Wrap Text
Unaudited interim results and cash dividend declaration for the six months ended December 2025
RCL FOODS LIMITED
(Incorporated in the Republic of South Africa)
ISIN: ZAE000179438
Share Code: RCL
("RCL FOODS" or "the Company" or "the Group")
UNAUDITED INTERIM RESULTS AND CASH DIVIDEND DECLARATION FOR THE
SIX MONTHS ENDED DECEMBER 2025
• Revenue from continuing operations* down 1.9% to R13,3 billion
• Earnings before interest, tax, depreciation, amortisation and
impairments (EBITDA)from continuing operations down 24.6% to
R1 168,0 million
• Underlying** EBITDA from continuing operations down 14.6% to
R1 185,8 million
• Total earnings per share (EPS) down 43.8% to 75.9 cents
• Total headline earnings per share (HEPS) and HEPS from
continuing operations down 30.6% to 75.9 cents
• Underlying HEPS from continuing operations down 22.4% to 77.4 cents
• Dividend per share declared for the six month period ended
December 2025: 15.0 cents per share (December 2024:20.0 cents)
*Continuing operations relate to the remaining RCL FOODS business, comprising
the Groceries, Baking, Sugar and Group (shared services) segments, post the
Rainbow unbundling effected on 1 July 2024.
**The underlying view of the results excludes material once-offs and accounting
adjustments. Underlying results constitute pro-forma financial information in
terms of the JSE Listings Requirements. Refer to the "Reconciliation between
unadjusted and underlying results" section provided as part of the interim
results announcement for the six months ended December 2025 for further details.
RCL FOODS's underlying EBITDA from continuing operations decreased
by 14.6% to R1 185,8 million (December 2024: R1 388,0 million).
This result was largely due to adverse market dynamics within the
sugar industry which had a material negative impact on the
performance of our Sugar business unit.
The Groceries and Baking business units experienced volume pressure
but profitability was supported by continuous improvement (CI) and
net revenue management (NRM) initiatives as well as input cost
relief in certain commodities.
Groceries benefitted from improved margins in culinary aided by CI
and NRM initiatives, higher volumes in pet food and a favourable
product mix in Beverages. As referenced in our media release
issued on 1 March 2026, production at our dry pet food plant was
temporarily paused. This affected our ability to fully service
demand towards the latter part of the current period and into the
second half of the financial year. Processes to restart the
facility have commenced, with full production expected to resume
shortly.
The Baking business unit delivered an underlying performance in
line with the prior period, amidst a challenging trading
environment, with volume declines across the Bread, Buns and Rolls
and Milling categories, offset by good performances in Pies,
driven by higher volumes and CI savings, and Speciality, achieved
through operational efficiencies and successful innovation.
Sugar continues to experience significant headwinds and volatility
due to inadequate tariff protection, declining world market prices
and the strengthening Rand which have resulted in a substantial
increase in deep sea imports. Local market volumes have been
displaced by the high volumes of imports, resulting in a higher
proportion of local sugar supply having to be sold in the lower
priced export market. The tariff formula is currently under review
with the International Trade Administration Commission of South
Africa (ITAC) and an urgent resolution is critical to protect the
sustainability of growers and millers within the South African
sugar industry. Despite these challenges, the business performed
well operationally through improved efficiencies at our mills.
Molatek was down on the prior period primarily due to lower
volumes.
Discontinued operation results in the comparative period relates
solely to the non-cash gain realised on accounting for the
unbundling of Rainbow which is excluded from headline earnings.
Cash Dividend Declaration
The Board of directors has approved a gross cash dividend (number
100) of 15.0 cents per share (12.0 cents per share net of dividend
withholding tax) for the six month period ended December 2025.
The dividend has been declared from income reserves.
A dividend withholding tax of 20% will be applicable to all
shareholders who are not exempt.
The issued share capital at the declaration date is 898 590 181
ordinary shares. The Company's income tax reference number is
9950019712.
The salient dates for the dividend will be as follows:
Publication of declaration data Monday, 2 March 2026
Last day of trade to receive a dividend Tuesday, 5 May 2026
Shares commence trading "ex" dividend Wednesday, 6 May 2026
Record date Friday, 8 May 2026
Payment date Monday, 11 May 2026
Share certificates may not be dematerialised or rematerialised
between Wednesday, 6 May 2026 and Friday, 8 May 2026,
both days inclusive.
Shareholders are advised that this results announcement, which has
been prepared in compliance with the JSE Listings Requirements,
represents a summary of the information contained in the unaudited
interim results announcement for the six months ended December
2025 ("interim results") and does not contain full or complete
details. The interim results are available at
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/RCL/02032026.pdf
and on the RCL FOODS website, www.rclfoods.com/financial-results-
and-reports-2026/ on 2 March 2026.
Any investment decisions by investors and/or shareholders should
be based on a consideration of the interim results as a whole as
this results announcement does not provide all the details.
Westville
2 March 2026
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 02-03-2026 07:05:00
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