Slides
Page 1
1 RESULTS PRESENTATION for the year ended 31 March
Page 2
2 Disclaimer » This presentation does not constitute an invitation to invest in Premier Group Limited (“Premier”) shares. Any decision made in reliance on this presentation is the sole responsibility of the recipient of the information contained in this presentation. » Premier has made considerable effort to ensure that the information contained in this presentation is accurate and complete. However, the recipient should be aware that the information has not been reported on, or reviewed, by Premier’s external auditors. » This presentation includes certain anticipatory statements regarding Premier and its operations. These anticipatory statements are not factual claims, but are based on current assessments, forecasts, expectations and assumptions of Premier regarding its future financial position. The forecast financial information contained in this presentation has not been reviewed by Premier’s external auditors and does not constitute a profit forecast. These anticipatory statements inherently carry risks and uncertainties and consequently the accuracy thereof should not be overly relied upon. » Premier disclaims any intention and assumes no obligation to update or revise any anticipatory statement, even if new information becomes available because of future events, save as required by legislation and/or regulation. Premier does not accept any responsibility for any harm or loss of any nature which results from reliance on the information in this presentation including, but not limited to, loss of earnings, profits or any consequential loss or damage. KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE Q&A APPENDIX02 03 0401
Page 3
3 Agenda Key Performance Highlights and Business Overview Financial Performance Q&A Appendix 04030201 KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE Q&A APPENDIX02 03 0401
Page 4
4 4 Kobus Gertenbach Group CEO Key Performance Highlights and Business Overview
Page 5
5 MILLING CATEGORY 1. DataOrbis defined retailers, excluding Spar, at 30 September 2025 (trade desk 12-month average by sales value in South Africa). Premier at a glance OPERATING DIVISIONS MILLBAKE 83% OF REVENUE BAKING CATEGORY KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE Q&A APPENDIX02 03 0401 Products manufactured in the baking category comprise our primary bread products, as well as a range of muffins, cakes, buns and snowballs. Products manufactured in the milling category comprise our market leading flour products, maize meal, maize rice, samp, instant porridge and maize-based multigrain beverages. 27% BREAD MARKET SHARE1 11 1 1 13 BAKERIES 5 1 6 WHEAT MILLS 1 1 BEVERAGE PLANT 2 MAIZE MILLS 11 SOUTH AFRICA LESOTHO ESWATINI 41% WHEAT MARKET SHARE1 15% MAIZE MARKET SHARE1
Page 6
6 Products manufactured and distributed by the HPC team include feminine care and general care products. Products manufactured in the CIM facilities include wheat flour, maize meal, pasta, biscuits and animal feed. Products manufactured in the sugar confectionery category include mallows, gums, jellies, toffees, chews, nut brittles, boiled candies and chocolate products. Premier at a glance CONTINUED OPERATING DIVISIONS MOZAMBICAN OPERATIONS COMPRISING GROCERIES AND INTERNATIONAL 17% OF REVENUE 1. DataOrbis defined retailers, excluding Spar, at 30 September 2025 (trade desk 12-month average by sales value for Premier’s defined segments being gums & jellies, mallows, chews, compressed & boiled candies/lollies, toffees and liquorice in South Africa). 2. DataOrbis defined retailers, excluding Spar, at 30 September 2025 (trade desk 12-month average by sales value of the combined Femcare and Cotton Wool segments). 3. Management estimate of constructed market share based on Circana value share data for the 52 weeks ending 11 October 2025. KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 HOME AND PERSONAL CARECONFECTIONERY CIM 13% CANDY MARKET SHARE1 21% SA FEMCARE MARKET SHARE2 6% UK SANITARY PROTECTION MARKET SHARE3 2 MANUFACTURING SITES IN SA 1 MANUFACTURING SITE IN SA 1 SALES OFFICE IN THE UK 1 1 1 1 1 WHEAT MILL MAIZE MILL PASTA PLANT BISCUIT PLANT ANIMAL FEED PLANT Q&A
Page 7
7 SUMMARY DETAILS » On 16 October 2025, Premier announced its firm intention to make an offer to acquire 100% of the issued ordinary shares in RFG Holdings Limited (“RFG”) by way of a scheme of arrangement (“ the Announcement”) » The offer will be effected as a share swap (with no cash component to the offer) - RFG shareholders will be offered 1 Premier share for every 7 RFG shares held, based on a reference price of R22.00 per RFG share and R154.00 per Premier share - Based on the undisturbed share prices at the date of the Announcement, the share swap represented a 35.6% premium to the closing prices and 37.5% to the 30-day VWAPs of the two companies » Following completion of the transaction, RFG shareholders will collectively own c.22.5% of the enlarged Premier and RFG will delist from the JSE » In terms of the JSE Listings Requirements, Premier does not require shareholder approval for this transaction MAIN CONDITIONS THAT REMAIN OUTSTANDING » Approval by 75% of RFG shareholders by way of a special resolution at the scheme meeting expected to be held on 11 December 2025 - Circular to be posted to RFG shareholders on 13 November 2025 - At the date of the Announcement, RFG shareholders holding 49.5% of the RFG shares in issue had signed irrevocable undertakings to vote in favour of the transaction, and RFG shareholders holding a further c.23.3% of the shares in issue (excluding treasury shares) have provided non-binding letters of support » Approval by the competition authorities in South Africa, Eswatini, Namibia and Botswana » No “Material Adverse Change” occurring in either Premier or RFG » Anticipated closing date is 31 March 2026 RFG HOLDINGS LIMITED TRANSACTION KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 Business overview Q&A
Page 8
8 RATIONALE » The acquisition will support Premier’s growth trajectory - In the short-term cost savings are expected from a reduction of duplicated costs - In the medium-term harmonising procurement of goods and services - In the longer term accelerating growth opportunities within the RFG portfolio »RFG has a diversified and well-balanced portfolio of products1 - Leading producer of convenience meal solutions with strong positions across key categories (long-life fruit juices, pies and pastries, ready meals, spices) - Complementary product offering aligns strategically with Premier’s existing product base - Broadens Premier’s category reach and market presence and provides cross-brand promotional opportunities - Increases Premier’s private label exposure to a key customer (Woolworths) » The two businesses share common customers but no product or category overlap » RFG management will remain to unlock value and deliver significant synergies while limiting integration risk »The enlarged group will add scale to Premier - Add revenue of almost R8 billion and EBITDA of R1.1 billion - Premier will become the 2nd largest food producer on the JSE with revenue of over R29 billion - Dilute Millbake’s contribution to Group revenue to 58% (currently 83%) and to EBITDA to 65% (currently 88%) - Add ex-SA revenue of R1.5 billion » Premier’s free float will increase to c.40% from 33% boosting liquidity in the share RFG HOLDINGS LIMITED TRANSACTION KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 Business overview CONTINUED “RFG is a highly attractive acquisition opportunity for Premier, with its market-leading position in convenience meal solutions, strong market share positions across key product categories and its portfolio of well-established brands.” – Kobus Gertenbach, Premier CEO “The transaction presents a compelling strategic rationale for creating a stronger player in the food producer sector while retaining the strengths that have underpinned RFG’s success.” – Pieter Hanekom, RFG CEO 1. Please refer to the RFG Holdings website for more information at www.rfg.com Q&A
Page 9
9 RATIONALE » Overview of the macro-economic environment - Global, South African and neighbouring African countries » Competitive environment - New capacity / retail industry performance »Capital projects in investment pipeline » Share buybacks - Premier intends to commence a share repurchase programme in terms of the general authority granted to it by shareholders at the Annual General Meeting held on 3 September 2025 - The rationale for the share repurchase is to ensure that the Group’s capital structure remains efficiently structured, before any effects of the RFG transaction, and is primarily a response to strong free cashflow generation over the prior financial periods - The share repurchase programme is in line with the Group’s disciplined capital allocation framework - Premier intends to repurchase shares at up to R154 per share, being the reference price of the RFG transaction - Management will monitor volumes and market pricing, and reserves the right to pause, cancel or alter the buyback parameters at anytime REGULAR QUESTIONS FIELDED BY MANAGEMENT KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 Business overview CONTINUED Q&A
Page 10
10 Financial and business highlights MILLBAKE » Millbake delivered an excellent set of results for the half year - Moderate revenue growth was effectively converted into notable operational earnings uplift » Deflation in global grain prices in the period - Maize and rice prices softened significantly - Recent crop estimates and global stock levels indicate ample grain availability and subdued prices for the foreseeable future » Wheat flour posted encouraging volume growth - Demand for Snowflake brand remains robust amidst increased price-based competitor activity » Premier passed through savings in maize and rice to burdened consumers - Maize remains a key staple food product in the lives of most South Africans » Focus on price point management and disciplined procurement to drive sustainable volume growth » Phase 1 of the Aeroton mega-bakery project scheduled for commissioning in mid-November 2025 - Phase 2 scheduled for commissioning in February 2026 - Investment in sites critical to future-proofing supply in high-demand regions FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025 KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 Q&A
Page 11
11 Financial and business highlights CONTINUED GROCERIES AND INTERNATIONAL » Investment in capacity and capability on track in HPC SA › Focus on bedding down several strategic projects and streamlining manufacturing operations › Tampon manufacture and packing delivering good efficiencies › Liners manufacturing and packing lines were commissioned in September 2025 - UK strategy to expand portfolio outside the core tampon business progressing well › Lil-Lets cotton wool range gaining traction on Amazon and select high street retailers » Solid Sugar Confectionery performance - Uptick in volumes due to new business, innovation and improving service levels post challenges in prior year - Progress in onboarding of additional prestigious Woolworths branded products - Liquorice line up and running and well placed to deliver exciting innovation and efficiencies » Good performance from CIM on a comparable basis, notwithstanding significant macro -economic headwinds - Foreign currency supplies remain low - CIM diverse product and brand portfolio remains defensive GENERAL » Once–off interim dividend of 159cps announced owing to the RFG acquisition - Intention is to retain dividend policy of 30% of diluted HEPS - Final year dividend expected to be 30% of full-year diluted HEPS less 159cps FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025 KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 Q&A
Page 12
12 12 Fritz Grobbelaar Group CFO Financial Performance
Page 13
13 10.3bn 1.3bn 1.1bn 719m REVENUE EBITDA OPERATING PROFIT NET PROFIT Financial highlights 13 FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025 SUSTAINED INVESTMENT IN OUR DIVERSE ASSET BASE DELIVERED TANGIBLE GROWTH KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 12.7% MARGIN +6% 10.7% MARGIN 7.0% MARGIN +14% +17% +27% (H1 2025: 11.9%) (H1 2025: 9.7%) (H1 2025: 5.8%) Q&A
Page 14
14 Financial highlights 14 FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025 KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 R1.3bn 159cps 0.7x 24.8% 32.3% CASH GENERATED FROM OPERATIONS (+35%) ONCE-OFF INTERIM DIVIDEND ANNOUNCED GROUP LEVERAGE RATIO (H1 2025: 1.0x) ROIC2 (H1 2025: 22.7%) ROE3 (H1 2025: 31.9%) 560cps HEADLINE EARNINGS PER SHARE (+28%) 558cps EARNINGS PER SHARE (+27%) R70m VOLUNTARY DEBT1 REPAYMENTS 1. Voluntary debt repayments made on the Eswatini term debt facilities. 2. Refers to return on average invested capital adjusted for the 2008 revaluation of intangibles. Refer to page 26 in the Appendix section for a detailed breakdown of the ROIC calculation. 3. Refers to return on equity adjusted for the 2008 revaluation of intangibles. Q&A
Page 15
15 11.4% 10.5% 12.3% 13.9% 14.7% H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 7.4% 7.7% 7.2% 6.4% 6.8% H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 EBITDA margin EBITDA margin 90 111 107 105 119 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 1 212 1 453 1 482 1 625 1 756 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 660 762 970 1 123 1 262 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 5 789 7 278 7 872 8 074 8 561 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 Divisional financial performance SOLID TRACK RECORD OF EARNINGS GROWTH AND IMPROVED EFFICIENCIES IN MILLBAKE MILLBAKE GROCERIES AND INTERNATIONAL CAGR: 10% CAGR: 18% CAGR: 10% CAGR: 7% R’m KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 508 618 829 980 1 127 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 55 67 68 75 78 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 CAGR: 22% CAGR: 9% Revenue Revenue EBITDA EBITDA Operating profit Operating profit R’m H1 2025 Price/ mix growth Volume growth H1 2026 2% 4% Millbake revenue growth Q&A
Page 16
16 -220 Headline earnings waterfall KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 1 312 -207 -119 -13 16 -270 2 721 EBITDA Depreciation & amortisation Net finance costs Foreign exchange losses Profit from equity-accounted investments Tax Headline earnings adjustments Headline earnings R’m H1 2026 Increase Decrease Total 1 155 -210 -166 -6 12 564-1 EBITDA Depreciation & amortisation Net finance costs Foreign exchange losses Profit from equity-accounted investments Tax Headline earnings adjustments Headline earnings R’m H1 2025 Increase Decrease Total Q&A
Page 17
171. Capital expenditure includes capital expenditure that was prepaid to suppliers mainly relating to the upgrade of Aeroton bakery. Cash flow SIGNIFICANT INCREASE IN CASHFLOW FOR THE PERIOD » Cashflow from operations was up 35% to R1.3 billion » R70 million of working capital was absorbed during the period (H1 2025: absorbed R240 million) » Net finance costs paid decreased by 27% due to lower weighted average interest rates of 8.7% (H1 2025: 9.7%) coupled with the reduced level of borrowings » Dividends paid of R359 million » Capex of R510 million, of which R110 million was maintenance capex and R400 million was expansionary capex, primarily for the completion of the upgrade of the Aeroton mega-bakery » Voluntary capital repayments of R70 million were made to settle the Eswatini term debt facilities 467 1 272 - 119 - 249 - 359 - 510 - 70 - 20 - 24 388 Opening cash Cash from operations Net finance costs paid Tax paid Dividends paid Capital expenditure Repayment of borrowings Repayment of lease liabilities Other Closing Balance Increase Decrease Total R’m 1 KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 Q&A
Page 18
18 Cash conversion KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 67% 58% 81% 73% 81% 0% 20% 40% 60% 80% 100% 0 500 1 000 1 500 2 000 2 500 2022 2023 2024 2025 2026 R’m EBITDA Free cash flow Cash conversion (RHS) Five-year average cash conversion ratio 72% 2 1 FIVE YEAR TREND OF HIGH FREE CASH FLOW CONVERSION 1. 2026 represents a rolling 12-month period to September 2025. 2. Free cash flow is defined as cash from operations after maintenance capex, tax and purchases of intangible assets. Q&A
Page 19
191. Capital expenditure includes capital expenditure that was prepaid to suppliers mainly relating to the upgrade of Aeroton bakery. Capital expenditure MUCH ANTICIPATED AEROTON UPGRADE EXPECTED TO STEPCHANGE EFFICIENCIES AND ECONOMIES OF SCALE » Capital expenditure was R510 million (H1 2025: R281 million) » Capital expenditure to revenue was 4.9% (H1 2025: 2.9%) » The commissioning of Phase 1 of the Aeroton mega-bakery project is on track for mid-November 2025, and Phase 2 for February 2026 » Other significant projects undertaken included the installation of the new HPC manufacturing and packing facilities for liners in Ethekwini » The efficiencies and scale resulting from substantial infrastructure investments are expected to yield benefits progressively over the coming years 120 110 161 400 0 100 200 300 400 500 H1 2025 H1 2026 Maintenance Expansionary 2.9% 4.9% 374 45 91 Capital expenditure by division1 Millbake Groceries & International Corporate R510m Capital expenditure to revenue 281 510 KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 Q&A R’m
Page 20
201. Including capital and interest repayments. Debt breakdown LOW LEVEL OF DEBT MAINTAINED THROUGH HALF YEAR » Group debt of R1.8 billion, in line with year -end » Group leverage ratio of 0.7x (H1 2025:1.0x) on the LTM EBITDA of R2.5 billion » Early settlement of debt through voluntary capital repayments of R70 million during the year - R40 million in July 2025 and R30 million in September 2025 in settlement of the Eswatini term debt facilities » R1.4 billion on the Syndicated RCF is available for drawdown for future funding needs if required 232 158 158 1 927 2026 2027 2028 2029 Borrowings maturity profile1 R'm H1 2026 H1 2025 Borrowings 1 850 2 260 Lease liabilities 290 279 Less: Net cash (388) (290) Total net debt 1 752 2 249 LTM EBITDA 2 511 2 190 Group leverage ratio 0.7x 1.0x Net debt evolution R’m R’m Secured bank facilities » Term facility: - R1.5 billion with a 4-year maturity at JIBAR plus 1.25% » RCF facility: - R1.7 billion with a 4-year maturity at JIBAR plus 1.25% KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 1.7x1.6x1.9x 0.7x0.9x 1.0x 2 098 2 383 2 857 1 844 2 249 1 700 1 752 2021 2022 2023 2024 H1 2025 2025 H1 2026 0.7x Q&A
Page 21
21 Kobus Gertenbach Group CEO Q&A
Page 22
22 22 Appendix
Page 23
23 R'm H1 2026 H1 2025 % variance Revenue 10 318 9 699 6% EBITDA 1 312 1 155 14% EBITDA margin 12.7% 11.9% 0.8% Depreciation and amortisation (207) (210) (2%) Operating profit 1 105 945 17% Operating profit margin 10.7% 9.7% 1.0% Net finance costs (119) (166) (28%) Foreign exchange losses (13) (6) 117% Share of net profit in equity-accounted investments 16 12 33% Profit before tax 989 785 26% Income tax expense (270) (220) 23% Net profit for the year 719 565 27% Net profit margin 7.0% 5.8% 1.1% Non-controlling interest - - Attributable profit to owners of the Company 719 565 27% Earnings per share (cents) 557.9 438.0 27% Headline earnings per share (cents) 559.5 437.6 28% Income statement » Revenue increased y-o-y by 6%, with a Millbake contribution to revenue of 83% » EBITDA increased 14% y-o-y through further improvements in efficiencies and consistent service delivery » Both gross profit and EBITDA margin improved, from 35.0% to 35.7% and from 11.9% to 12.7%, respectively » Operating profit margin increased from 9.7% to 10.7% » Net finance costs decreased from R166 million to R119 million due to lower weighted average interest rates and a reduced level of debt » Earnings per share increased by 27% from 438 to 558 cents » Headline earnings per share increased by 28% from 438 to 560 cents » Return on invested capital of 24.8% - an increase of 210bps over the prior period KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 Q&A
Page 24
24 R'm H1 2026 H1 2025 % variance Cash flow from operations before working capital 1 342 1 184 13% Working capital movement (70) (240) (71%) Cash flow from operations 1 272 944 35% Maintenance capex (110) (120) (8%) Taxation paid (249) (242) 3% Free cash flow 913 582 57% Free cash flow conversion 1 70% 50% Net finance costs paid (119) (164) (27%) Dividends paid (359) (287) 25% Expansionary capex (254) (115) 120% Prepayments for capital expenditure2 (147) (46) 220% Payment for acquisition of equity-accounted investments - (314) Proceeds from borrowings - 200 Repayment of borrowings (70) (161) (57%) Payment of principal portion of lease liabilities (20) (22) (9%) Net cash on other investing /financing activities 2 25 (92%) Net movement (54) (302) (82%) Effect of exchange rate (25) (44) (43%) Opening balance 467 636 (27%) Closing balance 388 290 34% Cash flow KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 1. Free cash flow calculated as a percentage of EBITDA. 2. Prepayments mainly relate to payments made for capital expenditure on the upgrade of the Aeroton bakery. Q&A
Page 25
25 R'm H1 2026 H1 2025 Property, plant and equipment 4 566 4 080 Right-to-use assets 220 214 Intangibles 1 693 1 696 Equity-accounted investments 369 333 Other non-current assets 144 45 Other current assets 4 174 4 166 Prepayments1 240 133 Cash and cash equivalents 388 290 Total assets 11 794 10 957 Equity 5 466 4 411 Borrowings - non-current 1 850 2 260 Lease liabilities - non-current 255 231 Deferred income tax 645 628 Other non-current liabilities 23 32 Other current liabilities 3 520 3 347 Lease liabilities - current 35 48 Total equity and liabilities 11 794 10 957 Balance sheet 1. Prepayments mainly relate to payments made for capital expenditure on the upgrade of the Aeroton bakery. KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 Q&A
Page 26
26 Additional information RETURN ON INVESTED CAPITAL IS A ROBUST MEASURE OF PROFITABILITY AND EFFICIENCY OF CAPITAL ALLOCATION R'm H1 2026 H1 2025 H1 2024 Equity 5 466 4 411 3 684 Adjustment: Revaluation of internally generated intangibles (722) (722) (722) Adjusted equity 4 744 3 689 2 962 Net debt 1 752 2 249 2 620 Adjusted invested capital - current year 6 496 5 938 5 582 Adjusted invested capital - prior year 5 938 5 582 Average invested capital 6 217 5 760 LTM Operating profit 2 069 1 773 LTM Operating profit (1 - t) 1 511 1 294 LTM Share of net profit in equity-accounted investments 32 12 Net operating profit after tax (incl. net profit from equity-accounted investments) 1 543 1 306 Return on invested capital 24.8% 22.7% KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 Q&A
Page 27
27 Additional information CONTINUED KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 Q&A 3 000 4 000 5 000 6 000 7 000 8 000 R/ton White maize - SAFEX1 SAFEX - White 48% decline off January peak -34% DEFLATION IN GLOBAL GRAIN PRICES, SPECIFICALLY IN RICE AND MAIZE 1. Source: GrainSA 2. Source: The Rice Trader Volume 23 # 100, 20 October 2025 0 100 200 300 400 500 600 100% B 5% 15% 25% AIS FAIS P100%S R/50kg pp bags Thai rice2 0 200 400 600 800 1000 1200 5% 25% P5% P Basmati 2% P Basmati PB 2% 1121 Basmati 2% 1121 Basmati PB 2% R/50kg pp bags Indian rice2 Oct-24 Oct-25
Page 28
28 Additional information CONTINUED KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 Q&A 80 90 100 110 120 130 140 150 160 170 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept R/10kg bag Selected groceries basket2 Snowflake Iwisa Super Maize Golden Delight Rice -21% 8% -3% 5 000 5 500 6 000 6 500 7 000 R/ton Wheat - SAFEX and import parity (Randfontein)1 SAFEX USA Argentina Germany Russia Australia 1. Source: GrainSA 2. Hirt & Carter, October 2024 – October 2025
Page 29
29 Sustainability The four pillars of this strategy below address our collective responsibility to ensure our activities are a force for good - reducing and mitigating any potentially negative impact our operations may impose on the environment, simultaneously cutting costs and maximising efficiencies to remain competitive - to build a sustainable business and create value for our stakeholders into the future. OUR PEOPLE » Operational safety and compliance » Diversity and inclusivity » Full and productive employment » Wellbeing OUR PRODUCTS » Safety and security » Availability and accessibility OUR PLANET » Climate change » Energy » Water » Waste » Sourcing OUR COMMUNITIES » Nutrition » Education » Community Acknowledging our long-term responsibility to care for and protect our people, our communities and the environment in which we operate Parallels with elements of our corporate strategy and is defined by our philosophy of doing what is right Aligned with several relevant UN SDGs assisting us in progressing our sustainability journey 1 2 3 4 GOVERNMENT » Government relations » Regulatory environment Our sustainability strategy aims to entrench our vision - “Earning the right to operate in our communities” KEY PERFORMANCE HIGHLIGHTS AND BUSINESS OVERVIEW FINANCIAL PERFORMANCE APPENDIX02 03 0401 Q&A