Slide 1: Interim group results for the six months ended 28 February 2026
2026 Interim group results for the six months ended 28 February 2026
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 Review of the period Bertina Engelbrecht 3
Slide 4: Review of the period
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 in shares bought back in the six months • Diluted
Slide 5: Financial Results
02 Financial Results Gordon Traill 5
Slide 6: Financial highlights
Financial highlights Turnover up Total income margin Trading margin Diluted HEPS up 8.1% down from 31.0% to maintained at 7.4% 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 dividend up 8.4% by operations shareholder
Slide 7: Turnover
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 growth
Slide 8: Total income
Total income % H1 2026 H1 2025 R’m H1 2026 H1 2025 change % margin % margin Retail 6 916 6 434 7.5 35.7 35.0 Distribution 881 825 6.8 8.9 9.4 Intragroup (154) (85) Total group 7 643 7 174 6.5 30.7 31.0 • Retail margin driven by growth in private label volumes • UPD impacted by loss of two bulk distr
Slide 9: Trading expenditure – Retail
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 li
Slide 10: Trading expenditure – Distribution
Trading expenditure – Distribution % R’m H1 2026 H1 2025 change Depreciation – PPE 38 35 9.0 Depreciation – ROU asset 5 5 1.2 Occupancy costs 1 2 (23.5) Employment costs 198 176 12.5 Other costs 396 379 4.2 Total distribution costs 638 597 6.8 • Depreciation of PPE driven by investment in systems •
Slide 11: Trading profit
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 Grou
Slide 12: Inventory
Inventory Days in stock Inventory (R’m) H1 2026 H1 2025 H1 2026 H1 2025 % change Retail 92 84 6 437 5 578 15.4 Distribution 49 52 2 646 2 498 5.9 Intragroup inventory (49) (113) Total group 89 85 9 034 7 963 13.4 • Retail inventories impacted by WMS implementation, and new stores & pharmacies • Grou
Slide 13: Cash management for the six months
Cash management for the six months 3 231 R’m (456) (1 378) (152) (651) (311) 3 256 (1 515) 1 238 (752) (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 cap
Slide 14: Capital expenditure
Capital expenditure • R1 256m capex planned for FY2026 • R662m on stores: - 40 – 50 new Clicks stores and pharmacies - 80 – 90 store refurbishments • R594m on infrastructure: - R88m on UPD IT and warehouse equipment - R506m on retail systems and infrastructure, including WMS rollout to Durban DC Cli
Slide 15: Trading Performance
03 Trading Performance Bertina Engelbrecht 15
Slide 16: Clicks business review
Clicks business review Clicks Group Interim Results 2026 16
Slide 17: Retail sales performance
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 20
Slide 18: Market shares
Market shares % H1 2026 H1 2025 Health Retail pharmacy* 24.9 24.2 Front shop health** 32.9 33.7 Baby** 22.9 22.9 Beauty Skincare** 43.1 44.1 Haircare** 32.9 32.8 Personal care** 23.0 22.4 General merchandise Small electrical appliances** 18.5 17.0 * Per IQVIA (Private Retail Pharmacy S1-6) (restated
Slide 19: Performance and strategy
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 2026
Slide 20: Performance and strategy
Performance and strategy • Differentiating our product offer • Private label +4.6% to 26.5% of sales (front shop 31.3%, pharmacy 12.6%) • Rollout of elevation in healthcare, mens’ grooming and electronics categories • Sorbet salon turnover up 7.8%, and first store opened in Botswana • ARC Store cust
Slide 21: Performance and strategy
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 pharmacy
Slide 22: Performance and strategy
Performance and strategy • Extending convenience Format Total • 1 003* Clicks stores and 2 UniCare stores Convenience 775 Destination 230 with 797 pharmacies and 226 clinics Total 1 005 • Opened 800th Clicks pharmacy in April • 53.6% of households live within 5.0km of a pharmacy • Opened first green
Slide 23: UPD business review
UPD business review Clicks Group Interim Results 2026 23
Slide 24: Fine wholesale turnover
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 Independent pharmacies and other channels • Wholesale market
Slide 25: Review of the period
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 cos
Slide 26: Outlook
04 Outlook Bertina Engelbrecht 26
Slide 27: Outlook for H2 2026
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 • In
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