Slide 1: Q3 2026 Earnings Presentation
Q3 2026 Earnings Presentation January 21, 2026 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 5,106M USD $298M2,3 95%5 Intelligent SaaS platform for connected vehicles and other mobile assets Our platform empowers fleet and asset management, field worker management, video- ↑22% Y-o-Y ↑28% Y-o-Y Commercial Customer ARR based safety including AI video, compliance and risk mitiga
Slide 5: Karooooo
KAROOOOO Leading physical operations management platform, focused on South Africa, Southeast Asia and Europe. 100% 81% Ownership Ownership Delivery-as-a-Service Logistics SaaS Operations Management Platform Subscription Revenue (Q3 2026) B2B Delivery-as-a-Service (DaaS) Revenue2 (Q3 2026) ZAR 1,236M
Slide 6: Q3 2026 Karooooo Group Snapshot
Q3 2026 KAROOOOO GROUP SNAPSHOT Total Revenue Cartrack Adjusted EBITDA¹ Margin, Operating UP 22% ZAR 1,410M Profit Margin and Subscription Revenue Growth Q3 2025: ZAR 1,159M 50% 47% 47% 47% 45% Subscription Revenue UP 20% ZAR 1,239M 40% Q3 2025: ZAR 1,032M 31% 30% 30% 28% 30% Operating Profit UP 14%
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 1/2/2026 Note: “Rule of 50+” analysis utilizes Street CY2026E Revenue and CY2026E GAAP EBITDA Margin (i.e. including SBC) for a select group of ~140 listed SaaS
Slide 8: Q3 2026 Financial and Operational Highlights
Q3 2026 FINANCIAL AND OPERATIONAL HIGHLIGHTS SaaS ARR1 Accelerated Healthy Subscription Solid Subscriber Growth • ARR1 growth accelerated to 22% Y-o-Y and Revenue Growth • Cartrack subscriber growth increased 16% reached ZAR 5,106 million Y-o-Y to ~2.6 million • Cartrack subscription revenue increas
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 Q3 2026 Gross Profit Margin based only on Subscription Revenue >9x 95% LTV1 to CAC 73% Commercial Customer ARR Retention Rate3
Slide 10: South Africa Q3 2026 Review
SOUTH AFRICA Q3 2026 REVIEW Cartrack Subscribers (Q3 2026) ~1.9M Cartrack Subscriber Growth (Q3 2026) 16% Y-o-Y SOUTH AFRICA Cartrack Market Share Dominant Cartrack Brand Awareness Strong • 5,400+ employees1 Cartrack and Karooooo Logistics Footprint • Vertically integrated Population ~63 million2 GD
Slide 11: Southeast Asia Q3 2026 Review
SOUTHEAST ASIA Q3 2026 REVIEW Cartrack Subscribers (Q3 2026) ~318k1 Cartrack Subscriber Growth (Q3 2026) 20% Y-o-Y SOUTHEAST ASIA Cartrack Market Share A leader across SE Asia Cartrack Brand Awareness Growing • 1,280+ employees2 Cartrack Footprint • Vertically integrated Population ~640M3 GDP ~$5 Tr
Slide 12: Europe Q3 2026 Review
EUROPE Q3 2026 REVIEW Cartrack Subscribers (Q3 2026) ~223K EUROPE Cartrack Subscriber Growth (Q3 2026) 16% Y-o-Y Cartrack Market Share Healthy in key countries Cartrack Brand Awareness Strong in key countries • 370+ employees1 Cartrack Footprint • Vertically integrated Population ~450M2 GDP ~$20 Tri
Slide 13: Karooooo Logistics Q3 2026 Review
KAROOOOO LOGISTICS Karooooo Logistics Continues Q3 2026 REVIEW to Scale B2B Delivery as a Service Platform Delivered revenue of ZAR135 Million, an increase of 24% Y-o-Y Connects business demand for last-mile delivery with an elastic supply of vetted 3rd party delivery drivers Delivered 7% operating
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: Q3 2026 Financial Performance
Q3 2026 Financial Performance 16
Slide 17: Karooooo Continues to Deliver Strong Subscription Revenue Growth
KAROOOOO CONTINUES TO DELIVER STRONG SUBSCRIPTION REVENUE GROWTH UP 20% UP 14% UP 11% Subscription Revenue Operating Profit Earnings Per Share Q3 2026 ZAR 1,239M Q3 2026 ZAR 369M Q3 2026 ZAR 8.55 Q3 2025 ZAR 1,032M Q3 2025 ZAR 325M Q3 2025 ZAR 7.68 ROBUST EARNINGS GROWTH CONSIDERING THE SIGNIFICANT
Slide 18: Cartrack’s Strong Performance Continues, Fueled by SaaS Revenue Momentum
CARTRACK’S STRONG PERFORMANCE CONTINUES, FUELED BY SaaS REVENUE MOMENTUM UP 21% UP 20% Revenue Subscription Revenue Subscription Q3 2026 ZAR 1,275M Q3 2026 ZAR 1,236M Revenue as a % Q3 2025 ZAR 1,051M Q3 2025 ZAR 1,029M of Revenue Q3 2026 97% Q3 2025 98% UP 22% UP 28% ARR¹ in ZAR ARR¹ in USD² Q3 202
Slide 19: Cartrack Extends Two Decade Track Record of Consistent Execution
CARTRACK EXTENDS TWO DECADE TRACK RECORD OF CONSISTENT EXECUTION AND RESILIENCE Scale Growth Profitability Subscribers Subscription Revenue Operating Profit 000s ZAR M ZAR M 2,568 1 236 2,457 1 180 377 359 2,386 1 138 344 2,302 1 084 342 2,223 2,137 1 029 316 2,047 983 960 295 293 1,972 930 289287 1
Slide 20: Cartrack Delivered Record Q3 Net Subscriber Additions
CARTRACK DELIVERED RECORD Q3 NET SUBSCRIBER ADDITIONS 111 478 89 168 86 617 84 013 78 593 79 009 75 910 75 256 75 484 70 740 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
Slide 21: Subscriber Growth Remains Strong
SUBSCRIBER GROWTH REMAINS STRONG FY FY FY FY Q3 Q3 ‘000s Subscribers 2022 2023 2024 2025 FY25 FY26 Y-o-Y SOUTH AFRICA 1,186 1,315 1,493 1,737 1,675 1,937 16% ASIA AND MIDDLE EAST 145 185 230 274 264 318 20% EUROPE 127 144 167 201 192 223 16% AFRICA- OTHER 68 73 82 91 92 90 -2% TOTAL 1,526 1,717 1,97
Slide 22: Fourth Consecutive Quarter of Cartrack ARR Growth Acceleration
FOURTH CONSECUTIVE QUARTER OF CARTRACK ARR1 GROWTH ACCELERATION ARR¹ and ARR¹ Growth ZAR M 5 500 25% 22% 20% 20% 18% 5 000 17% 5 106 4 806 14% 14% 14% 15% In USD2, Q3 SaaS ARR1 4 574 4 500 4 384 reached USD298 million 4 195 10% 3 990 4 000 3 864 5% 3 500 0% Q1 FY25 Q2 Q3 Q4 Q1 FY26 Q2 Q3 ARR1 ACCELE
Slide 23: Q3 2026 Cartrack Geographic Subscription Revenue Mix and Growth
Q3 2026 CARTRACK GEOGRAPHIC 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: 21% 21% Asia & ME: 14% 18% 15% Europe: 24% 19% Africa Other: 13% 12% - South Africa growth acc
Slide 24: Karooooo Continues to Deliver Strong Earnings Per Share
KAROOOOO CONTINUES TO DELIVER STRONG EARNINGS PER SHARE Q4 FY25 9.48 FY FY FY FY Q1 Q21 Q31 Q41 Q1 Q2¹ Q3¹ Q4 FY24 6.81 ZAR 20221 2023 2024 20251 2025 2025 2025 2025 2026 2026 2026 UP 11% KAROOOOO ADJUSTED CARTRACK 16.57 20.62 24.77 30.90 6.95 7.17 7.51 9.28 8.37 8.07 8.35 EARNINGS PER SHARE¹ Q3 202
Slide 25: Two Decade Track Record of Strong Free Cash Flow Generation
KAROOOOO HAS A TWO DECADE TRACK RECORD OF STRONG FREE CASH FLOW GENERATION - YTD Adj. Free Cash Flow increased 37% Y-o-Y; - Q3 Adj. Free Cash Flow CARTRACK increased 28% Y-o-Y ZAR M ZAR M ACCELERATING Earnings Earnings ARR GROWTH Adj. Free Cash Flow1 937 Adj. Free Cash Flow1 Q3 2026 22% 786 754 Q2 2
Slide 26: Karooooo Has a 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 1 001 966 922 950 Debtor’s Days economics 854 1 856 838 819 31 799 718 782 3 Robust operating margins 2 674 664 651 544 531 Unleveraged ba
Slide 27: Raising Midpoint of Revenue Outlook for FY 2026
RAISING MIDPOINT OF REVENUE OUTLOOK FOR FY 2026 Previous Revised FY 2026 FY 2026 FY 2022 FY 2023 FY 2024 FY 2025 YTD FY 2026 Outlook Outlook Cartrack’s Subscription Revenue (ZAR M) 2,566 3,004 3,523 4,055 3,553 4,700 – 4,900 4,785 – 4,900 Y-o-Y Growth 17% 17% 15% 20% 16% - 21% 18% - 21% Cartrack’s O
Slide 28: Q3 2026 Earnings Highlights, Key Investment Highlights
Q3 2026 Earnings Highlights Key Investment Highlights • SaaS ARR1 growth accelerated to 22% Y-on-Y; SaaS ARR1 growth in • Well positioned to drive profitable growth given efficient unit USD2 accelerated to 28% reaching USD298 million economics and expansive TAM • Cartrack subscription revenue growth
Slide 29: Q&A Thank you
Q&A Thank you
Slide 30: Appendix
Appendix
Slide 31: Our Platform Simplifies Decision Making by Unifying Data and Information
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 in Southern Africa
CARTRACK TAG EXTENDS PLATFORM TO ANY MOBILE ASSET IN SOUTHERN 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 • Resi
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 2004 Fleet Optimisation moved to in Sout
Slide 36: Simplifying Fuel Management Extends Benefits Far Beyond Fuel
SIMPLIFYING 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 St
Slide 37: Growing Physical Operations Market Opportunity
GROWING PHYSICAL OPERATIONS MARKET OPPORTUNITY Global Automotive OEM Telematics TAM Global Automotive OEM Telematics TAM $321.3B1 GLOBAL 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
Slide 40: 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 (ZAR in millions) FY25A (ZAR in millions) No Growth Scenario Total Revenue 4,147 ARR 4,384 Total Revenue % Growth 15% Subscription Revenue 4,055 Subscription Revenue