Remgro Limited · JSE:REM
Remgro — Remgro Ltd Ord — H1 2026 Earnings Presentation
78 slides from Remgro's earnings presentation, Mar 25, 2026
Slide 1: Interim Results Presentation
Interim Results Presentation For the six months ended 31 December 2025
Slide 2: Contents
Contents 01 Performance overview 04 Update on key portfolio companies 02 Update on key corporate actions 05 Looking ahead 03 Summarised results for the interim period 06 Q&A
Slide 3: Performance overview
Performance overview Remgro Limited
Slide 4: Strong growth in earnings and cash generation
Performance overview Strong growth in earnings and cash generation driven by consistent strategic delivery in core portfolio HEPS Interim dividend per share Dividends received(1) 931 cents 173 cents R2 428 million 38.5% 80.2% 33.7% (2024: 672 cents) (2024: 96 cents) (2024: R1 816 million) INAVPS Clo
Slide 5: Momentum in strategic progress
Performance overview Momentum in strategic progress Achieved in a turbulent macro-environment, demonstrating resilience, discipline and strategic clarity STRONG EARNINGS PERFORMANCE PORTFOLIO OPTIMISATION CASH & BALANCE SHEET STRENGTH Strong cash generation and robust Sustained growth and earnings m
Slide 6: Current capital allocation posture
Performance overview Current capital allocation posture Stronger foundation, greater optionality RESILIENT BALANCE SHEET + SHAREHOLDER RETURNS + SELECTIVE GROWTH • Portfolio earnings momentum continues • Cash dividend to shareholders increased • Backing high-quality growth opportunities • CIVH/Vodac
Slide 7: Update on key corporate actions
Update on key corporate actions
Slide 8: Update on key corporate actions - CIVH
Update on key corporate actions - CIVH
Slide 9: Corporate actions
Update on key corporate actions Corporate actions Strengthened capital base and scale, to accelerate bridging the digital divide Vodacom investment in Maziv Acquisition of remaining 49.9% stake in Herotel • Capital injection and meaningful balance sheet de-leveraging • Adds meaningful footprint in h
Slide 10: Corporate actions
Update on key corporate actions Corporate actions Strengthening capital base and expanding scale to accelerate bridging the digital divide Awaiting ICASA Feb–May 2022 approval as last Acquire non-controlling 1 Dec 2025 Vodacom Transaction outstanding interest in Herotel (48%) condition precedent and
Slide 11: Shareholding structure
Update on key corporate actions Shareholding structure after Vodacom’s 30% investment 57.0% 37.5% 5.5% Medicli nic 70% 30% Group Vodacom assets +R4.89bn* Vodacom cash +R6.11bn Herotel Communities RF 100% 100% 75% 49.96% 49.93% * Vodacom FTTH assets integrated into Vumatel and FTTB, metro, backhaul a
Slide 12: Impact of Vodacom transaction
Update on key corporate actions Impact of Vodacom transaction Showing effect on Remgro Implementation 1 December 2025 Impact in R’bn VODACOM TRANSACTION STEPS Increase Decrease Total 25.0 7.3 • Vodacom contributes cash and assets 20.0 (2.7) • Subscription by Vodacom and buyback from CIVH to top-up t
Slide 13: Remaining
Update on key corporate actions Remaining Corporate actions Vodacom option transaction steps Herotel inter-related transaction steps 1. Vodacom acquires Maziv shares amounting to 4.95% at • Upon receipt of all regulatory approvals, CIVH will acquire 49.93% company fair market value at the time, with
Slide 14: Update on key corporate actions - Mediclinic Group
Update on key corporate actions - Mediclinic Group
Slide 15: Key transaction terms
Update on key corporate actions Key transaction terms Remgro and MSC swap interests in Mediclinic SA and Hirslanden on an equivalent (1:1) equity value basis resulting in: • Remgro owning 100% of Mediclinic SA (including Intercare and ER24 International) • MSC owning 100% of Hirslanden • Retention o
Slide 16: Mediclinic
Update on key corporate actions Mediclinic Remgro rationale Ownership in home markets by Remgro and MSC will enhance Why owning and controlling 100% of Mediclinic South Africa and strategic and operational alignment and drive agility in response Namibia (MCSA) is attractive for Remgro: to market dyn
Slide 17: High level overview of proposed transaction
Update on key corporate actions High level overview of proposed transaction Current Mediclinic structure Post-implementation Mediclinic structure Remgro MSC Remgro MSC 50% 50% 50% 50% Mediclinic Medicli Mediclinic Medicli Holdings nic Holdings nic Group MCSA Group Hirslanden 100% 100% MCSA MCME Hirs
Slide 18: Valuation summary
Update on key corporate actions Valuation summary 1:1 agreed with reference to Remgro INAV at 30 June 2025(1) Below implied transaction values are purely illustrative with reference 30 September 2025 published results. 30 Sep 2025 Division EV/EBITDA LTM LTM EBITDA (4) Enterprise value Net debt & oth
Slide 19: Execution milestones
Update on key corporate actions Execution milestones Sign key transaction Complete separation Regulatory filings: Obtain third-party consents agreements workstream • Antitrust (South Africa, – lenders / banks Namibia, Switzerland) • South African Reserve Bank Targeting closing of transaction by end
Slide 20: Summarised results for the interim period
Summarised results for the interim period
Slide 21: Headline earnings movement
Summarised results for the interim period Headline earnings movement for the six months ended 31 December 2025 ↑38.8% ↑ >100% ↑ 99.0% 5 500 ↑ >100% 166 104 58 5 175 ↑ >100% 264 5 000 ↑ >100% 280 aa (240) 931c* ↑38.5% 330 ↓ 30.7% 4 500 ↑ 54.9% 485 4 000 3 728 3 500 672c* R million 3 000 2 500 2 000 1
Slide 22: Dividends received evolution
Summarised results for the interim period Dividends received evolution* 4 000 1.2 3 674 ↑ 20.3% 3 500 1 3 054 3 000 ↑ 17.6% 0.8 2 596 2 428 2 500 ↑ 29.0% ↑ 33.7% 0.6 R million 2 012 2 000 1 816 ↑ 31.2% ↑ 18.3% 1 559 0.4 1 533 ↓ 1.5% 1 535 1 500 ↑ 35.7% 1 149 0.2 ↑ 59.6% 1 000 720 0 500 - -0.2 2021 2
Slide 23: INAV: Overview of changes
Summarised results for the interim period INAV: Overview of changes for the six months ended 31 December 2025 170 000 ↑5.9% ↑21.1% ↑9.1% R297.03 ↑1.6% ↑19.9% ↑11.9% R292.34 587 540 165 176 165 000 ↑43.8% 804 621 1 141 (441) 162 502 3 666 160 000 (3 131) (643) (470) 155 000 ↓8.5% ↓8.2% ↓100% 150 000
Slide 24: Valuation of significant unlisted investments
Summarised results for the interim period Valuation of significant unlisted investments Representing c. 83% of Remgro’s unlisted portfolio 31 Dec 2024 30 Jun 2025 31 Dec 2025 50 000 42 285 41 500 41 598 40 000 ↑0.2% R million 30 000 20 000 14 889 15 800 16 230 ↑2.7% 7 546 10 000 7 164 6 742 6 182 6
Slide 25: Results overview per pillar
Summarised results for the interim period Results overview per pillar Healthcare Earnings Dividend Intrinsic value Headline earnings Dividends received (1) yield % (2) yield %(2) Remgro 31 Dec 30 June 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec R million Interest 2025 2025 % change 2025 2024 % change
Slide 26: Results overview per pillar
Summarised results for the interim period Results overview per pillar Consumer products Earnings Dividend Intrinsic value Headline earnings Dividends received yield % (1) yield % (1) Remgro 31 Dec 30 June 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec R million Interest 2025 2025 % change 2025 2024 % cha
Slide 27: Results overview per pillar
Summarised results for the interim period Results overview per pillar Consumer products Earnings Dividend Intrinsic value Headline earnings Dividends received yield % (1) yield % (1) Remgro 31 Dec 30 June 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec R million Interest 2025 2025 % change 2025 2024 % cha
Slide 28: Results overview per pillar
Summarised results for the interim period Results overview per pillar Consumer products Earnings Dividend Intrinsic value Headline earnings Dividends received yield % (1) yield % (1) Remgro 31 Dec 30 June 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec R million Interest 2025 2025 % change 2025 2024 % cha
Slide 29: Results overview per pillar
Summarised results for the interim period Results overview per pillar Financial services Earnings Dividend (1) Intrinsic value Headline earnings Dividends received yield % yield % (1) Remgro 31 Dec 30 June 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec R million Interest 2025 2025 % change 2025 2024 % ch
Slide 30: Results overview per pillar
Summarised results for the interim period Results overview per pillar Infrastructure Earnings Dividend Intrinsic value Headline earnings Dividends received yield % (1) yield % (1) Remgro 31 Dec 30 June 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec R million Interest 2025 2025 % change 2025 2024 % change
Slide 31: Results overview per pillar
Summarised results for the interim period Results overview per pillar Industrial Earnings Dividend (1) (1) Intrinsic value Headline earnings Dividends received yield % yield % Remgro 31 Dec 30 June 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec R million Interest 2025 2025 % change 2025 2024 % change 202
Slide 32: Cash at the centre
Summarised results for the interim period Cash at the centre % of Unaudited Audited R million total 31 Dec 2025 30 Jun 2025 Local cash 72.5 8 724 4 866 Offshore cash 27.5 3 304 3 496 US$152.2m (@ R16.57/US$) (30 Jun 2025: US$185.5m @ R17.75/US$) 21.0 2 522 3 293 GB£29.4m (@ R22.33/GB£) (30 Jun 2025:
Slide 33: Cash flow at the centre
Summarised results for the interim period Cash flow at the centre for the six months to 31 December 2025 8 000 7 000 401 1 177 (2) 6 000 2 816 (1) (1 379)(3) 5 000 R million 4 000 (1 112) 3 666 ( 227) ( 244) ( 194)(4) 3 000 2 428 2 000 1 000 - Ordinary Special Investments Interest Ordinary Special E
Slide 34: Dividends paid evolution
Summarised results for the interim period Dividends paid evolution 500 1.2 1 400 2.0 X 344 ↑30% 0.8 1.9 X 300 1.9 X Cents per share 264 ↑10% 240 ↑60% 0.6 248 200 1.8 X 150 ↑67% 184 0.4 160 1.7 X 90 100 100 0.2 60 80 ↑60% 80 ↑0% 96 ↑20% 50 ↑67% 30 - 0 2021 2022 2023 2024 2025 Financial year ended 30
Slide 35: Interim dividend
Summarised results for the interim period Interim dividend 2.17% 400 ↑ 90.0% 350 1.94% 344 ↑ 80.0% 30.3% ↑ 70.0% 300 264 ↑ 60.0% 250 248 ↑ 50.0% Cents 200 184 34.8% ↑ 80.2% ↑ 40.0% 150 ↑ 30.0% 100 173 ↑ 20.0% 80.2% 50 80 20.0% 96 ↑ 10.0% 0 - 30 Jun 2024 30 Jun 2025 31 Dec 2025 Interim Final Dates of
Slide 36: Update on key portfolio companies
Update on key portfolio companies
Slide 37: Mediclinic Group
Mediclinic Group Dr Ronnie van der Merwe (CEO) Jurgens Myburgh (CFO)
Slide 38: Mediclinic strategy
Mediclinic Group Mediclinic Group Market shifts and implications for Mediclinic Consumers Rising expectations for access and choice Strengthen core business and grow related businesses Mediclinic strategy Payors Expand clinics, day surgery, home services and Pressure on cost and utilisation digital
Slide 39: Progress on key priorities
Mediclinic Group Mediclinic Group Progress on key priorities Expanding revenue generation • Strong volume growth, supported by changes in specialty mix, offsetting sustained pricing pressure • Continued growth across the continuum of care Driving operational performance • On track with operating mod
Slide 40: Financial results
Mediclinic Group Mediclinic Group Financial results 6 months to 30 6 months to 30 USD million Sep 2025 Sep 2024 Variance Revenue 2 566 2 337 10% EBITDA(1) 397 323 23% EBITDA margin 15.5% 13.8% • Group revenue up 5% in constant currency terms Earnings(1) 159 83 91% Employee benefit and related cost a
Slide 41: Mediclinic: Divisional results
Mediclinic Group Mediclinic: Divisional results Improved performance through delivery on key priorities 6 months 6 months 6 months 6 months 6 months 6 months to 30 Sep to 30 Sep to 30 Sep to 30 Sep to 30 Sep to 30 Sep CHF million 2025 2024 Variance R million 2025 2024 Variance AED million 2025 2024
Slide 42: Heineken Beverages
Heineken Beverages Jordi Borrut (Managing Director) Radovan Sikorsky (Finance Director) 42
Slide 43: Macro-opportunity
Heineken Beverages Macro-opportunity Heineken Beverages is positioned to unlock long-term growth across Africa, supported by favourable demographics, low consumption headroom and a scalable regional operating model. AFRICA: Disciplined growth optionality supporting long-term value creation Large con
Slide 44: Key priorities
Heineken Beverages Key priorities Our five priorities remained unchanged, but our focus has shifted to topline growth as we have now stabilised the backbone of the company Get direct connections Accelerate Fuel our winning Win in beer Build brands with power with our end customers operational effici
Slide 45: Commercial activation
Heineken Beverages Commercial activation Consistent, scaled commercial execution supporting market share momentum and portfolio performance across key trade channels. Execution discipline In-trade and fragmented trade Modern trade Modern on-trade and • Strong campaign • Scaled flagship executions in
Slide 46: Results overview
Heineken Beverages Results overview Six months to December FY25 vs December FY24 R million 31 Dec 2025 31 Dec 2024 Variance Revenue 31 280 30 719 2% Total Heineken Beverages Reported headline earnings/(loss) 824 (59) 1 497% Headline earnings excl. IFRS amortisation 1 101 339 225% Six months to Decem
Slide 47: Heineken Beverages
Heineken Beverages Heineken Beverages Six months to December FY25 vs December FY24 Movement in reported headline earnings/(loss) (R million) 276 1 101 370 824 121 122 392 (59) Reported Increased HLE Reduced IFRS 3 Other: Tax, nci, Reported IFRS 3 amortisation Headline earnings headline loss profit b
Slide 48: Revenue (pre-excise) per category
Heineken Beverages Revenue (pre-excise) per category Six months to December FY25 vs December FY24 Revenue contribution per category Key insights • Revenue growth mainly in Beer. Ciders remain resilient. • Beer delivered strong momentum: - Solid performances by Amstel and Windhoek - Robust gains acro
Slide 49: Revenue per reporting entity (RE)
Heineken Beverages Revenue per reporting entity (RE) Six months to December 2025 Revenue pre-excise contribution Key insights per RE • Majority of revenue and profit driven by South Africa (HBSA), which also produces a large part of the HBI stock. • Namibia (NBL) is a profitable business that yields
Slide 50: Looking ahead
Heineken Beverages Heineken Beverages Looking ahead Macro-environment Industry environment Business opportunities • Low South African economic growth • South African alcohol market continues • Leveraging across our broad category, persists, with gradual stabilisation modest growth. can drive further
Slide 51: CIVH
CIVH Dietlof Mare (Maziv CEO)
Slide 52: Unlocking scale to deliver South Africa's fibre future
CIVH Unlocking scale to deliver South Africa’s fibre future Combining enterprise stability, consumer growth, and scale expansion Free cash flow delivery • 31% increase in free cash flow before capex to R1.5 billion Future-proofing enterprise connectivity • 7% link growth closing on 73 038 links as F
Slide 53: DFA
CIVH DFA Stable cash flows, critical to 5G rollout and business connectivity growth FTTS (Fibre-to-the-Site) Business connectivity 424 000 47 000 sites Business connections(1) • Long-term contracts with MNO’s lock in high-quality recurring • Metro fibre is critical to driving uptake across FTTH, FTT
Slide 54: Vumatel
CIVH Vumatel Over 2 million homes passed with uptake increasing to 44% Stable growth in Core with Reach and Key segments expanding to advance digital inclusion CORE market REACH market KEY market • >R30k monthly household • R5k – 30k monthly • <R5k monthly household 2.2 income 5.6 household income 1
Slide 55: Financial results
CIVH Financial results 11% Revenue Growth | 11% EBITDA Growth 6 months to 6 months to R million 30 September 2025 30 September 2024 (2) % change Revenue 2 172 1 882 15% EBITDA 1 539 1 304 18% Operating earnings 1 042 635 64% Headline earnings(1) 254 (136) 287% 6 months to 6 months to R million 30 Se
Slide 56: CIVH cash flow
CIVH CIVH Stronger cash generation driven by EBITDA growth, strategic capex and working capital management 2025 (6 months to 30 September 2025) 2024 (6 months to 30 September 2024) 2 461 2 220 (65) (97) (51) (51) 31% YoY increase 1 484 (861) 1 130 (942) Additional R256 million cash generated YoY 413
Slide 57: RCL Foods
RCL Foods Paul Cruickshank (CEO)
Slide 58: Headlines
RCL Foods Headlines Whilst adverse sugar market dynamics have compromised our results, the business continues to progress well against priorities within our control PROGRESS AGAINST TOP STRATEGIC PRIORITIES Underlying result: People • Strong dial up on talent management and high- 6 months to 6 month
Slide 59: EBITDA performance
RCL Foods EBITDA performance for the six months ended 31 December 2025 Underlying EBITDA waterfall: December 2024 to December 2025 Continuing operations 1 800 ↓24.6% 1 600 1 550 ↓14.6% (40) 30 1 1 400 (49) 1 389 (72) 1 200 15 3 1 187 1 169 (251) (18) 1 000 R million 800 600 400 200 - Dec Nkomazi IFR
Slide 60: Long-term historical performance
RCL Foods Long-term historical performance for the six months ended 31 December 2025 Underlying EBITDA history (Excl. Rainbow and Vector) 1 600 10.2% 12% 1 388 1 400 9.0% 8.9% 10.5% 10% 8.5% 1 152 1 186 1 200 1 081 1 025 638 8% 1 000 387 800 497 662 6% 490 600 4% 400 750 799 584 535 2% 200 490 0 0%
Slide 61: Sugar industry dynamics
RCL Foods Sugar industry dynamics Dollar-based reference price: • A counter-application was lodged by BevSA to ITAC to reduce the DBRP, in direct opposition to the application lodged by SASA in October 2024 • ITAC subsequently declined both applications and in January 2026 launched their own investi
Slide 62: Looking forward
RCL Foods Looking forward Whilst we expect consumer demand to remain subdued, we will continue to drive our strategy, focused on growth and business resilience In Sugar, trading environment is expected to remain highly volatile; therefore, Key innovation launches will drive growth in there will be a
Slide 63: Looking ahead
Looking ahead Remgro Limited
Slide 64: Navigating volatility with strengthened fundamentals
Looking ahead Navigating volatility with strengthened fundamentals Global South Africa • Markets remain elevated but fragile amid rising geopolitical and • Removal from the FATF grey list strengthens investor confidence and geoeconomic risks regulatory credibility • Equity highs supported by concent
Slide 65: Continue to drive focused execution...
Looking ahead Continue to drive focused execution... ...on our stated strategic priorities Active • Continue on path of active partnership with management teams and co-shareholders to drive performance performance improvement and growth optimisation • Continue to support and drive deliberate steps o
Slide 66: Q&A
&A Remgro Limited
Slide 67: Annexure
Annexure 67
Slide 68: Headline earnings contribution
Annexure Headline earnings contribution: Actual Actual R million 31 Dec 2025 31 Dec 2024 % change Mediclinic Increased revenue and adj. EBITDA (10% and 23% respectively), and lower depreciation and finance costs 1 368 883 54.9 OUTsurance Group Positive contributions from SA, offset by lower earnings
Slide 69: Dividends received
Annexure Dividends received Six months ended Six months ended R million 31 Dec 2025 31 Dec 2024 Listed 1 633 1 318 OUTsurance Group – ordinary 700 531 – special 155 188 RCL Foods 286 250 FirstRand 226 236 Rainbow 143 Other listed investments 123 113 Unlisted 3 611 686 CIVH (Special pre-implementatio
Slide 70: Intrinsic net asset value
Annexure Intrinsic net asset value Material investee companies R million 31 December 2025 30 June 2025 % Change % Contribution Mediclinic 41 598 41 500 0.2% 24.4% OUTsurance Group 33 641 36 772 (8.5%) 19.8% CIVH 16 230 15 800 2.7% 9.5% Discovery 9 690 9 150 5.9% 5.7% Heineken Beverages 7 546 6 742 1
Slide 71: Valuation: listed vs unlisted
Annexure Valuation: listed vs unlisted Cash, debt and other corporate assets excluded June 25 Dec 25 10% 40% 11% 39% 30% 28% 60% 61% Unlisted Investments Listed – Strategic Investments Listed – Portfolio Investments 71
Slide 72: Valuation approaches
Annexure Valuation approaches Unlisted investments Principal valuation Discounts applied methodology Change in value Post-discount historic Discounted Lack of marketability Investee company Contribution to INAV (1) Equity interest (from 30 June 2025) EV/EBITDA cash flow and/or control Mediclinic 24.
Slide 73: Consumer products
Annexure Consumer products Siqalo Foods performance 6 months 6 months 31 Dec 2025 31 Dec 2024 % change Revenue 2 000 1 931 3.6 Operating profit 305 327 (6.7) Headline earnings 237 254 (6.7) Headline earnings Intrinsic value 300 Drivers 8 000 Drivers • Trading environment remains a challenge ↑9.1% •
Slide 74: Results overview per pillar
Annexure Results overview per pillar Consumer products Earnings Dividend (1) (1) Intrinsic value Headline earnings Dividends received yield % yield % Remgro 31 Dec 30 June 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec R million Interest 2025 2025 % change 2025 2024 % change 2025 2024 % change 2025 2025
Slide 75: Industrial
Annexure Industrial Unlisted portfolio performance Air Products Wispeco 6 months 6 months 6 months 6 months R million 30 Sep 2025 30 Sep 2024 % change R million 31 Dec 2025 31 Dec 2024 % change Revenue 3 252 2 981 9.1 Revenue 2 205 2 030 8.6 Operating profit 1 050 941 11.6 Operating profit 181 188 (
Slide 76: CIVH valuation build-up
Annexure CIVH Valuation build-up December 2025 LTM EV/EBITDA: 10.7x Increase Decrease Total 60 791 42 491 R million (18 300) 29 744 28 465 (1 279) 2 661 18 891 16 230 Maziv EV (post discounts) Maziv debt & Other net Maziv equity Maziv equity (70%) Other Net Assets CIVH equity Remgro at 57% CIVH Divi
Slide 77: Diversified investment vehicles
Annexure Diversified investment vehicles KTH performance Headline earnings Intrinsic value 250 ↑39.2% 3 500 ↑6.3% Drivers 3 326 Drivers 231 • Remgro’s headline earnings for 3 000 • Valuation based on sum-of-the- 3 129 200 31 Dec 2025 increased by 39.2% parts of the investment portfolio, • Mainly due
Slide 78: End
Remgro Limited End 78