Wrap Text
Consolidated interim results and cash dividend declaration for the six months ended 31 March 2026
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")
CONSOLIDATED INTERIM RESULTS AND CASH DIVIDEND DECLARATION FOR THE SIX MONTHS
ENDED 31 MARCH 2026
Salient features
For the six months ended 31 March 2026 2025 % change
Units bought Number 95 328 92 339 3,2
Units sold Number 93 519 91 392 2,3
Revenue Rm 14 155,0 13 134,6 7,8
Core headline earnings(i) Rm 500,1 508,2 (1,6)
Core headline earnings per share(i,ii) Cents 119,7 121,8 (1,7)
Basic earnings Rm 499,3 507,0 (1,5)
Basic earnings per share(ii) Cents 119,5 121,5 (1,6)
Headline earnings Rm 500,1 508,2 (1,6)
Headline earnings per share(ii) Cents 119,7 121,8 (1,7)
Interim dividend per share Cents 33 30 10,0
i. Core headline earnings is a non-IFRS measure that excludes gains/losses, costs and adjustments relating to
acquisitions and disposals of investments; once-off transaction costs directly attributable to corporate activity; and
non-cash accounting adjustments to the call option derivative asset relating to non-controlling interests. There were
no core headline earnings adjustments during the current and the prior comparable six month period.
ii. Weighted average number of ordinary shares ('Shares") in issue at 31 March 2026: 417 805 524 (31 March 2025:
417 262 880). The actual number of Shares in issue on 31 March 2026: 417 882 796 (31 March 2025: 417 312
804).
Financial results
Group revenue of R14,2 billion increased by 7,8% when compared to the prior comparable period. Buying
and selling volumes of 95 328 and 93 519 units were up 3,2% and 2,3%, respectively.
Sales volumes surpassed 15 500 units in four of the last six months, culminating in an all-time monthly sales
record of 17 209 units in March 2026, whilst in January 2026 the Group delivered an all-time buying record
of 17 617 units. These recent milestones demonstrate the growing scale, reach and operational capacity of
the Group and reinforce the Group's growth momentum.
The ramp up in volumes was the direct result of a more disciplined percentile-based buying strategy focused
on more affordable inventory, where the Group's competitive position is strongest, and the addition of new
supermarket capacity (as set out below). Pleasingly, this volume increase translated into an improvement in
the Group's market share in the second quarter of the six month period.
The Group delivered headline earnings and core headline earnings of R500,1 million for the six months ended
31 March 2026, down 1,6% on the prior comparable period. The performance follows a continued challenging
and deflationary trading environment, in strong contrast to the buoyant trading conditions experienced in the
prior period. The core headline earnings were also impacted by the opening of three new supermarkets,
following a drive to invest ahead of the curve to secure expansion in key strategic areas.
Notwithstanding the current trading environment, the Group continues to expand its footprint and grow its
market share in line with planned growth aspirations.
Over the last year, geographic expansion required a substantial investment in land and buildings as well as
working capital. Information technology and human resource costs were strategically incurred, in advance of
the successful opening of the new supermarkets.
The current trading environment is impacted by the growth in the new vehicle market (up 15,7% for the 2025
calendar year), aided by the aggressive rise of competitively priced Asian brands. This has significantly
influenced consumer behaviour and heightened competition, with these brands capturing notable new vehicle
market share through attractive pricing and compelling finance offerings.
The current strength of the new vehicle market in South Africa continues to place pressure on margins across
the used vehicle sector. Used vehicle prices experienced deflation in the six month period.
Traditional manufacturers, in an attempt to regain lost ground, responded in kind further intensifying price
competition and compressing the value differential that has historically made used vehicles a more attractive
choice for many South African consumers.
To maintain liquidity and ensure healthy inventory turns, the selling prices of the Group's inventories,
particularly those competing with the Asian brands and the competitively priced new vehicles were adjusted
downwards, a proactive and necessary response, but one that placed further pressure on the Group's
margins.
Management believes that whilst these market dynamics place pressure on the Group in the short-term, the
buoyant new vehicle market and the growing penetration of Asian brands are expected to be positive in the
medium-term for WeBuyCars, as these vehicles enter the used vehicle market. This will expand the Group's
acquisition base and opportunity set.
Growth momentum and prospects
The current challenging trading conditions have not impacted the Group's medium- to long-term growth
aspirations. During the six month period the Group achieved the following significant milestones:
- Opened the Montana supermarket in Pretoria North on 26 November 2025 as planned – with capacity
for 1 300 vehicles;
- Opened the Lansdowne supermarket in Cape Town slightly later than anticipated due to unexpected
City Council delays, on 16 January 2026 – with capacity for 1 300 vehicles;
- Opened the Witbank supermarket in Mpumalanga, on 9 February 2026 as planned – with capacity for
380 vehicles.
These three supermarkets have collectively expanded the Group's national parking bay footprint by 23,6%
(2 980 parking bays), a material and transformative step towards better serving all customers across South
Africa.
The Group's geographic footprint expansion continues to build momentum. The Board is pleased to confirm
that a lease has been signed on a property in Bloemfontein which will accommodate approximately 380
parking bays. The Group is planning to open this capital-light supermarket in August 2026. This addition will
establish a meaningful presence for the Group in the Free State, extending the WeBuyCars network into a
market that has historically been underserved by the Group.
The Group also recently signed a lease for a commercial vehicle facility adjacent to the R21 highway in
Centurion, Gauteng, which will serve as the Group's new home for its commercial vehicle business.
These additions are consistent with the Group's stated footprint expansion programme and supports the
Group's medium-term volume aspiration of buying and selling 23,000 vehicles a month by FY2028. Progress
towards this milestone remains on track.
Operational momentum
The rollout of Inspectify across the Group's supermarkets over the past eight months is a significant
operational enhancement, and management is pleased with the higher quality, transparent vehicle condition
reports. Inspectify employs trained technicians, follows strict quality-control procedures, and uses
independently audited processes to ensure consistency and accuracy across every vehicle inspection.
Inspectify feeds a richer and more accurate dataset directly into the Group's pricing models, enabling more
precise vehicle valuations at the point of purchase, a capability that management believes will meaningfully
improve margins over time. The platform has been designed specifically for South African conditions, with an
emphasis on consistency, clarity and transparency, replacing technical jargon with visually intuitive reports
that build customer confidence and trust.
Strategic acquisition
During the period under review, the Group concluded the acquisition of a 49% equity stake in GoBid
Proprietary Limited, the digital auction platform business that specialises in accident-damaged, uneconomic-
to-repair and non-runners, for R376,8 million.
The deal includes a clear pathway to majority control and potentially full ownership over time, should the
Group elect to do so, subject to the parties obtaining all of the necessary approvals and consents for
implementation thereof at the time.
This acquisition formalises a long-standing operational relationship and supports the Group's strategy of
servicing the full spectrum of the vehicle market — ensuring that every vehicle that enters the WeBuyCars
ecosystem, regardless of condition, has an optimal route to market.
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 growth momentum and prospects above. The pursuit and efficient execution of these opportunities
should add value to the Company's shareholders.
Notice is hereby given that a gross interim cash ordinary dividend of 33 cents per ordinary share
(31 March 2025: 30 cents per ordinary share) has been declared by the Board, payable to shareholders of
the 417 882 796 (31 March 2025: 417 312 804) ordinary shares in issue. The dividend has been calculated
at 27,5% of the headline earnings for the six months to 31 March 2026.
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 interim dividend of 26,4 cents per ordinary share for those shareholders who are not exempt from
paying dividend withholding tax.
The salient dates for the payment of the ordinary dividend will be as follows:
Salient dates and times 2026
Publication of declaration data Monday, 18 May
Last date to trade cum dividend Tuesday, 2 June
First trading day ex-dividend Wednesday, 3 June
Record Date Friday, 5 June
Payment Date Monday, 8 June
The income tax reference number of WeBuyCars is 948 083 8193.
Share certificates may not be dematerialised or rematerialised between Wednesday, 3 June 2026 and Friday,
5 June 2026, 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.
Short form announcement
The contents of this short form announcement are the responsibility of the Board of the Company and have
not been reviewed or audited by the Group's independent auditor, PricewaterhouseCoopers Inc.
Shareholders are advised that this short form announcement represents a summary of the information
contained in the full announcement, published on SENS via the JSE CloudLink at
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/WBCE/HY2026.pdf and on WeBuyCar's website at
https://www.webuycars.co.za/investors/financial-results on 18 May 2026, 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 full
announcement as a whole, and shareholders are encouraged to review the full announcement, which is
available as set out above. Copies of the full announcement may be requested from
investors@webuycars.co.za.
Shareholders are advised that the WeBuyCars interim results presentation for the six months ended
31 March 2026 will be held on Monday, 18 May 2026 at 10:00. There will be a live webcast of the results
presentation. Shareholders wishing to view the live webcast should register at:
https://www.corpcam.com/WeBuyCars18052026. A copy of the presentation will also be available on the
Company's website: https://www.webuycars.co.za/investors/presentations.
Centurion
18 May 2026
Joint Sponsors to WeBuyCars
PSG Capital Pallidus Exchange Services
Date: 18-05-2026 07:05:00
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.
Sharenet Sites 
