Spur Corporation (SUR) H1 2026 earnings summary

Executive summary

• Restaurant sales for the six months ended 31 December 2025 reached ZAR 6.4 billion, up 8% year-over-year, with group revenue up 8.5% and profit before tax up 13% to ZAR 244.7 million.

• Earnings per share increased 13.9% to 203.61 cents, and headline earnings per share rose 13.6%.

• Interim dividend declared at ZAR 1.20 (120 cents) per share.

• The group operates in 14 countries with a footprint in the mid-700s, opening 29 new restaurants in South Africa and 9 internationally during the period.

• Panarottis was the standout performer, while John Dory's and Piza ē Vino saw declines.

Financial highlights

• Gross profit margin was 31.5% (vs 31.8% prior period); group revenue reached R2.2 billion, up 8.5%.

• Profit before tax was ZAR 244.7 million, up 13%; EPS rose 13.9% to 203.61 cents.

• Cash generated from operations was ZAR 217 million, a 21% increase.

• Cash and equivalents at period end were ZAR 454.8 million, lower due to share buybacks and higher dividends.

• Headline earnings grew 12.9% to ZAR 163 million; diluted headline EPS up 14.5% to 197.15 cents.

Outlook and guidance

• Plans to open 42 new restaurants in South Africa and up to 14 internationally in FY2026.

• Focus on growth in healthy brands, innovation, and risk mitigation for underperforming brands.

• No fixed dividend policy; payout will depend on capital needs and contingent liabilities.

• Expansion opportunities identified in existing and new African markets, with no saturation in current territories.

• Market conditions remain challenging, but lower inflation and interest rates are expected to support consumer spending.