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Boxer - trading update and trading statement
Trading for the 26-week period to 31 August 2025 ("the Period") reflected improved turnover momentum during the last two months of the Period. Boxer is pleased to report that turnover for the Period grew 13.9%, with like-for-like sales increasing 5.3%. Internal food inflation for the Period was -0.7% as measured on a volume-held-constant basis.
Trading statement
Shareholders were referred to The Operational Review within the 2025 Annual Financial Statements, as published on 12 May 2025. In that release, Boxer advised that it expected to report earnings per share (EPS) and headline earnings per share (HEPS) for H1 FY26 to decline by more than 20% year-on-year. Shareholders were also advised at the time that the expected HEPS and EPS decline was purely the result of the chosen IPO structure, which resulted in a substantial increase in the share count in November 2024, and was not a reflection of operational performance.
Boxer is currently finalising its results for the Period, and is accordingly able to update investors that its expected H1 FY26 earnings fall within the ranges as set out in the table below. The improvement in headline earnings is driven by a strong trading result, which was able to partially offset the previously guided incremental costs associated with being a listed entity. The decline in the per share earnings metrics was due to an increase in the weighted average share count arising from the IPO, which resulted in the weighted average number of ordinary shares in issue (net of treasury shares) increasing by 51.1% from a restated* 299.999 million for H1 FY25 to 453.290 million for H1 FY26.
Absolute Earnings Metrics
Earnings per Share (EPS)
- % Change: –30% to –36%
- Expected Range (31 August 2025): 105.21 – 115.18 cents per share
- Restated* (25 August 2024): 163.67 cents per share
Headline Earnings per Share (HEPS)
- % Change: –28% to –34%
- Expected Range (31 August 2025): 108.57 – 118.85 cents per share
- Restated* (25 August 2024): 164.00 cents per share
H1 FY26 result announcement and presentation
Shareholders were advised that Boxer plans to release its H1 FY26 financial results on SENS at 7:05am on Monday, 13 October 2025. An online results presentation will follow at 8:30am. Stakeholders are invited to register for the results presentation webcast via the following link: www.corpcam.com/Boxer13102025. The slides accompanying the result presentation will be available on the Boxer Investor Relations website at www.boxerinvestor.co.za shortly before the commencement of the presentation. A playback of the webcast will be made available on our website approximately 2 hours after the presentation.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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