By March 2026, the group repurchased 1,811,992 shares for an aggregate consideration of circa R323 million. <\/p>\n\n\n\n
The group will release its results for the 2026 financial year on 17 June 2026. <\/p>\n\n\n\n Premier is engaged in one of the most heated battles in South Africa – bread. The sector is facing intense competition, two decades after a bread cartel was uncovered. <\/p>\n\n\n\n The main milling and baking players are Premier (Blue Ribbon), RCL Foods (Sunbake), Pioneer Foods (Sasko), and Tiger Brands (Albany).<\/p>\n\n\n\n Sean Culverwell, Investment Analyst at Anchor Capital, said that a major advantage for Premier is its vertical integration, as around 60% of its wheat flour is supplied internally from co-located mills.<\/p>\n\n\n\n This makes Premier the lowest-cost producer in the market and provides a natural hedge against the volatility in wheat pricing and supply.<\/p>\n\n\n\n The group owns 13 bakeries and invested heavily in highly automated \u201cmega-bakeries,” including a Pretoria facility, commissioned in 2023, and the Aeroton bakery, commissioned in 2025. <\/p>\n\n\n\n These bakeries can produce 8,000 loaves per hour compared to the traditional 5,000-6,000.<\/p>\n\n\n\n \u201cHistorically, Premier\u2019s inland bakeries generated materially lower margins than coastal operations due to outdated technology,\u201d said Culverwell. <\/p>\n\n\n\n \u201cThe commissioning of Pretoria and Aeroton marks a structural shift. Management expects several older inland bakeries to be mothballed, resulting in a sustained uplift in operating margins.\u201d<\/p>\n\n\n\n Premier\u2019s inland expansion is attractive, with Gauteng accounting for one-third of all bread consumption, and Blue Ribbon overtaking Sasko to become the number two player in the province.<\/p>\n\n\n\n If Premier were able to lift Gauteng market share to the national average, Anchor Capital thinks inland volumes could increase 20% over the medium term.<\/p>\n\n\n\n \u201cPremier\u2019s exposure to the informal channel is another advantage, with roughly 75% of its bread volumes sold through this channel, supporting both mix and operating margins,\u201d said the expert.<\/p>\n\n\nMetric<\/strong><\/td> Reported FY2025 (cents)<\/strong><\/td> Expected Range FY2026 (cents)<\/strong><\/td> Expected Increase (%)<\/strong><\/td><\/tr><\/thead> Earnings per share (EPS)<\/strong><\/td> 936<\/td> 1 123 \u2013 1 217<\/td> 20% – 30%<\/td><\/tr> Headline earnings per share (HEPS)<\/strong><\/td> 943<\/td> 1 131 \u2013 1 226<\/td> 20% – 30%<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n Battle of the breads<\/h2>\n\n\n\n
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