Astral Foods Limited · JSE:ARL
Astral Foods — FY2025 Earnings Presentation
64 slides from Astral Foods's earnings presentation, Nov 21, 2025
Slide 1: 2025 Annual Results Presentation
2025 ANNUAL RESULTS PRESENTATION for the year ended 30 September 2025
Slide 2: Agenda
AGENDA ▪ Business Overview Slide 3 – Gary Arnold ▪ Operational Overview Slide 13 – Gary Arnold ▪ Industry Matters Slide 30 – Gary Arnold ▪ Financial Overview Slide 33 – Dries Ferreira ▪ Outlook Slide 44 – Gary Arnold ▪ Additional Information Slide 48 2
Slide 3: Business Overview
BUSINESS OVERVIEW Gary Arnold Chief Executive Officer
Slide 4: Key Financial Indicators
Business Overview KEY FINANCIAL INDICATORS ▪ Revenue @ R22,6 billion 10% ▪ Profit before interest and tax @ R1 247 million 11% ▪ Profit for the period @ R876 million 16% ▪ Headline earnings per share @ 2 193 cents 14% ▪ Cash generated from operations @ R1 677 million 20% ▪ Final dividend per share d
Slide 5: Salient Points – 2H2025 vs. 1H2025
Business Overview SALIENT POINTS – 2H2025 vs. 1H2025 ▪ The results for the year under review reflect a tale of two halves, with poultry margins under severe pressure during the first half of the reporting period ▪ The outlook for the second half of the reporting period provided at the May 2025 resul
Slide 6: Salient Points – 2H2025 vs. 1H2025 PBIT bridge
Business Overview SALIENT POINTS – 2H2025 vs. 1H2025 1 400 (R million) 1 300 23 1 200 1 100 393 1 000 900 63 800 700 1 247 600 543 500 400 300 271 200 F2025 H1 Other material cost Broiler selling F2025 Broiler sales PBIT Broiler raw PBIT volume price 6
Slide 7: Salient Points – F2025 vs. F2024
Business Overview SALIENT POINTS – F2025 vs. F2024 ▪ Poultry feed costs increased marginally over the period, impacted by volatility in the soft commodity markets and higher maize prices ▪ On-farm broiler performances improved over the comparable period, assisting the live bird production cost ▪ Bro
Slide 8: Salient Points – F2025 vs. F2024
Business Overview SALIENT POINTS – F2025 vs. F2024 ▪ Feed Division reported strong earnings on increased feed sales to both the internal and external markets ▪ Notwithstanding the impact of ongoing diesel and water supply costs, per-unit production costs decreased for the year under review due to hi
Slide 9: PBIT Movement F2025 vs. F2024
Business Overview PBIT MOVEMENT F2025 vs. F2024 1 800 (R million) 22 18 1 700 1 600 195 252 1 500 20 1 400 1 300 375 171 1 200 1 100 1 000 900 1 247 1 124 800 700 600 incident Insurance Other Broiler selling material cost PBIT F2024 Broiler sales Reduced feed PBIT F2025 recovery Broiler raw Cyber co
Slide 10: Broiler Net Margin
Business Overview BROILER NET MARGIN 16 14 12 10 8 6 4 2 0 -2 -4 -6 -8 -10 -12 -14 -16 1H2015 2H2015 1H2016 2H2016 1H2017 2H2017 1H2018 2H2018 1H2019 2H2019 1H2020 2H2020 1H2021 2H2021 1H2022 2H2022 1H2023 2H2023 1H2024 2H2024 1H2025 2H2025 Broiler net margin % Change in broiler feed price (index) C
Slide 11: Broiler Price vs. Food Price Inflation
100 110 115 125 130 140 145 105 120 135 150 90 95 Jan-20 Mar-20 May-20 Jul-20 Business Overview Sept-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Source: CJA Strategic Risk Brokers & Own Data Sept-21 Nov-21 Jan-22 Mar-22 May-22 Broiler selling price index Jul-22 Sept-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 S
Slide 12: Broiler Selling Price vs. Feed Price
-5% -15% -10% 10% 15% 20% 30% 35% 25% 0% 5% Oct-18 Dec-18 Feb-19 Source: Own Data Apr-19 Jun-19 Business Overview Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 % Change in broiler feed price Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 A
Slide 13: Raw Materials
RAW MATERIALS Gary Arnold Chief Executive Officer
Slide 14: RSA Total Maize Supply & Demand
Operational Overview RSA TOTAL MAIZE SUPPLY & DEMAND Marketing year (May to April) 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26 2026/27 '000 tons Actual Actual Actual Actual Actual Estimate Forecast Carry In (1 May) 1 000 2 115 2 124 1 955 2 405 653 2 242 Crop Estimate 15 300 16 315 15 470 16 430
Slide 15: SAFEX Yellow Maize Price
Operational Overview SAFEX YELLOW MAIZE PRICE Source: CJA Strategic Risk Brokers 15
Slide 16: Durban Soya Meal Price
Operational Overview DURBAN SOYA MEAL PRICE Source: CJA Strategic Risk Brokers 16
Slide 17: Rand / US Dollar Exchange Rate
Operational Overview RAND / US DOLLAR EXCHANGE RATE Source: CJA Strategic Risk Brokers 17
Slide 18: Feed Division
FEED DIVISION Gary Arnold Chief Executive Officer
Slide 19: Feed Division
Operational Overview FEED DIVISION Revenue - R million Operating profit - R million 11000 750 10000 10 789 700 650 714 9000 9 865 600 8000 550 7000 500 545 450 6000 400 5000 350 300 4000 250 3000 200 2000 150 100 1000 50 0 0 F2024 F2025 F2024 F2025 Revenue up 9.4% Operating profit up 31.1% ▪ Raw mat
Slide 20: Feed Division
Operational Overview FEED DIVISION ▪ SAFEX yellow maize price increased for the year under review F2025 avg. R4 552 per ton (F2024: R3 992) up R560 per ton (increase of 14%) ▪ DBN soya meal price decreased for the year under review F2025 avg. R7 507 per ton (F2024: R9 836) down R2 329 per ton (decre
Slide 21: Feed Division Sales Mix
Operational Overview FEED DIVISION Sales Mix – F2024 Sales Mix – F2025 33% 33% 1 321 964 t 1 415 103 t Volume Increase ≈ 7% 58% 59% 9% 8% Poultry Integrated Poultry External Other 21
Slide 22: Poultry Division – Commercial
POULTRY DIVISION COMMERCIAL Gary Arnold Chief Executive Officer
Slide 23: Poultry Division - Consolidated
Operational Overview POULTRY DIVISION - CONSOLIDATED Revenue - R million Operating profit - R million 600 18000 18 819 550 580 16000 17 055 500 533 14000 450 400 12000 350 10000 300 8000 250 6000 200 150 4000 100 2000 50 0 0 F2024 F2025 F2024 F2025 Revenue up 10.3% Operating profit down 8.1% ▪ Broil
Slide 24: Poultry Division - Commercial
Operational Overview POULTRY DIVISION - COMMERCIAL ▪ Broiler sales volumes increased on sales out of stock and higher broiler production volumes ▪ The quality of earnings improved significantly considering insurance recoveries of R231 million included in F2024 ▪ Broiler net margins improved into the
Slide 25: Poultry Division - Commercial Sales Mix
Operational Overview POULTRY DIVISION - COMMERCIAL Sales Mix – F2024 Sales Mix – F2025 22% 21% 6% 490 757 t 6% 529 506 t 51% 52% Volume Increase ≈ 8% 13% 13% 3% 4% 3% 6% IQF Mixed Portions IQF Single Portions Frozen Fresh Value Added Tertiary 25
Slide 26: Poultry Division – Agriculture
POULTRY DIVISION AGRICULTURE Gary Arnold Chief Executive Officer
Slide 27: Poultry Division - Agriculture
Operational Overview POULTRY DIVISION - AGRICULTURE ▪ Parent stock sales decreased against the comparable period on lower external market requirements (post “bird flu restocking” in 2024) ▪ Breeder revenue increased with higher volumes sold into the internal and external day-old chick market on good
Slide 28: Poultry Division - Agriculture
Operational Overview POULTRY DIVISION - AGRICULTURE 130% 125% 120% 115% 110% 105% 100% 95% 90% F2015 F2016 F2017 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 Slaughter age Live weight Average daily gain Key indicators baselined to 100% in F2015 28
Slide 29: Poultry Division - Agriculture
Operational Overview POULTRY DIVISION - AGRICULTURE 135% 130% 125% 120% 115% 110% 105% 100% 95% 90% 85% 80% 75% F2015 F2016 F2017 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 Mortality Feed consumption Performance efficiency factor Key indicators baselined to 100% in F2015 29
Slide 30: Industry Matters
INDUSTRY MATTERS Gary Arnold Chief Executive Officer
Slide 31: Poultry Imports
35 000 40 000 45 000 50 000 55 000 10 000 15 000 20 000 25 000 30 000 0 5 000 Oct-19 Source: SAPA Tons Dec-19 Feb-20 Industry Matters Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 POULTRY IMPORTS Aug-21 Total poultry imports Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Ap
Slide 32: Industry Update
Industry Matters INDUSTRY UPDATE ▪ Based on industry statistics broiler slaughter numbers are approximately 21.1 million birds per week (January to July 2025) ▪ Imports for the year averaged 27 344 tons per month (≈ 4.9 million bpw) approximately 19% of local consumption (F2024: 34 232 tons per mont
Slide 33: Financial Overview
FINANCIAL OVERVIEW Dries Ferreira Chief Financial Officer
Slide 34: Income Statement
Financial Overview INCOME STATEMENT 2025 2024 Year ended 30 September R million R million % change Revenue 22 619 20 480 10.4 Operating profit 1 247 1 125 10.9 Operating profit margin 5.5% 5.5% Finance income 18 37 Finance charges (incl. ROU) (55) (138) Profit before tax 1 211 1 024 18.3 Tax (335) (
Slide 35: Group Annual Revenue
Financial Overview GROUP ANNUAL REVENUE (R billion) 22,6 20,5 19,3 19,3 10,8 9,8 15,9 10,4 11,6 13,9 13,0 13,5 8,3 12,0 12,4 11,3 7,0 6,2 6,6 9,6 6,6 8,2 8,5 6,2 7,2 18,8 6,9 7,4 7,0 7,2 17,1 6,3 5,5 16,0 15,8 5,2 4,3 4,9 4,8 4,0 3,6 3,5 13,1 3,7 3,9 4,1 3,5 5,1 10,6 10,9 11,3 2,5 2,7 8,7 9,1 9,9 2,
Slide 36: Group Annual Operating Profit
Financial Overview GROUP ANNUAL OPERATING PROFIT 1942 (R million) 14,8% 15,0% 7,4% 12,3% 12,8% 457 5,5% 1440 9,8% 5,5% 8,7% 1247 9,6% 1101 1086 6,5% 1125 9,3% 5,9% 8,3% 6,7% 8,4% 882 4,5% 625 766 809 813 6,6% 711 545 714 7,3% 597 674 5,8% 5,1% 423 4,6% 391 548 581 585 549 1453 5,9% 272 333 477 3,1%
Slide 37: Group Six Monthly Operating Profit
Financial Overview GROUP SIX MONTHLY OPERATING PROFIT (R million) 1044 976 875 898 191 785 417 266 655 550 551 207 538 550 575 503 295 429 379 374 330 186 237 337 266 279 239 243 275 271 233 212 120 250 265 265 381 378 265 98 297 351 310 194 252 184 616 836 617 258 113 287 8 61 86 467 335 284 296 55
Slide 38: Balance Sheet
Financial Overview BALANCE SHEET September 2025 September 2024 R million R million % change Non-current assets (excl. ROU assets) 3 389 3 283 3 Non-current assets – ROU assets 286 178 Net working capital 2 025 2 286 11 Current assets (excl. cash) 4 610 4 872 Current liabilities (excl. borrowings & l
Slide 39: Capital Expenditure
Financial Overview CAPITAL EXPENDITURE F2025 F2024 R million R million Depreciation and amortisation 331 321 Property, plant & equipment 241 231 Right-of-use assets 90 90 Total capex 336 275 Replacement 235 147 Expansion 101 128 Outstanding commitments 159 218 39
Slide 40: Working Capital
Financial Overview WORKING CAPITAL September 2025 September 2024 Variance R million R million R million Current assets 4 610 4 872 (262) Biological assets 1 401 1 331 70 Inventory - Poultry 682 1 169 (487) - Feed 343 385 (42) Trade receivables 2 015 1 721 294 Other receivables 169 267 (98) Current l
Slide 41: Cash Flow Movement
200 600 400 800 0 1 000 1 200 1 400 1 600 1 800 2 000 Opening Balance 13 1 Oct 2024 Financial Overview (R million) Cash profit 1 528 Working capital 276 Proceeds on sale 69 of fixed assets CASH FLOW MOVEMENT 127 Tax paid Capital 328 expenditure Dividents paid 285 Leases 134 and other Closing Balance
Slide 42: HEPS & Dividend Per Share
Financial Overview HEPS & DIVIDEND PER SHARE 3712 2762 2193 2016 1914 1920 1674 1441 1286 1381 1228 1148 958 890 960 965 840 787 864 631 487 434 272 326 90 108 168 230 380 585 700 700 700 760 810 656 222 440 1150 490 1055 2050 900 775 700 1380 0 520 1100 -1324 F2008 F2021 F2001 F2002 F2003 F2004 F20
Slide 43: In Summary
Financial Overview IN SUMMARY • Revenue at R22,6 billion up 10.4% (F2024: R20,5 billion) • Operating profit at R1 247 million with improved quality of earnings • Capital expenditure of R336 million returning to a normalised level • Cash inflow of R1,0 billion and rebuild of the balance sheet conclud
Slide 44: Outlook
OUTLOOK Gary Arnold Chief Executive Officer
Slide 45: Outlook
OUTLOOK ▪ Bird flu remains a major risk to the local poultry industry, with slow progress on vaccination, and alarmingly appears to no longer be a seasonal disease ▪ South Africa’s economic growth outlook remains subdued, constrained by persistent structural challenges and policy uncertainty, which
Slide 46: Outlook
OUTLOOK ▪ Maize prices are expected to remain favourable, supported by a large South African harvest in 2025 and a positive production outlook for 2026 ▪ An increase in Astral’s broiler production volumes will positively benefit economies of scale, and support growth in the South African retail and
Slide 47: Thank You
THANK YOU Astral’s strategy is to be the BEST COST INTEGRATED POULTRY PRODUCER in selected Southern African countries. Confirmed February 2025
Slide 48: Additional Information
ADDITIONAL INFORMATION
Slide 49: Statement of Cash Flows
Additional Information STATEMENT OF CASH FLOWS 2025 2024 For the twelve months ended 30 September R million R million Cash operating profit 1 528 1 677 Working capital movement 276 (221) 1 804 1 456 Tax paid (127) (62) Net interest received / (paid) 3 (74) Capital expenditure paid (328) (258) Lease
Slide 50: Key Financial Ratios
Additional Information KEY FINANCIAL RATIOS 70 30,0 65 60 61 25,0 55 48 49 50 46 51 45 48 42 20,0 39 39 40 36 41 37 33 36 36 31 14,8 29 34 28 15,0 15,0 30 31 31 12,8 25 26 26 30 12,3 24 29 21 24 24 23 19 20 9,6 9,3 20 9,8 16 198,7 17 21 17 17 22 8,3 8,0 7,8 8,4 13 14 10,0 7,3 6,5 5,9 11 157,4 5,9 6,
Slide 51: Key Financial Indicators
Additional Information KEY FINANCIAL INDICATORS 160 139,5 140 124,7 122,4 120 107,6 104,5 106,1 96,1 97,5 100 78,0 80 61,1 61,1 60 50,0 46 41,4 41,7 44,2 41 37,4 37 40 33,5 34,2 35,4 34 34 29 28,3 30 26 27 27 27 26 22 21 21 23,8 24 24 19 21 17,4 17 16 18 20 23 14,3 14 15 14 15 12 11 10 10 20 10,8 9
Slide 52: RSA Total Maize Supply & Demand
Additional Information RSA TOTAL MAIZE SUPPLY & DEMAND 17,0 7,0 16,0 6,5 15,0 6,0 14,0 5,5 13,0 12,0 5,0 11,0 4,5 10,0 4,0 9,0 3,5 8,0 14,3 9,9 7,5 16,7 12,9 11,3 15,4 16,2 15,4 16,4 12,9 16,3 16,3 7,0 3,0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027F Production mmt Yield ton /
Slide 53: World Corn Ending Stocks
Additional Information WORLD CORN ENDING STOCKS 400 30% 375 27,7% 28% 350 26,2% 325 26% 300 275 23,1% 24% 22,8% 22,7% 22,2% 22,0% 250 22% 225 20,6% 19,9% 200 20% 18,8% 175 18,3% 18% 150 125 16% 100 75 14% 50 12% 25 0 10% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027F End Stock Maize stock
Slide 54: El Niño Oscillation
Additional Information EL NIÑO OSCILLATION Source: CJA Strategic Risk Brokers 54
Slide 55: Vegetative Health Index
Additional Information VEGETATIVE HEALTH INDEX Source: CJA Strategic Risk Brokers 55
Slide 56: Broiler Feed Ingredient Contribution
Additional Information BROILER FEED INGREDIENT CONTRIBUTION 0,3 0,3 0,4 0,4 0,4 0,3 100% 2,4 2,6 3,0 3,0 3,3 3,3 1,8 1,8 2,2 2,0 2,0 2,0 5,4 5,4 6,0 5,0 5,4 5,8 90% 14,2 14,7 15,7 14,6 17,9 17,6 0,4 0,2 0,2 0,2 4,4 19,9 20,2 0,2 0,2 80% 5,4 21,8 24,2 4,9 19,7 6,0 4,9 23,4 3,3 4,4 3,0 5,9 1,2 0,8 3,0
Slide 57: Broiler Feed Ingredient Contribution
Additional Information BROILER FEED INGREDIENT CONTRIBUTION Inclusion (%) Cost Contribution (%) 16 38 59 14 22 17 Maize Soya meal Extruded soya Sunflower meal Fish meal Soya oil Other Vitamins & Minerals Source: Own Data 57
Slide 58: RSA Protein Price Comparison
Additional Information RSA PROTEIN PRICE COMPARISON Cents per kilogram 13000 11000 9000 7000 5000 3000 1000 Jul-24 Jul-20 Jul-21 Jul-22 Jul-23 Jul-25 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24 Sept-20 Sept-21 Sept-22 Sept-23 Sept-24 Sept-25 Jan-20 May-20 Jan-21 May-
Slide 59: RSA Poultry Market Share
Additional Information RSA POULTRY MARKET SHARE 21% 28% 4% 5% 10% 22% 0% 10% Astral Rainbow Country Bird Daybreak Sovereign Grainfields Chubby Chick Other Local broiler production ≈ avg. 21,1 million birds per week (YTD July 2025) Source: Own Estimates 59
Slide 60: RSA Poultry Market Share
Additional Information RSA POULTRY MARKET SHARE 19% 23% 17% 18% 3% 4% 8% 8% 0% Astral Rainbow Country Bird Daybreak Sovereign Grainfields Chubby Chick Other Imports Avg. poultry imports ≈ 4.9 million birds per week (12 months ended September 2025) Source: Own Estimates 60
Slide 61: Total Poultry Imports
Additional Information TOTAL POULTRY IMPORTS Tons 450 000 400 000 350 000 300 000 250 000 200 000 150 000 100 000 50 000 0 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep F2023 17 730 45 948 77 515 115 854 158 740 204 431 245 200 283 282 317 089 346 584 377 207 400 632 F2024 28 905 57 535 91 860 132
Slide 62: Total Poultry Imports
Additional Information TOTAL POULTRY IMPORTS ▪ 2024 ▪ 2025 Sep YTD Argentina US 3,3% Other 3,5% US 1,3% Other 2,5% Argentina 8,9% 6,2% EU 5,7% EU 5,7% Brazil Brazil 81,6% 81,3% 415 091 tons 231 963 tons Source: SAPA 62
Slide 63: Total Poultry Imports
Additional Information TOTAL POULTRY IMPORTS Country (tons) 2023 2024 2025 Sep YTD Brazil 342 095 337 602 189 296 United States 39 071 13 850 3 086 Poland - 3 698 - Argentina 17 288 25 741 20 675 Ireland 3 924 8 045 6 072 Denmark 53 606 - Spain 4 351 14 340 6 769 Thailand 2 097 2 944 3 193 Chile 638
Slide 64: Contact Details
CONTACT DETAILS Gary Arnold Dries Ferreira Chief Executive Officer Chief Financial Officer Tel: +27 (0) 11 991 6000 Tel: +27 (0) 11 991 6000 For any further Investor Relations questions please contact: Marlize Keyter mkeyter@kris.co.za www.astralfoods.com Keyter Rech Investor Solutions Tel: +27 (0)