Kal Group Limited · JSE:KAL
Kal — FY2025 Earnings Presentation
32 slides from Kal's earnings presentation, November 2025
Slide 1: Annual Results Presentation
Annual Results Presentation for the financial year ended 30 September 2025 Presenters: Sean Walsh, Chief Executive Officer | Graeme Sim, Financial Director
Slide 2: Index
INDEX •1 F30 Business Strategy •2 Group structure, Segments & Customer facing brands •3 Geographical representation & Footprint overview •4 Key operational trends •5 Manufacturing exit update – Tego and Agriplas disposals •6 Key indicators for the year •7 Investor dashboard •8 Financial performance
Slide 3: F30 Business Strategy
F30 BUSINESS STRATEGY OUR PURPOSE Powering growth from farm to fork, ensuring our stakeholders are better off COMMUNICATE, —@ ALIGNMENT r OUR VALUES mevarionssiP - Ee supowssne Ea F30 STRATEGIC GOAL AGRI INPUTS GENERAL RETAIL. Ing our — OUR OPERATING MODEL OUR FINANCIAL TARGETS We willl increase sha
Slide 4: Group Structure, Segments & Customer Facing Brands
GROUP STRUCTURE, SEGMENTS & CUSTOMER FACING BRANDS 58.2% (61.4% incl. ETI) 100% 100% PEG Black ownership PEG Retail Agrimark Agriplas = 52.72% Operations Operations Ltd (Pty) Ltd * (Pty) Ltd 100% 100% 50% PEG Retail Agrimark Agrimark Holdings Operations Operations (Pty) Ltd Aussenkehr Namibia (Pty)
Slide 5: Geographic Representation & Footprint Overview
GEOGRAPHIC GEOGRAPHIC REPRESENTATION REPRESENTATION & FOOTPRINT OVERVIEW -1 unit 25 10 16 7 4 5 21 36 19 128 125 ern Cap 24 ern Cap 14 operating points across the Eastern ▪ KAL: 268 Units in 151 Places, SA & Namibia ▪ PEG / Agrimark: 9 sites transferred internally ▪ PEG: 82 Units in 57 places, SA on
Slide 6: Key Operational Trends
KEY OPERATIONAL TRENDS ▪ Positives! ▪ Challenges! • RHEPS +11,2% (H1 was down 3.7%) • Fuel deflation (11%) impact on revenue in • LFL CAPEX R132m (R154m LY) + R13m both Agrimark & PEG acquisitions • Abnormal retail fuel volume reductions due • Interest-bearing debt reduced by R436m to road closures,
Slide 7: Manufacturing Exit Update – Tego & Agriplas Disposals
MANUFACTURING EXIT UPDATE – TEGO & AGRIPLAS DISPOSALS “The disposals align with the Company's strategy to exit its non-core manufacturing operations and focus its resources on its core retail and ancillary offering.” ▪ Effective date 30 Sept. 2025 ▪ SENS 22 Sept. 2025 ▪ PIMMS ▪ Competition commissio
Slide 8: Key Indicators for the Year
KEY INDICATORS FOR THE YEAR Gross Profit EBITDA (R’000) Recurring Fuel litre Return on Total dividend (R’000) headline EPS volumes Invested Capital per share (cents) (cents) (“ROIC”) 3,090,367 923,820 624.47 590.7m litres 13.2% 210.00 +3.9% +7.5% +11.2% Group +0.8% LY: 12.6% +16.7% PEG -0.3% Agrimar
Slide 9: Investor Dashboard
INVESTOR DASHBOARD ▪ Share stats @ Sept. 25 • Price R41.83, -17.2% YOY • Price R46.02 on 25 November (post voluntary trading update strength) • 18.2% of issued share capital (“ISC”) traded in F25 • NAV R48.71, low price to book ▪ Dividends • Improved payout to 2.8x • F25 210 cps, +16,7% YOY ▪ Shareh
Slide 10: Financial Performance - Income Statement
FINANCIAL PERFORMANCE - INCOME STATEMENT R'000 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Revenue 10,582,588 15,700,499 22,397,058 21,734,924 20,305,200 Gross profit 1,576,250 2,003,410 2,918,347 2,973,537 3,090,367 Gross profit margin 14.9% 12.8% 13.0% 13.7% 15.2% Profit after tax 332,276 412,959 480,
Slide 11: Financial Performance - Balance Sheet
FINANCIAL PERFORMANCE - BALANCE SHEET R'000 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Total assets 5,812,424 8,338,752 8,289,718 8,214,961 8,229,854 Non-current assets 2,442,661 3,683,198 3,670,253 3,983,058 3,900,272 Current assets 3,369,763 4,655,554 4,619,465 4,231,903 4,329,582 Liabilities and loa
Slide 12: Financial Performance - Recurring Headline Earnings
FINANCIAL PERFORMANCE - RECURRING HEADLINE EARNINGS (‘RHE’) RHE HIGHLIGHTS ▪ GP growth outperforming turnover performance ▪ Expense management: 1.6% growth vs average inflation 3.0% ▪ Interest received -12.0% • Lower average debtors & lower rates ▪ Interest paid -19.6% (excl. IFRS 16) • Lower averag
Slide 13: RHE & RHEPS Reconciliation
FINANCIAL PERFORMANCE - RHE & RHEPS RECONCILIATION F25 F24 Var Attributable Cents per Attributable Cents per Cents per Total (R'000) (R'000) share Total (R'000) (R'000) share share Earnings 447,241 402,712 570.33 451,097 395,315 562.26 1.4% Headline Earnings adjustments 46,217 -500 Loss on disposal
Slide 14: Financial Performance - ROIC vs WACC vs EVA
FINANCIAL PERFORMANCE - ROIC vs WACC vs EVA F23 ROIC ▪ Annualisation benefits of: • TFC properties disposal • PEG acquisition F24 ROIC ▪ Subdued trading performance ▪ ROIC > WACC = EVA F25 ROIC ▪ Strong improvement ▪ Increased YOY EVA OUTLOOK ▪ Continued focus area ▪ Disinvest underperforming busine
Slide 15: The Group is powering growth from farm to fork
The Group is powering growth from farm to fork, a unique, growth focused lifestyle retailer providing best-in-value solutions
Slide 16: Slide 16
Slide 17: Segmental Review - Agrimark
SEGMENTAL REVIEW - AGRIMARK F25 REVIEW * ▪ Revenue +6.4%, Direct sales +8.6% (R'000) 2023 2024 2025 ▪ Agri inputs +5.6%, deflation 1%, Chem +40%, Netting +20%, Plant nutrition Revenue 8,183,113 7,775,413 8,272,333 +15%, Packaging material +10%, Retail 2,203,945 2,060,706 2,085,685 Irrigation -4%, Pl
Slide 18: Segmental Review – Agrimark Outlook
SEGMENTAL REVIEW – AGRIMARK OUTLOOK ▪ Positive Fruit farm conditions in 2025 = improved farm expenditure & expansions F26 ▪ Wheat harvests are forecast to be 18% higher in Swartland area ▪ Continue market share gains in ALL areas (Top 200/ Pot 200) – both direct sales and footprint, with: ▪ 2 Peri-u
Slide 19: Customer facing brands
ASTRON by Shel café SEATTLE 5: Express COFFEE (6) Qy ef fishaways FRESH —) DEBONAIRS PIZZA
Slide 20: Segmental Review – PEG
SEGMENTAL REVIEW – PEG F25 REVIEW : PEG ▪ Revenue to PBT = NLFL!! (R'000) 2023 2024 2025 ▪ 9 sites moved to Agrimark, Fuel deflation 11%, 3 new sites – late in H2, 1 disposal, 10 Revenue 12,892,808 12,694,576 11,042,999 revamps, 4 QSR’s, Impairments Fuel 10,977,065 10,697,808 9,017,616 ▪ Normalized
Slide 21: Segmental Review – PEG Outlook
SEGMENTAL REVIEW – PEG OUTLOOK ▪ F26 new site pipeline = 5, H1 = 3 [add F25 H2 = 3 late additions] ▪ F26 upgrades confirmed = 5 [targeting less than F25] ▪ F26 KFC confirmed = 1 + 2 pipeline ▪ Sites “closed” to come back on line H1 = 0.6m litres p/m = partial recovery F26 21
Slide 22: FAQ
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Slide 23: Segmental Review – Agrimark Grain
SEGMENTAL REVIEW – AGRIMARK GRAIN (R'000) 2023 2024 2025 PBT 62,300 62,916 64,222 Gross Assets 89,549 92,329 100,748 Net Assets 62,757 66,014 71,333 Wheat Volumes (tons) 277,944 325,208 271,360 No. of operating units 15 15 15 F25 REVIEW & OUTLOOK ▪ Regional player, expanding facilities on demand, hi
Slide 24: Cash Flow Performance
CASH FLOW PERFORMANCE KEY CASH FLOW DRIVERS: ▪ Strong cash generation from operating activities ▪ High cash contribution ▪ Increased net interest received ▪ Effective working capital management • Inventory -6.9% • Debtors resilient & healthy -2.1% • Creditors similar YOY ▪ Prudent capital investment
Slide 25: Capital Expenditure
CAPITAL EXPENDITURE ▪ Total capex: R145.3m (R154m LY) ▪ Agrimark & PEG = largest allocation • Expansion 40% ▪ Agrimark Grain: storage capacity expansion • Replacement 36% ▪ Corporate: ERP modernisation, replacement • Alternate energy solutions 9% ▪ F26 capex will increase (expansion, • Acquisitions
Slide 26: Trade Debtors
TRADE DEBTORS Debtors balance & Number of accounts Debtors balance by Product Type Bad debts written off % of total debtors 3,000 20 1,000 0.97% 1.00% 2,584 2,563 900 2,442 2,389 2,500 18 800 Number of Accounts ('000) 2,056 0.75% 700 Debtors Balance (R m) 2,000 16 600 2024 2025 0.50% Rm 1,500 500 0.
Slide 27: Trade Debtors – Not Within Terms
TRADE DEBTORS – NOT WITHIN TERMS NOT WITHIN TERMS (“NWT”) ▪ F24 citrus NWT at year end (small number, securities in place, extended collection period) ▪ F25 • above citrus NWT collected • NWT lowest in 5 years • NWT improved by 4.1% of debtors SUMMARY ▪ Book remains healthy & resilient ▪ Low default
Slide 28: Trade Debtors – By Product Group
TRADE DEBTORS – BY PRODUCT GROUP SUMMARY ▪ Good spread across wide product range reduces risk ▪ Product diversity reduces cashflow peaks & troughs ▪ Similar YOY trends ▪ Wheat the only dryland crop ▪ Table grape peak aligned with harvest (mainly packaging materials) ▪ Growth opportunities (TOP & POT
Slide 29: Trade Debtors – Credit Sales by River System
TRADE DEBTORS – CREDIT SALES BY RIVER SYSTEM SUMMARY ▪ Good spread across wide geographic area reduces risk ▪ Water intensive farming focused ▪ Managed by decentralized credit teams with centralized credit vetting ▪ H2 uptick vs F24 ▪ Growth opportunities 29
Slide 30: Trade Debtors – Tenure & Risk Rating
TRADE DEBTORS – TENURE & RISK RATING SUMMARY ▪ 56.3% longer than 10 years ▪ 80.3% longer than 5 years ▪ 5.3% less than 2 years ▪ More business with well established customers, long track record ▪ Attracting new customers RISK RATING ▪ 60.8% very low / low ▪ 31.0% average ▪ 7.7% high ▪ 0.5% very high
Slide 31: Conclusion
CONCLUSION F25: ▪ Phenomenal H2 ▪ Group debt ratio lowest in 15 years, good cash generation, a healthy balance sheet ▪ Revenue impacted by lower average fuel prices! ▪ Margin improvements continue ▪ Manufacturing exit Outlook for F26: ▪ Farm expenditure should remain healthy off F25 season incomes ▪
Slide 32: Thank You
THANK YOU