Spur Corporation Limited · JSE:SUR
Spur — H1 2026 Earnings Presentation
93 slides from Spur's earnings presentation, February 2026
Slide 1: Spur Interim Results
Spur Interim Results February 2026 SPUR CORP INTERIM RESULTS: F26H1
Slide 2: Agenda
AGENDA 1 2 3 4 Trading Overview Financial & Segmental The Way Forward Q&A Review SPUR CORP INTERIM RESULTS: F26H1
Slide 3: The Period at a Glance
THE PERIOD AT A GLANCE Group restaurant sales: R6.4 bn 8.0% Earnings per Headline Headline earning Cash generated Revenue Profit before tax share earnings per share from operations 8.5%* 13.0%^ 13.9% 12.9%ⁱ 13.6% 21.1% Interim dividend: 120 cents# #Per share Excluding marketing funds: *8.9% ^14.9% ⁱ
Slide 4: Purpose and experience framework
Memorable experiences that delight Purpose Our customers are our family Craveable food thru Innovative and purposeful distinctive tastes Personalized CX brands that lead connections that A resilient community of bring joy TOMER EXPERIENCE next gen franchisees. CUS G THE ADIN EX Spread the good to mo
Slide 5: Trading Overview
Trading Overview 1 SPUR CORP INTERIM RESULTS: F26 F26H1 H1
Slide 6: What's Happening Out There?
WHAT’S HAPPENING OUT THERE? Geopolitical Volatility C Consumer Spending is intentional ICS ON T DYNAM SUM Functional quality and emotional value are the biggest factors Supply Chain Disruptions ER DYNAM influencing trust KE Seamless commerce is the next R Tech/AI Acceleration frontier MA IC S OECD C
Slide 7: SA economic growth outlook
“SA should deliver economic growth of 1.6 percent in 2026. Over the medium term, growth is expected to average 1.8 percent, reaching 2 per cent by 2028.” Budget Speech 25 February 2026 Minister of Finance
Slide 8: Restaurant Count: Countries
RESTAURANT COUNT: COUNTRIES 15 8 3 Nigeria Kenya Ghana 753 3 Restaurants DRC 2 24 Tanzania Zambia 9 19 Zimbabwe Mauritius 11 2 113 Namibia 8 Lesotho 1 Botswana Australia 8 640 Eswatini International South Africa SPUR CORP INTERIM RESULTS: F26H1
Slide 9: Our brands
VK’s Our brands aren’t just brands… CASUAL DINING & FAST CASUAL SPECIALITY VIRTUAL KITCHEN …they are connections, relationships, celebrations, experiences. SPUR CORP INTERIM RESULTS: F26H1
Slide 10: Restaurant Count Period End: Brand
RESTAURANT COUNT PERIOD END: BRAND South Brand Africa International Total Restaurant count by Brand Spur 321 34 355 Panarottis 97 53 150 11% John Dory’s 44 1 45 RocoMamas 93 24 117 16% 47% Speciality brands 85 1 86 Hussar Grill 28 - 28 6% Casa Bella 7 - 7 Nikos 7 - 7 20% Doppio Zero 34 1 35 Piza e V
Slide 11: Number of Restaurants
NUMBER OF RESTAURANTS Restaurant count Restaurant count New restaurants Closed Revamps Relocations 31 Dec 2025 30 June 2025 Spur 321 316 7 2 12 - Panarottis 97 92 7 2 6 - John Dory's 44 44 2 2* - - *Brand Conversion to Panarottis and RocoMamas 93 88 5 - 3 1 RocoMamas Speciality brands 85 79 8 2 5 -
Slide 12: F26 H1 Group Turnover Monthly Trend line
F26 H1 | Group Turnover Monthly Trend line Excellent Black Friday & December followed by an unexpected flat final trading week. Strong Brand Activity Healthy start to F26 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun F21 F22 F23 F24 F25 F26 SPUR CORP INTERIM RESULTS: F26H1
Slide 13: Restaurants: South Africa
RESTAURANTS: South Africa H1 F2026 H1 F2025 Turnover Turnover Turnover Brand No. of outlets No. of outlets R’000 R’000 % change Spur 3 680 752 321 3 434 994 312 7.2 Panarottis 628 431 97 535 423 92 17.4 John Dory’s 204 605 44 231 663 47 (11.7) RocoMamas 545 811 93 520 184 87 4.9 Speciality brands 70
Slide 14: Restaurants: International
RESTAURANTS: International Top 5 Countries: H1 F2026 H1 F2025 1.Mauritius Turnover Turnover No. of Turnover Turnover Location R’000 No. of outlets R’000 outlets % change % change* 2.Namibia 3.Zimbabwe 4.Zambia Australia 11 595 1 16 665 2 (30.4) (27.6) 5. Nigeria India - - 3 329 3 - - Mauritius 137 8
Slide 15: Group Total Turnover
GROUP TOTAL TURNOVER Restaurant Like-on-like Turnover Franchised restaurant turnover H1 F2026 vs H1 F2026 vs % change H1 F2025 H1 F2025 Spur 7.2 5.2 Panarottis 17.4 12.1 John Dory’s (11.7) (8.1) RocoMamas 4.9 (1.3) Speciality brands 9.1 4.3 Hussar Grill 8.0 7.6 Casa Bella 6.2 4.6 Nikos 6.5 (1.5) Dop
Slide 16: Brands Customer Count
Brands Customer Count Customer Count Brands Total Customer Count* Casa Bella Hussar Grill John Dory's Panarottis Rocomamas Spur F25H1 F26H1 BRANDS F25H1 BRANDS F26H1 * Excl. Doppio Collection SPUR CORP INTERIM RESULTS: F26H1
Slide 17: Group Turnover: Regional growth and contribution
Group Turnover: Regional growth and contribution Growth 6.21% 7.45% E.Cape 6% Western Cape 21% KwaZulu- % Contribution Natal 15% Gauteng 58% 6.85% 9.35% SPUR CORP INTERIM RESULTS: F26H1
Slide 18: Mouille Point
Mouille Point SPUR CORP INTERIM RESULTS: F26H1
Slide 19: Hussar Grill Restaurants in South Africa
28 Hussar Grill Restaurants in South Africa SPUR CORP INTERIM RESULTS: F26H1
Slide 20: Cotswold
Cotswold SPUR CORP INTERIM RESULTS: F26H1
Slide 21: Mossel Bay
Mossel Bay SPUR CORP INTERIM RESULTS: F26H1
Slide 22: Hussar Grill & Doppio Zero Restaurants
35 Doppio Restaurants RESTAURANTS (34 IN SA & 1 IN BOTWANA) 63 Hussar Grill & Doppio Zero Restaurants Turnover Contribution 79% SPUR CORP INTERIM RESULTS: F26H1
Slide 23: Sea Point
Sea Point SPUR CORP INTERIM RESULTS: F26H1
Slide 24: Doppio Caffe, Sandton Mediclinic
Doppio Caffe, Sandton Mediclinic SPUR CORP INTERIM RESULTS: F26H1
Slide 25: Nine Yards, Rosebank JHB
Nine Yards, Rosebank JHB SPUR CORP INTERIM RESULTS: F26H1
Slide 26: Nine Yards, Rosebank JHB
Nine Yards, Rosebank JHB SPUR CORP INTERIM RESULTS: F26H1
Slide 27: Nine Yards, Rosebank JHB
Nine Yards, Rosebank JHB SPUR CORP INTERIM RESULTS: F26H1
Slide 28: Century City
Century City SPUR CORP INTERIM RESULTS: F26H1
Slide 29: Silver Star Casino
Silver Star Casino SPUR CORP INTERIM RESULTS: F26H1
Slide 30: Nikos family
VK’s Ευχαριστώ (thank you) NIKOS family! CASUAL DINING & FAST CASUAL SPECIALITY VIRTUAL KITCHEN SPUR CORP INTERIM RESULTS: F26H1
Slide 31: Locations impacted by weather and gambling
Locations impacted by weather and gambling Hotels Local +5% Convenience Transient +8% Neighborhood +12% +13% Free- Regional standing Malls +8% +6% CBD Resorts +26% +14% Casinos Small +5% Regional + 12% South Africa: All Brands Super Airports Regionals +10% +11% SPUR CORP INTERIM RESULTS: F26H1
Slide 32: New look Spur Restaurants by June 2026
100 New look Spur Restaurants By June 2026 Eagle Canyon Spur Revamp KZN SPUR CORP INTERIM RESULTS: F26H1
Slide 33: Group Day Part Turnover: Growth and Contribution
Group Day Part Turnover: Growth and Contribution Breakfast +8.0% GROWTH 11% Dinner 38% +6.8% Total Contribution GROWTH +6.6% F26 GROWTH 51% Lunch SPUR CORP INTERIM RESULTS: F26H1
Slide 34: Hawk Ridge Drive Thru Spur, Allendale
Hawk Ridge Drive Thru Spur, Allendale SPUR CORP INTERIM RESULTS: F26H1
Slide 35: Roaring Thunder, Loftus Park
Roaring Thunder, Loftus Park SPUR CORP INTERIM RESULTS: F26H1
Slide 36: SPUR CORP INTERIM RESULTS: F26H1
SPUR CORP INTERIM RESULTS: F26H1
Slide 37: Sunset Hills, Lebowakgomo, Limpopo
Sunset Hills, Lebowakgomo, Limpopo SPUR CORP INTERIM RESULTS: F26H1
Slide 38: Canyon Creek, Bronkhorstspruit
Canyon Creek, Bronkhorstspruit SPUR CORP INTERIM RESULTS: F26H1
Slide 39: Fern River, Dainfern Square
Fern River, Dainfern Square SPUR CORP INTERIM RESULTS: F26H1
Slide 40: Little Thunder, Soshanguve
Little Thunder, Soshanguve SPUR CORP INTERIM RESULTS: F26H1
Slide 41: Appaloosa Spur - Middelburg Revamp
Appaloosa Spur - Middelburg Revamp SPUR CORP INTERIM RESULTS: F26H1
Slide 42: Spur Value Drive
SPUR VALUE DRIVE SPUR CORP INTERIM RESULTS: F26H1
Slide 43: Group Active Loyalty Customers: 2.8m
GROUP ACTIVE LOYALTY CUSTOMERS: 2.8m SPUR CORP INTERIM RESULTS: F26H1
Slide 44: Group Off Premise Turnover: Collect & Delivery
Group Off Premise Turnover: Collect & Delivery * Off Premise 12% Sit Down 88% * Mr D & Uber SPUR CORP INTERIM RESULTS: F26H1
Slide 45: Negatively impacted by hike in beef price
Negatively impacted by hike in beef price (FMD*) SPUR CORP INTERIM RESULTS: F26H1 *Foot and Mouth Disease
Slide 46: Long Street, Cape Town
Long Street, Cape Town SPUR CORP INTERIM RESULTS: F26H1
Slide 47: Garsfontein, Pretoria
Garsfontein, Pretoria SPUR CORP INTERIM RESULTS: F26H1
Slide 48: Lenasia (Halaal)
Lenasia (Halaal) SPUR CORP INTERIM RESULTS: F26H1 Total Group: 40 Halaal Restaurants: 14 RocoMamas
Slide 49: Hartbeespoort Dam
Hartbeespoort Dam SPUR CORP INTERIM RESULTS: F26H1
Slide 50: Fourways Mall
Fourways Mall SPUR CORP INTERIM RESULTS: F26H1
Slide 51: Eastgate, Gauteng
Eastgate, Gauteng SPUR CORP INTERIM RESULTS: F26H1
Slide 52: New Look John Dory's
Currently only 5 New Look John Dory’s SPUR CORP INTERIM RESULTS: F26H1
Slide 53: SPUR CORP INTERIM RESULTS: F26H1
SPUR CORP INTERIM RESULTS: F26H1
Slide 54: East Rand Mall
East Rand Mall SPUR CORP INTERIM RESULTS: F26H1
Slide 55: Panarottis Gains Momentum
Panarottis Gains Momentum Brand Repositioning and new look F22 CURRENT 150 restaurants* 112 restaurants in F21 Small Town 70% of network in strategy F23-F25 new look by F26H1 SWS GROWTH LOL GROWTH 17.4% 12.1% SPUR CORP INTERIM RESULTS: F26H1 *International: +23% SWS| 53 Restaurants
Slide 56: S.A Customer Count: F26H1 +14.6%
S.A Customer Count: F26H1 + 14.6% Impact of Value-Added Campaign Two new restaurants Four revamped restaurants +20% Jul Aug Sep Oct Nov Dec Panarottis F25H1 Panarottis F26H1 SPUR CORP INTERIM RESULTS: F26H1
Slide 57: Hartenbos
Hartenbos SPUR CORP INTERIM RESULTS: F26H1
Slide 58: Tokai
Tokai SPUR CORP INTERIM RESULTS: F26H1
Slide 59: Kathu
Kathu SPUR CORP INTERIM RESULTS: F26H1
Slide 60: Mahikeng
Mahikeng SPUR CORP INTERIM RESULTS: F26H1
Slide 61: Mall of the South, Johannesburg
Mall of the South, Johannesburg SPUR CORP INTERIM RESULTS: F26H1
Slide 62: Riverside Mall, Mbombela
Riverside Mall, Mbombela SPUR CORP INTERIM RESULTS: F26H1
Slide 63: Coker, Nigeria
Coker, Nigeria SPUR CORP INTERIM RESULTS: F26H1
Slide 64: Herbert Macaulay, Nigeria
Herbert Macaulay, Nigeria SPUR CORP INTERIM RESULTS: F26H1
Slide 65: Ojaja, Nigeria
Ojaja, Nigeria SPUR CORP INTERIM RESULTS: F26H1
Slide 66: Kiambu, Kenya
Kiambu, Kenya SPUR CORP INTERIM RESULTS: F26H1
Slide 67: Feeding Connections
Feeding Connections Panarottis, in partnership with iSchool Africa, launched an iSchoolAfrica Coding and Robotics Club at Hlakaniphani Primary School in Soweto, aimed at equipping primary school learners with foundational digital, coding and problem- solving skills. For Panarottis, feeding connectio
Slide 68: The Pod: 9300 restaurant managers & teams
The Pod: 9300 restaurant managers & teams: F26H1 The Pod: Training Academy Woodmead Johannesburg SPUR CORP INTERIM RESULTS: F26H1
Slide 69: xxx x xxx
GG Influencers and Level Greater Good Corp Comms xxx integrated in all facilitate Greater 4 business activities B-BBEE Good Week(s) 1300 973 employees Girl Learners receive 85% Black Sanitary wear 48% Female support monthly 3520 x ECD Children meals xxx daily Learning & Development R1.2m in Employee
Slide 70: Customer Recognition: Brand Awards in 2025
Customer Recognition: Brand Awards in 2025 • Best Burgers Annual Dineplan • Best Shakes Reviewers' Choice Award • Best Neighborhood • Best Takeout Burger ~ 100 Exceptional • Category Winner Restaurant Restaurants in South – Restaurant & • Best Beat the Africa Coffee Shops Budget Restaurant • Best Ca
Slide 71: Financial & Segmental Review
Financial & Segmental Review 2 SPUR CORP INTERIM RESULTS: F26H1
Slide 72: Income Statement
INCOME STATEMENT R’m H1 F2026 H1 F2025 % change Revenue 2 180.5 2 009.9 8.5 From franchised and company stores activities 493.3 484.1 1.9 From marketing and related activities 200.1 191.6 4.4 From outsourced distributor and external sales 1 487.1 1 334.2 11.5 Cost of sales (1 492.9) (1 370.8) 8.9 Gr
Slide 73: Segment: SA Franchise – Spur
SEGMENT: SA Franchise – Spur R’m R’m SA Franchise revenue % change 7.5* SA Franchise profit before tax % change 8.2* Spur revenue % change 7.0* Spur profit before tax % change 8.0* SA Spur revenue Total SA franchise revenue SA Spur profit before tax Total SA franchise profit before tax 300 250 278 2
Slide 74: Segment: SA Franchise – ex Spur
SEGMENT SA Franchise – ex Spur R’m Revenue % R’m Profit before tax Panarottis % change 18.0* John Dory's % change (16.3)* Panarottis % change 21.2* John Dory's % change (27.6) RocoMamas % change 5.3* Speciality % change 11.6* RocoMamas % change 7.9* Speciality % change 9.3* Panarottis revenue John D
Slide 75: Segment: Retail company stores
SEGMENT Retail company stores R’m R’m Revenue % change (5.5)* Profit before tax % change 17.8* 160 12.0 140 141 137 10.2 129 134 10.0 120 8.7 8.0 7.7% 100 ₐ ^ ^ 7.0 80 6.0 6.4 ₐ 61 # 60 4.0 3.9 40 20 2.0 0 - H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 No of stores
Slide 76: Segment: SA Manufacturing and distribution
SEGMENT SA Manufacturing and distribution R’m R’m Revenue % change 11.5* Profit before tax % change 22.7* Profit before tax 1 600 80 1 497 1 400 70 69 1 342 4.6% 1 200 1 221 1 214 60 1 102 57 1 000 50 50 47 800 40 37 600 30 400 20 200 10 - - H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 H1 2024 H2 2024 H1
Slide 77: Segment: SA Marketing funds
SEGMENT SA Marketing funds R’000 H1 F2026 H1 F2025 % change Revenue 191 418 186 150 2.8 Profit before tax 113 3 798 (97.0) Deferred income movement 7 886 (82) - SPUR CORP INTERIM RESULTS: F26H1
Slide 78: Segment: SA Other & Shared services
SEGMENT SA Other & Shared services OTHER* SHARED SERVICES H1 H1 % H1 H1 R’000 R’000 % change F2026 F2025 change F2026 F2025 Revenue 373 128 191.4 Revenue 30 247 37 799 (20.0) Marketing fund admin fee 9 181 8 675 5.8 income Operating profit 1 378 2 590 (46.8) Rental income 697 363 92.0 Other net inte
Slide 79: Segment: SA Shared services Comparable overheads
SEGMENT SA Shared services Comparable overheads R’000 H1 F2026 H1 F2025 % change Shared overheads (103 080) (101 008) (2.1) Financial instrument impairments (IFRS 9) 2 035 1 754 Gain on derecognition of Johannesburg office lease (1 360) - Legal costs (GPS Litigation) 1 158 4 064 Strategic site Pegas
Slide 80: Segment: International
SEGMENT International R’m Store turnover % change 14.0* R’m Profit before tax % change 37.3* Revenue % change 15.8* Store Turnover International revenue Profit before tax 700 18 17 34.0% 636 16 600 558 561 14 500 514 524 13 12 13 12 400 10 10 300 8 6 200 4 100 2 35 37 43 48 50 - - H1 2024 H2 2024 H1
Slide 81: Group Comparable Profit Analysis
GROUP COMPARABLE PROFIT ANALYSIS R’000 H1 F2026 H1 F2025 % change Profit before income tax 244 669 216 596 13.0 Exclude: Marketing funds (113) (3 798) Profit before tax excl. marketing funds 244 556 212 798 14.9 Profit on disposal of Doppio Zero Blue Hills (1 379) - Gain on derecognition of Johannes
Slide 82: Balance Sheet
BALANCE SHEET R'm Unaudited H1 F2026 Unaudited H1 F2025 Non-current Assets Property, plant and equipment 109.1 108.7 Right-of-use assets 66.2 61.4 Intangible assets and goodwill 499.0 499.1 Other non-current assets1 6.1 6.1 680.4 675.3 Current Assets Inventories 182.1 148.1 Trade and other receivabl
Slide 83: Balance Sheet
BALANCE SHEET R'm Unaudited H1 F2026 Unaudited H1 F2025 Non-current Assets Property, plant and equipment 109.1 108.7 Right-of-use assets 66.2 61.4 Intangible assets and goodwill 499.0 499.1 Other non-current assets1 6.1 6.1 680.4 675.3 Current Assets Inventories 182.1 148.1 Trade and other receivabl
Slide 84: Cash Flow
CASH FLOW R'm H1 F2026 H1 F2025 Operating profit 247.8 230.7 Working capital changes (30.3) (51.2) Cash generated from operations 217.5 179.5 Trade and other payables 11.6 0.8 Trade and other receivables (31.6) (40.0) Inventories (10.3) (12.0) Total working capital changes (30.3) (51.2) SPUR CORP IN
Slide 85: Cash Flow
CASH FLOW R'm H1 F2026 H1 F2025 Cash generated from operations 217.5 179.5 Net finance income 8.4 12.0 Tax paid (72.2) (58.7) Dividend paid (165.2) (102.0) Cash flow from operating activities (11.5) 30.8 Cash flow from investing activities (10.0) (9.0) Cash flow from financing activities* (61.4) (35
Slide 86: The Way Forward
The Way Forward 3 SPUR CORP INTERIM RESULTS: F26H1
Slide 87: New Value, More Value, Better Value
SOCIAL & MARKETS & CUSTOMER PRODUCT &, FRANCHISEE EMPLOYEE ENTERPRISE CHANNELS EXPERIENCE PROCESS EXPERIENCE EXPERIENCE SUSTAINABILITY NEW VALUE MORE VALUE BETTER VALUE
Slide 88: Appendices
APPENDICES 4 SPUR CORP INTERIM RESULTS: F26H1
Slide 89: 1. International: Restaurant Count
1. INTERNATIONAL: RESTAURANT COUNT Doppio Spur Panarottis John Dory’s RocoMamas Total Zero Botswana 4 1 - 1 2 8 Eswatini 3 2 1 - 2 8 Democratic Republic of Congo (DRC) - - - - 3 3 Ghana - - - - 3 3 Africa Kenya 5 1 - - 2 8 (excluding SA Lesotho 1 1 - - - 2 and Mauritius) Namibia 7 1 - - 3 11 Nigeria
Slide 90: 2. Segmental International: Overview
2. SEGMENTAL INTERNATIONAL: OVERVIEW REVENUE OPERATING PROFIT / (LOSS) % R’000 % R’000 % of group margin revenue H1 H1 H1 H1 Margin H1 Change Change H1 H1 F2026 F2025 F2026 F2025 F2025 F2026 F2025 Australia - 174 250 (30.4) (203) (40) (407.5) (116.7) (16.0) Rest of Africa & M.East 1.9 41 424 37 696
Slide 91: 3. South Africa Shared Services Cost analysis
3. SOUTH AFRICA SHARED SERVICES Cost analysis R’m H1 H1 F2026 F2025 Information Technology 25.2 21.7 People, Leadership and Culture 7.7 7.0 Executives 19.3 18.7 Finance and facilities (employment costs) 10.8 9.7 Legal and company secretarial 4.0 2.8 Development and New Business 6.5 6.4 Long-term inc
Slide 92: 4. Comparable Headline Earnings
4. COMPARABLE HEADLINE EARNINGS R’000 H1 F2026 H1 F2025 % change Headline earnings 163 035 144 386 12.9 Exclude: Marketing funds (113) (3 798) Headline earnings excluding marketing funds 162 922 140 588 15.9 Financial instrument impairments (IFRS 9) 1 498 1 796 Gain on early termination of Johannesb
Slide 93: 5. International Shared Services
5. INTERNATIONAL SHARED SERVICES H1 H1 R’000 % change F2026 F2025 Operating loss (2 275) (4 290) 47.0 Net interest income (358) (288) Financial instrument impairments (IFRS 9) (120) 349 Foreign exchange (gain)/loss (95) 1 655 Comparable operating loss* (2 848) (2 574) (10.6) * Applying a constant ex