2025
Group annual financial statementsfor the year ended 30 September 2025

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7 Shareholders’ interest
7.1
Dividends
          Restated#
  (R'million)   2025   2024
7.1.1 Dividends on ordinary shares – paid   3 546   1 598
  Dividends by empowerment trusts   8   4
  Dividend No 157 of 671 cents       1 050
  Dividend No 158 of 350 cents       544
  Dividend No 159 of 684 cents   1 067    
  Dividend No 160 of 1 216 cents – Special   1 842    
  Dividend No 160 of 415 cents – Interim   629    
7.1.2 Dividends per ordinary share (cents)   5 570   1 034
  Dividend No 158 – paid       350
  Dividend No 159 – paid       684
  Dividend No 160 paid – Special   1 216    
  Dividend No 160 paid – Interim   415    
  Dividend No 161 – declared November 2025 – Final   1 229    
  Dividend No 161 – declared November 2025 – Special   2 710    
7.2
Share capital
        
7.2.1 Authorised share capital        
  250 000 000 (2024: 250 000 000) ordinary shares of 10 cents each        
7.2.2 Issued share capital   17   18
  174 871 454 (2024: 180 327 980) ordinary shares of 10 cents each   17   18
7.2.3 Number of ordinary shares in issue outside the group        
  Number of ordinary shares issued     174 871 454     180 327 980
  Less: Treasury shares   (10 814 725)   (11 431 244)
  Number of ordinary shares in issue   164 056 729   168 896 736
  Less: Empowerment entities shares^   (13 477 835)   (13 528 349)
  Number of ordinary shares issued outside the group   150 578 894   155 368 387
  The movement of ordinary shares during the current year was as follows:        
  Beginning of the year     180 327 980     180 327 980
  Less: Shares repurchased and cancelled**   (5 456 526)   –
  End of the year   174 871 454   180 327 980
  # Refer to note 12 for prior period restatements
  ^ Prior year increased by 43 743 shares. Refer to note 12.2 for prior period restatements
  ** The average price per share was R286.79
      Number of shares
    2025   2024
7.3
Unissued shares
  75 128 546   69 672 020
7.4
Treasury shares
 

Treasury shares

Shares in Tiger Brands Limited held by the group are classified within total equity as treasury shares. The shares acquired by the Black Managers Trust (I) are accounted for as treasury shares in line with the consolidation requirement for special-purpose entities. Treasury shares are treated as a deduction from the issued and weighted average number of shares for earnings per share and headline earnings per share purposes, and the cost price of the shares is reflected as a separate component of capital and reserves in the statement of financial position. Dividends received on treasury shares are eliminated on consolidation. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of treasury shares. Consideration received or paid in respect of treasury shares is recognised in equity.
          Restated#
  (R'million)   2025   2024
7.4.1 Tiger Brands Limited shares held by subsidiary        
  10 814 725 (2024: 11 431 244) shares are held as treasury stock   (813)   (933)
7.4.2 Tiger Brands Limited shares held by empowerment entities        
  13 477 835 (2024: 13 528 349) shares are owned by empowerment entities^   (1 456)   (1 463)
      (2 269)   (2 396)
  # Refer to note 12 for prior period restatements
^ The prior year balance decreased by R10 million. Refer to note 12 for prior period restatements