Bidvest Group Limited · JSE:BVT
Bidvest — The Bidvest Group — FY2026 Earnings Presentation
42 slides from Bidvest's earnings presentation, Aug 31, 2026
Slide 1: Annual Results
Annual Results For the year ended 30 June 2026
Slide 2: Agenda
AGENDA 01 Executive Comments Mpumi Madisa 02 Financial Overview Mark Steyn 03 Divisional Overview Mpumi Madisa 04 Outlook Mpumi Madisa 05 Annexure
Slide 3: Executive Comments
EXECUTIVE COMMENTS Bidvest
Slide 4: From Resilience to Renewed Momentum
FROM RESILIENCE TO RENEWED MOMENTUM FY2026 shows a decisive step-up in growth, margin and earnings delivery Year-on-year FY2025 inflection FY2026 Revenue Trading profit growth +0.7% +8.4% R130.3bn +2.9% Trading profit Continuing HEPS -3.2% +6.0% R13.1bn +8.4% Final dividend Trading margin 9.5% 10.0%
Slide 5: We Said It. We Delivered It
WE SAID IT. WE DELIVERED IT The priorities communicated to shareholders translated into measurable FY2026 outcomes Growth in trading profit Accelerate Trading profit All operating divisions Commercial Products +27.2% organic growth delivered profit growth +8.4% Freight +10.3% Improve Operating cash
Slide 6: Advancing Strategy. Progress Banked
ADVANCING STRATEGY. PROGRESS BANKED Deliberate steps across the portfolio, people and innovation delivered tangible progress in FY2026 Hygiene Salesforce restructure and strengthened strategy 2 new branches opened: New York & Winnipeg People Citron UK fully integrated in PHS Empowering our people th
Slide 7: Financial Overview
FINANCIAL OVERVIEW Bidvest
Slide 8: Financial Highlights
FINANCIAL HIGHLIGHTS Year ended Year ended R billion Change 30 June 2026 30 June 2025 Revenue 130.3 126.6 2.9% Gross profit* 28.3% 27.7% ↑ Expenses* 18.7% 18.5% ↑ Trading profit 13.1 12.0 8.4% Trading profit margin* 10.0% 9.5% ↑ HEPS (cents) 1 864.2 1 759.5 6.0% Normalised HEPS (cents) 1 997.7 1 886
Slide 9: Income Statement Analysis
INCOME STATEMENT ANALYSIS Revenue +2.9% (organic +1.5%) Excellent expense management • Growth led by Automotive, supported by higher new vehicle volumes, Commercial Products, 12.0% driven by the Electrical cluster turnaround, Plumblink and renewable energy activity 10.0% • Boost from acquisitions in
Slide 10: Exceptional Free Cash Flow Generation
EXCEPTIONAL FREE CASH FLOW GENERATION R17 billion cash generated by operations before working capital (+7%) Working capital release of R0.2 billion, R1.4 billion improvement from prior year • Inventory well managed, particularly in Branded Products, Commercial Products • Debtors growth is aligned to
Slide 11: Debt Reduction Plan Progressed Well
DEBT REDUCTION PLAN PROGRESSED WELL Free cash flow of R12.5 billion (+27%) exceptional Net debt (Rbn) reduced and leverage improved Net debt/EBITDA 1.9x 40 3.0 • Achieved better than expected operational deleveraging Capital recycling proceeds still to come 30 • Adcock and Bidvest Bank monetisation
Slide 12: Extended Maturity and Managed Interest Costs
EXTENDED MATURITY AND MANAGED INTEREST COSTS Balanced liquidity and cost Cost of debt stabilised. Overweight variable rate debt 10% • Extended maturity profile ($-bond, domestic bonds, 8% term loan) at tighter spreads 6% • Redeemed expensive preference shares 4% • Weighted average cost of debt 6.3%
Slide 13: Returns Improving
RETURNS IMPROVING Levers to build returns ROFE up as capital spend moderates & organic growth accelerates 20.0 40.0% Drive organic trading profit growth 15.0 35.0% • Accelerated with positive momentum Rbn 10.0 30.0% • At acquisition, clear plan to deliver value over medium- term. Track actively with
Slide 14: Capital Recycling
CAPITAL RECYCLING Bidvest Bank, Bidvest Life Disposal processes • SPA signed for Bidvest Life. Awaiting regulatory approval • Bank negotiations advancing Operational result • Bidvest Bank result reflects slow capital deployment, lower non-interest revenue and greater impairments. Expense management
Slide 15: Divisional Overview
DIVISIONAL OVERVIEW 15 Bidvest
Slide 16: Services International
> _ SERVICES _ |” INTERNATIONAL 16
Slide 17: Services International
SERVICES INTERNATIONAL | Alan Fainman Revenue Trading Profit Trading Margin EBITDA Funds Employed ROFE R44.0bn R4.4bn 10.0% R5.1bn R3.0bn 146.0% 1.8% 4.3% 24bps 3.6% 854bps 600bps RESULT DRIVERS FORWARD FOCUS Formidable hygiene services performance (+18% cFX) Customer retention & new business SA bus
Slide 18: Freight
| >. FREIGHT 18
Slide 19: Freight
FREIGHT | Wiseman Madinane Revenue Trading Profit Trading Margin EBITDA Funds Employed ROFE R9.1bn R2.3bn 25.3% R2.7bn R5.4bn 42.4% 1.7% 10.3% 196bps 11.6% 705bps 120bps RESULT DRIVERS FORWARD FOCUS Growth in bulk volumes improved terminal capacity utilisation. 2H benefitted from maize exports Negot
Slide 20: Services South Africa
| > ™_ SERVICES » WpBidvest PROTEA COIN, _¢° SOUTHAFRICA , = 20
Slide 21: Services South Africa
SERVICES SOUTH AFRICA | Akona Matsau Revenue Trading Profit Trading Margin EBITDA Funds Employed ROFE R13.6bn R1.6bn 11.5% R2.0bn R1.5bn 101.0% 7.5% 8.3% 8bps 7.6% 1 045bps -200bps RESULT DRIVERS FORWARD FOCUS Hospitality performed exceptionally well New business and retention supported by value-add
Slide 22: Branded Products
BRANDED |. PRODUCTS 22
Slide 23: Branded Products
BRANDED PRODUCTS | Gail Solomon Revenue Trading Profit Trading Margin EBITDA Funds Employed ROFE R12.9bn R1.2bn 9.2% R1.3bn R3.1bn 38.0% 0.9% 5.4% 55bps 4.6% 476bps 30bps RESULT DRIVERS FORWARD FOCUS Improved product mix and targeted pricing actions Aligning product range with current market trends
Slide 24: Commercial Products
> COMMERCIAL PRODUCTS a 24
Slide 25: Commercial Products
COMMERCIAL PRODUCTS | Howard Greenstein Revenue Trading Profit Trading Margin EBITDA Funds Employed ROFE R18.3bn R1.2bn 6.4% R1.3bn R5.4bn 22.0% 8.2% 27.2% 96bps 25.3% 781bps 600bps RESULT DRIVERS FORWARD FOCUS Leading trade businesses the standout performers Product development and commercial data
Slide 26: Automotive
AUTOMOTIVE el Sua y ; Bidvest
Slide 27: Automotive
AUTOMOTIVE | Carla Seppings Revenue Trading Profit Trading Margin EBITDA Funds Employed ROFE R28.7bn R1.0bn 3.4% R1.0bn R4.1bn 23.7% 5.5% 7.1% 5bps 2.6% 865bps 30bps RESULT DRIVERS FORWARD FOCUS Brand diversification gained momentum Brand diversification Pressure on new and used vehicle gross margin
Slide 28: Adcock Ingram
ADCOCK _«° INGRAM “ 28
Slide 29: Adcock Ingram
ADCOCK INGRAM | Rhulani Nhlaniki Revenue Trading Profit Trading Margin EBITDA Funds Employed ROFE R9.7bn R1.3bn 13.2% R1.4bn R5.8bn 25.5% 0.5% 9.4% 120bps 8.9% 97bps 230bps RESULT DRIVERS FORWARD FOCUS Improved sales mix Product portfolio growth initiatives Key market positions maintained Strategic
Slide 30: Outlook
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Slide 31: Hygiene Services. Path to Global #1
HYGIENE SERVICES. PATH TO GLOBAL #1 Bidvest present in 11 countries; #1 in 8 FY26 aggregated Bidvest hygiene services profit • +18% cFX • +90bps to 18.7% margin Washroom sites serviced by Bidvest’s hygiene operations 8 000 000 7 500 000 7 000 000 6 500 000 6 000 000 5 500 000 2024 2025 2026 Medium-t
Slide 32: Sustain Momentum. Convert Earnings into Value
SUSTAIN MOMENTUM. CONVERT EARNINGS INTO VALUE Reinforcing four priorities, supported by broadening momentum and a higher-quality earnings mix New business momentum strengthened across all divisions in FY2026 Organic growth Outlook for bulk commodity volumes favourable. Prevailing El Niño Hygiene | T
Slide 33: This Is Bidvest
THIS IS Bidvest
Slide 34: Annexure
ANNEXURE
Slide 35: Services International
SERVICES INTERNATIONAL LOOKING AHEAD International operations • Improved retention and contract • Standout performance from PHS. Citron integration bedded down. The enlarged washroom business win momentum across the board. mobilised several sizable contracts. Specialist businesses performed well Mob
Slide 36: Freight
FREIGHT LOOKING AHEAD Bidvest Tank Terminals • Strong improvement driven by expansion, annual tank rental rate escalations, improved capacity utilisation • Mineral commodity exports • 10% growth in volumes handled → + fuels, oils, gasses; - vegetable oil expected to remain strong South African Bulk
Slide 37: Services South Africa
SERVICES SOUTH AFRICA LOOKING AHEAD Security and Aviation • Margin pressure in labour intensive activities, negative business mix and higher fuel price depressed • Improved retention and contract Protea Coin result. UDS held its own win momentum across the board. • Good Bidair Cargo result on increa
Slide 38: Branded Products
BRANDED PRODUCTS LOOKING AHEAD Data, Print and Packaging • Overall, a good performance delivered. Expense control excellent • Product realignment, innovation • Print and packaging businesses performed strongly delivering good revenue and profit growth and expansion remain strategic focus areas • Vol
Slide 39: Commercial Products
COMMERCIAL PRODUCTS LOOKING AHEAD Trade • Plumblink result outstanding with record revenue and profit achieved. Opened 10 new stores, • Customer and product mix revamped 14 enhancement to continue • Bidvest Electrical turnaround pleasing. Significant smart meter sales, renewable energy sales at • Ne
Slide 40: Automotive
AUTOMOTIVE LOOKING AHEAD McCarthy Chinese brand sales • Multi franchise and brand diversification strategy gaining momentum 25.0% • Diversification and rationalisation 20.0% will remain focus areas • Rationalisation and optimisation efforts continue 15.0% • Market disruption manifesting in revenue d
Slide 41: Adcock Ingram
ADCOCK INGRAM LOOKING AHEAD • Natco Pharma partnership bedding down Consumer • Restructuring and diversification underway • Recovered nicely from slow start • Gross margin best in Adcock and trading profit improved on good cost discipline • New product extensions and branch launches to support growt
Slide 42: Bidvest Listed Instruments
BIDVEST LISTED INSTRUMENTS Equity • JSE BVTSJ • US ADR BDVSY Debt • Bidvest Group UK 6.2% Sep 2032 • BID17-28