Karooooo Ltd. · NASDAQ:KARO
Karooooo — Q2 2027 Earnings Presentation
44 slides from Karooooo's earnings presentation, Oct 20, 2026
Slide 1: Q2 2027 Earnings Presentation
We Deliver Operational Intelligence To Simplify Decision Making Q2 2027 Earnings Presentation October 20, 2026 1
Slide 2: Today's Presenters
Today’s Presenters Zak Calisto Goy Hoeshin Carmen Calisto Group CEO Group CFO Group Chief & Founder Strategy & Marketing Officer 2 2
Slide 3: Disclaimer: Forward-Looking Statements
DISCLAIMER Forward-Looking Statements The information in this presentation (which includes any oral statements made in connection therewith, as applicable) includes “forward-looking statements.” Forward-looking statements are based on our beliefs and assumptions and on information currently availabl
Slide 4: Karooooo Q2 2027: What Matters Most
KAROOOOO Q2 2027 Cartrack Subscription Revenue growth accelerated to 20%, from 19% in the prior quarter despite FX headwinds; Constant Q2 2027: currency1 Cartrack Subscription Revenue accelerated to 23% from 21% in Q1 2027 WHAT Cartrack Subscription Revenue growth accelerated across regions; MATTERS
Slide 5: Who We Are
WHO WE ARE ZAR 5,708M USD $354M2,3 95%5 Operational intelligence platform for connected vehicles and other mobile assets We deliver mission critical operational intelligence that helps customers make faster, ↑19% Y-o-Y ↑30% Y-o-Y Commercial Customer ARR better day-to-day decisions across safety, cos
Slide 6: Karooooo
KAROOOOO Leading physical operations management platform, focused on South Africa, Southeast Asia and Europe. 100% 91.5% Ownership Ownership Delivery-as-a-Service Logistics Operational Intelligence Platform Subscription Revenue (Q2 2027) B2B Delivery-as-a-Service (DaaS) Revenue2 (Q2 2027) ZAR 1,415M
Slide 7: Q2 2027 Karooooo Group Snapshot
Q2 2027 KAROOOOO GROUP SNAPSHOT Total Revenue Cartrack Adjusted EBITDA¹ Margin, Operating UP 22% ZAR 1,640M Profit Margin and Subscription Revenue Growth Q2 2026: ZAR 1,344M 50% 47% 47% 47% 45% 46% Subscription Revenue UP 20% ZAR 1,418M 40% Q2 2026 : ZAR 1,182M 31% 30% 30% 28% 30% 28% Operating Prof
Slide 8: Rare Financial Profile
RARE FINANCIAL PROFILE Large Cap SaaS GAAP Rule of 50+ Mid Cap SaaS GAAP Rule of 50+ Smid Cap SaaS GAAP Rule of 50+ Source: FactSet as of 10/09/2026 Note: “Rule of 50+” analysis utilizes Street CY2027E Revenue and CY2027E GAAP EBITDA Margin (i.e. including SBC) for a select group of ~170 listed SaaS
Slide 9: Q2 2027 Financial and Operational Highlights
Q2 2027 FINANCIAL AND OPERATIONAL HIGHLIGHTS Robust ARR1 Growth Subscription Revenue Growth Healthy Subscriber Growth • ARR1 increased 19% Y-o-Y and reached ZAR 5,708 Accelerated • Cartrack subscriber growth increased 18% Y-o-Y million despite FX headwinds; reaching ~2.9million • Cartrack subscripti
Slide 10: Cartrack's Growth Engine Underpinned by Strong Unit Economics
CARTRACK’S GROWTH ENGINE UNDERPINNED BY STRONG UNIT ECONOMICS Lifetime Value of Low Cost of Acquiring a Strong Benefits from 1 Customer Relationships Customer 2 Economies of Scale Q2 2027 Gross Profit Margin based only on Subscription Revenue >9x 95% LTV1 to CAC 71% Commercial Customer ARR Retention
Slide 11: South Africa Q2 2027 Review
SOUTH AFRICA Q2 2027 REVIEW Cartrack Subscribers (Q2 2027) ~2.2M Cartrack Subscriber Growth (Q2 2027) 18% Y-o-Y; Net additions increased 20% SOUTH AFRICA Cartrack Market Share Dominant Cartrack Brand Awareness Strong • 5,500+ employees1 Cartrack and Karooooo Logistics Footprint • Vertically integrat
Slide 12: Southeast Asia Q2 2027 Review
SOUTHEAST ASIA Q2 2027 REVIEW Cartrack Subscribers (Q2 2027) ~367k1 Cartrack Subscriber Growth (Q2 2027) 21% Y-o-Y SOUTHEAST ASIA Cartrack Market Share A leader across SE Asia Cartrack Brand Awareness Growing • 1,400+ employees2 Cartrack Footprint • Vertically integrated Population ~640M3 GDP ~$5 Tr
Slide 13: Europe Q2 2027 Review
EUROPE Q2 2027 REVIEW Cartrack Subscribers (Q2 2027) ~245K EUROPE Cartrack Subscriber Growth (Q2 2027) 13% Y-o-Y Cartrack Market Share Healthy in key countries Cartrack Brand Awareness Strong in key countries • 400+ employees1 Cartrack Footprint • Vertically integrated Population ~450M2 GDP ~$20 Tri
Slide 14: Karooooo Logistics Q2 2027 Review
KAROOOOO LOGISTICS KAROOOOO LOGISTICS Q2 2027 REVIEW CONTINUES TO SCALE B2B Delivery as a Service Platform Delivered revenue of ZAR189 Million, an increase of 36% Y-o-Y driven by demand for Q-Commerce or “Quick Commerce”, a type Connects business demand for last-mile delivery with an elastic supply
Slide 15: Progress with Our FY 2027 Priorities
PROGRESS WITH OUR FY 2027 PRIORITIES 01 Continue to Cement Leadership Position in Our Markets 02 Drive Salesforce Efficiency While Accelerating Subscription Revenue Growth 03 Apply AI to Enhance Platform, Improve Operating Efficiencies and Speed Up Execution 15
Slide 16: Customer Spotlight
Results Customer Spotlight 100% Driver Accountability Location: Singapore Industry: Construction 25% On-Time Delivery Improvement 23% Increase in Fuel Efficiency Cartrack Solutions Implemented 43% Reduction in Speeding Through Coaching • Real-time Fleet Visibility for Operational Efficiency 31% Redu
Slide 17: Q2 2027 Financial Performance
Q2 2027 Financial Performance 17
Slide 18: Cartrack Extends Two-Decade Track Record of Consistent Execution
CARTRACK EXTENDS TWO-DECADE TRACK RECORD OF CONSISTENT EXECUTION AND RESILIENCE Scale Growth Profitability Subscribers Subscription Revenue Operating Profit 000s ZAR M ZAR M 2,899 1 415 2,805 1 351 411 2662 395 1 278 377 359 2,568 1 236 344 2,457 1 180 2,386 342 2,302 1 138 324 2,223 1 084 316 2,137
Slide 19: Cartrack Delivered Record Net Subscriber Additions for the Second Quarter
CARTRACK DELIVERED RECORD NET SUBSCRIBER ADDITIONS FOR THE SECOND QUARTER 142 472 UP 34% 111 478 94 516 93 755 89 168 84 013 86 617 78 593 79 009 75 910 75 256 75 484 70 740 63 340 57 241 40 375 38 471 16 800 FY23 FY24 FY25 FY26 FY27 FY23 FY24 FY25 FY26 FY27 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Q
Slide 20: Cartrack's Strong Performance Continues, Fueled by Subscription Revenue Momentum
CARTRACK’S STRONG PERFORMANCE CONTINUES, FUELED BY SUBSCRIPTION REVENUE MOMENTUM UP 20% UP 31% UP 23% Subscription Revenue Subscription Revenue in Subscription Revenue in USD² Constant Currency³ Subscription Q2 2027 ZAR 1,415M Q2 2027 USD 88M Q2 2027 ZAR 1,455M Revenue as a % Q2 2026 ZAR 1,180M Q2 2
Slide 21: Karooooo Continues to Deliver Strong Growth
KAROOOOO CONTINUES TO DELIVER STRONG GROWTH UP 20% UP 19% UP 18% UP 12% Subscription Revenue Operating Profit Earnings Per Share Adjusted Earnings Per Share¹ Q2 2027 ZAR 1,418M Q2 2027 ZAR 422M Q2 2027 ZAR 9.28 Q2 2027 ZAR 9.28 Q2 2026 ZAR 1,182M Q2 2026 ZAR 356M Q2 2026 ZAR 7.88 Q2 2026 ZAR 8.28 DE
Slide 22: Subscriber Growth Accelerating
SUBSCRIBER GROWTH ACCELERATING FY FY FY FY FY Q2 Q2 ‘000s Subscribers 2022 2023 2024 2025 2026 FY26 FY27 Y-o-Y SOUTH AFRICA 1,186 1,315 1,493 1,737 2,006 1,851 2,186 18% ASIA AND MIDDLE 145 185 230 274 336 303 367 21% EAST EUROPE 127 144 167 201 228 216 245 13% AFRICA- OTHER 68 73 82 91 92 88 101 16
Slide 23: Q2 2027 Cartrack Geographic Subscription Revenue Mix and Growth
Q2 2027 CARTRACK GEOGRAPHIC SUBSCRIPTION REVENUE MIX AND GROWTH Cartrack Subscription Revenue Mix By Geography Cartrack Subscription Revenue Y-o-Y Growth 3% As Reported Constant Currency1 9% South Africa: 25% 25% 15% Asia & ME: 12% 25% Europe: 4% 14% Africa Other: 6% 13% 73% - South Africa growth ac
Slide 24: ARR Growth Robust Despite FX Headwinds
ARR1 GROWTH ROBUST DESPITE FX HEADWINDS ARR¹ and ARR¹ Growth Y/Y ZAR M 5 708 CARTRACK ARR1 GROWTH IN 5 432 5 179 ARR1 REACHED CONSTANT CURRENCY3 5 106 USD354M2 4 806 Q2 2027 22% Q2 2026 20% 4 384 4 574 UP 30% 4 195 3 990 3 864 Q1 FY25 Q2 Q3 Q4 Q1 FY26 Q2 Q3 Q4 Q1 FY27 Q2 ARR1 INCREASED TO 19% in ZAR
Slide 25: Results Demonstrate Earnings Power Despite Upfront Costs
RESULTS DEMONSTRATE EARNINGS POWER DESPITE UPFRONT COSTS TO ACCELERATE SUBSCRIPTION REVENUE FY FY FY FY1 FY1 ZAR 20221 2023 2024 2025 2026 Q1 2027 Q2 2027 1H 2027 CARTRACK 16.59 20.61 24.77 30.90 31.67 9.24 9.08 18.32 CARZUKA (0.42) (1.42) (1.40) 0 0 0 0 0 KAROOOOO (0.07) 0.10 0.48 0.77 0.88 0.29 0.
Slide 26: Free Cash Flow Reflects Strategic Investment in PPE
FREE CASH FLOW REFLECTS STRATEGIC INVESTMENT IN PPE TO SUPPORT GROWTH, INCLUDING MEMORY ZAR M ZAR M Earnings Earnings Adj. Free Cash Flow1 Free Cash Flow Free Cash Flow was ZAR41m in Q2 2027 and 1 011 ZAR100m for 1H 2027. 937 Investment in IoT 809 291 devices increased 86% to 754 249 ZAR966m in 1H 2
Slide 27: Balance Sheet Strong Despite Investments and Capital Returned
BALANCE SHEET STRONG DESPITE INVESTMENTS TO SUPPORT GROWTH AND CAPITAL RETURNED TO SHAREHOLDERS • Attractive growth with strong unit economics Cash & Healthy • Unleveraged balance sheet Cash Equivalents Debtor Days • Track record of strong cash conversion ZAR 649M1 33 • Consistent returns to Q2 2027
Slide 28: Reiterate FY 2027 Outlook
REITERATE FY 2027 OUTLOOK: FASTER SUBSCRIPTION REVENUE GROWTH, STRONG EPS EXPANSION FY FY FY FY FY Q2 FY 1H FY 2027 2022 2023 2024 2025 2026 2027 2027 OUTLOOK Cartrack’s Subscription Revenue 2,566 3,004 3,523 4,055 4,831 1,415 2,765 5,700 – 6,000 (ZAR M) 17% 17% 15% 19% 20% 19% 18% - 24% Y-o-Y Growt
Slide 29: Q2 2027 Earnings Highlights and Key Investment Highlights
Q2 2027 Earnings Highlights Key Investment Highlights • Q2 2027 Cartrack Subscription Revenue growth accelerated to 20%, from • Well positioned to drive profitable and durable growth given 19% in the prior quarter despite FX headwinds; Constant currency⁴ efficient unit economics and expansive physic
Slide 30: Q&A Thank you
Q&A Thank you
Slide 31: Appendix
Appendix
Slide 32: Unique Resilience in AI Era
UNIQUE RESILIENCE IN AI ERA Proprietary Data Advantage Over 20 years, we have built a proprietary data asset from IoT devices deployed and maintained in the field, creating a compounding data advantage that is difficult to replicate. 345B+1 new data points created monthly. Importantly, we install th
Slide 33: Disciplined Capital Allocation Framework
DISCIPLINED CAPITAL ALLOCATION FRAMEWORK Organic Growth and Product Return Capital to Shareholders Innovation Allocating capital to organic growth and Given our current strong balance product innovation are our paramount sheet and cash position, our priorities given our attractive unit preference is
Slide 34: Our Platform Delivers Operational Intelligence to Simplify Decision Making
OUR PLATFORM DELIVERS OPERATIONAL INTELLIGENCE TO SIMPLIFY DECISION MAKING CUSTOMER BENEFITS Safety Vision SAFETY • PRODUCTIVITY • COMPLIANCE • PROFITABILITY • ABILITY TO SCALE Delivery Cost Centralised platform for real-time operational Management visibility and simplified decision making In-field
Slide 35: Operational Intelligence Capabilities Go Far Beyond Telematics
OPERATIONAL INTELLIGENCE CAPABILITIES GO FAR BEYOND TELEMATICS End-To-End Operational Intelligence Capabilities Telematics / Real-Time Visibility Video / Cameras & Safety Field Service Management Risk Management / Compliance Delivery & Logistics • GPS Tracking • AI Powered Cameras for Driver • Drive
Slide 36: Cartrack-Tag Extends Platform to Any Mobile Asset in Southern Africa
CARTRACK-TAG EXTENDS PLATFORM TO ANY MOBILE ASSET IN SOUTHERN AFRICA Unparalleled Asset Protection Leverages Proprietary RF Network • Radio Frequency (RF) tracking ability • Enhanced visibility in challenging independent of mobile network environments • Proactively detects signal interference • Resi
Slide 37: Why 125,000+ Customers Choose Our Platform for Daily Operations
WHY 125,000+ Enable fleet and asset visibility Enable ecommerce delivery Extend asset lifespans Augment logistics capabilities CUSTOMERS Improve fleet utilization Empower team management Enhance safety Facilitate task management CHOOSE Prevent accidents Slash fuel costs Enable work order management
Slide 38: A History of Growth and Innovation
A HISTORY OF GROWTH AND INNOVATION 2020 2022 2.8M+ Launch of Next Reached 100k subscribers Generation AI- Commercial Enabled Platform Customers 2025 2021 2023 Launch of 2018 NASDAQ IPO Launch of Cartrack-Tag and Global Proprietary 2013 Launched Headquarters RF Network 2026 Electric 2004 Fleet Optimi
Slide 39: Simplifying Fuel Management Extends Benefits Far Beyond Fuel
SIMPLIFYING FUEL MANAGEMENT EXTENDS BENEFITS FAR BEYOND FUEL INEFFICIENT WORKFLOWS & FUEL THEFT & FRAUD LOW FUEL ECONOMY MILEAGE Automated fuel card validation Effective maintenance scheme Route optimization Real-time syphoning alerts Industry fuel efficiency benchmarks Business vs personal usage St
Slide 40: Growing Physical Operations Market Opportunity
GROWING PHYSICAL OPERATIONS MARKET OPPORTUNITY Global Automotive OEM Telematics TAM Global Automotive OEM Telematics TAM $321.3B1 GLOBAL 544M PHYSICAL $96.3B1 OPERATIONS Commercial Vehicles2 438M Commercial Vehicles2 2024 2032 1 Allied Market Research. 2 BMI Research (Fitch Solutions). 40
Slide 41: Why We Win
WHY WE WIN • Easy-to-use and Feature Europe Rich Platform • Vertically Integrated • Strong Customer Service • Founder-Led with Entrepreneurial Culture Asia Highly fragmented market • Strong Value Proposition South Africa 41
Slide 42: Representative Customers by Geography
REPRESENTATIVE CUSTOMERS BY GEOGRAPHY South Africa Rest of Africa Europe Asia & Middle East Source: Company filings and press releases. 42
Slide 43: Karooooo Logistics Recent Operational Highlights
Karooooo Logistics Recent Operational Highlights ZAR 1B payments to drivers 8+ million deliveries in FY26 Thousands of drivers on the Continue to invest in since inception road daily technology capabilities 43 43
Slide 44: Hypothetical No ARR Growth Scenario to Illustrate Margin Potential
HYPOTHETICAL NO ARR GROWTH SCENARIO TO ILLUSTRATE MARGIN POTENTIAL BASED ON FEB 2025 ARR Illustrative FY25A P&L Illustrative No Growth P&L (ZAR in millions) FY25A (ZAR in millions) No Growth Scenario Total Revenue 4,147 ARR 4,384 Total Revenue % Growth 15% Subscription Revenue 4,055 Subscription Rev