Bid Corporation Limited · JSE:BID
Bid — Bid Corp Ltd Ord — H1 2026 Earnings Presentation
52 slides from Bid's earnings presentation, Feb 25, 2026
Slide 1: 2026 Investor presentation
2026 Investor presentation For the half year ended December 31 2025 Food I Service I Technology
Slide 2: Unaudited results
1 2026 Unaudited results Bidcorp I Unaudited results for the half year ended December 31 2025 For the half year ended December 31 2025 Food | Service | Technology Notes
Slide 3: Agenda
2 Agenda 1 H1 results 2 Financial analysis in perspective Bernard Berson David Cleasby 3 4 Progress since Strategic outlook 2016 listing Bernard Berson Bernard Berson Bidcorp I Unaudited results for the half year ended December 31 2025 5 5 Q&A and close Appendices Supplementary information Notes
Slide 4: H1 F2026 results in perspective
Bidcorp I Unaudited results for the half year ended December 31 2025 Notes Bernard Berson results in H1 F2026 perspective 3
Slide 5: Consistently compounding value through disciplined strategy and operational execution
4 Consistently compounding value through disciplined strategy and operational execution Our decentralised model enables resilient growth, through all market conditions Despite macroeconomic uncertainty, we continue to grow steadily and consistently, reflecting the strength of our decentralised struc
Slide 6: Group overview
5 Group overview • The group has delivered a resilient, solid result in a volatile and increasingly competitive operating environment – reflective of the benefits of the diverse portfolio (despite a flat Australasia contribution) Revenue up 7,1% • Revenue increased by 5,9 % in constant currency (cc)
Slide 7: Bidfood Australasia
6 Bidfood Australasia Constant H1 currency H1 F2026 Share of group % change H1 F2026 % change F2025 Share of group Trading conditions Revenue R23,3 bn 18,4% (0,3%) R24,4 bn 4,5% R23,4 bn 20,7% bottoming out with Trading profit R1,7 bn 25,5% (4,6%) R1,8 bn (0,1%) R1,8 bn 28,4% medium-term Trading mar
Slide 8: Bidfood United Kingdom
7 Bidfood United Kingdom Constant H1 currency H1 F2026 Share of group % change H1 F2026 % change F2025 Share of group Revenue R36,4 bn 28,8% 6,4% R36,1 bn 5,8% R34,2 bn 29,0% UK delivered a solid Trading profit R1,3 bn 18,6% 9,8% R1,3 bn 9,2% R1,1 bn 18,0% performance in a weak Trading margin 3,5% 3
Slide 9: Bidfood Europe
8 Bidfood Europe Constant H1 currency H1 F2026 Share of group % change H1 F2026 % change F2025 Share of group Eastern and Southern Revenue R48,6 bn 38,5% 13,3% R46,1 bn 7,6% R42,9 bn 36,3% European growth higher Trading profit R2,9 bn 42,1% 18,2% R2,7 bn 11,7% R2,4 bn 37,9% than Western European Tra
Slide 10: Bidfood Europe
9 Bidfood Europe Constant H1 currency H1 F2026 Share of group % change H1 F2026 % change F2025 Share of group Eastern and Southern Revenue R48,6 bn 38,5% 13,3% R46,1 bn 7,6% R42,9 bn 36,3% European growth higher Trading profit R2,9 bn 42,1% 18,2% R2,7 bn 11,7% R2,4 bn 37,9% than Western European Tra
Slide 11: Bidfood Emerging Markets
10 Bidfood Emerging Markets Constant Mixed performance H1 currency H1 F2026 Share of group % change H1 F2026 % change F2025 Share of group against demanding political and economic Revenue R18,1 bn 14,3% 3,0% R18,3 bn 4,1% R17,6 bn 14,9% macros Trading profit R1,1 bn 15,6% 5,0% R1,1 bn 5,2% R1,0 bn 1
Slide 12: Bidfood Emerging Markets
11 Bidfood Emerging Markets Constant Mixed performance H1 currency H1 F2026 Share of group % change H1 F2026 % change F2025 Share of group against demanding political and economic Revenue R18,1 bn 14,3% 3,0% R18,3 bn 4,1% R17,6 bn 14,9% macros Trading profit R1,1 bn 15,6% 5,0% R1,1 bn 5,2% R1,0 bn 1
Slide 13: Financial analysis
Bidcorp I Unaudited results for the half year ended December 31 2025 Notes David Cleasby analysis Financial 12
Slide 14: F2026 half year financial highlights
13 F2026 half year financial highlights Solid top line despite Australasia Distribution of 615,0 cps increased Revenue 7,1% (18,4% group contribution) flat in Dividend by 10%, ahead of ‘normalised growth growth 9,8% (cc 5,9%) the period; acquisitions added 1,3% earnings’ growth Maintained despite ce
Slide 15: Statement of profit
14 Statement of profit H1 F2024 H1 F2025 H1 F2026 H1 F2024 H1 F2025 H1 F2026 23,7% 24,1% 24,0% 6,0% 6,1% 18,5% 18,8% 18,6% 5,8% 5,3% 5,4% 5,2% Gross profit % Total expenses % EBITDA margin % Trading profit margin % • Revenue of R126,3 billion (H1 F2025: R117,9 billion) is up 7,1% (constant currency
Slide 16: Statement of profit
15 Statement of profit Non-IFRS 16 interest Effective tax rate Headline earnings HEPS (R’ million) (R’ billion) (cps) 26% - 27% RANGE 324,9 27,0% 4,5 26,7% 1 325,2 319,1 26,6% 317,5 4,1 3,9 1 221,6 1 152,4 H1 F2024 H1 F2025 H1 F2026 H1 F2024 H1 F2025 H1 F2026 H1 F2024 H1 F2025 H1 F2026 H1 F2024 H1 F
Slide 17: Cash flows
16 Cash flows Cash generated from operations before working capital of R8,8 billion (H1 F2025: R8,0 billion) • 114% of EBITDA and 129% of trading profit (H1 F2025: 113% of EBITDA and 128% of trading profit) • Non-cash items mainly comprise mainly comprise share‐based payment expenses of R167,8 milli
Slide 18: Financial position
17 Financial position Equity R' billion Net debt R' billion EBITDA interest cover x Net debt to equity % 23,7 47,7 47,0 23,1 44,0 22,2 8,2 7,8 6,2 13,0% 18,5% 16,5% F2025 H1 F2025 H1 F2026 F2025 H1 F2025 H1 F2026 • Balance sheet remains strong and conservative (as we like it) • Shareholders’ equity
Slide 19: Financial guidance
18 Financial guidance • Financial strength supportive of businesses growth • rand appreciation against most currencies will impact group rand results assuming current levels prevail Financial strength • adequate headroom to fund our organic and acquisitive growth remains supportive of • expected gen
Slide 20: Progress since 2016 listing
Bidcorp I Unaudited results for the half year ended December 31 2025 Notes Bernard Berson 2016 listing Progress since 19
Slide 21: Track record from F2016 to F2025
20 Track record from F2016 to F2025 Total shareholder ROFE has grown by 600bps since return 7% Solid compound annual growth ROFE listing, reflecting managements Share growth and returned to shareholders (excl properties) 53% effectiveness in generating returns CAGR capital returns while growing 8% r
Slide 22: Compounding value
21 Compounding value Revenue growth and HEPS Revenue (ZAR'mn) Distribution to shareholders (cps) HEPS (cps) 250 000 3000 1 200 200 000 2500 1 000 COVID IMPACT COVID IMPACT 2000 800 150 000 1500 600 100 000 1000 400 50 000 500 200 0 0 0 F2016 F2017 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 F201
Slide 23: Strategic outlook
Bidcorp I Unaudited results for the half year ended December 31 2025 Notes Bernard Berson outlook Strategic 22
Slide 24: Moving along our foodservice continuum
23 Moving along our foodservice continuum Growing returns by: ✓ optimising customer mix ✓ strengthening procurement ✓ developing Own Brands and premium range ✓ investing in value-add capability ✓ securing preferred supplier status Bidcorp I Unaudited results for the half year ended December 31 2025
Slide 25: Outlook
24 Outlook We expect trading conditions and outcomes to remain broadly in line with recent trends – global consumer sentiment continues to be under pressure; food inflation remains contained at moderate levels We are progressing along our foodservice margin continuum, with improvements delivered in
Slide 26: Q&A and close
Bidcorp I Unaudited results for the half year ended December 31 2025 Notes Q&A David Cleasby Bernard Berson and close 25
Slide 27: Appendices
Bidcorp I Unaudited results for the half year ended December 31 2025 Notes Appendices Supplementary information 26
Slide 28: Strategy
Bidcorp I Unaudited results for the half year ended December 31 2025 Notes Strategy 27
Slide 29: Who we are
28 Who we are 1 Why invest in Bidcorp I Unaudited results for the half year ended December 31 2025 Unaudited results for the half year ended December 31 2025 28 Notes
Slide 30: Capital allocation
Bidcorp I Unaudited results for the half year ended December 31 2025 Notes Capital allocation 29
Slide 31: Disciplined approach to capital allocation
30 Disciplined approach to capital allocation F2016 – F2025: 10% compound growth in EBITDA Capital allocation priorities Cumulative free EBITDA Net Debt cash flow generated Invest in the business 01 Pay a progressive 02 for the best return dividend R22,2 bn 14,5 • Low risk, high-return organic in- •
Slide 32: Acquisition growth
31 Acquisition growth 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 F2026 Number of acquisitions 10 13 5 1 5 10 9 4 12 4 Committed acquisition spend R0,2 bn R1,4 bn R0,7 bn R0,1 bn R0,3 bn R0,9 bn R1,9 bn R0,4 bn R2,5 bn R0,8 bn Annualised revenue R3,6 bn R4,6 bn R0,6 bn R0,7 bn R0,3 bn R2,5 bn R4
Slide 33: H1 F2026 acquisitions completed
32 H1 F2026 acquisitions completed YTD acquisitions completed 4 United Kingdom Hodgson Fish Sailbrand South Africa Fridge Foods Italy GAS Malaysia Chuan Yee July 2025 Acquisition pipeline slowing Bidcorp I Unaudited results for the half year ended December 31 2025 as valuation expectations between s
Slide 34: Financial analysis
Bidcorp I Unaudited results for the half year ended December 31 2025 Notes analysis Financial 33
Slide 35: Segmental revenue
34 Segmental revenue Constant H1 share of currency H1 share of R’ million F2026 group % % change H1 F2026 % change F2025 group % Australasia 23 275,7 18,4 (0,3) 24 396,8 4,5 23 356,7 19,8 United Kingdom 36 351,5 28,8 6,4 36 147,8 5,8 34 173,4 29,0 Europe 48 572,4 38,5 13,3 46 112,2 7,6 42 855,4 36,3
Slide 36: Segmental trading profit
35 Segmental trading profit Constant H1 share of currency H1 share of R’ million F2026 margin % group % % change H1 F2026 % change F2025 margin % group % Bidfood 6 892,0 6 812,6 6 373,4 Australasia 1 726,6 7,4 25,5 (4,6) 1 808,9 (0,1) 1 809,9 7,7 28,4 United Kingdom 1 258,1 3,5 18,6 9,8 1 251,1 9,2
Slide 37: Consolidated statement of profit or loss
36 Consolidated statement of profit or loss Constant H1 currency H1 R’ million F2026 % change H1 F2026 % change F2025 Revenue 126 288,9 7,1 124 943,8 5,9 117 947,9 Gross profit % 24,0% (0,4) 23,9% (0,2) 24,1% Revenue Net finance expense (1 037,6) (14,0) (1 037,6) (965,8) (6,2) • Share United of King
Slide 38: Consolidated statement of profit or loss
37 Consolidated statement of profit or loss Constant H1 currency H1 R’ million F2026 % change H1 F2026 % change F2025 Revenue 126 288,9 7,1 124 943,8 5,9 117 947,9 Trading profit 6 771,5 8,1 6 692,8 6,9 6 263,6 Trading margins 5,4% 1,0 5,3% 0,0 5,3% Non-IFRS 16 EBITDA 7 702,3 8,7 7 609,2 7,5 7 078,7
Slide 39: Consolidated statement of profit or loss
38 Consolidated statement of profit or loss Constant H1 currency H1 R’ million F2026 % change H1 F2026 % change F2025 Revenue 126 288,9 7,1 124 943,8 5,9 117 947,9 Trading profit 6 771,5 8,1 6 692,8 6,9 6 263,6 Net finance expense (583,3) (5,9) (580,6) (5,4) (550,7) • Constant currency net finance c
Slide 40: Consolidated statement of profit or loss
39 Consolidated statement of profit or loss Constant H1 currency H1 R’ million F2026 % change H1 F2026 % change F2025 Revenue 126 288,9 7,1 124 943,8 5,9 117 947,9 Trading profit 6 771,5 8,1 6 692,8 6,9 6 263,6 Net finance expense (583,3) (5,9) (580,6) (5,4) (550,7) Share of profit of associates and
Slide 41: Consolidated statement of profit or loss
40 Consolidated statement of profit or loss Constant H1 currency H1 R’ million F2026 % change H1 F2026 % change F2025 Revenue 126 288,9 7,1 124 943,8 5,9 117 947,9 Trading profit 6 771,5 8,1 6 692,8 6,9 6 263,6 Net finance expense (583,3) (5,9) (580,6) (5,4) (550,7) Share of profit of associates and
Slide 42: Consolidated statement of profit or loss
41 Consolidated statement of profit or loss Constant H1 currency H1 R’ million F2026 % change H1 F2026 % change F2025 Revenue 126 288,9 7,1 124 943,8 5,9 117 947,9 Trading profit 6 771,5 8,1 6 692,8 6,9 6 263,6 Net finance expense (583,3) (5,9) (580,6) (5,4) (550,7) Share of profit of associates and
Slide 43: Consolidated statement of financial position
42 Consolidated statement of financial position Investment in PPE infrastructure H1 H1 • Expansionary capital investment amounted to R776,2 million mainly related to infrastructure capin (through upgrades to (or R’ million F2026 F2025 new) distribution centers including the fit-out of plant and equi
Slide 44: Consolidated statement of cash flows
43 Consolidated statement of cash flows H1 F2026 (R’ billion) H1 F2025 (R’ billion) Cash generated from operations 8,8 Cash generated from operations 8,0 Working capital utilised (2,0) Working capital utilised (2,7) Net finance charges (0,5) Net finance charges (0,4) Taxation (1,6) Taxation (1,5) Di
Slide 45: Cash generated by operations, net working capital, and cash conversion
44 Cash generated by operations, net working capital, and cash conversion Working capital vs. cash generated by operations % Cash conversion of CGO before % Cash conversion of CGO after working capital working capital Net working capital Cash generated by operations EBITDA Trading profit EBITDA Trad
Slide 46: Cash generated by operations, net working capital, and cash conversion
45 Cash generated by operations, net working capital, and cash conversion Rolling average 3-month working capital days Creditor days Stock days Debtors days Net days 12 10 12 10 7 7 41 38 38 38 37 36 41 39 40 37 37 36 (75) (70) (66) (65) (63) (62) COVID IMPACT Bidcorp I Unaudited results for the hal
Slide 47: Gearing
46 Gearing Current EBITDA: Net debt covenant – Net debt to be lower than R33,6 billion Net interest-bearing debt (R' billion) EBITDA interest cover (x) 25,4 25,7 24,3 23,7 23,2 23,2 22,2 23,1 20,7 8,2 7,8 6,2 6,2 4,6 3,1 2,4 2,1 1,7 Bidcorp I Unaudited results for the half year ended December 31 202
Slide 48: Historical results analysis
Bidcorp I Unaudited results for the half year ended December 31 2025 Notes Historical results analysis 47
Slide 49: Bidcorp's historic performance
48 Bidcorp’s historic performance Trading margin Annualised returns (%) (%) ROFE ROE 5,16 5,16 5,35 5,39 5,5 5,31 5,38 62,8 61,5 4,97 5,07 59,0 54,9 53,4 53,5 4,17 49,4 3,66 3,37 42,3 27,7 16,6 16,1 16,3 19,7 19,1 17,6 18,9 11,0 4,6 F2016 F2017 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 H1F25 H
Slide 50: Unaudited results
49 2026 Unaudited results Bidcorp I Unaudited results for the half year ended December 31 2025 For the half year ended December 31 2025 Food | Service | Technology Notes
Slide 51: Bidcorp I Unaudited results for the half year ended December 31 2025
Bidcorp I Unaudited results for the half year ended December 31 2025 Notes 50
Slide 52: www.bidcorpgroup.com
« Bidcorp eS —~~- www.bidcorpgroup.com