This has been a particularly noteworthy year for Tiger Brands, marked by improved financial performance following the effective implementation of our turnaround strategy, and the introduction of a refreshed corporate purpose and brand. The company has made substantial progress in driving operational excellence, delivering volume growth, strengthening its balance sheet and restoring shareholder confidence. In addition, notable progress was made on the listeriosis class action, with interim relief payments made.
Since the appointment of CEO Tjaart Kruger in November 2023, and the subsequent completion of our leadership team appointments by February 2024, we have executed an ambitious turnaround strategy. Through disciplined execution, we have laid a strong foundation for sustainable growth and value creation for all stakeholders.
Our financial results are a testament of this success. Tiger Brands’ market capitalisation increased by 28.5% to R54.0 billion as at 30 September 2025, with the share price rising over 32%, reflecting renewed investor confidence. Group operating income before impairments, fair value losses and non-operational items rose 35%, and headline earnings per share (HEPS) from total operations increased by 15%. Consequently, the board reduced the dividend cover from 1.75x to 1.25x. This has resulted in the final ordinary dividend increasing by 79.7% to 1 229 cents per share, bringing the total ordinary dividend for the year to 1 644 cents per share. Aligned with our commitment to return excess cash from portfolio disposals, a final special dividend of 2 710 cents per share was declared, resulting in a total special dividend for the year of 3 926 cents per share.
EXECUTING THE TURNAROUND STRATEGY
The quality and commitment of our leadership team, supported by our federated operating model and a revitalised culture, has driven this turnaround. A tangible sense of ownership, accountability and pride now permeates the group. We have sharpened our strategic focus, simplifying the portfolio and rationalising SKUs to prioritise must-win categories.
In optimising our portfolio, a key milestone this year was the responsible sale of the Langeberg and Ashton Foods (LAF) business. Given the economic importance of LAF – which employs over 3 000 permanent and seasonal workers – we committed R150 million to establish a community trust focused on food security, education, youth development and healthcare to catalyse long-term community benefit. We have also undertaken to complete a R31 million upgrade of an effluent treatment plant, underscoring our environmental stewardship.
A REFRESHED CORPORATE BRAND REFLECTING OUR STRATEGY AND PURPOSE
Our progress in executing the turnaround strategy and restoring our reputation necessitated a refreshment of our corporate brand. More than 25 years after changing our name from Tiger Oats to Tiger Brands, the board has approved a new corporate positioning, purpose and modern visual identity. Our fundamental belief is that everyone should have access to good food and quality essentials.
Recognising the nutritional challenges across our region and the struggle for families to access everyday products that make life better, we are making it our mission to bring affordable, quality foods and essentials to everyone. This is a call to action that underpins our renewed purpose: to cultivate and nourish lives, every day and every tomorrow.
DYNAMIC OPERATING CONTEXT
Our improved performance was achieved against a challenging backdrop. Global geopolitical tensions, policy uncertainty and climate pressures impacted supply chains and input costs. Domestically, social challenges and infrastructure constraints persist. The formation of the Government of National Unity is viewed as an opportunity for stability and growth, while various commissions investigating corruption provide hope for greater accountability.
As a leading food manufacturer, Tiger Brands recognises its role in contributing positively to the national agenda. We have strengthened our engagement in forums like the B20 Agriculture and Sustainability Task Force, repositioning ourselves as a key player in Southern Africa.
GOVERNANCE
As board chairman, I benefit from a board with extensive experience, independence, and diverse thought, spanning finance, strategy, turnaround, risk, remuneration, HR and sustainability. During the year, Mr Michael Ajukwu retired as an independent non-executive director in February 2025, after distinguished service since 2015. We thank him for his valuable contribution.
LISTERIOSIS CLASS ACTION
We took significant further steps this year towards resolving the litigation following the tragic 2018 listeriosis outbreak. There have been engagements throughout the year between legal representatives of the various parties, with a view to finalising a settlement of the class action. In the interim, relief payments have been made to various eligible claimants with identified urgent needs, underscoring our collective commitment to achieving a just resolution of the listeriosis class action as soon as possible. The group remains committed to transparency, accountability and fair redress.
ACKNOWLEDGEMENTS
I extend deep appreciation to my board colleagues for their counsel. On behalf of the board, I thank Tjaart, his executive team and all Tiger Brands employees for their dedication, vision and disciplined execution. Their collective efforts have set Tiger Brands firmly on the path to sustainable growth and renewed leadership.
Geraldine Fraser-Moleketi
Chairman
December 2025
