Wrap Text
Audited Consolidated Results for the year ended 30 September 2025 and Cash Dividend Declaration
WE BUY CARS HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 2020/632225/06
JSE Share code: WBC
ISIN: ZAE000332789
("WeBuyCars" or "the Company" or "the Group")
AUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 AND CASH DIVIDEND DECLARATION
The Group's Board of Directors ("the Board") is pleased to present the financial results for
the year ended 30 September 2025.
WeBuyCars utilises core headline earnings to measure and benchmark the underlying performance of
the business. Core headline earnings represents headline earnings adjusted for certain non-
recurring or non-cash items that, in the view of the Board, may distort the financial results from
period to period.
Salient features
For the year ended 30 September 2025 2024 % change
Units bought Number 180 576 167 741 7,7
Units sold Number 179 006 165 185 8,4
Revenue Rm 26 377,2 23 319,2 13,1
Core headline earnings (i) Rm 937,6 815,4 15,0
Core headline earnings per share (i,ii) Cents 224,6 217,4 3,3
Basic earnings Rm 935,4 343,1 > 100
Basic earnings per share (ii) Cents 224,1 91,5 > 100
Headline earnings Rm 937,6 343,9 > 100
Headline earnings per share (ii) Cents 224,6 91,7 > 100
Final cash dividend per share Cents 30 25 20,0
i. Core headline earnings is a non-IFRS measure which excludes gains/losses, costs and adjustments
relating to acquisitions and disposals of investments; once-off transaction costs which are
directly attributable to corporate activity; and non-cash accounting adjustments to the call
option derivative asset relating to non-controlling interests.
ii. Weighted average number of ordinary shares ("Shares") in issue at 30 September 2025: 417 401 341
(30 September 2024: 375 029 205). Actual number of Shares in issue at 30 September 2025:
417 675 981 (30 September 2024: 417 181 120).
Financial Results
The Group continued on its long-term growth trajectory with core headline earnings for the year ended
30 September 2025 at R937,6 million growing 15,0% and core headline earnings per share growing 3,3%
(impacted by the new share issues as set out below), when compared to the prior year. The key drivers
of this growth in core headline earnings were higher volumes, higher average selling prices, a higher
net insurance result, lower finance costs and cost efficiencies driven by economies of scale.
Group revenue at R26,4 billion increased by 13,1% when compared to the prior year. Buying and selling
volumes at 180 576 and 179 006 units were up 7,7% and 8,4%, respectively. The number of vehicles
bought and sold continued to grow, with sales volumes reaching an all-time monthly record for
WeBuyCars of 16 294 units in November 2024. With monthly sales volumes exceeding 15 000 units in 6 of
the last 12 months, WeBuyCars continues to gain market share.
The 83 185 241 new Shares issued on 29 February 2024, 27 March 2024 and 11 April 2024, have had an
unfavourable impact on the core headline earnings per share, the basic earnings per share and the
headline earnings per share for the year ended 30 September 2025. These new Shares were issued in terms
of the pre-listing capital raise, which was approved by shareholders prior to the listing of WeBuyCars
on the Main Board of the JSE Limited on 11 April 2024. More details relating to the new Share issues
are set out in the Pre-listing Statement (dated 12 March 2024) and in the Integrated Annual Report
for the year ended 30 September 2024.
These results were delivered in a challenging trading environment, particularly in the second half of
the year, characterised by low GDP growth, pressure on consumer affordability, lower levels of consumer
confidence and lower bank approval rates. WeBuyCars experienced margin pressure resulting from structural
shifts within the South African automotive industry. The continued strength of the new vehicle Market,
together with the rapid rise of competitively priced Chinese brands, including GWM, Chery, Omoda, Jaecoo,
Jetour, MG, JAC and BAIC, have significantly influenced consumer behaviour and heightened competition.
These brands have captured notable market share through attractive pricing and compelling new-vehicle
offerings.
To maintain liquidity and ensure healthy inventory turns, WeBuyCars adjusted selling prices on vehicles
competing within these price brackets. This proactive measure placed short-term pressure on margins
during the second half of the year.
In response, the Group recalibrated its strategy by rebalancing lead prioritisation and acquisition
activities towards more affordable, faster-moving inventory that aligns with prevailing market demand.
This change is already delivering improved sales volumes and margins. While trading conditions remained
challenging through the winter months, the lessons learned during this period have further enhanced the
Group's agility and responsiveness to changes in the market.
The buoyant new vehicle market and the growing penetration of Asian brands are expected to have a
positive long-term impact for WeBuyCars, as these vehicles will enter the used-vehicle market in the
future. This will expand the Group's acquisition base and opportunity set.
During the year, WeBuyCars continued to expand and enhance its national footprint. Two new supermarkets
were opened — Rustenburg in the North-West Province (1 October 2024) and Vereeniging in the Vaal Triangle
(1 August 2025) — adding 300 and 550 parking bays, respectively. Both sites have delivered pleasing
results since opening.
Upgrading existing facilities also remained a strategic priority. The Pietermaritzburg supermarket was
relocated to a larger site with capacity for 300 parking bays, while facilities at George, Polokwane,
Mbombela, the Dome, Johannesburg South, Riverhorse Valley, Gqeberha and Germiston were expanded. As at
30 September 2025, the national capacity increased to 12 911 parking bays. The planned openings of the
Montana (Pretoria North) and Lansdowne (Cape Town) supermarkets in late November and early December
2025, respectively, will increase total capacity by more than 20%.
In anticipation of the planned expansion, WeBuyCars has continued to invest ahead of the curve in its
people and in its innovative technology platform.
WeBuyCars' balance sheet is conservatively geared, supported by high cash conversion rates. The net
cash generated from operating activities (at R677,3 million) for the year ended 30 September 2025 was
up 14,5% on the prior year.
Dividends
The Company's dividend policy is to declare between 25% and 33% of its headline earnings as a dividend,
subject to working capital requirements and capital expenditure required for expansion and maintenance.
WeBuyCars is a company that intends to grow its footprint across South Africa responsibly. The Group
believes there are opportunities to capitalise on in the short- to medium-term, some of which are
outlined under continued growth and prospects below. The pursuit and efficient execution of these
opportunities should add value to the Company's shareholders.
Notice is hereby given that a gross final cash ordinary dividend of 30 cents per ordinary share (2024:
25 cents per ordinary share) has been declared by the Board, payable to shareholders of the 417 675 981
(2024: 417 181 120) ordinary shares. The final dividend has been calculated at 29% of WeBuyCars'
headline earnings for the second half of the financial year to 30 September 2025. This results in a
full year cash ordinary dividend of 60 cents per ordinary share. The dividend will be paid out of income
reserves to all holders of ordinary shares recorded in the Company's register on the record date. The
dividend will be subject to local dividend withholding tax at a rate of 20% unless the shareholder is
exempt from paying dividend tax or is entitled to a reduced rate. This will result in a net final
dividend of 24 cents per ordinary share for those shareholders who are not exempt from paying dividend
withholding tax.
The salient dates relating to the payment of the ordinary dividend are as follows:
Salient dates and times 2025
Publication of declaration data Monday, 17 November
Last date to trade cum dividend Tuesday, 2 December
First trading day ex-dividend Wednesday, 3 December
Record date Friday, 5 December
Payment date Monday, 8 December
The income tax reference number of WeBuyCars is 948 083 8193.
Share certificates may not be dematerialised or rematerialised between Wednesday, 3 December 2025 and
Friday, 5 December 2025, both days inclusive.
All dividend payments will only be made into a nominated bank account by electronic funds transfer.
Shareholders who have not yet provided their bank account details to Computershare Investor Services
Proprietary Limited are reminded to contact them on 086 11 00 933 or +27 11 370 5000 with their bank
account details into which the dividends can be paid electronically.
Continued growth and prospects
WeBuyCars is making meaningful progress towards its goal of buying and selling 23 000 vehicles per month
by FY2028. The Group's expansion strategy is on track, supported by ongoing investments in infrastructure
and digital innovation.
During the current financial year, the Group achieved the following significant milestones:
• Added 23 new buying pods, bringing the Group's national footprint to 106, thereby enhancing convenience
for customers across the country;
• Successfully relocated the Pietermaritzburg supermarket to a larger site with 300 parking bays, while
also expanding capacity at the Group's George, Polokwane, Mbombela, the Dome, Johannesburg South,
Riverhorse Valley, Gqeberha and Germiston facilities;
• Opened the Rustenburg supermarket on 1 October 2024 as planned – with capacity for 300 vehicles,
expanding the Group's reach into the North-West Province;
• Opened the Vereeniging supermarket on 1 August 2025 as planned – with capacity for 550 vehicles,
further expanding the Group's reach into the Vaal Triangle:
• WeBuyCars has secured land in Richards Bay and eMalahleni (Witbank). Construction has commenced
in eMalahleni and the Company plans to open a supermarket with capacity for 450 vehicles in February
2026. The plans for Richards Bay are still in the infancy stages.
• The development of the Lansdowne supermarket in Cape Town is progressing well, and is scheduled
to open in December 2025, with capacity to accommodate 1 300 vehicles;
• Similarly, construction of the Montana supermarket in Pretoria North is on track for a late November
2025 opening, with capacity to accommodate 1 300 vehicles.
These developments are being funded through existing cash reserves and available debt facilities,
underscoring the Group's disciplined approach to capital allocation and commitment to sustainable growth.
With ongoing investments in infrastructure and technology, WeBuyCars is well positioned for growth and to
gain market share. As new supermarkets and buying pods come online, customers can expect even greater
convenience and choice.
The journey towards 23 000 vehicles a month is well underway, with WeBuyCars focused on delivering value,
accessibility and innovation across South Africa.
Succession Planning - Appointment of Deputy Chief Executive Officer
The Board is pleased to announce the appointment of Dr Wynand Beukes as Deputy Chief Executive Officer,
effective on 1 January 2026.
Dr Beukes currently serves as the Group's Chief Digital Officer and has been a valued member of the
executive team since 2018. Since his appointment, he has played a pivotal role in driving the Group's
digital transformation — leading the development of key technology platforms, advancing data-driven
decision-making, and enhancing operational efficiency across the business. His strategic insight and
innovative approach have been instrumental in positioning WeBuyCars as a digitally enabled, customer-
centric organisation.
The establishment of the Deputy Chief Executive Officer role forms part of the Group's formal succession
planning framework. This appointment is intended to ensure long-term leadership continuity, strengthen
executive capacity, and support the structured development of key leadership talent.
Dr Beukes will retain his current portfolio of responsibilities while working closely with the Chief
Executive Officer, Mr Faan van der Walt, who will serve as mentor during this developmental phase. The
mentorship process is designed to provide Dr Beukes with deeper exposure to the strategic, operational,
and governance aspects of executive leadership.
The Board is confident that this appointment will further enhance the Group's long-term growth,
operational resilience, and leadership stability.
The Board extends its congratulations to Dr Beukes and wishes him every success in his expanded role.
Results announcement
The content of this results announcement is the responsibility of the Board. Shareholders are advised
that this results announcement represents a summary of the information contained in the audited
consolidated and separate annual financial statements for the year ended 30 September 2025 ("2025 AFS"),
published on SENS via the JSE cloudlink: https://senspdf.jse.co.za/documents/2025/JSE/ISSE/WBCE/FY2025.pdf
and on WeBuyCars' website https://www.webuycars.co.za/investors/financial-results on 17 November 2025,
and does not contain full or complete details of the financial results.
Any investment decisions by investors and/or shareholders should be based on consideration of the 2025
AFS, and shareholders are encouraged to review the 2025 AFS, which are available as set out above.
Copies of the 2025 AFS may be requested from investors@webuycars.co.za.
Shareholders are advised that the WeBuyCars full year results presentation for the year ended 30
September 2025 will be held on Monday, 17 November 2025 at 09:00. There will be a live webcast of the
results presentation. Shareholders wishing to view the live webcast should register at:
https://www.corpcam.com/WeBuyCars17112025. A copy of the presentation will also be available on the
Company's website: https://www.webuycars.co.za/investors/presentations.
Report of the independent auditors
PricewaterhouseCoopers Inc., the Group's independent external auditor, has audited the consolidated
and separate annual financial statements for the year ended 30 September 2025 from which the consolidated
results contained in this report have been derived, and has expressed an unmodified audit opinion thereon.
By order of the Board
Johan Holtzhausen Faan van der Walt
Chairperson CEO
Centurion
17 November 2025
Joint Sponsors to WeBuyCars
PSG Capital Pallidus Exchange Services
Date: 17-11-2025 07:05:00
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