Slides
Page 1
1 We Deliver Operational Intelligence To Simplify Decision Making Q2 2027 Earnings Presentation October 20, 2026
Page 2
2 Today’s Presenters Goy Hoeshin Group CFO Zak Calisto Group CEO & Founder Carmen Calisto Group Chief Strategy & Marketing Officer 2
Page 3
DISCLAIMER Forward-Looking Statements The 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, 2026 and our Form 6-K filed on October 19, 2026. 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 Measures This 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 Data We 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 Names In 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
Page 4
Q2 2027 Cartrack Subscription Revenue growth accelerated to 20%, from 19% in the prior quarter despite FX headwinds; Constant currency1 Cartrack Subscription Revenue accelerated to 23% from 21% in Q1 2027 KAROOOOO Q2 2027: WHAT MATTERS MOST Cartrack Subscription Revenue growth accelerated across regions; South Africa accelerated to 25%, Asia accelerated to 25% in constant currency1 and Europe accelerated to 14% in constant currency1 ARR² increased 22% in constant currency1. ARR² growth was 19% in ZAR and 30% in USD3. Cartrack subscriber growth increased 18%; Net subscriber additions increased 34% to 94,516, a record for the second quarter Delivered record quarterly Karooooo Operating Profit of ZAR422 million despite FX headwinds and 18% earnings per share growth Reiterate FY 2027 Outlook: Aim to accelerate subscription revenue growth with 21% EPS growth at midpoint when compared to FY 2026 EPS, excluding the secondary offering costs 1 The constant currency growth has been determined by adjusting the current financial reporting period results to the results r eported for the three month period in the previous year, using the average of the monthly exchange rates applicable to that period. 2 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. 3 For convenience purposes only, amounts in South African rand as of August 31, 2026 have been translated to U.S. dollars using an exchange rate of ZAR 16.1159 to U.S.$1.00 (August 31, 2025: ZAR 17.6519), as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. These tra nslations 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.
Page 5
Founder-led with a strong track record of disciplined capital allocation We 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 ARE Operational intelligence platform for connected vehicles and other mobile assets We deliver mission critical operational intelligence that helps customers make faster, better day-to-day decisions across safety, cost control and service execution. Our platform empowers fleet and asset management, field worker management, AI-assisted video safety, compliance and risk mitigation, and delivery/logistics management. Compelling financial profile with strong balance sheet Our financial performance speaks for itself, underscored by a “Rule of 60”1 financial profile. Our healthy, unlevered balance sheet reflects our track record of durable growth at scale, profitability and cash generation. We also have a track record of disciplined capital returns and robust return on invested capital. Growing global subscriber footprint and accelerating ARR² growth We serve approximately 2.9 million subscribers primarily in South Africa, Southeast Asia and Europe. FY 2026 was our third consecutive year of accelerating ARR² growth. 1 The sum of revenue growth and adjusted EBITDA margin for a reporting period sum to greater than 60. 2 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. 3 For convenience purposes only, amounts in South African rand as of August 31, 2026 have been translated to U.S. dollars using an exchange rate of ZAR 16.1159 to U.S.$1.00 (August 31, 2025: ZAR 17.6519), 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. 4 As of end of Q2 2027. Our methodology for monthly data points excludes video. 5 Customers that contributed 95% of the ARR in August 2025 remain our customers. 6 LTV calculated as the product of our subscription revenue gross margin measured over the past twelve months, and the difference between our current period ARR and prior comparative period (twelve months) ARR divided by the percentage of 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 advantage strengthened by continuous product innovation Our compounding data moat and focus on product innovation empower our operational intelligence platform. 345B+⁴ monthly data points processed across vehicles, assets and workflows. Commitment to product innovation continuously strengthens our ability to deliver impactful insights and value to our customers in an expanding physical AI market. ~2.9M4 Cartrack Subscribers 125,000+4 Commercial Customers 7,600+4 Employees Full Ownership of the customer value chain Singapore / 20+ Countries Headquarters / Countries of Operation 345B+4 Monthly Data Points 98% of Cartrack’s Q2 2027 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 5,708M ↑19% Y-o-Y USD $354M2,3 ↑30% Y-o-Y Cartrack Annual Recurring Revenue (ARR)2 95%5 Commercial Customer ARR Retention Rate
Page 6
Operational Intelligence Platform Delivery-as-a-Service Logistics 100% 91.5% Leading physical operations management platform, focused on South Africa, Southeast Asia and Europe. OwnershipOwnership KAROOOOO 6 1 For convenience purposes only, amounts in South African rand as of August 31, 2026 have been translated to U.S. dollars using an exchange rate of ZAR 16.1159 to U.S.$1.00 (August 31, 2025: ZAR 17.6519), 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. 2 DaaS revenue is revenue generated from last-mile delivery services, including subscription-based revenue associated with these delivery services. ZAR 1,415M Subscription Revenue (Q2 2027) USD¹ 88M/ ↑20% Y-o-Y Subscription Revenue Growth ↑31% Growth in USD1 Q2 2027 Operating Profit Margin 28% ZAR 189M B2B Delivery-as-a-Service (DaaS) Revenue2 (Q2 2027) USD¹ 12M/ ↑36% Y-o-Y DaaS Revenue Growth ↑49% Growth in USD1 Q2 2027 Operating Profit Margin 6% //
Page 7
Q2 2027 KAROOOOO GROUP SNAPSHOT 2,899,210 Q2 2026 : 2,456,989 ZAR 1,418M Q2 2026 : ZAR 1,182M ZAR 422M Q2 2026 : ZAR 356M UP 20% UP 19% UP 18% Cartrack Adjusted EBITDA¹ Margin, Operating Profit Margin and Subscription Revenue Growth 47% 47% 47% 45% 30% 30% 31% 28% 17% 17% 15% 19% 0% 10% 20% 30% 40% 50% FY 2023 FY 2024 FY 2025 FY 2026 EBITDA Margin Operating Margin Subscription Revenue Growth Q2 2027 46% 28% 20% ZAR 1,640M Q2 2026: ZAR 1,344M UP 22% 1 Adjusted 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 Operating Profit Subscribers
Page 8
8 RARE FINANCIAL PROFILE Source: FactSet as of 10/09/2026 Note: “Rule of 50+” analysis utilizes Street CY2027E Revenue and CY2027E GAAP EBITDA Margin (i.e. including SBC) for a select group of ~170 listed SaaS companies. Smid Cap is below $3B enterprise value, Mid Cap is $3-$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+ Smid Cap SaaS GAAP Rule of 50+
Page 9
Robust ARR1 Growth • ARR1 increased 19% Y-o-Y and reached ZAR 5,708 million despite FX headwinds; • Constant currency4 ARR¹ increased 22% Y-o-Y • ARR1 in USD2 increased to 30% Y-o-Y and reached $354 million Subscription Revenue Growth Accelerated • Cartrack subscription revenue accelerated to 20% Y-o-Y despite FX headwinds; • South Africa subscription revenue accelerated to 25% Y-o-Y • Asia constant currency4 growth was 25% • Cartrack subscription revenue increased 31% in USD2 and 23% in constant currency4 Healthy Subscriber Growth • Cartrack subscriber growth increased 18% Y-o-Y reaching ~2.9million • Net subscriber additions increased 34% Y-o-Y to 94,516, a record for the second quarter • South Africa net subscriber additions increased 20% Y-o-Y to 65,997 Record Operating Profit Despite FX Headwinds • Delivered record quarterly Operating Profit of ZAR422 million despite FX headwinds. Growth oriented investments moderated as sales and marketing increased 16% Y-o-Y compared to 33% Y- o-Y in Q1 2027 “Rule of 60”³ Financial Profile • ”Rule of 60”3 financial profile in Q2 2027: - Cartrack Subscription revenue growth: 20% Y-o-Y - Cartrack Adj. EBITDA Margin: 46% Strong Balance Sheet; Dividend Declared • Declared USD 1.50 dividend per share, an increase of 20% Y-o-Y, paid in July 2026 • Balance sheet reflects dividend payment and investments in inventory, including memory, to support accelerated subscription revenue growth 1 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. 2 For convenience purposes only, amounts in South African rand as of August 31, 2026 have been translated to U.S. dollars using an exchange rate of ZAR 16.1159 to U.S.$1.00 (August 31, 2025: ZAR 17.6519), 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. 3 The sum of revenue growth and adjusted EBITDA margin for a reporting period sum to greater than 60. 4 The constant currency growth has been determined by adjusting the current financial reporting period results to the results reported for the three month period in the previous year, using the average of the monthly exchange rates applicable to that period. 9 Q2 2027 FINANCIAL AND OPERATIONAL HIGHLIGHTS
Page 10
Lifetime Value of Customer Relationships Low Cost of Acquiring a Customer Strong Benefits from Economies of Scale LTV1 to CAC >9x 1 2 Q2 2027 Gross Profit Margin based only on Subscription Revenue 71% Q2 2026: 72% Commercial Customer ARR Retention Rate3 10 1 The product of our subscription revenue gross margin measured over the past twelve months, and the difference between our current period ARR and prior comparative period (twelve months) ARR divided by the percentage of ARR lost as a result of customer c hurn over the past 12 months. LTV is a non- IFRS measure. 2 Annual sales and marketing expense measured over the past 12 months. 3 Customers that contributed 95% of the ARR in August 2025 remain our customers. CARTRACK’S GROWTH ENGINE UNDERPINNED BY STRONG UNIT ECONOMICS Q2 2027 UNIT ECONOMICS REMAIN EFFICIENT AND HEALTHY; COMMITTED TO PROFITABLE GROWTH 95%
Page 11
SOUTH AFRICA Q2 2027 REVIEW Cartrack Subscribers (Q2 2027) ~2.2M Cartrack Subscriber Growth (Q2 2027) 18% Y-o-Y; Net additions increased 20% Cartrack Market Share Dominant Cartrack Brand Awareness Strong Cartrack and Karooooo Logistics Footprint • 5,500+ employees1 • Vertically integrated Population ~63 million2 GDP ~$400 Billion2 Macro Drivers • Macro tailwinds post-2024 election • Increasing commodity prices • Expanding middle class • Safety tailwinds • Corporate focus on cost reduction and efficiency Number of Vehicles and Mobile Assets Vast Adoption of Fleet Management Moderate Competitive Landscape Mature SOUTH AFRICA 1 As of end of Q2 2027 2 World Bank 11
Page 12
SOUTHEAST ASIA Q2 2027 REVIEW Cartrack Subscribers (Q2 2027) ~367k1 Cartrack Subscriber Growth (Q2 2027) 21% Y-o-Y Cartrack Market Share A leader across SE Asia Cartrack Brand Awareness Growing Cartrack Footprint • 1,400+ employees2 • Vertically integrated Population ~640M3 GDP ~$5 Trillion3 Macro Drivers • Growing middle class and urbanization • Logistics accounts for high % of GDP • Safety tailwinds • Corporate focus on cost reduction and efficiency Number of Vehicles and Mobile Assets Vast Adoption of Fleet Management Low Competitive Landscape Fragmented SOUTHEAST ASIA 1 Includes Asia-Pacific and Middle East subscribers 2 As of end of Q2 2027 3 World Bank 12
Page 13
EUROPE Q2 2027 REVIEW Cartrack Subscribers (Q2 2027) ~245K Cartrack Subscriber Growth (Q2 2027) 13% Y-o-Y Cartrack Market Share Healthy in key countries Cartrack Brand Awareness Strong in key countries Cartrack Footprint • 400+ employees1 • Vertically integrated Population ~450M2 GDP ~$20 Trillion2 Macro Drivers • Focus on digitalization • Regulatory and safety tailwinds • Corporate focus on cost reduction and efficiency Number of Vehicles and Mobile Assets Vast Adoption of Fleet Management Moderate Competitive Landscape Mature EUROPE 13 1 As of end of Q2 2027 2 World Bank
Page 14
14 KAROOOOO LOGISTICS Q2 2027 REVIEW B2B Delivery as a Service Platform Connects business demand for last-mile delivery with an elastic supply of vetted 3rd party delivery drivers Focused on Last Mile Delivery Enables businesses to manage Q Commerce or “Quick Commerce” operations and elevate service delivery with a capital light model KAROOOOO LOGISTICS CONTINUES TO SCALE Delivered revenue of ZAR189 Million, an increase of 36% Y-o-Y driven by demand for Q-Commerce or “Quick Commerce”, a type of e-Commerce focused on ultra-fast delivery Delivered 6% operating profit margin Learning About Customers’ Logistics Challenges Continue to learn about the operational and logistics challenges confronting large customers Supports Financial Performance Supports our strong financial performance by immersing our platform into large customers’ operations, contributing to strong customer retention 41 54 56 62 72 91 93 101 101 109 110 121 139 135 145 177 189 Q2 FY23 Q3 Q4 Q1 FY24 Q2 Q3 Q4 Q1 FY25 Q2 Q3 Q4 Q1 FY26 Q2 Q3 Q4 Q1 FY27 Q2 Karooooo Logistics Revenue ZAR M Q2 2027 189 Q2 2026 139 UP 36%
Page 15
PROGRESS WITH OUR FY 2027 PRIORITIES 15 Continue to Cement Leadership Position in Our Markets01 Drive Salesforce Efficiency While Accelerating Subscription Revenue Growth 02 Apply AI to Enhance Platform, Improve Operating Efficiencies and Speed Up Execution 03
Page 16
Customer Spotlight Results • Real-time Fleet Visibility for Operational Efficiency • Precision Fuel Intelligence and Cost Control • Cartrack AI Vision to Enable Intelligent Driver Monitoring • Targeted Coaching to Enhance Driver Safety • Full Driver Accountability Through Driver ID • Geofencing for Just-In-Time Alerts to Enable Efficient Loading 16 Cartrack Solutions Implemented Location: Singapore Industry: Construction 100% Driver Accountability 25% On-Time Delivery Improvement 23% Increase in Fuel Efficiency 43% Reduction in Speeding Through Coaching 31% Reduction in Harsh Events AI Vision Deployment Impact 65% Reduction in Phone Usage 33% Reduction in Driver Fatigue 31% Reduction in Smoking Note: Numbers reported by customers. Other customers may experience different results.
Page 17
Q2 2027 Financial Performance 17
Page 18
CARTRACK EXTENDS TWO-DECADE TRACK RECORD OF CONSISTENT EXECUTION AND RESILIENCE 1,5431,600 1,6791,7171,758 1,833 1,908 1,972 2,047 2,137 2,223 2,302 2,386 2,457 2,568 2662 2,805 2,899 Q1 FY23 Q2 Q3 Q4 Q1 FY24 Q2 Q3 Q4 Q1 FY25 Q2 Q3 Q4 Q1 FY26 Q2 Q3 Q4 Q1 FY27 Q2 Subscribers 000s Scale Growth Profitability PROVEN ABILITY TO SCALE PROFITABLY IN VARYING MACRO ECONOMIC CONDITIONS 707733 771793 834858 900930960983 1 029 1 084 1 138 1 180 1 236 1 278 1 351 1 415 Q1 FY23 Q2 Q3 Q4 Q1 FY24 Q2 Q3 Q4 Q1 FY25 Q2 Q3 Q4 Q1 FY26 Q2 Q3 Q4 Q1 FY27 Q2 Subscription Revenue ZAR M 221 224 222 248232 252 295 289 287293 316 377 342 344 359 324 395 411 Q1 FY23 Q2 Q3 Q4 Q1 FY24 Q2 Q3 Q4 Q1 FY25 Q2 Q3 Q4 Q1 FY26 Q2 Q3 Q4 Q1 FY27 Q2 Operating Profit ZAR M 18
Page 19
CARTRACK DELIVERED RECORD NET SUBSCRIBER ADDITIONS FOR THE SECOND QUARTER 16 800 57 241 78 593 38 47140 375 75 256 75 484 63 340 75 910 89 168 79 009 84 013 70 740 111 478 93 755 142 472 94 516 86 617 FY23 FY24 FY25 FY26 FY27 Q1 Q3 Q4Q2 19 FY23 FY24 FY25 FY26 FY27 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 DELIVERED RECORD NET SUBSCRIBER ADDITIONS WHILST SUCCESSFULLY CROSS-SELLING CARTRACK-TAG AND VIDEO UP 34%
Page 20
CARTRACK’S STRONG PERFORMANCE CONTINUES, FUELED BY SUBSCRIPTION REVENUE MOMENTUM 1 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. 2 For convenience purposes only, amounts in South African rand as of August 31, 2026 have been translated to U.S. dollars using an exchange rate of ZAR 16.1159 to U.S.$1.00 (August 31, 2025: ZAR 17.6519), 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 ha ve been, could have been or could be converted at that or any other exchange rate. 3 The constant currency growth has been determined by adjusting the current financial reporting period results to the results r eported for the three month period in the previous year, using the average of the monthly exchange rates applicable to that period. 20 UP 20% Subscription Revenue UP 31% Subscription Revenue in USD² UP 23% Subscription Revenue in Constant Currency³ UP 19% ARR¹ in ZAR UP 30% ARR¹ in USD² UP 22% ARR¹ in Constant Currency³ Q2 2027 ZAR 1,415M Q2 2026 ZAR 1,180M Q2 2027 USD 88M Q2 2026 USD 67M Q2 2027 98% Q2 2026 98% Subscription Revenue as a % of Revenue Q2 2027 ZAR 5,708M Q2 2026 ZAR 4,806M Q2 2027 USD 354M Q2 2026 USD 272M CONSTANT CURRENCY³ SUBSCRIPTION REVENUE INCREASED 23% Q2 2027 ZAR 1,455M Q2 2026 ZAR 1,180M Q2 2027 ZAR 5,879M Q2 2026 ZAR 4,806M
Page 21
UP 20% Subscription Revenue UP 19% Operating Profit UP 18% Earnings Per Share UP 12% Adjusted Earnings Per Share¹ Q2 2027 ZAR 422M Q2 2026 ZAR 356M Q2 2027 ZAR 9.28 Q2 2026 ZAR 8.28 Q2 2027 ZAR 1,418M Q2 2026 ZAR 1,182M 21 KAROOOOO CONTINUES TO DELIVER STRONG GROWTH DELIVERED RECORD QUARTERLY OPERATING PROFIT WITH HEALTHY EPS EXPANSION 1 Adjusted earnings per share, (a non-IFRS measure) is the earnings per share after secondary offering costs. Q2 2027 ZAR 9.28 Q2 2026 ZAR 7.88
Page 22
‘000s Subscribers FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Q2 FY26 Q2 FY27 Y-o-Y SOUTH AFRICA 1,186 1,315 1,493 1,737 2,006 1,851 2,186 18% ASIA AND MIDDLE EAST 145 185 230 274 336 303 367 21% EUROPE 127 144 167 201 228 216 245 13% AFRICA- OTHER 68 73 82 91 92 88 101 16% TOTAL Y-o-Y 1,526 1,717 13% 1,972 15% 2,303 17% 2,662 16% 2,457 2,899 18% SUBSCRIBER GROWTH ACCELERATING 22 CEMENTING LEADERSHIP POSITION IN SOUTH AFRICA 1 Totals may not sum due to rounding. 1 1
Page 23
Q2 2027 CARTRACK GEOGRAPHIC SUBSCRIPTION REVENUE MIX AND GROWTH 73% 15% 9% 3% South Africa Asia & Middle East Europe Africa - Other Cartrack Subscription Revenue Mix By Geography Cartrack Subscription Revenue Y-o-Y Growth South Africa: 25% 25% Europe: 4% 14% Asia & ME: 12% 25% Africa Other: 6% 13% 23 CONSTANT CURRENCY GROWTH ACCELERATED ACROSS REGIONS; REPORTED RESULTS NEGATIVELY IMPACTED BY STRENGTHENING ZAR As Reported Constant Currency1 1 The constant currency growth has been determined by adjusting the current financial reporting period results to the results reported for the three month period in the previous year, using the average of the monthly exchange rates applicable to that period. - South Africa growth accelerated to 25% compared to 24% in Q1 FY27 - Asia & ME constant currency1 growth accelerated to 25% compared to 17% in Q1 FY27 - Europe constant currency1 growth accelerated to 14% compared to 13% in Q1 FY27
Page 24
3 864 3 990 4 195 4 384 4 574 4 806 5 106 5 179 5 432 5 708 Q1 FY25 Q2 Q3 Q4 Q1 FY26 Q2 Q3 Q4 Q1 FY27 Q2 ARR¹ and ARR¹ Growth Y/Y ZAR M ARR1 GROWTH ROBUST DESPITE FX HEADWINDS 1 ARR 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. 2 For convenience purposes only, amounts in South African rand as of August 31, 2026 have been translated to U.S. dollars using an exchange rate of ZAR 16.1159 to U.S.$1.00 (August 31, 2025: ZAR 17.6519), 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. 3 The constant currency growth has been determined by adjusting the current financial reporting period results to the results reported for the three month period in the previous year, using the average of the monthly exchange rates applicable to that period. 24 ARR1 INCREASED TO 19% in ZAR AND 22% IN CONSTANT CURRENCY3 Q2 2027 22% Q2 2026 20% CARTRACK ARR1 GROWTH IN CONSTANT CURRENCY3 ARR1 REACHED USD354M2 UP 30%
Page 25
ZAR FY 20221 FY 2023 FY 2024 FY1 2025 FY1 2026 Q1 2027 Q2 2027 1H 2027 CARTRACK 16.59 20.61 24.77 30.90 31.67 9.24 9.08 18.32 CARZUKA (0.42) (1.42) (1.40) 0 0 0 0 0 KAROOOOO LOGISTICS (0.07) 0.10 0.48 0.77 0.88 0.29 0.20 0.49 TOTAL 16.10 19.29 23.85 31.67 32.55 9.53 9.28 18.81 Y-o-Y Growth 20% 24% 33% 3% 1 Adjusted 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. 2 Our upfront sales and marketing costs are not aligned with the lifetime value of customer recurring revenue and related earnings in our financial statements. RESULTS DEMONSTRATE EARNINGS POWER DESPITE UPFRONT COSTS TO ACCELERATE SUBSCRIPTION REVENUE STRONG UNIT ECONOMICS REMAIN INTACT² 12%
Page 26
FREE CASH FLOW REFLECTS STRATEGIC INVESTMENT IN PPE TO SUPPORT GROWTH, INCLUDING MEMORY FCF REFLECTS INVESTMENT IN IOT DEVICES TO SUPPORT ACCELERATED SUBSCRIPTION REVENUE GROWTH 609 754 937 1 011 547 564 425 809 FY 2023 FY 2024 FY 2025 FY 2026 1 As 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. 249 291 20 41 FY26 Q2 FY27 Q2 ZAR M Earnings Free Cash Flow ZAR M Earnings Adj. Free Cash Flow1 26 Free Cash Flow was ZAR41m in Q2 2027 and ZAR100m for 1H 2027. Investment in IoT devices increased 86% to ZAR966m in 1H 2027 to support growth
Page 27
27 Healthy Debtor Days 33 Q2 2027 Q2 2026: 31 days BALANCE SHEET STRONG DESPITE INVESTMENTS TO SUPPORT GROWTH AND CAPITAL RETURNED TO SHAREHOLDERS • Attractive growth with strong unit economics • Unleveraged balance sheet • Track record of strong cash conversion • Consistent returns to shareholders via dividends • Cash reserves held in USD; ZAR has strengthened vs the USD PAID A USD1.50 PER SHARE DIVIDEND, AN INCREASE OF 20%, TO SHAREHOLDERS IN JULY 2026 1 Karooooo reported a cash and bank balance of ZAR649 million at August 31, 2026 (February 28, 2026: ZAR1,154 million). The decrease was mainly due to dividends of ZAR752 million paid in July 2026. As we hold our cash reserves in USD, the strengthening of the ZAR also reduced the ZAR value of our cash and bank balance. Cash & Cash Equivalents ZAR 649M1
Page 28
FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Q2 FY 2027 1H 2027 FY 2027 OUTLOOK Cartrack’s Subscription Revenue (ZAR M) Y-o-Y Growth 2,566 3,004 17% 3,523 17% 4,055 15% 4,831 19% 1,415 20% 2,765 19% 5,700 – 6,000 18% - 24% Cartrack’s Gross Profit Margin 69% 72% 72% 74% 72% 70% 72% 70% - 72% Cartrack’s Operating Profit Margin 27% 30% 30% 31% 28% 28% 28% 27% - 30% Karooooo’s Earnings Per Share (ZAR) 16.071 19.30 23.85 31.671 32.551 9.28 18.81 38.50 – 40.00 Y-o-Y Growth 20% 24% 33% 3% 12% 12% 18% - 23% REITERATE FY 2027 OUTLOOK: FASTER SUBSCRIPTION REVENUE GROWTH, STRONG EPS EXPANSION 1H27 CONSTANT CURRENCY² SUBSCRIPTION REVENUE GROWTH 22% 28 1 Adjusted 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. 2 The constant currency growth has been determined by adjusting the current financial reporting period results to the results reported for the three month period in the previous year, using the average of the monthly exchange rates applicable to that period.
Page 29
29 1 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. 2 For convenience purposes only, amounts in South African rand as of August 31, 2026 have been translated to U.S. dollars using an exchange rate of ZAR 16.1159 to U.S.$1.00 (August 31, 2025: ZAR 17.6519), 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. 3 The sum of revenue growth and adjusted EBITDA margin for a reporting period is greater than 60. 4 The constant currency growth has been determined by adjusting the current financial reporting period results to the results reported for the three month period in the previous year, using the average of the monthly exchange rates applicable to that period. Q2 2027 Earnings Highlights Key Investment Highlights • Q2 2027 Cartrack Subscription Revenue growth accelerated to 20%, from 19% in the prior quarter despite FX headwinds ; Constant currency ⁴ Cartrack Subscription Revenue accelerated to 23% from 21% in Q1 2027 • Constant currency⁴ Cartrack Subscription Revenue growth accelerated across regions; South Africa accelerated to 25%, Asia accelerated to 25% in constant currency ⁴ and Europe accelerated to 14% in constant currency 4 • ARR1 growth increased 19% Y-o-Y or 22% Y-o-Y in constant currency 4, ARR1 growth in USD 2 increased to 30% reaching USD354 million • Subscriber growth increased 18% to ~2.9 million with net subscriber additions growing 34% to 94,516; Q2 Net subscribers additions were a record for the second quarter • Delivered record quarterly operating profit of ZAR422 million despite FX headwinds and 18% earnings per share growth • Rare financial profile: Rule of 60 3 company • Reiterate FY 27 Outlook : Aim to accelerate revenue growth and drive healthy EPS expansion • Well positioned to drive profitable and durable growth given efficient unit economics and expansive physical AI TAM • Strong annual FCF generation provides capital allocation flexibility and optionality: Growth and optimizing our increased headcount are our priorities • Delivered accelerating ARR 1 growth for three consecutive years despite FX headwinds • Compelling and rare financial profile ; Rule of 60³ company with strong and unlevered balance sheet and healthy return on invested capital; Strong track record of disciplined capital returns • 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 • Two-decade track record of disciplined execution and free cash flow generation while driving scale and investing in innovation
Page 30
Q & A Thank you
Page 31
Appendix
Page 32
32 UNIQUE RESILIENCE IN AI ERA Proprietary Data Advantage Over 20 years, we have built a proprietary data asset from IoT devices deployed and maintained in the field, creating a compounding data advantage that is difficult to replicate. 345B+1 new data points created monthly. Importantly, we install the IoT devices and actively service them in more than 20 countries. 32 Proprietary System of Record Deeply Embedded in Workflows A vital system of record embedded in customers’ daily physical operations, supporting decision making across logistics, safety and compliance. Our platform enables customers to manage their mission critical workflows through seamless integration with ERP, CRM, HRMS, eCommerce, warehouse management, and other core business systems, serving a wide range of industries. Advantaged Business Model Low monthly subscription cost and strong customer ROI reduce the financial incentive to replace an embedded platform that already improves safety, asset utilization and cost controls. Growth is not seat dependent. Increasing penetration of mobile assets in physical operations underpins our growth. Vertical Integration in 20+ Countries Primarily in Emerging Markets Our vertically integrated model with Karooooo sales, customer service and installation personnel on the ground in more than 20 countries enables us to deploy quickly and reliably to respond to customers’ needs, which creates a durable competitive advantage . 1 As of end of Q2 2027. Our methodology excludes video.
Page 33
Organic Growth and Product Innovation Return Capital to Shareholders DISCIPLINED CAPITAL ALLOCATION FRAMEWORK Allocating 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 cash position, our preference is to return free cash flow to shareholders via dividends. 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 1 See Form F-3 filed on July 11, 2024 ORGANIC GROWTH AND PRODUCT INNOVATION ARE OUR PRIORITIES 33
Page 34
OUR PLATFORM DELIVERS OPERATIONAL INTELLIGENCE TO SIMPLIFY DECISION MAKING Vision Cost Management Specialized Sensors Dashboards Car Sharing Keyless Tech Compliance Risk Management ESG EV In-field Services Delivery Safety Centralised platform for real-time operational visibility and simplified decision making In-Field worker management Delivery management Safety and AI Assisted VIdeo Operational visibility Cost management Embedded AI & ML Analytics Data Enrichment CUSTOMER BENEFITS SAFETY • PRODUCTIVITY • COMPLIANCE • PROFITABILITY • ABILITY TO SCALE Contextualization of data to ensure practicality and impact CARTRACK DEVICES • OEM DEVICES • INTEGRATIONS 34 We transform operational data into practical alerts, reports, scores and recommendations that improve safety, service delivery and cost control
Page 35
OPERATIONAL INTELLIGENCE CAPABILITIES GO FAR BEYOND TELEMATICS Telematics / 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 for Driver and Road-risk Detection • Live Video • Driver Safety & Compliance • Driver Coaching/Education • Driver Risk Scoring • Event Detection & Notification • Event Review • Cargo Safety and Monitoring • Cargo Offloading Compliance • Keyless Vehicle Access • Vision Driver Safety Reports • AI-Generated Event Reports and Clips for Review • 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 Operational Intelligence Capabilities SOME INDUSTRIES SERVED Mining Agriculture Cold Chain Logistics Construction Rental/ Leasing Taxi Logistics Retail Public Sector eCommerce 35
Page 36
` • 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, extending capabilities beyond vehicles • 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 SOUTHERN AFRICA 36
Page 37
WHY 125,000+ CUSTOMERS CHOOSE OUR PLATFORM FOR DAILY OPERATIONS Enable fleet and asset visibility Extend asset lifespans Improve fleet utilization Enhance safety Prevent accidents Slash fuel costs Reduce fuel and cargo theft Elevate service delivery Increase visibility and control Increase profitability by reducing costs Increase productivity and digitialisation Increase safety and oversight Eliminate physical paperwork Enable driver coaching Exonerate drivers Boost driver retention Reduce emissions Enforce vehicle access Enable vehicle scheduling Provide driver risk analysis Enable ecommerce delivery Augment logistics capabilities Empower team management Facilitate task management Enable work order management Enable 3PL courier management Ensure cargo offloading compliance Support delivery scheduling & order merging Enhance data driven decision making Enhance operational capabilities Enhance collaboration Enhance risk management & compliance Amplify reporting and analytics Enable regulatory compliance Integrate with warehouse mgmt. systems Integrate with order management systems Integrate with ecommerce platforms Integrate with ERP and TMS systems Integrate with HRMS systems Integrate with CRM systems 37
Page 38
2015 Launched Automated Reminders A HISTORY OF GROWTH AND INNOVATION Source: Company website, Company filings and press releases. 100k subscribers 2004 Cartrack is Founded in South Africa 2007 Launched Cloud Fleet Management 2010 Launched Fuel Solutions 2011 Expansion into Europe 2009 Launched Engine Diagnostics 2014 APAC expansion and IPO on Johannesburg Stock Exchange 2013 Fleet Optimisation Platform Launch 2018 Launched Electric Vehicle Solutions 2020 Launch of Next Generation AI- Enabled Platform 2022 Reached 100k Commercial Customers 2023 Launch of Proprietary RF Network in South Africa 2024 Launch of Next- Gen Vision Opens New Johannesburg Office 2025 Launch of Cartrack-Tag 2021 NASDAQ IPO and Global Headquarters moved to Singapore Acquisition of Picup Technologies (now Karooooo Logistics) and launch of Vision 38 2.8M+ subscribers 2008 2012 2016 2020 2024 2026 2026 Surpassed 2M subscribers in South Africa. Picup/Karooooo Logistics Surpasses ZAR 1 Billion cumulative payments to drivers
Page 39
FUEL THEFT & FRAUD LOW FUEL ECONOMY INEFFICIENT WORKFLOWS & MILEAGE Automated 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 SIMPLIFYING FUEL MANAGEMENT EXTENDS BENEFITS FAR BEYOND FUEL Note: Numbers reported by customers. Other customers may experience different results. 39
Page 40
GROWING PHYSICAL OPERATIONS MARKET OPPORTUNITY $96.3B1 $321.3B1 2024 2032 Global Automotive OEM Telematics TAM 1 Allied Market Research. 2 BMI Research (Fitch Solutions). GLOBAL PHYSICAL OPERATIONS Global Automotive OEM Telematics TAM 40 438M Commercial Vehicles2 544M Commercial Vehicles2
Page 41
• Easy-to-use and Feature Rich Platform • Vertically Integrated • Strong Customer Service • Founder-Led with Entrepreneurial Culture • Strong Value Proposition WHY WE WIN Europe Asia Highly fragmented market South Africa 41
Page 42
42 REPRESENTATIVE CUSTOMERS BY GEOGRAPHY South Africa Rest of Africa Europe Asia & Middle East Source: Company filings and press releases.
Page 43
43 ZAR 1B payments to drivers since inception Karooooo Logistics Recent Operational Highlights 43 8+ million deliveries in FY26 Thousands of drivers on the road daily Continue to invest in technology capabilities
Page 44
HYPOTHETICAL NO ARR GROWTH SCENARIO TO ILLUSTRATE MARGIN POTENTIAL BASED ON FEB 2025 ARR 44 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&LIllustrative FY25A P&L (ZAR in millions) FY25A (ZAR in millions) No Growth Scenario Total Revenue 4,147 ARR 4,384 Total Revenue % Growth 15% Subscription Revenue 4,055 Subscription Revenue % Growth 15% Gross Profit 3,068 Gross Profit 3,200 Gross Profit Margin % Subscription Revenue 76% Gross Profit Margin % Subscription Revenue ~73% S&M 613 S&M 395 S&M % Subscription Revenue 15% S&M % Subscription Revenue ~9% R&D 215 R&D 263 R&D % Subscription Revenue 5% R&D % Subscription Revenue ~6% G&A 863 G&A 877 G&A % Subscription Revenue 21% G&A % Subscription Revenue ~20% Operating Profit 1,273 Operating Profit 1,666 Operating Profit Margin % Subscription Revenue 31% Operating Profit Margin % Subscription Revenue 38%