Pepkor Holdings Ltd. · JSE:PPH
Pepkor — Investor Day (2026)
34 slides from Pepkor's investor day presentation, 2026
Slide 1: Executing Today
Execut Today ps
Slide 2: Executing today, inventing tomorrow
. . . it’s in our DNA SEAN CARDINAAL Chief Operating Officer EXECUTING today INVENTING tomorrow
Slide 3: Strategic Model
STRATEGIC MODEL Categories Segments Scale Data & Tech Customer Execution Monetisation People needs Channels Geographies 22
Slide 4: Slide 4
Slide 5: Customer Needs
CUSTOMER NEEDS 1965 1990 – 2000 2010 – 2020 2024 2025 24
Slide 6: Execution: The Three Cs to Solve Customer Needs
EXECUTION THE THREE Cs TO SOLVE CUSTOMER NEEDS CAPABILITY CAPACITY CAPITAL 25
Slide 7: Execution
EXECUTION 1. PARTNER 2. ORGANIC 3. M&A • Historically preferred • Faster implementation • Act as agent • 2015 – 2025 • Faster implementation • Longer implementation • Higher risk • Lower risk • 10 years • Regulatory complexity • Total cost of funding • 183 stores • R1bn sales • 258 stores Often morp
Slide 8: M&A
M&A M&A FRAMEWORK PAST INTERNATIONAL SUCCESSES • Strategic & targeted • Value retail – category and geography • EM – Poland • DM – UK • DM – Australia • Capabilities – Fintech and • Small acquisition • Large acquisition • Leverage group assets enablers • Turnaround • Scaled • 200 stores • Clear VCP
Slide 9: Monetisation
MONETISATION MULTIPLYING One brand to multi-brand CUSTOMER One-off to monthly LIFETIME VALUE 2x & FREQUENCY OF SHOP Unknown to known 1.2x 1x > 20 brands > 10 brands 28
Slide 10: Monetisation
MONETISATION MULTIPLYING One-off to annuity CUSTOMER LIFETIME VALUE Feature phone to smartphone • > 20 retail brands • RSP & tenure +50% • Insurance income • Rental income • OGR on SIM • GP on handset Cash SIM 2.0 handset card 29
Slide 11: How We Think About Growth
HOW WE THINK ABOUT GROWTH 1 2 3 4 FINSERV & LEVERAGE & RETAIL CORE OMNICHANNEL CONNECTIVITY EFFICIENCY Categories Retail credit Logistics Physical Segments Insurance Sourcing Digital Geographies Cellular Data & tech Informal Banking People BUSINESS AS USUAL + ORGANIC GROWTH + M&A 30
Slide 12: Retail Core
. . . it’s in our DNA 1 RETAIL CORE Categories Segments Geographies 31
Slide 13: Categories – Babies & Kids
CATEGORIES – BABIES & KIDS CMD 24 MAINTAINED DOMINANT MARKET POSITION Future Protect & ● Maintain dominant +38bps Babies +68bps Kids market position entrench market share gains share gains position ● Grow mid-market segment position Expand position 2 out of 3 1 out of 2 ● Double footprint babywear s
Slide 14: Categories – Home
CATEGORIES – HOME Future CMD 24 GREW MARKET SHARE ● Store expansion Grow +151bps market share ● Online growth homeware 25% share ● Category extension • +85 stores • 478 stores • Launched online • 266m #PEPHOME finds 33
Slide 15: Categories – Home
CATEGORIES – HOME ACQUIRED Future CMD 24 SHOPRITE FURNITURE ● Implement Consolidate ● 400 stores • Category synergy – SA furniture vs appliances ● Execute VCP & scale ● R7bn revenue • Geographic expansion ● Non-SA • Economies of scale implemented • Financial services • Strengthen e-commerce ● SA in
Slide 16: Categories – Adultwear
CATEGORIES – ADULTWEAR Future CMD 24 ORGANIC EXPANSION ● Validate AYANA ● Expand Grow market ● +113bps market share ○ RFNRY 2.0 share ○ Ackermans ● Launched in menswear 250 32 stores stores ● Menswear in 80 stores ● Launched Refinery 2.0 with activewear in 10 stores 35
Slide 17: Categories – Adultwear
CATEGORIES – ADULTWEAR ACQUIRED Future CMD 24 RETAILABILITY BRANDS ● Execute VCP Grow market • Scale Speciality ● Consolidate share adultwear • 3 retail brands • 258 stores brands • R1.5bn revenue • 462 stores • +356bps Women • 5 countries market share • Back-office economies of scale • Sourcing lever
Slide 18: New Segments – Off-Price
NEW SEGMENTS – OFF-PRICE Future CMD 24 EMERGING OFF-PRICE SEGMENT ● Execute VCP Grow new • Price disruptor ● >300 store potential customer • >1 000 stores segments • Trading densities across 5 competitors • Pepkor leverage Premium • Operating efficiencies Fashion ACQUIRED • Footprint CHOICE CLOTHING e
Slide 19: Geographies
GEOGRAPHIES Future CMD 24 FOCUS ON ● Protect CONSOLIDATION, Africa – not a PROFITABILITY positioning growth engine REPATRIATION ● Location optimisation • Exited Nigeria • +21% LFL ● Profitability 2-YR Ave* & cash • Reduced Mozambique footprint • +23% EBIT • Maintained 2-YR CAGR* footprint in Zambia,
Slide 20: Geographies
GEOGRAPHIES CMD 24 GROW AVENIDA Diversify & Rationale Execution Future expand new • Emerging market • Opened 90 stores ● Validate • Large population • Closed: Avenida store geographies • Fragmented market ○ Giovanna • Discount & value fit ○ Online model • Established business - ○ Cellular ● Expand 10
Slide 21: FinServ & Connectivity
. . . it’s in our DNA 2 Retail credit FIN SERV & CONNECTIVITY Insurance Cellular Banking 40
Slide 22: FinServ & Connectivity – Retail Credit
FINSERV & CONNECTIVITY – RETAIL CREDIT Future CMD 24 CREDIT INTEROPERABILITY ● Book quality Grow retail ● Acquisition credit • 2 000 to 4 700 stores costs • Doubled A+ accounts • Shadow limit strategy • >R6bn cross-shop benefit • Group credit mix <20% 41
Slide 23: FinServ & Connectivity – Cellular
FINSERV & CONNECTIVITY – CELLULAR CMD 24 GROW HANDSET SALES LAUNCHED Future Grow FONEYAM ● SIM churn • 25m handsets sold ● CLVP – cellular • 200k to 4m handsets • 16m smartphones sold FoneYam 2.0 onboarded ● Digital • 25% private label • Launched 18-month gateway market share annuity income stream w
Slide 24: FinServ & Connectivity – Insurance
FINSERV & CONNECTIVITY – INSURANCE CMD 24 Future CENTRALISED INSURANCE Leverage CAPABILITY & LEVERAGE ● Funeral market share insurance ● Disruptive licence Embedded Bundled new products • 7.1m • 622k credit life policies ● Group channel parcels annually leverage • R7.7bn credit life cover • 1.9m dev
Slide 25: FinServ & Connectivity – Banking
FINSERV & CONNECTIVITY – BANKING CMD 24 ESTABLISH A BANKING PRESENCE Future Solve more Stitching retail + financial services ● Refine CVP needs ● Operating + informal market model Customer need Regulatory application ● Launch • Trust process • Accessibility • Section 13 approved • Affordability • Sect
Slide 26: Omnichannel
. . . it’s in our DNA 3 OMNICHANNEL Physical Digital Informal 45
Slide 27: Omnichannel – Physical
OMNICHANNEL – PHYSICAL CMD 24 STORE FOOTPRINT 5 978 TO 6 637 STORES Future ● Space Grow +659 net stores expansion +200 physical stores store +267 net stores opened +642 stores acquired ● Footprint footprint • +5% space growth • +6% space growth optimisation & consolidation -250 disposals & consolida
Slide 28: Omnichannel – Digital
OMNICHANNEL – DIGITAL Future GREW ONLINE SALES LAUNCHED +MORE ● Brand-driven CMD 24 ● Expand app Grow online • +27% sales to 2.4% of • >16m members functionality & sales sales engagement • 41% scan rate ● Monetise data Build central • Potential 5% of sales in digital 5 years • Data insights potentia
Slide 29: Omnichannel – Informal
OMNICHANNEL – INFORMAL CMD 24 Future EXPANDED FLASH BEYOND VAS ● Extend value Grow informal • Trader – New products launched chain reach market • SASSA grant payouts ● Stitching retail ecosystem • 372m voucher redemptions + financial • 23 voucher solutions built services + informal market • Expanded
Slide 30: Leverage & Efficiency
. . . it’s in our DNA 4 Logistics LEVERAGE & EFFICIENCY Sourcing Data & tech People 49
Slide 31: Sourcing
SOURCING CMD 24 PRINCIPLE USD2.4BN CFH SOURCING Future Grow direct Direct sourcing • +32% in units ● Leverage direct sourcing • Control value chain • New categories: capability • Reduce COGS ○ Footwear ● Grow quick • Visibility ○ General merchandise response • Reduced cost to serve ● Supplier compli
Slide 32: Logistics
LOGISTICS Future CMD 24 DARKSTORE CAPABILITY GROUP COURIER ● Add brands to Leverage darkstore scale • Lifestyle capability • Lifestyle capability ● Leverage group courier • Speciality • Skooch courier capability onboarded launched ● DC • >140k online orders • PAXI onboarded Automation annually • 3.7
Slide 33: AI Strategy & Group Focus
AI STRATEGY & GROUP FOCUS MACHINE LEARNING LARGE LANGUAGE WORKFORCE AGENTIC AI MODELS AUGMENTATION Labour scheduling Agent solutions Properties Lease 20% efficiency gain Recons 5 000 support management employees AI powered procedure Audit 6 000 Dynamic route planning property leases and policies 27m C
Slide 34: The Future in Summary – Growth Levers
THE FUTURE IN SUMMARY – GROWTH LEVERS 1 2 3 4 RETAIL CORE FINSERV & LEVERAGE & OMNICHANNEL CONNECTIVITY EFFICIENCY Entrench dominance in Leverage Physical – grow Grow central sourcing core categories ● Retail credit & optimise ● Finserv Leverage distribution Integrate M&A & execute ● Insurance capab