Woolies’ CEO Roy Bagattini received a single-figure remuneration of R79.8 million for 2025.

Many CEOs earn bonuses based on the company’s performance, and Woolworths Group is no exception. However, despite Woolies’ Australian business dragging down results, the CEO walked away with a massive remuneration package.
It is evident in the group’s performance that South African Woolworths is well-loved for its food segment, which has made a significant contribution to the group’s overall performance. Apart from that, it operates the Fashion, Beauty, and Home (FBH) division, which is starting to gain momentum.
Woolies also operates the Australian clothing chain Country Road Group (CRG), which, according to the financial results for the 52 weeks ended 29 June 2025, dragged down Woolworths Group’s overall results.
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Woolies performance
According to the results released on Wednesday, the group reported a 23.9% decline in full-year headline earnings, due to a weaker-than-expected performance from CRG.
“In Country Road Group, the impact of a weaker and highly promotional topline environment, coupled with diluted gross profit margins, amplified the degree of negative operational leverage in the second half,” said the group.
This impacted the group’s overall financial performance in the period, it added.
The overall group’s adjusted earnings before interest and tax, depreciation and amortisation (aEBITDA) decreased by 3.8% to R8.7 billion. While adjusted earnings before interest and tax (aEBIT) declined by 10.9% in the prior period, to R5.2 billion.
Woolies’ CEO single-figure remuneration
aEBITDA is profit from normal business operations before accounting for depreciation and amortisation. While aEBIT is profit from normal business operations after accounting for depreciation and amortisation.
The financial results show that Woolies’ CEO Roy Bagattini received a single-figure remuneration of R79.8 million for 2025.
The group stated that this amount is intended to disclose the remuneration earned by directors based on the performance of the current year, the vesting of shares with non-financial performance conditions, and any income attributable to unvested long-term share schemes.
“Single-figure remuneration has been disclosed and includes the fair value of shares being calculated, based on the value of LTIP, PSP and/or RSP vesting of performance conditions, based on individual performance measures for the period FY2023 – FY2025, valued using the 30-day VWAP share price of WHL at 29 June 2025 of R54.26 (2024: 30-day VWAP R59.04), instead of the IFRS 2 equity-settled expense.”
Breakdown of the remuneration
The results show that for the year, he received an annual salary of R19.5 million, including benefits worth R4.7 million. He is guaranteed to receive these two amounts whether Woolies performs badly or not.
In addition to his guaranteed pay, Bagattini received long-term incentives worth more than R12 million. These are rewards, typically in the form of shares, options, or cash, given to executives that vest over several years to encourage them to remain and contribute to the company’s long-term growth.
Excluding his single-figure remuneration, he received total remuneration of R36.4 million for the period.
CFO Zaid Manjra received total remuneration of R11.6 million, excluding performance bonus.
Sam Ngumeni, the CEO responsible for the group’s pride and joy, Woolworths Food, received total remuneration of R21.8 million.
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Woolworths SA
Coming to the good news, the group’s turnover and concession sales increased by 6.1% and by 6.8%, respectively.
“Woolworths South Africa delivered a creditable performance, underpinned by a much-improved performance in the second half of the year.
“Within this, Food continued its strong momentum throughout the period, whilst Fashion, Beauty and Home (“FBH”) made substantial progress across a number of its strategic initiatives, delivering accelerating trading momentum during the second half,” said the group.
Woolworths SA delivered turnover and concession sales growth of 9.4% for the period, and 9.8% for the second half, supporting aEBITDA growth of 6.8% for the full year and 10.9% growth in the second half.
Woolworths Food
Woolies’ food segment continues to be the group’s pride and joy, as it delivered above-market turnover and concession sales growth of 11.0%.
The group reported that food sales increased by 9.2% during the period.
“Sales growth in H2 was 10.6%, with price movement of 4.2%. Trading space increased by 2.4% on the prior comparable period.
“Our on-demand Woolies Dash offering delivered strong sales growth of 41.6%, with overall online sales increasing by 32.9% and contributing 6.6% to total Food sales.”
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