iOCO LIMITED - Results announcement: Audited financial results for the year ended 31 July 2026 and guidance for FY27
What this filing means
iOCO's audited FY26 results land exactly where the September trading statement said they would: HEPS of 57 cents, up 42%, sits inside the guided 55–60 cent range, and adjusted EBITDA of R624 million is within the R610–636 million band. The share had drifted up 6.2% over the 20 sessions before the print. The new information is the FY27 outlook — EBITDA of at least R680 million and recurring revenue above 60% — which implies continued double-digit growth.
iOCO made more money than last year and told the market exactly what to expect a month ago. The actual numbers came in right where management said they would, so there is no shock here. The genuinely new part is next year's target, which points to continued growth.
Bull case
- FY26 HEPS and EPS increased by 42% to 57 cents, versus 40 cents in FY25.
- Adjusted EBITDA increased by 21% to R624 million, compared with R516 million in FY25.
- Revenue increased by 3% to R5.73 billion on a constant-currency basis, while EBITDA margins improved from 9% to 11%.
- The Group improved its recurring revenue profile, supporting revenue resilience, customer retention and visibility over future cash flows.
- FY27 guidance targets EBITDA of at least R680 million and recurring revenue in excess of 60%.
Bear case
- FY27 guidance is conditional on avoiding major business disruption, macroeconomic deterioration, political instability, and significant tax, interest-rate or exchange-rate changes.
- The outlook assumes the ongoing Middle East conflict does not cause prolonged regional instability or sustained adverse market and financial impacts beyond those already observed.
- The FY27 guidance has not been reviewed or reported on by the Group’s external auditors.
AI-generated summary by SENS-AI, based on the original JSE SENS filing.
SENS-AI conclusion
A solid result that the market was already positioned for. HEPS of 57 cents and adjusted EBITDA of R624 million both land inside the ranges guided on 15 September, so this is confirmation, not a fresh catalyst. The FY27 guidance of at least R680 million EBITDA is the forward-looking signal that matters, and it implies continued double-digit growth. So what: the operating momentum is real, but the market still needs the FY27 delivery to prove the guidance is achievable, not aspirational.
The FY27 interim results will be the first test of whether the R680 million EBITDA target is on track.
Evidence from the filing
FY26 HEPS and EPS increased by 42% to 57 cents, versus 40 cents in FY25.
“Headline earnings per share ("HEPS") and earnings per share (EPS) increased by 42% to 57 cents (FY25: 40 cents).”
Adjusted EBITDA increased by 21% to R624 million, compared with R516 million in FY25.
“Adjusted EBITDA increased by 21% to R624 million (FY25: R516 million).”
Revenue increased by 3% to R5.73 billion on a constant-currency basis, while EBITDA margins improved from 9% to 11%.
“Total Group revenue increased by 3% to R5.73 billion (FY25: R5.58 billion) on a constant currency basis.”
The Group improved its recurring revenue profile, supporting revenue resilience, customer retention and visibility over future cash flows.
“The Group's improved recurring revenue profile remains a key strength, providing revenue resilience, strong customer retention and improved visibility over future cash flows.”
FY27 guidance targets EBITDA of at least R680 million and recurring revenue in excess of 60%.
“EBITDA of at least R680 million.”
FY27 guidance is conditional on avoiding major business disruption, macroeconomic deterioration, political instability, and significant tax, interest-rate or exchange-rate changes.
“Assumptions not within the Group’s control assume no major disruptions to business conditions within South Africa and globally, no unforeseen deterioration of the macroeconomic environment, a stable political environment and no significant tax, interest rate or exchange rate changes in the Group’s operating jurisdictions.”
The outlook assumes the ongoing Middle East conflict does not cause prolonged regional instability or sustained adverse market and financial impacts beyond those already observed.
“This also assumes that the ongoing Middle East conflict does not lead to prolonged regional instability or sustained adverse market and financial impacts beyond those already observed.”
The FY27 guidance has not been reviewed or reported on by the Group’s external auditors.
“This guidance has been prepared in terms of the International Financial Reporting Standards and is consistent with the Group’s accounting policies. The guidance is the responsibility of the Board and has not been reviewed or reported on by the Group’s auditors.”
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