Wrap Text
Unaudited interim results and cash dividend declaration for the six months ended 31 December 2025 and Board changes
MOTUS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2017/451730/06
Share code: MTH ISIN: ZAE000261913
("Motus" or "the Company" or "the Group")
Unaudited condensed interim results and cash dividend declaration for
the six months ended 31 December 2025 and changes to the Board
Financial highlights
- Revenue up 3%, to R57 663 million (2024: R56 175 million)
- Operating profit1 up 8%, to R2 738 million (2024: R2 539 million)
- Net finance costs down 23%, to R780 million (2024: R1 010 million)
- Profit before tax up 21%, to R1 864 million (2024: R1 538 million)
- Attributable profit up 20%, to R1 347 million (2024: R1 127 million)
- Net asset value per share up 2%, to 10 940 cents per share (2024: 10 710 cents per share)
- Earnings per share up 19%, to 805 cents per share (2024: 675 cents per share)
- Headline earnings per share up 19%, to 807 cents per share (2024: 681 cents per share)
- Interim dividend declared per ordinary share up 25%, to 300 cents per share (2024: 240 cents per share)
- Cash flows from operating activities up in excess of 100% to R1 935 million (2024: R186 million)
- Return on invested capital2 increased to 11,8% (2024: 10,7%)
- Weighted average cost of capital2 decreased to 9,4% (2024: 9,9%)
- Equity to net debt structure of 66%:34% (2024: 56%:44%)
- Net debt to EBITDA3 (debt covenant) 1,5 times (Required to be less than 3 times) (2024: 2,1 times)
- EBITDA to net interest3 (debt covenant) 4,8 times (Required to be greater than 3 times)
(2024: 3,8 times)
1
Operating profit before capital items and net foreign exchange movements.
2
The return on invested capital and weighted average cost of capital are prepared on a 12-month rolling basis.
3
Calculated by applying the funders' covenant methodology.
Business overview
Motus is a multi-national provider of automotive mobility solutions and vehicle products and services, delivering over 75 years of
steady growth and reliable value creation. Our leading market presence in South Africa (SA) is enhanced by selected international
offerings in the United Kingdom (UK), Australia, Asia and Southern and East Africa.
Motus employs over 20 000 people globally and is a diversified (non-manufacturing) business in the automotive sector. Motus is
SA's leading automotive group, with unrivalled scale and scope across the automotive value chain.
Motus offers a differentiated value proposition to Original Equipment Manufacturers (OEMs), customers and business partners
with a business model that integrates our four business segments: Import and Distribution, Retail and Rental, Mobility Solutions
and Aftermarket Parts, providing multiple customer touchpoints that support resilience and meet customers' mobility needs
across the vehicle ownership cycle.
Motus has long-standing importer, distribution and retail partnerships with leading OEMs, representing some of the world's most
recognisable brands. We provide automotive manufacturers with a highly effective route to market and a vital link between the
brand and the customer throughout the vehicle's lifecycle. In addition, we provide accessories and aftermarket automotive parts
for out-of-warranty vehicles, and the Mobility Solutions segment sells value-added products and services (VAPS) to customers,
including non-insurance and insurance products, consumer mobility solutions, and fleet services.
Environment
The global economic environment continues to evolve, presenting both challenges and opportunities. Trade tensions, including
those associated with US tariff policies, have shown signs of easing, supporting a more constructive backdrop for global commerce.
While policy uncertainty, rising public debt levels, geopolitical conflicts and the evolving impact of technological change continue
to shape the landscape, these factors are also driving innovation, adaptation and strategic resilience. Countries are responding by
reducing interest rates and introducing tax relief to strengthen their economies and encourage employment.
However, until greater confidence and stability are restored, consumers are expected to remain cautious. This is reflected in more
deliberate purchasing behaviour in high-value categories such as vehicles, with buyers demonstrating heightened cost sensitivity,
carefully weighing new versus pre-owned options, vehicle segment and brand offerings.
Global growth is projected to be 3,3%1 in calendar year (CY) 2026 and expected to decrease to 3,2%1 in CY2027, below the historical
(CY00 – CY19) average of 3,7%1. Global inflation is expected to continue its decline, reaching 3,8% 1 in CY2026 and 3,4%1 in CY2027,
with the expectation that inflation will gradually align with central bank targets in the short-to-medium term across most
advanced, emerging-market, and developing economies.
South Africa
The positive momentum at the close of financial year (FY) 2025 carried into the current period, supported by continued economic
stimulus from easing interest rates and moderating inflationary pressures. This trend was further underpinned by the
strengthening of the Rand against major currencies and improved growth projections, which supported improving consumer
sentiment and spending. The removal of SA from the grey list, followed by an upgrade to the country's credit rating, reinforced
this positive backdrop and contributed to further interest rate reductions, with the potential for additional cuts in the near future.
The South African economy is expected to grow by 1,4%1 in CY2026 and by a further 1,5%1 in CY2027. The automotive industry
plays an instrumental role in supporting SA's longer-term economic sustainability, contributing 5,2% to gross domestic product
(GDP) (including 2,0% from the retail segment and accounting for 3,2% of the country's manufacturing output) 2. It underpins
employment creation, enables trade, and facilitates the movement of people, goods and services in an environment where
alternative transport options remain limited and under pressure.
Inflation has increased to 3,6%3 in December 2025, from 3,0%3 in December 2024, with CY2026 inflation projected to be 3,7% 1.
The South African Reserve Bank (SARB) has maintained its target inflation of 3,0% 4.
For CY2025, the South African automotive market continued its momentum, recovering above 2019 pre-pandemic levels and
reaching volumes not seen in a decade, with new vehicle sales of 596 818 vehicles 2. According to naamsa2, SA retailed 317 796
new vehicles for the six months to 31 December 2025 (17,8% above the prior period of 269 680 new vehicles), with passenger
vehicle sales growing by 19,5%. Management's forecast for new vehicle sales for CY2026 is between 600 000 and 630 000 new
vehicles.
The year-on-year increase was primarily driven by the growth in the passenger vehicle market, supported by interest rate cuts,
resilient consumer sentiment, below-inflation selling price increases, compelling value propositions, increase in the number of
first-time buyers and pent-up demand from prior periods. As affordability remains a key consideration, customers continue to
shift away from luxury vehicles in favour of more affordable brands, models, and vehicle segments, while also opting to retain
vehicles for longer. This extension of vehicle replacement cycles has contributed to increased parts and workshop activity, as well
as higher demand for VAPS.
The South African pre-owned vehicle market remains stable, with growth supported by consistent demand; however, it continues
to face persistent margin pressure and the expansion of affordable emerging brands in the new vehicle market.
The SA vehicle rental industry is highly competitive, with increasing pressure on average daily rates and ongoing opportunities to
grow alongside business travel, and domestic and international tourism activity. Demand for flexible mobility solutions, including
long-term rentals, continues to support growth and performance in the rental market.
The aftermarket parts sector represents a significant and growing component of the automotive value chain, underpinned by a
diverse vehicle parc and longer vehicle ownership cycles. The sector comprises a range of participants, spanning large distributors
to smaller specialised suppliers.
United Kingdom
UK economic growth has been revised downwards and is now expected to grow by 1,3% 1 in CY2026 and by a further 1,5%1 in
CY2027. Short-term challenges to growth include tighter financial conditions, market uncertainty, and higher unemployment
levels. Business sentiment has also been negatively affected by increases in National Insurance (NI) contributions and minimum
wages.
As of December 2025, inflation had fallen from a peak of 11,1%5 in October 2022 to 3,4%5, although it remains stubbornly high for
a mature economy, with CY2026 inflation projected to be 2,5%1.
For CY2025, the UK automotive market recorded marginal growth, with new vehicle sales reaching
2 391 736 vehicles. The UK new vehicle market grew by 1,8% for the six-month period to 31 December 2025, with the passenger
market growing by 3,4%6, and the LCVs and the heavy commercial vehicles (HCVs) market contracting by 5,7% 6 and 8,4%,
respectively. New vehicle sales for the six-month period to 31 December 2025 amounted to 1 168 098 vehicles compared to 1 147
992 vehicles in the comparative period.
The passenger market is being impacted by the government's new energy vehicle (NEV) targets. The introduction of emerging
brands and new model variants contributed to a positive outcome in the passenger retail market. The demand was further
supported by a decline in interest rates over the period from 4,25%7 at 1 July 2025 to 3,75%7 at 31 December 2025. Demand in
the historically resilient LCV and HCV retail market has moderated, reflecting market conditions that are weighing on business
confidence.
In the HCV segment, parts and workshop activity continued to perform strongly, supported by robust demand levels and regulatory
servicing requirements. In contrast, extended replacement cycles in the passenger vehicle segment have reduced the size of the
active vehicle parc, particularly among vehicles younger than five years. This contraction has softened demand for franchise
dealership parts and workshop services. However, longer vehicle ownership periods continue to support the aftermarket parts
market, which remains sizeable and on a growth trajectory. The sector operates within a highly competitive landscape, comprising
a combination of traditional wholesale and retail players, alongside an expanding presence of online distribution channels.
The UK's pre-owned passenger vehicle market has remained resilient, underpinned by strong demand, alongside increased choice
and more competitive pricing.
Australia
Australian economic growth has been revised downwards and is now expected to grow by 2,1%1 in CY2026, and 2,2%1 in CY2027
as inflationary pressures remain more persistent than expected. Headline inflation increased to 3,8%8 in December 2025, from
2,5%8 in December 2024, with CY2026 inflation projected to be 3,0%1.
Growth has proven resilient, fuelled by elevated business and household spending and a stabilisation of the labour market.
Headline inflation is expected to remain above the Reserve Bank of Australia (RBA) target of 2,0% to 3,0% 9 in the short-term,
reflecting supply?side capacity limitations that restrict the economy's ability to respond to demand, as well as temporary price
pressures that are expected to ease over time. During the six-month period, interest rates declined from 3,85% to 3,6%; however,
in February 2026, the RBA reverted to increasing rates back to 3,85% in response to a stronger inflation outlook and to help return
inflation to target over the medium term.9
For CY2025, the Australian automotive market continued its momentum, achieving a further all-time high for new vehicle sales of
1 241 037 vehicles10. Passenger vehicles and LCVs continued to dominate the market, driven largely by the expansion of emerging
brands and accelerated adoption of NEV models following the implementation of the New Vehicle Efficiency Standard. The
Australian new vehicle market increased by 2,1%10 for the six-month period to 31 December 2025, with new vehicle sales
amounting to 616 907 vehicles10, compared to 604 190 vehicles10 in the prior period.
The Australian pre-owned vehicle market has undergone a period of adjustment, characterised by weakening demand, a cautious
consumer mindset, and a tightened appraisal process aimed at protecting margins.
Customers' preferences are shifting toward NEV models in metro areas, indicating a steady increase in adoption.
Motus is exposed to a number of foreign currencies in the jurisdictions in which we operate and source our products. There is
currency volatility arising from the weakening of the US Dollar and the strengthening of the Rand, which has negatively impacted
the financial results. We manage volatility through our strict hedging programme, using forward cover to protect our future
earnings, and carefully monitor foreign currency movements, mitigating fluctuations where possible.
1
International Monetary Fund | World Economic Outlook | October 2025 update and January 2026 update.
2
naamsa | The Automotive Business Council | Press releases.
3
Statistics South Africa | Consumer Price Inflation | December 2025.
4
South African Reserve Bank | Statement of the Monetary Policy Committee | January 2026.
5
Office for National Statistics | Statistical Bulletin | December 2024 and December 2025.
6
The Society of Motor Manufacturers and Traders | Press release and market data.
7
Bank of England | Monetary Policy Report | May 2025 and February 2026.
8
Australian Bureau of Statistics | Consumer Price Index | December 2024 and December 2025.
9
Reserve Bank of Australia | Statement on Monetary Policy | May 2025, August 2025 and February 2026.
10
Federal Chamber of Automotive Industries and Electric Vehicle Council | Press release and market data.
Performance
Motus delivered an improved operational performance for the six months ended 31 December 2025, supported by favourable
market conditions, disciplined strategy execution, and resilient delivery across all business segments. Increased new?vehicle
market activity across all geographies in the first half of FY2026 - together with lower interest rates and a sustained shift toward
more affordable vehicle options - underpinned higher demand for passenger vehicles. Building on the momentum achieved in
FY2025, the Group converted its strategic focus and operational discipline into improved sales volumes, stronger operating
margins, better cost efficiency, and robust cash generation, despite foreign?exchange volatility and heightened competitive
pressures.
Notably, in the six-month period to 31 December 2025:
- Operating profit grew by 8% year-on-year, supported by an improved operating margin of 4,7%, and a strong performance in
our South African operations, which grew 15% over the period.
- Cash flows generated from operating activities increased to R1,9 billion (2024: R186 million), driven by improved trading
activity, working capital optimisation and a significant reduction in net finance costs.
- Lower net debt and reduced interest rates resulted in a 23% decrease in net finance costs.
- The net debt to EBITDA ratio reached 1,5 times (compared to 2,1 times in 2024). Remaining below
1,5 times allows us to continue accessing lower interest rates on our debt funding and provides flexibility to support future
growth.
- Earnings per share (EPS) and headline earnings per share (HEPS) both increased by 19%, driven by a 21% growth in profit
before tax, despite foreign exchange losses of R91 million (compared to a R20 million gain in the previous period).
- Share repurchases executed at price points that are accretive in value to the shareholders as well as the successful unwind of
the Ukhamba Holdings Proprietary Limited (Ukhamba) B-BBEE structure, amounting to R476 million.
- In SA we sold 49 360 new units (2024: 43 526), an increase of 13%, and 35 491 pre-owned units
(2024: 33 923), an increase of 5% during the period.
The SA operations contributed 60% to revenue and 67% to EBITDA for the period (2024: 57% and 66%, respectively) 1, with the
remainder being contributed by the UK, Australia and Asia.
In total, the Group's passenger and commercial vehicle businesses, including the UK and Australia, sold 111 911 overall vehicle
units (2024: 105 507) comprising 65 127 new units (2024: 60 376) and 46 784 pre-owned units (2024: 45 131) during the period.
Revenue increased by 3% to R57,7 billion, primarily due to increased sales volumes in the South African vehicle market, partially
offset by lower new vehicle sales volumes in the UK Retail Commercial division and Australia Retail. Excluding Mercedes-Benz
Truck and Van division (MTV) in UK Retail, which was disposed of in the prior financial year to reduce portfolio complexity and
sharpen our focus on growing the DAF business, revenue increased by 6%.
The Import and Distribution segment increased its contribution to revenue by R2 341 million (22%). The Retail and Rental segment
increased its contribution by R231 million (1%), with the growth in SA outweighing the decline in the International operations. The
Aftermarket Parts segment increased its contribution by R332 million (4%), with both SA and International operations achieving
growth. The Mobility Solutions segment contribution remained in line with the prior period.
Revenue growth of R1 488 million (3%) was driven by higher sales of new and pre-owned vehicles, supported by increased volumes
and vehicle rental returns. New vehicle sales increased by R1 036 million (4%) and pre-owned vehicle sales increased by R437
million (3%). Rendering of services increased by R62 million (1%) primarily due to the stronger workshop revenue, higher vehicle
rental income, and increased commissions earned. These gains were partially offset by a marginal decline in parts and other goods
sales of R31 million (excluding MTV, parts and other goods revenue grew by 3%), as well as a R16 million (8%) reduction in
insurance revenue.
Operating profit before capital items and net foreign exchange movements increased by 8% to R2 738 million. This improvement
was driven primarily by higher sales volumes of both new and pre?owned vehicles, supported by strong demand in the vehicle
rental market. Mobility Solutions continued to deliver consistent performance, and the Aftermarket Parts business contributed
positively overall.
Notably, all segments recorded higher operating profit contributions:
- The Import and Distribution segment increased its contribution by R206 million (66%), expanding its operating margin
from 3,0% to 4,0%.
- The Retail and Rental segment increased its contribution by R50 million (4%), improving its operating margin slightly from
2,6% to 2,7%.
- The Mobility Solutions segment increased its contribution to operating profit by R26 million (4%).
- The Aftermarket Parts segment increased its contribution by R24 million (4%) while maintaining a stable operating margin
of 8,4%.
Net finance costs decreased by R230 million (23%) to R780 million, primarily due to lower average net debt resulting from strong
cash generation and reductions in interest rates in the geographies in which we operate.
Profit before tax increased by R326 million (21%) to R1 864 million.
An interim dividend of 300 cents per share has been declared, representing a 25% increase on the 240 cents per share declared
in 2024. The dividend, along with share repurchases of R476 million during the period, contributed to an increase in returns for
shareholders.
Net working capital decreased by R1,1 billion (9%) from 30 June 2025 to R11,0 billion.
Equity to net debt structure of 66%:34% (2024: 56%:44%). Core interest-bearing debt decreased by R369 million (5%) from 30
June 2025, primarily due to the repayment of debt stemming from strong cash generation. This was achieved notwithstanding
the vehicle up-fleet cycle required for Vehicle Rental.
Net debt to EBITDA is 1,5 times (2024: 2,1 times), and EBITDA to net interest is 4,8 times (2024: 3,8 times). Both ratios have been
calculated by applying the funders' covenant methodology and remain well within the debt covenant levels as set by debt funders
of below 3,0 times and above 3,0 times, respectively.
Return on invested capital benefitted from the improved results and increased to 11,8% (2024: 10,7%). Weighted average cost of
capital decreased to 9,4% (2024: 9,9%).
Net asset value per share increased by 2% to 10 940 cents per ordinary share (2024: 10 710 cents per ordinary share).
Cash flows from operating activities amounted to R1,9 billion (2024: R186 million).
The Group's continued focus on sales execution, margin enhancement, cost containment, strong cash generation, and flexible
funding structures has been central to delivering a robust first-half performance. These foundations position Motus to remain
competitive and agile in dynamic markets and support future growth initiatives.
1
The 2024 comparatives have been represented to include the eliminations within the specific international regions in which they occur.
Liquidity
The liquidity position is healthy with unutilised banking and floorplan facilities of R13,9 billion.
During the period, GCR Ratings, an independent ratings agency, changed its outlook on the Group from stable to positive, with
the rating remaining unchanged. The following rating was assigned:
- Credit Rating: Long-Term Issuer AA-(ZA) and Positive outlook
- Credit Rating: Short-Term Issuer A1+(ZA)
GCR Ratings stated that the change in outlook was attributable to the resilient earnings and sustained reduction in debt.
Dividend
An interim dividend of 300 cents per ordinary share has been declared and will be paid in March 2026.
Board changes
Motus is led by a diverse board of directors with extensive commercial knowledge, experience, and expertise. The Board
provides ethical and strategic direction to the Group, ensuring that value is created and protected for stakeholders.
The Board's commitment to and custodianship of good corporate governance ensures that Motus adheres to the highest
standards of accountability, fairness, and ethics – all of which are essential to building and maintaining credibility, sustainability,
and trust, and to delivering value.
During the reporting period, Ms. KA Cassel retired due to ill health as an Executive Director and from the Board, with effect from
6 November 2025. The Board is saddened to share that Ms. KA Cassel passed away in January 2026.
In addition, Mr. A Tugendhaft tendered his resignation on 24 February 2026 as a Non?executive Director. He will continue to
serve on the Board until 31 May 2026.
Strategy
Our aim is to grow and deepen our participation across all aspects of the automotive value chain, offering competitive products
and services that maximise our share of a customer's vehicle investment and engender loyalty.
Prospects
The Group's performance in the first half of the year provides a solid foundation for FY2026. Looking ahead to the year ending 30
June 2026, the Group anticipates an improved performance compared to the year ended 30 June 2025, and remains focused on
disciplined capital allocation, including working capital optimisation, operational excellence and continued execution on our
strategy to deliver sustainable value to shareholders.
Both earnings per share and headline earnings per share are expected to grow by double-digits for the full year, underpinned by
improved trading and a reduction in net finance costs.
We remain confident that our net debt to EBITDA ratio will stay below 1,5 times, underpinned by strong cash generation and
prudent working capital management.
While these indicators reflect a favourable outlook, the Group remains mindful of external factors that may influence
performance. These include geopolitical tensions, inflationary pressures, currency volatility, changes in interest rates and non-
controllable legislation.
Appreciation
We would like to thank all employees, customers, suppliers, funders, stakeholders and the Board for their support during the
period.
OJ Janse van Rensburg
Chief Executive Officer
B Baijnath
Chief Financial Officer
24 February 2026
The forecast and prospects information herein has not been audited or reported on by Motus' auditors.
Declaration of interim ordinary dividend
for the six months ended 31 December 2025
Notice is hereby given that a gross interim ordinary dividend in the amount of 300 cents per ordinary share has been declared by
the Board, payable to the holders of the 177 963 447 ordinary shares. The dividend will be paid out of income reserves.
The ordinary dividend will be subject to a local dividend tax rate of 20%. The net ordinary dividend, to those shareholders who are
not exempt from paying dividend tax, is therefore 240 cents per ordinary share.
The Company has determined the following salient dates for the payment of the ordinary dividend:
2026
Last day for ordinary shares to trade cum ordinary dividend Tuesday, 24 March
Ordinary shares commence trading ex-ordinary dividend Wednesday, 25 March
Record date Friday, 27 March
Payment date Monday, 30 March
The Company's income tax number is 983 671 2167.
Share certificates may not be dematerialised/rematerialised between Wednesday, 25 March 2026 and Friday, 27 March 2026,
both days inclusive.
On Monday, 30 March 2026, amounts due in respect of the ordinary dividend will be electronically transferred to the bank
accounts of certificated shareholders. Shareholders who have dematerialised their shares will also have their accounts, held at
their central securities depository participant (CSDP) or broker, credited on Monday, 30 March 2026.
On behalf of the Board
NE Simelane
Company Secretary
24 February 2026
Corporate information
Motus Holdings Limited
Incorporated in the Republic of South Africa
Registration number: 2017/451730/06
ISIN: ZAE000261913
Share code: MTH
("Motus" or "the Company" or "the Group")
Directors
MJN Njeke (Chairperson)*
A Tugendhaft (Deputy Chairperson)**
OJ Janse van Rensburg (CEO)#
B Baijnath (CFO)#
S Mayet*
JN Potgieter*
F Roji-Nodolo*
LJ Sennelo*
R van Wyk*
* Independent non-executive
** Non-executive
#
Executive
Company Secretary
NE Simelane
nsimelane@motus.co.za
Group Investor Relations Manager
J Oosthuizen
motusIR@motus.co.za
Business address and registered office
79 Boeing Road East
Jeppe Quondam
Bedfordview
2007
(PO Box 1719, Edenvale, 1610)
Share transfer secretaries
Computershare Investor Services Proprietary Limited
1st Floor Rosebank Towers
15 Biermann Avenue, Rosebank, Johannesburg, 2196
Auditor
PricewaterhouseCoopers Inc.
4 Lisbon Lane
Waterfall City
Jukskei View
2090
Sponsor
Merchantec Capital
13th Floor, Illovo Point
68 Melville Road
Illovo, Sandton, 2196
(PO Box 41480, Craighall, 2024)
The results announcement is available on the Motus website: www.motus.co.za
Release date 25 February 2026
Results announcement
The content of this results announcement is the responsibility of the directors of Motus. This results announcement is only a
summary of the information contained in the unaudited condensed interim results and cash dividend declaration for the six
months ended 31 December 2025 (Results) and does not contain full or completed details.
As required in terms of paragraph 4.13(e) of the JSE Listings Requirements, the directors of the Company hereby confirm that the
Results have been prepared in compliance with the JSE Listings Requirements.
Any investment decisions by investors should be based on the Results, as published on SENS on 25 February 2026 and which can
be viewed on the JSE's cloudlink at:
https://senspdf.jse.co.za/documents/2026/jse/isse/mthe/interims26.pdf and on Motus' website at:
https://www.motus.co.za/investors/results/interim-results/ .
The Results are also available for inspection at the registered office of Motus and the office of the Sponsor, at no charge, on
weekdays between 09:00 and 16:00 and/or through a secure electronic manner at the election of the person requesting
inspection.
Date: 25-02-2026 07:05:00
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