Slide 1: Results for the period ended 31 December 2025
Results for the period ended 31 December 2025 Date: 25 February 2026 Time: 10:00 1
Slide 2: Presenters
PRESENTERS Hein Engelbrecht Group CEO Shabana Aboo Baker Ebrahim Group FD 2 Results of the period ended 31 December 2025
Slide 3: Group Overview
Group Overview Who are we Our mission The Mustek Group is a seamless technology solutions provider. Established in 1987 and listed on Our mission is centred on the JSE in 1997, the Group anticipating material operates through a network of stakeholder needs for synergistic companies across long-term
Slide 4: Group Structure
Group Structure Results of the period ended 31 December 2025 4
Slide 5: Group Salient Features
GROUP SALIENT FEATURES REVENUE GP Margin PBT down Down from up R3,5bn 2% 12.6% 13.9% R59m 247% HEPS NAV CASH per share generated from OPS up up 84 cents 256% R29,30 2% R187m R698m Dec’24 5 Results for the period ended 31 December 2025
Slide 6: Financial Summary
Financial Summary H1:23 H2:23 H1:24 H2:24 H1:25 H2:25 H1:26 Revenue (R billion) 4.9 5.2 4.3 4.2 3.6 3.5 3.5 Gross Profit (R million) 691 722 570 470 506 452 445 GP margin (%) 14.1% 13.8% 13.4% 11.1% 13.9% 12.8% 12.6% EBITDA (R million) 268 240 213 137 130 119 128 Net Profit (R million) 129 90 52 -31
Slide 7: Revenue
Revenue • Stronger average R billion ZAR 6 5,2 • Risk management 5 4,9 4,3 pursuing more 4,2 4 3,6 3,6 3,5 profitable deals 3 • Increased activity in 2 SMB space 1 0 H1:23 H2:23 H1:24 H2:24 H1:25 H2:25 H1:26 7 Results of the period ended 31 December 2025
Slide 8: Gross profit margin
Gross profit margin GP % • Stock obs provision 14,1% 13,9% • Product mix 13,8% 13,4% 12,7% 12,6% 11,0% • Traditional distribution H1:23 H2:23 H1:24 H2:24 H1:25 H2:25 H1:26 business margin Adjusted GP% improvement 13,8% • GP margin adjusted for forex 13,6% 13,5% 12,8% 13,2% 12,7% 11,6% H1:23 H2:23 H1
Slide 9: EBITDA
EBITDA • Stabilisation post R'million covid and 250 sustainable energy 200 213 effects 150 131 142 137 130 128 • Improvement in 119 105 119 trading 100 • Cost containment 50 efforts 0 H1:19 H2:19 H1:20 H2:20 H1:24 H2:24 H1:25 H2:25 H1:26 9 Results of the period ended 31 December 2025
Slide 10: Net Financing Cost
NET FINANCING COST • Working capital R'million improvements -109 -97 • Modest interest -83 -83 rate cuts -68 -55 -48 H1:23 H2:23 H1:24 H2:24 H1:25 H2:25 H1:26 10 Results of the period ended 31 December 2025
Slide 11: HEPS
HEPS • No significant 250 222 HEPS adjustments 200 153 150 100 91 84 49 50 23 0 H1:23 H2:23 H1:24 H2:24 H1:25 H2:25 H1:26 -24 -50 11 Results of the period ended 31 December 2025
Slide 12: NAV and TNAV per share
NAV and TNAV per share 2 827 2 870 2 930 2 724 2 725 2 801 2 575 2 528 2 446 2 453 2 250 2 335 2 139 2 227 H1:23 H2:23 H1:24 H2:24 H1:25 H2:25 H1:26 NAV per share (cents) Tangible NAV per share (cents) Results of the period ended 31 December 2025 12
Slide 13: Inventory
Inventory • Improvement in 112 113 3 102 104 104 120 absolute stock Millions 2,75 95 2,5 2,25 86 100 levels 2 80 1,75 • Stock shortages 1,5 60 1,25 1 40 • Sustainable 0,75 0,5 20 energy stock 0,25 2,0 2,4 2,3 2,1 1,9 1,6 1,8 0 0 H1:23 H2:23 H1:24 H2:24 H1:25 H2:25 H1:26 On hand (net of provision) In
Slide 14: Trade receivable days
Trade receivable days • Room for 80 72 66 71 improvement 70 62 63 60 54 56 • Push for extended 50 terms by 40 customers 30 • Working capital 20 investment for 10 specific projects 0 H1:23 H2:23 H1:24 H2:24 H1:25 H2:25 H1:26 14 Results of the period ended 31 December 2025
Slide 15: Cash generated from operations
Cash generated from operations 80.0 698 • Continued focus 70.0 on reducing 60.0 working capital 50.0 and trade facilities 40.0 322 30.0 186 187 20.0 10.0 -11 0.0 H1:23 H2:23 H1:24 H2:24 H1:25 H2:25 H1:26 -10.0 -125 -126 -20.0 15 Results of the period ended 31 December 2025
Slide 16: Strategic Priorities
Strategic Priorities Preserve and grow profitability from core IT distribution business Expansion of the Group’s services segment to complement current Group offerings Optimise capital allocation across the Group Results of the period ended 31 December 2025 16
Slide 17: Opportunities
Opportunities Artificial Talent Intelligence – shortage inference-led across AI and adoption related fields Cybersecurity Drone services Technology Results of the period ended 31 December 2025 17
Slide 18: Thank You
Thank You