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Unaudited financial results and cash dividend declaration for the six months ended 31 December 2025
Bidvest Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1946/021180/06)
Share code: BVT
ISIN: ZAE000117321
("Bidvest" or "the Company" or "the Group")
Bidvestco Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1966/011512/06)
Company code: BIBIDV
LEI: 3789004678BDF4374378
("Bidvestco" or the "Issuer")
UNAUDITED FINANCIAL RESULTS AND CASH DIVIDEND DECLARATION FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
SALIENT FEATURES
- R66.7 billion revenue, +4%
- Trading profit to R6.7 billion, +7%
- Trading profit margin of 10.1%, + 31bps
- R6.1 billion cash generated by operations, +36%
- Free cash two billion rand higher to R3.8 billion
- Normalised HEPS 1 065.3 cents, +5.3%
- HEPS 989.4 cents, +5.1%
- Group EPS 1 020.3 cents, +0.4%
- Group HEPS 1 038.2 cents, +2.2%
- Interim dividend of 495 cents, +5.3%
Bidvest Bank and Bidvest Life continue to be reported as Discontinued Operations. Financial metrics refer to
continuing operations unless specifically stated otherwise.
Executive overview
Bidvest delivered a commendable and resilient result in a very competitive operating environment. Revenue growth,
strong gross margin expansion and disciplined cost control resulted in a 6.9% increase in trading profit to R6.7 billion
and a trading margin uplift to 10.1%. All divisions contributed positively to profit growth. The strategy of building the
largest international hygiene business is gaining traction, with the hygiene services operations now contributing 55%
of Services International trading profit.
Cash flow generation was excellent with free cash almost two billion rand more than the same period last year,
delivering on our stated commitment to increase free cash generation. The improved cash conversion ratio of 69.8%
supported R3.8 billion in free cash delivered in the six months. This was a combination of more cash generated by
operations, lower net working capital investment and broadly stable capex spend. The elevated focus on cash
generation is key to achieving our objective of deleveraging the balance sheet and creating economic value.
A new USD500 million seven-year bond was raised in September 2025, enabling the Group to address upcoming debt
maturities and extend tenor at tighter spreads. The debt mix was fine-tuned to optimise the risk adjusted cost of debt
while maintaining an overweight variable profile to benefit from additional expected rate cuts.
Annualising capital investment in the business ran ahead of the rolling twelve-month increase in profitability,
resulting in a ROFE of 37.6% (1HFY2025: 37.9%) and ROIC of 13.4% (1HFY2025: 14.4%). The pressure on returns is
expected to ease in the second half due to limited M&A activity, and even stronger free cash generation. ROIC
remains above the Group's weighted average cost of capital.
Continuing operations HEPS and Normalised HEPS1, a measurement used by management to assess the underlying
business performance, grew by 5.1% and 5.3%, respectively.
Group basic earnings per share (EPS) increased from 1 016.1 cents to 1 020.3 cents, or 0.4%, the result of 3.1% growth
in continuing operations EPS and a decrease in profit after tax from discontinued operations.
The Group declared an interim dividend of 495 cents per share, 5.3% higher year on year.
(1) Normalised HEPS, which excludes acquisition costs, amortisation of acquired customer contracts and the impact of one-off
taxation events, is a measurement management uses to assess the underlying business performance
Prospects
Our key priorities remain improved organic growth, stronger cash generation to drive deleveraging while
simultaneously improving returns.
Organic growth will be supported by continued demand for hygiene services, hospitality services and strong inbound
travel volumes. Our testing, inspection and compliance services operations have more than doubled in size,
providing a larger platform for continued growth. Improved performance is expected form our expanded automotive
brand representation and used vehicle market operations. Synergies from the delisted Adcock will be explored.
Delivery of large power related contracts has already gained momentum. Margin pressure from restructured and
renewed contracts as well as price deflation will remain headwinds but new contract mobilisations and the
annualisation of acquired businesses will boost growth.
Cash generation was superb and further improvement is expected in the seasonally stronger working capital period
ahead. Free cash flow and disposal proceeds will be used to repay debt as further capital deployment will be limited.
We expect to finish the financial year at a lower net debt / EBITDA.
We are focused on rebuilding the return profile of Bidvest as we recognise that ROIC has moderated in the recent
years as we expanded our geographic footprint and niche services offering. As communicated, no material M&A is
planned while we are deleveraging and growth capex will be concentrated in Freight. Engagement with regards to
private sector participation in South African ports is progressing well, with finalisation of key contracts on the
horizon.
Our macroeconomic view is that in South Africa, there is reason for optimism. Interest rates are at their lowest in
more than two decades, inflation is declining and will remain modest given the newly adopted SARB target of 3.0%.
2026 economic growth forecasts have been revised upwards, our sovereign credit was upgraded and high
commodity prices are a welcome tailwind. Structurally, there is also no doubt that progress continues to be made in
electricity and rail reforms while the removal of South Africa from the FATF grey list opens the door for investment
flows.
Whilst economic activity is expected to remain muted in our international territories, structural demand drivers such
as urbanisation and rising health and wellness awareness remain intact and supportive of growth over the medium-
to long-term. Lacklustre economic demand will be countered with margin management, cost efficiency and
enhanced sales strategies and capacity. Our international operations now have the requisite scale to optimise buying
synergies whilst sharing innovation, technology and AI best practice to drive performance.
Focus will remain on what we can control, operational agility, innovation and free cash generation to deliver
sustainable value to all stakeholders.
Dividend declaration
In line with the Group dividend policy, the directors have declared an interim gross cash dividend of 495.0
cents (396.0 cents net of dividend withholding tax, where applicable) per ordinary share for the six months
ended 31 December 2025 to those members registered on the record date, being Friday, 27 March 2026.
The dividend has been declared from income reserves. A dividend withholding tax of 20% will be applicable
to all shareholders who are not exempt.
Share code: BVT
ISIN: ZAE000117321
Company registration number: 1946/021180/06
Company tax reference number: 9550162714
Gross cash dividend amount per share (cents): 495.0
Net dividend amount per share (cents): 396.0
Issued shares at declaration date: 340 274 346
Declaration date: Monday, 2 March 2026
Last day to trade cum dividend: Tuesday, 24 March 2026
First day to trade ex-dividend: Wednesday, 25 March 2026
Record date: Friday, 27 March 2026
Payment date: Monday, 30 March 2026
Share certificates may not be dematerialised or rematerialised between Wednesday 25 March 2026,
and Friday 27 March 2026, both days inclusive.
Regulatory requirements
The contents of this short-form announcement are the responsibility of the Board of directors of the Group and have been prepared
in compliance with the JSE Limited's Listings Requirements. These are the summarised results of the full announcement for the year
and do not contain full or complete details of the financial results. Any investment decisions made by investors and/or shareholders
should be based on consideration of the full announcement as a whole as the information in this announcement does not provide all the
details and shareholders are encouraged to read the full announcement which is available for viewing on the Company's website
(www.bidvest.co.za) and https://senspdf.jse.co.za/documents/2026/jse/isse/BVT/1HFY26.pdf
The information in this announcement has been extracted from the Interim Condensed Consolidated Financial Report.
The results have not been audited or reviewed by the Group's auditors and have been prepared under the supervision
of the Chief Financial Officer, MJ Steyn, BCom CA (SA).
Date: 2 March 2026
Johannesburg
Equity sponsor: Investec Bank Limited
Debt sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 02-03-2026 07:05:00
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