Slide 1: Q4 and Full Year 2026 Earnings Presentation
We Deliver Operational Intelligence To Simplify Decision Making Q4 and Full Year 2026 Earnings Presentation May 14, 2026 1
Slide 2: Today's Presenters
Today’s Presenters Zak Calisto Goy Hoeshin Carmen Calisto Group CEO Group CFO Group Chief & Founder Strategy & Marketing Officer 2 2
Slide 3: Disclaimer
DISCLAIMER Forward-Looking Statements The information in this presentation (which includes any oral statements made in connection therewith, as applicable) includes “forward-looking statements.” Forward-looking statements are based on our beliefs and assumptions and on information currently availabl
Slide 4: Karooooo FY 2026: What Matters Most
KAROOOOO FY 2026 Cartrack Subscription Revenue growth accelerated from 15% FY 2026: in the prior year to 19% despite FX headwinds WHAT Despite the strengthening ZAR, ARR1 growth reached 18% in ZAR; MATTERS MOST ARR growth was 38% in USD; South Africa ARR1 growth accelerated to 23% FY 2026 adjusted f
Slide 5: Who We Are
WHO WE ARE ZAR 5,179M USD $325M2,3 95%5 Operational intelligence platform for connected vehicles and other mobile assets We deliver mission critical operational intelligence that helps customers make faster, ↑18% Y-o-Y ↑38% Y-o-Y Commercial Customer ARR Cartrack Annual Recurring Revenue (ARR)2 Reten
Slide 6: Karooooo and Karooooo Logistics
KAROOOOO Leading physical operations management platform, focused on South Africa, Southeast Asia and Europe. 100% 81% Ownership Ownership Delivery-as-a-Service Logistics SaaS Operational Intelligence Platform Subscription Revenue (FY 2026) B2B Delivery-as-a-Service (DaaS) Revenue2 (FY 2026) ZAR 4,8
Slide 7: Karooooo FY 2026 Snapshot
KAROOOOO FY 2026 SNAPSHOT FY 2026 Adjusted Free Cash Flow¹ FY 2026 Subscription Revenue UP 90% ZAR 809M UP 19% ZAR 4,844M FY 2025: ZAR 425 FY 2025: ZAR 4,068M FY 2026 Dividend FY 2026 Operating Profit UP 20% USD 1.50 UP 8% ZAR 1,415M FY 2025: USD 1.25 FY 2025: ZAR 1,312M FY 2026 Total Revenue FY 202
Slide 8: Rare Financial Profile
RARE FINANCIAL PROFILE Large Cap SaaS GAAP Rule of 50+ Mid Cap SaaS GAAP Rule of 50+ Small Cap SaaS GAAP Rule of 50+ OUR RARE FINANCIAL PROFILE TRANSLATES TO HEALTHY RETURN ON INVESTED CAPITAL Source: FactSet as of 4/10/2026 Note: “Rule of 50+” analysis utilizes Street CY2026E Revenue and CY2026E GA
Slide 9: FY 2026 Financial and Operational Highlights
FY 2026 FINANCIAL AND OPERATIONAL HIGHLIGHTS ARR1 Accelerated in FY26 Subscription Revenue Growth Solid Subscriber Growth • ARR1 growth accelerated to 18% Y-o-Y and Accelerated • Cartrack subscriber growth increased 16% reached ZAR 5,179 million Y-o-Y to ~2.7 million • Cartrack subscription revenue
Slide 10: Cartrack's Growth Engine Underpinned by Strong Unit Economics
CARTRACK’S GROWTH ENGINE UNDERPINNED BY STRONG UNIT ECONOMICS Lifetime Value of Low Cost of Acquiring a Strong Benefits from 1 Customer Relationships Customer 2 Economies of Scale 95% Q4 2026 Gross Profit Margin based only on Subscription Revenue >9x 71% LTV1 to CAC Commercial Customer ARR Retention
Slide 11: FY26 Enterprise Customer Wins Reflect Customer Diversity
FY26 ENTERPRISE Country Customer Industry Number of Subscribers CUSTOMER WINS Logistics – Fuel Transportation 300 REFLECT CUSTOMER Indonesia Logistics – Agriculture Vehicle Leasing – Mining 450 670 DIVERSITY New Zealand Construction 300 Philippines Auto Manufacturer 4,050 Food & Beverage 280 Poland
Slide 12: South Africa FY 2026 Review
SOUTH AFRICA FY 2026 REVIEW Cartrack Subscribers (Q4 2026) ~2M Cartrack Subscriber Growth (Q4 2026) 16% Y-o-Y SOUTH AFRICA Cartrack Market Share Dominant Cartrack Brand Awareness Strong • 5,400+ employees1 Cartrack and Karooooo Logistics Footprint • Vertically integrated Population ~63 million2 GDP
Slide 13: Southeast Asia FY 2026 Review
SOUTHEAST ASIA FY 2026 REVIEW Cartrack Subscribers (Q4 2026) ~336k1 Cartrack Subscriber Growth (Q4 2026) 23% Y-o-Y; Net additions increased 41% SOUTHEAST ASIA Cartrack Market Share A leader across SE Asia Cartrack Brand Awareness Growing • 1,280+ employees2 Cartrack Footprint • Vertically integrated
Slide 14: Europe FY 2026 Review
EUROPE FY 2026 REVIEW Cartrack Subscribers (Q4 2026) ~228K EUROPE Cartrack Subscriber Growth (Q4 2026) 14% Y-o-Y Cartrack Market Share Healthy in key countries Cartrack Brand Awareness Strong in key countries • 370+ employees1 Cartrack Footprint • Vertically integrated Population ~450M2 GDP ~$20 Tri
Slide 15: Karooooo Logistics Q4 2026 Review
KAROOOOO LOGISTICS Karooooo Logistics Continues Q4 2026 REVIEW to Scale B2B Delivery as a Service Platform Delivered revenue of ZAR145 Million, an increase of 32% Y-o-Y Connects business demand for last-mile delivery with an elastic supply of vetted 3rd party delivery drivers Delivered 9% operating
Slide 16: Karooooo Logistics Recent Operational Highlights
Karooooo Logistics Recent Operational Highlights ZAR 1B payments to drivers 8+ million deliveries in FY26 Thousands of drivers on the Continue to invest in since inception road daily technology capabilities 16 16
Slide 17: Review of Our FY 2026 Priorities
REVIEW OF OUR FY 2026 PRIORITIES 01 Cement Leadership Position 02 Enhance Distribution Footprint in Asia and Europe 03 Broaden Platform Adoption and Capture Video Demand 17
Slide 18: Our FY 2027 Priorities
OUR FY 2027 PRIORITIES 01 Continue to Cement Leadership Position in Our Markets 02 Drive Salesforce Efficiency While Accelerating Subscription Revenue Growth 03 Apply AI to Enhance Platform, Improve Operating Efficiencies and Speed Up Execution 18
Slide 19: Unique Resilience in AI Era
UNIQUE RESILIENCE IN AI ERA Proprietary Data Advantage Over 20 years, we have built a proprietary data asset from IoT devices deployed and maintained in the field, creating a compounding data advantage that is difficult to replicate. 300B+1 new data points created monthly. Importantly, we install th
Slide 20: Q4 2026 and FY 2026 Financial Performance
Q4 2026 and FY 2026 Financial Performance 20
Slide 21: Cartrack Extends Two Decade Track Record of Consistent Execution
CARTRACK EXTENDS TWO DECADE TRACK RECORD OF CONSISTENT EXECUTION AND RESILIENCE Scale Growth Profitability Subscribers Subscription Revenue Operating Profit 000s ZAR M ZAR M 2,662 1,278 2,568 1,236 377 359 2,457 1,180 344 2,386 1,138 342 2,302 2,223 1,084 324 316 2,137 1,029 2,047 295 293 983 289 28
Slide 22: Cartrack Delivered Strong Net Subscriber Additions in Q4
CARTRACK DELIVERED STRONG NET SUBSCRIBER ADDITIONS IN Q4 2026 111,478 ▲ 19% 93,755 89,168 86 617 84,013 78,593 79,009 75,910 75,256 75,484 70,740 61,776 63,340 60,470 57,241 55,587 40,375 42,139 38,471 16,800 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 F
Slide 23: Cartrack's Strong Performance Continues, Fueled by SaaS Revenue Momentum
CARTRACK’S STRONG PERFORMANCE CONTINUES, FUELED BY SaaS REVENUE MOMENTUM Q4 2026 FY 2026 Revenue UP 17% UP 19% Subscription Q4 2026 ZAR 1,304M FY 2026 ZAR 4,939M Revenue as a % Q4 2025 ZAR 1,110M FY 2025 ZAR 4,147M of Revenue Q4 2026 98% UP 18% UP 19% Q4 2025 98% Subscription Q4 2026 ZAR 1,278M FY 2
Slide 24: Karooooo Delivered Accelerating Subscription Revenue Growth Despite FX Headwinds
KAROOOOO DELIVERED ACCELERATING SUBSCRIPTION REVENUE GROWTH DESPITE FX HEADWINDS Q4 2026 FY 2026 UP 18% UP 19% Subscription Q4 2026 ZAR 1,281M FY 2026 ZAR 4,844M Revenue Q4 2025 ZAR 1,086M FY 2025 ZAR 4,068M (12%) UP 8% Operating Q4 2026 ZAR 338M FY 2026 ZAR 1,415M Profit Q4 2025 ZAR 385M FY 2025 ZA
Slide 25: Q4 2026 EPS Explained
Q4 2026 EPS EXPLAINED UP 20% Illustrative 4Q EPS Excluding Discrete Items KAROOOOO’S ADJUSTED EARNINGS 0.46 8.78 PER SHARE1 IN USD2 0.49 0.65 FY 2026 2.05 7.18 FY 2025 1.70 We estimate (a non-IFRS measure) that the provision alignment in cost of sales, the negative impact on revenue by the strengthe
Slide 26: Results Demonstrate Earnings Power Despite Upfront Investment
RESULTS DEMONSTRATE EARNINGS POWER DESPITE UPFRONT INVESTMENT TO ACCELERATE GROWTH FY FY FY FY1 FY1 FY 2027 Q1 Q21 Q31 Q41 Q1 Q21 Q31 Q41 ZAR 20221 2023 2024 2025 2026 OUTLOOK 2025 2025 2025 2025 2026 2026 2026 2026 CARTRACK 16.57 20.62 24.77 30.90 31.67 6.95 7.17 7.51 9.28 8.37 8.07 8.35 6.89 CARZU
Slide 27: Cartrack FY 2026 Subscriber Growth and ARR Growth
CARTRACK FY 2026 SUBSCRIBER GROWTH REMAINS STRONG AND FY ARR1 GROWTH ACCELERATED ARR¹ ZAR M FY FY FY FY FY ‘000s Subscribers 2022 2023 2024 2025 2026 Y-o-Y ▲ 17% (ZAR) ▲ 18% (ZAR) ▲ 21% (USD3) ▲ 38% (USD2) SOUTH AFRICA 1,186 1,315 1,493 1,737 2,006 16% ASIA AND MIDDLE EAST 145 185 230 274 336 23% 5,
Slide 28: FY 2026 Cartrack Geographic Subscription Revenue Mix and Growth
FY 2026 CARTRACK GEOGRAPHIC SUBSCRIPTION REVENUE MIX AND GROWTH Cartrack Subscription Revenue Mix By Geography Cartrack Subscription Revenue Y-o-Y Growth 3% As Reported Constant Currency1 10% South Africa: 20% 20% Asia & ME: 17% 20% 15% Europe: 22% 19% Africa Other: 14% 17% - South Africa growth acc
Slide 29: Two Decade Track Record of Strong Free Cash Flow Generation
KAROOOOO HAS A TWO DECADE TRACK RECORD OF STRONG FREE CASH FLOW GENERATION ZAR M UP 90% Earnings Adj. Free Cash Flow1 FY 2026 Adj. Free Cash Flow¹ benefitted from several factors KAROOOOO’S including: 1 1,011 ADJUSTED FREE CASH FLOW 937 - An improved debtor book (ie. Q4 2026 18% Trade Receivables) p
Slide 30: Karooooo Has a Strong and Clean Balance Sheet
KAROOOOO HAS A STRONG AND CLEAN BALANCE SHEET Net cash on hand plus cash in bank and fixed deposits (in ZAR M) 1,137 1,103 Healthy Attractive growth with strong unit Debtor Days 1,001 966 922 950 economics 27 854 1 856 838 799 819 718 2 782 3 746 Robust operating margins 664 651 674 544 531 Unlevera
Slide 31: Karooooo Continues to Deliver on Outlook
KAROOOOO CONTINUES TO DELIVER ON OUTLOOK Initial Revised FY 2026 FY 2026 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Outlook Outlook Cartrack’s Subscription Revenue (ZAR M) 2,566 3,004 3,523 4,055 4,831 4,700 – 4,900 4,785 – 4,900 Y-o-Y Growth 17% 17% 15% 19% 16% - 21% 18% - 21% Cartrack’s Operating Pro
Slide 32: FY 2027 Outlook: Faster Subscription Revenue Growth, Strong EPS Expansion
FY 2027 OUTLOOK: FASTER SUBSCRIPTION REVENUE GROWTH, STRONG EPS EXPANSION FY 2027 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 OUTLOOK Cartrack’s Subscription Revenue (ZAR M) 2,566 3,004 3,523 4,055 4,831 5,700 – 6,000 Y-o-Y Growth 17% 17% 15% 19% 18% - 24% Cartrack’s Gross Profit Margin 69% 72% 72% 74%
Slide 33: Q4 2026 Earnings Highlights and Key Investment Highlights
Q4 2026 Earnings Highlights Key Investment Highlights 1 • SaaS ARR growth increased to 18% Y-o-Y, South Africa SaaS ARR 1 • Well positioned to drive profitable and durable growth given 1 growth exited the year at 23% Y-o-Y and SaaS ARR growth in USD 2 efficient unit economics and expansive TAM accel
Slide 34: Q&A Thank you
Q&A Thank you
Slide 35: Appendix
Appendix
Slide 36: Disciplined Capital Allocation Framework
DISCIPLINED CAPITAL ALLOCATION FRAMEWORK Organic Growth and Product Return Capital to Shareholders Innovation Allocating capital to organic growth and Given our current strong balance product innovation are our paramount sheet and net cash position, our priorities given our attractive unit preferenc
Slide 37: Our Platform Delivers Operational Intelligence to Simplify Decision Making
OUR PLATFORM DELIVERS OPERATIONAL INTELLIGENCE TO SIMPLIFY DECSION MAKING CUSTOMER BENEFITS Safety Vision SAFETY • PRODUCTIVITY • COMPLIANCE • PROFITABILITY • ABILITY TO SCALE Delivery Cost Centralised platform for real-time operational Management visibility and simplified decision making In-field S
Slide 38: Operational Intelligence Capabilities Go Far Beyond Telematics
OPERATIONAL INTELLIGENCE CAPABILITIES GO FAR BEYOND TELEMATICS End-To-End Operational Intelligence Capabilities Telematics / Real-Time Visibility Video / Cameras & Safety Field Service Management Risk Management / Compliance Delivery & Logistics • GPS Tracking • AI Powered Cameras for Driver • Drive
Slide 39: Cartrack Tag Extends Platform to Any Mobile Asset in Southern Africa
CARTRACK TAG EXTENDS PLATFORM TO ANY MOBILE ASSET IN SOUTHERN AFRICA Unparalleled Asset Protection Leverages Proprietary RF Network • Radio Frequency (RF) tracking ability • Enhanced visibility in challenging independent of mobile network environments • Proactively detects signal interference • Resi
Slide 40: Why 125,000+ Customers Choose Our Platform for Daily Operations
WHY 125,000+ Enable fleet and asset visibility Enable ecommerce delivery Extend asset lifespans Augment logistics capabilities CUSTOMERS Improve fleet utilization Empower team management Enhance safety Facilitate task management CHOOSE Prevent accidents Slash fuel costs Enable work order management
Slide 41: A History of Growth and Innovation
A HISTORY OF GROWTH AND INNOVATION 2020 2022 2.7M+ Launch of Next Reached 100k subscribers Generation AI- Commercial Enabled Platform Customers 2025 2021 2023 Launch of 2018 NASDAQ IPO Launch of Cartrack Tag and Global Proprietary 2013 Launched Headquarters RF Network 2026 Electric Vehicle 2004 Flee
Slide 42: Simplifying Fuel Management Extends Benefits Far Beyond Fuel
SIMPLIFYING FUEL MANAGEMENT EXTENDS BENEFITS FAR BEYOND FUEL INEFFICIENT WORKFLOWS & FUEL THEFT & FRAUD LOW FUEL ECONOMY MILEAGE Automated fuel card validation Effective maintenance scheme Route optimization Real-time syphoning alerts Industry fuel efficiency benchmarks Business vs personal usage St
Slide 43: Growing Physical Operations Market Opportunity
GROWING PHYSICAL OPERATIONS MARKET OPPORTUNITY Global Automotive OEM Telematics TAM Global Automotive OEM $321.3B1 GLOBAL Telematics TAM 544M PHYSICAL $96.3B1 OPERATIONS Commercial Vehicles2 438M Commercial Vehicles2 2024 2032 1 Allied Market Research. 2 BMI Research (Fitch Solutions). 43
Slide 44: Why We Win
WHY WE WIN • Easy-to-use and Feature Europe Rich Platform • Vertically Integrated • Strong Customer Service • Founder-Led with Entrepreneurial Culture Asia Highly fragmented market • Strong Value Proposition South Africa 44
Slide 45: Representative Customers by Geography
REPRESENTATIVE CUSTOMERS BY GEOGRAPHY South Africa Rest of Africa Europe Asia & Middle East Source: Company filings and press releases. 45
Slide 46: Hypothetical No ARR Growth Scenario to Illustrate Margin Potential
HYPOTHETICAL NO ARR GROWTH SCENARIO TO ILLUSTRATE MARGIN POTENTIAL BASED ON FEB 2025 ARR Reported FY25A P&L Illustrative No Growth P&L !"#$A&'A(&))&*'+, !"#$A !"#$A&'A(&))&*'+, &'D)F'G,-D./0MNFO' P',N5DR0S0MT0 9:;9< ARR 9:Y>9 !"#$A&'D)D*GD&,&-."/#0& M2, .T?@/FOA,O'MDR0S0MT0 9:B$ OGP5R.ST#S"*&'D)D*G