Slides
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Q1 2026 Earnings PresentationJuly 23, 2025 1
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2 Today’s Presenters Goy HoeshinGroup CFOZak CalistoGroup CEO & Founder Carmen CalistoGroup Chief Strategy & Marketing Officer 2
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DISCLAIMERForward-Looking StatementsThe information in this presentation (which includes any oral statements made in connection therewith, as applicable) includes “forward-looking statements.” Forward-looking statements are based on our beliefs and assumptions and on information currently available to us, and include, without limitation, statements regarding our business, financial condition, strategy, results of operations, certain of our plans, objectives, assumptions, expectations, prospects and beliefs and statements regarding other future events or prospects. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “plan,” “intend,” “seek,” “anticipate,” “estimate,” “predict,” “potential,” “assume,” “continue,” “may,” “will,” “should,” “could,” “shall,” “risk” or the negative of these terms or similar expressions that are predictions of or indicate future events and future trends.By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, the development of the industry in which we operate and the effect of acquisitions on us may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if our results of operations, financial condition and liquidity, the development of the industry in which we operate and the effect of acquisitions on us are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods.Important factors that could cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements are disclosed under the “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” sections of the Registration Statement on Form 20-F filed on June 09, 2025 and our Form 6-K filed on July 22, 2025.You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation. We disclaim any duty to update and do not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation. All information provided in this presentation is as of the date of this presentation, and we do not undertake any duty to update such information, except as required under applicable law.Non-IFRS Financial MeasuresThis presentation includes certain non-IFRS financial measures, including ARR, ARPU, adjusted EBITDA, adjusted EBITDA margin, adjusted free cash flow and adjusted EPS. These non-IFRS financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative or superior to IFRS measures. You should be aware that our presentation of these measures may not be comparable to similarly-titled measures used by other companies. Please see the definitions and/or reconciliations included in our earnings announcement (“Earnings Announcement”).Market and Industry DataWe include statements and information in this presentation concerning our industry ranking and the markets in which we operate, including our general expectations and market opportunity, which are based on information from independent industry organizations and other third-party sources (including a third-party market study, industry publications, surveys and forecasts). While Karooooo believes these third-party sources to be reliable as of the date of this presentation, we have not independently verified any third-party information and such information is inherently imprecise. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of risks. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.Trademarks and Trade NamesIn our key markets, we have rights to use, or hold, certain trademarks relating to Cartrack, or the respective applications for trademark registration are underway. We do not hold or have rights to any other additional patents, trademarks or licenses, that, if absent, would have had a material adverse effect on our business operations. Solely for convenience, trademarks and trade names referred to in this presentation may appear without the “®” or “™” symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent possible under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other companies’ tradenames, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. Each trademark, trade name or service mark of any other company appearing in this presentation is the property of its respective holder. 3
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Founder-led with a strong track record of disciplined capital allocationWe bring long-term vision, strategic focus and an entrepreneurial culture to an expansive total addressable market and have a strong track record of returning excess cash to shareholders via a dividend. Organic growth and product innovation are our priorities.Operational efficiency and disciplined execution are hallmarks of our culture. WHO WE AREIntelligent SaaS platform for connected vehicles and other mobile assetsOur platform empowers fleet and asset management, field worker management, video-based safety including AI video, compliance and risk mitigation, and delivery/logistics management. Compelling financial profile Our financial performance speaks for itself, underscored by a “Rule of 60”1 financial profile and a healthy, unlevered balance sheet. Growing global footprintWe serve approximately 2.4 million subscribers primarily in South Africa, Southeast Asia and Europe. 1The sum of revenue growth and adjusted EBITDA margin for a reporting period sum to greater than 60.2SaaS ARR (a non-IFRS measure) is defined as the annual run-rate subscription revenue of subscription agreements from all customers at a point in time, calculated by taking the monthly subscription revenue for all customers during that month and multiplying by twelve.3For convenience purposes only, amounts in South African rand as of May 31, 2025 have been translated to U.S. dollars using an exchange rate of ZAR 18.0319 to U.S.$1.00 (May 31, 2024: ZAR 18.8402), as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate.4As of end of Q1 2026.5Customers that contributed 95% of the ARR in May 2024 remain our customers. 6LTV calculated as the product of our subscription revenue gross margin measured over the past twelve months, and the difference between our current period SaaS ARR and prior comparative period (twelve months) SaaS ARR divided by the percentage of SaaS ARR lost as a result of customer churn over the past 12 months. LTV is a non-IFRS measure. CAC calculated as annual sales and marketing expense measured over the past 12 months. Compounding data moat advantage propelled by continuous innovation 220B+4 monthly data points collected and commitment to product innovation continuously strengthens our ability to deliver impactful insights and value to our customers. 2.4M+4 Cartrack Subscribers125,000+4 Commercial Customers 6,300+4 Employees Full Ownership of the customer value chain Singapore / 20+ Countries Headquarters / Countries of Operation 220B+4 Monthly Data Points 4 98%of Cartrack’s Q1 2026 Revenue was Subscription Revenue >9x6 LTV to CAC Enabled by strong retention, disciplined capital allocation and efficient distribution, which are all embedded in our vertically integrated business model and company culture ZAR 4,574M3 ↑18% Y-o-YUSD $254M2,3 ↑24% Y-o-YCartrack Annual Recurring Revenue (ARR)2 95%5Commercial Customer ARR Retention Rate
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SaaS Operations Management Platform Delivery-as-a-ServiceLogistics100% 74.8%Leading physical operations management platform, focused on South Africa, Southeast Asia and Europe. OwnershipOwnership KAROOOOO 51For convenience purposes only, amounts in South African rand as of May 31, 2025 have been translated to U.S. dollars using an exchange rate of ZAR 18.0319 to U.S.$1.00 (May 31, 2024: ZAR 18.8402), as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate.2DaaS revenue is revenue generated from last-mile delivery services, including subscription based revenue associated with these delivery services. ZAR 1,138MSubscription Revenue (Q1 2026) USD¹ 63M/ ↑19%Y-o-Y Subscription Revenue Growth an acceleration vs. 16% in Q4 2025↑24%Growth in USD1 Q1 2026 Operating Profit Margin 30% ZAR 121MB2B Delivery-as-a-Service (DaaS) Revenue2 (Q1 2026) USD¹ 7M/ ↑20%Y-o-Y DaaS Revenue Growth ↑26%Growth in USD1 Q1 2026 Operating Profit Margin 8% /
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Q1 2026 KAROOOOO GROUP SNAPSHOT 2,386,249Q1 2025: 2,047,442 ZAR 1,141MQ1 2025: ZAR 964M ZAR 8.55Q1 2025: ZAR 7.17 UP 18% UP 19% UP 17% Cartrack Adjusted EBITDA¹ Margin, Operating Profit Margin and Subscription Revenue Growth 17%17%15% 30%30%31% 47%47%47% 0% 10% 20% 30% 40% 50% FY 2023FY 2024FY 2025 Subscription Revenue GrowthOp erating Pr ofit Mar ginAdjusted EBITDA MarginQ1 2026 46% 30% 19% ZAR 1,277MQ1 2025: ZAR 1,082MUP 18% 1Adjusted EBITDA (a non-IFRS measure) is defined as profit less finance income, plus finance costs, taxation, depreciation and amortization, plus impact of non-recurring operational expenses, if any. Adjusted EBITDA margin (a non-IFRS measure) is Adjusted EBITDA divided by revenue. In addition to our results determined in accordance with IFRS, we believe adjusted EBITDA (a non-IFRS measure) is useful in evaluating our operating performance. Total Revenue Subscription Revenue Earnings Per Share Subscribers
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7 RARE FINANCIAL PROFILE Source: FactSet as of 6/20/2025 Note: “Rule of 50+” analysis utilizes Street CY2025E Revenue and CY2025E GAAP EBITDA Margin (i.e. including SBC) for a select group of ~155 U.S listed SaaS companies. Small Cap is below $2B market cap, Mid Cap is $2B-$20B and Large Cap is $20B+. Karooooo reports in accordance with IFRS; Karooooo’s Adj. EBITDA margin definition equates to sample companies’ GAAP EBITDA margin in this analysis. Large Cap SaaS GAAP Rule of 50+Mid-Cap SaaS GAAP Rule of 50+Small Cap SaaS GAAP Rule of 50+
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SaaS ARR1 Accelerated•ARR1 growth accelerated to 18% Y-o-Y to ZAR 4,574 million•ARR1 growth accelerated to 24% Y-o-Y to USD 2544 million Subscription Revenue Growth Accelerated•Cartrack subscription revenue accelerated to 19% Y-o-Y in ZAR•Cartrack subscription revenue accelerated to 24% Y-o-Y in USD4 Solid Subscriber Growth•Cartrack subscribers increased 17% Y-o-Y to 2.4 million•Asia subscriber growth accelerated to 22% Y-o-Y•Net additions of 84K were a record for Q1 ARPU2 Growth•ARPU² increased 2% Y-o-Y in ZAR•ARPU² increased 6% Y-o-Y in USD4 Robust Operating Profit Margin and Earnings Growth•Cartrack operating profit margin was a robust 30% aided by disciplined expense management and ARPU2 growth•Karooooo Earnings Per Share of ZAR8.55 increased 19% Y-o-Y “Rule of 60”3 with Strong Balance Sheet•”Rule of 60”3 company in Q1 2026:Cartrack Subscription Rev. Growth – 19% Y-o-Y Cartrack Adj. EBITDA Margin – 46%•Strong and unleveraged balance sheet with net cash and cash equivalents of ZAR1,103 million as of May 31, 2025 1SaaS ARR (a non-IFRS measure) is defined as the annual run-rate subscription revenue of subscription agreements from all customers at a point in time, calculated by taking the monthly subscription revenue for all customers during that month and multiplying by twelve.2ARPU (a non-IFRS measure) is calculated on a quarterly basis by dividing the cumulative subscription revenue for the quarter by the average of the opening subscriber balance at the beginning of the quarter and closing subscriber balance at the end of the quarter and dividing this by three.3The sum of revenue growth and adjusted EBITDA margin for a reporting period sum to greater than 60. 4For convenience purposes only, amounts in South African rand as of May 31, 2025 have been translated to U.S. dollars using an exchange rate of ZAR 18.0319 to U.S.$1.00 (May 31, 2024: ZAR 18.8402), as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate. 8 Q1 2026 FINANCIAL AND OPERATIONAL HIGHLIGHTS
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Lifetime Value of Customer RelationshipsLow Cost of Acquiring a CustomerStrong Benefits from Economies of Scale LTV1 to CAC>9x1 2 Q1 2026Gross Profit Margin based only on Subscription Revenue 74%Q1 2025: 74% Commercial Customer ARR Retention Rate3 91The product of our subscription revenue gross margin measured over the past twelve months, and the difference between our current period SaaS ARR and prior comparative period (twelve months) SaaS ARR divided by the percentage of SaaS ARR lost as a result of customer churn over the past 12 months. LTV is a non-IFRS measure.2Annual sales and marketing expense measured over the past 12 months.3Customers that contributed 95% of the ARR in May 2024 remain our customers. CARTRACK’S UNIT ECONOMICS REMAIN EFFICIENT AND HEALTHY COMMITTED TO SCALING OUR PROFITABLE GROWTH 95%
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SOUTH AFRICA Q1 2026 REVIEWCartrack Subscribers (Q1 2026)~1.8MCartrack Subscriber Growth (Q1 2026)16% Y-o-Y Cartrack Market ShareDominant Cartrack Brand AwarenessStrongCartrack and Karooooo Logistics Footprint•4,500+ employees1•Vertically integratedPopulation~63 million2 GDP ~$380 Billion2 Macro Drivers•Expanding middle class•Macro tailwinds post-2024 election•Safety tailwinds•Corporate focus on cost reduction and efficiencyNumber of Vehicles and Mobile AssetsVastAdoption of Fleet ManagementModerateCompetitive LandscapeMature SOUTH AFRICA 1As of end of Q1 20262World Bank 10
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SOUTHEAST ASIA Q1 2026 REVIEWCartrack Subscribers (Q1 2026)~290k1 Cartrack Subscriber Growth (Q1 2026)22% Y-o-Y Cartrack Market ShareA leader across SE Asia Cartrack Brand AwarenessGrowingCartrack Footprint•1000+ employees2•Vertically integratedPopulation~600M3 GDP ~$4 Trillion3 Macro Drivers•Growing middle class and urbanization•Logistics accounts for high % of GDP •Safety tailwinds•Corporate focus on cost reduction and efficiencyNumber of Vehicles and Mobile AssetsVastAdoption of Fleet ManagementLowCompetitive LandscapeFragmented SOUTHEAST ASIA 1Includes Asia-Pacific and Middle East subscribers2As of end of Q1 20263World Bank 11
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EUROPE Q1 2026 REVIEWCartrack Subscribers (Q1 2026)~209KCartrack Subscriber Growth (Q1 2026)20% Y-o-Y Cartrack Market ShareHealthy in key countries Cartrack Brand AwarenessStrong in key countriesCartrack Footprint•360+ employees1•Vertically integratedPopulation~450M2 GDP ~$19 Trillion2 Macro Drivers•Focus on digitalization•Regulatory and safety tailwinds•Corporate focus on cost reduction and efficiencyNumber of Vehicles and Mobile AssetsVastAdoption of Fleet ManagementModerate Competitive LandscapeMature EUROPE 12 1As of end of Q1 20262World Bank
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13 Karooooo Logistics B2B Delivery as a Service PlatformConnects business demand for last-mile delivery with an elastic supply of vetted 3rd party delivery drivers Focused on Last Mile DeliveryEnables businesses to manage logistics operations and elevate service delivery with a capital light model Q1 2026 Review: Continues to ScaleDelivered revenue of ZAR121 Million in Q1 2026, an increase of 20% Y-o-YDelivered 8% operating profit margin in Q1 2026 Learning About Customers Logistics ChallengesContinue to learn about the operational and logistics challenges confronting large customers Supports Financial PerformanceSupports our strong financial performance by immersing our platform into large customers operations, contributing to strong customer retention 4154566272 9193101101109110121 Q2FY2 3Q3FY2 3Q4FY2 3Q1FY2 4Q2FY2 4Q3FY2 4Q4FY2 4Q1FY2 5Q2FY2 5Q3FY2 5Q4FY2 5Q1FY2 6 Karooooo Logistics Revenue ZAR M Q1 2026121Q1 2025101 UP 20%
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PROGRESS ON OUR FY 2026 PRIORITIES 14 Cement Leadership Position01Enhance Distribution Footprint in Asia and Europe02Broaden Platform Adoption and Capture Video Demand03
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Organic Growth and Product InnovationReturn Capital to ShareholdersStrategic M&A DISCIPLINED CAPITAL ALLOCATION FRAMEWORKAllocating capital to organic growth and product innovation are our paramount priorities given our attractive unit economics, profitability and expansive market opportunity.Disciplined approach to unit economics by country and customer acquisition channel.Evaluate return on incrementally invested capital by country. Given our current strong balance sheet and net cash position, our preference is to return free cash flow to shareholders via dividend.Dividend is an attractive vehicle to return excess cash to shareholders. Shareholder approval to repurchase up to 10% of shares in place.Focused on driving liquidity over the near-medium term1 Prudent approach to M&A.Leverage M&A to accelerate time to market in a specific geography or augment our service offering and capabilities.High bar for M&A given attractive organic unit economics & profitability.Potential M&A would need to provide strategic value and/or optionality. 1See Form F-3 filed on July 11, 2024 Organic Growth and Product Innovation Are Our Priorities15
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Q1 2026 Financial Performance 16
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Q1 2026 SUBSCRIPTION REVENUE INCREASED 24% IN USD1 1For convenience purposes only, amounts in South African rand as of May 31, 2025 have been translated to U.S. dollars using an exchange rate of ZAR 18.0319 to U.S.$1.00 (May 31, 2024: ZAR 18.8402), as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate. UP 18%Subscription RevenueUP 17%Operating ProfitUP 19%Earnings Per ShareQ1 2026ZAR 352MQ1 2025ZAR 300MQ1 2026ZAR 8.55Q1 2025ZAR 7.17Q1 2026ZAR 1,141MQ1 2025ZAR 964M 17 KAROOOOO CONTINUES TO DELIVER STRONG SUBSCRIPTION REVENUE & EARNINGS GROWTH
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ARR INCREASED 18% in ZAR AND 24% in USD¹ Q1 2026 CARTRACK’S STRONG PERFORMANCE CONTINUES, FUELED BY SaaS REVENUE MOMENTUM 1For convenience purposes only, amounts in South African rand as of May 31, 2025 have been translated to U.S. dollars using an exchange rate of ZAR 18.0319 to U.S.$1.00 (May 31, 2024: ZAR 18.8402), as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate. 18 UP 18%RevenueUP 19%Subscription RevenueQ1 2026ZAR 1,156MQ1 2025ZAR 981MQ1 2026ZAR 1,138MQ1 2025ZAR 960MQ1 202698%Q1 202598% Subscription Revenue as a % of Revenue
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1,1341,1751,2461,3061,3661,4091,4701,5261,5431,6001,6791,7171,7581,8331,9081,9722,0472,1372,2232,3022,386 Q1FY21Q2FY21Q3FY21Q4FY21Q1FY22Q2FY22Q3FY22Q4FY22Q1FY23Q2FY23Q3FY23Q4FY23Q1FY24Q2FY24Q3FY24Q4FY24Q1FY25Q2FY25Q3FY25Q4FY25Q1FY26 Subscribers000sScaleGrowthProfitability PROVEN ABILITY TO SCALE PROFITABLY IN VARYING MACRO ECONOMIC CONDITIONS 5265425675746066286636707077337717938348589009309609831,0291,0841,138 Q1FY21Q2FY21Q3FY21Q4FY21Q1FY22Q2FY22Q3FY22Q4FY22Q1FY23Q2FY23Q3FY23Q4FY23Q1FY24Q2FY24Q3FY24Q4FY24Q1FY25Q2FY25Q3FY25Q4FY25Q1FY26 Subscription RevenueZAR M 182185198161171181209 154 221224222248232252295289287293316 377342 Q1FY21Q2FY21Q3FY21Q4FY21Q1FY22Q2FY22Q3FY22Q4FY22Q1FY23Q2FY23Q3FY23Q4FY23Q1FY24Q2FY24Q3FY24Q4FY24Q1FY25Q2FY25Q3FY25Q4FY25Q1FY26 Operating ProfitZAR M CARTRACK EXTENDS DECADE-PLUS TRACK RECORD OF CONSISTENT EXECUTION AND RESILIENCE 19
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60,470 42,139 61,776 55,587 16,800 57,241 78,593 38,47140,375 75,256 75,484 63,34075,910 89,168 79,00984,013 86,617 CARTRACK DELIVERED RECORD Q1 NET SUBSCRIBER ADDITIONS FY22FY23FY24 FY25FY26Q1 Q3 Q4Q2 ▲ 11% 20 FY22FY23FY24 FY25FY26FY22FY23FY24 FY25FY26FY22FY23FY24 FY25FY26 GROWTH IS A CAPITAL ALLOCATION PRIORITY
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Q1 2026 CARTRACK GEOGRAPHICAL SUBSCRIPTION REVENUE MIX AND GROWTH 70% 17% 10%3% South AfricaAsia & M iddle EastEuropeAfrica - Other Cartrack Subscription Revenue Mix By GeographyCartrack Subscription Revenue Y-o-Y Growth South Africa: 16% 16% Europe: 22% 20% Asia & ME: 30% 29% Africa Other: 11% 13% 21 FOCUSED ON GROWTH ACROSS ALL REGIONS As ReportedConstant Currency1 1Constant currency basis, a non-IFRS measure, has been presented to illustrate the impact of changes in currency rates on the group’s results.
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‘000s SubscribersFY 2022FY 2023FY 2024FY 2025Q1 FY25Q1 FY26Y-o-YSOUTH AFRICA1,1861,3151,4931,7371,5501,79616%ASIA AND MIDDLE EAST14518523027423829022% EUROPE12714416720117420920%AFRICA- OTHER6873829186927%TOTALY-o-Y1,5261,71713%1,97215%2,30317%2,0472,38617%3,8643,9904,1954,3844,574 Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26 ARR¹ZAR M CARTRACK SUBSCRIBER GROWTH HEALTHY; ARR¹ GROWTH ACCELERATING 1ARR is a non-IFRS measure defined as the annual run-rate subscription revenue of subscription agreements from all customers at a point in time, calculated by taking the monthly subscription revenue for all customers during that month and multiplying by 12. 2For convenience purposes only, amounts in South African rand as of May 31, 2025 have been translated to U.S. dollars using an exchange rate of ZAR 18.0319 to U.S.$1.00 (May 31, 2024: ZAR 18.8402), as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate. 22 Q1 2026 ARR (in ZAR) accelerated to 18% compared to 17% in Q4 2025Q1 2026 ARR (in USD)2 accelerated to 24% compared to 21% in Q4 2025
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ZARFY 20221FY 2023FY 2024FY 20251Q1 2025Q21 2025Q32025Q412025Q12026 CARTRACK16.5720.6224.7730.906.957.177.519.288.37CARZUKA (0.42)(1.42)(1.40)000000KAROOOOO LOGISTICS(0.07)0.100.480.770.230.180.160.200.18TOTAL16.1019.2923.8531.677.177.357.679.488.55 1Adjusted earnings per share, (a non-IFRS measure) is defined as, earnings per share defined by IFRS excluding the impact of specific non-recurring operational expenses as outlined in the reconciliation. KAROOOOO CONTINUES TO DELIVER STRONG EARNINGS PER SHARE GROWTH 23 Q4 FY259.48Q4 FY246.81 Q1 20268.55Q1 20257.17 UP 19%KAROOOOOEARNINGS PER SHARE
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KAROOOOO HAS A DECADE-PLUS TRACK RECORD OF STRONG CASH GENERATION STRONG TRACK RECORD OF DISCIPLINED CAPITAL ALLOCATION, EARNINGS AND FREE CASH FLOW 609 754 937 547 564 425 13% 15% 17% 0% 5% 10% 15% 20% 0 250 500 750 1000 FY 2023FY 2024FY 2025 1As of February 29, 2024 the Group had ZAR486 million in bank fixed deposits with maturity dates longer than 3 months (these bank fixed deposits were classified under trade and other receivables as of February 29, 2024). Adjusted free cash flow (a non-IFRS measures) is presented on the basis that these bank fixed deposits are classified as cash and cash equivalents. 162178199215225216241255269 158 68 1621761 831 166187 -11 338 Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26 ZAR MEarnings Adj. Free Cash Flow1Earnings Adj. Free Cash Flow1Subscriber Growth Q1 FY26 Free Cash Flow benefitted from disciplined working capital management. In ZAR M Subscriber Growth 24
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HealthyDebtor’s Days 27 Q1 2026Q1 2025: 30 days KAROOOOO HAS A STRONG AND CLEAN BALANCE SHEET Net cash on hand plus cash in bank fixed deposits(in ZAR M) 5546647997188541,001 81919661,137 6512782922950 6743 856838 1,103 Q1 FY22Q2 FY22Q3 FY22Q4 FY22Q1 FY23Q2 FY23Q3 FY23Q4 FY23Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26 Attractive growth with strong unit economics Unleveraged balance sheetRobust operating margins Attractive cash conversion A TOTAL CASH DIVIDEND OF USD38.6 MILLION OR USD1.25 PER SHARE WILL BE PAID TO SHAREHOLDERS IN AUGUST 20251.USD18.6m dividend paid.2.USD26.3m dividend paid.3.USD33.4m dividend paid. Healthy dividend growth and yield 25
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FY 2022 FY 2023 FY 2024FY 2025 Q1 2026FY 2026 OutlookCartrack’s Subscription Revenue (ZAR M) Y-o-Y Growth2,5663,00417%3,52317%4,05515%1,13819%4,700 – 4,90016% - 21%Cartrack’s Operating Profit Margin 27%30%30%31%30%26% - 31% Karooooo’s Earnings Per Share (ZAR)16.101 19.2923.8531.671 8.5532.50 – 35.50 1Adjusted earnings per share, (a non-IFRS measure) is defined as, earnings per share defined by IFRS excluding the impact of specific non-recurring operational expenses as outlined in the reconciliation. EXPECT FY 2026 SUBCRIPTION REVENUE GROWTH OF 16%-21% 26 REAFFIRMING FY 2026 OUTLOOK: ON TRACK TO DELIVER GROWTH ACCELERATION
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HYPOTHETICAL NO ARR GROWTH SCENARIO TO ILLUSTRATE MARGIN POTENTIAL BASED ON FEB 2025 ARR 27 Note: Fiscal year ends February 28 / 29. Illustrative P&L is hypothetical no ARR growth scenario to illustrate non-IFRS potential margin expansion and does not reflect forward looking guidance, estimates or projections. Any potential growth and margin expansion are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management. See “Forward-Looking Statements” in the Disclaimer. Illustrative No Growth P&LReported FY25A P&L!"#$A&'A(&))&*'+, !"#$A !"#$A&'A(&))&*'+, &'D)F'G,-D./0MNFO' P',N5DR0S0MT0 9:;9< ARR 9:Y>9 !"#$A&'D)D*GD&,&-."/#0& M2, .T?@/FOA,O'MDR0S0MT0 9:B$$ OGP5R.ST#S"*&'D)D*GD&,&-."/#0 M2, )F'@@DCF'DO, Y:Ba> )F'@@DCF'DO, Y:#BB -."55&9.":S#&;$.<S*&,&OGP5R.ST#S"*&'D)D*GD =>, -."55&9.":S#&;$.<S*&,&OGP5R.ST#S"*&'D)D*GD ?=@, .bc a;Y .bc YH$ OA;&,&OGP5R.ST#S"*&'D)D*GD M2, OA;&,&OGP5R.ST#S"*&'D)D*GD ?B, Rbe #;$ Rbe #aY 'AC&,&OGP5R.ST#S"*&'D)D*GD 2, 'AC&,&OGP5R.ST#S"*&'D)D*GD ?>, )bA >aY )bA ><< -AD&,&OGP5R.ST#S"*&'D)D*GD aM, -AD&,&OGP5R.ST#S"*&'D)D*GD ?ab, fA0FN,OMgDCF'DO, ;:#<Y fA0FN,OMgDCF'DO, ;:aaa cTD.$#S*<&9.":S#&;$.<S*&,&OGP5R.ST#S"*&'D)D*GD @M, cTD.$#S*<&9.":S#&;$.<S*&,&OGP5R.ST#S"*&'D)D*GD @H,
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28 1SaaS ARR (a non-IFRS measure) is defined as the annual run-rate subscription revenue of subscription agreements from all customers at a point in time, calculated by taking the monthly subscription revenue for all customers during that month and multiplying it by twelve.2The sum of revenue growth and adjusted EBITDA margin for a reporting period is greater than 60.3ARPU is calculated on a quarterly basis by dividing the cumulative subscription revenue for the quarter by the average of the opening subscriber balance at the beginning of the quarter and closing subscriber balance at the end of the quarter. Q1 2026 Earnings HighlightsKey Investment Highlights•Cartrack subscription revenue growth accelerated to 19% Y-on-Y (in ZAR); SaaS ARR1 growth accelerated to 18% Y-on-Y; and South Africa, Southeast Asia and European subscription revenue growth all accelerated•Rare financial profile: Rule of 602 company; Robust profitability with Cartrack operating margin of 30% •ARPU3 increased 2% Y-o-Y in ZAR and 6% Y-o-Y in USD•Record EPS of ZAR8.55, an increase of 19% Y-o-Y•Net subscriber additions of 84K were a Q1 record, fueling durable growth•Reaffirmed FY 2026 outlook for an acceleration of Cartrack subscription revenue growth •Well positioned to drive profitable growth given efficient unit economics and expansive TAM•Strong FCF generation provides capital allocation flexibility and optionality: Growth is #1 priority•Compelling and rare financial profile; Rule of 60² company with strong and unlevered balance sheet•Differentiated enterprise-grade technology platform that serves diverse industries enabled by our vast data asset•Founder-led business operating in a large TAM with agile culture focused on rapid speed of innovation and profitable growth
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Q & AThank you
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Appendix
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OUR PLATFORM SIMPLIFIES DECISION MAKING BY UNIFYING DATA AND INFORMATION Vision Cost Management Specialized Sensors Dashboards Car Sharing KeylessTech Compliance Risk Management ESG EV In-field Services Delivery Safety Centralised platform for simplified decision making In-Field worker management Delivery management Safety and AI VIdeo Operational visibility Cost management AI & MLAnalyticsData Enrichment CUSTOMER BENEFITSSAFETY • PRODUCTIVITY • COMPLIANCE • PROFITABILITY • ABILITY TO SCALE Contextualization of data to ensure practicality and impact CARTRACK DEVICES • OEM DEVICES • INTEGRATIONS 31
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BROAD PLATFORM CAPABILITIES GO FAR BEYOND TELEMATICSTelematics / Real-Time Visibility•GPS Tracking•Fleet Management•Asset Tracking & Management•Engine & Maintenance Monitoring•Predictive Maintenance Alerts•Fuel Monitoring & Analytics•Temperature Monitoring•Cargo Door Monitoring•Taxi Meter Monitoring•Trailer Tracking•Siren Monitoring•Geofencing•Panic Button•Proximity Detection•Proprietary RF Network•Analytics & Reporting Field Service Management•Driver Scheduling•Work Order Management•Dispatch Management•Task Management•Team Management•Vehicle Scheduling•Vehicle Sharing•Attendance Tracking•HRMS APIs•CRM APIs•Analytics & Reporting Video / Cameras & Safety•AI Powered Cameras•Live Video•Driver Safety & Compliance•Driver Coaching/Education•Driver Risk Analysis•Event Detection & Notification•Event Review•Cargo Safety and Monitoring•Cargo Offloading Compliance•Keyless Vehicle Access•Vision Driver Safety Reports•AI Event Reports•Analytics & Reporting Risk Management / Compliance•Regulatory Compliance•Manage Permits, Licenses, etc.•Video Event Review•Video Event Dashboards•Video Event Safety Reports•Vehicle Access Enforcement•Fuel Claim Validation•Breathalyzer Reporting•KPI Reporting•Fleet and Asset Dashboards•ESG Compliance•HRMS APIs•Analytics & Reporting Delivery & Logistics•Elastic 3P Driver Network•Delivery Scheduling•Route Optimization•Order Merging•Live Tracking & ETA•SMS/E-mail Alerts•Realtime Proof of Delivery•Price by Radius•3PL Courier Management •Smart Cross Docking•Parcel Packing Optimization•Delivery Time Prediction•Delivery Location Geocoding•Driver Mobile App•eCommerce Platform APIs•Order Mgmt. APIs•Analytics & Reporting End-To-End Operations Cloud Capabilities SOME INDUSTRIES SERVEDMiningAgricultureCold Chain LogisticsConstructionRental/ LeasingTaxiLogisticsRetailPublic SectoreCommerce32
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` •Radio Frequency (RF) tracking ability independent of mobile network•Proactively detects signal interference and alerts asset owner and Cartrack Surveillance Team•Rugged design•Seamless Cartrack Cloud integration Unparalleled Asset Protection •Enhanced visibility in challenging environments•Resistant to signal jamming•Improved reliability Leverages Proprietary RF Network •Tracks both powered and non-powered assets in remote or high-risk areas•Provide additional layer of protection•Geofencing of any mobile asset reduces asset loss •Trailer separation alerts reduce theft and increase operational oversight Advanced Risk Management•Removes friction from TAM expansion with easy installation on any mobile asset•Easily installed on trailers, generators, compressors, heavy machinery, large tools, etc.•Provides oversight of any mobile asset Extends Operational Oversight to Any Mobile Asset CARTRACK-TAG EXTENDS PLATFORM TO ANY MOBILE ASSET IN SOUTH AFRICA 33
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WHY 125,000+ CUSTOMERS CHOOSE OUR PLATFORM Enable fleet and asset visibilityExtend asset lifespansImprove fleet utilizationEnhance safety Prevent accidentsSlash fuel costsReduce fuel and cargo theftElevate service delivery Increase visibility and controlIncrease profitability by reducing costsIncrease productivityIncrease safety and oversight Scale operationsEnable driver coachingExonerate driversBoost driver retentionReduce emissionsEnforce vehicle accessEnable vehicle schedulingProvide driver risk analysis Enable ecommerce deliveryAugment logistics capabilitiesEmpower team managementFacilitate task managementEnable work order managementEnable 3PL courier managementEnsure cargo offloading complianceSupport delivery scheduling & order merging Enhance data driven decision makingEnhance operational capabilitiesEnhance collaborationEnhance risk management & compliance Amplify reporting and analyticsEnable regulatory complianceIntegrate with warehouse mgmt. systemsIntegrate with order management systemsIntegrate with ecommerce platformsIntegrate with ERP and TMS systemsIntegrate with HRMS systemsIntegrate with CRM systems34
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20082012201620202024Fe b '25 2015Launched Automated Reminders A HISTORY OF GROWTH AND INNOVATION Source: Company website, Company filings and press releases. 100k subscribers 2004Cartrack is Founded in South Africa 2007Launched Cloud Fleet Management 2010Launched Fuel Solutions2011Expansion into Europe 2009Launched Engine Diagnostics 2014APAC expansion and IPO on Johannesburg Stock Exchange 2013Fleet Optimisation Platform Launch 2018Launched Electric Vehicle Solutions 2020Launch of Next Generation AI-Enabled Platform 2022Reached 100k Commercial Customers 2023Launch of Proprietary RF Network in South Africa2024Launch of Next-Gen VisionOpens New Johannesburg Office 2025Launch of Cartrack-Tag 2021NASDAQ IPO and Global Headquarters moved to SingaporeAcquisition of Picup Technologies (now Karooooo Logistics) and launch of Vision 35 2.3M+ subscribers
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FUEL THEFT & FRAUDLOW FUEL ECONOMYINEFFICIENT WORKFLOWS & MILEAGEAutomated fuel card validation Real-time syphoning alerts Mileage claim validation Digitalizing receipt capturing Effective maintenance scheme Industry fuel efficiency benchmarks Unproductive idling Speeding & harsh driving behavior Route optimization Business vs personal usage Streamlined workflow, nearest driver & accurate addresses Driver route accountability CUSTOMER SPOTLIGHT 97% reduction in fuel theft- ROI over 70% CUSTOMER SPOTLIGHT ~USD $200,000 saved on fuel costs in a year by combatting idling DIRECT SAVINGS INDIRECT SAVINGS Admin time Fuel costs Maintenance costs Carbon footprint Worker productivity Vehicle longevity Worker retention Always-on auditing & transparent processesRoad safety SIMPLYFING FUEL MANAGEMENT EXTENDS BENEFITS FAR BEYOND FUEL Note: Numbers reported by customers. Other customers may experience different results. 36
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GROWING PHYSICAL OPERATIONS MARKET OPPORTUNITY $96.3B1 $321.3B1 20242032 Global Automotive OEM Telematics TAM 1Allied Market Research.2BMI Research (Fitch Solutions). GLOBAL PHYSICALOPERATIONSGlobal Automotive OEM Telematics TAM 37 438MCommercial Vehicles2 544MCommercial Vehicles2
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•Easy-to-use and Feature Rich Platform•Vertically Integrated•Strong Customer Service•Founder-Led with Entrepreneurial Culture•Strong Value Proposition WHY WE WIN Europe AsiaHighly fragmented market South Africa 38
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39 REPRESENTATIVE CUSTOMERS BY GEOGRAPHY South AfricaRest of AfricaEuropeAsia & Middle East Source: Company filings and press releases.