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2026 Interim Results Six months ended 30 June
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Interim Results 30 June 2026 | 2 Presentation Overview Salient Features 01 Strategic Progress 02 Financial Performance 03 Category Performance 04 Group Outlook 05 Change image to a Haagen Daz / Red Lion / Safari / Denny / Goldcrest product lifestyle image Change image to a Haagen Daz / Red Lion / Safari / Denny / Goldcrest product lifestyle image
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Salient Features 0 1 01 Interim Results 30 June 2026 | 3
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Interim Results 30 June 2026 | 4 Market Context and Channel Dynamics H1 2026 Trading Environment ▪ Consumer environment remained constrained, with low food inflation limiting sector value growth. ▪ Muted revenue growth coincides with inflationary pressures from packaging and distribution costs. ▪ Channel diversification, category leadership, operational simplification and pricing discipline remained key priorities. Channel Market Dynamic H1 2026 Outcome Retail & Wholesale Resilient demand across core branded categories. Revenue increased 3.2%; contribution to Group revenue rose to 57.8%. Food Service Continued growth across hospitality, restaurant and quick-service restaurant (QSR) segments. Revenue increased 11.2%, led by Value-added Meats and Select Products. Exports Weaker demand in Australia and Japan, and reduced competitiveness from a stronger Rand. Revenue declined 9.6%, driven by Dry Condiments. Industrial & Contract Manufacturing Lower volumes following the loss of a contract within Dickon Hall Foods (DHF). Revenue declined 17.0%, excluding impact of DHF revenue declined 4.7%. 2 3 4 1 01Salient Features
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Interim Results 30 June 2026 | 5 Resilient Performance Amid Headwinds 01 H1 2026 Constrained consumer environment Low food inflation and pressure on consumers constrained sector value growth. Stronger Rand and export pressure Weaker offshore demand and currency movements affected export competitiveness and profitability. Elevated input and distribution costs Petroleum-linked inputs and higher distribution costs placed pressure on margins. DHF integration disruption Lower Industrial & Contract Manufacturing volumes, integration disruption and cost under-recoveries affected performance. Our Response: Strategic capital projects are progressing according to plan and are expected to improve earnings quality, cash generation and returns over the medium term. Expanded participation in higher-growth Retail & Wholesale and Food Service channels Maintained pricing discipline and advanced operational efficiency initiatives Completed the integration of DHF into Montagu Foods, by August 2026 Progressed the Cape Herb & Spice consolidation project, which remains on track Prioritised ROIC-led capital allocation, cash generation and sustainable shareholder returns Salient Features
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Interim Results 30 June 2026 | 6 ^ Normalised EBITDA & Normalised HEPS from continuing operations, excludes non-recurring, non-trading & non-cash items * From continuing operations Key Performance Highlights H1 2026 Salient Features 01 Revenue growth (Volumes +1.1%, Price mix -0.4%) # Gross Profit Margin (H1 2025: 22.2%) Normalised EBITDA decrease ^ (H1 2025: R474m) Normalised HEPS decrease ^ (H1 2025: 24.8 cps) +0.7% 21.5% - 4.3% - 2.4% Cash Conversion (H1 2025: 107%)(H1 2025: 18.2 cps) Adjusted ROIC (H1 2025: 9.3%)(H1 2025: 1.3x) 70.0% - 29.1% 10.3% 1.2x Gearing RatioBasic HEPS decrease* # Group volumes are shown after adjustment for extraordinary items.
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Strategic Progress 0 1 02 Interim Results 30 June 2026 | 7
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Interim Results 30 June 2026 | 8 Strategic Progress 01 02 Objective: Consolidate the Wet Condiments manufacturing footprint into a more efficient operating structure. Progress Achieved: Integration of DHF into Montagu Foods completed within Board- approved budget. The integration establishes a more efficient and scalable Wet Condiments platform, positioning the category for stronger profitability and cash generation. Strategic Execution: Wet Condiments - Montagu Foods Integration (Mega Sauce Factory) Operational Simplified manufacturing footprint Consolidated production platform Improved service capability Reduced operating complexity Improved labour productivity Leaner cost structure Enhanced manufacturing efficiencies Support for H2 recovery and margin improvement Financial Expected Benefits: Successfully Completed
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Interim Results 30 June 2026 | 9 Strategic Progress 01 02 Objective: Consolidate manufacturing, warehousing and support activities into a single integrated facility. Progress Achieved: ▪ Finished goods inventory successfully relocated from third-party storage into the consolidated facility. ▪ Construction planning for manufacturing equipment relocation underway. ▪ Project remains on track for completion in H1 2027. The consolidation project is expected to deliver meaningful cost savings while enhancing competitiveness across domestic and export markets. Strategic Execution: Dry Condiments - Cape Herb & Spice Consolidation Project Operational Reduced operating complexity Better inventory management Improved service levels Removal of duplicate costs Improved cost competitiveness Stronger export capability Enhanced returns profile Scalable growth platform Financial Expected Benefits: R emains on Track
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Interim Results 30 June 2026 | 10 Advancing Strategic Priorities Operational Delivery ▪ Annualised R10 million procurement savings delivered. ▪ Wheeling arrangements in final contractual stages. ▪ Lancewood George water recovery and effluent treatment project on track (Phase 1 Nov 2026). ▪ Leadership capability strengthened through EDGE Leadership Development Programme. Portfolio Optimisation ▪ Phesantekraal property (Denny Mushrooms) disposal completed. ▪ Contactim disposal progressing. ▪ Continued focus on a simplified, higher-return portfolio. Execution against strategic priorities continues to strengthen confidence in Libstar’s long-term value creation. Strategic Progress Across the Group 1 2 Capital and Shareholder Returns ▪ Dividend policy enhanced and dividend increased (+86.7%). ▪ R62 million of shares repurchased. ▪ Disciplined capital allocation supporting long-term value creation. 01 02 3
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Financial Performance 0 1 03 Interim Results 30 June 2026 | 11
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Interim Results 30 June 2026 | 12 (R’m) H1 2026 Change H1 2025* Revenue 5 804.0 +0.7% 5 763.1 Gross profit margin (%) 21.5% -0.7pp 22.2% Other income 13.4 5.5 Gain on foreign exchange 9.5 10.7 Capital items -33.2 -12.3 Operating expenses -1 090.2 +4.3% -1 045.4 Margin -18.8% -18.1% Operating profit 148.5 -38.4% 240.9 Margin 2.6% 4.2% Normalised operating profit 273.0 -10.9% 306.4 Margin 4.7% 5.3% Normalised EBITDA 453.2 -4.3% 473.8 Margin 7.8% 8.2% Net finance cost -77.1 -22.4% -99.3 Profit before tax 71.4 -49.6% 141.6 Income tax -19.4 -41.8 Effective tax rate 27.2% 29.5% Profit after tax 52.0 -47.9% 99.8 * The comparative profit or loss is restated as if the discontinued operations had been discontinued from the start of the prior year. Income Statement Snapshot Financial Performance 01 02 03Transitions - First slide as is, then - Capital items, - Operating Expenses and margin, Normalised operating profit and normalised EBITDA margins included, - net finance cost, - tax and effective tax rate
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Interim Results 30 June 2026 | 13 35.2% 32.0% 32.8% H1 2026 Change H1 2025 Total Capex R145.3m +73.6% R83.7m Capex % of revenue 2.5% 1.5% NWC was impacted by: ▪ Trade creditors’ days decrease of 13 days ▪ Trade debtors’ days decrease of 2 days ▪ Inventory days decrease of 10 days Expansionary / Capacity Quality / Improvement Replacement / Maintenance H1 2026 H1 2025* 2025* NWC (days) 71 70 68 NWC (% of revenue) 18.2% 18.2% 18.1% Net Working Capital (NWC) at 71 days Contribution to Total Capex * From continuing operations Financial Position Working Capital & Capex The Group target range is below 18.5% in the short term Financial Performance 01 02 03
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Interim Results 30 June 2026 | 14 80% 107% 98% 70% 2024 H1 2025 2025 H1 2026 Key Financial Ratios Cash Conversion Ratio remains above target H1 2026 H1 2025 2025 Debt Covenants Gearing Ratio 1.2 1.3 0.9 <2.5 Interest Cover 8.7 5.8 7.4 >3.5 ROIC 10.3% 9.3% 10.9% Financial Position Key Financial Ratios Target: >65% Financial Performance 01 02 03
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Interim Results 30 June 2026 | 15 Financial strength and disciplined execution support confidence in Libstar's outlook and future trajectory. Financial 01 02 03 * Base year is the 2025 full year results ** Medium-term (MT) covering 18 to 36 months from the base year, over which strategic and financial targets are expected to be achieved. Priorities METRIC H1 2025 H1 2026 Base Year* TARGET (MT)** Group EBITDA margin 8.2% 7.8% 8.7% 9.0 – 10.0% Ambient EBITDA margin 11.7% 10.0% 11.6% 12.0 – 14.0% Perishables EBITDA margin 6.4% 7.1% 7.1% 8.0 – 10.0% ROIC 9.3% 10.3% 10.9% WACC +2.0pp (≈13.0%) Cash Conversion 107% 70% 98.0% >80% Gearing 1.3x 1.2x 0.9x <1.5x NWC (% of revenue) 18.2% 18.2% 18.1% <17.5% Capex (% of revenue) 1.5% 2.5% 2.0% 2.5 – 3.5% Financial Performance
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Category Performance 0 1 04 Interim Results 30 June 2026 | 16
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Interim Results 30 June 2026 | 17 Ambient Products – Performance Summary Category Performance 01 02 03 04 Underlying category performance constrained, with earnings primarily impacted by export-related headwinds and once-off integration disruptions. Dry Condiments ▪ Double-digit growth in Cape Herb & Spice own-brand products. ▪ Lower private-label exports into Japan and Australia impacted revenue growth. ▪ Stronger Rand reduced export competitiveness and profitability. ▪ Consolidation project remains on track to deliver meaningful cost savings in 2027. Wet Condiments ▪ Strong growth in core product lines and manufacturing efficiency improvements. ▪ Lower Industrial volumes following loss of DHF contract and integration-related disruption. ▪ Mega Sauce facility integration completed. Baking ▪ Improved performance supported by Food Service growth and resilient demand. ▪ Momentum in core product categories. ▪ Benefited from category optimisation and execution focus. Select Products * ▪ Improved performance driven by recovery in Snacking and continued Food Service growth. ▪ Commercial and operational interventions gained traction. ▪ Customer execution and product mix management contributed to improved earnings quality. * Previously Meal ingredients, Snacks & Spreads Key Performance Drivers:
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Interim Results 30 June 2026 | 18 ▪ Retail & Wholesale + 5.7% ▪ Food Service + 8.9% ▪ Exports - 11.0% ▪ Industrial & Contract Manufacturing - 22.2% Channel Performance: Category Performance H1 2026 Change H1 2025 Revenue (R’m) 2 923.7 -0.9% 2 949.5 Gross profit margin % 25.0% -1.7pp 26.7% Normalised EBITDA (R’m) 291.7 -15.2% 343.8 EBITDA margin % 10.0% -1.7pp 11.7% RONA %* 16.2% -3.4pp 19.6% * (Normalised EBIT + IFRS 16 Depreciation - Actual Lease Payments) x (1-27%) / (NWC + PPE) ^ Excluding extraordinary bulk tea sales and the loss of contract in Dickon Hall Foods 50% of Group RevenueAmbient Products H1 2026 Performance by Category +7.4% ▪ Revenue - 0.9% ▪ Volume^ - 0.1% ▪ Price/mix -0.8% Category Performance 01 02 03 04
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Interim Results 30 June 2026 | 19 Sub-Category Revenue YoY EBITDA YoY Comments Select Products +7.9% +7.2% ▪ Recovery in Snacking and continued Food Service growth supported improved profitability. Wet Condiments -13.2% -45.3% ▪ DHF contract loss, integration disruption and cost under-recoveries weighed on performance. ▪ Montagu Foods integration completed post period. Dry Condiments -1.4% -25.5% ▪ Export weakness, lower private-label volumes and stronger Rand impacted margins. ▪ Own-brand growth remained strong. Baking +7.5% +6.2% ▪ Food Service growth and resilient customer demand supported improved performance. TOTAL -0.9% -15.2% Core category performance offset by DHF integration impacts, lower export demand and currency-related margin pressure. H1 2026 Performance by Category Ambient Products Category Performance 01 02 03 04
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Interim Results 30 June 2026 | 20 Perishable Products - Performance Summary Delivered strong, profitable growth, supported by manufacturing efficiencies and disciplined execution. Category Performance 01 02 03 04 Dairy ▪ Principal driver of category profitability during H1 2026. ▪ Growth supported by improved product mix and manufacturing efficiencies. ▪ Continued strong demand for hard cheese, soft cheese and yoghurt. ▪ Focus on asset utilisation, pricing discipline and procurement optimisation supported margin expansion. Value-added Meats ▪ Delivered resilient growth, supported by strong demand for value-added chicken products. ▪ Manufacturing capacity review underway. Convenience Meals ▪ Delivered revenue growth supported by strong growth in Dine-In brand and fresh sub-category. ▪ Continued focus on operational efficiencies and innovation. ▪ Financial performance impacted by timing of promotional activity and brand investment. Key Performance Drivers:
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Interim Results 30 June 2026 | 21 ▪ Retail & Wholesale + 0.9% ▪ Food Service + 12.3% ▪ Exports - 4.9% ▪ Industrial & Contract Manufacturing - 9.1% Channel Performance: Category Performance H1 2026 Change H1 2025** Revenue (R’m) 2 806.3 +2.5% 2 737.5 Gross profit margin % 17.3% +0.4pp 16.9% Normalised EBITDA (R’m) 198.4 +13.5% 174.8 EBITDA margin % 7.1% +0.7pp 6.4% RONA %* 12.2% +3.0pp 9.2% * (Normalised EBIT + IFRS 16 Depreciation - Actual Lease Payments) x (1-27%) / (NWC + PPE) ^ Excluding extraordinary raw milk sales 48% of Group RevenuePerishable Products H1 2026 Performance by Category +7.4% ▪ Revenue + 2.5% ▪ Volume^ + 2.6% ▪ Price/mix - 0.1% Category Performance 01 02 03 04 ** Excluding Denny Mushrooms
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Interim Results 30 June 2026 | 22 Sub-Category Revenue YoY EBITDA YoY Comments Dairy -0.5% +17.8% ▪ Improved product mix, manufacturing efficiencies and strong growth in higher-margin cheese and yoghurt categories supported earnings growth. Value-added Meats +9.4% +8.6% ▪ Resilient performance despite capacity constraints, supported by Food Service and Retail channel demand. Convenience Meals +2.9% -16.1% ▪ Revenue growth driven by fresh range; profitability impacted by timing of brand and promotional spend. TOTAL +2.5% +13.5% Strong category performance driven by Dairy margin expansion, Food Service growth and ongoing operational improvements. H1 2026 Performance by Category Perishable Products Perishable Products Category Performance 01 02 03 04
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Group Outlook 0 1 05 Interim Results 30 June 2026 | 23
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Interim Results 30 June 2026 | 24 Strategy in ActionMarket Conditions Outlook Group Outlook 01 02 03 04 05 2026 Encouraging progress despite a challenging backdrop Delivering against our roadmap ▪ Montagu Foods integration completed, creating scalable platform to unlock innovation-led growth, improved service capability and enhanced returns from 2027. ▪ Post-period revenue growth accelerated, indicating improving momentum. ▪ Consumer demand remains subdued amid low category inflation and cost pressures. ▪ H2 expected to benefit from seasonality and the early impact of strategic initiatives. ▪ Continued execution of simplification, growth and sustainability strategic priorities. ▪ Continued execution of Cape Herb & Spice consolidation project – cost and productivity benefits expected from H1 2027. ▪ Portfolio optimisation progressing through the disposal of Phesantekraal and continued progress towards the intended disposal of Contactim.
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Interim Results 30 June 2026 | 25 Group Outlook 01 02 03 04 05 With our strategy clear and priorities unchanged, we remain focused on executing today while building a stronger Libstar for tomorrow. Growth investments and portfolio optimisation Operational excellence and returns Capital allocation ▪ Benefits from existing strategic projects (Montagu Foods and CHS consolidation) remain intact and are expected to support recovery and margin enhancement. ▪ Reducing exposure to lower-turn, commoditised and non-core businesses. ▪ Additional high-return growth initiatives under evaluation. ▪ Increasing exposure to higher-growth channels, innovation-led categories and own-branded exports. ▪ Procurement savings, manufacturing efficiencies and One Libstar initiatives improving competitiveness. ▪ Strong focus on cash generation, capital productivity and ROIC improvement. ▪ Capital allocated to projects that enhance earnings quality, support sustainable growth and deliver attractive returns. ▪ ROIC-led investment approach. ▪ Balance sheet strengthened through asset disposals and disciplined debt management. ▪ Maintaining flexibility for growth investment, dividends and share buy-backs. Positioned for Value Creation
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Questions & Answers Interim Results 30 June 2026 | 26
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Supporting Data Interim Results 30 June 2026 | 27 Balance Sheet Cash Flow Statement Category Contributions Supporting Data Income Statement
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Interim Results 30 June 2026 | 28 (R’m) H1 2026 Change H1 2025 Normalised EBITDA 453.2 -4.3% 473.8 Less: Depreciation & Amortisation -180.2 -167.4 Net finance cost -77.1 -99.3 Taxation & the tax effect of normalisation adjustments -77.2 -68.4 Plus: Non-controlling interest (gain)/loss - -0.2 Normalised earnings 118.7 -14.3% 138.5 Impairments (after tax) 16.4 10.4 Loss/(gain) on disposal of property, plant & equipment (after tax) 8.0 -1.4 Normalised headline earnings 143.1 -3.0% 147.5 Reconciliation between Normalised EBITDA, Normalised Earnings & Normalised Headline Earnings Income Statement Reconciliation Supporting Data
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Interim Results 30 June 2026 | 29 Income Statement - Normalised EPS & HE PS H1 2026 Change H1 2025 Normalised earnings (R’m) 118.7 -14.3% 138.5 Normalised headline earnings (R’m) 143.1 -3.0% 147.5 Weighted Average Number of Ordinary Shares (million) 591.4 595.8 Normalised EPS (cps) 20.1 -13.4% 23.2 Normalised HEPS (cps) 24.2 -2.4% 24.8 Supporting Data
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Interim Results 30 June 2026 | 30 YoY change Revenue by Sales Channel H1 2026 Volume ^ Price/ Mix Retail & Wholesale +3.2% +0.4% +2.8% Food Service +11.2% +3.8% +7.4% Exports -9.6% -2.7% -6.9% Industrial & Contract Manufacturing -17.0% +2.1% -19.1% Total Group +0.7% +1.1% -0.4% ^ Excluding extraordinary raw milk, bulk tea and lost contract in Dickon Hall Foods Channel Performance Supporting Data
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Interim Results 30 June 2026 | 31 Revenue by Channel H1 2026 Contribution Retail & Wholesale + 0.9% 56.0% Food Service + 12.3% 29.4% Exports - 4.9% 4.6% Industrial & Contract Manufacturing - 9.1% 10.0% Category Revenue +2.5% 100.0% Revenue by Channel H1 2026 Contribution Retail & Wholesale + 5.7% 58.6% Food Service + 8.9% 14.5% Exports - 11.0% 15.0% Industrial & Contract Manufacturing - 22.2% 11.9% Category Revenue -0.9% 100.0% Ambient Products Perishable Products H1 2026 Performance by Category Supporting Data
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Supporting Data Interim Results 30 June 2026 | 32 Balance Sheet Cash Flow Statement Category Contributions Supporting Data Income Statement
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Interim Results 30 June 2026 | 33 R’m H1 2026 H1 2025 Non-Current Assets 4 312.7 4 720.7 Property, plant & equipment 1 460.1 1 515.4 Right-of-use-assets 483.0 516.5 Other non-current assets 2 369.6 2 688.9 Current Assets 4 018.2 4 390.0 Non-Current Assets classified as held for sale 16.8 - Total Assets 8 347.7 9 110.7 Equity 4 622.2 4 887.5 Non-Current Liabilities 2 050.9 2 237.7 Other financial liabilities 1 122.7 1 228.7 Lease liabilities 543.1 560.7 Other non-current liabilities 385.2 448.3 Current Liabilities 1 674.6 1 985.5 Total Equity & Liabilities 8 347.7 9 110.7 Financial Position Snapshot Supporting Data
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Interim Results 30 June 2026 | 34 Sufficient headroom for bolt-on or stand-alone acquisition opportunities to enable further category/ sub-category diversification and/or new channels & markets 811 853 909 879 1 183 1 070 824 1 047 1.5x 1.3x 0.9x 1.2x 0.0 0.5 1.0 1.5 2.0 500 1 000 1 500 2 000 2 500 2024 H1 2025* 2025 H1 2026* 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: 1.2x (Debt covenant <2.5) ▪ Interest cover to EBITDA: 8.7x (Debt covenant >3.5x) Notes: 5 - Year Net Debt Trend Supporting Data * Rolling 12 months
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Interim Results 30 June 2026 | 35 Facility (R’m) Maturity date Rate 3M JIBAR margin H1 2026 Utilised H1 2025 Utilised Debt Structure Facility A 1 000 Jan-28 1.70% 1 000 1 000 Facility B 150 Jan-28 1.60% - 70 Facility C 200 Jan-28 1.65% - - Facility D 350 Jan-28 1.70% - - Total Term Loans 1 000 1 070 Vehicle & Asset finance facility 650 N/A Prime less 1.4 pp 192 240 Total Debt 1 192 1 310 Overdraft facility 200 200 Less cash -345 -440 Net Debt 1 047 1 070 Net Debt Structure Supporting Data
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Supporting Data Interim Results 30 June 2026 | 36 Balance Sheet Cash Flow Statement Category Contributions Supporting Data Income Statement
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Interim Results 30 June 2026 | 37 145 -100 0 -312 -116 185 -81 -77 -100 443 488 440 0 -1 -311 -72 331 -71 -101 36 467 493 H1 2025 (R’m)H1 2026 (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 Reclassification of bank overdraft Closing cash balance Cash Flow Analysis Available Facilities: R1.6 billion Supporting Data
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Interim Results 30 June 2026 | 38 R’m H1 2026 H1 2025 Net investing activities -115.5 -71.8 Purchase of PPE -136.8 -76.2 Sale of PPE +3.6 +4.4 Insurance proceeds 0.1 - Proceeds on disposal of investments +17.6 - Breakdown of Cash Flow Investing Activities Supporting Data
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Interim Results 30 June 2026 | 39 R’m H1 2026 H1 2025 Net financing activities -311.8 -310.8 Lease payments -54.4 -47.2 Net movement from term loans & asset-based financing -29.6 -174.2 Share buy-backs -62.2 - Dividend paid -165.6 -89.4 Breakdown of Cash Flow Financing Activities Supporting Data
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Supporting Data Interim Results 30 June 2026 | 40 Balance Sheet Cash Flow Statement Category Contributions Supporting Data Income Statement
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Interim Results 30 June 2026 | 41 51.2% 47.5% 1.3% 50.4% 48.4% 1.2% REVENUE REVENUE H1 2025 H1 2026 Perishable Products Ambient Products Household & Personal Care Category Revenue Contributions Supporting Data
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* Before allocation of corporate costs NORMALISED EBITDA NORMALISED EBITDA 59.0% 40.1% 0.9% 65.8% 33.4% 0.8% Category Normalised EBITDA* Contributions H1 2025 H1 2026 Supporting Data Interim Results 30 June 2026 | 42 Perishable Products Ambient Products Household & Personal Care
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Weighted Contribution to change in Normalised EBITDA Select Products +2.4% 100% of category EBITDA Wet Condiments -12.9% Dry Condiments -5.6% Baking +0.9% Total -15.2% Supporting Data Interim Results 30 June 2026 | 43 Ambient Products Business Unit Contribution to EBITDA
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Perishable Products Business Unit Contribution to EBITDA Supporting Data Interim Results 30 June 2026 | 44 Weighted Contribution to change in Normalised EBITDA Dairy +12.3% 97% of category EBITDA Value-added Meats +2.2% Convenience Meals -1.0% Total +13.5%
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Weighted Contribution to change in Normalised EBITDA HPC +5.1% 100% of category EBITDA Total +5.1% Supporting Data Interim Results 30 June 2026 | 45 Household & Personal Care Business Unit Contribution to EBITDA
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Disclaimer 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.