Mustek Limited · JSE:MST
Mustek — H1 2025 Earnings Presentation
22 slides from Mustek's earnings presentation, Mar 6, 2025
Slide 1: Interim Results for the Period Ended 31 December 2024
INTERIM RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2024 Date | 6 March 2025 Time | 10h00 Presentation starts soon
Slide 2: Interim Results for the Period Ended 31 December 2024
INTERIM RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2024 Date | 6 March 2025 Time | 10h00
Slide 3: Hein Engelbrecht and Shabana Aboo Baker Ebrahim
Hein Engelbrecht Group CEO Shabana Aboo Baker Ebrahim Group FD Results of the year ended 31 December 2024 3
Slide 4: Group Salient Features
GROUP SALIENT FEATURES REVENUE GP Margin PBT down up from down R3.7bn 14% 13.8% 13.4% R17m 75% HEPS NAV CASH PER SHARE PER SHARE GENERATED FROM OPS down up Dec’23 23 cents 74% R28.27 1% R698m (R126m) Results of the period ended 31 December 2024 4
Slide 5: Group Overview
GROUP OVERVIEW End-to-end IT and Established sustainable in 1987 technology Our mission is solutions provider centred on Listed on the JSE in 1997 anticipating material stakeholder needs National presence for long-term sustainability Results of the period ended 31 December 2024 5
Slide 6: Group Structure
GROUP STRUCTURE Results of the period ended 31 December 2024 6
Slide 7: Group Brand Portfolio
GROUP BRAND PORTFOLIO Edge / Client Gaming Software / Cloud Results of the period ended 31 December 2024 7
Slide 8: Group Brand Portfolio
GROUP BRAND PORTFOLIO Network / Infrastructure / Servers Sustainable energy Security & Compliance Training & Enablement Results of the period ended 31 December 2024 8
Slide 9: Financial Summary
FINANCIAL SUMMARY H1:22 H2:22 H1:23 H2:23 H1:24 H2:24 H1:25 Revenue (R billion) 4.2 4.7 4.9 5.2 4.3 4.2 3.7 Gross Profit (R million) 677 596 691 722 570 470 506 GP margin (%) 16.2% 12.6% 14.1% 13.8% 13.4% 11.1% 13.8% EBITDA (R million) 277 179 268 240 213 137 130 Net Profit (R million) 152 73 129 90
Slide 10: Revenue
REVENUE R billion • Economic and industry 6 pressures 5.2 4.9 • Risk management 5 4.7 4.2 4.3 4.2 4 3.7 3 2 1 0 H1:22 H2:22 H1:23 H2:23 H1:24 H2:24 H1:25 Results of the period ended 31 December 2024 10
Slide 11: Gross Profit Margin
GROSS PROFIT MARGIN % • Slow moving stock • Product mix 16.2% 14.1% 13.8% 13.8% 13.4% 12.7% 11.1% H1:22 H2:22 H1:23 H2:23 H1:24 H2:24 H1:25 Results of the period ended 31 December 2024 11
Slide 12: EBITDA
EBITDA R million • Pre-covid stabilisation 250 213 • Cost containment efforts 200 142 137 150 131 130 119 102 105 92 100 50 0 H1:18 H2:18 H1:19 H2:19 H1:20 H2:20 H1:24 H2:24 H1:25 Results of the period ended 31 December 2024 12
Slide 13: Net Financing Cost vs Average Interest Rates
NET FINANCING COST VS AVERAGE INTEREST RATES 14.00% 120.00 11.8% 11.8% 11.6% 12.00% 10.9% 100.00 9.5% 10.00% 80.00 8.00% 60.00 6.00% 5.3% 5.3% 5.0% 4.7% 40.00 • Net financing cost reduction 4.00% 2.9% mainly due to reduced working 2.00% 20.00 capital facilities 28 42 68 83 109 97 83 0.00% - H1:22 H2
Slide 14: HEPS (cents)
HEPS (CENTS) 300 • Driven by decline in operating profit 250 237 222 200 153 150 120 91 100 50 23 0 H1:22 H2:22 H1:23 H2:23 H1:24 H2:24 H1:25 -50 -24 Results of the period ended 31 December 2024 14
Slide 15: NAV and TNAV per Share
NAV AND TNAV PER SHARE 2,801 2,827 2,724 2,725 2,575 2,395 2,446 2,259 2,335 2,250 2,227 2,139 1,826 1,702 H1:22 H2:22 H1:23 H2:23 H1:24 H2:24 H1:25 NAV per share (cents) Tangible NAV per share (cents) Results of the period ended 31 December 2024 15
Slide 16: Inventory
INVENTORY 112 112 3 102 120 • Improvement but stock levels Millions 2.75 101 103 2.5 100 still elevated 84 86 2.25 • Working capital management 2 80 1.75 remains a focus 1.5 60 1.25 1 40 0.75 0.5 20 0.25 1.6 2.1 2.0 2.4 2.3 2.1 1.9 0 0 H1:22 H2:22 H1:23 H2:23 H1:24 H2:24 H1:25 On hand (net of provis
Slide 17: Trade Receivable Days
TRADE RECEIVABLE DAYS 80 72 • Economic constraints 70 • Working capital management 62 62 56 56 remains a focus 60 52 54 50 40 30 20 10 0 H1:22 H2:22 H1:23 H2:23 H1:24 H2:24 H1:25 Results of the period ended 31 December 2024 17
Slide 18: Cash Generated from Operations
CASH GENERATED FROM OPERATIONS 800.0 698 700.0 • Focus on reduced working capital 600.0 • Cash release from inventory 500.0 and receivables 400.0 322 • Repayment of trade facilities 284 300.0 186 200.0 100.0 20 0.0 H1:22 H2:22 H1:23 H2:23 H1:24 H2:24 H1:25 -100.0 -125 -126 -200.0 Results of the peri
Slide 19: Strategic Priorities
STRATEGIC PRIORITIES • Structural improvements in working capital and liquidity - Reduced stock holding - Stricter credit terms • Disposing of non-strategic/non-core assets • Smaller complimentary acquisitions that make sense for the group Results of the period ended 31 December 2024 19
Slide 20: Opportunities
OPPORTUNITIES Cybersecurity Artificial Intelligence ICT Skills Self-service shortage – offerings training Results of the period ended 31 December 2024 20
Slide 21: Corporate Action Update
CORPORATE ACTION UPDATE • FIA by Novus Holdings issued on 15 November 2025 • Appointment of Independent Board • Approvals • Joint circular in progress – planned to be issued on or about 14 March 2025 Results of the period ended 31 December 2024 21
Slide 22: Contact details
Hein Engelbrecht – Group CEO heine@mustek.co.za Shabana Aboo Baker Ebrahim – Group FD shabanaa@mustek.co.za