Group Sales and Top-Line Momentum
Group turnover of ZAR 42.5 billion, up ~6% in constant currency; Woolworths South Africa sales +6.8%. Each business grew sales ahead of its competitor set and gained market share.
Earnings and EPS Growth
Adjusted EBITDA of ZAR 4.6 billion (+4.2% in constant currency) and adjusted EBIT of ZAR 2.9 billion (+4.1% cc). adHEPS of ZAR 1.70 per share, up ~3.8% in constant currency and +0.7% in rands.
Strong Cash Generation and Balance Sheet
Generated ZAR 4.8 billion cash from trading and free cash flow of >ZAR 2 billion. Achieved cash conversion ratio of 110%. Group net borrowings ZAR 5.8 billion and net debt-to-EBITDA ~1.48x, within covenants.
Shareholder Returns
Interim dividend of ZAR 1.18 per share (70% payout ratio) and share buybacks of ZAR 356 million in the half; cumulative buybacks of ~ZAR 4.2 billion over four years.
World-Class Food Performance
Food sales +7% with like-for-like +5.2%; Food EBIT ZAR 1.8 billion (+3.5%) and EBITDA growth in line with sales (~7%). Food return on capital remains best-in-class at ~41%.
Fashion, Beauty & Home (FBH) Operational Recovery
FBH sales +6.2% (like-for-like +6.4%) with trading densities up (~8–10%). On-shelf availability now >90% (c.20 percentage points improvement vs two years ago). FBH delivered the strongest total and like-for-like sales growth in the sector during the half.
Country Road Group (CRG) Turnaround Progress
CRG returned to profitability with EBIT AUD 14.8 million (+4.2% YoY in AUD). Inventory in CRG reduced ~15% and operating model changes removed stranded costs, supporting margin recovery.
Growth Initiatives and Innovation
Woolworths Ventures (WEdit, Food Services, WCellar, Absolute Pets) delivering double-digit growth; Absolute Pets opened its 200th store. Digital and AI investments include Labtrace food-safety AI and stronger omnichannel performance (Dash sales +23%, omnishopper value ~5x store-only).