Foschini Group Limited · JSE:TFG
Foschini — The Foschini Group — FY2026 Earnings Presentation
62 slides from Foschini's earnings presentation, Jun 1, 2026
Slide 1: TFG Results Presentation 2026
TFG RESULTS PRESENTATION 2026 THE FOSCHINI GROUP LIMITED for the year ended 31 March 1
Slide 2: Agenda
01 02 03 Overview Financial Review Outlook Agenda 2
Slide 3: Overview
01 Anthony Thunström Group CEO Overview
Slide 4: Reflecting on our performance and looking forward
Reflecting on our performance and looking forward 01 02 03 04 05 Disappointing results Strong e-commerce Tactical actions taken Strategic actions Scaled, sophisticated against a difficult sales allows underway retail platforms and macro and consumer rationalisation of stores rewards programme backdr
Slide 5: Group performance
Group performance Top-line growth weighed down by margin pressure resulting in negative operating leverage Gross profit R30.1bn +4.5% Operating margin1 Revenue R4.9bn R67.1bn -22.1% +7.2% Gross margin 48.2% FY2025: 49.4% HEPS | Total dividend 675.4c | 270.0c TFG Results Presentation | for the year e
Slide 6: Africa continues to underpin the group
Africa continues to underpin the group TFG Africa FY26 RLC Market Growth v TFG Sales Growth % Womenswear, Menswear, Kids/ Baby, Homeware and Furniture Revenue +5.3% 20% Apr '25 May '25 Jun '25 Jul '25 Aug '25 Sep '25 Oct '25 Nov '25 Dec '25 Jan '26 Feb '26 Mar '26 Gross Profit 15% +2.4% 10% Gross ma
Slide 7: TFG Africa retail turnover
TFG Africa retail turnover Divisional performance overview MARKET MARKET SHARE SHARE Sports Beauty Turnover +6,1% Turnover +21,6% 39% GP +23.1% GP +0,6% Source: GFK Cellular Turnover +2,0% 12% TFG Africa GP +0,6% (All Africa businesses) Source: GFK Mens Turnover -0,5% Turnover Growth Home Jewellery
Slide 8: International result impacted by weak consumer confidence & demand
International result impacted by weak consumer confidence & demand TFG London TFG Australia Consumer confidence Australia and United Kingdom Revenue Revenue 30 +29.4% -1.3% 20 Gross Profit Gross Profit 10 +19.8% -0.6% 0 -10 Gross margin Gross margin -20 60.7% 64.9% -30 FY2025: 65.5% FY2025: 64.3% -4
Slide 9: Tactical actions taken during FY26 to deal with trading conditions
Tactical actions taken during FY26 to deal with trading conditions Expenses Stock Cash Short term cost avoidance: Excess inventories substantially dealt with: Capex reduction: • Africa Closing inventories: • Africa - 344m ↓ plan R300m↓ planned spend • Africa: • London - 285m ↓ plan - Headcount +4.9%
Slide 10: Sophisticated, scaled and digitally enabled retail platform in place
Sophisticated, scaled and digitally enabled retail platform in place • Platform substantially Local Supply Retail Omni- complete with sourcing Chain businesses channel Customer lower ongoing capital intensity as • 81% local • Riverfields DC • Private label • Bash #1 in SA • Leading we increasingly a
Slide 11: Capital Allocation
Capital Allocation Strategic acquisitions TFG Africa Years since Accretion Forecast (Cumulative earnings acquisition less cost of capital) IRR JET 5.5 R1.6bn1 70% Tapestry 3.7 R0.2bn 28% 1 Excludes corporate overhead TFG London Years since Accretion Forecast (Cumulative earnings acquisition less cos
Slide 12: Omni continues to deliver increasingly profitable, capital-light growth
Omni continues to deliver increasingly profitable, capital-light growth • Bash enables a more capital-light transition Online as a % of TFG Africa • 49% YoY online growth at structurally equivalent GP to our bricks business First-ever cross of 10% - three months running Record Online Black Friday: R
Slide 13: Financial Review
02 Financial Ralph Buddle Group CFO Review
Slide 14: Group | Key metrics
Group | Key metrics Turnover Gross profit Gross margin +7.1% +4.5% 48.2% R62.4bn R30.1bn (FY2025: 49.4%) EBIT* HEPS EPS -22.1% -33.5% -58.1% R4.9bn 675.4c 411.2c Inventory Net debtors book Net debt R14.5bn R9.4bn R8.0bn +1.7% on FY2025 +5.5% on FY2025 FY2025: R6.8bn Net Debt / EBITDA* ROCE* Total di
Slide 15: TFG Africa | Sales growth
TFG Africa | Sales growth Sharp sales contractions in June and September, subdued peak sales, and the recovery in Q4 not a sufficient offset Africa 12% 4.01.2 3.5 10% 1.0 3.0 8% 0.8 2.5 R’bn 6% 5.3% 2.00.6 5.0% 4.2% 5.2% 1.5 4% 0.4 1.0 2% 0.2 0.5 0% - - April May June July August September October N
Slide 16: TFG London | Sales growth
TFG London | Sales growth (Pro forma) growth deteriorated in H2 London White Stuff comp 90% 70% 50% 30% 10% 1.8% 4.2% 1.7% 0.7% -10% April May June July August September October November December January February March Growth FY2026 Cumulative Growth FY2026 (pro forma) TFG Results Presentation | for
Slide 17: TFG Australia | Sales growth
TFG Australia | Sales growth H1 sales recovery trajectory stalled in H2 amid persistently tough trading conditions Australia 10% 8% 6% 4% 2% 0% -2% -0.5% -1.7% -1.5% -4% -2.8% -6% -8% -10% April May June July August September October November December January February March Growth FY2026 Cumulative
Slide 18: TFG Group | Performance
TFG Group | Performance Operational EBIT down 22.1% % growth +12.7% +12.3% -9.9% Growth on R’m Africa London Australia Group FY2025 Retail turnover 42 649 11 356 8 418 62 423 7.1% 29,152 Gross profit 17 723 6 881 5 453 30 057 4.5% Net other income 4 466 - 14 4 480 7.6% 14,377 R’m Net bad debt (1 694
Slide 19: TFG Group | Group EBIT
TFG Group | Group EBIT H1 disappointing performance was further exacerbated by further peak season deterioration across all geographies % period growth: H1 2026: -9.9% H2 2026: -30.3% EBIT growth -22.1% Africa H1 London H1 Australia H1 Africa H2 London H2 Australia H2 Group TFG Results Presentation
Slide 20: TFG Group | Performance
TFG Group | Performance Operational EBIT down 22.1% % growth +12.7% +12.3% -9.9% Growth on R’m Africa London Australia Group FY2025 29,152 Retail turnover 42 649 11 356 8 418 62 423 7.1% Gross profit 17 723 6 881 5 453 30 057 4.5% Net other income 4 466 - 14 4 480 7.6% R’m 14,377 Net bad debt (1 694
Slide 21: TFG Africa | Segment performance
TFG Africa | Segment performance Operational EBIT down 14.8% % growth +5.3% +3.1% -9.7% Growth Total Financial 19,034 R’m FY2026 on FY2025 Retail Services* Retail turnover 42 649 5.0% 42 649 Gross profit 17 723 2.4% 17 723 R’m 7,866 Net other income 4 466 7.6% 764 3 702 Net bad debt (1 694) 22.0% (1
Slide 22: TFG Africa | Segment performance H1 vs H2
TFG Africa | Segment performance H1 vs H2 Operational EBIT down 14.8% Growth Growth Growth on on on R’m FY2026 FY2025 H1 2026 H2 2026 H1 2025 H2 2025 Retail turnover 42 649 5.0% 19 034 23 615 5.3% 4.7% Gross profit 17 723 2.4% 7 866 9 857 3.1% 1.8% Net other income 4 466 7.6% 2 163 2 303 5.9% 9.2% N
Slide 23: TFG Africa | Retail stores performance
TFG Africa | Retail stores performance Stores struggled with gross profit flat on last year Growth on Growth on Growth on R’m Retail FY2025 Stores FY2025 Online FY2025 Retail turnover 42 649 5.0% 39 136 2.3% 3 513 49.2% Gross profit 17 723 2.4% 16 270 (0.6%) 1 453 54.9% Net other income 764 15.1% 76
Slide 24: TFG Africa | Retail online performance
TFG Africa | Retail online performance Bash generated R350 million profit before allocated costs Growth on Growth on Growth on R’m Retail FY2025 Stores FY2025 Online FY2025 Retail turnover 42 649 5.0% 39 136 2.3% 3 513 49.2% Gross profit 17 723 2.4% 16 270 (0.6%) 1 453 54.9% Net other income 764 15.
Slide 25: TFG Africa | Financial services performance
TFG Africa | Financial services performance Yield compressed by lower interest rates; bad debts impacted by book growth and higher provisioning Financial Growth R’m Services* on FY2025 Retail turnover Gross profit Interest income of R2bn up only 1.4% on debtors’ book which grew +5.5%, due to lower i
Slide 26: TFG London | Performance
TFG London | Performance % growth +69.0% +60.2% +9.1% £’m FY2026 FY2025 Growth on FY2025 245 Retail turnover 488 377 29.4% Gross profit 296 247 19.8% 157 £’m Gross margin % 60.7% 65.5% (4.8%) Trading and other expenses (287) (211) 29.9% Operational EBIT 9 26 (65.4%) 12 EBIT margin % 1.8% 6.9% (5.1%)
Slide 27: TFG London | Performance
TFG London | Performance Performance excluding White Stuff: % growth +0.7% -1.0% -72.7% % growth -0.7% -11.9% -150% 146 150 Growth on £’m FY2026 FY2025 FY2025 97 89 Retail turnover 296 296 0.0% £’m £’m Gross profit 186 199 (6.5%) Gross margin % 62.8% 67.2% (4.4%) Trading and other expenses (188) (17
Slide 28: TFG Australia | Performance
TFG Australia | Performance % growth -0.5% -0.8% -18.4% A$’m FY2026 FY2025 Growth on FY2025 362 Revenue 736 746 (1.3%) Retail turnover 734 745 (1.5%) 235 Gross profit 476 479 (0.6%) A$’m Gross margin % 64.9% 64.3% 0.6% Interest Income 1 1 0.0% Trading and other expenses (418) (399) 4.8% 31 Operation
Slide 29: TFG Results Presentation
TFG Results Presentation | for the year ended 31 March 2026 29
Slide 30: Group | Net debt
Group | Net debt R7bn represents 70% of the debtors book in SA, with R1bn representing UK borrowings from White Stuff acquisition, net of Australia cash Net debt Debt repayment 10.1 1.5 0.5 8.0 6.8 1.0 2.7 1.4 1.0 1.1 2.2 R’bn 0.5 6.2 6.3 6.6 1.2 2.7 R’bn 0.9 0.5 0.2 1.7 0.6 -0.4 0.1 0.7 0.7 FY2025
Slide 31: TFG Africa | Capex
TFG Africa | Capex Focus on conservative capital allocations and continued store optimisation initiatives Capex Depreciation 2,207 % of 2.2% 2.4% 2.3% 2.5% turnover 1,072 1,507 928 944 1,482 111 1,298 1,275 790 139 782 586 324 384 R’m 226 230 FY2022 FY2023 FY2024 FY2025 FY2026 R’m Logistics IT Store
Slide 32: Group | Inventory
Group | Inventory Disciplined inventory management Inventory growth Inventory 4.9% 1.7% R14.5bn +1.7% on FY2025 LC Stock Turn 2.3x -6.6% -5.9% Africa London Australia Group FY2025: 2.3x Inventory health: Segmental inventory 13% 7% FY2026 19% 16.0 14.3 14.5 13% 13.1 19% 14.0 11.6 1.6 1.5 46% 1.8 68%
Slide 33: Group | Debtors
Group | Debtors TFG Africa debtors showing some stress into H2, but well provisioned Gross book and provision Net debtors book 14,000 70% R9.4bn Provision +5.5% on FY2025 12,000 60% Customer base 18.6% 10,000 50% FY2025: 17.9% 8,000 40% 2.9m Gross book +0.9% 6,000 30% Applications R11.6bn 4,000 20%
Slide 34: TFG Group | In conclusion
TFG Group | In conclusion 01 Disappointing result across all regions Cost base remained elevated relative to trading performance; actions 02 underway to improve efficiency and operating leverage 03 Disciplined inventory management 04 Capex pulled back 05 Cash generation strong TFG Results Presentati
Slide 35: Outlook
03 Anthony Thunström Group CEO Outlook
Slide 36: Expected outlook and our response
Expected outlook and our response Current trading reality • Consumer conditions are extremely weak and may weaken further • Recovery likely to lag geopolitical improvements Disciplined approach with intensified capital allocation: • Current focus reset to a cautious outlook • Holding capex tight – I
Slide 37: Africa | Strategic outlook
Africa | Strategic outlook Current status Our position • Decade long per capita GDP • Leading brands with 25 - 50%+ contraction market share • Structural reforms delayed and • Digital leadership: Bash & impacted by geopolitics omniselling • Best-in-class demand-led supply chain • Scaled credit & rew
Slide 38: Australia | Strategic outlook
Australia | Strategic outlook Current status Our position • Rate hikes resume • Australia's leading menswear retailer • Inflation outpacing wages • Consistently strong margins • Rising unemployment • Growing omnichannel platform • Essentials crowding out discretionary spend • Experienced, discipline
Slide 39: London | Strategic outlook
London | Strategic outlook Current status Our position • Consumer confidence near Covid • 3 quality brands – Hobbs, White lows Stuff, Whistles • Inflation expected to rise • Phase Eight restructuring • Department store channels under • Casual lifestyle growth pressure opportunity • Shift to own chan
Slide 40: Post-results trade update
Post-results trade update Africa London Australia April 2026 May 2026 April 2026 May 2026 April 2026 May 2026 Sales growth 2.2% 2.2% Sales growth -3.6% 8.9% Sales growth -2.2% -2.4% GP% GP% GP% +80bps +130bps +100bps improvement improvement improvement TFG Results Presentation | for the year ended 3
Slide 41: Driving resilience and restoring returns
Driving resilience and restoring returns The environment: Planning for reality - a muted and potentially deteriorating consumer environment Our response: 4 Key Focus Areas 1. Leverage Bash and fulfilment leadership to make our business more capital light and efficient 2. Close underperforming stores
Slide 42: Q&A session break
We will resume in 5 minutes for the Q&A Q & A session. Enjoy your coffee break… TFG Results Presentation | for the year ended 31 March 2026
Slide 43: Thank you
THANK YOU
Slide 44: Appendix
Appendix TFG Results Presentation | for the year ended 31 March 2026
Slide 45: Group | Income Statement
Group | Income Statement FY2026 FY2025 Change Rm Rm Revenue 67 070 62 558 7.2% Retail turnover 62 423 58 271 7.1% Cost of turnover (32 366) (29 505) 9.7% Gross profit 30 057 28 766 4.5% Interest income 2 132 2 128 0.2% Insurance revenue 392 284 38.0% Other income 2 123 1 875 13.2% Net bad debt (1 69
Slide 46: TFG Africa | Income Statement
TFG Africa | Income Statement FY2026 FY2025 Change Rm Rm Revenue 47 282 44 893 5.3% Retail turnover 42 649 40 619 5.0% Gross profit 17 723 17 306 2.4% Interest income 2 118 2 115 0.1% Insurance revenue 392 284 38.0% Other income 2 123 1 875 13.2% Net bad debt (1 694) (1 388) 22.0% Insurance service
Slide 47: TFG Africa | Performance
TFG Africa | Performance Turnover and Margin 80,00 50.0% 43.2% 42.6% 70,00 41.0% 41.6% 45.0% 60,00 41.1% 42,649 40.0% 39,175 40,619 50,00 35,480 30,275 40,00 35.0% R’m 30,00 16,088 17,306 17,723 30.0% 20,00 13,079 14,542 25.0% 10,00 0 20.0% FYFY2022 2022 FY2023 FY 2023 FY2024 FY 2024 FY2025 FY 2025
Slide 48: TFG London | Income Statement
TFG London | Income Statement FY2026 FY2025 Change FY2026 FY2025 Change £m £m Rm Rm Revenue 488 377 29.4% Revenue 11 356 8 786 29.3% Retail turnover 488 377 29.4% Retail turnover 11 356 8 786 29.3% Gross profit 296 247 19.8% Gross profit 6 881 5 751 19.6% Trading expenses (287) (221) 29.9% Trading e
Slide 49: TFG London | Performance
TFG London | Performance Turnover and Margin 700 56.6% 58.6% 62.1% 65.5% 60.7% 70.0% 60.0% 488 600 50.0% 500 338 377 40.0% 309 324 £’m 296 400 30.0% 247 198 201 300 175 20.0% 200 10.0% 100 0.0% 0 -10.0% FYFY2022 2022 FY 2023 FY2023 FY 2024 FY2024 FY 2025 FY2025 FY 2026 FY2026 Turnover Gross Profit G
Slide 50: TFG Australia | Income Statement
TFG Australia | Income Statement FY2026 FY2025 Change FY2026 FY2025 Change A$m A$m Rm Rm Revenue 736 746 (1.3%) Revenue 8 432 8 879 (5.0%) Retail turnover 734 745 (1.5%) Retail turnover 8 418 8 866 (5.1%) Gross profit 476 479 0.6% Gross profit 5 453 5 709 (4.5%) Interest income 1 1 0.0% Interest inc
Slide 51: TFG Australia | Performance
TFG Australia | Performance Turnover and Margin 1,200 66.3% 70.0% 64.3% 65.1% 64.3% 64.9% 1,000 65.0% 810 765 745 734 624 800 60.0% A$’m 537 497 479 600 476 55.0% 401 400 50.0% 200 45.0% 0 40.0% FY2022 FY 2022 FY2023 FY 2023 FY2024 FY 2024 FY2025 FY 2025 FY2026 FY 2026 Turnover Gross Profit Gross Ma
Slide 52: Group | Trading Expenses
Group | Trading Expenses FY2026 FY2025 Group Africa London Australia Group Africa London Australia Occupancy Costs 7 014 4 330 1 102 1 582 6 451 4 063 865 1 523 Depreciation and amortisation 1 479 1 072 248 159 1 270 944 158 168 Employee costs 11 556 6 791 2 239 2 526 10 591 6 363 1 704 2 524 Other
Slide 53: Group | Statement of Financial Position
Group | Statement of Financial Position FY2026 FY2025 Change FY2026 FY2025 Change Rm Rm Rm Rm EQUITY AND LIABILITIES ASSETS TOTAL EQUITY 24 907 25 609 (2.7%) Non-current assets LIABILITIES Property, plant and equipment 6 824 6 524 4.6% Non-current liabilities Goodwill and intangible assets 9 895 10
Slide 54: Group | Cash Flow Statement
Group | Cash Flow Statement FY2026 FY2025 Rm Rm Cash flows from operating activities Operating profit before working capital changes 11 561 12 405 Increase in working capital (834) (2 761) Cash generated from operations 10 727 9 644 Interest income 123 146 Finance costs (2 051) (1 886) Taxation paid
Slide 55: Credit | Additional Information
Credit | Additional Information TFG AFRICA TFG AFRICA Change 2026 2025 Income (Rm) 3,040 2,859 6.3% Net bad debt (Rm) (1,694) (1,388) 22.0% Credit costs (Rm) (730) (683) 6.9% EBIT (Rm) 616 788 (21.8%) Number of applications 4,079,269 3,872,596 5.3% Accept rates 18.7% 20.1% Number of new accounts 762
Slide 56: Credit | TransUnion Consumer Credit Index H2 2025
Credit | Transunion Consumer Credit Index H2 2025 Modest credit health recovery • The TransUnion Africa Consumer Credit Index (CCI) remained above the neutral mark in H2 2025, but the recovery is slowing down • 3-month default rates edged higher in Q4, pointing to early signs of financial stress • D
Slide 57: Global Footprint
Global Footprint TFG AFRICA STORES TFG LONDON STORES TFG AUSTRALIA STORES 3 664 649 601 TFG STORES CONTRIBUTION TO TURNOVER CONTRIBUTION TO TURNOVER CONTRIBUTION TO TURNOVER 4 914 68.3% 18.2% 13.5% COUNTRIES 18 TFG Results Presentation | for the year ended 31 March 2026 57
Slide 58: Footprint movement since March 2025
Footprint movement since 31 March 2025 TFG AFRICA TFG LONDON 3 614 141 699 48 Mar 25 3,664 Mar 25 699 3,614 649 (91) (98) 3 664 649 Mar 26 Mar 26 31 Mar 25 New outlets Closed outlets 31 Mar 26 31 Mar 25 New outlets Closed outlets 31 Mar 26 TFG AUSTRALIA GROUP 4 923 610 44 Mar 25 4,923 233 4,914 Mar
Slide 59: TFG Africa Footprint
TFG Africa Footprint Country Stores South Africa 3,432 Namibia 100 Zambia 28 Botswana 64 Lesotho 19 Eswatini 21 South Africa Stores Eastern Cape 344 Free State 183 Gauteng 975 KwaZulu-Natal 476 Limpopo 309 Mpumalanga 335 North West 190 Northern Cape 102 Western Cape 518 TFG Results Presentation | fo
Slide 60: TFG London footprint
TFG London footprint Total Standalone Europe Stores Stores Concessions UK & Ireland 509 268 241 Switzerland 17 5 12 Germany 4 3 1 Spain 19 - 19 Netherlands 22 2 20 Total Standalone North America Stores Stores Concessions USA 35 5 30 Mexico 29 - 29 Total Standalone Asia Stores Stores Concessions Hong
Slide 61: TFG Australia footprint
TFG Australia footprint Total Standalone Australia Stores Stores Concessions Australia 549 529 20 New Zealand 52 52 - TFG Results Presentation | for the year ended 31 March 2026 61
Slide 62: Disclaimer
DISCLAIMER This announcement contains certain forward-looking statements with respect to the financial conditions and results of operations of the Foschini Group Limited and its subsidiaries, which by their nature involve risk and uncertainty because they relate to events and depend on circumstances