Comment

Dividend

The board has declared a final cash dividend of 625,0 cents per share, increasing the total dividend to R1 240,0 cents per share for the year ended June 30  2026 (F2025: 1 160,0 cents per share), an increase of 6,9% and approximately 2,1 times HEPS cover, slightly ahead of group policy. In total in F2026, the group has returned R5,2 billion to shareholders made up of dividends and share buybacks (F2025: R3,8 billion).

Financial overview

Net revenue of R242,2 billion (F2025: R235,6 billion) rose by 2,8% (constant currency increase of 5,0%), reflecting mostly real organic growth with low food inflation.

Gross profit percentage at 25,8% (F2025: 24,5%) was encouraging, particularly as several businesses aggressively sacrificed some margin to maintain volumes and grow their market shares. The cost-of-doing-business (CODB) increased to 19,1% (F2025: 19,0%), an excellent result considering higher activity levels and our high-service model. Overall costs were driven by high-cost inflation, particularly labour and volatile fuel prices. Core inflation continues to track materially higher than food inflation. The gains in gross margins have more than offset the small increase in CODB.

Group trading profit increased by 6,5% to R13,8 billion (F2025: R12,9 billion) and 8,2% in constant currency. Importantly, net finance charges (excluding IFRS 16 charges) were flat at R631,5 million (F2025: R630,7 million). Interest costs have been well contained through lower working capital requirements and smaller capital investments (including acquisitions) despite higher financing costs on some debt rollover and materially higher capital returns to shareholders.

Bidcorp released working capital of R0,5 billion reflecting good management across most businesses. Average working capital days improved to 5,0 days (F2025: 8,2 days) and working capital percentage to revenue to 2,8% (F2025: 3,5%). Overall free cash flow generation before dividend payments was excellent at R7,0 billion versus the R1,6 billion in F2025.

Gross capital investments (capin) in property, plant, and equipment of R4,8 billion (F2025: R6,3 billion) remains slightly above guidance but the rate of investment is moderating. Capin includes R1,6 billion of expansionary investments in new capacity, the largest investments being made in Australasia and Europe.

Net debt to EBITDA at 0,2x (F2025: 0,4x) reflects the highly cash generative nature of the group. EBITDA interest cover is at 25,0x (F2025: 23,1x), both metrics substantially within group covenants.

Strategic focus

Bidcorp's strategic focus remains concentrated on the wholesaling of food and allied products to the eating-out-of-home market, supported by the development of Own Brand and imported product ranges, selective movement into niche value-add manufacturing, and a disciplined approach to customer retention and service.

Growth is underpinned by well-located, scalable distribution infrastructure, supported by ongoing investment in technology and systems to enhance efficiency, service levels, and resilience. Bolt-on acquisitions remain an important component of the group's strategy, enabling expansion of geographic reach or product range to customer offerings within existing markets, as well as selective entry into new territories where appropriate.

Each business within the group operates at a different stage of maturity along our foodservice continuum.

Developing businesses remain focused on building scale and market position, while more mature operations continue to enhance their value-add propositions. The decentralised operating model remains a key differentiator, enabling management teams to respond quickly to local market conditions, while benefiting from the group's scale, experience, and shared intellectual property.

Prospects

Activity levels in the group through July and into August are a continuation of the positive momentum we experienced in Q4 of F2026. The summer weather in Europe, which plays an important part of driving consumer spending and activity levels, has been good. UK economic activity in July showed modest growth with consumer spending bolstered by the World Cup and warm weather. Our business remains firmly on its path of margin enhancement through efficiency gains and new customers. Australia are seeing positive improvements into F2027 and New Zealand have had a solid start to the new financial year. Our Emerging Markets business is budgeting for growth, despite the ongoing geopolitical volatility affecting several markets.

We continue to invest into strategic distribution facilities to provide for future capacity as well as value-add manufacturing opportunities, however the rate of spend is expected to fall within the normalised range of 1,5% – 2,0% of revenue. Investments in renewable energy, refrigeration, energy efficiency, and logistics optimisation remain a strategic imperative to reducing our environmental footprint.

The pipeline of in-country acquisitions remains active, however, we remain focused on converting the ones most likely to fit our strategic focus. Four bolt-on acquisitions have already been concluded in the new financial year, the most significant of which is the Pacific Islands business which has a Fijian distribution arm as well as New Zealand-based export business. Several more opportunities are under consideration. We remain alert to opportunities in new geographies, however, these remain scarce, and our participation therein is opportunistic.

Investment continues into our ecommerce and customer relationship platforms, to enhance customer experiences, streamline operations, and promote resilience and efficiencies, as well as modernising our digital backbone. The benefit of AI solutions is gathering pace across all businesses in sales opportunities, margin optimisation, inventory management, as well as operating efficiencies.

Notwithstanding the current geopolitical volatility and uncertainty, we are confident that the growth fundamentals of the foodservice industry remain positive. We continue to deliver on our foodservice strategy, enabled by our excellent management teams and people, and through our fit-for-purpose business model.

Consumer spend in most of our markets is expected to remain similar to current levels, constrained by higher cost-of-living levels, and elevated interest rates. Food inflation is expected to remain moderate, while cost inflation steady. Governmental imposts on business through minimum wages and social security oncosts remains a risk. We will continue to focus on those factors that we can control and adapt and maximise the opportunities, organic and acquisitive, which inevitably arise in each market. We look forward to F2027 with confidence and are budgeting to once again deliver real constant currency growth in the year ahead.

Divisional review

Australasia

Australasia delivered an improved second-half performance, with New Zealand achieving a strong recovery from a difficult first quarter while Australian trading conditions remained subdued. Management actions to improve margin discipline and execution and customer service gained traction during the year despite lingering economic uncertainty and the direct impact of higher fuel costs linked to geopolitical events. In constant currency, revenue was up 4,2% to R47,5 billion (F2025: R45,6 billion) and trading profit was up by 2,0% to R3,9 billion (F2025: 3,8 billion).

Bidfood Australia delivered a resilient performance in a difficult and highly competitive market, demonstrating the strength of its diversified operating model, market share gains and disciplined execution in challenging conditions. Customer demand remained pressured by cost-of-living constraints and weak discretionary spending, while labour, freight and fuel costs increased materially. Management chose to absorb much of the fuel pressure rather than pass it directly to customers, reinforcing service levels and customer relationships.

Margin management improved through enhanced pricing governance. Foodservice remained the core division, with performance improving as margin focus gained traction. Supply Solutions delivered another strong contribution, supported by proprietary products and exclusive imports, while Simply Food Solutions continued to expand manufacturing capability and product innovation. The Meat division, an area with good growth potential remains an area of management focus.

Leadership and organisational changes strengthened accountability, sales execution and operational oversight. Further investments in manufacturing, leadership capability and operational systems provide a strong platform for improved performance and sustainable value creation.

Bidfood New Zealand delivered a strong recovery after a weak first quarter in challenging operating conditions, resulting in improved pricing discipline and market share gains.

The business responded well to external disruption, including higher fuel costs linked to geopolitical instability, with management mitigating much of the impact through cost recovery initiatives and proactive customer engagements. Despite subdued economic conditions and softer consumer confidence, the business improved service levels.

Foodservice remained the primary contributor, while Fresh recovered strongly through improved procurement and margin management. Simply Food Solutions delivered a strong result, supported by Imports, Aspire Foods and Prepared Produce despite customer weakness and market volatility.

Working capital management strengthened, enabling continued investment in strategic growth initiatives, technology and network development. The business enters F2027 with improved momentum, advanced technology platforms and growth opportunities, although economic uncertainty, customer bad debt risk and geopolitical developments remain key watchpoints. A deal to acquire a Fijian foodservice business with an export arm based in New Zealand was concluded post yearend, effective September 2026.

United Kingdom (UK)

Bidfood UK delivered a high-quality result in a subdued and competitive market, outperforming the wider sector through disciplined margin improvement, new business wins and continued penetration of Own Brand and exclusive products. Trading conditions remained challenging, particularly in the independent hospitality sector, while national accounts, contract catering, healthcare, education and travel-related channels proved more resilient. In these adverse trading conditions, Bidfood UK in constant currency succeeded in delivering good growth and improved margins, growing revenue 6,9% to R72,1 billion (F2025: R67,5 billion) and trading profit 12,3% to R2,85 billion (F2025: R2,5 billion).

Bidfood UK remained the core engine of the group, with the wholesale depot network performing well. Volumes grew across both free trade and national customers, supported by effective customer-mix management, Own Brand growth and good cost control. Despite a higher national account mix, the business grew margins, demonstrating the strength of its operating model and improved strategic execution.

Bidfresh delivered a strong contribution, supported by recent acquisitions, underlying sales growth and expanded specialist fresh capability, particularly in seafood.

Caterfood Buying Group traded in a more difficult environment due to its greater exposure to independent hospitality customers, with continued progress in key businesses. The Caterfood Own Brand range provides a stronger platform for future growth.

Manufacturing performance was mixed but remains strategically important, creating value through differentiated, higher-margin unique products. A small patisserie manufacturing business, acquired post yearend, expands specialist production capability and supports further Own Brand development.

Operational investments remained significant, including depot renewals, fleet replacement, and roll out of the People First HR platform. Bidfood UK enters the new year with a continued strategic focus, strong operational foundations, broader specialist capability and a disciplined focus on service levels, further infrastructure renewal, and profitable growth.

Europe

Europe delivered another solid performance despite varied economic conditions across its markets. Good operational execution supported robust results across most businesses. Revenue, in constant currency, rose by 5,0% to R92,4 billion (F2025: R88,0 billion). Trading profit results were stronger with a 13,3% increase to R5,5 billion (F2025: R4,8 billion).

Bidfood Netherlands delivered an improved performance in a flat and pressured foodservice market, achieving its full-year trading profit objective despite weak consumer confidence and inflationary pressures from wages, fuel, and other operating costs. Revenue growth was modest, impacted by the intentional exit of a major national account, but partially offset by continued hospitality growth. Improved free trade mix, and a sharper focus on procurement, supply chain efficiency, and customer mix helped improve margins.

Operational execution remained strong, with improved productivity helping to offset higher payroll and fuel costs. Credit risk remained tightly managed. Overall, the Netherlands managed a difficult year well, protecting margin quality, and operational discipline while investing in infrastructure and new digital capability.

Bidfood Belgium traded in a low-growth economy, with sales under pressure but delivered improved profitability through margin optimisation and tight expense management. Hospitality remained pressured by weak consumer demand. Institutional volumes were affected by the exit of a major customer but partly offset by new contract wins. Logistics improved, although momentum softened later in the year.

Thuin and Kruibeke were the strongest contributors, Makady and Foster remained under pressure and BHS showed early benefits from organisational improvements. VDS, our cash and carry operator, broadened their platform, with performance in line with expectations.

DAC Italy had a very strong year, with sustained revenue growth, improved gross margins, and strong operating leverage. Effective procurement, and a favourable sales mix supported trading profit growth well ahead of revenue, while expenses remained well controlled relative to the expanded scale of the business.

Performance was broad based, with Rome delivering an exceptional turnaround as capacity utilisation improved. Management focused on acquisition integration, logistics alignment, and cost rationalisation across the expanded national network.

Priorities include strengthening customer and supplier relationships, optimising inventory and range, developing attractive channels and categories, and investing in digitalisation, data analytics, automation, and AI.

Bidfood Czech Republic, Slovakia and Hungary collectively delivered a very strong Q4. Warm weather lifted demand across tourism and leisure segments, with June delivering a new monthly ice cream sales record.

Product deflation across key commodities, including pork, potato products, and dairy, supported manufacturing margins, enabling improved trading profit despite higher fuel costs linked to Middle East disruptions. Management also took targeted action to stimulate processed meat volumes by selectively reducing margins and improving customer penetration.

Strong trading created pressure on warehouse and transport resources, addressed through warehouse staff and drivers retention and motivation ahead of the peak season.

Capital investment remains disciplined. IT investment, cybersecurity compliance, and early testing of an AI-enabled ecommerce assistant are underway.

Bidfood Poland delivered a successful F2026 performance. The business achieved solid revenue momentum, supported by volume growth and continued strength across both free trade and national accounts. Ecommerce continues to be a key channel of customer engagement. Margin performance was good, supported by disciplined pricing, an improved customer mix, and ongoing purchasing and production initiatives.

Cost inflation remained a challenge, driven by higher activity levels, fixed cost growth, wage pressures, and geopolitical fuel-related disruption. Working capital was well controlled and cash generation was strong, supporting additional investment in vehicles, plant and machinery, ecommerce and cybersecurity. Plans are underway to build future depot capacity.

Management continues to seek further opportunities to enhance their value-add product range, including a fish-processing acquisition and the planned acquisition of a small confectionery producer.

Bidfood Baltics closed the year strongly, supported by improving regional economic conditions, more customer activity, and continued range development. Trading was solid, with Estonia and Cesars the standout contributors, while Lithuania showed some recovery. The Latvian businesses continued to gain traction, supported by warehouse expansion, ERP migration, and strengthened leadership. Estonia is investing in a new depot to support the next phase of growth.

Bidfood Spain had a transformative year, with management completing major structural initiatives to build a stronger base. Branch integrations, warehouse relocations, ERP implementation, and finance centralisation strengthened control, efficiency, and potential scalability of the business. Performance was affected by exceptional costs linked to relocation and restructuring, but the underlying business is now well positioned for growth.

Bidfood Portugal delivered like-for-like growth across all branches following a year of significant change. The Gelgarve acquisition of the prior year has created a broader national platform, improved customer reach, reduced concentration risk, and increased cross-selling opportunities. Operational investment remains focused on facility upgrades, systems migration, and network consolidation.

Emerging Markets

Emerging Markets delivered a mixed performance, reflecting differing economic conditions across the regions. Strong performances in Africa and South America helped offset more challenging trading conditions in Greater China and the Middle East, where weak consumer demand and geopolitical disruptions impacted growth. Divisional constant currency revenue rose 2,2% to R35,2 billion (F2025: R34,5 billion), with trading profit flat at R2,0 billion (F2025: R2,0 billion).

Bidcorp Food Africa (BCFA) delivered an excellent performance, supported by strong execution, disciplined expense management, robust cash generation with world-class margins. While food inflation moderated during the year, higher fuel prices and interest rates continued to weigh on consumer sentiment.

Bidfood South Africa delivered excellent growth supported by strong street trade momentum, effective customer relationships, and good service levels. Continued investment in sales capability, IT, AI, private label, solar energy, and vehicle fleet capacity supports future growth potential. The Fridge Foods acquisition bolsters the foodservice platform in the Eastern and Western Cape. Post yearend, Bidfood acquired a specialist producer marking its first foray into value-add manufacturing.

Crown Food Group also performed well despite heightened competition, meat-price pressure from the foot and mouth crisis, xenophobic protest impacts, and imported product deflation. Growth in retail, wholesale, general goods, and out-of-home channels, together with the Dairy Innovation expansion and additional manufacturing capacity provide further volume opportunity. The launch of Crown Factory Mart online strengthens customer access, while new senior leadership appointments have added capability and succession depth.

Chipkins Puratos, which is 50% equity accounted, continued to grow core volumes, supported by industrial and retail customer gains and new product development.

Bidfood Middle East faced one of its most challenging years, shaped by geopolitical disruption, protein supply constraints and contract exits. UAE and Bahrain were affected by tourism and hospitality disruption, while KSA faced supply and contract-related pressures. Management protected the business through disciplined margin and cost actions and strong cash management. The business enters F2027 with stronger customer relationships although recovery depends on geopolitical stabilisation, protein supply normalisation, and stronger hospitality activity.

Bidfood Türkiye showed some recovery, supported by seasonal demand and improved operational execution. The market remains challenged, with tight monetary policy, high financing costs and pressure on domestic consumption. Tourism-linked customers were more resilient, while local restaurants and cafés remained constrained by purchasing-power pressure. Priorities into F2027 are on purchasing efficiencies, private label development, and margin protection.

Angliss Greater China operated in a challenging consumer environment, with subdued demand across Mainland China and pressure on discretionary and premium foodservice segments. Hong Kong was resilient, supported by recovering hotel and horeca demand, while Macau and selected specialist businesses grew. Margins remained constrained by imported cost pressure, cautious pricing, and softer Mainland China activity. Management focused on cost discipline, efficiency, and systems modernisation, including the successful roll out of an integrated ERP platform across Hong Kong and Macau to support process optimisation, inventory management and future MyAngliss ecommerce development.

Bidfood Singapore delivered a resilient outcome in a difficult trading year, with softer demand, competitive pressure, and disruption from rationalising activities. Stable gross margins and disciplined cost control helped protect profitability. myBidfood adoption and customer engagement remained encouraging. Strategic restructuring initiatives have delivered meaningful operational efficiencies, reflected in an excellent cost performance and a substantial reduction in the cost-of-doing-business.

Bidfood Malaysia delivered a strong result, supported by the Chuan Yee acquisition creating a platform for shared services, operational efficiencies, and category expansion. Continued growth in Bidfood Malaysia and Bidfood East Malaysia was achieved. The new Kuala Lumpur facility, due for completion by January 2027, remains a major enabler for expanded product categories, improved procurement and logistics.

Bidfood Brazil delivered a resilient performance in a challenging market shaped by weaker consumer demand, high funding costs, and heightened competition. Disciplined commercial execution, stronger supplier negotiations, and improved margin management supported a more focused and profitable base. Priorities remain focused on expanding the customer base, improving operating leverage, and pursuing selective acquisition opportunities.

Bidfood Chile produced an impressive performance doubling trading profits despite a softer macro-economic backdrop and cautious customer demand. The core free trade business succeeded in expanding its market share. Cross-selling and digital enablement through BidIQ and myBidfood remain key priorities.

Blancaluna Argentina delivered a good result, improving sales and gross contribution despite persistent high inflation and weaker out-of-home demand. Higher sales supported better cost absorption and margin quality, while continued business maturity, commercial and infrastructure investment and market development initiatives strengthened brand presence and awareness of the differentiated offer.

Corporate

BidOne continued to scale and create value across the Bidfood network. Customer adoption of digital platforms reached new highs, reflecting growing engagement from both new and existing users, and the successful expansion of digital solutions into additional markets. BidIQ continued to gain momentum as an embedded customer relationship management platform enabling better service responsiveness and stronger customer relationships.

A key milestone is the development of the next-generation ecommerce platform designed to simplify transactions, improve user experience and provide a scalable foundation for future growth. Innovation remains central to service delivery, with AI integrated into customer support tools. The modernised integration architecture improves reliability, scalability and agility.

Bidfood Procurement Community (BPC) delivered a strong performance, continuing to support the group through specialist procurement, quality assurance, and responsible global sourcing. The team maintained its focus on key value-driving categories, delivering growth across major product lines, and helping operating companies access competitive sourcing opportunities, enhance product ranges, and improve procurement outcomes. BPC continues to create value for the group and strengthen the differentiated customer offering.

Dividend declaration

In line with the group dividend policy, the directors declared a final cash dividend of 625,0 cents (500,0 cents net of dividend withholding tax, where applicable) per ordinary share for the year ended June 30  2026 to those members registered on the record date, being Friday, September 25  2026.

The dividend will be paid out of income reserves. A dividend withholding tax of 20% is applicable to all shareholders who were not exempt.

Share code:	BID
ISIN:	ZAE000216537
Company registration number:	1995/008615/06
Company tax reference number:	9040946841
Gross cash dividend amount per share:	625,0 cents
Net dividend amount per share:	500,0 cents
Issued shares at declaration date:	336 904 212
Declaration date:	Wednesday, August 26  2026
Last day to trade cum dividend on the JSE:	Monday, September 21  2026
First trading day ex dividend on the JSE:	Tuesday, September 22  2026
Record date:	Friday, September 25  2026
Payment date:	Monday, September 28  2026

Share certificates may not be dematerialised or rematerialised between Tuesday, September 22  2026 to Friday, September 25  2026, both days inclusive.

For and on behalf of the board

• Constant currency effects on the translation of foreign group operations of the group
  for the year ended June 30

• 
  

								Illustrative 2026 at 2025 average exchange rates
	2026 Audited R'000		2025 Audited R'000		% change			Pro forma 2026 R’000		% change
Trading performance
Revenue	242 201 052		235 591 182		2,8			247 278 197		5,0
Trading profit	13 794 469		12 952 573		6,5			14 020 390		8,2
Headline earnings	9 076 526		8 601 990		5,5			9 199 268		6,9
Headline earnings per share (cents)	2 701,4		2 562,7		5,4			2 737,9		6,8
Constant currency per segment
Revenue
Australasia	45 441 710		45 632 081		(0,4)			47 542 031		4,2
United Kingdom	69 607 729		67 458 503		3,2			72 110 792		6,9
Europe	92 897 236		88 022 766		5,5			92 389 033		5,0
Emerging Markets	34 254 377		34 477 832		(0,6)			35 236 341		2,2
	242 201 052		235 591 182		2,8			247 278 197		5,0
Trading profit
Australasia	3 738 152		3 825 964		(2,3)			3 903 761		2,0
United Kingdom	2 748 581		2 535 864		8,4			2 847 419		12,3
Europe	5 542 048		4 844 941		14,4			5 488 508		13,3
Emerging Markets	1 959 063		1 977 879		(1,0)			1 978 503		0,0
Corporate office	(193 375)		(232 075)					(197 801)
	13 794 469		12 952 573		6,5			14 020 390		8,2