Wrap Text
Summarised consolidated results and cash dividend declaration for the year ended 30 June 2025
MOTUS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2017/451730/06
Share code: MTH ISIN: ZAE000261913
("Motus" or "the Company" or "the Group")
Summarised consolidated results and cash dividend declaration
for the year ended 30 June 2025
Financial highlights
- Revenue1 down 1%, to R112 598 million (2024: R113 764 million)
- Operating profit1,2 in line with prior year, to R5 476 million (2024: R5 503 million)
- Net finance costs down 13%, to R1 908 million (2024: R2 189 million)
- Profit before tax up 4%, to R3 336 million (2024: R3 218 million)
- Attributable profit up 1%, to R2 451 million (2024: R2 436 million)
- Net asset value per share up 11%, to 11 305 cents per share (2024: 10 203 cents per share)
- Earnings per share up 1%, to 1 468 cents per share (2024: 1 450 cents per share)
- Headline earnings per share up 5%, to 1 548 cents per share (2024: 1 479 cents per share)
- Total dividend per ordinary share up 6%, to 550 cents per share (2024: 520 cents per share) (paid
interim dividend of 240 cents per share)
- Cash flows from operating activities up 60% to R5 669 million (2024: R3 533 million)
- Return on invested capital3 increased to 10,9% (2024: 10,8%)
- Weighted average cost of capital3 decreased to 9,8% (2024: 10,1%)
- Equity to net debt structure of 66%:34% (2024: 57%:43%)
- Net debt to EBITDA4 (debt covenant) 1,5 times (Required to be less than 3 times) (2024: 1,9 times)
- EBITDA to net interest4 (debt covenant) 4,2 times (Required to be greater than 3 times)
(2024: 3,7 times)
1 The disposal group's performance in relation to the Group's results is disclosed in note 10 – Acquisitions and disposals
during the financial year, as included in the summarised consolidated results and cash dividend declaration for the year
ended 30 June 2025.
2 Operating profit before capital items and net foreign exchange movements.
3 The return on invested capital and weighted average cost of capital are prepared on a 12-month rolling basis.
4 Calculated by applying the funders' covenant methodology.
Business overview
Motus is a multi-national provider of automotive mobility solutions and vehicle products and services,
delivering over 75 years of steady growth and reliable value creation. Our leading market presence in
South Africa (SA) is enhanced by selected international offerings in the United Kingdom (UK), Australia,
Asia and Southern and East Africa.
Motus employs over 20 000 people globally and is a diversified (non-manufacturing) business in the
automotive sector. Motus is SA's leading automotive group, with unrivalled scale and scope across the
automotive value chain.
Motus offers a differentiated value proposition to Original Equipment Manufacturers (OEMs), customers
and business partners with a business model that integrates our four business segments: Import and
Distribution, Retail and Rental, Mobility Solutions and Aftermarket Parts, providing multiple customer
touchpoints that support resilience and meet customers' mobility needs across the vehicle ownership
cycle.
Motus has long-standing importer, distribution and retail partnerships with leading OEMs, representing
some of the world's most recognisable brands. We provide automotive manufacturers with a highly
effective route-to-market and a vital link between the brand and the customer throughout the vehicle's
lifecycle. In addition, we provide accessories and aftermarket automotive parts for out-of-warranty
vehicles and the Mobility Solutions segment sells value-added products and services (VAPS) to
customers, including non-insurance and insurance products, consumer mobility solutions, and fleet
services.
Environment
The global economic environment has become increasingly uncertain over the first half of the 2025
calendar year (CY), with elevated but easing trade tensions (including those relating to US trade tariff
policies), policy uncertainty, and ongoing geopolitical conflicts contributing to a constrained economic
outlook that is dominated by intensifying downside risks and financial market adjustments.
These factors dampened consumers' appetite for high-value purchases, making them highly cost-
conscious when replacing vehicles - carefully considering factors such as new versus pre-owned options,
vehicle category, brand, and timing of replacement. This is evidenced by consumers buying down or
opting to keep their vehicles for longer.
Global growth is projected to be 3,0%1 in CY2025 and expected to increase to 3,1%1 in CY2026, below
the historical (CY00 – CY19) average of 3,7%1. Global inflation is expected to decline, reaching 4,2%1 in
CY2025 and 3,6%1 in CY2026; however, inflation expectations exceed central bank targets in most
advanced, emerging market and developing economies1.
South Africa
Economic growth in SA remains subdued and economic activity over the first quarter of FY2025 was
weak; however, easing interest rates and inflationary pressures along with improving consumer
sentiment, have resulted in improved economic activity over the remainder of FY2025.
The South African economy is expected to grow by 1,0%1 in CY2025 and further by 1,3%1 in CY2026.
The automotive industry plays an instrumental role in supporting SA's longer-term economic
sustainability, with the industry contributing 5,2% to gross domestic product (GDP) (including 2,0% from
the retail segment and accounting for approximately 23% of the country's manufacturing output)2. The
industry plays an instrumental role in supporting the country's longer-term economic sustainability –
creating jobs, facilitating trade, and moving people, goods and services in an environment where
alternative forms of transport are scarce and under pressure.
Inflation has declined to 3,0%3 in June 2025, from 5,1%3 in June 2024, with CY2025 inflation projected
to be 3,8%1. The South African Reserve Bank (SARB) has shifted their target inflation range of 3% to
6% to a preferred rate of 3%4.
According to naamsa2, SA retailed ~549 000 new vehicles for the twelve months to 30 June 2025
(7,2% above the prior period of ~512 000 new vehicles). At June 2025, our retail new vehicle passenger
market share for the 12-months was ~20,1% (2024: ~21,6%). Management's forecast for new vehicle
sales for CY2025 is between 550 000 and 570 000 new vehicles.
The year-on-year increase was driven by growth in the passenger vehicle market stimulated by interest
rate cuts, resilient consumer sentiment, limited selling price increases, value offerings from emerging
brands, and new model launches from established brands (including entry-level models). Increasing
passenger sales volumes demonstrate the continued need for mobility solutions. With affordability
remaining a key concern, customers continue to shift away from luxury vehicles to more affordable
brands, models and vehicle categories as well as pre-owned vehicles.
Affordability constraints also mean that customers are electing to retain vehicles for longer, extending
vehicle replacement cycles and resulting in increased parts and workshop activity, and increased demand
for VAPS.
The SA vehicle rental industry is now stable, with increasing competition on average daily rates, and
opportunities to grow alongside the country's business travel, and domestic and international tourism
sectors. Local demand for flexible transportation solutions (including long-term rentals and subscriptions)
also drives rental market growth and performance.
The aftermarket parts sector is a vital and expanding market, supported by a diverse vehicle parc and
rising vehicle ownership. It includes a range of players from large distributors to smaller suppliers.
United Kingdom
The UK economy is expected to grow by 1,2%1 in CY2025 and further by 1,4%1 in CY2026. Key
challenges to growth over the short term include the impact of trade tensions, tighter financial conditions
and elevated uncertainty, including in relation to how global trade tariffs will impact the prices of UK
goods. As of June 2025, inflation had fallen from a peak of 11,1%5 in 2022 to 3,6%5 with CY2025 inflation
projected to be 3,1%1.
The UK new vehicle market grew by 0,4% for the 12-month period to 30 June 2025, with the passenger
market growing by 1,4%6, and the light commercial vehicles (LCVs) and the heavy commercial vehicles
(HCVs) market contracting by 4,3%6 and 8,0%6, respectively. New vehicle sales for the 12-months to
30 June 2025 amounted to ~2,4 million vehicles6, in line with the comparative period.
Passenger and LCV markets have been disrupted by government's new energy vehicle (NEV) targets for
new vehicle sales for OEMs, and declining retail sales are placing dealerships under strain. The historically
robust HCV retail market is beginning to experience reduced demand due to weak business confidence.
Motus' total retail market share decreased marginally over the course of the year.
For HCVs, parts and workshop activity continue to increase due to high levels of demand and regulatory
requirements that mandate regular servicing. For passenger vehicles, longer replacement cycles are
impacting franchise dealership parts and workshop activity as this results in a smaller vehicle parc under
five years old being serviced. These cycles, however, benefit the aftermarket parts sector, which is
substantial and growing; the landscape remains competitive, with a mix of traditional wholesale and
retail businesses, and online distribution channels. The UK's pre-owned vehicle market is undergoing a
transition, with buyers benefiting from increased choice and more competitive pricing.
Australia
The Australian economy experienced modest growth over CY2024, with a moderate improvement
anticipated for CY2025 as inflationary pressures continue to ease. Over the first half of CY2025, increases
in household consumption and private sector wage growth were softer than anticipated and the labour
market was still considered tight. However, as of August 2025, the Reserve Bank of Australia (RBA)
reports higher than expected spending by households and businesses and easing labour market
conditions. With momentum in the domestic economy improving, the risks to the economic outlook and
inflation are currently judged as broadly balanced7. GDP growth of 1,8%1 is expected in CY2025 and
2,2%1 in CY2026. Headline inflation continues to decline to 2,1%8 in June 2025, from 3,8%8 in
June 2024, with CY2025 inflation projected to be 2,5%1.
For CY2024, the Australian automotive market set another all-time record for new vehicle sales at around
1,2 million vehicles9. The Australian new vehicle market decreased by 3,1%9 for the 12-month period to
30 June 2025, with Motus maintaining its retail market share over the year. New vehicle sales for the
12-month period to 30 June 2025 amounted to ~1,2 million vehicles9, compared to ~1,3 million vehicles9
in the comparative period.
Customers are increasingly opting for pre-owned vehicles, and during CY2024, pre-owned vehicle sales
increased by 12% to more than two million units10. Australia's pre-owned vehicle market is experiencing
a period of adjustment, with the market currently favouring buyers, with attractive inventory and
declining prices offering ample opportunities for those looking to purchase.
Motus is exposed to a number of foreign currencies in the jurisdictions in which we operate, as well as
where we source our products. There has been currency volatility experienced over a number of years.
1 International Monetary Fund | World Economic Outlook | April 2025 update and July 2025 update.
2 naamsa | The Automotive Business Council | Press releases.
3 Statistics South Africa.
4 South African Reserve Bank | Statement of the Monetary Policy Committee | May and July 2025.
5 Office for National Statistics.
6 The Society of Motor Manufacturers and Traders | Press release and market data.
7 Reserve Bank of Australia | Statement on Monetary Policy | May and August 2025.
8 Australian Bureau of Statistics, Monthly Consumer Price Index Indicator June 2025.
9 Federal Chamber of Automotive Industries and Electric Vehicle Council | Press release and market data.
10 Australian Automotive Dealer Association x Autograb.
Performance
The 2025 financial year was a tale of two halves. The first half was marked by global economic
uncertainty, high interest rates and intensified competition, particularly from the influx of emerging
brands offering affordable vehicles with attractive finishes. This placed pressure on our vehicle sales
volumes and margins, while our non-vehicle businesses were unable to provide sufficient offset.
However, focused management actions in the second half of the year targeting sales, margin recovery,
and operational efficiency drove a significant turnaround, resulting in a far stronger performance that
bolstered our results for the full year.
Motus demonstrated its resilience in the face of weak trading conditions and intensifying competition.
Notably, in FY2025:
- We achieved 55% non-vehicle contribution to EBITDA, exceeding our strategic target of 50%,
affirming the strength of our diversified business model.
- We met our internationalisation target, with 35% of EBITDA generated outside SA, reflecting the
growing contribution of our operations in the UK, Australia, Asia, and other African markets.
- Despite new market entrants, Motus maintained its market leadership, selling one in five new
passenger vehicles in SA.
Our strategic focus on portfolio optimisation, cost containment, innovation and
customer-centricity continues to position us for sustainable growth. The Group reduced debt by
R4,2 billion, improved cash flows, and delivered headline earnings per share growth of 5%.
We remain committed to delivering long-term stakeholder value, underpinned by operational agility,
disciplined capital allocation, and a deep understanding of the evolving mobility landscape.
During the year, the Group concluded the disposal of the Mercedes-Benz Truck and Van division (MTV)
in UK Retail, a strategic move to reduce portfolio complexity and sharpen our focus on growing the DAF
business. The transaction generated proceeds of R441 million, which were used mainly to repay debt,
against net assets of R542 million, resulting in a loss of R116 million, including R15 million in incremental
disposal costs.
The SA operations contributed 56% to revenue and 65% to EBITDA for the year
(2024: 54% and 65%, respectively), with the remainder being contributed by the UK, Australia and Asia.
In total the Group's passenger and commercial vehicle businesses, including the UK and Australia, sold
206 010 overall vehicle units (2024: 202 623) comprising 115 910 new units (2024: 115 899) and
90 100 pre-owned units (2024: 86 724) during the year.
Revenue declined slightly by 1%, primarily due to the disposal of MTV. We experienced a R2,9 billion
(3%) reduction in contributions from the Retail and Rental segment - with growth in SA partially offset
by lower contributions from our international operations. This was mitigated by higher contributions from
the remaining segments: Import and Distribution up R2,8 billion (14%), Aftermarket Parts up
R885 million (6%) - with gains in both SA and international operations, and Mobility Solutions up R83
million (3%).
The marginal reduction in revenue of R1,2 billion (1%) was as a result of reduced new vehicle sales of
R3,3 billion (6%) primarily in our international operations, offset by increased contributions from pre-
owned vehicle sales of R1,5 billion (6%), parts and other goods sold of R350 million (1%), rendering of
services of R255 million (2%) and insurance revenue of R11 million (3%).
Operating profit broadly remained in line with prior year, only declining by R27 million to R5 476 million.
The marginally lower operating profit is mainly as a result of margin pressure, strong competition and
reduced demand experienced by our Importer business and the International Retail businesses (the UK
and Australia). The decline was offset by the improved performance of our Vehicle Rental division,
Mobility Solutions, Aftermarket Parts (SA and International) and SA Retail.
Net finance costs decreased by R281 million (13%) to R1,9 billion mainly due to lower average net
working capital and a focused effort to reduce net debt by R3,4 billion for the year, marginally
complemented by reductions in interest rates in the geographies we operate in.
Profit before tax increased by R118 million (4%) to R3 336 million.
A total of 550 cents per ordinary share was declared as a dividend for the year (2024: 520 cents per
share). 240 cents per ordinary share was paid as an interim dividend on 7 April 2025 and a final dividend
of 310 cents per ordinary share will be paid on 6 October 2025.
Net working capital decreased by R959 million (7%) to R12,1 billion.
Equity to net debt structure of 66%:34% (2024: 57%:43%). Core interest-bearing debt decreased by
R3,0 billion (27%) primarily due to the profit generated for the year, proceeds received on the MTV
disposal and the reduction in net working capital. The reduction was offset by the movements in vehicles
for hire, bolt-on acquisitions, capital expenditure and a reduction of the floorplan debt with financial
institutions (replaced with core interest-bearing debt).
Net debt to EBITDA is 1,5 times (2024: 1,9 times) and EBITDA to net interest is 4,2 times
(2024: 3,7 times). Both ratios have been calculated by applying the funders' covenant methodology and
remain well within the debt covenant levels as set by debt funders of below 3,0 times and above
3,0 times, respectively.
Return on invested capital increased marginally to 10,9% (2024: 10,8%). Weighted average cost of
capital decreased to 9,8% (2024: 10,1%) mainly due to the decreased cost of both debt and equity.
Net asset value per share increased by 11% to 11 305 cents per ordinary share (2024: 10 203 cents per
ordinary share).
Cash flows from operating activities amounted to R5,7 billion (2024: R3,5 billion), increasing by 60%.
Liquidity
The liquidity position is healthy with unutilised banking and floorplan facilities of R15,7 billion.
During the year, the Group obtained its maiden credit rating from an independent rating agency,
GCR Ratings:
- Credit Rating: Long-Term Issuer AA-(ZA) and Stable outlook
- Credit Rating: Short-Term Issuer A1+(ZA)
In November 2024, we converted our international debt funding of GBP 150 million from a Revolving
Credit Facility into a sustainability-linked facility. In May 2025, we refinanced our SA debt by
extinguishing the Rand-denominated ESG banking facilities held and concluding new sustainability-linked
financing agreements with facilities amounting to R7,0 billion.
The sustainability performance targets for both facilities focus on:
- purchased electricity;
- own vehicle fuel consumption (in total or target consumption in relation to revenue);
- diversity and inclusion: female representation occupying all management levels in SA; and
- community development: number of resource centres established or the number of learners having
access to resource centres managed by the DP World and Motus Community Trust.
Dividend
A total of 550 cents per ordinary share was declared as a dividend for the year. 240 cents per ordinary
share was paid as an interim dividend on 7 April 2025 and a final dividend of 310 cents per ordinary
share will be paid on 6 October 2025.
Board changes
Motus is led by a diverse board of directors with extensive commercial knowledge, experience, and
expertise. The Board provides ethical and strategic direction to the Group, ensuring that value is created
and protected for stakeholders.
The Board's commitment to and custodianship of good corporate governance ensures that Motus adheres
to the highest standards of accountability, fairness and ethics – all of which are essential in building and
maintaining credibility, sustainability and trust, and delivering value.
During the reporting period, the following Board and sub-committee changes occurred:
- Mr. OS Arbee, who reached retirement age, retired as Chief Executive Officer (CEO) and from the
Board and its sub-committees with effect from 31 October 2024.
- Mr. OJ Janse van Rensburg was appointed as CEO with effect from 1 November 2024 and remains
an executive director on the Board. On 5 November 2024, he was appointed as a member of the
Social, Ethics and Sustainability Committee.
- Ms. B Baijnath was appointed as Chief Financial Officer (CFO) designate with effect from
1 August 2024, and as CFO and to the Board as an executive director with effect from
1 November 2024.
Strategy
Our aim is to grow and deepen our participation across all aspects of the automotive value chain, offering
competitive products and services that maximise our share of a customer's vehicle investment and
engender loyalty.
Prospects
The improved momentum from HY2 provides a solid platform for financial year 2026. However, the
outlook remains subject to consumer demand and the challenging macroeconomic and geopolitical
environments in which we operate, which continue to reflect constrained conditions.
Looking ahead to the six-month period ending 31 December 2025:
We anticipate an improved financial performance compared to the six-month period ended
31 December 2024:
- Operating profit is expected to grow.
- Net finance costs are projected to decline.
- Headline earnings per share is expected to increase.
We remain optimistic that our debt covenants will stay within the targeted range of 1,5 times to
1,7 times, supported by strong cash generation and prudent working capital management with vehicles
for hire and inventory expected to be slightly higher due to our up-fleeting cycle to meet seasonal
demand.
Despite these positive indicators, the Group remains exposed to external factors that could impact
performance, including: geopolitical tensions, inflationary pressures, currency volatility and
non-controllable legislative changes.
Nonetheless, the Group is well-positioned to leverage opportunities and deliver on its strategic priorities.
Appreciation
We would like to thank all employees, customers, suppliers, funders, stakeholders and the Board for
their support during the year.
OJ Janse van Rensburg
Chief Executive Officer
B Baijnath
Chief Financial Officer
1 September 2025
The forecast and prospects information herein has not been audited or reported on by Motus' auditors.
Declaration of final ordinary dividend
for the year ended 30 June 2025
Notice is hereby given that a gross final ordinary dividend in the amount of 310 cents per ordinary share
has been declared by the Board, payable to the holders of the 179 463 447 ordinary shares. The dividend
will be paid out of income reserves.
The ordinary dividend will be subject to a local dividend tax rate of 20%. The net ordinary dividend, to
those shareholders who are not exempt from paying dividend tax, is therefore 248 cents per ordinary
share.
The Company has determined the following salient dates for the payment of the ordinary dividend:
2025
Last day for ordinary shares to trade cum ordinary dividend Tuesday, 30 September
Ordinary shares commence trading ex-ordinary dividend Wednesday, 1 October
Record date Friday, 3 October
Payment date Monday, 6 October
The Company's income tax number is 983 671 2167.
Share certificates may not be dematerialised/rematerialised between Wednesday, 1 October 2025 and
Friday, 3 October 2025, both days inclusive.
On Monday, 6 October 2025, amounts due in respect of the ordinary dividend will be electronically
transferred to the bank accounts of certificated shareholders. Shareholders who have dematerialised
their shares will also have their accounts, held at their central securities depository participant (CSDP)
or broker, credited on Monday, 6 October 2025.
On behalf of the Board
NE Simelane
Company Secretary
1 September 2025
Corporate information
Motus Holdings Limited
Incorporated in the Republic of South Africa
Registration number: 2017/451730/06
ISIN: ZAE000261913
Share code: MTH
("Motus" or "the Company" or "the Group")
Directors
MJN Njeke (Chairman)*
A Tugendhaft (Deputy Chairman)**
OJ Janse van Rensburg (CEO)#
B Baijnath (CFO)#
KA Cassel#
S Mayet*
JN Potgieter*
F Roji-Nodolo*
LJ Sennelo*
R van Wyk*
*Independent non-executive
**Non-executive
#Executive
Company Secretary
NE Simelane
nsimelane@motus.co.za
Group Investor Relations Manager
J Oosthuizen
motusIR@motus.co.za
Business address and registered office1
79 Boeing Road East
Jeppe Quondam
Bedfordview
2007
(PO Box 1719, Edenvale, 1610)
Share transfer secretaries
Computershare Investor Services Proprietary Limited
1st Floor Rosebank Towers
15 Biermann Avenue, Rosebank, Johannesburg, 2196
Auditor
PricewaterhouseCoopers Inc.
4 Lisbon Lane
Waterfall City
Jukskei View
2090
Sponsor
Merchantec Capital
13th Floor, Illovo Point
68 Melville Road
Illovo, Sandton, 2196
(PO Box 41480, Craighall, 2024)
The results announcement is available on the Motus website: www.motus.co.za
1 Effective 1 July 2025.
Release date 2 September 2025
Results announcement
The content of this results announcement is the responsibility of the directors of Motus. This results
announcement does not include full or complete details of the audited consolidated and separate annual
financial statements for the year end 30 June 2025 (2025 AFS).
Any investment decisions by investors should be based on the consideration of the 2025 AFS released
on SENS on 2 September 2025.
None of the information in this results announcement has been reviewed or reported on by the
Company's auditors.
The 2025 AFS have been audited by the Company's external auditors, PricewaterhouseCoopers Inc. who
expressed an unmodified audit opinion thereon. The audit opinion, which is included in the 2025 AFS is
available on Motus' website at:
https://www.motus.co.za/investors/integrated-reports/ and on the JSE's cloudlink at
https://senspdf.jse.co.za/documents/2025/jse/isse/mthe/AFS25.pdf.
The summarised consolidated results and cash dividend declaration are available on Motus' website at
https://www.motus.co.za/investors/results/year-end-results/.
Date: 02-09-2025 07:05:00
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