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Unaudited consolidated financial results for the six-month period ended 31 March 2026
NAMPAK LIMITED
Registration number 1968/008070/06
Incorporated in the Republic of South Africa
Share Code: NPK ISIN: ZAE000322095
Share Code: NPP1 ISIN: ZAE000004966
Share Code: NPKP ISIN: ZAE000004958
LEI: 3789003820EC27C76729
("Nampak" or "the group" or "the company")
UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE SIX-MONTH PERIOD ENDED
31 MARCH 2026
Business Overview
The first half of 2026 ("1H26" or "current period") delivered a muted performance notwithstanding
sustained improvement in Beverage South Africa ("Beverage SA") and a stellar contribution from
Beverage Angola (collectively "Beverage").
The Diversified South Africa business ("Diversified") contracted sharply due to vagaries associated
with fish and deciduous fruit supply, business loss, which is structural in nature, and disruptions
through customer pack changes and related inventory management not expected to be repeated.
The strategic clarity, revenue growth management discipline and elevated cost efficiency focus
instilled in the business during the past three years underpinned the sustained progress in
improving operational profitability, cash generation and debt reduction despite pedestrian
economic growth and muted demand.
Continuing Operations
Revenue decreased marginally by 1% to R5.6 billion primarily due to a decline in Diversified.
Excluding Diversified, revenue increased by 6% compared to the first half of 2025 ("1H25" or
"prior period").
Normalised earnings before interest, tax, depreciation and amortisation ("normalised EBITDA") of
R816 million was 6% lower than 1H25, but 9% higher than 1H25 excluding Diversified.
Net finance costs declined by 33% to R189 million from R282 million in the prior period.
Normalised headline earnings increased by 9% to R346 million from R317 million in 1H25, with
normalised headline earnings per share increasing by 8% to 4 131.6 cents from 3 816.6 cents per
share (cps) assisted by strong growth in Beverage Angola, stable Beverage SA performance and
lower net finance costs.
Cash of R493 million was generated from operations, after R338 million was utilised to fund net
working capital. Net cash generated from operating activities increased to R256 million from
R82 million.
Net debt excluding capitalised leases reduced by 30% to R2.2 billion from R3.1 billion at the
end of 1H25, with net gearing decreasing to 69% from 149% in 1H25.
Beverage South Africa
Beverage SA delivered stable results with customer retention offset by the loss of can end
exports following the sale of the Nampak interest in Nigeria, lower exports to Zambia and
Argentina, as well as raw material quality and supply disruption.
Revenue increased by 5% for the current period with normalised EBITDA 4% higher at
R533 million compared to R512 million in 1H25.
Category portfolio mix continues to shift to value pack formats, Ready-To-Drink ("RTD") and
Energy segments. Promising progress in respect of production efficiencies and throughput
bodes well for enhanced competitiveness.
The relocation of the can manufacturing line from Angola to Beverage SA ("the Springs Line 4
project") is progressing per plan and within budget. The line will increase capacity and flexibility
across pack formats.
Beverage Angola
Beverage Angola accelerated its performance consequent to an improved economic
environment, stable currency and increased consumer demand. This has been further bolstered
by regional filling capacity expansion and related export opportunities. Sustained efficiencies
and cost discipline continue to enable increased substrate competitiveness.
Revenue increased by 30% to R664 million with normalised EBITDA 28% higher at R187 million.
The improved contribution and outlook enabled a R319 million impairment loss reversal in the
current period.
The reported performance was partially offset by the translation effect of the rand which was 8%
stronger than 1H25 as well as sporadic material shortages in lieu of demand ahead of forecasts.
Diversified
The Diversified business performance was particularly disappointing, however expected due to
business loss within aerosols and closures. Fish availability and seasonal fruit dynamics had a
material impact compared to 1H25 with deodorant volumes lower due to the largest customer
undergoing a brand change.
Revenue decreased by 18% to R1.4 billion with normalised EBITDA 44% lower at R131 million
compared to an exemplary performance in 1H25.
The strategic review of Diversified was concluded during the current period with the ensuing
actions being implemented. Diversified remains integral to the overall Nampak portfolio strategy.
Financial Performance Overview
R million 1H26 1H25 % change*
Revenue 5 614 5 671 (1)
Normalised EBITDA 816 865 (6)
Capital and other items (90) 228 (>100)
Operating profit before net impairment loss reversals 580 952 (39)
Net impairment loss reversals 319 - >100
Operating profit 899 952 (6)
Net finance cost (189) (282) 33
Profit for the period 524 503 4
Earnings per share (cents) 6 253.9 6 064.4 3
Headline earnings 285 471 (40)
Headline earnings per share (cents) 3 399.5 5 683.5 (40)
Normalised headline earnings 346 317 9
Normalised headline earnings per share (cents) 4 131.6 3 816.6 8
Discontinued operations
(Loss)/profit for the period from discontinued
(114) 2 503 (>100)
operations
Total operations
Profit for the period 410 3 006 (86)
Basic earnings 462 2 973 (84)
Earnings per share 5 517.8 35 842.2 (85)
Cash generated from operations 493 505 (2)
Net cash generated from operating activities 256 82 >100
Net debt (excl. capitalised finance leases) 2 183 3 104 30
Net gearing ratio (excl. capitalised finance leases) 69 149
Net debt: EBITDA (excl. Angola) covenant ratio** 2.2x 2.9x
Net debt: EBITDA (incl. Angola) ratio 1.6x 2.1x
* Rounding differences may affect percentage changes
** Covenant in terms of financing agreements
Continuing Operations
Revenue declined by 1% to R5.6 billion from R5.7 billion, primarily due to a decrease of 18% in
Diversified, partially offset by an increase of 5% in Beverage SA and 30% in Beverage Angola.
Normalised EBITDA decreased 6% to R816 million from R865 million primarily driven by a reduction
in Diversified of R103 million. This was partially offset by a 9% increase in Beverage's normalised
EBITDA due to respective increases of 28% in Beverage Angola to R187 million from R146 million
and a 4% increase in Beverage South Africa to R533 million from R512 million.
Operating profit before net impairment reversals decreased by 39% to R580 million from the lower
Diversified contribution as well as a period-on-period adverse movement of R318 million in capital
and other items.
In 1H25, capital and other items reflected a positive total of R228 million, including R100 million
partial recovery on an outstanding Covid-19 insurance claim, a R65 million surplus on a
retirement benefit plan and a R32 million net profit on property disposed. In contrast, 1H26's
capital and other items reflect a charge of R90 million, including R94 million for the Angolan
production line relocation costs.
Significantly improved economic conditions in Angola, coupled with stronger profitability in 1H26 and
a sustained positive outlook have resulted in an asset impairment loss reversal of R319 million.
Net finance costs decreased by 33% to R189 million from R282 million in 1H25, primarily due to the
proceeds received from disposals in the latter part of 1H25 being applied to reduce net debt,
lower comparative net working capital levels and lower interest rates linked to negotiated
financing package ratchets. This was partially offset by lower borrowing costs capitalised.
Profit before tax increased by 6% to R710 million from R670 million, with an effective tax rate of 26%
(1H25: 25%). Taxes of R186 million compared to R167 million in 1H25 resulted in profit after tax
from continuing operations of R524 million increased 4% compared to R503 million in 1H25.
Earnings per share increased by 3% to 6 253.9 cents from 6 064.4cps in 1H25. Headline earnings
from continuing operations decreased to R285 million from R471 million, with headline earnings per
share ("HEPS") declining by 40% to 3 399.5 cents from 5 683.5cps.
Normalised headline earnings increased by 9% to R346 million from R317 million in 1H25, with
normalised headline earnings per share increasing by 8% to 4 131.6 cents from 3 816.6 cents per
share (cps). Post-tax items affecting HEPS but excluded from normalised HEPS include a pension
fund surplus of R47 million and an R82 million interim settlement of an outstanding Covid-19
insurance claim received in the prior period and in the current period, Angolan production can-line
relocation costs of R68 million.
Discontinued Operations
The results of Nampak Zimbabwe and Bevcan Nigeria are disclosed separately due to their
materiality, with the disposal of Bevcan Nigeria completed on 31 January 2025.
The loss for the period from discontinued operations amounted to R114 million, primarily due to the
after-tax effect (before non-controlling interest) of a R136 million impairment in respect of Nampak
Zimbabwe. This compared to a 1H25 profit of R2.5 billion that included a recycling of a foreign
currency translation reserve of R2.4 billion relating to Bevcan Nigeria on its disposal in 1H25.
The table below sets out the (loss)/profit for the period per discontinued operation/asset disposal
group for the period:
R million 1H26 1H25
Bevcan Nigeria - 2 390
Nampak Zimbabwe (108) 68
Other businesses (6) 45
Total (114) 2 503
Total Operations
A profit of R410 million is reported compared to R3.0 billion in 1H25.
This resulted in earnings per share of 5 517.8 cents compared to 35 842.2 cents in 1H25. Headline
earnings of R293 million and headline earnings per share of 3 491.6 cents decreased by 47% and
48% respectively compared to R555 million headline earnings and headline earnings per share of
6 692.2 cents in 1H25.
Nampak's net asset value per share of 34 759.2 cents in the current period was 61% higher than
21 587.9 cents in 1H25.
Capital Expenditure
Capital expenditure in the current period of R239 million comprises of R126 million relating to
the relocation of the surplus Angolan line to Springs. This excludes relocation and
recommissioning costs of R94 million expensed in 1H26.
Asset Disposal Plan and Net Debt Reduction
The disposal of the group's 51.43% interest in Nampak Zimbabwe Limited (NZL) is progressing with
interested parties. NZL continues to be disclosed as an asset held for sale. Proceeds from the
NZL disposal will contribute to the reduction of the group's net debt and eliminate risk associated
with operating in the Zimbabwe economy.
Net debt inclusive of capitalised finance leases of R2.9 billion decreased by R1.0 billion from
R3.9 billion assisted by cash generation despite capital expenditure of R474 million for the past
12 months.
Outlook
Notwithstanding global turmoil, inflationary pressures and the subdued South African economic
growth outlook, Nampak is well positioned to compete effectively.
Beverage SA
The beverages category is expected to remain relatively resilient, notwithstanding an
anticipated reduction in out-of-home consumption. Nampak's competitiveness will be enhanced
through capacity expansion, improved production efficiencies and pack format flexibility.
The successful completion of the Springs Line 4 project by September 2026 will improve smaller
can flexibility and manufacturing efficiencies, with additional 500ml capacity through the
conversion of Springs Line 1 available by the end of 2026.
The impact of increased beverage can ends imports from China is being managed through relevant
duty application as well as raw material supplier and customer engagements. No material capital
expenditure is required in Beverage SA for the foreseeable future.
Beverage Angola
Economic stability and regional customer capacity expansion are expected to support sustained
performance through operational leverage. Additional investment in raw material will ensure the
consistent supply of quality products, sustained manufacturing efficiencies, and effective
customer engagement. Beverage Angola will remain a growth driver and is well positioned to
capitalise on the positive category and economic indicators. No material capital expenditure is
required in Beverage Angola in the foreseeable future.
Diversified
The Diversified portfolio strategy reset and implications for supply chain consolidation are well
underway. Performance for the remainder of the financial year is expected to be in line with the
comparative prior year period, subject to the availability of local and international fish supply
and overall consumer demand across the balance of categories.
Precision in project execution over the next 12 months to enable the portfolio strategy, inclusive
of the exit of metal closures and Western Cape factory consolidation, is critical. The strategic reset
is expected to ensure a sustainable double-digit EBITDA margin business once completed.
Dividend
The board has decided not to declare an ordinary dividend for 1H26 (1H25: Nil) but remains
focused on resuming a dividend declaration from the year-end, subject to full year performance.
Short form Announcement
This short form announcement is the responsibility of the directors and is only a summary of the
information in the unaudited consolidated interim results for the six months ended 31 March
2026 ("Full Announcement"), which is available on the JSE's cloudlink at
https://senspdf.jse.co.za/documents/2026/JSE/isse/NPK/FY2026.pdf and on Nampak's
website http://www.nampak.com/Investors/Financial-Information under the 2026 financial year.
Any investment decisions made by investors and shareholders should be based on
consideration of the Full Announcement. This short form announcement has not been audited
or reviewed by the company's auditors.
Copies of the Full Announcement may also be requested from the Group Company Secretary,
Omeshnee Pillay on omeshnee.pillay@nampak.com.
Interim results presentation webcast
Nampak management will hold a webcast on Friday, 29 May 2026 at 10h00 Central Africa Time
(UTC+2) to present the interim results, provide a business update and address questions from
the investment community.
Webcast details are available on Nampak's website http://www.nampak.com/Investors.
The interim results presentation and announcements will be uploaded on the website on the
same morning.
Cape Town
29 May 2026
Sponsor: PSG Capital
Date: 29-05-2026 07:05:00
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