Interim report
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UNAUDITED SUMMARISED CONSOLIDATED INTERIM FINANCIAL RESULTS taking brands beyond borders for the six months ended 30 June 2026
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Unaudited summarised consolidated interim financial results for the six months ended 30 June 2026 Commentary Nature of business CA Sales Holdings Limited (“CA&S”, “the group” or “the company”) is an Africa-focused group of route-to-market specialists, with a dual listing on the Botswana Stock Exchange and the JSE Limited. The group holds a portfolio of dynamic fast-moving consumer goods service businesses that partner with global and local brand owners to get their products to consumers – ensuring their brands reach the right stores and shoppers across Southern and East Africa. The group connects brands to retail channels and shoppers. Its end-to-end capabilities span selling and tailored distributio n models, warehousing and logistics, retail execution and merchandising. Beyond operational delivery, the group adds value through shopper marketing and activation, advisory and training, point-of-sale and promotional support, as well as data, technology and analytics solutions that drive smarter decisions and measurable growth. Every day, the group’s people are on the ground – navigating complexity, solving last-mile challenges and ensuring products are available and visible on the shelf. With deep insight, local roots and regional scale, CA&S turns brand ambition into market reality – helping clients protect and grow their market share across the African retail landscape. Financial highlights The group delivered low single-digit revenue and operating profit growth for the six months ended 30 June 2026, a resilient operational performance in a market impacted by subdued consumer spending and the depreciation of the Botswana pula against the South African rand. Revenue increased by 2.2% on the prior year to R6.08 billion (H1 2025: R5.96 billion). Gross profit increased by 2.6% to R973.93 million (H1 2025: R948.96 million). Operating profit for the group increased by 2.3% to R342.34/uni00A0million (H1 2025: R334.67 million). Earnings per share increased by 5.1% to 53.31 South African cents (“cents”) per share (H1 2025: 50.72 cents per share). Headline earnings increased by 6.4% to R257.13 million (H1/uni00A02025: R241.72 million). Headline earnings per share increased by 5.9% to 53.41 cents per share (H1 2025: 50.44/uni00A0cents per share). Total assets increased by 9.1% to R6.38 billion mainly due to the expansion of warehouse capacity in Eswatini and intangible assets arising from business combinations. Cash resources reduced following the settlement of bank overdrafts and the funding of acquisitions and capital expansion. In line with its strategy, the group broadened its platform and strengthened its operating capability through acquisitions. The group acquired a 71.19% interest in Main Street Holdings (Pty) Ltd, the holding company of South African distributor Sunpac (Pty) Ltd (“Sunpac”) for R204.1 million, effective 1/uni00A0June/uni00A02026. Sunpac is a route-to-market partner with specialist capability in the growing private- and confined-label category. It also acquired a controlling stake in Pantry Club (Pty) Ltd, an/uni00A0e-commerce online business. Subsequent to the reporting date, the group increased its existing shareholding in its associates, Roots Sales (Pty) Ltd and Trapin Holdings Ltd (“Tradco Group”) to 64% and 55% respectively. It also acquired a minority share in The Digital Media Consultancy (Pty) Ltd (“TDMC”), a digital-marketing specialist. No dividend has been declared for the six months ended 30/uni00A0June 2026 (H1 2025: nil) as it is the company’s policy to only declare dividends once a year, after its year-end. Outlook Management expects a stronger second half than the first, in line with the group’s normal seasonal trading and supported by the growing contribution of the recent acquisitions during and after the reporting period. The group intends to keep investing through the cycle, positioning the business to emerge stronger as consumer conditions recover. In the near term, the priority is to integrate the recent investments and realise their value while deepening route density and growing market share. Alongside this, the group will pursue disciplined, client-driven expansion in East Africa and continue to build digital, data and category capabilities that increasingly set its route-to-market offering apart. Active management of margin, working capital and cash, together with a strong balance sheet, gives the group the capacity to fund future growth from its own resources. While parts of the footprint remain exposed to currency movements and subdued consumer spending, the breadth of the group’s markets and categories, its long-standing client relationships and its depth of local execution underpin the board’s confidence in navigating the balance of the year and in continuing to compound value over the longer term.
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Revenue 2.2% R6 083 million (2025: R5 955 million) Operating profit 2.3% R342 million (2025: R335 million) Headline earnings per share 5.9% 53.41 cents (2025: 50.44 cents) Headline earnings 6.4% R257 million (2025: R242 million) Earnings per share 5.1% 53.31 cents (2025: 50.72 cents) EBITDA 3.0% R412 million (2025: R400 million) Operating cash flow 93.7% R327 million (2025: R169 million) Net asset value per share 11.8% 765.50 cents (2025: 684.69 cents) Highlights 1
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Summarised consolidated statement of financial position Note (Unaudited) at 30 Jun 2026 R’000 (Unaudited) at 30 Jun 2025 R’000 (Audited) at 31 Dec 2025 R’000 ASSETS Non-current assets 2 082 956 1 720 355 1 757 425 Property, plant and equipment 1 005 625 894 100 919 649 Investment properties 8 070 8 999 8 070 Intangible assets 783 635 570 011 564 759 Investments accounted for using the equity method 226 425 204 422 225 443 Deferred income tax assets 59 201 42 823 39 504 Current assets 4 295 973 4 125 395 4 553 064 Inventories 982 821 892 866 979 779 Trade and other receivables 2 055 095 1 927 608 1 931 238 Income tax receivable 28 613 19 241 18 439 Fixed deposits 4 139 820 – 169 820 Cash and cash equivalents 1 089 624 1 285 680 1 453 788 Total assets 6 378 929 5 845 750 6 310 489 EQUITY AND LIABILITIES Equity 3 769 247 3 336 209 3 739 952 Stated capital 982 968 982 638 982 083 Other reserves (205 433) (30 160) (77 706) Retained earnings 2 909 889 2 342 397 2 791 290 3 687 424 3 294 875 3 695 667 Non-controlling interest 81 823 41 334 44 285 Liabilities Non-current liabilities 441 146 341 937 283 700 Borrowings 321 928 303 384 247 561 Put option liability 7 64 305 – – Deferred income tax liabilities 54 913 38 553 36 139 Current liabilities 2 168 536 2 167 604 2 286 837 Trade and other payables 1 633 087 1 308 913 1 447 701 Employee benefits and other provisions 159 096 158 928 168 547 Income tax payable 13 706 26 094 24 969 Borrowings 362 647 673 669 645 620 Total liabilities 2 609 682 2 509 541 2 570 537 Total equity and liabilities 6 378 929 5 845 750 6 310 489 2
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Summarised consolidated statement of comprehensive income Note (Unaudited) 6 months ended 30 Jun 2026 R’000 (Unaudited) 6 months ended 30 Jun 2025 R’000 (Audited) year ended 31 Dec 2025 R’000 Revenue from contracts with customers 6 083 308 5 955 147 12 808 113 Cost of sales (5 109 376) (5 006 184) (10 748 623) Gross profit 973 932 948 963 2 059 490 Other operating expenses (677 127) (647 367) (1 274 303) Net impairment losses on financial assets (1 350) (1 176) (2 137) Other operating income 36 785 14 641 46 010 Share of profit of investments accounted for using the equity method 10 101 19 609 31 824 Operating profit 342 341 334 670 860 884 Finance income 48 216 43 907 98 754 Finance costs (25 133) (26 791) (58 858) Profit before income tax 365 424 351 786 900 780 Income tax (100 885) (99 390) (185 934) Profit for the period 264 539 252 396 714 846 Other comprehensive income to be subsequently reclassified to profit or loss: Currency exchange differences on translation of foreign operations net of taxation (58 226) (15 351) (71 536) Total comprehensive income for the period 206 313 237 045 643 310 Profit attributable to: – Owners of the parent 256 661 243 095 691 347 – Non-controlling interest 7 878 9 301 23 499 Total profit for the period 264 539 252 396 714 846 Total comprehensive income attributable to: – Owners of the parent 198 434 227 736 619 868 – Non-controlling interest 7 879 9 309 23 442 Total comprehensive income for the period 206 313 237 045 643 310 Earnings per share for profit attributable to the owners of the parent Basic earnings per share (cents) 5 53.31 50.72 143.95 Diluted earnings per share (cents) 5 53.05 50.11 142.62 3
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Summarised consolidated statement of changes in equity Note Stated capital R’000 Other reserves R’000 Retained earnings R’000 Total attributable to the owners R’000 Non- controlling interest R’000 Total equity R’000 Balance as at 31 December 2024 (Audited) 980 661 6 610 2 213 654 3 200 925 35 807 3 236 732 Profit for the six months – – 243 095 243 095 9 301 252 396 Other comprehensive income Currency translation differences net of taxation – (15 360) – (15 360) 8 (15 352) Transactions with owners: Transaction with non-controlling interest – – – – 1 006 1 006 Share options exercised 1 977 (22 603) – (20 626) – (20 626) Share options forfeited – (2 695) 2 695 – – – Share-based payment costs – 3 888 – 3 888 – 3 888 Dividends paid – – (117 047) (117 047) (4 788) (121 835) Balance as at 30 June 2025 (Unaudited) 982 638 (30 160) 2 342 397 3 294 875 41 334 3 336 209 Profit for the six months – – 448 252 448 252 14 198 462 450 Other comprehensive income Currency translation differences net of taxation – (56 119) – (56 119) (65) (56 184) Transactions with owners: Transaction with non-controlling interest – – (709) (709) (4 767) (5 476) Share options exercised (555) 1 013 – 458 – 458 Share-based payment costs – 7 560 – 7 560 – 7 560 Disposal of subsidiary – – 1 350 1 350 1 350 2 700 Dividends paid – – – – (7 765) (7 765) Balance as at 31 December 2025 (Audited) 982 083 (77 706) 2 791 290 3 695 667 44 285 3 739 952 Profit for the six months – – 256 661 256 661 7 878 264 539 Other comprehensive income Currency translation differences net of taxation – (58 228) – (58 228) 1 (58 227) Transactions with owners: Acquisition of subsidiary 7 – – – 37 632 37 632 Minority put option reserve 7 – (64 305) – (64 305) – (64 305) Share options exercised 885 (10 554) – (9 669) – (9 669) Share-based payment costs – 5 360 – 5 360 – 5 360 Dividends paid – – (138 062) (138 062) (7 973) (146 035) Balance as at 30 June 2026 (Unaudited) 982 968 (205 433) 2 909 889 3 687 424 81 823 3 769 247 30 Jun 2026 30 Jun 2025 31 Dec 2025 Dividends paid per share (cents) 28.69 24.44 24.44 4
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Summarised consolidated statement of cash flows Note (Unaudited) 6 months ended 30 Jun 2026 R’000 (Unaudited) 6 months ended 30 Jun 2025 R’000 (Audited) year ended 31 Dec 2025 R’000 Cash flow from operating activities Cash generated from operations 6 476 454 301 727 922 956 Interest paid (25 664) (26 791) (58 417) Income taxes paid (123 329) (105 923) (195 384) Net cash generated from operating activities 327 461 169 013 669 155 Cash flow from investing activities Acquisition of subsidiaries 7 (140 236) – – Disposal of subsidiaries – – (3 268) Additions to property, plant and equipment (132 595) (82 064) (184 376) Additions to intangible assets (1 374) (20) (1 832) Proceeds from disposal of property, plant and equipment 5 580 8 621 9 167 Acquisition of associated companies – (108 372) (108 372) Loans granted to associated companies (6 720) (2 600) (17 827) Repayment of loan by associated companies 87 – – Release of/(investment in) fixed deposits 30 000 – (169 820) Dividends received 9 800 9 801 9 983 Interest received 47 990 39 489 96 806 Net cash outflow from investing activities (187 468) (135 145) (369 539) Cash flow from financing activities Consideration received from share options exercised 885 1 977 1 422 Transactions with non-controlling interest – – (4 470) Dividends paid (138 034) (117 027) (117 033) Dividends paid to non-controlling interest (7 973) (4 788) (12 553) Repayments of borrowings (3 144 269) (3 573 895) (6 743 851) Proceeds from borrowings 2 822 097 3 781 570 6 900 013 Net cash (outflow)/inflow from financing activities (467 294) 87 837 23 528 Net (decrease)/increase in cash and cash equivalents (327 301) 121 705 323 144 Effects of exchange rate changes on cash and cash equivalents (36 863) (3 968) (37 299) Cash and cash equivalents at beginning of the year 1 453 788 1 167 943 1 167 943 Cash and cash equivalents at end of the period 1 089 624 1 285 680 1 453 788 5
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1. Basis of preparation and accounting policies The summarised consolidated interim results for the six months ended 30 Jun e 2026, have been prepared and presented in accordance with the framework concepts and the measurement and recog nition requirements of IFRS ® Accounting Standards, as issued by the International Accounting Standards Board (IA SB), interpretations issued by the IFRS Interpretations Committee (IFRIC), the information as required by Intern ational Accounting Standards (IAS) 34 – Interim Financial Reporting and the South African Companies Act 71 of 2008, as amen ded, the South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides as issued by the Accoun ting Practices Committee and the Financial Pronouncements as issued by the Financial Reporting Standards Counci l. The Botswana Stock Exchange and the JSE/uni00A0Limited Listings Requirements were also taken into consideration in the presentation. The accounting policies applied in the preparation of the consolidated int erim financial results comply with IFRS Accounting Standards and are consistent with those accounting policies applied in t he preparation of the consolidated annual financial statements for the year ended 31 December 2025. The directors take full responsibility for the preparation of the summa rised consolidated interim financial results. The going concern basis has been used in preparing these summarised conso lidated interim financial results as the directors have a reasonable expectation that the group will continue as a g oing concern for the foreseeable future. The summarised consolidated interim financial results have been prepar ed on the historical cost basis, except for the measurement of certain financial instruments at fair value or at amortis ed cost. The financial information is presented in South African rand (rounded to th e nearest thousand), which is considered the reporting currency. The summarised consolidated interim financial re sults have been prepared under the supervision of the Chief Financial Officer, Mr Frans Reichert CA(SA). Neither these results nor any forward-looking statements have been reviewed by the auditors, Deloitte & Touche. The summarised consolidated i nterim financial results for the six months ended 30 June 2026 were approved for issue by the board on 20 August 2026. 2. New and amended standards adopted by the group The amendments to IFRS 7 and IFRS 9 that are effective for 31 December 2026 repor ting periods have been published and have been adopted by the group. These amendments are not expected to have a materia l impact on the entity in the current or future reporting periods and on foreseeable future transactions. C ertain new accounting standards and interpretations have been published, that are not mandatory for 31 December 2026 reportin g periods and have not been early adopted by the group. These standards are not expected to have a material impact on the enti ty in the current or future reporting periods and on foreseeable future transactions. The group is still in the process of assessing the impact on future disclosur es of IFRS 18 – Presentation and Disclosure in Financial Statements. 3. Fair value estimation Financial instruments consist of trade receivables, bank and cash bal ances and other payables resulting from normal business operations. The nominal value less loss allowance of trade rec eivables and the nominal value of payables are assumed to approximate their fair values. 4. Fixed deposits The fixed deposit balance comprises deposits held with First National Ba nk of Eswatini (10.22% p.a. and maturing 21/uni00A0July/uni00A02026) and Standard Bank Swaziland (8.6% p.a. and maturing 25 September 2026). As these fixed deposits have original maturities of more than three months, the balance is presented se parately from cash and cash equivalents in the statement of financial position. Notes to the summarised consolidated financial statements 6
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Notes to the summarised consolidated financial statements continued 5. Headline earnings per share Reconciliation between profit after taxation attributable to the owners of the parent and headline earnings (Unaudited) 6 months ended 30 Jun 2026 R’000 (Unaudited) 6 months ended 30 Jun 2025 R’000 (Audited) year ended 31 Dec 2025 R’000 Profit after taxation attributable to the owners of the parent 256 661 243 095 691 347 Profit on sale of property, plant and equipment (1 617) (2 003) (2 832) Loss on sale of associated companies – – 975 Insurance proceeds on property, plant and equipment – (27) (27) Fair value loss on step-up acquisition 1 660 – – Tax effect on above 421 519 726 Non-controlling interest on above 8 134 64 Headline earnings attributable to owners of the parent 257 133 241 718 690 253 Headline earnings per share (cents) 53.41 50.44 143.72 Diluted headline earnings per share (cents) 53.14 49.83 142.39 Issued number of shares 482 630 402 481 218 764 481 218 764 Weighted average number of shares 481 454 037 479 246 236 480 259 896 Weighted average number of diluted shares 483 840 549 485 077 075 484 758 335 6. Cash generated from operations (Unaudited) 6 months ended 30 Jun 2026 R’000 (Unaudited) 6 months ended 30 Jun 2025 R’000 (Audited) year ended 31 Dec 2025 R’000 Profit before income tax 365 424 351 786 900 780 Adjustment for: Depreciation 59 672 57 808 117 855 Amortisation 9 930 7 501 15 018 Net profit on disposal of property, plant and equipment (1 617) (2 003) (2 832) Finance income (48 218) (43 908) (98 754) Finance cost 25 133 26 791 58 858 Fair value losses 1 660 918 918 Impairment losses on financial assets 1 350 1 176 2 137 Loss on sale of interest in associated company – – 975 Share of profit from associated companies (10 101) (19 609) (31 824) Share-based payments 5 360 3 888 11 448 Unrealised foreign exchange losses/(gains) 35 797 (4 646) 10 956 Payment on share options exercised (10 553) (22 603) (21 590) 433 837 357 099 963 945 Changes in working capital Decrease/(increase) in inventories 104 400 113 457 (1 662) Decrease/(increase) in trade and other receivables 260 (33 973) (107 485) (Decrease)/increase in trade and other payables (62 043) (134 856) 68 158 42 617 (55 372) (40 989) Cash generated from operations 476 454 301 727 922 956 7
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Notes to the summarised consolidated financial statements continued 7. Business combinations Acquisition of subsidiaries Sunpac On 1 June 2026, CA Sales Investments (Pty) Ltd, a wholly owned subsidiary of CA S ales Holdings Ltd, acquired 71.1% of the share capital of Main Street Holdings (Pty) Ltd, the holding company of S unpac (Pty) Ltd, an entity registered in South Africa, for a purchase price of R204.1 million. The purchase agreement in cludes a put and call option to acquire a further 17.7% at a price-to-earnings multiple of 7.6 times the normalised profit a fter tax of Sunpac for their financial year ending 31 March 2027. A financial liability is recognised at R64.3 million, which is t he present value of the redemption amount and a corresponding debit is allocated to the minority put option reserve. Sunpac is a leading South African distributor and turnkey route-to-mar ket partner to a portfolio of prominent international brand owners and retailers. The company provides end-to-end category m anagement services to major national retailers, including regulatory compliance, warehousing and logistics, sal es, marketing and in-store execution in the personal care category. The acquisition adds a strategic capability for the group in t he fast-growing private and confined label category, enhancing its ability to support retailers in developing differ entiated own-brand offerings while continuing to grow multinational and regional brands across its markets. The transa ction resulted in goodwill of R85.1 million and other intangible assets of R131.1 million. Provisional transaction cost s relating to the acquisition, in the form of consultants’ and legal fees, amounted to R2.7 million. These costs were expensed. The goodwill arose as a result of the business value, derived from the net pres ent value of expected future cash flows, exceeding the fair value of net assets acquired. Goodwill is not expected to b e deductible for tax purposes. The intangible assets relate to the fair value of customer and client lists and trademarks. T he client lists will be amortised over a period of three to five years and the customer list and trademarks over a period of ten years . The value of the amortisation included in the statement of comprehensive income, relating to these intangible assets, is R2.5 million. The revenue included in the consolidated statement of comprehensive inc ome contributed by Sunpac since 1 June 2026, was R47.3 million with R6.2 million profit after tax. Had Sunpac been consoli dated from 1 January 2026, the consolidated statement of comprehensive income of the group would have included pro forma revenue of R395.5 million and profit after tax of R4.3 million. Pantry Club CA Sales Investments (Pty) Ltd, a wholly owned subsidiary of CA Sales Holdi ngs Ltd, acquired 51% of the share capital of Pantry Club (Pty) Ltd, an entity registered in South Africa, effective 30 J une 2026. The transaction was structured at nil consideration reflecting Pantry Club’s historical trading losses. The group pursued the acquisition primarily to secure immediate access to its e-commerce capabilities, which accelerate the g roup’s growth strategy of offering additional services to clients while circumventing substantial organic develo pment timelines. Pantry Club operates a business platform for fast moving consumer goods in S outh Africa, providing sales, distribution and e-commerce solutions to FMCG manufacturers. Its business includes m anaging bespoke employee purchasing platforms for corporate clients, and operating an online grocery marketplace. Pa ntry Club’s operations are underpinned by proprietary IT systems that support its e-commerce platforms, order management, logistics optimisation and delivery network. The acquisition is in line with the group’s strategic objective of expanding its presence in e-commerce by securing access to capabilities not currently held within the group, thereby enhancing and broaden ing its service offering. The transaction resulted in goodwill of R11.3 million. Provisional transaction costs r elating to the acquisition, in the form of consultants’ fees, amounted to R0.8 million. These costs were expensed. The purchase agreem ent includes a call option for the company at its sole discretion to increase its stake in Pantry Club by a further 9%. The goodwill arose as a result of the business value, derived from the net pres ent value of expected future cash flows, exceeding the fair value of net assets acquired. Goodwill is not expected to b e deductible for tax purposes. Had Pantry Club been consolidated from 1 January 2026, the consolidated sta tement of comprehensive income of the group would have included pro forma revenue of R41.5 million and loss after tax of R6.3 million. Whitakers On 1 September 2015, CA Sales Holdings Ltd acquired 45% of the share capital of Wh itakers Agencies (Pty) Ltd and Whitakers Agencies (Lesotho) (Pty) Ltd. On 1 January 2026 the group acqui red the remaining 55% of the issued shares for a total purchase consideration of R1.7 million. 8
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Notes to the summarised consolidated financial statements continued 7. Business combinations continued The following table summarises the purchase consideration paid for th ese acquisitions and the fair value of assets acquired and liabilities assumed, at the acquisition dates. (Unaudited) 6 months ended 30 Jun 2026 R’000 Sunpac R’000 Pantry Club R’000 Whitakers R’000 Cash paid 144 901 143 239 – 1 662 Contingent consideration 60 850 60 850 – – Total purchase consideration 205 751 204 089 – 1 662 Recognised amount of identifiable assets acquired and liabilities assumed: Property, plant and equipment 23 395 11 512 10 777 1 106 Intangible assets – customer and client lists* 125 083 125 083 – – Intangible assets – trademarks* 6 185 6 185 – – Investment in ordinary shares of associated companies 1 248 1 248 – – Loans granted to associated companies 467 467 – – Deferred income tax assets 16 576 3 239 13 337 – Inventories* 132 750 124 740 8 007 4 Trade and other receivables* 165 426 161 917 2 035 1 474 Current income tax assets 2 355 1 627 – 728 Cash and cash equivalents 4 665 2 951 800 913 Deferred income tax liabilities (21 304) (21 304) – – Borrowings (118 276) (86 699) (31 576) – Lease liabilities (22 698) (11 471) (10 909) (319) Trade and other payables* (116 602) (102 447) (14 154) (1) Accruals for other liabilities and charges (36 017) (35 610) (407) – Provisions (14 008) (14 008) – – Total identifiable net assets 149 246 167 430 (22 090) 3 906 Non-controlling interest (37 632) (48 456) 10 824 – Fair value of equity interest held in the company before the business combination (2 244) – – (2 244) Goodwill 96 380 85 114 11 266 – Net assets acquired 205 751 204 089 – 1 662 Cash flow on acquisition Purchase consideration – cash paid 144 901 143 239 – 1 662 Cash and cash equivalents acquired (4 665) (2 951) (800) (913) Net cash outflow – investing activities 140 236 140 288 (800) 749 * The assets and liabilities recognised are provisional amounts. 9
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Notes to the summarised consolidated financial statements continued 8. Segmental review The group’s chief operating decision makers (“CODM”), consisting of the Chief Executive Officer and the Chief Financial Officer, examine the group’s performance from a geographical perspect ive. The group’s reportable segments are operating segments that are differentiated by the country of operation. These repor table segments comprise the structure used by the CODM to make key operating decisions and assess performance. The group ev aluates the performance of its reportable segments based on revenue, earnings before interest and tax (“EBIT”) as we ll as earnings before interest, tax, depreciation and amortisation (“EBITDA”). The financial information (including revenue, EBIT, EBITDA, total assets and total liabilities) of the group’s reportable segments is reported to the CODM for purposes of mak ing decisions about allocating resources to the segments and assessing their performance. The group accounts for i ntersegment sales and transactions as if the sales and transactions were entered into under the same terms and condition s as would have been entered into in a market- related transaction. The intersegment sales and transactions are incl uded in the values per segment and eliminated on the intersegmental transactions line. The segments that individually d o not meet the qualitative thresholds indicated in IFRS 8 – Operating Segments, have been aggregated under the heading “other countries ” and include operations in Kenya, Lesotho, Tanzania, Uganda, Zambia and Zimbabwe. The segments derive their revenue from selling and distributing fast-mov ing consumer goods, as well as services such as retail execution and advisory, retail support and training, transpo rt and technology and data solutions. (Unaudited) 6 months ended 30 Jun 2026 R’000 (Unaudited) 6 months ended 30 Jun 2025 R’000 (Audited) year ended 31 Dec 2025 R’000 Segmental revenue Botswana 2 579 877 2 826 545 5 993 774 Eswatini 997 830 898 871 1 986 082 Namibia 1 135 953 1 066 194 2 361 404 South Africa 1 087 187 989 173 2 001 595 Other countries 285 450 174 863 468 066 Intersegmental transactions (2 989) (499) (2 808) 6 083 308 5 955 147 12 808 113 Segmental cost of sales Botswana 2 269 273 2 471 731 5 239 486 Eswatini 846 484 759 244 1 692 040 Namibia 984 609 920 702 2 039 403 South Africa 768 737 707 113 1 382 197 Other countries 243 262 147 893 398 305 Intersegmental transactions (2 989) (499) (2 808) 5 109 376 5 006 184 10 748 623 Segmental EBIT Botswana 118 886 131 865 339 942 Eswatini 73 967 66 639 155 294 Namibia 32 399 29 851 82 499 South Africa 103 623 88 661 245 978 Other countries 13 466 17 631 37 171 Intersegmental transactions – 23 – 342 341 334 670 860 884 10
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Notes to the summarised consolidated financial statements continued 8. Segmental review continued (Unaudited) 6 months ended 30 Jun 2026 R’000 (Unaudited) 6 months ended 30 Jun 2025 R’000 (Audited) year ended 31 Dec 2025 R’000 Segmental EBITDA Botswana 132 136 150 016 374 812 Eswatini 80 631 71 838 167 670 Namibia 44 598 40 811 105 176 South Africa 135 704 114 936 299 318 Other countries 18 874 22 351 46 781 Intersegmental transactions – 23 – 411 943 399 975 993 757 Reconciliation from EBITDA to profit after tax: EBITDA 411 943 399 975 993 757 Depreciation and amortisation (69 602) (65 305) (132 873) EBIT 342 341 334 670 860 884 Net finance income 23 083 17 116 39 896 Taxation (100 885) (99 390) (185 934) Profit after tax 264 539 252 396 714 846 Segmental assets Botswana 2 486 581 2 746 033 2 859 376 Eswatini 1 020 600 826 655 960 603 Namibia 761 459 767 055 744 509 South Africa 2 173 653 1 599 866 1 793 781 Other countries 411 679 334 050 401 347 Intersegmental transactions (475 043) (427 909) (449 127) 6 378 929 5 845 750 6 310 489 Segmental liabilities Botswana 1 125 142 1 509 325 1 505 038 Eswatini 446 167 356 730 420 961 Namibia 387 650 449 181 391 725 South Africa 861 091 419 434 420 155 Other countries 257 493 204 348 281 765 Intersegmental transactions (474 970) (429 477) (449 107) 2 602 573 2 509 541 2 570 537 11
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Notes to the summarised consolidated financial statements continued 9. Events after balance sheet date CA Sales Investments (Pty) Ltd, a wholly owned subsidiary of CA Sales Holdi ngs Ltd acquired 30% of the share capital of The Digital Media Consultancy (Pty) Ltd (“TDMC”) for a purchase consid eration of R12.5 million, effective 1 July 2026. TDMC is a South African digital-marketing and e-commerce consultanc y that specialises in helping retail and consumer brands grow through data-driven, omnichannel digital strategies. T his is in line with the group’s strategic objective of expanding its presence in e-commerce and digital marketing by securing a ccess to capabilities not currently held within the group, thereby enhancing and broadening its channel offering. On 1 July 2026, Pamstad (Pty) Ltd, a wholly owned subsidiary of CA Sales Holdin gs Ltd, increased its shareholding in Trapin Holdings Limited (the Tradco Group) with 20% to 55% for a purchased con sideration of R59.0 million. Due to the timing of the acquisition, the information required by IFRS 3 is not yet avail able. On 1 July 2026, CA Sales Investments (Pty) Ltd, a wholly owned subsidiary of CA S ales Holdings Ltd, increased its shareholding in Roots Sales Group with 20% to 64% for a purchase considerat ion of R40.3 million. Due to the timing of the acquisition, the information required by IFRS 3 is not yet available. 10. Dividends Annual dividend declared and paid in the reporting period was R138.0 mill ion (H1 2025: R117.0 million). No dividend has been declared for the six months ended 30 June 2026 (30 June 2025: nil), in line wi th the group’s policy to only declare dividends once a year, after year-end. For and on behalf of the board Chairperson: JA Holtzhausen Chief Executive Officer: DS Lewis Centurion 20 August 2026 12
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Corporate information Incorporated in the Republic of South Africa Company registration number: 2011/143100/06 Registered as an external company in the Republic of Botswana Botswana registration number: BW00001085331 JSE share code: CAA BSE share code: CAS-EQO ISIN: ZAE400000036 Directors : Executive: DS Lewis, FJ Reichert Independent non-executive: FW Britz, LR Cronje, JA Holtzhausen, B Marole, E Masilela, JS Moakofi, B Patel Alternate non-executive: J Craven Registered Office 1st Floor Building C, Westend Office Park, 254 Hall Street, Die Hoewes, Centu rion, South Africa, 0157 BSE Sponsoring Broker Imara Capital Securities (Pty) Ltd, Office 3A, 3rd Floor, Masa Centre, Plo t 54353, New CBD, Gaborone, Botswana JSE Sponsor PSG Capital (Pty) Ltd, 1st Floor, Ou Kollege Building, 35 Kerk Street, Stell enbosch and at The Place, 1st Floor, 1 Sandton Drive, Sandhurst, Sandton, South Africa