Slides
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Food I Service I Technology 2026 Investor presentation for the year ended June 30 2026
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Notes Food I Service I Technology 2026 Audited results For the year ended June 30 2026 BIDCORP 2026 Results for the year ended June 301
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Notes BIDCORP 2026 Results for the year ended June 302 F2026 in perspective Bernard Berson Financial review David Cleasby Progress since 2016 listing Bernard Berson Strategic outlook Bernard Berson Q&A and close 1 2 3 4 5 AGENDA Appendices Supplementary information 6
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Notes F2026 in perspective Bernard Berson BIDCORP 2026 Results for the year ended June 303
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Notes BIDCORP 2026 Results for the year ended June 304 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 2026 Consistently compounding value through disciplined strategic and operational excellence Our decentralised model enables resilient growth, through all market conditions Despite macroeconomic uncertainty, we continue to grow steadily and consistently, reflecting the strength of our decentralised structure and diversified portfolio We remain focused on our fundamentals — service, discipline, cash generation, culture, and long-term thinking — and avoid being distracted by short-term noise 4
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Notes AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 20265 Group F2026 overview • The group has delivered a resilient result in a volatile and competitive operating environment – reflective of the benefits of the diverse global portfolio • Revenue increased by 5,0 % in constant currency (cc) reflecting pleasing market share gains with limited benefit from acquisitions, food inflation, and consumer spend • Pricing and volume strategies and customer support improved the GP% with good cost management despite elevated but stable cost inflation, wage costs being impacted by government imposts (minimum wage increases, higher social security costs), and fuel and energy inflation (Iran war effects) • Trading profit was up 8,2% in cc (on an underlying normalised basis this is closer to 10%) and trading margin improved • Five acquisitions completed in period; however, vendor expectations remain unrealistically high. We remain disciplined and have walked away where the risk-reward balance is not compelling. We continue to evaluate larger opportunities selectively, but nothing of scale has progressed to date • Technology (including AI) continues to play an important role as an enabler in our evolution. We are seeing tangible benefits from data, pricing tools, automation, and digital platforms - although we remain mindful that technology is not a substitute for effective operational management • We have strong, experienced teams running our operations around the world aligned on strategy and values, driving their respective businesses along our continuum • Our people and culture remain our greatest assets - prioritising retention, engagement, succession, and leadership development Revenue ↑ 2,8% (cc ↑ 5,0%) GP margin increased at 24,8% Trading profit ↑ 6,5% (cc ↑ 8,2%) Trading margin ↑ 20bps to 5,7% HEPS 2 701,4cps ↑ 5,4% (cc ↑ 6,8%) BIDCORP 2026 Results for the year ended June 305
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Notes BIDCORP 2026 Results for the year ended June 306 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 20266 Our vision - the “evolution of our revolution” The “evolution of our revolution” “Sticking to our knitting” globally Organic growth Earnings quality Balance Sheet strength Robust investment Returns and investment philosophy Sustainability Trading margin at 5,7% is our best yet but not the end of the journey Continue to pursue organic and acquisitive growth strategies that deepen and expand our global footprint 95% of revenue is external to South Africa F2026 has proven once again that we have much traction to exploit in all our businesses Earnings are cash rich 118% EBITDA (R15,8 billion) converted to cash Well-priced quality acquisitions Spent R1,6 billion on new capacity and R3,2 billion on maintaining PPE ROFE at 55,6% ROIC at 16,8% ROE at 19,1% Our carbon footprint, fleet management, logistics planning, and operating mindset boosts returns and benefits all stakeholders Despite sizeable spend on capex and acquisitions, our gearing remains low We own 82% of our properties
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Notes AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 2026 Bidfood Australasia 7 Trading conditions bottomed out with short- to medium-term improvement expected Margins remain best-in-class with ample opportunity to broaden the mix of value-add business F2026 Share of group F2026 % change F2025 Share of group F2025 % change Constant currency Revenue R45,4bn 18,8% (0,4%) R45,6bn 19,4% 4,2% R47,5bn Trading profit R3,7bn 27,1% (2,3%) R3,8bn 29,5% 2,0% R3,9bn Trading margin 8,2% 8,4% Australia • Resilient performance in a difficult, highly competitive market • Customer demand was pressured by cost-of-living constraints and weak discretionary spending • Margin discipline improved through enhanced pricing initiatives • Supply Solutions and Simply Food Solutions supported growth through proprietary products, exclusive imports, and manufacturing innovation • Leadership developed for future sustainability New Zealand • Strong recovery after a weak first quarter • Improved pricing discipline and market share gains • Fuel-cost pressures were actively managed through proactive customer engagement • Fresh and Simply Food Solutions delivered strong momentum • Continued investment in technology, infrastructure development, and growth initiatives • Fijian Pacific Islands & NZ export business acquisition to complete wef September 2026 BIDCORP 2026 Results for the year ended June 307
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Notes BIDCORP 2026 Results for the year ended June 308 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 2026 Bidfood United Kingdom 8 Solid performance in weak economic conditions, with investments in contracts and infrastructure bedding down Continues to outpace the market with medium- term outlook positive off business competence and resilience F2026 Share of group F2026 % change F2025 Share of group F2025 % change Constant currency Revenue R69,6bn 28,7% 3,2% R67,5bn 28,6% 6,9% R72,1bn Trading profit R2,7bn 19,9% 8,4% R2,5bn 19,4% 12,3% R2,8bn Trading margin 4,0% 3,7% Bidfood • Foodservice remains the UK growth engine, with good volume growth across national customers and free trade sectors • Margin improvement was supported by disciplined customer-mix management, Own Brand growth, and effective cost control, despite a higher national account mix as new customers onboarded Bidfresh • Delivered a solid contribution, supported by recent acquisitions, which expanded specialist fresh capability, particularly in seafood • The business continues to strengthen the UK’s differentiated fresh offering and broaden its market reach Caterfood Buying Group (CFBG) • CFBG traded in a tougher environment, reflecting its greater exposure to independent hospitality customers, but made progress improving key businesses • Own Brand range provides a stronger platform for future growth Manufacturing • Performance was mixed but remains strategically important, supporting margin potential through differentiated, higher-value products • Post-yearend acquisition of a small patisserie business expands specialist capability and supports further Own Brand development
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Notes AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 2026 Bidfood Europe 9 Solid overall momentum maintained, margins continue to improve Italy benefitting from capacity investment and strategic acquisitions F2026 Share of group F2026 % change F2025 Share of group F2025 % change Constant currency Revenue R92,9bn 38,4% 5,5% R88,0bn 37,4% 5,0% R92,4bn Trading profit R5,5bn 40,2% 14,4% R4,8bn 37,4% 13,3% R5,5bn Trading margin 6,0% 5,5% Netherlands • Improved performance in a flat, pressured market • Revenue growth impacted by intentional account exit • Hospitality growth, a stronger free trade mix, and sharper procurement and supply chain initiatives supported improved margin quality • Productivity gains and disciplined credit management underpinned performance Poland • Successful year, with solid revenue momentum across free trade and national accounts • Strong cash generation supported continued investment in vehicles, plant, ecommerce, cybersecurity, and future depot capacity Belgium • Improved profitability despite low-growth trading environment and sales pressure • Margin optimisation and tight expense control supported the result • Hospitality remained subdued, while institutional volumes were partly rebuilt through contract rotations • Thuin and Kruibeke were solid contributors, with VDS (C&C) broadening their platform in line with expectations Baltics (Lithuania, Estonia, and Latvia) • Strong performance, with improving economic conditions, higher customer activity, and continued range development • Estonia was the best contributor, Lithuania improved, and Latvia gained traction through warehouse expansion, ERP migration, and bolstered leadership BIDCORP 2026 Results for the year ended June 309
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Notes BIDCORP 2026 Results for the year ended June 3010 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 2026 Bidfood Europe 10 Solid overall momentum maintained, margins continue to improve Italy benefitting from capacity investment and strategic acquisitions F2026 Share of group F2026 % change F2025 Share of group F2025 % change Constant currency Revenue R92,9bn 38,4% 5,5% R88,0bn 37,4% 5,0% R92,4bn Trading profit R5,5bn 40,2% 14,4% R4,8bn 37,4% 13,3% R5,5bn Trading margin 6,0% 5,5% Czech Republic, Slovakia & Hungary • Very strong final quarter, supported by warm weather and strong tourism and leisure demand • Raw materials deflation supported manufacturing margins, helping offset higher fuel costs • Processed meat volumes improved through targeted pricing and stronger customer penetration • Peak-season resource pressure was actively managed, with continued disciplined investment in facilities, IT, cybersecurity, and AI-enabled ecommerce Spain • Transformative year, with major structural initiatives completed to build a stronger national platform • Branch integrations, warehouse builds and relocations, ERP rollout, and finance centralisation improved control, efficiency, and scalability, positioning the business for future growth Italy • Very strong year, with sustained revenue growth and improved gross margins • Trading profit grew well ahead of revenue, supported by procurement, sales mix, and operating leverage • Rome delivered excellent turnaround as capacity utilisation improved. Erredi and Sardinia acquisitions contributed • Management focused on integration, logistics alignment, and cost rationalisation across the expanded national network Portugal • Delivered like-for-like growth across all branches following a year of significant structural change • Gelgarve (effective February 2025) strengthens the national platform, customer reach, and cross-selling opportunities, with further investment focused on new facilities, systems migration, and network consolidation
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Notes AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 2026 Africa, South America, and Malaysia stand out performers Middle East challenging China weak Bidfood Emerging Markets 11 F2026 Share of group F2026 % change F2025 Share of group F2025 % change Constant currency Revenue R34,3bn 14,1% (0,6%) R34,5bn 14,6% 2,2% R35,2bn Trading profit R2,0bn 14,2% (1,0%) R2,0bn 15,3% 0,0% R2,0bn Trading margin 5,7% 5,7% Africa (BCFA) • BCFA delivered an excellent performance, supported by strong operational execution and robust cash generation in uninspiring economic conditions • Bidfood South Africa (BSA) achieved excellent growth, driven by strong street trade momentum, customer relationships, and service levels • Continued investment in IT, AI, private label, solar, fleet capacity, and a bolt-on acquisition strengthens BSA’s growth platform • Crown Food Group performed well despite competitive market, meat-price disruption, and imported product deflation, with growth across key channels • Chipkins Puratos (50% equity accounted) continued to grow core volumes, supported by industrial and retail customer gains and new product development Middle East (UAE, Saudi Arabia, Bahrain, Oman) • Challenging year, impacted by huge geopolitical disruption, protein supply constraints, and QSR contract exit • UAE and Bahrain were affected by weaker tourism and hospitality activity, while KSA faced supply and contract- related pressures • Disciplined margin, cost and cash management helped stabilise the business, with recovery dependent on improved geopolitical and hospitality conditions Türkiye • Some recovery, supported by seasonal demand and better execution • Trading remains constrained by high financing costs and weak domestic demand • Focus remains on collections, purchasing efficiencies, private label, and margins BIDCORP 2026 Results for the year ended June 3011
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Notes BIDCORP 2026 Results for the year ended June 3012 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 2026 Bidfood Emerging Markets 12 Africa, South America, and Malaysia stand out performers Middle East challenging China weak F2026 Share of group F2026 % change F2025 Share of group F2025 % change Constant currency Revenue R34,3bn 14,1% (0,6%) R34,5bn 14,6% 2,2% R35,2bn Trading profit R2,0bn 14,2% (1,0%) R2,0bn 15,3% 0,0% R2,0bn Trading margin 5,7% 5,7% Mainland China, Hong Kong, and Macau • Challenging environment, with subdued Mainland China demand and pressure on premium foodservice • Hong Kong remained resilient, while Macau and selected specialist businesses grew • Cost discipline, efficiency, and ERP modernisation supported process improvements and ecommerce development Singapore • Resilient outcome in a difficult year, with stable margins and disciplined cost control supporting profitability • Restructuring delivered meaningful efficiencies, while myBidfood adoption & customer engagement is encouraging Malaysia • Strong result, supported by the Chuan Yee integration and continued growth across Malaysia and East Malaysia • New Kuala Lumpur facility will enable category expansion, procurement benefits, and improved logistics Brazil • Resilient performance in a challenging market, supported by disciplined commercial execution and improved margin management • Priorities remain customer growth, operating leverage, and selective acquisition opportunities Chile • Impressive performance, with trading profit doubling despite a softer macroeconomic backdrop • Free trade market share gains, cross-selling, and digital enablement remain key growth priorities Argentina • Good result despite high inflation and weaker out-of-home demand • Higher sales, better cost absorption, and continued investment strengthened margin quality and brand presence
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Notes Financial review David Cleasby BIDCORP 2026 Results for the year ended June 3013
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Notes BIDCORP 2026 Results for the year ended June 3014 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202614 F2026 financial highlights Revenue growth Gross profit Trading profit growth HEPS Solid top line, predominately volume growth, despite Australasia (18,8% group contribution) flattish in the year 2,8% (cc 5,0%) Improvement from F2025, assisted by customer mix and focus on pricing strategies to maintain and grow market share 24,8% Higher GP margins more than offset increased CODB growing trading profits and margins 6,5% (cc 8,2%) 5,4% increase in HEPS; cc HEPS up by 6,8%, a truer reflection of group performance 2 701,4cps Total dividend growth Return on funds employed Free cash flow generation Net debt/ EBITDA Total F2026 dividends increased by 6,9% above “normalised earnings” growth 6,9% Increase in overall returns including ROFE, ROE & ROIC as we grow into CAPIN of the past few years 55,6% Excellent vs. F2025 enabling greater returns to shareholders, via dividends and share buybacks R7,0 bn 10% of group covenants providing substantial headroom for further investments for growth 0,24x
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Notes AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202615 Statement of profit • Revenue of R242,2 billion (F2025: R235,6 billion) is up 2,8% (constant currency improvement of 5,0%) • Market share gains and growth of around 3% after impact of acquisitions and our food basket inflation • Gross profit % increased to 24,8% (F2025: 24,5%) reflecting benefits of some mix change; effective pricing strategies by our businesses to maintain and / or grow market share • Cost-of-doing-business (CODB) rose slightly (19,1% vs. 19,0% in F2025), an excellent result considering higher activity levels and our high-service model; stubborn cost inflation still elevated particularly labour (and on costs i.e. UK absorbed additional £7,5m in F2026) and latterly volatile fuel prices BUT operating leverage maintained with constant currency opex increasing by 5,6% and gross profits by 6,2% • Group trading profit increased by 6,5% to R13,8 billion (F2025: R13,0 billion), 8,2% higher in constant currency. Trading profit margins improved to 5,7% (F2025: 5,5%) where the higher gross margins positively offset the higher CODB 6,0% 5,4% 6,2% 5,5% 6,5% 5,7% EBITDA margin % Trading profit margin % F2024 F2025 F2026 24,1% 18,7% 24,5% 19,0% 24,8% 19,1% Gross profit % Total expenses % F2024 F2025 F2026 Real growth and market share gains Very little benefit from acquisitions and food inflation GP gains offset small CODB increases BIDCORP 2026 Results for the year ended June 3015
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Notes BIDCORP 2026 Results for the year ended June 3016 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202616 Statement of profit • EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation, and IFRS 16) was equivalent to 6,5% of revenue vs. 6,2% in F2025 • Constant currency non-IFRS 16 net interest ↑ by 3,4% to R652,3 million • Effective tax rate (excluding associate income and capital items) within guidance at 26,8%, roughly 1% higher than F2025 which benefitted from one off’s i.e. investment allowances and detailed Pillar II exercise completed for the second year (F2025 and F2026) with negligible costs to the group • Headline earnings per share (HEPS) increased by 5,4% to 2 701,4 cps (F2025: 2 562,7 cps), with basic earnings per share (EPS) increasing by 9,4% to 2 663,3 cps (F2025: 2 435,3 cps); large capital items in prior period • Currency volatility negatively impacted the rand-translated HEPS by 1,4% over the year • Capitalised on share price weakness and the considerable free cash flow generated, to buy back shares worth R1,1 billion - just under 1% of shares in issue. We also put in place a programme to continue with share buybacks (subject to certain parameters) through the closed period on condition they are accretive to the group & shareholders • Final dividend of 625,0 cps giving a total dividend of 1 240,0 cps for F2026 (↑6,9% on total dividend of F2025) above earnings growth 26,4 25,7 26,8 F2024 F2025 F2026 8,1 8,6 9,1 F2024 F2025 F2026 2 405,5 2 562,7 2 701,4 F2024 F2025 F2026 580,6 630,7 631,5 F2024 F2025 F2026 Non-IFRS 16 interest (R’ million) Effective tax rate (%) Headline earnings (R’ billion) HEPS (cps) Improvement in EBITDA % Shareholder returns topped R5,2 billion (incl share buybacks) vs. R3,8 billion in F2025 Dividend up 6,9% in line with policy cover
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Notes AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202617 Cash flows Cash generated from operations before working capital of R18,1 billion (F2025: 16,6 billion); cash generation by operations for F2026 split R8,8 billion in H1 F2026 and R9,7 billion in H2 F2026 • 118% of EBITDA and 135% of trading profit (F2025: 108% of EBITDA and 122% of trading profit) • Non-cash items mainly comprise share‐based payment expenses of R417 million; increases in debtor and stock provisions of R113 million Working capital • R0,5 billion generated vs. R0,8 billion absorbed in F2025; net 3-month monthly average working capital cycle of 5 days (F2025: 8 days) • Net working capital % of annualised revenue (WAR%) of 2,8% (F2025: 3,5%); groups’ normal WAR% through the year is between 4% - 5% but much tighter over reporting periods; receivables days = (books well managed despite greater credit risks), inventory days = (stock holdings stabilised despite supply chains, larger import activity, some inefficiencies), payables days + (imports reduce credit terms but clawed some terms from suppliers); there was some working capital generation in F2026 but a continual focus area for the businesses Cash effects of investing activities of R6,0 billion (F2025: R8,8 billion) • Investments in PPE (capin) reflect maintenance capital investments (R3,2 billion) and investment into new capacity (R1,6 billion) • Intention remains to own our facilities where feasible and strategic (82% of property portfolio owned) • Net acquisitions and investments of R1,2 billion (F2025: R3,0 billion) include 5 foodservice bolt-on’s at a cash cost of R0,8 billion; contributions of 1,1% to revenue and 1,0% to trading profit • Non-IFRS 16 net debt at R3,8 billion down on F2025 at R6,2 billion, expected but mainly due to reduced capin and acquisitions spend Cash and cash equivalents maintained at R11,8 billion (F2025: R11,8 billion) Solid operating cash flows, working capital generation, moderating capin, and fewer acquisitions, enabling larger shareholder returns BIDCORP 2026 Results for the year ended June 3017
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Notes BIDCORP 2026 Results for the year ended June 3018 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202618 Financial position • Balance sheet remains strong and conservative (as we like it) with reliable cash flows • Shareholders’ equity increased by retained profit but lowered by negative FCTR movements, higher dividends as well as R1,1 billion in share buy backs • Liquidity management: • USPP 1 maturity in the year ahead (March 2027), options being explored • Weighted average interest rate on foreign borrowings = 3,4% (F2025: 3,3%) • Short-term debt (R5,0 billion) < Cash (R11,8 billion); all debt de facto long term • €300 million RCF renewed for 3 years (option to extend to 5 years); headroom liquidity available of R26,0 billion • Risk management (no change in practice or policy): liabilities matched to underlying assets for a natural hedge; mixture of fixed (92% fixed long-term funding) and floating interest rates (8% short-term funding) • Solvency: • Net debt (non-IFRS16) to equity ratio 8,0% (F2025: 13,0%) • Net debt (non-IFRS16) to annualised EBITDA 0,2x (F2025: 0,4x) • EBITDA interest cover 25,0x (F2025: 23,1x) 23,2 23,1 25,0 7,2% 13,0% 8,0% F2024 F2025 F2026 EBITDA interest cover x Net debt to equity % 42,2 47,7 47,5 3,1 6,2 3,8 F2024 F2025 F2026 Equity R' billion Net debt R' billion Strong balance sheet remains a real competitive advantage Gearing is down, off the back of excellent operational cashflows, lower capin, and fewer acquisitions All solvency metrics reflect strong financial position
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Notes AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202619 Financial guidance for F2027 • Financial strength remains supportive of businesses growth: • Bidcorp budgeting to remain cash generative in F2027 • Food inflation likely to rise a little (fuel cost impacts dependent) and core inflation flattish but sticky • Adequate headroom to fund our organic and acquisitive growth • Normal working capital cycle for F2027 anticipated; absorption in H1 expected as normal trading cycle (into the festive season) requires; expected generation in H2 • USPP 1 of €125 million repayable in March 2027; repayment and / or refinancing options being explored • Further capin budgeted across the group – investments in the UK, Europe, and Emerging Markets for anticipated organic growth; BUT capin anticipated to be in the range of 1,5% - 2,0% of revenue as guided • Conscious of the need to balance reinvestment (capin and acquisitions) and return of capital to shareholders, while maintaining our conservative view on leverage, we will maintain dividend payouts in line with current policy, supplemented with share buybacks where they are accretive to the group and shareholders • Core philosophy of naturally hedging assets and liabilities remains; businesses are managed and measured in their local currencies • Returns have picked up from F2025, will continue to focus on generating best-in-class returns for shareholders • F2027 has started well, both in revenue growth and trading profits • Our businesses are in great shape, yet we remain conservative amid global volatility (more the norm than exception these days) and we are budgeting for further real growth into F2027 July trading delivers a solid performance Financial strength remains supportive of businesses growth Capin anticipated to be in range over next year, focus on improving returns Budgeting for real growth again in F2027 BIDCORP 2026 Results for the year ended June 3019
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Notes BIDCORP 2026 Results for the year ended June 3020 Progress since 2016 listing Bernard Berson
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Notes AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 2026 EPS EPS and HEPS growth consistent with each other; earnings 138% larger than 2016 10,0% CAGR HEPS 8% revenue growth, higher GP’s and improved trading margins have delivered solid and consistent HEPS growth 10,1% CAGR 21 Track record from F2016 to F2026 Total shareholder return Share growth and capital returns HEPS EPS Dividends Solid compound annual growth returned to shareholders 8% CAGR 8% revenue growth Higher GP’s and improved trading margins have delivered solid and consistent HEPS growth 10% CAGR EPS and HEPS growth consistent Earnings 138% larger than 2016 10% CAGR Dividends to shareholders have grown consistently year-on-year with a compound growth of 18% since listing (excl. F2026 final div) 18% ROFE (excl. properties) ROIC Bidcorp has delivered steady, solid compound growth consistently since listing in 2016, driven by strategic and operational excellence across diverse markets Our track record shows resilient value creation, through varied economic cycles ROFE has grown by 600bps since listing, reflecting managements focus on generating returns while still growing and investing 55,6% Returns to shareholders have improved at a compound rate of 300bps annually 16,8% BIDCORP 2026 Results for the year ended June 3021
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Notes BIDCORP 2026 Results for the year ended June 3022 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202622 Compounding value 0 200 400 600 800 1 000 1 200 F2016 F2017 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 F2026 0 500 1 000 1 500 2 000 2 500 3 000 0 50 000 100 000 150 000 200 000 250 000 300 000 F2016 F2017 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 F2026 Revenue (ZAR'mn) HEPS (cps) Revenue and HEPS Dividends (cps) 20,0 21,0 22,0 23,0 24,0 25,0 26,0 1,0 2,0 3,0 4,0 5,0 6,0 F2016 F2017 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 F2026 0 5 10 15 20 25 0 10 20 30 40 50 60 70 F2016 F2017 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 F2026 ROFE % ROE % ROIC % Returns Gross profit and Trading profit margin COVID IMPACT COVID IMPACT COVID IMPACT COVID IMPACT
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Notes AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 2026 Outlook for F2027 We expect trading conditions and outcomes to remain broadly in line with recent trends – global consumer sentiment continues to be under pressure, food inflation remains contained at moderate levels We are progressing along our foodservice continuum, with improvements delivered in a controlled and sustainable manner These results reflect disciplined execution and hard-earned gains. We continue to navigate regulatory and compliance changes, many of which must be absorbed operationally We remain confident in our strategy and our ability to continue delivering sustainable growth over time 23 BIDCORP 2026 Results for the year ended June 3023
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Notes BIDCORP 2026 Results for the year ended June 3024 Strategic outlook Bernard Berson
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Notes AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 2026 Better service levels, driving productivity and efficiencies across sales, distribution & warehousing, and administration costs myBidfood ecommerce replatforming to be future ready AI-powered sales and customer insights Predictive analytics and demand forecasting Intelligent route optimisation and customer order tracking Warehouse and supply chain AI • Targeted upselling opportunities using dynamic pricing • myBidfood ecommerce replatforming • Menu planning assistance • Optimising inventory levels by reducing stockouts & waste • Forecasting seasonal customer demand • Live order tracking for customers • Lower fuel & fleet costs, with higher driver productivity • Robotics assisted ordering for better forecasting • AI-enabled picking and labour planning to lift productivity • Automate repetitive back-office tasks • AI-generated marketing – personalised customer communications • Chatbots to cut administrative workloads • Converting order entry into orders • Reducing manual data entry reduces errors and time spent • Bot-enabled matching between purchase orders, delivery notes, invoices Our technology initiatives Generative AI and automation Intelligent document processing 25 BIDCORP 2026 Results for the year ended June 3025
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Notes BIDCORP 2026 Results for the year ended June 3026 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 2026 Moving along our foodservice continuum 26 Growing returns by optimising customer mix strengthening procurement developing Own Brands and premium range investing in value-add capability securing preferred supplier status
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Notes Q&A and close BIDCORP 2026 Results for the year ended June 3027
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Notes BIDCORP 2026 Results for the year ended June 3028 Food I Service I Technology 2026 Audited results For the year ended June 30 2026
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Notes Food I Service I Technology 2026 Audited results For the year ended June 30 2026 Supplementary information BIDCORP 2026 Results for the year ended June 3029
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Notes BIDCORP 2026 Results for the year ended June 3030 Strategy
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Notes AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 2026 1 Why invest in WHO WE ARE 31 BIDCORP 2026 Results for the year ended June 3031
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Notes BIDCORP 2026 Results for the year ended June 3032 Capital allocation
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Notes AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 2026 6,4 15,8 1,7 3,8 F2016 F2026 EBITDA Net Debt 33 Disciplined approach to capital allocation Cumulative free cash flow generated R29,2 bn Total spend on acquisitions and dividends R34,2 bn F2016 return on invested capital 12,8% F2026 return on invested capital 16,8% F2016 – F2026: 10% compound growth in EBITDA Capital allocation priorities • Low risk, high-return organic in- country investments in distribution capacity expansion or bolt-ons • Cash generative business model with balance between shareholder returns and investments • Dividend policy: 2,5x HEPS • Since listing in 2016 Bidcorp has paid R24,1 billion in dividends (excl. final dividend F2026) • Payout ratio increased in F2024 and F2025 as business grows • F2026 share buybacks of R1,1 billion • Bolt-on acquisitions in our target 6x to 8x EV/EBITDA range, accretive over time • Moderate acquisition activity in F2026, opportunities continue to be explored in all geographies • Through the cycle guidance of 1,5% to 2,0% of revenue (excl. acquisitions) to cater for growth • Improvements to operating efficiency and carbon footprint (ESG) Invest in the business for the best return Progressive returns (dividends & buy backs) Value-accretive acquisitions Capin for the future 01 02 03 04 BIDCORP 2026 Results for the year ended June 3033
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Notes BIDCORP 2026 Results for the year ended June 3034 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202634 Acquisition growth 2017 2018 2019 2020 2021 2022 2023 2024 2025 F2026 Number of acquisitions 10 13 5 1 5 10 9 4 12 5 Committed acquisition spend R0,2 bn R1,4 bn R0,7 bn R0,1 bn R0,3 bn R0,9 bn R1,9 bn R0,4 bn R2,5 bn R0,8 bn Annualised revenue contribution R3,6 bn R4,6 bn R0,6 bn R0,7 bn R0,3 bn R2,5 bn R4,0 bn R0,8 bn R5,3 bn R2,8 bn F2026 acquisitions 5 completed F2026 spend >R0,8 billion
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Notes Financial analysis BIDCORP 2026 Results for the year ended June 3035
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Notes BIDCORP 2026 Results for the year ended June 3036 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202636 Segmental revenue R’ million F2026 share of group % change % F2025 share of group % Constant currency F2026 change % Australasia 45 441,7 18,8 (0,4) 45 632,1 19,4 47 542,0 4,2 United Kingdom 69 607,7 28,7 3,2 67 458,5 28,6 72 110,8 6,9 Europe 92 897,2 38,4 5,5 88 022,8 37,4 92 389,0 5,0 Emerging Markets 34 254,4 14,1 (0,6) 34 477,8 14,6 35 236,3 2,2 Total 242 201,1 2,8 235 591,2 247 278,2 5,0
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Notes AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202637 Segmental trading profit R’ million F2026 margin % share of group % change % F2025 margin % share of group % Constant currency F2026 change % Bidfood 13 987,9 13 184,6 14 218,2 Australasia 3 738,2 8,2 27,1 (2,3) 3 825,9 8,4 29,5 3 903,8 2,0 United Kingdom 2 748,6 4,0 19,9 8,4 2 535,9 3,7 19,4 2 847,4 12,3 Europe 5 542,0 6,0 40,2 14,4 4 844,9 5,5 37,4 5 488,5 13,3 Emerging Markets 1 959,1 5,7 14,2 (1,0) 1 977,9 5,7 15,3 1 978,5 0,0 Corporate (193,4) (232,1) (197,8) Total 13 794,5 5,7 6,5 12 952,6 5,5 14 020,4 8,2 BIDCORP 2026 Results for the year ended June 3037
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Notes BIDCORP 2026 Results for the year ended June 3038 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202638 Consolidated statement of profit or loss R’ million F2026 % F2025 Constant currency F2026 % Revenue 242 201,1 2,8 235 591,2 247 278,2 5,0 Segmental United Kingdom: R69,6 billion (ZAR movement: ↑3,2%; Local FX: ↑6,9%): revenue increases driven by key customer wins in F2026 as well as the Bidfresh acquisition of Hodgson & Sailbrand with a contribution of 1,5% to revenue Europe: R92,9 billion (ZAR movement: ↑5,5%; Local FX: ↑5,0%): Italy benefitted from strong volume and margin growth; Poland, Czech & Slovakia, and the Baltics experienced pleasing volume growth; and Portugal benefitted from the full-year impact of the Gelgarve acquisition Australasia: R45,4 billion (ZAR movement: ↓0,4%; Local FX: ↑4,2%): Australia delivered a resilient performance in a challenging operating environment with revenue ↑ 3,4% in A$, with an improvement in the supply solutions and manufacturing businesses; New Zealand experienced a strong reco very with revenue ↑ by 5,7% and trading profit ↑4,4% in NZ$; a focus on margin management, market share gains, and positive performances in Foodservice and Simply Fo od Solutions supported the recovery Emerging Markets: R34,3 billion (ZAR movement: ↓0,6%; Local FX: ↑2,2%): sales growth from South Africa, Malaysia, Chile, Brazil, and Argentina; Greater China contended with weak domestic demand and cautious customer spending, however offset by efficiencies achieved in operating costs; Middle East saw the fall o ut from the Iran conflict and disruptions in regional trade routes; South African revenue growth was driven by Bidfood, through strong street trade activity and a bolt-on acquisition, Crown Food Group performed well despite foot and mouth disruption with growth across key channels
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Notes AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202639 Consolidated statement of profit or loss R’ million F2026 % F2025 Constant currency F2026 % Revenue 242 201,1 2,8 235 591,2 247 278,2 5,0 Trading profit 13 794,5 6,5 12 952,6 14 020,4 8,2 Net finance expense #,# #,# (1 118,3) #,# #,# Share of profit of associates and JVs #,# #,# 108,2 #,# #,# Taxation #,# #,# (2 950,8) #,# #,# Non-controlling interests #,# #,# (40,1) #,# #,# Headline earnings #,# #,# 8 601,9 #,# #,# Gross margin • Gross margin % at 24,8% (F2025:24,5%) held up well, reflecting pricing discipline and continued optimisation of product mix • All divisions improved or maintained margins ahead of prior year levels Trading profit • Trading profit increased to R13,8 billion (↑8,2% in cc) supported by good performances in Europe and the UK, while Australasi a delivered a mixed outcome where continued economic pressure in Australia was offset by a recovery in New Zealand. Gains made by the Emerging market segment i n H1 were dissipated into H2, largely due to the poor results in Greater China and the Middle East Trading margin • Trading margin of 5,7% (F2025: 5,5%) growth of 20bps was made up of 30bps growth in the gross margin % which more than off se t the 10bps increase in the CODB BIDCORP 2026 Results for the year ended June 3039
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Notes BIDCORP 2026 Results for the year ended June 3040 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202640 Consolidated statement of profit or loss R’ million F2026 % F2025 Constant currency F2026 % Revenue 242 201,1 2,8 235 591,2 247 278,2 5,0 Trading profit 13 794,5 6,5 12 952,6 14 020,4 8,2 Net finance expense (1 143,9) (2,3) (1 118,3) (1 179,8) (5,5) • Constant currency net finance charges (excl. IFRS 16 charges) were higher by 3,4% at R652,3 million (F2025: R630,7 million) • Finance charges (in constant currency) are slightly higher largely due to higher interest charges on the F2025 refinanced debt and higher capital returns paid to shareholders • Of the group gross borrowings at June 30 2026, 92% of the borrowed funds were at fixed interest rates • Significant fixed rate instruments include 1-year, 3-year, and 5-year term USPP debt financing fixed; average rate of 3,4% on foreign borrowings; €125 million USPP debt due to be repaid in March 2027 • Non‐IFRS 16 trading EBITDA interest cover of 25,0x (F2025: 23,1x) • Bidcorp remains well capitalised and retains adequate headroom for further organic and acquisitive growth • Principally attributable to Chipkins Puratos JV interest in South Africa and investments by Bidfood Netherlands into various specialist product businesses Share of profit of associates and JVs 111,7 3,3 108,2 111,8 3,4
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Notes AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202641 Consolidated statement of profit or loss R’ million F2026 % F2025 Constant currency F2026 % Revenue 242 201,1 2,8 235 591,2 247 278,2 5,0 Trading profit 13 794,5 6,5 12 952,6 14 020,4 8,2 Net finance expense (1 143,9) (2,3) (1 118,3) (1 179,8) (5,5) Share of profit of associates and JVs 111,7 3,3 108,2 111,8 3,4 Taxation (3 242,9) (9,9) (2 950,8) (3 297,6) (11,8) Effective taxation rate 26,8% 3,9 25,7% 26,7% 0,1 Effective taxation rate (excl. capital items, associates and JV’s) • The clean taxation rate (excl. that attributable to capital items and associates) of 26,8% (F2025: 25,7%) is within guidance of between 26% and 27%; dividends WHT, investment allowances, and the change in divisional mix impacted the overall blended group tax rate • Bidcorp’s direct and indirect tax contributions for F2026 to tax authorities was R23,8 billion (F2025: R24,5 billion); this means that the group contributes 10 cents for every R1 of sales to tax authorities • No material impact from our Pillar II tax review BIDCORP 2026 Results for the year ended June 3041
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Notes BIDCORP 2026 Results for the year ended June 3042 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202642 Consolidated statement of profit or loss R’ million F2026 % F2025 Constant currency F2026 % Revenue 242 201,1 2,8 235 591,2 247 278,2 5,0 Trading profit 13 794,5 6,5 12 952,6 14 020,4 8,2 Net finance expense (1 143,9) (2,3) (1 118,3) (1 179,8) (5,5) Share of profit of associates and JVs 111,7 3,3 108,2 111,9 3,4 Taxation (3 242,9) (9,9) (2 950,8) (3 297,6) (11,8) Non-controlling interests (5,5) 86,2 (40,1) (5,6) 86,0 Headline earnings 9 076,5 5,5 8 601,9 9 199,3 6,9 HEPS (cps) 2 701,4 5,4 2 562,7 2 737,9 6,8 Dividend (cps) 1 240,0 6,9 1 160,0 Headline Earnings • HEPS growth of 5,4% (6,8% cc), reflecting resilient growth through cost discipline and enhanced margin management • Normalised HEPS adjusted to exclude the hyper inflationary accounting adjustments for Türkiye and Argentina
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Notes AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202643 Consolidated statement of financial position R’ million F2026 F2025 Non-current assets 62 313,9 64 657,9 Property, plant, and equipment 30 551,8 31 079,8 Right-of-use lease assets 6 370,1 7 034,5 Goodwill 21 501,5 22 616,9 Other non-current assets 3 890,5 3 926,6 Current assets 54 045,0 56 306,9 Inventories 18 236,8 19 262,7 Trade and other receivables 23 969,4 25 275,6 Cash and cash equivalents 11 838,8 11 768,6 Total assets 116 358,9 120 964,8 Equity 47 532,3 47 672,6 Non-current liabilities 25 530,2 30 293,5 LT borrowings 10 652,1 14 461,0 LT right-of-use lease liabilities 6 177,8 6 845,5 LT puttable NCI liability 5 313,6 5 694,8 Other non-current liabilities 3 386,7 3 292,2 Current liabilities 43 296,4 42 998,7 Trade and other payables 35 431,4 36 389,8 ST borrowings 5 010,5 3 501,9 ST right-of-use lease liabilities 1 275,5 1 397,9 Other current liabilities 1 579,0 1 709,1 Total 116 358,9 120 964,8 Investment in PPE infrastructure • Expansionary capital investment amounted to R1,6 billion mainly related to infrastructure capin (through upgrades to (or new) DCs including the fit-out of plant and equipment and purchase of land), the majority of total spend being Australia R256 million, New Zealand R280 million, and Czech Republic R274 million. The groups’ infrastructure capin is long term in nature as distribution centres are generall y used for 20 to 40 years (or beyond), they are purpose-built close to the customer, integrated with leading ESG trends (solar, water saving measures, LED lighting, state‐of the‐art refrigeration) and provide a strategic advantage to the businesses • Operational (replacement) capex of R3,2 billion is ahead of the depreciation, as replacement values have increased on capital expenditure related to MHE and the vehicle fleets given the long lead times (between 9 to 18 months) Goodwill • Movement in goodwill of R22,6 billion to R21,5 billion which includes 5 bolt-on acquisitions of R0,8 billion but impacted by FX movements Working capital management • Net working capital of R6,8 billion (F2025: R8,1 billion) • WAR% of 2,8% (F2025: 3,5%) better than F2019 comparative of 4,8%. Normal monthly WAR% operating levels through the year are b etween 4% and 5% • Average working capital days (3-month basis) of 5,0 days (F2025: 8,2 days) • Receivables provisioning levels (ECL %) holding steady at 5,1% from 5,0% in F2025, 94% of debtors aged < 30 days; we still op erate in times of economic uncertainty (sticky global inflation, high interest rates, recession risks) • Payable days 3 days higher than F2025 (65 days) at 68 days despite less credit from non-domestic suppliers as we grow our import supply solutions • Short-term debt (R5,0 billion) < Cash (R11,8 billion), all debt de facto long term. Net borrowings of R3,8 billion • Headroom liquidity available of R26,0 billion (including undrawn facilities and cash and cash equivalents) Long-term puttable NCI liability • DAC Italy 40% put option liability exercisable from September 2027 onwards, at 10,5x EBITDA less net debt; present value of t he put option liability of €268,1 million Solvency • Debt to equity ratio 8,0% (F2025: 13,0%); Net debt to annualised EBITDA 0,2x (F2025: 0,4x); EBITDA interest cover 25,0x (F202 5: 23,1x); and net debt in hard currencies = £175 million (F2025: £263 million) IFRS 16 • Net debt including IFRS 16 = R11,3 billion (F2025: R14,4 billion) • Leasehold properties comprise 89% of the lease liability. Average property lease term of 6 years Returns • Return on average funds employed (ROFE) for operations (excl. freehold properties) at 55,6% up from 53,4% (F2025) and higher than the F2019 comparative of 49,4% BIDCORP 2026 Results for the year ended June 3043
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Notes BIDCORP 2026 Results for the year ended June 3044 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202644 Consolidated statement of cash flows 0,5 (8,8) (3,8) (2,8) (1,3) (0,8) 16,6 Cash effects of financing activities Cash effects of investment activities Dividends paid Taxation Net finance charges Working capital utilised Cash generated from operations (3,4) (6,0) (4,1) (3,0) (1,2) 0,5 18,1 Cash effects of financing activities Cash effects of investment activities Dividends paid Taxation Net finance charges Working capital generated Cash generated from operations F2026 (R’ billion) F2025 (R’ billion) Operating activities • Cash generated by operations (before WC) of R18,1 billion (F2025: 16,6 billion), which is ↑R1,5 billion or ↑9,0% • Cash generated by operations (after WC) of R18,6 billion (F2025: R15,8 billion), which is ↑ R2,8 billion or ↑17,7% • 135% of trading profit and 118% of EBITDA (non-IFRS 16) was turned into cash • Non-cash items: R1,0 billion mainly comprise share‐based payment expenses of R417 million and increases in debtor and stock provisions of R113 million • Dividends of R4,1 billion were paid during the year (F2025: R3,8 billion) Investment activities • Gross investments in property, plant, and equipment of R4,8 billion (F2025: R6,2 billion) largely reflects capacity necessary for organic growth. Significant contributors: UK (R1,5 billion); Czech Republic (R0,5 billion); Netherlands (R0,5 billion); Australia (R0,4 billion); and New Zealand (R0,4 billion) • Five bolt-on foodservice acquisitions were concluded during the year and total cash paid of R0,8 billion (F2025: R2,5 billion) Financing activities • Net decrease in overall gross borrowings of R0,7 billion (F2025: increase R2,3 billion) • Payments for contracted lease arrangements were R1,4 billion (F2025: R1,5 billion) • Free cash flow for the year of R7,0 billion (F2025: R1,6 billion); driven by excellent operating cash flows after WC, lower capin, and fewer bolt-on’s than in F2025
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Notes AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202645 Cash generated by operations and cash conversion 134 119 115 116 115 115 174 147 131 130 130 131 F2021 F2022 F2023 F2024 F2025 F2026 EBITDA Trading profit 130 92 112 102 108 118 160 105 126 113 122 135 F2021 F2022 F2023 F2024 F2025 F2026 EBITDA Trading profit 0,6 (2,0) (0,5) (1,6) (2,7) 1,9 (0,8) (2,0) 2,5 0,5 7,1 9,9 13,7 15,4 8,0 8,6 16,6 8,8 9,3 18,1 F2021 F2022 F2023 F2024 H1F2025 H2F2025 F2025 H1F2026 H2F2026 F2026 Net working capital Cash generated by operations Working capital vs. cash generated by operations (before working capital) % Cash conversion of CGO (before working capital) % Cash conversion of CGO (after working capital) • Record cash generation by operations (before WC) for H2 F2026 of R9,3 billion an increase of 5,7% on H1 F2026 • H2 F2026 working capital generation of R2,5 billion, up from H2 F2025 of R1,9 million • Over 7 years net working capital movements have remained relatively flat, net absorption from F2019 to F2026 of R3,5 billion, despite ZAR revenue having increased by 87% since F2019 • WAR% in F2019 of 3,7% vs. F2026 of 2,8% • Solid cash conversion continued into F2026; seven years of cash generation (before WC) of more than 100% above EBITDA • F2020 and F2021 cash conversion after working capital affected by COVID and drop in activity levels • Strong F2026 cash flow generation after WC of 135% of the F2026 trading profit results was converted into cash BIDCORP 2026 Results for the year ended June 3045
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Notes BIDCORP 2026 Results for the year ended June 3046 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202646 Working capital cycles (84) (74) (70) (70) (67) (65) (68) 53 40 38 38 36 37 37 46 39 37 39 37 36 36 15 5 5 7 6 8 5 F2020 F2021 F2022 F2023 F2024 F2025 F2026 Creditor days Stock days Debtors days Net days Average 3-month working capital days • Average 3-month average working capital days has reduced to 5 days and remains favorable against F2019 (pre-pandemic comparative), the big impact is the reduction of debtor's days from 43 days to 36 days through changed customer mix and improved collections • June 3-month working capital percentage (WAR%) to revenue at 2,8% (F2025: 3,5%) • Into H1 F2027, the WAR% is expected to return to normal levels of WAR% between 4,0% and 5,0% • Bidcorp’s typical working capital cycle absorbs WC in H1 and generates in H2
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Notes AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202647 Gearing and covenants 5,6 0,5 1,7 2,1 3,1 8,2 6,2 7,8 3,8 15,8 19,3 25,7 23,2 23,2 22,2 23,1 23,7 25,0 F2020 F2021 F2022 F2023 F2024 H1F2025 F2025 H1F2026 F2026 Net interest-bearing debt (R' billion) EBITDA interest cover (x) Current EBITDA : Net debt covenant – Net debt to be lower than R39,5 billion • Conservative approach to gearing with EBITDA interest cover at 25,0x (F2025: 23,1x) exceeds group covenant of 5x • Net debt to annualised EBITDA (excl. IFRS 16) of 0,2x (F2025: 0,4x); well below group covenant of 2,5x • Ample headroom to fund organic or acquisitive expansion; however, we remain conscious of the need to balance gearing and shar eholder returns BIDCORP 2026 Results for the year ended June 3047
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Notes BIDCORP 2026 Results for the year ended June 3048 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202648 Constant currency effects on the translation of foreign operations on the group R’ million F2026 Audited F2025 Audited % change Constant Currency F2026* % change Trading performance Revenue 242 201 052 235 591 182 2,8 247 278 197 5,0 Trading profit 13 794 469 12 952 573 6,5 14 020 390 8,2 Headline earnings 9 076 526 8 601 990 5,5 9 199 268 6,9 Headline earnings per share (cents) 2 701,4 2 562,7 5,4 2 737,9 6,8 Constant currency per segment Revenue Australasia 45 441 710 45 632 081 (0,4) 47 542 031 4,2 United Kingdom 69 607 729 67 458 503 3,2 72 110 792 6,9 Europe 92 897 236 88 022 766 5,5 92 389 033 5,0 Emerging Markets1 34 254 377 34 477 832 (0,6) 35 236 341 2,2 242 201 052 235 591 182 2,8 247 278 197 5,0 Trading profit Australasia 3 738 152 3 825 964 (2,3) 3 903 761 2,0 United Kingdom 2 748 581 2 535 864 8,4 2 847 419 12,3 Europe 5 542 048 4 844 941 14,4 5 488 508 13,3 Emerging Markets1 1 959 063 1 977 879 1,0 1 978 503 0,0 Corporate office (193 375) (232 075) (197 801) 13 794 469 12 952 573 6,5 14 020 390 8,2 Illustrative F2026 at F2025 average exchange rates 1 Türkiye and Argentina are classified as hyperinflationary environments within the Emerging Markets segment. Revenue and trading profit from these markets have not been adjusted to constant currency using F2025 exchange rates, instead the results from these markets were translated usi ng F2026 exchange rates. The impact of this translation approach on the constant currency analysis is considered immaterial The constant currency financial information has been compiled for illustrative purposes only and is the responsibility of the board. Due to the nature of this information, it may not fairly present the group’s financial position, changes in equity, or results of operations or cash flows. An unmodified reasonable assurance report has been issued by the group’s auditor, KPMG Inc. Only the 2026 constant currency information, contained in these results, have been reported on by the group’s external auditors and their unmodified reasonable assurance report on the compilation thereof prepared in terms of International Standard on Assurance Engagements 3420 Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus (ISAE 3420) is available for inspection at the company's registered office and on the company’s website. The constant currency information has been compiled in terms of the JSE Listings Requirements, the Guidance letter on the Presentation of Constant Currency Information, and the Revised Guide on Pro Forma Financial Information by SAICA. The underlying information used in the preparation of the constant currency financial information has been extracted from the audited 2026 Annual Financial Statements for the year ended June 30 2026. The illustrative information relating to constant currency, has been prepared on the basis of applying the F2025 average rand exchange rates to the F2026 foreign subsidiary income statements and recalculating the reported revenue, trading profit, headline earnings, and headline earnings per share of the group for the year ended June 30 2026. The measurement has been performed for each of the group’s material currencies set out below. The constant currency financial information has been compiled by the directors to illustrate the constant currency effects on the translation of foreign operations on the group. The constant currency change percentage is calculated using this adjusted current period amount. The average exchange rates were calculated using the average of the average monthly exchange rates (determined on the last day of each of the months in the period). The average exchange rates are presented below: Average exchange rates F2026 F2025 Rand : Sterling 22,69 23,50 Rand : Euro 19,72 19,75 Rand : Australian dollar 11,46 11,75
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Notes Historical results analysis BIDCORP 2026 Results for the year ended June 3049
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Notes BIDCORP 2026 Results for the year ended June 3050 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 202650 Bidcorp’s historic performance 54,9 49,4 27,7 42,3 62,8 61,5 59,0 53,4 55,6 16,6 16,1 4,6 11,0 16,3 19,7 19,1 18,6 19,1 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 F2026 ROFE ROE 3,66 4,97 5,07 5,16 3,37 4,17 5,16 5,35 5,39 5,50 5,70 F2016 F2017 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 F2026 Trading margin (%) Annual operations returns (%) 250 280 310 330 300 440 525 560 615 241 250 280 330 400 400 500 565 600 625 241 500 560 640 330 400 700 940 1 090 1 160 1 240 F2016 F2017 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 F2026 H1 H2 490,4 585,3 621,2 678,2 714,0 381,0 668,0 971,7 1 152,7 1 221,6 1 325,2574,8 564,6 622,5 717,2 487,4 870,3 1 111,2 1 252,8 1 341,1 1 376,2 1 065,2 1 149,9 1 243,7 1 395,4 714,0 868,4 1 538,3 2 082,9 2 405,5 2 562,7 2 701,4 F2016 F2017 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 F2026 H1 H2 Headline earnings per share (cps) Dividends per share (cps)
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Notes Food I Service I Technology 2026 Audited results For the year ended June 30 2026 BIDCORP 2026 Results for the year ended June 3051
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BIDCORP 2026 Results for the year ended June 3052 Notes
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