Crookes Brothers Limited · JSE:CKS
Crookes Brothers — Shareholder Meeting (August 2025)
42 slides from Crookes Brothers's shareholder meeting presentation, August 2025
Slide 1: Annual General Meeting
August 2025 Annual General Meeting
Slide 2: Agenda
Agenda ◼Highlights 2024/25 ◼Operating environment ◼Operational performance ◼Financial performance ◼Strategic performance ◼Strategy ◼Outlook
Slide 3: Highlights
Highlights Operating environment Operational performance Financial performance Strategic performance Strategy Outlook
Slide 4: Highlights 2024/25
Highlights 2024/25 Despite two severe Our strategy of Quinta Da Bela Vista Property transfers windstorms causing consolidation and operations totalling R28.5m were an estimated negative strengthening our core successfully returned registered in the Deeds R14m Headline business through to profitabili
Slide 5: Highlights 2024/25
Highlights 2024/25 Our secure financial Mawecro’s newly The SMART efficiency position allows careful installed 750 KWp solar program successfully consideration of plant successfully reduced man-days by modest, core-aligned generated its first 5% and vehicle growth opportunities electricity, qualifyi
Slide 6: Operating environment
Highlights Operating environment Operational performance Financial performance Strategic performance Strategy Outlook
Slide 7: Operating environment
Operating environment 7 CROOKES BROTHERS LIMITED Shareholder Feedback August 2025
Slide 8: Banana Carton Price
Operational performance | continued Banana Carton Price (Cumulative YTD weighted average nett prices) 170 160 150 140 130 Rand 120 110 100 90 80 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 2024/
Slide 9: Damage caused by the windstorm at Mawecro
Damaged caused by the windstorm at Mawecro 9 CROOKES BROTHERS LIMITED Shareholder Feedback August 2025
Slide 10: Macadamia price per kg
Operational performance | continued Macadamia Nuts - $ Price per kg Dry-Nut-in-Shell (at the farm gate) 6 5 4 Macadamia price per kg 3 2 1 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 CROOKE
Slide 11: Damage caused by windstorms at MML
Damaged caused by windstorms at MML 11 CROOKES BROTHERS LIMITED Shareholder Feedback August 2025
Slide 12: Crop prices: sugar cane, bananas, macadamias
Operating environment | continued Sugar Cane South Africa - Rand/Ton RV Sugar Cane Eswatini - Rand/Ton Sucrose Sugar Cane Zambia - Rand/Ton ERC 9 000 8 000 7 666 8 026 8 000 7 430 8 000 7 000 7 425 7 000 6 468 6 298 7 000 Sucrose 7 339 ERC 6 000 5 334 6 000 RV 6 000 4 509 5 107 4 388 6 925 5 000 4 2
Slide 13: Operational performance
Highlights Operating environment Operational performance Financial performance Strategic performance Strategy Outlook
Slide 14: Operational performance
Operational performance Cane Bananas Macadamias Yield Quality Costs Price 14 CROOKES BROTHERS LIMITED Shareholder Feedback August 2025
Slide 15: Operational performance: targets vs actuals
Operational performance | continued 2024/25 2025/26 Parameter Measure Target Actual Target Financial Profitability Headline earnings R million 54.33 64.89 53.34 Cash flow Group free cash flow R million 30.64 39.96 (33.99) Sales Renishaw Coastal Precinct land sales (excluding shopping and filling sta
Slide 16: Free Cash Flow Reconciliation
Operational performance | continued Free Cash Flow Reconciliation R’m Group free cash flow target 2025/26 (34) Once-offs included in 2025/26 42 Nicoskamp Development - Capex (111ha) 15 Nicoskamp Development - Loss of Banana Revenue (85ha) 15 Windstorm - Timing of Banana Production 12 Group free cash
Slide 17: Operational performance: targets vs actuals
Operational performance | continued 2024/25 2025/26 Parameter Measure Target Actual Target Financial Profitability Headline earnings R million 54.33 64.89 53.34 Cash flow Group free cash flow R million 30.64 39.96 (33.99) Sales Renishaw Coastal Precinct land sales (excluding shopping and filling sta
Slide 18: Vigorous growth at MML
Vigorous growth at MML 18 CROOKES BROTHERS LIMITED Shareholder Feedback August 2025
Slide 19: Sugar Cane Yield vs Average Ratoon Age
Operational performance | continued Sugar Cane Yield (Tons/ha harvested) vs Average Ratoon Age 110 109.22 7.00 6.73 6.49 105 103.84 6.38 6.50 Yield Ts Cane/HA harvest 102.22 6.02 99.49 Avg Ratoon age 100 100.96 6.00 5.65 96.05 97.48 95 94.33 5.50 5.29 94.94 92.33 5.16 5.15 4.98 5.02 5.18 90 5.10 90.
Slide 20: MML performance against group average
Operational performance | continued MML performance against group average – Beaumont 695 MML performance against group average – Integs 4 000 4 000 DNIS kg/hectare DNIS kg/hectare 3 000 3 000 2 000 2 000 1 000 1 000 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 1 2 3 4 5 6 7 8 9 10 11 12 13
Slide 21: Financial performance
Highlights Operating environment Operational performance Financial performance Strategic performance Strategy Outlook
Slide 22: Financial performance
Financial performance Revenue Operating expenses Operating profit before bio assets Bio assets movement 900 834 900 200 172 80 780 160 800 800 784 70 679 681 150 59 700 636 700 662 94 104 60 R10m 620 541 572 100 50 600 600 Million Million Million Million 50 40 32 500 500 R10m 30 400 400 0 13 15 20 3
Slide 23: Reconciliation of headline earnings
Financial performance | continued Reconciliation of headline earnings R’000 2025 Profit for the year attributable to owners of the company - 68 138 Adjustments (3 476) (3 245) Headline earnings (3 476) 64 893 2024 Profit for the year attributable to owners of the company - 61 326 From continuing ope
Slide 24: Income statement
Financial performance | continued R’000 2025 2024 Continuing operations Revenue 833 812 727 913 Trading profit before expected credit losses, depreciation and impairments 182 496 124 677 Depreciation and impairments (64 680) (63 771) Expected credit losses (708) (39) Operating profit before biologic
Slide 25: Unallocated group head office overheads
Financial performance | continued Rm 2025 2024 Unallocated group head office overheads Unallocated group head office overheads After tax group head office overheads 19 17 Unallocated group head office overheads (before tax) 26 24 Reported group head office overheads 54 60 Plus QBV management fee rec
Slide 26: Operating profit by division
Financial performance | continued Operating profit – Sugar cane Operating profit – Bananas 250 60 52 205 50 +R8m from Lebombo 200 40 R0m from QBV = R60m 148 30 Million Million 150 129 20 15 16 100 89 69 10 4 0 50 -10 0 -20 -12 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Operating profit – Prop
Slide 27: Our bananas at CPL are thriving
Our bananas at CPL are thriving 27 CROOKES BROTHERS LIMITED Shareholder Feedback August 2025
Slide 28: Cash flow: operating and investing activities
Financial performance | continued R’000 2025 2024 Operating activities Cash generated from/(utilised in) operations 177 874 206 859 Interest received 13 797 9 847 Interest paid (37 766) (47 187) Taxes paid (53 069) (30 155) Net cash generated by/(utilised in) operating activities 100 836 139 364 Inv
Slide 29: Cash flow: financing activities
Financial performance | continued R’000 2025 2024 Financing activities Proceeds from loans and borrowings 30 000 44 655 Repayment of loans and borrowings (42 435) (66 954) Proceeds from general banking facilities - 132 100 Repayment of general banking facilities - (255 100) Receipts from RTO obligat
Slide 30: Strategic performance
Highlights Operating environment Operational performance Financial performance Strategic performance Strategy Outlook
Slide 31: Strategic performance – Pillar One
Strategic performance – Pillar 1 Pillar One Be a top-third farmer through sustainable practices • Commenced the replacement of 111 ha of bananas at hail-prone Nicoskamp farm with sugar cane at Mawecro • Converted 55 ha of sugar cane to bananas at CPL – the net loss of 45 ha of bananas to the Group w
Slide 32: Strategic performance – Pillar Two
Strategic performance – Pillar 2 Pillar Two Offer industry leading risk-adjusted returns to shareholders Maintain geographic dispersion to mitigate • As the Group expands its banana operations, the sales of land parcels in the Renishaw Coastal Precinct gain traction and our Macadamia nut operation m
Slide 33: Strategic performance – Pillar Three
Strategic performance – Pillar 3 Pillar Three Produce and supply superior quality products profitably • The platform approach allows the business to be scalable and, with the requisite investment capital, to be able to add new operations without adding significant additional management costs Consoli
Slide 34: Strategic performance – Pillar Four
Strategic performance – Pillar 4 Pillar Four Do what is right to remain profitable over the long-term • We distributed R44m to our 2,785 community partner households through rent, director fees, and dividends Expand existing and develop new community • Our continued investment of time and effort int
Slide 35: Our nurtured Joint Ventures are flourishing
Our nurtured Joint Ventures are flourishing 35 CROOKES BROTHERS LIMITED Shareholder Feedback August 2025
Slide 36: Strategy
Highlights Operating environment Operational performance Financial performance Strategic performance Strategy Outlook
Slide 37: Strategy
Strategy Pillar Be a top-third farmer through sustainable One practices Pillar Pillar Two Four The short term Do what is Offer industry right, not Strategic leading risk- Improving profitability and positive free cash flow generation just what is adjusted profitable pillars returns to shareholders R
Slide 38: Strategy | continued
Strategy | continued Consolidation Precision Efficiency Productivity 38 CROOKES BROTHERS LIMITED Shareholder Feedback August 2025
Slide 39: Strategy | continued
Strategy | continued 1 500 1 096 +37% growth required Sell 600 000 TONS ’26 industrial Financial 536 910 sites at year ending +12% growth Renprop 31 March 2027 45 000 43 227 +4% growth 39 CROOKES BROTHERS LIMITED Shareholder Feedback August 2025
Slide 40: Outlook
Highlights Operating environment Operational performance Financial performance Strategic performance Strategy Outlook
Slide 41: Outlook
Outlook A softer outlook for the 2025 sugar The windstorm that swept through the The windstorm that swept through cane prices, particularly in South Nicoskamp and Amanxala farms our Macadamia farm with tornado-like Africa and Eswatini, is expected due destroyed ~189 330 plants. Of these effect, caus
Slide 42: Q&A Thank you
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