SPUR CORPORATION LIMITED

(Incorporated in the Republic of South Africa)

(Registration number 1998/000828/06)

Share Code: SUR

ISIN: ZAE000022653

(Spur Corporation, the company or the group)



SHORT-FORM ANNOUNCEMENT

CONDENSED CONSOLIDATED UNAUDITED GROUP INTERIM RESULTS FOR THE SIX MONTHS
ENDED 31 DECEMBER 2025, PAYMENT OF CASH DIVIDEND AND APPOINTMENT OF
EXECUTIVE DIRECTOR



KEY FEATURES*

Franchised restaurant turnovers up 8.0% to R6.4 billion

Revenue up 8.5% to R2.2 billion

Profit before income tax up 13.0% to R244.7 million

Earnings per share up 13.9% to 203.61 cents

Diluted earnings per share up 14.8% to 198.16 cents

Headline earnings per share up 13.6% to 202.57 cents

Diluted headline earnings per share up 14.5% to 197.15 cents

Interim dividend per share increased by 13.2% to 120 cents

Cash generated from operations increased by 21.1% to R217.5 million
*Compared to H1 F2025.



TRADING PERFORMANCE

The group traded through 753 restaurants in 14 countries at the end of December 2025 (June
2025: 724).

The sector has operated against a backdrop of geopolitical volatility, economic pressure and
ongoing supply chain disruption. These challenging conditions were compounded by heightened
competitor and retail activity as participants across the market intensified efforts to capture
share in the meal-solution category. Consumers remain highly price-conscious due to persistent
economic strain, and the pressures of rising costs of living and strained disposable income are
impacting dining-out trends.
Despite continued pressure on both disposable income and infrastructural (water and power)
challenges, the group remains focused on driving restaurant footfall through its distinct and
differentiated value propositions.

Annual customer count numbers are slightly up for the group. Pleasingly, the average-spend-per-
head also grew above menu-price inflation for the period.

The group achieved a solid trading performance with franchised restaurant sales increasing by
8.0% over the prior comparable period.

In South Africa, 29 restaurants were opened during the period and 26 restaurants were revamped.
Eight restaurants were closed. Internationally, the group opened nine new restaurants and
revamped three restaurants. One restaurant was closed.



FINANCIAL PERFORMANCE

The brands’ competitive trading performance underpinned continued strong growth in both group
revenue and profitability.

Group revenue increased by 8.5% to R2.2 billion (H1 F2025: R2.0 billion).

Improved franchised restaurant turnovers translated into a 7.5% revenue growth for the South
African franchise segments.

The Manufacturing and distribution division also provided an additional boost to revenue growth
with a strong increase in revenue of 11.5% on the prior period.

The Retail company stores segment reported a 5.5% decline in revenue. This is due largely to the
closure of the Ciccio concept store in the second half of the previous financial year and the sale
of a Doppio Zero restaurant to a franchisee in the first quarter of the current financial year.
Excluding the contributions from these two stores, revenue increased by 2.4%.

Group profit before income tax increased by 13.0% to R244.7 million (H1 F2025: R216.6 million).

Group headline earnings increased by 12.9% to R163.0 million (H1 F2025: R144.4 million), with
diluted headline earnings per share 14.5% higher at 197.15 cents (H1 F2025: 172.14 cents).

Pleasingly, cash generated from operations was 21.1% higher at R217.5 million (H1 F2025:
R179.5 million).

At the reporting date, the group’s cash and cash equivalents was R454.7 million (F2025: R537.7
million). The decrease in cash and cash equivalents is a result of higher share repurchases and
increased dividends paid to shareholders relative to the prior comparable period, and the net
utilisation of marketing fund cash balances (included in restricted cash) of R9.4 million.

The allocation of the group’s capital remains a key focus area of the board of directors of the
company (Board).
PAYMENT OF CASH DIVIDEND

Shareholders are advised that the Board has, on 24 February 2026, resolved to declare an interim
gross cash dividend for the six months ended 31 December 2025 of R109.2 million (31 December
2024: R96.457 million) which equates to 120 cents per share (31 December 2024: 106 cents per
share), and an increase of 13.2% on the prior period, for each of the 90 996 932 shares in issue,
subject to the applicable tax levied in terms of the Income Tax Act (Act No. 58 of 1962), as
amended (dividend withholding tax).

The dividend has been declared from income reserves. The dividend withholding tax is 20% and
a net dividend of 96 cents per share will be paid to those shareholders who are not exempt from
dividend withholding tax.

The company’s income tax reference number is 9695015033. The company has 90 996 932
shares in issue at the date of declaration.

In accordance with the provisions of Strate, the electronic settlement and custody system used
by the JSE Limited, the relevant dates for the dividend are as follows:

Event                                         Date

Last day to trade "cum dividend"              Tuesday, 17 March 2026

Shares commence trading "ex dividend"          Wednesday, 18 March 2026

Record date                                   Friday, 20 March 2026

Payment date                                  Monday, 23 March 2026

Those shareholders of the company who are recorded in the company's register as at the record
date will be entitled to the dividend.

Share certificates may not be dematerialised or rematerialised between Wednesday, 18 March
2026, and Friday, 20 March 2026, both days inclusive.



OUTLOOK

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.

Supported by a portfolio of distinctive restaurant brands, Spur Corporation is well positioned to
gain market share in various categories, regions and countries by providing growing middle-
income markets with casual dining restaurant experiences through our family sit-down and fast-
casual restaurants and higher-income customers with speciality dining experiences.

The group continues to secure key trading sites and plans to open a total of 42 new restaurants in
South Africa and 14 internationally for the 2026 financial year.
APPOINTMENT OF EXECUTIVE DIRECTOR

The Board has pleasure in advising shareholders that Ms Vuyokazi (“Vuyo”) Henda (age 39) has
been appointed as an executive director of the Company with effect from 2 March 2026.

Vuyo obtained a Bachelor of Business Science from the University of Cape Town. Prior to joining
Spur Corp as the chief marketing officer in May 2022, she gained extensive experience at Unilever
driving sustained revenue growth, strong underlying profitability and successful brand
turnarounds for iconic South African brands. Vuyo’s responsibilities at Spur Corp include
overseeing the marketing strategy and enhancing customer engagement and brand performance
across Spur Group’s portfolio of 10 restaurant brands.

The Board Chairman, Mike Bosman commented: “On behalf of the directors of Spur Corp I am
pleased to welcome Vuyo to the Board. Her depth of experience in leading complex, multi‑market
consumer brands and her strong commercial and strategic insight will be a valuable addition to
the board’s deliberations. We look forward to her contribution as we continue to execute Spur
Corp’s strategy and create sustainable long‑term value for stakeholders”.

The Board confirms that a fit and proper assessment has been undertaken on Ms Henda and the
board is satisfied with the outcome. An independent verification of her qualification has also
been performed.

A Schedule 1: Director’s Declaration has been completed by Ms Henda and provided to the
Company for submission to the JSE. Spur Corp confirms, in accordance with paragraph 6.74 of
the JSE Listings Requirements, that the Schedule 1: Director’s Declaration does not contain any
positive statements relating to the integrity information.



For and on behalf of the board



Mike Bosman                                  Val Nichas

Independent non-executive chairman           Group chief executive officer

26 February 2026

This short-form announcement is a summary of the information contained in the detailed
interim results announcement which is available at
https://senspdf.jse.co.za/documents/2026/jse/isse/SUR/H12026.pdf and on the company's
website at https://spurcorporation.com/investor-hub/financial-results/

The full announcement is available for inspection, at no charge, at the company's registered
office and at the offices of Questco Corporate Advisory (and copies may be requested from the
company's registered office during business hours at companysecretary@spur.co.za). Any
investment decision in relation to the company's shares should be based on consideration of the
full announcement as the information contained herein does not provide full details. This short-
form announcement is the responsibility of the board and has been prepared under the
supervision of the group chief financial officer, Cristina Teixeira CA(SA).
In compliance with paragraph 4.13(e) of the JSE Listings Requirements, the board confirms that
the condensed consolidated unaudited group interim results for the six months ended
31 December 2025 have been prepared in compliance with the JSE Listings Requirements.



WEBCAST AND INVESTOR PRESENTATION

The results presentation webcast will be broadcast live at 11:00 today via a live video feed at the
following link: https://www.corpcam.com/SPUR26022026. A recording of the webcast will be
available shortly afterwards on the company's website: https://spurcorporation.com/investor-
hub/presentations/.

The results investor presentation slide deck will be available from 11:00 today at the following
link: https://spurcorporation.com/investor-hub/presentations/



Directors

Independent non-executive:

M Bosman (chairman), Dr S Zinn (lead independent), C Fernandez, J Boggenpoel, L Molebatsi,
A Parker

Executive:

V Nichas (CEO), C Teixeira (CFO), K Robertson (COO)

Company secretary

D Meyer

Registered office

14 Edison Way, Century Gate Business Park, Century City, 7441

Transfer secretaries

Computershare Investor Services (Pty) Ltd

Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196

Sponsor

Questco Corporate Advisory Proprietary Limited