Slide 1: 2026 Investor presentation
2026 Investor presentation for the year ended June 30 2026 Food I Service I Technology
Slide 2: Audited results
2026 Audited results For the year ended June 30 2026 Food I Service I Technology Notes BIDCORP 1 2026 Results for the year ended June 30
Slide 3: Agenda
AGENDA 1 2 F2026 Financial review in perspective Bernard Berson David Cleasby 3 4 Progress since Strategic outlook 2016 listing Bernard Berson Bernard Berson 5 6 Q&A and close Appendices Supplementary information Notes BIDCORP 2 2026 Results for the year ended June 30
Slide 4: F2026 in perspective
F2026 in perspective Bernard Berson Notes BIDCORP 3 2026 Results for the year ended June 30
Slide 5: Consistently compounding value through disciplined strategic and operational excellence
Consistently compounding value through disciplined strategic and operational excellence Our decentralised model enables resilient growth, through all market conditions Despite macroeconomic uncertainty, we continue to grow steadily and consistently, reflecting the strength of our decentralised struc
Slide 6: Group F2026 overview
Group F2026 overview • The group has delivered a resilient result in a volatile and competitive operating environment – reflective of the benefits of the diverse global portfolio Revenue ↑ 2,8% • Revenue increased by 5,0 % in constant currency (cc) reflecting pleasing market share gains with limited
Slide 7: Our vision - the "evolution of our revolution"
Our vision - the “evolution of our revolution” Despite sizeable spend on capex and The “evolution of Trading margin at 5,7% is our best yet Balance Sheet acquisitions, our gearing remains low our revolution” but not the end of the journey strength We own 82% of our properties Continue to pursue orga
Slide 8: Bidfood Australasia
Bidfood Australasia Share of group Share of group Constant F2026 F2026 % change F2025 F2025 % change currency Revenue R45,4bn 18,8% (0,4%) R45,6bn 19,4% 4,2% R47,5bn Trading conditions bottomed out with short- Trading profit R3,7bn 27,1% (2,3%) R3,8bn 29,5% 2,0% R3,9bn to medium-term Trading margin
Slide 9: Bidfood United Kingdom
Bidfood United Kingdom Share of group Share of group Constant F2026 F2026 % change F2025 F2025 % change currency Revenue R69,6bn 28,7% 3,2% R67,5bn 28,6% 6,9% R72,1bn Solid performance in weak economic Trading profit R2,7bn 19,9% 8,4% R2,5bn 19,4% 12,3% R2,8bn conditions, with Trading margin 4,0% 3,
Slide 10: Bidfood Europe
Bidfood Europe Share of group Share of group Constant F2026 F2026 % change F2025 F2025 % change currency Revenue R92,9bn 38,4% 5,5% R88,0bn 37,4% 5,0% R92,4bn Solid overall momentum Trading profit R5,5bn 40,2% 14,4% R4,8bn 37,4% 13,3% R5,5bn maintained, Trading margin 6,0% 5,5% margins continue to N
Slide 11: Bidfood Europe
Bidfood Europe Share of group Share of group Constant F2026 F2026 % change F2025 F2025 % change currency Revenue R92,9bn 38,4% 5,5% R88,0bn 37,4% 5,0% R92,4bn Solid overall momentum Trading profit R5,5bn 40,2% 14,4% R4,8bn 37,4% 13,3% R5,5bn maintained, Trading margin 6,0% 5,5% margins continue to C
Slide 12: Bidfood Emerging Markets
Bidfood Emerging Markets Share of group Share of group Constant F2026 F2026 % change F2025 F2025 % change currency Revenue R34,3bn 14,1% (0,6%) R34,5bn 14,6% 2,2% R35,2bn Trading profit R2,0bn 14,2% (1,0%) R2,0bn 15,3% 0,0% R2,0bn Africa, South America, Trading margin 5,7% 5,7% and Malaysia stand ou
Slide 13: Bidfood Emerging Markets
Bidfood Emerging Markets Share of group Share of group Constant F2026 F2026 % change F2025 F2025 % change currency Revenue R34,3bn 14,1% (0,6%) R34,5bn 14,6% 2,2% R35,2bn Trading profit R2,0bn 14,2% (1,0%) R2,0bn 15,3% 0,0% R2,0bn Africa, South America, Trading margin 5,7% 5,7% and Malaysia stand ou
Slide 14: Financial review
Financial review David Cleasby Notes BIDCORP 13 2026 Results for the year ended June 30
Slide 15: F2026 financial highlights
F2026 financial highlights Solid top line, predominately volume Total Total F2026 dividends increased Revenue growth 2,8% growth, despite Australasia (18,8% dividend by 6,9% above “normalised earnings” 6,9% (cc 5,0%) group contribution) flattish in the year growth growth Improvement from F2025, assi
Slide 16: Statement of profit
Statement of profit F2024 F2025 F2026 F2024 F2025 F2026 24,1% 24,5% 24,8% 6,5% 6,0% 6,2% 19,1% 5,5% 5,7% 18,7% 19,0% 5,4% Gross profit % Total expenses % EBITDA margin % Trading profit margin % • Revenue of R242,2 billion (F2025: R235,6 billion) is up 2,8% (constant currency improvement of 5,0%) • M
Slide 17: Statement of profit
Statement of profit Non-IFRS 16 interest Effective tax rate Headline earnings HEPS (R’ million) (%) (R’ billion) (cps) 630,7 631,5 26,8 9,1 2 701,4 26,4 8,6 2 562,7 580,6 25,7 2 405,5 8,1 F2024 F2025 F2026 F2024 F2025 F2026 F2024 F2025 F2026 F2024 F2025 F2026 • EBITDA (Earnings Before Interest, Tax,
Slide 18: Cash flows
Cash flows Cash generated from operations before working capital of R18,1 billion (F2025: 16,6 billion); cash generation by operations for F2026 split R8,8 billion in H1 F2026 and R9,7 billion in H2 F2026 • 118% of EBITDA and 135% of trading profit (F2025: 108% of EBITDA and 122% of trading profit)
Slide 19: Financial position
Financial position Equity R' billion Net debt R' billion EBITDA interest cover x Net debt to equity % 25,0 47,7 47,5 23,2 23,1 42,2 13,0% 6,2 3,1 3,8 7,2% 8,0% F2024 F2025 F2026 F2024 F2025 F2026 Strong balance sheet • Balance sheet remains strong and conservative (as we like it) with reliable cash
Slide 20: Financial guidance for F2027
Financial guidance for F2027 • Financial strength remains supportive of businesses growth: • Bidcorp budgeting to remain cash generative in F2027 • Food inflation likely to rise a little (fuel cost impacts dependent) and core inflation flattish but sticky July trading delivers • Adequate headroom to
Slide 21: Progress since 2016 listing
Progress since 2016 listing Bernard Berson Notes BIDCORP 20 2026 Results for the year ended June 30
Slide 22: Track record from F2016 to F2026
Track record from F2016 to F2026 Total shareholder ROFE has grown by 600bps since return 8% Solid compound annual growth ROFE listing, reflecting managements focus Share growth and returned to shareholders (excl. properties) 55,6% on generating returns while still CAGR capital returns growing and in
Slide 23: Compounding value
Compounding value Revenue and HEPS Revenue (ZAR'mn) Dividends (cps) HEPS (cps) 300 000 3 000 1 200 250 000 2 500 1 000 200 000 COVID IMPACT 2 000 800 COVID IMPACT 150 000 1 500 600 100 000 1 000 400 50 000 500 200 0 0 0 F2016 F2017 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 F2026 F2016 F2017 F2
Slide 24: Outlook for F2027
Outlook for F2027 We expect trading conditions and outcomes to remain broadly in line with recent trends – global consumer sentiment continues to be under pressure, food inflation remains contained at moderate levels We are progressing along our foodservice continuum, with improvements delivered in
Slide 25: Strategic outlook
Strategic outlook Bernard Berson Notes BIDCORP 24 2026 Results for the year ended June 30
Slide 26: Our technology initiatives
Our technology initiatives myBidfood ecommerce replatforming AI-powered sales and Predictive analytics and to be future ready customer insights demand forecasting • Targeted upselling opportunities using • Optimising inventory levels by reducing dynamic pricing stockouts & waste • myBidfood ecommerc
Slide 27: Moving along our foodservice continuum
Moving along our foodservice continuum Growing returns by optimising customer mix strengthening procurement developing Own Brands and premium range investing in value-add capability securing preferred supplier status AUDITED RESULTS 26 FOR THE YEAR ENDED JUNE 30 2026 Notes BIDCORP 26 2026
Slide 28: Q&A and close
Q&A and close Notes BIDCORP 27 2026 Results for the year ended June 30
Slide 29: Audited results
2026 Audited results For the year ended June 30 2026 Food I Service I Technology Notes BIDCORP 28 2026 Results for the year ended June 30
Slide 30: Supplementary information
2026 Audited results For the year ended June 30 2026 Supplementary information Food I Service I Technology Notes BIDCORP 29 2026 Results for the year ended June 30
Slide 31: Strategy
Strategy Notes BIDCORP 30 2026 Results for the year ended June 30
Slide 32: Who we are
WHO WE ARE 1 Why invest in AUDITED RESULTS 31 FOR THE YEAR ENDED JUNE 30 2026 Notes BIDCORP 31 2026 Results for the year ended June 30
Slide 33: Capital allocation
Capital allocation Notes BIDCORP 32 2026 Results for the year ended June 30
Slide 34: Disciplined approach to capital allocation
Disciplined approach to capital allocation F2016 – F2026: Capital allocation priorities 10% compound growth in EBITDA Cumulative free EBITDA Net Debt Invest in the business 01 Progressive returns 02 cash flow generated for the best return (dividends & buy backs) R29,2 bn 15,8 • Low risk, high-return
Slide 35: Acquisition growth
Acquisition growth 2017 2018 2019 2020 2021 2022 2023 2024 2025 F2026 Number of acquisitions 10 13 5 1 5 10 9 4 12 5 Committed acquisition spend R0,2 bn R1,4 bn R0,7 bn R0,1 bn R0,3 bn R0,9 bn R1,9 bn R0,4 bn R2,5 bn R0,8 bn Annualised revenue contribution R3,6 bn R4,6 bn R0,6 bn R0,7 bn R0,3 bn R2,
Slide 36: Financial analysis
Financial analysis Notes BIDCORP 35 2026 Results for the year ended June 30
Slide 37: Segmental revenue
Segmental revenue Constant share of share of currency R’ million F2026 group % change % F2025 group % F2026 change % Australasia 45 441,7 18,8 (0,4) 45 632,1 19,4 47 542,0 4,2 United Kingdom 69 607,7 28,7 3,2 67 458,5 28,6 72 110,8 6,9 Europe 92 897,2 38,4 5,5 88 022,8 37,4 92 389,0 5,0 Emerging Mar
Slide 38: Segmental trading profit
Segmental trading profit Constant share of share of currency R’ million F2026 margin % group % change % F2025 margin % group % F2026 change % Bidfood 13 987,9 13 184,6 14 218,2 Australasia 3 738,2 8,2 27,1 (2,3) 3 825,9 8,4 29,5 3 903,8 2,0 United Kingdom 2 748,6 4,0 19,9 8,4 2 535,9 3,7 19,4 2 847,
Slide 39: Consolidated statement of profit or loss
Consolidated statement of profit or loss Constant currency R’ million F2026 % F2025 F2026 % Revenue 242 201,1 2,8 235 591,2 247 278,2 5,0 Segmental United Kingdom: R69,6 billion (ZAR movement: ↑3,2%; Local FX: ↑6,9%): revenue increases driven by key customer wins in F2026 as well as the Bidfresh acq
Slide 40: Consolidated statement of profit or loss
Consolidated statement of profit or loss Constant currency R’ million F2026 % F2025 F2026 % Revenue 242 201,1 2,8 235 591,2 247 278,2 5,0 Trading profit 13 794,5 6,5 12 952,6 14 020,4 8,2 Net finance Gross expense margin #,# #,# (1 118,3) #,# #,# • Gross Share margin of profit % at 24,8% of associat
Slide 41: Consolidated statement of profit or loss
Consolidated statement of profit or loss Constant currency R’ million F2026 % F2025 F2026 % Revenue 242 201,1 2,8 235 591,2 247 278,2 5,0 Trading profit 13 794,5 6,5 12 952,6 14 020,4 8,2 Net finance expense (1 143,9) (2,3) (1 118,3) (1 179,8) (5,5) • Constant currency net finance charges (excl. IFR
Slide 42: Consolidated statement of profit or loss
Consolidated statement of profit or loss Constant currency R’ million F2026 % F2025 F2026 % Revenue 242 201,1 2,8 235 591,2 247 278,2 5,0 Trading profit 13 794,5 6,5 12 952,6 14 020,4 8,2 Net finance expense (1 143,9) (2,3) (1 118,3) (1 179,8) (5,5) Share of profit of associates and JVs 111,7 3,3 10
Slide 43: Consolidated statement of profit or loss
Consolidated statement of profit or loss Constant currency R’ million F2026 % F2025 F2026 % Revenue 242 201,1 2,8 235 591,2 247 278,2 5,0 Trading profit 13 794,5 6,5 12 952,6 14 020,4 8,2 Net finance expense (1 143,9) (2,3) (1 118,3) (1 179,8) (5,5) Share of profit of associates and JVs 111,7 3,3 10
Slide 44: Consolidated statement of financial position
Consolidated statement of financial position R’ million F2026 F2025 Investment in PPE infrastructure Non-current assets 62 313,9 64 657,9 • Expansionary capital investment amounted to R1,6 billion mainly related to infrastructure capin (through upgrades to (or new) DCs including the fit-out of plant
Slide 45: Consolidated statement of cash flows
Consolidated statement of cash flows F2026 F2025 (R’ billion) (R’ billion) Cash generated from operations 18,1 Cash generated from operations 16,6 Working capital generated 0,5 Working capital utilised (0,8) Net finance charges (1,2) Net finance charges (1,3) Taxation (3,0) Taxation (2,8) Dividends
Slide 46: Cash generated by operations and cash conversion
Cash generated by operations and cash conversion Working capital vs. cash generated by operations % Cash conversion of CGO % Cash conversion of CGO (before working capital) (before working capital) (after working capital) Net working capital Cash generated by operations EBITDA Trading profit EBITDA
Slide 47: Working capital cycles
Working capital cycles Average 3-month working capital days Creditor days Stock days Debtors days Net days 15 5 5 7 6 8 5 46 39 37 39 37 36 36 53 40 38 38 36 37 37 (74) (70) (70) (67) (65) (68) (84) F2020 F2021 F2022 F2023 F2024 F2025 F2026 • Average 3-month average working capital days has reduced
Slide 48: Gearing and covenants
Gearing and covenants Current EBITDA : Net debt covenant – Net debt to be lower than R39,5 billion Net interest-bearing debt (R' billion) EBITDA interest cover (x) 25,7 25,0 23,2 23,2 22,2 23,1 23,7 19,3 15,8 8,2 7,8 5,6 6,2 1,7 3,8 3,1 0,5 2,1 F2020 F2021 F2022 F2023 F2024 H1F2025 F2025 H1F2026 F20
Slide 49: Constant currency effects on the translation of foreign operations on the group
Constant currency effects on the translation of foreign operations on the group Constant The constant currency financial information has been compiled for illustrative purposes only F2026 F2025 % Currency % and is the responsibility of the board. Due to the nature of this information, it may not fai
Slide 50: Historical results analysis
Historical results analysis Notes BIDCORP 49 2026 Results for the year ended June 30
Slide 51: Bidcorp's historic performance
Bidcorp’s historic performance Trading margin Annual operations returns (%) (%) 5,35 5,39 5,50 5,70 ROFE ROE 62,8 5,07 5,16 5,16 61,5 59,0 4,97 55,6 54,9 53,4 4,17 49,4 3,66 42,3 3,37 27,7 19,7 19,1 18,6 19,1 16,6 16,1 16,3 11,0 4,6 F2016 F2017 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 F2026 F
Slide 52: Audited results
2026 Audited results For the year ended June 30 2026 Food I Service I Technology Notes BIDCORP 51 2026 Results for the year ended June 30
Slide 53: Notes
Notes BIDCORP 52 2026 Results for the year ended June 30
Slide 54: www.bidcorpgroup.com
« Bidcorp www.bidcorpgroup.com