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4 9.5% 9.8% 9.1% 9.0% 9.1% 8.1% 8.3% 8.0% 6.9% 6.2% 5.5% 3.8% 3.0% 10.8% 10.7% 9.6% 8.1% 6.6% 8.4% 7.7% 7.4% 6.7% 6.1% 6.0% 6.9% 7.9% 0% 2% 4% 6% 8% 10% 12% Jun 2024 Jul Aug Sep Oct Nov Dec Jan 2025 Feb Mar Apr May Jun 12MM Total Retail 12MM Total Wholesale Source: Ask’d Grocery Trends, 12MM Ending June 2025
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5 To deliver sustainable, profitable growth & stakeholder value. Increased focus on Growth Improved operational & financial momentum Meaningful progress continues with execution of strategic focus areas: ▪ Driven by customer & channel growth, ongoing operating model & portfolio simplification Categories, Channels & People ▪ Accelerating earnings momentum & creating long-term stakeholder value Portfolio & Operating Model ▪ Streamlining portfolio to focus on value-added food categories GROW SIMPLIFY SUSTAIN Operations & Cash Flows ▪ Embedding sustainability as a core business practice across operations
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6 Ongoing portfolio rationalisation ▪ Strategic intent to focus on value-added food categories continues Wet Condiments ▪ Shared-service functional structure implemented ▪ Stronger trading, customer development & procurement Integration of Meal Ingredients (Retail), Snacks & Spreads ▪ Progressed in line with schedule during H1 2025 SIMPLIFY
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7 Continued implementation of One Libstar high-performance culture programme ▪ Focus on improvements in performance management processes & ways of working ▪ Strong emphasis on upholding value, customer & brand promises ▪ Launch of 12-month Leadership programme – focus on succession, training & upskilling GROW
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8 Dry Condiments ▪ Momentum driven by international retail listings across multiple geographies ▪ Export growth in own-branded spices, seasonings & sauces Wet Condiments Revenue growth supported by: ▪ Growth in own-branded & private label sauces, pesto's & vinegars ▪ Improved contract manufacturing demand ▪ Sustained improvement in baking aids distribution ▪ Enhanced service levels across the Retail channel Meal Ingredients & Baking ▪ Resilient Food Service channel demand, particularly for wraps in quick service restaurants GROW
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9 Dairy ▪ Lancewood retail brand market share gains & volume growth in the core categories of cheese, butter & yoghurt ▪ Balanced supply-demand dynamic in milk procurement, which aided inventory levels ▪ Under-recovered production costs as production was lowered in favour of selling down existing inventory ▪ Dairy margins expected to improve further in H2 Value-added Meats ▪ Strong demand for fresh & frozen chicken products in Retail and Food Service channels Fresh Mushrooms ▪ Improve production yields in Gauteng facility GROW * Market share growth in total cheese category
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10 SUSTAIN Sustainable Operations & Business Practices ▪ Focus on increasing use of green energy alternatives • Continued work with landlords for solar installations at facilities • Investigation of wheeling arrangements ▪ Effluent treatment & water recovery project at Lancewood ▪ Implemented further Group procurement opportunities
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11 ^ Normalised EBIT/EBITDA & Normalised EPS/HEPS from continuing operations, excludes non-recurring, non-trading & non-cash items * From continuing operations # Group volumes are shown after adjustments for extraordinary items (Volume +4.1% Price/mix +2.6%) # (H1 2024: 20.7%) (H1 2025: R465 m) (H1 2025: 23.2 cps) (H1 2024: 1.6x) (H1 2024: 9.6%) (H1 2024: 57.2%)(H1 2025: 16.7 cps)
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12 18 AWARDS & COUNTING 2025 has been an award-winning year so far 21 awards and counting… BEST DAIRY PRODUCER TROPHY SA FOOD & BEVERAGE AWARDS: 11 AWARDS SA DAIRY CHAMPS: 5 FIRST PRIZE AWARDS 2 QUALITÉ AWARDS
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14 (R’m) H1 2025 Change H1 2024 * Revenue 5 958.1 +6.7% 5 585.3 Gross profit margin (%) 21.6% +0.9pp 20.7% Other income 8.9 7.0 Gain on foreign exchange 10.7 11.0 Capital items -12.2 1.1 Operating expenses -1 066.2 +9.4% -974.8 Margin -17.9% -17.5% Operating profit 230.8 +14.6% 201.4 Margin 3.9% 3.6% Normalised operating profit 296.3 +16.7% 253.9 Margin 5.0% 4.5% Normalised EBITDA 464.6 +7.5% 432.3 Margin 7.8% 7.7% Net finance cost -99.8 +7.0% -93.3 Profit before tax 131.0 +21.2% 108.1 Income tax -40.2 -27.1 Effective tax rate 30.7% 25.1% Profit after tax 90.8 +12.1% 81.0 Restated for prior period error corrections. The comparative profit or loss is further restated to present Chet Chemicals as a discontinued operation and to present capital items separately from other income, other gains and operating expenses. *
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15 27.9% 49.5% 22.6% H1 2025 Change H1 2024 Total Capex R83.7m +4.1% R80.4m Capex % of revenue 1.4% 1.4% ▪ NWC improvement was impacted by: ▪ Trade creditors’ days increase of 2 days ▪ Trade debtors’ days decrease of 2 days ▪ Inventory days increase of 3 days, driven by increased stockholdings in Dry Condiments, which was offset by reductions in the Dairy sub-category ▪ The Group target range remains 16% - 18% ▪ Projects underway to reduce inventory holding of bulk tea & spice inventories Expansionary / Capacity Quality / Improvement Replacement / Maintenance H1 2025 H1 2024^ 2024^ NWC (days) 68 69 73 NWC (% of revenue) 17.6% 18.0% 19.1% ^ From continuing operations
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16 Target: >65% H1 2025 H1 2024 2024 Targets Gearing ratio 1.3 1.6 1.5 <2.0 Interest cover 5.7 5.1 5.4 >3.5 ROIC 9.1% 9.6% 8.6% >WACC
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18 Normalised EBITDA margin H1 2025 H1 2024 Target 2025 * Continuing Operations
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19 50% of Group revenue Category performance Volume^ Price/mix H1 2025 Change H1 2024 Revenue (R’m) +8.9% -2.9% 2 949.5 +6.0% 2 782.7 Gross profit margin % 26.7% +1.5pp 25.2% Normalised EBITDA (R’m) 343.8 +10.6% 311.0 EBITDA margin % 11.7% +0.5pp 11.2% RONA %* 17.7% +1.1pp 16.6% * Normalised EBIT x (1-27%)/(NWC + Lease Assets + PPE) Highlights Challenges ▪ Strong performance of Wet Condiment offerings ▪ Retail volume growth of 7.5% ▪ Improved gross profit margin, driven by: ▪ Production efficiencies in Wet Condiments as a result of improved volumes; & ▪ Growth in own-branded products in Dry Condiments ▪ Margin pressure in Snacking ▪ Capacity constraints of bulk vinegar to the Industrial channel ▪ Reduced volumes of private label products to discount retailers in the Exports channel ^ Excluding extraordinary beverages and bulk vinegar sales volumes
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20 Sub-category Revenue YoY EBITDA YoY Comments Wet Condiments +16.8% +124.4% ▪ Strong demand in Retail & Industrial channels sauces Meal Ingredients, Snacks & Spreads +2.1% -13.8% ▪ Volume growth in Retail & Food Service channels ▪ Margin pressure in Snacking Dry Condiments -2.0% +4.9% ▪ Lower export volumes, improved mix ▪ New own branded listings in the Exports channel Baking +11.3% -8.3% ▪ Strong Food Service performance ▪ Production inefficiencies TOTAL +6.0% +10.6% Beverages sub-category closed in 2024 & not shown separately above
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21 Category performance Volume^ Price/mix H1 2025 Change H1 2024 Revenue (R’m) -0.4% +8.0% 2 932.4 +7.6% 2 726.4 Gross profit margin % 16.0% +0.4pp 15.6% Normalised EBITDA (R’m) 165.6 +4.0% 159.3 EBITDA margin % 5.6% -0.2pp 5.8% RONA %* 9.0% -1.1pp 10.1% * Normalised EBIT x (1-27%)/(NWC + Lease Assets + PPE) 49% of Group revenue Highlights Challenges ▪ Volume sales of core Dairy category items (cheese, butter & yoghurt) increased by 2.3% ▪ Lancewood Retail brand market share gain of 1.3% in total cheese category ▪ Value-added Meats sales growth of 12.2% in the Retail channel ▪ Lower retail fresh milk & industrial whey powder volumes in the Dairy sub-category ▪ On-sale of unprocessed raw milk impacted margins in the Dairy sub-category ▪ Fresh Mushrooms remains loss-making ^ Excluding extraordinary raw milk sale volumes
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22 Sub-category Revenue YoY EBITDA YoY Comments Dairy +6.4% -4.2% ▪ Weak demand, margin pressure & the impact of foot & mouth disease Value-added Meats +10.3% +13.9% ▪ Increased value-added chicken volumes Convenience Meals +1.9% -12.9% ▪ Strong retail sales growth, offset by increased operational costs (timing) Fresh Mushrooms +7.6% +42.7% ▪ Improved yields in Gauteng (Deodar) facility TOTAL +7.6% +4.0%
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23 Retail & Wholesale -0.1% 94.9% Industrial & Contract Manufacturing -3.1% 3.0% Exports +5.1% 2.1% Revenue by channel H1 2025 Contribution Category performance Volume Price/mix H1 2025 Change H1 2024 Revenue (R’m) +4.0% -4.1% 76.1 -0.1% 76.2 Gross profit margin % 34.4% +3.8pp 30.6% Normalised EBITDA (R’m) 4.2 -32.7% 6.2 EBITDA margin % 5.5% -2.6pp 8.1% RONA %* -3.5% -9.6pp 5.5% Category revenue -0.1% 100.0% 1% of Group revenue * Normalised EBIT x (1-27%)/(NWC + Lease Assets + PPE)
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25 Simplify (Portfolio and Operating Model) ▪ Closure of Denny Cape Town (Phesantekraal) facility ▪ Exit shareholding in Umatie (Baby food) ▪ Site integration in Wet Condiments ▪ Divestment from remaining HPC division, Contactim remains a priority – primary focus on improving sustainable performance ▪ Meal Ingredients, Snacking & Spreads integrated into one sub-category Wet Condiments Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE BakingMeal Ingredients, Snacking & Spreads
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26 Grow ▪ Drive growth in Value-added Meats sub-category through innovation & premium offerings ▪ Expand Exports & Food Service channels with targeted offerings ▪ Support Retail & Wholesale growth through focused innovation & promotional activity ▪ Leadership & succession programmes to enhance future-fit capabilities ▪ Focused innovation, brand building, targeted consumer education, & promotional support Sustain ▪ Execute procurement & ESG initiatives ▪ Navigate trade & regulatory shifts in export markets
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27 ▪ Value unlock for stakeholders announced 18 March 2025 ▪ Cautionary announcement • Non-binding expressions of interest (EOI’s) received • Potential acquisition of all Libstar securities in issue • No certainty of a binding offer
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29 Operational efficiencies prioritised across manufacturing Accelerate innovation to meet evolving consumer needs & reinforce price–value relevance Adapt to regulatory shifts, trade barriers & currency fluctuations Strengthen supply chain agility & sourcing resilience Invest in people, sustainability & digital capabilities Consumer pressure remains high despite some improving indicators Global volatility from trade tensions & geopolitical uncertainty Elevated input & logistics costs impacting margins
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32 (R’m) H1 2025 Change H1 2024 Normalised EBITDA 464.6 7.5% 432.3 Less: Depreciation & Amortisation -168.4 -178.3 Net finance cost -99.8 -93.3 Impairments -15.2 - Taxation & the tax effect of normalisation adjustments -51.6 -40.4 (Profit)/loss on non-controlling interest -0.2 0.1 Normalised earnings 129.4 7.5% 120.4 Impairments (after tax) 10.5 - Gain on disposal of property, plant & equipment (after tax) -1.5 -0.8 Normalised headline earnings 138.4 15.7% 119.6 Reconciliation between Normalised EBITDA, Normalised earnings & Normalised headline earnings
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33 H1 2025 Change H1 2024 Normalised earnings (R’m) 129.4 +7.5% 120.4 Normalised headline earnings (R’m) 138.4 +15.7% 119.6 WANOS (million) 595.8 595.8 Normalised EPS (cps) 21.7 +7.4% 20.2 Normalised HEPS (cps) 23.2 +15.4% 20.1
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34 YoY change Revenue by sales channel H1 2025 Volume ^ Price/ mix Retail & Wholesale +4.9% +2.6% +2.3% Food Service +5.3% +7.6% -2.3% Exports +0.4% -6.6% +7.0% Industrial & Contract Manufacturing +24.4% +10.8% +13.6% Total Group +6.7% +4.1% +2.6% ^ Excluding extraordinary raw milk, discontinued beverages and bulk vinegar sales volumes
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35 Retail & Wholesale +2.6% 53.6% Exports -1.2% 16.7% Food Service +15.1% 14.4% Industrial & Contract Manufacturing +20.4% 15.3% Category revenue +6.0% 100.0% Revenue by channel H1 2025 Contribution Retail & Wholesale +7.4% 58.7% Food Service +0.4% 25.7% Industrial & Contract Manufacturing +30.9% 10.9% Exports +6.3% 4.7% Revenue by channel H1 2025 Contribution Category revenue +7.6% 100.0%
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37 R’m H1 2025 H1 2024 Non-current assets 4 720.7 5 479.9 Property, plant & equipment 1 515.4 1 686.1 Right-of-use-assets 516.5 466.4 Other non-current assets 2 688.8 3 327.4 Current assets 4 390.0 4 278.1 Total assets 9 110.7 9 758.1 Equity 4 887.5 5 285.6 Non-current liabilities 2 237.7 2 306.5 Other financial liabilities 1 228.7 1 269.5 Lease liabilities 560.7 528.0 Other non-current liabilities 448.3 509.1 Current liabilities 1 985.5 2 166.0 Total equity & liabilities 9 110.7 9 758.1
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38 746 834 873 811 844 1 568 1 343 1 431 1 183 1 070 2.1x 1.6x 1.6x 1.5x 1.3x 0.0 0.5 1.0 1.5 2.0 500 1 000 1 500 2 000 2 500 H1 2023* 2023 H1 2024* 2024 H1 2025* Normalised EBITDA (Excl. IFRS 16) (LHS) Net interest-bearing debt (LHS) Net gearing ratio (RHS) (R’m) Net Gearing calculation = Net debt : Normalised EBITDA (Excluding IFRS 16) R1.6bn in unutilised funding facilities Gearing: 1.3x (Debt covenant <2.5) Interest cover to EBITDA: 5.7x (Debt covenant >3.5x) * Rolling 12 months Sufficient headroom for bolt-on or stand-alone acquisition opportunities to enable further category/ sub-category diversification and/or new channels & markets Notes:
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39 Facility (R’m) Maturity date Rate 3M JIBAR margin H1 2024 Utilised Debt structure Facility A 1 000 Dec-26 1.70% 1 000 1 000 Facility B 150 Dec-26 1.60% 70 150 Facility C 200 Dec-26 1.65% - 80 Facility D 350 Dec-26 1.70% - - Total term loans 1 070 1 230 Vehicle & Asset finance facility 650 N/A 240 297 Total debt 1 310 1 527 Overdraft facility 200 200 Less cash -440 -296 Net debt 1 070 1 431 Prime less 1.4 pp H1 2025 Utilised
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41 440 -1 -311 -72 331 -71 -101 36 467 493 296 5 -196 -45 134 -51 -97 -163 444 397 H1 2024 (R’m) Available facilities: R1.6bn H1 2025 (R’m) Opening cash balance Cash generated from ops Working capital changes Net finance charges Tax paid Cash generated from operating activities Investment activities Finance activities Effects of exchange rate changes Closing cash balance
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42 R’m H1 2025 H1 2024 Net investing activities -71.8 -44.7 Purchase of PPE -76.2 -51.0 Sale of PPE +4.4 +6.0 Insurance proceeds - +0.3 Net financing activities -310.8 -195.5 Lease payments -47.2 -56.7 Net movement from term loans & asset-based financing -174.2 -49.4 Dividend paid -89.4 -89.4
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44 49.8% 48.8% 1.4% 49.5% 49.2% 1.3% H1 2024H1 2025 * Restated
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45 * Before allocation of corporate costs H1 2024H1 2025 66.9% 32.3% 0.8% 65.3% 33.4% 1.3% * Restated
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46 100% of category EBITDA Weighted contribution to change in Normalised EBITDA Wet Condiments +17.4% Dry Condiments +1.1% Baking -1.4% Meal Ingredients, Snacking & Spreads -6.2% Beverages -0.3% Total +10.6%
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47 100% of category EBITDA Weighted contribution to change in Normalised EBITDA Dairy -3.4% Value-added Meats +3.5% Convenience Meals -0.4% Fresh Mushrooms +4.3% Total +4.0%
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48 100% of category EBITDA Weighted contribution to change in Normalised EBITDA HPC -32.7% Total -32.7%
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49 Certain matters discussed in this document regarding Libstar’s future performance, that are neither reported financial results nor other historical information but involve known and unknown risks based on assumptions regarding the group’s present and future business strategies and the environments in which it operates now and in the future and uncertainties which relate to events and depend on circumstances that will occur in the future. These matters are regarded as ‘forward-looking statements’. They involve and include initiatives and the pace of execution thereon and any number of economic or geopolitical conditions, including factors which are in some cases beyond management’s control and which may cause the actual results, performance or achievements of the group, or its industry, to be materially different from any results, performance or achievement expressed or implied by such forward-looking statements. They furthermore involve and include, without limitation, the group’s ability to successfully control costs and execute on and achieve the expected benefits from operational and strategic initiatives, the availability of necessary skilled staff, disruptions impacting the execution of the group’s strategy and business, including regional instability, violence (including terrorist activities), cybersecurity events and related costs and impact of any disruption in business, political activities or events, weather conditions that may affect the group’s ability to execute on its contracts, adverse publicity regarding the group, initiatives of competitors, objectives to compete in the market and to improve financial performance, all forward-looking financial numbers and statements, currency translation, macroeconomic conditions, growth opportunities, contributions to pension plans, ongoing or planned real estate, ongoing or planned contracts and investments and future capital expenditures, acquisitions, divestitures, financial conditions, dividend policy and prospects, the effects of regulation of the group’s businesses by governments in the countries in which it operates and all other statements that are not purely historical. These forward-looking statements have not been reviewed or reported on by the group’s auditors. Such statements are based on management’s beliefs as well as assumptions made by, and information currently available to, management. Forward- looking statements made in this document apply only as of the date of this document. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as ‘will’, ‘may’, ‘anticipates’, ‘aims’, ‘could’, ‘should’, ‘expects’, ‘believes’, ‘intends’, ‘plans’, ‘targets, ‘estimate’, ‘project’, ‘potential’, ‘goal’, ‘strategy’, ‘seek’, ‘endeavour’, ‘forecast’, ‘assume’, ‘positioned’, ‘risk’ and similar expressions and variations of such words and similar expressions. Forward-looking statements are inherently predictive, speculative, are not guarantees of future performance and are based on assumptions regarding the group’s present and future business strategies and the environments in which it operates now and in the future. All of the forward-looking statements made in this document are qualified by these cautionary statements and the group cannot assure the reader that the results or developments anticipated by management will be realized or, even if realized, will have the expected consequences to, or effects on, the group and its business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Neither Libstar nor any of its respective affiliates, advisors or representatives shall have any liability whatsoever (based on negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. While the group may elect to update forward-looking statements from time to time, it specifically disclaims any obligation to do so, even in light of new information or future events, unless otherwise required by applicable laws. The list of factors discussed herein is not exhaustive. This should be carefully considered when relying on forward-looking statements to make investment decisions.