Unaudited Results for the six months ended 30 September 2026
ResultsMaterial
In brief
Revenue increased by 38.8% to R14.3 billion, operating profit rose 52.5% to R1.7 billion, and both EPS and HEPS increased to 711 cents per share. Premier also repurchased 1,130,612 shares in July 2026 for approximately R207 million.
The announcement
Unaudited Results for the six months ended 30 September 2026 PREMIER GROUP LIMITED (Incorporated in the Republic of South Africa) (Registration number 2007/016008/06) JSE share code: PMR ISIN: ZAE000320321 (“Premier”, the “Group” or the “Company”) UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2026 FINANCIAL OVERVIEW - Revenue increased by 38.8% to R14.3 billion - EBITDA(1) increased by 51.4% to R2.0 billion - Operating profit increased by 52.5% to R1.7 billion - Earnings per share (“EPS”) increased by 27.5% to 711 cents per share - Headline earnings per share (“HEPS”) increased by 27.1% to 711 cents per share - Leverage of 0.7x, in line with pre-acquisition levels, and R207 million returned to shareholders through share repurchases - Millbake EBITDA up 23.7% - Merger synergies on track Notes (1) Earnings before finance income and costs, foreign exchange losses on cash, share of net profit in equity-accounted investments, tax, depreciation and amortisation. COMMENTARY ON PERFORMANCE Premier has delivered a strong set of results for the six months ended 30 September 2026, the first half-year period to include the results of RFG Holdings Limited (“RFG”), acquired in March 2026 (the “RFG Transaction”), now operating as the Premier Culinary business (“Culinary”) within the Groceries division. Our disciplined execution of Premier’s strategy has been instrumental in supporting the transition, while our sustained investment in infrastructure across our businesses continues to deliver improved efficiencies and reinforces our position as a low- cost producer of quality products. The integration of Culinary is progressing to plan. Merger-related synergies are being realised, notably in merchandising, distribution, procurement, sales and system alignment, and further benefits are expected over the next six months. Low revenue growth in the core business was mostly due to continued raw material deflation. Overall, the business delivered a significant uplift in operational earnings, with focus remaining on operational efficiency, innovation and optimising the logistics platform. Premier decided not to re-open the fruit processing site in Tulbagh in the Western Cape. Following the approval of the merger, the export prospects of the global canned fruit market declined rapidly, rendering the manufacturing facility economically unviable. Premier continues to engage constructively with the Competition Commission to resolve the concerns raised by the Commission. Premier remains optimistic that the case will be settled amicably in the best interests of all concerned. Premier provided generous support to the employees and the fruit producers, continues to seek alternative business opportunities to repurpose the facility, and are looking at various initiatives to support the local Tulbagh community. A new bakery was commissioned in Middelburg in September, improving efficiencies and further contributing to the growth of the key inland markets. The new Aeroton bakery commissioned earlier in the year reached full-scale production and is performing in line with expectations. The Group’s revenue increased by 38.8% to R14.3 billion, primarily driven by the inclusion of Culinary. The Millbake division, which comprises 66% of Group revenue, grew revenue by 1.3%, with maize and wheat deflation of 20% and 5% respectively. EBITDA increased by 51.4% to R2.0 billion. The strong earnings performance of Millbake, with EBITDA growth of 23.7%, remained a key contributor to the Group’s profitability. This was supplemented by growth in Groceries’ EBITDA with the inclusion of Culinary. The Group’s EBITDA margin improved by 120 basis points to 13.9%. Operating profit increased by 52.5% to R1.7 billion and the operating profit margin improved by 110 basis points to 11.8%. Net finance costs increased by 17.1% to R139 million following the inclusion of debt assumed in the RFG Transaction. The Group’s share of net profit in equity-accounted investments increased by 46.5% to R23 million. EPS increased by 27.5% to 711.1 cents and HEPS increased by 27.1% to 711.1 cents, including the effect of the net increase in the weighted average shares in issue of 35 075 010 shares, due to the issuance of shares in the RFG Transaction and the repurchase of shares. During July 2026, Premier repurchased a further 1 130 612 shares, representing approximately 0.88% of the Company’s issued share capital as at the date of the General Authority, for an aggregate consideration of approximately R207 million. Cash generated from operations improved by 43.0% to R1.8 billion, enabled by growth in EBITDA and supplemented by the inclusion of Culinary. R179 million in working capital was absorbed during the period compared with R70 million in the prior period. The Group’s net debt (including lease liabilities but excluding the trade financing facility) as at 30 September 2026 was R2.3 billion, representing a Group leverage ratio of 0.7x, which is in line with the pre-acquisition leverage ratio in the prior period, notwithstanding the debt assumed in the RFG Transaction. Return on invested capital (“ROIC”) improved by 300 basis points from 17.6% at year- end (following the RFG Transaction) to 20.6%. MILLBAKE The Millbake division continued to perform well on the back of sustained investment in the business. The results for the Millbake and Groceries divisions in the comparative periods have been restated due to the reallocation of CIM, the Group’s subsidiary in Mozambique, from Groceries to Millbake. Millbake revenue growth of 1.3% was achieved, increasing revenue to R9.4 billion while EBITDA increased by 23.7% to R1.6 billion. The EBITDA margin improved by 300 basis points to 16.8% compared to the prior period. The increase in revenue was attributable to volume growth of 1%, with price/mix flat for the period. Focus remained on protecting margins through disciplined cost management, strengthening route-to-market execution, and continuing to build the capability and leadership pipeline required to sustain future growth. A key priority was to maximise the benefits of the new bakeries to deliver the respective investment cases. Continued investment in CIM’s manufacturing capability, which now forms part of Millbake, started to deliver improved operational performance in the last quarter. The momentum is expected to continue, supported by the roll-out of the Rhodes brand portfolio in Mozambique and further planned manufacturing enhancements. GROCERIES The Groceries division’s revenue increased significantly to R4.9 billion with the inclusion of Culinary. EBITDA increased to R513 million with the EBITDA margin increasing by 60 basis points from 9.8% in the prior period to 10.4%. In the Culinary category, Fresh products continued to perform well, driven by new opportunities to offer a broader basket within Pies & Pastries. Maintaining a strong focus on innovation is key to the business, with a strong pipeline of new products planned for the Woolworths portfolio. Long Life products delivered a good performance overall for the six months despite the implosion of the Tulbagh International business. Cross-functional synergies are expected to accrue across the business, including the transition to Premier’s merchandising platform, continued supply chain integration, and procurement related savings. The operating environment in the Personal Care business remained challenging with subdued trading in formal retail channels across the Femcare category as consumers face increased financial pressure and retailers continue to drive low-priced own- label pad offerings. The new pads, liners and tampon production lines continue to improve efficiencies and scale, reducing costs and improving margins. The UK business delivered a strong performance with growth outside of the core tampon range continuing to offset the structural decline in tampon sales. The Sugar Confectionery business underperformed during the period, and remedial actions have been implemented to improve the performance. Focus remains on restoring volume, improving operational efficiencies, service levels and building deeper customer partnerships. OUTLOOK Merger-related benefits, through operational integration and supply chain synergies, are expected to increase in the second half of the year with growth opportunities being unlocked through the delivery of a unified portfolio. Premier remains hopeful that the political instability that impacted the informal trade will normalise post the local government elections. Grain prices should remain deflationary through the end of the current financial year, whereafter the inflationary effects of the El Niño weather patterns will become evident. Any normalisation in global oil prices could provide a counterbalance to the anticipated grain inflation. As the two newly commissioned, state-of-the-art inland bakeries reach full operational potential, progressive returns from the combined infrastructural and logistics synergies are anticipated to gain momentum. Increased cash generation will be directed towards funding capital expenditure, the ongoing reduction in debt levels and further share buyback opportunities. The Board is confident that the enlarged Group is well positioned to deliver sustainable growth and value for shareholders. ABOUT THIS ANNOUNCEMENT The contents of this results announcement are the responsibility of the directors of the Company and have not been reviewed or audited by the Group’s auditor. Any forecast financial information or reference to future performance contained in this announcement has not been reviewed or reported on by the Group’s auditor. This short form announcement and the results contained herein have been prepared in compliance with the Listings Requirements of JSE Limited. This announcement is a summary of information in the full unaudited interim results for the six months ended 30 September 2026 (“interim results”) and does not contain full or complete details. Any investment decisions by investors and/or shareholders should be based on the full interim results. The full interim results are available on the JSE's cloudlink at https://senspdf.jse.co.za/documents/2026/JSE/ISSE/PMRE/20261110.pdf and published on the Company's website, https://www.premierfmcg.com/investors/results-reports on 10 November 2026. Non-executive directors I van Heerden (Chairman), JER Matthews, PRN Hayward-Butt (Alternate Director to JER Matthews) Independent non-executive directors FN Khanyile (Lead Independent), DD Ferreira, H Ramsumer and W Sihlobo Executive directors JJ Gertenbach (Chief Executive Officer), F Grobbelaar (Chief Financial Officer) Company Secretary B Baker Sponsor INVESTEC BANK LIMITED 10 November 2026 Date: 10/11/2026 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. 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