Slide 1: Q1 2027 Earnings Presentation
We Deliver Operational Intelligence To Simplify Decision Making Q1 2027 Earnings Presentation July 16, 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
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 Q1 2027: What Matters Most
KAROOOOO Q1 2027 Cartrack Subscription Revenue growth accelerated to 19% from 18% in the prior quarter despite FX headwinds; Constant Q1 2027: currency1 Cartrack Subscription revenue growth was 21% WHAT Despite the strengthening ZAR, ARR2 growth accelerated to 19% in MATTERS MOST ZAR and 22% in Cons
Slide 5: Who We Are
WHO WE ARE ZAR 5,432M USD $335M2,3 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 ↑32% 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% 81% Ownership Ownership Delivery-as-a-Service Logistics Operational Intelligence Platform Subscription Revenue (Q1 2027) B2B Delivery-as-a-Service (DaaS) Revenue2 (Q1 2027) ZAR 1,351M /
Slide 7: Q1 2027 Karooooo Group Snapshot
Q1 2027 KAROOOOO GROUP SNAPSHOT Total Revenue Cartrack Adjusted EBITDA¹ Margin, Operating UP 22% ZAR 1,564M Profit Margin and Subscription Revenue Growth Q1 2026: ZAR 1,277M 50% 47% 47% 47% 45% 45% Subscription Revenue UP 19% ZAR 1,354M 40% Q1 2026 : ZAR 1,141M 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+ Small Cap SaaS GAAP Rule of 50+ Source: FactSet as of 6/26/2026 Note: “Rule of 50+” analysis utilizes Street CY2026E Revenue and CY2026E GAAP EBITDA Margin (i.e. including SBC) for a select group of ~150 listed SaaS
Slide 9: Q1 2027 Financial and Operational Highlights
Q1 2027 FINANCIAL AND OPERATIONAL HIGHLIGHTS ARR1 Accelerated Subscription Revenue Growth Subscriber Growth Accelerated • ARR1 growth accelerated to 19% Y-o-Y and Accelerated • Cartrack subscriber growth accelerated to 18% reached ZAR 5,432 million; Constant currency4 reaching ~2.8million growth was
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 Q1 2027 Gross Profit Margin based only on Subscription Revenue >9x 95% LTV1 to CAC 73% Commercial Customer ARR Retention
Slide 11: South Africa Q1 2027 Review
SOUTH AFRICA Q1 2027 REVIEW Cartrack Subscribers (Q1 2027) ~2.1M Cartrack Subscriber Growth (Q1 2027) 18% Y-o-Y; Net additions increased 92% SOUTH AFRICA Cartrack Market Share Dominant Cartrack Brand Awareness Strong • 5,400+ employees1 Cartrack and Karooooo Logistics Footprint • Vertically integrat
Slide 12: Southeast Asia Q1 2027 Review
SOUTHEAST ASIA Q1 2027 REVIEW Cartrack Subscribers (Q1 2027) ~353k1 Cartrack Subscriber Growth (Q1 2027) 22% Y-o-Y SOUTHEAST ASIA Cartrack Market Share A leader across SE Asia Cartrack Brand Awareness Growing • 1,360+ employees2 Cartrack Footprint • Vertically integrated Population ~640M3 GDP ~$5 Tr
Slide 13: Europe Q1 2027 Review
EUROPE Q1 2027 REVIEW Cartrack Subscribers (Q1 2027) ~236K EUROPE Cartrack Subscriber Growth (Q1 2027) 13% Y-o-Y Cartrack Market Share Healthy in key countries Cartrack Brand Awareness Strong in key countries • 390+ employees1 Cartrack Footprint • Vertically integrated Population ~450M2 GDP ~$20 Tri
Slide 14: Karooooo Logistics Q1 2027 Review
KAROOOOO LOGISTICS KAROOOOO LOGISTICS Q1 2027 REVIEW CONTINUES TO SCALE B2B Delivery as a Service Platform Delivered revenue of ZAR177 Million, an increase of 46% 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: Review of Our FY 2027 Priorities
REVIEW OF 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: Q1 2027 Financial Performance
Q1 2027 Financial Performance 16
Slide 17: Cartrack Extends Two Decade Track Record of Consistent Execution and Resilience
CARTRACK EXTENDS TWO DECADE TRACK RECORD OF CONSISTENT EXECUTION AND RESILIENCE Scale Growth Profitability Subscribers Subscription Revenue Operating Profit 000s ZAR M ZAR M 2,805 1 351 1 278 395 2662 1 236 377 359 2,568 1 180 344 2,457 342 2,386 1 138 2,302 1 084 324 2,223 316 2,137 1 029 295 293 2
Slide 18: Cartrack Delivered Record Net Subscriber Additions in Q1 2027
CARTRACK DELIVERED RECORD NET SUBSCRIBER ▲ 70% ADDITIONS IN Q1 2027 142 472 111 478 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 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Q1 Q2 Q3 Q4 RECORD NET ADD
Slide 19: Cartrack's Strong Performance Continues, Fueled by Subscription Revenue Momentum
CARTRACK’S STRONG PERFORMANCE CONTINUES, FUELED BY SUBSCRIPTION REVENUE MOMENTUM UP 19% UP 32% Subscription Revenue Subscription Revenue in USD² Q1 2027 ZAR 1,351M Q1 2027 USD 83M Subscription Q1 2026 ZAR 1,138M Q1 2026 USD 63M Revenue as a % of Revenue Q1 2027 97% Q1 2026 98% UP 19% UP 32% ARR¹ in
Slide 20: Karooooo Continues to Deliver Strong Subscription Revenue Growth
KAROOOOO CONTINUES TO DELIVER STRONG SUBSCRIPTION REVENUE GROWTH UP 19% UP 16% UP 11% Subscription Revenue Operating Profit Earnings Per Share Q1 2027 ZAR 1,354M Q1 2027 ZAR 410M Q1 2027 ZAR 9.53 Q1 2026 ZAR 1,141M Q1 2026 ZAR 352M Q1 2026 ZAR 8.55 DELIVERED RECORD OPERATING PROFIT WITH MODERATING I
Slide 21: Subscriber Growth Accelerating
SUBSCRIBER GROWTH ACCELERATING FY FY FY FY FY Q1 Q1 Y-o- ‘000s Subscribers 2022 2023 2024 2025 2026 FY26 FY27 Y SOUTH AFRICA 1,186 1,315 1,493 1,737 2,006 1,796 2,120 18% ASIA AND MIDDLE 145 185 230 274 336 290 353 22% EAST EUROPE 127 144 167 201 228 209 236 13% AFRICA- OTHER 68 73 82 91 92 92 95 4%
Slide 22: Q1 2027 Cartrack Geographic Subscription Revenue Mix and Growth
Q1 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: 24% 24% 15% Asia & ME: 6% 17% Europe: 7% 13% Africa Other: 4% 11% - South Africa growth acceler
Slide 23: ARR Growth Accelerating Despite FX Headwinds
ARR1 GROWTH ACCELERATING DESPITE FX HEADWINDS ARR¹ and ARR¹ Growth Y/Y ZAR M 6 000 25% 22% 19% CARTRACK 20% ACCELERATING 5 500 18% 18% 5 432 20% 17% ARR GROWTH 5 106 5 179 5 000 14% 14% 14% 15% In USD2, Q1 ARR1 increased Q1 2027 19% 4 806 Q4 2026 18% 4 574 32% and reached USD335 Q1 2026 18% 4 500 4
Slide 24: Results Demonstrate Earnings Power Despite Recent Investments to Accelerate Growth
RESULTS DEMONSTRATE EARNINGS POWER DESPITE RECENT INVESTMENTS TO ACCELERATE GROWTH FY FY FY FY1 FY1 FY 2027 Q1 Q21 Q31 Q41 Q1 Q21 Q31 Q41 Q1 ZAR 20221 2023 2024 2025 2026 OUTLOOK 2025 2025 2025 2025 2026 2026 2026 2026 2027 CARTRACK 16.57 20.61 24.77 30.90 31.67 6.95 7.17 7.51 9.28 8.37 8.07 8.35 6.
Slide 25: Karooooo Has a Two Decade Track Record of Strong Free Cash Flow Generation
KAROOOOO HAS A TWO DECADE TRACK RECORD OF STRONG FREE CASH FLOW GENERATION Free Cash Flow reflects ZAR M ZAR M investments in in-vehicle IoT Earnings Earnings devices and IoT devices for future use, higher Adj. Free Cash Flow1 Free Cash Flow prepayments for IoT devices and other working capital 1 01
Slide 26: Karooooo Has a Strong and Clean Balance Sheet
KAROOOOO HAS A STRONG AND CLEAN BALANCE SHEET Net cash on hand plus cash in bank and fixed deposits (in ZAR M) 1 137 1 103 Healthy Attractive growth with strong unit 1 001 966 922 950 Debtor Days economics 854 1 856 838 819 31 799 718 2 782 3 746 756 Robust operating margins 664 651 674 544 531 Unle
Slide 27: Reiterate FY 2027 Outlook: Faster Subscription Revenue Growth, Strong EPS Expansion
REITERATE FY 2027 OUTLOOK: FASTER SUBSCRIPTION REVENUE GROWTH, STRONG EPS EXPANSION FY 2027 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Q1 FY 2027 OUTLOOK Cartrack’s Subscription Revenue (ZAR 2,566 3,004 3,523 4,055 4,831 1,351 5,700 – 6,000 M) 17% 17% 15% 19% 19% 18% - 24% Y-o-Y Growth Cartrack’s Gross
Slide 28: Q1 2027 Earnings Highlights / Key Investment Highlights
Q1 2027 Earnings Highlights Key Investment Highlights • ARR1 growth accelerated to 19% Y-o-Y or 22% Y-o-Y in constant • Well positioned to drive profitable and durable growth given currency 4, ARR1 growth in USD2 increased to 32% reaching USD335 efficient unit economics and expansive TAM million; we
Slide 29: Q&A Thank you
Q&A Thank you
Slide 30: Appendix
Appendix
Slide 31: 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. 330B+1 new data points created monthly. Importantly, we install th
Slide 32: 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 net cash position, our priorities given our attractive unit preferenc
Slide 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: 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). 39
Slide 40: 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 40
Slide 41: Representative Customers by Geography
REPRESENTATIVE CUSTOMERS BY GEOGRAPHY South Africa Rest of Africa Europe Asia & Middle East Source: Company filings and press releases. 41
Slide 42: 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 42 42
Slide 43: Hypothetical No ARR Growth Scenario to Illustrate Margin Potential
HYPOTHETICAL NO ARR GROWTH SCENARIO TO ILLUSTRATE MARGIN POTENTIAL BASED ON FEB 2025 ARR Reported 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 Revenue