TIGER BRANDS LIMITED - VOLUNTARY TRADING UPDATE AND TRADING STATEMENT FOR THE 12 MONTHS ENDED 30 SEPTEMBER 2025

TIGER BRANDS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1944/017881/06)
Share code: TBS
ISIN: ZAE000071080
("Tiger Brands" or the "Company")


VOLUNTARY TRADING UPDATE AND TRADING STATEMENT FOR THE 12 MONTHS ENDED 30
SEPTEMBER 2025


Tiger Brands is expected to deliver an exceptional performance for the 12 months ended 30
September 2025 (FY25) and continues to demonstrate execution across all elements of the strategic
plan. Core revenue growth across all Business Units (BUs) and the execution of continuous
improvement initiatives have resulted in improved operating margins, ahead of short to medium-
term guidance.


The revenue growth is particularly noteworthy, despite sustained pressure on consumer disposable
income, and price deflation across key soft commodities. Building on the momentum established in
the first half of FY25 (H1 25), volume growth is expected across most BUs, with notable recovery in
the second half (H2 25) from Milling and Baking, Grains, and Home Care.


Management is pleased to note that the continuous improvement initiatives of value engineering,
factory efficiencies and logistics optimisation are expected to deliver ahead of guidance. These were
a key driver of the double-digit operating margin from continuing operations.


Tiger Brands' portfolio optimisation strategy remains on track. The focus has been to continually
assess our portfolio relative to carefully considered strategic and financial performance metrics.
In line with our stated vision of growing as Southern Africa's leading consumer goods company, with
the most accessible loved brands, we clarified categories and divisions where Tiger Brands has a
competitive advantage (core) and those not considered core to the future competitiveness of the
Company (non-core).


We have made significant progress in FY25, including the 30 September 2025 announcement that
the Langeberg and Ashton Foods (LAF) transaction had been concluded. The Randfontein Operations
(Wheat Mill and Maize business) transaction announced on 28 May 2025 is currently with the
Competition Commission for approval. This progress builds on the conclusion of the Carozzi and
baby wellbeing division disposals in H1 25.


In addition, the Company has entered into a sale and purchase agreement (SPA) to dispose of its
74.69% interest in the Cameroonian subsidiary Chocolaterie Confiserie Camerounaise S.A.
(Chococam) to Minkama Capital Ltd (Minkama). Minkama is an Africa-focused investment firm
specialising in consumer goods and will purchase Chococam in partnership with BGFIBank Group S.A.
(BGFI), a leading financial services institution with operations in Francophone Africa.


Chococam's strong market position across various confectionery categories has continued to grow
and deliver resilient financial performance, despite challenging socio-economic conditions in key
markets. It is a compelling investment proposition, with well-capitalised operations and an
experienced management team.





                                                                                                      
The SPA is subject to various suspensive conditions that are customary for a transaction of this
nature, and we envisage that the transaction will be concluded in H2 F26.


The Company's responsible approach to its portfolio optimisation strategy further underscores the
commitment to shared value creation for all stakeholders. The LAF transaction alone will save 3 000
jobs, while the Chococam transaction ensures continued investment behind a home-grown jewel for
the region.


Against this background and in accordance with paragraph 3.4(b) of the Listings Requirements of the
JSE Limited, Tiger Brands is required to publish a trading statement as soon as it is satisfied that a
reasonable degree of certainty exists that its financial results for the 12 months ended 30 September
2025 will differ by at least 20% compared to the previous financial year (FY24).

Shareholders are therefore advised that:

Total operations

    ' Earnings per share (EPS) from total operations is expected to be between 25% and 30% (or
        between 486 cents and 583 cents) higher than the 1 942 cents reported in FY24.
    '   Headline earnings per share (HEPS) from total operations is expected to be between 10%
        and 15% (or between 181 cents and 272 cents) higher than the 1 810 cents reported in FY24.
Total operations represent the sum of continuing and discontinued operations of the Company.

Continuing operations

    '   EPS from continuing operations is expected to be between 45% and 50% (or between 812
        cents and 902 cents) higher than the comparable 1 804 cents in FY24 (after restating for
        discontinued operations).

    '   HEPS from continuing operations is expected to be between 25% and 30% (or between 415
        cents and 498 cents) higher than the comparable 1 660 cents in FY24 (after restating for
        discontinued operations).

The expected difference between continuing EPS and HEPS largely relates to profits on the sale of
associate Carozzi and the baby wellbeing division. It is important to note that Carozzi earnings for
the year to February 2025 and the baby wellbeing trading results to end H1 25 are included in
continuing operations.

In addition to those operations disclosed as discontinued in H1 25, Chococam has also been
classified as a discontinued operation for FY25.

Further details of discontinued and continuing operations will be released with Tiger Brands' FY25
results. These are expected to be released on SENS on or about 26 November 2025.


The financial information on which this trading statement is based has not been reviewed or
reported on by the Company's external auditors.


Bryanston

10 November 2025

Sponsor

J.P. Morgan Equities South Africa Proprietary Limited


                                                                                                       

Date: 10-11-2025 12:00:00

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.