Consolidated Audited Annual Financial Statements for the Year Ended 30 June 2025 and Payment of Cash Dividend

SPUR CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/000828/06)
Share Code: SUR
ISIN: ZAE000022653

("Spur Corporation", "the company" or "the group")

SHORT-FORM ANNOUNCEMENT
CONSOLIDATED AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE FINANCIAL
YEAR ENDED 30 JUNE 2025 ("ANNUAL FINANCIAL STATEMENTS") AND 
PAYMENT OF CASH DIVIDEND

Shareholders of Spur Corporation are advised that the group's Annual Financial Statements
and a summary thereof ("Summary Financial Statements"), were published on the websites
of the JSE Limited and the group, today, 21 August 2025.

KEY FEATURES

Franchised restaurant turnovers up 8.3% to R11.5 billion
Revenue up 11.2% to R3.9 billion
Profit before income tax up 17.5% to R401.7 million
Earnings per share up 17.2% to 337.51 cents
Diluted earnings per share up 16.8% to 328.71 cents
Headline earnings per share up 16.8% to 339.88 cents
Diluted headline earnings per share up 16.4% to 331.02 cents
Dividend per share up 40.4% to 299.00 cents
Dividend yield up to 9.1%
Cash generated from operations up to R463.1 million
Return on Equity up to 31.7%

TRADING PERFORMANCE

The South Africa Restaurant Market Report^ indicates that the South African Reserve Bank's
interest rate cuts have bolstered consumer spending, providing a favourable climate for
restaurants. Despite reductions in borrowing costs and food inflation, disposable income and
discretionary spend have however not yet seen significant increases. The competitive
landscape continues to evolve with a broader range of players vying for market share. Beyond
traditional competitors, the group now faces challenges from supermarket retailers' product
offerings.

Despite market conditions, our franchisees and operational teams have remained resilient.
The group achieved a solid trading performance with franchised restaurant sales increasing
by 8.3% over the prior year.

The group continues to offer a high standard of family dining experiences, supported by
dominant value-added campaigns and AI driven data analytics for targeted marketing to its
customer loyalty clubs.

Our franchisees have demonstrated their commitment by investing in our refreshed brand
identities. The transformation of the Spur brand has ignited heightened interest among
consumers and franchisees, resulting in 51 outlets now trading under the new concept and
delivering a revitalised dining experience. Panarottis' repositioning continues to gain traction,
buoyed by positive customer feedback. Currently, 55% of the Panarottis network displays the
updated store design. John Dory's has also embraced this approach, with three restaurants
now operating in their refreshed format and five more undergoing transformation. The group's
brand evolution strategy extends to its speciality dining segment. Enhanced designs have
already been considered and are being implemented for Hussar Grill and Doppio Zero.

Although annual customer count numbers remain unchanged from the previous year,
pleasingly average-spend-per-head grew above menu-price inflation. The group successfully
trades in all day parts: breakfast, lunch (the largest revenue stream) and dinner.

The group traded through 724 restaurants in 14 countries at the end of June 2025 (2024: 701).
In South Africa, 31 restaurants were opened during the year and 15 restaurants were closed.
Internationally, the group opened 15 new restaurants and eight restaurants were closed.

(^ reportlinker.com South Africa Restaurant Market Report - Q1 2025, issued April 2025)

FINANCIAL PERFORMANCE

The trading performance led to continued strong growth in both group revenue and profit.

Group revenue increased by 11.2% to R3 863.2 million (2024: R3 473.6 million).The revenue
growth was supported by higher sales in the retail company stores, which rose by 46.3%,
positively impacted by the contribution from the Doppio Collection restaurants, as well as a
10.1% increase in sales from the manufacturing and distribution division. Improved franchised
restaurant turnovers of 8.3% over the prior year further boosted the revenue growth.

Group profit before income tax increased by 17.5% to R401.7 million (2024: R341.7 million).

Group headline earnings increased by 16.5% to R275.0 million (2024: R236.1 million), with
diluted headline earnings per share 16.4% higher at 331.02 cents (2024: 284.34 cents).

The company's unrestricted cash balance was R477.1 million (2024: R365.7 million).

The cash generation and the allocation of the group's capital remain key focus areas of the
executive directors and the board of directors of the company ("board").

PAYMENT OF CASH DIVIDEND

The group has historically distributed a substantial portion of headline earnings as dividends.
The board evaluates capital allocation priorities, weighing dividend distributions against other
opportunities such as share repurchases and strategic investments. Key considerations
include market conditions, trading outlook, forecasted cash generation, contingent liabilities,
and overall liquidity. This approach enables the board to respond to evolving market dynamics
and allocate capital effectively.

Shareholders are advised that the board has, on 20 August 2025, resolved to declare a final
gross cash dividend for the year ended 30 June 2025 of R175.6 million, which equates to
193.0 cents per share and the full-year dividend increasing by 40.4% to 299.0 cents per share,
for each of the 90 996 932 shares in issue, subject to the applicable tax levied in terms of the
Income Tax Act (Act No. 58 of 1962), as amended (dividend withholding tax).

The dividend has been declared from income reserves. The dividend withholding tax is 20%
and a net dividend of 154.4 cents per share will be paid to those shareholders who are not
exempt from dividend withholding tax.

The company's income tax reference number is 9695015033. The company has 90 996 932
shares in issue at the date of declaration.

In accordance with the provisions of Strate, the electronic settlement and custody system used
by the JSE Limited, the relevant dates for the dividend are as follows:

 Event                                           Date
 Last day to trade "cum dividend"                Tuesday, 9 September 2025
 Shares commence trading "ex dividend"           Wednesday, 10 September 2025
 Record date                                     Friday, 12 September 2025
 Payment date                                    Monday, 15 September 2025

Those shareholders of the company who are recorded in the company's register as at the
record date will be entitled to the dividend.

Share certificates may not be dematerialised or rematerialised between Wednesday, 10
September 2025, and Friday, 12 September 2025, both days inclusive.

OUTLOOK

With a diverse portfolio of 10 restaurant brands, the group is poised to capture market share
across various categories, regions and countries. The group focuses on providing growing
middle-income markets with casual dining restaurant experiences through our family sit-down
and fast-casual restaurants, while offering specialty dining experiences to higher-income
customers.

While trading conditions will remain challenging in the short to medium term owing to pressure
on consumer spending in the weak macro-economic climate, the group is positive on the
company's longer-term prospects. The outlook will be focused on creating better, more, and
new value for our customers, franchisees, employees and investors.

The group continues to secure key trading sites and plans to open 42 new restaurants in South
Africa and 14 internationally for the 2026 financial year.

For and on behalf of the board

Mike Bosman                                          Val Nichas
Independent non-executive chairman                   Group chief executive officer

21 August 2025

This short-form announcement is a summary of the information contained in the Annual
Financial Statements and the Summary Financial Statements, which are available as follows:

Annual financial statements at
https://senspdf.jse.co.za/documents/2025/jse/isse/SUR/YE2025.pdf
and on the company's website at
https://spurcorporation.com/investor-hub/financial-results/

Summary Financial Statements on the company's website at
https://spurcorporation.com/investor-hub/financial-results/

The Annual Financial Statements are available for inspection, at no charge, at the company's
registered office and at the offices of the company's sponsor, Questco Corporate Advisory
Proprietary Limited (Ground Floor, Block C, Investment Place, 10th Road, Hyde Park,
Johannesburg), and electronic copies may be requested from the company secretary at
companysecretary@spur.co.za and from the sponsor at sponsor@questco.co.za, during
business hours.

Any investment decision in relation to the company's shares should be based on consideration
of the Annual Financial Statements. This short-form announcement is the responsibility of the
board of directors and has been prepared under the supervision of the group chief financial
officer, Cristina Teixeira CA (SA).

The Annual Financial Statements have been audited by the group's auditors,
PricewaterhouseCoopers Inc., who expressed an unmodified audit opinion thereon. This
auditor's report, along with the Annual Financial Statements for the year ended 30 June 2025,
can be downloaded from https://spurcorporation.com/investor-hub/financial-results/. The
integrated annual report and notice of annual general meeting is expected to be published on
or before 31 October 2025.

WEBCAST AND INVESTOR PRESENTATION

The results presentation webcast will be broadcast live at 11:00 today via a live video feed at
the following link: https://www.corpcam.com/SPUR21082025

A recording of the webcast will be available shortly afterwards on the company's website:
https://spurcorporation.com/investor-hub/presentations

The results investor presentation slide deck will be available from 11:00 today at the following
link: https://spurcorporation.com/investor-hub/presentations

Directors
Independent non-executive directors
M Bosman (chairman), Dr S Zinn (lead independent), J Boggenpoel, C Fernandez, L
Molebatsi, A Parker

Executive directors
V Nichas (CEO), C Teixeira (CFO), K Robertson (COO)

Company secretary
D Meyer

Registered office:
14 Edison Way, Century Gate Business Park, Century City, 7441

Transfer secretaries
Computershare Investor Services (Pty) Ltd
Rosebank Towers, 15 Biermann Avenue Rosebank, 2196

Sponsor
Questco Corporate Advisory (Pty) Ltd

Date: 21-08-2025 07:05:00
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