Cashbuild (CSB) H1 2026 earnings summary

Executive summary

• Revenue for the six months ended 28 December 2025 grew 3% to R6.3 billion, with operating profit up 10% to R191 million, excluding the Malawi disposal loss.

• Headline earnings per share rose 18% to 675 cents, while dividend per share increased 21% to 393 cents.

• Net asset value per share was R79.25, remaining flat year-on-year.

• Store base expanded to 322, supported by new formats and acquisitions, including Amper Alles/Allbuildco.

• Basic EPS fell 10% due to a R34.9 million loss on disposal of the Malawi operation.

Financial highlights

• Gross profit increased 7% to R1.58 billion, with margin improving from 24.3% to 25%.

• Operating expenses rose 6%, mainly due to higher personnel and IT costs.

• Cash and short-term funds at just under R2.1 billion, up 8% year-on-year.

• Working capital inflow of R179 million reflects strong management.

• Net asset value per share was R79.25 (7,925 cents), up from R79.11 (7,911 cents) a year ago.

Outlook and guidance

• Management expects continued modest growth in a low-inflation environment, with 8% sales growth in the first seven weeks of FY2026.

• New store formats and acquisitions (Amper Alles/Allbuildco) are expected to drive future growth.

• Focus remains on profitable market share growth and operational efficiency.

• Trading conditions are expected to remain challenging.