Slides
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Final Results Presentation For the year ended 30 June 2026
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Contents 01 Performance overview 02 Delivering on our strategic priorities 03 Summarised results for the year 04 Investee company update 05 Looking ahead 06 Annexure 2
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Performance overview
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Strong earnings growth and cash generation momentum sustained 4 driven by consistent strategic delivery in core portfolio Performance overview R20.03 42.2% (2025: R14.09) HEPS 595 cents 73.0% (2025: 344 cents) Ordinary dividend per share R8.91 28.6% (2025: R6.93) Adjusted Free Cash Flow at the Centre per share R305.80 4.6% (2025: R292.34) INAVPS 550 cents f Special dividend per share R18.19 29.1% (2025: R14.09) HEPS (excl. once offs)
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Delivering on our strategic priorities
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On track In progress Not yet executed Progressing delivery on our stated strategic priorities... ...to deliver sustainable growth and long-term value uplift Delivering on our strategic priorities • 5 year transformative corporate actions delivered. More focused, resilient and better performing portfolio • Active partnership with management teams continues to bear fruit - Solid 29% uplift in adjusted headline earnings - sustained momentum on prior year - Free cash flow generated at the centre grows 106%, led by earnings growth and strategic corporate actions unlocking value Active performance optimisation • Delivered on portfolio simplification. Aligning portfolio composition with businesses where Remgro can have the greatest impact as a partner • Significant uplift in shareholder returns supported by sustained earnings growth and cash generation • A strong balance sheet as a key competitive advantage offering strategic flexibility, capacity and agility Considered capital allocation • Continued to enhance disclosure and transparency • Benefits of focused stakeholder engagement showing in greater shareholder alignment • Delivered on maturing ESG strategic framework including key focus areas as reflected in set KPI Lead sustainable businesses 6
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Journey of portfolio repositioning delivered Transactions completed, integrated and optimised Active performance optimisation 7 Distell and Namibia Breweries combined with Heineken Mediclinic taken private alongside MSC Restructured to take full ownership of Mediclinic Southern Africa, Swiss operations exited Rainbow unbundled and separately listed Vodacom acquires 30% of Maziv, assets combined Acquisition of Herotel a key enabler for Maziv strategy Transformative corporate actions to optimise portfolio: 2021 - 2026 Non-core asset exits unlocked value and further simplified portfolio Strong foundations for value creation A shift in focus: the benefits of transformation are beginning to come through. Continue simplification where accretive. Delivering sustained performance Consolidate efforts to compound results Platforms positioned for growth Reinforced balance sheets and partnerships Strategic repositioning translating into outcomes Simplified portfolio enabling sharper focus Capital deployment optionality Discipline and focus in pursuing growth 2026 onwards UNLOCK
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Active performance optimisation embedded and bearing fruit Consecutive years of broad-based earnings growth(1) Foundational work complete. Engaged ownership enables closer partnership, building a stronger collective over time. 8 Active performance optimisation +29% FY2026 Headline earnings growth excluding once offs +29% Adjusted free cash flow generated at the centre +106% Free cash flow generated at the centre +24% Representing genuine operational improvements. +57% actual increase including once offs Mediclinic +24% Continued compounder, strong SA unit performance OUTsurance Group >100% Momentum in unlocking earnings from invested asset base CIVH >100% Turn-around now complete, shift in focus to sustained growth Rainbow >100% Improvements off a low base, continued focus on top line recovery Heineken Beverages -33% Sugar macro headwinds and Pet Food challenges RCL Foods (1) Growth measured on headline earnings contribution to Remgro.
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Progressed • Sustained performance delivery. Optimised portfolio well positioned to unlock value • Strengthened investee balance sheets and increased portfolio self-sufficiency New investments Expanding • Expanding new opportunity pipeline, increased effort applied • Continued investment discipline in remaining prudent and selective Prudent capital allocation framework Delivering a resilient balance sheet and material uplift in shareholder returns 9 Considered capital allocation Uses of capital Status Balance sheet strength • Balance sheet remains ungeared at the centre • Strategic liquidity – healthy cash at the centre available for allocation Foundation secured Uncertainty demands discipline – but discipline is not inaction: we continue to weigh up capital deployment opportunities to deliver long-term value for shareholders Current portfolio resilience Returns to shareholders Increased • Ordinary dividend up 73.0% (595 cps). Uplift in dividends received supporting cover level • Special dividend declared (550 cps) • Repurchases will be weighed against alternative deployment opportunities
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Foundational sustainability goals substantially achieved Capabilities built to strengthen resilience and create value Leading sustainable businesses Chosen activities • ESG screening embedded in the draft Investment Manager handbook • Climate scenario and risk analysis expanded • Active-ownership expectations strengthened Capability/resource delivered Repeatable ESG due diligence, backed by portfolio climate scenarios Outcomes and value created Climate and energy confirmed as the most material portfolio risks. Better- informed capital allocation 1. Invest responsibly Sustainable investment stewardship 2. Implement consistently ESG implementation across the Group Chosen activities • More than 80% of INAV companies onboarded to ESG data platform • Carbon reporting covers 87% INAV • Sign-off controls and coverage targets set Capability/resource delivered Central data infrastructure with common indicators and controls Outcomes and value created Comparable information, stronger oversight, a path to assurance 3. Prove shared value Unlocking shared value for South Africa Chosen activities • Core impact data collected portfolio- wide • Employment, tax, training, procurement and CSI collected for future impact reporting Capability/resource delivered Commenced development of impact framework Outcomes and value created To provide impact report and evidence of value creation 10
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Summarised results for the year
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7 827 10 117 11 140 ↑>100% 610 ↑23.6% 562 ↑>100% 412 ↑23.7% 332 ↑>100% 325 ↑>100% 206 ↑>100% 161 50 1 023 (2) ↓32.9% (368) 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 HE - FY2025 Rainbow Mediclinic CIVH OUTsurance Group Central Treasury TotalEnergies Heineken Beverages RCL Foods Other HE excl. once-off items FY2026 Once-off items R million ↑29.3% (1) HE FY 2025 HE (adjusted for once-offs) FY 2026 HE FY 2026 ↑42.3% Summarised results for the year 12 (1) Adjusting for R1 023m of once-off items, headline earnings still grew by circa 29% - underscoring the quality and resilience of the portfolio, as growth was mainly supported by stronger operational performances across key investee companies. (2) Includes a Hirslanden tax credit of R511 million and tariff provision release of R294 million, as well as TotalEnergies’ pipeline cost refund of R218 million. Headline earnings bridge for the year ended 30 June 2026 Headline earnings growth across the board, underpinned by solid contributions from key investees
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Investment portfolio contribution Headline earnings by investee companies (adjusted for once-offs) Summarised results for the year 13 Investment Portfolio contribution R9 889 million (↑23.4%). In-bar labels show each investee's share of HE (adj for once-offs) of R10 117 million. Results of central treasury (R606 million) and net corporate cost (–R378 million) also contribute to HE (adj for once-offs) . 29.1% 17.1% 10.7% 7.4% 6.8% 4.6% 4% 4% 3% 3% R2 948m • ↑ 23.6% • FY25 R2 386m R1 730m • ↑ 23.7% • FY25 R1 398m R1 079m • ↑ 130.1% • FY25 R469m R751m • ↓ 32.9% • FY25 R1 119m R686m • ↑ 6.7% • FY25 R643m R463m • ↓ 0.4% • FY25 R465m R400m • ↑ 106.2% • FY25 R194m R377m • ↑ 9.6% • FY25 R344m R326m • ↓ 25.2% • FY25 R436m R319m • ↑ 443.0% • FY25 (R93m) Mediclinic OUTsurance Group Rainbow RCL Foods Air Products Siqalo Foods TotalEnergies KTH FirstRand CIVH Mediclinic Higher patient activity, margins and lower depreciation and finance costs. Margins supported by efficiency gains and resilient growth across operating divisions. R2 948m ↑ 23.6% Rainbow Standout growth, supported by stronger poultry demand, firm pricing, lower commodities and excellent Chicken division execution. R1 079m↑ 130.1% Air Products Steady earnings growth, supported by reliable operations, cost discipline and Packaged Gases margin gains, despite softer bulk volumes in food and beverages. R686m↑ 6.7% Siqalo Foods Maintained headline earnings despite a tough consumer backdrop, with cost savings and operational efficiencies supporting margin resilience while volumes remained under pressure. R463m↓ 0.4% OUTsurance Group Strong claims and cost efficiency, plus lower share-based payment costs. R1 730m↑ 23.7%
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Summarised results for the year 14 9.9x 10.5x 9.6x 8.8x 6.0x 9.5x 10.7x 8.8x 9.6x 6.0x 8.8x 10.9x 8.8x 9.9x 6.6x Mediclinic CIVH Heineken Beverages Siqalo Foods Air Products Post discount historic EV/EBITDA multiple Contribution to Intrinsic value(1): 23.6% 9.2% 4.1% 4.0% 3.9% 41 500 15 800 6 742 6 416 6 290 41 598 16 230 7 546 7 003 6 488 41 381 16 158 7 150 6 941 6 851 - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 Mediclinic CIVH Heineken Beverages Siqalo Foods Air Products R million 30 June 2025 31 Dec 2025 30 Jun 2026 ↑7.9% in $ ↓0.3% ↑2.3% ↑6.1% ↑8.2% ↑8.9% (1) Intrinsic NAV before Potential CGT. (2) Calculated using Mediclinic’s published 12 months to March 2025, September 2025 and March 2026 EBITDA (in USD). (2) Representing c. 83% of unlisted portfolio Valuation of Top 5 unlisted investments
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12 009 (5 733) 2 091 1 178 561 525 408 (2 035) 162 502 ( 898) ( 364) 170 244 INAV 30 Jun 2025 Cash at center FirstRand* BAT* Discovery Rainbow Air Products Siqalo Heineken Beverages RCL Other INAV 30 Jun 2026 R million 100 000 110 000 120 000 130 000 140 000 150 000 160 000 170 000 180 000 190 000 Summarised results for the year 15 * sold ** up 8.9% including distributions made during the year under review INAV 30 Jun 2025 Cash at centre FirstRand* BAT* Discovery Rainbow Air Products Siqalo Foods Heineken Beverages Other INAV 30 Jun 2026 RCL Foods R292.34 R305.80 ↓100% ↓100% ↓25.9% ↑6.1%↑8.2%↑8.9%↑39.9%↑22.9% ↑4.6%** ↑4.8% - INAV per share R million Jun-26 Jun-25 % Unlisted 94 266 93 366 +1.0 Listed 58 194 63 465 (8.3) Other net Corporate assets 2 600 2 254 +15.4 Cash at centre 20 371 8 362 +143.6 INAV before CGT 175 431 167 447 +4.8 CGT (5 187) (4 945) (4.9) INAV after tax 170 244 162 502 +4.8 FirstRand disposal converted listed value into cash for the year ended 30 June 2026 Intrinsic net asset value bridge
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Cash at the centre Summarised results for the year 16 R million % of total Actual 30 June 2026 Actual 30 June 2025 Local cash 83.7 17 054 4 866 Offshore cash 16.3 3 317 3 496 US$ 154.8m (@ R16.39/US$) (30 Jun 2025: US$185.5m @ R17.75/US$) 12.5 2 538 3 293 GB£ 29.8m (@ R21.76/GB£) (30 Jun 2025: GB£3.3m @ R24.38/GB£) 3.2 649 80 Other 0.6 130 123 Cash at the centre at 30 June 2026 100.0 20 371 8 362 12 009 Mediclinic restructuring equalisation dividend ($129.7m, received 1 July 2026) 2 123 Cash at the centre - 1 July 2026 22 494
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Free cash flow at the centre (FCFC) more than doubled Free cash flow at the centre (FCFC) more than doubled Summarised results for the year R8 305 million FCFC ▲ 105.6% 2025: R4 039 million R4 953 million Adjusted FCFC ▲ 28.6% 2025: R3 851 million R4 558 million Ordinary dividends received ▲ 23.8% 2025: R3 681 million What FCFC measures • Internal measure of cash generated at Remgro’s corporate centre, disclosed for transparency • FCFC and adjusted FCFC are pro forma information, disclosed to assist users in assessing operating cash flow generation at investment holding company level • Clearer view of cash available for dividends, debt servicing and capital allocation What drove the cash generation • Total dividends received up 104.4% • Includes CIVH pre-implementation dividends of R3 055 million on the CIVH / Vodacom and Herotel transactions • Adjusted FCFC excludes these special dividends from corporate actions at investees for a more comparable measure (↑28.6%) 17
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4 953 # 3 352 3 352 (1) 761 8 137 (2) (366) (707)(3) (1 137) (2 317) (4) (272) 4 558 8 305 12 009 - 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 18 000 Ordinary dividends received Special dividends received Finance income Net corporate costs and tax Free Cash Flow (FCF) at the centre Investments/ assets sold and loans repaid Investments and assets acquired Special dividend paid (R2.00 p.s.) Ordinary dividends paid Exchange rate revaluation of offshore cash Net cash movement R million Cash flow at the centre: FY2026 Cash flow at the centre: FY2026 (1) Mainly consists of the CIVH pre-implementation dividends of R3 055m (2) Includes net proceeds after CGT on sale of FirstRand (R7 005m) and BAT (R1 021m) (3) Includes Asia Partners (R177m); PRIF (R116m); eMedia (R60m) (4) Consists of final FY25 (R2.48 p.s.) and interim FY26 (R1.73 p.s.) dividends # Adjusted FCFC (excl. special dividends relating to corp actions) Free Cash Flow at the centre (FCFC) Summarised results for the year 18
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Dividends received and adjusted FCFC evolution* 19 * Excluding dividends related to corporate actions 877 1 552 2 499 2 779 3 851 4 953 1 533 2 012 2 596 3 054 3 681 4 558 ↑ 77.0% ↑ 61.0% ↑ 11.2% ↑ 38.6% ↑ 28.6% - ↑ 10.0% ↑ 20.0% ↑ 30.0% ↑ 40.0% ↑ 50.0% ↑ 60.0% ↑ 70.0% ↑ 80.0% ↑ 90.0% - 1 000 2 000 3 000 4 000 5 000 6 000 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 R million Adjusted FCFC Ordinary Dividends
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Dividends per share (cents) 96 173 248 422 693 891 344 595 - 100 200 300 400 500 600 700 800 900 1 000 - 100 200 300 400 500 600 700 800 900 1,000Cents Interim dividend Final dividend Adjusted FCFC Dividend cover 2.0 x 1.5 x 550 30 Jun 2026 - 100 200 300 400 500 600 700 800 900 1 000 Special dividend Ordinary Special ↑80.2% ↑73.0% ↑70.2% ↑28.6% Dates of importance Finalisation date for the special dividend, by 11h00 13 October 2026 Last day to trade in order to participate in the final and special dividend 20 October 2026 Shares trade ex the final and special dividend 21 October 2026 Record date 23 October 2026 Payment date 26 October 2026 30 Jun 2025 30 Jun 2026 20
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Investee company update
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Jurgens Myburgh (CFO) Mediclinic Group
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Progress on FY26 priorities 23 Scorecard of delivery against the Group’s key FY26 priorities Mediclinic Group Group +11% Revenue EBITDA +14% | EBITDA margin 15.7% Driving growth Volume-led growth across all divisions, supported by favourable mix changes Improving operations Improved EBITDA and operating margins driven by revenue growth and efficiency gains Operating model review delivered USD105.6 million of savings Financial resilience Improvement in leverage ratio to 2.7x and cash conversion to 106% Spire Healthcare Board recommended 250p per share offer Switzerland +1% Revenue EBITDA +7% | EBITDA margin 14.4% Revenue delivery Revenue growth driven by increase in underlying inpatient admissions Cost discipline Operating expense management reflects ongoing turnaround project Improved operating results Driven by margin recovery and reduced net debt Southern Africa +7% Revenue EBITDA +8% | EBITDA margin 18.6% Driving growth Strong volume growth supported by speciality mix changes Optimising operations Operating model review delivered ZAR100 million savings Core system replacement in progress Continuum of care Continued growth across related businesses Middle East +9% Revenue EBITDA +14% | EBITDA margin 16.0% Investing for growth Strong volume growth through selective expansion Cost discipline Disciplined staff cost management Service focus Established specialties by hospital Resilient performance Operational resilience amidst regional conflict
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Switzerland 24 Improved operating results Mediclinic Group • Revenue growth driven by increase in underlying volumes - Inpatient admissions up 1.5% compared with FY25 - General insurance mix increased to 53.7% (FY25: 52.6%) - Outpatient and day case revenue increased by 2% to CHF424 million • Adjusted EBITDA up 7% to CHF283 million (FY25: CHF266 million) - Driven by revenue performance - Operating expenses reflect the result of ongoing turnaround project, offset by increase in consumables and supplies - Adjusted EBITDA margin was 14.4% (FY25: 13.7%) • Adjusted earnings up 87% to CHF81 million, reflecting operating performance and lower depreciation and amortisation following prior- year impairments • Net debt at CHF1 764 million, comprising CHF1 282 million incurred net debt and CHF482 million lease liabilities (1) Adjusted measures presented where appropriate. (2) Includes inter-company loan interest cost which is eliminated in the Group earnings reconciliation. CHF million FY26 FY25 Variance Revenue(1) 1 964 1 940 1% EBITDA(1) 283 266 7% EBITDA margin 14.4% 13.7% Earnings(1)(2) 81 43 87% Movement in inpatient admissions 1.5% Movement in revenue/IP admission (0.2)% General insurance mix 53.7% 52.6%
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Southern Africa 25 Optimising operations Mediclinic Group • Good revenue growth of 7% to ZAR23 857 million - Strong PPD growth of 1.8% - Average revenue per bed day driven by speciality mix changes • Adjusted EBITDA was up 8% to ZAR4 434 million - EBITDA growth reflecting operating model savings in employee benefit and contractor costs, offset by higher nursing costs - Adjusted EBITDA margin of 18.6% (FY25: 18.3%) • Adjusted earnings up 25% to ZAR1 674 million, reflecting operating performance and lower depreciation and amortisation, and finance charges • Net debt at ZAR5 937 million, comprising ZAR5 080 million incurred net debt and ZAR857 million lease liabilities • Current trading: - Continued growth in bed days sold, offset by ongoing network activity and cost pressures (1) Adjusted measures presented where appropriate. ZAR million FY26 FY25 Variance Revenue 23 857 22 369 7% EBITDA(1) 4 434 4 097 8% EBITDA margin 18.6% 18.3% Earnings(1) 1 674 1 334 25% Movement in bed days sold 1.8% Movement in revenue per bed day 4.7%
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Middle East 26 Resilient performance with cautious outlook Mediclinic Group • Good revenue growth of 9% to AED5 593 million - Inpatient admissions down 2.2% due to disruption during March 2026 and Airport Road consolidation - Outpatient visits up 1.6% and day cases up 8.7% - Average revenue per case driven by tariff increases and speciality mix changes • Adjusted EBITDA increased by 14% to AED897 million - Revenue growth supported by strong cost discipline - Adjusted EBITDA margin increased to 16.0% (FY25: 15.4%), supported by Airport Road consolidation in Abu Dhabi • Adjusted earnings up 36% to AED511 million, reflecting operating performance and lower depreciation and amortisation, and finance charges • Lease liabilities at AED1 214 million; cash and cash equivalents at AED1 591 million • Current trading: - In line with expectations - Closely monitoring impact of regional conflict given risk for disruption to near term performance (1) Adjusted measures presented where appropriate. AED million FY26 FY25 Variance Revenue 5 593 5 135 9% EBITDA(1) 897 788 14% EBITDA margin 16.0% 15.4% Earnings(1) 511 377 36% Movement in inpatient admissions (2.2)% Movement in day cases 8.7% Movement in outpatient cases 1.6% Movement in revenue/inpatient admission 9.8% Movement in revenue/OP case 6.4%
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Progressed Mediclinic Group restructure planning and business readiness activities (inclusive of key focus on systems and processes). Expected completion is 31 March 2027. Established the foundation for the transfer and embedding of key capabilities developed within Group Services. Positioning each business with the people, systems and governance required for long-term independence, continuity and growth. Both businesses have balance sheet capacity for future growth. Positioning Mediclinic for the Future 27 A simplified structure Mediclinic Group New Mediclinic structure – 1 July 2026 Prior Mediclinic structure Medicl inic Grou p Remgro 50% MSC 50% Mediclinic Holdings MCSA 100% MCME 100% Hirslanden 100% 29.8% MCSA 100% Medicli nic Group Remgro 50% MSC 50% Mediclinic Holdings MCME 100% Spire 29.8% Hirslanden 100% Spire Building a foundation for future success
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Southern Africa 28 Strategic goals and top priorities Mediclinic Group Market dynamics and context • Mature operating environment supporting targeted growth plans • Low economic growth • Regulatory uncertainty regarding NHI • Ongoing competition for doctors and staff • Increased technology spend Strategic response • Growth across the healthcare ecosystem • Selective expansion and network participation • Investment in core systems and EHR On track In progress Not yet executed Key priorities: Building resilience against a challenging market backdrop Driving volume increase through selective expansion Replacing core systems to drive operational efficiency and implementing EHR Improving efficiency and operating margins through target operating model savings Investing strategically across healthcare ecosystem Targeted outcomes Revenue growth ahead of inflation Incremental operating margin improvement
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Middle East 29 Strategic goals and top priorities Mediclinic Group Market dynamics and context • Despite regional geopolitical conflict, healthcare results remain resilient • Short to medium term impact of conflict yet to be seen beyond tourism and logistics • Competition intensifies as peers expand and raise capital Strategic response • Investing for further growth • Ramp up of virtual operations capabilities • Focus on clinical powerhouses and client experience On track In progress Not yet executed Key priorities: Building resilience against a challenging market backdrop Revenue growth in existing business and improving operating margins Successful execution of the Abu Dhabi strategy Virtual operations offering to attract and retain an increasing patient base Expanding facilities to increase capacity and add new specialties Targeted outcomes Revenue growth from new projects Expanded margin through operating leverage Moderated by medium term restructuring
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Mediclinic 30 Concluding remarks Mediclinic Group Strong underlying businesses: FY26 delivered a robust operating performance in a persistently challenging market environment. Optimised portfolio enabling focused local strategies: Each business is increasingly positioned to respond to its specific market, regulatory and patient environment. Disciplined transition: Mediclinic Group restructure remains focused on patient safety, operational stability, knowledge transfer and the orderly establishment of standalone capability. Capabilities for success: The expertise and enabling capabilities built within Group Services are being transferred and embedded in the individual businesses to preserve continuity and strengthen future execution. Continued transformation: The businesses will continue to improve efficiency, harness technology and data, and invest in clinical and operational priorities. Long-term value creation: Greater local accountability, faster decision-making and targeted capital allocation will support sustainable growth and improved returns.
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Jordi Borrut (Managing Director) Radovan Sikorsky (Finance Director) Heineken Beverages
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Structural opportunity, consistent priorities 32 Heineken Beverages The opportunity • ~200m population across core African markets, growing 2-3% p.a. • South Africa: beer share <25% of a ~64m-person market, supporting disciplined share gain opportunities • Capital-efficient regional model anchored in South Africa, with local production, exports and in-market distribution partners A large, under-penetrated African consumer base and a capital-efficient regional model, addressed through five consistent strategic priorities and improving topline momentum Our response: five consistent strategic priorities Win in beer Build brands with power Get direct connections with our end customers Accelerate operational efficiency Ignite the path from challenger to champion
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Consistent progress across our 5 strategic priorities Heineken Beverages Building stronger brands, customer connections and capabilities while structurally improving our competitiveness Win in beer • Stronger momentum across our beer portfolio • Our mainstream brands increasingly established as a meaningful player in South Africa’s largest alcohol segment Build brands with power • The 13 selected Power Brands are outperforming the broader portfolio, validating our focused investment choices • The remaining portfolio provides scale, regional strength and local relevance Get direct connections with our end customers • HNK Beverages ranked as #1 supplier in the recent Advantage survey, up from #9 a year ago, based on feedback from 65 major customers in South Africa Accelerate operational efficiency • Continued discipline on fixed costs, productivity and procurement • Mega Distribution Centres and supply-chain optimisation improving flow and service while reducing transport costs Ignite the path from challenger to champion • Strengthened management, leadership pipeline and a simpler, more accountable performance culture • Continued investment in our “Brew a Better World” agenda, digital, technology and AI capabilities 33
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Results overview 12 months to June 2026 vs June 2025 Heineken Beverages 34 R million Year Ended 30 June 2026 Year Ended 30 June 2025 Variance Revenue 55 272 55 243 0% Reported headline earnings/(loss) 589 (268) 320% Headline earnings excl. IFRS3 amortisation 1 142 479 138% 12 months to June 2026 vs June 2025 • Overall flat revenue from softer trading in wines and spirits, offset by strong revenue growth in Beer • Solid financial performance driven by operating profit margin expansion and disciplined cost management • Net debt improved vs prior year, lowering interest cost and supporting headline earnings growth • Strategic focus to protect cash generation through profitability and working capital management Solid performance delivered
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Heineken Beverages movement in Headline earnings/(loss) 12 months to June 2026 vs June 2025 Heineken Beverages 35 * Amortisation and depreciation charges (after tax) relating to the additional assets identified when Heineken Beverages obtained control over Distell and Namibia Breweries as part of the purchase price allocation (PPA). ** Net saving in FY26 on non-recurring expenses vs FY25 mainly relating to integration costs and increased equity accounted earnings 312 194 351 589 (268) Reported headline loss FY25 Increased HLE profit before tax Reduced IFRS3 amortisation after tax* Other: Tax, nci, equity acc earnings, and once-off items** Reported headline earnings FY26 Movement in reported headline earnings/(loss) (R million)
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Key insights • Beer delivered strong growth with resilient contributions from Amstel, Windhoek and Heineken • Ciders stable performance with Bernini strong contributor • Wines softer performance largely in the South African value segment • Spirits experienced softer trading, especially in Gin where we experienced pricing pressure in a declining category. Klipdrift showed good growth Revenue (pre-excise) per category Heineken Beverages 36 Spirits Wines Ciders and RTDs Beer Revenue contribution per category Revenue growth/(decline) vs history Spirits Wines Ciders and RTDs Beer Total SpiritsWinesCiders and RTDsBeer SpiritsWinesCiders and RTDsBeerTotal 12 months to June 2026 vs June 2025
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Key insights • Majority of revenue driven by South Africa (HBSA), which also produces a large part of the HBI stock. • HBI facing a complex macroeconomic environment. The company continues to see huge growth potential in the region, including local production in Africa and export capabilities to the rest of the world. • Namibia (NBL) is a profitable business that yields operational and trade benefits. Resilient performance from leading brands in Beer and Ciders. The portfolio is gaining market share across key categories despite a competitive trading environment. Revenue per reporting entity (RE) Heineken Beverages 37 Revenue pre-excise contribution per RE HBSA HBI NBL 12 months to June 2026 vs June 2025
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Heineken Beverages Looking ahead Heineken Beverages 38 Macro Environment • Modest economic growth in RSA with improving inflation and energy stability, but continued consumer pressure • Middle East tensions and currency volatility continue to create cost and supply chain risks Industry Environment • Alcohol market growth remains resilient, led by Beer and RTDs • Competition, promotional intensity and illicit trade continue to be prevalent in the market • Consumers increasingly seek innovation and premium offerings, whilst affordability remains key Portfolio & Brand Growth • Accelerate performance of key brands in Beer and Ciders & RTD’s, and grow Spirits with a particular focus on brown Spirits • Drive recovery in Wines whilst driving the right mix across the segments • Protect and grow brand equities through disciplined execution, sharper consumer propositions and focused category investment Commercial Excellence & Market Execution • Improve market competitiveness by enhancing commercial execution across channels and reinforcing priority brands in key markets • Transform Route-to-Market capabilities through a more active, omni-channel customer engagement model Financial Discipline & Efficiency • Maintain strong financial discipline through continued cost control and margin enhancement • Build a more efficient cost base by progressing structural productivity opportunities for future periods • Early recovery progress is encouraging, with significant margin improvement opportunities still ahead, supported by continued execution amid evolving market conditions
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Paul Cruickshank (CEO) RCL Foods
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RCL Foods Key Features 40 Results materially impacted by challenges in Sugar and Pet Food operations Sugar negatively impacted by increased imports due to ineffective tariff Production challenges disrupted Pet Food operations in second half of the financial year Market remains subdued with volume pressure across most categories Continuous improvement (CI) and Net Revenue Management (NRM) initiatives continue to support margin protection across the Business Units Entered into binding agreement to acquire Martin and Martin, strengthening our Pet Food portfolio with leading wet food and pet care brands, subject to Competition Authorities approval
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Top strategic priorities delivered in FY26 FY26 Key Highlights RCL Foods 41 The business maintained a disciplined focus on efficiency, innovation and brand investment while remaining agile in a complex operating environment People First Right Growth Future Fit • Unlocked premium bread opportunity through Sunbake Sourdough launch • Pivoted Piemans into Frozen Convenience category through new Pockets launch • Exceeded Net Revenue Management (NRM) savings target • Entered into binding agreement to acquire Martin & Martin • Delivered material savings in Continuous Improvement (CI) initiatives • Advanced the next phase of our SAP IT Roadmap • Sustainability gained strategic momentum, embedded in operations • Drove a high-performance culture • Mapped strongest talent to highest value work • Implemented new employment equity plan Underlying result: R million Year ended 30 Jun 2026 Year ended 30 Jun 2025 % change Revenue * 24 498 25 547 (4.1) EBITDA 2 185 2 391 (8.6) EBITDA margin 8.9 9.4 (0.5) HE 951 1 306 (27.1) HEPS (cents) 105.9 146.1 (27.5) 14.5% 7.4% 13.0% 9.0% 0% 5% 10% 15% 20% 30 June 2025 30 June 2026 ROIC ROIC (Market) ROIC (Underlying) * June 2025 revenue was restated for a reclassification between Revenue and Cost of sales. This had no impact on profit numbers.
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Market share performance Supply pressure in Pet impacts market shares - the business continues to invest in strengthening brand equity Source: Circana except for Sunbake Bread where we use SAGIS (producer data) RCL Foods RCL Foods volume market share Groceries 12MM June 2025 12MM June 2026 3MM June 2026 Yum Yum Peanut Butter 32.4% 29.4% 30.0% Nola Mayonnaise 42.6% 41.5% 42.2% Ouma Rusks 58.7% 57.9% 61.0% Bobtail 31.1% 28.2% 23.9% Catmor 56.9% 43.9% 29.2% Feline Cuisine 33.8% 24.5% 8.1% Canine Cuisine 53.2% 45.4% 20.5% Baking Sunbake 7.8% 7.5% 7.9% 42
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EBITDA performance Pleasing Baking and Culinary performance offset by pressure in Sugar and Pet Food RCL Foods 43 2 563 2 391 123 26 2 184 2 174 (40) (41) (91) (115) (209) (32) (10) June 2025 Statutory EBITDA Komati Insurance (fire) IFRS 9 Special levy recovery June 2025 Underlying EBITDA Groceries Baking Sugar Group Unallocated restructuring costs June 2026 underlying EBITDA IFRS 9 June 2026 Statutory EBITDA 1 500 1 700 1 900 2 100 2 300 2 500 2 700 2 900 Underlying EBITDA waterfall: June 2025 to June 2026 Continuing operations ↓15.2% ↓8.6% R million
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963 755 2025 2026 800 922 2025 2026 592 478 2025 2026 R million RCL Foods • Strong Culinary and Beverages performances were offset by a dry pet food production pause, which constrained Pet Food supply and second-half sales volumes. • Culinary performed well, maintaining retail market leadership and strengthening key brand equity despite increased price competition. • In Pet, our cautious production testing and release approach reflects our commitment to the highest food safety standards. • Overall, Baking delivered an improved performance, driven by manufacturing efficiencies and lower overhead costs • In Bread, Sunbake volumes recovered well, supported by a revised pricing strategy, while Sunshine remains under volume pressure, resulting in an impairment • Both Pies and Speciality delivered another strong result, while Milling showed encouraging second-half recovery despite early volume and plant reliability challenges • Sugar performance declined significantly largely due to elevated deep-sea import volumes. Imports reached 212 684 tons, up 24.2% year on year, supported by the absence of effective tariff protection • Despite external headwinds, the business delivered a good operational result, underpinned by both improved agricultural and manufacturing performances, particularly in Malelane EBITDA growth YOY ↓21.6% Encouraging underlying performance overshadowed by Sugar and Pet challenges Business unit performance Groceries Grocery and Beverages Baking Bread, Milling, Speciality and Pies Sugar Sugar and Molatek 44 ↓19.4% ↑15.3%
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Long-term historical performance RCL Foods Despite challenges in Pet Food, the branded business delivered stable growth 45 1 122 839 944 1 428 1 430 785 1 054 1 272 963 755 9.1% 7.8% 8.5% 9.0% 8.8% 1 907 1 893 2 216 2 391 2 185 0 500 1 000 1 500 2 000 2 500 3 000 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% F22 F23 F24 F25 F26 Underlying EBITDA history EBITDA Excl Sugar (Rm) Sugar EBITDA (Rm) Total EBITDA %
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Looking forward 46 Continue to focus on factors within our control and drive execution of our strategy RCL Foods In Sugar, trading environment is expected to remain highly volatile, therefore, there will be a strong focus on items within our control, whilst continuing to partner with regulators to ensure an effective regulatory landscape Within Pet, focus on executing the recovery plan, restoring customer confidence and market share, while continuing to progress the longer-term Pet Food growth strategy Continue to generate a pipeline of NRM and CI initiatives to remain competitive in a challenging trading environment Progress Martin & Martin acquisition and actively pursue other 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 Key innovation launches will drive growth in the Baking business
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Dietlof Mare (Maziv CEO) CIVH
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CIVH at a glance | FY26 Improved performance, de-gearing. Two landmark transactions closed CIVH Footnote style. 48 Corporate actions deliveredFY26 financial highlights (March year end) +14% Revenue growth R7 689 million (FY25: R6 755 million) +36% Operating earnings R3 158 million (FY25: R2 330 million) R560m Headline earnings R723 million swing YoY (FY25: R163 million loss) R17.0bn Group net debt Down R3.7 billion YoY (FY25: R20.7 billion) Vodacom Merger Implemented 1 December 2025 • R11 billion of capital injected – R6.11 billion cash plus R4.89 billion of fibre assets • R1.8 billion of shares acquired from CIVH to reach 30% • Vodacom holding at 30% • Maziv balance sheet materially deleveraged Herotel Merger Completed 1 June 2026 • More than 620 000 homes passed and in excess of 350 000 subscribers across 550+ towns • Amazon LEO partnership extends reach beyond the fibre footprint Information relating to key operating metrics e.g. Number of homes passed, subscribers, active links or connections are based on internal reporting and not necessarily audited.
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Maziv Group | Strong growth across all key measures • Strong Revenue and EBITDA growth, driven by Vumatel and DFA • Revenue up 15% to R7.7 billion and EBITDA up 14% to R5.3 billion • Headline earnings of R856 million against R22 million in prior year Vumatel | Consumer connections the primary growth engine • Penetration improving to 44% (2025: 42%) as reach converts into connections • Connections growth lifted revenue 15% to R4 430 million and EBITDA 19% to R3 230 million • Demand-led FTTH build underpins long-term growth and delivers the merger conditions DFA | Enterprise annuity underpinning the group • Active links up 9%, lifting revenue to R3 001 million • EBITDA up 11% to R2 billion at a 66% margin • FTTT vertical forms cash flow underpin and FTTB starts scaling • Metro re-architecture extending into outlying areas – capacity secured for the next growth cycle Main drivers of performance Consumer connections, enterprise annuity stability and disciplined cash conversion CIVH 49 Information relating to key operating metrics e.g. Number of homes passed, subscribers, active links or connections are based on internal reporting and not necessarily audited.
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Financial results 14% Revenue Growth | 11% EBITDA Growth CIVH R million Year ended 31 March 2026 Year ended 31 March 2025 % change Revenue 3 001 2 757 +9% EBITDA 1 987 1 788 +11% Operating earnings 1 243 1 129 +10% Headline earnings 502 370 +36% R million Year ended 31 March 2026 Year ended 31 March 2025 % change Revenue 4 430 3 841 +15% EBITDA 3 230 2 715 +19% Operating earnings 2 157 1 374 +57% Headline earnings(1) 544 (202) +369% (1) Headline Earnings includes share of Herotel’s profit after tax. R million Year ended 31 March 2026 Year ended 31 March 2025 % change Revenue 7 683 6 708 +15% EBITDA 5 258 4 618 +14% Operating earnings 3 251 2 377 +37% Headline earnings(1) 856 22 +3 791% Cash flow before capex 3 636 2 592 +40% 50
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CIVH (1) Organic enterprise-link growth excludes Vodacom asset additions and Cell C settlement effects. 51 Maziv FY26 growth unpacked Strong organic growth enhanced by the Vodacom transaction Strong organic momentum remained the primary growth driver, with Vodacom assets adding scale and future growth capacity Revenue & EBITDA +15% and +19% reported growth Operating metrics Homes passed +15% reported +7.0% organic Subscribers +19% reported +12.4% organic Organic subscriber growth exceeded footprint growth, supporting improved penetration and network monetisation. Vumatel | Consumer Organic +13% and +16% Vodacom R100m / R78m Revenue & EBITDA +9% and +11% reported growth Operating metrics Enterprise links +9% reported +8.3% organic(1) FTTT links (7)% reported Cell C effect Strong FTTB and GPON growth offset the discrete Cell C-related reduction in tower links. DFA | Enterprise Organic +6% and +9% Vodacom R69m / R43m Comparability The information on this slide is sourced from internal reporting and presented to illustrate the impact of the Vodacom transaction and is not audited. FY26 includes only four months of Vodacom asset contribution. Reported FY26 is therefore neither wholly organic nor a full-year pro forma view of the enlarged asset base. Information relating to key operating metrics e.g. Number of homes passed, subscribers, active links or connections are based on internal reporting and not necessarily audited.
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DFA Stable cash flows underpinning 5G rollout and business connectivity growth CIVH 52 • Net ~1 100 FTTS links rationalised following the Vodacom acquisition and Cell C termination; underlying base stable • Long-term contracts with MNOs lock in high-quality recurring revenue supporting metro and FTTB growth aspirations • 5G rollout drives densification and capacity demand, opening a future monetisation layer 31 March 2026 31 March 2025 % change FTTS connections 11 655 12 568 (7%) FTTS (Fibre-to-the-Site) Business connectivity • Metro fibre is critical to driving uptake across FTTH, FTTB, and FTTS • Strong SME demand for affordable business connectivity driving the fastest-scaling vertical in the enterprise segment • Net ~1 600 FTTB links added primarily through Vodacom acquisition, partly offset by Cell C-related terminations 31 March 2026 31 March 2025 % change Metro connections 6 574 6 014 +9% FTTB connections 58 513 51 852 +13% Business connections 65 087 57 866 +13% Addressable market 49 000 sites Addressable market 588 000 Business connections(1) Source: Africa Analysis, BMIT, Red Wind. (1) Businesses connections exclude micro businesses. Information relating to key operating metrics e.g. Number of homes passed, subscribers, active links or connections are based on internal reporting and not necessarily audited.
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Vumatel Over 2.3 million homes passed with uptake increasing to 44% CIVH 53 CORE market Source: Africa Analysis. (1) Market share is based on Vumatel’s homes passed as a percentage of the market that has already been addressed by FNOs. • >R30k monthly household income • Stable cash base • 34% overbuilt by competing FNOs 3.0 million 31 March 2026 31 March 2025 % change Homes passed 1 063 763 906 427 +17% Subscribers 476 269 408 095 +17% Uptake 45% 45% Addressed Market share(1) 48% 2.2 • <30k monthly household income • Current growth engine • 10% overbuilt by competing FNOs 15.5 million 31 March 2026 31 March 2025 % change Homes passed 1 276 169 1 133 804 +13% Subscribers 555 957 456 113 +22% Uptake 43% 40% Addressed Market share(1) 3.7 34% REACH and KEY market • Total Market • Reach and Key remaining opportunity 18.5 million 31 March 2026 31 March 2025 % change Homes passed 2 339 932 2 040 231 +15% Subscribers 1 032 226 864 208 +19% Uptake 44% 42% Addressed Market share(1) 5.9 40% TOTAL Information relating to key operating metrics e.g. Number of homes passed, subscribers, active links or connections are based on internal reporting and not necessarily audited.
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Herotel Regional broadband platform extending the group’s reach beyond the major metros CIVH 54 Herotel | Regional scale and attractive growth runway • Strong FY26 delivery | Revenue increased 14% and EBITDA 21%, with the EBITDA margin improving to 41% • Differentiated footprint | Affordable fibre and fixed-wireless connectivity focused on secondary cities, regional towns and underserved communities • High-quality growth platform | Scale, local operating presence and a strong connection rate complement Vumatel’s metropolitan footprint • Further optionality | The Amazon LEO distribution partnership broadens the addressable market beyond fibre and fixed-wireless coverage Financial performance R million FY26 FY25 % change Revenue 1 659 1 459 +14% EBITDA 691 573 +21% EBITDA margin 41% 39% +2 ppts Operating profit 270 182 +48% Headline earnings 44 (37) Turnaround Strategic contribution Adds a scaled regional broadband platform to Maziv, with attractive exposure to underpenetrated communities and multiple access technologies. > 620 000 Homes passed Fibre footprint > 350 000 Subscribers Fibre and wireless 550+ Towns Regional and rural reach Information relating to key operating metrics e.g. Number of homes passed, subscribers, active links or connections are based on internal reporting and not necessarily audited.
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CIVH cash flows – 100% consolidated(1) Stronger cash conversion and operational performance drives 36% growth in cash generation CIVH 55 4 686 620 168 (110) (2 136) 2 608 (1 882) (106) EBITDA Working capital changes Tax Interest paid Cash flow pre-capex Capex Other financial assets Net cash surplus 5 211 ( 127) (1 736) 3 558 1 259 210 (2 633) 334 EBITDA Working capital changes Tax Interest paid Cash flow pre-capex Capex Other financial assets Net cash surplus 2026 (Year ended 31 March 2026) 2025 (Year ended 31 March 2025) 36% YoY increase Additional R639 million cash generated YoY (1) Before minorities
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Outlook Scale converting to cash: connections, integration and disciplined capital CIVH 56 Consumer | Reach and Key carry the growth • Reach and Key are the runway – 3.7 million homes addressed at 10% overbuilt and 12 million largely unaddressed • Core new build maturing at 34% overbuilt, providing a stable base with focus on increasing uptake • Connection commitments, not coverage alone, drive returns Enterprise | FTTB scaling on a stable FTTS base • FTTS annuity underpin – long-term MNO contracts and future 5G densification • FTTB the fastest-scaling vertical, carried by demand for affordable business connectivity • Metro re-architecture extends to outlying areas over the next 12 months Herotel and Amazon LEO | Reach beyond fibre • Herotel adds rural and small-town reach across more than 550 towns • Distribution agreement signed July 2026 to launch “Evry” satellite broadband, commercial launch expected 2027 • Extends the addressable market to households beyond fibre and fixed-wireless economics Grow market share in enterprise connections and FTTH homes passed Where we focus next With >3 million homes passed, Convert homes passed into connections while delivering the merger conditions and holding capex discipline Information relating to key operating metrics e.g. Number of homes passed, subscribers, active links or connections are based on internal reporting and not necessarily audited.
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Looking ahead
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A stronger foundation against a persistently volatile backdrop Looking ahead 58 The foundations reinforced over the past five years provide resilience in uncertainty and optionality for growth • Macro uncertainty remains elevated • Geopolitics introducing complex variables • Capital is abundant for selective themes • Market dislocations may create attractive entry points External environment Volatility and change continue to cloud the picture • Strengthened cash position enhances optionality • Portfolio simplification has increased focus • Proven execution supports confidence in future value creation • Capacity to pursue high-conviction opportunities, but not at any price What this means for Remgro Balance sheet strength creates strategic flexibility Volatility can create opportunities for disciplined long - term investors • Reform momentum is supporting confidence • Infrastructure challenges continue to create investment opportunities • Quality mid-cap businesses remain capital constrained • Limited pools of long-term capital support attractive entry points South African opportunity South Africa's opportunity set is strengthening An improving environment is expanding the opportunity set for active capital allocators Financial flexibility and execution capability position Remgro to define its next phase of growth
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Focused on value creation through disciplined execution Converting progress into sustained performance and growth Looking ahead 01 Driving portfolio performance and capital allocation • Continue to refine portfolio composition from a position of strength • Focus exposure to scalable, high-quality businesses to compound performance • Active and engaged partnerships to create value 02 Leverage strong foundations to accelerate growth • Focus on compelling opportunities aligned with Remgro’s strengths • Scale proven growth platforms using existing capacity or committing new capital where accretive 03 Build on our sustainability foundation • Strengthen the data – improve coverage of data points captured and data quality towards verification • Deepen engagement – active ownership on the material issues, climate and energy first. Continue active stakeholder engagement • Demonstrate the impact – provide impact and value creation reports that evidences our contribution to South Africa Remgro will build on its reinforced foundation – a simplified portfolio, enhanced liquidity, strong partnerships and sharpened execution 59
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Q&A
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Annexure
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62 Headline earnings contribution (adjusted for once-offs) Annexure R million Actual 30 Jun 2026 Actual 30 Jun 2025 % change Mediclinic Higher patient activity, margins and lower depreciation and finance costs. 2 948 2 386 23.6 OUTsurance Group Strong claims and cost efficiency, plus lower share-based payment costs. 1 730 1 398 23.7 Rainbow Stronger pricing and volumes, lower feed costs and better agricultural performance. 1 079 469 130.1 RCL Foods Weaker Sugar and Groceries, including the Pet Food plant shutdown. 751 1 119 (32.9) Air Products Sustained demand, reliable operations, improved margins and cost efficiencies. 686 643 6.7 Siqalo Foods Missed volumes and higher commodity costs reduced EBIT. 463 465 (0.4) TotalEnergies Positive stock revaluations, partly offset by lower margins and volumes. 400 194 106.2 KTH Equity accounted losses from Servest in the prior year 377 344 9.6 FirstRand Sold during FY2026 326 436 (25.2) CIVH Higher revenue and EBITDA, together with lower finance costs. 319 (93) 443.0 Wispeco Commodity-led revenue, offset gross-margin pressure. 286 284 0.7 Other investments 524 370 41.6 Contribution from investment portfolio 9 889 8 015 23.4 Central treasury Finance income Higher cash balances following the FirstRand disposal and CIVH distributions. 606 376 61.2 Finance costs Redemption of preference shares – Dec 2024 – (95) 100.0 Corporate costs (378) (469) 19.4 Headline earnings (adj for once-offs) 10 117 7 827 29.3
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Dividends received 63 Annexure R million Actual 30 Jun 2026 Actual 30 Jun 2025 Listed 2 714 2 157 OUTsurance Group – ordinary 1 267 947 – special 297 188 RCL Foods 393 393 FirstRand 326 436 Rainbow 250 - Discovery 160 122 Other listed 21 71 Unlisted 5 196 1 712 CIVH – special 3 055 - Air Products 575 500 TotalEnergies 548 320 Mediclinic 371 359 Siqalo Foods 200 180 Heineken Beverages 96 - Other unlisted 351 353 Total dividends received 7 910 3 869 Less: Special dividends (3 352) (188) Total ordinary dividends 4 558 3 681 % change ↑23.8%
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Intrinsic net asset value 64 Material investee companies Annexure R million 30-Jun-26 % Change 30-Jun-25 % Contribution Mediclinic 41 381 (0.3%) 41 500 23.6% OUTsurance Group L 36 922 0.4% 36 772 21.0% CIVH 16 158 2.3% 15 800 9.2% Discovery (net of CGT) L 11 241 22.9% 9 150 6.4% Heineken Beverages 7 150 6.1% 6 742 4.1% 64.3% Siqalo Foods 6 941 8.2% 6 416 4.0% Air Products 6 851 8.9% 6 290 3.9% RCL Foods L 5 820 (25.9%) 7 855 3.3% Rainbow L 4 127 39.9% 2 949 2.4% TotalEnergies 4 102 (2.8%) 4 222 2.3% FirstRand L - (100.0%) 5 733 - Other investments 14 367 (8.2%) 15 656 8.2% Net Asset Value before Net Cash 155 060 (2.5%) 159 085 88.4% Cash at the centre 20 371 143.6% 8 362 11.6% Intrinsic NAV before CGT 175 431 4.8% 167 447 100.0% Potential CGT liability (5 187) (4.9%) (4 945) Intrinsic NAV after Tax 170 244 4.8% 162 502 Intrinsic NAV per share (Rand) 305.80 4.6% 292.34 Share Price 197.00 24.5% 158.20 Discount 35.6% 1 030bps 45.9% Note Top 5 plus cash contribute 76% to INAV before CGT
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Valuation: listed vs unlisted 65 Cash and other corporate assets excluded Annexure 62% 38% June 2026 Unlisted Listed60% 40% June 2025 * *Listed contribution decreased mainly due to FirstRand converted to cash
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Healthcare Results overview per pillar Annexure 66 (1) Dividends received calculated at payment date which may fall outside the reporting period in which they were declared. (2) Yields calculated based on last 12 months’ earnings and dividends. (3) Intrinsic NAV before Potential CGT. (4) Calculated using Mediclinic's published 12 months to March 2026 EBITDA. Results: Mediclinic • Mediclinic delivered a robust operating performance despite a fluid geopolitical landscape and persistently challenging market conditions. • Mediclinic’s contribution to Remgro’s headline earnings increased by 57.3% to R3 753 million (2025: R2 386 million), supported by an 80% increase in Mediclinic’s reported headline earnings to $414 million. • Revenue increased by 11% to $5 356 million, driven by strong patient activity across all three divisions, favourable mix changes and improved average revenue per case. • Adjusted EBITDA increased by 14% to $842 million, with the adjusted EBITDA margin improving to 15.7% (2025: 15.3%), supported by revenue growth and cost efficiencies. Valuation: Mediclinic • Valuation increased by 7.9% in USD terms from June 2025, down 0.3% due to the strengthening of the ZAR. • The valuation reflects Remgro’s 50% interest in Mediclinic Holdings immediately before the implementation of Project Samba on 1 July 2026. It therefore includes Remgro’s 50% indirect interests in Mediclinic Southern Africa (MCSA), Mediclinic Middle East (MCME) and Hirslanden. • The increase in the US dollar valuation was supported by a lower cost of capital for MCSA. This was partly offset by a more conservative valuation of MCME, reflecting heightened regional uncertainty arising from the Iran conflict, while Hirslanden was valued at the Project Samba transaction value. • Implied trailing EV/EBITDA multiple of 8.8x(4). Intrinsic value Headline earnings Dividends received (1) Earnings yield %(2) Dividend yield %(2) R million Remgro Interest 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2026 Mediclinic (incl. Mediclinic Holdings) 50.0% 41 381 41 500 (0.3) 3 753 2 386 57.3 371 359 3.3 9.1 0.9 - Intrinsic value ($m) 2 523 2 338 7.9 Contribution (%) (3) 23.6 24.8 33.7 30.5 4.7 9.3
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Consumer products Results overview per pillar 67 Results: Heineken Beverages • Heineken Beverages’ contribution to Remgro’s headline earnings improved to a profit of R111 million (2025: a loss of R50 million), increasing to R215 million after excluding amortisation and depreciation charges related to the Distell and Namibia Breweries acquisitions. • Heineken Beverages maintained positive momentum in South Africa during the second half of the year, although softer international demand weighed on revenue. • Beer continued to deliver positive growth, supported by Amstel, while Bernini remained a strong contributor within Ciders and RTDs; Wines and Spirits experienced softer trading. Valuation: Heineken Beverages • Valuation increased by 6.1% for the period, primarily attributable to a lower cost of capital. • While headline earnings improved and the South African business maintained positive momentum, forecasts and terminal growth rate assumptions were moderated in context of continued consumer pressure and competitive market dynamics. • Implied EV/EBITDA multiple of 8.8x, compares favourably to global peers. Annexure Intrinsic value Headline earnings Dividends received (1) Earnings yield %(2) Dividend yield %(2) R million Remgro Interest 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2026 Heineken Beverages 18.8% 7 150 6 742 6.1 111 (50) >100 96 >100 1.6 1.3 Siqalo Foods 100.0% 6 941 6 416 8.2 463 465 (0.4) 200 180 11.1 6.7 2.9 RCL Foods 79.4% 5 820 7 855 (25.9) 751 1 119 (32.9) 393 393 12.9 6.8 Rainbow 79.5% 4 127 2 949 39.9 1 079 469 >100 250 >100 26.1 6.1 Capevin 33.6% 853 1 124 (24.1) (19) (3) >(100) 73 (100) (2.2) Total 24 891 25 086 (0.8) 2 385 2 000 19.3 939 646 45.4 9.6 3.8 Contribution (%) (3) 14.2 15.0 21.4 25.6 11.9 16.7 (1) Dividends received calculated at payment date which may fall outside the reporting period in which they were declared. (2) Yields calculated based on last 12 months’ earnings and dividends. (3) Intrinsic NAV before Potential CGT.
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Consumer products Results overview per pillar Annexure 68 Results: Rainbow (Listed) • Rainbow’s contribution to Remgro’s headline earnings amounted to R1 079 million (30 Jun 2025: R469 million), representing an increase of 130.1%. • Revenue increased by 7.7% led by the Chicken division, and primarily driven by front end pricing. • The Chicken division grew EBITDA by 138.1% and overall EBITDA grew by 101.8%, with margin improving to 12.5%, supported by strong Chicken performance, firm pricing, a better product mix and cost efficiencies. Results: RCL Foods (Listed) • RCL Foods contributed R751 million to Remgro’s headline earnings, down 32.9% from R1 119 million. • Underlying headline earnings from continuing operations decreased by 27.1%, mainly due to weaker Sugar profitability, lower contributions from RES and Pet Food, and continued pressure from imports, tariffs and pricing. • Culinary, Beverages and Baking performed better, supported by continuous improvement savings and net revenue management initiatives, despite volume pressure across most categories. Intrinsic value Headline earnings Dividends received (1) Earnings yield %(2) Dividend yield %(2) R million Remgro Interest 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2026 Heineken Beverages 18.8% 7 150 6 742 6.1 111 (50) >100 96 >100 1.6 1.3 Siqalo Foods 100.0% 6 941 6 416 8.2 463 465 (0.4) 200 180 11.1 6.7 2.9 RCL Foods 79.4% 5 820 7 855 (25.9) 751 1 119 (32.9) 393 393 - 12.9 6.8 Rainbow 79.5% 4 127 2 949 39.9 1 079 469 >100 250 >100 26.1 6.1 Capevin 33.6% 853 1 124 (24.1) (19) (3) >(100) 73 (100) (2.2) Total 24 891 25 086 (0.8) 2 385 2 000 19.3 939 646 45.4 9.6 3.8 Contribution (%) (3) 14.2 15.0 21.4 25.6 11.9 16.7 (1) Dividends received calculated at payment date which may fall outside the reporting period in which they were declared. (2) Yields calculated based on last 12 months’ earnings and dividends. (3) Intrinsic NAV before Potential CGT.
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Consumer products Results overview per pillar Annexure 69 Results: Siqalo Foods • Siqalo Foods contributed R463 million to Remgro’s headline earnings, broadly in line with the prior year (2025: R465 million). • The trading environment remained challenging, with subdued growth, pressured consumers and higher commodity input costs partly offset by currency stability. • Volumes declined by 1.8%, weighing on operational EBITDA, which decreased by 4.2%. • Cost-saving initiatives and operational efficiencies helped protect margins while supporting increased investment behind key brands. Valuation: Siqalo Foods • Valuation increased by 8.2% for the period. • This outcome is in context of a persistently challenging trading environment, marked by ongoing commodity cost pressures and constrained volumes. • The valuation benefited from a lower cost of capital, with this benefit being offset by moderated financial forecasts and lower terminal growth rate. • Implied EV/EBITDA multiple of 9.9x. Intrinsic value Headline earnings Dividends received (1) Earnings yield %(2) Dividend yield %(2) R million Remgro Interest 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2026 Heineken Beverages 18.8% 7 150 6 742 6.1 111 (50) >100 96 >100 1.6 1.3 Siqalo Foods 100.0% 6 941 6 416 8.2 463 465 (0.4) 200 180 11.1 6.7 2.9 RCL Foods 79.4% 5 820 7 855 (25.9) 751 1 119 (32.9) 393 393 12.9 6.8 Rainbow 79.5% 4 127 2 949 39.9 1 079 469 >100 250 >100 26.1 6.1 Capevin 33.6% 853 1 124 (24.1) (19) (3) >(100) 73 (100) (2.2) Total 24 891 25 086 (0.8) 2 385 2 000 19.3 939 646 45.4 9.6 3.8 Contribution (%) (3) 14.2 15.0 21.4 25.6 11.9 16.7 (1) Dividends received calculated at payment date which may fall outside the reporting period in which they were declared. (2) Yields calculated based on last 12 months’ earnings and dividends. (3) Intrinsic NAV before Potential CGT.
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Consumer products 70 Siqalo Foods performance Annexure Intrinsic value R million Year ended 30 June 2026 Year ended 30 June 2025 % change Revenue 3 797 3 715 2.2 Operating profit 576 595 (3.2) Headline earnings 463 465* (0.4) Headline earnings R million R million 465 463 0 50 100 150 200 250 300 350 400 450 500 30 Jun 25 30 Jun 26 ↓0.4% Drivers • Trading remained tough, with weak demand and higher input costs partly offset by currency stability. • Volumes fell 1.8%, and operational EBITDA declined 4.2% on lower volumes and higher brand investment. • Cost savings helped protect margins and fund key brand investment. • Spreads volumes fell 2.2%, while Siqalo held a strong 58.3% volume share. 6 416 6 941 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 30 Jun 25 30 Jun 26 ↑8.2% Drivers • Decrease in WACC, through a lower cost of debt and risk-free rate • Offset by moderated financial forecasts and terminal growth rate • Margin recovery in gross profit and EBITDA over forecast period * Includes -R2m IFRS 3 adjustment - -
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71 Annexure Intrinsic value Headline earnings Dividends received (1) Earnings yield %(2) Dividend yield %(2) R million Remgro Interest 30 Jun 2026 30 June 2025 % change 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2026 Heineken Beverages 18.8% 7 150 6 742 6.1 111 (50) >100 96 >100 1.6 1.3 Siqalo Foods 100.0% 6 941 6 416 8.2 463 465 (0.4) 200 180 11.1 6.7 2.9 RCL Foods 79.4% 5 820 7 855 (25.9) 751 1 119 (32.9) 393 393 12.9 6.8 Rainbow 79.5% 4 127 2 949 39.9 1 079 469 >100 250 >100 26.1 6.1 Capevin 33.6% 853 1 124 (24.1) (19) (3) >(100) 73 (100) (2.2) Total 24 891 25 086 (0.8) 2 385 2 000 19.3 939 646 45.4 9.6 3.8 Contribution (%) (3) 14.2 15.0 21.4 25.6 11.9 16.7 Results: Capevin • Capevin’s headline earnings contributed a loss of R19 million (30 June 2025: loss of R3 million). • Net revenue declined by 5.9% to R1 810 million, reflecting weaker Scotch Whisky demand and distributor inventory normalisation. • Single Malts grew despite category pressure, with cased sales revenue up 3%, partly offset by weaker Blended Scotch sales. • Management restructured the business, reducing back-office costs while strengthening front-end commercial sales capability. Valuation: Capevin • Valuation decreased by 24.1% over the period, in context of significant industry wide downturn and associated de-rating of the sector. • Decrease is broadly consistent with the movements in equity values of peers which have declined between 1% to 25% over the same period. Consumer products Results overview per pillar (1) Dividends received calculated at payment date which may fall outside the reporting period in which they were declared. (2) Yields calculated based on last 12 months’ earnings and dividends. (3) Intrinsic NAV before Potential CGT.
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Financial services Results overview per pillar Annexure 72 Business Partners • Valuation increased by 4.8% based on the NAV method after applying a 30% marketability discount. • Contribution to headline earnings increased by 1.2% to R86 million (2025: R85 million), mainly due to higher net property revenue, partly offset by a higher credit loss provision. OUTsurance Group (Listed) • OUTsurance Group’s contribution to Remgro’s headline earnings amounted to R1 730 million (30 June 2025: R1 398 million), representing an increase of 23.7%. • OUTsurance’s normalised earnings increased by 20.9%, supported by strong OUTsurance SA earnings from higher underwriting margins and a lower cost-to- income ratio. • Gross written premium increased by 15.7%, driven by strong growth in Youi Direct and OUTsurance Business, while operating profit grew by 30.3%. • Youi’s performance was impacted by higher natural perils losses, while OUTsurance Life grew value of new business by 41.5% despite lower operating profit off a high prior year base. Intrinsic value Headline earnings Dividends received (1) Earnings yield %(2) Dividend yield %(2) R million Remgro Interest 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2026 OUTsurance Group 30.5% 36 922 36 772 0.4 1 730 1 398 23.7 1 564 1 135 37.8 4.7 4.2 Discovery 11 241 9 150 22.9 160 122 31.1 160 122 31.1 1.4 1.4 Business Partners 45.0% 1 492 1 424 4.8 86 85 1.2 24 24 - 5.8 1.6 FirstRand 5 733 (100) 326 436 (25.2) 326 436 (25.2) nm nm Total 49 655 53 079 (6.5) 2 302 2 041 12.8 2 074 1 717 20.8 4.6 4.2 Contribution (%)(3) 28.3 31.7 20.7 26.1 26.2 44.4 (1) Dividends received calculated at payment date which may fall outside the reporting period in which they were declared. (2) Yields calculated based on last 12 months’ earnings and dividends. (3) Intrinsic NAV before Potential CGT.
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Infrastructure Results overview per pillar Annexure 73 Results: CIVH • CIVH contributed R319 million to Remgro headline earnings compared to a loss of R93 million in the prior year. • Results are not directly comparable following Vodacom’s 30% investment in Maziv on 1 December 2025, which diluted CIVH’s interest in Maziv to 70%. • CIVH revenue increased by 13.8% to R7 689 million, while EBITDA increased by 11.2%, supported by the Vodacom assets and strong performances from Maziv’s fibre businesses. • Maziv’s growth was led by Vumatel, where revenue increased by 15.3% to R4 430 million and operating profit increased by 57.0%. • DFA delivered revenue growth of 8.9% to R3 001 million and operating profit growth of 10.1%. Valuation: CIVH • Valuation increased by 2.3% for the period, which valuation excludes CIVH pre-implementation dividends of R3 055 million received by Remgro in relation to the Maziv and Herotel transactions. • The DCF valuation benefited from a reduced WACC, and is supported by strong operating performance across Maziv, particularly Vumatel and DFA. • Valuation implies a trailing EV/EBITDA multiple of 10.9x. Intrinsic value Headline earnings Dividends received (1) Earnings yield %(2) Dividend yield %(2) R million Remgro Interest 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2026 CIVH 57.0% 16 158 15 800 2.3 319 (93) >100 3 055 >100 2.0 18.9 Other infrastructure investments 458 839 (45.4) 36 1 >100 7.9 Total 16 616 16 639 (0.1) 355 (92) >100 3 055 >100 2.1 18.9 Contribution (%)(3) 9.5 9.9 3.2 negative 38.6 (1) Dividends received calculated at payment date which may fall outside the reporting period in which they were declared. (2) Yields calculated based on last 12 months’ earnings and dividends. (3) Intrinsic NAV before Potential CGT.
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Industrial Results overview per pillar Annexure 74 Intrinsic value Headline earnings Dividends received (1) Earnings yield %(2) Dividend yield %(2) R million Remgro Interest 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2025 % change 30 Jun 2026 30 Jun 2026 Air Products 50.0% 6 851 6 290 8.9 686 643 6.7 575 500 15.0 10.0 8.4 TotalEnergies 24.9% 4 102 4 222 (2.8) 618 194 >100 548 320 71.3 15.1 13.4 Wispeco 100.0% 1 757 1 900 (7.5) 286 284 0.7 104 105 (1.0) 16.3 5.9 Other industrial investments 311 1 691 (81.6) 37 197 (81.2) 59 146 (59.6) 11.9 19.0 Total 13 021 14 103 (7.7) 1 627 1 318 23.4 1 286 1 071 20.1 14.6 9.9 Contribution (%) (3) 7.4 8.4 14.6 16.8 16.3 27.7 Results: • Air Products’ Headline Earnings contribution increased by 6.7% to R686 million, supported by turnover growth, stable Onsite Plant and Pipeline operations, Packaged Gases volume growth and efficiency gains. • TotalEnergies: contributed R618 million, boosted by a once-off Transnet pipeline cost refund and positive stock revaluations; excluding these, earnings declined due to lower margins and volumes. • Wispeco’s contribution increased marginally by 0.7% to R286 million, with revenue up 8.8% to R4 253 million, although competitive trading conditions and inflationary cost creep pressured margins. Valuations: • Air Products’ increase in value is largely as a result of a decreased cost of capital, driven by a lower risk-free rate compared to June 2025. Actual forecast was slightly more conservative vs June 2025. • TotalEnergies’ decrease in value was mainly driven by balance sheet changes combined with a lower terminal growth rate. • Wispeco’s decrease in value is in context of a more conservative outlook amid challenging market conditions, with elevated aluminium input costs and increased competition weighing on the business. (1) Dividends received calculated at payment date which may fall outside the reporting period in which they were declared. (2) Yields calculated based on last 12 months’ earnings and dividends. (3) Intrinsic NAV before Potential CGT.
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Industrial 75 Unlisted portfolio performance Annexure Air Products R million Year ended 31 Mar 2026 Year ended 31 Mar 2025 % change Revenue 6 118 5 783 5.8 Operating profit 1 885 1 766 6.7 Wispeco R million Year ended 30 June 2026 Year ended 30 June 2025 % change Revenue 4 253 3 909 8.8 Operating profit 372 369 0.8 Wispeco • Revenue increased by 8.8% to R4 253 million, driven by sales volume growth and higher average selling prices. • Rising international commodity prices lifted both sales prices and raw material input costs. • Wispeco remains differentiated by its custom aluminium profiles, short lead times, flexible manufacturing capacity and technical support. • The group continues to invest in innovation, proprietary design software, skills development and industry transformation initiatives. Air Products • Revenue increased by 5.8% to R6 118 million, while operating profit increased by 6.7% to R1 885 million for the 12 months ended 31 March 2026. • Performance was impacted by the downsizing of one of its largest customers, which reduced Bulk liquid supply volumes in the food and beverage sectors. • This was partly offset by modest mining growth, one-off sales, steady Packaged Gases volumes, margin gains and ongoing efficiency improvements.
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Diversified investment vehicles 76 KTH performance Annexure Drivers • Valuation based on sum-of-the- parts of the investment portfolio, of which two investments are material contributors to value: Kagiso Media and Momentum • Kagiso Media – DCF - increased slightly due to a lower risk-free rate, offset by a lower terminal growth rate • Momentum – listed share price increased Drivers • KTH’s headline earnings for 30 June 2026 increased by 9.6%. • Mainly due to improved equity- accounted income, higher Momentum dividends and lower debt costs. • Momentum Group contributed R596 million to KTH earnings, comprising R171 million in dividends and R425 million in fair value adjustments. Intrinsic valueHeadline earnings 344 377 0 50 100 150 200 250 300 350 400 30 Jun 25 30 Jun 26 3 129 3 263 0 500 1 000 1 500 2 000 2 500 3 000 3 500 30 Jun 25 30 Jun 26 R million R million ↑4.3%↑9.6% - -
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Shareholding structure Annexure 77 after Vodacom’s 30% investment and completion of Herotel 57.0% 5.5% 37.5% 70% 30% Vodacom assets +R4.89bn 1 Vodacom cash +R7.93bn 2 75% 100%100% 1 Vodacom FTTH assets integrated into Vumatel and FTTB, metro, backhaul assets into DFA. 2 R1.8bn of shares acquired from CIVH to reach 30%100%
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