Slide 1: AVI Limited presentation to shareholders & analysts
AVI Limited presentation to shareholders & analysts for the six months ended 31 December 2025
Slide 2: Agenda
AGENDA Key features and results history Group financial results Performance Prospects Questions and answers
Slide 3: Key Features
KEY FEATURES Sound profit growth in a consumer environment which remains constrained Group revenue increased by 4,9% Sales volume growth in biscuits supported by innovation Strong December performance in the fashion retail portfolio with higher footwear volumes Gross margins well managed i
Slide 4: Key Features
KEY FEATURES Group operating profit increased by 11,6% Headline earnings per share up 11,7% to 455,1 cents Robust cash generation – 95,6% cash to EBITDA conversion Return on capital employed of 35,9% for the 12 months to December 2025 Interim dividend of 245 cents per share, up 11,4%
Slide 5: Results History: Operating profit history
RESULTS HISTORY Operating profit history Operating profit history 2 400 2 194 2 200 1 965 2 000 307 1 804 1 800 289 96 1 541 1 600 1 530 1 515 322 93 108 1 408 1 456 1 457 1 420 36 1 400 1 302 342 287 247 265 311 114 209 32 857 R million 1 152 310 102 1 200 306 94 110 100 1 021 140 128 72 764 1 000
Slide 6: Results History: Return on capital employed
RESULTS HISTORY Return on capital employed 8 000 40% 7 000 35% 6 000 30% 5 000 R million 4 000 25% 3 000 20% 2 000 15% 1 000 0 10% F16 F17 F18 F19 F20 F21 F22 F23 F24 F25 F26* Net operating profit after tax Average capital employed ROCE (%) * F26 represents a rolling 12 month period to 31 December 2
Slide 7: Results History: Cash conversion
RESULTS HISTORY Cash conversion 5 000 120% 4 500 100% 4 000 3 500 80% 3 000 R million 2 500 60% 2 000 40% 1 500 1 000 20% 500 0 0% F16 F17 F18 F19 F20 F21 F22 F23 F24 F25 F26* EBITDA Cash generated by operations Cash to EBITDA (%) * F26 represents a rolling 12 month period to 31 December 2025 Stro
Slide 8: Results History: Dividend yield
RESULTS HISTORY Dividend yield (Year end) 14,0% 12,0% 12,0% 10,1% 10,0% 9,2% 7,7% 7,4% 8,0% 7,1% 6,4% 6,5% 7,0% 6,7% 6,3% 6,2% 6,2% 5,8% 6,1% 6,0% 5,2% 4,9% 4,5% 4,1% 4,5% 4,3% 4,5% 4,0% 4,4% 4,1% 3,8% 3,7% 4,0% 4,0% 2,8% 2,0% 0,0% F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 F21
Slide 9: Results History: Returns to shareholders
RESULTS HISTORY Returns to shareholders 3 500 3 000 2 913 2 500 2 364 2 253 938 2 103 2 000 R million 1 704 823 926 1 606 1 531 1 500 1 360 1 322 1 368 1 354 639 1 197 550 953 1 000 789 870 1 975 2 103 270 621 1 430 1 368 1 354 1 438 1 531 1 606 319 1 197 1 322 837 500 318 301 227 953 1 065 229 231
Slide 10: Group Financial Results
AN | Group Financial Results CARAMELISED OATS FLAVOUR
Slide 11: Group Financial Results: Income statement
GROUP FINANCIAL RESULTS Income statement H1 F26 H1 F25 %∆ Rm Rm Revenue 8 883,2 8 470,9 4,9 Cost of sales (5 018,2) (4 835,4) 3,8 Gross profit 3 865,0 3 635,5 6,3 Gross profit margin % 43,5 42,9 1,4 Selling and administrative expenses (1 671,3) (1 670,4) 0,1 Operating profit 2 193,7 1 965,1 11,6 Ope
Slide 12: Business unit financial results
GROUP FINANCIAL RESULTS Business unit financial results Segmental Segmental Operating Revenue Operating Profit Margin H1 F26 H1 F25 Δ H1 F26 H1 F25 Δ H1 F26 H1 F25 Rm Rm % Rm Rm % % % Food & Beverage brands 7 297,1 6 884,6 6,0 1 810,8 1 594,2 13,6 24,8 23,2 Entyce Beverages 2 734,9 2 616,5 4,5 845,0
Slide 13: Movement in group revenue
GROUP FINANCIAL RESULTS Movement in group revenue 10 000 9 500 9 000 R million 8 500 8 000 7 500 8 471 335 77 8 883 H1 F25 Price/Mix Volume H1 F26 Price increases across most categories to offset inflationary cost pressures Volume growth from creamer, biscuits, I&J, footwear and good support fro
Slide 14: Gross profit margin
GROUP FINANCIAL RESULTS Gross profit margin 60% 50% 42,9% 43,5% 41,5% 41,5% 39,6% 39,6% 39,8% 40% 30% 20% H1 F20 H1 F21 H1 F22 H1 F23 H1 F24 H1 F25 H1 F26 Gross profit margins supported by improved I&J profitability and ongoing management of margins across the rest of the business Continued focu
Slide 15: Impact of restructuring initiatives
GROUP FINANCIAL RESULTS Impact of restructuring initiatives Total benefit realised Expected annualised benefit H1 FY26 Rm Rm Entyce & Snackworks 22,5 45,9 Indigo 3,5 6,0 Spitz 9,3 16,1 Shared Services 4,1 8,1 Group 39,4 76,1 Restructuring initiatives implemented across the Group in prior year with
Slide 16: Operating profit 11,6% higher
GROUP FINANCIAL RESULTS Operating profit 11,6% higher 2 400 2 300 2 200 2 100 R million 2 000 1 900 1 800 1 700 1 600 1 500 1 965 51 94 72 3 18 (9) 2 194 H1 Entyce Snackworks I&J Personal Footwear & Other H1 F25 Care Apparel F26 Entyce: Improved performance in tea and coffee partly offset by decli
Slide 17: Cash flow, gearing and return on capital
GROUP FINANCIAL RESULTS Cash flow, gearing and return on capital H1 F26 H1 F25 Rm Rm % Cash generated by operations 2 366,7 2 155,1 9,8 Working capital to revenue % * 25,3 24,3 4,1 Capital expenditure (206,1) (424,8) (51,5) Cash from investments – proceeds from JV 0,1 20,5 (99,5) Net debt 2 148,7 2
Slide 18: Performance
BEVERAGES ba ooo PS eS. Gi) swans Performance HOUSE OF COFFEES
Slide 19: Income statement
Income statement H1 F26 H1 F25 % Rm Rm Revenue 2 734,9 2 616,5 4,5 Operating profit 845,0 794,3 6,4 Operating profit margin % 30,9 30,4 1,6 Good growth in Tea profit Price increases to ameliorate input cost inflation Domestic volume growth supported by Five Roses and Freshpak brands Gross p
Slide 20: Income statement
Income statement H1 F26 H1 F25 % Income statement Rm Rm Revenue 2 734,9 2 616,5 4,5 Operating profit 845,0 794,3 6,4 Operating profit margin % 30,9 30,4 1,6 Meaningful improvement in Coffee profit Selling price increases required to recover higher Robusta and Arabica commodity prices Volume
Slide 21: Income statement
Income statement H1 F26 H1 F25 % Rm Rm Revenue 2 734,9 2 616,5 4,5 Operating profit 845,0 794,3 6,4 Operating profit margin % 30,9 30,4 1,6 Creamer profit decline off a strong prior year base Selling prices reduced to combat competition and support demand Gross profit margin remains healthy b
Slide 22: Sales volume and selling prices
Sales volume and selling prices %Δ H1 F26 vs Comments H1 F25 Tea revenue growth 5,2 Volume 0,1 Growth in the domestic market on Five Roses and Freshpak brands offset by International decline Ave. selling price 5,0 Price increases taken last year and in August 2025 and favourable product mix Coffee r
Slide 23: Market shares – 12 months value
Market shares – 12 months value 60,0% 52,5% 51,0% 50,0% 45,6% 42,6% 40,0% 29,3% 29,6% 30,0% 20,0% 16,9% 16,2% 17,7% 14,9% 10,0% 0,0% Five Roses Trinco Freshpak Frisco Ellis Brown H1 F25 H1 F26 Short term market shares reflect targeted price / volume balance in volatile market Market share reflec
Slide 24: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (H1 F26 vs H1 F25): 20 17 15 11 10 8 8 6 5 R million 0 (5) (10) (8) (15) Black tea Glucose Rooibos Arabica Palm oil Robusta / chicory Impact net of hedging
Slide 25: Performance
Snackweorks That’s Good Times! J ein, Performance
Slide 26: Income statement
Income statement H1 F26 H1 F25 % Rm Rm Revenue 3 251,1 3 069,9 5,9 Operating profit 857,4 763,8 12,3 Operating profit margin % 26,4 24,9 6,0 Sound increase in Biscuit profit Selling price increases to ameliorate cost pressures Volume growth with pleasing demand for Bakers Choice Assorted and
Slide 27: Income statement
Income statement H1 F26 H1 F25 % Rm Rm Revenue 3 251,1 3 069,9 5,9 Operating profit 857,4 763,8 12,3 Operating profit margin % 26,4 24,9 6,0 Increase in Snacks profit Price increases taken to protect margins and recover input cost inflation Intense competition in maize extrudes and potato chi
Slide 28: Sales volume and selling prices
Sales volume and selling prices %Δ H1 F26 vs Comments H1 F25 Biscuits revenue growth 7,6 Volume 1,5 Growth in sweet and savoury segments with incremental volume from innovation launched Ave. selling prices 6,1 Impact of price increases taken in March 2025 Snacks revenue growth 0,0 Volume (4,6) Lower
Slide 29: Market shares – 12 months value
Market shares – 12 months value 40,0% 36,4% 35,0% 35,0% 30,0% 25,0% 20,0% 15,2% 14,4% 15,0% 12,9% 12,4% 10,0% 5,0% 0,0% Bakers (Sweet) Bakers (Savoury) Willards H1 F25 H1 F26 Balanced price / volume Market share reflects formal retail only Sustained contribution from wholesale channels
Slide 30: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (H1 F26 vs H1 F25): 16 15 14 12 12 10 8 R million 6 5 4 4 3 2 1 0 (2) (2) (4) Potatoes Flour Sugar Butter Cocoa Coconut Palm oil Impact net of hedging
Slide 31: Performance
» SINCE 1910 - Performance
Slide 32: Income statement
Income statement H1 F26 H1 F25 % Rm Rm Revenue 1 311,1 1 198,2 9,4 Operating profit 108,4 36,1 200,3 Operating profit margin % 8,3 3,0 176,7 Meaningful improvement in fishing profits Higher realised selling prices, a favourable product mix and increased volumes Domestic market competitive and
Slide 33: Income statement
Income statement H1 F26 H1 F25 % Income statementRm Rm Revenue 1 311,1 1 198,2 9,4 Operating profit 108,4 36,1 200,3 Operating profit margin % 8,3 3,0 176,7 Challenging year for Abalone with operating loss increasing Over supply, constrained selling prices and weak demand in key Asian markets
Slide 34: Operating profit
Operating profit 200 180 160 140 120 R million 100 80 60 40 20 - 36 49 31 13 3 (18) (19) 13 108 H1 Price/Mix New Fuel Catch rates Forex Abalone Other H1 F25 and volume Freezer F26 Selling prices and volumes better across both the domestic and export markets New freezer vessel benefit (started fi
Slide 35: Profit history
Profit history 250 200 175 159 160 22 149 108 150 5 153 154 128 152 35 50 153 100 114 110 R million 74 36 14 50 60 30 61 10 20 0 (25) (25) (44) (50) H1 F18 H1 F19 H1 F20 H1 F21 H1 F22 H1 F23 H1 F24 H1 F25 H1 F26 (100) Fishing Abalone Improved fishing performance with benefit from additional capaci
Slide 36: Fishing performance
Fishing performance 12,0 9,6 9,8 10,0 9,3 9,1 8,9 8,9 8,5 8,2 8,3 7,9 Hake tons per sea day 8,0 7,6 7,2 6,0 4,0 2,0 0,0 H1 F15 H1 F16 H1 F17 H1 F18 H1 F19 H1 F20 H1 F21 H1 F22 H1 F23 H1 F24 H1 F25 H1 F26 I&J catch rate Average catch rate H1 F15 - H1 F26 Improvement in wet vessel catch rates partly
Slide 37: Sales volume and selling prices (Hake)
Sales volume and selling prices (Hake) %Δ H1 F26 vs Comments H1 F25 I&J Domestic revenue growth 7,1 Volume 2,4 Improved Food Service volumes partly offset by decline in retail which remains competitive Ave. selling prices 4,6 Price increases taken in July 2025 to mitigate cost pressure I&J Export re
Slide 38: Performance
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Slide 39: Income statement
Income statement H1 F26 H1 F25 % Rm Rm Revenue 470,0 506,6 (7,2) Operating profit 95,6 92,5 3,4 Operating profit margin % 20,3 18,3 10,9 Indigo profit increase Core deodorant body spray category impacted by falling category demand in weak discretionary income environment Aggressive competitor
Slide 40: Sales volume and selling prices
Sales volume and selling prices %Δ H1 F26 vs H1 Comments F25 Personal Care revenue decline (7,2) Volume (11,7) Lower core body spray and fragrance category volumes partly offset by benefit of innovation launched Ave. selling price 4,9 February 2025 price increase partly offset by increased discounti
Slide 41: Market shares – 12 months value
Market shares – 12 months value 45,0% 40,0% 38,5% 36,8% 35,0% 32,4% 32,8% 30,0% 25,0% 20,0% 15,0% 10,0% 3,9% 3,6% 5,0% 0,0% Roll-on Body sprays - Female Body sprays - Male H1 F25 H1 F26 Balanced price / volume in constrained and competitive environment Female portfolio decline reflects reduced Y
Slide 42: Footwear and Apparel
FOOTWEAR AND APPAREL Performance
Slide 43: Footwear and Apparel: Income statement
FOOTWEAR AND APPAREL Income statement H1 F26 H1 F25 % Rm Rm Revenue 1 116,1 1 079,7 3,4 Operating profit 306,6 289,1 6,1 Operating profit margin % 27,5 26,8 2,6 Operating profit growth supported by improved footwear volumes Good demand for core brands and improved availability Strong December
Slide 44: Footwear and Apparel: Sales volume and selling prices
FOOTWEAR AND APPAREL Sales volume and selling prices %Δ H1 F26 vs Comments H1 F25 Spitz and Kurt Geiger Footwear 9,9 revenue growth Volume 13,3 Sound demand and improved stock availability with non repeat of prior year supply chain disruptions Ave. selling price (3,0) Price reductions on key styles
Slide 45: International Performance
AV | International Performance CEYLON BLEND TEA
Slide 46: International operating profit history
INTERNATIONAL Operating profit history 200 178 180 165 160 144 148 135 139 140 117 120 109 R million 94 93 100 80 60 40 20 - H1 F17 H1 F18 H1 F19 H1 F20 H1 F21 H1 F22 H1 F23 H1 F24 H1 F25 H1 F26 Profit growth across majority of subsidiary and distributor markets partly offset by decline in Botswan
Slide 47: International: Non RSA sales
INTERNATIONAL Entyce, Snackworks and Indigo – Non RSA sales H1 F26 H1 F25 % Rm Rm International Revenue 638,0 663,0 (3,8) % of Grocery and Personal Care brands 9,9 10,7 (7,5) International Operating Profit 177,6 165,0 7,6 % of Grocery and Personal Care brands 9,9 10,0 (1,0) % % International Operat
Slide 48: H2 Prospects
AN | H2 Prospects CARAMELISED OATS FLAVOUR
Slide 49: Prospects for H2
AVI GROUP Prospects for H2 Sustain profitability for Entyce, Snackworks and Indigo in complex demand environment Constrained consumer demand environment expected to persist Increased competition in our categories may put pressure on margins Moderation of commodity costs in some areas, togeth
Slide 50: Prospects for H2
AVI GROUP Prospects for H2 I&J’s prospects materially dependent on fishing performance, fuel prices and exchange rates Acquisition of freezer vessel to annualise from February 2025 Stronger Rand detracts from earnings but currency hedges secured at levels favourable to current ruling spot-rate
Slide 51: Prospects for H2
AVI GROUP Prospects for H2 Footwear and Apparel Retail environment expected to remain intensely competitive Ongoing price / volume management essential through tough demand cycle and ongoing discounts Non-repeat of the Green Cross closure costs incurred last year Ongoing focus on cost cont
Slide 52: Prospects for H2: Capital expenditure
AVI GROUP Prospects for H2 H2 F26 F26 Total Planned Planned Rm Rm Tea packaging line replacements and upgrades 13 22 Coffee and Creamer line upgrades and refurbishments 23 30 Biscuit line upgrades, improvements and innovation 39 65 Shared services vehicle additions and replacements 9 34 I&J vessel d
Slide 53: Investor proposition
AVI GROUP Investor proposition Ability to adapt to changing macro environment: Ongoing alignment of business model Group initiatives – margin management, procurement, cost savings and production efficiencies Focus on scalable and relevant innovation for constrained consumers Manage our uni
Slide 54: Questions
AN | Questions CARAMELISED OATS FLAVOUR
Slide 55: Revenue 4,9% higher
INFORMATION SLIDES Revenue 4,9% higher 9 000 8 900 8 800 8 700 R million 8 600 8 500 8 400 8 300 8 200 8 471 118 181 113 (37) 37 8 883 H1 Entyce Snackworks I&J Personal Footwear & H1 F25 Care Apparel F26 Entyce: Improved creamer volumes and higher selling prices across the tea and coffee categorie
Slide 56: Commodity cost achievement relative to market prices
INFORMATION SLIDES Commodity cost achievement relative to market prices * 200,0% 180,0% 160,0% 140,0% 120,0% 100,0% 80,0% 60,0% 40,0% 20,0% 0,0% Robusta Glucose Arabica Casein Tea Palm Oil Sugar Flour Maize Potatoes Butter Coconut Cocoa & Chicory Price achieved F26 H1 Market price at 20 Jan 2026 Ave
Slide 57: Gross profit 6,3% higher
INFORMATION SLIDES Gross profit 6,3% higher 3 900 3 850 3 800 3 750 R million 3 700 3 650 3 600 3 550 3 500 3 636 37 93 106 (17) 10 3 865 H1 Entyce Snackworks I&J Personal Footwear & H1 F25 Care Apparel F26 Entyce: Revenue growth partially offset by lower margins with creamer reducing off a strong
Slide 58: Marketing expenditure
INFORMATION SLIDES Marketing expenditure 16,0% 13,7% 13,4% 14,0% 12,0% 10,0% % of Revenue 8,3% 7,8% 7,7% 8,0% 7,5% 5,6% 5,4% 6,0% 5,8% 5,9% 6,0% 5,1% 4,4% 3,9% 4,0% 2,1% 2,1% 2,0% 0,0% H1 F25 H1 F26 Total expenditure for H1 F26 of R473,3 million compared to R447,9 million in H1 F25 Increase in t
Slide 59: Capital expenditure and depreciation
INFORMATION SLIDES Capital expenditure and depreciation (excl. depreciation on right-of-use assets) 1 000 F16 F17 F18 F19 F20 F21 F22 F23 F24 F25 F26 120,00 882 900 800 100,00 700 80,00 601 600 322 546 459 R million 500 473 482 477 176 415 465 420 60,00 394 388 408 411 388 390 377 388 374 400 347 31
Slide 60: Cash flows
INFORMATION SLIDES Cash flows 3 000 2 500 2 000 R million 1 500 1 000 500 - 2 524 (105) (156) (511) (206) (2) (71) (107) (1 366) Cash from Decrease in Working Taxation Capital Intangible Lease Net interest Ordinary operations net debt capital and expenditure expenditure liabilities paid dividend pai
Slide 61: Foreign exchange hedges
INFORMATION SLIDES Foreign exchange hedges July 2026 to February 2026 to June 2026 December 2026 % Cover % Cover USD imports 75% 37% EUR imports 73% 34% USD exports 40% 32% EUR exports 48% 27% Consistent hedging philosophy provides stability to manage gross profit margins Hedging secured at rate
Slide 62: I&J period end fair value adjustments
INFORMATION SLIDES I&J period end fair value adjustments H1 F26 H1 F25 Actual Actual Rm Rm Rm Fuel hedge unrealised loss 7,6 0,5 7,1 Opening mark-to-market (liability) / asset (2,7) 0,3 Closing mark-to-market liability (10,3) (0,2) Abalone – decrease in unrealised profit in stock 37,7 27,6 10,1
Slide 63: I&J fishing quota
INFORMATION SLIDES I&J fishing quota Quota CY18 CY19 CY20 CY21 CY22 CY23 CY24 CY25 CY26 (tons) RSA Total Allowable 133 120 146 430 146 430 139 119 132 163 138 772 145 698 151 739 144 152 Catch (TAC) % change (5,0) 10,0 - (5,0) (5,0) 5,0 5,0 4,1 (5,0) in TAC I&J 36 013 39 517 39 517 37 543 34 143 35
Slide 64: Trading space and trading density
INFORMATION SLIDES Trading space and trading density Footwear and apparel H1 F26 H1 F25 Number of stores 100 115 Turnover (Rm) 1 116,1 1 079,7 Average m2 22 647 23 654 Trading Density (R/m2) 49 282 45 646 Closing m2 22 027 24 021 Like-for-like metrics* H1 F26 H1 F25 Number of stores 97 97 Turnover (
Slide 65: Trading density – Footwear and apparel stores
INFORMATION SLIDES Trading density – Footwear and apparel stores 35 000 50 000 30 000 40 000 25 000 20 000 30 000 R/m2 m2 15 000 20 000 10 000 10 000 5 000 - - H1 F17 H1 F18 H1 F19 H1 F20 H1 F21 H1 F22 H1 F23 H1 F24 H1 F25 H1 F26 Trading density (R/m2) Average trading space (m2) Closure of 4 Green