Diluted headline earnings per share increased by 14.5% to 197.15 cents and the interim dividend was increased by 13.2% to 120 cents per share.

Growth was supported by the ongoing expansion of the group’s local and international restaurant base, with a net 29 new restaurants opened in the half year, bringing the total restaurant network to 753 outlets across 14 countries.

Total franchise restaurant sales grew by 8.0% to R6.4 billion and the competitive trading performance resulted in continued strong growth in group revenue and profitability.

Group revenue increased by 8.5% to R2.2 billion, driven by revenue growth of 7.5% in the South African franchise segment, 15.8% in the international segment and a strong increase of 11.5% in the manufacturing and distribution division.

Group profit before tax increased by 13.0% to R245 million. The South African operations grew by 11.4% to R227 million and the international business by 37.3% to R17 million.

Cash generated from operations increased by 21.1% to R218 million, with cash and cash equivalents of R455 million at December 2025.

Group CEO Val Nichas said Spur Corporation’s proven capability in casual dining hospitality remains its strategic competitive advantage as competition for market share intensifies in the casual dining restaurant sector.

The iconic Spur brand increased restaurant sales by 7.2%, comprising 64% of total South African sales. Panarottis produced a stellar performance, increasing restaurant sales by 17.4% and achieving double digit like-on-like growth of 12.1%. The speciality brand portfolio grew restaurant sales by 9.1% and contributed 12% of local sales. Hussar Grill and Doppio Zero are the key brands in this portfolio, representing 63 of the 86 speciality restaurants.

International franchised restaurant sales increased by 14.0%. Mauritius represents 22% of the group’s international restaurant sales with Spur leading the brand sales contribution at 39%, followed by Panarottis at 36% and RocoMamas at 25%.

Nichas said trading conditions in the weak macroeconomic environment were compounded by increased competitor promotional activity in the battle for market share in the meal solution category. Trading was further impacted by supply chain disruptions due to the outbreak of foot and mouth disease which affected the beef livestock industry, resulting in supply shortages and significantly higher beef prices.

“Despite sustained pressure on disposable income, year-on-year customer numbers increased slightly across the group. Encouragingly, the average spend per head grew ahead of menu price inflation over the six-month period,” she said.

The group opened 29 restaurants in South Africa during the period, which included seven Spur, seven Panarottis, five RocoMamas and four Doppio Zero outlets. Eight restaurants were closed, bringing the local restaurant footprint to 640. “These 29 new restaurants have created an estimated 660 new jobs and 67 new franchised partnerships, including 20 black and 17 female franchisees,” she said.

Nichas said franchise partners continued to demonstrate their commitment by investing approximately R173 million to build new and revamp existing local restaurants.

Nine new restaurants were opened in the rest of Africa, increasing the international store network to 113. The Spur brand was reintroduced into Lesotho with the opening of a new restaurant in Maseru in September 2025. One store in Zambia was closed.

The group’s seven virtual kitchen (VK) brands are now available from 422 restaurants and have consistently maintained their share of the online ordering channel. Pizza Pug, Ribshack RocoFellas and Just Wingz remain the top performing brands.

Nichas said the transformation of the Spur brand is delivering a revitalised dining experience for customers while generating heightened interest among franchisees.

Currently 79 Spur outlets, including seven outside South Africa, have been rebranded to the new design concept. A second Spur Drive-thru was opened in Midrand, Johannesburg earlier this month, further expanding the brand’s convenience offering.

Refreshed brand identities and restaurant designs have been introduced across several brands. The Panarottis repositioning continues to gain momentum, with the refreshed store design now implemented across 70% of the network. In Hussar Grill, an enhanced design has been introduced in the newly opened stores in Mossel Bay and Hillcrest as well as in the renovation of a company-owned restaurant in Cape Town.

Doppio Zero is also developing a portfolio of bespoke restaurant formats. A new format, Doppio Caffe, has opened in the Protea Hotel Sea Point and at Mediclinic Sandton, while a new Doppio Bistro format will open shortly in Johannesburg.

As part of the group’s speciality portfolio rationalisation strategy, the Nikos brand has been sold to the founding family with effect from 1 March 2026.

Commenting on the trading outlook for the remainder of the financial year, Nichas said that while South Africa’s economic growth is forecast to accelerate in the year ahead, this is unlikely to translate into improved trading conditions in the short-term owing to the current sustained pressure on consumer spending.

“However, we are optimistic about the group’s medium-term prospects despite the volatile trading conditions. Our portfolio of well-established, distinctive restaurant brands, together with our VK brands, positions us to grow market share across categories, regions and countries.”

“We have identified a strong runway for expansion and believe that our brands are far from reaching saturation in South Africa or beyond. We are focusing on expanding our presence in current markets while entering further African countries over time,” said Nichas.

The group continues to secure high quality trading sites and plans to open 42 new restaurants in South Africa and 14 internationally for the 2026 financial year.

Ends

Issued by Tier 1 Investor Relations on behalf of Spur Corporation

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