Slides
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We Buy Cars Holdings Limited Annual results presentation for the year ended 30 September 2025
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Index • Introduction • Performance overview | WeBuyCars – 30 September 2025 • Vehicle Parc | Market positioning • Financial overview • Economic, Social, Environmental and Governance • Outlook and strategic focus • Technology update • Glossary of terms
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3 3 FAAN VAN DER WALT Chief Executive Officer CHRIS REIN Chief Financial Officer WILLEM KLOPPER Chief Strategy Officer Overview of WeBuyCars presenters Introduction WYNAND BEUKES Chief Digital Officer
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• Introduction • Performance overview | WeBuyCars – 30 September 2025 • Vehicle Parc | Market positioning • Financial overview • Economic, Social, Environmental and Governance • Outlook and strategic focus • Technology update • Glossary of terms
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5 5 Core headline earnings R937,6 million 15,0% (2024: R815,4 million) Performance overview “The Group continued on its long-term growth trajectory with core headline earnings at R937,6 million growing by 15,0%” Faan van der Walt - CEO 5 Revenue R26,4 billion 13,1% (2024: R23,3 billion) EBITDA R1 492,7 million 13,1% (2024: R1 320,2 million) Final dividend per share 30 cents 20,0% (2024: 25 cents) Core headline earnings per share 224,6 cents 3,3% (2024: 217,4 cents) Operating profit R1 340,5 million 9,7% (2024: R1 221,5 million) Units bought 180 576 7,7% (2024: 167 741) Units sold 179 006 8,4% (2024: 165 185) Net cash generated from operating activities R677,3 million 14,5% (2024: R591,4 million) Net interest- bearing liabilities R1,4 billion 20,7% (2024: R1,1 billion)
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6 WeBuyCars is constantly expanding throughout South Africa, with a robust multi-channel strategy, connecting seamlessly with a diverse customer base WeBuyCars - 30 September 2025 Source: Company data Parking bays 12 911 14,9% (2024: 11 236) Level 5 B-BBEE (2024: Level 6) Employees 3 562 13,4% (2024: 3 140) Supermarkets 18 12,5% (2024: 16) Units bought 180 576 7,7% (2024: 167 741) Units sold 179 006 8,4% (2024: 165 185) 17,9% of electricity usage generated from solar (2024: 20,6%) 20,6% of total water consumption from grey/rain water sources (2024: 17,0%) WeBuyCars branches and pods Buying pods 106 27,7% (2024: 83) Supermarkets (FY2024: 16) Pods (FY2024: 83) TOTAL 18 TOTAL 106 Supermarkets in development phase International operations
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• Introduction • Performance overview | WeBuyCars – 30 September 2025 • Vehicle Parc | Market positioning • Financial overview • Economic, Social, Environmental and Governance • Outlook and strategic focus • Technology update • Glossary of terms
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8 8 South African vehicle Parc Parc growth and new vehicle replenishment rates 1. Internal estimation using eNatis Vehicle Parc Write-off rate¹ (%) New vehicle replenishment rate¹ (%) 0% 1% 2% 3% 4% 5% 6% 4 000 000 6 000 000 8 000 000 10 000 000 12 000 000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 South African Vehicle Parc
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9 South African vehicle market FY2024 vs FY2025 1. Internal estimations using eNatis and NAAMSA data Pre-owned vehicle registrations for H1 of FY2025 were up 2,7% on the prior comparable period. H2 of FY2025 saw pre-owned vehicle registrations decline by 0,3% on the prior comparable period. New vehicle registrations grew 8,4% in H1 of FY2025 and accelerated to 15,5% in H2 of FY2025 compared to the prior comparative periods. (30%) 0% 30% 60% 90% 120% Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Pre-owned vehicle registrations New vehicle registrations New Chinese vehicle registrations % Change year on year from FY2024 to FY2025¹ Chinese vehicle sales as a portion of total new vehicle sales¹ 0 9 000 18 000 27 000 36 000 45 000 54 000 Apr 24 Jul 24 Oct 24 Jan 25 Apr 25 Jul 25 Total new vehicle sales New sales of Chinese brands
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10 WeBuyCars market positioning and South African vehicle market SA’s vehicle Parc¹ is growing Notes: 1. eNatis: Parc data consists of passenger and light commercial vehicles 2. Internal estimation using eNatis Pre-owned vehicle registrations New vehicle registrations Pre-owned vehicle registrations 8-year CAGR 1,0% YoY growth FY2025 1,2% Pre-owned vehicle registrations New vehicle registrations Vehicle registrations² (millions) 74% 26% Estimated market distribution FY2025 1.62 1.66 1.68 1.35 1.69 1.67 1.66 1.72 1.74 0.58 0.58 0.57 0.43 0.50 0.55 0.57 0.55 0.61 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 New vehicle registrations 8-year CAGR 0,8% YoY growth FY2025 11,9%
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11 WeBuyCars market positioning – growth in digital presence Number of monthly website visits (millions) 2022 2023 2024 2025 Number of followers per platform as at 30 September 11 YouTubeLinkedInTikTok Facebook Instagram X/Twitter Unique visitors (incl. app users) Total visits 5.2 5.3 7.2 7.6 1.7 1.7 2.2 2.2
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• Introduction • Performance overview | WeBuyCars – 30 September 2025 • Vehicle Parc | Market positioning • Financial overview • Economic, Social, Environmental and Governance • Outlook and strategic focus • Technology update • Glossary of terms
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13 13 Financial overview – salient features 13 Core headline earnings R937,6 million 15,0% (2024: R815,4 million) Revenue R26,4 billion 13,1% (2024: R23,3 billion) EBITDA R1 492,7 million 13,1% (2024: R1 320,2 million) Final dividend per share 30 cents 20,0% (2024: 25 cents) Core headline earnings per share 224,6 cents 3,3% (2024: 217,4 cents) Operating profit R1 340,5 million 9,7% (2024: R1 221,5 million) Core ROIC 25,1% 1,1% (2024: 26,2%) Core ROE 34,9% 3,9% (2024: 38,8%) Net cash generated from operating activities R677,3 million 14,5% (2024: R591,4 million) Net interest-bearing liabilities R1,4 billion 20,7% (2024: R1,1 billion)
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14 Financial overview Extracts from the Consolidated Statement of Profit or Loss R’000 30 September 2025 30 September 2024 % change Units sold (number) 179 006 165 185 8,4 Revenue 26 377 152 23 319 199 13,1 EBITDA 1 492 690 1 320 159 13,1 Operating profit 1 340 459 1 221 451 9,7 Operating profit % 5,1 5,2 (0,1) Core headline earnings 937 577 815 439 15,0 • Higher volumes and average selling prices • Margins under pressure in H2, full year margin % down on the prior year • Margin pressures ameliorated by improved F&I income and a pleasing net insurance result
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15 Financial overview Extracts from the Notes to the Consolidated Annual Financial Statements R’000 30 September 2025 30 September 2024 % change Finance and insurance commissions received 541 225 472 544 14,5 Net insurance result 131 583 84 443 55,8 Insurance revenue 279 097 201 069 Insurance service expenses (191 770) (143 157) Insurance finance income 44 256 26 531 Finance costs (128 622) (158 030) (18,6) • F&I income growth outpaces growth in volumes • Insurance cell captive returns and profitability accelerates • Finance costs lower as a result of disciplined cash management and lower interest rates
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16 Financial overview R’000 30 September 2025 30 September 2024 % change Profit attributable to shareholders of WeBuyCars 935 392 343 094 >100 Net loss on disposal of property, plant and equipment 2 185 848 Headline earnings 937 577 343 942 >100 Add: Once-off professional, legal and JSE listing fees - 45 034 Fair value loss on call option derivative - 426 463 Core headline earnings 937 577 815 439 15,0 Earnings, headline earnings and core headline earnings Basic earnings per share (cents) 224,1 91,5 >100 Diluted basic earnings per share (cents) 221,3 91,1 >100 Headline earnings per share (cents) 224,6 91,7 >100 Diluted headline earnings per share (cents) 221,8 91,4 >100 Core headline earnings per share (cents) 224,6 217,4 3,3 Number of ordinary shares in issue at 30 September 417 675 981 417 181 120 0,1 Weighted average number of ordinary shares 417 401 341 375 029 205 11,3 Weighted average diluted number of ordinary shares 422 692 807 376 431 610 12,3 Note: WeBuyCars issued 83 185 241 new shares during February, March and April 2024 in terms of the pre -listing capital raise that was approved by shareholders prior to the listing. These new share issues had a dilutionary impact on the weighted avera ge number of ordinary shares and consequently on the basic earnings per share, the headline earnings per share, and the core headline earnings per share in the current year.
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17 Financial overview Extracts from the Consolidated Statement of Profit or Loss R’000 30 September 2025 30 September 2024 % change Operating profit 1 340 459 1 221 451 9,7 Finance income 15 911 16 277 (2,2) Finance costs (128 622) (158 030) (18,6) Core profit before taxation 1 230 758 1 079 698 14,0 Taxation (295 366) (266 950) 10,6 Core profit after taxation 935 392 812 748 15,1 Effective taxation rate 24,0% 24,7% • Average Prime Interest rate 0,75% lower in FY2025 vs FY2024 • Lower interest rates agreed with banking partners • Lower debt levels in FY2025 during periods of high cash generation despite significant investment in PPE and inventory during the year Effective taxation rate lower than the company rate of 27% due to a higher net insurance result (IFRS17) in FY2025.
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18 Financial overview Operating performance and cash flow conversion (R’m) Notes: 1. Cash conversion is calculated as net cash generated from operating activities divided by core headline earnings Net cash generated from operations (R’m) Cash conversion¹ (%) 1 147 1 030 661 1 320 1 221 815 1 493 1 340 938 EBITDA Operating profit Core headline earnings 582 591 677 88% 73% 72% FY2023 FY2024 FY2025 FY2023 FY2024 13,1% 9,7% 15,0% FY2025 • All-time record EBITDA, operating profit and core headline earnings in FY2025 • 14,5% increase in net cash generated from operating activities • Maintained healthy cash conversion ratio of 72% despite significant investment in working capital
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19 Financial overview Sales channel analysis (thousands) • Units sold up 8,4% • Ongoing support from dealers (B2B) in a difficult trading environment • Financed (B2C - F&I) transactions up 6,5% despite lower bank approval rates and lower take-ups • B2C - Cash is up 7,0%. Focus for large part of the financial year was on building on B2C – F&I channel 142 30 82 30 165 36 98 31 179 41 105 33 Total units sold B2B B2C - cash B2C - F&I FY2023 FY2024 8,4% 13,7% 7,0% 6,5% FY2025
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20 Financial overview • Property, plant and equipment up 47,6% due to new property acquisitions and property development costs • Inventory up 20,3%, in rands and 12,1% higher in units. Higher average cost per unit R’000 30 September 2025 30 September 2024 % change Property, plant and equipment 1 701 508 1 152 588 47,6 Inventories 2 965 323 2 465 000 20,3 Trade and other receivables 168 835 148 026 14,1 Cash and cash equivalents 93 556 206 463 (54,7) Total assets 5 352 695 4 186 861 27,8 Long-term borrowings 654 064 868 841 (24,7) Short-term borrowings 586 831 457 233 28,3 Bank overdraft 203 448 - >100 Total interest-bearing liabilities 1 444 343 1 326 074 8,9 Trade and other payables 376 091 240 659 56,3 Total liabilities 2 299 247 1 881 464 22,2 Total equity 3 053 448 2 305 397 32,4 Extracts from the Consolidated Statement of Financial Position
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21 Financial overview R’000 30 September 2025 30 September 2024 % change Second-hand motor vehicles 3 055 627 2 506 465 21,9 Consumables 55 18 Work in progress and spare parts 1 023 332 Write-down of inventory (91 382) (41 815) Total inventory 2 965 323 2 465 000 20,3 Write-down as a % of inventory 3,0% 1,7% Extracts from the Notes to the Consolidated Annual Financial Statements Inventory analysis • Inventory rands up 21,9% • Inventory units up 12,1% • Inventory value per unit up 9,7% • Inventory write-down increased to 3,0% as a function of increased inventory levels, higher value per unit and higher expectation of future price markdowns and losses on aged units
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22 Financial overview Analysis of net interest-bearing liabilities R’000 30 September 2025 30 September 2024 % change Interest-bearing liabilities 1 444 343 1 326 074 Less: Cash and cash equivalents (93 556) (206 463) Net interest-bearing liabilities 1 350 787 1 119 611 20,7 R’000 Made up as follows: 30 September 2025 Value % loan to value 2025 % loan to value 2024 Property mortgage loans 940 392 Carrying value of properties 1 511 111 62,2 75,0 Working capital funding lines 410 395 Inventory 2 965 323 13,8 16,4 Net interest-bearing liabilities 1 350 787 WeBuyCars’ balance sheet is conservatively geared, supported by high cash conversion rates. Debt levels and covenants are within the guardrails Group gearing ratio 0,95 (Debt covenant requirement: ≤2) Interest cover ratio 30,95 (Debt covenant requirement: ≥4)
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23 Financial overview • Despite inventory build of approximately R500 million, cash generated by operations is 12,7% up on the prior year • Investing activities relates to new property acquisitions and property development costs R’000 30 September 2025 30 September 2024 % change Cash generated from operations 990 973 879 133 12,7 Net cash generated from operating activities 677 259 591 418 14,5 Net cash utilised by investing activities¹ (641 015) (81 237) Net cash utilised by financing activities (149 182) (461 822) Extracts for the Consolidated Statement of Cash Flows 1. Includes additions to property, plant and equipment for Vereeniging, Lansdowne, Montana and Witbank developments, which amounted to R423,5 million and the Silver Lakes property transfer of R80,0 million.
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24 24 104 125 125 H2 - 2024 H1 - 2025 H2 - 2025 Dividend per share 25 cents Dividend per share 30 cents Financial overview Dividends (Rm) WeBuyCars’ dividend policy is to declare between 25% and 33% of its headline earnings as a dividend The final cash dividend has been calculated at 29% of the headline earnings for the six months ended 30 September 2025 Dividend per share 30 cents 25% dividend payout ratio Payable to shareholders of 417 312 804 shares 25% dividend payout ratio Payable to shareholders of 417 181 120 shares Post-listing dividends 29% dividend payout ratio Payable to shareholders of 417 675 981 shares
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• Introduction • Performance overview | WeBuyCars – 30 September 2025 • Vehicle Parc | Market positioning • Financial overview • Economic, Social, Environmental and Governance • Outlook and strategic focus • Technology update • Glossary of terms
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26 Solar panels at 10 of 18 branches This constituted 17,9% of total electricity usage (2024: 20,6%) Water-harvesting at 10 of 18 branches This constituted 20,6% of total water usage (2024: 17,0%) We promote climate resilience throughout our operations ESEG overview We hire inclusively (As a % of headcount) 30 September 2025 30 September 2024 Black employees 71,2% 69,8% Female employees 21,4% 20,3% <35 year olds 65,6% 61,7% We are a good corporate citizen R9,0 million contributed to 51 community organisations (2024: R7,9 million) Mechanic apprenticeships Learnership programmes Disability focussed training (Transcend) Blue-collar learnerships (Employment Solution Management) Management Development Programmes We empower our staff 26
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• Introduction • Performance overview | WeBuyCars – 30 September 2025 • Vehicle Parc | Market positioning • Financial overview • Economic, Social, Environmental and Governance • Outlook and strategic focus • Technology update • Glossary of terms
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28 • Buying pods roll-out: 106 pods nationwide • Existing facility expansion • New supermarkets: › Rustenburg (1 October 2024) › Relocation: Pietermaritzburg (December 2024) › Vereeniging (1 August 2025) • New supermarkets opening soon: › Lansdowne, Cape Town › Montana, Pretoria North › Witbank Property development and expansion Outlook and strategic focus
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29 • Inspectify • WeFin • Capitec partnership • Third-Party Sales • Buying Excellence Strategic and Technological Initiatives Outlook and strategic focus
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• Introduction • Performance overview | WeBuyCars – 30 September 2025 • Vehicle Parc | Market positioning • Financial overview • Economic, Social, Environmental and Governance • Outlook and strategic focus • Technology update • Glossary of terms
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• Introduction • Performance overview | WeBuyCars – 30 September 2025 • Vehicle Parc | Market positioning • Financial overview • Economic, Social, Environmental and Governance • Outlook and strategic focus • Technology update • Glossary of terms
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33 Glossary of terms Item Definition Core headline earnings Headline earnings adjusted for the following items: • Gains/losses, costs and adjustments relating to acquisitions and disposals of investments • Once-off transaction costs which are directly attributable to corporate activity • Non-cash accounting adjustments to the call option derivative asset relating to non-controlling interests Core headline earnings per share Core headline earnings divided by weighted average number of ordinary shares in issue Core profit before taxation Operating profit before loss on disposal of property, plant and equipment and other non-operating items • Plus: Finance income • Less: Finance costs Core profit after taxation Core profit before taxation • Less: Taxation Core return on equity / Core ROE (%) The aggregate of the post-tax operating profit for the last 12 months divided by equity Post-tax operating profit is calculated as: • Net income for the 12-month period • Less: fair value gains on call option derivative • Plus: fair value losses on call option derivative • Plus: once-off transaction costs Equity is a 12-month average of equity adjusted for the derivative asset
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34 Glossary of terms Item Definition Core return on invested capital / Core ROIC (%) The aggregate of the post-tax operating profit for the last 12 months divided by the invested capital Post-tax operating profit is calculated as: • Operating profit before capital items • Less: the impact of tax using a blended tax rate • Plus: share of results from associates and joint ventures, which already includes the impact of tax Invested capital is a 12-month average of total equity plus debt (interest-bearing liabilities and IFRS 16 lease liabilities less cash resources) adjusted for the derivative asset Diluted weighted average number of ordinary shares The weighted average number of ordinary shares in issue is adjusted for the dilutive effect of potential ordinary shares under the current conditional share plan. Potential ordinary shares are treated as dilutive when they are expected to be issued at no consideration Headline earnings Headline earnings is defined and calculated per the circular titled Headline Earnings as issued by the South African Institute of Chartered Accountants (SAICA) as amended from time to time, currently being basic earnings attributable to ordinary shareholders adjusted for goodwill impairments, capital profits and losses and other non- headline items Headline earnings per share Headline earnings divided by weighted average number of ordinary shares in issue Interest-bearing liabilities Interest-bearing liabilities include interest-bearing debt from financial institutions and bank overdraft. Lease liabilities are excluded Net interest-bearing liabilities Net interest-bearing liabilities includes interest-bearing liabilities less cash resources Weighted average number of ordinary shares in issue The number of ordinary shares in issue at the beginning of the period increased by shares issued during the period, weighted on a time basis for the period during which they have participated in the income of the group
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35 35 Disclaimer IMPORTANT NOTICE This presentation has been prepared by, and is subject to the copyright of, We Buy Cars Holdings Limited (“WeBuyCars”). No part of this presentation may be reproduced, transmitted, stored in a retrieval system or translated in any other language in any form, by any means without the prior written consent of WeBuyCars. The information contained in this presentation is confidential and has been furnished to the intended recipient solely for such recipient’s information and private use and may not be referred to, disclosed, modified, reproduced or redistributed, in whole or in part, to any other person. This presentation has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. This information has not been independently verified. No representation or warranty is made as accuracy, completeness or reliability of the information contained herein, and no reliance should be placed thereon. It is incumbent upon investors and potential investors to seek independent professional advice based on their specific investment objectives, financial situation or particular needs. The information contained and any opinions expressed in this presentation are subject to change at any time. WeBuyCars is under no obligation to inform the intended recipient or any other person of any such change. WeBuyCars accepts no responsibility or liability whatsoever in relation to the information contained in this presentation (including errors contained in the presentation, or in relation to the accuracy, completeness or reliability of the information, or in relation to any projections, analysis, assumptions and/or opinions contained herein) nor for any loss of profit or damages or any liability to any third party whatsoever arising from or in connection with the use of this presentation. The exclusion of liability provided herein shall protect WeBuyCars, its directors, employees, agents, representatives and/or associates in all circumstances. This presentation is a brief summary and does not purport to contain all available information on the subjects covered. Further information is available on request.