2026年南非品牌100强报告

South

Africa

1002026TheannualreportonthemostvaluableandstrongestSouthAfricanbrandsR771billion:

Top

100South

Africanbrands

record

12%growthin2026+

SA’stopbrandsoutperformalldomesticmarket

indicators,withexceptionaldouble-digitgrowth+

Sustainedbrandstrength

throughconsistentinvestmentanddeliveryhascreated

the

tailwinds

foracceleratedbusinessperformance+

R50.9billionbrandvalue:TelecomtitanMTNisSouthAfrica’sNo.1brand,asCapitec

enters

the

top10mostvaluablebrandsatninthposition+

CheckerstopbrandstrengthwithaBSIscore

of97.0/100&AAA+brandstrengthrating+

Fastestgrowingbrand:PEP’sbrandvalue

jumps76%toR5.8billion+

Banking,RetailandTelecomssectorsdrive

brandvaluegrowthin2026+

Fivenewbrandsdebutintherankingincluding

Savanna,SANRAL,ValterraPlatinum,Orosand

theJohannesburgStockExchange(JSE)ContentsForeword

5DavidHaigh,Chairman&CEO,BrandFinanceIntroduction6Jeremy

Sampson,Chairman,BrandFinance

AfricaCountryOverview9ValuationAnalysis11MostValuableSouthAfricanBrands202612FastestGrowingBrandValue:PEP16BrandtoWatch:Boxer17BrandStrengthAnalysis18SectorAnalysis22BrandSpotlights30Old

Mutual

31MosalaPhillips,Chief

MarketingOfficer,OldMutualSANRAL

34Shoprite

37StandardBank

41DianaSpringer,Head,Brand&Marketing,StandardBankBrandValueRanking

(Rm)44Methodology46OurServices52Brand

Finance

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Africa1002026

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3©2026Allrightsreserved.BrandFinancePlc.AboutBrandFinanceBridging

thegapbetweenMarketingandFinanceBrandFinancewassetupin1996withthe

aimof'bridging

thegapbetweenmarketing

andfinanceI.Formorethan25years,wehavehelpedcompaniesandorganisations

ofalltypestoconnecttheirbrands

to

the

bottomline.Quantifyingthefinancial

valueofbrandsWeputthousandsoftheworld’sbiggest

brandstothe

testevery

year.Rankingbrandsacrossallsectorsandcountries,

wepublishover100reportsannually.UniquecombinationofexpertiseOurteamshaveexperienceacrossawiderangeofdisciplinesfrommarketingandmarketresearch,

tobrandstrategyandvisualidentity,

to

taxandaccounting.Pridingourselveson

technicalcredibilityBrandFinance,acharteredaccountancyfirmregulatedbytheInstituteofChartered

AccountantsinEnglandandWales,is

the

firstbrandvaluationconsultancyto

jointhe

InternationalValuationStandardsCouncil.Our

experts

crafted

standards(ISO10668

and

ISO20671)and

our

methodology,certifiedbyAustrianStandards,isofficially

approvedbytheMarketingAccountability

StandardsBoard.The

world'sleadingbrand

valuationconsultancyForbusinessenquiries,pleasecontact:enquiries@Formediaenquiries,pleasecontact:press@brandf+442073899400www.brandfinThisyearmarksBrandFinance’s30th

anniversary.Throughoutourhistoryasacompany,therehasbeenoneenduringtruism:brandsoperateinaworldshaped

bycontinualchange.RapidadvancementsinAI,geopoliticalfragmentation,economicuncertainty,andrisingexpectationsofcorporatebehaviourhaveallplacednewpressures

onorganisations.While

thechallengeshaveevolved,

theimportanceofbuilding

andmaintainingbrandstrengthhasremainedconstant.Lookingback

to1996,

theglobalbrandlandscapewasdominatedby

traditionalconsumernames.Since

then,

theriseof

technologyanddigitalservices,

themove

fromproducts

toecosystems,

theincreasingprominenceofB2Bbrands,and

the

growthofplacebrandinghavefundamentallyreshapedhowvalueiscreated.Today,thecommercialcontributionofastrongbrandiswellrecognised.Itdrivesdemand,supportspremiumpricing,attractsandretains

talent,increasesresilienceduringuncertainty,andprovidesconfidence

toinvestors.Despite

thisawareness,manyorganisationsstillstruggle

toquantifybrandvalueorexplainitsroleinbusiness

performance.

Thislackofclarityoftencreatesagapbetweenmarketingambitionandfinancialdecision-making,limiting

theability

toinvestfor

thelong

term.AtBrandFinance,ourmissionfor30yearshasbeen

toclose

thatgap.Bybringing

togetherrobustvaluationmethodologiesandin-depthresearch,wehelpleadersunderstand

thefinancialimpactof

theirbrandandmakebetter-informeddecisions.

Whetheryouarelookingtostrengthenbrandperformance,evaluatemarketinginvestment,supportatransaction,orbringgreateralignmentacrossyour

organisation,ourteamisheretohelp.Asyouexplore

thisyear’sfindings,Iencourageyoutoconsiderhowtheinsights

cansupportclearerdecision-makingwithinyourorganisation.Strongbrandsare

built

throughinformedchoicesandconsistentinvestment,andour

teamisready

tohelpyoutranslatethedataintopracticalnextstepsforyourstrategy.Brand

Finance

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5ForewordDavid

HaighChairman&CEO,

BrandFinanceSouthAfrica’sbrandsoutpacenationaleconomicgrowth.AtBrandFinance,weviewbrandsas

tangibleassets,capableofbeingbought

andsold,andoften

themostvaluableassetsacompanyowns.

Yetmanyorganisationsstilllackaclearunderstandingof

theirbrand’s

truevalue,or

howtofullyleverageit.BrandsareoftenstillthoughtofinanFMCGandB2Ccontext.Butthatviewfeelsincreasinglyoutdated.Today,B2Bbrandsmatter

justasmuch,ifnotmore.Atitscore,buildingastrongbrandisnot

justaboutmarketing,itissimplygood

business.

TheannualGlobalIntangibleFinanceTracker(GIFT)reporthighlights

justhowsignificantintangibleassetshavebecome.Theglobalaverageofintangibleassets,largelymadeupofbrands,nowaccountsfor58%of

totalbusinessvalue.

Thatraisesanimportantquestion:whyarebrandssowidelyundervalued,orinsomecasesnotvaluedatall?Asabroadruleofthumb,brandsinEuropeareestimatedtobeundervaluedby10-14%,

in

the

US

by

around25%,and

in

Asia

by

as

much

as40-50%,with

Africa

likelyfallingintothelattercategory.Inaworld

thatappearsevermoreunpredictable,shapedbygeopolitical

tensions,

economicpressure,shifting

tariffs,andageneralsenseofvolatility,strongbrands

offersomethingrare:adegreeofcertainty.Atitscore,thebusinessworldcraves

consistency,somethingbrandscandeliver,aslongas

theyremainrelevant,well-managed,andproperlyinvested.Globally,

theso-called‘MagnificentSeven’

techbrandsdominate

theinvestment

conversation.Butwhocansayforcertainthatallsevenbrandswillholdstilltheir

placeby2030?

The

‘AIBubble’,and

thestaggeringinvestmentsdrivingitdominate

thesceneforthemoment.Not

thatlongago,alocalbusinessmediapunditdeclined

tobefeaturedin

theSouthAfrican100,dismissingitasboring,withlittlechangeeachyear.Hedidn’trealisethatbrandshavethepowertochangetheworld.Whilstoureconomystumblesalong,pinneddownbyredtapeandgovernment

inefficiency,stuckaround1%,thevalueofSouthAfrica'sTop100brandsgrewby

a

record12%,compared

to3%the

previous

year,to

a

collective

value

ofR771billion.Of

that,MTN

SA,the

#1brand

by

value,accounts

for

R51billion.Theprivatesectorhasmuchtobeproudof.IfSouthAfrica’sGDPgrowthwereto

reach4%ormore,itwouldtransformthecountry.More

jobs,lessunemployment,

higherexports,increasedinwardinvestment,andgreatertaxrevenue.Inshort,real

growthwithresourcesbetterdirectedtowardfutureinvestment,maintainingexistingservices,

andimproving

thelivesofallSouthAfricans.ThisisreflectedinthelatestGlobalSoftPowerIndex2026,whereSouthAfricaslippedfrom41st

to43rd

outofnearly200countriesrated.Under‘BusinessandTrade’,SA

dropped

to54th,and

under‘Ease

of

Doing

Business’,it

fell

further

to55th.Yet

thereremainsoptimism,withthecountryranked7th

for‘FutureGrowthPotential’.IntroductionBrand

Finance

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Africa1002026

brandirectory.com/south-africa

6JeremySampsonChairman,BrandFinanceAfricawhichhas

transformedfromaninvisibleroads

agencyintoatrustedinstitutionthroughtargeted

communityengagement,deepeningpublicunderstanding,andbuildinggenuinebuy-in.AnotherstandoutisSavannacider,launchedin1996

bytheDistellGroup,andwhichhasbecomeaglobal

icon,soldinover60countriesandrankednumber

oneworldwidebyvolumeandvaluein2026.WarrenBuffett,nowaged95andwidelyregardedasoneoftheworld’sshrewdestinvestorsofalltime,

hasgeneratedextraordinaryreturnsforthosewho

investedinhim.Ashesays,‘Ifyoudon’tfindaway

tomakemoneywhileyousleep,youwillworkuntil

you

die’.NowletuscelebrateSouthAfrica’scorporateworld,thebrandstheymanage,andtherevenues

theygenerate.It’sgoodbusiness.Thebankingsectorcontinuestodominate,with

collectivevaluerising18%.

Thisisnotableinan

increasinglycrowdedsector,wherecompetition

forshareofwalletisintense.StandardBankremains

themostvaluablebankingbrandinAfrica,whileglobally,Capitec

(7th)and

FNB(8th)are

recognised

for

their

brand

strength,asignificantachievement.Thenextmostimportantsectorisretail,dominated

byCheckers,withPepas

thefastestgrowingbrand

acrossallsectors.Inthetelecomssector,MTNand

VodacomremainSA's

topbrandsbyvalue.But

thestoryisn’tonlyaboutestablishedgiants.This

year,Boxer

is

our

brand

to

watch,with

its

brand

valuerising55%andnowstandingoutinitsownrightfromparentPick

‘nPay.Otherbrandstowatchintheyearaheadincludenew

entrantstothisyear’sranking,suchasSANRAL,Brand

Finance

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7Introduction

CountryOverviewEuropeanUnion’shigh-risk

jurisdictionlistinJanuary2026,hasimproveditscompliancestandinginternationally.Asovereigncreditrating

upgradefromS&PGlobal,thefirstinnearlytwo

decades,furtherreinforcesagradualbut

tangible

improvementininvestorconfidence.Significantchallengesremain.US

tariffincreases

andtheexpiryof

preferentialtradeaccessunderthe

African

Growth

and

Opportunity

Act(AGOA)haveputpressureonexportcompetitiveness,while

unemploymentremainsstructurallyhighandconsumerfinancesconstrained.Nevertheless,decliningriskpremiums,improvinganalystforecasts,andsustainedreformmomentum

under

the

Government

of

National

Unity(GNU)arecreatingamoreconfidentbackdropforbrand

investment,marketingspend,andlong-termbrand

buildinginSouthAfrica.Keyinitiatives,suchasOperationVulindlela,a

jointactionbetween

theSouthAfricanPresidencyandNational

Treasuryaimedatacceleratingeconomic

reform,andcontinuedfiscalconsolidation,havecreatedamoresupportivebackdropforlisted

companies.SouthAfricaentered2025inaperiodofcautious

stabilisation,aseasinginflationarypressuresand

amorepredictablemonetaryenvironmentbegan

torestoreconfidenceacrossfinancialmarkets.By2026,

thatstabilisationhasevolvedintoaclearerinflectionpoint,notadramaticbreakthrough,

but

theaccumulationofincrementalgains.Aftermore

thanadecadeofsubduedeconomicperformance,thefoundationsforamoredurablerecoveryare

beginning

to

takeshape.Real

GDP

growth

of

around1.2%in2025hasstrengthenedthrough2026andisprojectedtoimprovein2027asstructuralreformsinenergyand

logistics

translateintomeasurableimprovements.Thenear-eliminationofload-sheddinghasunlocked

productivecapacitypreviouslyconstrainedbyenergyshortages,while

theongoingunbundlingofEskom

andagrowingpipelineofprivaterenewableenergyprojectssignalastructuralshiftinhowtheeconomyispowered.Atthesametime,SouthAfrica’sexit

from

theFinancial

Action

Task

Force(FATF)“grey

list”inlate2025,followed

by

its

removal

from

theCountryOverviewBrand

Finance

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9CountryOverviewPrivatesectorinvestmentininfrastructure,talent,and

innovationisincreasinglyfillinggaps,reinforcing

the

roleofcorporateSouthAfricaindrivingforwardeconomicrecovery.Against

thisevolvingmacroeconomicsetting,SouthAfrica’sleadingbrandshavedemonstrated

resilience.Thetotalvalueof

the

top100brandsrose12%year-on-year

to

R771billion

in2026.Whilegrowthwasmeasured,itreflectedsteady

performanceinacomplexoperatingenvironment,

drivenprimarilybystronggainsin

thebankingsector,alongsidestablecontributionsfromtelecomsandretailMajorbanksdeliveredmodestearningsgrowthin2025despitepersistentheadwinds,withmomentum

acceleratinginto2026.Headlineearningsexpandedon

thebackofaccelerateddigital

transformationand

therapidadoptionofmobileandonlinebanking.

Innovationremainscentraltothesector’sevolution,

withnewofferingssuchascrypto

tradingintegrated

intobankingplatforms.DiscoveryBank’spartnershipwithLuno,introducing

cryptoservicesinlate2025,signalsabroadershift

towardsdiversifiedfinancialservices.Improvedmarketforecastshavelifted

thesector’saveragefive-year

revenue

CAGR

from6.7%to7.3%,withprojectedyear-fiverevenuesnow14.8%above

priorexpectations.Across

theranking,82brandsincreasedinvalue,with

an

average

uplift

of16%.However,

brandstrengthremainedbroadlyflat,withthe

averageBrandStrengthIndex(BSI)scorerising

by

justonepoint.Thissuggests

thatrecentgainshavebeendrivenmorebyimprovedmarketconditionsandbusiness

performancethanbystructuralshiftsinbrandequity.

Inaddition,thefulladoptionofIFRS17reportingstandardsin2023hassignificantlyimpacted

the

SouthAfricaninsuranceindustry,servingasacatalystforbothoperational

transformation

andstrategicgrowthamonginsurers.In

thiscontext,brandsassumeheightenedstrategic

importance.SouthAfrica’sleadingcorporatebrands

representdurablebalancesheetassets,carryingaccumulatedcustomer

trust,investorexpectations,

andinstitutionalreputation.Asthecountryworkstoconsolidatereformmomentumandreassertitscompetitivenessglobally,

thesebrandsarenotmerelycommercialactorsbut

activeparticipantsinshapingperceptions,attracting

capital,andsignallingconfidenceinSouthAfrica’slong-termgrowthtrajectory.Brand

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10ValuationAnalysis+

MostValuableSouthAfricanBrands2026+

FastestGrowingBrand:PEP+

Brand

to

Watch:BoxerMTNretainsitspositionasSouthAfrica’smostvaluablebrandin2026–aposition

thebrandhasheldforthepast13years-withitsbrand

valueremainingstableatR50.9billion.Buildingon

2024,s

network

improvements,including

over400modernisedsitesandexpanded5Gcoverage

to44%ofthepopulation,MTNdeliveredrobustrevenue

andearningsgrowthin2025,drivenbymomentum

indataandfintechservicesanddisciplinedcommercialexecution.Itssubscriberbasereachedapproximately301millionacross16markets,withnotablegrowth

indataandmobilemoneyusers.Itsmostsignificant

brandmovewastheMarch2025repositioningunder

“TodayWeMakeMoves”,shiftingthebrandfromconnectivityprovidertocatalystforindividualand

nationalprogress,activatedthrough5Ghomeinternet,MoMofinancialinclusionmessaging,and

youth-focusedprepaidproposition,MTNPulse.Thebrandalsoconcludeditseight-yearSpringboksfront-of-shirtsponsorship,spanning

twoRugbyWorldCupvictoriesandexitingatthe

peakoftheteam’sreputation.VodacomstrengtheneditspositionasSouthAfrica’s

secondmostvaluablebrandin2026,withitsbrandvalue

rising9%to

R47.9billion.Overall

revenueincreasedmodestly,supportedbystrategicgeographicandproductdiversification.ExpansionintoEgyptandEthiopia,alongsidestrongercontributionsfrombeyond-mobileservices,

underpinnedgrowth,whileacceleratedadoptionof

super-appssuchasVodaPay,M-Pesa,andVodafone

Cash,togetherwithgrowthincloudandhostingservices,furtherboostedperformance.AnotablebrandinitiativeisVodacom's"ExtraYourSummer"campaign,featuringa20GB-for-R99datadealandoverR500millioninconsumerrewards,

aimedatdefendingloyaltyinaprice-sensitivemarket.VodacomalsoinvestsinitsVodacomBusinessdivisionunderthe"TurntoUs"positioning,offeringSMMEscustomisabledigitalandconnectivitysolutions.

Theseeffortsareunderpinnedbyitslong-standingbrandplatform,"TheFutureisExciting.Ready?",one

ofSouthAfrica’smostrecognisedadvertisinglines.#2R47.9bnvodacomVodacom

+9%#3standardBankR45.0bnStandardBank

+19%#4FirstNationalBankR34.8bn+19%#5R30.6bnAbsa

+12%#6checkersCheckersR25.6bn+9%#7SHOPRITEShopriteR25.1bn+25%#8NED

BANKNedbankR23.6bn+16%#9CapitecBankR23.3bn+25%MostValuableSouthAfricanBrands2026Top

10MostValuable

©

Brand

Finance

Plc.

2026SouthAfricanBrands2026Brand

Finance

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12R23.2bnInvestec

+15%R50.9bnMTN

0%#10

Invest

ec#1StandardBankretainsitspositionasSouthAfrica’s

thirdmostvaluablebrandin2026,withbrandvaluerising19%to

R45billion.Africa’s

largest

lender

byassetsreportedrecordfirst-halfprofitsin2025,drivenbystrongcorporateandinvestmentbankingperformance.Stronggrowthinfeeincomeandtradingrevenue

offsetslowerinterestincome,whileR3.7billionin

technologyinvestments,includingcloudupgrades,

improvedcybersecurityanduser-friendlydigitalplatforms,boostedclientengagement.InMarch2026,StandardBankbecameanofficial

partnerofBafanaBafana,BanyanaBanyana,and

SouthAfrica’sgrassrootsnational

teams,aheadofthe2026FIFA

World

Cup

and

Women’s

Africa

CupofNations,reinforcingitsnationalpresenceand

communityimpact.In

fourth

place

is

First

National

Bank

(brand

valueup19%to

R34.8billion).The

brand’s

growth

was

mainlydrivenbystrongdepositgrowth,withitsdepositbase

exceedingR1

trillion,alongsidecontinuedcustomeracquisition,higher

transactionvolumes,andincreased

revenuesfromvalue-addedservicessuchasFNBConnect,SendMoney,eBucksanditsinnovativenav

platform,offeringasuiteofdigital

toolswithin

the

FNBbankingApp.FNBcontinuestooutperformpeersonkeymetricsforsustainedbrandvalue,withdigitallyactivecustomersreachingalmost8millionin2025,

thebankingapplogging157millionsessionsinasingle

month,up22%year-on-year,and

totaldigitalplatformloginshitting2.2billion.NamedSouthAfrica'sBestDigitalBankfor2025by

theindependentSITEisfactionbenchmark,FNBalsoelevateditsSpringbokssponsorship

toprincipalpartnerofallnationalteams,coveringsenior,

Sevens,andage-groupsquads.

Thismovereinforcesits

"grassroots

togreatness"rugbynarrative,complementsits

enduring

brand

promise,"How

Can

We

Help

You?",

andsupportsitsbroaderevolutiontowardlifestyleandbusinesssolutionsbeyondcorebanking.Anotherbankingbrand,Absa,comesinatfifthplace,with

its

brand

value

rising12%to

R30.6billion.UndertheleadershipofKennyFihla,appointedBrand

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13ValuationAnalysisChief

Executive

Officer

on17th

June2025,the

brandstrengtheneditsoverallregionalfootprintwhenAbsaBankUgandaannounced

theacquisitionof

StandardChartered'sretailandwealthbanking

operationsinUganda.AbsastrengtheneditsinstitutionalprofilebysupportingNamibia’sNGN6billionEurobondsettlement,surpassingonemillion

treesplantedinUganda,andpartneringwithRippletoofferdigitalassetcustodyservicesinSouthAfrica,reflecting

itsgrowingroleinsustainablefinanceanddigitalinnovationacross

thecontinent.Investorconfidencehasbeenfurtherreinforcedbydecisiveleadershipappointments,includingZaidMoolaasCIBCEOandMusaMotloungasGroup

Strategic

Risk

Officer

from

Standard

Bank,

aswellasSitoyoLopokoiyit,formerM-PESAAfrica

MD,whowillassumetheroleofChiefExecutiveofPersonalandPrivateBankingfromApril2026.Asthefirstnon-SouthAfricantolead

Absa’s

retailfranchise,hisappointmentsignals

the

group’sPan-Africangrowthambitionsunder

itsnewleadership

team.InsixthplaceisCheckers,withitsbrandvaluerising9%to

R25.6

billion.As

South

Africa’sfastest-growingpremiumsupermarketbrand,Checkers

delivered

R95.7billion

in

sales

in2025,up13.8%year

on

year,driven

by

higher

basketsizes,increasedcustomer

traffic,and

thesuccessofitsFreshXstores.Itson-demanddeliveryplatformSixty60hasbecomeacategory-definingasset,withsalesrising

over47%and

operations

expanding

to601stores.After

recording110%growth

in

2024,the

platform

hascreatednearly14,200

jobssincelaunch.Itsecosystemisreinforcedby

theXtraSavings

loyaltyprogramme,namedBestRetailLoyalty

ProgrammeoftheYearat

theSouth

AfricanLoyaltyAwardsforfiveconsecutiveyears,

with

nearly34millionrewardscustomersvisiting

ShopriteGroupstores.Marketingblendsaspirationalprivatelabelssuch

asSimpleTruthandForageandFeastwithculturalengagement

through

thepopularLittleShopBrand

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14ValuationAnalysisValuationAnalysiscollectablescampaign,nowinitsfifthedition,whileSixty60itselfhasevolvedbeyond

deliveryintoabroaderculturaltouchpoint.Climbingthreeplacesfrom2025torankseventh,

Shoprite

records

a25%increase

in

brand

value

toR25.1billion.Where

Checkers

drives

premiumgrowth,theShopriteretailbrandremainsthe

group’sfoundation,notableforitsscale.Eachweek,nearly2millionR5subsidisedproductsaresold,directlysupportingSouthAfrica’smostprice-sensitiveconsumers.Itspositioning,“LowerPricesYouCanTrustAlways”,hasremainedconsistentfordecades,

turninglong-serving

township

andlower-incomemarketsintothecountry’sdominant

consumervolumesegment.Leadershipcontinuityhasreinforcedthisstrategy,withonlytwoCEOsin

40years,contrastingsharplywiththe

turnoverseen

at

Pick

n

P