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Summary of audited results for the year ended 30 June 2026 and cash dividend declarations
Remgro Limited
Registration number 1968/006415/06
ISIN: ZAE000026480
JSE and A2X Share code: REM
SUMMARY OF AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 AND CASH DIVIDEND
DECLARATIONS
SALIENT FEATURES
• Headline earnings per share: up by 42.2% to R20.03
• Adjusted free cash flow at the centre (FCFC) per share(1): up by 28.6% to R8.91
• Ordinary dividend per share: up by 73.0% to 595 cents
• Special dividend per share: 550 cents
• Intrinsic net asset value per share as at 30 June 2026: up by 4.6% to R305.80
• Earnings per share: down by 56.5% to R2.59
1. Remgro's free cash flow at the centre (FCFC) and adjusted FCFC constitute pro forma financial information as contemplated in the JSE Listings
Requirements. The measures have been prepared for illustrative purposes only and, because of their nature, may not fairly present Remgro's
consolidated cash flows. The pro forma financial information has been prepared to provide users with additional information used by Remgro to
assess the operating cash flow generation at investment holding company level or “at the centre”. Refer to the “Pro forma financial information”
section as part of the summary consolidated results for further details.
INTRODUCTION
The 2026 financial year represented another year of meaningful progress for Remgro, underpinned by earnings growth
across the board, strong cash generation and solid contributions from key investee companies. The Group delivered
robust growth in headline earnings and FCFC, despite a persistently demanding global operating environment. This
performance reflected the quality and resilience of Remgro’s portfolio, disciplined capital allocation and active ownership,
which together enhanced the Group’s financial position and strategic flexibility.
While global markets remained characterised by geopolitical uncertainty, shifting trade dynamics and ongoing
macroeconomic volatility, South Africa’s domestic environment continued to reflect modest growth, greater
macroeconomic stability and ongoing structural reform initiatives in South Africa. Against this backdrop, Remgro made
meaningful progress in both portfolio and performance optimisation. The finalisation of key transactions during the year
has drawn to a close a period of significant portfolio transformation, leaving the Group with a more focused, resilient and
better-performing portfolio. With this foundation now in place, Remgro is entering its next phase of value unlock, focused
on converting its reshaped portfolio into measurable value creation for shareholders.
RESULTS
For the year under review, headline earnings increased by 42.3% from R7 827 million to R11 140 million, while headline
earnings per share (HEPS) increased by 42.2% from R14.09 to R20.03. The earnings growth momentum experienced
during the 2025 financial year continued during the 2026 financial year, culminating in the strong growth in headline
earnings. The increase in headline earnings is mainly due to:
• an increased contribution from Mediclinic Holdings Limited (Mediclinic) (+R1 367 million), notably due to an improved
operational performance and amplified by once-off items included in headline earnings, such as a tax benefit relating
to the impairment of inter-company loans (Remgro’s portion being R511 million) and a tariff provision release
(Remgro’s portion being R294 million), both in the Switzerland division;
• increased contributions from Rainbow Chicken Limited (+R610 million), Community Investment Ventures Holdings
Proprietary Limited (CIVH) (+R412 million), OUTsurance Group Limited (+R332 million) and Heineken Beverages
Holdings Limited (+R161 million) due to improved operational performances;
• an increased contribution from TotalEnergies Marketing South Africa Proprietary Limited (TotalEnergies)
(+R424 million), mainly due to a once-off Transnet pipeline cost refund (Remgro’s portion being R218 million) and
positive stock revaluations;
• higher finance income due to a higher average cash balance, mainly resulting from the proceeds on disposal of
Remgro’s interest in FirstRand Limited (FirstRand) (+R230 million); and
• lower finance costs due to the redemption of the preference shares during the prior year (+R95 million);
• partly offset by a lower contribution from RCL Foods Limited (-R368 million), largely driven by a weaker performance
from the Sugar business unit, and lower dividends from FirstRand (-R110 million) due to its disposal.
The headline earnings growth of 42.3% includes material once-off items amounting to R1 023 million, comprising
Mediclinic’s Switzerland tax benefit of R511 million and tariff provision release of R294 million, as well as TotalEnergies’
Transnet pipeline cost refund of R218 million. Adjusting for these once-off items, headline earnings would have increased
by approximately 29%. This indicates that the quality of Remgro’s headline earnings remains sound, as the growth was
mainly supported by stronger operational performances across key investee companies.
Total earnings amounted to R1 438 million (2025: R3 303 million). This decrease in earnings is mainly due to Remgro’s
portion of the impairments recognised by Mediclinic on its Switzerland assets and business (R10 042 million). This
decrease is partly offset by the increase in headline earnings discussed above (R3 313 million), Remgro’s portion of the
profit realised by CIVH on the Hero Telecoms Proprietary Limited (Herotel) transaction (R461 million), Remgro’s portion
of the impairment of Mediclinic’s assets in Switzerland in the comparative year (R3 436 million) and the impairment of
Remgro’s investment in eMedia Investments Proprietary Limited in the comparative year (R502 million).
FREE CASH FLOW AT THE CENTRE (FCFC)
Remgro generated strong FCFC during the 2026 financial year, with FCFC increasing by 105.6% to R8 305 million (2025:
R4 039 million). This was primarily driven by a 104.4% increase in total dividends received from investee companies,
including pre-implementation dividends of R3 055 million received from CIVH following the completion of the
CIVH/Vodacom and Herotel transactions.
Excluding special dividends arising from corporate actions at investee companies, adjusted FCFC increased by 28.6% to
R4 953 million (2025: R3 851 million), while adjusted FCFC per share increased by 28.6% to R8.91 (2025: R6.93). This
growth was supported by a 23.8% increase in ordinary dividends received of R4 558 million (2025: R3 681 million),
demonstrating the continued strengthening of the portfolio's underlying cash-generating capacity.
INTRINSIC NET ASSET VALUE (INAV)
Remgro’s INAV per share increased by 4.6% (8.9% if adjusted for distributions made during the year under review) from
R292.34 at 30 June 2025 to R305.80 at 30 June 2026. During the year under review, Remgro paid a final dividend for the
year ended 30 June 2025 of 248 cents per share, a special dividend of 200 cents per share, unbundled its investment in
eMedia Holdings Limited and paid an interim dividend for the six months ended 31 December 2025 of 173 cents per
share. The closing share price at 30 June 2026 was R197.00 (2025: R158.20), representing an increase of 24.5% for the
year under review.
DECLARATION OF CASH DIVIDEND NO. 52
Notice is hereby given that a final gross dividend of 422 cents (2025: 248 cents) per share has been declared out of
income reserves in respect of both the ordinary shares of no par value and the unlisted B ordinary shares of no par value,
for the year ended 30 June 2026.
The total gross dividend per share, excluding the special dividend, for the year ended 30 June 2026 therefore amounts to
595 cents, compared to 344 cents for the year ended 30 June 2025.
DECLARATION OF SPECIAL DIVIDEND
Notice is hereby given that a special dividend of 550 cents per share has been declared out of income reserves in respect
of both the ordinary shares of no par value and the unlisted B ordinary shares of no par value.
The Board is satisfied that the Company is solvent and liquid, thus confirming that the Company has sufficient capital and
reserves after the payment of the final and special dividend, to support its operations for the foreseeable future.
These dividends will be subject to dividend withholding tax of 20%, resulting in a net dividend of 337.60 cents per share
in respect of the ordinary dividend and 440.00 cents per share in respect of the special dividend, unless the shareholder
concerned is exempt from paying dividend withholding tax or is entitled to a reduced rate in terms of an applicable double-
tax agreement.
The issued share capital at the declaration date is 529 217 007 ordinary shares and 39 056 987 B ordinary shares. The
income tax number of the Company is 9500-124-71-5.
Dates of importance:
Finalisation date for the special dividend, by 11h00 Tuesday, 13 October 2026
Last day to trade in order to participate in the final and special dividend Tuesday, 20 October 2026
Shares trade ex the final and special dividend Wednesday, 21 October 2026
Record date Friday, 23 October 2026
Payment date Monday, 26 October 2026
Share certificates may not be dematerialised or rematerialised between Wednesday, 21 October 2026, and Friday,
23 October 2026, both days inclusive. The special dividend is subject to South African Reserve Bank approval.
Shareholders will be notified accordingly by the finalisation date.
In terms of the Company’s Memorandum of Incorporation, dividends will only be transferred electronically to the bank
accounts of shareholders. In the instance where shareholders do not provide the Transfer Secretaries with their banking
details, the dividend will not be forfeited but will be marked as “unclaimed” in the share register until the shareholder
provides the Transfer Secretaries with the relevant banking details for payout.
CONSOLIDATED ANNUAL FINANCIAL STATEMENTS (AFS) AND SUMMARY CONSOLIDATED RESULTS
The financial information in this announcement is a summary only and does not contain full details. Therefore, any
investment decisions should be based on information contained in the consolidated AFS.
The AFS were audited by Ernst & Young Inc., who issued an unmodified audit opinion thereon. The summary consolidated
results are consistent with the audited AFS but do not include all the disclosures required by International Financial
Reporting Standards (IFRS® Accounting Standards) as issued by the International Accounting Standards Board (IASB)
and the Companies Act. Ernst & Young Inc. have issued an unmodified opinion on the summary consolidated results in
accordance with International Standard on Auditing (ISA) 810 (Revised), Engagements to Report on Summary Financial
Statements.
The consolidated AFS and the summary consolidated results, which include the respective auditor's reports, are available
on the JSE’s cloudlink at https://senspdf.jse.co.za/documents/2026/JSE/ISSE/REM/REMJun2026.pdf and on the
Company’s website at www.remgro.com.
This announcement has been prepared in compliance with the JSE Limited Listings Requirements.
RESULTS WEBCAST AND PRESENTATION
Shareholders and other interested parties are invited to join management in discussing Remgro's year-end results via
webcast at 09:00 am SAST on Monday, 21 September 2026 at the following link:
https://78449.themediaframe.com/links/remgro260921.html
Signed on behalf of the Board of Directors.
Johann Rupert Jannie Durand
Chairman Chief Executive Officer
Stellenbosch
18 September 2026
DIRECTORATE
Non-executive directors
Johann Rupert (Chairman), S E N De Bruyn* (Deputy Chairman),
J Malherbe, P J Moleketi*, M Morobe*, P J Neethling, G G Nieuwoudt*,
K C Ramon*, K S Rantloane*, A E Rupert
(* Independent)
Executive directors
J J Durand (Chief Executive Officer),
M Lubbe, N J Williams, C P F Vosloo (Alternate to J J Durand)
CORPORATE INFORMATION
Secretary
L J Joubert
Listings
Primary listing - JSE Limited
Sector: Financials – Financial Services – Investment Banking and Brokerage Services – Diversified Financial Services
Secondary listing – A2X
Business address and registered office
Millennia Park, 16 Stellentia Avenue, Stellenbosch 7600
(PO Box 456, Stellenbosch 7599)
Transfer Secretaries
Computershare Investor Services Proprietary Limited,
Rosebank Towers, 15 Biermann Avenue, Rosebank 2196
(Private Bag X9000, Saxonwold 2132)
Auditors
Ernst & Young Inc.
Cape Town, South Africa
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
FOR MORE INFORMATION
www.remgro.com
Date: 18/09/2026 03:40:00
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