Pick n Pay Stores (PIK) AGM 2025 summary

Opening remarks and agenda

• The 57th AGM was held electronically, with a quorum confirmed and formal proceedings opened.

• Outgoing Chair reflected on 15 years of leadership, emphasizing values, transformation, and the company's evolution.

• The agenda included business updates, board changes, and committee reports.

Financial performance review

• FY 2025 was described as the most financially challenging year, but resilience was highlighted.

• For the first four months of FY 2026, group turnover grew 4.3%, with like-for-like sales up 3.8%.

• Clothing turnover in standalone stores rose over 17.3%, and Boxer delivered 12.1% turnover growth.

• The company is in a net cash position of ZAR 4.2 billion, with a 65% holding in Boxer valued at ZAR 21 billion.

Board and executive committee updates

• Gareth Ackerman stepped down as Chair, succeeded by James Formby, with Gareth remaining on the board.

• Board refresh included the retirement of David Friedland and appointment of Pooven Viranna and Grant Patterson.

• Succession planning is a priority, with CEO Sean Summers extending his contract.

• Suzanne Ackerman stepped down as SET Committee Chair, succeeded by Haroon Bhorat.