Wrap Text
Prepared Comments for the Southern Sun Annual General Meeting, the 2026 RMB Morgan Stanley Investor Conference and a Preliminary Trading Statement for the six months ending 30 September 2026
Southern Sun Limited
Incorporated in the Republic of South Africa
Registration number: 2002/006356/06
Share Code: SSU ISIN: ZAE000272522
(“Southern Sun” or “the Group”)
PREPARED COMMENTS FOR THE SOUTHERN SUN ANNUAL GENERAL MEETING, THE 2026 RMB MORGAN STANLEY INVESTOR CONFERENCE,
AND A PRELIMINARY TRADING STATEMENT FOR THE SIX MONTHS ENDING 30 SEPTEMBER 2026
Ahead of the Southern Sun Annual General Meeting, scheduled at 10h00 on Tuesday, 15 September 2026 and
the RMB Morgan Stanley Investor conference scheduled on 16 and 17 September 2026, the following
information is released in the interest of all shareholders.
Trading has been buoyant for the first five months of the financial year ending 31 March 2027, with South African
total revenue growth of 10%. The Group’s offshore segment has been bolstered by the relaunch of Paradise Sun
which was closed for refurbishment during the prior comparative period but has traded strongly post its
reopening and the initial disruption caused by the Middle Eastern conflict. In addition, trading volumes have
increased in Mozambique and Tanzania. As a result, the offshore segment’s total revenue grew by 54%.
The Group’s overall occupancy for the five-months ended 31 August 2026 increased from 57.8% to 60.2% while
average room rates increased by 9.5%, total revenue growth of 12% was achieved.
The Group’s South African operations delivered strong Ebitdar growth over the five-month period, driven by
continued demand for Eventing, as well as Groups and Conferencing in the Western Cape and Gauteng along
with the Rugby’s Greatest Rivalry tour in August 2026. There have been reassuring signs of growth in Groups
and Conferencing demand in Kwazulu-Natal driven by Sports and Associations business, however transient
travel, and domestic leisure travel in particular, remain subdued impacted by disposable income pressure and
anti-immigration protests impacting SADC-related travel.
The Group continues to face above-inflation cost pressures in IT following various system upgrades, higher utility
costs impacted by electricity tariff hikes, water outages and significant increases in property rates, as well as
increased channel costs.
Given the Group’s strong balance sheet position, Southern Sun has continued to return cash to shareholders
and since 1 April 2026, has repurchased R174 million worth of shares at an average price of R9.98 and paid the
final dividend for the year ending 31 March 2026 of R393 million.
The Group’s strategy remains internally focussed with several refurbishments in progress during the first six
months of the financial year, including Southern Sun Newlands, Hazyview Sun, Mount Grace Hotel & Spa,
Birchwood Hotel & OR Tambo Conference Centre, Southern Sun Waterfront and Southern Sun Hyde Park.
Earnings for the first half of the year are expected to benefit from the trading dynamics highlighted above.
Accordingly, shareholders are advised that earnings per share (EPS), headline earnings per share (HEPS) and
adjusted headline earnings per share (AHEPS) for the six months ending 30 September 2026 are each expected
to be at least 20% (4.9 cents) higher than the 24.5 cents, 24.8 cents and 24.9 cents, respectively, reported for
the prior comparative period.
This guidance is based on management accounts to 31 August 2026 and an estimate of September trading and
excludes any potential impact of management’s assessment of investment property fair values or impairments
or reversal of impairments of property, plant, and equipment or IFRS16 adjustments which may be affected by
proposed lease amendments.
Shareholders are reminded that the Group’s peak trading months are weighted to the second half of the financial
year and the comparative period included significant events such as the B20 and G20 conferences in FY26Q3
resulting in a higher comparative base.
A further trading statement for the six months ending 30 September 2026 will be released on SENS once the
Group has finalised its interim financial results during October 2026. Southern Sun is currently scheduled to
release its financial results for the six months ending 30 September 2026 on or about 18 November 2026.
The financial information in these comments has not been reviewed and reported on by the Group’s external
auditors.
9 September 2026
Sponsor
Investec Bank Limited
Date: 09/09/2026 10:43:00
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