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The SPAR Group (SPP) investor relations material
The SPAR Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary8 Dec, 2025
Executive summary
Focused on core distribution, retailer enablement, and simplifying the portfolio, with strategic exits from Poland, Switzerland, and UK/AWG to strengthen the balance sheet and reduce complexity.
Group turnover rose 1.6% to R132.4bn, operating profit up 2.3% to R2.8bn, and free cash flow increased 13.4% to R5.5bn, reflecting disciplined execution and cost management.
Debt reduced by 40%, gearing at 1.74x, and significant impairments (ZAR 5.2bn) taken to clean up the balance sheet.
Loyalty and digital adoption improved, with strong omnichannel growth and new digital platforms scaling rapidly.
Strategic roadmap targets a 3% operating margin in Southern Africa by 2028, with disciplined execution and capital allocation.
Financial highlights
Group turnover increased by 1.6% to R132.4bn; operating profit rose 2.3% to R2.78bn, maintaining a 2.1% margin.
Turnover from continuing operations up 1.8% in constant currency; H2 growth at 2.6%.
SA operating profit up 6.8% (8.8% in H2); Ireland operating margin at 3.3%.
Group EBITDA at ZAR 3bn; SA ZAR 1.78bn; Ireland EUR 62m (including UK losses).
HEPS declined 8.9% to 795.8 cents due to higher finance costs and tax; ROCE improved to 14.4%.
Outlook and guidance
Path to 3% SA operating margin by 2028, with a glide path of ~2% in 2026 and 2.5% in 2027.
Strategic goals for 2030 include retailer loyalty above 80%, retailer profitability over 3.5%, and 3% SA operating profit margin.
CapEx to increase in 2026–2028, peaking with SAP rollout, then normalizing post-2028.
Share buybacks prioritized over dividends in the short term due to perceived undervaluation.
Working capital cycle expected to remain neutral; no further major impairments anticipated.
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