CA&S results for the year ended December 2025

“Africa’s consumer markets are expanding, but operating across them remains complex.

Fragmented retail channels, diverse regulatory environments and long logistics networks mean that for many brand owners, success depends as much on execution as it does on demand.”

Duncan Lewis – Chief Executive Officer

Market conditions have increased the importance of specialised route-to-market platforms – companies that provide the infrastructure needed to connect brands with retailers across multiple markets.

One such company is CA&S Group.

Financial highlights:

• Operating Profit: R860.88 million (up 10.0%)
• Headline Earnings per Share: 143.72 cents (up 17.1%)
• Headline Earnings: R690.25 million (up 17.9%)
• Revenue: R12.81 billion (up 2.3%)
• Dividend: 28.69 cents per share (up 17.4%)   

For the year ended 31 December 2025, CA&S reported increased operating profit and headline earnings and raised its dividend by 17.4%, reflecting strong cash generation despite subdued consumer spend in parts of its operating footprint.

Revenue increased to R12.81 billion, compared with R12.52 billion in the prior year.

The board declared a dividend of 28.69 cents per share, up 17.4% from 24.44 cents declared in 2024.

These results were achieved against softened trading conditions in Botswana as developments in the global diamond market, a key driver of the country’s economy, contributed to currency deflation, affecting consumer spending and prompting a shift towards more affordable products. Despite these conditions, CA&S grew EBITDA  in Botswana by 13.1%.

Against this backdrop, CA&S continued to expand its client portfolio across Southern and East Africa.

The group operates a portfolio of FMCG service businesses that connect global and regional brand owners with retail channels through sales execution, distribution, logistics and merchandising capabilities.

Chief executive Duncan Lewis said the results highlight the resilience of the group’s operating model.

“Our strategy is centred on building a scalable route-to-market platform capable of supporting brand owners across multiple African markets,” Lewis said.

Expansion in East Africa

A key strategic development during the year was the group’s investment in East Africa.

In February 2025 CA&S acquired a 35% stake in Trapin Holdings Ltd, the Tradco Group, for R108.4 million.

Tradco is a Kenya-based trade marketing and distribution business with operations in Kenya, Uganda and Tanzania. The transaction strengthens CA&S’s presence in East Africa and supports its broader regional expansion strategy.

Ongoing investment across the group

CA&S also continued investing in operational infrastructure. During the year the group approved capital expenditure of R300 million for the development of land and buildings in Eswatini.

Following the year end, the group acquired a majority stake in Sunpac (Pty) Ltd, a South African distributor specialising in category management and route-to-market services in the personal care sector.

The acquisition introduces capability in the private and confined label category, an area of increasing importance for retailers.

As African consumer markets continue to evolve, companies capable of providing integrated route-to-market infrastructure are likely to play an increasingly central role in the sector’s growth.

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CA&S is an Africa-focused group of route-to-market specialists, with a dual listing on the BSE and the JSE. The group holds a portfolio of dynamic fast-moving consumer goods service businesses that partner with global and local brand owners to get their products to consumers – ensuring their brands reach the right stores and shoppers across Southern and East Africa.

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