Slide 1: FY25 Results Presentation
NOVEMBER 2025 FY25 RESULTS PRESENTATION
Slide 2: Disclaimer
DISCLAIMER Forward-looking statement This document contains forward-looking statements that, unless otherwise indicated, reflect the company’s expectations as at 26 November 2025. Actual results may differ materially from the company’s expectations if known and unknown risks or uncertainties affect
Slide 3: FY25 Highlights, Strategy Execution, Operational Performance, Outlook, Q&A
12345 FY25 HIGHLIGHTS STRATEGY EXECUTION FY25 OPERATIONAL PERFORMANCE OUTLOOK Q&A 3
Slide 4: FY25 Highlights
FY25 HIGHLIGHTS CULTIVATE AND NOURISH LIVES EVERY DAY AND EVERY TOMORROW 4
Slide 5: FY25 Operational Highlights
FY25 OPERATIONAL HIGHLIGHTS Volume growth Revenue growth Cash conversion improved to of 3,5% of 2,7% 90% Milling and Baking 7.9% Milling and Baking 5.3% Grains 6.0% Grains 1.1% Culinary 3.2% Culinary 3.2% Snacks, Treats… -3.8% Snacks, Treats and Beverages 3.1% 90% 84% Home and Personal Care -0.3% Ho
Slide 6: FY25 Financial Highlights
FY25 FINANCIAL HIGHLIGHTS Operating income* (Rm) Operating income* margin (%) 2 180 13.0% 1 613 1 652 10.0% 9.4% 1 277 7.4% H1 24 H2 24 H1 25 H2 25 H1 24 H2 24 H1 25 H2 25 * Operating margin before impairments and non-operational items. The above prior year (FY24) continuing operations results have
Slide 7: Our FY25 Contribution Towards Our 2030 Sustainability Commitments
OUR FY25 CONTRIBUTION TOWARDS OUR 2030 SUSTAINABILITY COMMITMENTS • 3 000 jobs saved with the conclusion of the sale of Langeberg & Ashton Foods (LAF) • 1 119 jobs created with small white bean farmers • 156 jobs created with tomato farmers in Musina who supply tomatoes for All Gold • Total electric
Slide 8: FY25 Performance Scorecard Against Previous Guidance
FY25 PERFORMANCE SCORECARD AGAINST PREVIOUS GUIDANCE FY25 FY24 Short to medium-term guidance Volume growth % 3,5%* 1% - 3% Profit and loss (6%) Revenue growth % 2,7% 1% Exceed inflation Operating margin %** 11,1% 8,4% Exceed single digits Balance sheet ROIC*** 19,1% 16,9% > WACC Net working capital
Slide 9: Strategy Execution
STRATEGY EXECUTION CULTIVATE AND NOURISH LIVES EVERY DAY AND EVERY TOMORROW 9
Slide 10: Swift Execution Against Our Strategic Ambitions
SWIFT EXECUTION AGAINST OUR STRATEGIC AMBITIONS STRATEGIC THRUSTS Cost Shaping Rejuvenating Executing Superior leadership our portfolio our brands growth channel of the future platforms presence ENABLED BY Igniting our Game-changing Competitive people innovation manufacturing Federated Competitive S
Slide 11: Tiger Brands at a Glance
TIGER BRANDS AT A GLANCE #1 equity rank #2 equity rank Snacks, Treats Home and Personal Milling and Baking Grains Culinary and Beverages Care Milling Rice Culinary Beverages Home Care Baking Breakfast Cereals Baby Nutrition Snacks and Treats Personal Care Pasta Davita FY25¹ revenue contribution FY25
Slide 12: Tiger Brands Anchored in South Africa, with a Capital-Light Export Model
TIGER BRANDS ANCHORED IN SOUTH AFRICA, WITH A CAPITAL-LIGHT EXPORT MODEL Milling and Baking Grains 34 manufacturing units are all situated in South Africa Capital-light distributor model exporting to 22 countries in Africa and the rest of the world Culinary Snacks, Treats and Beverages Home and Pers
Slide 13: We Are Better Positioned to Continue Growing in a Challenging Operating Environment
WE ARE BETTER POSITIONED TO CONTINUE GROWING IN A CHALLENGING OPERATING ENVIRONMENT Affordability and focus on value for consumers Evolution of the retail landscape Supply chain risks Food and non-alcoholic beverages inflation at 4,5% Increasing blurring of lines with retailers Most of our locally s
Slide 14: Key Milestones of Our Turnaround Journey to Date
KEY MILESTONES OF OUR TURNAROUND JOURNEY TO DATE FEB 2024 MAR 2025 SEPT 2025 Federated operating SEPT 2024 Baby Wellbeing and LAF sale model implemented R200m in Carozzi associate concluded and with new business continuous disposed; Chococam unit (BU) leadership improvement (CI) Randfontein SPA sign
Slide 15: Capital Allocation Framework in Action
CAPITAL ALLOCATION FRAMEWORK IN ACTION Simplified capital allocation framework Tiger Brands’ journey 1. Development of Tiger Brands’ Sources of Internal cash generation Dividends from associates Debt issuance Net proceeds from asset sales capital allocation framework capital • Development of a clear
Slide 16: Operational Performance
OPERATIONAL PERFORMANCE CULTIVATE AND NOURISH LIVES EVERY DAY AND EVERY TOMORROW 16
Slide 17: Progress on Key Initiatives
PROGRESS ON KEY INITIATIVES Cost leadership Capital investments Digitisation International markets ✓ Continuous improvement (CI) ✓ Mega DC (Gauteng warehouse ✓ Digitise our supply chain: ✓ Capital-light, low-risk key delivered in FY25 reaches consolidation) on track for FY27 Logistics control tower
Slide 18: FY25 Financial Highlights
FY25 FINANCIAL HIGHLIGHTS REVENUE 3% OPERATING INCOME* 35% OPERATING MARGIN* 3% FY GROWTH FY GROWTH FY GROWTH 34 392 33 494 3 832 2 838 11.1% 8.5% FY25 FY24 FY 25 FY24 FY 25 FY24 EPS (cps) 50% HEPS (cps) 31% WORKING CAPITAL 28% FY GROWTH FY GROWTH FY DECREASE PER R1 REVENUE 2 662 1 776 2 141 1 631 1
Slide 19: Narrowing the Earnings Gap from Disposals
NARROWING THE EARNINGS GAP FROM DISPOSALS FY24 FY25 Legend: IFRS reported number Impact of corporate action (disposals / share buyback) Management analysis 398 1 810 2 141 103 87 1 778 1 309 1 691 (450) HEPS (cps) FY24 Chococam Carozzi FY24 FY25 Less: FY25 Unweighted benefit FY25 Total Total Continu
Slide 20: FY25 Adjusted Volume Growth for Continuing Operations
FY25 ADJUSTED* VOLUME GROWTH FOR CONTINUING OPERATIONS FY25 vs FY24 (0,9%) 5,8% Price inflation Volume 34,0 32,4 Business Unit Total Price Volume Milling and Baking 7,9% (2,7%) 10,6% Grains 4,1% (5,2%) 9,3% Culinary 3,4% (0,1%) 3,5% STB 3,7% 5,1% (1,4%) HPC 6,4% (1,0%) 7,5% Total 4,9% (0,9%) 5,8% FY
Slide 21: Strong Cash Generation in FY25
STRONG CASH GENERATION IN FY25 Major contributors to movement in cash for the period (Rm) 1 186 7 109 5 923 2 017 1 380 3 548* 1 781 1,380 1 523 1 388 107 3 227 545 382 Cash Working Cash Dividends Tax paid Other cash Cash inflow Repurchase of Net Other Cash at Cash closing operating capital generate
Slide 22: 22% Increase in Capex in FY25 Driven by Super Bakery
22% INCREASE IN CAPEX IN FY25 DRIVEN BY SUPER BAKERY Capex breakdown Mega DC (Gauteng): FY27 commissioning FY25 FY24 Rm Rm Expansion capex 937 509 Replacement, maintenance and other capex 252 461 Total capex 1,189 970 Capex as a % of revenue 3,5% 2,9% Key capex projects for FY25: Culinary capex inve
Slide 23: Milling and Baking: H2 Momentum on Strategic Initiatives Delivers Improvement
MILLING AND BAKING H2 25 MOMENTUM ON STRATEGIC INITIATIVES DELIVERS IMPROVEMENT FY F25 FY F24 ▪ Revenue growth of 5% driven by 8% 8 599 volume growth as a result of: 761 8 165 ‒ Exceptional execution of 600 strategic price management and ‒ Momentum in general trade ▪ Operating income increase of 27%
Slide 24: Bakeries: Operational Excellence Execution Driving Improved Profitability
BAKERIES OPERATIONAL EXCELLENCE EXECUTION DRIVING IMPROVED PROFITABILITY Focus Areas FY25 FY24 ▪ Significant equipment and infrastructure Capex ▪ Super Bakery ✓ Key orders placed for Super Bakery equipment, on track for FY27 review undertaken strategy implementation commissioning ▪ Major upgrades un
Slide 25: Grains: Strong H2 Performance Results in Double-Digit Operating Margin
GRAINS STRONG H2 25 PERFORMANCE RESULTS IN DOUBLE-DIGIT OPERATING MARGIN FY25 FY24 ▪ Grains topline performance of R7,1 billion, 736 driven by 6% volume growth, and price 7 084 7 009 deflation of 5% as a result of: - Deflation on soft commodities - Investment behind focus brands and tactical combo d
Slide 26: Grains: Consumer Affordability and Price Relativity Remain Key
GRAINS CONSUMER AFFORDABILITY AND PRICE RELATIVITY REMAIN KEY Focus Areas FY25 FY24 ▪ Price inflation in rice, oats and sorghum have driven price increases and deal de-escalations ✓ Market price deflation on soft commodities ahead of the market, widening gap to closest ✓ Price/volume optimisation wa
Slide 27: Culinary: Volume Growth and Value Engineering Deliver Double-Digit Operating Margin
CULINARY VOLUME GROWTH AND VALUE ENGINEERING DELIVER DOUBLE-DIGIT OPERATING MARGIN FY25 FY24 1 065 ▪ Revenue growth of 3,1% driven by 3,2% 10 157 956 volume growth as a result of strategic 9 849 initiatives in driving affordability across condiments, where the launch of value engineering offerings e
Slide 28: Culinary: Strategy Execution Gaining Traction
CULINARY STRATEGY EXECUTION GAINING TRACTION Focus Areas FY25 FY24 ▪ Successful move to PET on Black Cat ▪ Value engineering ✓ Mayonnaise value engineering (recipe re-formulation) ▪ Mayonnaise reformulation (recipe and packaging) rolled out in H2 25. ▪ Koo packaging change and degrammage ▪ All Gold
Slide 29: Snacks, Treats and Beverages: Price Pack Architecture and Value Engineering Deliver
SNACKS, TREATS AND BEVERAGES PRICE PACK ARCHITECTURE AND VALUE ENGINEERING DELIVER FY25 FY24 ▪ Revenue growth of 3,1% was driven by price 5 979 820 inflation as price pack architecture strategy on 5 797 721 Snacks and Treats (S&T) gains traction. Key drivers: ‒ S&T: strategic pricing initiatives and
Slide 30: Home and Personal Care: Notable H2 Homecare Performance
HOME AND PERSONAL CARE NOTABLE H2 25 HOMECARE PERFORMANCE FY25 FY24 ▪ Strong H2 25 recovery in Homecare (HC) 2 674 559 mitigates impact of H1 25 performance, with 2 573 526 revenue declining by 4% to R2,6 billion. Excluding the impact of discontinued SKUs and disposed segments: ‒ Revenue growth was
Slide 31: Outlook
OUTLOOK CULTIVATE AND NOURISH LIVES EVERY DAY AND EVERY TOMORROW 31
Slide 32: Strategic Priorities for the Year Ahead
STRATEGIC PRIORITIES FOR THE YEAR AHEAD Snacks, Treats and Home and Milling and Baking Grains Culinary Beverages Personal Care Cost leadership ✓ Embedding the ✓ Expanding ✓ Product tiering ✓ Driving core in S&T, ✓ Recover pest basics: Price Jungle breakfast innovation to drive via innovation volumes
Slide 33: Revised Guidance
REVISED GUIDANCE Previous guidance Revised guidance Short to medium-term Long-term Short to medium-term Long-term guidance guidance guidance guidance 1% - 3% 4% - 6% Profit and loss Volume growth % 1% - 3% 4% - 6% Revenue growth % Exceed inflation Greater than inflation Greater than inflation Greate
Slide 34: Tiger Brands FY25 Results Presentation
TIGER BRANDS FY25 RESULTS PRESENTATION
Slide 35: Appendix
APPENDIX CULTIVATE AND NOURISH LIVES EVERY DAY AND EVERY TOMORROW 35
Slide 36: Market Share Recovery for Key Focus Brands in FY25
MARKET SHARE RECOVERY FOR KEY FOCUS BRANDS IN FY25 Volume share Value share Equity 12mm 6mm 3mm Rank 12mm 6mm 3mm Rank Brand rank Sep-25 Sep-25 Sep-25 12mm Sep-25 Sep-25 Sep-25 12mm #1 27,5% 28,2% 27,3% #1 27,6% 27,9% 27,3% #1 #1 57,9% 55,5% 56,7% #1 62,8% 60,8% 61,7% #1 #2 39,8% 39,7% 40,7% #1 39,7
Slide 37: FY25 Volume Growth for Continuing Operations
FY25 VOLUME GROWTH FOR CONTINUING OPERATIONS FY25 vs FY24 (0,8%) 3,5% Price inflation Volume 34,4 33,5 Business Unit Total Price Volume Milling and Baking 5,3% (2,6%) 7,9% Grains 1,1% (5,0%) 6,0% Culinary 3,2% (0,1%) 3,2% STB 3.1% 6,9% (3,8%) HPC (3,8%) (3,4%) (0,3%) Total 2,7% (0,8%) 3,5% FY25 FY24
Slide 38: Strong H1 and H2 Performance Versus Prior Year
STRONG H1 25 AND H2 25 PERFORMANCE VERSUS PRIOR YEAR H1 25 vs PY VS H2 25 vs PY Group revenue growth +2% +3% Gross margin (%) +4% +0.2% Group operating income* +29% +35% Group operating margin* % +196 bps +308 bps * Operating margin before impairments and non-operational items Note: All figures, unl