The preparation of these results has been supervised by Thushen Govender, chief financial officer of Tiger Brands Limited. The directors take full responsibility for the preparation of these condensed consolidated interim results.
The condensed consolidated interim results for the six months ended 31 March 2026 have been prepared in accordance with the IFRS Accounting Standards, IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council, the requirements of the South African Companies Act No. 71 of 2008 and the Listings Requirements of the JSE Limited. These statements have not been audited or reviewed by the group's auditors.
The accounting policies adopted in the preparation of the condensed consolidated interim results are consistent with those applied in preparation of the group's annual consolidated financial statements for the year ended 30 September 2025. During the current period the Beacon chocolate business, a division within the Snacks, Treats and Beverages segment, was classified as held for sale in accordance with IFRS 5: Non-Current Assets Held for Sale and Discontinued Operations.
The going concern basis has been used in preparing these condensed consolidated interim results as the directors have a reasonable expectation that the group will continue as a going concern for the foreseeable future. The condensed consolidated interim results have been prepared on the historical cost basis, except for the measurement of certain financial instruments at fair value or amortised cost.
Operating income before impairments and non-operational items has been determined after charging/(crediting):
| R'million | Unaudited six months ended 31 March 2026 |
Unaudited six months ended 31 March 2025 |
Audited year ended 30 September 2025 |
|---|---|---|---|
| IFRS 2 charges (included in other operating expenses) | |||
| – Equity settled | 38 | 70 | 113 |
| – Cash settled | – | (5) | 2 |
Goodwill and indefinite useful life intangible assets are tested for impairment annually (as at 30 September) and when circumstances exist that indicate the carrying value may be impaired. The group's impairment tests for goodwill and intangible assets with indefinite useful lives are based on the value-in-use calculations. The key assumptions used to determine the recoverable amount for the different cash-generating units are disclosed in the annual consolidated financial statements for the year ended 30 September 2025.
In the current year, the impairment of property, plant and equipment relates to assets held for sale in the Chocolate division of Snacks, Treats and Beverages. In the prior year, the impairment of investments related to Herbivore Earthfoods Proprietary Limited and Rush Nutrition Proprietary Limited. The impairment of intangible assets in the prior year related to IT software.
Based on management's assumptions, the following impairments have been recorded at 31 March 2026:
| R'million | Unaudited six months ended 31 March 2026 |
Unaudited six months ended 31 March 2025 |
Audited year ended 30 September 2025 |
|---|---|---|---|
| Impairment of property, plant and equipment | (92) | (1) | (14) |
| Impairment of associate investments | – | (5) | (5) |
| Impairment of intangible assets | – | (12) | (2) |
| Fair value gain on unlisted investment through profit or loss | – | – | 1 |
| Impairments and fair value gain before taxation | (92) | (18) | (20) |
| Income tax | 25 | 4 | – |
| Attributable to the shareholders of Tiger Brands Limited | (67) | (14) | (20) |
| R'million | Unaudited six months ended 31 March 2026 |
Unaudited six months ended 31 March 2025 |
Audited year ended 30 September 2025 |
|---|---|---|---|
| Profit on disposal of Game and Monis brands | 6 | – | – |
| Profit on disposal of Baby Wellbeing | – | 578 | 589 |
| Profit on disposal of property, plant and equipment | – | – | 36 |
| Profit on disposal of JSE Limited shares | – | – | 15 |
| Profit on disposal of Spar Group Limited shares | – | – | 10 |
| Advisory fees | (6) | (2) | (19) |
| Non-operational items before taxation | – | 576 | 631 |
| Income tax | (3) | (120) | (127) |
| Attributable to the shareholders of Tiger Brands Limited | (3) | 456 | 504 |
| R'million | Unaudited six months ended 31 March 2026 |
Unaudited six months ended 31 March 2025 Restated# |
Audited year ended 30 September 2025 |
|---|---|---|---|
| CONTINUING OPERATIONS | |||
| Profit attributable to shareholders of the parent | 1 396 | 2 275 | 4 094 |
| Adjusted for: | |||
| Profit on disposal of property, plant and equipment | (25) | – | (30) |
| – Tax effect | 7 | – | 3 |
| Profit on disposal of Baby Wellbeing | – | (589) | (589) |
| – Tax effect | – | 120 | 120 |
| Profit on disposal of Carozzi | – | (996) | (996) |
| – Tax effect | – | 692 | 692 |
| Impairment of property, plant and equipment and intangible assets | 92 | 12 | 16 |
| – Tax effect | (25) | (3) | – |
| Impairment of associate investments | – | 5 | 5 |
| Profit on disposal of Game and Monis brands | (6) | – | – |
| – Tax effect | 3 | – | – |
| Profit on disposal of JSE Limited shares | – | – | (15) |
| Profit on disposal of Spar Group Limited shares | – | – | (10) |
| – Tax effect | – | – | 2 |
| Headline earnings for the period – continuing operations | 1 442 | 1 516 | 3 292 |
| DISCONTINUED OPERATIONS | |||
| Profit/(loss) attributable to shareholders of the parent | 188 | (195) | (277) |
| Adjusted for: | |||
| Profit on disposal of Maize milling | (175) | – | – |
| – Tax effect | 18 | – | – |
| Impairment of property, plant and equipment | – | 44 | 22 |
| – Tax effect | – | (12) | (5) |
| Loss on discontinuance | – | 150 | 170 |
| – Tax effect | – | (40) | (41) |
| Headline earnings for the period – discontinued operations | 31 | (53) | (131) |
# Restated as required by IFRS 5 discontinued operations (refer to note 7) and for the prior period restatements (refer to note 9).
Fair value hierarchy
Financial instruments measured at fair value are grouped into the following levels based on the significance of the inputs used in determining fair value:
Level 1: Quoted prices in active markets for identical assets or liabilities
Level 2: Inputs other than quoted prices that are observable for the asset or liability (directly or indirectly)
Level 3: Inputs for the asset or liability that are unobservable
As at 31 March 2026, the group held the following financial instruments measured at fair value:
| Unaudited six months ended 31 March 2026 |
Unaudited six months ended 31 March 2025 |
Audited year ended 30 September 2025 |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R'million | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
| Assets measured at fair value | ||||||||||||
| Financial assets | ||||||||||||
| Other investments | 175 | – | 17 | 192 | 262 | – | 16 | 278 | 218 | – | 17 | 235 |
| Short-term investments | – | 175 | – | 175 | – | 41 | – | 41 | 85 | 1 696 | – | 1 781 |
| Derivatives | – | 24 | – | 24 | – | 24 | – | 24 | – | 18 | – | 18 |
| Liabilities | ||||||||||||
| Derivatives | – | (10) | – | (10) | – | – | – | – | – | (21) | – | (21) |
Discontinued operations in the current year relate to the Deciduous Fruit business (LAF) and Maize milling divisions of Tiger Consumer Brands, which were recognised as discontinued operations as at 31 March 2025, and Chococam (International), which was recognised as a discontinued operation as at 30 September 2025. These operations have been reported as disposal groups held for sale and discontinued operations, in terms of IFRS 5: Non-current Assets Held for Sale and Discontinued Operations.
The comparative results as at 31 March 2025 have been appropriately restated.
| R'million | Unaudited six months ended 31 March 2026 |
Unaudited six months ended 31 March 2025 Restated# |
Audited year ended 30 September 2025 |
|---|---|---|---|
| Revenue | 1 030 | 2 079 | 4 265 |
| Cost of sales and expenses | (936) | (2 098) | (4 329) |
| Sundry income | 2 | 4 | 9 |
| Operating income/(loss) before impairments and non-operational items | 96 | (15) | (55) |
| Impairments and fair value losses | – | (22) | (22) |
| Operating income/(loss) after impairments | 96 | (37) | (77) |
| Non-operational items | 146 | (180) | (187) |
| Profit/(loss) including non-operational items | 242 | (217) | (264) |
| Finance costs | – | (8) | (12) |
| Finance income | – | 1 | 3 |
| Foreign exchange gain | – | 3 | 1 |
| Profit/(loss) before taxation | 242 | (221) | (272) |
| Taxation | (38) | 45 | 29 |
| Profit/(loss) for the period from discontinued operations | 204 | (176) | (243) |
| Less: attributable to non-controlling interest | (16) | (19) | (34) |
| Attributable to owners of parent | 188 | (195) | (277) |
| Cash flows from discontinued operations | |||
| Net cash inflow (outflow) from operating activities | 87 | (105) | 372 |
| Net cash outflow from investing activities | (9) | (25) | (94) |
| Net cash inflows (outflows) | 78 | (130) | 278 |
# Restated as required by IFRS 5 discontinued operations.
| R'million | Unaudited six months ended 31 March 2026 |
Unaudited six months ended 31 March 2025 |
Audited year ended 30 September 2025 |
|---|---|---|---|
| Non-current assets | 725 | 189 | 665 |
| Current assets | 1 203 | 289 | 1 306 |
| Total assets | 1 928 | 478 | 1 971 |
| Non-current liabilities | – | – | – |
| Current liabilities | (359) | (12) | (347) |
| Total liabilities | (359) | (12) | (347) |
| Net carrying value | 1 569 | 466 | 1 624 |
In addition to the discontinued operations as disclosed in note 7, the Beacon chocolate business and the corporate head office are included in the net carrying value as at 31 March 2026.
Historical restatement
In the prior year, and as disclosed in the September 2025 group annual financial statements, as part of the group's continued assessment of IFRS compliance the group conducted a comprehensive financial data reconciliation process of legacy accounting records included in the group consolidation.
During this process, historical posting errors, misclassifications, and data integrity issues were identified within certain balance sheet accounts leading to historical unexplained differences. These errors, in combination with the effect of consolidating the trusts noted below, had a material impact on opening accumulated profit and consequently management concluded that these items constituted prior period errors as defined in IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors.
The comparative information for March 2025 has been accordingly restated.
This historical restatement had no impact on the current or prior year income statements or statements of cash flows.
Consolidation of previously unconsolidated trusts
During the prior financial year and as disclosed in the September 2025 group annual financial statements, management performed a detailed review of the group's empowerment structures in line with the commentary provided in the JSE proactive monitoring report concerning the application of IFRS 10 Consolidated Financial Statements to B-BBEE Trusts and special purpose vehicles established to facilitate broad-based ownership.
The assessment concluded that the group exercises accounting control over the Dipuno ESD Foundation SPV (RF) Proprietary Limited, Tiger Brands Foundation Trust and the Thusani Trust (the "trusts") as defined in IFRS 10. Accordingly, management determined that the trusts should have been consolidated from inception and the opening balances have been restated accordingly.
The March 2025 results have been restated to reflect the above impact as detailed in the column "effect of change on consolidation of trusts".
Income statement March 2025
| R'million | Previously reported |
Restatement for IFRS 5 |
Effect of change on consolidation of trusts |
Restated |
| Operating income before impairments and non-operational items | 1 773 | (118) | (20) | 1 635 |
| Finance costs | (44) | 1 | – | (43) |
| Finance income | 23 | – | 5 | 28 |
| Profit before taxation | 3 711 | (117) | (15) | 3 579 |
| Taxation | (1 344) | 41 | (1) | (1 304) |
| Profit for the year from continuing operations | 2 367 | (76) | (16) | 2 275 |
| Note reference | 7 |
Statement of financial position March 2025
| R'million | Previously reported |
Effect of change from historical errors |
Effect of change on consolidation of trusts |
Restated |
| Property, plant and equipment | 5 735 | 88 | – | 5 823 |
| Loans | 58 | – | (46) | 12 |
| Trade and other receivables | 5 480 | 5 | 6 | 5 491 |
| Short-term investments | – | – | 41 | 41 |
| Cash and cash equivalents | 6 458 | – | 74 | 6 532 |
| Total assets | 28 343 | 93 | 75 | 28 511 |
| Issued capital and reserves | 18 615 | 166 | 73 | 18 854 |
| Deferred taxation liability | 293 | (11) | – | 282 |
| Trade and other payables | 5 611 | (65) | 2 | 5 548 |
| Employee-related accruals | 399 | (7) | – | 392 |
| Taxation | 864 | 10 | – | 874 |
| Total equity and liabilities | 28 343 | 93 | 75 | 28 511 |
Statement of cash flows March 2025
| R'million | Previously reported |
Effect of change on consolidation of trusts |
Restated |
| Cash operating profit | 2 365 | (19) | 2 346 |
| Working capital changes | 1 033 | (3) | 1 030 |
| Cash generated from operations | 3 398 | (22) | 3 376 |
| Finance income received | 36 | 2 | 38 |
| Cash available from operations | 2 964 | (22) | 2 942 |
| Dividends paid | (1 096) | 28 | (1 068) |
| Net cash inflow from operating activities | 1 868 | 6 | 1 874 |
| Purchase of investment in unit trusts | – | (10) | (10) |
| Net cash inflow/(outflow) from investing activities | 3 917 | (10) | 3 907 |
| Net increase in cash and cash equivalents | 5 030 | (5) | 5 025 |
| Cash and cash equivalents at the beginning of the year | 1 303 | 76 | 1 379 |
| Cash and cash equivalents at the end of the year | 6 397 | 72 | 6 469 |
| (Cents) | Previously reported |
Restated |
| Basic earnings per ordinary share (cents) | 1 346 | 1 336 |
| – Continuing operations | 1 508 | 1 461 |
| – Discontinued operations | (162) | (125) |
| Headline earnings per ordinary share (cents) | 950 | 940 |
| – Continuing operations | 1 021 | 974 |
| – Discontinued operations | (71) | (34) |
There are no material events that occurred during the period subsequent to 31 March 2026 and prior to these financial results being authorised for issue.