 11.4% higher than prior year, with operating margin at 10.5% (0.8% higher
than prior year). Improved operating income resulted from continuous improvement initiatives across the
supply chain.
Snacks, Treats and Beverages (STB)
STB revenue at R6.0 billion was 3.1% higher than prior year, driven by 6.9% price growth. Revenue growth was
driven by Snacks and Treats (S&T), with Beverages delivering acceptable performance despite significant deep
discounting that led to consumers increasing spend in the carbonated soft drinks (CSD) category. The Beverages
dilutables category achieved positive volume market share for the 12mm to end September 2025.
Operating profit improved by 13.7% to R820 million and operating margin at 13.7% (1.3% increase versus prior
year). This strong performance was driven by the continuation of labour optimisation from time and motion
initiatives implemented across both categories, and relief in global orange concentrate pricing positively
impacting beverages.
Home and Personal Care
Home and Personal Care (HPC) revenue declined by 3.8% to R2.6 billion on a reported basis, however on an
adjusted basis, removing the impact of discontinued SKUs and non-core brands, HPC revenue grew by 6.4%.
There was compelling H2 25 recovery from Home Care (HC) in the pest category, coming off can supply
constraints experienced in H1 25. The export channel remains a key lever for growth for HPC, with PC gaining
traction in neighbouring markets and HC potential being actively explored.
Operating income at R526 million for FY25 was 5.9% lower than prior year, with notable recovery within the
local HC business in H2 25, despite supply challenges on aerosol cans experienced in H1 25.
Cash Flow and Capital Expenditure (Capex)
The improved management of working capital as well as the proceeds from portfolio optimisation disposals,
resulted in the Group ending the period with a cash position of R3.2 billion (2024: cash R1.4 billion).
Proceeds to the value of R1.7 billion from the disposal of Carozzi were deposited in an interest-bearing short-
term investment, and therefore not reflected in the closing cash position.
Capital expenditure for the period amounted to R1.2 billion (2024: R970 million), stepping up considerably in H2
25. Key capex projects for FY25 included the purchasing of equipment for the planned Super Bakery to be
commissioned at the beginning of FY27 (end of 2026 calendar year), as well as capex in Culinary for the
insourcing of an additional condiments category, and the Mega site development in Paarl. The investment in a
Mega Distribution Centre in Gauteng is gaining traction and on track for FY27.
Outlook
The strategic priorities for the year ahead are reflective of our focus to drive operational excellence and
continued volume recovery. Management is confident in our ability to continue delivering performance in line
with guidance, which we have revised upwards going into FY26. The macro-economic environment and
consumer outlook remain muted in the short-term, which we are well positioned to manage.
In line with our strategic ambition, and using our strategic thrust levers of cost leadership, portfolio optimisation,
rejuvenating our brands, executing our growth platforms and continued superior channel presence, the focus
for FY26 will be:
• Milling and Baking: Continued price point management, supply chain optimisation and superior product
quality. Share recovery in the general trade remains a strategic imperative together with the timely
commissioning of the Super Bakery.
• Grains: Growing Tiger Brands' share of plate for main meal carbohydrates and remaining price competitive
across all channels, will be a key focal point. Category plans to expand the breakfast repertoire under the
Jungle brand are on track.
• Culinary: Brand and product tiering strategies will be further enabled by value engineering and innovation
to drive affordability and market penetration. In-sourcing of key product ranges and raw materials is a core
enabler to improving service levels and security of supply.
• Snacks, Treats and Beverages: Site optimisation and investment into primary distribution centres will
enable competitive pricing to grow market share and enhance operating margins. Innovation remains key
to holding leading category positions.
• Home and Personal care: Value engineering initiatives across HPC will enable investment into marketing
and innovation. The recovery of PC through innovation, repositioning of the Ingrams brand and increasing
penetration in and outside of South Africa remains a critical success factor.
Our strategic priorities will enable achievement of the following financial metrics over the short to medium term:
• Volume growth (%): 1% - 3%
• Revenue growth (%): in line with inflation
• Operating margin (%): Towards 12%
• ROIC: >20%
• Net Working Capital Days: 65 days
Any forward-looking financial information has not been reviewed or reported on by the Company's external
auditors.
By order of the board
GJ Fraser-Moleketi TN Kruger
Chairman Chief Executive Officer
Bryanston
25 November 2025
Date of release: 26 November 2025
Short-form statement
This short?form announcement is the responsibility of the Directors of the Company and has not been reviewed
or audited by the group's external auditors. The information disclosed is only a summary of the information
contained in the consolidated annual financial statements ("Financial Statements"), and consequently, does not
contain full or complete details.
The Financial Statements have been audited by Tiger Brands' independent auditors Deloitte & Touche, who
expressed an unmodified audit opinion. Copies of the Financial Statements together with the auditors' opinion
are available on the Company's website www.tigerbrands.com and may also be requested from Investor
Relations by emailing Investorrelations@tigerbrands.com.
Any investment decisions made by investors should be based on the consideration of the Tiger Brands Financial
Statements. The Financial Statements are available through the JSE cloudlink at:
https://senspdf.jse.co.za/documents/2025/jse/isse/tiih/TigerFY25.pdf.
Declaration of final dividend
The company declared a final ordinary dividend of 1,229 cents per share for the year ended 30 September 2025.
This, together with the interim dividend of 415 cents per share, brings the total dividend for the year to 1,644
cents per share, a 59% increase relative to FY24.
In calculating last year's total dividend, and for the interim dividend in 2025, the company applied a dividend
policy of 1.75x cover based on HEPS. The company has subsequently amended its dividend policy to 1.25x cover
on HEPS, which is applicable for the 2025 final ordinary dividend.
Declaration of special dividend
Aligned to the decision to return excess cash arising from the portfolio optimisation disposals to shareholders,
as well as improved working capital management and after funding the share repurchase programme, the
company has declared a final special dividend of 2,710 cents per share for the year ended 30 September 2025.
This, together with the interim special dividend of 1,216 cents per share brings the total special dividend for the
year to 3,926 cents per share.
An application has been made to the exchange control division of the South African Reserve Bank for approval
of the special dividend. Once received, the finalisation information pertaining to the payment of the special
dividend will be communicated to shareholders.
In accordance with paragraphs 11.17 (a) (i) to (x) and 11.17 (c) of the JSE Listings Requirements, the following
additional information is disclosed:
• The ordinary dividend has been declared out of income reserves
• The local Dividends Tax rate is 20% (twenty percent) effective 22 February 2017
• The gross final dividend amount of 1,229 cents per ordinary share, and the final special dividend of 2,710
cents per share will be paid to shareholders who are exempt from dividends tax
• The net final dividend amount of 983.20 cents per ordinary share, and the net final special dividend of
2,168.00 cents per share will be paid to shareholders who are liable for dividends tax
• Tiger Brands has 171,527,171 ordinary shares in issue as at date of declaration of the ordinary and special
dividend (which includes 10,814,725 treasury shares)
• Tiger Brands Limited's income tax reference number is 9325/110/71/7.
Shareholders are advised of the following salient dates in respect of the final ordinary and special dividend:
Declaration date Wednesday, 26 November 2025
Special Dividend finalisation date Tuesday, 6 January 2026
Last day to trade cum the ordinary and special dividend Tuesday, 13 January 2026
Shares commence trading ex the ordinary and special dividend Wednesday, 14 January 2026
Record date to determine those shareholders entitled to the ordinary Friday, 16 January 2026
and special dividend
Payment date in respect of the ordinary and special dividend Monday, 19 January 2026
Share certificates may not be dematerialised or re-materialised between Wednesday, 14 January 2026 and
Friday, 16 January 2026, both days inclusive.
INVESTOR PRESENTATION
Shareholders are advised that following the release of the Group's results for the year ended 30 September
2025, the investor presentation will be available for download on the Tiger Brands website at 09:30 am (CAT):
https://www.tigerbrands-ir-digital.com/reports/2025/Tiger-Brands-AFS-2025/index.php.
The results presentation will take place today 26 November 2025, at 10:00 am (CAT).
Webcast details are set out below.
Webcast address: https://www.corpcam.com/TigerBrands26112025
By order of the Board
JK Monaisa
Company Secretary
Waterfall City
26 November 2025
Registered office: The Ingress, Building 3, Corner of Magwa & Lone Creek Crescent, Waterfall City, Midrand,
2090
Independent non-executive directors: GJ Fraser-Moleketi (Chairman), FNJ Braeken, TE Mashilwane, M Sello, LA
Swartz, OM Weber, DG Wilson
Non-executive directors: S Sithole
Executive directors: TN Kruger (Chief Executive Officer), TA Govender (Chief Financial Officer)
Company secretary: JK Monaisa
JSE Sponsor
J.P. Morgan Equities South Africa Proprietary Limited
Date: 26-11-2025 07:15:00
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