Slides
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2026 Full Year Results Presentation For the 52 weeks ended 28 June 2026
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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 Limited 2026 Full Year Financial Results Presentation 3 Continuing operations. Value of above-market sales growth. Source: NielsenIQ, 52 weeks, June 2026 incl. liquor. Rest of Market universe includes Pick n Pay, Boxer, Spar, Clicks, Woolworths, Dis-Chem, Food Lover’s Market, Game, PEP, KitKat Express and online, OK Foods, Makro online, Takealot.com, Rhino and Cambridge Foods. • Momentum continued with 1.3bn customer visits in the year, an additional 1.1m per week • Record RSA market share achieved: R7.5bn in additional share gains in Supermarkets RSA* • Keeping prices low for customers with Supermarkets RSA internal selling price inflation of 0.8% OPERATIONAL PROGRESS FINANCIAL PROGRESS Winning through customer focus and relentless execution STRATEGIC PROGRESS • Group sales +7.2% to R270.8bn, adding R18.1bn • Trading profit +8.4% to R16.2bn • Supermarkets RSA trading margin of 6.6% • Adjusted ROIC increased to 19.8% and WACC 11.5% • DHEPS: +12.2% to 1 527.4 cents • Smarter Shoprite investments delivering resilient growth • Strong cost discipline, shrinkage and waste management offset low inflation environment • 262 net new stores opened in Supermarkets RSA reflecting a growing, modern store estate Checkers leading growth in premium food retailing • Expanded Sixty60 to more locations and categories, total platform sales +34.7% to R25.5bn • Adjacent businesses increased sales 57.4% to R1.9bn • New supply chain capacity delivering +98% in-stock • *
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Our Shoprite Purpose by pioneering access to the most affordable goods and services, creating economic opportunity and protecting our planet Uplifting lives every day 4Shoprite Holdings Limited 2026 Full Year Financial Results Presentation
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new direct jobs created in the year Shoprite Holdings Limited 2026 Full Year Financial Results Presentation 5 Proud of Team Shoprite in cumulative Employee Trust payouts by October 2026 spent on employee training and development in FY2026 2024 - 2026 Top Employers Institute 2024 - 2025 SAGEA Employment Awards 2021 - 2025 GradStarStudents’ Choice Awards R1bn+5 491 R1.3bn Retail Employer of Choice
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fresh produce sourced from local SMMEs of private label products locally produced sales growth from local SMMEs on our ESD programme ESD: Enterprise Supplier Development Shoprite Holdings Limited 2026 Full Year Financial Results Presentation 6 supporter of SA farmers Supporting South African enterprise No.1 R1.7bn 88% +91%
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Shoprite Holdings Limited 2026 Full Year Financial Results Presentation 7 Force for Good: Social and Environmental R5 products include: 600g loaf of brown bread, 50ml concentrated body and hair wash, pack of 8 sanitary pads, deli meals 110m R5 products sold FY2026 (R5 = $0.30) 11.2m meals served annually at 148 early childhood development centres and through our 35 Mobile Soup Kitchens 8.0% of our electricity is sourced from renewables , with 173.7 million kWh generated from solar PV; enough to power 31 700 homes Recycled and reused 83 623 tonnes of cardboard and plastic waste 95.9% of total in-store packaging is now recyclable, reusable or compostable, with 45.2% recycled content
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Anton de Bruyn Chief Financial Officer Financial Results
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Financial highlights Sales R270.8bn +7.2% +2.7% Like-for-like* Total expenses R54.5bn +7.6% 20.1% total expense margin Trading profit R16.2bn +8.4% 6.0% trading margin EBITDA R25.8bn +7.7% DHEPS +12.2% +12.5% Adjusted DHEPS Adjusted ROIC¹ 19.8% 11.5% WACC Final dividend per share +14.1% +11.8% Full-year dividend Total income R70.7bn +7.8% 26.1% total income margin * Like-for-like sales growth and adjusted DHEPS 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. Continuing operations. Shoprite Holdings Limited 2026 Full Year Financial Results Presentation 9 *
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Change % 2026 Rm 2025 Rm 4.3 121 629 116 621 Shoprite and Usave supermarkets 3.6 108 681 104 914 Shoprite LiquorShop 10.6 12 948 11 707 10.0 105 182 95 649 Checkers and Checkers Hyper supermarkets¹ 9.6 96 850 88 372 Checkers LiquorShop 14.5 8 332 7 277 Adjacent businesses¹ 57.4 1 931 1 227 Total Supermarkets RSA 7.1 228 742 213 497 Supermarkets RSA Sales growth by brand Restated for the classification of the Group’s operations in Nigeria 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. Delivery recoveries and subscription income previously included within adjacent businesses have been reclassified to the respective supermarket brands within Supermarkets RSA. To ensure comparability with the current period information, the comparative information reported has been reclassified within the Supermarkets RSA segment and has had no impact on the total sale of merchandise reported for Supermarkets RSA. ¹ 2026 Financial Results Sales Change % 2026 Rm 2025 Rm Like-for-like % Supermarkets RSA 7.1 228 742 213 497 2.0 Supermarkets Non-RSA 11.0 22 834 20 568 8.6 Other operating segments 3.0 19 199 18 636 4.3 Total consolidated continuing operations 7.2 270 775 252 701 2.7 Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Sales unpacked 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. 10
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Number of stores 2025 Net movement Number of stores 2026 Confirmed new stores 2027 682 32 714 29 494 51 545 26 521 53 574 77 1 697 136 1 833 132 312 30 342 26 38 2 40 - 312 40 352 31 662 72 734 57 218 54 272 22 2 577 262 2 839 211 Store movement Closures: 29 stores Openings: 291 stores 42 Adjacent businesses Space growth (m 2)* 2026: 6.1% 57 58 30 74 - 7 20 2 61 41 156 9 6 - 2 2 42 Shoprite Usave Shoprite LiquorShop Checkers Checkers Hyper Checkers LiquorShop Number of stores 2026 185 43 31 8 5 5 - Reclassify dotcom and kempton park as checkers from hyper Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Supermarkets RSA store expansion Space growth (m 2)* Last 12 months: 6.1% stores 2026 185 43 31 8 5 Space growth represents growth in lettable area.* 11
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Continuing operations Change % 2026 Rm Restated* 2025 Rm Margin 2026 % Restated* margin 2025 % Gross profit 8.1 66 447 61 442 24.5 24.3 Alternative revenue 3.4 3 792 3 669 1.4 1.5 Interest revenue (16.1) 183 218 0.1 0.1 Share of profit of equity accounted investments (2.4) 244 250 0.1 0.1 Total income included in trading profit 7.8 70 666 65 579 26.1 26.0 Restated for the classification of the Group’s remaining Nigeria operations as discontinued operations in accordance with IFRS 5: Non-current Assets Held for Sale and Discontinued Operations. * Continuing operations Change % 2026 Rm Restated* 2025 Rm Commissions received 9.6 1 374 1 254 Marketing, media and customer insights revenue 17.3 1 106 943 Operating lease income 2.2 513 502 Franchise fees received (0.5) 191 192 Sundry revenue (5.9) 608 646 Alternative revenue excluding delivery recoveries and subscription income 7.2 3 792 3 537 Delivery recoveries and subscription income - 132 Total alternative revenue 3.4 3 792 3 669 Breakdown of alternative revenue 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 in the prior period) as sales, whilst noting that for a portion of the prior year period, these revenues remain classified as part of alternative revenue. 2 * Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Total income unpacked 12 ¹ 2 Revenue received from customer insights which was previously disclosed within other revenue received from contracts with customers, is now presented together with marketing and media revenue to better align the nature of these revenue line items. 1
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0.0% 10.0% 20.0% 30.0% - 10.0 20.0 30.0 40.0 50.0 60.0 70.0 H1 H2 2023 H1 H2 2024 H1 H2 2025 H1 H2 2026 Gross profit (Rbn) Gross profit margin (%) Gross profit and gross margin as previously reported. 24.1% Trend in gross profit: H1 vs H2 Rbn 23.9% 24.3% 24.5% R51.7bn R55.5bn R66.4bn Benefits realised during the second half from operational efficiencies gained within supply chain. Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Gross profit: segmental view Continuing operations Change % 2026 Rm 2025 Rm Gross margin 2026 % Gross margin 2025 % Supermarkets RSA 7.8 59 591 55 303 26.1 25.9 Supermarkets Non-RSA 8.9 4 689 4 305 20.5 20.9 Other operating segments 11.3 2 167 1 947 11.3 10.4 Total continuing operating segments 7.9 66 447 61 555 24.5 24.4 Interdivisional transactions with discontinued operations eliminated on consolidation - (113) Consolidated continuing operations 8.1 66 447 61 442 24.5 24.3 13¹ ¹ ¹ ¹ R61.4bn
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Continuing operations Change % 2026 Rm Restated* 2025 Rm Depreciation and amortisation 7.9 8 622 7 988 Employee benefits 7.3 21 738 20 266 Other operating expenses 7.7 24 144 22 415 Total expenses included in trading profit 7.6 54 504 50 669 Expense margin (%) 20.1 20.1 Restated for the classification of the Group’s remaining Nigeria operations as discontinued operations in accordance with IFRS 5: Non-current Assets Held for Sale and Discontinued Operations. Key drivers of the R1.7bn increase in other operating expenses * % Advertising +7.2% R296m Electricity and water +19.2% R1 058m Security +11.2% R301m 20.0 20.4 20.8 21.2 - 10 20 30 40 50 60 2022 2023 2024 2025 2026 Expenses (Rbn) Expense margin (%) Rbn Excluding Sixty60 delivery expenses subsequent to the Pingo Delivery (Pty) Ltd acquisition, now classified as cost of sales.¹ ¹ Expense margin over the years 20.5% 20.8% 20.3% 20.1% 20.1% * Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Total expenses unpacked Expenses and expense margin as previously reported.2 2 14 2 2
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Other reconciling items include the elimination of interdivisional transactions with the Group's discontinued operations to the amount of R119 million (2025: R226 million) in trading profit. * ** Rbn Trading profit unpacked Add Trading profit bridge Trading profit unpacked 5.9% 6.0% Restated for the classification of the Group’s remaining Nigeria operations as discontinued operations in accordance with IFRS 5: Non-current Assets Held for Sale and Discontinued Operations. Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Trading profit by segment Continuing operations Change % 2026 Rm Restated* 2025 Rm Trading margin 2026 % Restated* trading margin 2025 % Supermarkets RSA 7.9 15 002 13 904 6.6 6.5 Supermarkets Non-RSA 13.4 684 603 3.0 2.9 Other operating segments (5.4) 617 652 3.2 3.5 Total continuing operating segments 7.5 16 303 15 159 6.0 6.0 Hyperinflation effect and other reconciling items** (141) (249) Consolidated continuing operations 8.4 16 162 14 910 6.0 5.9 15 - 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 H1 H2 2025 H1 H2 2026 Trading margin Trading margin
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Net finance costs 0.0 1.0 2.0 3.0 4.0 5.0 Lease liabilities finance charges unpacked: ¹Rbn 274318 219 274 2023¹ 2024¹ 2025¹ 2026 382369 468 Net corporate stores opened (12 months) Lease renewals (12 months) Lease liabilities finance charges 488 +10.7% +20.7% +12.5% ¹ Lease liabilities finance charges as previously reported. Notes: The total IFRS 16: Leases charge to the statement of comprehensive income is R1.7 billion higher than the related cash outflows, reflecting a timing difference between accounting and lease payments. Could potentially include net debt / ebitda ratio? Shoprite Holdings Limited 2026 Full Year Financial Results Presentation 16 508 Planned renewals 2027 Continuing operations Change % 2026 Rm 2025 Rm Interest received from bank account balances 2.8 367 357 Borrowings and other finance charges (20.9) (747) (944) Lease liabilities finance charges 10.7 (4 617) (4 171) Net finance costs 5.0 (4 997) (4 758)
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R9.3bnCash and cash equivalents – beginning of the period Cash and cash equivalents – end of the period Net cash movement R3.6bn Core cash from operations calculated as cash generated from operations before working capital requirements, including interest income and dividends received, after income tax paid. • Working capital • Debt & financing • Growth & maintaining capex • Shareholder returns • Investments R0.6bn R1.6bn (R4.7bn) (R6.8bn) Debt & financing relates to interest paid of R5.4bn, repayment of lease liability obligations of R4.3bn, together with net repayment in borrowings and short -term facilities to the value of R1.6bn. Growth & maintaining capex to support the expansion and upgrade of our business, with 81% of capex allocated to grow the business. Shareholder returns in the form of dividends paid to the value of R4.4bn as well as treasury shares purchased of R0.3bn. Working capital applied to sustaining the Group’s day -to-day operations, positively impacted by creditors paid post cut -off. Investments to optimise our asset base and pursue long -term growth opportunities, including inflows from investments maturing and proceeds on the disposal of assets classified as held for sale. R24.2bn (R11.3bn) R12.9bn Cash and cash equivalents – end of the period benefited from base effects of the Pingo shareholding acquisition and share buy -back in the prior period as well as creditor and tax payments made post cut -off: • Pingo shareholding acquisition and share buy -back amounting to R1.5 billion. • Creditors payments made post cut -off amounting to R6.2 billion . + Core cash from operations Could potentially include cash conversion ratio Update from Christine Shoprite Holdings Limited 2026 Full Year Financial Results Presentation 17 Cash and capital allocation
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Growth capex Maintaining capex * 19% 81% Restated for the classification of the Group’s operations in Nigeria as discontinued operations in accordance with IFRS 5. Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Growth and maintaining capex 18 2026 Rm 2025 Rm Growth capex 5 509 6 331 Maintaining capex 1 319 1 679 Total operating capex 6 828 8 010 Capex as a % of sales 2.5% 3.2% 2026 Rm 2025 Rm Store refurbs 1 100 1 356 Information technology 173 248 Supply chain 46 75 1 319 1 679 2026 Rm 2025 Rm New stores and upgrades 4 175 4 868 Information technology 1 160 1 281 Supply chain 174 182 5 509 6 331 Capex bridge Rm
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INVENTORIES 2026: R31.7bn 2025: R29.7bn +6.6% SUPERMARKETS NON -RSA R3.0bn (2025: R2.7bn) OTHER OPERATING SEGMENTS R1.3bn (2025: R1.3bn) SUPERMARKETS RSA R27.4bn (2025: R25.7bn) 2022 2023 2024 2025 2026 5.3 days improvement from FY 2025 * * 1 Inventory to sales (%) as previously reported. Inventory days Trade receivables days Trade payables days Net working capital cycle days 8.2 9.8 10.0 9.5 9.4 Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Inventories Inventory to sales (%) over the years Inventories as a % of sales (52 weeks) from continuing operations 2026 % 2025 % Supermarkets RSA 12.0 12.1 Supermarkets Non-RSA 13.1 13.1 Other operating segments 6.7 6.9 Total continuing operations 11.7 11.8 19 11.9% Rbn 11.7% 11.3% 11.8% 11.7% 1 1 1 1
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5.4 6.8 7.8 8.0 6.8 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 0 2 4 6 8 10 2022 2023 2024 2025 2026 Investing for growth Store growth Digital ecosystem Supply chain 232 net stores opened in FY2026 29 distribution centres supporting nationwide scale Sixty60 represents 11.1% of Supermarket RSA sales 8bn 2bn 4bn 6bn 3.2% 2.6% 2.8% 3.0% Continued returns growth Returning value to shareholders Strong operational performance Cash generation Efficient capital deployment Growth in trading profit after tax Prioritising high return opportunities Strong cash conversion and working capital management Cash returns Long-term value creation Sustained payout R19.7bn returned over 5 years Supported by strong earnings and cash generation Balance maintained between growth investment and shareholder returns Adjusted ROIC exceeds WACC by 8.3%R34.8bn invested over 5 years Dividend cover: 1.75 times DHEPS (continuing operations) Capex Capex as a % of sales Adjusted ROIC Dividends declared (Rbn) 0 1 2 3 4 5 2022 2023 2024 2025 2026 2.9% 3.1% 3.3% 3.2% 2.5% 15.1% 13.5% 13.8% 13.5% 11.5% 0% 3% 6% 9% 12% 15% 18% 21% 2022 2023 2024 2025 2026 WACC 16.9% 15.0% 15.4% 19.4% 19.8% 3.3 3.6 3.9 4.2 4.7 Rbn Rbn Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Disciplined investment driving sustainable returns 20
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Calendar impact FY2027 will include a 53rd trading week as the Group reports on a Julian calendar basis. The last 53-week financial year was FY2021 (53 weeks ended 4 July 2021). Sales Group plans to add 254 new stores which includes 211 stores in Supermarkets RSA, seven stores in Supermarkets Non-RSA and 36 stores in Other operating segments. Management remains focused on customer affordability, delivering value and continued market share gains. Financial indicators Group trading margin: maintain 6.0% on a 53-week basis. Cost growth expected to be underpinned by store expansion, continued investment in supply chain capacity and technology-led investments. Effective tax rate between 26.0% - 26.5%. Inventories Key inventories metrics to remain in line with 2026 financial year. Capital allocation Disciplined capital allocation framework maintained, balancing growth investment, shareholder returns and a strong balance sheet. Dividend cover remains at the discretion of the Board, with the current policy of 1.75x full- year DHEPS from continuing operations. Existing share buy-back mandate remains in place and will be evaluated by management. Capex cR7.7 billion planned capital expenditure for FY2027, targeting a below 3.0% capex to sales ratio. Comment on: Capex Net debt Dividend Shoprite Holdings Limited 2026 Full Year Financial Results Presentation 2027 Guidance considerations 21
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Pieter Engelbrecht Chief Executive Officer Operational Review
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6.0% +10bps 24.5% +20bps R270.8bn +7.2% (like-for-like 2.7%*) Like-for-like sales growth constitutes pro forma financial information in terms of the JSE Limited Listings Requirements. Continuing operations. 7.2% 8.1% 8.4% Sales growth Gross profit growth Trading profit growth Smarter Shoprite: Resilient performance despite low price inflation • Sustained multi-year investments and ability to scale delivered positive operating leverage, even in a low inflation environment • Our customer value leadership and digital innovation continue to set the benchmark in customer -first retailing • Volume growth of 5.6% to 9.3bn items reflects consumers voting with their wallets with higher visit frequency and increased loyalty • Industry-leading gross and trading margins underpinned by supply chain efficiencies and cost discipline Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Achieved positive operating leverage Shoprite Group sales +7.2% to R270.8bn, adding R18.1bn Group sales Gross margin Trading margin FY2026 Shoprite Group financial metrics 23*
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Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Value of above-market sales growth. Source: NielsenIQ, 52 weeks, June 2026 incl. liquor. Rest of Market universe includes Pick n Pay, Boxer, Spar, Clicks, Woolworths, Dis-Chem, Food Lover’s Market, Game, PEP, KitKat Express and online, OK Foods, Makro online, Takealot.com, Rhino and Cambridge Foods. Rest of Market sales growth (indexed at 100) Supermarkets RSA 7.1% sales growth continues to outpace peers Annual Supermarkets RSA indexed sales growth vs Rest of Market NielsenIQ, FY2024-FY2026 Continued sales growth outperformance vs peers • Sales driven by operational execution, not boosted by higher prices with just 0.8% internal selling price inflation • Checkers growth fuelled by fresh food gains and Sixty60 sales lifting 34.5% • Shoprite overall price deflation saw sales growth moderate • LiquorShop sales grew 12.1% to R21.3bn, adding R2.3bn in sales • High-growth adjacent businesses increased sales 57.4% to R1.9bn • Efficiencies delivered improved trading margin of 6.6% Supermarkets RSA achieved sales growth of 7.1%, adding R15.2bn Higher volumes Record market shareMore customers +1.1ppts market share (+R7.5bn)* 8.2bn items sold (+5.1%) 1.1bn customer visits (+5.3%) 24 * Indexed sales growth (%) 100 FY24 FY25 FY26 3.5x sales growth vs Rest of Market
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• Supermarkets RSA internal inflation contained to just 0.8% (FY2025: 2.3%)* remaining well below official food inflation of 3. 9% • H2 internal inflation remained muted at just 0.8% despite fuel price increases from April 2026 • Lower prices for longer: 11.5k products in deflation for the year • Shoprite and Usave in overall price deflation, Checkers and Checkers Hyper experienced higher inflation due to broader product mix Successfully navigated the 7-year price inflation low Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Price inflation remained subdued in FY2026 Internal inflation by Supermarkets RSA brand * Supermarkets RSA internal selling price inflation: all items. 25 Inflation rate (%) Stats SA official food inflation Supermarkets RSA internal inflation 3.9% 0.8% FY20 FY21 FY22 FY23 FY24 FY25 FY26 Supermarkets RSA internal selling price inflation: all items Stats SA official food and non-alcoholic beverages inflation Inflation rate (%) FY2026 Supermarkets RSA internal selling price inflation by brand: all items 2.0% 1.2% -0.1% -0.6% Supermarkets RSA internal selling price inflation: 0.8%
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• Buying scale • Supply chain efficiencies lowering cost per case and improving on -shelf availability • Precision retailing through advanced analytics • Modernised tech landscape • Better wastage and shrinkage control * Source: Customer satisfaction research commissioned April 2026, sample size = 6056. Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Data advantage and efficiencies at scale driving sustained outperformance and better margins ** Analysis of monthly market share gains from NielsenIQ. Shoprite is Rated No.1 for Lower Prices (Shoprite) among all respondents; n=4801. Checkers is No 1 for value (Checkers) in 2026 CSAT April among higher income households (R16k+ pm); n=1255. CSAT scores 202505 re -weighted.xlsx Improved gross margin • Lowering cost per case and improving on -shelf availability R18.3bn instant cash savings (+10.7%) 38.5% record promo contribution (+2.1 ppts) Rated No.1 for value and lower prices by consumers* More value for customers Supply chain efficiencies Continued market share gains 88 months of RSA market share gains** 26.1% (+20bps) Supermarkets RSA 26
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Shoprite Holdings Limited 2026 Full Year Financial Results PresentationSource: Internal analysis of Supermarkets RSA internal selling price inflation: all items for FY2026 vs prior period. Sales increased 4.3% to R121.6bn, adding R5.0bn despite overall price deflation • Growth driven by higher customer visits and volumes, not price • Remain committed to affordability with ongoing subsidies in R5 meals, R5 bread and R5 toiletries • Shoprite selling prices declined 1.8 ppts to -0.1% (FY2025 1.7%) with double -digit deflation across high -share staples • Items in deflation translated into R1.7bn in price relief passed on to customers as household budgets faced ongoing pressure • Continued store expansion supports long -term growth across all formats • Usave gained momentum in Q4 as customers shopped closer to home amidst increased transport costs • Sixty60 live in 99 Shoprite and LiquorShop sites by June 2026, showing promising sales growth FY2026 persistent selling price deflation across key items Shoprite lowered prices for customers while sustaining sales growth Shoprite internal selling price deflation by product FY2026 vs FY2025 Spekko Rice Parboiled 10kg White Star Super Maize Meal 5kg Eggbert Eggs Large 48s Tray Gl enryck Tomato Sauce Pilchards 155g Surf Hand Washing Powder 3kg Palmolive Moisture Care 150g Potato 7kg Pocket -31.3% -30.7% -29.1% -26.9% -26.4% -23.7% -20.5% • as lower- and middle-income consumers’ grocery expenditure faced ongoing pressure Sales increased 4.3% to R121.6bn, adding R5.0bn despite overall price deflation • Growth driven by higher customer visits and volumes, not price • Shoprite selling prices declined 1.8 ppts to -0.1% (vs FY25 1.7%) with double -digit deflation across high -share staples • R1.7bn in price relief passed on to customers as lower - and middle-income consumers’ grocery expenditure faced ongoing pressure • Continued store expansion supports long -term growth across all formats • Usave saw an uptick in customers in Q4, benefiting from closer -to-home format as public transport costs increased, • Cash and Carry wholesale performance impacted by softer demand from informal retail • Shoprite Sixty60 adoption showing steady sales growth: live in 99 sites 27
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Sales increased 10.0% to R105.2bn, adding R9.5bn in sales • Strong customer momentum with visits increasing 7.9% (534k additional visits a week) • Growing 5x ahead of Rest of Market* • Checkers remains the fastest -growing premium grocer in SA • Higher sales growth and better margin mix driving Supermarkets RSA trading margin • Ongoing Jamie Oliver partnership • Sixty60 driving incremental share of wallet and redefining convenience for customers Industry-leading sales growth Checkers RSA sales growth vs Rest of Market by half for FY2026 (NielsenIQ) Checkers surpassed R100bn in sales, redefining convenience and innovation Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Source: NielsenIQ, 52 weeks, June 2026 for Checkers and Checkers H yper incl. liquor. Rest of Market universe includes Pick n Pay, Boxer, Spar, Clicks, Woolworths, Dis-Chem, Food Lover’s Market, Game, PEP, KitKat Express and online, OK Foods, Makro online, Takealot.com, Rhino and Cambridge Foods. Checkers RSA and Hypers (incl. liquor) Rest of Market 28 * Sales growth (%) H1 2026 H2 2026
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Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Sixty60 South Africa’s largest digital commerce platform by revenue Total Sixty60 sales increased 34.7% to R25.5bn, adding a record R6.6bn in sales • Equates to 11.1% of Supermarkets RSA sales • No. 1 grocery delivery app in SA • Live in 997 stores nationwide (+303 in 12 months) • Strong order volume and customer growth despite increasing competition • 19 939 job opportunities created since launch Strong growth in profitability as economics improve with scale ✓ Pick-from-store model capitalises on leading supermarket footprint ✓ Higher average online order value and margin mix than store average Sixty60 annual sales and growth ) Sixty60 platform sales including Medirite Plus. Sixty60 sales are included in reported sales of Supermarkets RSA and Other operating segments, respectively. 29 Prior year sales Additional annual sales Sixty60 sales growth (FY2021-FY2026) Sales FY21 FY22 FY23 FY24 FY25 FY26 +R6.6bn R25.5bn +47.7% +58.1% +81.5% +149.8% +34.7%
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Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Restated for the classification of the Group’s remaining Nigeria operations as discontinued operations in accordance with IFRS 5: Non-current Assets Held for Sale and Discontinued Operations. Supermarkets Non-RSA and Other operating segments Supermarkets Non-RSA Sales +11.0% to R22.8bn, reflecting an improved trading performance • Operational improvements across consolidated portfolio • Zambia leading sales growth at +27.4%, assisted by better energy availability • 276 stores (net 8 stores opened) • Trading profit +13.4%* to R684m • Strict capital allocation continued, remains self -funding • Ghana and Malawi exits concluded during the financial year Other operating segments Sales +3.0% to R19.2bn • 595 stores (net 38 stores closed) • Trading profit declined 5.4% impacted by the exit of a large OK franchisee in H2 and low inflation • OK Franchise sales +0.6% • Medirite sales +12.3% incl. standalone Medirite Plus stores, which increased sales 67.0% on a smaller base • Transpharm sales +7.8% • 1.47% Single Exit Price adjustment from January 2026 • Move and upgrade to new Centurion distribution centre delivering better efficiencies Shoprite Windhoek, Namibia OK Foods Stellenbosch, Western Cape 30*
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Pieter Engelbrecht Chief Executive Officer Strategy Update
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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. Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Strategic priorities for long-term growth 32
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Shoprite Holdings Limited 2026 Full Year Financial Results Presentation* Source: NielsenIQ, Checkers and Checkers Hyper Fruit & Veg and Butchery category, 52 weeks to June 2026. 194 annual fresh share gains*, supported by Vitality HealthyFood new premium private label products launched Checkers RSA annual sales increased 2.8x over 10 years Checkers, Hypers and LiquorShop annual sales (FY2016-FY2026) remodelled FreshX stores improving fresh food experience +R988m 644 Democratising premium food, Checkers has emerged as South Africa’s strongest brand Headroom in premium and fresh: A decade of premiumisation South Africa’s strongest brand, 2025 and 2026 Better store experience Better fresh Better choice 33 SA’s first Michelin star chef, Jan Hendrik van der Westhuizen SA’s first Mi chelin star chef, Jan Hendrik van der Westhuizen Sales (Rbn) R105.2bn R37.2bn FY21 FY22 FY23 FY24 FY25 FY26FY16 FY17 FY18 FY19 FY20
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• Faster, fuller baskets boosting online sales • Multi-year digital transformation journey and core retail system provide single source of truth, setting the foundation for AI a cceleration • Scale of our customer and transactional data creates a competitive advantage as AI model costs decline • Overall team productivity gains • Faster software delivery • Quicker insight to action • Improved margin and product availability Turning data advantage into simpler operations and personalised experiences Embracing AI for a Smarter Shoprite *LLM: Large Language Model. CORE RETAIL AI CUSTOMER AIWORKFORCE AI Shoprite Holdings Limited 2026 Full Year Financial Results Presentation 34 ✓ AI category management ✓ Pricing optimisation engine ✓ Predictive forecasting and replenishment ✓ Conversational analytics ✓ AI-powered personalised shopping agent on Sixty60 launched April 2026 ✓ ONE Shoprite app helping front-line teams complete store tasks faster ✓ ShopriteAI and Copilot: +12k users, secure access to multiple LLMs* ✓ AI-assisted software engineering ShopriteAI What would y ou like to do today?
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Pixie Smart Chat Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Pixie Smart Basket Sixty60 personalised shopping assistant • Personalised ‘Tinder for groceries’ product recommendations • 98% of Xtra Savings Plus subscribers used Pixie in the first 90 days • Rolled out to all customers in July 2026 • Users showing positive adoption, larger baskets and faster shopping time • Conversational shopping • Smart responses and multi -step actions • Personalised prompts and answers • Personalised recipes • Text and voice search • Image search and grocery list uploads 36
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Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Sixty60 A sustainable digital advantage 37 • Offer: 50k+ products across grocery and widening range of everyday categories • Convenience: delivery in as little as 60 minutes from ~1000 stores • Trust: in-store pricing and promotions, 94.1% delivered on-time • High-frequency customer base: drives engagement and lowers the cost of entry into new categories and services • Shared digital platform: single ordering, fulfilment and last-mile capability leveraged across the Group. Lower cost of tech ownership, built and run in -house by ShopriteX • Single logistics network: retail adjacencies are located primarily next to anchor supermarkets, allowing consolidated delivery • Improving unit economics: profit per order increasing with scale For our business: A platform business with flywheel effects For our customers: An everyday super app Everything you need for every day, delivered today VAS
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Extending the best of digital to more customers • Omnichannel customers spend more and shop more often • Launched new mobile -first website • Accessible payments: Capitec Pay integration increasing adoption • One-stop-shop for virtual products and services • Flexible payments and embedded finance • Unlocking headroom in omnichannel Health and Beauty retail • Online pharmacy ambition to scale with standalone Medirite Plus store rollout Omnichannel sales (sites live on Sixty60) R256m Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Projected pet care market size: estimated R10.4bn 2026 market size projected to 2030 at 8% compounded annual growth rate. Source: Trade Intelligence, May 2026: Why South African Pets are Eating Well. One platform enables faster, profitable expansion across customer needs Extending our digital advantage Premium pet care Health and beauty General merchandise • The new family member: Petcare market in South Africa expected to exceed R14bn by 2030* • Low incremental last -mile delivery costs driving healthy omnichannel profitability Integrated value-added services and fintech Quarterly orders • Expanded general merchandise offer, delivered in larger vans with batched same-day delivery in 60 -minute window • General merchandise online sales increased 66.3% in FY2026 • Premium online-only ranges scaling to more store locations 38 * Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26
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Riverfields DC, Gauteng Shoprite Holdings Limited 2026 Full Year Financial Results Presentation 200 000m 2+ additional capacity Unlocked in the past 2 -3 years • Focused on better serving Customers in-store and online • Prioritising on-shelf availability • Meeting growing demand (incl. Promotions) from stores • Additional investment required to compensate for lower supplier service levels • Enhances in-store and online customer experience • Continued investment in fresh supply chain transformation supporting strong marketshare gains • • Supply chain optimisation tightly manages costs • Consolidated shipments lowers transport cost per unit • Efficient stock rotation, fresher products and less waste • Prioritising on-shelf availability to meet growing omnichannel demand and requirements of +223 (+211 in Supermarkets RSA) new corporate stores planned in FY2027 • Consolidated shipments from central distribution nodes to more provinces, minimising impact of rising fuel costs on prices 29 distribution centres including more adaptive regional infrastructure Multi-year supply chain investment: full visibility of value chain enabling improved cost management and better on -shelf availability Multi-year supply chain investment: full visibility of value chain enabling improved cost management and better on -shelf availability Winning in the long term: Supply chain investment supporting growth ambition Efficiency gains strengthening margins Centurion DC, Gauteng Wells Estate DC, Eastern Cape 39Supply chain partners include Retail Logistics Fund (RF) (Pty) Ltd as well as Equites Property Fund Ltd. Canelands DC, KwaZulu -Natal Transpharm DC, Gauteng
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Integrated Customer Data One digital platform for all customers ~155k products (1st party, no 3rd party) Buying power, international sourcing, scale economies and trusted retail brands Last-Mile Logistics Alternative Revenue & Payments 3 137 Corporate Store Estate and Operational Muscle Shoprite Holdings Limited 2026 Full Year Financial Results Presentation * Restated for the classification of the Group’s operations in Ghana, Malawi and furniture business in Angola and Mozambique as discontinued operations in accordance with IFRS 5. Supply Chain, incl. 29 DCs and Logistics Network Core Retail Capabilities Our Connected Retail Platform 40
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Thank you
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Extending our reach in informal marketTargeting headroom in premium coffee and convenience food • Initial majority stake in R&A Cellular, strengthening Group’s presence in cellular, airtime, data and value-added services • Scalable device rental and merchant platform supplying airtime, electricity and vouchers via 15k+ terminals • Established customer base of informal cash merchants and credit retailers with strong sales force Deal rationale ✓ Accelerates our financial services strategy in the large and growing informal market distribution channel ✓ Additional digital revenue streams and unlocking synergies through expanding terminal distribution and efficiencies in merchant acquiring and supplier services • Largest speciality coffee chain offering in South Africa with established presence and high brand recognition • Over 400 stores across various formats positioned in high traffic, high visibility locations Deal rationale ✓ Extends participation into high frequency, high growth coffee and convenience segment ✓ Additional value unlock through strengthened OK Franchise offering and reciprocal private label integration ✓ Benefits from Shoprite’s distribution, marketing, rewards and retail capabilities Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Financial services ecosystem expanded. [interim-re...n-2024.pdf | PDF] Focused acquisitions of scalable, asset -light businesses that can leverage our platform advantage Extending our platform: M&A update 42
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• July growth: Group sales +7.7% and Supermarkets RSA sales +8.3%, which remains ahead of the Rest of Market* • RSA Internal selling price inflation for July 2026 remains muted at 0.6% • Q4 2026 fuel price shocks not yet reflecting in internal food inflation, although increased inflation expected towards the end of H1 2027 • FY2027 is a 53-week year in our Julian reporting calendar • Business remains operationally fit with strong cost discipline and clear format positioning • As we exit a zero-inflation environment, our connected retail platform and various investments position us well to capture upside Outlook: FY2027 43 Source: NielsenIQ, 4 weeks, July 2026 incl. liquor. Rest of Market universe includes Pick n Pay, Boxer, Spar, Clicks, Woolworths, Dis-Chem, Food Lover’s Market, Game, PEP, KitKat Express and online, OK Foods, Makro online, Takealot.com, Rhino and Cambridge Foods. Shoprite Holdings Limited 2026 Full Year Financial Results Presentation *
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Anton de Bruyn Chief Financial Officer Additional Information
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36,050 37,275 43,654 44,673 45,443 48,315 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 20,000 25,000 30,000 35,000 40,000 45,000 50,000 Average invested capital ROIC 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. Option 2 – remove prior period ROIC evolution graph to go here FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Rm Average invested capital Adjusted ROIC 14.8% 15.0%16.9% 15.4% 19.4% 19.8% Financial metrics Shoprite Holdings Limited 2026 Full Year Financial Results Presentation 45 Adjusted ROIC as reported.1 1 1 1 1 1 ROIC Rm IFRS 16 impact Rm Adjusted ROIC Rm Trading profit 16 162 (3 157) 13 005 Effective tax rate 26.3% 26.3% Trading profit after tax 11 909 (2 326) 9 583 Invested capital 90 658 (41 148) 49 510 Average invested capital 89 216 48 315 ROIC 13.3% 19.8% WACC 10.2% 11.5% 2026 50 000 45 000 40 000 35 000 30 000 25 000 20 000
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Awaiting AFS * Restated for the classification of the Group’s remaining Nigeria operations as discontinued operations in accordance with IFRS 5: Non-current Assets Held for Sale and Discontinued Operations. Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Diluted headline earnings per share (DHEPS) 46 Change % 2026 cents Restated* 2025 cents DHEPS from continuing operations 12.2 1 527.4 1 361.0 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 13.9 58.9 51.7 Exchange rate differences >100 1.0 - Hyperinflation adjustment (2.4) 4.0 4.1 Lease modifications and terminations (17.8) (14.3) (17.4) Related income tax effect (46.3) 2.2 4.1 Adjusted DHEPS from continuing operations 12.5 1 579.2 1 403.5 Adjusted HEPS from continuing operations 12.5 1 584.5 1 408.6 -
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* DHEPS is based on 542 436 084 weighted average number of ordinary shares adjusted for dilution. Shoprite Holdings Limited 2026 Full Year Financial Results Presentation Adjusted headline earnings reconciliation 47 Headline earnings 2026 Rm DHEPS* 2026 cents Headline earnings from continuing operations 8 287 1 527.4 Adjusted for the impact of: 319 58.9 5 1.0 22 4.0 (77) (14.3) 10 2.2 8 566 1 579.2 Hyperinflation adjustment Lease modifications and terminations Related income tax effect Adjusted headline earnings from continuing operations Shoprite Employee Trust distributions to eligible employees in South Africa and equivalent awards granted by subsidiaries in countries outside South Africa Exchange rate differences