EarningsQ2 2026 Earnings Report
BDVSF Q2 2026 EPS Results
Actual EPS$0.59
Consensus EPS―
Beat/Miss―
One Year Ago EPS$0.57
BDVSF Q2 2026 Revenue Results
Actual Revenue$3.84B
Expected Revenue―
Beat/Miss―
YoY Revenue Growth+6.77%
Earnings Announcement Details
QuarterQ2 2026
Date03/02/2026
TimeBefore Open
Conference CallMonday, March 2, 2026
BDVSF Upcoming Earnings
Bidvest Group's next earnings date is estimated for March 8, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
BDVSF Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The results present a net positive operational and financial performance: top-line and trading profit growth, margin expansion, materially improved cash generation and strong funding outcomes are significant highlights. However, pockets of weakness (automotive margin compression, some revenue contractions, wage inflation) and the delay/uncertainty around the Bidvest Bank disposal and the tapering of returns from prior acquisitive expansion are notable concerns. Overall the company appears financially resilient with a clear deleveraging and return-improvement plan in place.Company Guidance
Group Revenue and Profit Growth
Group revenue increased ~4% (reported ZAR 66.7–67.0 billion) and trading profit rose 6.9–7% to ZAR 6.7 billion, with trading margin expanding from 9.8% to 10.1%.
Improved Gross and Operating Margins
Gross margin improved by 43 basis points to 28.1%; operating expenses were well managed, up 3.4% (organic expense growth ~1.2%), supporting margin and profit expansion.
Strong Cash Generation and Conversion
Underlying cash generated by operations before working capital rose to ZAR 8.7 billion (up ~7.2%); cash conversion improved from 45% to 70%; free cash flow increased to ZAR 3.8 billion (approximately ZAR 1.8–2.0 billion higher vs prior year).
Hygiene Services: High Growth and Margin
Hygiene profit grew ~20% with margins at c.18.2% vs industry norm ~15%; Hygiene now contributes ~55% of Services International profits and is delivering above-market margin and cash characteristics.
Services International Strong Performance
Services International revenue ZAR 22.5 billion (+5%), trading profit ZAR 2.2 billion (+8.3%), trading margin expanded from 9.3% to 9.8% and ROFE remained strong at 159%.
Positive Divisional Results Across Several Segments
Notable divisional outcomes: Freight trading profit +7% to ZAR 1.2 billion (margin 26.7% vs 23.1% prior), Services SA trading profit +10% to ZAR 793 million, Branded Products trading profit +5.4% to ZAR 748 million, Commercial Products trading profit +9.7% to ZAR 594 million, Adcock trading profit +20% to ZAR 620 million.
Capital Markets and Funding Achievements
Issued $500m 7-year Eurobond at 6.2% (spread ~40 bps above SA sovereign curve), GBP 130m 5-year facility at 5.6% and domestic ZAR 2.3 billion bonds at record low spreads; redeemed expensive ZAR 2.1 billion preference shares and stabilized weighted average cost of debt at ~6.4%.
Deleveraging Plan and Balance Sheet Capacity
Net debt/EBITDA at 2.2x (unchanged from June), EBITDA interest cover 6.4x (well above covenant 3.5x); available capacity noted (EUR 412m offshore RCF and substantial domestic capacity) and clear target to reduce net debt/EBITDA below 2x (internal sweet spot ~1.5x).
Operational Wins and Integration Progress
Closed three acquisitions including Aquatico; UK hygiene integration progressing and North America hygiene performing ahead of plan; testing, inspection & compliance cluster (WearCheck + Aquatico) delivered strong results and record samples processed.
Consumer & Travel Tailwinds in South Africa
Record passenger volumes supporting hospitality/lounge businesses; green shoots in hospitality, inbound tourism and testing/inspection sectors; new large power-related projects and robust export bulk mineral activity cited as supportive macro pockets.
BDVSF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed