Good morning, ladies and gentlemen. Welcome to the 2026 full-year results presentation.

That's for the 52 weeks ending 28 June 2026. We will do our best to complete the presentation in an hour.

We really value your time, and thank you very much for joining us. I think you've become accustomed to the way that we do this.

I'll do some opening comments. Anton will then unpack in detail the financial numbers.

I know that's the part that you're looking forward to most. Then I will end off again with a little bit of operational review and a strategy update of where we are and what we're busy with, and then we'll take questions.

The year that was can probably be summarized in one sentence: Shoprite is winning through customer focus and relentless execution. We had very good momentum.

It continued. 1.3 billion customer visits during the year, an additional 1.1 million customers per week.

Of course, I know you understand that it has a whole ripple effect back into the supply chain to be able to serve an additional over 1 million customers in a week. We're very happy.

We're very pleased that Shoprite is still growing customers, that people elect to come to us. The year was again a record market share achievement: additional 7.5 billion in market share gains in the Supermarkets RSA division.

The year didn't come with just increasing prices. We're still a value retailer, even more so a price competitor in the Shoprite brand.

The year came out at a 0.8% inflation, a lot of categories in deflation, which I will unpack later on, where the impact is even more so on Shoprite. We didn't have the luxury of just increasing prices.

The market share growth came as a result of volume and customer growth. Then of course, the trading margin improvement must be accompanied with very strong cost discipline, shrinkage and waste management to offset this low price inflation environment.

There's a lot of migration happening in South Africa, there's a lot of new areas still that's underserved. Therefore, we could open 262 net new stores during the year.

Group sales were up 7.2% to 270 billion. That means we added 18.1 billion in sales.

Like I said earlier, percentages can be very deceiving, and that's why we will, in a few examples here, also talk about the monetary value to give it this context because the percentage is not always from the same base. Trading profit is up 8.4%, which is now more than what the sales growth was, also again amounting to 16.2 billion.

Given the low-inflation environment, Supermarkets RSA still achieved an excellent trading margin of 6.6%. Maybe I must just pause there.

6.6% trading margin for a value retailer, I think, is an exceptional performance. The adjusted ROIC increased to 19.8% with a WACC of 11.5.

There's a differential of 8.3, which, in my memory in the last decade, is the highest we have had such a differential. The diluted headline earnings per share up 12.2%, a value up to R15.27.

We have spoken in the past quite a bit about creating the smarter Shoprite, and our investments in the last couple of years was exactly delivering on that for resilience and growth. There's a couple of examples.

I will expand on it later also, but one would be our price optimization tool. In a low-inflation environment like what we had this year, that tool came in quite handy: planning promotions better, getting the pricing right.

Therefore, we didn't have the luxury of just increasing prices. Matter of fact, later on, I'll show you how massive some of the categories were in deflation, and that thousands of items were cheaper than last year.

Checkers is still leading the growth in the premium food market, especially on the fresh, which we are very pleased about. We continue to expand on the Sixty60 1-hour delivery service to more locations and categories.

Total platform sales were up 34.7%, equal to 25.5 billion rand. Again, I'm referring to the monetary value because, as I say, percentages can be very deceiving.

Adjacent businesses increased sales by 57.4% to 1.9 billion. That's the pet and outdoor and UNIQ.

I do think we've made some good choices in these adjacent categories to give us a larger share of wallet. The supply chain, and here I cannot put it any other way to say I think Shoprite has a superior supply chain.

Very few retailers can claim to be, now the second year in a row, over 98% on-shelf in-stock. You've seen this before.

Our Shoprite purpose is to uplift lives every day. Lots of businesses claim to be customer-centric or customer-first.

I believe and in Shoprite, we live that. I would be remiss if I don't just stop a moment to thank you, Team Shoprite, and say how proud I am of what you have delivered again.

The consistency every year, Team Shoprite delivers on excellence. A very pleasing statistic is to report that we, again, have created new employment, almost 5,500 new jobs, and consistently have done so year after year.

What is also very pleasing is that our people also share with our shareholders in the success of Shoprite. Our Employee Trust have now paid out to our employees up to 1.3 billion in value, making them share in what they deliver on every day.

On top of that, worth mentioning is that, in terms of employment training and development, in last year, we spent over 1 billion on our people, bettering them, improving their skills to deliver better for our customer. With that, it doesn't come as a surprise that Shoprite is the retail employer of choice in South Africa.

Not only do we develop and create employment, we also support South African enterprise. By a long mile, Shoprite is the number-one supporter of South African farmers.

Just to put, again, a value to that, 1.7 billion of fresh produce was sourced from local SMMEs. Very proud of that.

We do a lot to develop small suppliers. We can also report that 88% of our private-label products are locally produced, and that our smaller SMMEs had a sales growth of 91% in the past year.

It is not that easy. It takes a lot of effort to take a small supplier into the larger retail and make them grow.

We are very proud of that, and we will continue to support them. On top of just being a retailer is that we are also a force for good.

It's now a decade, since 2016, that we are selling a loaf of bread for R5. No conditions, no extra rules, just R5 for your loaf of bread for 10 years, zero inflation.

On top of that, we have served 11.2 million meals during the year through our 148 early childhood development centers, as well as our 35 soup trucks. We also care for the environment, we have managed now to get up to 8% of our electricity that we use are sourced from renewables.

If we just look at our PV electricity generation, that would be able to power 31,700 homes, just to put it in context. Recycling, of course, everything gets transported in plastic or cardboard, and over 83,000 tonnes of cardboard and plastic that was recycled and reused.

It's also good that we can report that almost 96% of our in-store packaging is either recyclable, reusable, or compostable. That was the quick overview of the year that was.

We will unpack all of the numbers to make sure that you are very clear on what transpired during the year. For the unpacking of the financial results and the numbers in detail, I want to hand you over to our very fine CFO, Anton de Bruyn.

Thank you, Pieter, for that introduction. Before turning to the detailed financial results for the year, I would like to highlight the restatement of our 2025 financial results.

This relates to the reclassification of the group's remaining assets in Nigeria as discontinued operations in accordance with IFRS 5. The reclassification reduced our DHEPS number in 2025 by 6 cents, and that equates to around 41 million rand before tax, resulting in our DHEPS in the prior year changing to R13.61.

The financial performance presented today relates to our group's continued operations. If I then turn to sales, our group reported sales growth of 7.2% to 270.1 billion rand.

What was pleasing for the group and for management was that we achieved similar growth rates between H1 and H2, and I will unpack the performance per segment on the next slide. Cost control remained priority for the group, and we ended our expense margin on 20.1%, pretty much in line with our performance of last year, and that gave rise to the fact that we could actually achieve our medium-term trading margin of 6%.

From a trading profit point of view, we saw a increase of 8.4% to 16.2 billion rand, and then strong performance in terms of EBITDA where we had an improvement of 7.7% to 25.8 billion rand. Diluted headline earnings per share for the year increased by 12.2%, with adjusted diluted earnings per share increasing by 12.5%.

As part of the appendices is a reconciliation where we show the variances between our diluted headline earnings per share, as well as our adjusted DHEPS number. Adjusted ROIC was 19.8%, 8.3% above our weighted average cost of capital, which reduced to 11.5% during the year.

Our final dividend increased by 14.1%, with a full-year dividend increasing by 11.8% to 873 cents per share. You will see that there's a slight difference between the 11.8% increase that we had for the full-year dividend versus the HEPS growth, and that was as a result of the restatement in the prior year.

Just a reminder that our dividend policy is 1.75 times the DHEPS from continued operations. Return on equity for the year was 27.4%, an improvement on the prior year of 26.7%.

If I then turn to sales, the group saw an improvement of sales by 7.2% to 270.7 billion. From a RSA Supermarkets point of view, we saw an improvement of 7.1% to 228.7 billion on the back of the opening of 262 new stores, as well as a 0.8% internal selling price inflation.

If I then turn to the core brands, we saw a improvement in our Shoprite, Usave, and LiquorShop business of 4.3% to 121.6 billion, a 5 billion rand increase purely from that brand. Then we also saw a 9.5 billion rand increase in turnover within our Checkers and Checkers Hyper brand where we saw a 10% increase to 105.2 billion rand.

From a adjacent business point of view, saw an increase of 57.4%, and that was mainly driven by the expansion within our Petshop Science business, as well as our UNIQ business. Supermarkets Non-RSA, we saw an increase in sales of 11% to 22.8 billion.

Like-for-like sales growth was 8.6% with constant currency growth of 7.1%. Internal food inflation for the regions measured 2% for the period, but we again saw outpaced inflation with regards to higher inflation in Zambia of 6.5%, as well as Angola of 10% during the year.

We opened a net new eight stores in the Rest of Africa segment. Sales growth in our other operating segments totaled 3%.

The 0.6% growth in franchise sales was mainly driven by the net decrease of 42 stores during the last 12 months following the termination of a single franchise agreement of 51 stores during our second half of the year. Our Medirite and Transpharm business increased sales by 9.2%.

The group continued to invest behind our store expansion program, especially in Supermarkets RSA, where we added additional 262 stores for the year on the back of 255 stores in the prior year. Space growth again this year was around 6.1%.

Within the Shoprite, Usave, and Shoprite LiquorShop business, we opened an additional 136 stores, and likely also in the Checkers and Checkers Hyper business, we opened 72 stores. Meaningful is our liquor business where we added 93 stores, and that was also driving the 12% sales growth that we achieved within those banners and store formats.

Adjacent businesses, we added additional 54 stores, which 41 was new Petshop Science stores, bringing that total now to 185 stores for the full year. If I then, again, look forward in terms of new store openings, we've already confirmed 211 new stores opening for the 2027 financial year, which will drive again that space growth, which we estimate between 5.8 and 6%.

Total income increased by 7.8% to 17.7 billion, which is also very good is to see that our income margins also improved from 26% to 26.1%. That growth was mainly driven within the gross profit growth within the second half where we saw a 9.2% growth.

For the full year, gross profit increased by 8.1% to 66.5 billion, and I will unpack that in my next slide. Other revenue saw an increase of 3.4%.

That is 7.2% excluding the impact of the reclassification of the revenue streams of delivery recoveries as well as our subscription income that's linked to our Sixty60 e-commerce business that we reclassified during the prior year as part of revenue and not as part of other income anymore. If I then turn to the main drivers in terms of the 7.2% growth, commission received increased by 9.6% to 1.4 billion.

Despite a growing competition in the financial services market, especially relating to money transfer offerings and other value-added services, our money market offer in our Checkers as well as in our Shoprite stores has seen an increase in activity, which drove that profitability and growth, especially also our contribution and the growth that we've seen within the payouts relating to government grants. Our marketing and media business, Rainmaker, together with our business, Rex, that looks after the customer insights revenues, we saw a very strong growth of 17.3% to 1.1 billion rand.

Operating lease income remained muted with growth of 2.2% to 513 million, and we have spoken in the past around that we expect to see muted growth within our lease income from our own properties as we again sold some of our properties during the 2026 financial year, and we do foresee as well that we will sell additional properties within the group during the 2027 financial year. Franchise fees received reduced by 0.5% to 191 million rand, and I've referenced back to the termination of that franchise agreement, and that was really driving the decline in our franchise income.

Sundry revenue reduced by 5.9% due to advertising rebates recovered by the OK Franchise business being reclassified of cost of sales, and the 65 million rand that was impacted here, we will see giving us growth within our gross margin within our other segments. Interest revenue decreased by 16.1%, and that decline was attributable to the decline in our investment in Angolan government bonds as well as our US dollar-linked government bonds, where some of those bonds matured during the year.

As usual, we repatriate that money back to our operations in Mauritius, which obviously gave rise to lower interest. The decrease in the interest also negatively impacted the trading profit of the Non-RSA segment.

The majority of the share of profits of equity-accounted investments are derived from our Retail Logistics Fund, which is the owner of our key distribution centers across South Africa. Gross profit increased by 8.1% to 66.5 billion rand.

We also saw that improvement in our margin from 24.3 to 24.5%. From the graph below, it is clear that in a period of and following a deflation, we do see a margin increase.

The opposite that happened during our 2024 financial year where we see a period of rapid inflation, our gross margins did reduce to 23.9%. If I then just look per segment, from a Supermarkets RSA point of view, we saw that increase of 7.8% to close to 60 billion rand of gross margin.

We also saw improvement in our margins from 25.9% to 26.1%. What makes this much more meaningful is that this growth was against a backdrop of sales growth of 7.1%.

If we look at some of the main drivers within that growth in gross margin, spoken about the impact of inflation and what that does within the various deflation and inflation periods, we also saw strong growth in the higher-margin Checkers banner, where we saw sales growth of more than 10%. Then as a result of the growth that we've seen in the Checkers banner, and because it's growing ahead of our Shoprite banner, it's also not contributing more to the overall gross margin of the group, which also was driving that margin expansion.

Lastly, I must mention the investment within our supply chain. During 2024 and 2025, we did invest in additional capacity within our Canelands distribution center in KZN.

Then in 2025, we also expanded into the Riverfields DC in Gauteng and in the Wells Estate in the Eastern Cape, which is currently delivering us profitability ahead of our initial expectations. From a Non-RSA point of view, we managed to increase our gross profit by 8.9% to 4.7 billion rand.

We did, however, see a decrease in the gross margin from 20.9% to 20.5%, and that was mainly driven by the fact that there's a difference between our internal selling food inflation versus the official inflation within the country. Other operating segments saw an improvement and increase of 11.3% to 2.2 billion rand, and that's where I mentioned the reclassification of the franchise advertising rebates not forming part of revenue anymore, but now as part of gross profit.

That was the main reason why we saw an improvement within that segment. We also saw a much more improved gross margin performance from our Medirite business as we roll out more of the standalone Medirite Plus pharmacies.

Total expenses increased by 7.6% to 54.5 billion rand, and what was very pleasing for us is that we could maintain our 20.1% expense to sales ratio. Cost growth in the first half was 6.6%, and that accelerated to 8.6% in the second half.

The main drivers of the cost growth between H2 and H1 was mainly the additional costs in terms of electricity and water, as well as our support in sales where we saw a increase in advertising spend. Just a reminder that all delivery costs and all other related costs to Sixty60 forms part of cost of sales and not operating costs.

Depreciation and amortization increased by 7.9% to 8.6 billion rand on the back of new store openings, as well as 382 store leases during the financial year. Our target is still to get to a 3% depreciation to sales ratio, and we currently sitting at around 3.2%.

Depreciation on PPE increased by 8.4% to 3.9 billion rand, and then depreciation on our ROU asset increased by 13% to 5.3 billion rand. From a employee benefits point of view, we saw an increase of 7.3% to 21.7 billion rand, a much better performance this year versus the 10.8% growth in the prior year.

Employee costs as a percentage to sales is currently still 8%, and that was also 8% in the base. Some of the reasons why we saw growth within our employee benefits is the new store openings that obviously drive the direct job creation within the business.

We also spent 1.1 billion rand on training for the period, which included 102 million rand spent relating to support of the YES program. Then there was 319 million rand distributing during the financial year relating to the Shoprite Employee Trust, and we also had equivalent awards granted to our Non-RSA beneficiaries.

Other operating expenses increased by 7.7%. Some of the main drivers there is advertising where we saw a increase of 7.2% to 4.4 billion rand, and then electricity and water increased by 19.2% on the back of a 12.7% National Energy Regulator of South Africa increase, NERSA.

Pleasingly was that we could reduce our reliance on diesel, and we saw a reduction in diesel costs. The main driver behind the reduction in our diesel cost was our diesel expense in Zambia, which obviously benefited that operation, and that also flows through in terms of the increase in our trading profit within the Non-RSA segment.

Security costs increased by 11.2%, still 1% cost to sales ratio, which we've maintained now for a few years. From a trading profit point of view, very pleasing to have achieved that 6% trading margin.

We saw an increase of 8.4% to 16 billion rand on the back of that second-half strong performance within the business. We saw a 6.3% trading margin during the second half compared to a 6.1% in the base year.

From a trading margin improvement point of view, RSA Supermarkets were leading with a growth of 7.9% to 15 billion rand. Trading margin also improved from 6.5% to 6.6% for the year.

From a Non-RSA point of view, also strong performance. Trading margin increased from 2.9% to 3% with profit growth of 13.4%.

I've spoken about the impact of the diesel expense that was lower this year than the previous year that obviously helped the Zambia operations, but performance remains challenging within our business in Mozambique where we had the adverse conditions. We also saw that the reduction in interest revenue, our reliance on interest from our government bonds in Angola, and that we estimate to be around 30 million for the year.

Other operating segments decreased by 5.4% to 617 million, mainly driven by the impact in the franchise operations. From a net finance cost point of view, we saw an increase of 5%, much better performance than our prior year where we saw a growth of 30.9%.

That was mainly due to a reduction in our finance costs where we saw a 20.9% reduction during the year. That was on the back of a much stronger performance in terms of our cash generation within the business, as well as cash flows within the business.

We also saw an additional 100 basis points reduction in the borrowing rate from our various financiers, which gave rise to nearly a 200 million rand saving year on year. From a IFRS 16 point of view, we saw an increase of cost of 10.7%.

That's also much lower than our base effects of where we saw a growth in the prior year of 20.7%. I spoke about the normalization of our lease liability in the previous presentation, and also base effects.

During 2026, we did see a reduction in lease renewals that also supported the lower growth. We will, however, see an increase in our planned renewals again for 2027 where we plan to renew around 508 leases, but we do expect similar growth in terms of the finance costs that we've had in 2026.

Very important to note is the comment that I make there around the impact of IFRS 16. If you purely look at cash flows within where we normally pay our landlords vis-a-vis the total cost of IFRS 16 coming through our P&L relates to the ROU asset as well as the finance cost bit.

That was 1.7 billion rand for the year. Now, if we just purely look at that impact on our headline earnings per share, it's around 15% that our current headline earnings per share is lower than we would have reported in terms of the old standards.

If I then turn to cash and capital allocation, there are several ways to assess liquidity in the business. Management applies more a risk-based approach where we try and balance the level of capital we require to reinvest back into the business against possible volatility that's in the market that could require additional liquidity.

The Iran conflict did increase risk during the second half, and that together with timing differences in the anticipated payments of the SAP S/4HANA project resulted in capex expenditure being lower than communicated in the H1 results presentation, which in turn then contributed to higher cash balances at the end of the year. This does, however, position the group well for local M&A opportunities, and an example is that where we presenting two of those opportunities today.

There are also other opportunities obviously within the market, which bodes very well for us if we sitting in a strong cash position. From a core cash point of view, we generated 24.2 billion rand for the year.

Some of the major items impacting then obviously our cash flow was debt and financing, of which 5.4 billion related to interest payments, 4.3 billion of the 11.3 billion was lease liability repayments, and then 1.6 billion was due to net settlement of borrowings. In terms of shareholder returns, we did pay 4.4 billion rand in dividends during the year, and then there was around 300 million rand in share buybacks we did purely relating to the staff share schemes that we classified as treasury shares.

From a growth and maintenance capex point of view, we spent 6.8 billion rand, and then working capital, we actually had a positive move of 1.6 billion rand, and that was mainly as a result of cutoff over year-end. Very important to note that that will change during the 2027 financial year as a result of the 53rd week that I will speak a bit later about, and I estimate the impact of that switch around cutoff to be around 6 billion rand.

The net cash movement for the year was 3.6 billion rand, and that also then basically led that we can report cash and cash equivalents for the full year of 12.9 billion rand. From a growth and maintaining capex point of view, our capital expenditure as a percentage of sales dropped from 3.2% to 2.5%.

I did mention the timing differences that we had relating to the S/4HANA project, and that was one of the main drivers of why we spent less capex than we initially communicated to the market during our H1 results. From a growth capex point of view, we spent the majority of our capex is in terms of our investment relating to our store expansion program, as well as the upgrades especially within our Checkers footprint.

There we spent around 4.2 billion rand. Then we kept on investing in terms of and improving our digital capabilities where we spent an additional 1.2 billion rand during the year.

Our continued investment in key growth drivers is supporting our improvements in both our trading margin and our ROIC, while the structures in place to prioritize this capital proved to be very effective during the year. I think also importantly to mention is that the majority of our capex spend was within our RSA segment.

Inventory increased by 6.6% to 31.7 billion rand for the year. Majority of that growth in inventory occurred within our Supermarkets RSA business.

What is very pleasing is our inventory-to-sales ratio, where we saw improvement from 2025 where we were sitting at 11.8% to a 11.7% in 2026. Also from the graph below, you can see that our inventory-to-sales has now really settled.

I think what makes it very compelling is the fact that we've added additional distribution space, especially in the 2025 financial year, and with that additional space, we could still maintain our inventory-to-sales ratios. From a Supermarkets Non-RSA point of view, our stock levels remained in line with the prior year, and then we also saw a slight improvement in terms of our other segments.

In summary, before we look at our 2027 guidance, the group has a very clear vision on how we measure our affordability of capital that we invest back into the business and the returns we need to achieve. We've invested 34.8 billion rand over the last 5 years back into the business, strengthening our supply chain, our store footprint, as well as the scale that the group can now operate in terms of our digital ecosystem.

What makes it actually more compelling is that the investment was funded through cash generation by the business with our borrowings-to-equity ratio being at a 7-year low of 19.8%. We estimate that the continued investment for us to continue growth within the business, as well as to maintain the required maintenance on our IT infrastructure and aging store portfolio will be less than the 3% to 3% to revenue ratio.

Adjusted ROIC of 19.8% is now also our best performance in the last decade, where we also saw that gap widening to 8.3% compared to our WACC rate. We have, however, seen a reduction in our WACC rate on the back of lower interest rates within the environment.

We are proud that we could deliver 19.7 billion rand of cash returns back to our shareholders during the last 5 years. We've again looked at our dividend policy, and we are very happy with having a 1.75 times diluted headline earnings per share policy, which drives a 57% payout ratio if we compare that to profits after tax.

I think then, lastly, if we look at guidance in terms of the 2027 financial year, first, very importantly, is that we have a 53rd week that we will report on for the 2027 financial year. Now, if I purely compare that to what we reported during our 2021 financial year, and that was the last time that we actually had a 53rd week, that last week added around 331 million rand of additional trading profit.

That's just a data or a reference point for you when you have to model that 53rd week. From a sales point of view, I've mentioned the confirmed new store openings.

There's always new opportunities that come along during the year, so that 6% increase in space is definitely something that we will target. Then from a financial indicator point of view, if we can maintain our 6% trading margin, that is currently our target again for the 2027 financial year.

Then cost growth will always remain top of mind. We will look again at how we do our store expansion, the continued investment within supply chain, and then also now the introduction of the SAP S/4HANA project that will kick-start or kick off during the 2027 financial year.

We have seen a quite a big reduction in our effective tax rate during the last few years, and I think we may are getting much closer to, if we look at the predominance of the profitability within the South African business where we have and within South Africa where we have an effective tax rate of 27%, we're getting now much closer in terms of how we think around our tax rate. That's why I think we can again say that our effective tax rate for the year will be between 26% and 26.5%.

Inventory levels, we will maintain that 11.7% is our target. Then from a capital allocation point of view, spoke about the dividend cover.

We also received a new mandate from the board in terms of how we think and how we look at share buybacks, and that, again, will be valid for the next 5 years. Then in closing, from a capital and capex spend point of view, we estimate to spend around 7.7 billion rand for the 2027 financial year, which is below the 3% capex-to-sales ratio.

Pieter, that then concludes my part of the financial results presentation, and I will now hand over to you to take us through our strategy in terms of what we working on for 2027. Thank you very much.

Thank you, Anton. I think that was a really good unpack of the detail that's in the numbers.

I'll take you now a little bit onto the operational review. I really think what we've been talking about, the smarter Shoprite that we have and consistently are trying to improve have allowed us to have a very resilient performance in this year despite the low price inflation.

A standout definitely is the increase in the gross margin, 20 bps to 24.5%. The group trading margin ended at 6%, which, Anton also referred to, is what we have guided, what we would like to achieve.

Very pleased that we could achieve it this year. Our customer value leadership, the digital innovation that we're doing, it continued to set the standard in terms of customer-first retailing.

Most critical probably of these numbers in holistically is the volume growth of 5.6%. I almost say this, I think, every time is that we need to grow volume for our partners and our suppliers or, I call them, brand managers because, in a low-inflation environment, what else do they have to offset the increase in costs if there is no volume growth?

Very pleased that Shoprite could grow volume by 5.6%, selling 9.3 billion items. That would be then more than one item for every person on earth what we have sold in the past year.

Keep in mind that when you're in a deflation environment, the selling prices itself is also much lower. Therefore, you have to grow the volume in order to grow your total sales because the item pricing is now much lower.

For a value retailer to report a 24.5% gross margin and a 6% trading margin is really a very good result. As you can see on the right-hand side on those bar graphs, you will see that both gross profit and trading profit have grown higher than what sales have grown.

That plays to the efficiencies on the one hand and on the other hand, the blending management of the gross margin. If we go to Supermarkets RSA, South Africa, 7.1% sales growth, continued to outgrow the peers, rest of market, as we also say.

The additional customer visits I just mentioned, the volume growth of 5.6% plus customer growth of 5.3%, that is where the overall growth came from, not from price increases. If I take you to the right-hand side on the bar graph, you will notice that the outperform of the Shoprite group to rest of market actually increased over the last years, ending this year on growing 3.5 times the rest of market.

I think testimony of the excellence of execution, the previous investments we made, the tools we have to make better decisions, that is why we are continually outperforming rest of market. Checkers growth was really fueled by gains in fresh and the growth in Sixty60, which we spoke about at 34.5%.

LiquorShop grew at 12.1%, now a business of 21 billion. We're now at the 1,000 store mark, continue to open.

I know you can't open half a store, but 1.5 stores a week, and we still see some good growth in there. The adjacent businesses, we spoke about, good growth at 57%.

I'm not going to repeat that. Just say again, I know it's a second time, but the RSA Supermarket trading margin of an excellent 6.6%.

On this one, if I go straight to the graph on the left, that tells the story of how we have managed this lower inflation. As you can see, the internal inflation of Shoprite has consistently been lower than the official food inflation from Stats SA.

The 0.8% is the average of all the brands, and you can see Checkers had a slight inflation of 2%, Hypers 1.2%, and then we go into the negatives. Shoprite negative, Usave negative minus 0.6%.

Interesting, and if one quantifies, what does it mean? 11,500 products prices was lower this year than last year.

It's not true that prices doesn't come down. They do.

It's also telling us a little bit of what is happening in the what I like to refer to as the price-sensitive section of the market. We have more visits, but people are actually finding it hard to buy more items, but yet this year we've managed to get both of that right.

I have mentioned the earlier made reference to the frequency of customers visits, the loyalty, and then the data that we give clearly gives us an advantage. With it the excellence of execution give us efficiency at scale.

Here one has to look at the fact that Shoprite is a corporate model, and therefore, the execution is much faster and consistent. Our supply chain, I have mentioned.

We have made investments in there. We are servicing now inland as well.

We've seen an increase of shelf availability in there that supports customer loyalty because they get what they're looking for, better in-stock for promotions. If you then look at the Extra Savings instant cash discount program, the discounts for the year amounts to 18.3 billion.

You will remember, we added 18.1 billion in sales. We basically have given more savings than what we added sales.

That's good for customers. If one look at the participation of promotions now at the highest of 38.5% up over 2%, it tells us a little bit about the state of the consumer and that people are much more promotion-driven.

South Africa is the country with the highest promotional contribution in food retail. On that, as I mentioned right in the beginning, we didn't have the luxury of just increasing prices.

It was good for us that customers still voted us, our brands, as the number one in providing value. The achievement of a 26.1% gross profit margin in South African supermarket business is really a great achievement.

If I add July to the market share gains, then we now at the end of 89 consecutive months of market share gain. I think a great result for continued performance at scale.

If we talk about brand Shoprite, the supermarket brand Shoprite, Shoprite lowered prices for customers, gained customers, and therefore, sustained some sales growth. Also ahead of market, sales increased by 4.3% to 121 billion.

Here again, I'm going to stop at that number, 121 billion food retailer means that Shoprite brand is now, by far, the largest retailer in South Africa, adding 5 billion despite the overall price deflation. Now here, I would like to take you down to the bottom of the screen, and just look at those numbers.

30%, 25% deflation in those categories. What makes this significant is the fact that, in those categories amongst other that was in deflation, Shoprite over-index, which means the effect on the sales line is exacerbated compared to rest of market.

Still, Shoprite managed to grow in customer visits and in volume. I've mentioned the R5 bread in our responsibility, but it's not only that.

It's R5 meals, it's R5 toiletries, and we sticking to our promise of low prices. If one takes those items that were in deflation and you make a basic calculation and you just take the deflation part out, that would have added another 1.7 billion to total sales.

I know it's not scientific, but it just gives one a feeling for what the effect was of all of these prices that were now lower than last year. I did mention we continue to expand.

What is interesting is that there was a bit of a customer pattern change, sales pattern change, in that we saw in quarter four increased visits to Usave, where people shop closer to home, saving transport costs, just an illustration of that combined with the increase in promotional spend that the people are turning their cents over and looking for good prices. At the end of June, Sixty60 was in 99 Shoprite stores.

It's not going to grow the same speed as what it grew in Checkers, but we clearly have been able to illustrate that there is a need for that service also in the price-conscious market. We will be expanding on it, and I am very pleased to report that it is profitable.

If we move from Shoprite to Checkers supermarket brand, this year surpassed 100 billion in sales. As we say to an extent, it's redefining convenience and innovation.

Sales increased double digits by 10% to 105 billion, adding 9.5 billion in sales. Very strong customer momentum.

It's really what a retailer is looking for, that customers vote with their wallet, adding 534,000 additional visits a week. Checkers, fastest growing in the premium food, outgrowing the rest of market five times.

Really, really excellent performance from the Checkers brand. We have this ongoing relationship with Jamie Oliver playing in with what I mentioned earlier about the growth in fresh food.

Now we know he's globally known for healthy eating and delivering everyday solutions for problems like what's for dinner. We also have a partnership with our local Jan Hendrik van der Westhuizen, South Africa's Michelin star chef, and together with Simple Truth that actually promotes healthy living and healthy eating.

Sixty60 is definitely assisting in creating or driving additional share of wallet. In today's world, really redefining and delivering on that convenience component that people are looking for.

If we talk about Sixty60, it has now become South Africa's largest digital commerce platform. The total Sixty60 sales increased by 34.7% to 25.5 billion.

That equates to 11.1% of Supermarkets RSA sales. It is definitely the number-one grocery delivery app in South Africa, live now in 997 stores nationwide, added 303 in the past 12 months.

Strong order volumes, still good growth. That's the 34% I'm talking about.

As I said earlier, percentages can be deceiving. It looks like it's slowing down, but if you look at the monetary value, you will see it added 6.6 billion in this year, although the percentage growth is less than the previous year because of the base that is so much larger.

Very good to say, again, that we could through this platform add 20 almost 20,000 job opportunities since inception of it. Then what's very good to report is this scale growth has assisted us in improving the profitability by order.

I will unpack also now the fact that we can do a combination of different deliveries and therefore, further assist the profitability of the service. Supermarkets Non-RSA, improved performance this year, 11% sales growth, more stable environment in terms of exchange rate and hyperinflation.

The biggest benefit of the year was in Zambia as they improved there the electricity supply and reinstated that, and we saved on the diesel costs. I think where we are today, the base of countries that's in this segment is where we will stabilize.

There is maybe a question around the affordability in Mozambique, but for the rest, that is the core countries that we are in and will remain. The profit guidance is as we've given you before.

On the other segments, looks a little bit subdued, mostly as a result of franchise where a fairly large franchisee, for his own financial reasons, have left the brand. That had the impact so that they only grew 0.6%, and that resulted in a negative 5.4% trading profit.

Medirite, very good growth, especially if we look at the new Medirite Plus stores. Although it's a small base, and here I'm going to call percentage, 67% sales growth, but what it shows to us is there is acceptance for it and there is a gap in the market for that Medirite Plus offering.

Transpharm sales are by 7.8%, but one must look at that in relation to the Single Exit Price increase that was only 1.47%. Most of that 7.8% growth comes from new customers, additional customers.

We have moved to a state-of-the-art distribution center in Midrand from Pretoria, and the efficiencies is much better than when we operated out of different facilities. We have now a single facility, and that's really much more efficient.

Just some update on the strategy and where we are. This slide you know very well, and very little on these nine drivers have changed over the last decade.

We set priorities for the long term. I have said before, we don't do knee-jerk.

We stick to our strategy, and when we plan, it has to fit into this little trolleys we've got it here. If we just look at the Checkers brand, that was a very specific decision 10 years ago to absolutely separate the Shoprite retail brand with the Checkers retail brand.

It didn't come without risk. There were costs that had to be duplicated, et cetera.

If one looks at that graph the last 10 years up to the 105 billion in sales where we are now, that is just short of a 12% compounded growth per year given all the things we've been through and COVID and unrest and deflation and. In hindsight, I think we made the right decision, and now we're sitting with this natural hedge between the two brands.

Go better with the one, then the other one covers, and vice versa. We've upgraded now in the state 194 of the stores into FreshX stores, which are determined by the areas where they are, and mostly the areas where we've been underrepresented, and they are delivering very good results for us.

I've spoken about the market share gains in fresh, almost a billion. We've added to our own private labels premium food 644 additional lines during the year.

You will see that button there on the top of the screen is Checkers is the number-one brand in South Africa, not retail brand, brand. I couldn't find another retailer globally that a retail brand is the number-one brand.

Maybe they are, but it's still for us a accolade of what was done over the last decade. One has to say something about AI.

For the smarter Shoprite, we definitely have embraced it, probably more so from the beginning of this calendar year. We on any day have about 12,000 users that uses this extensively.

It's also embedded across the business. If one had to just say in the workforce, people, how are they using it?

One example would be the OneShoprite where the tasks at store are determined by exception. One then has record that the job is done, and all the time, as we know, AI gets cleverer and cleverer.

We don't want to fix what's not wrong, and that's where this helps us. In the middle there, the core retail, the large amount of customer data that we have, it needs something strong to make sense of that in a category management in a pricing decision, and that's where we've deployed that.

Then the one that you would probably had some contact with is Pixie on Sixty60, very clever and will just get more clever. Got a little video just to quickly show how it works.

In 2019, Sixty60 had a simple vision: to create an app where customers can shop in 60 seconds and get groceries delivered anywhere in the country in just 60 minutes. Today, Sixty60 is a multi-category platform offering effortless same-day delivery of more than 50,000 products.

Sixty60 is more than just an app, and we are shifting our focus to the first 60 in Sixty60's name: shopping in less than 60 seconds. In 2026, we launched Pixie, the first AI-powered shopping assistant in South Africa, marking the dawn of agentic commerce on Sixty60, built entirely in-house by ShopriteX.

Pixie's first superpower was Smart Basket, described as Tinder for groceries and based on years of Extra Savings data. It surfaces only relevant product recommendations, making it easier to find and reorder the things customers buy regularly with a simple swipe.

98% of Extra Savings Plus customers have used Pixie, who in the first 90 days added more than 4 million products to their baskets. The latest upgrade is taking Pixie to the next level.

Pixie Smart Chat allows customers to shop with natural conversation using text, voice, and images. Whether you're looking for dinner inspiration, need to find a product from a photo, or want to repeat a previous shop, Pixie can do the work for you and add everything straight to your basket.

The more Pixie is used, the more helpful it becomes, learning what you like, resulting in personalized recommendations based on your shopping habits, making it easier to keep your pantry stocked with the products you love and need most. Pixie on Sixty60 is becoming the operating system for South African households.

It's shopping magically simplified.

We like to think of ourselves as the everyday store. Because of the frequency that customers interact with us, we can see very quickly when there's a change in category buying, item substitution, and then we can react to that.

Digital allows speed in doing so. Currently there's over 50,000 products available on the app, convenience within 60 minutes, there's 1,000 stores.

I have said this before, at some point, one look at the real estate and if we call all stores roughly 4,000 stores, and one thought at some point, can this become your Achilles' heel? The opposite.

It's become our advantage because we pick from store. Now where do we go next?

That's where all the adjacent businesses also come into play is we now, and most of our adjacent business is very in close proximity to the supermarket where the grocery picking happens. That we can give you multiple orders from different brands and product sets in one delivery and one payment.

I think there lies a big advantage, also with the fact that we are a corporate, and therefore, we're on a single platform, and for us to add and improve on this, it's just so much easier if it weren't a single platform. It almost creates a flywheel effect.

It drives engagement, the high frequency I spoke about. Now we get the eyeballs, as they speak in digital language, more often.

It gives us the opportunity to market product. People can see the pricing.

That's why, with our general merchandise, we've seen a huge uptake. I think people have forgotten what a fantastic offer the hypermarkets have and the pricing that they have, the brands that they have.

Because of the frequency of interaction, we are able to show that to people. Another example of the single platform, the logistics, and how we improve the unit economics because of the scale and the combination of all the businesses in a single order, as an example, would be few people know that you can start a transaction on the web and then complete it on the app later on.

All of these enhancements, we are able to develop, release because we're on a single platform. Just to illustrate further what I was just explaining, probably in a more graphic way, Shoprite, we've spoken about, you see the graph there of the increase in orders and the growth of it, just supporting what I said that there is also a need for that service in that market.

Pet has become a very big category, estimated to be worth about in South Africa 14 billion by 2030. We'll, by the end of the calendar year, we will have about 200 stores.

They are really performing well. There's is quite an increase of the number of people that owns pets these days.

Then we have the pharma on the other hand, not only your vitamins, but your script. Once again, stand back one step and say, "Okay, I can do all of this in one and get one delivery, do one payment."

Now we've now added the value-added services that's now like airtime, bill payments will come, and and buying your Computicket or your airline ticket, all of those, all again in one platform where you frequent often. The simplicity because you understand it is a familiar environment, you know exactly what to do, you've got AI helping you, you can now talk to it, you can take a picture of your shopping list and it will shop it for you, you can give it your grandmother's recipe and it will order you the ingredients, and then I mentioned general merchandise, growth of 66%.

People have really started to realize that we have very good offering there. Outdoor is there.

Amazing the product range that brand offers, and all of that, once again, you need something quickly, and an hour later, it's at your door. The supply chain needs a special mention again.

We've expanded in the last 3 years, and in the last year, we have decided to also support our stores inland. We've seen a very significant improvement on the on-shelf availability, the promotional in-stocks, and that is currently supporting that those regions are showing even accelerated market share gains because of that when we went from direct to store to our own supply chain deliveries.

The fact that we are managing it ourselves, there are many levers to pull here to bring the cost of serving down. That's why, when the fuel price went all over, we could calculate it down to what the effect would be by item.

Then we could make decisions around that. This is another illustration of how powerful the data is.

We've shown you this before, but it's got a little bit more content around it now because of the developments that's happened in digital in particular. Just to remind you, this journey started if we look at the core retail capabilities right at the bottom.

That was now back in 1997 when we layered the platform, and then we had the ability to start building on that. Then it was the supply chain, we spoke about that just now.

Then it was the real estate. How do we improve, use our real estate to get a bigger share of wallet?

Then the adjacent businesses followed, and now they are being added to the digital platform, making it more convenient. We're still the value proposition, and then on top of that lies the integrated customer data layer that we gain mostly, not only, but mostly from the Extra Savings.

The repeat use thereof gives us the most recent or current up-to-date data of what is trending with customers. Then on top of that is now the digital layer, the platform that covers the entire business.

The more we get that right, the better we get at it, the more profitable the digital will become. This is 100% replicable, but it takes money and it takes time.

Currently, I believe, Shoprite have taken the advantage of time here, running fast, thinking back in the COVID days when we really started to accelerate in here. This is where we are now in this journey, and we believe that there's a lot more that we can extract, value that we can extract from this platform that has been built.

On that note, I really want to thank you for your time. We do appreciate it.

We don't take it for granted. Then we will now go over to questions.

While you're getting your questions ready, we'll just give you an update of where we currently are with some transactions that we've concluded post the year-end. Thank you.

I hope you had a quick leg stretch just to give you a bit of information. We always get asked about some M&A updates or are we interested in looking at doing some acquisitions.

We've done two small ones. It's about 1 billion rand.

Vida e Caffe. The rationale for it is very simply as we currently have multiple coffee brands in our stable.

We have a partnership with Starbucks. Our franchise division also has a coffee brand, and it just made sense for us to consolidate that.

Vida is the largest chain coffee chain in South Africa, and we felt it time to consolidate. Plus secondly, give our franchisees an alternative to also grow their business.

Vida will reside in the franchise segment. Then the RNA Cellular, it's more part of our intended growth in the financial services space, of which cell phones have become crucial.

It's become centered to being able to transact also financially. We're looking forward to that.

It's already established market. It's not that big, but there are a couple of thousands terminals out there, also for us an opportunity to get into the let's call it less formal market where people can convert cash transactions onto a terminal and also sell value-added services.

Then if we just quickly jump to the outlook. I think the biggest question on everybody's mind is where's the inflation going to go.

Now we last time said that we expected inflation to go up to around 5% with the increase in fuel, and that didn't happen. We went the other way.

Last week, you all have read that food inflation in South Africa is now the lowest in the last 16 years. Our expectation is that it will stay low at least for this calendar year till the end of December.

With the strengthening of the rand on the other hand, I actually thought we're going to not have a fuel price increase, and now tomorrow, we are going to have one. Obviously, for us, fuel, because of our supply chain, has a direct effect on costs.

We managed to manage it very well in the previous financial year. We will do as best as we can obviously in this year coming.

Fortunately, we have the tools. I have mentioned that during the presentation also is that because we have line item profitability, because we have real-time view on exactly where the stock is.

There are also good things that happen. The shipping rates have come down quite a bit.

One might have expected the opposite with a whole Hormuz and Iran story, but we actually got better pricing on on the shipping costs. There's is going to be a balance for us to to again manage that gross profit margin.

It's a blended exercise. Some items are obviously more sensitive, price-sensitive, and some less, it's a balancing act.

We have the artificial intelligence embedded in our replenishment systems, et cetera. All I can say, Anton, is that we will do our best to manage it as well as we did in last year.

For sure.

Okay. That.

I think we've mentioned the 53rd week as well.

We must maybe just repeat the fact that remember that the 2027 financial year is 53 weeks. That

Impact there.

You've gone through that so far, it mean,

yeah. We can talk more later on that.

I think, Pieter, yeah, we've consolidated quite a few of the questions. I think if we start maybe with Sixty60.

I think there's quite a few questions around what is driving the sales growth within Sixty60. Then, I think maybe when you talk about the Sixty60 offering, obviously, we've had a slide around what the offering and the growth within the offering.

Maybe just touch on the pharma as well and how you see that play out.

Okay. The growth for me speaks to the excellence of execution.

If you want to have that which is optimum convenience to have your goods delivered within 1 hour, but it's no good if I order 10 items and you bring me five. I think the overall execution, the high level of pick rate, the consistency in the speed of delivery, that is driving the service.

I've tested it all. For me, there's no question that Sixty60 is the best online platform.

It's reliable. That is just purely driving almost logically driving the behavior from customers because they have a great experience.

Yeah. Then

if you ask me, I did say something about it is the fact that we still have this opportunity to add all of the other parts of our business and combine that with your food delivery, Mm. which means it's a single check-out, it's a single delivery, but it's actually from four or five different businesses.

Yeah.

That, for me, is probably the top level of convenience that you can ask for. That's what's driving it.

I think maybe also there were some questions around like-for-like. You always talk about obviously the and that's why we also invest in our stores and the store footprint growth and the additional space growth that we do every year.

Maybe also touch on how we think around our like-for-like sales growth. There was quite a few questions around that as well.

Yeah. For me, that has become an archaic way of looking at retail.

In the old days, we looked at like-for-like, and if you didn't have like-for-like sales, and you say, "Oh, is there something structurally not correct in the business?" Mm.

Remember, we don't talk about bricks-and-mortar and digital separately. It's omnichannel, and we have to look at it collectively.

It's almost not possible to really determine what is the like-for-like because we move the polygons. Because I think somebody asked about how do we manage the volume and the number of orders per store.

That is what we then do. The store may have, let's say, an area this year, but then we open a store closer by, and then we take some of the volume there.

Immediately, there is no like-for-like calculation anymore. I think people must just accept that that is how we now look at this.

The world has changed. We talk omnichannels.

It's digital, it's bricks-and-mortar. The one can't be without the other because we pick from store.

I think that also drives the whole notion around cannibalization and trading densities as well. We always talk about sweating the asset a bit more.

I've said this before. Maybe I must repeat it to say when we started out with a digital, we also had fulfillment centers.

Yeah.

Then very quickly realized that this is not going to work, not in South Africa. Distances are too long and or too far.

What we thought may be our Achilles' heel is our big store footprint

Yeah.

became our strength. When we then decided to start picking from store, all of a sudden, with this real estate, you were round about in 90% of your addressable market within 5 km.

That's Yeah, I think that's where the success of it lies. The footprint has actually provided that opportunity.

Now I've heard that also some people say, "Oh, but we cannibalizing on our cell phones." No, it's not so.

Here and there, sometimes we do, but that's for a reason. It's by design.

In general, our trading density has increased. That, for me, defies that argument that we cannibalizing Yeah.

negatively or affecting the return. If you then refer back to your ROIC,

ROIC, yeah. then

that argument, for me, doesn't hold.

The trading margin within the RSA Supermarkets, yeah. I think those two are the data points, yeah.

Obviously, if we look at gross margin, I think there was comments around strengthening of gross margin percentage in the second half. You did unpack it in quite a lot of detail, what's driving that.

Maybe, if you want to add one or two more comments, there were quite a few questions in the beginning of the presentation, but maybe just to wrap it up.

Okay. Maybe just repeat what you have said is that we have noticed that after a period of deflation, there's a tendency to increase gross margin when you're starting to go up into a inflationary environment, and vice versa.

Yeah.

That is the one, probably the main reason. The second one is obviously, I've used the word obvious now a few times, is the tools and the data that we've got.

The richness of the data in this business is incredible. Because we have got line item profitability, real-time view of stock, that's why we can also manage the margins better.

I will have to repeat the price optimization tool that helps us in terms of promotions while we are in such a high promotion participation

Yeah.

period. That's what's driving the management of the gross margin.

I'm going to add just the fact, again, that we have these two brands, Mm. the Shoprite brand, retail brand, and the Checkers retail brand.

Checkers, because of their customer, runs at a higher gross margin,

and then

it's a blend of the two. If you look at it now, the largest food retailer in South Africa is Shoprite.

Yeah.

The second-largest is Checkers.

Yeah.

Then the rest follow.

Yeah. No, thanks for that.

If we maybe just turn to expenses, you did mention during the last presentation that we currently, again, in wage negotiations with the bargaining unit. Maybe just give us a sense of the outcome of what you achieved within that.

We have managed to get to a 2-year arrangement, single digits. In that, I also want to say that this year that the management of Shoprite also had to pull in the belt and got a 4% increase.

We're very happy that also our bargaining unit Yeah. understood in what position we currently is,

Yeah. and

what cost pressures there currently are. Everybody feels the cost of living increases.

You've

spoken about electricity and that. I remember when I started here, electricity, water, and rates and taxes was less than 1% of

sales.

Of sales. You mentioned it's now over 3% or 2%.

Yeah, 2.3%.

2.3%. I think everybody collectively have, can I say, pulled their weight.

What we mustn't forget also is that Shoprite also has this Employee Trust.

Yeah.

We can't just look at absolute increase. Twice a year, our staff also gets a distribution

Yeah.

of call it a dividend.

Yeah. 100%.

I'm unfortunately not going to let you off the hook. You will have to talk about AI, there is a question around how do you see the impact of AI.

We obviously targeting our expense ratio to remain or even improve if we look at that 20% cost to income ratio. How do you think around AI, and can it help to improve that ratio, or are we going to see improvement in certain areas, but then we see additional costs coming through again?

There's two things that I think I want to answer you by way of example is the one is, I think people have heard this before, but AI is not going to take your job, but the person that knows how to use it is going to take your job.

Yeah.

We need to use it. We have many examples of how it's already have made us more efficient, effective, faster, getting to an answer, getting enough information together to be able to make a decision.

I think from here on, and we've embraced it already. As I chair the AI

Yeah.

steering committee. The one thing that we must just guard against is to do AI for AI's sake.

Mm. First, you must know what are you trying to solve.

Yeah.

Otherwise, you will be spending yourself or get yourself in a point where you can't return anymore. Your costs is going to be so high that actually your cost to serve your customer in store then

becomes No, it

becomes— unaffordable.

You're

sitting with all this information and very expensive people that understand and very clever, but now we don't have enough cashiers, for example.

Yeah.

It's a balance. That's why it has to be managed very carefully.

That we're going to use it and embrace it for sure.

For sure. Two more questions, and then we can finish.

I think the question is also around the Non-RSA performance. Every year, we again saw improvement in terms of our profitability, but we now saw again in terms of what happened in Mozambique.

Maybe just share with us your thoughts around where we're going with the Rest of Africa.

I think what we have now remaining is our base. It is most countries barring one that borders South Africa.

They're self-sufficient in terms of capital. Mm.

I think that we've been very conservative in the last 3 or 4 years, and that probably to the latter part of this year, we will spend a little bit of capital, make sure that the real estate is in good nick. The one that you have mentioned is the question mark is it's slow going in Mozambique.

Yeah.

By this time, I really thought that the gas would have been pumping now and the refinery is still not working. I don't see anything else that can save Mozambique unless they get that refinery running,

and

they've now extended that. It was going to run this year, '26.

It's now extended to 2029. I see Total have renegotiated with government.

We'll be watching it.

We're watching. Last question, maybe just for the market, an update in terms of where we are with the furniture transaction.

Another, our second bite at the cherry, waiting for the bus. We're still waiting.

We're now close to 2 years. For me, it was a very simple transaction, and as holistically in the Shoprite environment, it's actually fairly small

Yeah.

if you look at the asset value of it.

Yeah. Yes,

we had to now, for the second time, extend the long date. As it's slow going with the Competition Commission.

I can't give you guidance on when. If I have to estimate, I would say I hope that, by March of next year,

That is— we'll

get it over the line. That's probably the best guess I can make.

Best guess, yeah.

It is extremely frustrating because you can understand, we're not going to give Pep a run-down business. We still have to maintain and make sure the real estate is good, the stock is there, the staff is looked after, because it's not Shoprite style to hand or, even though we sold it, to give them a broken business.

So

Yeah.

it still takes a lot of effort, but we're not making progress.

Yeah.

Yeah.

I think then, just lastly around buybacks, there was a question around why we didn't trigger buybacks within the second half. I think, in terms of volatility, that's obviously the first thing.

We have to protect our balance sheet in terms of our cash flows, and we saw the benefit of those cash flows that we saw within our interest expense. We also need to consider the whole time the high interest rate environment.

I think when we see that there's a bigger gap between the share price as well as the intrinsic value of the share, that is where we will trigger a buyback. The mandate that we did get from the board was a billion rand per year for the next 5 years, again.

The size of the program, the new program, again, it will be 5 billion. Pieter, that is basically all the questions we've had.

Okay. Thanks, Anton.

Again, a great thank you to all of you that have joined us. We don't take your time for granted.

We appreciate the interest you take in our business. Also want to end by saying, believe me, every day, it's day one, and we try our best.

This year will be no different. Thank you very much, and have a very good day.

Thank you.