Slides
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Results Presentation For the 52 weeks ended 29 June 2025 2025
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Opening Comments Pieter Engelbrecht Financial Results Anton de Bruyn Operational Review and Strategy Update Pieter Engelbrecht Questions04 03 02 01
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Shoprite Holdings 2025 Full Year Financial Results • Leading sales growth and R8bn market share gains for core Supermarkets RSA with strong customer momentum* ✓ Persistently low internal food inflation of 2.3% ✓ Operational excellence, volume growth and better on-shelf product availability (+40bps) • RSA point-of-sale re-platforming completed • Total Group opened 281 net new stores in FY25 • ‘Smarter Shoprite’ investments improving efficiencies • Rollout of new Sixty60 platform for same-day grocery, general merchandise and speciality pet delivery • Cold chain investments and Discovery Vitality partnership saw record market share gains in fresh foods • Supply chain capacity enhanced as two new DCs taken live: Riverfields (Gauteng) and Wells Estate (Eastern Cape) • Focus on RSA food and adjacencies, with Supermarkets Non-RSA consolidation and pending furniture sale to Pepkor Holdings Ltd. Operational progress Strategic progress • Group sales value +8.9% to R252.7bn • Gross margin +40bps to 24.3% • Trading profit +16.6% to R15.0bn • Supermarkets RSA trading margin increased to 6.5% • ROE: 26.7% • DHEPS +15.8% Financial progress 2025 Full Year Financial Results Continuing operations * Value of above-market share growth. Source: NielsenIQ, 52 weeks, June 2025 incl. liquor. Rest of Market universe includes Pick n Pay, Boxer, Spar, Clicks, Woolworths, Dis-Chem, Food Lover’s Market, Game, PEP, KitKat and OK Foods.
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Shoprite Holdings 2025 Full Year Financial Results Our Shoprite Purpose by pioneering access to the most affordable goods and services, creating economic opportunity and protecting our planet Uplifting lives every day 2025 Full Year Financial Results
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Shoprite Holdings 2025 Full Year Financial Results new jobs created in the year Retail Employer of Choice 2024 SAGEA Employment Awards in training for unemployed youth 8 723 R130m Executing our purpose through people in cumulative Employee Trust payouts by 1 October 2025 +R1bn.
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Shoprite Holdings 2025 Full Year Financial Results Proudly South African fresh produce sourced from local SMMEs of private label products locally produced R1.4bn 91% supporter of SA farmers No.1 sales growth from SMMEs on our ESD programme +120% ESD: Enterprise Supplier Development
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Shoprite Holdings 2025 Full Year Financial Results Force for good: Social and environmental Served 1.9m meals to +9 000 children at 138 early childhood development centres 92.6% of total private label packaging is now recyclable, reusable or compostable, with 42.2% recycled content 7.2% of our electricity is sourced from renewables, with 151.2 million kWh generated from solar PV - enough to power 27 600 homes 53 PlayPumps supporting water resilience within communities across SA, benefiting +17 000 people Recycled and reused 72 992 tonnes of cardboard and plastic waste Leadership Level rating from CDP for both water security and climate change disclosures 107 tonnes of produce harvested from 287 community food gardens, benefiting 11 039 community members CDP: Carbon Disclosure Project
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Shoprite Holdings 2025 Full Year Financial Results Pioneering affordability and fighting hunger 8.9m. meals served from 33 mobile soup kitchens R258m. surplus food and goods donated Making clean water available for our customers for R1 per litre. Affordability Obsession • 466 products available for R5 or less • 1.8m units from the Shoprite R5 basket subsidised every week 20 washes from a single R5 sachet Shampoo and Body Wash innovation: The Outlier, 27 June 2025
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Shoprite Holdings 2025 Full Year Financial Results FY25 Growth since FY20 SALES R252.7bn +R95.8bn ALTERNATIVE REVENUE R3.8bn +R1.5bn MARKET SHARE GAIN* +R8bn +R33bn ANNUAL DIVIDENDS R4bn +R2.2bn STORE NETWORK 3 478 +674 CUSTOMER VISITS 1.2bn +200m Multi-year platform investment delivering consistent growth SALES* OTHER OPERATING INCOME** DIVIDENDS STORE NETWORK* SIXTY60 DELIVERIES XTRA SAVINGS MEMBERS 5m 33.7m 28.7m 574% 2025 Full Year Financial Results 5 YEAR GROWTH METRICS * Market share gain: Supermarkets RSA (NielsenIQ)
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Shoprite Holdings 2025 Full Year Financial Results 2025 Full Year Financial Results since launch 100m 25.07.2025 orders delivered
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11 Anton de Bruyn Chief Financial Officer Financial Results
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M&A Discontinued operations • Acquisition of remaining 50% shareholding in Pingo Delivery (Pty) Ltd. (Pingo) • Statement of comprehensive income comparative period restated • Statement of financial position: current year assets and liabilities classified as held for sale; prior year remains as reported • Statement of cash flows reflects total operations Restatements • Sale of the furniture business to Pepkor Holdings Ltd. (Pepkor), excl. Angola and Mozambique • Closure of furniture Mozambique • Buyer identified for furniture Angola • Sale of Ghana and Malawi operations Framing our 2025 results 2025 Full Year Financial Results
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Shoprite Holdings 2025 Full Year Financial Results FY 2025 income statement classification: Equity transaction • The Group purchased the remaining 50% shareholding in Pingo, increasing our ownership to 100%, thereby assuming responsibility for both sale of merchandise and delivery to customers. • Sixty60 delivery recoveries and Xtra Savings Plus subscription income, are included as part of sale of merchandise. • The associated delivery expense is accordingly classified as part of cost of sales. • No restatement to prior period – the classification of the abovementioned income and expense line items to sale of merchandise and cost of sales respectively, does not result in the restatement of comparative figures. • Previously the investment was equity-accounted as a joint venture, following the acquisition it is consolidated as a subsidiary. Alternative revenue Sale of merchandise • Sixty60 delivery recoveries • Sixty60 delivery recoveries • Xtra Savings Plus subscription income • Xtra Savings Plus subscription income Other operating expenses Cost of sales • Sixty60 delivery expense • Sixty60 delivery expense Before acquisition After acquisition Pingo Delivery (Pty) Ltd Equity transaction • The Group purchased the remaining 50% shareholding in Pingo Delivery (Pty) Ltd, increasing our ownership to 100%, thereby assuming responsibility for both sale of merchandise and delivery to customers. • Subsequent to the acquisition, Sixty60 delivery recoveries and Xtra Savings Plus subscription income form part of sale of merchandise, with the associated delivery expense forming part of cost of sales. Accounting impact • H1 2025: o Checkers Sixty60 delivery recoveries and Xtra Savings Plus subscription income, to the value of R312 million, is included as part of sale of merchandise. o The associated delivery expense is consequently classified as part of cost of sales. • H1 2024: o No change to prior period – the classification of the abovementioned income and expense line items to sale of merchandise and cost of sales respectively, does not result in the restatement of comparative figures. 2 3 M&A: Acquisition of Pingo Delivery (Pty) Ltd unpacked 1 Equity accounted Consolidated • Share of profit of equity accounted investments • Account for 100% of profits
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Shoprite Holdings 2025 Full Year Financial Results Transaction detail • Sale of assets in all jurisdictions, other than Angola and Mozambique, to Pepkor. • Incl. the OK Furniture and House & Home brands. • Closure of Mozambique furniture operations. • Buyer identified for Angola furniture operations. Accounting treatment Statement of comprehensive income: • The prior year is restated for the classification of the Group’s furniture business as discontinued operations in accordance with IFRS 5: Non-current Assets Held for Sale and Discontinued Operations (IFRS 5). Statement of financial position: • For the current period, assets and liabilities are classified as held for sale. • The comparative periods remain as reported, in terms of IFRS 5. Timing • Pending the fulfilment of conditions precedent, incl. approval from the Competition Commission. Furniture sale Furniture segment results: Statement of comprehensive income Change % 2025 Rm 2024 Rm Sale of merchandise 4.2 7 531 7 229 Gross profit 0.3 1 794 1 789 Trading profit 71.7 582 339 Profit after income tax 51.2 328 217 Statement of financial position 2025 Rm 2024 Rm Right-of-use assets 1 370 1 214 Property, plant and equipment 283 309 Inventories 1 473 1 861 Trade and other receivables 1 242 1 492 Lease liabilities (1 547) (1 531) Trade and other payables (158) (973) Contract liabilities (205) (218) Other assets and liabilities 126 27 1 2 1 2 Discontinued operations: Furniture OK Furniture and House & Home
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Shoprite Holdings 2025 Full Year Financial Results Enable balance sheet efficiency and drive sustainable long-term value creation through the reallocation of capital In line with the Group’s long-term assessment and country-by-country review of our Non-RSA operations, there has been further consolidation of our Ghana and Malawi operations, thus supporting: Reallocate capital to core South African supermarket operations to build a smarter, customer-focused, omnichannel retailer that uses data and technology to optimise retail operations to grow our share-of-wallet and strengthen our long-term market leadership. Capital allocation Statement of comprehensive income Change % 2025 Rm 2024 Rm Sale of merchandise 45.5 2 038 1 401 Gross profit 9.7 463 422 Trading profit (86.4) 33 242 Trading margin (%) 1.6 17.3 (Loss)/profit after income tax (>100) (101) 105 Statement of financial position 2025 Rm 2024 Rm Right-of-use assets 193 198 Property, plant and equipment 49 73 Inventories 235 182 Trade and other receivables - 6 Lease liabilities (213) (283) Contract liabilities (11) (7) Trade and other payables (81) (150) Ghana and Malawi financial results Accounting treatment Statement of comprehensive income: Restated for the classification of the Group’s Ghana and Malawi operations as discontinued operations in accordance with IFRS 5. Statement of financial position: • For the current period, assets and liabilities are classified as held for sale. • The comparative period remains as reported, in terms of IFRS 5. Timing • Estimated H1 2026 Asset transaction 1 2 1 2 Discontinued operations: Ghana and Malawi
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Shoprite Holdings 2025 Full Year Financial Results Mission alignment Sharpen our geographic focus Capital allocation Allocated to our core RSA Supermarkets Continuing operations Long-term consolidation to align with core strategy Evolution of restatements on DHEPS from continuing operations cents 1 245.2 1 208.6 1 180.2 1 367.2 1 398.4 Diluted headline earnings per share (DHEPS) as reported as part of the June 2024 financial year-end. FY 2024 DHEPS restated as part of the December 2024 interim results reporting due to the classification of the Group’s furniture business (excluding Angola and Mozambique) as discontinued operations in accordance with IFRS 5. FY 2024 DHEPS restated as part of the 2025 year-end reporting due to the Group’s remaining furniture operations in Angola and Mozambique together with the Group’s Ghana and Malawi operations now also classified as discontinued operations in accordance with IFRS 5. FY 2025 DHEPS from continuing operations as reported. FY 2025 DHEPS from continuing operations adjusted for the inclusion of the estimated return earned from the indicative Furniture proceeds arising from the Pepkor transaction of cR2.4bn. FY 2024 FY 2025 Evolution explained +12.3% increase
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Shoprite Holdings 2025 Full Year Financial Results * Like-for-like sales growth constitutes pro forma financial information in terms of the JSE Limited Listings Requirements. ¹ For further details, please refer to the additional information section of this presentation, which includes a summary of the adjusted ROIC calculation. Sales R252.7bn +8.9% +4.6% Like-for-like* Total expenses R50.7bn +7.4% 20.1% total expenses margin Trading profit R15.0bn +16.6% +40bps trading margin EBITDA R23.8bn +18.8% DHEPS +15.8% 26.7% ROE Adjusted ROIC¹ 19.4% 13.5% WACC Final dividend per share +11.5% +9.7% full-year dividend Total income R65.7bn +9.4% 26.0% total income margin Continuing operations Financial highlights Dividend per share +9.7% 11.5% final dividend per share growth
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Shoprite Holdings 2025 Full Year Financial Results Sales Change % 2025 Rm Restated* 2024 Rm Like-for-like % Supermarkets RSA 9.5 213 497 195 041 4.8 Supermarkets Non-RSA 6.4 20 568 19 329 3.9 Other operating segments 5.2 18 636 17 718 2.2 Total consolidated continuing operations 8.9 252 701 232 088 4.6 Change % 2025 Rm 2024 Rm 5.9 116 621 110 135 Shoprite and Usave supermarkets 5.3 104 914 99 634 Shoprite LiquorShop 11.5 11 707 10 501 13.8 95 712 84 069 Checkers and Checkers Hyper supermarkets 13.6 88 435 77 852 Checkers LiquorShop 17.1 7 277 6 217 Adjacent businesses 39.1 1 164 837 Total Supermarkets RSA 9.5 213 497 195 041 Supermarkets RSA Sales growth by brand Restated for the classification of the Group’s furniture business and the operations in Ghana and Malawi as discontinued operations in accordance with IFRS 5. * Supermarkets RSA sales incl. Sixty60 delivery recoveries and Xtra Savings Plus subscription income earned subsequent to the Pingo Delivery (Pty) Ltd acquisition. Prior to this acquisition, these revenues were classified within alternative revenue as part of delivery recoveries and other revenue from contracts with customers. Sales unpacked
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Shoprite Holdings 2025 Full Year Financial Results Number of stores 2024 Net movement 2025 Number of stores 2025 Confirmed new stores 2026 640 42 682 41 461 33 494 49 477 45 522 39 1 578 120 1 698 129 283 27 310 29 38 2 40 1 276 35 311 32 597 64 661 62 147 71 218 32 2 322 255 2 577 223 Store movement Closures: 18 stores Openings: 273 stores 42 Adjacent businesses *** Included in other: K’nect (5), Little Me (12), Checkers Outdoor (26) and Uniq clothing by Checkers (30). Space growth (m2)* 2025: 5.9% * Space growth represents growth in lettable area. 38 45 29 68 2 8 6 1 79 43 126 1 5 1 4 3 36 Shoprite Usave Shoprite LiquorShop Checkers Checkers Hyper Checkers LiquorShop Closing balance Number of stores 2025 144 30 28 11 5 - Supermarkets RSA store expansion
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Shoprite Holdings 2025 Full Year Financial Results 24.5% Continuing operations Change % 2025 Rm Restated* 2024 Rm Margin 2025 % Restated* margin 2024 % Gross profit 10.6 61 442 55 539 24.3 23.9 Alternative revenue (4.2) 3 763 3 927 1.5 1.7 Interest revenue (30.4) 218 313 0.1 0.1 Share of profit of equity accounted investments (6.7) 250 268 0.1 0.1 Total income included in trading profit 9.4 65 673 60 047 26.0 25.9 *Restated for the classification of the Group’s furniture business and the operations in Ghana and Malawi as discontinued operations in accordance with IFRS 5. Trend in gross profit: H1 vs H2 Rbn 24.2% 23.9% 24.3% R43.1bn R50.1bn R55.5bn R61.4bn Trading profit: total income unpacked Benefits realised: ▪ Improved gross margin performance across all segments of the business. ▪ Benefits realised during the second half from operational efficiencies gained within supply chain.
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Shoprite Holdings 2025 Full Year Financial Results 9.3% 5 6 1 2 3 4 Recycling Income Value added services Last-mile logistics Property portfolio Customer and rewards + marketing Customer insights, recycling and sundry Restated for the classification of the Group’s furniture business and the operations in Ghana and Malawi as discontinued operations in accordance with IFRS 5.* Delivery recoveries and subscription income notably impacted during the current period for the classification of Sixty60 delivery recoveries and Xtra Savings Plus subscription income earned (following the purchase of the remaining 50% shareholding in Pingo) as sales, whilst noting that for the prior year period, these revenues remain classified as part of alternative revenue. ¹ Change % 2025 Rm Restated* 2024 Rm Commissions received 7.5 1 254 1 166 Marketing and media revenue 36.8 647 473 Operating lease income 31.0 596 455 Franchise fees received 4.9 192 183 Sundry revenue excluding subscription income 3.3 942 912 Alternative revenue contributing to growth 13.9 3 631 3 189 Delivery recoveries and subscription income¹ (82.1) 132 738 Total alternative revenue (4.2) 3 763 3 927 Alternative revenue contributing to growth
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Shoprite Holdings 2025 Full Year Financial Results Continuing operations Change % 2025 Rm Restated* 2024 Rm Depreciation and amortisation 17.0 8 012 6 845 Employee benefits 10.8 20 268 18 289 Other operating expenses 1.6 22 442 22 095 Total expenses included in trading profit 7.4 50 722 47 229 Expense margin (%) 20.1 20.3 Restated for the classification of the Group’s furniture business and the operations in Ghana and Malawi as discontinued operations in accordance with IFRS 5. Amortisation driven by investment in digital acceleration. Notes relating to depreciation: Depreciation on right-of-use (ROU) assets and property, plant and equipment (PPE) driven by: • 274 net new corporate store openings over 12 months (2024: 219). • 488 property lease renewals over 12 months (2024: 468). Excl. Sixty60 delivery expenses subsequent to the Pingo Delivery (Pty) Ltd acquisition, now classified as cost of sales. * PPE ROU assets Intangible assets +18.5% +17.1% +18.8% Shoprite Holdings 2025 Full Year Financial Results Trading profit: total expenses unpacked
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Shoprite Holdings 2025 Full Year Financial Results Restated for the classification of the Group’s furniture business and the operations in Ghana and Malawi as discontinued operations in accordance with IFRS 5. Other reconciling items include the elimination of interdivisional transactions with the Group's discontinued operations to the amount of R226 million (2024: R133 million) in trading profit. * ** Rbn Trading profit unpacked 5.9% margin 5.5% margin Continuing operations Change % 2025 Rm Restated* 2024 Rm Trading margin 2025 % Restated* trading margin 2024 % Supermarkets RSA 15.5 13 904 12 036 6.5 6.2 Supermarkets Non-RSA* 43.4 644 449 3.1 2.3 Other operating segments* 32.3 652 493 3.5 2.8 Total continuing operating segments 17.1 15 200 12 978 6.0 5.6 Hyperinflation effect and other reconciling items** (249) (160) Consolidated continuing operations 16.6 14 951 12 818 5.9 5.5 Trading profit by segment
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Shoprite Holdings 2025 Full Year Financial Results Lease liabilities finance charges unpacked: The total IFRS 16: Leases charge to the statement of comprehensive income is R1.4 billion higher than the related cash outflows, reflecting a timing difference between accounting and lease payments. Notes: ¹Rbn 127 318 219 274 R31.6bn R35.6bn R40.5bn R47.0bn 2022¹ 2023¹ 2024 2025 New DCs and extensions +12.5% +13.8% +16.2% 437 369 468 Net corporate stores opened (12 months) Lease renewals (12 months) Lease liabilities Lease liabilities finance charges Updated Continuing operations Change % 2025 Rm Restated* 2024 Rm Interest received from bank account balances (30.9) 357 517 Borrowings and other finance charges 35.2 (944) (698) Lease liabilities finance charges 20.7 (4 171) (3 455) Net finance costs 30.9 (4 758) (3 636) 488 0.0 1.0 2.0 3.0 4.0 5.0 +20.7% +12.5% +16.3% Canelands Riverfields and Wells Estate ¹ Lease liabilities finance charges as previously reported. Net finance costs Restated for the classification of the Group’s furniture business and the operations in Ghana and Malawi as discontinued operations in accordance with IFRS 5. *
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Shoprite Holdings 2025 Full Year Financial Results R9.3bn R10.0bn Cash and cash equivalents – beginning of the year Cash and cash equivalents – end of the year Net movement (R0.7bn) Core cash calculated as cash generated from operations before working capital requirements, including interest income and dividends received. Working capital Debt & financing Growth & maintaining capex Shareholder returns Strategic investments R0.6bn (R2.3bn) (R8.0bn) (R8.1bn) (R5.4bn) Debt & financing relates to interest paid of R5.2bn, repayment of lease liability obligations of R3.9bn, together with net borrowings raised (inflow) of R1.0bn. Growth & maintaining capex to support the expansion and upgrade of our core Supermarkets RSA store portfolio together with ongoing technology-led investments, with 79% of capex allocated to grow the business. Shareholder returns in the form of dividends paid to the value of R4.0bn as well as treasury shares purchased of R1.4bn. Working capital applied to sustaining the Group’s day-to-day operations, including inventory requirements in the amount of R3.0bn. Strategic investments to optimise our asset base and pursue long-term growth opportunities, including selective mergers and acquisitions and inflows from investments maturing. R22.5bn Cash and capital allocation Core cash after income tax
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Shoprite Holdings 2025 Full Year Financial Results 2025 Rm 2024 Rm Store refurbs 1 356 1 691 Information technology 248 269 Supply chain 75 52 1 679 2 012 2025 Rm 2024 Rm New stores and upgrades 4 868 3 999 Information technology 1 281 1 594 Supply chain 182 157 6 331 5 750 2025 Rm 2024 Rm Growth capex 6 331 5 750 Maintaining capex 1 679 2 012 Total operating capex 8 010 7 762 Capex as a % of sales 3.2% 3.3% Proceeds on disposal of assets 1 106 807 Growth capex Maintaining capex Growth capex driven by 274 net new corporate stores Supply chain expansion Point of sale system replatform Sixty60 general merchandise delivery Personalisation engine Rex insights platform * Restated for the classification of the Group’s furniture business and the operations in Ghana and Malawi as discontinued oper ations in accordance with IFRS 5. * 21% 79% Growth and maintaining capex
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Shoprite Holdings 2025 Full Year Financial Results SUPERMARKETS NON-RSA R2.7bn (2024: R2.2bn) INVENTORIES FY2025: R29.7bn FY2024: R28.4bn OTHER OPERATING SEGMENTS R1.3bn (2024: R1.1bn) SUPERMARKETS RSA R25.7bn (2024: R23.0bn) +14.6% +4.9%¹ Restated for the classification of the Group’s furniture business and the operations in Ghana and Malawi as discontinued operations in accordance with IFRS 5. For purposes of comparability, inventories related to our discontinued Furniture segment as well as Ghana and Malawi operations have been excluded from the comparative period. The ratio reflects only the inventories applicable to our continuing operations. * ** Inventories as a % of sales (52 weeks) from continuing operations 2025 % Restated* 2024 % Supermarkets RSA 12.1 11.8 Supermarkets Non-RSA 13.1 11.6 Other operating segments 6.9 6.1 Total continuing operations 11.8 11.3 ** ** For purposes of comparability, if the current year inventories balance is adjusted to include inventories classified as held for sale (R1.7 billion), inventories increased by 10.9%. ¹ Excluding the impact of stock held in distribution centres: Supermarkets RSA Total continuing operations 8.0% 7.9% CONTINUING OPERATIONS FURNITURE, GHANA & MALAWI R1.7bn (2024: R2.1bn) DISCONTINUED OPERATIONS • Current year classified as held for sale and does not form part of the balance of inventories. • Prior year not restated, inventories remain as reported. Inventories
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Shoprite Holdings 2025 Full Year Financial Results Sales Supermarkets RSA selling price inflation for July 2025 measured 1.8% (July 2024: 3.0%). Group plans to add 309 new stores which includes 223 stores in Supermarkets RSA. Financial indicators Maintaining a total income margin of c26% with a trading margin target of 6%. Cost growth underpinned by: • Staff costs to support store base growth. • Depreciation driven by the growth in the Supermarkets RSA business. Finance costs: • Lease liabilities finance charges. Effective tax rate between 27.0% - 28.0%. Non-RSA Currency volatility remains a risk to the business and customer affordability. To conclude on sale of businesses in Ghana and Malawi – estimated H1 2026. Inventories Key inventories metrics to remain in line with 2025 financial year. Capital allocation Dividend cover at discretion of Board, current policy of 1.75 times full year DHEPS (continuing operations). Borrowings to equity ratio in the region of 23.0%. Capex cR7.9bn the majority of which will be spent on stores (new stores, refurbishments and maintenance) as well as technology-led projects, targeting a below 3.0% capex to sales ratio. Put in the outlook our borrowings to equity 2026 Guidance considerations
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Pieter Engelbrecht Chief Executive Officer Operational Review
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Shoprite Holdings 2025 Full Year Financial Results Smarter Shoprite Delivering strong operational leverage in FY25 +8.9% (like-for-like 4.6%*) +R20.6bn additional sales (+40 bps) Trading margin 5.9% 8.9% 10.6% 16.6% Sales growth Gross profit growth Trading profit growth (+40 bps) 2025 Full Year Financial Results Gross margin 24.3% Sales R252.7bn * Like-for-like sales growth constitutes pro forma financial information in terms of the JSE Limited Listings Requirements. Continuing operations
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Shoprite Holdings 2025 Full Year Financial Results 2025 Full Year Financial Results Customer, volume and market share growth Improved returns and accelerated earnings growth * Continuing operations Customer visits 1.2bn +4.6% Products sold 7.8bn +1m additional visits a week Market share gain +R8bn Supermarkets RSA FY25* +4.8% DHEPS +15.8% +9.7% Adjusted ROIC 19.4% Excl. IFRS 16 Dividend per share 781c Value of above-market share growth. Source: NielsenIQ, 52 weeks, June 2025 incl. liquor. Rest of Market universe includes Pick n Pay, Boxer, Spar, Clicks, Woolworths, Dis-Chem, Food Lover’s Market, Game, PEP, KitKat and OK Foods. +4.8%
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Shoprite Holdings 2025 Full Year Financial Results 9.5% Supermarkets RSA sales growth (like-for-like 4.8%*) amidst low internal inflation: ✓ 2.8x the annual pace of Rest of Market sales growth, rounding off six consecutive years of market share gains** ✓ Strong real sales and volume growth as internal inflation dropped to 2.3%*** ✓ LiquorShop sales growth of 13.6% resulting in strong market share gains ✓ Sixty60 sales +47.7% with expanded ranges, improving picking efficiencies and new locations ✓ Robust spend from high-income customers in Checkers is balancing muted growth among lower-income customers in Shoprite Topline RSA growth continues to outpace peers ** Source: NielsenIQ, 52 weeks, June 2025 incl. liquor. Rest of Market universe includes Pick n Pay, Boxer, Spar, Clicks, Woolworths, Dis-Chem, Food Lover’s Market, Game, PEP, KitKat and OK Foods. *** Internal inflation: Food and non-alcoholic beverages. * Like-for-like sales growth constitutes pro forma financial information in terms of the JSE Limited Listings Requirements. 2.6x 1.9x 1.7x 1.8x 2.8x 0.0x 3.0x 0% 20% FY21 FY22 FY23 FY24 FY25 Supermarkets RSA sales growth vs Rest of Market sales growth FY21-FY25 Supermarkets RSA Rest of Market Sales growth (%) Indexed sales growth of Supermarkets RSA vs Rest of Market
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Shoprite Holdings 2025 Full Year Financial Results Low price leadership • Supermarkets RSA internal food inflation contained to 2.3% (vs FY24: 6.0%)*, below official food inflation 3.7% • Inflation has remained lower for longer than expected: 13.3k items in deflation for the full year • Uncompromised price leadership based on independent price surveys Real value for customers amidst more deal seeking • R16.5bn in instant Xtra Savings discounts to customers • Promo sales contribution increased to 36.4% (FY24: 35.3%) • Promo volumes +6.9% Improved gross margin • Better margin mix from increasing Checkers sales contribution • Improved shrinkage and wastage • AI-pricing optimisation engine balancing margin across categories Lower prices for longer with internal inflation at a 6-year low * Supermarkets RSA internal inflation: food and non-alcoholic beverages. 0% 14% FY21 FY22 FY23 FY24 FY25 Supermarkets RSA food and non-alcoholic beverages inflation Stats SA Official food and non-alcoholic beverages inflation Supermarkets RSA internal inflation vs Official food inflation Inflation rate (%) 10% 2.3% 3.7%
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Shoprite Holdings 2025 Full Year Financial Results Proximity-to-home advantage offering a limited assortment of the most popular grocery items at unrivalled affordability for the most price-sensitive customers. Limited assortment food discounter Lowest prices on trusted grocery brands, without compromising on customer service and product quality for price-conscious customers in retail and wholesale sectors. Africa’s low-price grocery leader Franchise arm of the Group, offering groceries, fresh foods and liquor closer to communities. One-stop convenience shopping Checkers format with wider ranges in bulk groceries, general merchandise and key categories like pet, baby and electronics. Amplified value on wider ranges Omnichannel market leader in value on fresh, groceries and premium food for upmarket customers. Best value in fresh and premium foods Portfolio effect: Winning brands with distinct customer propositions RSA only, including Franchise stores, excl. adjacent businesses and K’nect. Narrow/specialist range Price sensitive Wide range More affluent RSA store positioning and numbers 12 494 510 670 110 427 40 311 310 12
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Shoprite Holdings 2025 Full Year Financial Results CUSTOMER VALUE PROPOSITION VALUE FOR MONEY LOW PRICE LEADERSHIP AFFORDABLE PRIVATE LABEL EFFICIENT AND COMPACT ESSENTIALS ONLY NO-FRILLS FOCUS ONE-STOP SHOP FOR FINANCIAL SERVICES CONVENIENT AND ACCESSIBLE CUSTOMER VALUE PROPOSITION LOWEST PRICES AFFORDABLE PRIVATE LABEL PROMOTIONAL EXCITEMENT BASICS & MORE ASSORTMENT ONE-STOP SHOP FOR FINANCIAL SERVICES HYGIENIC & FRESH Supermarkets RSA (incl. liquor) +R6.5bn Additional annual sales R116.6bn Sales (+5.9%) 20.6% Private label participation (excl. liquor) +339k Additional visits per week ** Source: Rice category market share, 52 weeks June 2025, NielsenIQ; Internal inflation on Rice category for Shoprite RSA FY24 vs FY25. Image illustrative only. • 5.7% sales growth and gaining share • Closer-to-home, limited assortment format removing need for expensive transport • Private label participation: 35% (+1.7 ppts) • Ubrand sales growth +21.4% Rice category annual internal inflation dropped 31.9 ppts** 37% category share of Rice 26.6% -5.3% FY24 FY25 • Sales increased 5.9% resulting in continued market share gains • Shoprite FY25 internal inflation fell 3.5 ppts to just 1.6% (0.9% in June 2025)* • Sales growth disproportionately impacted by deflation in high-share categories • E.g. Rice (37% market share) had a 31.9 ppts decline in internal inflation** • Cheapest every day on core food basket vs competitors (independently audited) • Shoprite Cash & Carry sales growth 24.8% in wholesale market * Supermarkets RSA internal inflation: food and non-alcoholic beverages. Shoprite Rice category internal inflation FY25
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Shoprite Holdings 2025 Full Year Financial Results DIFFERENTIATED PRIVATE LABEL SMARTER ASSORTMENT FRESH & HEALTHY EFFORTLESS CONVENIENCE PERSONALISED BEST VALUECUSTOMER VALUE PROPOSITION Supermarkets RSA (incl. liquor) +R11.6bn Additional annual sales R95.7bn Sales (+13.8%) South Africa’s strongest brand #1 2025 South Africa Top 100 Report #1 Checkers remains the fastest growing premium grocer for the 5th year • Capturing share of wallet from omnichannel offering resulting in record market share gains • Strong gains in fresh foods, bolstered by new Discovery Vitality partnership • Powerful promotions and FreshX store upgrades elevating customer satisfaction • Strong sales growth from Simple Truth of 24.6%, now endorsed by healthy eating champion Jamie Oliver +528k Additional visits per week
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Shoprite Holdings 2025 Full Year Financial Results Greenfield opportunities in adjacencies gaining traction RSA only, including Franchise stores, excl. K’nect. A standalone apparel brand that provides discerning trend-forward customers with premium quality wardrobe basics at great value. Standalone one-stop health and wellness destination with value across various health and beauty product ranges. Specialist baby store with exclusive brands and extended ranges in baby accessories, clothing, food, as well as maternity clothing. Specialist outdoor store with exclusive ranges of outdoor general merchandise including pool, gardening, camping, braai accessories and tech gadgets for nature enthusiasts. Upmarket pet shop specialist stocking premium food and pet accessories. Narrow/specialist range Price sensitive Wide range More affluent RSA store positioning and numbers 494 510 670 110 427 40 311 310 231 Retail adjacencies gaining traction: 66.6% growth in customer visits in FY25 12 12
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Shoprite Holdings 2025 Full Year Financial Results • Transpharm and Medirite improved profitability • OK Franchise gained market share • 633 stores (net 12 stores opened) • Trading profit +32.3% Supermarkets Non-RSA* Other operating segments • Pending sale to Pepkor Holdings Ltd. • 418 stores (net 12 stores closed) Supermarkets Non-RSA, Other operating segments & Furniture Furniture (discontinued operations)* +6.4% growth R20.6bn Sales +5.2% growth R18.6bn Sales +4.2% growth R7.5bn Sales R 449m R 644m FY24 FY25 Supermarkets Non-RSA Trading Profit • Customer visits +5.4% • 268 stores (net 14 stores opened) • Exiting Ghana and Malawi • Trading profit +43.4% * Restated for the classification of the Group’s furniture business and the operations in Ghana and Malawi as discontinued operations in accordance with IFRS 5.
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39 Pieter Engelbrecht Chief Executive Officer Strategy Update
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Shoprite Holdings 2025 Full Year Financial Results A Smarter Shoprite Target headroom opportunities Winning in the long term A TRULY CUSTOMER- FIRST CULTURE TRUSTED, PROFITABLE PRIVATE LABELS UNLOCK ALTERNATIVE INCOME GROW SHARE IN PREMIUM AND FRESH FOOD FORCE FOR GOOD STRONGER PARTNERSHIPS LEVERAGE PLATFORM ADVANTAGE FUTURE-FIT CHANNELS AND TALENT ENABLE PRECISION RETAILING 2. 1. 3. 4. 5. 6. 7. 8. 9. Strategic priorities for long-term growth
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Shoprite Holdings 2025 Full Year Financial Results ✓ Putting customers first, powered by insights from SA’s biggest retail rewards programme Xtra Savings ✓ +5 000 data points per member across over 33.7m members ✓ Internal advanced analytics capabilities driving competitive edge, enhancing margins and assortment ✓ Agentic AI will drive productivity gains across centralised functions Precision retailing enabling a Smarter Shoprite Loyalty Programme of the Year Best Retail Loyalty Programme
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Shoprite Holdings 2025 Full Year Financial Results Continue to unlock alternative revenue Retail Media Network monetising our omnichannel media assets and connecting advertisers with high-intent audiences through targeted, data-driven campaigns with measurable return on ad spend (ROAS). Shoprite’s Customer Insights Platform embedding customer- first thinking with FMCG supplier partners. Enabling financial inclusion by providing low-cost banking, remittances, payments, insurance products and value-added services (VAS).
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2025 Full Year Financial Results Sixty60 FY25 sales increased 47.7% to R18.9bn: • No. 1 grocery delivery app in SA with 7m downloads • Equates to 8.9% of total Supermarkets RSA sales First-scaler advantage: • Sixty60 is now live in 694 stores nationwide • Created +15 200 employment opportunities (incl. pickers, rider partners, central teams) • More than 80% market share of on-demand grocery delivery* Strong profitability driven by: ✓ Pick-from-store model capitalising on leading store footprint across SA ✓ Favourable unit economics relative to global on-demand players in developed markets ✓ Average order value and margin mix of online higher than store average ✓ Platform unit economics improve with scale ✓ Lower cost of ownership: own IP with technology built and run in-house in ShopriteX South Africa’s largest digital commerce platform An R18.9bn growth engine, built in just over 5 years * Source: Reveal Insights, June 2025. Defined sample of ~50k digitally engaged customers, representing higher-income households (monthly spend of R5k-R60k) shopping across WW Dash, Spar2U, Pick n Pay ASAP, Zulzi.com. OneCart 100 millionth order live ticker representation on 25.07.2025
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2025 Full Year Financial Results Sixty60 annual sales and growth (FY25 incl. delivery fee and subscription income) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 * FY25 Sixty60 sales includes delivery and subscription income from Sept 2024. Source: Internal analysis, sales value by quarter ending Q3 2025. South Africa’s largest digital commerce platform Continued sales growth from a significant base Sixty60 quarterly order volumes R 2.7bn R 3.6bn R 4.7bn R 6.1bn R 0bn R 20bn FY21 FY22 FY23 FY24 FY25 +149.8% +81.5% +58.1% +47.7% Prior year sales Additional annual sales SalesOrders *
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2025 Full Year Financial Results Operational excellence despite exponential growth Each year, more kilometres are travelled with better on-time delivery and more products are picked with improved order pick fill accuracy (FY23-FY25) FY23 FY24 FY25 FY23 FY24 FY25 Order pick fill (%) FY23 FY24 FY25 265m kilometres travelled Distance travelled (km) On-time delivery (%) >1m products picked every day 94.0% on-time delivery 96.8% order pick fill Kilometres On time (%) 0 90% FY23 FY24 FY25 Products picked Number of products picked 0 90% Order pick fill rate (%) 300m 98%95%
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2025 Full Year Financial Results Improving efficiencies through network effects Unlocking v alue Increasing customer delight and loyalty • Sixty60 has become the digital front door to the Group’s entire 1st party product ecosystem • Evolution from limited convenience foods app in 2020 to a multi-category ecosystem, delivered same-day nationally • As the platform grows → operational efficiencies improve → increasing customer value is a platform business with flywheel effects Platform growth drivers Flywheel 1 2 34
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2025 Full Year Financial Results “More users, more orders, better data – compounding benefits.” As the platform grows: •More banners and broader selection attract more users, which increases order volume. •More orders generate richer data, which improves: • Personalisation • Stock optimisation • Picking and delivery routes •These lead to: • Lower incremental cost per order • Faster deliveries • Better user experience → This creates a data network effect flywheel where growth fuels efficiency, which in turn drives further growth. Growth Inputs More Banners Better Product Selection More Users Operational Scale More Orders Richer First-Party Data Lower Incremental Cost per Order Data Network Effects Smarter Personalisation Optimised Stock Levels Faster Picking & Delivery Routes Reduced Delivery Times Customer Delight → Retention → Growth Platform growth drivers ✓ Expanding store and banner network ✓ Broader product selection ✓ New users: +26.8% active users FY25 is a platform business with flywheel effects Flywheel 1 34 2 Flywheel
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2025 Full Year Financial Results Improving efficiencies through network effects ✓ High-frequency data from more users, engagement and order growth ✓ Smarter personalisation ✓ Optimised stock levels ✓ Better picking and route optimisation ✓ Reduced delivery times ✓ Increased customer satisfaction is a platform business with flywheel effects Flywheel 1 34 2 Flywheel
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2025 Full Year Financial Results Unlocking value ✓ Improved profitability from lower fixed cost per order ✓ Cross-selling into new adjacencies at zero customer acquisition cost • E.g. Sixty60 General Merchandise sales doubled in FY25 ✓ New and increasing user activity unlocks more retail media revenue ✓ Profitable growth fuels continuous platform investment and innovation is a platform business with flywheel effects Flywheel 1 34 2 Flywheel
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2025 Full Year Financial Results Increasing customer delight and loyalty *Source: Opensend, July 2025 is a platform business with flywheel effects Flywheel 1 34 2 Flywheel ✓ 85% retention rate after first order (global average 29%*) ✓ Record levels of Sixty60 brand advocacy ✓ Unlimited free delivery subscription drives stickiness ✓ Omnichannel customers are 3.8x more valuable than in-store only *Source: Opensend, July 2025. The longer customers stay, the more they shop Customers’ weekly order frequency by active years on platform Years (customers’ tenure on Sixty60) <1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5+ Years Weekly Order Frequency
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2025 Full Year Financial Results A sustainable digital advantage: Our competitive moat Last-Mile Logistics New digital platform One digital platform for all customers Leverage core retail capabilities and infrastructure ~162k products (1st party, no 3rd party) Buying power, international sourcing, scale economies and trusted retail brands Integrated customer data with SA’s No. 1 Rewards Programme 2 863 Corporate Store Estate and Operational Muscle 29 Distribution Centres and Logistics Network Core Retail Capabilities
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A sustainable digital advantage: Future growth drivers Continuous optimisation ✓ Maximise capacity ✓ Picking efficiency ✓ Personalisation Extend best of digital into the mainstream Target headroom opportunities ✓ General merchandise ✓ Speciality pet ✓ Health and beauty Integrated VAS (value-added services) and fintech Sixty60 St, Jabulani
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Thank You Questions
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Shoprite Holdings 2025 Full Year Financial Results Our outlook • Supermarkets RSA delivered pleasing sales growth in July 2025, while containing internal inflation at 1.8% (vs July 2024: 3.0%)* • All banners in our core Supermarkets RSA segment continue to grow ahead of Rest of Market** • Sales growth across our supermarket banners was slightly ahead of FY25 H2 performance • Shoprite and Usave achieved an increase in sales growth from FY25 H2 • Checkers sales growth remains the highest in Supermarkets RSA • A total of 309 new stores are scheduled to open over the next 12 months • We remain confident in our ability to deliver on our plan, delight customers and sustain profitable market share gains Our Winning Formula **Source: NielsenIQ, July 2025 incl. liquor. Rest of Market universe includes Pick n Pay, Boxer, Spar, Clicks, Woolworths, Dis-Chem, Food Lover’s Market, Game, PEP , KitKat and OK Foods. *Supermarkets RSA Internal inflation: food and non-alcoholic beverages. Scale and operational efficiency Superior supply chain and distribution network Distinct multi- brand customer propositions Platform business leading in digital innovation Unrivalled data driving decision- making Growth ambition in grocery adjacencies Financial resilience and growth capital
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Anton de Bruyn Chief Financial Officer Additional Information 55
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Shoprite Holdings 2025 Full Year Financial Results DEFINITIONS ROIC: Trading profit over the last 12 months (52-week basis) after tax (applying the effective tax rate) expressed as a percentage of average invested capital for the period on a 52-week basis. Adjusted ROIC: To reflect operating lease expenses as previously recognised in terms of IAS 17: Leases (IAS 17), adjusted ROIC is calculated by adjusting for the impact of IFRS 16: Leases (IFRS 16) to reflect operating lease expenses as they would have been recognised under IAS 17. Trading profit is adjusted by adding back depreciation on the right-of-use assets and including lease payments as an operating expense, while invested capital is adjusted to exclude right-of-use assets and lease liabilities. This ensures comparability with periods prior to the implementation of IFRS 16. Invested capital: Net asset value excluding borrowings, lease liabilities and bank overdrafts. WACC: Weighted average cost of capital calculated in terms of the Group’s policy. Restated for the classification of the Group’s furniture business and the operations in Ghana and Malawi as discontinued oper ations in accordance with IFRS 5. * Financial metrics ROIC Rm IFRS 16 impact Rm Adjusted ROIC Rm ROIC Rm IFRS 16 impact Rm Adjusted ROIC Rm Trading profit 14 951 (2 781) 12 170 12 818 (2 812) 10 006 Effective tax rate 27.4% 27.4% 31.1% 31.1% Trading profit after tax 10 851 (2 018) 8 833 8 835 (1 939) 6 896 Invested capital 87 753 (40 655) 47 098 77 089 (33 303) 43 786 Average invested capital 82 421 45 443 75 961 44 673 ROIC 13.2% 19.4% 11.6% 15.4% WACC 12.0% 13.5% 12.4% 13.8% 2025 2024 Restated*
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Shoprite Holdings 2025 Full Year Financial Results Diluted headline earnings per share (DHEPS) Change % 2025 cents Restated* 2024 cents DHEPS from continuing operations 15.8 1 367.2 1 180.2 Adjusted for the impact of: Shoprite Employee Trust distributions to eligible employees in South Africa and equivalent awards granted by subsidiaries in countries outside South Africa 17.5 51.7 44.0 Exchange rate differences >100 0.6 (4.8) Hyperinflation adjustment (18.0) 4.1 5.0 Lease modifications and terminations 0.6 (17.4) (17.3) Related income tax effect (35.5) 4.0 6.2 Adjusted DHEPS from continuing operations 16.2 1 410.2 1 213.3 Adjusted HEPS from continuing operations 16.2 1 415.3 1 218.5 * Restated for the classification of the Group’s furniture business and the operations in Ghana and Malawi as discontinued operations in accordance with IFRS 5.
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Shoprite Holdings 2025 Full Year Financial Results DHEPS is based on 543 395 972 weighted average number of ordinary shares adjusted for dilution. Adjusted headline earnings reconciliation Headline earnings 2025 Rm DHEPS* 2025 cents 7 428 1 367.2 281 51.7 3 0.6 23 4.1 (95) (17.4) 23 4.0 7 663 1 410.2 Hyperinflation adjustment Lease modifications and terminations Related income tax effect Adjusted headline earnings from continuing operations Headline earnings from continuing operations Adjusted for the impact of: Shoprite Employee Trust distributions to eligible employees in South Africa and equivalent awards granted by subsidiaries in countries outside South Africa Exchange rate differences *