2025
INTEGRATED ANNUAL REPORTfor the year ended 30 September 2025

EXECUTING GROWTH PLATFORMS

In response to the highly dynamic consumer and competitor environment, we have prioritised three key growth platforms aimed at ensuring our long-term success: driving affordability, democratising health and nutrition, and over-indexing on snackification.

DRIVING AFFORDABILITY

In the context of sustained pressure on consumer disposal income – which is seeing many consumers switch to cheaper value offerings and increasingly rely on promotions – we see important growth opportunities in the mainstream consumer segments.

Our ambition is to become the preferred choice for value-seeking consumers, defend against the rise of private label, and remain competitive in an increasingly competitive market segment, by enhancing the affordability and accessibility of our core and new product offerings. We are driving affordability through appropriate pack, price architecture and targeted value tiering, harnessing effective distribution channels, and realising opportunities for product and packaging innovation.

We have continued to make progress this year on these ambitions, with plans on new value packs and value offerings in Culinary and in Snacks, Treats and Beverages, with key innovations expected to launch in 2026. These activities are supported by our value-led marketing and consumer engagement campaigns, our extensive continuous improvement initiatives (here) and our activities aimed at competing more effectively in the deep discounter channel (here).

In response to the increasing penetration of private label, we are continuing to invest in our brands, building our innovation capabilities and protecting our intellectual property to provide consumers with compelling choice options across our offerings, supported by the right price and pack architecture.

DEMOCRATISING HEALTH AND NUTRITION

Aligned to our refreshed corporate brand and purpose, we believe that good food and quality products should not be the preserve of the few, hence the democratising of healthy and nutritious products for consumers.

The triple burden of malnutrition in South Africa – comprising undernutrition, micronutrient deficiencies and overnutrition such as obesity – presents a profound public health and economic challenge. Responding to this challenge through our health and nutrition agenda is integral to Tiger Brands’ purpose to cultivate and nourish lives, every day and every tomorrow. In addition to the socio-economic and moral imperative of fostering improved health and nutrition, we believe that there are valuable growth opportunities in leading this agenda in our markets.

We are striving to democratise nutrition in the lower income segment by improving the accessibility, affordability and awareness of our healthy food portfolio. We have set a 2030 target for 65% of our food and beverage portfolio (excluding snacks and treats) to meet our nutritional standards for our healthier product categories "Improved for you" and "Good for you", as measured in terms of net sales. Our efforts to achieve this focuses on three areas: renovating existing products, innovating new products and using our brand marketing to inform and empower consumers. Currently, 62% of our food portfolio meets our nutrition standards for healthier products.

We are building the integrity of our portfolio by renovating products in our existing range to meet our Eat Well Live Well (EWLW) nutrition standards for healthier products.

In addition to mandatory fortification of staple foods, we voluntarily enrich products with micronutrients – such as Vitamin A, iron, zinc and protein – that are either lacking in South African diets or associated with physical and mental health benefits.

We are making our healthier products more accessible through increased availability in general trade, as well as amplifying our nutrition communication by leveraging on our EWLW labelling, inspiring consumers through tasty recipes, and running educational campaigns on the health and nutritional benefits of some of our brown bread product offerings.

This included a fourth season of the popular KOO Colour Your Plate television series, which promotes healthy home-cooking and the benefits of eating fruits and vegetables, with viewership growing by 20% this year. We also launched the Albany Breaducation campaign to promote the health benefits of brown bread. We are pleased to confirm that no responsible marketing complaints were lodged with the Advertising Regulatory Board (ARB) regarding health and nutrition or marketing to children.

Our new product development processes use a "health and nutrition by design" framework and product enrichment decision toolkit to create affordable health and nutrition innovations. Our innovation pipeline includes lower-sugar, lower-calorie beverages and grocery products, new protein power offerings, and health-led innovations in culinary, cereals, pasta and beverages. We are also continuing to promote consumer health and nutrition awareness through our on-pack and beyond-pack communication – with information for example on healthy portion sizes and product pairings – and by inspiring consumers with everyday nutritious meals through tasty recipes.

For further details on our management of health and nutrition.

On our performance see the sustainability databook.

OVER-INDEXING ON SNACKIFICATION

Recent research findings suggest that the South African snack food market – including sweet, salty and healthier options – is growing steadily and projected to reach around R9.5 billion by the end of 2025 driven mainly by urban consumers. There is a growing uptake of health-conscious choices, as well as snacks offering functional benefits such as energy boosts or stress relief.

We are working to capitalise on this opportunity by owning relevant demand spaces for consumers in all key snacking occasions through our core brands, as well as exploring inorganic adjacent category opportunities as applicable. In driving core innovation to capitalise on this snackification trend, we have various recent and planned innovations including: