JSE-listed packaging producer Nampak expects its normalised headline earnings per share (HEPS) for the six-month period to March 31 to increase by between 2% and 13% to between R39 and R43, compared with the normalised HEPS of R38.16 reported for the six months to March 31, 2025.

Normalised HEPS were impacted on by a decline in the contribution of Nampak's diversified business segment, but that was partially offset by a R92-million post-tax reduction in finance costs.

Meanwhile, HEPS for the group from continuing operations are expected to decrease by between 37% and 45% to between R31 and R36, compared with the HEPS of R56.83 reported for the prior comparable period.

Earnings per share (EPS) for the group from continuing operations were expected to be between R58 and R66, which represents a decrease of 4% or an increase of 9% when compared with the EPS of R60.64 reported for the prior comparable period.

Post-tax items affecting HEPS for the interim period, but excluded from normalised HEPS, include the relocation of the Angolan can line production, which added costs of R68-million; the receipt of a pension fund surplus of R47-million; and an R82-million interim settlement of an outstanding Covid-19 insurance claim.

Further, a post-tax impairment loss reversal of R239-million related to the improved performance and outlook of Beverage Angola was excluded from HEPS, but affected the EPS for the six months under review.

Meanwhile, HEPS for total operations are expected to decrease by between 45% and 52% to between R32 and R37, down from total operations HEPS of R66.92 in the prior comparable period.

Total operations EPS are expected to decrease by between 84% and 86% to between R51 and R59, compared with total operations EPS of R385.42 in the prior comparable period.

The decline in EPS is mainly owing to a post-tax and non-controlling interest impairment loss of R70-million related to Nampak Zimbabwe during the period.

The decline in EPS was also owing to the non-recurrence of a profit on disposal of businesses of R2.5-billion during the interim period to March 31, 2025, which primarily consisted of the recycling of a foreign currency translation reserve of R2.4-billion.

Nampak expects to release its unaudited interim results for the period under review on or about May 29.