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Initial trading statement – six months ended December 2025
RCL FOODS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1966/004972/06)
ISIN: ZAE000179438
Share Code: RCL
("RCL FOODS" or "the Group")
INITIAL TRADING STATEMENT – SIX MONTHS ENDED DECEMBER 2025
Shareholders of RCL FOODS are advised that it expects its Earnings
per share ("EPS") from total operations for the six months ended
December 2025 ("current period") to be at least 54.0 cents (40.0%)
lower when compared to the reported EPS from total operations of
135.1 cents for the six months ended December 2024 ("comparative
period"). Headline earnings per share ("HEPS") from total operations
for the current period is expected to be at least 27.4 cents (25.0%)
lower than the reported HEPS from total operations of 109.4 cents for
the comparative period.
The difference between the expected EPS and HEPS decline is largely
due to the comparative period EPS including the non-cash gain realised
on accounting for the unbundling of Rainbow (22.3 cents impact on the
comparative period EPS from total operations) and once-off insurance
proceeds (2.8 cents impact on the comparative period EPS), both of
which are excluded from HEPS.
The EPS and HEPS decline is also partly explained by the once-off
benefit in the comparative period related to the partial recovery of
the sugar industry levy (5.6 cents impact).
The remaining expected decline in HEPS (of at least 21.8 cents) is
largely due to market dynamics within the sugar industry which had a
material negative impact on the performance of the Sugar business
unit for the current period. An influx of deep sea imports has led
to local market sales being displaced onto the export market where
average international sugar prices were significantly lower in the
current period. The sugar tariff has not been effective in protecting
the local market from the influx of imported deep sea sugar. The
tariff 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.
The Groceries and Baking business units are expected to report
improved underlying profitability despite volume pressure.
A further trading statement will be announced once a reasonable degree
of certainty exists as to the likely range for EPS and HEPS from
total operations.
The Group's financial results for the current period are expected to
be released on SENS on 2 March 2026.
The financial information on which this trading statement is based
has not been reviewed and reported on by the Group's external auditors
and is the responsibility of the directors.
Westville
3 February 2026
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 03-02-2026 04:39:00
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