Slide 1: AVI Limited presentation to shareholders & analysts for the year ended 30 June 2026
AVI Limited presentation to shareholders & analysts for the year ended 30 June 2026
Slide 2: Agenda
AGENDA Key features and results history Group financial results Performance Prospects Questions and answers 2 AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEAR ENDED 30 JUNE 2026
Slide 3: Key features
KEY FEATURES Resilient performance in a challenging trading environment Q4 sales materially impacted by the threat of unrest over the 30 June national protest action Group revenue increased by 1,4% Group operating profit increased by 4,4% Group operating profit margin improved to 22,9% C
Slide 4: Key features
KEY FEATURES Headline earnings per share up 5,3% to 767,9 cents Strong cash generation supported a reduction in net debt Capital expenditure of R387,2 million to support innovation, capability and product quality Final dividend of 418 cents per share and total normal dividend up 5,9% to 663
Slide 5: Results history: operating profit
RESULTS HISTORY Operating profit history 4 000 3 800 3 720 3 600 3 562 306 3 400 3 305 264 161 3 200 3 000 341 157 318 2 715 220 241 2 800 2 600 2 552 2 523 2 409 2 540 2 385 2 334 355 200 2 400 1 383 395 328 202 230 303 R million 2 200 2 155 233 366 170 193 2 000 1 917 250 237 150 197 1 294 345 241
Slide 6: Results history: return on capital employed
RESULTS HISTORY Return on capital employed 8 000 40% 7 000 35% 6 000 30% 5 000 R million 4 000 25% 3 000 20% 2 000 15% 1 000 0 10% F16 F17 F18 F19 F20 F21 F22 F23 F24 F25 F26 Net operating profit after tax Average capital employed ROCE (%) High return maintained in challenging trading environment
Slide 7: Results history: cash conversion
RESULTS HISTORY Cash conversion 5 000 120% 4 500 100% 4 000 3 500 80% 3 000 R million 2 500 60% 2 000 40% 1 500 1 000 20% 500 0 0% F16 F17 F18 F19 F20 F21 F22 F23 F24 F25 F26 EBITDA Cash generated by operations Cash to EBITDA (%) Sustained strong conversion of earnings to cash 7 AVI LIMITED PRESEN
Slide 8: Results history: dividend yield
RESULTS HISTORY Dividend yield 14,0% 12,0% 12,0% 10,1% 9,6% 10,0% 9,2% 7,7% 8,0% 7,4% 6,7% 6,4% 6,5% 6,3% 7,0% 7,1% 6,6% 6,2% 5,8% 6,1% 6,2% 6,0% 5,2% 4,1% 4,9% 4,5% 4,5% 4,5% 4,4% 4,3% 3,7% 4,0% 4,1% 4,0% 4,0% 3,8% 2,8% 2,0% 0,0% F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 F21 F
Slide 9: Results history: returns to shareholders
RESULTS HISTORY Returns to shareholders 3 500 3 243 2 913 3 000 1 010 2 500 2 253 2 364 938 2 103 R million 2 000 926 1 704 823 1 5311 606 1 500 1 360 1 368 1 354 1 408 639 1 1971 322 550 953 1 000 789 870 1 975 2 103 270 621 1 430 1 368 1 354 1 438 1 531 1 606 319 1 065 1 197 1 322 500 318 227 810
Slide 10: Group Financial Results
AN | Group Financial Results ae Pee es Freshpak E ed j Be 6 A A i i = light x CRISPY RUMBED CAPE HAKE commen caren |G FILLET PO!
Slide 11: Income statement
GROUP FINANCIAL RESULTS Income statement F26 F25 %∆ Rm Rm Revenue 16 240,3 16 021,5 1,4 Cost of sales (9 350,7) (9 184,0) 1,8 Gross profit 6 889,6 6 837,5 0,8 Gross profit margin % 42,4 42,7 (0,7) Selling and administrative expenses (3 169,7) (3 275,6) (3,2) Operating profit 3 719,9 3 561,9 4,4 Oper
Slide 12: Change in operating profit F26 vs F25
GROUP FINANCIAL RESULTS Change in operating profit F26 vs F25 250 229 200 158 150 94 89 72 77 100 51 42 50 5 3 1 4 17 25 0 (50) (5) (100) (55) (71) (150) (106) Entyce Beverages Snackworks I&J Personal Care Footwear & AVI Group Apparel H1 H2 FY Second semester challenged by weaker demand exacerbate
Slide 13: Business unit financial results
GROUP FINANCIAL RESULTS Business unit financial results Segmental Segmental Operating Revenue Operating Profit Margin F26 F25 Δ F26 F25 Δ F26 F25 Rm Rm % Rm Rm % % % Food & Beverage brands 13 710,9 13 478,0 1,7 3 261,9 3 151,1 3,5 23,8 23,4 Entyce Beverages 5 164,1 5 298,4 (2,5) 1 560,9 1 615,9 (3,4
Slide 14: Movement in group revenue
GROUP FINANCIAL RESULTS Movement in group revenue 17 400 17 000 16 600 R million 16 200 15 800 15 400 15 000 16 022 595 (377) 16 240 F25 Price/Mix Volume F26 Price increases across most categories to ameliorate inflation and rising commodity cost pressures Volume declines across most core catego
Slide 15: Gross profit margin
GROUP FINANCIAL RESULTS Gross profit margin 60% 50% 41,7% 42,7% 42,4% 40% 39,0% 38,6% 39,0% 30% 20% F21 F22 F23 F24 F25 F26 Gross profit margin largely protected with improvements across most categories, except Entyce Continued focus on cost control, efficiency initiatives, disciplined hedging a
Slide 16: Restructuring initiatives
GROUP FINANCIAL RESULTS Restructuring initiatives Incremental savings Once-off Total benefit in realised restructuring cost F26 F26 not repeated Rm Rm Rm Entyce & Snackworks 38,2 28,1 66,3 Indigo 6,3 3,5 9,8 Spitz 17,7 7,4 25,1 Shared Services 6,1 3,0 9,1 Group 68,3 42,0 110,3 Restructuring initia
Slide 17: Operating profit 4,4% up
GROUP FINANCIAL RESULTS Operating profit 4,4% up 4 000 3 500 R million 3 000 2 500 2 000 3 562 (55) 89 77 4 42 1 3 720 F25 Entyce Snackworks I&J Personal Footwear & Other F26 Care Apparel Entyce: Lower creamer profits off an exceptional prior year base, partly offset by improved tea and coffee pro
Slide 18: Cash flow, gearing and return on capital
GROUP FINANCIAL RESULTS Cash flow, gearing and return on capital F26 F25 % Rm Rm Cash generated by operations 4 407,4 3 985,8 10,6 Cash / EBITDA % 101,8 96,1 5,9 Working capital to revenue % 24,6 25,6 (3,9) Capital expenditure (387,2) (601,0) (35,6) Cash from investments – proceeds from JV - 23,0 (
Slide 19: Capital expenditure
GROUP FINANCIAL RESULTS Capital expenditure H1 F26 H2 F26 F26 Total Actual Actual Actual Rm Rm Rm Tea packaging line replacements and upgrades 9 2 11 Coffee and Creamer line upgrades and refurbishments 8 10 18 Biscuit line upgrades, improvements and innovation 26 34 60 Shared services vehicle additi
Slide 20: Dividends
GROUP FINANCIAL RESULTS Dividends F26 F25 % Interim dividend – cps 245,0 220,0 11,4 Final dividend - cps 418,0 406,0 3,0 Normal dividend - cps 663,0 626,0 5,9 Dividend yield - %* 6,6 6,7 (1,5) Special dividend – cps 300,0 - - Total Dividend yield - %* 9,6 6,7 43,3 Normal dividend cover ratio 1,15 1
Slide 21: Performance and prospects
Performance Performance and prospects
Slide 22: Entyce Beverages income statement: tea
Income statement Performance and prospects F26 F25 % Rm Rm Revenue 5 164,1 5 298,4 (2,5) Operating profit 1 560,9 1 615,9 (3,4) Operating profit margin % 30,2 30,5 (1,0) Sound improvement in tea profits supported by effective margin management ❑ Challenging second semester offset first half gains
Slide 23: Entyce Beverages income statement: coffee
Income statement Performance and prospects F26 F25 % Rm Rm Revenue 5 164,1 5 298,4 (2,5) Operating profit 1 560,9 1 615,9 (3,4) Operating profit margin % 30,2 30,5 (1,0) Improvement in coffee profits ❑ Selling price increases required to ameliorate higher coffee bean prices ❑ Volumes negatively i
Slide 24: Entyce Beverages income statement: creamer
Income statement Performance and prospects F26 F25 % Rm Rm Revenue 5 164,1 5 298,4 (2,5) Operating profit 1 560,9 1 615,9 (3,4) Operating profit margin % 30,2 30,5 (1,0) Creamer profit decline off exceptional prior year base ❑ Increased competition required targeted selling price reductions to su
Slide 25: Sales volume and selling price
Sales volume and selling price Performance and prospects %Δ F26 Comments vs F25 Tea revenue decline (2,1) Volume (5,7) Volume declines across both black tea and rooibos portfolios Ave. selling price 3,8 Price increases taken last year and in August 2025 Coffee revenue decline (3,5) Volume (14,0) Dec
Slide 26: Market shares – 12 months value
Market shares – 12 months value Performance and prospects 60% 51,6% 50,3% 50% 43,4% 42,3% 40% 29,4% 29,5% 30% 20% 16,8% 16,5% 16,1% 14,8% 10% 0% Five Roses Freshpak Frisco Ellis Brown Trinco F25 F26 Short term market shares reflect targeted price / volume balance in volatile market Market share
Slide 27: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (F26 vs F25): Performance and prospects 50 40 40 30 19 20 13 R million 10 1 0 (2) (10) (20) (19) (30) Black tea Casein Glucose Palm oil Rooibos Arabica / Robusta / Chicory Impact net of hedging 27 AVI LIMITED PR
Slide 28: Snackworks
Snackworks That’s Good Times! a ND) Willer? Vir, & Performance
Slide 29: Snackworks income statement: biscuits
Income statement F26 F25 % Rm Rm Revenue 5 717,0 5 611,8 1,9 Operating profit 1 383,0 1 294,4 6,8 Operating profit margin % 24,2 23,1 4,8 Sound growth in biscuit profit ❑ Selling price increases to mitigate cost pressures ❑ Volumes impacted by constrained consumer demand, competition and pressuri
Slide 30: Snackworks income statement: snacks
Income statement F26 F25 % Rm Rm Revenue 5 717,0 5 611,8 1,9 Operating profit 1 383,0 1 294,4 6,8 Operating profit margin % 24,2 23,1 4,8 Decline in snacks profit ❑ Lower sales volumes across both the potato chip and maize extrude categories due to sustained competitor promotional activity ❑ Inte
Slide 31: Sales volume and selling price
Sales volume and selling price %Δ F26 Comments vs F25 Biscuits revenue growth 3,1 Volume (2,9) Declines largest in International with domestic decrease reflecting lower sweet biscuit volumes partly offset by higher savoury volumes with support from innovation launched Ave. selling price 6,2 Impact o
Slide 32: Market shares – 12 months value
Market shares – 12 months value 40% 35,4% 35,1% 35% 30% 25% 20% 14,8% 13,9% 15% 12,6% 12,5% 10% 5% 0% Bakers (Sweet) Bakers (Savoury) Willards F25 F26 Balanced price / volume Market share reflects formal retail only Sustained contribution from wholesale channels 32 AVI LIMITED PRESENTATION TO
Slide 33: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (F26 vs F25): 25 20 19 18 15 R million 10 4 5 5 3 3 0 0 (2) (5) Potatoes Maize Sugar Butter Cocoa Flour Coconut Palm oil Impact net of hedging 33 AVI LIMITED PRESENTATION TO SHAREHOLDERS AND ANALYSTS FOR THE YEA
Slide 34: Performance
Performance GARLIC &
Slide 35: I&J income statement: fishing
Income statement F26 F25 % Rm Rm Revenue 2 829,8 2 567,8 10,2 Operating profit 318,0 240,8 32,1 Operating profit margin % 11,2 9,4 19,1 Meaningful improvement in fishing profits ❑ Higher selling prices and increased hake sales volumes partly offset by stronger Rand ❑ International market demand r
Slide 36: I&J income statement: abalone
Income statement F26 F25 % Rm Rm Revenue 2 829,8 2 567,8 10,2 Operating profit 318,0 240,8 32,1 Operating profit margin % 11,2 9,4 19,1 Challenging abalone market persists with operating loss increasing ❑ Over supply, weak selling prices and poor demand in key export markets persisted ❑ Unfavoura
Slide 37: I&J operating profit
Operating profit 450 400 350 300 R million 250 200 150 241 104 74 28 (28) (64) (51) 14 318 F25 Price/ Mix New Freezer Fuel Catch rate Forex Abalone Other F26 and volume Vessel Selling prices and volumes better across both the domestic and export markets New freezer vessel benefit (started fishin
Slide 38: I&J profit history
Profit history 500 417 398 318 400 380 67 345 98 396 317 71 350 305 347 300 69 241 309 300 236 123 R million 199 197 268 248 200 236 89 39 182 158 100 110 0 (27) (2) (78) (100) F16 F17 F18 F19 F20 F21 F22 F23 F24 F25 F26 Fishing Abalone Improved fishing performance with benefit from additional cap
Slide 39: Fishing performance
Fishing performance 12,0 10,0 Hake tons per sea day 8,0 6,0 4,0 2,0 0,0 F15 F16 F17 F18 F19 F20 F21 F22 F23 F24 F25 F26 I&J catch rate Average catch rate F15- F26 Declines in freezer vessel catch rates, with wet fleet catch rates largely in line Catch rates marginally lower than last year and re
Slide 40: Sales volume and selling prices (Hake)
Sales volume and selling prices (Hake) %Δ F26 Comments vs F25 I&J Domestic revenue growth 10,3 Volume 7,7 Improved Food Service, whole fish and retail volumes Ave. selling price 2,5 Price increases taken in July 2025 and May 2026 to mitigate cost pressure I&J Export revenue growth 14,5 Volume 6,9 So
Slide 41: Performance
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Slide 42: Personal Care income statement
Income statement F26 F25 % Rm Rm Revenue 877,0 924,3 (5,1) Operating profit 160,9 156,7 2,7 Operating profit margin % 18,3 17,0 7,6 Indigo profit improved ❑ Core deodorant body spray category challenged by category declines and intense competition ❑ Range rationalisation continued with a focus on
Slide 43: Sales volume and selling prices
Sales volume and selling prices %Δ F26 Comments vs F25 Personal Care revenue (5,1) decline Volume (7,3) Lower core body spray and fragrance category volumes partly offset by benefit of innovation launched Ave. selling price 2,3 Price increases taken last year and in March 2026 partly offset by incre
Slide 44: Market shares – 12 months value
Market shares – 12 months value 40% 37,8% 36,4% 35% 32,9% 33,0% 30% 25% 20% 15% 10% 5% 3,8% 3,6% 0% Roll on Body sprays - Female Body sprays - Male F25 F26 Balanced price / volume in constrained and competitive environment Female portfolio decline reflects reduced Yardley and Lentheric share M
Slide 45: Footwear and Apparel
FOOTWEAR AND APPAREL Performance
Slide 46: Footwear and Apparel income statement
FOOTWEAR AND APPAREL Income statement F26 F25 % Rm Rm Revenue 1 652,4 1 619,2 2,1 Operating profit 305,7 263,7 15,9 Operating profit margin % 18,5 16,3 13,5 Operating profit growth driven by increased footwear volumes ❑ Like-for-like revenue growth of 8,3% supported by continued demand for core b
Slide 47: Sales volume and selling prices
FOOTWEAR AND APPAREL Sales volume and selling prices %Δ F26 Comments vs F25 Spitz and Kurt Geiger Footwear 7,9 revenue growth Volume 9,7 Sound demand and improved stock availability with non-repeat of prior year supply chain disruptions Ave. selling price (1,6) Targeted price reductions on key style
Slide 48: International
AN | International Performance shpak Fres RGEOUS YS I WH “ = id Fae le
Slide 49: International operating profit
INTERNATIONAL Operating profit 400 336 349 350 313 301 300 271 273 253 R million 250 213 194 197 189 200 159 150 129 132 92 103 100 50 - F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 F21 F22 F23 F24 F25 F26 Profit growth across most markets except Botswana ❑ Price increases in line with domestic busines
Slide 50: Non-RSA sales
INTERNATIONAL Entyce, Snackworks and Indigo – Non RSA sales F26 F25 %∆ Rm Rm International Revenue 1 241,2 1 272,8 (2,5) % of Grocery and Personal Care brands 10,6 10,8 (1,9) International Operating Profit 348,5 335,9 3,8 % of Grocery and Personal Care brands 11,2 11,0 1,8 % % International Operatin
Slide 51: F27 Prospects
AN | F27 Prospects ae Pee es Freshpak E ed j Be 6 A A i i = light x CRISPY RUMBED CAPE HAKE commen caren |G FILLET PO!
Slide 52: Prospects for F27
AVI GROUP Prospects for F27 Sustain profitability for Entyce, Snackworks and Indigo in complex and uncertain environment ❑ Tough trading conditions expected to persist ❑ Growth likely to remain subdued in absence of meaningful improvement in economy ❑ Focus remains on growing revenues but will res
Slide 53: Prospects for F27
AVI GROUP Prospects for F27 I&J’s prospects materially dependent on fishing performance, fuel prices and exchange rates ❑ Demand in export markets remains sound ❑ Trajectory for fuel prices remains uncertain but fuel hedges secured prior to conflict will dampen impact for H1 ❑ Any improvement in c
Slide 54: Prospects for F27
AVI GROUP Prospects for F27 Footwear and Apparel ❑ Retail environment expected to remain intensely competitive ❑ Ongoing price / volume management essential through tough demand cycle and ongoing discounts ❑ Ongoing focus on cost control and improving operating metrics ❑ Retail densities ❑ Staff c
Slide 55: Prospects for F27: approved and planned projects
AVI GROUP Prospects for F27 Approved and Planned Projects Rm Tea packaging line replacements and upgrades 3 Isando coffee and creamer upgrades 39 Biscuit line upgrades 22 Rosslyn snacks process improvement and upgrades 12 General factory infrastructure and upgrades 68 I&J processing plant replacemen
Slide 56: Investor proposition
AVI GROUP Investor proposition Ability to adapt to changing macro environment: ❑ Ongoing simplification of business model ❑ Group initiatives – margin management, procurement, cost savings and production efficiencies Focus on scalable and relevant innovation for constrained consumers Manage ou
Slide 57: Questions
AN | Questions gauge Wa ._ light& CRISPY st CRUMBED CAPE HAKE Ler PORTIONS
Slide 58: Revenue 1,4% higher
INFORMATION SLIDES Revenue 1,4% higher 16 300 16 200 16 100 R million 16 000 15 900 15 800 15 700 16 022 (135) 105 262 (47) 33 16 240 F25 Entyce Snackworks I&J Personal Footwear & F26 Care Apparel Entyce: Reduced creamer sales as a result of targeted price reductions and lower tea and coffee reven
Slide 59: Commodity cost achievement relative to market prices
INFORMATION SLIDES Commodity cost achievement relative to market prices * 140% 120% 109% 106% 109% 103% 100% 93% 99% 94% 82% 100% 91% 87% 80% 68% 80% 60% 40% 20% 0% Price achieved F26 Market price at 31 July 2026 Average market prices F26 * Current market prices translated at USD/ZAR 16,55 and avera
Slide 60: Gross profit 0,8% higher
INFORMATION SLIDES Gross profit 0,8% higher 6 950 6 900 6 850 R million 6 800 6 750 6 700 6 650 6 600 6 838 (128) 72 114 (27) 21 6 890 F25 Entyce Snackworks I&J Personal Footwear & F26 Care Apparel Entyce: Revenue declines across all categories and lower creamer margins with competition limiting o
Slide 61: Marketing expenditure
INFORMATION SLIDES Marketing expenditure 16% 13,6% 13,6% 14% 12% % of revenue 10% 7,9% 8,1% 7,4% 7,4% 8% 6,1% 5,7% 5,8% 6,1% 5,9% 5,8% 6% 3,9% 4,2% 4% 2,9% 2,5% 2% 0% F25 F26 Total expenditure for F26 of R863,7 million compared to R880,3 million in F25 ❑ Total spend across most categories higher,
Slide 62: Capital expenditure and depreciation
INFORMATION SLIDES Capital expenditure and depreciation (excl. depreciation on right-of-use assets) 700 600 601 500 473 482 477 R million 400 448 420 408 411 415 388 388 388 390 377 374 387 300 316 200 241 100 - F18 F19 F20 F21 F22 F23 F24 F25 F26 Capital expenditure Depreciation charge Ongoing in
Slide 63: Cash flows
INFORMATION SLIDES Cash flows 5 000 4 500 4 000 3 500 3 000 R million 2 500 2 000 1 500 1 000 500 - 4 467 (569) (51) (931) (387) (5) (142) (191) (2 191) Cash from Decrease in Working Taxation Capital Intangible Lease Net interest Ordinary operations net debt capital and expenditure expenditure liabi
Slide 64: Foreign exchange hedges
INFORMATION SLIDES Foreign exchange hedges September 2026 to January 2027 to December 2026 June 2027 % Cover % Cover USD imports 81% 34% EUR imports 72% 31% USD exports 47% 44% EUR exports 43% 41% Consistent hedging philosophy provides stability to manage gross profit margins Hedging secured at
Slide 65: I&J period end fair value adjustments
INFORMATION SLIDES I&J period end fair value adjustments F26 F25 Actual Actual Rm Rm Rm Fuel hedge unrealised (gain) / loss (15,9) 3,0 (18,9) Opening mark-to-market (liability) / asset (2,7) 0,3 Closing mark-to-market asset/ (liability) 13,2 (2,7) Abalone – decrease in unrealised profit in stock 8
Slide 66: I&J fishing quota
INFORMATION SLIDES I&J fishing quota CY18 CY19 CY20 CY21 CY22 CY23 CY24 CY25 CY26 Quota (tons) RSA Total Allowable 133 120 146 430 146 430 139 119 132 163 138 772 145 698 151 739 144 152 Catch (TAC) % change in (5,0) 10,0 - (5,0) (5,0) 5,0 5,0 4,1 (5,0) TAC I&J quota 36 013 39 517 39 517 37 543 34 1
Slide 67: Trading space and trading density
INFORMATION SLIDES Trading space and trading density Footwear and apparel F26 F25 Number of stores 100 106 Turnover (Rm) 1 652,4 1 619,2 Average m2 22 303 23 618 Trading Density (R/m2) 74 089 68 558 Closing m2 22 131 22 917 Like-for-like metrics* F26 F25 Number of stores 95 95 Turnover (Rm) 1 536,9
Slide 68: Trading density – Footwear and apparel stores
INFORMATION SLIDES Trading density – Footwear and apparel stores 80 000 35 000 70 000 30 000 60 000 25 000 50 000 20 000 R/m2 m2 40 000 15 000 30 000 10 000 20 000 10 000 5 000 - - F17 F18 F19 F20 F21 F22 F23 F24 F25 F26 Trading density (R/m2) Average trading space (m2) Closure of 4 Green Cross st
Slide 69: Thank You
AN | GROWING GREAT ANDS Thank You