In 2024, we implemented a refreshed strategy aimed at driving sustainable revenue growth and margin expansion, optimising operations, and executing a disciplined capital allocation approach. A catalyst for the performance to date has been the implementation of our federated operating model, enabling sharper strategic focus across five business units, and aligning our structure to consumer-centricity.

The operating model supports the ongoing optimisation of our portfolio, including select brand and category disposals, to ensure we operate in categories within which we have a competitive edge and right-to-win. The disposal of non-core categories remains an imperative to enable the required focus and ensure capital is deployed into the core business with anticipated returns in line with the our capital allocation framework.

In FY25 we delivered strong earnings growth and continued cash generation, demonstrating disciplined operational excellence against a backdrop of constrained consumer spending. Despite food and non-alcoholic beverages inflation moderating to 4.5% in September 2025, consumers remain under pressure and value-seeking, as the rise of other essential costs impacts disposable income.

To address this, our strategy is underpinned by a focus on providing value for consumers, with management executing continuous improvement (CI) and strategic pricing initiatives in FY25, which resulted in increased affordability of the company’s products. CI initiatives include value engineering, logistics optimisation and factory efficiencies. Overall revenue improved by 2.7% to R34.4 billion compared to prior year, driven by 3.5% volume growth and price deflation of 0.8%.