Bell Equipment Income Statement

Financials in millions ZAR. Fiscal year is January - December.

Millions ZAR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	11,152	11,697	13,514	10,276	8,017
Revenue Growth (YoY)	-4.65%	-13.44%	31.50%	28.18%	19.83%
Cost of Revenue	8,679	9,229	10,812	8,245	6,473
Gross Profit	2,473	2,468	2,702	2,031	1,544
Selling, General & Admin	2,131	2,024	1,847	1,586	1,325
Other Operating Expenses	-238.58	-311.11	-339.51	-260.13	-184.96
Operating Expenses	1,892	1,713	1,508	1,326	1,140
Operating Income	581.31	754.4	1,194	705.19	403.72
Interest Expense	-74.54	-185.05	-196.77	-136.98	-96.39
Interest & Investment Income	65.03	102.91	83.21	77.51	62.28
Pretax Income	571.8	672.26	1,080	645.72	369.61
Income Tax Expense	164.41	201.19	286.58	166.87	75.34
Earnings From Continuing Operations	407.39	471.06	793.57	478.85	294.27
Minority Interest in Earnings	-23.36	-30.63	-29.96	-22.01	-7.5
Net Income	384.03	440.44	763.61	456.85	286.77
Net Income to Common	384.03	440.44	763.61	456.85	286.77
Net Income Growth	-12.81%	-42.32%	67.15%	59.31%	-
Shares Outstanding (Basic)	96	96	96	96	96
Shares Outstanding (Diluted)	104	106	103	128	110
Shares Change (YoY)	-2.68%	3.75%	-19.70%	16.01%	15.22%
EPS (Basic)	4.02	4.61	7.99	4.78	3.00
EPS (Diluted)	3.71	4.14	7.44	3.57	2.60
EPS Growth	-10.39%	-44.35%	108.40%	37.31%	-
Free Cash Flow	928.89	1,746	39.05	-347.04	490.21
Free Cash Flow Per Share	8.96	16.39	0.38	-2.71	4.45
Dividend Per Share	1.000	1.600	-	0.900	0.500
Dividend Growth	-37.50%	-	-	80.00%	-
Gross Margin	22.18%	21.10%	19.99%	19.77%	19.26%
Operating Margin	5.21%	6.45%	8.83%	6.86%	5.04%
Profit Margin	3.44%	3.77%	5.65%	4.45%	3.58%
Free Cash Flow Margin	8.33%	14.93%	0.29%	-3.38%	6.12%
EBITDA	690.56	841.63	1,309	847.18	555.12
EBITDA Margin	6.19%	7.20%	9.69%	8.24%	6.92%
D&A For EBITDA	109.25	87.23	115.06	141.99	151.4
EBIT	581.31	754.4	1,194	705.19	403.72
EBIT Margin	5.21%	6.45%	8.83%	6.86%	5.04%
Effective Tax Rate	28.75%	29.93%	26.53%	25.84%	20.39%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.