Slides
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AVI Limited presentation to shareholders & analysts for the year ended 30 June 2026
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 AGENDA 2 Key features and results history Group financial results Performance Prospects Questions and answers
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 KEY FEATURES Resilient performance in a challenging trading environment Q4 sales materially impacted by the threat of unrest over the 30 June national protest action Group revenue increased by 1,4% Group operating profit increased by 4,4% Group operating profit margin improved to 22,9% Creamer category competition intensified, preventing a repeat of prior year’s exceptional profit I&J’s fishing operating profit improved by 47,5% to R395,6 million Abalone profit impacted by the R84,0 million non-cash biological asset revaluation Fashion retail brands like-for-like revenue growth of 8,3% with volume growth in key brands R110,3 million benefit from ongoing cost management and restructuring initiatives 3
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 KEY FEATURES Headline earnings per share up 5,3% to 767,9 cents Strong cash generation supported a reduction in net debt Capital expenditure of R387,2 million to support innovation, capability and product quality Final dividend of 418 cents per share and total normal dividend up 5,9% to 663 cents per share Special dividend of 300 cents per share Dividend yield of 9,6% on 30 June 2026 closing share price Return on capital employed of 35,7% for the 12 months to June 2026 4
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 RESULTS HISTORY 5 Operating profit growth with sustained improvement over an extended period Compound annual growth of 10,8% since F05 Group operating profit margins have increased from 9,9% in F05 to 22,9% in F26 Operating profit history 199 210 237 254 289 330 400 416 398 442 545 662 735 793 838 847 873 881 920 1 300 1 616 1 561 105 127 157 186 193 233 262 329 388 475 533 609 666 705 723 910 815 8811 038 1 271 1 294 1 383 84 6 117 160 238 74 91 179 166 245 248 331 389 425 408 238 342 306 197 200 241 318 47 51 60 73 95 105 133 156 167 172 198 218 241 250 237 150 170 193 233 220 157 161 115 147 133 101 151 236 308 410 388 404 345 366 395 328 202 230 303 355 341 264 306 435509 718 806 903 882 1 112 1 373 1 526 1 713 1 917 2 155 2 385 2 552 2 523 2 3342 409 2 540 2 715 3 305 3 562 3 720 - 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 2 200 2 400 2 600 2 800 3 000 3 200 3 400 3 600 3 800 4 000 F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 F21 F22 F23 F24 F25 F26 R million Entyce Snackworks I&J Personal Care Footwear & Apparel
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 RESULTS HISTORY 6 High return maintained in challenging trading environment Return on capital employed 10% 15% 20% 25% 30% 35% 40% 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 F16 F17 F18 F19 F20 F21 F22 F23 F24 F25 F26 R million Net operating profit after tax Average capital employed ROCE (%)
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 RESULTS HISTORY 7 Sustained strong conversion of earnings to cash Cash conversion 0% 20% 40% 60% 80% 100% 120% 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 F16 F17 F18 F19 F20 F21 F22 F23 F24 F25 F26 R million EBITDA Cash generated by operations Cash to EBITDA (%)
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 RESULTS HISTORY 8 Based on share price at end of each year (R100,53 at end June 2026) ❑ Total dividend yield at share price of R85,00 equates to 11,3% Total dividend yield includes payments out of share premium and special dividends Excludes share buy-backs Dividend yield 2,8% 3,8% 3,7% 6,2% 5,2%4,5% 4,0% 4,1% 4,4% 4,9% 4,1% 4,3% 4,0% 4,5% 5,8% 6,1% 7,0% 7,1% 6,2% 6,6% 7,7% 12,0% 6,4% 7,4% 6,5% 4,5% 6,3% 10,1% 9,2% 6,7% 9,6% 0,0% 2,0% 4,0% 6,0% 8,0% 10,0% 12,0% 14,0% F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 F21 F22 F23 F24 F25 F26 Normal dividend yield Total dividend yield
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 RESULTS HISTORY 9 Effective payout ratio from F05 = 99,9% of headline earnings The present value of returns over 22 years adjusted for inflation is R41,5 billion R2,4 billion to be returned to shareholders in October 2026 R8,3 billion returned to shareholders over the last 3 years Returns to shareholders 318 166 229 789 263 301 870 621 1 360 953 1 704 1 1971 322 2 253 1 3681 354 2 364 1 5311 606 2 913 2 103 3 243 116 166 229 239 263 301 373 621 810 953 1 065 1 197 1 322 1 430 1 368 1 354 1 438 1 531 1 606 1 975 2 103 825 1 408 202 231 227 550 639 823 926 938 319 270 1 010 0 500 1 000 1 500 2 000 2 500 3 000 3 500 F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 F21 F22 F23 F24 F25 F26 R million Normal dividend paid Final dividend declared Special dividend paid Share Buy-back Special dividend declared
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Group Financial Results
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 GROUP FINANCIAL RESULTS 11 Income statement F26 F25 %∆Rm Rm Revenue 16 240,3 16 021,5 1,4 Cost of sales (9 350,7) (9 184,0) 1,8 Gross profit 6 889,6 6 837,5 0,8 Gross profit margin % 42,4 42,7 (0,7) Selling and administrative expenses (3 169,7) (3 275,6) (3,2) Operating profit 3 719,9 3 561,9 4,4 Operating profit margin % 22,9 22,2 3,2 Net financing cost (191,1) (226,7) (15,7) Capital items before tax 0,8 11,1 (92,8) Effective tax rate % 27,4 27,4 - Headline earnings 2 562,0 2 418,2 6,0 HEPS (cps) 767,9 729,1 5,3
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 GROUP FINANCIAL RESULTS 12 Change in operating profit F26 vs F25 Second semester challenged by weaker demand exacerbated by fuel prices and competition Deferral of wholesale orders in Q4 resulted in approximately R91,0 million sales impact Entyce H2 materially impacted by lower creamer profit off exceptional base I&J profit improvement from better fishing profits, partly offset by weak abalone result with constrained demand and selling prices in key markets persisting Personal Care benefitted from cost savings and encouraging performance from innovation launched in the second semester Footwear and Apparel performance supported by strong December peak as well as non- repeat of supply chain disruptions and Green Cross closure last year 51 94 72 3 17 229 (106) (5) 5 1 25 (71)(55) 89 77 4 42 158 (150) (100) (50) 0 50 100 150 200 250 Entyce Beverages Snackworks I&J Personal Care Footwear & Apparel AVI Group H1 H2 FY
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 GROUP FINANCIAL RESULTS 13 Business unit financial results Segmental Revenue Segmental Operating Profit Operating Margin F26 Rm F25 Rm Δ % F26 Rm F25 Rm Δ % F26 % F25 % Food & Beverage brands 13 710,9 13 478,0 1,7 3 261,9 3 151,1 3,5 23,8 23,4 Entyce Beverages 5 164,1 5 298,4 (2,5) 1 560,9 1 615,9 (3,4) 30,2 30,5 Snackworks 5 717,0 5 611,8 1,9 1 383,0 1 294,4 6,8 24,2 23,1 I&J 2 829,8 2 567,8 10,2 318,0 240,8 32,1 11,2 9,4 Fashion brands 2 529,4 2 543,5 (0,6) 466,6 420,4 11,0 18,4 16,5 Personal Care 877,0 924,3 (5,1) 160,9 156,7 2,7 18,3 17,0 Footwear & Apparel 1 652,4 1 619,2 2,1 305,7 263,7 15,9 18,5 16,3 Corporate (8,6) (9,6) Group 16 240,3 16 021,5 1,4 3 719,9 3 561,9 4,4 22,9 22,2
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 GROUP FINANCIAL RESULTS 14 Price increases across most categories to ameliorate inflation and rising commodity cost pressures Volume declines across most core categories with the exception of creamer, I&J hake and footwear volumes Selling prices proactively managed to balance volume and value relationships in complex environment Movement in group revenue 15 000 15 400 15 800 16 200 16 600 17 000 17 400 16 022 595 (377) 16 240 F25 Price/Mix Volume F26 R million
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 GROUP FINANCIAL RESULTS 15 Gross profit margin largely protected with improvements across most categories, except Entyce Continued focus on cost control, efficiency initiatives, disciplined hedging and restructuring initiatives to protect margins Gross profit margin 39,0% 38,6% 39,0% 41,7% 42,7% 42,4% 20% 30% 40% 50% 60% F21 F22 F23 F24 F25 F26
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 GROUP FINANCIAL RESULTS 16 Restructuring initiatives implemented across the Group in prior year with benefits realised in current year Initiatives implemented in current year expected to deliver an incremental benefit of R39,8 million in F27 Restructuring initiatives Incremental savings realised F26 Rm Once-off restructuring cost not repeated Rm Total benefit in F26 Rm Entyce & Snackworks 38,2 28,1 66,3 Indigo 6,3 3,5 9,8 Spitz 17,7 7,4 25,1 Shared Services 6,1 3,0 9,1 Group 68,3 42,0 110,3
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 GROUP FINANCIAL RESULTS 17 Entyce: Lower creamer profits off an exceptional prior year base, partly offset by improved tea and coffee profits including benefits from prior year restructuring initiatives Snackworks: Increased biscuit profits from efficiency and restructuring initiatives as well as innovation, partly offset by reduced snacks profit with intensifying regional competition I&J: Materially improved fishing profits with increased fishing capacity, higher selling prices and sound demand in export markets, partly offset by lower abalone result Personal Care: Encouraging demand for innovation in the fragrance category and support from cost savings, partly offset by declines in core deodorant body spray category Footwear and Apparel: Improved festive season trading underpinned by improved demand and availability and the non-repeat of Green Cross closure costs Operating profit 4,4% up 2 000 2 500 3 000 3 500 4 000 3 562 (55) 89 77 4 42 1 3 720 F25 Entyce Snackworks I&J Personal Care Footwear & Apparel Other F26 R million
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 GROUP FINANCIAL RESULTS 18 Strong conversion of earnings into cash Working capital well managed with decrease due to timing of inventory receipts Capital investment lower with last year including the purchase of the second-hand freezer vessel Lower net debt levels due to increased cash generation Strong ROCE underpinned by earnings growth and lower net debt Cash flow, gearing and return on capital F26 F25 %Rm Rm Cash generated by operations 4 407,4 3 985,8 10,6 Cash / EBITDA % 101,8 96,1 5,9 Working capital to revenue % 24,6 25,6 (3,9) Capital expenditure (387,2) (601,0) (35,6) Cash from investments – proceeds from JV - 23,0 (100,0) Net debt 1 666,1 2 263,2 (26,4) Net debt / capital employed % 22,1 29,7 (25,6) Net debt / EBITDA 0,4 0,5 (20,0) Return on average capital employed % 35,7 34,9 2,3
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 GROUP FINANCIAL RESULTS 19 Capital investment projects to support innovation, improved manufacturing capability, product quality and customer service levels Ongoing investment to address failing municipal infrastructure with R169 million invested to date to address water and electricity back-up Capital expenditure H1 F26 H2 F26 F26 Total Actual Actual Actual Rm Rm Rm Tea packaging line replacements and upgrades 9 2 11 Coffee and Creamer line upgrades and refurbishments 8 10 18 Biscuit line upgrades, improvements and innovation 26 34 60 Shared services vehicle additions and replacements 25 4 29 I&J vessel dry-docks and upgrades 38 7 45 I&J processing plant replacement and upgrade 3 10 13 Various factory upgrade projects - 19 19 Water backup and treatment 9 4 13 Retail store relocations, refurbishments and new stores 14 8 22 132 98 230 Total capital expenditure 206 181 387
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 GROUP FINANCIAL RESULTS 20 Dividends F26 F25 % Interim dividend – cps 245,0 220,0 11,4 Final dividend - cps 418,0 406,0 3,0 Normal dividend - cps 663,0 626,0 5,9 Dividend yield - %* 6,6 6,7 (1,5) Special dividend – cps 300,0 - - Total Dividend yield - %* 9,6 6,7 43,3 Normal dividend cover ratio 1,15 1,15 - Closing share price - cps 10 053 9 413 6,8 Ordinary dividend increase in line with earnings growth Special dividend declared to return debt levels to upper limit of target range * Calculated using the closing share price at 30 June
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Performance and prospects Performance
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 22 Sound improvement in tea profits supported by effective margin management ❑ Challenging second semester offset first half gains ❑ Volumes lower across black tea and rooibos segments ❑ Constrained demand, competition and deferral of orders in wholesale ❑ Selling price increases and factory efficiencies mitigated input cost inflation ❑ Restructuring initiative benefit Income statement F26 Rm F25 Rm % Revenue 5 164,1 5 298,4 (2,5) Operating profit 1 560,9 1 615,9 (3,4) Operating profit margin % 30,2 30,5 (1,0) Performance and prospects
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 23 Improvement in coffee profits ❑ Selling price increases required to ameliorate higher coffee bean prices ❑ Volumes negatively impacted by Q4 deferral of wholesale ordering ❑ Premium coffee growth supported by incremental volume from Hug in a Mug flavour extensions ❑ Mixed instant pressurised by high selling prices, constrained demand and competition ❑ Out-of-home profits improved notwithstanding demand constraints due to competition in forecourts, hospitality channels and International ❑ Margin improvement supported by restructuring initiatives, manufacturing productivity and better out-of-home profitability F26 Rm F25 Rm % Revenue 5 164,1 5 298,4 (2,5) Operating profit 1 560,9 1 615,9 (3,4) Operating profit margin % 30,2 30,5 (1,0) Income statement Performance and prospects
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 24 Creamer profit decline off exceptional prior year base ❑ Increased competition required targeted selling price reductions to support demand ❑ Volumes higher despite the impact of wholesale customer and distributor deferrals in the last quarter ❑ Gross profit margin remains healthy but ended lower with competitive market limiting our ability to sustain base ❑ Benefits from prior year restructuring initiatives F26 Rm F25 Rm % Revenue 5 164,1 5 298,4 (2,5) Operating profit 1 560,9 1 615,9 (3,4) Operating profit margin % 30,2 30,5 (1,0) Income statement Performance and prospects
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 25 Sales volume and selling price % Δ F26 vs F25 Comments Tea revenue decline (2,1) Volume (5,7) Volume declines across both black tea and rooibos portfolios Ave. selling price 3,8 Price increases taken last year and in August 2025 Coffee revenue decline (3,5) Volume (14,0) Declines in mixed instant, affordable brewed and premium coffee offerings Ave. selling price 12,1 Price increases in August 2025 and March 2026 (premium offerings only) to recover rising Arabica prices Creamer revenue decline (4,9) Volume 0,9 Volume growth driven by increased promotional activity to support demand Ave. selling price (5,7) Increased discounting to support demand and combat aggressive competition Performance and prospects
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 26 Short term market shares reflect targeted price / volume balance in volatile market Market share reflects formal retail only Contribution from wholesale channel impacted by Q4 deferral of sales 29,4% 51,6% 16,8% 43,4% 16,5% 29,5% 50,3% 14,8% 42,3% 16,1% 0% 10% 20% 30% 40% 50% 60% Five Roses Freshpak Frisco Ellis Brown Trinco F25 F26 Market shares – 12 months value Performance and prospects
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 27 Impact net of hedging Cost impact of raw materials and commodities consumed in the period (F26 vs F25): (19) (2) 1 13 19 40 (30) (20) (10) 0 10 20 30 40 50 Black tea Casein Glucose Palm oil Rooibos Arabica / Robusta / Chicory R million Raw material costs Performance and prospects
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Performance
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 29 Sound growth in biscuit profit ❑ Selling price increases to mitigate cost pressures ❑ Volumes impacted by constrained consumer demand, competition and pressurised disposable incomes, particularly in the last quarter ❑ Improved demand for Bakers Choice Assorted over the festive season ❑ Innovation continued to gain traction with focus on affordability and accessibility ❑ Gross profit margins well protected with support from factory efficiency initiatives and restructurings ❑ Selling and administrative costs lower as restructuring benefits offset inflationary increases F26 Rm F25 Rm % Revenue 5 717,0 5 611,8 1,9 Operating profit 1 383,0 1 294,4 6,8 Operating profit margin % 24,2 23,1 4,8 Income statement
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 30 Decline in snacks profit ❑ Lower sales volumes across both the potato chip and maize extrude categories due to sustained competitor promotional activity ❑ Intense competition from regional players in maize extrudes ❑ Volume from flavour extensions and innovation with launches at the end of year expected to support future growth ❑ Gross profit margins maintained as factory efficiencies and selling price increases mitigated the impact of increased commodity costs and lower volumes ❑ Selling and administrative costs well managed Income statement F26 Rm F25 Rm % Revenue 5 717,0 5 611,8 1,9 Operating profit 1 383,0 1 294,4 6,8 Operating profit margin % 24,2 23,1 4,8
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 31 Sales volume and selling price % Δ F26 vs F25 Comments Biscuits revenue growth 3,1 Volume (2,9) Declines largest in International with domestic decrease reflecting lower sweet biscuit volumes partly offset by higher savoury volumes with support from innovation launched Ave. selling price 6,2 Impact of price increases taken last year and in March 2026 Snacks revenue decline (2,1) Volume (5,6) Lower volumes in both potato chips and maize extrudes, partly offset by benefit of newly launched flavours and innovation Ave. selling price 3,8 Benefit of price increases taken in March 2025 and March 2026
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 32 Balanced price / volume Market share reflects formal retail only Sustained contribution from wholesale channels 35,4% 12,6% 14,8% 35,1% 12,5% 13,9% 0% 5% 10% 15% 20% 25% 30% 35% 40% Bakers (Sweet) Bakers (Savoury) Willards F25 F26 Market shares – 12 months value
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 33 Impact net of hedging Cost impact of raw materials and commodities consumed in the period (F26 vs F25): (2) 0 3 3 4 5 18 19 (5) 0 5 10 15 20 25 Potatoes Maize Sugar Butter Cocoa Flour Coconut Palm oil R million Raw material costs
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Performance
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 35 Meaningful improvement in fishing profits ❑ Higher selling prices and increased hake sales volumes partly offset by stronger Rand ❑ International market demand remained strong ❑ Additional capacity from second-hand freezer vessel ❑ Domestic growth notwithstanding, aggressive competition and constrained demand ❑ Catch rates marginally lower ❑ Higher fuel prices in last quarter ameliorated through price increases and fuel hedges F26 Rm F25 Rm % Revenue 2 829,8 2 567,8 10,2 Operating profit 318,0 240,8 32,1 Operating profit margin % 11,2 9,4 19,1 Income statement
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 36 Challenging abalone market persists with operating loss increasing ❑ Over supply, weak selling prices and poor demand in key export markets persisted ❑ Unfavourable non-cash biological asset fair value adjustment of R84,0 million recognised ❑ Costs effectively managed with farm costs lower ❑ Non-recurrence of prior year insurance income F26 Rm F25 Rm % Revenue 2 829,8 2 567,8 10,2 Operating profit 318,0 240,8 32,1 Operating profit margin % 11,2 9,4 19,1 Income statement
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 37 Selling prices and volumes better across both the domestic and export markets New freezer vessel benefit (started fishing in February 2025) Fuel prices benefitted from fuel hedges, including unrealised MTM gain, with significant increases in last quarter Catch rate decline primarily driven by freezer vessel catch rates, with wet fleet catch rates largely in line Abalone impacted by reduced pricing and unfavourable non-cash biological asset fair value adjustment Operating profit 150 200 250 300 350 400 450 241 104 74 28 (28) (64) (51) 14 318 F25 Price/ Mix and volume New Freezer Vessel Fuel Catch rate Forex Abalone Other F26 R million
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 38 Improved fishing performance with benefit from additional capacity Abalone adversely impacted by reduced demand and constrained selling prices in key Asian markets 248 309 350 300 236 347 182 110 158 268 396 69 71 67 98 (2) 123 89 39 (27) (78) 317 380 417 398 236 345 305 199 197 241 318 (100) 0 100 200 300 400 500 F16 F17 F18 F19 F20 F21 F22 F23 F24 F25 F26 R million Fishing Abalone Profit history
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 39 Declines in freezer vessel catch rates, with wet fleet catch rates largely in line Catch rates marginally lower than last year and remain below historical average 0,0 2,0 4,0 6,0 8,0 10,0 12,0 F15 F16 F17 F18 F19 F20 F21 F22 F23 F24 F25 F26 Hake tons per sea day I&J catch rate Average catch rate F15- F26 Fishing performance
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 40 Sales volume and selling prices (Hake) % Δ F26 vs F25 Comments I&J Domestic revenue growth 10,3 Volume 7,7 Improved Food Service, whole fish and retail volumes Ave. selling price 2,5 Price increases taken in July 2025 and May 2026 to mitigate cost pressure I&J Export revenue growth 14,5 Volume 6,9 Sound demand with added capacity aiding an improvement in frozen-at-sea volumes Ave. selling price 7,1 Price increases taken to mitigate cost pressure and favourable mix partly offset by stronger Rand
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Performance
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 42 Indigo profit improved ❑ Core deodorant body spray category challenged by category declines and intense competition ❑ Range rationalisation continued with a focus on rebuilding medium term profitability ❑ Encouraging demand for innovation, particularly in the fragrance category ❑ Gross margins protected with cost saving initiatives and price increases offsetting impact of inflation ❑ Savings from restructuring and efficiency initiatives F26 Rm F25 Rm % Revenue 877,0 924,3 (5,1) Operating profit 160,9 156,7 2,7 Operating profit margin % 18,3 17,0 7,6 Income statement
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 43 Sales volume and selling prices % Δ F26 vs F25 Comments Personal Care revenue decline (5,1) Volume (7,3) Lower core body spray and fragrance category volumes partly offset by benefit of innovation launched Ave. selling price 2,3 Price increases taken last year and in March 2026 partly offset by increased discounting
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 44 Balanced price / volume in constrained and competitive environment Female portfolio decline reflects reduced Yardley and Lentheric share Market share reflects formal retail market 3,8% 37,8% 32,9% 3,6% 36,4% 33,0% 0% 5% 10% 15% 20% 25% 30% 35% 40% Roll on Body sprays - Female Body sprays - Male F25 F26 Market shares – 12 months value
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Performance FOOTWEAR AND APPAREL
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 46 Operating profit growth driven by increased footwear volumes ❑ Like-for-like revenue growth of 8,3% supported by continued demand for core brands ❑ Earlier receipt of summer seasonal ranges and fewer supply chain disruptions ❑ Trading conditions challenged by subdued demand, competition and elevated promotional activity ❑ Clothing revenue impacted by widespread deep discounting by big-box retailers ❑ Closure of Green Cross retail with non-repeat of prior year closure costs ❑ Costs effectively managed F26 Rm F25 Rm % Revenue 1 652,4 1 619,2 2,1 Operating profit 305,7 263,7 15,9 Operating profit margin % 18,5 16,3 13,5 FOOTWEAR AND APPAREL Income statement
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 47 FOOTWEAR AND APPAREL Sales volume and selling prices % Δ F26 vs F25 Comments Spitz and Kurt Geiger Footwear revenue growth 7,9 Volume 9,7 Sound demand and improved stock availability with non-repeat of prior year supply chain disruptions Ave. selling price (1,6) Targeted price reductions on key styles to counter aggressive competitor activity KG Clothing revenue decline (9,5) Intensive competition necessitating specific discounting to manage inventory and increased contribution from lower priced Signate range
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Performance
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 INTERNATIONAL 49 Profit growth across most markets except Botswana ❑ Price increases in line with domestic businesses in response to inflation ❑ Botswana decline reflects difficult macro environment, with higher inflation impacting consumer spending ❑ Zambia benefitted from strengthening Kwacha ❑ Namibia growth supported by improved demand and disciplined price and cost management ❑ Mozambique growth off weak prior year but currency availability issues persist 92 103 129 132 159 194 197 189 213 253 271 273 301 313 336 349 - 50 100 150 200 250 300 350 400 F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 F21 F22 F23 F24 F25 F26 R million Operating profit
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 INTERNATIONAL 50 Entyce, Snackworks and Indigo – Non RSA sales F26 F25 %∆ Rm Rm International Revenue 1 241,2 1 272,8 (2,5) % of Grocery and Personal Care brands 10,6 10,8 (1,9) International Operating Profit 348,5 335,9 3,8 % of Grocery and Personal Care brands 11,2 11,0 1,8 % % International Operating Profit Margin 28,1 26,4 6,4 Grocery and Personal Care brands Operating Profit Margin 26,4 25,9 1,9
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F27 Prospects
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 AVI GROUP 52 Prospects for F27 Sustain profitability for Entyce, Snackworks and Indigo in complex and uncertain environment ❑ Tough trading conditions expected to persist ❑ Growth likely to remain subdued in absence of meaningful improvement in economy ❑ Focus remains on growing revenues but will respond to conditions to optimise price and volumes ❑ Revised operating structure for Entyce and Snackworks ❑ Increased competition in our categories may put pressure on margins in some categories ❑ Commodity cost outlook, net of hedges, together with strong Rand, expected to be more benign ❑ Large portion of first semester raw material and foreign exchange requirements secured ❑ Cost management, including investment in production efficiencies remain a focus ❑ Focus on delivering relevant innovation
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 AVI GROUP 53 Prospects for F27 I&J’s prospects materially dependent on fishing performance, fuel prices and exchange rates ❑ Demand in export markets remains sound ❑ Trajectory for fuel prices remains uncertain but fuel hedges secured prior to conflict will dampen impact for H1 ❑ Any improvement in catch rates would materially support profit growth ❑ Continued focus on cost structures and simplification of business model Abalone performance dependent on improved demand and selling prices ❑ Early signs of improving prices which, if sustained, could see return to profitability ❑ Continued focus on efficiency and farm costs
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 AVI GROUP 54 Prospects for F27 Footwear and Apparel ❑ Retail environment expected to remain intensely competitive ❑ Ongoing price / volume management essential through tough demand cycle and ongoing discounts ❑ Ongoing focus on cost control and improving operating metrics ❑ Retail densities ❑ Staff costs ❑ New locations being evaluated ❑ New brands being evaluated ❑ Online trading capabilities in selected brands
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 AVI GROUP 55 Capital investment projects to support innovation, capability, product quality and customer service levels Approved and Planned Projects Rm Tea packaging line replacements and upgrades 3 Isando coffee and creamer upgrades 39 Biscuit line upgrades 22 Rosslyn snacks process improvement and upgrades 12 General factory infrastructure and upgrades 68 I&J processing plant replacement and upgrades 36 I&J vessel dry-docks and upgrades 71 Retail stores, including relocations, refurbishments and new store 13 Power and water backup 33 297 Total capital expenditure 441 Prospects for F27
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 AVI GROUP 56 Investor proposition Ability to adapt to changing macro environment: ❑ Ongoing simplification of business model ❑ Group initiatives – margin management, procurement, cost savings and production efficiencies Focus on scalable and relevant innovation for constrained consumers Manage our unique brand portfolio to its long-term potential Sustain high return on capital employed ❑ Effective capital projects ❑ Leverage domestic manufacturing capability and capacity to grow export markets ❑ Return excess cash to shareholders efficiently Replicate our category market leadership in selected regional markets Ongoing review of acquisitions of high-quality brand opportunities
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Questions
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 INFORMATION SLIDES 58 Entyce: Reduced creamer sales as a result of targeted price reductions and lower tea and coffee revenue Snackworks: Better biscuit sales from increased selling prices and benefit of innovation partly offset by lower snacks revenue with sustained competition impacting demand I&J: Improved fishing revenue supported by higher selling prices and increased domestic and export fish volumes partly offset by lower abalone revenue Personal Care: Lower revenue driven by core deodorant body spray and fragrance categories partly offset by encouraging demand for innovations launched Footwear and Apparel: Demand for core brands supported by improved availability from early receipts and non-recurrence of prior year supply chain issues Revenue 1,4% higher 15 700 15 800 15 900 16 000 16 100 16 200 16 300 16 022 (135) 105 262 (47) 33 16 240 F25 Entyce Snackworks I&J Personal Care Footwear & Apparel F26 R million
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 INFORMATION SLIDES 59 Commodity cost achievement relative to market prices * * Current market prices translated at USD/ZAR 16,55 and average market prices for F26 at USD/ZAR 16,88 99% 109% 91% 103% 106% 100% 109% 0% 20% 40% 60% 80% 100% 120% 140% Price achieved F26 Market price at 31 July 2026 Average market prices F26 80% 94% 87% 93% 82% 68%
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 INFORMATION SLIDES 60 Gross profit 0,8% higher 6 600 6 650 6 700 6 750 6 800 6 850 6 900 6 950 6 838 (128) 72 114 (27) 21 6 890 F25 Entyce Snackworks I&J Personal Care Footwear & Apparel F26 R million Entyce: Revenue declines across all categories and lower creamer margins with competition limiting our ability to sustain the exceptional base Snackworks: Higher revenue and improved biscuit margins supported by restructuring and factory cost savings I&J: Improved fishing profitability supported by additional capacity partly offset by lower abalone profits, including an unfavourable biological asset fair value adjustment Personal Care: Lower revenue with cost saving initiatives and price increases mitigating inflationary pressures Footwear and Apparel: Higher revenue with gross profit margins improving marginally due to non- recurrence of prior year air freight costs and non-repeat of costs associated with the closure of Green Cross stores
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 INFORMATION SLIDES 61 Total expenditure for F26 of R863,7 million compared to R880,3 million in F25 ❑ Total spend across most categories higher, except tea, personal care and footwear and apparel ❑ Ongoing support for brands and innovation ❑ Includes advertising and promotions, co-operative expenditure with customers and marketing department costs Marketing expenditure 6,1% 5,8% 3,9% 5,9% 7,9% 7,4% 13,6% 2,9% 5,7% 6,1% 4,2% 5,8% 8,1% 7,4% 13,6% 2,5% 0% 2% 4% 6% 8% 10% 12% 14% 16% F25 F26 % of revenue
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 INFORMATION SLIDES 62 Ongoing investment in projects that support manufacturing efficiencies, product quality and innovation Notwithstanding ongoing spend, further investment expected to combat failing municipal infrastructure Prior year spend includes the acquisition of a second-hand freezer vessel Capital expenditure and depreciation (excl. depreciation on right-of-use assets) 420 473 377 316 241 482 477 601 387 388 408 411 388 388 390 374 415 448 - 100 200 300 400 500 600 700 F18 F19 F20 F21 F22 F23 F24 F25 F26 R million Capital expenditure Depreciation charge
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 INFORMATION SLIDES 63 Cash flows - 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 4 467 (569) (51) (931) (387) (5) (142) (191) (2 191) Cash from operations Decrease in net debt Working capital and other Taxation Capital expenditure Intangible expenditure Lease liabilities paid Net interest paid Ordinary dividend paid R million
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 INFORMATION SLIDES 64 Consistent hedging philosophy provides stability to manage gross profit margins Hedging secured at rates better than achieved last year but higher than current ruling spot rates Foreign exchange hedges September 2026 to December 2026 January 2027 to June 2027 % Cover % Cover USD imports 81% 34% EUR imports 72% 31% USD exports 47% 44% EUR exports 43% 41%
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 INFORMATION SLIDES 65 Fuel mark-to-market determined by gasoil price and exchange rate at reporting date Abalone fair value determined by market prices and exchange rate at reporting date Abalone fair value at reporting date impacted by biomass mix, closing USD exchange rate and lower selling prices I&J period end fair value adjustments F26 F25 Actual Actual Rm Rm Rm Fuel hedge unrealised (gain) / loss (15,9) 3,0 (18,9) Opening mark-to-market (liability) / asset (2,7) 0,3 Closing mark-to-market asset/ (liability) 13,2 (2,7) Abalone – decrease in unrealised profit in stock 84,0 38,1 45,9
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 INFORMATION SLIDES 66 5,0% decrease in TAC for calendar 2026 I&J fishing quota Quota (tons) CY18 CY19 CY20 CY21 CY22 CY23 CY24 CY25 CY26 RSA Total Allowable Catch (TAC) 133 120 146 430 146 430 139 119 132 163 138 772 145 698 151 739 144 152 % change in TAC (5,0) 10,0 - (5,0) (5,0) 5,0 5,0 4,1 (5,0) I&J quota 36 013 39 517 39 517 37 543 34 143 35 850 37 429 38 986 37 030 % 27,1 27,0 27,0 27,0 25,8 25,8 25,7 25,7 25,7
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 INFORMATION SLIDES 67 Trading space and trading density Footwear and apparel F26 F25 Number of stores 100 106 Turnover (Rm) 1 652,4 1 619,2 Average m2 22 303 23 618 Trading Density (R/m2) 74 089 68 558 Closing m2 22 131 22 917 Like-for-like metrics* F26 F25 Number of stores 95 95 Turnover (Rm) 1 536,9 1 440,2 Average and closing m2 21 152 21 152 Trading Density (R/m2) 72 660 68 088 * Based on stores trading for the entire current and prior periods
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AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026 INFORMATION SLIDES 68 Closure of 4 Green Cross stores, 2 Spitz stores and 4 Kurt Geiger stores in the year Spitz Galleria, Spitz Jumbo Mall and Eden Park Sandton stores opened during the year Trading density – Footwear and apparel stores - 5 000 10 000 15 000 20 000 25 000 30 000 35 000 - 10 000 20 000 30 000 40 000 50 000 60 000 70 000 80 000 F17 F18 F19 F20 F21 F22 F23 F24 F25 F26 m2 R/m2 Trading density (R/m2) Average trading space (m2)
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Thank You