Clicks Group Limited · JSE:CLS
Clicks — H1 2026 Earnings Presentation
36 slides from Clicks's earnings presentation, April 2026
Slide 1: Interim group results for the six months ended 28 February 2026
Interim group results for the six months ended 28 February 2026
Slide 2: Contents and key features
Contents Financial summary 1 Key features Commentary 2 Group turnover up Consolidated statement of 4 comprehensive income Consolidated statement of 5 7.4% financial position Retail turnover up Consolidated statement of changes in equity 6 5.4% Consolidated statement of 8 Distribution turnover up cas
Slide 3: Financial summary
1 Financial summary Six months to Six months to Year to 28 February 28 February % 31 August 2026 2025 change 2025 Consolidated statement of comprehensive income Turnover R’000 24 872 210 23 164 269 7.4% 47 828 079 Gross profit R’000 5 824 477 5 564 761 4.7% 11 399 653 Total income R’000 7 642 597 7
Slide 4: Commentary
2 Commentary Overview two bulk distribution contracts. The group’s total income margin declined by 30 basis points to 30.7%. Against a background of constrained consumer spending and internal systems challenges, Clicks delivered a resilient Retail costs grew by 6.1%, with employment costs higher due
Slide 5: Full-year earnings forecast and interim dividend
3 Full-year earnings forecast The company has 233 850 924 ordinary shares. Its income tax reference number is 9061/745/71/8. The directors forecast that the group’s diluted HEPS for the financial year ending 31 August 2026 will increase by between Shareholders are advised of the following salient da
Slide 6: Consolidated statement of comprehensive income
4 Consolidated statement of comprehensive income Six months to Six months to Year to 28 February 28 February % 31 August R’000 2026 2025 change 2025 Revenue 26 734 937 24 837 184 51 426 992 Turnover 24 872 210 23 164 269 7.4% 47 828 079 Cost of merchandise sold (19 047 733) (17 599 508) 8.2% (36 428
Slide 7: Consolidated statement of financial position
5 Consolidated statement of financial position As at As at As at 28 February 28 February 31 August R’000 2026 2025 2025 ASSETS Non–current assets 8 592 898 7 936 742 8 351 031 Property, plant and equipment 3 023 397 2 732 105 3 087 950 Right-of-use assets 3 906 827 3 666 276 3 685 047 Intangible ass
Slide 8: Consolidated statement of changes in equity
6 Consolidated statement of changes in equity Number of shares Share Share R’000 ’000 capital premium Balance at 1 September 2024 238 062 2 381 1 064 953 Transactions with owners, recorded directly in equity Dividends paid to shareholders – – – Total transactions with owners – – – Total comprehensiv
Slide 9: Consolidated statement of changes in equity (continued)
7 Foreign Cash flow Cost of currency Equity attributable hedge hedging translation Distributable to owners Non-controlling Total reserve reserve reserve reserve of the parent interest equity (8 532) (4 950) (8 833) 5 240 520 6 285 539 – 6 285 539 – – – (1 347 434) (1 347 434) – (1 347 434) – – – (1
Slide 10: Consolidated statement of cash flows
8 Consolidated statement of cash flows Six months to Six months to Year to 28 February 28 February 31 August R’000 2026 2025 2025 Cash effects from operating activities Profit before working capital changes (refer note 1) 3 230 642 3 008 869 6 533 617 Working capital changes (refer note 2) (1 377 56
Slide 11: Notes to the cash flow statement
9 Notes to the cash flow statement Six months to Six months to Year to 28 February 28 February 31 August R’000 2026 2025 2025 Cash flow information 1. Profit before working capital changes Profit before tax 2 090 487 1 968 949 4 433 428 Adjustment for: Non-cash flow items: Depreciation and amortisat
Slide 12: Segmental analysis
10 Segmental analysis For the six months to 28 February 2026 Retail1 Distribution R’000 28 February 2026 28 February 2025 28 February 2026 28 February 2025 Statement of financial position Property, plant and equipment 2 660 874 2 377 515 362 523 354 590 Right-of-use assets 3 894 423 3 653 458 12 404
Slide 13: Segmental analysis (continued)
11 Intragroup elimination Total operations 28 February 2026 28 February 2025 28 February 2026 28 February 2025 – – 3 023 397 2 732 105 – – 3 906 827 3 666 276 – – 935 574 915 380 – – 240 381 209 286 (49 338) (113 402) 9 033 611 7 962 950 (1 123 470) (883 855) 4 100 643 3 022 751 – – 1 237 801 1 724
Slide 14: Accounting policies and notes
12 Accounting policies and notes 1.1 These condensed interim consolidated financial statements for the six months ended 28 February 2026 have been prepared in accordance with, and containing the information required by the framework concepts and the measurement and recognition requirements of IFRS ®
Slide 15: Revenue (continued) and headline earnings reconciliation
13 1.5 Revenue (continued) Unaudited six months to Six months to Year to 28 February 28 February % 31 August R’000 2026 2025 change 2025 Distribution turnover can be further disaggregated between the following categories: Fine wholesale 7 065 214 6 602 142 7.0% 13 888 770 Clicks 4 274 901 3 849 030
Slide 16: Store footprint and analysis of shareholders
14 Store footprint Clicks The Body Total Clicks Baby Shop Sorbet retail Number of stores at 28 February 2026 999* 6 53 17** 1 075 as at 28 February 2025 944 6 55 11 1 016 opened/acquired 60 – – 6 66 closed (5) – (2) – (7) Presence in Clicks stores at 28 February 2026 257 Number of pharmacies at 28 F
Slide 17: Definitions
15 Definitions Capital expenditure Clicks Group’s condensed consolidated Return on invested capital (“ROIC”) Maintenance capital expenditure financial statements are prepared in excluding the impact of IFRS 16 Capital expenditure incurred in replacing accordance with IFRS. Trading profit as reported
Slide 18: Interim group results presentation contents
16 2026 Interim group results for the six months ended 28 February 2026 Contents 01 Review of the period 02 Financial results 03 Trading performance 04 Outlook 05 Questions 2 Clicks Group Interim Results 2026
Slide 19: Review of the period
17 01 Review of the period Bertina Engelbrecht 3 Review of the period • Tough trading environment • Opened 1 000th Clicks store • 12.9m active ClubCard holders – 800 000 new members • Clicks voted one of the strongest brands* in SA • Strong growth in UPD wholesale & preferred bulk turnover • R752m i
Slide 20: Financial highlights
18 02 Financial Results Gordon Traill 5 Financial highlights Turnover up Total income margin Trading margin Diluted HEPS up 7.4% 8.1% down from 31.0% to maintained at Retail turnover up 5.4% 30.7% 9.1% to 652.8 cps UPD reported turnover up 13.0% Cash generated Returned to Return on equity Interim di
Slide 21: Turnover and total income
19 Turnover % same % stores % R’m H1 2026 H1 2025 change growth inflation Retail 19 373 18 384 5.4 3.1 2.3 Distribution 9 908 8 771 13.0 1.5 Intragroup turnover (4 409) (3 991) 10.5 Total group 24 872 23 164 7.4 2.0 • Retail WMS implementation in the Western Cape – impact of R175m • Retail value gro
Slide 22: Trading expenditure – Retail and Distribution
20 Trading expenditure – Retail % R’m H1 2026 H1 2025 change Depreciation – PPE 317 294 7.9 Depreciation – ROU asset 601 550 9.2 Occupancy costs 111 106 4.8 Employment costs 2 534 2 420 4.7 Other costs 1 353 1 262 7.2 Total retail costs 4 916 4 632 6.1 % of turnover 25.4% 25.2% Finance costs – lease
Slide 23: Trading profit and inventory
21 Trading profit % H1 2026 H1 2025 R’m H1 2026 H1 2025 change % margin % margin Retail 2 000 1 802 11.0 10.3 9.8 Distribution 243 227 7.0 2.5 2.6 Intragroup 10 68 Total group 2 253 2 097 7.4 9.1 9.1 • Retail margin in H1 2025 was 10.2% including unwind of intragroup profit on Unicorn stock Clicks G
Slide 24: Cash management and capital expenditure
22 Cash management for the six months 3 231 R’m (456) (1 378) (152) (651) (311) 3 256 (1 515) (752) 1 238 (34) Cash Trading Repayment Working Net Taxation Capex Dividends Buybacks Other Cash FY2025 profit of lease capital finance investing H1 2026 before liability movements costs activities working
Slide 25: Trading performance – Clicks business review
23 03 Trading Performance Bertina Engelbrecht 15 Clicks business review Clicks Group Interim Results 2026 16 Clicks Group Interim Results 2026
Slide 26: Retail sales performance and market shares
24 Retail sales performance % change % contribution Pharmacy 8.6 26.4 Front shop health & baby 3.1 24.7 Beauty & personal care 5.8 33.8 General merchandise 2.9 15.1 Total turnover 5.4 100.0 • Comparable stores turnover growth of 3.1% • Inflation 2.3% • Volume growth 0.8% Clicks Group Interim Results
Slide 27: Performance and strategy – value and differentiation
25 Performance and strategy • Maintaining value • Price competitive with all national retailers • Promotional sales +8.1% to 47.8% of turnover • In pharmacy, generics +6.0% to 58% of sales and 72.1% of volume • R527m cashback paid to ClubCard members in the six months Clicks Group Interim Results 20
Slide 28: Performance and strategy – personalisation and convenience
26 Performance and strategy • Engaging customers through personalisation • 12.9m active ClubCard members, 83.7% of sales • Moved to monthly cashback payments • ClubCard voted 2nd best loyalty programme* in SA, and most used in the mass market and 18-24 age group • Online sales up 17.9% • LEAP pharma
Slide 29: UPD business review
27 UPD business review Clicks Group Interim Results 2026 23 Fine wholesale turnover 60.5% • Wholesale turnover up 7.0% Clicks (+11.1%) • Clicks purchasing compliance 98% 34.4% Private hospitals (+2.0%) • Hospital customers constrained by controlled supply 5.1% • Relaunched offer to Link pharmacies I
Slide 30: UPD review of the period and Outlook divider
28 Review of the period • Total managed turnover -0.2% to R14.1bn • Loss of two bulk contracts due to global alignment by principals • Generic medicines up from 75.0% to 76.9% of volumes • Acquired a medical consumables business – integration complete and inventory pipeline now in place • Excellent
Slide 31: Outlook for H2 2026
29 Outlook for H2 2026 • Consumer environment will be impacted by fuel price increases and consequent inflationary pressures • R2m additional retail distribution cost p.a. for every R1 increase in diesel • Impact of lower SEP increase • Planning 40 – 50 new Clicks stores & 40 – 50 new dispensaries •
Slide 32: Disclaimer
30 Disclaimer Clicks Group has acted in good faith and has made every reasonable effort to ensure the accuracy and completeness of the information contained in this presentation, including all information that may be defined as 'forward-looking statements' within the meaning of United States securit
Slide 33: Clicks Group Interim Results 2026
31 Clicks Group Interim Results 2026
Slide 34: Clicks Group Interim Results 2026
32 Clicks Group Interim Results 2026
Slide 35: Slide 35
Slide 36: Corporate information
Corporate information Clicks Group Limited Auditors Incorporated in the KPMG Inc. Republic of South Africa Principal bankers Registration number FirstRand Bank Limited 1996/000645/06 Income tax number JSE sponsor 9061/745/71/8 Investec Bank Limited JSE and A2X share code: CLS ISIN: ZAE000134854 Tran