Spur CEO Val Nichas earns R26m as five-year plan pays off

Spur Corporation CEO Val Nichas received R26.1m in total remuneration for the 2026 financial year. This amount reflects a rise from R20.6m in 2025. Her pay comprised R6.6m in guaranteed salary, a R5.4m short-term incentive, R597,000 in bonus-matching shares, and R13.4m from share appreciation rights that vested during the year.

The five-year strategy, which Nichas led since her appointment in 2021, has shown substantial results. When she started, Spur was dealing with the aftermath of the Covid-19 pandemic, including restaurant closures and financial pressure on franchisees. The strategy focused on four key stakeholder groups: employees, customers, franchisees, and investors. It aimed to build a high-performance culture, advance employment equity, and invest in marketing and innovation.

Under Nichas' leadership, Spur's restaurant network expanded from 624 to 751 locations between 2021 and 2026. The loyalty club membership grew from 1.2-million to 2.6-million members. The number of customers served annually increased from 48-million to 56-million. These developments indicate a significant growth phase for the company.

Financial performance over the five years has been impressive. Restaurant turnover grew at a compound annual rate of 15.3%, while profit before tax increased by 25.1%. Earnings per share rose by 27.9%, and cash generation grew by 27.5%. The return on equity also showed a compound annual growth rate of 17.8%.

The company's share price has seen substantial growth, rising at an annual rate of 17.5% over the five-year period. It reached a record R45.49 on May 29, the highest level since Spur listed on the JSE in 1986. Franchisees have also invested heavily in their restaurants, with over R400m spent in the two years leading up to the report.

On transformation, Spur has made notable progress. The broad-based BEE rating improved from level 8 in 2022 to level 4 in its 2025/26 assessment. The company also met the required threshold for supplier development for the first time. A franchisee satisfaction survey conducted in 2026 recorded a 71% satisfaction score.

Nichas reflected on the strategy's impact and the journey ahead. She noted that while significant achievements have been made, the next phase will focus on accelerating growth, expanding transformation, and strengthening franchisee returns. Nichas emphasized that the completion of the initial strategy is not an end but a moment to recognize achievements and plan for future challenges.

Key points

• Spur Corporation's CEO Val Nichas earned R26.1m in 2026.
• The company's five-year strategy achieved significant growth in restaurant network, customer base, and financial performance.
• Spur's share price grew at an annual rate of 17.5% over the five-year period.