The week ahead: Full-year results from Capitec, interims from Clicks, and updates from major miners

The market can expect an avalanche of results from across the globe this week.

Locally, we’re looking out for:

• Capitec Bank: On Wednesday, the banker will release its full-year results. In a trading update for the year ending 28 February 2026, it said it expects headline earnings per share (Heps) of between 14 294 cents and 14 890 cents, representing growth of 20% to 25%. The outcome reflects continued expansion of the client base, higher transaction volumes, and sustained momentum in value-added services and Capitec Connect, partly offset by the impact of a simplified, lower-fee pricing structure. Improved macroeconomic conditions and new credit offerings have supported stronger lending activity, while business banking entered a growth phase. Insurance income also strengthened, with increased uptake of credit life, funeral and life cover products contributing to higher net insurance income.

Read:
Capitec redefining lending in SA
Capitec dethrones FirstRand as Africa’s most valuable bank

• Clicks Group: Half-year earnings from the retailer will be out on Wednesday. In a trading update for the 20 weeks to 11 January 2026, Clicks reported turnover growth of 7.4% to R19.5 billion, with retail sales up 6% and pharmacy sales up 9%. Performance was impacted by warehouse-related disruptions, which management expects to normalise.

Also on Wednesday, miners BHP and South32 will have their turn at releasing third quarter sales results.

• BHP: In its interim results for the six months ended 31 December 2025, BHP reported underlying attributable profit of $6.2 billion, up 22%, and underlying earnings before interest, tax, depreciation, and amortisation (Ebitda) of $15.5 billion, with copper contributing more than 50% of group Ebitda for the first time. Management raised full-year copper production guidance to between 1.9 and two million tonnes, declared an interim dividend of $0.73 per share, and announced agreements expected to unlock more than $6 billion in cash. Consensus expectation is for half-year revenue for 2026 of $28.3 billion (up more than 1%) and adjusted earnings per share (EPS) of $1.38 (up almost 13%).

Read: BHP risks $2bn hit from dispute with CMRG, Goldman says

• South32: Posting its first-half results, South32 reported underlying earnings of $435 million and underlying Ebitda of $1.1 billion, representing an operating margin of 28%. The board declared an interim dividend of 3.9 US cents per share and increased its capital management programme by $100 million, with $209 million remaining to be returned. Consensus forecasts for the second half of the year put underlying revenue at $3.3 billion (down almost 17%) and EPS of $0.11 (up 11%).

Read: South32 idles Mozambique aluminium smelter

Thursday will see Valterra Platinum announce its first quarter sales. In its FY25 results, the platinum major reported revenue of R158 billion (6.71% year-on-year), with adjusted EPS of R63.48. The board declared a final dividend comprising a base dividend of R6.20 billion and a special dividend of R5.30 billion. Market estimates forecast a revenue of R37.50 billion.

Read: Valterra dividend tops estimates after platinum prices surge

On the economic front … calm before the storm for consumers?

In a reflection on data released last week, FNB economists noted a downward revision to their macroeconomic expectations, following negative shifts in the external environment that have altered the previously anticipated domestic demand path.

“Nevertheless, we still expect consumer activity to remain the key driver of growth in the near term,” reads the note from the banker.

The South African Reserve Bank Quarterly Bulletin for the final three months of 2025 suggests that consumers entered 2026 on a firmer footing, with household spending regaining momentum after a subdued 2024.

However, FNB says with wage growth yet to show a discernible and sustained upward trend, the recent improvement in spending momentum likely reflected factors outside of the labour market, notably wealth effects and early signs of household re-leveraging, rather than being income-driven.

“That said, the world is a different place today compared to just two months ago. High-frequency data on consumers remains limited, making real-time assessments challenging,” says the bank’s economics team.

“What is available, however, points to pockets of resilience, at least for now. Whether this persists or proves to be merely the calm before the storm is the question.”

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On Wednesday, data on consumer inflation for March will be available. Annual consumer inflation was recorded at 3% in February, down from 3.5% in January. Core inflation was up 3% year-on-year. Annual headline inflation is now expected to tick up slightly in March, to around 3.1%, with monthly pressure of 0.5%.

Read: Kganyago says war inflation risks are playing out

Also on Wednesday, retail sales data for February will be released by Stats SA. Retail sales accelerated in January, coming in at 4.2% compared to the same period a year ago, up from 2.5% in December. Monthly sales volumes grew 0.9%, reversing the 0.5% contraction in the previous month. The largest positive contributors were sales in textiles, clothing, footwear and leather goods as well as in the “other” category. Overall, volumes increased by 1.3% in the three months ending in January compared to the previous three months, pointing to a solid start to 2026.

Read: Hammerson doubles down on retail experience to counter e-commerce disruptions