Libstar Holdings Ltd. · JSE:LBR
Libstar — Investor Day (March 2026)
126 slides from Libstar's investor day presentation, Mar 31, 2026
Slide 1: Welcome to Capital Markets Day
WELCOME TO CAPITAL MARKETS DAY 31 MARCH, 2026
Slide 2: Our Speakers
OUR SPEAKERS 1 Wendy van Zyl 2 Cornél Lodewyks Our World: Inside Libstar: A Market Context Ambient and Perishable Products 3 Charl de Villiers 4 Terri Ladbrooke 5 Q&A Why Libstar : Our Financial Investment Case Building Blocks
Slide 3: Libstar: A Branded and Private Label Aggregator
LIBSTAR: A BRANDED AND PRIVATE LABEL AGGREGATOR 2005 Disciplined acquisitions Multiple rounds 2017 of owner - founded of private equity businesses transactions
Slide 4: Listed on the JSE
LISTED ON THE JSE 2018
Slide 5: Libstar: An Operator
LIBSTAR: AN OPERATOR New CEO Senior executive Investment in 2023 appointed leadership team appointed processes and people TOGETHER, WE ARE Category Organic growth Limited number management and innovation of founders still expertise involved
Slide 6: A Decision to Back Ourselves
A DECISION TO BACK OURSELVES 2026
Slide 7: The Journey
THE | (°) | JOURNEY
Slide 8: Our Three-Part Strategy
OUR THREE - PART STRATEGY Simplify Grow Sustain Portfolio & Categories, Operations & Operating Model Channel & People Cash Flows Streamlining portfolio to Accelerating earnings Embedding sustainability as focus on value - added momentum & creating a core business practice food categories long - term
Slide 9: Before
BEFORE 5 categories 20 business units 18 managing executives Beverages fresh mushrooms
Slide 10: Today
TODAY 52 7 20 super - categories (Ambient + Perishable Products) categories sub - categories business units 918 managing executives SOLD OR fresh mushrooms CLOSED Beverages
Slide 11: Core Categories, Brand Solutions, Sales Channels
2 3 4 CORE CATEGORIES BRAND SOLUTIONS SALES Ambient Products Perishable Products Private Label and Dealer - Owned Brands CHANNELS Dry Condiments Dairy Retail and Wholesale c.55.6% Select Products Value - added Meats Libstar Brands Food Service c.20.6% Owned Licensed Wet Condiments Convenience Meals
Slide 12: EBIT/EBITDA, HEPS and ROIC
EBIT/EBITDA HEPS (cps) 1400 90.0 82.7 80.4 1174 80.0 1200 1115 1069 1071 71.3 1032 998 70.0 70.6 974 65.3 1000 890 58.0 53.4 60.0 774 743 726 54.5 800 690 678 50.0 61.3 631 59.8 600 40.0 45.9 47.7 46.8 30.0 39.4 400 20.0 200 10.0 0 0.0 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024
Slide 13: Ahead of Market Trends
AHEAD OF MARKET TRENDS Pressure on Sustained Rapid growth Resilience Resilient domestic consumer value - in private - label, of premium growth volumes — seeking and increasingly retail segments in food service diversification down - trading tiered by into under - retailers indexed channels
Slide 14: Welcome to Capital Markets Day
WELCOME TO CAPITAL MARKETS DAY 31 MARCH, 2026
Slide 15: Welcome to Our World
WELCOME TO OUR WORLD OUR MARKET REALITIES, AND HOW WE’RE CAPITALISING ON THEM WENDY VAN ZYL: CATEGORY & CUSTOMER EXECUTIVE
Slide 16: External Forces
EXTERNAL | FORCES
Slide 17: Slide 17
Slide 18: AI is adding complexity
AI is adding Gambling is Government is GEN Z&A are complexity devouring spend adding pressure coming into their own “In 2026, AI will make What would you have spent the The ‘Big Five’ retail companies can Breakdown: SA grocery commerce better and more money you spent on gambling and must play a far
Slide 19: What's Shifting Our Goalposts?
WHAT'S SHIFTING OUR GOALPOSTS?
Slide 20: Landscape(s) of Fragmentation
LANDSCAPE(S) OF FRAGMENTATION
Slide 21: Power Is No Longer Concentrated in Big Brands
POWER IS NO LONGER CONCENTRATED IN BIG BRANDS Retailer level On the shelf Supermarket types – Proliferation of price fighters – Growth and premiumisation of Existing OK + OK Urban private brands – Shift to ‘local’ and ‘authentic’ Checkers Hyper + FreshX + Checkers Food Supers + Cash & Carry Existing
Slide 22: Empires Are Still Building
EMPIRES ARE STILL BUILDING RETAILERS ARE SCRAMBLING FOR REVENUE AND MARGIN OUTSIDE OF THEIR CORE BUSINESS Retail media networks Reward programmes Private brands E-commerce Networks and retailer More reward More brands, more More – but slower – power are growing programmes, more products, more growth
Slide 23: Discounters & Independent
DISCOUNTERS & INDEPENDENT 700 1 000 The ultra - luxury retailer s tores by 2026 stores by 2030 expanding across (currently 500) (currently 463) S outh Africa Independent retail 7 97 outperform formal retail stores in Gauteng current stores chains month on (current demand month over 2025 for more sto
Slide 24: Growth from Unlikely Sources
GROWTH FROM UNLIKELY SOURCES
Slide 25: Modern Trade vs Traditional Trade
MODERN TRADE VS TRADITIONAL TRADE 11,000 Outlets 140,000 Outlets R513bn R170bn
Slide 26: Informal Trade
INFORMAL TRADE FOOD SERVICES WITHIN THE INFORMAL TRADE VALUED AT AROUND R90BN Growth in the A mix of formal Premiumisation and Building and number of outlets and informal outlets experimentation supporting local which offer proximity and local food preferences
Slide 27: The Private Label Game Is in Flux
THE PRIVATE LABEL GAME IS IN FLUX
Slide 28: Private Labels Under Pressure
PRIVATE LABELS UNDER PRESSURE SOUTH AFRICAN FMCG 2024 VS 2025 Share Of FMCG Sales Value Sales Value Growth Rate 18 4 Share of FMCG value Growth rate 18 8 16 16.5 17 17.5 18 18.5 19 0 2 4 6 8 10 2025 2024 2025 2024 17.7% R106bn Growth nearly halved year - on - year from 8.1% to 4.1 % - even as total
Slide 29: The Value Equation Is Non-Linear
THE VALUE EQUATION IS NON - LINEAR
Slide 30: 2025 vs 2026: Value Creation
2025 2026 VS Price, promotions, A creative, discounting and internal authentic approach inflation management to value creation “[The promotional space] is going to get more dynamic, more competitive, more AI - informed ... The science will evolve – but the art of understanding your customer will mat
Slide 31: But Through It All…
BUT THROUGH IT ALL… Consumers Tiered private - Premium retail D iversifying into Continuous seeking value, label offering are segments are under - indexed focus on food and downtrading growing resilient channels service
Slide 32: Where Does This Leave Us?
WHERE DOES THIS LEAVE US?
Slide 33: A House of Specialists
A House of Specialists ] ms * ! _— v a 7 -
Slide 34: A Jack of All Trades Is a Master of None…
“A JACK OF ALL TRADES IS A MASTER OF NONE…”
Slide 35: …But Often Times Better Than a Master of One
“…BUT OFTEN TIMES* BETTER THAN A MASTER OF ONE.” *in today’s day and age, ALWAYS
Slide 36: We Are Built to Ride Stormy Seas
WE ARE BUILT TO RIDE STORMY SEAS 12MM Sales Subcategory Growth Status Contri % Value Grand Totals Growing 100,0% 3 721 463 631 Cheese Growing 46,0% 1 712 126 631 Perishable Groceries +R184m Wet Condiments Growing 20,9% 779 538 698 Yoghurt Growing 9,3% 346 948 283 Baking Aids Growing 7,7% 287 614 593
Slide 37: Science-Led and Data Driven
Science - Led and Data Driven
Slide 38: Agencies
AGENCIES ACCELERATE ACTIVATE
Slide 39: Set the Trends
Set the Trends
Slide 40: Welcome to Capital Markets Day
WELCOME TO CAPITAL MARKETS DAY 31 MARCH, 2026
Slide 41: A Look Inside: Ambient and Perishable Products
A LOOK INSIDE AMBIENT AND PERISHABLE PRODUCTS CORNÉL LODEWYKS EXECUTIVE DIRECTOR
Slide 42: Select Products, Dairy and Categories
SELECT DAIRY PRODUCTS WET VALUE - ADDED CONDIMENTS MEAT S DRY CONVENIENCE CONDIMENTS MEALS BAKING
Slide 43: Ambient Products
AMBIENT PRODUCTS
Slide 44: Ambient FY2025 Performance Snapshot
51% of Group Revenue SELECT PRODUCTS FY2025 PERFORMANCE SNAPSHOT • Revenue growth: + 7.4% year - on - year WET CONDIMENTS • Normalised EBITDA : +3.1% year - on - year • Gross margin: Improved to 25.9% DRY CONDIMENTS • Contribution: 50.8% of Group revenue 62.7% of Group normalised EBITDA (before corp
Slide 45: Ambient Category Revenue Growth
51% of Group Revenue SELECT Revenue +5.7%, with Food Service +6.8% and Retail PRODUCTS +6.1% WET Revenue +15.0%, driven by strong Retail and Industrial CONDIMENTS demand; key margin driver for the Group DRY Revenue +0.8%; mix improvement of + 3.4 % as portfolio CONDIMENTS shifted toward own - brand
Slide 46: Select Products
SELECT PRODUCTS
Slide 47: Wet Condiments
WET CONDIMENTS = SAUCE peny-pepy : MARINADE 1 . SAUCE k A . \ x 700 ml 750 ml READY TO SERVE SOUP | | INE Pam
Slide 48: Dry Condiments
oO +) DRY. | CONDIMENTS
Slide 49: Baking
Double Bran Rusks
Slide 50: Select Products, Dairy and Categories
SELECT DAIRY PRODUCTS WET VALUE - ADDED CONDIMENTS MEAT S DRY CONVENIENCE CONDIMENTS MEALS BAKING
Slide 51: Perishable Products
PERISHABLE PRODUCTS
Slide 52: Perishables FY2025 Performance Snapshot
48% of Group Revenue FY2025 PERFORMANCE SNAPSHOT DAIRY Revenue growth : +9.2% year - on - year with a price/mix improvement of +9.1% VALUE - ADDED MEAT S Normalised EBITDA: +12.5% year - on - year CONVENIENCE Gross margin: Improved to 17.5% (from 16.8% ) MEALS
Slide 53: Perishables Category Performance
Core category volumes +4.4% ; margin supported by production DAIRY efficiencies and improved capacity utilisation Revenue +11.5% , driven by strong Retail & Wholesale ( +12.5% ) and VALUE - ADDED MEAT S Food Service ( +15.1% ) demand Revenue +9.4% , supported by our own brands and private label CONV
Slide 54: Dairy
|, DIPaTOP: ‘SWEET RED PEPPER LANCEWOOD’ GOUDA KEEP REFRIGERATED
Slide 55: Value-Added Meats
VALUE-ADDED MEATS
Slide 56: Convenience Meals
CONVENIENCE MEALS
Slide 57: Select Products, Dairy and Categories
SELECT DAIRY PRODUCTS WET VALUE - ADDED CONDIMENTS MEAT S DRY CONVENIENCE CONDIMENTS MEALS BAKING
Slide 58: Welcome to Capital Markets Day
WELCOME TO CAPITAL MARKETS DAY 31 MARCH, 2026
Slide 59: Libstar: The Investment Case
LIBSTAR: THE INVESTMENT CASE
Slide 60: Ahead of Market Trends
AHEAD OF MARKET TRENDS Sustained Rapid growth Resilience Resilient D iversifying into consumer value - in private - label, of premium growth under - indexed seeking and increasingly retail segments in food service channels down - trading tiered by retailers
Slide 61: Ahead of Market Trends
AHEAD OF MARKET TRENDS Sustained Rapid growth Resilience Resilient D iversifying into consumer value - in private - label, of premium growth under - indexed seeking and increasingly retail segments in food service channels down - trading tiered by retailers
Slide 62: Aligned to How South Africans Shop
ALIGNED TO HOW SOUTH AFRICANS SHOP Ability to engineer pack - price and value SKUs at scale Cost leadership enables margin protection Flexible manufacturing platforms support rapid value innovation
Slide 63: Ahead of Market Trends
AHEAD OF MARKET TRENDS Sustained Rapid growth Resilience Resilient D iversifying into consumer value - in private - label, of premium growth under - indexed seeking and increasingly retail segments in food service channels down - trading tiered by retailers
Slide 64: Embedded in the Retailers' Strategy
EMBEDDED IN THE RETAILERS’ STRATEGY Tiered private - label capability: entry, core and premium Ability to support multiple tiers simultaneously Category - partner positioning vs single - SKU supply
Slide 65: Ahead of Market Trends
AHEAD OF MARKET TRENDS Sustained Rapid growth Resilience Resilient D iversifying into consumer value - in private - label, of premium growth under - indexed seeking and increasingly retail segments in food service channels down - trading tiered by retailers
Slide 66: Selectively Defending Premium
SELECTIVELY DEFENDING PREMIUM Selective exposure to premium categories Strong own - brand and private - label relationships Capability to balance margin and volume across tiers
Slide 67: Ahead of Market Trends
AHEAD OF MARKET TRENDS Sustained Rapid growth Resilience Resilient D iversifying into consumer value - in private - label, of premium growth under - indexed seeking and increasingly retail segments in food service channels down - trading tiered by retailers
Slide 68: Diversification Is a Hedge
DIVERSIFICATION IS A HEDGE Retail remains core (~56% of revenue) Growing contribution from wholesale, food service and exports Diversification already visible in the numbers
Slide 69: Ahead of Market Trends
AHEAD OF MARKET TRENDS Sustained Rapid growth Resilience Resilient D iversifying into consumer value - in private - label, of premium growth under - indexed seeking and increasingly retail segments in food service channels down - trading tiered by retailers
Slide 70: Depth & Breadth
DEPTH & BREADTH National footprint and consistent QA standards Breadth of range across ambient and perishables Embedded relationships with major QSR and food - service customers
Slide 71: Our Differentiators in the Market
OUR DIFFERENTIATORS IN THE MARKET Manufacturing Scale = Preferred Partner • Capital - intensive, scaled manufacturing platforms • Competitive unit costs through utilisation and efficiency • Resilience to input cost volatility through mix, yield and productivity
Slide 72: Our Differentiators in the Market
OUR DIFFERENTIATORS IN THE MARKET Manufacturing Group Scale Expertise = Preferred Partner = Difficult to Replicate • Category specialisation • Deep, multi - year customer relationships
Slide 73: Our Differentiators in the Market
OUR DIFFERENTIATORS IN THE MARKET Manufacturing Group Embedded In Scale Expertise Customers = Preferred Partner = Difficult to Replicate = Deeper Relationships • High share of wallet in key categories • Integration into QA, NPD, logistics and category management
Slide 74: Where-to-Play: Ambient
2 CORE CATEGORIES Ambient Products Perishable Products WHERE-TO-PLAY Dry Condiments Dairy Wet & Dry Condiments • Scale manufacturing across branded and private - label • Benefiting from tiered private - label growth Select Products Value - added Meats • Supports wholesale and export expansion Select
Slide 75: Where-to-Play: Perishables
2 CORE CATEGORIES Ambient Products Perishable Products WHERE-TO-PLAY Dry Condiments Dairy Dairy • Leadership in natural cheese • Local manufacturing near milk supply • Cost - competitive private - label across tiers Select Products Value - added Meats Value - Added Meats Wet Condiments Convenience M
Slide 76: Channel Growth Opportunities
CHANNEL GROWTH OPPORTUNITIES Wholesale Food Service Exports Volume leverage for Structurally attractive Under - indexed relative manufacturing base growth channel to capability Profitable participation National footprint and Opportunity to diversify through scale and cost QA leadership revenue and u
Slide 77: The Investment Case
THE INVESTMENT CASE Libstar is positioned to win by: • Supporting value - seeking and private - label growth • Maintaining selective premium exposure • Expanding into structurally attractive channels The result Earnings resilience and compounding returns in a constrained consumer environment Underpi
Slide 78: The Road Ahead 2026-2027
THE ROAD AHEAD | 2026 - 2027
Slide 79: What Success Looks Like
WHAT SUCCESS LOOKS LIKE METRIC TODAY MOVEMENT TARGET (MT) Group EBITDA margin 8.7% +0.3 to +1.3pp 9.0 – 10.0% Ambient EBITDA margin 11.6% +0.4 to +2.4pp 12.0 – 14.0% Perishables EBITDA 7.1% +0.9 to +2.9pp 8.0 – 10.0% margin ROIC 10.9% +~2.1pp WACC +2.0pp (≈13.0%) ✓ +15pp above >80% (already Cash con
Slide 80: What Success Looks Like
WHAT SUCCESS LOOKS LIKE Simplify Grow Sustain
Slide 81: Simplify
Simplify Fewer moving parts. Faster decisions. Better control. Portfolio Operating model
Slide 82: Project 1: Montagu Foods Mega Sauce Factory
PROJECT 1: MONTAGU FOODS MEGA SAUCE FACTORY METRIC VALUE CONTEXT Total Project R55.7m relocation + R25.6m R81.3m Cost new lease Payback Between 3 & 4 years EBITDA ± R66m 4 - year improvement vs staying put improvement Rental saving ± R20m vs current lease obligations Labour cost 62% reduction per KG
Slide 83: AGT Innovation / Renovation 2026
AGT INNOVATION / RENOVATION 2026 Q1 Robertsons Icing Robertsons Castor Denny Denny Jan Braai Red Lion Red Lion Sugar Sugar Bakes Range Canned Soup Curry Potjie Braai Sauce Peri Peri Sauce TL: Feb ‘26 TL: Feb ‘26 TL: Feb ‘26 Chicken & Corn Sauce TL: Feb ‘26 TL: Feb ‘26 TL: Feb ‘26 TL: Feb ‘26 Q2 Gold
Slide 84: Project 2: Cape Herb & Spice Facility Consolidation
PROJECT 2: CAPE HERB & SPICE FACILITY CONSOLIDATION 1 2 A A A A C B Westlake Manufacturing Facility Maitland Manufacturing Facility 3 4 Montague Park Warehouse Montague Gardens Warehouse
Slide 85: Project 2: Cape Herb & Spice Facility Consolidation
PROJECT 2: CAPE HERB & SPICE FACILITY CONSOLIDATION METRIC VALUE CONTEXT Capex R65.4m Full single - site consolidation Payback Between 6 & 7 years IRR 23.6% 10- year Lease savings (p.a.) R12.5m On exit of Westlake + Maitland sites Timeline April 2026 – May 2027
Slide 86: Project 2: Drivers of the Payback
PROJECT 2: CAPE HERB & SPICE FACILITY CONSOLIDATION Drivers of the payback: • Cost reduction: Four facilities results in duplicated facility costs as well as inter - site logistics costs • Operational efficiency: E liminating duplicated activities across the sites, double handling of product, increa
Slide 87: Portfolio Actions and One Libstar Operating Model
Portfolio Actions: One Libstar Operating Model: • Contactim exit • One People Strategy • Phesantekraal property sale • Standardised systems • Shared services • Central oversight
Slide 88: Grow
GROW Volume. Profit. Earnings quality Better Mix Channel Diversification Operational Discipline People and Culture
Slide 89: Owned Brands
OWNED BRANDS BUILDING PRICING POWER ALONGSIDE PRIVATE LABEL Dairy market leader Cheese market share Brand investment +1.3pp in FY25 Actively building for informal trade and Innovation pipeline QSR channel Brand equity Frozen/chilled category investment leadership
Slide 90: Channel Expansion
CHANNEL EXPANSION INFORMAL TRADE, FOOD SERVICES, EXPORTS Informal Trade Food Service Exports • Building a deliberate • QSR now equals full - • Underutilised relative to route - to- market service restaurants in our manufacturing capability through size at R40.5bn capability Lancewood, Red Lion, Denn
Slide 91: Growth Projects
GROWTH PROJECTS Ambient Products Perishable Products • Select Products distribution rollout • Dairy to invest in higher margin categories • Snacking EBIT improvement • Value - added Meats capacity plan • Baking Informal Trade Acceleration Building route - to- market capability with Lancewood, Red Li
Slide 92: People, Culture and Execution Reliability
PEOPLE, CULTURE AND EXECUTION RELIABILITY EDGE Leadership Development Programme Employment Equity Plan
Slide 93: Sustain
SUSTAIN Not a compliance agenda. An operating system. Financial Sustainability Operational Sustainability
Slide 94: ESG and Operational Efficiency
ESG AND OPERATIONAL EFFICIENCY WATER, ENERGY, PROCUREMENT Carbon Water consumption Electricity Green Group procurement emissions ( kL /ton) ( kWhr /ton) electricity savings Common spend In decline In decline In decline 3.5% items
Slide 95: Water Re-use, Electricity Wheeling, Procurement
Lancewood water Electricity wheeling Procurement consolidation re - use project agreements (plastics, PPE, labels)
Slide 96: Capital Allocation: How We Make Decisions
CAPITAL ALLOCATION: HOW WE MAKE DECISIONS
Slide 97: ROIC-Gated Investment and Shareholder Returns
ROIC - gated Balance Sheet Shareholder Investment Strength As An Returns Enabler Alongside • All capex centrally vetted Reinvestment by operations leadership • Gearing at 0.9x; R1.9bn in unutilised facilities • Dividend cover tightened • Return thresholds must to 2.0 – 3.0x HEPS be met before • Inte
Slide 98: Deliver and Stabilise, Scale and Harvest 2026-2027
2026 - 2027 2026 • Complete Montagu Foods integration (H1, earnings H2 - weighted) • Execute CHS facility consolidation (Feb – Dec 2026) • Complete Contactim exit, Phesantekraal sale • Implement uniform People Strategy Deliver • Launch electricity wheeling, water re - use, procurement savings • Exec
Slide 99: Welcome to Capital Markets Day
WELCOME TO CAPITAL MARKETS DAY 31 MARCH, 2026
Slide 100: Financial Performance and Outlook
FINANCIAL PERFORMANCE AND OUTLOOK TERRI LADBROOKE CHIEF FINANCIAL OFFICER
Slide 101: Agenda
AGENDA Financial Performance Financial Outlook
Slide 102: Financial Performance
FINANCIAL | PERFORMANCE
Slide 103: Revenue Growth - Categories
REVENUE GROWTH - CATEGORIES Revenue - Ambient Products Revenue - Perishable Products 6,400 6,267 6,000 5,894 6,200 5,800 6,000 5,813 5,600 5,800 5,355 5,391 5,400 5,600 5,504 R'm R'm 5,200 5,400 5,030 5,200 5,180 5,000 4,800 5,000 4,600 4,800 4,600 4,400 2022 2023 2024 2025 2022 2023 2024 2025 CAGR
Slide 104: Revenue Growth - Categories
REVENUE GROWTH - CATEGORIES Revenue - Libstar Group 12,500 12,320 12,000 11,500 11,363 11,032 11,000 R'm 10,500 10,377 10,000 9,500 9,000 2022 2023 2024 2025 CAGR – 5.9% • All years exclude: Fresh Mushrooms, Beverages, Baby Food, HPC – Chet Chemicals • 2022 and 2023 updated for restatements done in
Slide 105: Revenue Growth - Channels
REVENUE GROWTH - CHANNELS Revenue per Channel CAGR – 7.3% CAGR – 4.5% CAGR – 4.3% CAGR – 3.6% 8000 6, 844 7000 6,360 6,142 6000 5,536 5000 R'm 4000 3000 2,470 2,318 2,535 2,218 2000 1,351 1,359 1,424 1,583 1,199 1,259 1,161 1,334 1000 0 Retail & Wholesale Food Service Exports Industrial & Contract M
Slide 106: Margin Evolution
MARGIN EVOLUTION Gross Margin - Ambient Products Gross Margin - Perishable Products 19.5% 27.5% 19.3% 19.0% 27.0% 18.5% 26.5% 26.2% 18.0% 18.0% 17.5% 26.0% 25.7% 25.9% 17.5% 17.0% 25.5% 25.5% 16.5% 16.8% 25.0% 16.0% 24.5% 15.5% 2022 2023 2024 2025 2022 2023 2024 2025 • All years exclude: Fresh Mushr
Slide 107: Margin Evolution
MARGIN EVOLUTION Gross Margin - Libstar Group 23.5% 23.0% 22.9% 22.5% 22.1% 22.0% 22.0% 21.6% 21.5% 21.0% 20.5% 2022 2023 2024 2025 • All years exclude: Fresh Mushrooms, Beverages, Baby Food, HPC – Chet Chemicals
Slide 108: EBIT / EBITDA - Ambient Products
EBIT / EBITDA EBIT / EBITDA - Ambient Products EBIT / EBITDA Margin – 800 Ambient Products 701 725 700 659 13.0% 12.7% 627 12.1% 600 532 544 495 486 12.0% 11.6% 500 11.4% R'm 400 11.0% 300 10.0% 9.5% 200 9.2% 100 9.0% 8.7% 0 2022 2023 2024 2025 8.0% 8.8% EBIT EBITDA 7.0% CAGR Ambient Products 2022 2
Slide 109: EBIT / EBITDA - Perishable Products
EBIT / EBITDA EBIT / EBITDA - Perishable Products EBIT / EBITDA Margin – 500 Perishable Products 443 435 10.0% 450 421 400 374 9.0% 8.8% 350 326 8.1% 308 300 283 8.0% 226 7.1% R'm 250 200 7.0% 6.5% 150 5.7% 6.9% 6.0% 100 50 5.0% 4.8% 0 2022 2023 2024 2025 4.0% EBIT EBITDA 4.2% CAGR Perishable Produc
Slide 110: EBIT / EBITDA - Libstar Group
EBIT / EBITDA EBIT / EBITDA - Libstar Group 1200 1,026 1,071 1,011 1,002 1000 800 722 725 726 653 R'm 600 400 200 0 2022 2023 2024 2025 EBIT EBITDA CAGR Libstar Group EBIT: 0.2% EBITDA: 1.4% • All years exclude: Fresh Mushrooms, Beverages, Baby Food, HPC – Chet Chemicals
Slide 111: EBIT / EBITDA Margin - Libstar Group
EBIT / EBITDA EBIT / EBITDA Margin - Libstar Group 11.0% 9.9% 10.0% 9.2% 8.8% 8.7% 9.0% 8.0% 7.0% 7.0% 6.6% 5.7% 5.9% 6.0% 5.0% 4.0% 3.0% 2022 2023 2024 2025 EBIT EBITDA • All years exclude: Fresh Mushrooms, Beverages, Baby Food, HPC – Chet Chemicals
Slide 112: HEPS, ROIC and Shareholder Returns
HEPS, ROIC AND SHAREHOLDER RETURNS HEPS (cps) ROIC Dividend (cps) 75 12.0% 30 70.6 10.9% 28 70 10.4% 28 65.3 10.0% 9.8% 65 26 8.6% 60 58.0 8.0% 24 22 54.5 22 55 50 47.7 53.4 6.0% 20 45.9 18 45 4.0% 16 40 39.4 2.0% 14 15 15 35 12 30 0.0% 10 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025
Slide 113: Cash Generation and Capital Allocation
CASH GENERATION AND CAPITAL ALLOCATION Cash Conversion Capex % of revenue Gearing 100.0% 3.5% 1.8 95.0% 3.3% 1.6 1.6 95.0% 1.6 1.5 90.0% 3.0% 1.4 85.0% 1.2 80.0% 80.1% 2.5% 1.0 0.9 75.0% 2.0% 0.8 70.0% 67.5% 2.0% 2.0% 0.6 65.0% 65.0% 1.7% 0.4 60.0% 1.5% 55.0% 0.2 50.0% 1.0% 0.0 2022 2023 2024 2025 2
Slide 114: Financial Outlook
FINANCIAL | OUTLOOK
Slide 115: Revenue Growth
REVENUE GROWTH Ambient Products Perishable Products 7,800 7,000 7,600 CAGR – 6.2% 6,800 CAGR – 4.6% 7,400 6,600 7,200 7,000 6,400 6,800 R'm R'm 6,200 6,600 6,400 6,000 6,200 5,800 6,000 5,600 5,800 5,600 5,400 2025 2028 2025 2028
Slide 116: Revenue Growth
REVENUE GROWTH Libstar Group 15,000 14,500 CAGR – 5.5% 14,000 13,500 R'm 13,000 12,500 12,000 11,500 11,000 2025 2028
Slide 117: Margin Evolution
MARGIN EVOLUTION EBITDA Margin - Ambient Products EBITDA Margin - Perishable Products 12.8% 8.2% CAGR – 9.4% CAGR – 8.8% 12.6% 8.0% 12.4% 7.8% 12.2% 7.6% 12.0% 7.4% 11.8% 7.2% 11.6% 7.0% 11.4% 11.2% 6.8% 11.0% 6.6% 2025 2028 2025 2028
Slide 118: Margin Evolution
MARGIN EVOLUTION EBITDA Margin - Libstar Group 9.8% 9.6% CAGR – 9.3% 9.4% 9.2% 9.0% 8.8% 8.6% 8.4% 8.2% 2025 2028
Slide 119: Capital Allocation
CAPITAL ALLOCATION 1ST 2 nd 3 rd Priority Priority Priority Internal Growth Projects Dividends Share Repurchases
Slide 120: Capital Allocation: Capex % of Revenue
CAPITAL ALLOCATION Capex % of revenue 4.0% 1st Priority 2026 3.5% Site Consolidations 3.5% Internal Growth • Wet Condiments Projects • Dry Condiments 3.0% 2.5% 2027 Project under 2.0% 2.0% 2.0% 2.0% consideration in Dairy will increase Group to 2.5%. 1.5% Project being scoped in 1.0% Value - added M
Slide 121: Capital Allocation - Cont.
CAPITAL ALLOCATION – CONT. Short – term Target Medium - term Target 2025 (12 – 18 months) (18 - 36 Months) NWC (% of revenue) 18.1% < 18.5% < 17.5% Interest Cover 7.4 > 6.5 > 7.5 Gearing 0.9 < 1.2 < 1.5
Slide 122: Shareholder Returns
SHAREHOLDER RETURNS Dividend Policy Share Repurchase Programme • Revised cover to 2.0x – 3.0x Normalised • Program approved by Board HEPS (previously 3.0x – 4.0x) • 5% approval in place by Shareholders • 4.3 million shares repurchased to date at an average price of R4.59
Slide 123: Shareholder Returns
SHAREHOLDER RETURNS Short – term Target Medium - term Target 2025 (12 – 18 months) (18 - 36 Months) ROIC 10.9% > WACC WACC + 2.0 pp Critical Sensitivities Timing of capex projects | Input cost volatility | Foreign exchange impact on exports
Slide 124: H1 v H2 and Debt Refinancing
2026 H1 v H2 Debt Refinancing • Historically EBITDA split between • Term debt maturity extended to 1 January H1 and H2 was roughly 45%:55% 2028, with no near - term refinancing pressure • Anticipate 2026 to weight more to • Proactive refinancing planned for 2026 to H2 40 %: 60% optimise capital stru
Slide 125: In Closing
IN CLOSING “What Libstar becomes Stronger, simpler, ROIC - led if we execute ” cash - generative, compounding story category - focused food company
Slide 126: Welcome to Capital Markets Day
WELCOME TO CAPITAL MARKETS DAY 31 MARCH, 2026