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Pepkor Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2017/221869/06)
Share code: PPH
Debt code: PPHI
ISIN: ZAE000259479
LEI: 3789006D677C34F69875
("Pepkor" or the "group")
TRADING UPDATE AND TRADING STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. TRADING UPDATE
GROUP REVENUE
Continuing operations
For the year ending 30 September 2025 (FY25), the group achieved a 12.0% increase in revenue,
reaching R95.3 billion.
The group's retail operations outperformed the rest of the market with strong trading in what
remains a muted macroeconomic and highly competed consumer environment. The Pepkor
business model - highly focussed on solving our customer's needs has again proven its resilience
and defensiveness.
Group market share was expanded based on latest market share data (RLC September 2025
12mma and GfK September 2025 data).
Effective strategic execution across the retail portfolio drove substantial growth in fintech, through
the expansion of financial services and mobile connectivity. The Flash business maintained strong
growth momentum, leveraging its presence in the dynamic informal market.
From a reporting segment perspective, Clothing & general merchandise revenue increased by
8.9% to R66.9 billion, while Furniture, appliances & electronics revenue increased by 7.2% to
R11.8 billion. The Fintech segment continued its strong momentum, increasing revenue by 31.1%
to R16.6 billion.
2. TRADING STATEMENT
In terms of the JSE Limited ("JSE") Listings Requirements, a listed company is required to publish
a trading statement as soon as it becomes aware that a reasonable degree of certainty exists that
the financial results for the financial period to be reported on next will differ by at least 20% from
the financial results for the previous corresponding period.
Shareholders and noteholders are hereby advised that a reasonable degree of certainty exists
that the group's headline earnings per share ("HEPS") and earnings per share ("EPS") for the
year ended 30 September 2025, when compared to the previous corresponding period, are
expected to increase within the ranges reflected in the table below.
Continuing operations FY25 expected FY25 expected FY24 actual
range change (cents)
(cents) (%)
EPS* 149.6 to 156.0 136% to 146% 63.4
HEPS 153.6 to 167.6 10% to 20% 140.2
Normalised HEPS** 154.1 to 167.1 18% to 28% 130.5
Items included in the FY24 base for EPS and Normalised HEPS
* EPS: In FY24, a non-cash impairment was recognised on goodwill and intangibles, due to
uncertain retail trading, particularly in Ackermans, which remains in the process of recovering,
and the challenging footwear market affecting Tekkie Town and Shoe City. This impairment
impacted earnings but is excluded from HEPS as per SAICA's Circular 1: 2023.
** Normalised HEPS: As reported at Pepkor's FY24 and interim FY25 results on 26 November
2024 and 27 May 2025 respectively, the FY24 results benefited from the remeasurement of
uncertain tax provisions. As guided, the effective tax rate will normalise in FY25. Normalised
HEPS excludes this non-recurring tax provision benefit from the FY24 results and therefore
reflects a more representative HEPS growth rate in FY25.
Total operations - including FY25 expected FY25 expected FY24 actual
discontinued operations range change (cents)
(cents) (%)
EPS 150.0 to 155.7 166% to 176% 56.4
HEPS 153.1 to 168.0 3% to 13% 148.5
Discontinued operations in FY24 comprise The Building Company ("TBCo") which was disposed
of on 30 September 2024, enabling the group to exit the building materials market and deliver on
its objectives to streamline the portfolio of businesses, enhance return on capital and optimise
shareholder returns.
Results announcement and webcast
Pepkor's results for the year ended 30 September 2025 will be published on SENS on or about
Tuesday, 25 November 2025.
A results presentation will be held at 10:00am (SAST) on Tuesday, 25 November 2025. The
webcast registration link will be made available prior to publication of the results on the Pepkor
website: www.pepkor.co.za.
The information included in this announcement has not been reviewed and reported on by the
group's external auditors.
Parow
3 November 2025
Equity and Debt sponsor
Investec Bank Limited
Corporate Broker
Rand Merchant Bank (a division of FirstRand Bank Limited)
Date: 03-11-2025 08:00:00
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