Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation October 15, 2025 1
Slide 2: Today's Presenters
Today’s Presenters Zak Calisto Goy Hoeshin Carmen Calisto Group CEO Group CFO Group Chief & Founder Strategy & Marketing Officer 2 2
Slide 3: Disclaimer: Forward-Looking Statements
DISCLAIMER Forward-Looking Statements The information in this presentation (which includes any oral statements made in connection therewith, as applicable) includes “forward-looking statements.” Forward-looking statements are based on our beliefs and assumptions and on information currently availabl
Slide 4: Who We Are
WHO WE ARE ZAR 4,806M3 USD $272M2,3 95% 6 Intelligent SaaS platform for connected vehicles and other mobile assets Our platform empowers fleet and asset management, field worker management, video- ↑20% Y-o-Y ↑21% Y-o-Y Commercial Customer ARR based safety including AI video, compliance and risk miti
Slide 5: Karooooo
KAROOOOO Leading physical operations management platform, focused on South Africa, Southeast Asia and Europe. 100% 74.8% Ownership Ownership Delivery-as-a-Service Logistics SaaS Operations Management Platform Subscription Revenue (Q2 2026) B2B Delivery-as-a-Service (DaaS) Revenue2 (Q2 2026) ZAR 1,18
Slide 6: Q2 2026 Karooooo Group Snapshot
Q2 2026 KAROOOOO GROUP SNAPSHOT Total Revenue Cartrack Adjusted EBITDA¹ Margin, Operating UP 21% ZAR 1,344M Profit Margin and Subscription Revenue Growth Q2 2025: ZAR 1,107M 50% 47% 47% 47% 46% Subscription Revenue UP 20% ZAR 1,182M 40% Q2 2025: ZAR 986M 31% 30% 30% 29% 30% Operating Profit UP 18% Z
Slide 7: Rare Financial Profile
RARE FINANCIAL PROFILE Large Cap SaaS GAAP Rule of 50+ Mid-Cap SaaS GAAP Rule of 50+ Small Cap SaaS GAAP Rule of 50+ Source: FactSet as of 9/15/2025 Note: “Rule of 50+” analysis utilizes Street CY2025E Revenue and CY2025E GAAP EBITDA Margin (i.e. including SBC) for a select group of ~145 U.S listed
Slide 8: Q2 2026 Financial and Operational Highlights
Q2 2026 FINANCIAL AND OPERATIONAL HIGHLIGHTS SaaS ARR1 Accelerated Subscription Revenue Growth Solid Subscriber Growth • ARR1 growth accelerated to 20% Y-o-Y to ZAR Accelerated • Cartrack subscribers increased 15% Y-o-Y to 2.5 4,806 million million • Cartrack subscription revenue accelerated to 20%
Slide 9: Cartrack's Unit Economics Remain Efficient and Healthy
CARTRACK’S UNIT ECONOMICS REMAIN EFFICIENT AND HEALTHY Lifetime Value of Low Cost of Acquiring a Strong Benefits from 1 Customer Relationships Customer 2 Economies of Scale Q2 2026 Gross Profit Margin based only on Subscription Revenue >9x 95% LTV1 to CAC 72% Commercial Customer ARR Retention Rate3
Slide 10: South Africa Q2 2026 Review
SOUTH AFRICA Q2 2026 REVIEW Cartrack Subscribers (Q2 2026) ~1.9M Cartrack Subscriber Growth (Q2 2026) 15% Y-o-Y SOUTH AFRICA Cartrack Market Share Dominant Cartrack Brand Awareness Strong • 5,200+ employees1 Cartrack and Karooooo Logistics Footprint • Vertically integrated Population ~63 million2 GD
Slide 11: Southeast Asia Q2 2026 Review
SOUTHEAST ASIA Q2 2026 REVIEW Cartrack Subscribers (Q2 2026) ~303k1 Cartrack Subscriber Growth (Q2 2026) 21% Y-o-Y SOUTHEAST ASIA Cartrack Market Share A leader across SE Asia Cartrack Brand Awareness Growing • 1200+ employees2 Cartrack Footprint • Vertically integrated Population ~600M3 GDP ~$4 Tri
Slide 12: Europe Q2 2026 Review
EUROPE Q2 2026 REVIEW Cartrack Subscribers (Q2 2026) ~216K EUROPE Cartrack Subscriber Growth (Q2 2026) 19% Y-o-Y Cartrack Market Share Healthy in key countries Cartrack Brand Awareness Strong in key countries • 360+ employees1 Cartrack Footprint • Vertically integrated Population ~450M2 GDP ~$19 Tri
Slide 13: Karooooo Logistics Continues to Scale
Karooooo Logistics Q2 2026: Karooooo Logistics Continues to Scale B2B Delivery as a Service Platform Delivered revenue of ZAR139 Million in Q2 2026, an increase of Connects business demand for last-mile delivery with an elastic supply of 38% Y-o-Y vetted 3rd party delivery drivers Delivered 8% opera
Slide 14: Progress on Our FY 2026 Priorities
PROGRESS ON OUR FY 2026 PRIORITIES 01 Cement Leadership Position 02 Enhance Distribution Footprint in Asia and Europe 03 Broaden Platform Adoption and Capture Video Demand 14
Slide 15: Disciplined Capital Allocation Framework
DISCIPLINED CAPITAL ALLOCATION FRAMEWORK Organic Growth and Product Return Capital to Shareholders Strategic M&A Innovation Allocating capital to organic growth and Given our current strong balance Prudent approach to M&A. product innovation are our paramount sheet and net cash position, our priorit
Slide 16: Q2 2026 Financial Performance
Q2 2026 Financial Performance 16
Slide 17: Strong Subscription Revenue and Earnings Growth
KAROOOOO CONTINUES TO DELIVER STRONG SUBSCRIPTION REVENUE & EARNINGS GROWTH UP 20% UP 18% UP 13% Subscription Revenue Operating Profit Adj. Earnings Per Share¹ Q2 2026 ZAR 1,182M Q2 2026 ZAR 356M Q2 2026 ZAR 8.28 Q2 2025 ZAR 986M Q2 2025 ZAR 302M Q2 2025 ZAR 7.35 EARNINGS WAS IMPACTED BY DIVIDEND WI
Slide 18: Cartrack's Strong Performance Fueled by SaaS Revenue Momentum
CARTRACK’S STRONG PERFORMANCE CONTINUES, FUELED BY SaaS REVENUE MOMENTUM Subscription UP 20% UP 20% Revenue as a % Revenue Subscription Revenue of Revenue Q2 2026 98% Q2 2026 ZAR 1,204M Q2 2026 ZAR 1,180M Q2 2025 98% Q2 2025 ZAR 1,006M Q2 2025 ZAR 983M ARR INCREASED 20% in ZAR AND 21% in USD¹ Q2 202
Slide 19: Decade-Plus Track Record of Consistent Execution and Resilience
CARTRACK EXTENDS DECADE-PLUS TRACK RECORD OF CONSISTENT EXECUTION AND RESILIENCE Scale Growth Profitability Subscribers Subscription Revenue Operating Profit 000s ZAR M ZAR M 2,457 1 180 2,386 1 138 377 2,302 1 084 344 2,223 342 1 029 2,137 983 316 2,047 960 1,972 930 295 293 900 289287 1,908 1,833
Slide 20: ARR Growth Accelerates to 20%
ARR¹ GROWTH ACCELERATES TO 20% ARR¹ FY FY FY FY Q2 Q2 ZAR M ‘000s Subscribers 2022 2023 2024 2025 FY25 FY26 Y-o-Y SOUTH AFRICA 1,186 1,315 1,493 1,737 1,616 1,851 15% Q2 2026 ARR (in ZAR) accelerated to 20% compared to 18% in Q1 2026 ASIA AND MIDDLE EAST 145 185 230 274 251 303 21% 4 806 4 574 EUROP
Slide 21: Cartrack Delivered Strong Q2 Net Subscriber Additions
CARTRACK DELIVERED STRONG Q2 NET SUBSCRIBER ADDITIONS 89 168 86 617 84 013 78 593 79 009 75 910 75 256 75 484 70 740 61 776 63 340 60 470 57 241 55 587 40 375 42 139 38 471 16 800 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 Q1 Q2 Q3 Q4 FOCUSED
Slide 22: Q2 2026 Geographical Subscription Revenue Mix and Growth
Q2 2026 CARTRACK GEOGRAPHICAL SUBSCRIPTION REVENUE MIX AND GROWTH Cartrack Subscription Revenue Mix By Geography Cartrack Subscription Revenue Y-o-Y Growth 3% As Reported Constant Currency1 10% South Africa: 18% 18% Asia & ME: 26% 24% 16% Europe: 27% 21% Africa Other: 13% 14% 71% South Africa Asia &
Slide 23: Karooooo Continues to Deliver Strong Earnings Per Share
KAROOOOO CONTINUES TO DELIVER STRONG EARNINGS PER SHARE Q4 FY25 9.48 FY FY FY FY Q1 Q21 Q3 Q41 Q1 Q2¹ Q4 FY24 6.81 ZAR 20221 2023 2024 20251 2025 2025 2025 2025 2026 2026 UP 13% KAROOOOO ADJUSTED CARTRACK 16.57 20.62 24.77 30.90 6.95 7.17 7.51 9.28 8.37 8.07 EARNINGS PER SHARE¹ Q2 2026 8.28 CARZUKA
Slide 24: Decade-Plus Track Record of Strong Free Cash Flow Generation
KAROOOOO HAS A DECADE-PLUS TRACK RECORD OF STRONG FREE CASH FLOW GENERATION KAROOOOO ACCELERATING ZAR M ZAR M SUBSCRIPTION REVENUE Earnings Earnings GROWTH 1000 Adj. Free Cash Flow1 937 Adj. Free Cash Flow1 Q2 2026 20% 754 600 Q1 2026 18% 750 517 609 500 Q2 2025 15% 547 564 441 500 400 358 425 300 2
Slide 25: Karooooo Has a Strong and Clean Balance Sheet
KAROOOOO HAS A STRONG AND CLEAN BALANCE SHEET Net cash on hand plus cash in bank fixed deposits (in ZAR M) 1 137 1 103 Healthy Attractive growth with strong unit 1 001 966 922 950 Debtor’s Days economics 854 1 856 838 799 819 31 782 718 2 3 Robust operating margins 664 651 674 554 Unleveraged balanc
Slide 26: Maintaining Guidance for FY 2026
MAINTAINING GUIDANCE FOR FY 2026: ON TRACK WITH GROWTH ACCELERATION FY 2022 FY 2023 FY 2024 FY 2025 YTD 2026 FY 2026 Outlook Cartrack’s Subscription Revenue (ZAR M) 2,566 3,004 3,523 4,055 2,317 4,700 – 4,900 Y-o-Y Growth 17% 17% 15% 19% 16% - 21% Cartrack’s Operating Profit Margin 27% 30% 30% 31% 2
Slide 27: Q2 2026 Earnings Highlights and Key Investment Highlights
Q2 2026 Earnings Highlights Key Investment Highlights • Cartrack subscription revenue growth accelerated to 20% Y- • Well positioned to drive profitable growth given efficient on-Y (in ZAR); SaaS ARR1 growth accelerated to 20% Y-on-Y unit economics and expansive TAM • Cartrack South African subscrip
Slide 28: Q&A Thank you
Q&A Thank you
Slide 29: Appendix
Appendix
Slide 30: Our Platform Simplifies Decision Making by Unifying Data and Information
OUR PLATFORM SIMPLIFIES DECISION MAKING BY UNIFYING DATA AND INFORMATION CUSTOMER BENEFITS Safety Vision SAFETY • PRODUCTIVITY • COMPLIANCE • PROFITABILITY • ABILITY TO SCALE Delivery Cost Centralised platform for simplified decision making Management In-field Specialized In-Field worker Delivery Sa
Slide 31: Broad Platform Capabilities Go Far Beyond Telematics
BROAD PLATFORM CAPABILITIES GO FAR BEYOND TELEMATICS End-To-End Operations Cloud Capabilities Telematics / Real-Time Visibility Video / Cameras & Safety Field Service Management Risk Management / Compliance Delivery & Logistics • GPS Tracking • AI Powered Cameras • Driver Scheduling • Regulatory Com
Slide 32: Cartrack-Tag Extends Platform to Any Mobile Asset in South Africa
CARTRACK-TAG EXTENDS PLATFORM TO ANY MOBILE ASSET IN SOUTH AFRICA Unparalleled Asset Protection Leverages Proprietary RF Network • Radio Frequency (RF) tracking ability • Enhanced visibility in challenging independent of mobile network environments • Proactively detects signal interference • Resista
Slide 33: Why 125,000+ Customers Choose Our Platform
WHY 125,000+ Enable fleet and asset visibility Enable ecommerce delivery Extend asset lifespans Augment logistics capabilities CUSTOMERS Improve fleet utilization Empower team management Enhance safety Facilitate task management CHOOSE Prevent accidents Slash fuel costs Enable work order management
Slide 34: A History of Growth and Innovation
A HISTORY OF GROWTH AND INNOVATION 2020 2022 2025 Launch of Next Reached 100k Launch of Generation AI- Commercial Cartrack-Tag Enabled Platform Customers 2021 2023 2018 NASDAQ IPO Launch of and Global Proprietary 2013 Launched Headquarters RF Network Electric 2004 Fleet Optimisation moved to in Sout
Slide 35: Simplifying Fuel Management Extends Benefits Far Beyond Fuel
SIMPLIFYING FUEL MANAGEMENT EXTENDS BENEFITS FAR BEYOND FUEL INEFFICIENT WORKFLOWS & FUEL THEFT & FRAUD LOW FUEL ECONOMY MILEAGE Automated fuel card validation Effective maintenance scheme Route optimization Real-time syphoning alerts Industry fuel efficiency benchmarks Business vs personal usage St
Slide 36: Growing Physical Operations Market Opportunity
GROWING PHYSICAL OPERATIONS MARKET OPPORTUNITY Global Automotive OEM Telematics TAM Global Automotive OEM Telematics TAM $321.3B1 GLOBAL 544M PHYSICAL $96.3B1 OPERATIONS Commercial Vehicles2 438M Commercial Vehicles2 2024 2032 1 Allied Market Research. 2 BMI Research (Fitch Solutions). 36
Slide 37: Why We Win
WHY WE WIN • Easy-to-use and Feature Europe Rich Platform • Vertically Integrated • Strong Customer Service • Founder-Led with Entrepreneurial Culture Asia Highly fragmented market • Strong Value Proposition South Africa 37
Slide 38: Representative Customers by Geography
REPRESENTATIVE CUSTOMERS BY GEOGRAPHY South Africa Rest of Africa Europe Asia & Middle East Source: Company filings and press releases. 38
Slide 39: Hypothetical No ARR Growth Scenario to Illustrate Margin Potential
HYPOTHETICAL NO ARR GROWTH SCENARIO TO ILLUSTRATE MARGIN POTENTIAL BASED ON FEB 2025 ARR Reported FY25A P&L Illustrative No Growth P&L (ZAR in millions) FY25A (ZAR in millions) No Growth Scenario Total Revenue 4,147 ARR 4,384 Total Revenue % Growth 15% Subscription Revenue 4,055 Subscription Revenue