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Summary of unaudited results for the six months ended 31 December 2025 and cash dividend declaration
Remgro Limited
Registration number 1968/006415/06
ISIN ZAE000026480
JSE and A2X Share code REM
SUMMARY OF UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 AND
CASH DIVIDEND DECLARATION
SALIENT FEATURES
- Headline earnings per share: up by 38.5% to 931 cents
- Interim dividend per share: up by 80.2% to 173 cents
- Earnings per share: up by 41.1% to 930 cents
- Intrinsic net asset value per share as at 31 December 2025: up by 1.6% to R297.03 since 30 June 2025
INTRODUCTION
The positive gains seen in the last financial year with the execution against Remgro's stated strategic objectives were
well sustained into the first half of this financial year, despite the continued volatile macro landscape. This is evidenced
by strong operating performances across Remgro's core portfolio as well as progress on portfolio optimisation through
unlocking key corporate actions.
Remgro is pleased with the progress that has been achieved against its strategic priorities and believes that this discipline
in execution is reflecting in the improved performance from period to period and strong cash generation at the centre,
both of which Remgro believes are key catalysts in driving value unlock for shareholders.
The recent developments relating to the conflict between the US, Israel and Iran adds to an already complex operating
environment which Remgro is carefully monitoring. The Group is directly exposed to the region through Mediclinic
Holdings Limited's (Mediclinic) market-leading healthcare operations in the United Arab Emirates, the prospects of which
are closely linked to the ongoing stability and prosperity of the region. More broadly the impact of the conflict introduces
risks to global asset prices, particularly those in a portfolio such as Remgro's that is skewed towards emerging markets,
through the threat of increasing inflation and the higher cost of capital. Remgro will continue to navigate this situation as
it unfolds, but the Group's resilient balance sheet and strategic liquidity position gives it adequate capacity to support the
portfolio and pursue opportunities where those might arise.
Many external challenges remain and are likely to continue to test the sustainability of the Group's performance, requiring
adaptability and creative solutions to maintain profitability and growth.
As Remgro continues to optimise portfolio performance and focus on driving growth, it is confident that these remain the
key levers to deliver on its strategic imperative to unlock further value for its shareholders.
RESULTS
For the period under review, headline earnings increased by 38.8% from R3 728 million to R5 175 million, while headline
earnings per share (HEPS) increased by 38.5% from 672 cents to 931 cents. The earnings growth momentum
experienced during the 2025 financial year continued during the first half of the 2026 financial year, culminating in the
strong growth in headline earnings. The increase in headline earnings is mainly due to:
- increased contributions from Mediclinic (+R485 million), Rainbow Chicken Limited (+R280 million), Community
Investment Ventures Holdings Proprietary Limited (CIVH) (+R264 million) and Heineken Beverages Holdings Limited
(+R166 million) due to improved operational performances;
- an increased contribution from TotalEnergies Marketing South Africa Proprietary Limited (+R330 million), mainly due
to a once-off Transnet pipeline cost refund; and
- lower finance costs due to the redemption of the preference shares during the prior year (+R95 million);
- partly offset by a lower contribution from RCL Foods Limited (-R240 million), largely driven by a weaker performance
from the Sugar business unit.
Total earnings amounted to R5 168 million (31 December 2024: R3 658 million). This increase in earnings is mainly due
to the increase in headline earnings discussed above (R1 447 million).
In line with the growth momentum in headline earnings during the 2025 financial year, Remgro experienced strong cash
flow generation at the centre for the period under review, mainly due to a 34% increase in sustainable dividends received
from investee companies amounting to R2 428 million (six months to 31 December 2024: R1 816 million). This amount
excludes inter alia the CIVH pre-implementation dividend of R2 661 million, which was received on completion of the
CIVH/Vodacom Proprietary Limited transaction during December 2025.
INTRINSIC NET ASSET VALUE (INAV)
Remgro's INAV per share increased by 1.6% (3.4% if adjusted for distributions made during the period under review) from
R292.34 at 30 June 2025 to R297.03 at 31 December 2025. Remgro paid a final dividend for the year ended
30 June 2025 of 248 cents per share, a special dividend of 200 cents per share and unbundled its investment in eMedia
Holdings Limited. The closing share price at 31 December 2025 was R181.61 (30 June 2025: R158.20), representing an
increase of 14.8% for the period under review.
DECLARATION OF CASH DIVIDEND NO. 51
Notice is hereby given that an interim gross dividend of 173 cents (31 December 2024: 96 cents) per share has been
declared out of income reserves in respect of both the ordinary shares of no par value and the unlisted B ordinary shares
of no par value, for the six months ended 31 December 2025.
The Board is satisfied that the Company is solvent and liquid, thus confirming that the Company has sufficient capital and
reserves after the payment of the interim dividend, to support its operations for the foreseeable future.
This dividend will be subject to dividend withholding tax of 20% or 34.60 cents per share, resulting in a net dividend of
138.40 cents per share, unless the shareholder concerned is exempt from paying dividend withholding tax or is entitled
to a reduced rate in terms of an applicable double-tax agreement.
The issued share capital at the declaration date is 529 217 007 ordinary shares and 39 056 987 B ordinary shares. The
income tax number of the Company is 9500-124-71-5.
Dates of importance:
Last day to trade in order to participate in the dividend Tuesday, 21 April 2026
Shares trade ex dividend Wednesday, 22 April 2026
Record date Friday, 24 April 2026
Payment date Tuesday, 28 April 2026
Share certificates may not be dematerialised or rematerialised between Wednesday, 22 April 2026, and Friday,
24 April 2026, both days inclusive.
In terms of the Company's Memorandum of Incorporation, dividends will only be transferred electronically to the bank
accounts of shareholders. In the instance where shareholders do not provide the Transfer Secretaries with their banking
details, the dividend will not be forfeited but will be marked as "unclaimed" in the share register until the shareholder
provides the Transfer Secretaries with the relevant banking details for payout.
DIRECTORS' STATEMENT
The directors, who take responsibility for the contents of this results announcement, present the unaudited interim results
of Remgro for the six months ended 31 December 2025.
This results announcement has been prepared in compliance with the JSE Limited Listings Requirements. The financial
information in this results announcement is a summary only and does not contain full details of the consolidated financial
results. Accordingly, any investment decisions should be based on information contained in the unaudited interim results
for the six months ended 31 December 2025, published on SENS and available at
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/REM/REMDec2025.pdf and on the Company's website at
www.remgro.com.
RESULTS WEBCAST AND PRESENTATION
Shareholders and other interested parties are invited to join management in discussing Remgro's interim results via
webcast at 09:00 am SAST on Wednesday, 25 March 2026 at the following link:
https://78449.themediaframe.com/links/remgro260325.html
Signed on behalf of the Board of Directors.
Johann Rupert Jannie Durand
Chairman Chief Executive Officer
Stellenbosch
Approved by the Board: 24 March 2026
SENS release date: 25 March 2026
DIRECTORATE
Non-executive directors
Johann Rupert (Chairman), S E N De Bruyn* (Deputy Chairman),
J Malherbe, P J Moleketi*, M Morobe*,
P J Neethling, G G Nieuwoudt*, K C Ramon*,
K S Rantloane*, A E Rupert
(* Independent)
Executive directors
J J Durand (Chief Executive Officer),
M Lubbe, N J Williams, C P F Vosloo (Alternate to J J Durand)
CORPORATE INFORMATION
Secretary
L J Joubert
Listings
Primary listing - JSE Limited
Sector: Financials – Financial Services – Investment Banking and Brokerage Services – Diversified Financial Services
Secondary listing – A2X
Business address and registered office
Millennia Park, 16 Stellentia Avenue, Stellenbosch 7600
(PO Box 456, Stellenbosch 7599)
Transfer Secretaries
Computershare Investor Services Proprietary Limited,
Rosebank Towers, 15 Biermann Avenue, Rosebank 2196
(Private Bag X9000, Saxonwold 2132)
Auditors
Ernst & Young Inc.
Cape Town, South Africa
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
FOR MORE INFORMATION
www.remgro.com
Date: 25-03-2026 07:05:00
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