Slide 1: Annual Results for the Year Ended 30 September 2025
2025 ANNUAL RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ZEDA Annual Results Presentation FY2025 1
Slide 2: Agenda
Key Themes 1 Business Overview 2 Financial Overview 3 Strategy Overview 4 Outlook 5 Q&A AGENDA ZEDA Annual Results Presentation FY2025 2
Slide 3: Key themes: FY2025
Key themes: Disciplined strategy execution delivering growth and diversified funding FY2025 Strong financial performance underpinned by diversified portfolio Leasing business surpassing R3 billion revenue mark High quality of earnings fortified by operating model Effective capital allocation; strong
Slide 4: Strong financial performance underpinned by diversified portfolio
Revenue 1.7% to R10.6 billion Strong Financial Operating profit 10.8% Operating margin of 15% Performance Headline Earnings 15.7% HEPS of 361 cents underpinned by diversified Net debt to EBITDA 1.5x Net debt of R5 176 million portfolio Cash generation of R1.8 bn Cash before growth Capex of R1.9bn RO
Slide 5: Delivery against strategic pillars
Delivery against strategic pillars Funding Growth Innovation Delivery Model Leasing fuelling Entered Debt Capital Heavy Commercial Launched Customer Markets: inaugural volume up 30% to e-commerce centricity model growth and bond issuance contribute 13% platform to grow used car retail Sales service
Slide 6: Sustainable ESG Impact
Environment Social Governance Sustainable Reduce Demonstrate Adopt sound ESG Impact environmental impact positive social impact governance processes 6% reduction in 0.18 Lost Time Injury Obtained an internal as a result of scope 2 emissions Frequency Rate (LTIFR) audit score of 88% from internal aud
Slide 7: Business Overview
2 BUSINESS OVERVIEW ZEDA Annual Results Presentation FY2025 7
Slide 8: Trading environment
Trading Economic Operating environment growth environment navigated Modest economic growth The shift towards more through a in South Africa affordable brands robust Improved economic activity in Aggressive new vehicle pricing operating Zambia, Namibia and Ghana impacting used vehicle market model Po
Slide 9: Leasing business: exceptional performance
Leasing business: Revenue R3.2bn an increase of 15.7% EBITDA margin 53.1% with an EBITDA growth of 5.4% Exceptional performance Operating margin 23% with an operating profit declined by 1.0% with revenue surpassing the R3 billion mark Key Solid growth in financed fleet Performance Heavy commercial u
Slide 10: Rental business: strong operating profit despite lower revenue
Rental business: Revenue R7.4bn a decline of 3.4% EBITDA margin 22.1% with an EBITDA declined by 4.4% Strong operating profit despite Operating margin 12% lower revenue with an operating profit increased by 23.3% Utilisation rate up from 71% to 73% Key Used car revenue down 4.1% Performance Subscrip
Slide 11: Financial Overview
3 FINANCIAL OVERVIEW ZEDA Annual Results Presentation FY2025 11
Slide 12: Double digit profit growth
Double digit profit growth Revenue (Rm) EBITDA (Rm) Operating Profit/(Loss) (Rm) Average Fleet (units) EBITDA Margin Operating Margin 17 952 17 811 39 360 37 470 32% 32% 14% 15% +1.7% +0.4% +10.8% 10 468 10 649 3 347 3 359 1 465 1 623 2,803 3,243 1,635 1,723 751 758 7,665 7,406 1,712 1,636 872 707 F
Slide 13: Net finance costs
Net finance costs* (Rm/%) 90bps Net finance cost increased driven by 665 10.8% higher average debt levels and offset by lower interest rates 10.6% 10.6% 660 Annual net interest rate (excl. IFRS 16) down 10.4% by 80bps compared to FY24 655 10.2% Net finance costs (Excl. IFRS 16) increased by 650 2.8%
Slide 14: Tax charge reconciliation
Tax charge reconciliation 2025 2024 + 0.7% + 0.8% - 0.1 % + 0.7% - 0.9 % - 0.3% - 0.3% - 1.7% + 0.8% - 1.4% 27.0% 27.0% 26.1% 26.2% 2025 Statutory Net PY tax Withholding Non-taxable Rate change Joint venture 2025 Effective 2024 Statutory Net PY tax Withholding Non-taxable Rate change Joint venture 2
Slide 15: Strong and growing earnings
Strong and growing earnings Basic Earnings per share (BEPS) Headline Earnings per share (HEPS) (cents) (cents) Earnings impacted by constrained +12.5% +15.7% economy 400 361 400 360 Non-operating and capital item relates 320 350 312 350 to the sale of a vacant land in FY24 300 300 The foreign exchan
Slide 16: Sustainable growth and effective assets management
Sustainable growth and effective assets management Increased investment in fleet Classes of assets assets 2025 2024 (Rm) September September The proportion of operating leases PPE (excl vehicles) 34 46 for rental fleet has reduced from Fleet Assets – Leasing 4 923 4 645 23% to 20% on average Fleet A
Slide 17: Effective use of financial leverage
Effective use of financial leverage Debt ratios (Rm/times) 4.9 5.0 7.0 Strong coverage ratios 10 000 Net debt 9 000 Net Debt to EBITDA 6.0 Net debt at R5 176 million 8 000 Fleet carrying value 5.0 7 000 Interest cover (times) Healthy interest cover at 5x 6 000 4.0 9 154 supported by lower cost of fu
Slide 18: Capital Structure on 30 September 2025
Capital Structure on 30 September 2025* (Rm) R1.7bn Invested capital Equity build-up since unbundling Equity Improved to 39% of Invested Capital Net Debt levels well maintained 8 537 7 562 Strong cash & cash equivalents of R1 112 million Equity 3 361 35% Equity Equity Ability to expand the statement
Slide 19: Strong and steady investment returns
Strong and steady investment returns Return on Invested Capital vs WACC Return on Equity (%) (%) 40.0 ROIC WACC ROIC achieved above the WACC 35.0 30.0 Capital deployment strategy returned 16.0 a ROIC above WACC 14.3 14.7 14.0 25.0 23.1 21.9 Reducing cost of funding contributing 12.0 11.8 to lower WA
Slide 20: Strong Cash Generation
(Rm) Strong 821 Cash Generation 3 995 6 622 Capital 189 Allocation Philosophy 1 806 1 617 1 968 Cash generated from trading Net Finance Cost, Tax & Other Replacement Capex Cash flow before growth Dividends Cash before growth Growth Capex - 351 Cash after dividend & Capex ZEDA Annual Results Presenta
Slide 21: Funding facilities – September 2025
Funding facilities – September 2025 Rm Headroom R5b - Committed facilities Sufficient funding capacity at appropriate commitment costs Net average interest rate of 9.8% driven by debt refinancing and issuance of bonds 11 812 Balanced funding mix Increase presence in the Debt Capital Markets. Access
Slide 22: Transition to Unsecured Funding
Transition to Unsecured Funding 1 30 September 2024 2 30 September 2025 1% 23% 77% 99% Secured Secured Unsecured Unsecured ZEDA Annual Results Presentation FY2025 22
Slide 23: Funding update and outlook
Funding update and outlook UPDATE OUTLOOK Moody’s Credit Ratings Maintain an optimal capital affirmed Zeda’s ratings at: structure • Ba3 Global Scale Lengthen debt maturity • A1.za National Scale profile • Stable outlook Continue to rebalance Refinanced significant part of Funding toward Unsecured s
Slide 24: Strategy Overview
4 STRATEGY OVERVIEW ZEDA Annual Results Presentation FY2025 24
Slide 25: Disciplined strategy execution
Disciplined strategy Grew leasing book to contribute 30% of Group revenue execution Portfolio review of Greater Africa: to contribute 24% of leasing Retail to contribute 30% of Car Sales business Subscription to contribute 25% rental volumes Balance sheet: diversified funding to 77% unsecured Asset-
Slide 26: Enhanced strategy direction
Enhanced strategy direction Technology strategy strategies approved Data Inorganic to propel Zeda into strategy strategy a technology and data organisation Africa and bolster growth strategy ZEDA Annual Results Presentation FY2025 26
Slide 27: Growth Ambition
Growth Growth Inorganic Geographic pillars Growth Expansion Ambition growing Leasing book Adjacencies within the Extension of ABG mobility value chain licensing beyond organically, Greater Africa Southern Africa inorganically Asset-light Subscription Growing and stable and through Technology solutio
Slide 28: Outlook
5 OUTLOOK ZEDA Annual Results Presentation FY2025 28
Slide 29: Unlock shareholder value: medium-term focus areas
Unlock shareholder Medium-Term value focus areas Customer- ESG Centricity Model medium-term focus areas to unlock Digitalization Funding & Capital shareholder journey Allocation value Growth Ambition ZEDA Annual Results Presentation FY2025 29
Slide 30: Thank You
THANK YOU ZEDA Annual Results Presentation FY2025 30