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Southern Sun
Southern Sun (SSU) investor relations material
Southern Sun H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary19 Nov, 2025
Executive summary
Achieved 5% income growth to R3.1bn in F'26 H1, driven by strong South African operations up 8% to R3.0bn, partially offset by a 29% decline in offshore revenue due to Paradise Sun's temporary closure and weaker trading in Maputo and Tanzania.
Group Ebitdar was stable at R818m, with a margin of 26% (2024: 28%), reflecting cost pressures and offshore losses.
Adjusted headline earnings per share (HEPS) remained steady at 24.9c; adjusted headline earnings at R334m.
No interim dividend declared, consistent with prior year.
Financial highlights
Group income increased 5% year-over-year to R3.1bn; South African income up 8% to R3.0bn; offshore income down 29% to R147m.
Food and beverage revenue grew 6% to R807m; property rental income up 4% to R119m; other revenue up 14% to R162m.
Operating expenses rose 7%, mainly due to higher IT, utilities, and channel costs.
Net interest-bearing debt increased to R481m at 30 September 2025, up from R266m at year-end.
Free cash flow was R51m–R52m, down from R154m, due to increased capital expenditure and dividend payments.
Outlook and guidance
Paradise Sun's relaunch is performing strongly, with high occupancy and ARR expected to continue into H2.
Major events in South Africa, including the G20 conference and sporting events, are expected to support peak summer trading.
October 2025 saw record occupancy of 73.3% and 18% revenue growth, with Ebitdar up 27% year-over-year.
Medium-term recovery in occupancies to long-term averages is anticipated, aided by economic growth policies and South Africa's removal from the FATF grey list.
Interest rates remain high, constraining consumer and investor confidence.
Offshore Ebitdar loss: Recovery strategy?
Mitigate rising IT and utility costs?
Elangeni & Maharani lease: IFRS 16 impact?
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Next Southern Sun earnings date
H2 202620 May, 2026
Southern Sun
Next Southern Sun earnings date
H2 202620 May, 2026
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Frequently asked questions
Southern Sun Limited, previously known as Tsogo Sun Hotels Limited, is a leading entity in the hospitality industry, focusing on the ownership, management, and operation of hotels. Its primary operations are based in South Africa, the Seychelles, and the Middle East. The company's business activities are categorized into several segments: accommodation services, catering services at 27%, real estate leasing, and other operations. Southern Sun Limited is headquartered in Sandton, South Africa, and its shares are listed on the Johannesburg Stock Exchange.
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