Annual financial statement
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Reviewed Annual Group Results for the year ended 31 August 2026
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Contents Key features Group turnover up 5.4% Trading margin down 10 bps to 9.7% Total dividend up 4.4% to 925 cents per share Return on equity 48.7% Diluted HEPS up 4.4% R6.3 billion cash generated by operations R3.4 billion returned to shareholders Financial summary Commentary Independent auditor’s review report on condensed consolidated financial statements Consolidated statement of comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cash flows Notes to the statement of cash flows Segmental analysis Accounting policies and notes Store footprint Analysis of shareholders Definitions Presentation 2 3 5 6 7 8 10 11 12 14 16 16 17 18
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As a leader in the healthcare market Clicks Group is committed to increasing access to affordable healthcare for all South Africans. Clicks is the country’s leading health, wellness and beauty retailer and foremost pharmacy chain, with an expanding network of over 1 100 stores and 840 pharmacies supported by a growing digital presence. UPD is the country’s leading full-range pharmaceutical wholesaler, providing the distribution capability for the group’s healthcare strategy. Clicks Group Annual Results 2026
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Financial summary Year to 31 August 2026 Year to 31 August 2025 % change Consolidated statement of comprehensive income Turnover R’000 50 414 003 47 828 079 5.4% Gross profit R’000 11 701 120 11 399 653 2.6% Total income R’000 15 614 719 14 860 861 5.1% Headline earnings R’000 3 323 001 3 234 282 2.7% Net financing cost R’000 (368 049) (242 970) 51.5% Consolidated statement of financial position Total equity R’000 6 805 608 6 857 593 (0.8%) Total assets R’000 24 125 952 22 591 916 6.8% Consolidated statement of cash flows Net cash effects from operating activities R’000 2 685 973 3 329 892 (19.3%) Capital expenditure R’000 1 165 606 984 528 18.4% Capital commitments R’000 1 453 449 1 256 511 15.7% Depreciation and amortisation R’000 2 053 162 1 881 982 9.1% Performance Turnover growth % 5.4 5.3 Comparable stores turnover growth % 1.8 4.3 Gross profit growth % 2.6 7.2 Gross profit margin % 23.2 23.8 Total income growth % 5.1 8.4 Total income margin % 31.0 31.1 Trading margin % 9.7 9.8 Net working capital days 33 34 Inventory days 82 78 Trade debtor days 28 29 Trade creditor days 77 73 Current ratio :1 1.1 1.1 Return on total assets % 14.2 14.9 Return on shareholders’ interest % 48.7 49.2 Return on invested capital (ROIC) % 31.2 30.7 Return on invested capital (ROIC) excluding IFRS 16 % 49.5 47.0 Shareholders’ interest to total assets % 28.2 30.4 Interest-bearing debt, including cash, to shareholders’ interest at year-end % 32.2 11.5 Statistics Number of permanent employees 21 216 20 102 5.5% Number of stores* 1 110 1 060 4.7% Weighted retail trading area m2 503 420 474 516 6.1% Share statistics Number of ordinary shares in issue ’000 231 710 235 931 (1.8%) Weighted average diluted number of shares in issue ’000 233 738 237 512 (1.6%) Headline earnings per share – basic cents 1 421.7 1 361.7 4.4% – diluted cents 1 421.7 1 361.7 4.4% Dividend per share – interim cents 258.0 238.0 8.4% – final cents 667.0 648.0 2.9% Dividend payout ratio % 65 65 Share price – closing cents 19 850 37 312 (46.8%) – high cents 37 542 40 383 – low cents 19 850 32 745 Net asset value per share cents 2 933 2 907 0.9% Net tangible asset value per share cents 2 373 2 416 (1.8%) Market capitalisation R’000 45 994 435 88 030 575 (47.8%) Price earnings ratio times 14.0 27.4 Volume of ordinary shares traded ’000 275 629 194 801 Percentage of ordinary shares traded % 117.9 82.0 Free float % 99.9 99.9 Shareholders’ return cents (16 537) 829 Change in share price cents (17 462) (57) Dividend per share cents 925 886 Other information Inflation rate CPI % 4.4 3.3 Internal selling price inflation % 1.2 2.1 Interest rates Prime overdraft rate – closing % 10.50 10.50 – average % 10.38 11.0 0 FTSE/JSE Africa share indices All Share Index 116 257 101 836 14.2% Food and Drug Retailers Index 14 211 15 783 (10.0%) General Retailers Index 4 881 6 520 (25.1%) Exchange rate Rand/US dollar – closing R/US$ 16.16 17.73 (8.9%) – average R/US$ 16.67 18.09 (7.8%) * Total stores includes Clicks + The Body Shop + Sorbet + UniCare + KwaMakhi. 2 Clicks Group Annual Results 2026
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Overview In an environment of constrained consumer spending and aggressive competitor discounting, group turnover increased by 5.4% to exceed R50 billion for the first time. Retail turnover increased by 4.2% and UPD’s reported turnover grew by 9.2%. Retail turnover was constrained by low selling price inflation, increased promotional activity and delays in implementing the warehouse management system at the Cape Town distribution centre in the first half of the year. Clicks continued to expand its retail footprint, opening a net 41 stores and 60 pharmacies, and increased its retail pharmacy market share to 24.7% from 24.1% in the prior year. Four UniCare specialist 24-hour pharmacies were opened during the year. Clicks ClubCard active membership grew to 13.1 million, with members accounting for 84.2% of Clicks sales and receiving R976 million in cashback rewards during the year. The programme was enhanced with an additional 10% discount on 3 000 products, a joint campaign with Engen and First National Bank to help members mitigate rising fuel costs and the introduction of Standard Bank and ABSA as additional affinity partners. In August 2026 the group launched KwaMakhi, a neighbourhood convenience brand targeting South Africa’s township market. The chain has a distinct retail brand, dedicated product range and private label offering. Following the financial year-end, the group increased its shareholding in premium beauty retailer ARC Store to 61%, through the acquisition of a further 35.3% interest for R507 million. The transaction remains subject to approval by the competition authorities. UPD delivered strong growth in preferred bulk distribution contracts and broadened its product offering through the acquisition of a medical consumables distributor. The business has been successfully integrated and the expanding offering is now being marketed to hospital groups. Financial performance Group turnover increased by 5.4% to R50.4 billion. Retail turnover, which includes Clicks, UniCare, The Body Shop, Sorbet corporate stores and now KwaMakhi, increased by 4.2%. Turnover in comparable stores grew by 1.8% and selling price inflation averaged 1.5% for the year, reducing from 2.3% in the first half to 1.2% in the second half. Commentary Distribution turnover grew by 9.2%, mainly driven by a 19.3% increase in revenue from preferred bulk contracts. Total income grew by 5.1% to R15.6 billion. The retail margin improved by 90 basis points despite the increasingly competitive trading environment, with the margin expansion primarily due to improved supply chain efficiencies. The distribution margin declined by 90 basis points, impacted by the lower single exit price (SEP) adjustment relative to the prior year and the non-renewal of two bulk distribution contracts. The group’s total income margin declined by 10 basis points to 31.0%. Retail costs grew by 5.6%, with the higher depreciation from investment in the business being offset by tightly managed employment costs. Comparable retail costs grew by 3.6%. Distribution costs were well controlled and increased by 4.1%. Retail trading profit increased by 9.9% due to strong growth in other income and efficient cost management, and the margin increased to 11.0% from a normalised 10.8% in the prior year. UPD’s trading profit declined by 10.4% due to the lower SEP adjustment and loss of distribution contracts, with the margin 60 basis points lower at 2.7%. Group trading profit increased by 4.7% to R4.9 billion and the group’s trading margin was 10 basis points lower at 9.7%. Headline earnings grew by 2.7% to R3.3 billion. Basic earnings per share increased by 4.2% to 1 420 cents and headline earnings per share increased by 4.4% to 1 422 cents. Inventory increased by 11.1% and group inventory days were four days higher at 82 days. Retail inventory growth reflects the expansion of the store and pharmacy network while UPD held higher inventory to support the new medical consumables range, GLP-1 products and new product launches as well as strategic buy-ins. The group’s net working capital days improved from 34 to 33 days. Cash generated by operations totalled R6.3 billion. Capital expenditure of R1.2 billion (2025: R985 million) was invested mainly in new stores and pharmacies, store refurbishments, supply chain and information technology. The group delivered a sector-leading return on equity of 48.7% and returned R3.4 billion to shareholders in dividend payments totalling R2.1 billion and share buybacks of R1.3 billion. 3 Clicks Group Annual Results 2026
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Commentary continued Outlook The retail trading environment is expected to remain highly competitive, with sustained discounting as consumers continue to face significant pressure from rising fuel prices and higher interest rates which will further constrain household spending. Low selling price inflation is anticipated to continue in the year ahead. UPD will, however, benefit from the extraordinary second annual adjustment to the SEP of 2.88%, effective on 1 October 2026. Clicks plans to open 40 – 50 new stores in the 2027 financial year and remains committed to its medium-term target of 1 200 stores. Over the medium term, the group also plans to roll out 10 – 15 UniCare specialised pharmacies and expand its new KwaMakhi neighbourhood convenience brand. Private label remains the primary driver of the group’s differentiation strategy. Management aims to sustain the growth momentum in private label and exclusive brands, targeting a 35% contribution to front shop sales and 18% to pharmacy sales in the medium term. The group will continue to leverage its investments in Sorbet, ARC Store, UniCare, KwaMakhi, medical consumables and the LEAP retail pharmacy system to support growth and strengthen its market position. Capital expenditure of R1.5 billion is planned for the 2027 financial year. This includes R780 million for new stores and pharmacies and the refurbishment of 70 – 80 stores, with a further R673 million to be invested in systems, omni-channel capabilities and the supply chain. Final dividend The board of directors has approved a final gross ordinary dividend for the period ended 31 August 2026 of 667.0 cents per share (2025: 648.0 cents per share). The source of the dividend will be from distributable reserves and paid in cash. Dividends Tax (DT) of 20% amounting to 133.4 cents per ordinary share will be withheld in terms of the Income Tax Act. Ordinary shareholders who are not exempt from DT will therefore receive a dividend of 533.6 cents net of DT. The company has 231 710 265 ordinary shares. Its income tax reference number is 9061/745/71/8. Shareholders are advised of the following salient dates in respect of the final dividend: Last day to trade “cum” the dividend Tuesday, 19 January 2027 Shares trade “ex” the dividend Wednesday, 20 January 2027 Record date Friday, 22 January 2027 Payment to shareholders Monday, 25 January 2027 Share certificates may not be dematerialised or rematerialised between Wednesday, 20 January 2027 and Friday, 22 January 2027, both days inclusive. Mfundiso Njeke Independent non-executive chairman Bertina Engelbrecht Chief executive officer Gordon Traill Chief financial officer Cape Town 22 October 2026 4 Clicks Group Annual Results 2026
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Independent auditor’s report on review of the condensed consolidated financial statements To the shareholders of Clicks Group Limited Introduction We have reviewed the accompanying consolidated statement of financial position of Clicks Group Limited (“the Group”) as at 31 August 2026, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, notes to the statement of cash flows, segmental analysis, accounting policies and notes (“the condensed consolidated financial statements”). Management is responsible for the preparation and presentation of these condensed consolidated financial statements in accordance with the framework concepts and the measurement and recognition requirements of IFRS ® Accounting Standards, IAS 34: Interim Financial Reporting and the South African Companies Act. Our responsibility is to express a conclusion on these condensed consolidated financial statements based on our review. Scope of review We conducted our review in accordance with the International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of the condensed consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated financial statements as at 31 August 2026 is not prepared, in all material respects, in accordance with the framework concepts and the measurement and recognition requirements of IFRS ® Accounting Standards, IAS 34: Interim Financial Reporting and the South African Companies Act. KPMG Inc. Per IM Engels Chartered Accountant (SA) Registered Auditor Director 22 October 2026 The Halyard 4 Christiaan Barnard Street Cape Town 5 Clicks Group Annual Results 2026
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Consolidated statement of comprehensive income R’000 Reviewed Year to 31 August 2026 Audited Year to 31 August 2025 % change Revenue 54 408 683 51 426 992 Turnover 50 414 003 47 828 079 5.4% Cost of merchandise sold (38 712 883) (36 428 426) 6.3% Gross profit 11 701 120 11 399 653 2.6% Other income 3 913 599 3 461 208 13.1% Total income 15 614 719 14 860 861 5.1% Expenses (10 716 652) (10 182 338) 5.2% Depreciation and amortisation (1 961 098) (1 811 683) 8.2% Occupancy costs (226 419) (212 044) 6.8% Employment costs (5 409 353) (5 282 102) 2.4% Other costs (3 114 169) (2 873 327) 8.4% Impairment allowance – IFRS 9 ECL (5 613) (3 182) Trading profit 4 898 067 4 678 523 4.7% (Loss)/Profit on disposal of property, plant and equipment (5 937) 2 810 Profit before financing costs 4 892 130 4 681 333 4.5% Net financing expense (368 049) (242 970) 51.5% Financial income 81 081 137 705 (41.1%) Financial expense (449 130) (380 675) 18.0% Profit before earnings from associates 4 524 081 4 438 363 1.9% Share of profit/(loss) of associates 25 (4 935) Profit before taxation 4 524 106 4 433 428 2.0% Income tax expense (1 203 476) (1 197 095) 0.5% Profit for the year 3 320 630 3 236 333 2.6% Other comprehensive income: Items that will not be subsequently reclassified to profit or loss, net of tax Remeasurement of post-employment benefit obligations (1 351) 2 892 Items that may be subsequently reclassified to profit or loss, net of tax Exchange differences on translation of foreign subsidiaries (11 963) (10 702) Cash flow hedges (15 786) 16 125 Cost of hedging reserve (13 603) (19 921) Other comprehensive income for the year, net of tax (42 703) (11 6 0 6) Total comprehensive income for the year 3 277 927 3 224 727 Profit attributable to: 3 320 630 3 236 333 Owners of the parent 3 318 643 3 236 333 Non-controlling interest 1 987 – Total comprehensive income attributable to: 3 277 927 3 224 727 Owners of the parent 3 275 940 3 224 727 Non-controlling interest 1 987 – Earnings per share (cents) 1 419.8 1 362.6 4.2% Diluted earnings per share (cents) 1 419.8 1 362.6 4.2% 6 Clicks Group Annual Results 2026
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R’000 Reviewed As at 31 August 2026 Audited As at 31 August 2025 ASSETS Non–current assets 9 165 878 8 351 031 Property, plant and equipment 3 328 858 3 087 950 Right-of-use assets 4 062 428 3 685 047 Intangible assets 1 057 260 941 551 Goodwill 240 295 215 371 Deferred tax assets 51 336 72 968 Investment in associates 51 151 12 501 Loans receivable 137 480 127 980 Financial assets at fair value through profit or loss 237 070 207 663 Current assets 14 960 074 14 240 885 Inventories 8 689 968 7 818 704 Trade and other receivables 3 947 173 3 139 516 Income tax receivable 1 506 2 011 Loans receivable 20 000 24 884 Cash and cash equivalents 2 301 427 3 255 770 Total assets 24 125 952 22 591 916 EQUITY AND LIABILITIES Total equity 6 805 608 6 857 593 Share capital 2 318 2 360 Share premium 1 064 953 1 064 953 Cash flow hedge reserve (363) (2 937) Cost of hedging reserve (1 839) (4 233) Foreign currency translation reserve (31 498) (19 535) Distributable reserve 5 763 308 5 816 985 Equity attributable to owners of the parent 6 796 879 6 857 593 Non-controlling interest 8 729 – Non–current liabilities 3 234 523 2 922 669 Lease liabilities 3 012 422 2 708 327 Deferred tax liabilities 51 533 26 922 Employee benefits 170 568 187 420 Current liabilities 14 085 821 12 811 654 Trade and other payables 12 108 566 10 912 537 Lease liabilities 1 476 872 1 334 154 Employee benefits 294 890 400 710 Income tax payable 204 011 155 572 Derivative financial liabilities 1 482 8 681 Total equity and liabilities 24 125 952 22 591 916 Consolidated statement of financial position 7 Clicks Group Annual Results 2026
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R’000 Number of shares ’000 Share capital Share premium Cash flow hedge reserve Cost of hedging reserve Foreign currency translation reserve Distributable reserve Equity attributable to owners of the parent Non-controlling interest Total equity Audited Balance at 1 September 2024 238 062 2 381 1 064 953 (8 532) (4 950) (8 833) 5 240 520 6 285 539 – 6 285 539 Transactions with owners, recorded directly in equity Dividends paid to shareholders – – – – – – (1 911 348) (1 911 348) – (1 911 348) Shares repurchased and cancelled (2 131) (21) – – – – (751 412) (751 433) – (751 433) Total transactions with owners (2 131) (21) – – – – (2 662 760) (2 662 781) – (2 662 781) Total comprehensive income for the year – – – 16 125 (19 921) (10 702) 3 239 225 3 224 727 – 3 224 727 Profit for the year – – – – – – 3 236 333 3 236 333 – 3 236 333 Remeasurement of post-employment benefit obligations – – – – – – 2 892 2 892 – 2 892 Cash flow hedge reserve – – – 16 125 – – – 16 125 – 16 125 Cost of hedging reserve – – – – (19 921) – – (19 921) – (19 921) Exchange differences on translation of foreign subsidiaries – – – – – (10 702) – (10 702) – (10 702) Transfer of reserves to inventories – – – (10 530) 20 638 – – 10 108 – 10 108 Balance at 31 August 2025 235 931 2 360 1 064 953 (2 937) (4 233) (19 535) 5 816 985 6 857 593 – 6 857 593 Reviewed Transactions with owners, recorded directly in equity Dividends paid to shareholders – – – – – – (2 117 131) (2 117 131) – (2 117 131) Shares repurchased and cancelled (4 221) (42) – – – – (1 253 838) (1 253 880) – (1 253 880) Total transactions with owners (4 221) (42) – – – – (3 370 969) (3 371 011) – (3 371 011) Total comprehensive income for the year – – – (15 786) (13 603) (11 963) 3 317 292 3 275 940 1 987 3 277 927 Profit for the year – – – – – – 3 318 643 3 318 643 1 987 3 320 630 Remeasurement of post-employment benefit obligations – – – – – – (1 351) (1 351) – (1 351) Cash flow hedge reserve – – – (15 786) – – – (15 786) – (15 786) Cost of hedging reserve – – – – (13 603) – – (13 603) – (13 603) Exchange differences on translation of foreign subsidiaries – – – – – (11 963) – (11 963) – (11 963) Transfer of reserves to inventories – – – 18 360 15 997 – – 34 357 – 34 357 Non-controlling interest on acquisition of subsidiary – – – – – – – – 6 742 6 742 Balance at 31 August 2026 231 710 2 318 1 064 953 (363) (1 839) (31 498) 5 763 308 6 796 879 8 729 6 805 608 Consolidated statement of changes in equity 8 Clicks Group Annual Results 2026
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R’000 Number of shares ’000 Share capital Share premium Cash flow hedge reserve Cost of hedging reserve Foreign currency translation reserve Distributable reserve Equity attributable to owners of the parent Non-controlling interest Total equity Audited Balance at 1 September 2024 238 062 2 381 1 064 953 (8 532) (4 950) (8 833) 5 240 520 6 285 539 – 6 285 539 Transactions with owners, recorded directly in equity Dividends paid to shareholders – – – – – – (1 911 348) (1 911 348) – (1 911 348) Shares repurchased and cancelled (2 131) (21) – – – – (751 412) (751 433) – (751 433) Total transactions with owners (2 131) (21) – – – – (2 662 760) (2 662 781) – (2 662 781) Total comprehensive income for the year – – – 16 125 (19 921) (10 702) 3 239 225 3 224 727 – 3 224 727 Profit for the year – – – – – – 3 236 333 3 236 333 – 3 236 333 Remeasurement of post-employment benefit obligations – – – – – – 2 892 2 892 – 2 892 Cash flow hedge reserve – – – 16 125 – – – 16 125 – 16 125 Cost of hedging reserve – – – – (19 921) – – (19 921) – (19 921) Exchange differences on translation of foreign subsidiaries – – – – – (10 702) – (10 702) – (10 702) Transfer of reserves to inventories – – – (10 530) 20 638 – – 10 108 – 10 108 Balance at 31 August 2025 235 931 2 360 1 064 953 (2 937) (4 233) (19 535) 5 816 985 6 857 593 – 6 857 593 Reviewed Transactions with owners, recorded directly in equity Dividends paid to shareholders – – – – – – (2 117 131) (2 117 131) – (2 117 131) Shares repurchased and cancelled (4 221) (42) – – – – (1 253 838) (1 253 880) – (1 253 880) Total transactions with owners (4 221) (42) – – – – (3 370 969) (3 371 011) – (3 371 011) Total comprehensive income for the year – – – (15 786) (13 603) (11 963) 3 317 292 3 275 940 1 987 3 277 927 Profit for the year – – – – – – 3 318 643 3 318 643 1 987 3 320 630 Remeasurement of post-employment benefit obligations – – – – – – (1 351) (1 351) – (1 351) Cash flow hedge reserve – – – (15 786) – – – (15 786) – (15 786) Cost of hedging reserve – – – – (13 603) – – (13 603) – (13 603) Exchange differences on translation of foreign subsidiaries – – – – – (11 963) – (11 963) – (11 963) Transfer of reserves to inventories – – – 18 360 15 997 – – 34 357 – 34 357 Non-controlling interest on acquisition of subsidiary – – – – – – – – 6 742 6 742 Balance at 31 August 2026 231 710 2 318 1 064 953 (363) (1 839) (31 498) 5 763 308 6 796 879 8 729 6 805 608 9 Clicks Group Annual Results 2026
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R’000 Reviewed Year to 31 August 2026 Audited Year to 31 August 2025 Cash effects from operating activities Profit before working capital changes (refer note 1) 6 921 822 6 533 617 Working capital changes (refer note 2) (652 278) 72 848 Cash generated by operations 6 269 544 6 606 465 Interest received 81 081 136 070 Interest paid (431 473) (363 958) Taxation paid (1 116 048) (1 166 561) Settlement of derivative financial asset used to hedge the long-term incentive scheme – 29 224 Cash inflow from operating activities before dividends paid 4 803 104 5 241 240 Dividends paid to shareholders (2 117 131) (1 911 348) Net cash effects from operating activities 2 685 973 3 329 892 Cash effects from investing activities Investment in property, plant and equipment and intangible assets to maintain operations (306 359) (311 839) Investment in property, plant and equipment and intangible assets to expand operations (859 247) (672 689) Proceeds from disposal of property, plant and equipment 2 779 3 903 Acquisition of subsidiary (refer note 3) (13 268) – Acquisition of investments (refer note 4) – (7 046) Acquisition of associate (8 625) – Investment in associate (refer note 5) (30 000) – Repayment of loan by associate 10 000 2 500 Other loans receivable (advanced)/repaid (12 796) 17 667 Insurance proceeds on property, plant and equipment – 5 986 Net cash effects from investing activities (1 217 516) (961 518) Cash effects from financing activities Shares repurchased (1 253 880) (751 433) Repayment of lease liabilities (1 168 920) (1 066 132) Net cash effects from financing activities (2 422 800) (1 817 565) Net (decrease)/increase in cash and cash equivalents (954 343) 550 809 Cash and cash equivalents at the beginning of the year 3 255 770 2 704 961 Cash and cash equivalents at the end of the year 2 301 427 3 255 770 Consolidated statement of cash flows 10 Clicks Group Annual Results 2026
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R’000 Reviewed Year to 31 August 2026 Audited Year to 31 August 2025 Cash flow information 1. Profit before working capital changes Profit before tax 4 524 106 4 433 428 Adjustment for: Non-cash flow items: Depreciation and amortisation 2 053 162 1 881 982 Fair value adjustments on financial assets at fair value through profit or loss (29 407) (26 888) Share of (profit)/loss of associates (25) 4 935 Items presented elsewhere in the consolidated statement of cash flows: Loss/(Profit) on disposal of property, plant and equipment 5 937 (2 810) Net financing expense 368 049 242 970 6 921 822 6 533 617 2. Working capital changes Increase in inventories (861 453) (753 496) Increase in trade and other receivables (792 035) (82 234) Increase in trade and other payables 1 143 390 870 691 (Decrease)/Increase in employee benefits (142 180) 37 887 (652 278) 72 848 3. Acquisition of subsidiary Effective 31 October 2025, the group acquired 74% of the issued share capital of Mr First Aid Proprietary Limited. The cash paid to obtain control was as follows: Total purchase price paid in cash 26 640 – Less: Cash of Mr First Aid Proprietary Limited (13 372) – Cash paid to obtain control net of cash acquired 13 268 – 4. Acquisition of investments Sorbet Group Proprietary Limited acquired corporate stores during the prior financial year. The cash paid was as follows: Total purchase price paid in cash – 7 046 Less: Cash of corporate stores – – Cash paid to obtain control net of cash acquired – 7 046 5. Investment in associate The group acquired an additional 3% interest in Mistragystix Proprietary Limited on 5 September 2025. The cash paid was as follows: Total purchase price paid in cash 30 000 – Notes to the statement of cash flows 11 Clicks Group Annual Results 2026
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Segmental analysis For the year to 31 August 2026 Retail1 Distribution Intragroup elimination Total operations R’000 Reviewed 31 August 2026 Audited 31 August 2025 Reviewed 31 August 2026 Audited 31 August 2025 Reviewed 31 August 2026 Audited 31 August 2025 Reviewed 31 August 2026 Audited 31 August 2025 Statement of financial position Property, plant and equipment 2 930 474 2 707 259 398 384 380 691 – – 3 328 858 3 087 950 Right-of-use assets 4 054 204 3 671 255 8 224 13 792 – – 4 062 428 3 685 047 Intangible assets 884 307 761 496 172 953 180 055 – – 1 057 260 941 551 Goodwill 144 019 119 095 96 276 96 276 – – 240 295 215 371 Inventories 5 950 890 5 612 761 2 779 563 2 264 789 (40 485) (58 846) 8 689 968 7 818 704 Trade and other receivables 1 252 854 886 244 3 879 982 3 331 882 (1 185 663) (1 078 610) 3 947 173 3 139 516 Cash and cash equivalents 2 275 203 3 213 931 26 224 41 839 – – 2 301 427 3 255 770 Other assets 975 349 938 552 5 889 568 4 561 820 (6 366 374) (5 052 365) 498 543 448 007 Total assets 18 467 300 17 910 593 13 251 174 10 871 144 (7 592 522) (6 189 821) 24 125 952 22 591 916 Lease liabilities 4 483 040 4 028 763 6 254 13 718 – – 4 489 294 4 042 481 Employee benefits – non-current 157 949 172 946 12 619 14 474 – – 170 568 187 420 Trade and other payables 7 050 142 7 519 079 6 250 972 4 478 955 (1 192 548) (1 085 497) 12 108 566 10 912 537 Employee benefits – current 274 326 365 734 20 564 34 976 – – 294 890 400 710 Other liabilities 6 116 396 4 736 769 505 076 504 805 (6 364 446) (5 050 399) 257 026 191 175 Total liabilities 18 081 853 16 823 291 6 795 485 5 046 928 (7 556 994) (6 135 896) 17 320 344 15 734 323 Net assets 385 447 1 087 302 6 455 689 5 824 216 (35 528) (53 925) 6 805 608 6 857 593 Statement of comprehensive income Turnover 39 126 351 37 554 480 20 376 749 18 658 096 (9 089 097) (8 384 497) 50 414 003 47 828 079 Gross profit 11 593 650 11 047 800 76 025 217 069 31 445 134 784 11 701 120 11 399 653 Other income 2 565 526 2 204 423 1 752 114 1 625 918 (404 041) (369 133) 3 913 599 3 461 208 Total income 14 159 176 13 252 223 1 828 139 1 842 987 (372 596) (234 349) 15 614 719 14 860 861 Expenses (9 839 422) (9 320 813) (1 268 188) (1 218 133) 390 958 356 608 (10 716 652) (10 182 338) Depreciation and amortisation (1 873 482) (1 730 655) (87 616) (81 028) – – (1 961 098) (1 811 683) Occupancy costs (225 287) (210 499) (2 847) (3 231) 1 715 1 686 (226 419) (212 044) Employment costs (5 024 649) (4 897 092) (384 704) (385 025) – 15 (5 409 353) (5 282 102) Other costs (2 716 025) (2 478 855) (787 387) (749 379) 389 243 354 907 (3 114 169) (2 873 327) Impairment recovery/(allowance) – IFRS 9 ECL 21 (3 712) (5 634) 530 – – (5 613) (3 182) Trading profit 4 319 754 3 931 410 559 951 624 854 18 362 122 259 4 898 067 4 678 523 Ratios Increase in turnover % 4.2 6.0 9.2 5.1 8.4 8.2 5.4 5.3 Selling price inflation % 1.5 2.6 0.6 1.3 – – 1.2 2.1 Comparable stores turnover growth % 1.8 4.3 – – – – 1.8 4.3 Gross profit margin % 29.6 29.4 0.4 1.2 – – 23.2 23.8 Total income margin % 36.2 35.3 9.0 9.9 – – 31.0 31.1 Operating expenses as a percentage of turnover % 25.1 24.8 6.2 6.5 – – 21.3 21.3 Increase in operating expenses % 5.6 7.9 4.1 1.9 – – 5.2 6.7 Increase/(Decrease) in trading profit % 9.9 8.4 (10.4) 9.0 – – 4.7 12.1 Trading profit margin % 11.0 10.5 2.7 3.3 – – 9.7 9.8 Inventory days 79 77 50 45 – – 82 78 Trade debtor days 4 5 47 48 – – 28 29 Trade creditor days 57 64 88 71 – – 77 73 Number of stores 2 1 110 1 060 – – – – 1 110 1 060 as at 31 August 2024/2025 1 060 1 002 – – – – 1 060 1 002 opened/acquired 60 63 – – – – 60 63 closed/disposed (10) (5) – – – – (10) (5) Number of pharmacies 840 780 – – – – 840 780 as at 31 August 2024/2025 780 720 – – – – 780 720 new/converted 64 62 – – – – 64 62 closed (4) (2) – – – – (4) (2) Total leased area m2 618 193 591 002 – – – – 618 193 591 002 Weighted retail trading area m2 503 420 474 516 – – – – 503 420 474 516 Weighted annual sales per m 2 R 76 951 78 432 – – – – 76 951 78 432 Number of permanent employees 20 689 19 601 527 501 – – 21 216 20 102 1 Retail includes Clicks + The Body Shop + Group Services + Sorbet + 180 Degrees Marketing + KwaMakhi + UniCare. 2 Total stores excludes 193 Sorbet franchise stores, but includes 18 corporate stores. 12 Clicks Group Annual Results 2026
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Retail1 Distribution Intragroup elimination Total operations R’000 Reviewed 31 August 2026 Audited 31 August 2025 Reviewed 31 August 2026 Audited 31 August 2025 Reviewed 31 August 2026 Audited 31 August 2025 Reviewed 31 August 2026 Audited 31 August 2025 Statement of financial position Property, plant and equipment 2 930 474 2 707 259 398 384 380 691 – – 3 328 858 3 087 950 Right-of-use assets 4 054 204 3 671 255 8 224 13 792 – – 4 062 428 3 685 047 Intangible assets 884 307 761 496 172 953 180 055 – – 1 057 260 941 551 Goodwill 144 019 119 095 96 276 96 276 – – 240 295 215 371 Inventories 5 950 890 5 612 761 2 779 563 2 264 789 (40 485) (58 846) 8 689 968 7 818 704 Trade and other receivables 1 252 854 886 244 3 879 982 3 331 882 (1 185 663) (1 078 610) 3 947 173 3 139 516 Cash and cash equivalents 2 275 203 3 213 931 26 224 41 839 – – 2 301 427 3 255 770 Other assets 975 349 938 552 5 889 568 4 561 820 (6 366 374) (5 052 365) 498 543 448 007 Total assets 18 467 300 17 910 593 13 251 174 10 871 144 (7 592 522) (6 189 821) 24 125 952 22 591 916 Lease liabilities 4 483 040 4 028 763 6 254 13 718 – – 4 489 294 4 042 481 Employee benefits – non-current 157 949 172 946 12 619 14 474 – – 170 568 187 420 Trade and other payables 7 050 142 7 519 079 6 250 972 4 478 955 (1 192 548) (1 085 497) 12 108 566 10 912 537 Employee benefits – current 274 326 365 734 20 564 34 976 – – 294 890 400 710 Other liabilities 6 116 396 4 736 769 505 076 504 805 (6 364 446) (5 050 399) 257 026 191 175 Total liabilities 18 081 853 16 823 291 6 795 485 5 046 928 (7 556 994) (6 135 896) 17 320 344 15 734 323 Net assets 385 447 1 087 302 6 455 689 5 824 216 (35 528) (53 925) 6 805 608 6 857 593 Statement of comprehensive income Turnover 39 126 351 37 554 480 20 376 749 18 658 096 (9 089 097) (8 384 497) 50 414 003 47 828 079 Gross profit 11 593 650 11 047 800 76 025 217 069 31 445 134 784 11 701 120 11 399 653 Other income 2 565 526 2 204 423 1 752 114 1 625 918 (404 041) (369 133) 3 913 599 3 461 208 Total income 14 159 176 13 252 223 1 828 139 1 842 987 (372 596) (234 349) 15 614 719 14 860 861 Expenses (9 839 422) (9 320 813) (1 268 188) (1 218 133) 390 958 356 608 (10 716 652) (10 182 338) Depreciation and amortisation (1 873 482) (1 730 655) (87 616) (81 028) – – (1 961 098) (1 811 683) Occupancy costs (225 287) (210 499) (2 847) (3 231) 1 715 1 686 (226 419) (212 044) Employment costs (5 024 649) (4 897 092) (384 704) (385 025) – 15 (5 409 353) (5 282 102) Other costs (2 716 025) (2 478 855) (787 387) (749 379) 389 243 354 907 (3 114 169) (2 873 327) Impairment recovery/(allowance) – IFRS 9 ECL 21 (3 712) (5 634) 530 – – (5 613) (3 182) Trading profit 4 319 754 3 931 410 559 951 624 854 18 362 122 259 4 898 067 4 678 523 Ratios Increase in turnover % 4.2 6.0 9.2 5.1 8.4 8.2 5.4 5.3 Selling price inflation % 1.5 2.6 0.6 1.3 – – 1.2 2.1 Comparable stores turnover growth % 1.8 4.3 – – – – 1.8 4.3 Gross profit margin % 29.6 29.4 0.4 1.2 – – 23.2 23.8 Total income margin % 36.2 35.3 9.0 9.9 – – 31.0 31.1 Operating expenses as a percentage of turnover % 25.1 24.8 6.2 6.5 – – 21.3 21.3 Increase in operating expenses % 5.6 7.9 4.1 1.9 – – 5.2 6.7 Increase/(Decrease) in trading profit % 9.9 8.4 (10.4) 9.0 – – 4.7 12.1 Trading profit margin % 11.0 10.5 2.7 3.3 – – 9.7 9.8 Inventory days 79 77 50 45 – – 82 78 Trade debtor days 4 5 47 48 – – 28 29 Trade creditor days 57 64 88 71 – – 77 73 Number of stores 2 1 110 1 060 – – – – 1 110 1 060 as at 31 August 2024/2025 1 060 1 002 – – – – 1 060 1 002 opened/acquired 60 63 – – – – 60 63 closed/disposed (10) (5) – – – – (10) (5) Number of pharmacies 840 780 – – – – 840 780 as at 31 August 2024/2025 780 720 – – – – 780 720 new/converted 64 62 – – – – 64 62 closed (4) (2) – – – – (4) (2) Total leased area m2 618 193 591 002 – – – – 618 193 591 002 Weighted retail trading area m2 503 420 474 516 – – – – 503 420 474 516 Weighted annual sales per m 2 R 76 951 78 432 – – – – 76 951 78 432 Number of permanent employees 20 689 19 601 527 501 – – 21 216 20 102 1 Retail includes Clicks + The Body Shop + Group Services + Sorbet + 180 Degrees Marketing + KwaMakhi + UniCare. 2 Total stores excludes 193 Sorbet franchise stores, but includes 18 corporate stores. 13 Clicks Group Annual Results 2026
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Accounting policies and notes 1.1 The condensed consolidated financial statements for the year ended 31 August 2026 have been prepared in accordance with the framework concepts and the measurement and recognition requirements of IFRS ® Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards), the Financial Pronouncements as issued by the Financial Reporting Standards Council and SAICA Financial Reporting guides as issued by the Accounting Practices Committee, the JSE Listing Requirements, IAS 34: Interim Financial Reporting and the South African Companies Act. KPMG Inc., the group’s independent auditor, has reviewed the condensed consolidated financial statements contained on pages 6 to 15 of this report and has expressed an unmodified review conclusion on the condensed consolidated financial statements. Their review report is set out on page 5. These condensed consolidated financial statements have been prepared under the supervision of Mr GD Traill (CA), the chief financial officer of the group. The accounting policies used in the preparation of the condensed consolidated financial statements for the year ended 31 August 2026 are in terms of IFRS Accounting Standards and are consistent with those applied in the Annual Financial Statements for the year ended 31 August 2025. 1.2 Related party transactions for the current year are similar to those disclosed in the group ’s Annual Financial Statements for the year ended 31 August 2025. No significant related party transactions arose during the current year. 1.3 During the year, the group repurchased and cancelled 4 220 674 Clicks Group Limited ordinary shares. Refer to the statement of changes in equity. 1.4 The carrying value of all financial instruments approximates fair value. All financial instruments are held at amortised cost, with the exception of derivative instruments which are designated as hedging instruments, the investment in Guardrisk Insurance Company Limited being R24.4 million (2025: R16.6 million) and investments held by the New Clicks Foundation Trust being R212.6 million (2025: R191.1 million), which are accounted for at fair value through profit or loss. The fair value of financial instruments that are not traded in active markets is determined by using valuation techniques. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2 and if the significant inputs required to fair value an instrument are unobservable, the instrument is included in level 3. All financial instruments accounted for at fair value through profit or loss are considered to be level 2 instruments with the exception of investments held by the New Clicks Foundation Trust which are considered to be level 1 instruments, since the investments are listed instruments with a valuation based on listed prices. There have been no transfers between levels 1, 2 and 3 instruments during the year. The group applies hedge accounting and where derivative instruments are designated as hedging instruments in a cash flow hedge, fair value gains/losses are recognised in other comprehensive income and released either to profit or loss or as a basis adjustment to the hedged item when the forecast transaction takes place. 1.5 Revenue 31 August 2026 31 August 2025 % changeR’000 The group’s revenue from contracts with customers is disaggregated as disclosed below: Goods sold to customers 50 414 003 47 828 079 5.4% Other income 3 913 599 3 461 208 13.1% Distribution and logistics fees 1 564 371 1 452 233 7.7% Cost recoveries and other 2 349 228 2 008 975 16.9% Revenue from contracts with customers 54 327 602 51 289 287 5.9% Financial income 81 081 137 705 (41.1%) Revenue 54 408 683 51 426 992 5.8% Retail turnover can be further disaggregated between the following retail categories: Pharmacy 10 792 458 10 058 622 7.3% Front shop health 9 840 218 9 625 386 2.2% Beauty and personal care 12 753 720 12 202 074 4.5% General merchandise 5 739 955 5 668 398 1.3% Total Retail turnover 39 126 351 37 554 480 4.2% 14 Clicks Group Annual Results 2026
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1.5 Revenue (continued) 31 August 2026 31 August 2025 % changeR’000 Distribution turnover can be further disaggregated between the following categories: Fine wholesale 14 685 836 13 888 770 5.7% Clicks 8 855 699 8 116 146 9.1% Private hospitals 5 051 602 5 024 752 0.5% Independent pharmacies and other 778 535 747 872 4.1% Bulk wholesale 5 690 913 4 769 326 19.3% Total Distribution turnover 20 376 749 18 658 096 9.2% Intragroup elimination (9 089 097) (8 384 497) Total Group turnover 50 414 003 47 828 079 5.4% 1.6 Headline earnings reconciliation R’000 31 August 2026 31 August 2025 % change Profit attributable to owners of the parent 3 318 643 3 236 333 2.5% Adjusted for: Loss/(Profit) on disposal of property, plant and equipment 5 937 (2 810) Total tax effects of adjustments (1 579) 759 Headline earnings 3 323 001 3 234 282 2.7% Headline earnings per share (cents) 1 421.7 1 361.7 4.4% Diluted headline earnings per share (cents) 1 421.7 1 361.7 4.4% 1.7 Other costs Included in other costs are advertising expenses of R473.5 million (2025: R424.4 million); electricity, water and generator costs of R499.4 million (2025: R433.1 million); transport fees of R261.7 million (2025: R238.7 million); data fees of R282.5 million (2025: R268.4 million); and commissions paid of R259.6 million (2025: R240.5 million). 1.8 Subsequent events On 28 September 2026, the group announced its agreement to acquire an additional 35.3% interest in Mistragystix Proprietary Limited for total consideration of R507 million. The transaction remains subject to approval by the relevant competition authorities. The group will account for the transaction in accordance with IFRS 3: Business Combinations once the remaining conditions precedent have been fulfilled and the required regulatory approvals obtained. 15 Clicks Group Annual Results 2026
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Clicks The Body Shop KwaMakhi UniCare Sorbet Total retail Number of stores at 31 August 2026 1 031 53 3 5 18* 1 110 as at 31 August 2025 990 55 – 1 14 1 060 opened/acquired 48 – 3 4 5 60 closed (7) (2) – – (1) (10) Presence in Clicks stores at 31 August 2026 257 Number of pharmacies at 31 August 2026 835 5 840 as at 31 August 2025 779 1 780 new/converted 60 4 64 closed (4) – (4) Number of clinics at 31 August 2026 225 * Sorbet corporate stores. Store footprint Percentage of shares Major fund managers August 2026 August 2025 Public Investment Corporation (SA) 18.4 19.1 BlackRock (US and UK) 6.6 4.9 The Vanguard Group (US) 4.4 4.2 Old Mutual (SA) 3.4 2.6 Lazard Asset Management (US and UK) 3.2 2.7 JPMorgan Asset Management (US and UK) 3.1 3.5 Funds no longer managing 3% or more: GIC Asset Management (Singapore) 1.1 4.5 RBC Global Asset Management (UK) 0.2 3.8 Percentage of shares Geographic distribution of shareholders August 2026 August 2025 South Africa and rest of Africa 55.4 44.6 Offshore holdings 44.6 55.4 USA and Canada 23.5 28.2 Europe 8.0 8.7 United Kingdom and Ireland 7.7 9.3 Other countries 5.4 9.2 Analysis of shareholders Fund managers managing 3% or more of the issued share capital: 16 Clicks Group Annual Results 2026
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Definitions Capital expenditure Maintenance capital expenditure Capital expenditure incurred in replacing existing capital or capital expenditure with a return below the group’s required return. Growth capital expenditure Capital expenditure that is not maintenance capital expenditure. Cash flow Financing activities Activities that result in changes to the capital and funding structure of the group. Investing activities Activities relating to the acquisition, holding and disposal of capital assets and long-term investments. Operating activities Activities that are not financing or investing activities that arise from the operations conducted by the group. Comparable stores turnover growth Turnover growth expressed as a percentage of growth for stores that have been operating for the full year during the current and previous financial years. Current ratio Current assets at year-end divided by current liabilities at year-end. Dividend per share Dividend per share is the actual interim cash dividend paid and the final cash dividend declared, expressed as cents per share. Earnings per share Earnings per share Profit for the year attributable to owners of the parent divided by the weighted average number of shares in issue for the year. Diluted earnings per share Profit for the year attributable to owners of the parent divided by the weighted average diluted number of shares in issue for the year. Headline earnings per share Headline earnings divided by the weighted average number of shares in issue for the year. Diluted headline earnings per share Headline earnings divided by the weighted average diluted number of shares in issue for the year. Effective tax rate The tax charge in the income statement as a percentage of profit before tax. Free float The number of ordinary shares that are freely tradable on the JSE Limited, excluding treasury shares and shares held by directors and employee share schemes. Gross profit margin Gross profit expressed as a percentage of turnover. Headline earnings Profit for the year attributable to owners of the parent adjusted for the after-tax effect of certain capital items. IFRS International Financial Reporting Standards ("IFRS Accounting Standards"), as adopted by the International Accounting Standards Board (“IASB”), and interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”) of the IASB. Clicks Group’s condensed consolidated financial statements are prepared in accordance with IFRS. Interest–bearing debt, including cash, to shareholders’ interest at year -end Interest–bearing debt (including bank overdraft), net of cash balances, at the end of the year divided by shareholders’ interest at the end of the year. Inventory days Closing inventory at year-end divided by the cost of merchandise sold during the year, multiplied by 365 days. Issued shares Ordinary shares and unlisted “A” shares having a par value of one cent each in the authorised share capital of Clicks Group Limited. Market capitalisation The closing market price per share at year-end multiplied by the number of ordinary shares in issue at year-end. Net asset value per share Net assets at year-end divided by the number of ordinary shares in issue at year-end (net of treasury shares). Net tangible asset value per share Net assets at year-end, less intangible assets (such as goodwill and trademarks), divided by the number of ordinary shares in issue at year-end (net of treasury shares). Percentage of ordinary shares traded The number of ordinary shares traded on the JSE Limited during the year as a percentage of the weighted average number of ordinary shares in issue (net of treasury shares). Price earnings ratio The closing market price per share at year-end divided by diluted headline earnings per share for the year. Return on shareholders’ interest (“ROE”) Headline earnings expressed as a percentage of the average shareholders’ interest for the year. Return on total assets (“ROA”) Headline earnings expressed as a percentage of the average total assets for the year. Return on invested capital (“ROIC”) Operating profit as reported in the group consolidated statement of comprehensive income adjusted for the group effective tax rate, expressed as a percentage of invested capital. Invested capital comprises equity, non-current liabilities and the current portion of the lease liability. Return on net assets (“RONA”) Operating profit as defined for RONA divided by average net assets for the year as defined for RONA. Operating profit as defined for RONA is the reported operating profit for the group inclusive of capital gains and losses relating to continuing operations of the business and excluding the employee short-term bonus. Net assets as defined for RONA are the average assets less liabilities for the year excluding taxation and financial- related assets and liabilities (cash, overdrafts, loans receivable, derivative financial assets, financial assets/liabilities at fair value through profit or loss, interest-bearing borrowings, deferred tax and taxation payable). Return on invested capital (“ROIC”) excluding the impact of IFRS 16 Operating profit as reported in the group consolidated statement of comprehensive income adjusted for IFRS 16 depreciation and lease payments, net of a tax charge at the group’s effective tax rate, expressed as a percentage of invested capital. Invested capital comprises equity and interest-bearing debt. Segmental reporting The group has two reportable segments, being the retail division and the distribution division. Selling price inflation The change in the weighted average selling price of a sample of products for the year relative to the previous year expressed as a percentage of the weighted average selling price of the same sample of products for the previous year. Only products sold in both the current and previous years are included in the sample. Shareholders’ interest Share capital and share premium (reduced by the cost of treasury shares) and other reserves comprising equity. Shareholders’ interest to total assets The shareholders’ interest divided by the total assets at year-end. Total income Gross profit plus other income. Total income margin Total income expressed as a percentage of turnover. Trade creditor days Closing trade creditors at year-end (adjusted to exclude VAT) divided by the cost of merchandise sold during the year, multiplied by 365 days. Trade debtor days Closing trade debtors at year-end (adjusted to exclude VAT) divided by sales for the year, multiplied by 365 days. Trading profit Operating profit before financing costs, as reported in the group consolidated statement of comprehensive income adjusted to exclude profit/loss on disposal of property, plant and equipment. Trading profit margin Operating profit expressed as a percentage of turnover. Treasury shares Issued shares in Clicks Group Limited held by a group company in terms of an approved share repurchase programme and the Clicks Group Employee Share Ownership Trust. Weighted average number of shares The number of ordinary shares in issue, increased by shares issued during the year and reduced by treasury shares purchased or shares cancelled during the year, weighted on a time basis for the period during which they have participated in the income of the group. Weighted average diluted number of shares The weighted average number of ordinary shares adjusted for the effects of all dilutive potential shares. 17 Clicks Group Annual Results 2026
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Contents 01 Review of the year 02 Financial results 03 Trading performance 04 Strategy and outlook 05 Questions Annual results for the year ended 31 August 2026 2026 Presentation Clicks Group Annual Results 2026 18
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Review of the year Clicks Group Annual Results 2026 4 • Extremely tough and competitive consumer environment • Opened 1 031st Clicks store and 835th Clicks pharmacy • 13.1m active ClubCard members • Opened 4 additional UniCare sites • Launched KwaMakhi, a township convenience retail brand • Increased shareholding in ARC Store • Acquisition of medical consumables business for UPD • Rolled out WMS to Durban DC seamlessly in June • Progressing our sustainability agenda • R3.4bn returned to shareholders, including share buybacks of R1.3bn 01 Review of the year Bertina Engelbrecht Clicks Group Annual Results 2026 19
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Key features Turnover up 5.4% Retail turnover up 4.2% UPD reported turnover up 9.2% Total income margin down from 31.1% to 31.0% Trading margin down from 9.8% to 9.7% Diluted HEPS up 4.4% to 1 422 cps Returned to shareholders R3.4 bn Total dividend up 4.4% to 925 cps Cash generated by operations R6.3 bn Return on equity down from 49.2% to 48.7% Clicks Group Annual Results 2026 6 02 Financial Results Gordon Traill Presentation Clicks Group Annual Results 2026 20
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Total income • Retail margin driven by supply chain efficiencies • UPD impacted by much lower SEP increase (maximum of 1.47% vs 5.25% in FY2025) and loss of two bulk distribution contracts in FY2024 R’m 2026 2025 % change 2026 % margin 2025 % margin Retail 14 159 13 252 6.8 36.2 35.3 Distribution 1 828 1 843 (0.8) 9.0 9.9 Intragroup (372) (234) Total group 15 615 14 861 5.1 31.0 31.1 Clicks Group Annual Results 2026 8 Turnover • Retail value growth impacted by lower inflation, WMS system rollout in Western Cape in H1 and constrained consumer spend • Retail price inflation 1.2% in H2 versus 2.3% in H1 • UPD turnover driven by preferred bulk contracts, up 19.3% R’m 2026 2025 % change % same stores growth % inflation Retail 39 126 37 554 4.2 1.8 1.5 Distribution 20 377 18 658 9.2 0.6 Intragroup turnover (9 089) (8 384) 8.4 Total group 50 414 47 828 5.4 1.2 Clicks Group Annual Results 2026 7 Clicks Group Annual Results 2026 21
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Trading expenditure – Distribution • Depreciation of PPE driven by investment in systems • Benefit of solar and EVs on electricity and fuel costs R’m 2026 2025 % change Depreciation – PPE 77 72 8.3 Depreciation – ROU asset 10 9 6.6 Occupancy costs 3 3 (11.9) Employment costs 385 385 (0.1) Other costs 793 749 5.9 Total distribution costs 1 268 1 218 4.1 Clicks Group Annual Results 2026 10 Trading expenditure – Retail • Comparable retail cost growth 3.6% • Employment costs impacted by WMS rollouts and pharmacy openings • Other costs impacted by advertising, electricity and software licence costs R’m 2026 2025 % change Depreciation – PPE 645 598 7.9 Depreciation – ROU asset 1 228 1 133 8.4 Occupancy costs 225 210 7.0 Employment costs 5 025 4 897 2.6 Other costs 2 716 2 483 9.4 Total retail costs 9 839 9 321 5.6 % of turnover 25.1% 24.8% Finance costs – lease liability 385 338 13.8 Clicks Group Annual Results 2026 9 Presentation Clicks Group Annual Results 2026 22
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39 587 41 622 45 438 47 828 50 414 3 325 3 623 4 172 4 679 4 898 0 1000 2000 3000 4000 5000 6000 7000 - 4 000 8 000 12 000 16 000 20 000 24 000 28 000 32 000 36 000 40 000 44 000 48 000 2022* 2023 2024 2025 2026 Growth in turnover, profit and margin Trading profit marginTurnover(R’m) Trading profit (R’m) * FY2022 trading profit and margin adjusted for impact of civil unrest Clicks Group Annual Results 2026 12 8,4% 8,7% 9,2% 9,8% 9,7% 7,5% 8,0% 8,5% 9,0% 9,5% 10,0% Trading profit • Retail margin in FY2025 was 10.8% including unwind of Unicorn intragroup profit R’m 2026 2025 % change 2026 % margin 2025 % margin Retail 4 320 3 932 9.9 11.0 10.5 Distribution 560 625 (10.4) 2.7 3.3 Intragroup 18 122 Total group 4 898 4 679 4.7 9.7 9.8 Clicks Group Annual Results 2026 11 Clicks Group Annual Results 2026 23
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Cash management R’m • R1.5 billion final dividend to be paid to shareholders in January 2027 Clicks Group Annual Results 2026 14 Inventory • Retail inventories impacted by new stores across all brands, and new pharmacies • New medical consumables range, GLP-1 buy-ins and new product launches in UPD • Group net working capital days improved from 34 to 33 days Days in stock Inventory (R’m) 2026 2025 2026 2025 % change Retail 79 77 5 951 5 613 6.0 Distribution 50 45 2 780 2 265 22.7 Intragroup inventory (41) (59) Total group 82 78 8 690 7 819 11.1 Clicks Group Annual Results 2026 13 Presentation Clicks Group Annual Results 2026 24
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Capital expenditure • R1 453m capex planned for FY2027 • R780m on stores: - 40 – 50 new Clicks stores, and other format stores - 70 – 80 store refurbishments • R673m on infrastructure: - R90m on UPD IT and warehouse equipment - R583m on retail systems and infrastructure, including WMS rollout to Centurion DC in April and electric bikes for omni-fulfilment • R1.5 – R1.8bn p.a. capex planned for next three years Clicks Group Annual Results 2026 16 Capital returned to shareholders Clicks Group Annual Results 2026 15 R’m 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Dividends (R'm) Buybacks (R'm) Total returned to date since 2006 of R25.7 billion (dividends R16.6 billion + R9.1 billion buybacks at an average price of R53.60) Clicks Group Annual Results 2026 25
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Medium-term financial targets Achieved in FY2026 Medium-term target ROE (%) 48.7 40 – 50 ROIC excluding IFRS 16 (%) 49.5 40 – 50 ROIC (%) 31.2 20 – 30 ROA (%) 14.2 11 – 15 Net working capital days 33 30 – 35 Group trading margin (%) 9.7 9.0 – 10.0 Retail 11.0 10.0 – 11.0 Distribution 2.7 2.8 – 3.3 Dividend payout ratio (%) 65 60 – 65 Clicks Group Annual Results 2026 18 Continuing investment in core operations Clicks Group Annual Results 2026 17 457 509 579 599 679 780 270 262 251 298 403 583 111 159 59 88 84 90 2022 2023 2024 2025 2026 2027 planned Stores Retail IT & Infrastructure UPD R’m 838 930 889 985 1 166 1 453 Presentation Clicks Group Annual Results 2026 26
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03 Trading Performance Bertina Engelbrecht 322 380 445 450 490 637 679 776 886 925 502 575 664 754 774 1 033 1 045 1 194 1 362 1 422 2017¹ 2018¹ 2019 2020 2021 2022 2023 2024 2025 2026 60% 62% 65% 60% 63% 62% 65% 65% 65% 65% 10-year CAGRs Total shareholder return³: 11.4% Diluted HEPS: 12.5% Dividend per share: 13.0% Sustained financial performance ¹ Pre-IFRS 16 ² Based on HEPS ³ Based on reinvestment of dividends paid and the closing share price Dividend payout ratio²Dividend per share (cents) Diluted HEPS (cents) Clicks Group Annual Results 2026 19 Clicks Group Annual Results 2026 27
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Retail sales performance % change % contribution Pharmacy 7.3 27.6 Front shop health & baby 2.2 25.1 Beauty & personal care 4.5 32.6 General merchandise 1.3 14.7 Total turnover 4.2 100.0 • Comparable stores turnover growth of 1.8% • Inflation 1.5% • Volume growth of 0.3% • Promotional sales now 47.1% of turnover Clicks Group Annual Results 2026 22 Retail Review Presentation Clicks Group Annual Results 2026 28
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Revitalised Clicks ClubCard programme • 13.1m active members, 84.2% of sales • R976 million cashback paid in FY2026 • “Pay even less” campaign launched 25 August 2026 – additional 10% discount for ClubCard members on 3 000 SKUs • Joint campaign with Engen & FNB/RMB – voted Best Short-Term Loyalty Marketing Campaign* • New affinity partners – Standard Bank, ABSA and Food Lover’s Market – and increased benefits offered by FNB Clicks Group Annual Results 2026 24 * Per South African Loyalty Awards 2026 Retail market shares % 2026 2025 Health Retail pharmacy* 24.7 24.1 Front shop health** 32.6 33.1 Baby** 23.0 23.1 Beauty Skincare** 42.3 43.3 Haircare** 32.6 32.7 Personal care** 23.1 22.6 General merchandise Small electrical appliances** 19.7 18.7 * Per IQVIA (Private Retail Pharmacy S1-6) (restated) ** Per NielsenIQ (restated) Clicks Group Annual Results 2026 23 Clicks Group Annual Results 2026 29
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• 835 Clicks Pharmacies, 225 clinics, 5 UniCare specialist pharmacies • 54.2% of households live within 5.0km of a Clicks store • Private label 12.3% of pharmacy • Awaiting approval of Unicorn GLP-1 generic • OTC on-demand pharmacy offer trialled in 23 stores • To be rolled out to 50 pharmacies in December • To be extended to acute scripts and to 24-hour delivery from UniCare pharmacies • Procuring electric bikes to commence own delivery service • Opportunity to move into oncology Anchored by health Clicks Group Annual Results 2026 26 Revitalised Clicks ClubCard programme Clicks Group Annual Results 2026 25 Presentation Clicks Group Annual Results 2026 30
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Beauty – Sorbet Group Clicks Group Annual Results 2026 28 • The largest professional beauty and grooming brand in SA, providing over 4.4m treatments annually • Franchise model with 211 salons (193 franchise, 18 corporate) and potential to get to 300 salons, especially more Sorbet MAN • First Sorbet master franchise signed in Botswana; finalising agreement for Mauritius • Opportunity to sell salon products online UniCare 24-hour pharmacies • 24-hour dispensary ensures patients can access prescriptions, OTC medications and healthcare advice at all hours • Specialised services include wound care, diabetes clinic, vaccinations & travel clinic, IV clinic, orthopaedic support, blister packing and after-hours doctors • Currently in 5 locations, averaging 1 400m² in size – potential to expand to 15 – 20 locations Clicks Group Annual Results 2026 27 Clicks Group Annual Results 2026 31
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An even more differentiated offer • R10.1bn sales of private label and exclusive brands • Private label is 25.8% of sales (front shop 30.9%, pharmacy 12.3%) • 17 private label products voted SA Product of the Year in their categories • Launching a premium private label diaper in March 2027 • Launched No 7 range and selected Boots ranges exclusively in SA in October 2026 Clicks Group Annual Results 2026 30 Beauty – ARC Store • Premium beauty market is cR6bn pa • Currently online and 11 stores, with potential to reach 20 – 25 stores • Focus on millennial & Gen Z customers • R530m in sales in FY2026 with same store sales growth c5 times the market • ARC customer spend in Clicks: R866m in last 12 months • Clicks Group increased stake from 22.7% to 25.7% in FY2026 and to 61.0% in FY2027 (pending approval) Clicks Group Annual Results 2026 29 Presentation Clicks Group Annual Results 2026 32
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Efficiency through green transition • 70% of Cape Town DC energy from solar and renewable wheeling • Electric trucks for retail distribution • Clicks’ logistics partner has secured 30 heavy duty electric trucks for use at the Cape Town & Centurion DCs • Cape Town DC now operates a 100% electric truck fleet – the first DC in Africa to achieve this • Annual fuel savings of R20m – R25m and R2m – R3m lower maintenance costs • Clicks will undertake own click & collect store deliveries using electric vans • Electric scooters being procured for pharmacy and frontshop online deliveries in high density nodes Clicks Group Annual Results 2026 32 Convenient access • 1 031 Clicks stores and 5 UniCare stores with 840 pharmacies and 225 clinics • 270 stores located in low income areas (25.5% of retail turnover) • Online sales up 15.0%; Click & Collect now 30.3% of online sales • Relaunched app – 1.9m downloads during the year, 7.3m downloads in total Clicks Group Annual Results 2026 31 Format Total Convenience Destination 801 235 Total 1 036 Clicks Group Annual Results 2026 33
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KwaMakhi – convenience township format Clicks Group Annual Results 2026 34 KwaMakhi – convenience township format • KwaMakhi means “at my neighbour’s place” • Market estimated to be worth cR900bn annually • 4 stores in Tembisa, Khayelitsha, Elsies River & Hammanskraal • c350m² in size – no pharmacy/clinic, differentiated branding • Each store employs c6 people from the surrounding area • Carefully curated product range of c3 500 SKUs across baby, front-shop healthcare, beauty, personal care and household essentials • Initially c30% trusted private label products to grow to c40% • Pricing strategy focused on everyday low prices rather than discounts • Automated refill units to be trialled Clicks Group Annual Results 2026 33 Presentation Clicks Group Annual Results 2026 34
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Review of the year • Total managed turnover +4.1% to R31.8bn • Generic medicines up from 75.7% to 77.8% of medicine volumes and 58.5% of medicine sales • All UPD sites now ISO:13485 (medical devices) certified • Medical consumables acquisition successfully integrated and offer being marketed to hospitals • Excellent cost management aided by solar, batteries and EVs • 85 EV delivery vehicles comprise 86% of wholesale fleet Clicks Group Annual Results 2026 36 UPD Review Clicks Group Annual Results 2026 35
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Medical consumables offer Clicks Group Annual Results 2026 38 • cR8bn p.a. addressable market • Mr First Aid is a leading distributor of medical devices and medical consumables throughout southern Africa • Adds to the basket of existing UPD customers like the hospitals with non-regulated product at a better margin than medicines • Opportunity for new customers for UPD – smaller acute hospitals, mining groups and in rest of Africa Fine wholesale turnover • Wholesale turnover up 5.7% • Benefit of increased Clicks pharmacy openings; 98% purchasing compliance • Hospitals impacted by lack of growth in occupancy and genericisation • Wholesale market share down from 26.2% to 25.4%* * Source: IQVIA, TPM, MAT August 2026, Schedule 1 - 6 Clicks Group Annual Results 2026 37 Clicks & UniCare (+9.1%) Private Hospitals and Medical Consumables (+2.4%) Independent Pharmacies and other Channels (-8.3%) 60.3% 35.0% 4.7% Presentation Clicks Group Annual Results 2026 36
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Strategy • The group is well positioned due to: • Competitive advantage in defensive health & beauty sectors with favourable long-term growth drivers • Market-leading shares in core retail categories and in pharmaceutical wholesale and distribution • Organic growth opportunities in stores, online and new formats, underpinned by a value offer, loyalty and customer service • Increasing scale maximises and leverages efficiency, effectiveness and reach • Confident of the group’s ability to continue delivering on medium-term targets Clicks Group Annual Results 2026 40 04 Strategy and Outlook Bertina Engelbrecht Clicks Group Annual Results 2026 37
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Outlook (continued) • Leveraging investments in UniCare, KwaMakhi, Sorbet, ARC Store, medical consumables and LEAP • Medium-term target of 1 200 Clicks stores • Plan to open 40 - 50 stores per year • Target of 15 – 20 UniCare specialised pharmacies • Target of 35% private label & exclusive brands in front shop and 18% in pharmacy Clicks Group Annual Results 2026 42 Outlook • The consumer will be severely constrained while the cost of fuel remains elevated and interest rates are higher • The strong Rand has offset pressures to some extent • Expect low selling price inflation to continue, but a second SEP increase of 2.88% has been enacted effective 1 October 2026 • Very competitive retail environment with increased discounting • Encouraging results from revitalised ClubCard offer Clicks Group Annual Results 2026 41 Presentation Clicks Group Annual Results 2026 38
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Disclaimer Clicks Group has acted in good faith and has made every reasonable effort to ensure the accuracy and completeness of the information contained in this presentation, including all information that may be defined as 'forward-looking statements' within the meaning of United States securities legislation. Forward-looking statements may be identified by words such as 'believe', 'anticipate', 'expect', 'plan', 'estimate', 'intend', 'project', 'target', 'predict' and 'hope'. Forward-looking statements are not statements of fact, but statements by the management of Clicks Group based on its current estimates, projections, expectations, beliefs and assumptions regarding the group's future performance. No assurance can be given that forward-looking statements will prove to be correct and undue reliance should not be placed on such statements. The risks and uncertainties inherent in the forward-looking statements contained in this presentation include, but are not limited to: changes to IFRS and the interpretations, applications and practices subject thereto as they apply to past, present and future periods; domestic business and market conditions; changes in the domestic regulatory and legislative environments; changes to domestic operational, social, economic and political risks; and the effects of both current and future litigation. Clicks Group does not undertake to update any forward-looking statements contained in this presentation and does not assume responsibility for any loss or damage whatsoever and howsoever arising as a result of the reliance by any party thereon, including, but not limited to, loss of earnings, profits, or consequential loss or damage. Clicks Group Annual Results 2026 44 05 Questions Clicks Group Annual Results 2026 39
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Clicks Group Limited Incorporated in the Republic of South Africa Registration number 1996/000645/06 Income tax number 9061/745/71/8 JSE and A2X share code: CLS ISIN: ZAE000134854 ADR ticker symbol: CLCGY ADR CUSIP code: 18682W205 Registered address Cnr Searle and Pontac Streets Cape Town 8001 Telephone: +27 (0)21 460 1911 Postal address PO Box 5142 Cape Town 8000 Directors MJN Njeke* (Chairman) BD Engelbrecht (Chief executive officer) GD Traill^ (Chief financial officer) NNA Matyumza* PM Moumakwa* SS Ntsaluba* KC Ramon* RJD Inskip* A van Sittert* # * Independent non-executive ^ British # Appointed 1 February 2026 Company secretary A Barnard, CA (SA) E-mail: companysecretary@clicksgroup.co.za Auditors KPMG Inc. Principal bankers FirstRand Bank Limited JSE sponsor Investec Bank Limited Transfer secretaries Computershare Investor Services Proprietary Limited Business address: Rosebank Towers, 15 Biermann Avenue, Rosebank 2196 Postal address: Private Bag X9000, Saxonwold 2132 Telephone: +27 (0)11 370 5000 Investor relations consultants Tier 1 Investor Relations E-mail: ir@tier1ir.co.za Corporate information This information, together with additional detail, is available on the Clicks Group Limited website: www.clicksgroup.co.za