Slides
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Final Results Presentation For the year ended 30 June 2025
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01 Performance overview 02 Delivering on our strategic priorities 03 Summarised results for the year 04 Update on key portfolio companies 05 Looking ahead 06 Q&A Contents
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Performance overview
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Positive gains on controllables despite continued uncertainty 4 Global and local operating environment remains uncertain Performance overview Focus on the controllables bears fruits Remgro remains focused on portfolio performance and re-igniting growth through various partnerships, whilst playing its part in business interventions to accelerate growth Significant geopolitical uncertainty continues • Implementation of US tariffs globally with varied impacts • Persistent inflationary pressures while interest rates remain elevated • Peace prospects remain unclear (Ukraine and Middle East) Pleasing growth in earnings across the core portfolio • OUTsurance continues outstanding performance • Mediclinic delivers solid growth • Rainbow turnaround unlocks robust earnings • RCL Foods delivers improved earnings and strong dividend flow Fluid SA Inc. story • Improved business confidence on the back of progress on structural reforms through Operation Vulindlela • Consumer pressure still prevalent despite further monetary policy easing • Sustained stability in energy availability is a significant positive Continued momentum on portfolio evolution • Unwavering resilience in pursuit of CIVH/Vodacom deal • Progress in divesting of non-core investments (eMedia, BAT and Grindrod) Balance sheet completely de-geared • Capacity created to fuel growth through current and new investments
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Strong earnings performance... 5 ...driven by focused strategic efforts Performance overview Ordinary dividend 344 cents 30.3% (2024: 264 cents) Closing share price R158.20 16.2% (June 2024: R136.09) Dividends received R3 869 million 23.6% (June 2024: R3 129 million) Special dividend per share of 200 cents HEPS 1 409 cents 38.4% (2024: 1 018 cents) HE R7 827 million 38.6% (2024: R5 647 million) Strong earnings performance ex non-recurring items INAV PS R292.34 16.5% (2024: R251.01) INAV R162 502 million 16.7% (2024: R139 291 million)
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Delivering on our strategic priorities
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• Long-term view on core portfolio and support for opportunities, starting to unlock value • Cash dividend profile to shareholders increased • Intense efforts to finalise plans for the utilisation of balance sheet capacity and available cash to crystallise value • Tangible progress on the path to further simplify the portfolio (eMedia, BAT and Grindrod) • Continued to enhance disclosure and transparency • Benefits of focused stakeholder engagement showing in greater shareholder alignment • Progress on maturing ESG strategic framework including key focus areas as reflected in set KPIs • Continued momentum on portfolio evolution (embedding corporate actions into value unlock phase) • Active partnership with management teams bearing fruit, with solid earnings growth on the back of improved operational performance • Over 80% of our portfolio delivering improved earnings and contribution to cash earnings Progressing delivery on our stated strategic priorities... 7 ...to deliver sustainable growth and long-term value crystallisation Delivering on our strategic priorities Active performance optimisation Considered capital allocation Lead sustainable businesses On track In progress Not yet executed
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A five-year portfolio transformation journey delivered… 8 Delivering on our strategic priorities In process Integration Optimisation Unlocking value • Financial and accounting impacts • Internal and structural reviews • Capital allocation • Implementation of efficiencies • Extracting synergies • Positioning for growth• Final approvals imminent
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Active performance optimisation 9 driving earnings momentum… Delivering on our strategic priorities 0 - 10.0% 10 - 20.0% 20 - 30.0% >50.0% c.80% of total portfolio increased headline earnings contribution year- on-year1 Notes: 1. % of portfolio calculated based on INAV before debt, cash and potential CGT
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Greater portfolio certainty 10 supportive of considered capital allocation Delivering on our strategic priorities General ranking in framework Guiding principles – uses of capital Current posture PORTFOLIO RESILIENCE AND SUPPORT • Core portfolio earnings momentum enhanced • Less uncertainty around unresolved corporate action 2 GROUP RESILIENCE – DEBT REPAYMENTS • Balance sheet fully ungeared • Significant capital pool, with a healthy buffer, available for allocation 1 CASH DIVIDENDS • Continued growth in ordinary dividend • Opportunity to explore appropriate dividend levels further FOLLOW ON STRATEGIC INVESTMENTS SHARE REPURCHASES • Situation specific, with current opportunity to be more front footed in our next chapter • Continued deep discount to INAV makes this a consideration NEW INVESTMENTS 3, 4, 5, 6 Dynamic Shifting to next phase Foundation secured Completed /near completion
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Summarised results for the year
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5 647 6 413 7 967 7 827 766 406 400 362 324 318 264 103 (160) (359) (104) (140) ↑>100% ↑>100% ↑ 17.9% ↑>100% ↑ 29.4% ↑ 30.9% ↑ 42.7% ↓(100.0%) ↓(64.9%) -1.5 -1 -0.5 0 0.5 1 1.5 2 2.5 3 3.5 4 5 000 5 500 6 000 6 500 7 000 7 500 8 000 8 500 9 000 9 500 10 000 Headline earnings FY 2024 Corporate actions Heineken Beverages Central treasury Mediclinic Rainbow OUTsurance Group RCL Foods KTH Momentum TotalEnergies Other Corporate actions Headline earnings FY 2025 R million (2) (1) Includes charges from the Distell/Heineken transaction, a higher Mediclinic redemption liability in the prior year, and prior-year costs tied to the Mediclinic acquisition. (2) Included in TotalEnergies’ contribution are negative stock revaluations of R410 million (30 June 2024: negative stock revaluations of R10 million). (1) (1) 12 ↑38.6% Sustainable recovery in headline earnings For the year ended 30 June 2025 Summarised results for the year
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139 291 (1 839) ( 789) ( 653) 14 980 3 389 4 043 1 303 755 744 1 278 162 502 INAV 30 June 2024 FirstRand CGT Capevin OUTsurance Group Discovery Net cash CIVH Total Energies Mediclinic Other INAV 30 June 2025 R million 120 000 125 000 130 000 135 000 140 000 145 000 150 000 155 000 160 000 165 000 13 Movement for the year 30 June 2025 R292.34 R251.01 Summarised results for the year Intrinsic net asset value (1) INAV is after potential CGT. (2) 31.3 million FirstRand shares disposed for consideration of R2 505 million. - INAV per share ↓24.3% ↓19.0% ↓36.7% ↑68.7% ↑58.8% ↑93.6% ↑9.0% ↑21.8% ↑1.8% ↑16.5% ↑16.7% (2) (1) (1)
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11.8x 10.9x 10.3x 6.2x 10.5x 10.6x 15.1x 8.5x 6.5x 9.9x 10.2x 9.6x 8.8x 6.0x Mediclinic CIVH Heineken Beverages Siqalo Foods Air Products 47 268 14 300 12 451 6 007 4 911 40 756 14 497 7 071 6 103 5 972 41 500 15 800 6 742 6 416 6 290 - 5 000 10 000 15 000 20 000 25 000 30 000 35 000 40 000 45 000 50 000 Mediclinic CIVH Heineken Beverages Siqalo Foods Air Products Valuation - R million Valuation of significant unlisted investments 14 Representing c. 82% of Remgro’s unlisted portfolio ↑5.1% Contribution to Intrinsic value(1): 24.8% 9.4% 4.0% 3.8% 3.8% ↑1.8% ↑5.3%↓4.7% ↑21.6% Summarised results for the year ↓13.8% ↑9.0%↑1.4% ↓43.2% ↑1.6% Post discount historic EV/EBITDA multiple (2) (1) Intrinsic NAV before Potential CGT. (2) nm – June 2023’s LTM EBITDA not meaningful due to Distell / Heineken merger effective 26 April 2023 with only 2 months trading data as at 30 J une 2023.
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Results overview per pillar 15 Healthcare Results: Mediclinic • Mediclinic delivered good results against a backdrop of a persistently challenging operating environment. • Mediclinic's R2 386 million (2024: R1 515 million) contribution to Remgro’s headline earnings (including the contribution of Manta Bidco), represents an increase of 57.5%. • Revenue increased by 5%, supported by rises in both inpatient admissions and day cases. • Adjusted EBITDA grew by 9%, with the margin improving to 15.3% from 14.7% the previous year. This growth was driven by good revenue and cost efficiency. Valuation: Mediclinic • Valuation increase by 4.7% in USD terms from June 2024 (up 1.8% in ZAR). • Independent valuation conducted by Deloitte with no material changes to valuation approach. • The valuation increase represents good delivery against its plans, with pleasing performance across the business. • Implied trailing EV/EBITDA multiple of 9.9x(1) (June 2024: 10.5x) Intrinsic value Headline earnings Dividends received Earnings yield % Dividend yield % R million Remgro Interest 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2025 Mediclinic (incl. Manta Bidco) 50.0% 41 500 40 756 1.8 2 386 1 515 57.5 359 366 (1.9) 5.7 0.9 – HE excluding impact of corporate actions(1) 2 386 2 024 17.9 Contribution (%) 24.8 28.4 30.5 26.8 9.3 11.7 Summarised results for the year (1) Excluding: 1. Transaction costs of Rnil (2024: R165 million) with Manta Bidco acquisition (50%), no redemption liability in the current period. 2. Redemption liability of Rnil (2024: R344 million) relating to Mediclinic’s acquisition of Hirslanden La Colline Grangettes. 3. Intrinsic NAV before Potential CGT. (1) Calculated using Mediclinic’s published 12 months to March 2025 EBITDA.
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Results overview per pillar 16 Consumer products Results: Rainbow (Listed) • Rainbow’s contribution to Remgro’s headline earnings amounted to R469million (2024: R145 million), representing an increase of 223.4%, mainly from stronger Chicken division sales and enhanced production capacity. • Improved product mix, diversified strategic customer channels, improvements in agricultural and operational performance and lower commodity input costs also positively contributed to improved EBIT margin in the Chicken division. • In the Animal Feed division, EBIT increased by 34.7%, driven by higher volumes, a targeted improvement in the external sales mix and disciplined cost control across the value chain. Results: RCL Foods (Listed) • RCL Foods reported a pleasing set of results, with its contribution to Remgro’s headline earnings amounting to R1 119 million (2024: R855 million), representing an increase of 30.9%. • Underlying headline earnings from continuing operations grew by 14.8% driven by a strong turnaround of the Baking business and improved performance from Groceries. • The Sugar business delivered a strong operational performance but faced local industry pressure on the back of increased imports. Intrinsic value Headline earnings Dividends received Earnings yield % Dividend yield % R million Remgro Interest 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2025 RCL Foods(1) & (2) 79.6% 7 855 7 176 9.5 1 119 855 30.9 393 >100 14.2 5.0 Heineken Beverages 18.8% 6 742 7 071 (4.7) (50) (573) 91.3 negative Siqalo Foods(3) 100.0% 6 416 6 103 5.1 467 452 3.3 180 165 9.1 7.3 2.8 Rainbow(2) 80.0% 2 949 3 349 (11.9) 469 145 >100 15.9 Capevin 33.6% 1 124 1 777 (36.7) (3) 79 <(100) 73 70 4.3 negative 6.5 IFRS 3 charges(4) (2) (24) 91.7 Total 25 086 25 476 (1.5) 2 000 934 >100 646 235 >100 8.0 2.6 Contribution (%) (5) 15.0 17.8 25.6 16.5 16.7 7.5 Summarised results for the year (1) RCL Foods’ contribution to Remgro’s headline earnings for the comparative year has been adjusted to exclude the contribution from Rainbow, which is now shown separately. (2) The intrinsic value of RCL Foods at 30 June 2024 was split to account for the unbundling. (3) Dividends exclude royalty income of R218 million (pre-tax) (4) IFRS 3 charge represents the amortisation and depreciation expenses, net of tax, relating to the additional assets identified when Remgro obtained control over HeinBev and Siqalo Foods. (5) Intrinsic NAV before Potential CGT.
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17 Results: Heineken Beverages • Heineken Beverages reported an improved performance, reducing its loss to R50 million (2024: loss R573 million). Excluding amortisation and depreciation, the company reported a profit of R90 million (previously a loss of R316 million). • Volume: High single digit growth (excluding Namibia Breweries) for the six months ended December 2024. Beer brands (Heineken, Windhoek, Amstel) drove low-teens volume growth; Namibia Breweries saw mid-teens growth. • Revenue: For the six months ended June 2025, revenue grew mid-single digits, with stable and improving beer volumes and market share in South Africa. Valuation: Heineken Beverages • Remgro’s valuation decreased by 4.7% year-on-year. • Decline in valuation attributed to a combination of factors: - constrained consumer environment in a highly competitive industry; - decrease in terminal value growth rate; and - partially offset by decrease in the WACC. • Implied EV/EBITDA multiple of 9.6x, comparing favourably to global peers. Summarised results for the year Intrinsic value Headline earnings Dividends received Earnings yield % Dividend yield % R million Remgro Interest 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2025 RCL Foods(1) & (2) 79.6% 7 855 7 176 9.5 1 119 855 30.9 393 – >100 14.2 5.0 Heineken Beverages 18.8% 6 742 7 071 (4.7) (50) (573) 91.3 negative Siqalo Foods(3) 100.0% 6 416 6 103 5.1 467 452 3.3 180 165 9.1 7.3 2.8 Rainbow(2) 80.0% 2 949 3 349 (11.9) 469 145 >100 15.9 Capevin 33.6% 1 124 1 777 (36.7) (3) 79 <(100) 73 70 4.3 negative 6.5 IFRS 3 charges(4) (2) (24) 91.7 Total 25 086 25 476 (1.5) 2 000 934 >100 646 235 >100 8.0 2.6 Contribution (%) (5) 15.0 17.8 25.6 16.5 16.7 7.5 (1) RCL Foods’ contribution to Remgro’s headline earnings for the comparative year has been adjusted to exclude the contribution from Rainbow, which is now shown separately. (2) The intrinsic value of RCL Foods at 30 June 2024 was split to account for Rainbow unbundling. (3) Dividends exclude royalty income of R218 million (pre-tax) (4) IFRS 3 charge represents the amortisation and depreciation expenses, net of tax, relating to the additional assets identified when Remgro obtained control over HeinBev and Siqalo Foods. (5) Intrinsic NAV before Potential CGT. Results overview per pillar Consumer products
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Results overview per pillar 18 Consumer products Results: Siqalo Foods • Siqalo Foods' headline earnings contribution was R467 million (2024: R452 million), an increase of 3.3%. • The trading environment remained challenging due to low economic growth, constrained consumer spending, and volatile commodity prices and exchange rates. • These inflationary pressures were offset by a dynamic pricing strategy as well as focused cost-saving initiatives. Valuation: Siqalo Foods • Valuation increased by 5.1% year-on-year. • In context of a persistently challenging trading environment, marked by ongoing commodity cost pressures and constrained consumer spending. • The valuation benefited from a lower WACC, with this benefit being offset by slightly moderated financial forecasts and terminal value growth rate. • Implied EV/EBITDA multiple of 8.8x. Summarised results for the year Intrinsic value Headline earnings Dividends received Earnings yield % Dividend yield % R million Remgro Interest 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2025 RCL Foods(1) & (2) 79.6% 7 855 7 176 9.5 1 119 855 30.9 393 >100 14.2 5.0 Heineken Beverages 18.8% 6 742 7 071 (4.7) (50) (573) 91.3 negative Siqalo Foods(3) 100.0% 6 416 6 103 5.1 467 452 3.3 180 165 9.1 7.3 2.8 Rainbow(2) 80.0% 2 949 3 349 (11.9) 469 145 >100 15.9 Capevin 33.6% 1 124 1 777 (36.7) (3) 79 <(100) 73 70 4.3 negative 6.5 IFRS 3 charges(4) (2) (24) 91.7 Total 25 086 25 476 (1.5) 2 000 934 >100 646 235 >100 8.0 2.6 Contribution (%) (5) 15.0 17.8 25.6 16.5 16.7 7.5 (1) RCL Foods’ contribution to Remgro’s headline earnings for the comparative year has been adjusted to exclude the contribution from Rainbow, which is now shown separately. (2) The intrinsic value of RCL Foods at 30 June 2024 was split to account for Rainbow unbundling. (3) Dividends exclude royalty income of R218 million (pre-tax) (4) IFRS 3 charge represents the amortisation and depreciation expenses, net of tax, relating to the additional assets identified when Remgro obtained control over HeinBev and Siqalo Foods. (5) Intrinsic NAV before Potential CGT. nm – not meaningful.
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Results overview per pillar 19 Financial services Business Partners: • Increase in value of Business Partners to R1 424 million (2024: R1 345 million) based on the NAV (audited) method after applying a marketability discount, representing a 5.9% increase in value. • Contribution to headline earnings increased by 2.4% to R85 million (2024: R83 million). OUTsurance Group (Listed) • Group’s contribution to Remgro’s headline earnings amounted to R1 398 million (2024: R1 080 million), representing an increase of 29.4%. On a normalised basis, OUTsurance Group reported an increase of 33.7% in earnings. • The increase in earnings was supported by strong organic growth, disciplined pricing, improved claims ratios driven by favourable natural perils losses and weather conditions, lower reinsurance costs and higher investment income, partially offset by OUTsurance Ireland losses and increase in share-based payments expense. • OUTsurance Life delivered a strong operating performance, driven by reduced expenses, good new business momentum in the Direct and Funeral segments, coupled with the impact of favourable yield movements. Intrinsic value Headline earnings Dividends received Earnings yield % Dividend yield % R million Remgro Interest 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2025 OUTsurance Group 30.5% 36 772 21 792 68.7 1 398 1 080 29.4 1 135 693 63.8 3.8 3.1 Business Partners 45.0% 1 424 1 345 5.9 85 83 2.4 24 21 14.3 6.0 1.7 Total 38 196 23 137 65.1 1 483 1 163 27.5 1 159 714 62.3 3.9 3.0 Contribution (%)(1) 22.8 16.1 18.9 20.6 30.0 22.8 Summarised results for the year (1) Intrinsic NAV before Potential CGT.
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Results overview per pillar 20 Infrastructure Valuation: CIVH • Increased by 9.0% from R14 497 million (30 June 2024) to R15 800 million. • DCF valuation benefited slightly from a reduced WACC, partially offset by a negligible increase in gearing. • Valuation at a 25% discount to the Vodacom|Maziv transaction implied valuation • Valuation implies a trailing EV/EBITDA multiple of 10.2x. Intrinsic value Headline earnings Dividends received Earnings yield % Dividend yield % R million Remgro Interest 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2025 CIVH 57.0% 15 800 14 497 9.0 (93) (75) (24.0) negative SEACOM 30.0% 811 683 18.7 12 55 (78.2) 1.5 Other infrastructure Investments 28 40 (30.0) (11) (13) 15.4 2 (100) negative Total 16 639 15 220 9.3 (92) (33) <(100) 2 Contribution (%)(1) 9.9 10.6 negative negative 0.1 Summarised results for the year Results: CIVH CIVH’s revenue for the year ended 31March 2025 increased by 6.3% to R6 755 million, while EBITDA from continuing operations for the same period increased by 9.3% driven by strong demand and increased uptake. CIVH’s contribution to Remgro’s headline earnings amounted to a loss of R93 million (2024: a loss of R75 million). This decrease is mainly due to: • Profit on the reversal of a guarantee provision of R108 million from discontinued operations in the comparative year, while the year under review was negatively impacted by a fair value loss on interest rate hedges of R67 million (31 March 2024: a profit of R36 million). • Excluding these non-recurring items, CIVH’s contribution to Remgro’s headline earnings amounted to a loss of R65 million (2024: a loss of R153 million). (1) Intrinsic NAV before Potential CGT
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50 975 (19 498) 31 477 ( 52) (6 005) 25 420 14 497 Maziv enterprise value Maziv debt Maziv equity value Net other assets Discounts CIVH equity value Remgro at 57.02% R million - 10 000 20 000 30 000 40 000 50 000 60 000 54 647 (20 805) 33 842 132 (6 269) 27 705 15 800 Maziv enterprise value Maziv debt Maziv equity value Net other assets Discounts CIVH equity value Remgro at 57.02% R million - 10 000 20 000 30 000 40 000 50 000 60 000 CIVH 21 Valuation (1) Net other assets includes Herotel, CIVH debt (net of cash) and share -based payment liability and other. 30 June 2025 30 June 2024 Historic EV/EBITDA: 11.9x (10.2x after discounts) Historic EV/EBITDA: 11.9x (10.6x after discounts) (2) (2) (2) Remgro share rounded to the nearest R million Summarised results for the year (1) (1)
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22 Results: • Air Products’ contribution increased by 13.6% to R643 million. Demand from large tonnage gas customers was generally stable, while the Packaged Gases business performed well. • TotalEnergies: Excluding the stock effect, earnings contribution increased by 7.3% due to scaling down of refining operations towards the second half of the 2024 calendar year, partially offset by supply chain disruptions. • Wispeco’s decrease in earnings reflects the downward pressure on trading margins, driven by competitive market conditions, and the impact of inflationary cost increases on other significant input costs. Valuations: • Air Products’ increase in value is largely a result of an increase in free cash flow due to continued cost efficiency expected, solid operational performance, and reduced forecast risk assumptions. • TotalEnergies’ increase in value is largely a result of a higher net cash position as well as lower WACC. • Wispeco’s modest decline of 0.3% in valuation reflects the increasingly challenging environment that Wispeco management anticipates for the short to medium term. Intrinsic value Headline earnings Dividends received Earnings yield % Dividend yield % R million Remgro Interest 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2025 Air Products 50.0% 6 290 5 972 5.3 643 566 13.6 500 460 8.7 10.2 7.9 TotalEnergies 24.9% 4 222 3 467 21.8 194 553 (64.9) 320 270 18.5 4.6 7.6 Wispeco 100.0% 1 900 1 906 (0.3) 284 289 (1.7) 105 114 (7.9) 14.9 5.5 Other industrial investments – 289 (100) (15) 17 <(100) nm Total 12 412 11 634 6.7 1 106 1 425 (22.4) 925 844 9.6 8.9 7.5 Contribution (%) (1) 7.4 8.1 14.1 25.2 23.9 27.0 Summarised results for the year Industrial Results overview per pillar (1) Intrinsic NAV before Potential CGT nm – not meaningful.
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R million % of total Year ended 30 June 2025 Year ended 30 June 2024 Local cash 58.2 4 866 3 309 Offshore cash 41.8 3 496 3 513 US$185.5 million (@ R17.75/US$) (30 Jun 2024: US$182.1 million @ R18.19/US$) 39.4 3 293 3 312 GB£3.3 million (@ R24.38/GB£) (30 Jun 2024: GB£3.4 million @ R23.33/GB£) 1.0 80 79 Other 1.4 123 122 Cash at the centre 100.0 8 362 6 822 1 540 Debt at the centre (at face value) RMB preference shares (redeemed on 5 Dec 2024) 2 503 Net cash at the centre 8 362 4 319 4 043 23 Cash and debt at the centre Summarised results for the year
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Dividends received... 24 ...a three-year evolution Summarised results for the year 1 513 1 488 2 157 1 595 1 641 1 712 3 108 3 129 3 869 - 800 1 600 2 400 3 200 4 000 4 800 30 June 2023 30 June 2024 30 June 2025 R million Year ended Listed Unlisted 0.7% 23.6%
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Cash flow at the centre 25 3 869 1 540 2 561 715 (2 500) (1 555) (914) (460) (97) (79) - 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 Dividends received Investments sold and loans repaid Interest income and other Preference share redemption Dividends paid Corporate costs and taxation Investments made and loans granted Finance costs Exchange rate revaluation of offshore cash Net cash movement R million Summarised results for the year
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Final ordinary and special dividend Ordinary dividend yield. 30 June 2025 based on share price of R170 26 80 80 96 160 184 248 200 240 344 264 5441.63% 1.94% 2.02% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% - 100 200 300 400 500 600 30 Jun 2023 30 Jun 2024 30 Jun 2025 Axis Title cents Interim ordinary Final ordinary Special Dates of importance Finalisation date for the special dividend Tuesday, 14 October 2025 Last day to trade in order to participate in the final and special dividend Tuesday, 21 October 2025 Shares trade ex the final and special dividend Wednesday, 22 October 2025 Record date Friday, 24 October 2025 Payment date Monday, 27 October 2025 10.0% 20.0% 34.8% 30.3% Summarised results for the year
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Update on key portfolio companies 27
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Mediclinic Group Jurgens Myburgh (CFO) 28
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• Sustained momentum in medical innovation is driving demand and creating opportunities for new revenue streams alongside increasing pricing pressure and regulation • Mediclinic remains single-minded in our purpose to enhance the quality of life • Our focus is to execute on our strategic objectives: Strengthen the Core; Focus on Care; Differentiate on Service Mediclinic Group 29 Mediclinic Group Adjusted EBITDA contribution FY25 (%) Revenue contribution FY25 (%) 45 26 29 Switzerland Southern Africa Middle East Overview 40 30 29 Switzerland Southern Africa Middle East Corporate
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Mediclinic Group 30 Progress on key priorities Mediclinic Group Expanding revenue generation • Strong volume growth across all divisions • Continued growth across the continuum of care Driving operational performance • On target with operating model review implementation Improving return on invested capital • Significantly improved leverage ratio • Incremental improvement in ROIC Going forward • Continue driving operational performance • Targeting total savings of $100 million by FY27 • Expand outpatient revenue generation • Establish healthcare ecosystems
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Key priorities: Building resilience against a challenging market backdrop Continue to drive turnaround plan Optimise hospital portfolio Achieve sustainable growth and improved margins Pursue innovation and market share growth through targeted investment Mediclinic Group 31 Strategic goals and top priorities Mediclinic Group Market dynamics and context • Favourable healthcare demographics • Financial pressure due to pricing and ongoing outmigration of care • Increasing state involvement and hospital consolidation Strategic response • Focus on delivery regions • Build system relevance • Expand outpatient services Targeted outcomes Volume-led inpatient revenue growth Incremental increase in operating margins Growth in outpatient environment Progress on FY25 • Supplementary insurance in line with targets • Turnaround plan delivered CHF25 million savings in FY25• Focused actions delivered cash conversion of 96% On track In progress Not yet executed
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Key priorities: Optimise operations and expand across the continuum of care Driving volume increase through selective expansion Improve efficiency and operating margins through target operating model Replacing core systems to drive operational efficiency and implementing EHR Strategic investment across healthcare ecosystem Mediclinic Group 32 Strategic goals and top priorities Mediclinic Group Market dynamics and context • Mature operating environment supporting targeted growth plans • Low economic growth with slightly improving prospects • Regulatory uncertainty regarding NHI • Ongoing competition for doctors and staff • Increased technology spend Strategic response • Selective network participation • Expansion across the continuum of care Targeted outcomes Revenue growth ahead of inflation Driving incremental operating margin improvement Progress on FY25 • Strong volume growth through network participation • Growth in related businesses • Implementing core systems replacement • Continued focus on staff costs On track In progress Not yet executed
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Key priorities: Robust growth with continued expansion Driving volume-led growth in existing business Expanding facilities to increase capacity and add new specialties Improve operating margins through revenue growth and a well-managed cost base Actively managing Abu Dhabi portfolio composition Mediclinic Group 33 Strategic goals and top priorities Mediclinic Group Market dynamics and context • Economic growth in the region continues to be robust • UAE population is growing strongly and demand for healthcare is rising • Competition in the sector is growing as hospitals expand into new areas Strategic response • Investing for further growth • Regional adoption of Powerhouse strategy • Optimisation of facilities and specialties Targeted outcomes Revenue growth from new projects Expanded margin through operating leverage Moderated by medium term impact of Abu Dhabi facility consolidation Progress on FY25 • Strong volume growth through selective expansion • Established specialties by hospital • Disciplined staff cost management On track In progress Not yet executed
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Mediclinic Group 34 Financial Results (1) Adjusted measures presented where appropriate. Mediclinic Group • Group performance driven by strong volume growth across all divisions • Group revenue up 4% in constant currency terms - 1.5% growth in inpatient admissions - 3.2% growth in day case admissions - Average revenue per case driven by mix changes • Adjusted EBITDA up 9% at $737 million - Reflecting good revenue growth and cost efficiency, partially offset by an increase in consumables and supply costs - Adjusted EBITDA margin improved to 15.3% (FY24: 14.7%) • Cash and cash equivalents at $737 million • Leverage ratio at 3.1x (FY24: 3.7x) USD million FY25 FY24 Variance Revenue 4 818 4 592 5% EBITDA(1) 737 673 9% EBITDA margin 15.3% 14.7% Earnings(1) 239 197 21% Employee benefit and related cost as % of revenue 47.9% 48.7% Consumables and supplies as % of revenue 24.0% 23.6%
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Switzerland 35 Building resilience Mediclinic Group (1) Adjusted measures presented where appropriate. (2) Includes inter-company loan interest cost which is eliminated in the Group earnings reconciliation. • Revenue driven by good growth in inpatient admissions - Inpatient admissions up 2.2% compared with FY24 - General insurance mix increased to 52.6% (FY24: 52.1%) - Outpatient and day case revenue increased by 2.2% to CHF417 million • Adjusted EBITDA up 4% to CHF266 million (FY24: CHF255 million) - Driven by revenue performance - Reflecting disciplined cost management partially offset by increase in consumables and supplies - Adjusted EBITDA margin was 13.7% (FY24: 13.4%) • Current trading: - Continued growth in underlying inpatient volumes - Offset by pressure on volumes in Western Switzerland, also exacerbating general insurance mix - Turnaround plan delivering on schedule - Targeting modest revenue growth and improved EBITDA margin in FY26 CHF million FY25 FY24 Variance Revenue 1 940 1 905 2% EBITDA(1) 266 255 4% EBITDA margin 13.7% 13.4% Earnings(1) (2) 43 (5) NM Movement in inpatient admissions 2.2% Movement in revenue/IP admission -0.1% General insurance mix 52.6% 52.1%
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Southern Africa 36 Optimising operations Mediclinic Group • Good revenue growth of 8% to ZAR22 369 million - Strong PPD growth of 1.2% - Average revenue per bed day driven by inflationary increases and mix changes • Adjusted EBITDA was up 8% to ZAR4 097 million - Reflecting revenue growth offset by higher employee costs - Adjusted EBITDA margin of 18.3% (FY24: 18.2%) • Current trading: - Continued growth in bed days sold - Operating leverage on well-managed cost base - Targeting FY26 revenue growth ahead of inflation and improved EBITDA margin ZAR million FY25 FY24 Variance Revenue 22 369 20 786 8% EBITDA(1) 4 097 3 784 8% EBITDA margin 18.3% 18.2% Earnings(1) 1 334 1 150 16% Movement in bed days sold 1.2% Movement in revenue per bed day 6.5% (1) Adjusted measures presented where appropriate.
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37 Mediclinic Group • Good revenue growth of 5% to AED5 135 million - Inpatient admissions and day cases up 4.8% and 3.5%, respectively - Outpatient visits up 1.0% - Average revenue per case driven by mix changes • Adjusted EBITDA increased by 10% to AED788 million - Revenue growth supported by strong cost discipline - Adjusted EBITDA margin increased to 15.4% (FY24: 14.6%) • Current trading: - Strong performance offset by portfolio consolidation in Abu Dhabi AED million FY25 FY24 Variance Revenue 5 135 4 892 5% EBITDA(1) 788 714 10% EBITDA margin 15.4% 14.6% Earnings(1) 377 328 15% Movement in inpatient admissions 4.8% Movement in day cases 3.5% Movement in outpatient cases 1.0% Movement in revenue/inpatient admission (0.3%) Movement in revenue/OP case 6.3% Investing for growth Middle East (1) Adjusted measures presented where appropriate.
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Mediclinic Group 38 Concluding remarks Mediclinic Group Focus on growth in the core business Driving efficiency through the Target Operating Model Diversifying our services by pursuing new revenue streams Harnessing technology in clinical performance and client experience Attracting, developing, and retaining top talent for sustainable growth 1 2 3 4 5
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CIVH Dietlof Mare (Maziv CEO)
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Unlocking scale to deliver South Africa’s fibre future 40 Combining enterprise stability, consumer growth, and scale expansion CIVH Unlocking expansion opportunities • Vodacom investment to strengthen Maziv’s balance sheet and accelerate fibre roll-out (subject to approval) • Strategic scale expansion delivering fibre to 1 million additional homes in five years • Integration of Vodacom assets expected to drive additional EBITDA growth Future-proofing enterprise connectivity • Ongoing, significant investment to expand and modernise the network for rising capacity demand • 5 001 new enterprise links added to 31 March 2025 (2024: 6 060) Focused execution to expand connections • Targeted build strategy delivering fibre to 36 647 new homes by 31 March 2025 • 133 949 net new subscribers added to 31 March 2025 (2024: 106 283), driving strong uptake momentum
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41 Vumatel CORE market REACH market KEY market CIVH • R5k – 30k monthly household income • Current growth engine • 10% overbuilt • >R30k monthly household income • Market mature • 34% overbuilt • <R5k monthly household income • Largest remaining opportunity 2.2 million 9.7 million 4.8 million 31 Mar 25 31 Mar 24 % change Homes passed 1 103 794 1 076 673 3% Subscribers 443 022 335 971 32% Uptake 40.1% 31.2% 9% 31 Mar 25 31 Mar 24 % change Homes passed 30 010 20 596 46% Subscribers 13 091 1 908 586% Uptake 43.6% 9.2% 34% 31 Mar 25 31 Mar 24 % change Homes passed 906 427 906 315 0% Subscribers 408 095 392 380 4% Uptake 45.0% 43.3% 2% Addressed | Addressable Market share(1) 41% Addressed | Addressable Market share Addressed | Addressable Market share55% 13% 2.2 100% 1.7 2.5 41% 59% 0.2 9.5 2% 98% Source: Africa Analysis, Red Wind (1) Market share is based on Vumatel’s homes passed as a percentage of the market that has already been addressed by FNOs Uptake increased from 36% to 42%; Stable Core growth with Reach and Key expansion advancing digital inclusion
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42 FTTS (Fibre-to-the-Site) • Longer-term contracts with MNOs and FWA providers • Crucial enabler of 5G rollouts and network densification 47 000 sites 31 Mar 25 31 Mar 24 % change FTTS connections 12 568 12 374 2% Business connectivity • Metro fibre is critical to driving uptake across FTTS, FTTB and FTTH • Strong SME demand for affordable business connectivity as data needs rise 424 000 Business connections(1) 31 Mar 25 31 Mar 24 % change Metro connections 6 014 5 828 3% FTTB connections 51 852 47 231 10% Business connections 57 866 53 059 9% DFA Anchor business, critical to 5G rollout and business connectivity growth Source: Africa Analysis, BMIT, Red Wind (1) Business connections exclude micro businesses CIVH
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Financial 43 Results CIVH Consolidated R million Year ended 31 Mar 25 Year ended 31 Mar 24 % change Revenue 6 755 6 353 6% EBITDA 4 686 4 290 9% Operating earnings 2 330 2 090 11% Headline earnings(1) (163) (134) (22%) R million Year ended 31 Mar 25 Year ended 31 Mar 24 % change Revenue 2 757 2 715 2% EBITDA 1 788 1 805 (1%) Operating earnings 1 129 1 083 4% Headline earnings 370 345 7% R million Year ended 31 Mar 25 Year ended 31 Mar 24 % change Revenue 3 841 3 543 8% EBITDA 2 715 2 445 11% Operating earnings 1 374 1 191 15% Headline earnings(1) (202) (374) 46% (1) Headline Earnings includes CIVH / Vumatel’s share of Herotel’s profit after tax
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CIVH 44 Stronger cash generation driven by EBITDA growth, prudent capex, and working capital discipline 4 29 44 14 2 93 2 13 2 6 416 963 2025 (Year ended 31 March) CIVH 2024 (Year ended 31 March) 4 290 ( 44) ( 140) (2 093) 2 013 (2 560) ( 416) ( 963) EBITDA Working capital changes Tax Interest paid Cash flow pre-capex Capex Other financial assets Net cash requirement R million 4 686 168 ( 110) (2 136) 2 608 (1 882) ( 106) 620 EBITDA Working capital changes Tax Interest paid Cash flow pre-capex Capex Other financial assets Net cash surplus R million 30% YoY increase Additional R1.583 billion cash generated YoY
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• Conditional approval granted; ICASA approval pending • Target implementation: 1 November 2025 (subject to approvals) • Key terms - Maziv equity valued at R36 billion (incl. Herotel stake) - Vodacom to contribute R6.1 billion cash + R4.9 billion fibre assets - Pre-implementation dividend of up to R4.2 billion payable to CIVH - Vodacom to hold 30% initially, with option to increase to 34.95% • Post-transaction focus - Rapid integration of assets to maximise EBITDA uplift - Execute rollout strategy targeting to deliver fibre to 1 million homes over five years Corporate activity 45 Expanding scale and strengthening capital base to accelerate bridging the digital divide Vodacom investment in Maziv Acquisition of remaining stake in Herotel • Competition Commission recommended for approval subject to conditions (March 2025) • Final approval awaited from Competition Tribunal • Adds significant scale in homes passed and strengthens access into underserviced markets CIVH
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Heineken Beverages
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Strategic rationale 47 Creating a Regional Beverage Champion for Southern Africa Heineken Beverages Accelerating our growth by combining three successful businesses Leveraging our unique multi-category portfolio to transform the market Provides entry point into profitable and growing African markets • SA alcoholic beverages market projected to continue to grow • Key markets for Heineken Beverages ex-SA and Namibia: Kenya, Tanzania, Uganda, Zambia and Botswana – favourable demographics and favourable alcoholic beverages growth Heineken Beverages well positioned to capture sizeable share of market growth • Multi-category portfolio with #1 or #2 brands across the spectrum • #2 player in SA sets up the business as a scale player with strong challenger credentials • Portfolio caters for all occasions and preferences • Combining "best of both worlds" - Heineken global scale and excellence across multiple jurisdictions - Access to Heineken global sponsorships which resonate with local consumers (UEFA Champions League, Formula 1) - Legacy Distell deeply embedded expertise in non-beer categories innovation • Legacy Distell brands could benefit from Heineken’s "Beyond beer" and Global strategy • Disruptive integration phase in final stage of completion Africa’s leading producer and marketer of ciders, flavoured alcoholic beverages (FABs), wines and spirits Namibian beer market leader with iconic regional premium beer Windhoek Global brewer with a successful track record operating in Africa for over 100 years as the premium beer market leader across the region
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Recent momentum 48 6 months to June 2025 Heineken Beverages Performance improved – additional gains achievable to realise full business case potential A weaker economic environment has resulted in slower short- term growth in the alcoholic beverage sector, impacting Beer and Wine while Cider remains resilient Volume and market share recovery point to a stabilisation in Beer, with strong overall momentum seen in market share recovery for Other beverages Solid performance from HBSA, HBI (beer, spirits) and NBL (strong volume and GP). Increased Above the Line marketing spend to drive brand equity and market share recovery. In country share of equity accounted earnings growing significantly A constrained consumer environment has resulted in heightened competitor discounting and new low-cost entrants Improved margins with better pricing dynamics and lower variable costs Fixed cost growth < inflation achieved through focused cost-saving initiatives
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49 Key priorities 2025 • Gain and sustain beer market share • Enhance beer profitability • Increase brand equity • Enable price increase at or above cost inflation • Enhance Route-to- Market capabilities to shorten route Improved consumer influence and insights • ROIC improvement from synergies, operating leverage and focused capital management • Focus on winning market share • Celebrate every success Win in beer Build brands with pricing power Create direct connection with our end customers Accelerate operational efficiency Cement our winning competitive spirit Heineken Beverages
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12 months to R million June 2025 June 2024 Variance Revenue 55 243 51 025 8% Reported headline loss (268) (3 162) 92% Normalised headline earnings/(loss) fx adj 611 (98) 723% Results overview 50 12 months to June 2025 vs June 2024 Progress on key priorities • Market share stabilisation in Beer, margin enhancements with returnables implementation • Optimising pricing dynamics to protect GP margin • Cost effective business leading to bottom line growth 12 months to June 2025 vs June 2024 • Robust post-integration growth driven by volume and revenue. • Limited pricing power in efforts to stabilise and regain market share, amidst heightened competitor discounting and new entrants. • Variable- and fixed cost saving initiatives protecting operating profit. 2024 comparative impacted by goodwill impairments in operating costs. • Strong cash-generative business supporting working capital and capex investments. Net debt stable vs previous year. • Strategically placed to capture growth opportunities in South Africa and our key markets in Africa. • Historic performance severely impacted by highly disruptive period of integration which is completed. Heineken Beverages Scaling the business to unlock efficiencies
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51 Revenue (pre-excise) per category 12 months to June 2025 vs June 2024 Revenue contribution per category Key insights • All categories achieved revenue growth, ranging between single- and double-digits. • Stabilisation in beer driven by brand investment and returnables. - Attractive category with fast growth - Competitive market with limited pricing power - We will prioritise investments behind selected brands to gain market share - Returnables improving Heineken margin - Strong Windhoek performance - Recovery in Amstel gaining traction • Ciders continue to grow with Savanna now the largest cider by volumes and value globally. Bernini a star performer. • Spirits important for profitability with robust volume and revenue growth, despite pricing pressure. • Premium wines under pressure, impacting margin as momentum shifts to mainstream. Our shift to a boxed wine promo strategy yielded positive results. Revenue growth/(decline) vs history Spirits Wines Ciders and RTDs Beer Total Heineken Beverages
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52 Revenue per reporting entity (RE) 12 months to June 2025 Revenue pre-excise contribution per RE Key insights • Majority of revenue and profit driven by South Africa (HBSA), which also produces export stock for HBI. • Namibia (NBL) is a quality profitable business that yields operational and trade benefits. Strong performance from leading brands (Windhoek) and Cider category (Savanna). The portfolio is growing volume and delivering on the strategic rationale for Heineken Beverages. • HBI delivered volume growth across select key regions in Africa. The company continues to see huge growth potential, including local production in Africa and export capabilities to the rest of the world. HBSA HBI NBL Heineken Beverages
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Heineken Beverages including Remgro IFRS 3 53 12 months to June 2025 vs June 2024 Movement in reported headline loss Heineken Beverages (1) Amortisation and depreciation charges relating to the additional assets identified when Heineken Beverages obtained control over Distell and Namibia Breweries. Also includes Remgro purchase price allocation adjustments. Amount is after tax. (2) Includes increased tax and non-controlling interests (nci) mainly due to improved performance offset by the net saving on non-recurring expenses during FY24, mainly relating to integration costs and integration supply chain challenges. (3 162) 2 103 720 ( 268) Reported headline loss FY24 Increased HLE profit before tax FY25 vs FY24 Reduced IFRS 3 amortisation after tax Other upside: Tax, nci, equity acc earnings and once-off costs Reported headline loss FY25 R million - ( 500) (1 000) (1 500) (2 000) (2 500) (3 000) (3 500) 71 (2) (1)
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(1) Amortisation and depreciation charges relating to the additional assets identified when Heineken Beverages obtained control over Distell and Namibia Breweries. Also includes Remgro purchase price allocation adjustments (zero in FY25). Amount is after tax. (2) Non-recurring expenses incurred by Heineken Beverages mainly relating to the transaction (staff deal costs, redundancies and integration costs), (3) After-tax forex expenses incurred. Heineken Beverages including Remgro IFRS 3 54 12 months to June 2025 Statutory headline loss reported to normalised earnings Heineken Beverages ( 268) 747 479 54 78 611 Reported headline loss IFRS 3 amortisation after tax Headline earnings excl. IFRS 3 amortisation Once-off costs Forex Normalised headline earnings fx adj R million ( 400) ( 300) ( 200) ( 100) - 100 200 300 400 500 600 700 (1) (2) (3) Abnormal & once off adjustments
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Heineken Beverages 55 Looking ahead Heineken Beverages Changing market dynamics set to persist Deliberate focus on the following factors is mitigating some of this impact: • Stabilising beer • Innovation pipeline • Improved pricing dynamics • Fixed cost savings • Route-to-Market Margin recover strengthened with continued investment behind our brands Peak performance planned for October – December with focussed activities Channel focussed, “sales-market-coverage-model” starting to deliver positive results 1 2 3 4 5
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RCL Foods Paul Cruickshank (CEO)
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57 Strategic overview Progressing well against our strategy, which is underpinned by 3 Pillars and supporting enablers all focused on “Value Creation” RCL Foods PEOPLE FIRST • Build diverse, inclusive, high-performance culture • Strengthen community resilience • Invest in strategic capabilities FUTURE FIT • Become best-in-class • Build a net positive business RIGHT GROWTH • Grow organically through strong brands • Scale up and enter new emerging channels and markets • Partner with strategic customers • Leverage dynamic platform through partnerships and acquisitions Good progress made Significantly dialed up focusChallenged due to lower demand + +
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R million Year ended 30 June 2025 Year ended 30 June 2024 % change Revenue 26 494 26 017 1.8 EBITDA 2 391 2 216 7.9 EBITDA margin 9.0% 8.5% 0.5ppts HE 1 306 1 137 14.9 HEPS (cents) 146.1 127.7 14.4 58 12.2% 14.5% 12.5% 13.0% 7% 9% 11% 13% 15% 30 June 2024 30 June 2025 ROIC ROIC (Market) ROIC (Underlying) FY25 Highlights With a clear strategy and focused execution, FY25 delivered pleasing results, despite the challenging market conditions RCL Foods TOP STRATEGIC PRIORITIES DELIVERED IN FY25 People First Right Growth Future Fit • Delivered Net Revenue Management (NRM) savings initiatives • Progress in key innovation Baking projects • Profitably recover core growth in Pet Food and Bread • Delivered significant value in Continuous Improvement (CI) savings initiatives • Delivered Overhead savings to address lost synergies arising from Vector and Rainbow separations • Implemented Phase 1 of Group’s SAP IT roadmap • Implemented customised Diversity & Inclusion Plans • Drove a high performance culture Underlying result:
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Market context 59 Food volume consumption remains under significant pressure Source: Ask’d RCL Foods Inflation Volume Total industry basket 12MM June 2025 3MM June 2025 12MM June 2025 3MM June 2025 Food 3.7% 3.5% (0.3%) (2.6%) Staples 4.5% 3.8% (2.8%) (5.5%) Food excl. staples 2.6% 2.2% 1.7% (0.1%) -6.6% -1.7% -2.5% -0.1% -4.3%-4.0% 1.5% -5.5% 2.2% -3.2% 3.4% 5.0% 0.7% 3.4% 1.6% -2.6% 3.4% 3.2% 5.2% -5.3% -4.5% -1.7% -8.5% -0.4% 1.5% -11.0% -9.0% -7.0% -5.0% -3.0% -1.0% 1.0% 3.0% 5.0% Jun 2023 Jul 2023 Aug 2023 Sept 2023 Oct 2023 Nov 2023 Dec 2023 Jan 2024 Feb 2024 Mar 2024 Apr 2024 May 2024 Jun 2024 Jul 2024 Aug 2024 Sept 2024 Oct 2024 Nov 2024 Dec 2024 Jan 2025 Feb 2025 Mar 2025 Apr 2025 May 2025 Jun 2025 Food V olume Trend – 24 months to June 2025
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Market share performance 60 RCL Foods brand performance remains strong in tough environment Source: Circana except for Sunbake Bread where we use SAGIS (producer data) RCL Foods RCL Foods volume market share Groceries 12MM June 2024 12MM June 2025 3MM June 2025 Yum Yum Peanut Butter 31.2% 32.5% 32.0% Nola Mayonnaise 47.4% 42.5% 41.8% Ouma Rusks 52.4% 58.8% 60.9% Bobtail 31.3% 31.6% 33.3% Catmor 57.2% 57.0% 56.0% Feline Cuisine 29.2% 33.5% 33.3% Canine Cuisine 44.1% 51.8% 54.9% Baking Sunbake 8.5% 8.2% 8.0%
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2 300 59 ( 137) ( 6) 2 216 95 284 ( 309) 62 44 2 391 41 40 91 2 563 June 2024 Statutory EBITDA Separation costs Komati Insurance (fire) IFRS 9 June 2024 Underlying EBITDA Groceries Baking Sugar Group Unallocated restructuring costs June 2025 underlying EBITDA IFRS 9 Komati Insurance (Flood) Special levy recovery June 2025 Statutory EBITDA 1 500 1 700 1 900 2 100 2 300 2 500 2 700 2 900 Underlying EBITDA waterfall: June 2024 to June 2025 Continuing operations EBITDA performance for the year ended 30 June 2025 RCL Foods R million ↑7.9% ↑11.4% 61
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Long-term historical performance for the year ended 30 June 2025 RCL Foods 2 125 1 926 1 918 2 216 2 391 11.0% 9.2% 7.9% 8.5% 9.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 1 000 1 500 2 000 2 500 2021 2022 2023 2024 2025 Underlying EBITDA history (Excl. Rainbow & Vector) EBITDA (Rm) EBITDA % 62
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Business unit performance Subdued demand more than offset by savings initiatives across all businesses RCL Foods • Groceries delivered an improved result driven by a favourable product mix in pet food with more focus placed on premium brands, savings initiatives resulting from NRM and CI initiatives, production efficiencies and reduced load shedding • Baking has seen a strong turnaround across all operating units, largely driven by operational efficiencies and limited volume growth • Both Pies and Speciality delivered good volume growth, whilst Milling benefitted from improved pricing • Our Bread business reported a significant turnaround in EBITDA, albeit off a low base, underpinned by volume growth and heightened focus on cost savings and efficiencies • Albeit materially down on the prior year, Sugar performed well aided by a pleasing agricultural and manufacturing operational performance • The local industry faced pressure in the second half of the year largely due to reduced consumer demand and an increase in imports Sugar Sugar and Molatek Baking Bread, Milling, Speciality and Pies Groceries Grocery and Beverages EBITDA growth YOY 502 630 2024 2025 517 802 2024 2025 1 409 1 094 2024 2025 R million↑25.5% ↑55.1% ↓22.3% 63
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RCL Foods Key innovation launches will drive growth in the Baking business Implementation of our refreshed Pet Food strategy will accelerate growth into more profitable brands and channels Delivering on our margin enhancing initiatives, net revenue management and continuous improvement remain critical to remain competitive in a challenging trading environment Actively pursue growth opportunities to scale up and bolster the portfolio Continue to actively manage energy, water and logistics risks while advancing our climate response to drive long-term value creation and a more sustainable business In Sugar, we are expecting less favourable market conditions, largely due to significant import risk, therefore, there will be a strong focus on items within our control Looking forward Whilst we expect consumer demand to remain subdued, we will continue to drive our strategy, focused on growth and business resilience 64
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Looking ahead
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• Continue journey of improved disclosure, transparency and stakeholder engagement • Embed and drive ESG action through the Group including alignment on ESG indicators to be monitored across the group • Further enhance climate reporting and ESG risk management processes • Finalise medium-term capital allocation priorities to fuel growth and unlock value for shareholders • Continue to invest behind proven teams, business models and support core portfolio growth initiatives • Progress the path of rationalising non-core assets and simplifying the portfolio • Continue on path of active partnership with management teams and co-shareholders to drive performance improvement and growth • Continue to support and drive deliberate steps of the value unlock phase of our portfolio transformation journey • Sweat the assets we have, back the businesses we know and the teams that we trust Continue to drive focused execution... 66 ...on our stated strategic priorities Looking ahead Active performance optimisation Considered capital allocation Lead sustainable businesses …to deliver sustainable growth and long-term value crystallisation
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Q&A 67
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Annexure 68
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Intrinsic net asset value 69 Material investee companies Annexure R million 30 June 2025 30 June 2024 % Change % Contribution Mediclinic 41 500 40 756 1.8% 24.8 OUTsurance Group 36 772 21 792 68.7% 22.0 CIVH 15 800 14 497 9.0% 9.4 Discovery 9 150 5 761 58.8% 5.5 RCL Foods 7 855 7 176 9.5% 4.7 Heineken Beverages 6 742 7 071 (4.7%) 4.0 Air Products 6 290 5 972 5.3% 3.8 Siqalo Foods 6 416 6 103 5.1% 3.8 FirstRand 5 733 7 572 (24.3%) 3.4 TotalEnergies 4 222 3 467 21.8% 2.5 Other investments 18 605 18 961 (1.9%) 11.1 Net asset value before net cash 159 085 139 128 14.3% 95.0 Cash at the centre 8 362 6 822 22.6% 5.0Debt at the centre (2 503) 100.0% Intrinsic NAV before CGT 167 447 143 447 16.7% 100.0 Potential CGT liability (4 945) (4 156) (19.0%) Intrinsic NAV after tax 162 502 139 291 16.7% Intrinsic NAV per share (Rand) 292.34 251.01 16.5% Share price 158.20 136.09 16.2% Discount (%) 45.9 45.8 (10bps) 4 3198 362
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Valuation approaches 70 Unlisted investments Annexure Principal valuation methodology Discounts applied Investee company Contribution to INAV Equity interest Change in value (from 30 June 2024) Post-discount historic EV/EBITDA (x) Discounted cash flow Sum-of-the-parts Lack of marketability and / or control Mediclinic 24.8% 50.0% 1.8% 9.9(4) ✓ ✓ ✓ CIVH 9.4% 57.0% 9.0% 10.2 ✓ ✓ ✓ Heineken Beverages 4.0% 18.8% (4.7%) 9.6 ✓ ✓ ✓ Siqalo Foods 3.8% 100.0% 5.1% 8.8 ✓ ✓ Air Products 3.8% 50.0% 5.3% 6.0 ✓ ✓ TotalEnergies 2.5% 24.9% 21.8% 4.6 ✓ ✓ KTH 1.9% 43.5% 11.9% n/a ✓ ✓ Wispeco 1.1% 100.0% (0.3%) 3.7 ✓ ✓ Capevin 0.7% 33.6% (36.7%) 17.7 ✓ ✓ ✓ Other unlisted 10.0%(2) Other listed 38.0%(3) (1) Intrinsic NAV before potential CGT. (2) Includes: Business Partners (0.9%), other diversified investment vehicles (0.8%), Invenfin (0.4%), Prescient China Equity Fund (0.7%), SEACOM (0.5%), eMedia Investments (0.3%), other media investments (0.1%), Social impact investments (0.1%), Cash and other corporate actions (6.2%). (3) Includes: OUTsurance Group (22.0%), Discovery (5.5%), RCL Foods (4.7%), FirstRand (3.4%), Rainbow (1.8%), other portfolio inv estments (0.6%). (4) Calculated using Mediclinic’s published 12 months to March 2025 EBITDA. (1)
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10% 30% 60% June 25 40% 10% 24% 66% June 24 34% Valuation: listed vs unlisted 71 Cash, debt and other corporate assets excluded Annexure 11% 17% 72% June 23 28% Unlisted Investments Listed – Strategic Investments Listed – Portfolio Investments Note: June 23: Mediclinic & HeinBev (Distell) moved to unlisted portfolio.
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Consumer products 72 Siqalo Foods performance Annexure Intrinsic value Drivers • Decrease in WACC - 86bps decrease in WACC - R494 million positive impact • Offset by slightly moderated financial forecasts and terminal growth rate • Single digit revenue growth in forecast - Volume and price • Margin recovery in gross profit and EBITDA over forecast period R million Year ended Year ended 30 June 2025 30 June 2024 % change Revenue 3 715 3 594 3.4 Operating profit 595 518 14.9 Headline earnings 467 452 3.3 Drivers • Trading environment remains a challenge • Tough economic climate with low growth and volatile commodity prices, prompting: - Price increase in March 2025 - Focused cost-saving measures enabled Siqalo Foods to counter inflation and boost marketing, resulting in profitable volume growth Headline earnings 452 467 0 50 100 150 200 250 300 350 400 450 500 30 Jun 24 30 Jun 25 6 103 6 416 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 30 Jun 24 30 Jun 25 ↑3.3% ↑ .1% R million R million
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73 Results: Capevin • Capevin’s contribution to Remgro’s headline earnings amounted to a loss of R3 million (2024: a profit of R79 million), mainly due to the exit of distribution and marketing arrangements on behalf of Heineken Beverages in international markets (contributing 21% to revenue in the prior period) and global decline of the premium spirits industry and Scotch whisky category. • Capevin’s earnings were also impacted by softer demand on the back of ongoing geopolitical and macroeconomic uncertainty, coupled with high inflation and interest rates which continue to significantly impact consumers. Valuation: Capevin • Valuation decreased by 36.7% year-on-year, in context of major industry wide downturn during the period. • Decrease is in line with the average downturn in equity values of peers which have ranged between 25% to 50% over the same period. Annexure Consumer products Results overview per pillar Intrinsic value Headline earnings Dividends received Earnings yield % Dividend yield % R million Remgro Interest 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2024 % change 30 June 2025 30 June 2025 RCL Foods(1) & (2) 79.6% 7 855 7 176 9.5 1 119 855 30.9 393 >100 14.2 5.0 Heineken Beverages 18.8% 6 742 7 071 (4.7) (50) (573) 91.3 negative Siqalo Foods(3) 100.0% 6 416 6 103 5.1 467 452 3.3 180 165 9.1 7.3 2.8 Rainbow(2) 80.0% 2 949 3 349 (11.9) 469 145 >100 15.9 Capevin 33.6% 1 124 1 777 (36.7) (3) 79 <(100) 73 70 4.3 negative 6.5 IFRS3 charges(4) (2) (24) 91.7 Total 25 086 25 476 (1.5) 2 000 934 >100 646 235 >100 8.0 2.6 Contribution (%) (5) 15.0 17.8 25.6 16.5 16.7 7.5 (1) RCL Foods’ contribution to Remgro’s headline earnings for the comparative year has been adjusted to exclude the contribution from Rainbow, which is now shown separately. (2) The intrinsic value of RCL Foods at 30 June 2024 was split to account for Rainbow unbundling. (3) Dividends exclude royalty income of R218 million (pre-tax) (4) IFRS 3 charge represents the amortisation and depreciation expenses, net of tax, relating to the additional assets identified when Remgro obtained control over HeinBev and Siqalo Foods. (5) Intrinsic NAV before Potential CGT. nm – not meaningful.
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Industrial 74 Unlisted portfolio performance Annexure Wispeco • Revenue increased with all divisions contributing to growth through higher volumes and selling prices. • Profitability declined mainly due to a lower gross profit margin amid a competitive environment. • Inflationary cost pressures further impacted overall profits. • Demand for Aluminium extrusions softened in the final quarter due to aggressive price competition, especially in standard extrusions. • Pressure Die Casting’s PDC performance met budget expectations, as export sprinkler frame sales returned to normal levels compared to the previous year. Air Products • The Onsite Plant and Pipeline supply business saw steady demand from major customers and stable plant operations, aiding cost control. Bulk liquid supply volumes grew modestly, especially in the food, beverage, and mining sectors. • Better cost efficiency further contributed to the overall increase in profitability. • The Packaged Gases business achieved reasonable volume growth and higher margins across all segments. • The business is highly cash-generative and stable. Air Products R million Year ended 31 Mar 2025 Year ended 31 Mar 2024 % change Revenue 5 783 5 360 7.9 Operating profit 1 766 1 545 14.3 Wispeco R million Year ended 30 June 2025 Year ended 30 June 2024 % change Revenue 3 909 3 759 4.0 Operating profit 369 382 (3.4)
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Diversified investment vehicles 75 KTH performance Annexure Intrinsic value Drivers • Valuation based on sum-of-the- parts of the investment portfolio, of which two contribute 95%, these include Kagiso Media, Momentum • Kagiso Media – DCF - Kagiso Media, which makes up 55% of KTH’s portfolio, value fell by 2.5% due to tough radio advertising market conditions • Momentum – listed share price - 12.2% increase value mainly due to share price increasing from R22.90 to R34.29 - offset by the sale of 28 million MGL shares in October 2024 to repay debt Drivers • Remgro’s headline earnings for 2 2 , increased by 42.7% • Mainly due to positive fair value adjustment on KTH’s investment in Momentum. • Partially offset by the equity accounted income of KTH’s investment in Momentum in the comparative year. Headline earnings 241 344 0 50 100 150 200 250 300 350 400 30 Jun 24 30 Jun 25 2 797 3 129 0 500 1 000 1 500 2 000 2 500 3 000 3 500 30 Jun 24 30 Jun 25 R million R million ↑11.9% ↑42.7%
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Dividends received 76 R million Year ended 30 June 2023 Year ended 30 June 2024 Year ended 30 June 2025 Listed 1 513 1 488 2 157 OUTsurance Group 464 693 1 135 FirstRand 605 474 436 RCL Foods 214 - 393 Other listed investments 230 321 193 Unlisted 1 595 1 641 1 712 Mediclinic 195 366 359 Air Products 375 460 500 PRIF 358 35 7 TotalEnergies 156 270 320 Siqalo Foods 150 165 180 Wispeco 143 114 105 eMedia Investments 89 74 62 Other unlisted investments 129 157 179 Dividends received 3 108 3 129 3 869 Annexure
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Headline earnings contribution 77 R million Year ended 30 June 2025 Year ended 30 June 2024 % change Mediclinic Adjusted US$ earnings ↑21%; Revenue ↑5%; EBITDA margin ↑to 15.3% (FY24: 14.7%) 2 386 1 515 57.5 OUTsurance Group Organic growth, favourable natural perils losses, ↓reinsurance costs and ↑investment income 1 398 1 080 29.4 RCL Foods(1) ↑ EBIT in Baking and Groceries, reduced input costs and load shedding, strong sugar performance 1 119 855 30.9 Air Products ↑Demand from large customers, reliable plant operations, Packaged Gases volume growth in all areas 643 566 13.6 Rainbow Higher volumes, improved sales mix and reduced feed prices, disciplined cost control over value chain 469 145 >100 Siqalo Foods(2) ↑1.1% volume growth, EBIT ↑1.7% due to price increase and cost savings agenda 467 452 3.3 FirstRand Lower dividends due to partial disposal of FirstRand shares 436 474 (8.0) Wispeco Downward pressure on trading margin due to competitive market 284 289 (1.7) KTH Mainly driven by FVA on Momentum shares, offset by increased interest expense and CGT 344 241 42.7 TotalEnergies Excl stock losses of R410 million, earnings increased by 7.3% to R604 million due to scaling down refining operations 194 553 (64.9) CIVH Fair value loss on interest rate hedges (93) (75) (24.0) Heineken Beverages(2) Stabilising market share, volume growth, margin enhancements by price increases and cost efficiency plans (50) (573) 91.3 Other investments 412 680 (39.4) Contribution by investments 8 009 6 202 29.1 Central treasury Finance income Lower average cash balances 376 379 (0.8) Finance costs Redemption of all preference shares (95) (498) 80.9 Other net corporate costs (461) (412) 11.9 IFRS 3 charges (2) (24) 91.7 Headline earnings 7 827 5 647 38.6 Annexure (1) RCL Foods’ contribution to Remgro’s headline earnings for the comparative year has been adjusted to exclude the contribution from Rainbow, which is now shown separately. (2) Pre IFRS charge Heineken Beverages (Jun 25 (Rnil) Jun 24: (R22 million))| Siqalo Foods (Jun 25: (R2 million) Jun 24: (R2 million)).
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