| R'million | Notes | Unaudited six months ended 31 March 2026 |
Unaudited six months ended 31 March 2025 Restated# |
Audited year ended 30 September 2025 |
|---|---|---|---|---|
| CONTINUING OPERATIONS | ||||
| Total revenue | 17 906 | 17 669 | 34 392 | |
| Total cost of sales | (12 165) | (12 408) | (23 620) | |
| Gross profit | 5 741 | 5 261 | 10 772 | |
| Sales and distribution expenses | (2 234) | (2 241) | (4 386) | |
| Marketing expenses | (503) | (488) | (900) | |
| Other operating expenses | (999) | (903) | (1 812) | |
| Sundry income | 55 | 12 | 157 | |
| Expected credit loss reversed/(raised) | 1 | (6) | 1 | |
| Operating income before impairments and non-operational items | 2 | 2 061 | 1 635 | 3 832 |
| Impairments and fair value gain | 3 | (92) | (18) | (20) |
| Operating income after impairments | 1 969 | 1 617 | 3 812 | |
| Non-operational items | 4 | – | 576 | 631 |
| Profit including non-operational items | 1 969 | 2 193 | 4 443 | |
| Finance costs | (105) | (43) | (72) | |
| Finance income | 70 | 28 | 137 | |
| Foreign exchange (loss)/gain | (81) | 57 | 107 | |
| Investment income | 7 | 11 | 19 | |
| Income from associated companies | 52 | 337 | 376 | |
| Profit on disposal of associate | – | 996 | 996 | |
| Profit before taxation | 1 912 | 3 579 | 6 006 | |
| Taxation | (516) | (1 304) | (1 912) | |
| Profit for the period from continuing operations | 1 396 | 2 275 | 4 094 | |
| DISCONTINUED OPERATIONS | ||||
| Profit/(loss) for the period from discontinued operations | 7 | 204 | (176) | (243) |
| Profit for the period | 1 600 | 2 099 | 3 851 | |
| Attributable to: | ||||
| Owners of the parent | 1 584 | 2 080 | 3 817 | |
| – Continuing operations | 1 396 | 2 275 | 4 094 | |
| – Discontinued operations | 188 | (195) | (277) | |
| Non-controlling interests | 16 | 19 | 34 | |
| 1 600 | 2 099 | 3 851 | ||
| Weighted average number of shares in issue | 147 130 498 | 155 720 467 | 153 766 956 | |
| Basic earnings per ordinary share (cents) | 1 077 | 1 336 | 2 482 | |
| – Continuing operations | 949 | 1 461 | 2 662 | |
| – Discontinued operations | 128 | (125) | (180) | |
| Diluted basic earnings per ordinary share (cents) | 1 061 | 1 317 | 2 449 | |
| – Continuing operations | 935 | 1 441 | 2 627 | |
| – Discontinued operations | 126 | (124) | (178) | |
| Headline earnings per ordinary share (cents) | 1 001 | 940 | 2 056 | |
| – Continuing operations | 980 | 974 | 2 141 | |
| – Discontinued operations | 21 | (34) | (85) | |
| Diluted headline earnings per ordinary share (cents) | 986 | 926 | 2 028 | |
| – Continuing operations | 965 | 960 | 2 112 | |
| – Discontinued operations | 21 | (34) | (84) | |
| # | Restated as required by IFRS 5 discontinued operations (refer to note 7) and for the prior period restatements (refer to note 9). |
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| R'million | Unaudited six months ended 31 March 2026 |
Unaudited six months ended 31 March 2025 Restated# |
Audited year ended 30 September 2025 |
|---|---|---|---|
| Profit for the period | 1 600 | 2 099 | 3 851 |
| Other comprehensive (loss)/gain, net of tax | (66) | 223 | 84 |
| Items that are or may be subsequently reclassified to profit or loss | |||
| Foreign currency translation reserve (FCTR) adjustments | (47) | 30 | 6 |
| Share of associates other comprehensive loss and FCTR | (7) | 249 | 167 |
| Net (loss) on FVOCI* financial assets | (12) | (56) | (96) |
| Tax effect | – | – | 17 |
| Items that will not be subsequently reclassified to profit or loss | |||
| Remeasurement raised in terms of IAS 19R | – | – | (14) |
| Tax effect | – | – | 4 |
| Total comprehensive income for the period, net of tax | 1 534 | 2 322 | 3 935 |
| Attributable to: | |||
| Owners of the parent | 1 534 | 2 295 | 3 895 |
| Non-controlling interests | – | 27 | 40 |
| 1 534 | 2 322 | 3 935 |
| * | FVOCI – Fair value through other comprehensive income. |
| # | Restated as required by IFRS 5 discontinued operations (refer to note 7) and for the prior period restatements (refer to note 9). |
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| R'million | Notes | Unaudited six months ended 31 March 2026 |
Unaudited six months ended 31 March 2025 Restated# |
Audited year ended 30 September 2025 |
|---|---|---|---|---|
| ASSETS | ||||
| Non-current assets | ||||
| Property, plant and equipment | 5 953 | 5 823 | 5 946 | |
| Right-of-use assets^ | 260 | 205 | 315 | |
| Goodwill | 1 610 | 1 653 | 1 612 | |
| Intangible assets | 1 233 | 1 334 | 1 245 | |
| Investments | 779 | 895 | 778 | |
| Investments in associated companies | 359 | 390 | 313 | |
| Other investments | 409 | 493 | 454 | |
| Loans | 11 | 12 | 11 | |
| Deferred taxation asset | – | 26 | – | |
| Current assets | 10 348 | 18 097 | 15 088 | |
| Inventories | 4 667 | 6 025 | 6 042 | |
| Trade and other receivables | 4 663 | 5 491 | 4 170 | |
| Tax receivable^ | 26 | 8 | 26 | |
| Short-term investments | 175 | 41 | 1 781 | |
| Cash and cash equivalents | 817 | 6 532 | 3 069 | |
| Assets classified as held for sale | 8 | 1 928 | 478 | 1 971 |
| Total assets | 22 111 | 28 511 | 26 955 | |
| EQUITY AND LIABILITIES | ||||
| Total equity | 11 322 | 19 098 | 17 239 | |
| Issued capital and reserves | 11 067 | 18 854 | 16 984 | |
| Non-controlling interests | 255 | 244 | 255 | |
| Non-current liabilities | 621 | 649 | 743 | |
| Deferred taxation liability | 182 | 282 | 257 | |
| Post-retirement medical aid obligation^ | 247 | 230 | 245 | |
| Long-term borrowings | 192 | 137 | 241 | |
| Current liabilities | 9 809 | 8 752 | 8 626 | |
| Trade and other payables | 5 210 | 5 548 | 6 293 | |
| Rebates and incentives accruals^ | 1 333 | 1 224 | 1 040 | |
| Employee-related accruals | 416 | 392 | 564 | |
| Post-retirement medical aid obligations – short term^ | 26 | 23 | 25 | |
| Taxation | 412 | 874 | 588 | |
| Short-term borrowings1 | 2 412 | 691 | 116 | |
| Liabilities directly associated with assets held for sale | 8 | 359 | 12 | 347 |
| Total equity and liabilities | 22 111 | 28 511 | 26 955 | |
| Net(debt)/cash* | (1 729) | 5 704 | 2 881 |
| * | Net debt includes lease liabilities and short-term investments. Excluding lease liabilities the net debt is R1.436 billion (2025: R5.933 billion net cash, September 2025: R3.227 billion net cash). |
| ^ | These items have been represented separately on the face of the statement of financial position. Right-of-use assets were previously disclosed in property, plant and equipment, tax receivable was previously disclosed in trade and other receivables and rebates and incentives accruals were previously disclosed in trade and other payables. The post-retirement medical aid obligations have been represented to show long-term and short-term separately. |
| 1 | Includes the utilisation of borrowing facilities with the group's banking partners amounting to R2.3 billion (2025: R600 million, September 2025: R0.1 million). |
| # | Restated as required by IFRS 5 discontinued operations (refer to note 7) and for the prior period restatements (refer to note 9). |
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| R'million | Share capital and premium |
Non- distributable reserves |
Accumulated profits |
Shares held by subsidiary and empowerment entities |
Share-based payment reserve |
Total attributable to owners of the parent |
Non- controlling interests |
Total equity |
|---|---|---|---|---|---|---|---|---|
| Balance at 1 October 2024 Restated# | 18 | 3 234 | 16 849 | (2 396) | 505 | 18 210 | 217 | 18 427 |
| Profit for the period | – | – | 2 080 | – | – | 2 080 | 19 | 2 099 |
| Other comprehensive income | – | 215 | – | – | – | 215 | 8 | 223 |
| Total comprehensive income | – | 215 | 2 080 | – | – | 2 295 | 27 | 2 322 |
| Release of FCTR on disposal of associate | – | (187) | – | – | – | (187) | – | (187) |
| Transfers between reserves | – | (2 780) | 2 780 | – | – | – | – | – |
| – Current year earnings | – | 337 | (337) | – | – | – | – | – |
| – Realised on disposal and divestment | – | (3 117) | 3 117 | – | – | – | – | – |
| Share-based payment2 | – | (23) | 23 | (11) | (11) | – | (11) | |
| Dividends on ordinary shares | – | – | (1 070) | – | – | (1 070) | (1) | (1 071) |
| Total dividends | – | – | (1 188) | – | – | (1 188) | (1) | (1 189) |
| Less: Dividends on empowerment shares | – | – | 118 | – | – | 118 | – | 118 |
| Sale of empowerment shares | – | – | – | 100 | – | 100 | – | 100 |
| Share buy-back transaction3 | – | – | (483) | – | – | (483) | – | (483) |
| Balance at 31 March 2025 Restated# | 18 | 482 | 20 133 | (2 273) | 494 | 18 854 | 244 | 19 098 |
| Profit for the period | – | – | 1 737 | – | – | 1 737 | 15 | 1 752 |
| Other comprehensive loss | – | (127) | (10) | – | – | (137) | (2) | (139) |
| Total comprehensive income/(loss) | – | (127) | 1 727 | – | – | 1 600 | 13 | 1 613 |
| Transfers between reserves | – | 6 | (38) | – | 32 | – | – | – |
| – Current year earnings | – | 6 | (38) | – | 32 | – | – | – |
| – Realised on disposal and divestment | – | – | – | – | – | – | – | |
| Share-based payment2 | – | – | 23 | (23) | 19 | 19 | – | 19 |
| Dividends on ordinary shares | – | – | (2 476) | – | – | (2 476) | (1) | (2 477) |
| Total dividends | – | – | (2 670) | – | – | (2 670) | (1) | (2 671) |
| Less: Dividends on empowerment shares | – | – | 194 | – | – | 194 | – | 194 |
| Sale of empowerment shares | – | – | – | 27 | – | 27 | – | 27 |
| Share buy-back transaction3 | (1) | – | (1 039) | – | – | (1 040) | – | (1 040) |
| Balance at 30 September 2025 | 17 | 361 | 18 330 | (2 269) | 545 | 16 984 | 255 | 17 239 |
| Profit for the period | – | – | 1 584 | – | – | 1 584 | 16 | 1 600 |
| Other comprehensive loss | – | (50) | – | – | – | (50) | (16) | (66) |
| Total comprehensive income/(loss) | – | (50) | 1 584 | – | – | 1 534 | – | 1 534 |
| Transfers between reserves | – | 52 | (86) | – | 34 | – | – | – |
| Share-based payment1 | – | – | – | – | (62) | (62) | – | (62) |
| Dividends on ordinary shares (net of dividend on treasury shares) | – | – | (5 785) | – | – | (5 785) | – | (5 785) |
| Sale of empowerment shares2 | – | – | – | 41 | – | 41 | – | 41 |
| Share buy-back transaction3 | (1) | – | (1 644) | – | – | (1 645) | – | (1 645) |
| Balance at 31 March 2026 | 16 | 363 | 12 399 | (2 228) | 517 | 11 067 | 255 | 11 322 |
| 1 | Included in the movement of the share based payment are options of R133 million (2024: R91 million) exercised. |
| 2 | Relates to the exercising of options vested post the December 2014 lock-in period in terms of the Black Managers Participation Right Scheme (BMT). In the current period, R41 million (2024: R127 million) related to BMT. |
| 3 | During the current year, the group embarked on a share buy-back programme, in which 4 752 830 of the listed Tiger Brands shares were repurchased at an average price of R346.10 per share (2025: 5 456 526 shares at an average price of R286.79 per share). |
| # | Restated for the prior period restatements (refer to note 9). |
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| R’million | Unaudited six months ended 31 March 2026 |
Unaudited six months ended 31 March 2025 Restated# |
Audited year ended 30 September 2025 |
|---|---|---|---|
| Cash operating profit | 2 746 | 2 346 | 5 923 |
| Working capital changes | (310) | 1 030 | 1 186 |
| Cash generated from operations | 2 436 | 3 376 | 7 109 |
| Finance income received | 70 | 27 | 140 |
| Income from investments received | 6 | 11 | 19 |
| Finance costs paid | (98) | (45) | (72) |
| Dividends received from associated companies and subsidiaries | – | – | 20 |
| Taxation paid | (670) | (427) | (1 388) |
| Cash available from operations | 1 744 | 2 942 | 5 828 |
| Dividends paid | (5 785) | (1 068) | (3 548) |
| Net cash (outflow)/inflow from operating activities | (4 041) | 1 874 | 2 280 |
| Purchase of property, plant and equipment | (707) | (463) | (1 172) |
| Purchase of intangible assets | (5) | (6) | (17) |
| Proceeds on disposal of property, plant and equipment | – | 6 | 37 |
| Proceeds on disposal of investments | – | – | 27 |
| Investments in dual currency deposits | – | – | (4 344) |
| Proceeds from dual currency deposits | 1 696 | – | 2 584 |
| Funds held in escrow | 1 | (3) | (2) |
| Purchase of investments | – | (10) | – |
| Investment in unit trusts | (90) | – | (54) |
| Proceeds on disposal of Maize Milling | 282 | – | – |
| Proceeds on disposal of Baby Wellbeing | – | – | 575 |
| Proceeds on disposal of Carozzi | – | 4 383 | 4 383 |
| Cash inflow from investing activities | 1 177 | 3 907 | 2 017 |
| Net cash (outflow)/inflow before financing activities | (2 864) | 5 781 | 4 297 |
| Repurchase of shares relating to equity-settled scheme | (62) | – | – |
| Special purpose entity shares exercised | 55 | 2 | 6 |
| Repayment of principal portion of lease liabilities | (55) | (269) | (360) |
| Repurchase of Tiger Brands shares | (1 645) | (483) | (1 523) |
| Short-term borrowings raised | 4 810 | 539 | 539 |
| Short-term borrowings paid | (2 500) | (545) | (1 084) |
| Net cash inflow/(outflow) from financing activities | 603 | (756) | (2 422) |
| Net (decrease)/increase in cash and cash equivalents | (2 261) | 5 025 | 1 875 |
| Effect of exchange rate changes on cash and cash equivalents | (91) | 65 | (28) |
| Cash and cash equivalents at the beginning of the period | 3 227 | 1 379 | 1 380 |
| Cash and cash equivalents at the end of the period | 875 | 6 469 | 3 227 |
| # | Restated as required by IFRS 5 discontinued operations (refer to note 7) and for the prior period restatements (refer to note 9). |
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| R’million | Unaudited six months ended 31 March 2026 |
Unaudited six months ended 31 March 2025 |
Audited year ended 30 September 2025 |
|---|---|---|---|
| Capital commitments | 1 796 | 1 568 | 2 671 |
| – Contracted | 336 | 481 | 391 |
| – Approved | 1 460 | 1 087 | 2 280 |
| Capital commitments will be funded from normal operating cash flows and the utilisation of existing borrowing facilities. | |||
| Capital expenditure | (712) | (469) | (1 189) |
| – Replacement | (191) | (268) | (252) |
| – Expansion | (521) | (201) | (937) |
| Replacement capital expenditure in line with the approved capex plan. | |||
| Guarantees | |||
| – Guarantees (unutilised) | 28 | 28 | 38 |
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for the period ended 31 March 2026
The group has reportable segments that comprise the structure used by the chief operating decision maker (CODM) to make key operating decisions and assess performance. The group’s reportable segments are operating segments that are differentiated by the activities that each undertakes and the products they manufacture and market (referred to as business segments). The reportable segments are consistent with the prior year.
The group evaluates the performance of its reportable segments based on operating income. The group accounts for intersegment sales and transfers at factory absorbed cost.
The financial information of the group’s reportable segments is reported to the CODM for purposes of making decisions about allocating resources to the segment and assessing its performance. The segments disclosed below include local, export and food service solutions distribution channels.
| Revenue | Cost of sales | Operating income before impairments and non-operational items |
Depreciation and amortisation |
|||||||||
| R’million | March 2026 |
March 2025 Restated# |
September 2025 |
March 2026 |
March 2025 Restated# |
September 2025 |
March 2026 |
March 2025 Restated# |
September 2025 |
March 2026 |
March 2025 Restated# |
September 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Milling and Baking1 | 4 215 | 4 190 | 8 599 | 2 703 | 2 746 | 5 584 | 376 | 326 | 761 | 108 | 112 | 209 |
| Grains2 | 3 472 | 3 614 | 7 084 | 2 429 | 2 770 | 5 162 | 441 | 230 | 736 | 43 | 43 | 78 |
| Culinary3 | 5 657 | 5 206 | 10 157 | 4 221 | 3 951 | 7 518 | 562 | 443 | 1 065 | 127 | 130 | 247 |
| Snacks, Treats and Beverages | 3 266 | 3 227 | 5 979 | 2 058 | 2 102 | 3 882 | 505 | 435 | 820 | 77 | 78 | 148 |
| Home and Personal Care | 1 296 | 1 432 | 2 573 | 754 | 839 | 1 474 | 297 | 292 | 526 | 28 | 28 | 57 |
| Corporate4 | – | – | – | – | – | – | (75) | (13) | (38) | 45 | 57 | 118 |
| Total from continuing operations before the following items: | 17 906 | 17 669 | 34 392 | 12 165 | 12 408 | 23 620 | 2 106 | 1 713 | 3 870 | 428 | 448 | 857 |
| Insurance proceeds | 43 | 3 | 87 | |||||||||
| Restructuring and related costs | (50) | (16) | (10) | |||||||||
| IFRS 2 charges | (38) | (65) | (115) | |||||||||
| Total continuing operations | 17 906 | 17 669 | 34 392 | 12 165 | 12 408 | 23 620 | 2 061 | 1 635 | 3 832 | 428 | 448 | 857 |
| Discontinued operations | 1 030 | 2 079 | 4 265 | 807 | 1 750 | 3 670 | 96 | (15) | (55) | 3 | 34 | 105 |
| – Grains (Maize milling) | 287 | 805 | 1 458 | 225 | 760 | 1 324 | 12 | (90) | (132) | 3 | 6 | 28 |
| – International (Deciduous fruit (LAF) and Chococam)5 | 743 | 1 274 | 2 807 | 582 | 990 | 2 346 | 84 | 75 | 77 | – | 28 | 77 |
| 18 936 | 19 748 | 38 657 | 12 972 | 14 158 | 27 290 | 2 157 | 1 620 | 3 777 | 431 | 482 | 962 | |
| 1 | Comprises wheat milling and baking. Intercompany sales within the segment account for R1.3 billion of total sales (2025: R1.2 billion, September 2025: R 2.8 billion). |
| 2 | Comprises sorghum-based products, rice, pasta and oat-based breakfast cereals. |
| 3 | Comprises Culinary, Davita and Baby Nutrition. Intercompany sales within the segment account for R113 million of total sales (2025: R131 million, September 2025: R240 million). |
| 4 | Includes the corporate office and management expenses relating to international investments and controlled trusts. |
| 5 | Intercompany sales within the segment account for Rnil of total sales (2025: R118 million, September 2025: R435 million). |
| # | Restated as required by IFRS 5 discontinued operations (refer to note 7) and for the prior period restatements (refer to note 9). |
| Total assets | Total liabilities | Capital expenditure | |||||||
| R’million | March 2026 |
March 2025 Restated# |
September 2025 |
March 2026 |
March 2025 Restated# |
September 2025 |
March 2026 |
March 2025 Restated# |
September 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Milling and Baking | 3 431 | 3 122 | 3 312 | 1 091 | 989 | 1 170 | 345 | 174 | 481 |
| Grains | 2 089 | 2 111 | 2 498 | 1 655 | 1 551 | 2 269 | 42 | 15 | 30 |
| Culinary | 6 589 | 6 330 | 7 213 | 1 936 | 1 624 | 1 764 | 161 | 153 | 293 |
| Snacks, Treats and Beverages | 3 155 | 3 491 | 3 726 | 1 196 | 1 157 | 1 157 | 85 | 58 | 127 |
| Home and Personal Care | 1 392 | 1 264 | 1 577 | 380 | 483 | 540 | 14 | 19 | 26 |
| Corporate* | 3 266 | 9 234 | 6 203 | 3 780 | 2 777 | 1 853 | 56 | 16 | 140 |
| International | 261 | 2 455 | 455 | 210 | 538 | 359 | – | – | – |
| Total continuing operations | 20 183 | 28 007 | 24 984 | 10 248 | 9 119 | 9 112 | 703 | 435 | 1 097 |
| Assets classified as held for sale | 1 928 | 478 | 1 971 | 359 | 12 | 347 | 9 | 34 | 92 |
| Total operations | 22 111 | 28 485 | 26 955 | 10 607 | 9 131 | 9 459 | 712 | 469 | 1 189 |
| Reconciliation of total assets: | |||||||||
| Total assets per statement of financial position | 22 111 | 28 511 | 26 955 | ||||||
| Deferred taxation asset | – | (26) | – | ||||||
| 22 111 | 28 485 | 26 955 | |||||||
| Reconciliation of total liabilities: | |||||||||
| Total liabilities per statement of financial position | 10 789 | 9 413 | 9 716 | ||||||
| Deferred taxation liability | (182) | (282) | (257) | ||||||
| 10 607 | 9 131 | 9 459 | |||||||
| * | Relates to corporate assets which include goodwill, investments and property, plant and equipment. Corporate liabilities primarily relate to borrowings, employee-related accruals, and trade and other payables. |
| # | Restated as required by IFRS 5 discontinued operations (refer to note 7) and for the prior period restatements (refer to note 9). |
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