Combined Motor Holdings Limited · JSE:CMH
Combined Motor — FY2026 Earnings Presentation
22 slides from Combined Motor's earnings presentation, April 2026
Slide 1: Financial Results Presentation
Financial Results Presentation Combined Motor Holdings
Slide 2: Group Financial Highlights
GROUP FINANCIAL HIGHLIGHTS GROUP FINANCIAL HIGHLIGHTS FOR THE YEAR ENDED 28 FEBRUARY 2026 2026 2025 % Change Total assets (R’000) 5 908 407 5 472 658 8.0 Cash resources (R’000) 1 145 415 954 124 20.0 Net asset value per share (cents) 2 118 1 893 11.9 Revenue (R’000) 15 711 190 13 251 596 18.6 Operat
Slide 3: Macro
MACRO • Improved economic environment - three interest rate cuts, prime to 10.25% - stronger, more stable Rand - local inflation down 1.1% 3
Slide 4: Group Overview
GROUP OVERVIEW • Revenue up 19%, driven by - 23% increase in new unit sales - 8% increase in used unit sales • Gross profit margin declined from 18.6% to 17.2% - revenue growth from vehicle sales is at a lower margin than the other segments and departments - slightly lower daily hire rate in First C
Slide 5: Group Overview
GROUP OVERVIEW • Balance sheet remains sound - low level of non-current assets, excluding car hire fleet - goodwill, plant and equipment low, 2.5% of total assets - cash resources of R1 145 million reflects strong generation 2026 2025 Rm Rm Profit after tax 391 301 less: dividends paid (128) (241) s
Slide 6: Group Income Statement
GROUP INCOME STATEMENT 2026 2025 R'000 R'000 Revenue 15,711,190 13,251,596 Cost of sales (13,007,030) (10,786,812) Gross profit 2,704,160 2,464,784 Gross profit % 17.2 18.6 Other income 24,779 21 431 Impairment of goodwill (4 107) - Selling and operating expenses (1,976,192) (1,846,672) Operating pr
Slide 7: Operating Margin %
OPERATING MARGIN % 7,0% 6,2% 6,1% 6,0% 5,4% 5,0% 4,8% 4,8% 4,0% 3,7% 4,0% 4,0% 3,0% 2,0% 1,0% 0,0% 2019 2020 2021 2022 2023 2024 2025 2026 7
Slide 8: Cash Resources (R'million)
CASH RESOURCES (R’million) 1400 1200 1 145 1000 954 818 815 800 755 762 676 660 600 400 200 0 2019 2020 2021 2022 2023 2024 2025 2026 8
Slide 9: Cash Resources (R'million)
CASH RESOURCES (R’million) • Cash resources used during the year to: - early-settle interest-bearing car hire fleet liabilities - early-settle vehicle floorplan liabilities - take advantage of manufacturer offers at times when borrowings / floorplan facilities are fully utilised • Looking ahead, cas
Slide 10: Black Economic Empowerment
BLACK ECONOMIC EMPOWERMENT • Group scorecard rating - level 4 • Car Hire scorecard rating - level 2 • CMH First Fleet Solutions - level 2 • Both Car Hire and First Fleet have 51% black ownership qualification • Group scorecard adversely affected by motor manufacturers from which the majority of proc
Slide 11: Stock Exchange Performance
STOCK EXCHANGE PERFORMANCE 2026 2025 2024 2023 2022 Volume of shares traded ('000)̂ 9,835 16,630 7,307 9,830 12,162 Value of shares traded (R'000)ˆ 329,643 506,593 203,057 277,718 283,365 Average price per share traded (cents)̂ 3,352 3,046 2,779 2,825 2,330 Shares repurchased ('000) 5,377 - - - - Sh
Slide 12: Segment Profit Contribution
SEGMENT PROFIT CONTRIBUTION 2026 2025 2024 2023 2022 % % % % % Motor retail / distribution 49 40 34 44 66 Car Hire 29 38 50 43 23 Financial services 13 20 15 12 11 Corporate services / other 9 2 1 1 0 100 100 100 100 100 12
Slide 13: Motor Retail / Distribution
MOTOR RETAIL / DISTRIBUTION 2026 2025 2024 2023 2022 R’000 R’000 R’000 R’000 R’000 Segment profit before taxation 258,299 164,309 187,565 273,789 336,069 INDUSTRY NEW VEHICLE SALES – FINANCIAL YEAR • National market passenger up 17%, light commercial up 11% • Market share moves - Haval +38% - truste
Slide 14: Industry New Vehicle Sales
INDUSTRY NEW VEHICLE SALES SALES (‘000 UNITS) - CALENDAR YEAR 700 PROJECTED 623 600 566 499 499 500 485 438 400 357 300 200 100 0 2020 2021 2022 2023 2024 2025 2026 14
Slide 15: Segment Analysis – Retail Motor
SEGMENT ANALYSIS – RETAIL MOTOR GROUP NEW UNIT RETAIL SALES BY MANUFACTURER (%) 2026 Suzuki Ford Toyota *Foton Mahindra Haval Nissan Stellantis Chery Isuzu Honda Other Mazda Jaguar/Land Rover Mitsubishi Volvo Renault 0,0 5,0 10,0 15,0 20,0 25,0 ***An additional 2 658 Foton units were wholesaled by t
Slide 16: Motor Retail / Distribution
MOTOR RETAIL / DISTRIBUTION • Growth of Chinese / Indian imports remains the dominant feature of the new vehicle market - Indian 39%, Chinese 16% = 55% of total units sold in SA • National passenger and light commercial vehicle sales up 17% - first year to exceed the pre-Covid level - stronger curre
Slide 17: Motor Retail / Distribution
MOTOR RETAIL / DISTRIBUTION • Used vehicle sales up 8% - Prices / values restrained by low or zero new car pricing - Forces owners to hold onto vehicles for longer, until trade-in values align with finance debt • Parts and Service - steady growth - starting to benefit from “new era” vehicle brands i
Slide 18: Motor Retail / Distribution
MOTOR RETAIL / DISTRIBUTION • Mandarin Parts Distributors • pleasing 65% profit growth • specialises in Indian / Chinese brands - the exponential growth in these vehicles bodes well for future parts sales • 29 independent franchisees • expect continued pleasing results 18
Slide 19: Car Hire
CAR HIRE 2026 2025 2024 2023 2022 R’000 R’000 R’000 R’000 R’000 Segment profit before taxation 155,582 153,586 280,385 268,587 115,945 • Good set of results - reduced daily hire rate offset by lower vehicle holding costs (lower acquisition cost and interest rate), and improved ultilisation - mix of
Slide 20: Financial Services
FINANCIAL SERVICES 2026 2025 2024 2023 2022 R’000 R’000 R’000 R’000 R’000 Segment profit before taxation 66,592 83,562 83,244 73,046 56,159 • Relates to finance JVs and insurance underwriting • Higher level of financeable business generated • Finance JVs had mixed fortunes – one well ahead, the othe
Slide 21: Prospects
PROSPECTS • Continued modest improvement in economic indicators • Interest and currency rates to remain stable • National vehicle sales market to grow 8-12% • More importers / distributors expected to enter the market • CMH motor expects continued earnings growth - big improvement from under-perform
Slide 22: Results Presentation
mlarel alerts) Results Presentation Combined Motor Holdings
Combined Motor Holdings — FY2026 Earnings Presentation on 6ix