BOXER RETAIL LIMITED - Trading update for the 17 weeks ended 29 June 2025

Boxer Retail Limited
(formerly Boxer Retail Proprietary Limited)
Incorporated in the Republic of South Africa
Registration number: 2024/392006/06
JSE and A2X share code: BOX
ISIN code: ZAE000339891
("Boxer")

TRADING UPDATE FOR THE 17 WEEKS ENDED 29 JUNE 2025


Trading for the 17-week period to 29 June 2025 ("the Period") reflected another strong performance
within the context of particularly low internal selling price inflation and a highly constrained consumer.


Turnover for the Period grew 12.1% and 3.9% like-for-like. This represents a positive trend vs. the 9.0%
turnover and 3.7% like-for-like growth achieved for H2 FY25 (on a pro forma 52 week basis, as
previously disclosed in Boxer's audited annual financial results for the 53 weeks ended 2 March 2025,
published on the Stock Exchange News Service on 12 May 2025). Boxer has produced consistent
market share gains through the Period and also seen positive recent trends, as the high base from the
first few months of FY25 normalises.


Internal food inflation for the Period was -0.6% on a volume-held-constant basis, which normalises for
mix-change impacts. This represents a further reduction from the previously reported FY25 volume-
held-constant inflation of 0.3% (0.5% in H1 and 0.1% in H2). Because of the distortionary impact of
mix change on reported inflation (which is largely driven by the promotional strategy in any given
period), Boxer is switching to reporting volume-held-constant inflation, which more appropriately
reflects Boxer's effective selling price inflation to customers. Investors are provided with an FY22 to
FY24 volume-held-constant inflation history to provide appropriate historical context. For
FY22/FY23/FY24, Boxer volume-held-constant internal selling price inflation was 4.2%/10.1%/3.1%
respectively.


Despite the challenging economic environment and the mild deflation reported for the Period, Boxer
remains comfortable that it is on track to meet its previously guided low-teens FY26 turnover growth
objective (vs. FY25 on a 52 week pro forma basis), given the like-for-like momentum and store rollout
programme. Boxer has opened 7 Superstores and 10 liquor stores during the first four months of FY26.
While there is always an element of uncertainty in the precise timing of store openings, current
visibility suggests that Boxer remains on-track to meet its previously communicated FY26 store rollout
targets. Boxer remains confident with its FY26 gross margin outlook, despite the inherent margin
management challenges in a low inflation environment.


The financial information on which this trading update is based is the responsibility of the Boxer Board
of directors and has not been reviewed by or reported on by Boxer's external auditors.

By order of the Board
Westville
29 July 2025


Sponsor: RAND MERCHANT BANK (a division of FirstRand Bank Limited)


Forward-looking information contained in this announcement


This announcement contains certain forward-looking statements which relate to Boxer's possible
future actions, long-term strategy, performance, liquidity position and financial position. All forward-
looking statements are solely based on the views and considerations of the Board, and in particular,
as at the date hereof. These statements involve risk and uncertainty as they relate to events and
depend on circumstance that may or may not occur in the future. Boxer does not undertake to update
or revise any of these forward-looking statements publicly, whether to reflect new information, future
events or otherwise. These forward-looking statements have not been reviewed or reported on by
Boxer's external auditors.

Pro forma financial information


The FY25 and H2 FY25 pro forma like-for-like turnover growth constitutes pro forma financial
information in terms of the JSE Limited Listings Requirements. The pro forma financial information is
the responsibility of the Board of Directors and is presented for illustrative purposes only. The pro
forma information is the responsibility of Boxer's directors and has been prepared for illustrative
purposes only and, because of its nature, may not fairly present Boxer's financial position, results of
operations or cash flows. The reported amounts were extracted without adjustment, from the audited
financial statements of Boxer for the periods ended 25 February 2024 and 2 March 2025, respectively.
An assurance report (in terms of ISAE 3420: Assurance Engagements to Report on the Compilation of
Pro Forma Financial) was issued by the Group's auditors in respect of the compilation of the pro forma
financial information in FY25. Please refer to the FY25 Annual Financial Statements for further
information.

Date: 29-07-2025 07:05:00

Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.