Remgro Limited · JSE:REM
Remgro — Remgro Ltd Ord — FY2026 Earnings Presentation
78 slides from Remgro's earnings presentation, Sep 21, 2026
Slide 1: Final Results Presentation
Final Results Presentation For the year ended 30 June 2026
Slide 2: Contents
Contents 01 Performance overview 04 Investee company update 02 Delivering on our strategic priorities 05 Looking ahead 03 Summarised results for the year 06 Annexure 2
Slide 3: Performance overview
Performance — overview —
Slide 4: Strong earnings growth and cash generation momentum sustained
Performance overview Strong earnings growth and cash generation momentum sustained driven by consistent strategic delivery in core portfolio HEPS HEPS (excl. once offs) Ordinary dividend per share R20.03 R18.19 595 cents 42.2% 29.1% 73.0% (2025: R14.09) (2025: R14.09) (2025: 344 cents) Adjusted Free
Slide 5: Delivering on our strategic priorities
Delivering on our strategic priorities
Slide 6: Progressing delivery on our stated strategic priorities
Delivering on our strategic priorities Progressing delivery on our stated strategic priorities... ...to deliver sustainable growth and long-term value uplift • 5 year transformative corporate actions delivered. More focused, resilient and better performing portfolio Active • Active partnership with
Slide 7: Journey of portfolio repositioning delivered
Active performance optimisation Journey of portfolio repositioning delivered Transactions completed, integrated and optimised Transformative corporate actions to optimise portfolio: 2021 - 2026 Strong foundations for value creation Distell and Namibia Breweries combined with A shift in focus: the be
Slide 8: Active performance optimisation embedded and bearing fruit
Active performance optimisation Active performance optimisation embedded and bearing fruit Consecutive years of broad-based earnings growth(1) +29% +106% +29% FY2026 Headline earnings growth Free cash flow generated at the Adjusted free cash flow generated excluding once offs centre at the centre Me
Slide 9: Prudent capital allocation framework
Considered capital allocation Prudent capital allocation framework Delivering a resilient balance sheet and material uplift in shareholder returns Uses of capital Status • Balance sheet remains ungeared at the centre Balance sheet strength • Strategic liquidity – healthy cash at the centre available
Slide 10: Foundational sustainability goals substantially achieved
Leading sustainable businesses Foundational sustainability goals substantially achieved Capabilities built to strengthen resilience and create value 1. Invest responsibly 2. Implement consistently 3. Prove shared value Sustainable investment stewardship ESG implementation across the Group Unlocking
Slide 11: Summarised results for the year
Summarised results for the year
Slide 12: Headline earnings bridge
Summarised results for the year Headline earnings bridge for the year ended 30 June 2026 12,000 Headline earnings growth across the board, underpinned by solid contributions from key investees 1 023 (2) 11 140 ↑42.3% 11,000 ↑>100% ↓32.9% ↑>100% ↑>100% 161 (368) ↑23.7% 206 50 10 117 325 10,000 ↑>100%
Slide 13: Headline earnings by investee companies
Summarised results for the year Headline earnings by investee companies (adjusted for once-offs) Investment portfolio contribution Mediclinic 29.1% R2 948m • ↑ 23.6% • FY25 R2 386m Mediclinic R2 948m ↑ 23.6% Higher patient activity, margins and lower depreciation and OUTsurance Group finance costs.
Slide 14: Valuation of top unlisted investments
Summarised results for the year Valuation of Top 5 unlisted investments Representing c. 83% of unlisted portfolio 30 June 2025 31 Dec 2025 30 Jun 2026 45,000 41 500 41 598 41 381 40,000 ↓0.3% 35,000 ↑7.9% in $ 30,000 R million 25,000 20,000 15 800 16 230 16 158 15,000 ↑2.3% 10,000 6 742 7 546 7 150
Slide 15: Intrinsic net asset value bridge
Summarised results for the year Intrinsic net asset value bridge for the year ended 30 June 2026 190 000 180 000 ↑8.9% ↑8.2% ↑6.1% ↑4.6%** 12 009 ↑39.9% R305.80 ↑22.9% 561 525 408 2 091 1 178 170 244 ↑4.8% 170 000 R292.34 (2 035) ( 364) (5 733) ( 898) 162 502 ↓25.9% ↓100% 160 000 ↓100% FirstRand dis
Slide 16: Cash at the centre
Summarised results for the year Cash at the centre % of Actual Actual R million total 30 June 2026 30 June 2025 Local cash 83.7 17 054 4 866 Offshore cash 16.3 3 317 3 496 US$ 154.8m (@ R16.39/US$) (30 Jun 2025: US$185.5m @ R17.75/US$) 12.5 2 538 3 293 GB£ 29.8m (@ R21.76/GB£) (30 Jun 2025: GB£3.3m
Slide 17: Free cash flow at the centre more than doubled
Summarised results for the year Free cash flow at the centre (FCFC) more than doubled Free cash flow at the centre (FCFC) more than doubled R8 305 million R4 953 million R4 558 million FCFC Adjusted FCFC Ordinary dividends received ▲ 105.6% 2025: R4 039 million ▲ 28.6% 2025: R3 851 million ▲ 23.8% 2
Slide 18: Cash flow at the centre: FY2026
Summarised results for the year Cash flow at the centre: FY2026 Cash flow at the centre: FY2026 18 000 8 137 (2) 16 000 (707)(3) 14 000 (1 137) 12 009 12 000 (2 317) (4) (272) 10 000 R million 761 8 305 8 000 3 352 (1) (366) 3 352 6 000 4 558 4 953 # 4 000 2 000 - Ordinary Special Finance Net corpor
Slide 19: Dividends received and adjusted FCFC evolution
Dividends received and adjusted FCFC evolution* 6 000 ↑ 90.0% ↑ 80.0% 4 953 5 000 ↑ 28.6% ↑ 70.0% 4 558 4 000 3 851 ↑ 60.0% ↑ 38.6% 3 054 3 681 ↑ 50.0% R million 3 000 2 596 ↑ 40.0% ↑ 11.2% 2 779 2 012 2 499 2 000 ↑ 30.0% 1 533 ↑ 61.0% 1 552 ↑ 20.0% 1 000 ↑ 77.0% 877 ↑ 10.0% - - FY2021 FY2022 FY2023
Slide 20: Dividends per share (cents)
Dividends per share (cents) Ordinary Special 1,000 1 000 ↑28.6% 891 900 900 1.5 x 800 800 693 1 000 700 700 900 2.0 x 595 ↑73.0% 600 600 800 Cents 700 500 500 550 600 400 344 422 400 ↑70.2% 500 300 300 400 200 248 200 300 100 100 200 173 ↑80.2% 96 100 - - - 30 Jun 2025 30 Jun 2026 30 Jun 2026 Interi
Slide 21: Investee company update
Investee company — update —
Slide 22: Mediclinic Group
Mediclinic Group Jurgens Myburgh (CFO)
Slide 23: Progress on FY26 priorities
Mediclinic Group Progress on FY26 priorities Scorecard of delivery against the Group’s key FY26 priorities Group Switzerland Southern Africa Middle East +11% +1% +7% +9% Revenue Revenue Revenue Revenue EBITDA +14% | EBITDA margin 15.7% EBITDA +7% | EBITDA margin 14.4% EBITDA +8% | EBITDA margin 18.6
Slide 24: Switzerland
Mediclinic Group Switzerland Improved operating results • Revenue growth driven by increase in underlying volumes - Inpatient admissions up 1.5% compared with FY25 CHF million FY26 FY25 Variance - General insurance mix increased to 53.7% (FY25: 52.6%) Revenue(1) 1 964 1 940 1% - Outpatient and day c
Slide 25: Southern Africa
Mediclinic Group Southern Africa Optimising operations • Good revenue growth of 7% to ZAR23 857 million - Strong PPD growth of 1.8% ZAR million FY26 FY25 Variance - Average revenue per bed day driven by speciality mix changes Revenue 23 857 22 369 7% EBITDA(1) 4 434 4 097 8% • Adjusted EBITDA was up
Slide 26: Middle East
Mediclinic Group Middle East Resilient performance with cautious outlook • Good revenue growth of 9% to AED5 593 million - Inpatient admissions down 2.2% due to disruption during March AED million FY26 FY25 Variance 2026 and Airport Road consolidation Revenue 5 593 5 135 9% - Outpatient visits up 1.
Slide 27: Positioning Mediclinic for the Future
Mediclinic Group Positioning Mediclinic for the Future A simplified structure Building a foundation Prior Mediclinic structure New Mediclinic structure for future success – 1 July 2026 Progressed Mediclinic Group restructure planning and business readiness activities (inclusive of key Remgro MSC Rem
Slide 28: Southern Africa: strategic goals and top priorities
Mediclinic Group Southern Africa Strategic goals and top priorities Market dynamics and context • Mature operating Key priorities: Building resilience against a challenging market backdrop environment supporting Driving volume increase through selective Replacing core systems to drive operational ta
Slide 29: Middle East: strategic goals and top priorities
Mediclinic Group Middle East Strategic goals and top priorities Market dynamics and context • Despite regional geopolitical Key priorities: Building resilience against a challenging market backdrop conflict, healthcare results Revenue growth in existing business and Successful execution of the Abu D
Slide 30: Concluding remarks
Mediclinic Group Mediclinic Concluding remarks Strong underlying businesses: FY26 delivered a robust operating performance in a persistently challenging market environment. Optimised portfolio enabling focused local strategies: Each business is increasingly positioned to respond to its specific mark
Slide 31: Heineken Beverages
Heineken Beverages Jordi Borrut (Managing Director) Radovan Sikorsky (Finance Director)
Slide 32: Structural opportunity, consistent priorities
Heineken Beverages Structural opportunity, consistent priorities A large, under-penetrated African consumer base and a capital-efficient regional model, addressed through five consistent strategic priorities and improving topline momentum The opportunity • ~200m population across core African market
Slide 33: Consistent progress across our 5 strategic priorities
Heineken Beverages Consistent progress across our 5 strategic priorities Building stronger brands, customer connections and capabilities while structurally improving our competitiveness Win in beer Build brands with power Get direct connections Accelerate Ignite the path from with our end customers
Slide 34: Results overview
Heineken Beverages Results overview 12 months to June 2026 vs June 2025 Solid performance delivered Year Ended Year Ended R million 30 June 2026 30 June 2025 Variance Revenue 55 272 55 243 0% Reported headline earnings/(loss) 589 (268) 320% Headline earnings excl. IFRS3 amortisation 1 142 479 138% 1
Slide 35: Movement in headline earnings/(loss)
Heineken Beverages Heineken Beverages movement in Headline earnings/(loss) 12 months to June 2026 vs June 2025 Movement in reported headline earnings/(loss) (R million) 351 589 194 312 (268) Reported headline Increased HLE profit Reduced IFRS3 Other: Tax, Reported headline loss FY25 before tax amort
Slide 36: Revenue (pre-excise) per category
Heineken Beverages Revenue (pre-excise) per category 12 months to June 2026 vs June 2025 Revenue contribution per category Key insights • Beer delivered strong growth with resilient contributions from Amstel, Windhoek and Heineken • Ciders stable performance with Bernini strong contributor • Wines s
Slide 37: Revenue per reporting entity
Heineken Beverages Revenue per reporting entity (RE) 12 months to June 2026 vs June 2025 Revenue pre-excise contribution per RE Key insights • Majority of revenue driven by South Africa (HBSA), which also produces a large part of the HBI stock. • HBI facing a complex macroeconomic environment. The c
Slide 38: Looking ahead
Heineken Beverages Heineken Beverages Looking ahead Macro Environment Commercial Excellence & Market Execution • Modest economic growth in RSA with improving inflation and energy • Improve market competitiveness by enhancing commercial stability, but continued consumer pressure execution across chan
Slide 39: RCL Foods
RCL Foods Paul Cruickshank (CEO)
Slide 40: Key Features
RCL Foods Key Features Results materially impacted by challenges in Sugar and Pet Food operations Sugar negatively impacted by increased imports due to ineffective tariff Production challenges disrupted Pet Food operations in second half of the financial year Market remains subdued with volume press
Slide 41: FY26 Key Highlights
RCL Foods FY26 Key Highlights The business maintained a disciplined focus on efficiency, innovation and brand investment while remaining agile in a complex operating environment Top strategic priorities delivered in FY26 Underlying result: Year ended Year ended • Drove a high-performance culture R m
Slide 42: Market share performance
RCL Foods Market share performance Supply pressure in Pet impacts market shares - the business continues to invest in strengthening brand equity RCL Foods volume market share 12MM 12MM 3MM Groceries June 2025 June 2026 June 2026 Yum Yum Peanut Butter 32.4% 29.4% 30.0% Nola Mayonnaise 42.6% 41.5% 42.
Slide 43: EBITDA performance
RCL Foods EBITDA performance Pleasing Baking and Culinary performance offset by pressure in Sugar and Pet Food Underlying EBITDA waterfall: June 2025 to June 2026 Continuing operations 2 900 ↓15.2% 2 700 ↓8.6% 2 563 2 500 (40) (41) 2 391 123 (91) 2 300 (115) 26 2 184 2 174 (209) (10) R million (32)
Slide 44: Business unit performance
RCL Foods Business unit performance Encouraging underlying performance overshadowed by Sugar and Pet challenges EBITDA growth YOY • Strong Culinary and Beverages performances were offset by a dry pet food production R million pause, which constrained Pet Food supply and second-half sales volumes. ↓1
Slide 45: Long-term historical performance
RCL Foods Long-term historical performance Despite challenges in Pet Food, the branded business delivered stable growth Underlying EBITDA history 3 000 18% 16% 2 500 2 391 2 216 14% 2 185 2 000 1 907 1 893 12% 963 755 10% 1 272 9.0% 1 500 785 9.1% 8.8% 8.5% 1 054 8% 7.8% 1 000 6% 1 428 1 430 4% 1 12
Slide 46: Looking forward
RCL Foods Looking forward Continue to focus on factors within our control and drive execution of our strategy In Sugar, trading environment is expected to remain highly volatile, therefore, Key innovation launches will drive growth in the Baking business there will be a strong focus on items within
Slide 47: CIVH
CIVH Dietlof Mare (Maziv CEO)
Slide 48: CIVH at a glance | FY26
CIVH CIVH at a glance | FY26 Improved performance, de-gearing. Two landmark transactions closed FY26 financial highlights (March year end) Corporate actions delivered Vodacom Merger +14% +36% Implemented 1 December 2025 Revenue growth Operating earnings • R11 billion of capital injected – R6.11 bill
Slide 49: Main drivers of performance
CIVH Main drivers of performance Consumer connections, enterprise annuity stability and disciplined cash conversion Maziv Group | Strong growth across all key measures • Strong Revenue and EBITDA growth, driven by Vumatel and DFA • Revenue up 15% to R7.7 billion and EBITDA up 14% to R5.3 billion • H
Slide 50: Financial results
Financial results CIVH 14% Revenue Growth | 11% EBITDA Growth Year ended Year ended R million 31 March 2026 31 March 2025 % change Revenue 7 683 6 708 +15% EBITDA 5 258 4 618 +14% Operating earnings 3 251 2 377 +37% Headline earnings(1) 856 22 +3 791% Cash flow before capex 3 636 2 592 +40% Year end
Slide 51: Maziv FY26 growth unpacked
CIVH Maziv FY26 growth unpacked Strong organic growth enhanced by the Vodacom transaction Strong organic momentum remained the primary growth driver, with Vodacom assets adding scale and future growth capacity Vumatel | Consumer DFA | Enterprise Revenue & EBITDA Revenue & EBITDA +15% and +19% report
Slide 52: DFA
CIVH DFA Stable cash flows underpinning 5G rollout and business connectivity growth FTTS (Fibre-to-the-Site) Business connectivity Addressable market Addressable market 588 000 49 000 sites Business connections(1) • Net ~1 100 FTTS links rationalised following the Vodacom • Metro fibre is critical t
Slide 53: Vumatel
CIVH Vumatel Over 2.3 million homes passed with uptake increasing to 44% CORE market REACH and KEY market TOTAL • >R30k monthly household • <30k monthly household income 3.0 • income Stable cash base 15.5 • • Current growth engine 10% overbuilt by competing 18.5 • • Total Market Reach and Key remain
Slide 54: Herotel
CIVH Herotel Regional broadband platform extending the group’s reach beyond the major metros Financial performance Herotel | Regional scale and attractive growth runway R million FY26 FY25 % change Revenue 1 659 1 459 +14% • Strong FY26 delivery | Revenue increased 14% and EBITDA 21%, with the EBITD
Slide 55: CIVH cash flows – 100% consolidated
CIVH CIVH cash flows – 100% consolidated(1) Stronger cash conversion and operational performance drives 36% growth in cash generation 2026 (Year ended 31 March 2026) 2025 (Year ended 31 March 2025) 210 5 211 ( 127) 168 4 686 (110) 36% YoY increase 3 558 (1 736) Additional R639 million cash 2 608 gen
Slide 56: Outlook
CIVH Outlook Scale converting to cash: connections, integration and disciplined capital Consumer | Reach and Key carry the growth • Reach and Key are the runway – 3.7 million homes addressed at 10% overbuilt and 12 million largely unaddressed • Core new build maturing at 34% overbuilt, providing a s
Slide 57: Looking ahead
Looking ahead
Slide 58: A stronger foundation against a persistently volatile backdrop
Looking ahead A stronger foundation against a persistently volatile backdrop The foundations reinforced over the past five years provide resilience in uncertainty and optionality for growth External environment South African opportunity What this means for Remgro Volatility and change continue to cl
Slide 59: Focused on value creation through disciplined execution
Looking ahead Focused on value creation through disciplined execution Converting progress into sustained performance and growth 01 • Continue to refine portfolio composition from a position of strength Driving portfolio • Focus exposure to scalable, high-quality businesses to compound performance pe
Slide 60: Remgro Limited
&A Remgro Limited
Slide 61: Annexure
Annexure
Slide 62: Headline earnings contribution
Annexure Headline earnings contribution (adjusted for once-offs) Actual Actual R million 30 Jun 2026 30 Jun 2025 % change Mediclinic Higher patient activity, margins and lower depreciation and finance costs. 2 948 2 386 23.6 OUTsurance Group Strong claims and cost efficiency, plus lower share-based
Slide 63: Dividends received
Annexure Dividends received Actual Actual R million 30 Jun 2026 30 Jun 2025 Listed 2 714 2 157 OUTsurance Group – ordinary 1 267 947 – special 297 188 RCL Foods 393 393 FirstRand 326 436 Rainbow 250 - Discovery 160 122 Other listed 21 71 Unlisted 5 196 1 712 CIVH – special 3 055 - Air Products 575 5
Slide 64: Intrinsic net asset value
Annexure Intrinsic net asset value Material investee companies R million 30-Jun-26 % Change 30-Jun-25 % Contribution Mediclinic 41 381 (0.3%) 41 500 23.6% OUTsurance Group L 36 922 0.4% 36 772 21.0% CIVH 16 158 2.3% 15 800 9.2% Discovery (net of CGT) L 11 241 22.9% 9 150 6.4% Heineken Beverages 7 15
Slide 65: Valuation: listed vs unlisted
Annexure Valuation: listed vs unlisted Cash and other corporate assets excluded June 2025 June 2026 40% 38% * Unlisted Listed 60% 62% *Listed contribution decreased mainly due to FirstRand converted to cash 65
Slide 66: Results overview per pillar: Healthcare
Annexure Results overview per pillar Healthcare Earnings Dividend Intrinsic value Headline earnings Dividends received (1) yield %(2) yield %(2) Remgro 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun R million Interest 2026 2025 % change 2026 2025 % change 2026 2025 % change 2026 2026 Medicl
Slide 67: Results overview per pillar: Consumer products
Annexure Results overview per pillar Consumer products Earnings Dividend Intrinsic value Headline earnings Dividends received (1) yield %(2) yield %(2) Remgro 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun R million Interest 2026 2025 % change 2026 2025 % change 2026 2025 % change 2026 2026
Slide 68: Results overview per pillar: Consumer products
Annexure Results overview per pillar Consumer products Earnings Dividend Intrinsic value Headline earnings Dividends received (1) yield %(2) yield %(2) Remgro 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun R million Interest 2026 2025 % change 2026 2025 % change 2026 2025 % change 2026 2026
Slide 69: Results overview per pillar: Consumer products
Annexure Results overview per pillar Consumer products Earnings Dividend Intrinsic value Headline earnings Dividends received (1) yield %(2) yield %(2) Remgro 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun R million Interest 2026 2025 % change 2026 2025 % change 2026 2025 % change 2026 2026
Slide 70: Consumer products: Siqalo Foods performance
Annexure Consumer products Siqalo Foods performance Year ended Year ended R million 30 June 2026 30 June 2025 % change Revenue 3 797 3 715 2.2 Operating profit 576 595 (3.2) Headline earnings 463 465* (0.4) Headline earnings Intrinsic value Drivers 8 000 Drivers 500 ↓0.4% • Trading remained tough, w
Slide 71: Results overview per pillar: Consumer products
Annexure Results overview per pillar Consumer products Earnings Dividend Intrinsic value Headline earnings Dividends received (1) yield %(2) yield %(2) Remgro 30 Jun 30 June 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun R million Interest 2026 2025 % change 2026 2025 % change 2026 2025 % change 2026 202
Slide 72: Results overview per pillar: Financial services
Annexure Results overview per pillar Financial services Earnings Dividend Intrinsic value Headline earnings Dividends received (1) yield %(2) yield %(2) Remgro 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun R million Interest 2026 2025 % change 2026 2025 % change 2026 2025 % change 2026 202
Slide 73: Results overview per pillar: Infrastructure
Annexure Results overview per pillar Infrastructure Earnings Dividend Intrinsic value Headline earnings Dividends received (1) yield %(2) yield %(2) Remgro 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun R million Interest 2026 2025 % change 2026 2025 % change 2026 2025 % change 2026 2026 CI
Slide 74: Results overview per pillar: Industrial
Annexure Results overview per pillar Industrial Earnings Dividend Intrinsic value Headline earnings Dividends received (1) yield %(2) yield %(2) Remgro 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun R million Interest 2026 2025 % change 2026 2025 % change 2026 2025 % change 2026 2026 Air Pr
Slide 75: Industrial: unlisted portfolio performance
Annexure Industrial Unlisted portfolio performance Air Products Wispeco Year ended Year ended Year ended Year ended R million 31 Mar 2026 31 Mar 2025 % change R million 30 June 2026 30 June 2025 % change Revenue 6 118 5 783 5.8 Revenue 4 253 3 909 8.8 Operating profit 1 885 1 766 6.7 Operating profi
Slide 76: Diversified investment vehicles: KTH performance
Annexure Diversified investment vehicles KTH performance Headline earnings Intrinsic value 400 3 500 ↑4.3% ↑9.6% Drivers Drivers 350 377 • KTH’s headline earnings for 3 000 3 263 • Valuation based on sum-of-the- 3 129 344 30 June 2026 increased by 9.6%. parts of the investment portfolio, 300 of whic
Slide 77: Shareholding structure
Annexure Shareholding structure after Vodacom’s 30% investment and completion of Herotel 57.0% 37.5% 5.5% 70% 30% Vodacom assets +R4.89bn 1 Vodacom cash +R7.93bn 2 100% 100% 75% 1 Vodacom FTTH assets integrated into Vumatel and FTTB, metro, backhaul assets into DFA. 100% 2 R1.8bn of shares acquired
Slide 78: End
End Remgro Limited