Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation July 23, 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 4,574M 3 USD $254M 2,3 95%5 Intelligent SaaS platform for connected vehicles and other mobile assets Our platform empowers fleet and asset management, field worker management, video- ↑18% Y-o-Y ↑24% Y-o-Y Commercial Customer ARR based safety including AI video, compliance and risk mit
Slide 5: Karooooo Logistics
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 (Q1 2026) B2B Delivery-as-a-Service (DaaS) Revenue2 (Q1 2026) ZAR 1,13
Slide 6: Q1 2026 Karooooo Group Snapshot
Q1 2026 KAROOOOO GROUP SNAPSHOT Total Revenue Cartrack Adjusted EBITDA¹ Margin, Operating UP 18% ZAR 1,277M Profit Margin and Subscription Revenue Growth Q1 2025: ZAR 1,082M 50% 47% 47% 47% 46% Subscription Revenue UP 18% ZAR 1,141M 40% Q1 2025: ZAR 964M 31% 30% 30% 30% 30% Earnings Per Share UP 19%
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 6/20/2025 Note: “Rule of 50+” analysis utilizes Street CY2025E Revenue and CY2025E GAAP EBITDA Margin (i.e. including SBC) for a select group of ~155 U.S listed
Slide 8: Q1 2026 Financial and Operational Highlights
Q1 2026 FINANCIAL AND OPERATIONAL HIGHLIGHTS SaaS ARR1 Accelerated Subscription Revenue Growth Solid Subscriber Growth • ARR1 growth accelerated to 18% Y-o-Y to ZAR Accelerated • Cartrack subscribers increased 17% Y-o-Y to 2.4 4,574 million million • Cartrack subscription revenue accelerated to 1 •
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 95% Q1 2026 Gross Profit Margin based only on Subscription Revenue >9x 74% LTV1 to CAC Commercial Customer ARR Retention Rate3
Slide 10: South Africa Q1 2026 Review
SOUTH AFRICA Q1 2026 REVIEW Cartrack Subscribers (Q1 2026) ~1.8M Cartrack Subscriber Growth (Q1 2026) 16% Y-o-Y SOUTH AFRICA Cartrack Market Share Dominant Cartrack Brand Awareness Strong • 4,500+ employees1 Cartrack and Karooooo Logistics Footprint • Vertically integrated Population ~63 million2 GD
Slide 11: Southeast Asia Q1 2026 Review
SOUTHEAST ASIA Q1 2026 REVIEW Cartrack Subscribers (Q1 2026) ~290k1 Cartrack Subscriber Growth (Q1 2026) 22% Y-o-Y SOUTHEAST ASIA Cartrack Market Share A leader across SE Asia Cartrack Brand Awareness Growing • 1000+ employees2 Cartrack Footprint • Vertically integrated Population ~600M3 GDP ~$4 Tri
Slide 12: Europe Q1 2026 Review
EUROPE Q1 2026 REVIEW Cartrack Subscribers (Q1 2026) ~209K EUROPE Cartrack Subscriber Growth (Q1 2026) 20% 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 Q1 2026 Review: Continues to Scale
Karooooo Logistics Q1 2026 Review: Continues to Scale B2B Delivery as a Service Platform Delivered revenue of ZAR121 Million in Q1 2026, an increase of Connects business demand for last-mile delivery with an elastic supply of 20% Y-o-Y vetted 3rd party delivery drivers Delivered 8% operating profit
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: Q1 2026 Financial Performance
Q1 2026 Financial Performance 16
Slide 17: Strong Subscription Revenue and Earnings Growth
KAROOOOO CONTINUES TO DELIVER STRONG SUBSCRIPTION REVENUE & EARNINGS GROWTH UP 18% UP 17% UP 19% Subscription Revenue Operating Profit Earnings Per Share Q1 2026 ZAR 1,141M Q1 2026 ZAR 352M Q1 2026 ZAR 8.55 Q1 2025 ZAR 964M Q1 2025 ZAR 300M Q1 2025 ZAR 7.17 1 Q1 2026 SUBSCRIPTION REVENUE INCREASED 2
Slide 18: Cartrack's Strong Performance Fueled by SaaS Revenue Momentum
CARTRACK’S STRONG PERFORMANCE CONTINUES, FUELED BY SaaS REVENUE MOMENTUM Subscription Revenue as a % UP 18% UP 19% Revenue Subscription Revenue of Revenue Q1 2026 98% Q1 2026 ZAR 1,156M Q1 2026 ZAR 1,138M Q1 2025 98% Q1 2025 ZAR 981M Q1 2025 ZAR 960M ARR INCREASED 18% in ZAR AND 24% in USD¹ Q1 2026
Slide 19: Cartrack Extends Decade-Plus Track Record of Execution
CARTRACK EXTENDS DECADE-PLUS TRACK RECORD OF CONSISTENT EXECUTION AND RESILIENCE Scale Growth Profitability Subscribers Subscription Revenue Operating Profit 2,386 1,138 000s 2,302 ZAR M ZAR M 377 1,084 2,223 342 2,137 1,029 2,047 983 316 960 1,972 930 295 293 1,908 289 287 900 1,833 858 834 252 1,7
Slide 20: Cartrack Delivered Record Q1 Net Subscriber Additions
CARTRACK DELIVERED RECORD Q1 NET SUBSCRIBER ADDITIONS ▲ 11% 89,168 86,617 84,013 78,593 79,009 75,910 75,256 75,484 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 GROWTH IS
Slide 21: Q1 2026 Cartrack Geographical Subscription Revenue Mix and Growth
Q1 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: 16% 16% Asia & ME: 30% 29% 17% Europe: 22% 20% Africa Other: 11% 13% 70% South Africa Asia &
Slide 22: Cartrack Subscriber Growth Healthy; ARR Growth Accelerating
CARTRACK SUBSCRIBER GROWTH HEALTHY; ARR¹ GROWTH ACCELERATING ARR¹ ZAR M FY FY FY FY Q1 Q1 ‘000s Subscribers 2022 2023 2024 2025 FY25 FY26 Y-o-Y Q1 2026 ARR (in ZAR) accelerated to 18% compared to 17% in Q4 2025 SOUTH AFRICA 1,186 1,315 1,493 1,737 1,550 1,796 16% Q1 2026 ARR (in USD)2 accelerated to
Slide 23: Strong Earnings Per Share Growth
KAROOOOO CONTINUES TO DELIVER STRONG EARNINGS PER SHARE GROWTH Q4 FY25 9.48 FY FY FY FY Q1 Q21 Q3 Q41 Q1 Q4 FY24 6.81 ZAR 20221 2023 2024 20251 2025 2025 2025 2025 2026 UP 19% KAROOOOO CARTRACK 16.57 20.62 24.77 30.90 6.95 7.17 7.51 9.28 8.37 EARNINGS PER SHARE CARZUKA (0.42) (1.42) (1.40) 0 0 0 0 0
Slide 24: Decade-Plus Track Record of Strong Cash Generation
KAROOOOO HAS A DECADE-PLUS TRACK RECORD OF STRONG CASH GENERATION Q1 FY26 Free Cash Flow benefitted from disciplined working capital management. Earnings ZAR M Adj. Free Cash Flow1 Earnings Subscriber Growth Adj. Free Cash Flow1 338 1000 937 17% 20% 15% 269 Subscriber Growth 255 754 241 750 15% 225
Slide 25: 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 Debtor’s Days 1,001 966 922 950 economics 27 854 1 856 838 799 819 782 718 2 3 Robust operating margins 664 651 674 554 Unleveraged balanc
Slide 26: Reaffirming FY 2026 Outlook
REAFFIRMING FY 2026 OUTLOOK: ON TRACK TO DELIVER GROWTH ACCELERATION FY 2026 FY 2022 FY 2023 FY 2024 FY 2025 Q1 2026 Outlook Cartrack’s Subscription Revenue (ZAR M) 2,566 3,004 3,523 4,055 1,138 4,700 – 4,900 Y-o-Y Growth 17% 17% 15% 19% 16% - 21% Cartrack’s Operating Profit Margin 27% 30% 30% 31% 3
Slide 27: 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 !"#$A&'A(&))&*'+, !"#$A !"#$A&'A(&))&*'+, &'D)F'G,-D./0MNFO' P',N5DR0S0MT0 9:;9< ARR 9:Y>9 !"#$A&'D)D*GD&,&-."/#0& M2, .T?@/FOA,O'MDR0S0MT0 9:B$ OGP5R.ST#S"*&'D)D*G
Slide 28: Q1 2026 Earnings Highlights and Key Investment Highlights
Q1 2026 Earnings Highlights Key Investment Highlights • Cartrack subscription revenue growth accelerated to 19% • Well positioned to drive profitable growth given efficient 1 Y-on-Y (in ZAR); SaaS ARR growth accelerated to 18% Y- unit economics and expansive TAM on-Y; and South Africa, Southeast Asi
Slide 29: Q&A Thank you
Q&A Thank you
Slide 30: Appendix
Appendix
Slide 31: Our Platform Simplifies Decision Making by Unifying Data
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 32: 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 33: Cartrack-Tag Extends Platform to Any Mobile Asset
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 34: 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 35: 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 Vehicle 2004 Fleet Optimisation moved to
Slide 36: Simplifying Fuel Management Extends Benefits Far Beyond Fuel
SIMPLYFING 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 Str
Slide 37: Growing Physical Operations Market Opportunity
GROWING PHYSICAL OPERATIONS MARKET OPPORTUNITY Global Automotive OEM Telematics TAM Global Automotive OEM $321.3B1 GLOBAL Telematics TAM 544M PHYSICAL $96.3B1 OPERATIONS Commercial Vehicles2 438M Commercial Vehicles2 2024 2032 1 Allied Market Research. 2 BMI Research (Fitch Solutions). 37
Slide 38: 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 38
Slide 39: Representative Customers by Geography
REPRESENTATIVE CUSTOMERS BY GEOGRAPHY South Africa Rest of Africa Europe Asia & Middle East Source: Company filings and press releases. 39