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Interim Financial Results for the Six Months Ended 30 September 2025 and Distribution Declaration
PBT HOLDINGS LIMITED
(Formerly known as "PBT Group Limited")
(Incorporated in the Republic of South Africa)
(Registration number: 1936/008278/06)
JSE share code: PBT ISIN: ZAE000256319
Main Board - General Segment
("PBT Holdings" or "the Company")
INTERIM FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
DISTRIBUTION DECLARATION
HIGHLIGHTS
- Revenue increased by 3.4% to R567.6 million (September 2024: R549 million).
- EBITDA increased by 12.3% to R75.3 million (September 2024: R67 million).
- Profit after taxation increased by 13.8% to R53.3 million (September 2024: R46.9 million).
- Cash generated from operations increased by 8.0% to R47.6 million (September 2024: R44.1 million).
- Headline earnings increased by 18.8% to R34.6 million (September 2024: R29.1 million).
- Normalised headline earnings increased by 14.6% to R37.3 million (September 2024: R32.6 million).
- Earnings per share increased by 21.8% to 34.9 cents per share (September 2024: 28.7 cents
per share).
- Headline earnings per share increased by 21.8% to 34.9 cents per share (September 2024:
28.7 cents per share).
- Normalised headline earnings per share increased by 15.0% to 36.4 cents per share
(September 2024: 31.7 cents per share).
- Interim ordinary cash distribution of 30.00 cents per share declared, an increase of 11.1%
compared to the previous year (September 2024: 27 cents per share).
INTRODUCTION
PBT Holdings is a pre-eminent data, analytics and software engineering consultancy delivering
enterprise-scale solutions and services for mainly blue-chip, JSE Top 40 clients in South Africa,
with a presence in the United Kingdom. Our services are provided through three core brands, being
PBT Technology Services (trading as PBT Group), PBT Insurance Technologies (trading as PBTit) and
CyberPro Consulting.
Technological integration is a key enabler in providing clients with custom-made solutions or
services in support of their organisational objectives. As a technology agnostic consultancy,
PBT Holdings is best positioned to optimise clients' operations without allowing product or
technology to limit their options.
While demand for data and analytics services had moderated during the reporting period, growth in
software engineering strengthened, enabling our diversified business units to leverage new
opportunities and drive sustainable performance.
During November 2025 our name officially changed to PBT Holdings Limited. We believe that this
reflects our evolution as a company and supports our strategic vision for future growth.
Key financial results Year-on-year
For the six months ended 30 September change
2025 2024 %
Revenue (Rm) 567.6 549.0 3.4%
Earnings before interest, taxation, depreciation
and amortisation (Rm) 75.3 67.0 12.3%
Operating profit (Rm) 72.3 64.0 12.9%
Profit before taxation (Rm) 73.7 65.6 12.4%
Profit for the year (Rm) 53.3 46.9 13.8%
Profit attributable to owners of the parent (Rm) 34.6 29.1 18.8%
Cash generated from operations^ (Rm) 47.6 44.1 8.0%
Earnings per share (cents) 34.9 28.7 21.7%
Headline earnings per share (cents) 34.9 28.7 21.8%
Normalised headline earnings* (Rm) 37.3 32.6 14.6%
Normalised headline earnings per share* (cents) 36.4 31.7 15.0%
Interim ordinary distribution declared (cents) 30.0 27.0 11.1%
^ During October 2025 the Company received a cash inflow of R22.2 million, mainly as a result of
the timing effect of debtor payments at or around month-end. The business remains highly cash
generative with a seven-year average cash conversion of c. 97%. Occasionally, at a reporting
period-end, the cash conversion is lower or higher than the long-term average, but this is
usually due to timing effects. Note: Cash conversion is defined as cash generated from
operations/EBITDA.
* PBT Holdings is reporting normalised headline earnings and normalised headline earnings per
share figures. These figures reverse the accounting effect of IFRS 2 Share-based Payments.
The Board is of the view that this is a more accurate reflection of the Company's after-tax
earnings and after-tax earnings per share.
DISTRIBUTION DECLARATION
The Company's distribution policy is to consider an interim and a final distribution in respect of
each financial year. At its discretion, the Board of Directors may consider a special or ad hoc
distribution, where appropriate. Depending on the perceived need to retain funds for expansion or
operating purposes, the Board of Directors may also elect not to pay distributions.
On Monday, 24 November 2025, the Board of Directors resolved to declare a capital reduction
distribution of 15.00 cents per PBT Holdings ordinary share (PBT Share) and a dividend distribution
of 15.00 cents per PBT Share (collectively "the Distribution"). The total Distribution will equate
to R30.7 million.
The implications of the Distribution on shareholders are as follows:
- The gross dividend of 15.00 cents per PBT Share from income reserves will be subject to dividend
withholding tax at a rate of 20%. Consequently, a net final dividend of 12.00 cents per PBT Share
will be distributed to those shareholders who are not exempt from paying dividend tax. In terms
of dividend tax legislation, the dividend tax amount due will be withheld and paid over to the
South African Revenue Service by a nominee company, stockbroker or Central Securities Depository
Participant (CSDP) (collectively "regulated intermediary") on behalf of the shareholders.
All shareholders should declare their status to their regulated intermediary, as they may qualify
for a reduced dividend tax rate or exemption.
- The capital reduction distribution of 15.00 cents per PBT Share is not subject to dividend
withholding tax as it is paid out of capital reserves. As the capital reduction distribution
will be regarded as a return of capital and may therefore have potential capital gains tax
consequences, shareholders are advised to consult their tax advisers regarding the impact of
the capital reduction distribution.
As at the date of declaration of the Distribution there were 102 400 000 PBT Shares in issue.
The Company's income tax reference number is 9725148713.
In compliance with the Companies Act, the Directors confirm and have resolved that the Company will
satisfy the solvency and liquidity test immediately after the payment of the Distribution.
In accordance with the provisions of Strate Proprietary Limited, the electronic settlement and
custody system used by the JSE Limited, the relevant dates for the Distribution are as follows:
Last day to trade "cum Distribution" Monday, 15 December 2025
First trading day "ex Distribution" Wednesday, 17 December 2025
Record date Friday, 19 December 2025
Payment date Monday, 22 December 2025
No share certificates may be dematerialised or rematerialised between Wednesday, 17 December 2025
and Friday, 19 December 2025, both days inclusive. Only the shareholders recorded in the Company's
share register as at record date are entitled to receive the Distribution declared.
Payments for certificated shareholders will be transferred electronically to their bank accounts on
the payment date. Shareholders who hold dematerialised PBT Shares will have their accounts at
their CSDP or stockbroker credited on Monday, 22 December 2025.
By order of the Board
Tony Taylor Elizna Read
Non-Executive Chairman Chief Executive Officer
This short-form announcement is the responsibility of the Board, it is extracted from the interim
financial results for the six months ended 30 September 2025 ("Interim Report") and is therefore a
summary of the financial information in the Interim Report that does not contain full or complete
details of the Company's interim financial results.
Any investment decision by investors and/or shareholders should be based on consideration of the
full Interim Report, which has been published in accordance with paragraph 3.46A of the JSE Limited
Listings Requirements as follows:
Company's website: https://pbtholdings.com/investor-relations/
JSE website: https://senspdf.jse.co.za/documents/2025/JSE/ISSE/PBTE/PBT0925.pdf
Electronic copies of the Interim Report can be requested from the Company Secretary at no charge
via e-mail at the following address: anastassia.sousa@pbtholdings.com and are also available for
inspection at the Company's registered office (by appointment) during office hours.
PBT HOLDINGS Limited
Registered office
PBT House
2 Mews Close
Waterford Mews
Century City, 7441
Sponsor
Questco Corporate Advisory Proprietary Limited
www.pbtholdings.com
Cape Town
28 November 2025
Date: 28-11-2025 07:05:00
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