CLEARVIEW FINANCIALJSE: AVI · AVI Limited · Financials FY2021–FY2025 · Market data to 2 Oct 2026
Profits rose faster than sales. Cash conversion and the balance sheet moved the other way.
AVI is a South African branded consumer group: Entyce Beverages (tea, coffee, creamer), Snackworks, I&J (fishing), Personal Care, and Footwear & Apparel. This report walks through five audited years to 30 June 2025, the headline FY2026 results announced on 7 September 2026, and the share price since mid-2021.
FY25 revenue
R16.02bn
+1.0% on FY24
FY25 operating margin
22.2%
18.2% in FY21
FY26 headline EPS
767.9c
+5.3% on FY25
Share price, 2 Oct 2026
R82.11
P/E on FY26 HEPS: —
The short version
Three questions, answered as directions of travel: is the business getting more profitable, is it turning that profit into cash, and is the balance sheet holding up? These are descriptions of what happened, not ratings or recommendations.
Operations
▲ Strengthening- Operating margin rose from 18.2% (FY21) to 22.2% (FY25), nearly all of it in the last two years.
- Entyce Beverages led: margin up from 23.1% to 30.5%.
- I&J stayed the thinnest-margin segment (9.4% in FY25).
Liquidity
■ Stable, working harder- Operating cash flow as a share of operating profit slipped from 94% to 80%.
- Net working capital rose 37% against revenue growth of 21%.
- In FY25, R777m of new short-term borrowing helped fund dividends.
Solvency
▼ Softer, by choice- Net debt reached R2.26bn in FY25, the highest of the five years; equity fell as dividends (R2.98bn) exceeded profit (R2.43bn).
- Context: net debt is still only 0.64× operating profit and interest cover is 15× (about 20× in FY21).
- AVI reports that net debt fell in FY26.
Bottom line
Over five years AVI has become noticeably more profitable per rand of sales, while sales growth itself faded to 1.0% in FY25. The margin gain came mainly from Food & Beverage, with Fashion brands giving some back in FY25.
The cost has been a business that ties up more cash in inventory and debtors and converts a smaller share of profit into cash. Management still returned a large amount to shareholders, including a second special dividend in the period, partly funded with short-term debt. The balance sheet is more stretched than a year earlier, by design rather than distress.
In the market, the shares closed at R82.11 on 2 October 2026, below both their 50-day and 200-day averages, and the P/E on FY26 earnings is lower than at any of the six year-end readings from FY21 to FY26. Whether any of this suits a particular portfolio depends on your own goals and risk appetite, which this report does not address.
The five-year picture
Revenue is up 21% since FY21 and operating profit is up 48%. That gap is the margin story: how much of each rand of sales is left after the costs of making and selling the product.
Revenue and operating profit
R'm, years ended 30 June
Margins
% of revenue
Key figures
R'm unless stated
What moved
- Growth faded after FY23: revenue grew 7.8%, 6.3% and then 1.0% in FY25.
- Operating profit outgrew revenue in three of four years; the exception was FY23 (+6.9% against +7.8%).
- FY25 was a cost story: revenue rose R159m while cost of sales fell 0.7% and selling and administrative expenses fell 1.0%, lifting gross margin to 42.7%.
- Finance costs nearly doubled (R121m in FY21 to R237m in FY25), absorbing part of the operating gain. Net margin still rose from 12.4% to 15.2%.
Where the revenue comes from
AVI reports five operating segments. Snackworks and Entyce together make up about two-thirds of revenue. Geography is disclosed for the group as a whole, not segment by segment.
Revenue by segment
R'm
Revenue by market
Share of group revenue, %
Segment revenue, R'm
Group revenue by market, R'm
What moved
- Entyce Beverages grew fastest (about 8.8% a year), then Snackworks (about 7.1%). I&J was flat and Footwear & Apparel grew about 2.5% a year.
- Personal Care shrank (about 5.4% a year). AVI footnotes a loss of Coty revenue from July 2023, and described FY25 as a difficult year of weak demand and stronger competition.
- South Africa is steady at about 80% of revenue (80.1% to 81.3% across FY22–FY25). Europe grew 23% over those years, and Other African countries 9%.
Profit and margins by segment
Segment operating profit (before capital items) divided by segment revenue. The food businesses earn the margin; the Fashion and fishing businesses earn less and move around more.
Segment operating margin
%, dashed line is the group
FY25: share of revenue vs share of profit
Share of segment operating profit, before corporate costs
Segment operating profit, R'm
Segment operating margin, %
What moved
- Entyce and Snackworks earn 81% of segment profit from 68% of revenue. Entyce's margin rose from 23.1% to 30.5%; Snackworks from 19.1% to 23.1%.
- Both Fashion segments lost margin in FY25 (Personal Care 21.5% to 17.0%, Footwear & Apparel 19.4% to 16.3%). For footwear and apparel, AVI cited subdued demand, heavy discounting by retailers and first-half supply chain disruption affecting December sales.
- I&J earns 16% of revenue but about 7% of segment profit, with its margin at 9.4% in FY25 against 12.4% in FY22.
- For Entyce, AVI noted that FY24 included windfall creamer gains when a competitor had supply problems; these did not repeat in FY25, yet the segment's margin still rose.
Balance sheet: what changed and why
Three questions: how much has been invested in long-term assets, how much debt carries the business, and how much cash is tied up in day-to-day working capital. Where AVI has explained a movement, the explanation is attributed; otherwise the numbers are shown without a guessed cause.
Long-term assets
R'm
Debt
R'm (lease liabilities included)
Net working capital
R'm: inventory, biological assets and receivables less payables
Long-term assets: movement by year, R'm
Debt: movement by year, R'm
Net working capital: movement by year, R'm
Positive = more cash tied up; a fall in payables also ties up cash
Efficiency and strength ratios
Calculated from the reported statements
Cash flow: where the cash came from and went
Operating cash flow is what the business generates; investing is mostly capital spending; financing is mainly dividends and borrowing. The dividend picture matters most for income-focused portfolios.
Cash flow by type
R'm
Free cash flow vs dividends paid
R'm. Free cash flow = operating cash flow less purchases of PP&E and intangibles
Cash flow movement, R'm
The share price
Daily closing prices from 30 June 2021 to 2 October 2026, with the 50-day and 200-day moving averages. Markers show when results were announced, not when the financial year ended, because that is when the market receives new information. Full-year announcements are labelled; interim (half-year) announcements are the small open circles, and you can hover or tap any marker for the date and the share price move that day.
Prices in rand. The chart plots roughly one point a week for readability; the workbook holds every trading day.
How to read the averages
- A moving average is the average closing price over the last 50 or 200 trading days. It smooths daily noise.
- On 2 October 2026 the close (R82.11) was below the 50-day average (R86.70) and the 200-day average (R98.50), and the 50-day was below the 200-day.
- These describe past price behaviour. They are not forecasts or signals.
The price on results day
Close on announcement day vs the previous close. Results are published around 07:00, before the market opens.
Small sample (11 announcements). A one-day move captures only the first reaction. AVI also publishes a trading statement five to eight weeks earlier giving an earnings range, so much of the news is usually public by results day. Average absolute move: 1.6% (full-year 1.1%, interim 2.3%); all five interim days closed lower.
Headline earnings per share
Cents, years ended 30 June
Price-to-earnings ratio
Closing price at year-end ÷ that year's HEPS. The last point uses the 2 Oct 2026 close and FY26 HEPS.
Market metrics
HEPS = headline earnings per share. Dividends are declared per share, in cents.
Data notes and gaps
Every gap is shown rather than hidden. The rule applied: a line missing for one year is kept and flagged; a line missing for two or more years is left out of the standard comparison.
Sources. AVI Limited audited consolidated annual financial statements FY2021–FY2025 and SENS announcements (JSE); AVI trading statements and results announcements; AVI FY2025 results call (8 Sep 2025); Business Day (7 Sep 2026) and Quartr summary of the FY2026 results; closing prices from the Clearview Financial workbook.
This report is a descriptive summary of published information. It is not financial, investment or tax advice, a recommendation to buy, hold or sell any security, or a valuation or price target. Clearview Financial (Pty) Ltd is not a licensed financial services provider. Moving averages and P/E ratios describe past data and do not predict future performance. Some figures are derived where AVI did not disclose a breakdown; these are flagged above.