Nampak Limited · JSE:NPK
Nampak — H1 2026 Earnings Presentation
38 slides from Nampak's earnings presentation, May 2026
Slide 1: Interim Results for the half-year ended 31 March 2026
Interim Results for the half-year ended 31 March 2026 nampak.com
Slide 2: Performance resilience despite headwinds in Diversified
“Performance resilience despite headwinds in Diversified” Riaan Heyl Chief Executive Officer
Slide 3: Performance snapshot
Performance snapshot Financial review 1H26 vs 1H25 Revenue Normalised HEPS R5.6bn (up 6% excl. Diversified) down 1% 4 131.6c up 8% Normalised EBITDA Net debt of R816m (up 9% excl. Diversified) down 6% R2.2bn down 30% Normalised EBITDA margin Net debt: EBITDA excl. Angola 1 14.5% down 80bps 2.2x from
Slide 4: Salient features
Salient features ▸ Global macro dynamics → no material impact ▸ Muted SA FMCG demand ▸ Sound Beverage performance in aggregate — SA stable, efficiencies ramping up — Angola accelerating ▸ Disappointing Diversified performance versus exemplary 1H25 — Volatility exposes fixed cost base — Strategic rev
Slide 5: Beverage South Africa
Beverage South Africa R million 1H26 1H25 1H24 CAGR(%) Contribution to group* Revenue (%) Normalised EBITDA (%) Revenue 3 581 3 410 3 187 6 Normalised EBITDA 533 512 487 5 Normalised EBITDA margin (%) 14.9 15.0 15.3 64% 65% Trading profit 476 452 428 5 Trading margin (%) 13.3 13.3 13.4 Performance d
Slide 6: Beverage Angola
Beverage Angola R million 1H26 1H25† 1H24† CAGR(%) Contribution to group* Revenue (%) Normalised EBITDA (%) Revenue 664 512 443 22 Normalised EBITDA 187 146 107 32 Normalised EBITDA margin (%) 28.2 28.6 24.8 12% 23% Trading profit 166 127 95 33 Trading margin (%) 25.0 24.2 21.4 † Re-presented prior
Slide 7: Diversified
Diversified R million 1H26 1H25 1H24 CAGR(%) Contribution to group* Revenue (%) Normalised EBITDA (%) Revenue 1 368 1 674 1 463 (3) Normalised EBITDA 131 234 157 (9) Normalised EBITDA margin (%) 9.6 14.0 10.7 24% 16% Trading profit 113 216 145 (12) Trading margin (%) 8.3 12.9 9.9 Performance inhibit
Slide 8: Solid Beverage performance lifted by Angolan growth
“Solid Beverage performance lifted by Angolan growth, significant reduction in net finance costs and materially reduced gearing with balance sheet capacity.” Glenn Fullerton Chief Financial Officer
Slide 9: Financial overview (continuing operations)
Financial overview (continuing operations) Improved Beverage result, offset by lower Diversified contribution Revenue of Normalised EBITDA of Capital and other items R5.6bn R816m adverse swing of down 1% (1H25: R5.7bn) up 6% excl. Diversified down 6% (1H25: R865m) up 9% excl. Diversified R318m Bever
Slide 10: Financial overview
Financial overview Operational cash flows and lower finance costs reduce gearing Net debt (excl. capitalised leases) Net gearing (excl. capitalised leases) Net debt:EBITDA (excl. Angola) R2.2bn (1H25: R3.1bn) down 30% 69% (1H25: 149%) 2.2x (1H25: 2.9x) Cash generated from operations* R1.5bn Signific
Slide 11: Abridged statement of comprehensive income
Abridged statement of comprehensive income Lower net finance costs lift profitability ‣ Marginal revenue decline ‣ Profit before tax ‣ Beverage South Africa increased 6% R million 1H26* 1H25 %∆ – Growing energy and ‣ Net finance costs down 33% 500ml categories Revenue 5 614 5 671 (1) – Loss of ends
Slide 12: Improved Beverage performance offset by Diversified
Improved Beverage performance offset by Diversified Revenue (Rm) Normalised EBITDA (Rm) (1%) 1H26 1H26 (6%) 6 000 1 000 1H25 5 614 5 671 1H25 9% 865 5 000 8% 816 800 5% 4 245 720 4 000 3 922 4% 658 3 581 3 410 600 533 512 3 000 (18%) 400 (44%) 2 000 28% 1 674 30% 1 368 (99%) 234 30% 200 187 1 000 14
Slide 13: Net debt benefits from 1H25 disposal proceeds
Net debt benefits from 1H25 disposal proceeds Net finance costs (Rm) ‣ Net finance costs 600 Net finance costs on loan/bank ‣ Benefited from: Finance cost on lease liabilities – Full effect from proceeds of disposals 508 ‣ Bevcan Nigeria disposed 31 January 2025 for R1.2bn 500 62 12% – Repo rate imp
Slide 14: Profit growth assisted by 33% reduction in net finance costs
Profit growth for the period assisted by 33% reduction in net finance costs Profit for the period from continuing operations bridge (Rm) 600 62 Increase Decrease Total 93 524 503 Net R1m impact (19) 500 319 (103) (13) 400 Trading profit impact (54) 300 200 (318) 100 Profit for Normalised Normalised
Slide 15: Normalised HEPS growth of 8%
Normalised HEPS growth of 8% 1H26 1H25 1H26 1H25 (R'm) (R'm) (cps)* (cps)* Headline earnings/cents per share 285 471 3 400 5 684 Adjustments (post-tax) ** (13) (127) (151) (1 533) Pension fund surplus (13) (47) (151) (568) COVID-19 interim insurance claim — (80) — (965) Sub-total 272 344 3 249 4 151
Slide 16: Statement of financial position
Statement of financial position Sound balance sheet with capacity R million 1H26* 1H25* % ∆* ‣ Property, plant, ‣ Strong short-term Property, plant, equipment and investment property 4 426 3 573 24 equipment and liquidity Other non-current assets 869 1 158 (25) investment property ‣ Current ratio of
Slide 17: Capex driven by Angola can line relocation to SA
Capex driven by Angola can line relocation to SA Capital expenditure and depreciation (Rm) ‣ Capital expenditure of R239m Replacement Expansion Depreciation charge ‣ Expansion — 56% 450 393 – R126m Angolan line relocation to Springs 383 400 ‣ Replacement — 44% 350 ‣ Asset base remains well capitalis
Slide 18: Net debt managed well from operations generated
Net debt managed well 35% of free cash flow generated allocated to expansion capex Net debt movement (R'm) R million 1H26* % Cash generated from operations Increase Decrease Total before working capital changes 830 2 300 Net working capital changes (338) 55 2 183* Replacement capex (105) 2 200 2 149
Slide 19: Net debt reduction strengthens balance sheet capacity
Net debt reduction strengthens balance sheet capacity R921m debt reduction achieved from operational cash generation Net debt (excluding lease liabilities) (Rm) 12 months 12 months R million ended Sep'25 ended Mar'26 5 000 Local Foreign Net cash generated from operating activities 1 283 1 457 4 436
Slide 20: Statement of cash flows
Statement of cash flows Cash flows from operating activities significantly improves R million 1H26* 1H25 %∆ ‣ Cash flows from ‣ Cash flows Cash generated from operations before working capital changes 830 1 247 (33) operations before from operations: Net working capital changes (338) (742) 54 workin
Slide 21: Working capital investment absorbed operating cash generation
Working capital investment absorbed operating cash generation Changes in working capital — Total operations Working capital days R million 1H26 1H25 Days 1H26 1H25 Decrease/(increase) in inventories 253 (21) Inventory 105 100 Increase in trade and other receivables (424) (232) Trade and other receiv
Slide 22: Sustaining the investment thesis
Sustaining the investment thesis 1 2 3 4 5 6 Sound Action plan Net finance Debt Leverage ROIC Beverage for Diversified costs reduced reduction ratio of 2.2x of 14.6% > margins by R93m spearheaded sound with WACC with pleasing (33%) with by operational positive of 12.4% Angolan further cash flows fut
Slide 23: Balance sheet sound with capacity
Balance sheet sound with capacity Strong cash flows, lower debt and finance costs Focus on dividend resumption Share price appreciation Margin Further preservation reduction and reduced in net debt funding costs and gearing Sustainable and resilient cash generative ability Nampak interim results for
Slide 24: Looking ahead
Looking ahead “Positioned to compete; recalibrating where required” Riaan Heyl Chief Executive Officer
Slide 25: Beverage
Beverage Strategic advantage anchored in capacity, efficiencies and quality distinction Beverage cans — OE 12-month rolling average (%) ▸ Sustain efficiency progress Rosslyn Beverage cans ▸ Complete Springs project Springs cans ▸ Leverage capacity ▸ Market share scope ▸ Limited future capex requirem
Slide 26: Beverage (cont.)
Beverage (cont.) Strategic advantage anchored in capacity, efficiencies and quality distinction ▸ Navigate ends import risk — Duty application filed — Supplier engagement — Price/volume margin management ▸ Long-term customer contracting ▸ Sustain Angola momentum — Service and quality — Working capit
Slide 27: Diversified
Diversified Strategic review completed, implementation in progress From To ▸ Portfolio uncertainty ▸ Portfolio clarity — Exit closures (twist-off complete, ROPP in process) — Remain in food, monobloc and tinplate aerosols, polish — Secure new business — Accelerate long-term supply agreements ▸ High
Slide 28: Full-year outlook
Full-year outlook ▸ Global disruption ▸ Diversified — Supply risk and mitigation — Restructuring — H2 inflation — H2 dependent on fish availability — Consumer pressure ▸ Debt — Demand uncertainty — Sustain operating cash flow ▸ Beverage SA — No dollar debt exposure — Format remains on trend — Conclu
Slide 29: Closing remarks
Closing remarks Strategic clarity gave Nampak stability and resilience Strategic themes Portfolio Strategic Cost optimisation Leadership Strengthening optimisation customer and efficiency development and of the Nampak management extraction cultural evolution brand proposition Nampak interim results
Slide 30: Closing remarks (cont.)
Closing remarks (cont.) Strategic themes remain ▸ Elevate focus on people, culture, capability and processes ▸ Brilliant at the basics Christiaan Theron Alphina Kekae ▸ Investment in leadership and capability — Manufacturing Executive Joined Nov 2025 — General Manager Diversified Joining Jul 2026 —
Slide 31: Farewell to Glenn
Farewell to Glenn Thank you! Nampak interim results for the half-year ended 31 March 2026 30
Slide 32: Next chapter
Next chapter Beverage-led growth and Diversified optimisation Growth A business with enablers significant potential ‣ Beverage capacity and flexibility ‣ Strong cash generation ‣ Angola and regional outlook ‣ Dividend reinstatement ‣ Balance sheet ‣ Considered investments in efficiency capex and wor
Slide 33: Annexures
Ne Nampak quality distinction
Slide 34: Operating profit before net impairment losses
Operating profit before net impairment losses Reconciliation of operating profit before net impairment losses to trading profit and normalised EBITDA Re-presented unaudited Re-presented audited Unaudited 6 months 6 months ended Year ended R million ended 31 Mar 2026 31 Mar 2025 30 Sep 2025 Operating
Slide 35: Tax rate reconciliation
Tax rate reconciliation Reconciliation of statutory to effective tax rate Unaudited Unaudited Audited 6 months ended 6 months ended Year ended R million 31 Mar 2026 31 Mar 2025 30 Sep 2025 Reconciliation of rate of tax Statutory group tax rate 27.0 27.0 27.0 Increase in tax rate due to: 4.7 9.7 2.8
Slide 36: Reconciliation of basic earnings to headline earnings
Reconciliation of basic earnings to headline earnings Inclusive of per share metrics (continuing operations) Unaudited Unaudited Audited 6 months ended 6 months ended Year ended R million 31 Mar 2026 31 Mar 2025 30 Sep 2025 Profit attributable to equity holders of the company for the period 524.1 50
Slide 37: Working capital reconciliation
Working capital reconciliation Trade and other Trade and other R million Inventory receivables payables Total Movement per SFP 304 (480) (121) (297) Assets classified as held for sale (43) 67 (29) (5) Movement from September 2025 261 (413) (150) (302) Items related to FCTR and disposal of businesses
Slide 38: Thank you
Thank you nampak.com