Slide 1: Interim Results for the Six Months Ended 31 March 2025
2025 INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2025 ZEDA Interim Results FY2025 1
Slide 2: Agenda
1 Operating Landscape 2 Business Overview 3 Financial Performance 4 Outlook Q&A AGENDA ZEDA Interim Results FY2025 2
Slide 3: Key Themes
Key Themes: Challenging Business Robust Diversified Disciplined Delivered trading fundamentals operating portfolio in strategy double-digit environment remain strong model action execution earnings growth and solid returns ZEDA Interim Results FY2025 3
Slide 4: Challenging Trading Environment
Challenging Trading Environment: Subdued Auto industry Heightened macroeconomic remains under competition environment pressure • Sluggish GDP growth • The aggressive • Fierce competition in entrance of new the domestic market • Interest rates remain Asian OEMS brands high drives downward - New entra
Slide 5: Robust Operating Model
Demand Fund Planning Right In-depth Fund assets using Understanding of the most efficient customer needs financing structures 1 2 Dispose 5 3 Buy Right Right Strategically defleet 4 Right make and through our Avis model as it affects dealerships and the resale value online channels Use Robust Right
Slide 6: Sturdy Financial Performance
Sturdy Financial Performance amidst a challenging trading environment Resilient Superior Robust Solid Interim Revenue Margins Earnings Returns dividend declared R5.2bn 16% 11% 12.2% 55 cents 1.6% marginal 16% Growth in ROIC > WACC 10% decline in Operating HEPS of 11.8% growth in revenue Margin and d
Slide 7: Sustainable Impact
Sustainable Environment Social Governance Impact Reduce Demonstrate Sound Environmental Positive Social Governance Impact Impact Processes 6% reduction in Zero fatalities Intensified cyber scope 2 emissions maintained training and awareness campaign. 3% reduction in 0.27 Lost Time Injury scope 1 Fre
Slide 8: Business Overview
BUSINESS 2 OVERVIEW ZEDA Interim Results FY2025 8
Slide 9: Leasing Business: Buoyant Performance
LEASING Revenue EBITDA Operating Key Performance BUSINESS: margin margin Drivers: • Heavy commercial units up 31% Buoyant • Greater Africa revenue up 6% Performance R1.4bn 60% 27% with operating profit up 15% • Maintenance Fund up 18% an increase of with an with an 5.6% EBITDA operating profit growt
Slide 10: Rental Business: Resilient Performance
Revenue EBITDA Operating Key Performance margin margin Drivers: RENTAL • Used car revenue down 5.8% BUSINESS: • Digital dealership gaining Resilient R3.8bn 24% 12% traction • Subscription volumes up 49% Performance a decline with an EBITDA with an • Utilisation rate up from 72% to of 4.0% margin dec
Slide 11: Financial Performance
FINANCIAL 3 PERFORMANCE ZEDA Interim Results FY2025 11
Slide 12: Solid Business Performance
Solid Business Performance Leasing Operations Rental Operations Average Fleet (000) EBITDA Margin Operating Margin 20 17 17 17 38% 38% 34% 34% 17% 18% 15% 16% 24 28 32 30 Operating profit (Rm) -1.6% -3.1% 5.4% 5 188 1 339 5 270 1 796 1 740 1 671 4 430 1 403 3 705 1 414 832 803 789 1 144 783 655 852
Slide 13: Diverse portfolio at play
Insurance, Diverse portfolio at play Commissions & Other Leasing Rental Revenue (Rm) Car sales 5 270 5 188 -1.6% 4 430 71 73 +2.8% 3 705 1 185 61 1 235 +4.2% 49 968 938 1 887 1 876 -0.6% 1 765 1 181 2 127 2 004 -5.8% 1 636 1 537 HY2022 HY2023 HY2024 HY2025 ZEDA Interim Results FY2025 13
Slide 14: Net finance costs
Net finance costs* Effective interest rate (%)* (Rm/%) Net finance costs 11,1% The effective interest rate has decreased, 400 12,0% driven by market rate declines and 90 bps management efforts to reduce cost of 10,2% 350 9,0% funding 10,0% 300 SA Prime interest rate 8,0% declined by 75bps to 11% dur
Slide 15: Tax charge reconciliation
Tax charge reconciliation March HY2025 March HY2024 +1.9% -1.7% -0.1% -1.4% -0.6% +0.6% 28,9% -0.5% 26,9% 27,0% 27,0% 2025 Effective Net PY tax Non-deductible Non-taxable Rate change Withholding 2025 Statutory 2024 Effective Non-deductible Withholding tax ** 2024 Statutory tax rate over expenses* in
Slide 16: Robust Earnings
Robust Earnings Basic Earnings per share (BEPS) Headline Earnings per share (HEPS) (cents) (cents) 250 250 Earnings growth 196,5 +11.1% +11.2% 189,1 184,1 183,7 200 • Solid Gross Profit margins 165,5 200 165,4 • Improved position on foreign exchange 150 150 impact 100 • Managing the cost of funding
Slide 17: Value Creation
Value Creation Return on Invested Capital vs WACC Return on Equity (%) (%) 18,0 16,0 40,0 ROIC 16,0 WACC ROIC achieved above the WACC 35,0 12,8 12,8 12,7 28,3 28,5 14,0 12,2 • Capital deployment strategy returned 11,8 30,0 12,0 a ROIC above WACC 21,8 25,0 10,0 • Shift in investment profile to long-t
Slide 18: Operating assets supporting the business
Operating assets supporting the business Classes of assets (Rm) Zeda diversified the sources of funding 2025 2024 2024 March March September utilised to acquire operating assets PPE (excl vehicles) 35 116 46 • We increased unsecured funding ratio Fleet Assets – Leasing 4 678 4 323 4 645 with the iss
Slide 19: Financial stewardship
Financial stewardship Debt ratios (Rm/times) Net debt * 12 000 12,0 9,1 Net Debt to EBITDA Financial stewardship Fleet carrying value 10 000 10,0 • Interest cover at 5.0x remains strong Interest cover (times) 8 000 6,2 8,0 • Net debt increased by R1 210m as the 4,7 fleet value grew by R1 014m compar
Slide 20: Capital Structure on 31 March 2025
Capital Structure on 31 March 2025* (Rm/times) Long Term Short Term Invested capital R1 704m Equity build-up since listing 9 581 Gross Debt (**): • Equity represents 33% of capital structure 7 541 Equity 7 911 • Net Debt levels well maintained 3 183 33% 1 143 Equity • Strong cash at reporting date -
Slide 21: Funding facilities
Funding facilities (Rm) Sufficient headroom of R3 341m 3 341 Funding capacity • Sufficient funding capacity 10 882 at appropriate commitment cost 7 541 New Funding introduced in HY2025 • CTA Funding • Listed Bonds Total Facilities Utilization Headroom Lower cost of funding New funding Increased unse
Slide 22: Transition to Unsecured Funding
Transition to Unsecured Funding Pre-Refinance Post Refinance 1 2 31 Dec 24 31 March 25 Secured Secured Unsecured Unsecured 1% 34% 66% 99% ZEDA Interim Results FY2025 22
Slide 23: Outlook – Financial overview
Outlook – Financial overview Discipline Improve Continued Continue with Continue to and focus technological focus the cost diversity our to generate strong platforms to on the working containment funding and drive cash enhance insights, capital culture and down the cost of decision making and drivin
Slide 24: Outlook
4 OUTLOOK ZEDA Interim Results FY2025 24
Slide 25: H2 Focus areas
H2 Focus areas Cost efficiencies Optimal fleet Growth management Ghana divestment ZEDA Interim Results FY2025 25
Slide 26: Business fundamentals remain strong
Business fundamentals remain strong: Access to Access to Access to Information Competitive Technology Disposal Vehicles Markets Funding • Lowering cost • A diversified mix • Right market • IT & Data • Timing of of funding of vehicles across our strategy takes defleet • Grow asset-light diversified u
Slide 27: Thank You Q&A
THANK YOU Q&A ZEDA Interim Results FY2025 27