Slide 1: Investor Presentation for the Half Year Ended December 31 2024
2025 INVESTOR PRESENTATION FOR THE HALF YEAR ENDED DECEMBER 31 2024 Food I Service I Technology
Slide 2: Unaudited Financial Results
1 2025 UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED DECEMBER 31 2024 BIDCORP UNAUDITED RESULTS FOR THE HALF YEAR ENDED DECEMBER 31 2024 Notes
Slide 3: Agenda
2 F2025 Bernard Berson Q&A interim CEO and close results in perspective Trading David Cleasby Appendices: analysis CFO Supplementary information BIDCORP UNAUDITED RESULTS FOR THE HALF YEAR ENDED DECEMBER 31 2024 Bernard Berson Outlook CEO 2 UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED DECEMBE
Slide 4: Interim Results in Perspective
Notes Bernard Berson IN PERSPECTIVE INTERIM RESULTS 3 BIDCORP UNAUDITED RESULTS FOR THE HALF YEAR ENDED DECEMBER 31 2024
Slide 5: A Pleasing Six Months Across Our Focal Points
4 A PLEASING SIX MONTHS ACROSS OUR FOCAL POINTS F2025 interim results in perspective Real growth ahead of what we budgeted – food, service, and technology is at the heart of our mission Strategic • What we call the “evolution of our revolution” once again delivered strong outcomes for all stakeholde
Slide 6: Australasia
5 AUSTRALASIA F2025 interim results in perspective Trading margin 7,7% (7,6%); Share of group 28,4% (30,9%) Australia New Zealand • Revenue up 2,5% all of which was real growth as food inflation was probably • Food prices have flattened, customers are under severe pressure as GDP zero, assisted by n
Slide 7: United Kingdom
6 UNITED KINGDOM F2025 interim results in perspective Trading margin 3,4% (2,8%); Share of group 18,0% (15,2%) • The stronger end to F2024 continued with revenue up 7,2% (Turner Price added 4% to revenue) and trading profit up 30,4% • Recent and planned acquisitions take annualised revenue to over £
Slide 8: Europe
7 EUROPE F2025 interim results in perspective Trading margin 5,6% (5,7%); Share of group 37,9% (39,4%) Netherlands • Healthcare, catering, and freetrade ended H1 positively with the de-emphasis on national accounts continuing, benefiting profitability once again. Revenue grew 2,6% despite national a
Slide 9: Europe (Czech, Slovakia, Hungary, Italy, Poland)
8 EUROPE F2025 interim results in perspective Trading margin 5,6% (5,7%); Share of group 37,9% (39,4%) Czech, Slovakia, Hungary Italy • Both Q1 and Q2 met expectations with total revenue up 12% for H1 with • Revenue up 11%, trading profit, excl Rome depot setup costs, up 12% margin remaining above 9
Slide 10: Emerging Markets
9 EMERGING MARKETS F2025 interim results in perspective Trading margin 5,7% (5,4%); Share of group 15,8% (15,9%) Africa • Another outstanding result from Bidfood, Crown, and Chipkins Puratos (equity accounted). Revenue up 11% and trading profit up 20% (Unick Foods acquisition contributed 1,4% to pro
Slide 11: Emerging Markets (China, Singapore, Chile, Malaysia)
10 EMERGING MARKETS F2025 interim results in perspective Trading margin 5,7% (5,4%); Share of group 15,8% (15,9%) Mainland China, Hong Kong • Consolidated revenue excluding the sale of a 70% subsidiary was flat in HK$ with like-for-like trading profit up 8% • Mainland China revenue was up slightly l
Slide 12: Trading Analysis
Notes David Cleasby TRADING ANALYSIS 11 BIDCORP UNAUDITED RESULTS FOR THE HALF YEAR ENDED DECEMBER 31 2024
Slide 13: Pleasing Trading Performance Across the Board
12 PLEASING TRADING PERFORMANCE ACROSS THE BOARD F2025 interim results in perspective Currency translation negative for the half year EBITDA non-IFRS 16 (R’ billion) Trading profit (R’ billion) Shareholder equity (R’ billion) Net debt (R’ billion) 44,0 8,2 6,6 7,1 40,8 42,2 5,9 6,3 6,2 5,4 4,9 Tradi
Slide 14: Statement of Profit
13 STATEMENT OF PROFIT F2025 interim results in perspective Operations have managed product disinflation and cost inflation well to deliver real growth in revenues and profits H1F2023 H1F2024 H1F2025 H1F2023 H1F2024 H1F2025 23,6% 23,7% 24,1% 10% 26% 18,3% 18,5% 18,8% 8% 5,9% 5,8% 6,0% 5,3% 6% 5,3% 5
Slide 15: Cash Flows
14 CASH FLOWS F2025 interim results in perspective Free cashflows reflect the normalised seasonality of operations, though increased capin • Cash generated from operations before working capital ↑17,7% at R8,0 billion (H1F2024: R6,8 billion) • 113% of EBITDA and 128% of trading profit (H1F2024: 104%
Slide 16: Financial Position
15 FINANCIAL POSITION F2025 interim results in perspective Strong financial position remains a competitive advantage Shareholder equity (R' billion) Net debt (R' billion) EBITDA interest cover x Net debt to equity % 12.0 11.5 44,0 11.0 25.0 22,2 23,2 30% 45.0 42,2 10.5 10.0 20,7 40,8 9.5 25% 9.0 8.5
Slide 17: Financial Guidance
16 FINANCIAL GUIDANCE F2025 interim results in perspective Bidcorp remains well placed to deal with tougher economic environment • Group sales held up in January (seasonally low) and tracking well into February 2025; H1 profit trajectory continued into January • Financial strength continues to be su
Slide 18: Outlook
Notes Bernard Berson OUTLOOK 17 BIDCORP UNAUDITED RESULTS FOR THE HALF YEAR ENDED DECEMBER 31 2024
Slide 19: Outlook for the Second Half
18 OUTLOOK FOR THE SECOND HALF F2025 interim results in perspective The cumulative effect of incremental organic improvements, discovering new avenues of growth, and our supplementary bolt-ons Trading analysis was again apparent in these results We focus on what we can handle, we are realistic, we a
Slide 20: Q&A
Notes Q&A 19 BIDCORP UNAUDITED RESULTS FOR THE HALF YEAR ENDED DECEMBER 31 2024
Slide 21: Supplementary Information
20 SUPPLEMENTARY INFORMATION FOR THE HALF YEAR ENDED DECEMBER 31 2024 BIDCORP UNAUDITED RESULTS FOR THE HALF YEAR ENDED DECEMBER 31 2024 Notes
Slide 22: Strategy
Notes Supplementary information STRATEGY 21 BIDCORP UNAUDITED RESULTS FOR THE HALF YEAR ENDED DECEMBER 31 2024
Slide 23: Bidcorp's Strategy
22 BIDCORP’S STRATEGY F2025 interim results in perspective A well-established, flexible, financially robust, and resilient foodservice business model • is a complete foodservice solution serving customers in 33 countries Trading analysis • people are entrepreneurial and incentivised to be so • runs
Slide 24: Capital Allocation
Notes CAPITAL ALLOCATION 23 BIDCORP UNAUDITED RESULTS FOR THE HALF YEAR ENDED DECEMBER 31 2024
Slide 25: Disciplined Approach to Capital Allocation
24 DISCIPLINED APPROACH TO CAPITAL ALLOCATION F2025 interim results in perspective Strong balance sheet and positive cash flow; shareholder returns optimisation enhanced 2016 – 2024: 10% compound growth in EBITDA Capital allocation priorities • Low risk, high-return organic in-country investments in
Slide 26: F2025 Record Year for Acquisition Spend
25 F2025 RECORD YEAR FOR ACQUISITION SPEND F2025 interim results in perspective Eight acquisitions completed to date; pipeline remains active Trading analysis Turner Price Cesars VDS Food Mizoserve Blancaluna Colofruit Dairy Innovation Wild Nation United South South New Revenue: Baltics Revenue: Bel
Slide 27: Acquisition Growth
26 ACQUISITION GROWTH F2025 interim results in perspective 8 >ZAR 2,2 bn YTD F2025 YTD F2025 Trading analysis Acquisitions completed Actual spend 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD Q & A and close Number of 10 13 5 1 5 10 9 4 8 BIDCORP UNAUDITED RESULTS FOR THE HALF YEAR ENDED DECEMBER
Slide 28: Financial Analysis
Notes Supplementary information FINANCIAL ANALYSIS 27 BIDCORP UNAUDITED RESULTS FOR THE HALF YEAR ENDED DECEMBER 31 2024
Slide 29: Segmental Revenue
28 SEGMENTAL REVENUE F2025 interim results in perspective Constant currency H1 H1 H1 R’ million F2025 Share of group % % change F2024 Share of group % F2025 % change Australasia 23 356,7 19,8 (1,5) 23 704,7 20,8 24 195,6 2,1 Trading analysis United Kingdom 34 173,4 29,0 6,0 32 253,6 28,4 34 591,5 7,
Slide 30: Segmental Trading Profit
29 SEGMENTAL TRADING PROFIT F2025 interim results in perspective Constant currency H1 Margin Share of % H1 Margin Share of H1 % R’ million F2025 % group % change F2024 % group % F2025 change Bidfood divisions 6 373,4 5,4 5 935,9 5,2 6 598,5 11,2 Trading analysis Australasia 1 809,9 7,7 28,4 0,0 1 80
Slide 31: Consolidated Statement of Profit or Loss: Revenue
30 CONSOLIDATED STATEMENT OF PROFIT OR LOSS F2025 interim results in perspective H1 H1 Constant currency R’ million F2025 % change F2024 H1 F2025 % change Revenue 117 947,9 3,6 113 802,8 121 873,2 7,1 Trading analysis Segmental revenue • Australasia – R23,4 billion (ZAR movement: ↓1,5%; Local FX: ↑2
Slide 32: Consolidated Statement of Profit or Loss: Gross Profit
31 CONSOLIDATED STATEMENT OF PROFIT OR LOSS F2025 interim results in perspective H1 H1 Constant currency R’ million F2025 % change F2024 H1 F2025 % change Revenue 117 947,9 3,6 113 802,8 121 873,2 7,1 Gross profit % 24,1 1,7 23,7 Trading analysis Segmental gross margins • Australasia 25,0% from 24,9
Slide 33: Consolidated Statement of Profit or Loss: Trading Profit
32 CONSOLIDATED STATEMENT OF PROFIT OR LOSS F2025 interim results in perspective H1 H1 Constant currency R’ million F2025 % change F2024 H1 F2025 % change Revenue 117 947,9 3,6 113 802,8 121 873,2 7,1 Trading profit 6 263,6 6,8 5 862,7 6 488,2 10,7 Trading analysis Trading margins % 5,3 5,2 5,3 Non-
Slide 34: Consolidated Statement of Profit or Loss: Finance Costs
33 CONSOLIDATED STATEMENT OF PROFIT OR LOSS F2025 interim results in perspective H1 H1 Constant currency R’ million F2025 % change F2024 H1 F2025 % change Revenue 117 947,9 3,6 113 802,8 121 873,2 7,1 Trading profit 6 263,6 6,8 5 862,7 6 488,2 10,7 Trading analysis Finance costs (550,7) (2,7) (536,4
Slide 35: Consolidated Statement of Profit or Loss: Taxation
34 CONSOLIDATED STATEMENT OF PROFIT OR LOSS F2025 interim results in perspective H1 H1 Constant currency R’ million F2025 % change F2024 H1 F2025 % change Revenue 117 947,9 3,6 113 802,8 121 873,2 7,1 Trading profit 6 263,6 6,8 5 862,7 6 488,2 10,7 Trading analysis Finance costs (550,7) (2,7) (536,4
Slide 36: Consolidated Statement of Financial Position
35 CONSOLIDATED STATEMENT OF FINANCIAL POSITION F2025 interim results in perspective R’ million H1 F2025 H1 F2024 F2024 Investment in PPE infrastructure • Expansionary capital investments (capin) accounted for R1,7 billion which related to infrastructure capin (through upgrades to Non-current assets
Slide 37: Consolidated Statement of Cash Flows
36 CONSOLIDATED STATEMENT OF CASH FLOWS F2025 interim results in perspective Cash generated from ops pre-wc 8,0 6,8 Working capital absorbed (2,7) (3,5) Net finance charges (0,4) (0,4) Trading analysis Taxation (1,5) (1,4) Dividends paid (1,9) (1,7) Cash effects of investment act’s (5,5) (3,2) Cash
Slide 38: Net Working Capital Days
37 NET WORKING CAPITAL DAYS F2025 interim results in perspective 3-month rolling average working capital days COVID IMPACT 7 7 12 10 11 Net days Trading analysis 41 38 38 38 37 Debtors days 41 39 40 37 37 Stock days (70) (66) (65) (63) Creditors days Q & A and close (75) BIDCORP UNAUDITED RESULTS FO
Slide 39: Cash Generated by Operations, Net Working Capital, and Cash Conversion
38 CASH GENERATED BY OPERATIONS, NET WORKING CAPITAL, AND CASH CONVERSION F2025 interim results in perspective Working capital vs. % Cash conversion of CGO % Cash conversion of CGO Cash generated by operations before working capital after working capital Net working capital Cash generated by operati
Slide 40: Gearing (Non-IFRS 16)
39 GEARING (NON-IFRS 16) F2025 interim results in perspective Net interest-bearing debt (R' billion) EBITDA interest cover (x) Net debt covenant – Net debt to be lower than R35,6 billion 15.0 30.0 13.0 25,4 25,7 25.0 Trading analysis 24,3 23,2 23,2 11.0 22,2 20,7 19,3 20.0 9.0 7.0 15.0 5.0 10.0 Q &
Slide 41: Bidcorp Historical Results
Notes Supplementary information BIDCORP HISTORICAL RESULTS 40 BIDCORP UNAUDITED RESULTS FOR THE HALF YEAR ENDED DECEMBER 31 2024
Slide 42: Bidcorp Historic Performance
41 BIDCORP HISTORIC PERFORMANCE F2025 interim results in perspective Trading margin Annual operations returns % ROFE ROE 62,8 61,5 59,0 54,9 53,8 49,4 Trading analysis 42,3 % 4,97 5,16 5,16 5,35 5,39 5,15 5,31 5,07 % 4,17 27,7 3,66 3,37 19,7 19,7 17,2 16,6 16,1 16,3 4,6 11,0 PF2016 F2017 F2018 F2019
Slide 43: Unaudited Financial Results
42 2025 UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED DECEMBER 31 2024 BIDCORP UNAUDITED RESULTS FOR THE HALF YEAR ENDED DECEMBER 31 2024 Notes
Slide 44: www.bidcorpgroup.com
@Bidcorp fy www.bidcorpgroup.com