Rainbow Chicken Limited · JSE:RBO
Rainbow Chicken — H1 FY2026 Earnings Presentation
31 slides from Rainbow Chicken's earnings presentation, Mar 11, 2026
Slide 1: Rainbow Chicken Limited Interim Financial Results
RAINBOW CHICKEN LIMITED INTERIM FINANCIAL RESULTS for the six months ended December 2025
Slide 2: Disclaimer
DISCLAIMER Rainbow Chicken Limited (“Rainbow”) has made every effort to ensure the accuracy and completeness of the information in this presentation. However, the recipients should be aware that any information contained in this presentation has not been audited or reviewed by Rainbow’s external a
Slide 3: Agenda
AGENDA 01 SALIENT FEATURES & Marthinus Stander – CEO STRATEGIC REVIEW 02 FINANCIAL Kerry Van der Merwe – CFO REVIEW 03 OPERATIONAL Wouter De Wet – COO REVIEW 04 PROSPECTS Marthinus Stander – CEO RAINBOW CHICKEN LIMITED INTERIM RESULTS DECEMBER 2025 3
Slide 4: Salient Features & Strategic Review
01 SALIENT FEATURES & STRATEGIC REVIEW MARTHINUS STANDER | CEO RAINBOW CHICKEN LIMITED INTERIM RESULTS DECEMBER 2025
Slide 5: Reflections by the CEO
REFLECTIONS BY THE CEO Rainbow’s ambition is clear: to be South Africa’s market-leading, best-in-class and low-cost chicken producer, delivering sustainable value to all stakeholders Rainbow operates in a highly cyclical, commoditised industry, that requires continual reinforcement of the long-term
Slide 6: Key Highlights
KEY HIGHLIGHTS GROWTH STRATEGY CONTINUES TO DELIVER NOTABLE PERFORMANCE REVENUE EBITDA1 EARNINGS HEADLINE EARNINGS • First interim dividend since publicly listing of R8,8 billion R1,1 billion R669,5 million R669,6 million INTERIM 15.0 cents per 11.3% 81.4% 111.2% 110.8% DIVIDEND share. PER S
Slide 7: Poultry Industry Matters
POULTRY INDUSTRY MATTERS While AGOA has been reauthorised by the United States, Rainbow is cooperating with the Competition to 31 December 2026, ongoing US tariffs and poultry Commission in its inquiry which is focused on the import concessions remain a concern for South Africa’s perceived concentra
Slide 8: Competitiveness of South African Broiler Industry
COMPETITIVENESS OF SOUTH AFRICAN BROILER INDUSTRY 200 180 160 South Africa’s 140 broiler industry is Eurocents per kg 120 globally 100 competitive, for 80 the 1st time ahead 60 of the US, and second only to 40 Brazil. 20 0 Germany Netherlands Poland USA South Africa Brazil Primary production costs S
Slide 9: Financial Review
02 FINANCIAL REVIEW KERRY VAN DER MERWE | CFO RAINBOW CHICKEN LIMITED INTERIM RESULTS DECEMBER 2025
Slide 10: Condensed Consolidated Income Statement
CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 28 DECEMBER 2025 Unaudited Unaudited 28 December 29 December 2025 2024 R’000 R’000 Movement % Revenue 8 786 983 7 894 686 892 297 11.3 Revenue R892,3 million, up 11.3% EBITDA¹ 1 053 898 581 131 472 767 81.4 EBITDA R472,8 million, up
Slide 11: Rainbow Historical Performance
RAINBOW HISTORICAL PERFORMANCE EBITDA¹ (R‘000) AND EBITDA MARGIN % 1 200 000 14.0% 1 058 677 1 053 898 1 000 000 12.0% 12.0% H2 FY25 10.0% 800 000 477 546 637 174 8.0% 600 000 6.7% 6.0% 400 000 336 211 H1 FY25 4.0% 4.4% 581 131 3.0% 200 000 3.0% 2.0% 15 059 38 644 0 0.1% 0.0% 0.3% FY21* FY22* FY23 *
Slide 12: Results Summary: EBITDA
RESULTS SUMMARY: EBITDA (R’000) EBITDA¹ MOVEMENT COMPARISON BETWEEN DECEMBER 2024 AND DECEMBER 2025 1 600 000 49 982 1 400 000 167 226 614 398 1 200 000 1 053 898 1 000 000 (358 839) 800 000 600 000 581 131 400 000 200 000 0 DecEBITDA F25 2024 Front Sales Broiler end Feed Feed Costs KPIs KPI's Other
Slide 13: Condensed Consolidated Statement of Financial Position
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (INCL. WORKING CAPITAL ANALYSIS) FOR THE SIX MONTHS ENDED 28 DECEMBER 2025 Unaudited Unaudited 28 December 29 December Net working capital as a % of revenue 2025 2024 Movement R’000 R’000 % Non-current assets 2 442 945 2 244 894 8.8 25.7% 27.0%
Slide 14: Cash Flow Movements
CASH FLOW MOVEMENTS (R’000) FOR THE SIX MONTHS ENDED 28 DECEMBER 2025 3 500 000 1 123 732 3 000 000 2 500 000 (595 406) 2 000 000 1 806 490 (173 485) 54 804 1 665 406 (289 437) (40 271) 1 500 000 (178 915) (42 106) 1 000 000 500 000 0 Opening cash EBITDA¹ adjusted Net working capital Settlement of R
Slide 15: Capital Investment
CAPITAL INVESTMENT FOR THE SIX MONTHS ENDED 28 DECEMBER 2025 Unaudited Unaudited 28 December 29 December 2025 2024 Movement R’000 R’000 % Depreciation, amortisation and impairment 188 139 165 318 13.8 Property, plant, equipment, intangible assets and investment property 157 099 134 534 16.8 Right-of
Slide 16: Operational Review: Chicken Division
OPERATIONAL REVIEW CHICKEN DIVISION Revenue R’000 EBITDA R’000 EBITDA Margin % 8 000 000 1 000 000 12% 900 000 10% 10.6% 7 753 827 800 000 7 500 000 819 655 8% 700 000 6% 600 000 5.2% 7 000 000 4% 500 000 6 955 815 400 000 2% 362 419 6 500 000 300 000 0% December 2025 December 2024 December 2025 Dec
Slide 17: Operational Review: Animal Feed Division
OPERATIONAL REVIEW | CONTINUED ANIMAL FEED DIVISION Revenue R’000 EBITDA R’000 EBITDA Margin % 3 800 000 300 000 7% 6% 3 688 170 3 600 000 250 000 5.8% 5.8% 3 626 808 5% 4% 3 400 000 200 000 212 581 211 764 3% 3 200 000 2% 150 000 1% 3 000 000 100 000 0% December 2025 December 2024 December 2025 Dec
Slide 18: Operational Review: Waste-to-Value Division
OPERATIONAL REVIEW | CONTINUED WASTE-TO-VALUE DIVISION Revenue R’000 EBITDA R’000 EBITDA Margin % 58 000 40 000 41% 40% 40.5% 35 000 39% 30 000 56 641 38% 56 000 25 000 55 930 37% 22 962 20 000 20 425 36% 36.5% 15 000 35% 54 000 10 000 34% December 2025 December 2024 December 2025 December 2024 Dece
Slide 19: Summary of Financial Performance
SUMMARY OF FINANCIAL PERFORMANCE FOR THE SIX MONTHS ENDED 28 DECEMBER 2025 Strong execution of Rainbow’s growth strategy, alongside Sustained emphasis on disciplined working capital favourable market and cost dynamics, delivered an management continues to support strong cash position improvement in
Slide 20: Operational Review
03 OPERATIONAL REVIEW WOUTER DE WET | COO RAINBOW CHICKEN LIMITED INTERIM RESULTS DECEMBER 2025
Slide 21: Maize Prices
MAIZE PRICES SAFEX yellow maize price (per ton) 6 000 5 000 • Maize is a significant component of overall feed cost. 4 000 • SAFEX prices have softened recently on new season (2025/26) 3 000 crop prospects, down from R4150 per ton at the start of the period. • Local and international weather 2 000 o
Slide 22: Soyabean Meal Prices
SOYABEAN MEAL PRICES CBOT (US$ per short ton) 600 500 • Chicago soybean meal prices softened 400 initially during the reported period due to US–China trade relations uncertainty and ample global supply soyabean meal. However, a relaxation of import tariffs by 300 both countries resulted in an increa
Slide 23: Currency
CURRENCY Rand/US Dollar exchange rate 20 19 18 17 • The Rand has continued to Rand strengthen relative to the US Dollar, 16 in line with firmer precious metal prices. 15 • After reaching a high of R18.20, the 14 rand traded as low as R16.64 vs the US Dollar for the reporting period. 13 • The USD/ZAR
Slide 24: Animal Feed: Channel Sales Mix vs PY
ANIMAL FEED CHANNEL SALES MIX vs PY Channel mix – H1 FY26 Channel mix – H1 FY25 10% 9% 18% 19% 507 535 475 164 tons tons Volume increase = 6.8% 71% 73% Internal Sales External Poultry Other SALIENT FEATURES FINANCIAL OPERATIONAL OPERATIONAL PROSPECTS STRATEGIC REVIEW REVIEW REVIEW RAINBOW CHICKEN LI
Slide 25: Chicken: Channel Sales Mix vs PY
CHICKEN CHANNEL SALES MIX vs PY Channel mix – H1 FY26 Channel mix – H1 FY25 8% 8% 30% 33% 200 199 193 825 tons tons 59% Volume increase 62% = 3.3% RWS QSR HORECA SALIENT FEATURES FINANCIAL OPERATIONAL OPERATIONAL PROSPECTS STRATEGIC REVIEW REVIEW REVIEW RAINBOW CHICKEN LIMITED INTERIM RESULTS DECEMB
Slide 26: Chicken: Category Sales Mix vs PY
CHICKEN CATEGORY SALES MIX vs PY Sales mix – H1 FY26 Sales mix – H1 FY25 8% 8% 22% 13% 14% 28% 200 199 193 825 tons tons 22% Volume increase 20% = 3.3% 35% 30% IQF Mixed portions Prime Frozen Fresh Secondary & Tertiary Further Processed SALIENT FEATURES FINANCIAL OPERATIONAL OPERATIONAL PROSPECTS ST
Slide 27: Agricultural KPIs
AGRICULTURAL KPI’S 120% 115% 111% 108% 109% 110% 103% 105% 106% 109% 102% 103% 103% 106% 105% 99% 99% 100% 96% 95% 100% 95% 94% 93% 97% 90% 86% 80% 83% 80% 75% 70% 2021 2022 2023 2024 2025 2026 H1 Feed Conversion Mortality Performance Efficiency Factor Hatchability Average Daily Gain SALIENT FEATURE
Slide 28: Operational Review: Waste-to-Value Division
OPERATIONAL REVIEW WASTE-TO-VALUE DIVISION Operational continuity and stabilisation The Worcester and Rustenburg W2V plants operated as strategic utility assets, maintaining continuity of waste treatment and on-site energy supply while addressing operational variability inherent in biological system
Slide 29: Prospects
04 PROSPECTS MARTHINUS STANDER | CEO RAINBOW CHICKEN LIMITED INTERIM RESULTS DECEMBER 2025
Slide 30: Outlook
OUTLOOK RAINBOW’S FUTURE FOCUS REMAINS FIRMLY FIXED ON MANAGING ITS INTERNAL FUNDAMENTALS Continue to refine our five strategic pillars of operational Rainbow will continue to focus on controllable factors, efficiencies, competitive procurement, future proofing the including best-in-class farming pr
Slide 31: Thank You
THANK YOU