Slide 1: Interim Results for the six months ended 28 February 2025
INTERIM RESULTS for the six months ended 28 February 2025
Slide 2: Contents
Contents 01 Review of the period 02 Financial results 03 Trading performance 04 Outlook 05 Questions 2
Slide 3: Review of the period
01 Bertina Engelbrecht Review of the period 3
Slide 4: Review of the period
Review of the period • Performance continues to prove the resilience and defensiveness of the group • Diluted HEPS up 13.2% • Opened 950th Clicks store and 740th pharmacy • Over 12m active ClubCard members • UPD recovered from systems implementation • SA’s first fleet of pharma-compliant EVs with so
Slide 5: Financial results
02 Gordon Traill Financial results 5
Slide 6: Financial highlights
Financial highlights Turnover up Trading margin Diluted HEPS up 6.2% up from 8.5% to 13.2% Retail turnover up 6.4% 9.1% to 604 cps UPD reported turnover up 7.6% Cash generated Return on equity Interim dividend up by operations up from 43.4% to 13.3% R1.7 bn 46.2% to 238 cps in the six months Clicks
Slide 7: Turnover
Turnover % same % stores % R’m H1 2025 H1 2024 change growth inflation Retail 18 384 17 283 6.4 4.6 3.3 Distribution 8 771 8 148 7.6 2.1 Intragroup turnover (3 991) (3 627) 10.0 Total group 23 164 21 804 6.2 3.0 • Retail value growth impacted by lower inflation, higher level of promotions and contin
Slide 8: Total income
Total income % H1 2025 H1 2024 R’m H1 2025 H1 2024 change % margin % margin Retail 6 434 5 969 7.8 35.0 34.5 Distribution 825 784 5.2 9.4 9.6 Intragroup (85) (167) Total group 7 174 6 586 8.9 31.0 30.2 • Retail margin driven by strong growth in private label • UPD impacted by slightly lower SEP incr
Slide 9: Trading expenditure – Retail
Trading expenditure – Retail % R’m H1 2025 H1 2024 change Depreciation – PPE 294 284 3.6 Depreciation – ROU asset 550 502 9.6 Occupancy costs 106 101 4.4 Employment costs 2 420 2 224 8.8 Other costs 1 262 1 156 9.2 Total retail costs 4 632 4 267 8.5 % of turnover 25.2% 24.7% Finance costs – lease li
Slide 10: Trading expenditure – Distribution
Trading expenditure – Distribution % R’m H1 2025 H1 2024 change Depreciation – PPE 35 27 30.2 Depreciation – ROU asset 5 9 (46.8) Occupancy costs 2 1 35.2 Employment costs 176 197 (10.3) Other costs 379 354 7.2 Total distribution costs 597 588 1.6 • Depreciation of PPE driven by investment in system
Slide 11: Trading profit
Trading profit % H1 2025 H1 2024 R’m H1 2025 H1 2024 change % margin % margin Retail 1 802 1 702 5.9 9.8 9.8 Distribution 227 196 15.8 2.6 2.4 Intragroup 68 (35) Total group 2 097 1 863 12.6 9.1 8.5 • Retail margin is 10.2% including Unicorn intragroup profit • Intragroup a result of remaining unsol
Slide 12: Inventory
Inventory Days in stock Inventory (R’m) H1 2025 H1 2024 H1 2025 H1 2024 % change Retail 84 82 5 578 5 095 9.5 Distribution 52 61 2 498 2 669 (6.4) Intragroup inventory (113) (187) Total group 85 86 7 963 7 577 5.1 • Retail inventories impacted by additional pharmacies, and SEP & other buy-ins • UPD
Slide 13: Cash management for the six months
Cash management for the six months R’m 3 009 (405) (1 296) (112) (646) (222) 2 705 38 1 724 (1 347) Cash Trading Repayment Working Net Taxation Capex Dividends Other Cash FY2024 profit of lease capital finance investing H1 2025 before liability movements costs activities working capital Clicks Group
Slide 14: Capital expenditure
Capital expenditure • R1 025m capex planned for FY2025 • R578m on stores: - 45 – 55 new Clicks stores and pharmacies - 70 – 80 store refurbishments • R447m on infrastructure: - R86m on UPD IT and warehouse equipment - R361m on retail systems and infrastructure Clicks Group Interim Results 2025 14
Slide 15: Trading Performance
03 Bertina Trading Engelbrecht Performance 15
Slide 16: Clicks business review
Clicks business review Clicks Group Interim Results 2025 16
Slide 17: Retail sales performance
Retail sales performance % change % contribution Pharmacy 9.2 25.7 Front shop health 9.8 25.3 Beauty and personal care 8.2 33.6 General merchandise 4.5 15.4 Total turnover 8.3 100.0 • % changes exclude Unicorn Pharmaceuticals turnover in H1 2024 and extra trading day in the prior period • Comparable
Slide 18: Market shares
Market shares % H1 2025 H1 2024 Health Retail pharmacy* 23.8 23.8 Front shop health** 34.0 33.7 Baby** 23.0 21.3 Beauty Skincare** 44.2 43.0 Haircare** 33.1 32.9 Personal care** 22.4 21.5 General merchandise Small electrical appliances** 18.4 19.1 * Per IQVIA (Private Retail Pharmacy S1-6) (restated
Slide 19: Performance and strategy: Maintaining value
Performance and strategy • Maintaining value Clicks price index* vs: * Excluding all • Price competitive with Retailer A 97.8 promotional Retailer B 98.9 pricing, bulk all national retailers deals and 3 for Retailer C 99.3 2 promotions • Promotional sales +13.2% Retailer D 98.1 to 47.1% of turnover
Slide 20: Performance and strategy: Differentiating our product offer
Performance and strategy • Differentiating our product offer • Private label +10.1% to 26.5% of sales (front shop 31.4%, pharmacy 11.8%) • 6 Clicks Baby stores and 8 store-in-stores performing well – to open 7 more in H2 • Clinics turnover up 11.6% • New healthcare elevation in 80 stores – 50 more t
Slide 21: Performance and strategy: Engaging customers through personalisation
Performance and strategy • Engaging customers through personalisation • 12.1m active ClubCard members, 81.6% of sales • ClubCard again voted the most loved loyalty programme in SA* • Online sales up 23.0%; online purchases and ‘research online purchase offline’ (ROPO) increased to 4.4% of sales • Ne
Slide 22: Performance and strategy: Extending convenience
Performance and strategy • Extending convenience • 950* Clicks stores with 740 pharmacies Format Total Convenience 725 • 53% of population < 5.0km of a pharmacy Destination 225 • Opening clinics and trialling smaller formats Total 950 • 241 stores located in low income areas (23.4% of retail turnove
Slide 23: UPD business review
UPD business review Clicks Group Interim Results 2025 23
Slide 24: Fine wholesale turnover
Fine wholesale turnover 58.3% • Wholesale turnover up 9.3% Clicks (+14.7%) • Clicks boosted by return to purchasing 36.1% Private Hospitals compliance, higher pharmacy openings (+4.7%) and increased GLP-1 sales • Hospital volumes +10.0% (genericisation 5.6% impacting value growth) Independent Pharma
Slide 25: Review of the period
Review of the period • Total managed turnover +4.8% to R14.1bn • Generic medicines 75.0% of volumes • Exited two rented DCs in December • Upgrade to SAP production system concluded in September • Knapp WMS rollout at Bloemfontein DC completed in February • 42 EV delivery vehicles launched in Gauteng
Slide 26: Outlook
04 Bertina Engelbrecht Outlook 26
Slide 27: Outlook for H2 2025
Outlook for H2 2025 • Consumer environment will remain constrained • Additional impact of VAT increase and geopolitical risks • Taking advantage of market movements to buy back shares • Planning 45 - 55 new Clicks stores and 45 - 55 new dispensaries in FY2025 • Opened 29 Clicks Pharmacies so far thi
Slide 28: Questions
05 Questions 28
Slide 29: Disclaimer
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 securities