Interim report
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UNAUDITED CONDENSED UNAUDITED CONDENSED CONSOLIDATED INTERIM CONSOLIDATED INTERIM FINANCIAL RESUL TS FINANCIAL RESUL TS FOR THE SIX MONTHS ENDED FOR THE SIX MONTHS ENDED 31 AUGUST 202631 AUGUST 2026
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1 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details 1 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details 1 GROUP PROFILE 2 2 INVESTMENT PROPOSITION 3 3 OPERATING CONTEXT 4 4 FINANCIAL PERFORMANCE 5 5 OPERATIONAL REVIEW 8 6 LOOKING FORWARD 10 7 FINANCIALS 11 8 NOTES TO THE FINANCIALS 19 9 CORPORATE DETAILS 34 Brands Contents This report is best viewed in Adobe Acrobat desktop, mobile or tablet Click to download or update to the latest Navigation tools Adobe Acrobat Reader ContentsPrevious view Previous page Next page Refer to a page within this report Refer to a link online FORWARD-LOOKING STATEMENTS DISCLAIMER This document contains forward-looking statements based on assumptions and management’s best estimates concerning Famous Brands’ future performance. Such statements are, by their nature, subject to risks and uncertainties, which may result in the Group’s actual future performance being different from that expressed or implied in any forward-looking statements. The contents of this announcement are the responsibility of the Board and have not been reviewed or reported on by the Group’s external auditors. The Group neither accepts any responsibility for any loss arising from the use of the information contained in this report nor undertakes to update or revise any of its forward- looking statements publicly. Manufacturing Logistics Retail
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2 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details2 Famous Brands unaudited condensed consolidated interim financial results 2026 OUR RESTAURANT NETWORK We have 3 070 restaurants across 21 countries. Restaurants per region SA: 2 723 SADC: 247 AME: 46 UK: 54 Famous Brands is a food services business recognised for its entrepreneurial spirit, love of innovation, commitment to quality and drive to serve its franchise partners and consumers. Famous Brands was established as a family business when the Halamandres and Halamandaris families founded the first Steers restaurant in the early 1960s. Since then, the Group has evolved into Africa’s leading food services franchisor, recognised for its 15 iconic brands and reputation as a responsible franchisor. Our vision is to be the leading innovative, branded, franchised food services business in South Africa and selected markets. The Group operates in South Africa, selected markets in the Southern African Development Community (SADC), the Rest of Africa and the Middle East (AME), and the United Kingdom (UK). Our dynamic franchise partners have a proven track record of success in challenging trading conditions. Our vertically integrated business model comprises four core pillars: Brands, Manufacturing, Logistics and Retail. BRANDS Our strategic portfolio of well-established restaurant brands appeals to consumers across income and demographic groups, meal preferences and value propositions. We operate franchised, master-licenced and Company-owned restaurants. We earn sales-based royalty income (franchise fee revenue) as a percentage of these restaurants’ turnovers, licence fees on master licence restaurants and turnover from Company-owned restaurants. The portfolio is segmented into Leading Brands (mainstream) and Signature Brands (niche). Leading Brands are further categorised as Quick Service Restaurants (QSR) and Casual Dining Restaurants (CDR). Our QSR brands prioritise takeaway and delivery offerings with smaller sit-down areas, while CDR brands offer a full-service, sit-down experience. Our Signature Brands offer a wide range of bespoke CDR offerings. SUPPLY CHAIN The Group’s vertically integrated Supply Chain leverages economies of scale, manages inventory availability and enables the efficient distribution of quality products and specialised proprietary ingredients. Manufacturing Logistics Retail Our 10 Manufacturing plants are wholly and partially owned subsidiaries. These include meat, ice cream, sauce, coffee, juice, cheese and potato products. Our internal Logistics capability ensures that restaurants and retail outlets receive ingredients and products. Our Logistics footprint includes nine distribution centres and a fleet of 96 trucks. Our 99 Retail products include condiments (sauces, dressings, spices), frozen meat products, coffee (ground and beans), frozen chips and other value-added products in 3 078 retail outlets. Group profile Quick Service Restaurants Casual Dining Restaurants LEADING BRANDS Casual Dining Restaurants (in South Africa) 1 1. Famous Brands holds the licence agreement in South Africa from PAUL International. TM SIGNATURE BRANDS
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3 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details3 Famous Brands unaudited condensed consolidated interim financial results 2026 Investment proposition Our portfolio of iconic brands is supported by a vertically integrated business model that delivers scale, resilience and greater predictability. POWERED BY TALENTED FRANCHISE PARTNERS • A stable portfolio of dedicated franchise partners with a track record of success in difficult trading conditions. • 12-year average tenure for SA franchise partners. • Several SA franchise partners are developing multi-restaurant and multi-brand portfolios. • A healthy pipeline of potential franchise partners and strong demand for our brands. A WELL -ESTABLISHED MARKET LEADER • A best-in-class brand portfolio that appeals to consumers across income and demographic groups, meal preferences and value propositions. • Proven ability to respond to changing macro- economic conditions and shifting consumer dynamics in our 31 years as a JSE-listed company. • An attractive business case for franchise partners and a quality offering for consumers. DIRECTED BY COMPETENT LEADERS AND A WELL -DEFINED STRATEGY • Our experienced Board supports our entrepreneurial management team. • A focused strategy to grow in SA and in other selected markets to enhance long-term, sustainable stakeholder value creation. • Effective corporate governance establishes the practices for ethical behaviour and protecting stakeholder interests. SUPPORTED BY A SOUND FINANCIAL POSITION AND PRUDENT CAPITAL MANAGEMENT • A healthy balance sheet and effective, flexible debt structure. • A relatively capital-light business model. • Cash-generative operations and sustainable earnings. • Sustainable value is generated by ensuring strong returns on invested capital. OPERATING A ROBUST BUSINESS MODEL • A vertically integrated Supply Chain provides extensive manufacturing and distribution capabilities. • Reliable, competitive pricing and offering position our franchise partners to achieve like-for-like growth. • Menu options provide diversification across food categories and shield the Group from supply disruptions. • A high-potential Retail offering. DELIVERING VALUE TO COMMUNITIES AND PROTECTING THE ENVIRONMENT • Steady execution against our ESG Framework to embed best-in-class sustainability practices. • Significant cost savings and resilience realised through solar energy and water-saving investments. • Eliminated single-use plastic across our brand network. • No food waste to landfill in our Supply Chain operations.
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4 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details4 Famous Brands unaudited condensed consolidated interim financial results 2026 Operating context The South African restaurant industry operates in a mixed environment: discretionary spending remains constrained, and operators continue to face pressure from labour, energy and input costs. At the same time, shifts in how consumers choose and order food create opportunities for well-positioned brands. Trend POOR MACRO - ECONOMIC CONDITIONS The US-Iran conflict has added to South Africa’s economic pressures by driving up oil and fuel prices, increasing inflation and operating costs, and constraining household disposable income. Higher transport and energy costs, together with uncertainty around interest rates and economic growth, are making consumers more cautious and increasing demand for value and affordability. For restaurant operators, this has limited discretionary spending and eating-out frequency, while increasing the importance of convenience, competitive pricing and operational efficiency. • Our offerings meet consumers’ needs for quality, service, price and accessibility across formats and channels. • We regularly enhance our ordering platforms and loyalty programmes to attract and retain consumers. • Our marketing strategies and brand investments maintain and win market share. • Strategic procurement capabilities achieve the best pricing on key commodities. • Where opportunities arise, we manage inventory levels to secure better pricing. • In-house product development reduces costs and waste. • Our Retail brands are well-placed to give consumers a taste of their favourite brands at home. CHANGING CONSUMER PREFERENCES Convenience is increasingly shaping consumer behaviour, driving demand for delivery, order for collection and drive-thru options. At the same time, the rapid growth of online grocery platforms is providing consumers with another convenient alternative to restaurant delivery. Despite constrained disposable incomes, consumers continue to prioritise occasions to treat themselves and spend time with friends and family, positioning restaurants, particularly CDR formats, as an affordable indulgence. • We have a well-established delivery service to extend our footprint. • We are rolling out smaller formats at convenient locations and expanding our drive-thru restaurant footprint. • Our menus and packaging cater to the at-home dining experience, offering both exceptional taste and presentation. • All brands have a digital media strategy, and we track their social media activity and online reviews. • We design our restaurants to be attractive and social-media-friendly. TECHNOLOGY IS PERVASIVE AND POWERFUL T echnology is transforming the restaurant industry, enabling greater operational efficiency and more seamless consumer experiences. AI-driven personalisation, cloud-based point-of-sale systems, self-service solutions and contactless payments are reshaping how consumers interact with brands, while digital loyalty programmes are increasing expectations for personalised rewards. In South Africa, rapid growth in online delivery, particularly online grocery, is also changing shopping behaviour and reducing foot traffic at malls as consumers increasingly opt for home delivery. • We participate in the delivery channel through our own delivery platform and partnerships with aggregators. We have 87 delivery hubs in South Africa and Botswana. • We invest in consumer-facing technology to improve the overall consumer dining and delivery experience. • We have adopted a new artificial intelligence-powered consumer engagement platform. • We are rolling out self-service terminals, digital menu boards and digital payment solutions. • The kitchen display systems improve preparation times. • The Munch Software’s cloud-based POS system allows for greater control and standardisation of POS. • We are investing in artificial intelligence in our data warehouse and analytics capabilities to improve forecasting and support faster, data-driven decision-making. Context Our response
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5 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details5 Famous Brands unaudited condensed consolidated interim financial results 2026 Financial performance Financial results Our performance reflects the resilience of our strategy and brand portfolio amid increasingly challenging operating conditions. Operating profit (R million) 4.7% Aug 2024 Aug 2025 Aug 2026 371 393 375 2.3% Revenue (R million) Aug 2024 Aug 2025 Aug 2026 4 017 4 240 4 336 Aug 2024 Aug 2025 Aug 2026 218 236 228 Headline earnings per share (HEPS) (cents) 3.2% Aug 2024 Aug 2025 Aug 2026 150 162 170 Dividend per share (cents) 4.9% Famous Brands delivered a resilient performance in a constrained trading environment, with revenue increasing by 2.3% to R4.3 billion (2025: R4.2 billion). Revenue growth was supported by sustained demand for our Leading Brands portfolio and the expansion of our franchise network, which ultimately benefited Supply Chain. Continued pressure in Signature Brands and weaker performance in some markets outside South Africa, especially Botswana, constrained overall growth and profitability. Operating profit declined by 4.7% to R375 million (2025: R393 million), while the Group maintained a disciplined focus on costs, with cost growth contained below inflation; however, this was insufficient to fully offset the impact of subdued front-end growth. The operating profit margin declined to 8.6% (2025: 9.3%). Headline earnings per share decreased by 3.2% to 228 cents (2025: 236 cents), while basic earnings per share decreased to 181 cents (2025: 236 cents). Segment operating profit/(loss) R’million Leading Brands SA 241 Supply Chain SA 230 SADC 5 AME (14) Signature Brands SA (9) UK (3) Corporate (75) Against a backdrop of worsening economic conditions, heightened by the US-Iran conflict and escalating fuel costs that have constrained consumer spending, the Group remains focused on executing its strategy and managing the factors within its control. Famous Brands is addressing areas of underperformance. Corrective measures implemented in the second half of the 2026 financial year and sustained through the period under review have supported progress in Signature Brands, AME and Retail.
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6 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details6 Famous Brands unaudited condensed consolidated interim financial results 2026 Salient features Unit Six months ended 31 August 2026 Six months ended 31 August 2025 % change (2025 versus 2026) Statement of profit or loss Revenue R’million 4 336 4 240 2.3 Operating profit R’million 375 393 (4.7) Operating profit margin % 8.6 9.3 – Basic earnings per share (BEPS) Cents 181 236 (23.4) Headline earnings per share (HEPS) Cents 228 236 (3.2) Statement of cash flows Cash generated by operations R’million 564 472 19.5 Net cash outflow utilised in investing activities R’million (36) (142) 75 Net cash outflow from financing activities R’million (181) (65) (179) Free cash flow* R’million 459 221 108 Statement of financial position Cash and cash equivalents R’million 351 331 6.2 Net debt** R’million 881 1 104 (20.2) Net debt/equity Times 0.65 0.84 – Return on capital employed (ROCE)*** % 34 34 – * Cash generated from operations, less income tax paid and net capital expenditure. ** Total interest-bearing borrowings, including lease liabilities, less cash. *** Operating profit divided by capital employed (which is calculated as the sum of total equity and interest-bearing debt net lease liabilities). Capital allocation GEARING The Group’s total borrowings at 31 August 2026 were R1.0 billion (2025: R1.1 billion), and finance costs on borrowing decreased by 18% from the prior period, supported by capital repayment and beneficial pricing of the debt facility. The Group continues to benefit from its R1.7 billion debt refinancing arrangement, concluded in December 2025. The facility structure features better pricing for a debt variable-rate combination, an amortising facility repayable semi-annually, and a bullet, all maturing in December 2030 with a three-year revolving credit facility. In response to increased market volatility and potential interest rate hikes, the Group reconsidered its approach to interest-rate hedging and implemented interest rate swaps to mitigate volatility in finance charges. Capital expenditure per SA division (R’million) 35 42 60 1 57 Capital expenditure per region (R’million) Brands Manufacturing Corporate Logistics Retail SA SADC AME UK 195 0.7 0.6 18 R35.6m R37.8m Financial performance (continued) SHARE BUYBACK In January 2026, Famous Brands announced the implementation of the Group’s first share buyback programme. The share repurchase forms part of the Group’s broader capital allocation strategy and reflects the Board’s assessment of the Group’s long-term value and prospects. During the period under review, the Group spent R57 million on the programme. CAPITAL EXPENDITURE We reduced our capital expenditure by 73% to R38 million (2025: R140 million). The prior period’s figures also included investment in the Midrand Cold Storage Facility, which was completed in June 2025. Capital was allocated in line with the Group’s strategy, including investment in consumer-facing technology in Leading Brands in South Africa, maintaining and enhancing our Manufacturing and Logistics infrastructure. We have moderated the pace of our manufacturing investment programme, while continuing to allocate capital to projects that offer attractive returns and short payback periods. This selective approach to capital allocation allows us to preserve financial flexibility.
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7 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details7 Famous Brands unaudited condensed consolidated interim financial results 2026 SALE OF 21% SHAREHOLDING INTEREST IN RETAIL GROUP (PTY ) LTD In line with our capital-light expansion approach outside South Africa, Famous Brands has entered into a transaction to reduce its shareholding in Retail Group (Pty) Ltd (Retail Group) in Botswana from 51% to 30%. The transaction, which is expected to be completed by 28 February 2027, will see our existing Botswana-based partners acquiring this shareholding, following implementation of the transaction and fulfilment of all conditions precedent, including the required regulatory approvals. On loss of control, Famous Brands will derecognise the assets, liabilities and any related non-controlling interest put option liability of Retail Group, and recognise any resulting gain or loss in profit or loss. Retail Group will cease to be a consolidated subsidiary of Famous Brands and will be equity-accounted as an associate. We will continue to receive master licence fees from this market under the same arrangement as currently in place. For the interim reporting period, Retail Group is classified as a disposal group held for sale. A goodwill impairment loss of R41 million has been recognised in profit for the period, arising from the expected loss of control of the majority shareholding. Financial performance (continued) Declaration date Wednesday, 21 October 2026 Last day to trade “cum dividend” Monday, 14 December 2026 Shares commence trading “ex-dividend” Tuesday, 15 December 2026 Record date Friday, 18 December 2026 Payment of dividend Monday, 21 December 2026 Event dates Those shareholders of the Group who are recorded in the Company’s register as at the record date will be entitled to the dividend. In terms of dividends tax legislation, please note the following: • The local dividend tax rate is 20%. • The net local dividend amount is 136 cents per share for shareholders liable to pay the dividends tax and 170 cents per share for shareholders exempt from paying the dividends tax. • The issued share capital of Famous Brands is 100 202 284 ordinary shares. • Famous Brands’ tax reference number is 9208085846. DIVIDEND The Board declared an interim dividend of 170 cents per share (2025: 162 cents), reflecting the Group’s continued strong cash generation and sound financial position. The dividend will be paid from profits for the review period, amounting to a total of R170.3 million. In terms of dividends tax legislation, the following additional information is disclosed:
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8 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details8 Famous Brands unaudited condensed consolidated interim financial results 2026 Operational review SA BRANDS Value is no longer simply about price; it is about making every rand count. Convenience, accessibility and proximity are also increasingly important considerations in delivering value. Revenue increased 0.6% to R602 million (2025: R599 million). Operating profit increased by 0.4% to R232 million (2025: R231 million) while the operating profit margin was 38.5% (2025: 38.6%). System-wide sales across our brand portfolio improved by 2.2% while like-for-like sales increased by 0.6%. BRAND FOOTPRINT New restaurants 40 Converted restaurants 2 Revamped restaurants 66 Restaurant closures 13 Important definitions System-wide sales refer to sales reported by all restaurants across the network, including new restaurants opened during the year. Like-for-like sales refer to sales reported by all restaurants across the network, excluding restaurants opened or closed during the year. Despite significant operating headwinds, our strategy and brand portfolio position us to compete effectively, grow and protect our margins. Highlights GROUP Restructuring and cost- management initiatives supported improved performance across AME and Retail. Multi-year investment in our Supply Chain provided resilience and protected margins during a challenging period. Achieved Level 1 B-BBEE contributor status for the third consecutive year. BRANDS Franchise partners continue to invest in our brands with 48 new restaurants opened and 67 restaurants revamped. The drive-thru expansion continues with 4 drive-thrus opened, bringing our drive-thru footprint to 81. Munch POS software implemented in 564 restaurants, simplifying and optimising restaurant processes. Delivery Hubs continue to gain traction, with 14 new hubs bringing the total to 87 across South Africa and Botswana, enhancing the delivery experience. SUPPLY CHAIN The CAP (Competence Development Process) programme was rolled out across Manufacturing and Logistics, strengthening individual and team capability and driving measurable improvements in safety, quality and service, including reduced quality complaints and stock losses. Our Logistics division recorded an On Time, In Full, No Errors (OTIF) rate of 86%, in line with global best practice of between 85% and 90%. The rolltainer pilot project was successful, and national roll-out across our Logistics platform is planned for the end of October 2026. Rolltainers reduce delivery times, improve customer service and truck utilisation.
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9 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details9 Famous Brands unaudited condensed consolidated interim financial results 2026 Operational review (continued) LEADING BRANDS – SA SOUTHERN AFRICAN DEVELOPMENT COMMUNITY – SADC 1 Famous Brands holds the licence agreement in South Africa from PAUL International. BRANDS Leading Brands SA revenue increased by 2.5% to R508 million (2025: R496 million) due to 2.7% growth in system-wide sales, while like-for-like sales grew by 0.8%. Growth was supported by the strong brand portfolio, compelling value propositions, measured menu price increases and continued expansion of the franchise network. While both QSR and CDR experienced some pressure from weaker consumer spending, performance was relatively balanced across the two categories. The operating profit increased to R241 million (2025: R238 million). The operating profit margin slightly declined to 47.4% (2025: 48.0%). The brand footprint grew, with 36 new restaurants opening, including smaller formats and drive- thrus, to meet consumer demand for convenience and accessibility. Encouraging revamp activity reflects franchise partners’ confidence in our brands and their continued willingness to reinvest in their businesses. We continued our technology enablement drive with strong franchise partner adoption of Munch Software’s point-of-sale solution, digital menus and self-service terminals. Our outsourced call centres onboarded 20 new restaurants and now service 1 209 restaurants. These call centres boost restaurant turnovers and reduce complaint volumes. SIGNATURE BRANDS – SA Markets: Angola, Botswana, DRC, Eswatini, Lesotho, Malawi, Mauritius, Mozambique, Namibia, Zambia and Zimbabwe The SADC region delivered a mixed performance, with revenue growth in several markets but continued poor performance in Botswana. Revenue declined by 18% to R183 million (2025: R224 million). Operating profit declined 78% to R5 million (2025: R24 million). The operating profit margin was 3.0% (2025: 10.9%). Botswana’s system-wide restaurant sales fell by 14.8%, and like-for-like sales declined by 13.5% versus the prior period. Botswana’s subdued economic environment, driven by weakness in the diamond sector, continues to pressure consumer demand. While economic activity is expected to recover gradually, households have become more cautious about discretionary spending, including eating out. New restaurants 4 Revamped restaurants 3 Restaurant closures 6 New restaurants 36 Converted restaurants 2 Revamped restaurants 63 Restaurant closures 7 Signature Brands’ revenue decreased by 8.4% to R95 million (2025: R103 million), while the operating loss was R9 million (2025: (R7 million)). The operating loss margin was (9.6%) (2025: (7.0%)). Like-for-like sales decreased by 0.9%, while system-wide sales decreased by 5.1%. The PAUL1 brand, which is operated under a licence agreement, is the primary contributor to the portfolio’s weaker performance. With no obligation to continue rolling out new restaurants, the Group has greater flexibility to reshape the portfolio and focus on sustainable profitability. Management has taken a range of corrective actions to restore the Signature Brands portfolio to profitability, including management changes, store closures and cost reductions. The impact of these actions is expected to become more evident in our 2027 full-year results. Famous Brands unaudited condensed consolidated interim financial results 2026 New restaurants 7 Revamped restaurants _ Restaurant closures 4 REST OF AFRICA AND MIDDLE EAST – AME Markets: Côte d’Ivoire, Egypt, Ethiopia, Kenya, Kuwait, Malaysia, Nigeria and Sudan Revenue in AME decreased by 78% to R7 million (2025: R33 million) due to tough trading conditions and a portfolio that remains subscale. The decline in AME revenue is also due to the conversion from Company-owned stores to a franchise model in Kenya and Mauritius. The operating loss was R14 million (2025: (R19 million)), while the operating margin loss was (192.8%) (2025: (57.2%)). Famous Brands has exited the UAE and closed all remaining restaurants in the market following ongoing performance and operational challenges with a multiple-store franchise partner. The Group is simplifying its AME portfolio to improve performance and create a more sustainable platform for future growth. Actions taken include rationalising the cost base, addressing country-specific operational challenges and bringing the portfolio under the management of Leading Brands. New restaurants 1 Revamped restaurants 1 Restaurant closures 2
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10 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details10 Famous Brands unaudited condensed consolidated interim financial results 2026 Operational review (continued) Supply Chain – SA Our Supply Chain exists to create value for our franchise partners by consistently delivering the right price, the right quality and the right service, matching or exceeding what is available externally. Our Supply Chain operations include Manufacturing, Logistics and Retail. Revenue increased by 5.5% to R3.1 billion (2025: R3.0 billion), reflecting slower demand across the franchise network. Revenue growth benefited from higher case volumes related to the insourcing of Coca-Cola and frozen retail product distribution, completed in our 2026 financial year. We also brought additional manufacturing production volumes in-house. Operating profit increased by 13% to R230 million (2025: R203 million), despite lower manufacturing volumes. The operating profit margin was 7.3% (2025: 6.8%). Global pricing for beef and coffee beans has moderated significantly, improving the margins for these two key ingredients. During this challenging period, the benefits of several years of investment in the Supply Chain are evident. This includes our multi-year project to optimise our distribution network, investments in more efficient manufacturing equipment and a modern, scalable warehouse management system. These capabilities provide greater operational flexibility and resilience in a difficult trading environment while supporting volume growth, insourcing and margins. The Retail division recovered from a loss-making position in the prior year and broke even in the first six months of 2027. This reflects progress from our efforts to recover volumes, penetrate new categories, rationalise the product portfolio and manage margins tightly. Looking forward We remain focused on executing our strategy with discipline as operating constraints persist. Our franchise partners continue to demonstrate agility and a strong commitment to reinvesting in our brands, supported by a solid pipeline of new restaurant openings and healthy revamp activity. Maintaining operational efficiency and cost discipline, including careful consideration of our investment decisions and timing, will protect earnings quality and support sustainable growth. We will continue to balance shareholder distributions, share buybacks, debt reduction and investment in the growth of the business. On behalf of the Board Chris Boulle Darren Hele Chairman Chief Executive Officer Midrand 21 October 2026 BRANDS (CONTINUED ) UNITED KINGDOM – UK Weak economic conditions in the UK continue to constrain eating-out demand. Revenue for the UK declined by 19% to R53 million (2025: R65 million). The operating loss was R3 million (2025: operating profit R1 million). The operating margin was (6.2%) (2025: 2.2%). We have taken measures to reduce the UK cost base. We closed four restaurants during the period. A live webcast of the Group’s interim results presentation will be held on Wednesday, 21 October 2026 at 10h30 (SAST) T o pre-register: https://www.corpcam.com/FamousBrands21102026
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11 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details11 Famous Brands unaudited condensed consolidated interim financial results 2026 Contents Condensed consolidated statement of financial position 12 Condensed consolidated statement of profit or loss and other comprehensive income 13 Condensed consolidated statement of changes in equity 14 Condensed consolidated statement of cash flows 15 Primary (business units) and secondary (geographical) segment report 16 Notes to the condensed consolidated financial statements 19 1. Capital expenditure and commitments 21 2. Property, plant and equipment 21 3. Intangible assets 22 4. Trade and other receivables 23 5. Borrowings 23 6. Trade and other payables 25 7. Revenue 26 8. Profit before tax 26 9. Net finance costs 27 10. Assets and liabilities of a disposal group held for sale 27 11. Basic and headline earnings per share 28 12. Change in ownership interest 29 13. Related party transactions 29 14. Contingent liabilities 29 15. Financial instruments 29 16. Capital management 31 17. Other events 32 18. Events after the reporting date 32 19. Going concern 32 Shareholder spread 33 Corporate details 34
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12 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details12 Famous Brands unaudited condensed consolidated interim financial results 2026 Condensed consolidated statement of financial position at 31 August 2026 Notes Unaudited 31 August 2026 R’000 Audited 28 February 2026 R’000 Assets Non-current assets 1 788 961 2 009 880 Property, plant and equipment 2 840 001 1 013 283 Intangible assets 3 788 176 836 875 Investments in associates 49 082 47 547 Investment in preference shares 25 237 18 097 Loans to associates 8 736 8 445 Lease receivables 3 657 4 732 Deferred tax 74 072 80 901 Current assets 1 473 382 1 564 923 Inventories 489 689 580 396 Trade and other receivables 4 612 336 564 305 Cash and cash equivalents 341 571 378 458 Restricted cash 12 262 25 978 Lease receivables 1 855 2 439 Current tax assets 15 669 13 347 Assets held for sale 10 133 235 – T otal assets 3 395 578 3 574 803 Notes Unaudited 31 August 2026 R’000 Audited 28 February 2026 R’000 Equity and Liabilities Capital and reserves Share capital 1 002 1 002 Share premium 163 441 163 441 Treasury shares (110 912) (54 017) Non-distributable reserves 52 664 66 099 Foreign currency translation reserve 45 878 48 463 Retained earnings 1 091 590 1 121 546 Equity attributable to owners of Famous Brands Limited 1 243 663 1 346 534 Non-controlling interests 112 572 136 599 T otal equity 1 356 235 1 483 133 Non-current liabilities 1 092 824 1 233 964 Borrowings 5 901 968 972 094 Lease liabilities 116 617 186 613 Provision 2 257 2 140 Deferred tax 71 982 73 117 Current liabilities 836 372 857 706 Trade and other payables 6 642 771 667 789 Borrowings 5 77 559 77 272 Lease liabilities 65 338 85 512 Shareholders for dividends 4 192 3 916 Current tax liabilities 46 263 21 893 Derivative financial instruments 249 1 324 Liabilities directly associated with assets classified as held for sale 10 110 147 – T otal liabilities 2 039 343 2 091 670 T otal equity and liabilities 3 395 578 3 574 803
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13 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details13 Famous Brands unaudited condensed consolidated interim financial results 2026 Condensed consolidated statement of profit or loss and other comprehensive income for the six months ended 31 August 2026 Notes Unaudited six months ended 31 August 2026 R’000 Unaudited six months ended 31 August 2025 R’000 Revenue 7 4 336 160 4 239 712 Cost of sales (2 525 190) (2 427 272) Gross profit 1 810 970 1 812 440 Other income 8 8 219 22 266 Expected credit loss (4 520) (1 263) Administration expenses (101 354) (101 607) Marketing expenses (371 537) (366 211) Operations expenses (967 268) (972 719) Operating profit 374 510 392 906 Net finance costs 9 (41 525) (42 303) Finance costs (56 214) (67 642) Finance income 14 689 25 339 Share of profit from associates 3 667 4 773 Impairment of goodwill* (40 970) – Profit before tax 295 682 355 376 Tax (95 919) (95 306) T otal profit for the period 199 763 260 070 Profit for the period attributable to: Owners of Famous Brands Limited 178 360 236 947 Non-controlling interests 21 403 23 123 T otal profit for the period 199 763 260 070 Notes Unaudited six months ended 31 August 2026 R’000 Unaudited six months ended 31 August 2025 R’000 Other comprehensive income, net of tax: Exchange differences on translating foreign operations** (2 585) (519) Movement in hedge accounting reserve** 815 (841) Pre-tax change in fair value of cash flow hedges 1 035 (1 152) Tax on movement in hedge accounting reserve (220) 311 T otal comprehensive income for the period 197 993 258 710 T otal comprehensive income attributable to: Owners of Famous Brands Limited 176 590 235 587 Non-controlling interests 21 403 23 123 T otal comprehensive income for the period 197 993 258 710 Basic earnings per share (cents) Basic 11 181 236 Diluted 11 181 236 * This relates to the impairment of Retail Group’s goodwill following the classification of its assets and liabilities as held for sale. Please refer to Note 10 for further details. ** This item may be reclassified to profit or loss.
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14 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details14 Famous Brands unaudited condensed consolidated interim financial results 2026 Condensed consolidated statement of changes in equity for the six months ended 31 August 2026 Attributable to owners of Famous Brands Limited Share capital and premium R’000 Treasury shares R’000 Non- distributable reserves R’000 Foreign currency translation reserve R’000 Retained earnings R’000 T otal R’000 Non- controlling interests R’000 T otal equity R’000 Balance at 1 March 2025 164 443 – 104 452 73 084 833 648 1 175 627 116 674 1 292 301 Equity-settled share-based payment scheme* – – (45 179) – 39 401 (5 778) – (5 778) T otal comprehensive income for the period – – (841) (519) 236 947 235 587 23 123 258 710 Dividends declared – – – – (195 393) (195 393) (32 425) (227 818) Change of ownership interests in subsidiaries – – (723) – – (723) 723 – Other reserve – – 15 – – 15 – 15 Balance at 31 August 2025 164 443 – 57 724 72 565 914 603 1 209 335 108 095 1 317 430 Treasury shares purchased during the period – (54 017) – – – (54 017) – (54 017) Equity-settled share-based payment scheme – – 7 840 – 5 007 12 847 – 12 847 T otal comprehensive income for the period – – 550 (24 102) 364 265 340 713 29 194 369 907 Dividends declared – – – – (162 329) (162 329) (690) (163 019) Other reserve – – (15) – – (15) – (15) Balance at 1 March 2026 164 443 (54 017) 66 099 48 463 1 121 546 1 346 534 136 599 1 483 133 Treasury shares purchased during the period – (56 895) – – – (56 895) – (56 895) Equity-settled share-based payment scheme* – – (14 250) – 8 554 (5 696) – (5 696) T otal comprehensive income for the period – – 815 (2 585) 178 360 176 590 21 403 197 993 Dividends declared – – – – (216 870) (216 870) (45 430) (262 300) Balance at 31 August 2026 164 443 (110 912) 52 664 45 878 1 091 590 1 243 663 112 572 1 356 235 * Equity-settled share-based payment scheme is a net of the six months ended charge of R27.9 million (2025: R21.9 million) and grant settlement of R33.6 million (2025: R22.7 million). During the six-month period, R8.5 million was released to retained earnings due to lapsed and expired share schemes.
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15 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details15 Famous Brands unaudited condensed consolidated interim financial results 2026 Condensed consolidated statement of cash flows for the six months ended 31 August 2026 Notes Unaudited six months ended 31 August 2026 R’000 Unaudited six months ended 31 August 2025 R’000 Cash generated from operations 564 401 471 565 Net finance costs paid (40 971) (41 583) Finance income received 14 691 25 337 Finance costs paid (55 662) (66 920) Income tax paid (71 101) (107 848) Dividends paid (262 024) (227 699) Dividends paid to owners of Famous Brands Limited (216 594) (195 274) Dividends paid to non-controlling interests (45 430) (32 425) Net cash inflow from operating activities 190 305 94 435 Cash flow from investing activities Additions to property, plant and equipment 2 (33 093) (149 046) Additions to intangible assets 3 (4 676) (5 880) Proceeds from disposal of property, plant and equipment 3 753 12 434 Investment in preference shares of an associate (5 000) – Dividends received from associates 2 132 1 333 Principal receipts from lease receivables 858 595 Loans to associates (292) (1 649) Net cash outflow from investing activities (36 318) (142 213) Notes Unaudited six months ended 31 August 2026 R’000 Unaudited six months ended 31 August 2025 R’000 Cash flow from financing activities Net borrowings (repaid)/raised (50 548) 6 Borrowings raised – 62 115 Borrowings repaid (50 548) (62 109) Non-controlling shareholder loans received – 427 Principal repayments of lease obligations (39 777) (41 725) Share-based payment grant settlements (33 638) (22 693) Acquisition of additional interest in subsidiaries 12 – (795) Acquisition of treasury shares (56 895) – Net cash outflow from financing activities (180 858) (64 780) Net decrease in cash and cash equivalents (26 871) (112 558) Foreign currency effect (366) 1 848 Cash and cash equivalents at the beginning of the period 378 458 441 436 Cash and cash equivalents at the end of the period* 351 221 330 726 * Cash and cash equivalents at the end of the period includes R9.7 million for Retail Group classified as a disposal group held for sale, refer to note 10 for further details.
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16 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details16 Famous Brands unaudited condensed consolidated interim financial results 2026 Primary (business units) and secondary (geographical) segment report for the six months ended 31 August 2026 Operating segments are identified based on financial information regularly reviewed by the executive members of the Group (identified as the Chief Operating Decision Maker (CODM)) for IFRS 8 – Operating Segments for performance assessments and resource allocations. The Brands, Supply Chain and Corporate Business reportable segments are operating segments, differentiated by the activities that each undertakes. The business reportable segments of SA, SADC, AME and the UK are comprised of both franchise operations and Company-owned restaurants, with each segment distinguished by its respective geographic operating regions. The principal activities of the segments are as follows: Brands Leading Brands and Signature Brands are primarily franchised, and some Company-owned restaurants exist. The Leading (mainstream) brands portfolio is segmented into Quick Service and Casual Dining brands. One of the Signature (niche) brands is a majority-owned subsidiary of the Group. The Group earns sales-based royalty income, based on a percentage of restaurant turnover, and licence fees from master licence. Marketing fund revenue contributions are primarily used to pay for expenses relating to purchasing media for marketing, market research, commercial production, and other support functions for the respective brands. Supply Chain The integrated supply chain consists of Manufacturing and Logistics operations which support the Brands business in South Africa and selected markets in the rest of Africa. Retail sells products to retailers. Corporate The Corporate segment consists of costs related to central head office services and other administrative costs not relevant to operations. Corporate services support the entire Group and includes consolidation entries. United Kingdom (UK) This segment comprises the Group’s brand business in the UK (Wimpy). Southern African Development Community (SADC) This segment comprises the Group’s brands in the SADC region. The Group is represented in 11 countries in the region. Rest of Africa and Middle East (AME) This segment comprises the Group’s brands in the AME region. The Group is represented in eight countries in the region. Unaudited six months ended 31 August 2026 R’000 Unaudited six months ended 31 August 2025 R’000 Revenue* Leading brands 507 931 495 725 Signature brands 94 558 103 279 Supply chain 3 128 540 2 964 217 Manufacturing 1 789 014 1 788 226 Logistics 2 919 851 2 700 270 Retail 157 717 170 551 Eliminations (1 738 042) (1 694 830) Marketing funds 360 259 352 356 Corporate 1 492 1 539 South Africa 4 092 780 3 917 116 Southern African Development Community 183 285 223 773 United Kingdom 52 818 65 392 Rest of Africa and Middle East 7 277 33 431 Revenue 4 336 160 4 239 712 * Nature of goods and services for each segment is detailed in note 7 Revenue. Operating segments
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17 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details17 Famous Brands unaudited condensed consolidated interim financial results 2026 Unaudited six months ended 31 August 2026 R’000 Unaudited six months ended 31 August 2025 R’000 Operating profit Leading brands 240 967 238 144 Signature brands (9 061) (7 194) Supply Chain 229 845 202 624 Manufacturing 189 559 185 323 Logistics 42 364 28 933 Retail (2 078) (11 632) Corporate (75 368) (47 377) South Africa 386 383 386 197 Southern African Development Community* 5 419 24 395 United Kingdom (3 257) 1 427 Rest of Africa and Middle East (14 035) (19 113) Operating profit 374 510 392 906 Net finance costs (41 525) (42 303) Share of profit of associates 3 667 4 773 Impairment of goodwill (40 970) – Operating profit before tax 295 682 355 376 Tax (95 919) (95 306) T otal profit for the period 199 763 260 070 * SADC includes Retail Group’s operating loss of R11.7 million (2025: operating profit R2.4 million). Operating segments (continued) Unaudited six months ended 31 August 2026 Unaudited six months ended 31 August 2025 Operating profit margins after impairment* Leading brands 47.4% 48.0% Signature brands (9.6%) (7.0%) Supply chain 7.3% 6.8% Manufacturing 10.6% 10.4% Logistics 1.5% 1.1% Retail (1.3%) (6.8%) South Africa 9.4% 9.9% Southern African Development Community 3.0% 10.9% United Kingdom (6.2%) 2.2% Rest of Africa and Middle East (192.8%) (57.2%) T otal 8.6% 9.3% * Operating profit margins are before goodwill impairment of Retail Group as a result of being classified as a disposal group held for sale. Unaudited six months ended 31 August 2026 R’000 Unaudited six months ended 31 August 2026 R’000 Geographical allocation of revenue Botswana 152 661 197 331 The table below sets out the geographical location of non-current assets excluding deferred tax assets and lease receivables. Unaudited 31 August 2026 Audited 28 February 2026 Geographical allocation of non-current assets South Africa 1 546 395 1 625 159 Southern African Development Community (excluding Botswana) 15 038 3 483 United Kingdom 149 161 149 051 Botswana** – 125 998 Rest of Africa and Middle East 638 20 556 T otal 1 711 232 1 924 247 ** Botswana’s non-current assets have been classified as assets held for sale at 31 August 2026.
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18 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details18 Famous Brands unaudited condensed consolidated interim financial results 2026 Unaudited 31 August 2026 Property, plant and equipment R’000 Intangible assets R’000 T otal R’000 Additions to non-current assets Leading brands 3 101 2 563 5 664 Signature brands 1 466 185 1 651 Manufacturing 15 454 390 15 844 Logistics 8 735 – 8 735 Retail 22 357 379 Corporate 2 575 826 3 401 South Africa 31 353 4 321 35 674 Southern African Development Community 1 740 – 1 740 United Kingdom – 355 355 T otal 33 093 4 676 37 769 Unaudited 31 August 2025 Property, plant and equipment R’000 Intangible assets R’000 T otal R’000 Additions to non-current assets Leading brands 9 058 3 042 12 100 Signature brands 11 379 1 054 12 433 Manufacturing 19 302 – 19 302 Logistics 39 565 354 39 919 Retail – 937 937 Corporate 48 402 391 48 793 South Africa 127 706 5 778 133 484 Southern African Development Community 5 856 102 5 958 Rest of Africa and Middle East 634 – 634 T otal 134 196 5 880 140 076 The Group’s material overhead costs are allocated to segments as follows: Unaudited six months ended 31 August 2026 Employee cost R’000 Electricity cost R’000 Fuel costs** R’000 Depreciation R’000 Material expenses Leading brands 161 544 2 177 9 755 11 217 Signature brands 33 191 3 841 19 10 102 Manufacturing 140 783 40 447 1 795 4 053 Logistics 104 349 13 233 28 458 26 276 Retail 2 386 – – 6 Corporate 83 219 1 992 30 16 377 South Africa 525 472 61 690 40 058 68 031 Southern African Development Community 45 580 7 011 866 19 137 Rest of Africa and Middle East 7 178 157 167 1 920 United Kingdom 7 414 118 – 40 T otal 585 644 68 976 41 091 89 128 Unaudited six months ended 31 August 2025 Employee cost* R’000 Electricity cost R’000 Fuel costs** R’000 Depreciation R’000 Material expenses Leading brands 153 295 1 623 8 983 11 088 Signature brands 31 925 3 040 14 10 316 Manufacturing 142 956 37 934 1 681 8 670 Logistics 102 420 13 544 19 961 20 884 Retail 2 084 – – 15 Corporate 83 226 1 557 46 15 470 South Africa 515 906 57 698 30 685 66 443 Southern African Development Community 53 701 6 733 1 024 19 734 Rest of Africa and Middle East 20 070 1 150 127 5 307 United Kingdom 8 512 181 – 52 T otal 598 189 65 762 31 836 91 536 * Comparative employee costs for the Leading Brands and Logistics segments have been reclassified between the segments. ** Due to the significant increase in fuel costs, management has determined that this constitutes a material overhead for the Group. As a consequence, property insurance costs are no longer separately disclosed as a material overhead. Operating segments (continued)
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19 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details19 Famous Brands unaudited condensed consolidated interim financial results 2026 Notes to the condensed consolidated financial statements for the six months ended 31 August 2026 Reporting entity Famous Brands Limited (Famous Brands or the Group) is a holding Group domiciled in South Africa and is listed on the JSE Limited under the category Consumer Services: Travel and Leisure. Famous Brands is Africa’s leading quick service and casual dining restaurant franchisor. The condensed consolidated financial statements (financial statements) of Famous Brands comprise the Group and its subsidiaries (together referred to as the Group) and the Group’s investments in associates. Famous Brands owns brands which are represented by restaurants locally and internationally. The business model mainly consists of business relationships between Famous Brands as the franchisor and various franchise partners whereby the franchise partners use the Famous Brands intellectual property and sell menu items to consumers. Famous Brands earns sales-based royalty income (“Franchise fee revenue”), based on a percentage of these restaurant turnovers. Our brands are supported by a vertically integrated business, in our supply chain division which comprises our Manufacturing, Logistics and Retail operations. The primary function of our supply chain division is to sell ingredients and products to franchise partners. Franchise fee revenue and manufacturing and logistics revenue is earned from our franchise partners, who are Famous Brands’ customers. Retail operations (part of supply chain) earn revenue from product sales to retailers. The nature of goods and services is detailed in the Operating Segment and revenue streams as detailed in Note 7 Revenue. Statement of compliance The condensed consolidated interim financial statements for the six months ended 31 August 2026 have been prepared in accordance with, and contain the information required by, IAS 34: Interim Financial Reporting, the Financial Pronouncements as issued by the Financial Reporting Standards Council, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the JSE Listings Requirements and the Companies Act of South Africa. The condensed consolidated interim financial statements were approved by the Board of Directors on 21 October 2026. The Group’s condensed consolidated financial statements have not been audited or reviewed and were prepared under the supervision of Mrs Nelisiwe Shiluvana CA(SA), ACMA, CGMA, Group Financial Director. Basis of preparation The material accounting policies applied in the preparation of the condensed consolidated interim financial statements are in terms of IFRS® Accounting Standards and are consistent with those applied in the financial statements for the financial year ended 28 February 2026, except for the new standards that became effective for the Group’s financial reporting beginning 1 March 2026 noted below. The condensed consolidated interim financial statements are presented in South African Rand (Rand), which is the Group’s presentation currency. All financial information presented in Rand has been rounded to the nearest thousand (R000) except when otherwise indicated. The condensed consolidated interim financial statements have been prepared on the historical cost basis, except for the measurement of certain financial instruments at fair value or at amortised cost. The going concern basis has been used in preparing these condensed consolidated interim financial statements as the directors have a reasonable expectation that the Group will continue as a going concern for the foreseeable future, see note 19 Going concern.
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20 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details20 Famous Brands unaudited condensed consolidated interim financial results 2026 Adoption of new standards, amendments to standards and interpretations The Group adopted the following new, revised and amended standards applicable for the first time in the current financial year, none of which had a material impact on the financial statements: IFRS 7 – The amendment requires companies to provide additional disclosures on financial assets and financial liabilities that have certain contingent features. The amendment had no impact on the Group. IFRS 9 – The amendments include guidance on the classification of financial assets, including those with contingent features. The amendments had no impact on the Group. New standards, amendments to standards and interpretations in issue but not yet effective The Group has chosen not to early-adopt the following amendments and interpretations, which have been published and are mandatory for the Group’s accounting periods beginning on or after 1 March 2026 or later periods. Management is assessing the impact of these standards on the financial statements. Standard Effective date (for financial years beginning on or after) IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 replaces IAS 1 Presentation of Financial Statements with a focus on updates to the statement of profit or loss. The new standard requires enhanced profit or loss performance measures that are reported outside the financial statements and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. Management has concluded the implementation assessment, including key management judgement, revision of primary statements and identifying relevant management performance measures “MPMs”. 1 January 2027 IFRS 19 Subsidiaries without Public Accountability: Disclosures IFRS 19 simplifies disclosures for subsidiaries without public accountability, reducing costs while maintaining usefulness for stakeholders. Subsidiaries that elect to apply IFRS 19 will follow the same recognition, measurement and presentation requirements, but the disclosure requirements of those standards will be replaced with the reduced requirements of IFRS 19. T o be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards. Famous Brands Limited’s equity instruments are publicly traded, therefore the entity is not eligible to apply IFRS 19. However, assessments were executed for the separate financial statements, the entities eligible for adoption have been identified and currently evaluating the impact and related governance process for implementation. 1 January 2027 Notes to the condensed consolidated financial statements (continued)
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21 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details21 Famous Brands unaudited condensed consolidated interim financial results 2026 1. Capital expenditure and commitments Unaudited 31 August 2026 R’000 Audited 28 February 2026 R’000 Invested 37 769 214 766 Property, plant and equipment 33 093 201 683 Intangible assets 4 676 13 083 Authorised, not yet contracted 141 928 297 826 Property, plant and equipment 120 811 235 913 Intangible assets 21 117 61 913 2. Property, plant and equipment Unaudited 31 August 2026 R’000 Audited 28 February 2026 R’000 Carrying amount at the beginning of the period/year 1 013 283 962 646 Additions 34 354 229 314 Owned 33 093 201 683 Right-of-use asset 1 261 27 631 Foreign currency translation (1 030) (16 744) Disposals (16 683) (7 349) Disposals of owned property, plant and equipment (6 098) (7 349) Derecognition of right-of-use asset (10 585) – Disposal of subsidiaries – (7 129) Owned – (5 155) Right-of-use asset – (1 974) Depreciation (89 128) (183 517) Reclassification to assets held for sale* (113 558) – Modification of right-of-use assets 12 763 36 062 Carrying amount at the end of the period/year 840 001 1 013 283 * The assets and liabilities of Retail Group were classified as a disposal group held for sale, refer to note 10 for further information. The cost and net carrying amount of the land within land and buildings is R84 million (February 2026: R84 million). Notes to the condensed consolidated financial statements (continued)
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22 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details22 Famous Brands unaudited condensed consolidated interim financial results 2026 2. Property, plant and equipment (continued) 2.1 Capital work-in-progress Unaudited 31 August 2026 R’000 Audited 28 February 2026 R’000 Carrying amount at the beginning of the period/year 9 674 105 790 Additions 9 627 79 907 Land and buildings – 25 894 Leasehold improvements 6 136 12 966 Plant and equipment 3 491 41 047 Transfers (3 015) (176 024) Land and buildings* – (128 870) Leasehold improvements (2 936) (15 033) Plant and equipment (79) (31 734) Computer equipment – (386) Carrying amount at the end of the period/year 16 286 9 673 * The cost of land and buildings that was transferred from capital work-in-progress was for the development cost for the Midrand cold storage that has been brought into use in the prior financial year. 3. Intangible assets Unaudited 31 August 2026 R’000 Audited 28 February 2026 R’000 Carrying amount at the beginning of the period/year 836 875 859 386 Additions 4 676 13 083 Foreign currency translation (1 117) (17 992) Disposal* (3 036) – Reclassification to assets held for sale** (987) – Amortisation (7 265) (16 120) Impairment** (40 970) (1 482) Carrying amount at the end of the period/year 788 176 836 875 * Disposal of assets of R3 million (February 2026:Rnil) relates to Famous Brands Restaurant Holdings. ** The assets and liabilities of Retail Group were classified as a disposal group held for sale resulting in a goodwill impairment loss of R40.9 million due to loss of control, refer to note 10 for further information. Notes to the condensed consolidated financial statements (continued)
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23 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details23 Famous Brands unaudited condensed consolidated interim financial results 2026 4. Trade and other receivables Unaudited 31 August 2026 R’000 Audited 28 February 2026 R’000 Net trade receivables 472 483 489 856 Trade receivables 509 247 522 856 Impairment allowance (36 764) (33 000) Other receivables 68 778 31 616 Prepayments 67 915 34 132 Reclassification to assets held for sale* (5 326) – VAT receivable 8 486 8 701 612 336 564 305 * The trade and other receivables of Retail Group were classified as assets held for sale. Refer to note 10 for further information. The Group has a wide customer base and there is no significant concentration of credit risk. One debtor has a current balance in excess of 4% of the trade receivables balance amounting to R20.7 million (February 2026: R24.7 million). The book value of trade and other receivables approximates the fair value due to the short-term nature of these receivables. The Group measures the loss allowance for trade receivables at an amount equal to the lifetime expected credit losses based on the simplified approach. 5. Borrowings Unaudited 31 August 2026 R’000 Audited 28 February 2026 R’000 Unsecured Long-term borrowings 901 968 972 094 Long-term borrowings 922 285 972 094 Borrowings directly associated with assets held for sale* (20 317) – Short-term borrowings 77 559 77 272 Short-term portion of borrowings 75 765 75 450 Non-controlling shareholder loans 1 794 1 822 979 527 1 049 366 * The assets and liabilities of the Retail Group Botswana were classified as a disposal group held for sale. Refer to note 10 for further information. Notes to the condensed consolidated financial statements (continued)
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24 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details24 Famous Brands unaudited condensed consolidated interim financial results 2026 5. Borrowings (continued) Currency Maturity date Interest rate nature Margin % Rate Unaudited 31 August 2026 % Audited 28 February 2026 % Unaudited 31 August 2026 R’000 Audited 28 February 2026 R’000 Terms of repayment Loan facility: Bullet payment loan ZAR Dec-30 variable 1.35 3-month JIBAR 8.35 8.09 400 000 400 000 Loan facility: Amortising loan ZAR Dec-30 variable 1.20 3-month JIBAR 8.20 7.94 320 000 360 000 Loan facility: Revolving Credit Facility (RCF) ZAR Dec-28 variable 1.25 3-month JIBAR 8.25 7.99 252 552 252 552 Loan facility: Revolving Credit Facility (RCF) BWP Aug-29 variable 3.50 Prime 10.69 9.51 20 317 20 107 Loan facility: Amortising loan ZAR Nov-26 variable 1.50 Prime – 11.75 – 9 408 Loan facility: Amortising loan ZAR Jan-32 variable Prime 10.50 10.25 9 424 10 065 Non-controlling shareholder loans* Marathon Holdings (Pty) Ltd ZAR 1 794 1 822 1 004 087 1 053 954 Borrowings directly associated with assets held for sale** Loan facility: Revolving Credit Facility (RCF) BWP Aug-29 variable 3.50 Prime 10.69 9.51 (20 317) – Transaction costs (4 272) (4 757) Interest accrued 29 169 979 527 1 049 366 In December 2025, the South African Reserve Bank formally announced the cessation of JIBAR, and the transition process commenced in January 2026. New agreements entered into by the Group, including derivative instruments, have been executed with reference to ZARONIA. The Group is managing the transition of its existing JIBAR-referenced debt to ZARONIA through active engagement with its primary financier and is at an advanced stage of discussions to facilitate the early transition of these facilities to ZARONIA. * Loans from non-controlling shareholders are interest-bearing, unsecured and have no repayment terms. ** The assets and liabilities of Retail Group were classified as held for sale, refer to note 10 for further information. Notes to the condensed consolidated financial statements (continued)
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25 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details25 Famous Brands unaudited condensed consolidated interim financial results 2026 5. Borrowings (continued) Sensitivity analysis A change of 100 basis points in interest rates at the reporting date would have increased/ (decreased) profit or loss by R10 million (February 2026: R10 million). Interest risk management The Group utilises interest rate swap contracts to hedge its exposure to the variability of cash flows arising from unfavourable movements in interest rates. Facilities The Group has an overdraft facility in place: R100 million (February 2026: R100 million). Unutilised portion at period end is R100 million (February 2026: R100 million). The Group has a three-year revolving credit facility of R524 million (February 2026: R524 million). Unutilised portion is R252 million (February 2026: R252 million) at period end. The Group has a 10-year amortising loan of R9 million (February 2026: R10 million), which is fully utilised. The Group has a five-year amortising loan of R320 million (February 2026: R360 million), which is fully utilised. The Group has a five-year bullet payment loan of R400 million (February 2026: R400 million), which is fully utilised. Guarantees Famous Brands Limited, Famous Brands Management Company (Pty) Ltd, Steers Properties (Pty) Ltd, Halamandaris Props (Pty) Ltd, Lamberts Bay Foods (Pty) Ltd, FB Signature Brands (Pty) Ltd and Famous Brands Investment (Pty) Ltd are joint guarantors in terms of the loan agreement: – Punctual performance by the Group of amounts due in the agreement; – Immediate payment of amounts due which the Group has not paid; and – T o indemnify the lender against any cost, loss or liability it incurs as a result of the Group not paying amounts that are due. 6. Trade and other payables Unaudited 31 August 2026 R’000 Audited 28 February 2026 R’000 Trade payables and accruals 525 689 557 261 Trade payables 361 457 416 237 Accruals 164 232 141 024 Employee benefits 103 430 70 699 Franchise development cost 13 878 9 045 VAT payable 38 401 30 784 Reclassification of liabilities directly associated with assets held for sale* (38 627) – 642 771 667 789 * The trade and other payables of Retail Group were classified as held for sale. Refer to note 10 for further information. Franchise development cost relates to upfront deposits received from franchise partners for the development of a new build or restaurant revamp. The upfront deposits are not revenue for the Group. Funds remaining at the end of the project are refunded to the franchise partner. The book value of trade payables and other payables approximates their fair values due to the short-term nature of the instruments. Notes to the condensed consolidated financial statements (continued)
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26 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details26 Famous Brands unaudited condensed consolidated interim financial results 2026 7. Revenue Unaudited six months ended 31 August 2026 R’000 Unaudited six months ended 31 August 2025 R’000 Sales-based royalties Franchise fees revenue 544 609 530 528 Leading brands 520 784 505 359 Signature brands 23 825 25 169 Marketing fees revenue* 360 259 352 356 Leading brands 353 015 345 730 Signature brands 7 244 6 626 Revenue at point in time Manufacturing revenue 50 910 93 396 Owned 616 13 648 Subsidiary 50 294 79 748 Logistics revenue 2 920 737 2 700 269 Licenced products revenue 52 788 64 871 Retail revenue 157 717 170 551 Company-owned restaurant revenue 235 803 310 369 Leading brands 165 295 232 469 Signature brands 70 508 77 900 Joining fees 6 746 7 743 Revenue over time Service revenue 6 591 9 629 4 336 160 4 239 712 * Marketing fees revenue relates to funds contributed by franchise partners for the various brands across the Group, which in South Africa are administered in line with the Consumer Protection Act (CPA). Additional analysis of revenue is provided in the primary (business units) and secondary (geographical) segments report, based on the information received by the CODM. 8. Profit before tax Notes Unaudited six months ended 31 August 2026 R’000 Unaudited six months ended 31 August 2025 R’000 Profit before tax is arrived at after taking into account, among other items, those detailed below: Depreciation of property, plant and equipment 2 89 128 91 536 Amortisation of intangible assets 3 7 265 9 168 Expected credit loss 4 520 1 263 Directors’ remuneration 16 008 18 061 Executive directors 12 629 15 057 Non-executive directors 3 379 3 004 Auditors’ remuneration 10 588 10 026 Financial statement audit 8 823 8 975 Other services* 1 765 1 051 Electricity 68 976 65 762 Fuel 41 091 31 836 Property insurance 13 307 14 778 Employee expenses 585 644 598 189 Third party contractors 36 910 34 732 Share-based payments – equity-settled 27 941 21 923 Foreign exchange differences 565 (547) Other income (8 219) (22 266) Loss on disposal of property, plant and equipment 5 380 263 Gain on derecognition of right-of-use assets – (144) Loss on disposal of intangible assets – 58 Profit on sale of business – (1 018) Sundry income (13 599) (21 425) Impairment of goodwill 40 970 – Share of profit of associates (3 667) (4 773) * Relates to fees paid for independent reviews of subsidiary statutory financial statements. Notes to the condensed consolidated financial statements (continued)
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27 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details27 Famous Brands unaudited condensed consolidated interim financial results 2026 9. Net finance costs Unaudited six months ended 31 August 2026 R’000 Unaudited six months ended 31 August 2025 R’000 Finance costs Interest on borrowings (42 805) (47 728) Interest on lease liabilities (12 225) (14 474) Other finance costs (1 184) (5 440) (56 214) (67 642) Finance income Interest from lease receivables 326 526 Interest from bank deposits 14 363 24 813 14 689 25 339 Net finance costs (41 525) (42 303) 10. Assets and liabilities of a disposal group held for sale On 28 August 2026, the Investment Committee approved a formal plan to dispose of 21% shareholding interest in Retail Group (Pty) Ltd in Botswana. The disposal group is measured at fair value less costs to sell. This will reduce the Group’s shareholding from 51% to 30% which will result in loss of majority shareholder control. The Group will cease consolidation and equity-account for an investment in an associate. Management has actively engaged with the buyer and agreed on a proposed sale consideration. The transaction is expected to be completed by 28 February 2027. The proposed disposal remains subject to the fulfilment of conditions precedent for a transaction of this nature, including required regulatory approvals. The transaction does not meet the definition of a discontinued operation. A goodwill impairment of R40.9 million has been recognised in profit for the period, arising from the expected loss of control of the majority shareholding. The major classes of assets and liabilities comprising Retail Group classified as held for sale as at 31 August 2026 are as follows: Unaudited 31 August 2026 R’000 Assets classified as held for sale ASSETS Property, plant and equipment* 113 558 Intangible assets* 987 Inventories 3 714 Trade and other receivables 5 326 Cash and cash equivalents 9 650 Assets held for sale 133 235 LIABILITIES Liabilities directly associated with the disposal group: Borrowings 20 317 Lease liabilities 51 203 Trade and other payables 38 627 Liabilities held for sale 110 147 Net assets directly associated with disposal group 23 088 * Property, plant and equipment and intangible assets are no longer depreciated and amortised since the date of being held directly classified as a disposal group held for sale. Notes to the condensed consolidated financial statements (continued)
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28 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details28 Famous Brands unaudited condensed consolidated interim financial results 2026 11. Basic and headline earnings per share Unaudited six months ended 31 August 2026 Cents per share Unaudited six months ended 31 August 2025 Cents per share Attributable to owners of Famous Brands Limited Basic earnings per share 181 236 Headline earnings per share 228 236 Diluted earnings per share 181 236 Diluted headline earnings per share 228 235 Number of shares Number of shares Reconciliation of weighted average number of shares to diluted weighted average number of shares Weighted average number of shares in issue 100 202 284 100 202 284 Treasury shares (1 762 140) – Possible issue of ordinary shares in the future relating to the share incentive scheme 61 685 226 184 Diluted weighted average number of shares in issue 98 501 829 100 428 468 Unaudited six months ended 31 August 2026 R’000 Unaudited six months ended 31 August 2025 R’000 Basic and headline earnings Basic earnings 178 360 236 947 Adjusted for: 46 080 (856) Loss on disposal of property, plant and equipment 5 380 263 Tax on loss on disposal of property, plant and equipment (270) (38) Loss on disposal of intangible assets – 58 Tax on loss on disposal of intangible assets – (16) Profit on sale of business – (1 018) Gain on derecognition of right-of-use assets – (144) Tax on gain on derecognition of right-of-use assets – 39 Impairment of goodwill 40 970 – Headline earnings 224 440 236 091 Notes to the condensed consolidated financial statements (continued)
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29 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details29 Famous Brands unaudited condensed consolidated interim financial results 2026 12. Change in ownership interest Unaudited six months ended 31 August 2026 R’000 Unaudited six months ended 31 August 2025 R’000 Summary of cash flows on acquisitions, disposals and changes in ownership interests Famous Brands Restaurant Holdings (Pty) Ltd Effective 1 August 2025, the Group acquired the remaining 49% shareholding in Famous Brands Restaurants Holdings for a consideration of R3.1 million Non-controlling interest acquired – 2 458 Changes in ownership* – 723 Purchase consideration – 3 181 Other payables – (2 386) Cash outflow on acquisition of subsidiary – 795 * Transaction between equity partners. 13. Related party transactions The Group entered into various sales and purchase transactions with related parties, in the ordinary course of business on an arm’s-length basis. The nature of related party transactions is consistent with those reported previously. 14. Contingent liabilities Refer to Note 5 Borrowings for other guarantees and facilities in the Group. The Group and its South African subsidiaries have issued R16.2 million (February 2026: R16.2 million) suretyship in favour of FirstRand Bank Limited to secure the banking facilities entered into by certain local subsidiary companies. The Group has entered into a guarantee and indemnity agreement with Capitec Bank Limited. The guarantee relates to a loan between Capitec Bank Limited and Munch South Africa (Pty) Ltd, an associate of the Group. The guarantor’s liability for claims under the guaranteed obligations is limited to an aggregate maximum amount of R15 million (February 2026: R15 million). 15. Financial instruments Accounting classifications and fair values The table below sets out the classification of financial assets and liabilities carrying amounts as well as a comparison to their fair values. The different fair value levels are described below: Level 1: Quoted prices (adjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs for the asset or liability. Unaudited 31 August 2026 R’000 Audited 28 February 2026 R’000 Financial assets Measured at amortised cost: Trade and other receivables 541 261 521 472 Trade and other receivables included in disposal group held for sale 3 901 – Lease receivables 5 512 7 171 Restricted cash 12 262 25 978 Cash and cash equivalents 341 571 378 458 Cash and cash equivalents included in disposal group held for sale 9 650 – Loans to associate 8 736 8 445 Investment in preference shares in an associate 5 000 – 927 893 941 524 Notes to the condensed consolidated financial statements (continued)
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30 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details30 Famous Brands unaudited condensed consolidated interim financial results 2026 Unaudited 31 August 2026 R’000 Audited 28 February 2026 R’000 Financial liabilities Measured at amortised cost: Trade and other payables 525 689 557 261 Trade and other payables included in disposal group directly associated liabilities with held for sale 33 941 – Shareholders for dividends 4 192 3 916 Lease liabilities 181 955 272 125 Lease liabilities included in disposal group directly associated with liabilities held for sale 51 203 – Borrowings 979 527 1 049 366 Borrowings included in disposal group directly associated with liabilities held for sale 20 317 – 1 796 824 1 882 668 The carrying amounts of financial assets and financial liabilities classified at amortised cost are considered to approximate the fair values. Level Unaudited 31 August 2026 R’000 Audited 28 February 2026 R’000 Derivative financial instruments Liabilities Fair value through profit or loss Foreign exchange contracts 2 167 58 Fair value through other comprehensive income Interest-rate swaps 2 82 1 266 249 1 324 Movements in Level 3 financial instruments carried at fair value The following tables illustrate the movements during the year of Level 3 financial instruments carried at fair value: Financial instruments at fair value through profit or loss Assets Fair value through profit or loss Investment in preference shares 3 20 237 18 097 20 237 18 097 Investment in preference shares (insurance cell captive) Reconciliation to carrying amounts: Carrying amount at the beginning of the period/year 18 097 12 115 Fair value adjustment 2 140 5 982 Carrying amount at the end of the period/year* 20 237 18 097 * Investment valuation based on net asset value of the cell captive. 15. Financial instruments (continued) Notes to the condensed consolidated financial statements (continued)
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31 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details31 Famous Brands unaudited condensed consolidated interim financial results 2026 16. Capital management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern, to provide sustainable returns for shareholders, benefits for other stakeholders and to maintain, over time, an optimal structure to reduce the cost of capital. The capital structure of the Group consists of Cash and cash equivalents, Borrowings, Lease liabilities and Equity as disclosed in the statement of financial position. There are no externally imposed capital requirements. Financial covenants The Group’s borrowings (refer to Note 5 Borrowings) are subject to financial covenants. Management regularly monitors and reviews compliance of these ratios in line with the funding agreement. These financial covenants are based on the contractual terms of each facility. The covenants are limited to the SA business. Dates Leverage ratio Interest cover ratio Aug-24 2.25x^ 3.00x^ Feb-25 2.25x^ 3.00x^ Aug-25 2.25x^ 3.00x^ Feb-26 2.50x^ 3.00x^ Aug-26 2.50x^ 3.00x^ Feb-27 2.50x 3.00x ^ All covenant ratios were satisfied as per the Group’s primary lender. Gearing The Group’s gearing ratio is set out below: Unaudited 31 August 2026 R’000 Audited 28 February 2026 R’000 Net debt to total equity (Gearing ratio) Borrowings 999 844 1 049 366 Lease liabilities 233 158 272 125 Cash and cash equivalents (351 221) (378 458) Net debt 881 781 943 033 Equity 1 356 235 1 483 133 Issued shares (excluding treasury shares) 98 164 846 99 268 825 Gearing Net debt to T otal equity ratio 0.65 0.64 Net asset value per share Net asset value per share (cents) 1 382 1 494 Notes to the condensed consolidated financial statements (continued)
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32 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details32 Famous Brands unaudited condensed consolidated interim financial results 2026 17. Other events 17.1 Share repurchase programme The Board approved a general share repurchase of the Company’s ordinary shares up to a maximum of 5% of the Company’s issued share capital in the February 2026 financial year, through FB Investments Proprietary Limited, a wholly owned subsidiary of the Company (the “Share Repurchase”). The Group spent R56.9 million to repurchase the Company’s issued share capital. The shares repurchased as part of the Share Repurchase will be held as treasury shares and will not have any voting rights. 18. Events after the reporting date The directors are not aware of any material events or circumstances arising subsequent to the reporting date and up to the date of approval of these condensed consolidated interim financial statements that would require adjustment to or disclosure in the financial statements, other than those disclosed below: 18.1 Dividends The Board declared an interim dividend of 170 cents per share to the amount of R170.3 million, reflecting the Group’s stable financial position and cash flows. In light of the challenging economic environment in which our business currently operates, we acknowledge its impact on earnings growth. Nevertheless, we maintain an optimistic outlook for the future. The dividend will be paid out of the current year profit for the total of R170.3 million. 18.2 Sale of Retail Group Botswana On 13 October 2026, the share purchase agreement was signed by all parties. 19. Going concern The Board has undertaken a rigorous assessment of whether the Group is a going concern in the light of current and anticipated economic conditions across its operating geographies taking into consideration available information about economic uncertainties and market volatility. The projections for the Group have been prepared considering prospective performance, and available capital and liquidity for a period of 12 months from the date of approval of these condensed consolidated financial statements including performing sensitivity analysis. The assumptions modelled are based on the continued estimated impact of the current difficult operating environment influenced by global geopolitical uncertainty, ongoing water shortages, supply chain disruptions, elevated food and fuel prices, and potential further interest rate hikes. Despite the challenging environment, resilience of the consumer to a certain extent is apparent in the Group’s stable performance across profitability, cash generation, gearing matrices and improved solvency. For the Group we are forecasting growth in revenue, profit and free cash flow, which is still under pressure due to uncertainty in the growth of the economy. Our support protected our franchise partners and our own supply chain operations, resulting in improved performance for the interim reporting period, including access to more appropriate debt finance structure in line with the Group’s current funding requirements and strategy. At 31 August 2026, the Group had access to unutilised facilities of R352 million (refer to Note 5 Borrowings) and sufficient covenant headroom. Our forecasts and projections, taking account anticipated market volatility, show that the Group will be profitable and cash generative in the year ahead. The Board has reviewed the Group’s projections and sensitivity analysis which shows that the Group has sufficient capital, liquidity and positive future performance outlook to continue to meet its obligations and consequently, it is appropriate to prepare the condensed consolidated financial statements on a going concern basis for the foreseeable future. Notes to the condensed consolidated financial statements (continued)
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33 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Shareholder spread33 Famous Brands unaudited condensed consolidated interim financial results 2026 Shareholder spread at 31 August 2026 Number of shareholders % of total shareholdings Number of shares % of issued capital 1–10 000 6 004 93.61 3 454 929 3.45 10 001–50 000 203 3.16 4 631 307 4.62 50 001–100 000 66 1.03 4 681 689 4.67 100 001–1 000 000 119 1.86 41 044 303 40.96 Over 1 000 000 22 0.34 46 390 056 46.30 T otal 6 414 100.00 100 202 284 100.00 Distribution of shareholders Individuals 5 542 86.40 16 541 403 16.51 Insurance companies 1 0.02 811 0.00 Investment trusts 173 2.70 952 344 0.95 Other companies and corporate bodies 698 10.88 82 707 726 82.54 T otal 6 414 100.00 100 202 284 100.00 Shareholder type Non-public shareholders 6 0.09 6 816 257 6.80 Directors and associates (Direct) 5 0.07 1 121 369 1.12 Directors and associates (Indirect) 1 0.02 5 694 888 5.68 Public shareholders 6 408 99.91 93 386 027 93.20 T otal 6 414 100 100 202 284 100.00 Number of shareholders % of total shareholdings Number of shares % of issued capital Fund managers greater than 5% of the issued shares Camissa Asset Managers – – 16 489 926 16.46 Public Investment Corporation – – 8 774 973 8.76 36One Asset Management – – 10 590 969 10.57 Mianzo Asset Management – – 5 856 861 5.85 T otal – – 41 712 729 41.64 Direct and indirect beneficial shareholders greater than 5% of the issued shares (excluding directors) Government Employees Pension Fund – – 13 964 203 13.94 36One Asset Management – – 5 833 083 5.82 Panis Trust – – 5 694 888 5.68 T otal – – 25 492 174 25.44 T otal number of shareholdings 6 414 – – 0.00 T otal number of shares in issue – – 100 202 284 0.00
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34 Famous Brands unaudited condensed consolidated interim financial results 2026 Group profile Investment proposition Operating context Financial performance Operational review Looking forward Financials Notes to the financials Corporate details34 Famous Brands unaudited condensed consolidated interim financial results 2026 Famous Brands Limited Incorporated in the Republic of South Africa Registration number: 1969/004875/06 JSE and A2X share code: FBR ISIN code: ZAE000053328 Directors Chris Boulle (Independent Chairman), Alex Maditse, Nik Halamandaris, Darren Hele (CEO)* , Busisiwe Mathe, Thabo Mosololi, William Mzimba, Fagmeedah Petersen-Cook, and Nelisiwe Shiluvana (Group Financial Director)* * Executive Group Company Secretary Celeste Appollis Registered office and contact information 478 James Crescent, Halfway House, Midrand, 1685 PO Box 2884, Halfway House, 1685 T elephone: +27 11 315 3000 Email: investorrelations@famousbrands.co.za Website address: www.famousbrands.co.za Transfer secretaries Computershare Investor Services Proprietary Limited Registration number: 2004/003647/07 Rosebank T owers, 15 Biermann Avenue, Rosebank, 2196, South Africa Private Bag X9000, Saxonwold, 2132 Sponsor The Standard Bank of South Africa Limited Registration number: 1969/017128/06 30 Baker Street, Rosebank, 2196 Auditor KPMG Inc. Registration number: 1999/021543/21 85 Empire Road, Parktown, Johannesburg, 2193 Corporate details
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