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KAL Group
KAL Group (KAL) investor relations material
KAL Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary27 Nov, 2025
Executive summary
Strong recovery in the second half, with recurring headline EPS up 11.2% year-over-year and the lowest debt-to-equity ratio in 15 years, supported by robust cash generation and margin improvements.
Strategic focus on core segments (PEG retail and Agrimark) after divestment of non-core businesses (TAR, Tego, and Agriplas).
Group footprint rationalized, prioritizing high-quality sites and direct sales over pure site count growth.
Revenue was impacted by lower average fuel prices, but operational efficiencies and margin management offset some of the pressure.
Financial highlights
Gross profit increased by 3.9% year-over-year to R3.09bn, with gross margin improving to 15.2%.
EBITDA (excluding impairments and disposals) up 7.5% to R923.8m; recurring headline EPS up 11.2% to 624.47c.
Dividend per share increased 16.7% to ZAR 2.10 (210c), with cover at 2.8x.
Net cash flows from operations up 10% to ZAR 933 million; interest-bearing debt reduced by ZAR 436 million.
Revenue for FY25 was R20.3bn, down from R21.7bn in FY24, mainly due to fuel price deflation.
Outlook and guidance
F2030 strategy targets 15% CAGR in recurring headline EPS, 15% ROE, 14% ROIC, and 40% debt-to-equity.
PEG and Agrimark to drive growth via network expansion, market share, and digital innovation, with five new PEG sites and two new Agrimark stores planned for F2026.
Lower interest rates and positive farm conditions expected to support future growth.
F30 profit before tax target set at R1.5bn, including acquisitions.
Future CapEx funding strategy and optimal debt
Key drivers for market share growth in core segments
Mitigation strategies for operational headwinds
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Next KAL Group earnings date
H1 20267 May, 2026
KAL Group
Next KAL Group earnings date
H1 20267 May, 2026
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