thank you, Judith. Uh good afternoon, everyone, and good morning uh to my colleagues uh towards the west of us.

Uh my name is Ilze Roux, the Corporate Affairs Executive, and I have the pleasure of welcoming you on the call today. Thank you for your interest in Bidvest.

Uh I understand it's a busy time for everyone in the market. These results are underpinned by excellent cash generation and show delivery against our communicated priorities.

We'd love to share them with you today. As it's customary, Mpumi Madisa, Group CEO, will make some high-level remarks before Mark Steyn, Group CFO, delves deeper into the numbers.

Mpumi will then follow with a detailed review of each division's performance, and close with some outlook and priority um comments. There will be an opportunity to ask some questions at the end of the session.

Before I hand over to Mpumi, uh the Bidvest Chair, Bonang Mohale, uh would like to say a few words. Sorry for stuffing that up, Chair.

Good day, colleagues, and may I kindly add my appreciation to all of you for joining this results conversation this afternoon. This time of year is always very important and exciting for Bidvest as we get to share our hard work, our significant efforts, and input over the course of this year.

We also take this opportunity to share our future prospects and the many and varied external factors currently at play in the world today. Once again, the team, as always, has delivered a strong performance.

It is very pleasing to see that this performance reflects this management team's sparkling clarity, power, and pathos, clear delivery against our FY 2026 commitments. The simple and clear strategy, implemented over recent years, is working well and in unison to continue to deliver value.

I remain in awe on how Sis Mpumi and her leadership team continually demonstrate agility, resilience in repositioning our business for success, especially in response to the most difficult, dynamic, and often confusing world around us today, always advancing Bidvest attractive prospects. I thank every single, solitary one of you for making time in your busy schedule to join us for this important conversation.

I now hand over to my boss, Sis Mpumi.

Thank you very much, Chair. Thank you to my boss.

Um good morning and good afternoon, everyone. Thank you very much for joining us today, and thank you, Ilze, for the introduction.

We're proud today to present a solid set of results for the 2026 financial year. Over the past years, we've invested substantially in growth platforms both locally and internationally.

We expanded our international footprint, particularly in hygiene services. We focused on diversifying our automotive portfolio and also amplified our government engagements to secure extended tenure for our terminal operations.

This reporting period demonstrates that these investments are now contributing meaningfully to profit growth, margin uplift, and earnings delivery. We delivered 13 billion trading profit, up 8.4%, and this compares to a relatively flat profit growth in the prior year.

Our trading margin reflects a step-up in the quality of earnings, rising to 10% from 9.5% in the previous year. Continuing headline earnings per share has advanced from a 3.2% contraction last year to a 6% increase in the period.

In line with our dividend policy of 2 to 2.5 times cover, the group declared a final dividend of 483 cents per share, up 6.6% on the prior year. Moving to the next slide.

12 months ago, we told shareholders our priorities were clear: improving organic growth, strengthening cash generation, reducing leverage, and rebuilding returns. The results demonstrate meaningful delivery against these commitments.

I've already referenced the trading profit performance, but what makes this result particularly pleasing is not only the level of growth achieved, but its quality. Growth was broad-based across the portfolio with every operating division increasing trading profit, demonstrating both the resilience of the Bidvest model and the benefits of our diversified strategy.

Our most important feature of the result is definitely cash. Cash generated by operations after working capital was strong, increasing 17% to 17.2 billion rand.

Free cash flow at 12.5 billion was outstanding, up 27%, and cash conversion improved to 109% from 95% in the prior year. As promised, we used the free cash to pay down debt, reducing our leverage from 2.2 times to 1.9 times.

Our gross debt is down 3.9 billion and net debt down 4 billion. The focus on rebuilding returns remains a key priority.

ROFE is moving in the right direction, increasing to 38.6%, and ROIC remains unchanged from half year at 13.4%. We remain focused on driving our full invested capital return back to the 14% range.

Moving to the next slide. There are a number of advancements that we've made as we focus on executing our strategy.

The acquisition of Citron UK and North America was key in advancing our international hygiene strategy. Citron UK has now been fully integrated into PHS, and the expected synergies have been realized.

This integration is a game changer for PHS. Our North America Citron operations have finalized the sales structure and optimization, and have expanded our branch network into New York in the United States, and Winnipeg in Canada.

I'm extremely happy to report that we finalized the renewal of our 25-year bulk liquid terminal operator license and lease in the Durban port. This is a major achievement for the Freight division, setting our annuity bulk liquid operations up for another strong 25-year growth cycle.

Two more terminal operator agreements are under negotiation, and we hope to finalize these soon. The disposal process for Bidvest Bank remains underway.

Negotiations are active, and as previously communicated, the proceeds will be used to reduce debt. Given the current negotiations, we will refrain from providing too much detail on the bank sale, and so I request that you keep this in mind when it comes to the Q&A.

Our people focus remains, and this year, our focus on succession planning was amplified. We made progress in achieving most of our sustainability targets, and for the first time, 10% of the group's energy requirements come from renewable energy sources.

Another key highlight this year is the rollout of our medical insurance benefits through Kaelo Health to just under 14,000 employees and their beneficiaries. Through this health benefit, we're bringing more employees into the private healthcare system in South Africa and changing people's lives.

Lastly, technology deployment and innovation also ramped up in the year with a number of AI-driven initiatives implemented across the group. Given the nature of our operations, a seamless integration of technology and AI into our labor-intensive portfolios is key.

At this point, I'd like to hand over to Mark for the financial overview.

Thank you, Mpumi. Good morning, good afternoon, everyone.

This has been a year of delivery. We set specific objectives which saw M&A austerity coupled with targeted deleveraging and improved organic returns.

It's pleasing to see these all come through. The standouts clearly are the cash metrics which exceeded expectations.

This creates further capacity and flexibility going into FY 2027. While we came out of the first half with a lot of positive momentum as a business, as South Africa, and more broadly, events worldwide have certainly shifted.

The second half has proved to be a more difficult business environment. Yet, despite that, the group outperformed.

Trading profit growth moved from 6.9% at half year to 8.4% for the year. This is a 9.9% growth for the second half.

This was done while releasing working capital and materially strengthening strengthening the balance sheet. From an earnings perspective, top-line growth was harder to come by in the second half, but gross margins were improved, expense control was strong, and trading margins improved by 50 bps.

Specifically on the cash generation, the second half release was particularly good. Overall cash conversion was 109% and free cash flow is up 27% to 12.5 billion, which is exceptional.

Strategically, it's been a good year, too. As promised, much work has been done on our funding structures.

This is evidenced in our net debt uh reducing by 4 billion, the debt maturity profile extending, and our average debt cost holding. This was particularly pleasing given the transition from the old Eurobond to the new one and the step-up in borrowing costs that this brought.

We've also reduced our net debt to EBITDA to 1.9 times, now targeting lower still in in FY 2027. There were no acquisitions completed in the second half.

As Mpumi mentioned, the disposal of Bidvest Bank continues. There's a new process which has commenced and is progressing.

An SPA has been signed for Bidvest Life, which has been concluded, um and we await the final SARB regulatory approval. These two entities continue to be disclosed as discontinued operations.

There are two subsequent events to highlight: the first being the sale of 13.25% of Adcock Ingram together with a portion of our investment in an associate, which was completed just after year-end and brought in proceeds of 1.8 billion. Uh these will be used to repay a portion of our of our old Eurobond, and we we retain a 51% majority control in Adcock.

The second is that we've added an additional £20 million working capital facility in the UK. With this as a backdrop, let's have a look at the more detailed results.

From a revenue perspective, revenue up 2.9% to 130.3 billion, supported by a pleasing improvement in the organic growth of 1.5% versus a contraction last year. Improved revenue was led by growth in Automotive, underpinned by higher retail volumes; and in Commercial Products, with a strong turnaround in the electrical cluster, improved renewable energy sales, and continued Plumblink growth.

Acquisitions contributed 1.4%, mainly in the Services International and Services South Africa divisions. We'll unpack the divisional results, though, later in a bit more detail.

In terms of our gross profit, gross profit up 5.2%, with a 61 bps improvement in the margin to 80 to 28.3%. Uh margins were well managed across the divisions, but strongly up in Freight due to higher terminal volumes and lower CNF revenues.

Services International uh margins benefited from stronger from a stronger hygiene contribution. The Automotive margin was under pressure, but this is industry-wide.

Our expense performance was very pleasing: operating expenses up 3.8% with an organic expense increase of just 2.9%. In certain of the services businesses, wage inflation continues to exceed CPI, which is impacting margins.

A number of the businesses, though, did benefit from completed restructuring processes in the first half. Our overall expense ratio remains similar to last year at 18.7%, and the overall the the the expense performance has been very pleasing.

In terms of trading profit, as Mpumi mentioned, trading profit up 8.4% to 13.1 billion with organic growth at 5%. The turnaround in the organic growth is very, very pleasing.

Commercial Products produced an ex- an excellent result. Freight and Adcock were very pleasing, closing with very strong quarter four results.

Services SA was impressive, supported by an expanded TIC business and inbound travel through the through the lounges. Branded Products and Automotive did well, given the constrained consumer environment and margin pressures.

Services International was also pleasing with strong hygiene results, offsetting a weaker FM contribution and forex translation impacts. Our overall effective tax rate at 25.4% is broadly representative of our of our geographic mix, um and the growth in the tax expense is due to the prior year release of prescribed taxes of about 215 million.

Our acquisition costs are significantly down due to the lower M&A activity, and those costs that were incurred primarily relate to the Adcock delisting and the Aquaticum acquisition. Our HEPS is up 6% on a continuing basis, which was a very pleasing turnaround.

Our group EPS is up 1.3%, impacted by impairments in Bidvest Bank and associate investments. Moving now to our cash generation.

Cash flow for the year has been exceptional. The underlying cash generated by operations before working capital is up 7.2% to 17 billion.

We have released 0.2 billion in working capital, uh which is a which is 1.4 billion than the outflow in the prior year. In terms of the mix, inventory has come down nicely, particularly in Commercial Products and Branded Products.

Debtors' growth is aligned to our revenue, and creditors' growth reflects a more normalized inventory cycle. Our cash generation after working capital is up 16.9% to 17.2 billion, and our cash conversion, as Mpumi mentioned earlier, is at 109%, nicely up from 95% last year.

The bulk of our cash generated has been applied to debt repayment and normal capex, with limited M&A investment in the year. In terms of our cash generation graph, you can see the second half reflects the seasonal cash inflow, which is consistent with our normal working capital cycle.

It is pleasing, though, to reach a neutral cash working capital position uh for the year. This is something we've been targeting for quite a while.

Operating cash generation remains very strong. Moving now to the next slide and our and our balance sheet.

Our debt reduction program, which we signaled last year, is progressing nicely. Our free cash flow is up uh to 12.4 billion, which is which is exceptional, um and this has enabled us to reduce our our overall leverage ratio by 0.3 per- uh times to 1.9 times.

Our operational leverage was better than expected, particularly in quarter four. Our net debt has been reduced by 4 billion rand.

We anticipate being able to further reduce our gearing in FY 2027 with the capital proceeds from the Adcock and Bidvest Bank monetizations. We will settle the remaining old Eurobond of $186 million, about 3 billion rand, in September this year from 2 billion in available cash and 1 billion from our RCF funding line.

Our current available funding for the group is €545 million offshore and 10 billion rand domestically. On the right, you can see the impact um of the slowing M&A on the reduction of our of our net debt, as well as the related net debt-EBITDA ratio.

If we turn now to the work we've done on on on our debt maturity and our interest costs. A lot of work has gone into both the debt the debt maturity and cost mix.

We've materially shifted out the overall maturity profile with the addition of longer-dated with the addition of the longer-dated seven-year Eurobond together with new five- and seven-year domestic bonds, and these were all added at tighter spreads. We've repaid more expensive debt, mainly the older preference shares of 2.1 billion to improve the debt cost mix.

Our weighted average cost of debt has stabilized at 6.3%, which is just 10 bps higher than the 6 6.2% from last year. This is very pleasing, given that the new Eurob- Eurobond interest rate of 6.2% is is materially higher than the 3.625% of the outgoing Eurobond.

Our expectation for the FY 2026 year was that we would end at at 6.7%. We remain overweight on variable rate debt at 60%.

Our overall interest cost, if we exclude the impact of IFRS 16 and the hedge accounting adjustments, is up just 4.3%. Our net debt to EBITDA at 1.9 times remains comfortably within our covenant of 3 times.

Obviously, we're targeting to reduce this further into FY 2027. Our EBITDA interest cover at 6.1 times is comfortably in excess of the of the covenant of 3.5 times.

We continue to add new and cheaper funding sources into the mix. If we now if we now move to look at returns.

We remain very cognizant of return levels and managing these over time in alignment with our M&A and capex investments. This year, the focus has been on driving organic trading profit growth, and this will continue into FY 2027.

We have clear plans for the previously completed M&A and capex to drive up the returns over the medium term with specific targets per business. We track this actively with more work to do in the coming year.

The graph alongside shows how we've maintained ROFE returns through the build-up of capital investments over 2023 to 2025 with ROFE now growing into 2026. As previously communicated, we're not targeting any material M&A in 2027.

Our objective cont- continues to be building and growing businesses for long-term value. We have return metrics which are appropriate for each business acquired or capex completed with a glide path to meet these targets which we set at at inception.

We balance these gross growth objectives with appropriately aligned sustainability targets so that the growth is multi-dimensional. Moving lastly now to our our capital recycling.

Disposal process of our Financial Services division is making steady progress. We have signed the SPA for Bidvest Life and have received CompCom go-ahead.

We are now waiting for the final SARB regulatory approval. The disposal of Bidvest Bank continues with a new process underway.

From an operational perspective, Bidvest Bank experienced some top-line pressure with slower capital deployment, lower non-interest revenue, and further ECL impairments. Expense management, though, was good.

The deposit book remains stable and all regulatory ra- ratios are healthy. Bidvest Life del- delivered a good outcome.

These two entities have been separately disclosed as discontinued operations as per IFRS 5. In terms of this standard, depreciation and amortization continue to be to be suspended as part of this disclosure, and this has been adjusted for in our normalized headline earnings.

We have also impaired the net asset value of of the bank to reflect the FY 2025 closing position. As always, a final a few a few final concluding thoughts.

The world we saw six months ago is much changed with volatility the order of the day geographically, politically, and financially. Bidvest's decentralized operating model gives us flexibility to adapt to these shifts and appropriately reposition as required.

A stronger balance sheet with lower leverage and more funding capacity creates headroom both for growth as well as resilience. We'll continue to focus on utilizing free cash flow to further deleverage, and efficient margin manage- management remains core to our DNA.

Thank you.

Thank you very much, Mark. Um and so now we move to the divisional reviews.

Um starting with Services um International. Revenue at 44 billion is up 2%, supported by hygiene pool growth, rental asset expansion, um improved price recoveries, and the full year integration of Citron.

Top line and margin pressure, though, did come through the facilities management portfolio, and that and this did moderate revenue growth somewhat. The gross margin expansion in the division is due to a change in mix as the higher margin hygiene operations gross profit contribution increased year on year.

Cost control was excellent with expenses increasing only 1%, excluding acquisitions. The division delivered 4.4 billion trading profit, up 4.3%, and the positive mix impact referenced earlier resulted in a trading margin expansion from 9.8% in the prior year to 10% in the period.

ROFE at 146% is an excellent return, and 100% cash conversion is outstanding. Turning to the operations.

Our hygiene businesses sustained their momentum from half year, delivering exceptional profit growth. In constant currency, our hygiene businesses across Singapore, South Africa, and the UK, all grew profitability.

Citron UK, as I said earlier, has been successfully integrated into PHS, um and the synergies that we've expected um to realize um have come through. Our Citron North America operations increase their sales capacity in Canada and the US, and two additional branches have been opened.

Notwithstanding this additional growth investment in branch and sales capacity, Citron delivered in line with business plan and on budget. Our hygiene operations profit now account for 54% of the division's trading profit.

Our facilities management operations contracted slightly um due to lost business, contract restructures, and lower ad hoc revenue. The South African cleaning business maintained its half-year momentum, delivering a standout double-digit profit result.

I'd like to congratulate the Services International team for a commendable performance. Moving to Freight.

Revenue at 9 billion was up 2%, driven by annual rate increases, improved capacity utilization, and higher bulk grain and mineral volumes. This growth was countered by lower international logistics volumes, customer downtrading, and lower commodity volumes in Namibia.

The gross margin expanded due to positive mix, reduced lower margin disbursements in clearing and forwarding, and improved efficiencies, whilst higher activity levels in the terminal operations drove up expenses. Freight delivered an exceptional turnaround from prior year, lifting trading profit to 2.3 billion, up 10.3%, and expanding the trading margin to 25.3%.

ROFE improved to 42.4% uh as profit growth outpaced the increase in funds employed. A 94% cash conversion in this division was excellent.

Turning to the operations. Bulk grain volumes increased 15% due to higher maize, rice, and wheat handled, resulting in a phenomenal profit increase in this terminal operation.

The bulk liquid terminal delivered a solid performance, driven by annual rate escalations, higher tank rental, and a 10% volume increase. The bulk mineral terminal delivered an excellent profit result off the back of a 6% volume increase, annual rate escalations, and more cargo moving on rail.

The multipurpose terminal delivered an outstanding result as volumes increased 29%, driven primarily by increased exports of chrome, manganese, and iron ore. The container operation delivered a significant turnaround in profitability as solar and steel volumes increased.

Additional cargo was also handled, and rental in- a rental income um also improved. The South African clearing and forwarding operation delivered a much improved second half performance.

Disruptions in logistics caused by Red Sea diversions, fuel volatility, and higher costs were partially offset by the strong performance in overland logistics, which was supported by new customers, efficiency improvements, and fleet growth. Tough trading conditions in our Mozambique and and Namibia operations persisted.

In Namibia, lower volumes, increased competition, port bottlenecks, limited transport capacity, and softer oil and gas activity impacted profitability. On the other hand, Mozambique delivered a significantly improved result, but remains constrained by lower volumes.

A 2.5 billion rand capex has been approved, and at a high level, the split of this capex is as follows: 1.6 billion has been approved for a second LPG terminal in Richards Bay, and this is the biggest capital allocation. The balance of the capex has been allocated to expanding our grain capacity in Durban port, um adding additional bulk liquid tank capacity in Durban port, and also increasing warehouse capacity in Namibia.

As is customary, we'll advise once construction has started, and then closer to commissioning, we'll provide further information related to returns, payback periods, uh etc. Overall, I'd like to congratulate the Freight team for an excellent result.

Moving to Services South Africa. Revenue at 13.6 billion is up 7.5%, driven by new contract wins, improved recurring income, and strong growth uh from our newly formed testing, inspection, and compliance cluster.

Um this was further boosted by the acquisition of Aquaticum that came into the numbers for nine months. The gross margin was stable as margin pressure in Security and Travel Services was offset by margin expansion in the TIC and Hospitality clusters.

Operating expenses increased 5.8% due to investment in factory capacity, inclusion of expenses from acquisitions, and material increase in fuel costs as a result of the war in the Middle East. Trading profit at 1.6 billion was excellent, increasing 8.3%, and the trading margin increased slightly to 11.5%.

ROFE at 101% is slightly down on prior year due to increased factory capex and the inclusion of Aquaticum. Cash conversion at 96% was excellent.

Turning to the operations. The Hospitality and Catering cluster delivered phenomenal growth, driven by a record performance from the lounges as passenger volumes increased, and the restructuring in catering also improved profitability.

The Security cluster was slightly down due to pricing pressures, loss of high margin work, higher fuel costs, and wage under-recovery. Outside of this contraction, excellent performances were reported by the cargo, warehouse management, tracking, and payment technology businesses.

The Travel cluster struggled as corporate volumes continued to decline, and the fourth quarter was further impacted by lower inbound volumes and lower rebate income due to travel anxiety created by the war in the Middle East. The Allied cluster improved from half year due to strong recurring revenue in the water business and contractual sales in the indoor and outdoor plants businesses.

Operational and margin challenges in the laundry and amenities businesses did taper performance in this cluster. Lastly, our TIC services cluster delivered a standout profit result, driven by solid revenue growth, record samples processed, and the inclusion of Aquaticum.

I'd like to congratulate the Services South Africa team for an excellent result. Moving to Branded Products.

Revenue at 13 billion was relatively flat, reflecting subdued demand across several markets. The gross margin improved due to positive product mix, production efficiencies, and favorable pricing.

Similarly, operating expenses were exceptionally well managed, declining 1.9%, reflecting strong cost discipline, restructure benefits, and operational efficiencies. This margin and expense management translated into a trading profit increase of 5.4% to 1.2 billion and a trading margin expansion from 8.6% to 9.2%.

ROFE in this division continues to increase and is now at 38%, and cash conversion was excellent at 105%. Turning to the operations, the Data Print and Packaging cluster led with solid performances from the print and packaging businesses, driven by acquisition synergies, resilient demand, pricing discipline, factory efficiencies, and tight cost management.

The Office Products cluster also delivered a good result, driven by a record performance from the furniture business, higher profitability in office automation, and a resilient performance from the stationery business. Then lastly, the Consumer Products cluster delivered a mixed result.

Revenue was impacted by lower TV and satellite accessory sales, price deflation, and lower retail demand as international travel volumes came under pressure in the second half of the year. This was countered by a solid performance from Office and Leisure due to the inclusion of Alcolin products and disciplined margin and expense management.

Done to the Branded Products team for a solid set of results. Moving to Commercial Products.

Revenue at 18.3 billion is up 8.2%, reflecting resilience in a very challenging trading environment. Growth was led by the Trade cluster, benefiting from smart meter sales, improved renewable sales, and continued branch expansion.

The gross margin increased slightly to 27.4% due to a favorable product mix and active margin management across the businesses. Operating expenses increased 4.9%, which is below revenue growth, um and this increase is notwithstanding additional costs incurred related to the opening of new branches.

Strong operating leverage resulted in an impressive 27% increase in trading profit to 1.2 billion, and the trading margin also improved from 5.5% to 6.4%. ROFE at 22% is up from prior year's 16%, and cash conversion at 144% is spectacular.

Turning to the operations, the Trade cluster made a material contribution to profit growth as Plumblink delivered a record result, driving its branch network from 50 at point of acquisition to 166 in the period. The turnaround in Electrical was was driven by the large smart meter order, stabilization of renewable sales, and the rollout of additional and revamped Voltex branches.

Pressure was still felt across the packaging, catering, warehousing, and DIY and tools businesses due to softer volumes, margin compression, and manufacturing efficiencies. The workwear, leisure, and the general industrial businesses delivered excellent results as volumes remained robust in certain markets.

Overall, market share growth was a key focus this year for the division with the opening of eight new Voltex stores, 10 new Plumblink stores, and 42 new King Pie outlets. I'd like to congratulate the Commercial Products division for a stellar set of results.

Moving to Automotive. Revenue at 28.7 billion is up 5.5%, supported by a 12% increase in new vehicle volumes.

This excess supply of new vehicles did, however, contribute to considerable discounting and substitution, resulting in reduced demand for used vehicles. Fleet sales were materially up on prior year, and our secondhand motor retail business produced excellent top-line growth.

The gross margin declined primarily due to a decline in both new and used vehicle margins. Operating expenses remained tightly controlled at a marginal increase of 0.4%.

Restructures in the prior year, cost-saving initiatives, and lower variable costs all contributed to the cost containment. Trading profit grew 7% to 966 million, boosted by the proceeds from a long-outstanding insurance claim.

The trading margin remained broadly stable at 3.4%. The division's ROFE at 23.7% is slightly down on prior year um due to elevated inventory and receivables.

However, cash conversion at 98% was excellent. Turning to the operations, in the franchise motor retail cluster, the increase in new vehicle volumes was partially offset by the decline in used vehicle volumes.

Our traditional OEM brands grew ahead of the market, whilst our multi-franchise strategy continued to gain momentum with Chinese brand growth materially ahead of the market. On the downside, pricing pressure resulted in a 0.8% gross margin contraction across both new and used vehicle.

Our non-franchise motor retail cluster continued to gain momentum with material revenue and gross profit growth achieved in the period. The plan communicated at half year of having all our branches nationally operating at full capacity was achieved.

However, this investment in operational capacity impacted the bottom line. Whilst the secondhand retail operations improved profit performance from last year, our business plan wasn't met.

With full capacity and infrastructure now in place, we're confident that our profit ambitions will be realized in the coming year. Lastly, in the Allied Services portfolio, our vehicle inspection and body building businesses delivered acceptable results despite significantly higher fuel costs that reduced capex spend and demand for services across large fleets.

Our short-term insurance business delivered a standout record uh performance and the investment portfolio was also ahead of the prior year. I'd like to congratulate the Auto team for a robust result in a very challenging operating environment.

The last operation being Adcock Ingram, um revenue at just under 10 billion is down 0.5%, driven by an average price realization of 1.8%, a 1.47% SEP increase, and volume growth of 0.9%. Repatriation of certain portfolios moderated growth.

The gross margin improvement was due to stronger factory recoveries, a favorable portfolio mix, and exit of lower margin products. Expenses were exceptionally well managed, increasing only 1.2%.

Flat revenue growth and outstanding margin and expense management resulted in an impressive 1.3 billion trading profit, up 9.4%, with all divisions reporting profit growth. I would also like to welcome our newly appointed CEO of Adcock Ingram.

Rulani brings more than 25 years of pharmaceutical and healthcare experience across South Africa, Sub-Saharan Africa, and international markets, including the UK. He joins Adcock from Pfizer where he served as Sub-Saharan Africa cluster lead and South Africa country manager.

I'm delighted to welcome Rulani to Adcock and the broader Bidvest family, and wish him every success in this new role. I'd like to congratulate the Adcock team um for a solid set of results.

Moving to our hygiene services, we remain focused on building a leading international hygiene services business. Our 2026 financial performance amidst global geopolitics and macro volatility demonstrates that structural drivers, such as urbanization and growing health and wellness awareness, remain intact, and will continue to support future growth.

Our full-year trading profit is up 18% in constant currency, whilst profit margins have accelerated above the industry norm of around 15% to 18.7%. Our washroom sites serviced have increased from 6.5 million sites in 2024 to 7.5 million in 2026, and our client base is in the thousands with extremely limited customer concentration.

We're really proud of the size of the global hygiene portfolio, scaled up in just six years with a strong future growth path. Moving to the closing slide.

2026 was a year of restoring momentum, and 2027 will be a year of compounding achievements of the current year. We enter our second phase of capital discipline and our commitments remain: improve organic growth, strengthen cash generation, deleverage, and rebuild returns.

All divisions will focus on delivering the best organic growth possible. Our international operations have cycled through contract restructures and contract losses.

New business wins awarded in the second half of the year will be mobilized, and the strong momentum in the hygiene operations is expected to continue. Our Southern African operations will benefit from structural growth from hospitality and tourism demand, and improved TIC and water volumes.

We expect increased bulk grain and mineral volumes, though the current El Niño does introduce some uncertainty. The uptick in infrastructure spend, ongoing demand for office products, and a turnaround in our secondhand motor retail business will drive growth in the trading operations.

A step-up in what is an already outstanding cash position will be supported by continued disciplined working capital management, no material M&A, and cost discipline. Free cash will again be used to pay down debt, advancing our ambition of ending the year with the net with our net debt to EBITDA closer to 1.5 times.

We've got a range of about 1.5 times to 1.8 times that we're working uh towards, but we're hoping to end closer to to um to the lower part of that range. Rebuilding our returns requires a step-up in organic growth, especially of recently acquired businesses.

To further support returns, our large businesses need to deliver ahead of business plan and budget. Our teams are responding with innovation, operational focus, and renewed energy.

Initiatives in technology, data, AI, sustainability, wellness, skills development, and customer-led solutions are already helping us improve resilience, enhance productivity, create social value, and open new commercial pathways. Our 2026 result is a team effort with all divisions contributing to improved profitability and earnings.

I'd like to extend a big thank you to the executive team for their exceptional leadership as we navigated through a period of unpredictability, escalating global tensions, and weak macroeconomic conditions across multiple territories. The year was tough, and our teams comprising 130,000 employees across 14 countries in 750-plus branch locations all rose to the occasion.

From myself, Mark, and Gill, I extend a big thank you to our teams all over the world who have again demonstrated the resilience of the Bidvest portfolio and their ability to find growth opportunities amidst changing conditions. To our shareholders, thank you for your continued support.

The group has restored earnings momentum, demonstrated the cash generative quality of the portfolio, and taken decisive action to sharpen capital allocation. Our focus remains firmly on execution and on delivering sustainable long-term value for all stakeholders.

Thank you very much.

Thank you, Mpumi, for those um comments and and the very uh clear outlook and prospects statement for for the way forward. Um Judith, maybe you can just uh repeat instructions on how to uh put questions in the queue uh before we start with the Q&A session.

Thank you, Judith. While while investors um go through those uh motions, maybe uh what I can see here on the web on the webcast, um there's a few questions around uh Bidvest Bank.

Mpumi, you did make a comment uh at the start of your remarks uh questions around timing, NAV, and and all those types of things. Maybe you just uh want to reiterate uh that point.

Okay. Thanks, Ilze.

Um yeah, so, because we're busy um with negotiations, um we do need to be careful about what we say, everything really related to the bank becomes um quite sensitive. Um what we will do is that once we have got SPAs signed, regulatory approvals through, and we've made what we believe to be material progress and the call it the finishing line is in sight, we will issue a SENS announcement.

We'll give you full view of the nature of the transaction, um and we'll also provide um a full breakdown in terms of the accounting treatment um that you should expect. We'll make that commitment.

It'll come out through a SENS at the appropriate time so that you really don't have to guess around nature of transaction, accounting treatment, etc. We'll do that at the right at the right time.

Thank you. Thank you, Mpumi.

That deals with with those questions related to discontinued uh operations as they were posed. Um Mark, maybe one for you.

Um one investor just wanted to clarify whether the uh normalized HEPS was adjusted for the associate loan uh write-off. Uh if not, uh what what the growth might have been if if one did exclude that um abnormal event?

You can work it out. You behind my back.

[laughter] But um so so was it adjusted for? No, it wasn't.

Okay? Um I'll have to quickly do the maths on it, and we'll come back to them now.

Okay. Thank you, Mark.

To be clear, we did not adjust uh for that write-off in the normalized headline earnings.

You can actually see it

in the associate line.

You can actually see that non-adjustment on page 10 of the of the announcement.

All right. Um Mpumi, maybe one for you that relates to Services International, and I'm I'm combining two investor questions here.

Uh it's around synergy extractions um in Services International. Uh it talks about uh what the underlying constant currency growth rates uh were in in that division and whether there were any specific countries that in constant currency went backwards, and what do you feel about the momentum of the new business wins that have been flagged uh in in some of these areas that's been under pressure?

That's specifically hygiene?

That is hygiene and that's Services International, all all in Services International. I suppose the organic is is around the Citron acquisition in organic, and then uh constant currency in a division that's largely offshore.

Yeah. The underlying con- so

let me start with the hygiene um operations first. All the hygiene operations in constant currency grew profitability.

Our hygiene business in Australia is very, very small, it's not really even worth a comment. It it really gets lost in in the rounding.

The Australia comment will be more on on FM. Outside of that, hygiene operations very strong.

Um PHS particularly strong because of the integration of Citron. We had communicated that that would be a lift and shift.

We did exactly that. Uh we closed all the branch infrastructure.

We took out all the costs that we didn't need uh and and really, it was like a gross-to-net benefit into PHS. PHS's um uh uh performance at a profit level in in pounds was very strong.

Uh from a Citron perspective, as I indicated, um we're very comfortable with the um profit performance. They delivered in line with budget, um notwithstanding the fact that there was quite a significant up-step in working capital deployment as they opened up two more branches, and also took additional costs as we increased that sales infrastructure.

Um so very happy with with the organic growth that that we delivered um across. The South African business was excellent.

Uh sorry, just by the way, um SA also delivered a a very strong um hygiene performance. Um and then from a facilities management perspective, we had indicated that we have we're impacted by contract losses and contract restructures.

Those were in our South African FM business, in Noonan, and in Australia. Um and that overall kind of tapered the overall um FM performance, and they were slightly down.

Um on a go-forward basis, we're comfortable that that's now in the base. We don't have any more contract restructures that we are anticipating going into the new financial year.

Uh we mobilized, oh, actually, new contracts rather were awarded in the latter um end of FY 2026. Those will be mobilized in the first half of FY 2027, and I think you'll see a nice contribution coming through in the second half um of the year.

That's right. Then just the synergies around Citron uh North America, whether those are uh materialized yet or not.

Um

yeah. The main synergies that we've spoken about were from a procurement perspective, um in terms of the buying across, well, of Citron, I guess, for some of their products um across the uh rest of the hygiene network that we have.

We started rolling out only one product line, um if I recall from um Alan Feinman. I think it is only one product line at the moment that we started rolling out.

We still have quite a bit um to do in terms of their procurement basket. I would probably say that in FY 2026, the procurement synergy is limited only because we're still rolling through their existing stock.

Um so, as soon as we roll through the existing stock, we've pulled through one product line, and then in FY 2027, as we roll out of the existing stock, um they'll start going into um the uh kind of more price-optimized um buying that we have across dispensers and consumables.

Thank you, Mpumi. Uh Mark, back to you.

Thank you. Just to revert on the the impact of the that associate invest uh impairments, and if we'd if we'd adjusted for it in normalized, uh normalized headline earnings on a continuing basis would've gone from 5.9% to plus 8.7%.

The impact is plus 2. uh 2.8%.

Thank you uh for that clarity, Mark. Um Then there is um just see here.

The the question around um Transnet uh are looking more and more towards the private sector for partnerships and concessions. Uh do you see opportunities in in port and rail uh for Bidvest with with Transnet?

I think the fact that um we are bold enough to deploy 2.5 billion um capex already, we are moving forward with building a second LPG terminal, um we have got capex approved already for additional capacity in our grain and bulk liquid operations in Durban port already signals um the fact that we're confident in the rail reforms, um and we're very close to Transnet, we also have a sense of what is to come. From a rail perspective, you'll recall that 11 private sector operators were awarded concessions.

My understanding is that six of those operators will come on stream in 2027, early 2027, so that's uh as of the latest um coming out of Transnet. That's going to be that's going to be great.

We obviously don't uh participate uh on the rail side. Ours is port terminals, we handle the product um on and off the ship, and really that's where we're at.

The big opportunity for us is the extension of our leases, which we're we're securing, with two more that we're still negotiating. Obviously, being able to secure new leases.

Um and we have secured uh one new lease, and there are a number of tenders um out at the moment, and so you can already see the activity uh that is there from a Transnet perspective. The bulk mineral terminal uh tender that is out in Richards Bay, they're looking for private sector participation there, and it's very clear in the terms and conditions.

There's others also in Cape Town. Um so, I would concur with a view that uh the appetite from Transnet to bring in more private sector is definitely strong.

Um and in terms of where we're at, we we're really confident in further progress being made um with regards to rail reform and and and more cargo moving on rail over time.

Thank you, Mpumi. Uh then there's um another sort of batch of questions that I'm going to put together.

It's around specifically towards the Automotive division. Um question about whether we can quantify the insurance claim payout uh impacting the results, and then uh also noting that WeBuyCars moved away from DEKRA in terms of of um its uh testing results and whether this has had a major impact on DEKRA and how the business is doing in general.

I'll I'll talk to DEKRA and then Mark will talk to uh the insurance uh uh piece. Um so, when we acquired DEKRA, we, through the due diligence process, uh were very explicit in ensuring that WeBuyCars is made aware that Bidvest, I guess, is the acquirer on the other side, and that was communicated.

Uh and whether WeBuyCars would uh stay on as a customer. Um through the DD, WeBuyCars had indicated to us already that they would be starting their own um uh vehicle testing um service.

Um and so we accounted for that in the valuation. The valuation for the revenue portion of DEKRA was taken down materially.

In fact, we only paid 1 times because our expectation was that we would only retain that contract for a year. We ended up retaining it for closer to two years, got a little bit more earnings out of it, but we accounted for it um in in the valuation, and we were expecting it to to exit um in the period that it did.

Thank you. Thank you, Mpumi, for for that.

Uh I suppose there's many WeBuyCars uh shareholders on on the line, so that's where that uh comment uh comes through. Uh

the increase on the insurance claim was 149 million.

Thank you. Thank you, Mark, for that.

Then um can we go to See, we have a question around the gearing. The net debt-to-EBITDA target towards uh the 1.5 times, does that include proceeds uh from the sale of uh Bidvest Bank uh to get there?

It does not include proceeds from the bank, nor does it include proceeds from the Adcock sale of shares that took place just after year-end. Both of those are items we would look to use to in- uh improve the net debt-to-EBITDA into FY 2027.

Thank you very much for that. Um and then, maybe a few financial, more financial oriented questions.

Apart from that 2026 Eurobond, uh can you speak of any upcoming material maturities and refinancing uh requirements?

There's only two to mention. The first I did talk about in the presentation, which was the the the last piece of the Eurobond, the old Eurobond, $186 million, that matures uh late September now um and will be repaid through existing uh facilities.

We have uh 2 billion in cash of the 3 billion required, and that the extra 1 billion will come out of the RCF facility. There's nothing else material in the maturities.

Next year, the offshore RCF term comes up um and and we will then look to renew that for a further period. That would be, I think, the fourth renewal of that particular facility.

Everything else is is just normal run-of-the-mill. We'll go to market on on potentially on um domestic bonds.

There's about uh over three bonds in the current year, about 2 billion, but we can deal with those through normal um cash generation.

Thank you, Mark. Maybe just linked to that, um uh clearly our uh previous sister company announced some share buybacks, and um the investors on now just asking what our view is uh on uh share buybacks um and the very strong cash generation of Bidvest?

What's your view forward?

100%, and it's not going to change significantly from our previous view. [laughter] So, we we have very clearly committed ourselves to to, number one, we are going to deleverage.

Um and there are a number of very important reasons why we want to do that, to create capacity for future growth. Specifically in that growth uh piece, we have talked about the investment opportunities that sit within Freight.

Uh they are substantial. They extend over a probably a five- to seven-year window.

Um and so in as much as we are paying debt down, we're building up capacity, one, for the investment in that capac- capex line, but two, in in time to obviously to recommence our normal M&A process. At this point in time, no no intention to re- to um rebuy equity.

Thank you very much, Mark. Uh Mpumi, and then a question maybe for you on Commercial Products.

Um what is the view about the potential that the rise of data centers, um Eskom and municipality clampdown on on meters um or electricity usage and and the consequences around smart meters, what does that mean for the division and and potentially going forward?

Any any construction um is is um revenue-uplifting for for Commercial Products. An increase in data centers would be absolutely fantastic.

We would provide into that kind of built environment. Um and then the clampdown that you referenced from an Eskom perspective is hugely beneficial.

The process that Eskom is implementing is is they're trying to manage improved revenue collection, right, with the rollout of these new smart meters. We've already benefited in the current year through quite a sizeable order um that was awarded.

Uh there's more orders in the pipeline. We have submitted those tenders.

Uh the rollout is quite extensive and over a period of time. We are clearly one of the preferred service providers already for for Eskom.

For as long as that activity is ongoing, um our operations and our businesses really stand a good chance of of securing additional orders.

Thank you um very much for for that, uh Mpumi. Appreciate that.

Mark, uh just a question from an investor: What do you see as the the normalized or the future effective tax rate for the group?

I think the the normalized rate, and we I did talk about it a little bit in the presentation, that the current rate sort of reflects our geographic mix. Um we are budgeting for similar levels or targeting similar levels in in '27, a range of, call it, 25.5% to 26% would be the expectation.

For that, uh Mark. Uh Mpumi, then a a Adcock uh question.

Um The question is uh please provide some color, to the extent that you can, on the future of the National Renal Care um joint venture or associate, um and what the plans are uh on that one. The diversification maybe the broader diversification plans within Adcock.

Um

so that that JV continues to be quite strategic for us. Um Um we, our plans would be to make sure that we continue to expand uh the work that we're doing with our partners in that space, um so no changes anticipated there.

Um and then in terms of future diversification, look, a lot of work um is underway at the moment with our new um shareholders and partners. Um a big part of their contribution is is adding to our pipeline.

Um so we've got a number of new dossiers that the teams are are working on in terms of submission to SAHPRA. Uh most of that is going to be going into our prescription um division.

Um so that pipeline activity um is underway, and and all that body of work um is work in progress. Um and then, the other contribution from our shareholders is obviously in terms of our operational um requirements, or operations generally in our factory environment.

Um they've been exceptionally helpful in terms of just assisting us uh with kind of raising the bar there. Um so there's more value that'll come through.

I think over time, we're going to certainly evolve with our operations being far more efficient, uh better recoveries coming out of out of those factories, and and just really optimizing our production processes.

Thank you for that color, Mpumi. Um and then I suppose uh one last question, second last question is is maize volumes.

How how normal was FY 2026 in terms of maize? Um you did reference El Niño um in the outlook for agriculture.

It it was a a significant improvement on on '25 where the volumes obviously were were very, very low. I think we were I think we were more hopeful that we would have seen greater volumes come through in in in May and June, which didn't come through, um and the El Niño impact is is is is is having some impact on pricing at the moment.

If you if you think of of of '26, '26 was was was was was materially better than '25, but not quite where we would like to have been. And '27 now, even though we have significant carryover stocks from a very, very good crop, um we're not seeing the farmers currently exporting because the price parity is not there.

Um we are hopeful that that if this will potentially pick up a little bit later, and then obviously the impact of El Niño could be uh could be material.

Thank you uh very much for that, Mark. Um Judith, can I check that there's no questions on the line?

thanks, Judith. Um Then just um coming back to the Services South Africa division, uh the question is posed on um how large was the loss or how material was the loss on rebates in Travel, um and whether that reverses back in 2027?

Mmm

yeah, I can't give you a a a sense of quantum because we we don't provide detail to that level. Um but it it it's gone, because because your rebate is, you earn the rebate within a cycle.

You've got a 12-month cycle, within a 12-month cycle, you need to reach certain volume targets. You get to the volume target, you get your rebate.

Essentially, what happened with the war in the Middle East is that we were on track, and then Q4 saw the significant reduction in travel volumes, and so we didn't get to the volume and therefore couldn't earn the rebate. It's gone.

You don't get to do it again. In in the new financial year, you start all over again with a new volume target and new rebates that you can earn.

All right. Then maybe one last question, and it relates to used car um sales volumes.

Um Are you able to provide any more color on on used vehicle sales volumes?

They're not as good as they used to be. [laughter] Uh no no.

Let me talk about it more indicatively. If if we think historically, we were we always used to work on a sort of a two a 2:1 ratio.

We for for for every one new vehicle that we would sell, typically we would sell two two used. This ratio now has dropped to the extent that it's about 1.1.

Uh that's that's the impact of of a number of things. It's an impact of I think changing mix, specifically towards the Chinese vehicles as as they come in.

Those price points have shifted um and it's created opportunities there. What we are seeing is a shift down from historic levels where you would see two used to to one new.

It's currently one to one.

Thank you. Thank you, Mark.

Maybe uh as we as we take the last question, because we're 10 minutes over, uh just some clarity on what period the 2.5 billion approved capex will be deployed and and when does one expect um contribution from that?

The big capex, as I said, is LPG 2, the 1.6 billion. Uh we will definitely start construction in this financial year.

Um our our indicative timeline is 2029 financial year, FY 2029. Kind of closer to the end of construction, we'll give a a tighter timeframe for commissioning, and that's the big one.

Um the rest are are smaller, the additional tanks and the additional silos, those are smaller. That those could come on stream earlier.

The only thing, though, is that with the additional tanks and silos, we still have some Ts and Cs uh that still need to be um locked down, um whereas with um with the bigger one, we're we're kind of almost there. Roughly, let's say FY 2029 is kind of the timeline you're looking at.

Maybe just to reiterate, Mpumi, as you've said, closer to the time

we will

give absolute uh visibility around um cash flows uh and profit um and payback period uh and return on those individual projects. Um So, I think that um that concludes the call uh for today.

Uh thank you very much for everyone's participation. We appreciate your time um and your interest uh in Bidvest.

Thank you very much.

Thank you.

Thank you. Goodbye.

Thank you.