Tiger Brands Limited · JSE:TBS
Tiger Brands — H1 2026 Earnings Presentation
37 slides from Tiger Brands's earnings presentation, Jun 1, 2026
Slide 1: Interim results for the six months ended 31 March 2026
for the six months ended 31 March 2026
Slide 2: Disclaimer
DISCLAIMER Forward-looking statement This document contains forward-looking statements that, unless otherwise indicated, reflect the company’s expectations as at 1 June 2026. Actual results may differ materially from the company’s expectations if known and unknown risks or uncertainties affect the b
Slide 3: Index
INDEX 1 2 3 4 5 H1 26 STRATEGY H1 26 OUTLOOK APPENDIX HIGHLIGHTS UPDATE OPERATIONAL PERFORMANCE Note: All figures, unless otherwise stated, are related to continuing operations 3
Slide 4: H1 26 Highlights
Note: All figures, unless otherwise stated, are related to continuing operations 4
Slide 5: H1 26 Performance Highlights
H1 26 PERFORMANCE HIGHLIGHTS Strategic drive for volume growth - ensuring relevance of products to consumers - and disciplined capital allocation resulted in significant volume upliftment and ROE improvement NORMALISED* VOLUME DOUBLE-DIGIT SIGNIFICANT FOCUS BRANDS BALANCE SHEET GROWTH AHEAD OF IMPRO
Slide 6: H1 26 Performance Scorecard versus Guidance
H1 26 PERFORMANCE SCORECARD VERSUS GUIDANCE Continued strong performance, significant progress on simplification, and balance sheet optimisation Short-to medium-term guidance H1 26 H1 25 Volume growth %* 1% - 3% 4,5% 3,3% PROFIT Revenue growth %* Greater than inflation 2,8% 4,3% AND LOSS Operating m
Slide 7: Strategy Update
Note: All figures, unless otherwise stated, are related to continuing operations 7
Slide 8: Consumers will be the hardest hit by the macroeconomic environment
CONSUMERS WILL BE THE HARDEST HIT BY THE MACROECONOMIC Y V The ripple effects of the volatile macroeconomic landscape will be felt most by consumers, therefore increasing the importance of affordability and value Consumer Retail Supply Chain Food and non-alcoholic beverages inflation at General Trad
Slide 9: Tiger Brands' Strategic Ambitions Remain Unchanged
TIGER BRANDS’ STRATEGIC AMBITIONS REMAIN UNCHANGED STRATEGIC THRUSTS Cost Shaping our portfolio of Rejuvenating Executing growth Superior leadership the future our brands platforms channel presence ENABLED BY 1 Igniting our people 3 Game-changing innovation 5 Competitive manufacturing 2 Federated op
Slide 10: Tiger Brands at a Glance
TIGER BRANDS AT A GLANCE Balanced portfolio with leading brands #1 equity rank #2 equity rank Snacks, Treats Home and Milling and Baking Grains Culinary and Beverages Personal Care Milling Rice Culinary Snacks and Treats Home Care Baking Breakfast Cereals Baby Nutrition Beverages Personal Care Pasta
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Slide 12: Capital Allocation and Value Creation Journey
CAPITAL ALLOCATION AND VALUE CREATION JOURNEY Phase 1: Portfolio optimisation Identification of 7 non-core Completion of disposal of Completion of LAF Completion of Non-core brands Agreement for operations and Baby Wellbeing, Non-core disposal; Chococam Randfontein Game & Monis sale of Beacon commen
Slide 13: Digital Transformation Journey
DIGITAL TRANSFORMATION JOURNEY Competitive digital capabilities as a strategic enabler Phase 1: Phase 2: Phase 3: Fix the base Build & drive adoption Accelerate OT / IT as an efficiency enabler 2025 - 2026 2026 - 2027 2027 onwards • Recruitment of key team members • Shared Service Centre (SSC) autom
Slide 14: H1 26 Financial Highlights as Reported
H1 26 FINANCIAL HIGHLIGHTS AS REPORTED REVENUE 1% OPERATING INCOME* 26% OPERATING MARGIN* 226 bps 17,906 17,669 2,061 1,635 11.5% 9.3% H1 26 H1 25 H1 26 H1 25 H1 26 H1 25 HEPS** (cps) 1% EPS** (cps) 35% WORKING CAPITAL 4% PER R1 REVENUE 980 974 949 1,461 11.6 12.1 H1 26 H1 25 H1 26 H1 25 H1 26 H1 25
Slide 15: H1 26 Continuing EPS
H1 26CONTINUING EPS Continuing EPS growth of 21,4% after adjusting for Carozzi and Baby Wellbeing H1 25 base H1 25 EPS to H1 26 EPS • This decrease in continuing EPS was driven by the following: (cps) » Profit on disposal of Carozzi (194 cents) and the Carozzi equity accounted earnings (184 cents) »
Slide 16: H1 26 Continuing HEPS
H1 26 CONTINUING HEPS Continuing HEPS growth of 24,1% after adjusting for Carozzi equity-accounted earnings in H1 25 base H1 25 HEPS to H1 26 HEPS • Included in the H1 25 reported continuing HEPS was R184 cents (cps) per share of Carozzi equity- accounted profit • Despite the inclusion of Carozzi in
Slide 17: H1 26 Volume Growth at 4.5%
H1 26 VOLUME* GROWTH AT 4.5% Solid delivery on price management and volume growth H126 vs H125 (1,7%) 4,5% Price deflation Volume 17,8 17,3 Business Unit Total Price Volume Milling and Baking 1,9% 0,1% 1,8% Grains (2,7%) (11,4%) 8,7% Culinary 8,8% 2,6% 6,2% STB 2,5% (0,1%) 2,6% HPC (2,0%) (1,3%) (0,
Slide 18: Major Contributions to Movement in Cash for the Period
MAJOR CONTRIBUTIONS TO MOVEMENT IN CASH FOR THE PERIO (R’m) 2 746 (310) (22) (670) 3 227 2 310 875 282 1 696 (242) (5 785) (712) (1 645) Cash at Cash Working capital Net finance Tax paid Dividends Capital Proceeds from Proceeds Share Net Other Cash closing beginning operating profit changes costs an
Slide 19: H1 26 Capex
H1 26 CAPEX Capex investments gaining traction and focused on growth Capex breakdown Rm H1 26 H1 25 Expansion capex 521 201 Replacement, maintenance and other capex 191 268 Total capex (Total operations) 712 469 Capex as a % of revenue 4,0% 2,7% H1 26 Strategic Capital investments update • Mega DC (
Slide 20: Milling and Baking
MILLING AND BAKING Operating income improvement driven by relentless execution Revenue Operating income • Revenue growth of 0,6% R’billion R’billion driven by: » Channel mix and service improvement » Diligent discount management • Operating income increase of 4,215 4,190 376 326 15,3% and margin imp
Slide 21: Bakeries
BAKERIES Operational excellence execution driving improved profitability Focus Areas H1 26 FY 25 • Energy and labour optimisation initiatives driving improved • Significant equipment and infrastructure COST Driving improved review undertaken profitability LEADERSHIP profitability • Major upgrades co
Slide 22: Grains
GRAINS Balanced portfolio delivers exceptional performance Revenue Operating income • Grains revenue decline of R’billion R’billion 3,9% driven by 6,9% volume growth, offset by price deflation: » Continued soft commodity deflation experienced on rice » Notable improvement in Pasta and Jungle perform
Slide 23: Grains
GRAINS Consumer affordability and price relativity remain key Focus Areas H1 26 FY25 • Double-digit price deflation in rice enabling investment in • Market price deflation on soft commodities price • Price/volume optimisation was a key driver for • Price/volume optimisation and increased participati
Slide 24: Culinary
CULINARY Drive for affordability contributing to significant volume growth Revenue Operating income • Revenue growth of 8,7% R’billion R’billion driven by volume growth and investment behind price: » Mayonnaise recovery as vinegar supply stabilises » Baby nutrition delivers notable performance » Int
Slide 25: Culinary
CULINARY Strategy execution and drive for affordability yielding results Focus Areas H1 26 FY25 • Spreads value engineering innovation stability tests concluded, with • Mayonnaise value engineering (recipe re- launch planned for H2 26 formulation) rolled out in H2 25. Value engineering (recipe and p
Slide 26: Snacks, Treats and Beverages
SNACKS, TREATS AND BEVERAGES Snackification strategy gaining traction Revenue Operating income • Revenue growth of 1,2% was R’billion R’billion driven by S&T volume growth: » Jungle bars and candy driving notable growth » Oros ready-to-drink (RTD) graining traction » Energade new marketing campaign
Slide 27: Home and Personal Care
HOME AND PERSONAL CARE CI Initiatives delivering margin enhancement Revenue Operating income • Revenue decline of 9,5% R’billion R’billion driven by volume declines due to: » Higher levels of wet weather impacting peak Pest season in Home Care (HC) » Continued competitor intensity within Personal Ca
Slide 28: H1 26 Outlook
Note: All figures, unless otherwise stated, are related to continuing operations 28
Slide 29: Strategy Execution Journey
STRATEGY EXECUTION JOURNEY Phase 1: Simplification 2024 2024 2025 2026 Federated operating Further enhancement Completion of the Anticipated conclusion of model implemented with of operating model (Baby food disposal of 5 of the remainder non-core new business unit (BU) integrated into 7 identified
Slide 30: Strategic Priorities for Second Half of the Year
STRATEGIC PRIORITIES FOR SECOND HALF OF THE YEAR Milling Snacks, Treats Home and Grains Culinary and Baking and Beverages Personal Care Cost leadership • Embedding brilliant • Executing on key • Executing on key • Execution of S&T site • Execution of key basics: Price Jungle breakfast innovation in
Slide 31: Guidance Remains Consistent
GUIDANCE REMAINS CONSISTENT Short-to-medium-term guidance Long-term guidance Volume growth %* 1% - 3% 4% - 6% PROFIT Revenue growth % Greater than inflation Greater than inflation AND LOSS Operating margin %* Towards 12% Towards 15% ROIC > 20% 25% BALANCE 65 days < 65 days Net working capital days S
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Slide 33: The Skin Doctor and Ingram's brands
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Slide 34: Focus Brands Performance
FOCUS BRANDS PERFORMANCE 8 of the focus brands experienced both value and volume share gains for 12mm versus prior year Volume Share Value Share Equity Brand 12 mm 6 mm 3 mm Rank 12 mm 6 mm 3 mm Rank Rank Mar-26 Mar-26 Mar-26 12 mm Mar-26 Mar-26 Mar-26 12mm #1 28,9% 28,1% 26,3% #1 26,4% 26,0% 25,2%
Slide 35: H1 26 Reported Volume Growth at 2.6%
H1 26 REPORTED VOLUME GROWTH AT 2.6% Reported revenue growth at 1.3%, driven by 2.6% volume growth and 1.3% price deflation H126 vs H125 (1,3%) 2,6% Price deflation Volume 17,9 17,7 Business Unit Total Price Volume Milling and Baking 0,6% 0,3% 0,3% Grains (3,9%) (10,8%) 6,9% Culinary 8,7% 2,7% 6,0%
Slide 36: H1 26 Progress on Key Initiatives
H1 26 PROGRESS ON KEY INITIATIVES Key self-help initiatives delivering performance today, whilst structural investments and digital transformation paving the way for future growth and earnings expansion Cost leadership Structural investments Digital transformation International markets • Continuous
Slide 37: Volume Progression
VOLUME PROGRESSION Normalised volume growth in H1 26 of 4.5% (adjusted for discontinued SKUs and disposals) Volume growth progression since H1 24 – deliberate strategic execution (Normalised) • Tiger Brands’ strategy to drive affordability and relevance of its -1.1% 2.6% 4.3% 2.8% products, has resu