Wrap Text
Unaudited condensed consolidated interim results for the six months ended 31 August 2026
CALGRO M3 HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2005/027663/06)
JSE Share code: CGR
ISIN: ZAE000109203
Company Alpha Code: CGRI1
LEI: 3789003B0859E9438F25
(“Calgro M3” or “the Company” or “Group”)
UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED
31 AUGUST 2026
1. SALIENT FEATURES
- Group revenue increased by 1.22% to R465 million (August 2025: R460 million)
- Gross profit margin sustained at 29.46% (2025: 29.43%) — above the 20%-25% strategic target
band
- Net debt to equity at 0.86 (February 2026: 0.74)
- Net asset value (“NAV”) increased by 4.49% to R17.21 per share (February 2026: R16.47 per
share)
- Earnings per share (“EPS”) decreased by 4.83% to 78.99 cents per share (August 2025: 83.00
cents per share)
- Headline earnings per share (“HEPS”) decreased by 4.67% to 78.99 cents per share (August
2025: 82.86 cents per share)
- No interim dividend declared for the period ended 31 August 2026 (2025: Nil)
- Non-core project completions and sale of non-core assets progressing to plan
- 1 724 serviced residential opportunities
- 1 418 residential opportunities under construction and/or held in stock
- Strong organic growth from Memorial Parks: revenue up 20,04% to R47.81 million (August
2025: R39.83 million) and cash collections R61 million
During the six-month period, the Group continued to actively execute its board approved strategy,
furthering progress on advancing the sale of non-core assets, progressing construction in both
core and non-core projects and progressing trading out of non-core projects, while ensuring core
projects remained appropriately serviced and ready for implementation.
The disposal of non-core assets remains a key strategic priority for the Group. Given the size,
developmental stage and nature of the non-core assets, the disposal programme is targeted for
completion within the next five years. In the short-term the following is underway:
- Cornubia: The Group has accepted an offer to purchase. The buyer is within the due diligence
period, after which the sale will become unconditional and be recognised in the Group’s
accounting records.
- Vredehoek: A memorandum of understanding has been received. Finalisation of the due
diligence process is expected in the latter half of the financial year. This is a shovel-ready
project, with all approvals obtained.
- Other non-core projects: Three land portions are under investigation/application for burial
opportunities.
Residential Property Development
The segment delivered a consistent performance in a challenging operating environment.
Infrastructure construction continued at an appropriate level, ensuring projects remain
appropriately serviced and positioned for delivery once conditions normalise.
The period saw continued focus on sales-led construction, with the Group favouring guaranteed
off-take agreements before construction activities begin. The Group currently holds in excess of
1 418 opportunities under construction and/or stock on hand, of which approximately 55% has
been sold to rental investors through guaranteed off-take agreements.
This segment remains a significant contributor, accounting for 89.73% of Group revenue. The
segment generated R417.87 million (August 2025: R420.20 million) of revenue. The segment’s
gross profit margin at 26.56% (August 2025: 26.25%), remaining above the Group’s target range
of 20% to 25% as it benefits from typology mix and historical land costs.
The Bankenveld District City (“BDC”) project remains on track for completion of phase 1 bulk and
link infrastructure in Q1 FY 2028. Internal infrastructure will commence once bulk and link
infrastructure is completed, in line with the development framework and timelines.
Diversification in the products offered in the affordable market saw the successful roll-out of a
variable product mix of bachelor, one-bedroom and two-bedroom units in Fleurhof, which has
attracted strong demand and interest, with the selling price of units starting at R399 000.
Construction of a new product in South Hills is underway and anticipated to complete in the latter
half of the current year. Bulk and link infrastructure continued to be installed within Fleurhof and
Jabulani, providing the Group 5 100 opportunities in the pipeline for development to be rolled out
in line with sales demand from these two projects.
Memorial Parks
The Memorial Parks segment delivered another period of growth in profitability, revenue and cash
collections. Consistent with prior guidance, the segment’s strategic focus remains sustainable
growth through footprint expansion via new parks, and growth in annuity income through bolstering
the lay-by book. The segment has successfully matured into a sustainable business unit and a
growing contributor to the Group.
In the reporting period, revenue increased by 20.04% to R47.81 million (August 2025: R39.83
million) with the gross profit margin remaining strong at 54.78% (August 2025: 50.39%), this
increase was a result of volume growth, with grave sale volumes up 16.21% and burials up 19.19%.
Revenue growth was positively impacted by completed lay-by sales which constituted 26.20% of
segment revenue. Total cash collections increased by 17.84% to R60.83 million (August 2025:
R51.61 million).
2. RESULTS ANNOUNCEMENT
This results announcement is the responsibility of the directors of the Company. It contains only a
summary of the information in the unaudited condensed consolidated interim financial results for
the six months ended 31 August 2026 (“Interim Results”) and does not contain full or complete
details.
The Interim Results can be found on the Company’s website at
https://www.calgrom3.com/index.php/investors/annual-reports or on the JSE cloudlink at
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/CGRE/HY2026.pdf
Any investment decision by investors and/or shareholders should be based on consideration of the
Interim Results, as a whole. This results announcement and the Interim Results, from which the
information was extracted, have not been audited or reviewed by the Company’s auditors.
3. OUTLOOK
Looking ahead, the Group expects the operating environment to remain constrained, with end-user
demand and the pace of recovery in the affordable housing market continuing to be affected by
broader macroeconomic and political headwinds. The upcoming municipal elections and
associated local government budget uncertainty are expected to add further complexity to approval
and service delivery timelines in the near term. This risk is mitigated by the Group’s sufficient
serviced opportunities on hand, which support continued development activity independent of
near-term municipal processes.
Notwithstanding these constraints, the Group remains focused on the disciplined execution of its
approved strategy, prioritising the continued disposal of non-core assets, the reduction of net debt
and the expansion of the Memorial Parks segment. Continued investment in strategic
infrastructure, including the BDC project, will support the Group’s long-term development pipeline
and its ability to deliver sustainable growth over the medium to long term.
By order of the Board
Ben Pierre Malherbe Hatla Ntene
Chief Executive Officer Chairperson
Johannesburg
19 October 2026
Equity and Debt Sponsor
PSG Capital
Date: 19/10/2026 07:05:00
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