Slides
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Interim Results Half Year ending 30 June 2026 20 August 2026
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Our Disclaimer 1. This presentation has been prepared by, and is subject to the copyright of, CA&S Group. No part of this presentation may be reproduced, transmitted, stored in a retrieval system, or translated in any other language in any form, by any means without the prior written consent of CA&S Group. 2. This presentation is confidential and has been furnished to the intended recipient solely for such recipient’s information and private use and may not be referred to, disclosed, reproduced, or redistributed, in whole or in part, to any other person. 3. This presentation has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. This information has not been independently verified. No representation or warranty as to this presentation’s accuracy, completeness or correctness is made and no reliance should be placed on the accuracy, completeness, or correctness thereof. The information contained, and any opinions expressed, in this presentation are subject to change at any time and CA&S Group or its advisors are under no obligation to inform the intended recipient or any other person of any such change. 4. Certain information set forth in this presentation contains “forward-looking information”, including “future-oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company’s business, projects, and joint ventures; (iv) execution of the Company’s vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company’s projects; (vi) completion of the Company’s projects that are currently underway, in development or otherwise under consideration; (vi) renewal of the Company’s current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. 5. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. 6. Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. 7. The information provided herein is for informational purposes only and does not constitute financial advice, as contemplated in the Financial Advisory and Intermediary Services Act, 37 of 2002 (FAIS Act) and related legislation. Nothing contained in this communication should be construed as a recommendation, endorsement, or solicitation to buy, sell, or trade any securities of the CA&S Group. Before making any financial, investment, or trading decisions relating to CA&S Group securities, you are strongly encouraged to consult with a duly authorised financial broker, financial adviser, or other qualified professional who can assess your individual financial circumstances, objectives, and risk profile. Any investment decisions made on the basis of this information are undertaken at your own risk. 8. CA&S Group, its directors, employees, agents, representatives, advisors and/or associates, accepts no responsibility or liability whatsoever in relation to this presentation (including error contained in the presentation or in relation to the accuracy, completeness or correctness of this presentation on in relation to any projections, analysis, assumptions and/or opinions contained herein nor for any loss of profit or damages or any liability to a third party whatsoever arising from the use of this presentation). The exclusion of liability provided herein shall protect CA&S Group, its directors, employees, agents, representatives, advisors and/or associates in all circumstances. 9. This presentation is a brief summary and does not purport to contain all available information on the subjects covered. Further information is available on request.
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Agenda 01 About CA&S 02 03 Outlook 05 Corporate Activity Interim Results Segmental Overview 04 Questions 06
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About CA&S
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Namibia KenyaBotswana Lesotho South Africa Eswatini Zimbabwe Zambia Uganda Tanzania o 10 countries o 18 950+ employees o Ave. business’ est. 29 yrs+ o 363 clients o 1 757 brands represented o 14+ FMCG categories o 169 000+ doors serviced o 300 million consumers Group Footprint
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What we do for FMCG brand owners We connect brands to consumers across complex markets o Enable consistent availability o Support growth across channels, including e-commerce o Deliver operational execution o Provide data and insights – connected intelligence Insights & Intelligence loop Client Manufacture / Imports Distribute to CA&S | Manage inventory holding Local Listings Order Generation System maintenance & Data capture in store Pick & Prep Deliver to outlets Merchandise shelves & manage POS Drive demand in- store Deliver directly to employee & consumers homes & businesses Merchandise digital shelves & manage retail media placement and ROI Drive discovery & demand onlineDigital Commerce Pick & Prep Online Order & payment automated into inventory holding Grocery, Snacking, Beverages, Chilled, Frozen, Liquor, Consumer Health, Personal Care, Beauty, Home Care, Paper, Baby Care, Pet Care, Bakery, Ice Cream 1 2 3 4 5 6 7 8 Physical Commerce Distribute to CA&S | Manage inventory holding Build E-Comm brand store fronts Online Listings & Marketplace Key Account Management
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Powering leading brands across categories & formats
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Our collective service offerings Countries Warehousing & Distribution Retail Execution & Advisory Connected Commerce Retail Support Services Data & Technology Botswana South Africa Eswatini Lesotho Namibia Zambia Zimbabwe Kenya Tanzania Uganda PantryClub PnS Group, Sunpac, eKasi / Roots TDMC, PantryClub, PnS Group, eKasi / Roots PnS Group, VisibleWorx, eKasi / Roots Macmobile CA Sales, SMC Brands, Smithshine CA Sales, SMC Brands, Smithshine CA Sales Activate, KTI Macmobile Tradco Tradco Tradco Macmobile Tradco Tradco Tradco Macmobile Tradco Tradco Tradco Macmobile CA Sales, Smithshine CA Sales, Promexs, Smithshine Promexs Macmobile In ProgressAvailable Not available Logico, SMC Brands Logico, SMC Brands MacmobileLogico SMC Brands SMC Brands MacmobileSMC Brands SMC Brands, Wutow Trading SMC Brands, Wutow Trading MacmobileWutow Trading BRD Distribution BRD Distribution MacmobileBRD Distribution SOUTHERN AFRICAEAST AFRICA
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What powers our delivery 02 Broad trade coverage: From Main Market, Convenience and HORECA to wholesale, formal and corporate stores 03 Deep local market, country knowledge & understanding: Gleaned over decades05Established Customer relationships & regional connectivity: A powerful, unmatched competitive advantage 04 Client Focussed: Retention spanning decades. Ability to deliver multi-market solutions 06 Operational Efficiency: Solid infrastructure, developed processes, digitally evolving & entrepreneurial approach 07 Good Financial Health: Healthy balance sheet, strong operating cashflow for responsible capital allocation 01 Strategic, invested leadership & quality workforce: Learn, share & collaborate = better client solutions. Culture is key 08 Connectivity across markets: Local expertise, connected at scale and powered by insight, delivers value greater than the sum of its parts
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Financial Results
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Overview of the Half Year 2026 2.2% Revenue R 6.08bn H1 2025: R5.96bn 6.4% Headline Earnings R257m H1 2025: R242m HEPS 53.41 cents H1 2025: 50.44 cents 5.9%3.0% EBITDA R412m 2.3% Operating Profit R342m H1 2025: R335m 11.8% Net Asset Value per Share 765.50 cents H1 2025: 684.69 cents H1 2025: R400m
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Income Statement R'000 H1 2026 H1 2025 % Growth Revenue 6 083 308 5 955 147 2.2% EBITDA 411 943 399 975 3.0% Profit after tax 264 539 252 396 4.8% Headline earnings 257 133 241 718 6.4% Headline Earnings per Share (cents) 53.41 50.44 5.9%
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42% 16% 19% 18% 5% H1 2026 Revenue R'000 H1 2026 H1 2025 % Growth Botswana 2 579 877 2 826 545 (8.7%) Eswatini 997 830 898 871 11.0% Namibia 1 135 953 1 066 194 6.5% South Africa 1 087 187 989 173 9.9% Other countries 285 450 174 863 63.2% 47% 15% 18% 17% 3% H1 2025 Botswana Eswatini Namibia South Africa Other
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Balance Sheet R'000 H1 2026 H1 2025 FY 2025 Non-current Assets 2 082 956 1 720 355 1 757 425 Current Assets 4 295 973 4 125 395 4 553 064 Total Assets 6 378 929 5 845 750 6 310 489 Non-current Liabilities 434 037 341 937 283 700 Current Liabilities 2 168 536 2 167 604 2 286 837 Total Liabilities 2 602 573 2 509 541 2 570 537 Total Equity 3 776 356 3 336 209 3 739 952 23% 48% 29% Current assets Inventories Trade and other recievables Cash and cash equivalents 76% 7% 17% Current liabilities Trade and other payables Employee benefits & other provisions Borrowings
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R'000 Days H1 2026 Days H1 2025 Days FY2025 Receivables 61 2 055 095 59 1 927 608 55 1 931 238 Inventory 35 982 821 33 892 866 34 979 779 Payables 58 1 633 087 48 1 308 913 51 1 447 701 Net Working Capital 38 1 404 829 44 1 511 561 38 1 463 316 Working capital levels Sunpac (acquired 1 June 2026) operates with longer stock and payable days, while maintaining net working capital days consistent with CA&S norms.
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Cashflow R'000 H1 2026 H1 2025 Profit from Operations 433 837 357 099 Working Capital 42 617 (55 372) Taxation (123 329) (105 923) Net Interest 22 326 12 698 Operational Cash Generated 375 451 208 502 Investments (145 984) (108 995) Capex (128 389) (73 463) Free Cashflow 101 078 26 044 Acquisitions | Investing Internally | Capex Replacement | Capex Expansion | Dividends
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Segmental Overview
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o Stronger cash generation from tighter inventory control and improved collections o Operational efficiencies and network optimisation by improving resource deployment o Depreciation of the Botswana Pula affecting revenue growth and earnings in South African Rand terms Botswana Country Review Financial Performance Overview R'000 H1 2026 H1 2025 % Change Revenue 2 579 877 2 826 545 (8.7%) EBIT 118 886 131 865 (9.8%) EBITDA 132 136 150 016 (11.9%) Total assets 2 486 581 2 746 033 (9.4%) Total liabilities 1 125 142 1 509 325 (25.5%)
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o Construction of the Logico Mega Park on time - to support operational consolidation and scale o Continued investment in people, systems and infrastructure to strengthen operational capability Eswatini Country Review Financial Performance Overview R'000 H1 2026 H1 2025 % Change Revenue 997 830 898 871 11.0% EBIT 73 967 66 639 11.0% EBITDA 80 631 71 838 12.2% Total assets 1 020 600 826 655 23.5% Total liabilities 446 167 356 730 25.1%
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o Strengthened cold-chain service reliability o Continued operational efficiency initiatives including fuel optimisation, route planning and stock-loss control Namibia Country Review Financial Performance Overview R'000 H1 2026 H1 2025 % Change Revenue 1 135 953 1 066 194 6.5% EBIT 32 399 29 851 8.5% EBITDA 44 598 40 811 9.3% Total assets 761 459 767 055 (0.7%) Total liabilities 387 650 449 181 (13.7%)
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o Acquisition of Sunpac - a leading South African distributor and turnkey route- to-market partner to a portfolio of prominent international brand owners and retailers o Tougher general trade conditions o Revenue growth more than offset these headwinds, assisted by Sunpac revenue South Africa Country Review Financial Performance Overview R'000 H1 2026 H1 2025 % Change Revenue 1 087 187 989 173 9.9% EBIT 103 623 88 661 16.9% EBITDA 135 704 114 936 18.1% Total assets 2 173 653 1 599 866 35.9% Total liabilities 861 091 419 434 105.3%
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o Increased ownership of Tradco Group to 55%, effective 1 July 2026 o Established new 4,200m² distribution and warehouse facility o New client acquisitions East Africa Country Review Financial Performance Overview * * These results are not consolidated in the group's interim financial results for the six months ended 30 June 2026. The Tradco Group is an associate. The share of profit of investments accounted for using the equity method amounted to R5 427k. R'000 H1 2026 H1 2025 % Growth Revenue 452 213 386 815 16.9% EBIT 24 049 39 140 (38.6%) EBITDA 25 466 40 654 (37.4%) Total assets 209 122 154 451 35.4% Total liabilities 136 828 100 664 35.9%
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o Expanded multinational FMCG client participation across all markets o Strengthened regional distribution footprint through geographic expansion, including entry into Zambia’s Copperbelt o Increased operational capacity through increased warehousing in Zimbabwe Lesotho, Kenya, Tanzania, Uganda, Zambia, Zimbabwe Financial Performance Overview * * Associates not included in revenue line R'000 H1 2026 H1 2025 % Growth Revenue 285 450 174 863 63.2% EBIT 13 466 17 631 (23.6%) EBITDA 18 874 22 351 (15.6%) Total assets 411 679 334 050 23.2% Total liabilities 257 493 204 348 26.0%
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Outlook Strategic Growth Priorities
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They do not buy our internal complexity. They buy the outcome. Start with the customer 2 5 AVAILABILITY The right product, in the right place, at the right time.1 GROWTH More sales, better share and stronger in-market performance.2 VISIBILITY A clear view of what is happening - and what must happen next.3 CONFIDENCE A partner that takes ownership and reliably delivers.4 What do brand owners really want from CA&S?
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Technology can be copied. Relationships, infrastructure, workforce and execution at scale are much harder to replicate. Power BI dashboards LOW AI models LOW –MEDIUM Data platforms MEDIUM Proprietary operating data MEDIUM –HIGH Retailer relationships HIGH Distribution network HIGH Merchandising workforce VERY HIGH Execution capability VERY HIGH The dashboard is not the advantage. What happens in the market because of it is. Our advantage 26 Our real moat is execution.
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Or risk Technology Enables. Execution Delivers. Data identifies the opportunity or risk. Our people, relationships and market reach convert it into commercial results. Insight Data tells us where the opportunity / risk is + Feet on the Ground People who manage / fix availability, pricing, displays, orders and relationships in store = Growth Sales, share, availability and stronger return on trade investment Technology Enables. Execution Delivers Technology must strengthen our execution capability, not shift our focus away from it What brand owners really want • More sales and market share • Greater product availability • Better in-store visibility and execution • Stronger returns on trade investment • Consistent delivery across markets What is hardest to replicate Dashboards, AI models and data tools are increasingly accessible • Retailer and customer relationships • Distribution infrastructure and market reach • Merchandising and sales workforce • Local market knowledge • Proven ability to execute consistently at store level
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Outlook: 5 group priorities 1: Southern Africa: Deepen & defend More stores, channels, and services 3: Omnichannel (e-commerce): Incubate & accelerate Existing client eco-system participation 4: Private Label: Sunpac acquisition as entry point Leverage associated opportunities. 5. Digitisation: Operational muscle & client advantage Internal: Improved efficiencies & more effective implementation. External: Client insight > action 2: East Africa: Scale - high growth potential Client-led growth – infrastructure for distribution
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Market Trends & Insights Forecasting & Inventory Management SAP & Warehouse Management Route Optimisation & Live Tracking Pricing& Ranging Sales Insights Image Recognition POS Data Underpinned by STRONG FEEDBACK LOOP: Shopper, Consumer & Store Insight Returns to the Brand / Manufacturer CAS DIGITAL DATA PLATFORM B BigQuery Cloud Data Warehouse Data Integration & APIs M Master Data Management Q Data Quality & GovernanceD R Decision Intelligence & Insights Warehouse › Factory › Distribution › Store › Execution › Consumer From Brand Owner to Consumer Brand / Manufacturer ›
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Price & Promo Distribution Innovation On Shelf Availability Category Share Margin, Profit, Value chain Waste S & OP AI: Decision Intelligence Combined Daily data at lowest level Predictive Ordering Staff Allocation Route Optimisation Risks & Opportunities Customer and Market Data Demand/ Sales In Profitability Trade Term Spend Service Levels Income statements Returns Internal Data Daily Scan sales out Store stock levels Distribution Pricing Assortment Waste Category Data *Shelf recognition Customer Data Commercial Cockpit
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Corporate Activity
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• Majority shareholding in Sunpac long established distributor and route-to-market partner to leading international brand owners and retailers • Vertically integrated model global sourcing, regulatory compliance, retail listings, national distribution and in-store execution • Specialised capability in private and confined label structurally growing segment as retailers expand differentiated own-brand ranges • Enhances CA&S’s platform introducing global sourcing and brand-management capability alongside the Group’s existing route-to-market infrastructure • Operationally complementary and strategically aligned Recent Acquisition : Sunpac Private label exposure | Platform expansion | Global sourcing capability
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SA’s Main Market - Access. Presence. Performance. Can we make this eKasi – even if some images are Roots
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East Africa - a vibrant growing market
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• CA&S Group has acquired a strategic 30% shareholding in TDMC, with option to increase • The investment strengthens CA&S’s digital commerce and omnichannel growth strategy • TDMC adds specialist capability in e-commerce, performance marketing, CRM, content and analytics • The partnership connects digital demand generation with physical route-to-market execution Recent Acquisition : TDMC E-commerce | Performance Marketing | CRM
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• CA&S Group has acquired a controlling stake in Pantry Club • The investment strengthens CA&S Group’s connected commerce strategy in Africa • Pantry Club adds digital ordering, payment, fulfilment and reporting capability • Over 80% of Pantry Club deliveries serve township and emerging-market communities • The investment supports brands from digital engagement through to reliable fulfilment Recent Acquisition : Pantry Club Connected Commerce | Digital Engagement | Reliable Fulfilment
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Unlocking the Next Wave of Growth GROWTH PLATFORMS Social / Digital Media E-Commerce Traditional Trade Private / Confined Label • African internet users projected 600m → 1.1bn by 2029 • Africa has 650m+ unique mobile subscribers • Digital channels = 72.7% of global ad investment; online spend above US$790bn • Africa forecast to exceed 500m e-commerce users by 2025 • African online consumers growing at 17% CAGR • Africa e-commerce forecast +52.6% to US$29bn by 2028 • Informal channels = 40%– 90% of food sales in most SSA countries • Informal trade accounts for 80% of FMCG retail spend in Africa • 60% would buy more private label if larger variety was available • Private label share in European markets & USA reached 38%, SA Target +30% • Product differentiation/ innovation drives growth, brand engagement and market share Four structural growth drivers reshaping African commerce Growth will be won by brands that create demand digitally, convert it through commerce, execute in traditional trade and offer differentiated products that retailers and shoppers want. CA&S Connected = one platform designed to capture these shifts
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Outlook Steady long-term demand growth in African consumer markets Continued outsourcing by global and regional brand owners Ongoing investment in infrastructure and operational capability Disciplined expansion across East Africa Continued focus on operational efficiency and cash generation
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Questions
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www.cas.group LinkedIn Thank You investor@cas.group