Ca Sales Holdings (pty) Ltd. · JSE:CAA
Ca Sales Holdings (pty) — CA&S Holdings — H1 2025 Earnings Presentation
40 slides from Ca Sales Holdings (pty)'s earnings presentation, September 2025
Slide 1: Investor Presentation: Interim results 6 months ended 30 June 2025
Investor Presentation Interim results 6 months ended 30 June 2025
Slide 2: Our Disclaimer
Our Disclaimer 1. This presentation has been prepared by, and is subject to the copyright of, CA&S Group. No part of this presentation may be reproduced, transmitted, stored in a retrieval system, or translated in any other language in any form, by any means without the prior written consent of CA&S
Slide 3: The Agenda
The Agenda Who we are, what we do and why 01 Our business model 02 Interim Results 03 Outlook 04
Slide 4: Who we are, what we do and why
01 Who we are, what we do and why
Slide 5: Who we are and what we do
Who we are and what we do At CA&S, we partner with the world’s best-loved consumer brands to deliver tailored retail solutions that drive success in emerging markets. Specialising in route-to-market strategies, we go beyond distribution to ensure on-shelf availability, enabling our clients to thrive
Slide 6: Our Solutions
Our Solutions Products safely Enhances Retail Support Warehousing workforce productivity stored, maintained & Training & Distribution and readily available through tailored modules for distribution through on business execution, IT, wellness, personal our unrivalled distribution development, and sho
Slide 7: Our Collective
Our Collective Warehousing & Distribution Retail Execution & Advisory Retail Support Zimbabwe Botswana & Botswana & Zambia South Africa Zambia Botswana, Eswatini, Eswatini Lesotho Lesotho, Namibia South Africa Zambia Botswana, Eswatini, South Africa Lesotho, Namibia Kenya, Uganda & Namibia Tanzania
Slide 8: Our Footprint
Our Footprint Namibia Zambia Botswana Kenya Lesotho Uganda Eswatini Tanzania South Africa Zimbabwe Purpose-built and adaptable end-to-end cloud based FMCG technology and data solutions are provided in multiple countries across the continent via Macmobile.
Slide 9: Why this Footprint?
Southern and East Africa optimists Deep local knowledge of these markets Steady economic growth rate > 3% across most markets Rapidly developing economies Why this Investment in infrastructure, economic diversification and favourable business Footprint? environment Rural and urban population that re
Slide 10: Some of Our Clients
Some of Our Clients caé&s reas RB wx Heineken BS RY Tiger Brands fOr ie 1 Citi _ Taking Brands e ondelez, Beyond Borders DIAGEO ¢> @ penne acme: Pipoops © & Pepsico & Kimberly-Clark
Slide 11: Our business model
; cd&s at ~*~ —_ \ Our business model
Slide 12: Our business model
Our business model: Provide solutions to brand owners so that people can have access to essential products We are compensated based on our RTM solutions / services – we earn a service fee not a margin on product Focus on emerging markets
Slide 13: Operational competence
Operational competence Listed on the Botswana Management has a strong Stock Exchange since 2017 record of creating shareholder and dual listing on JSE 05 01 value built over decades and all since June 2022. have ‘skin in the game’. Businesses in the collective Management Management owns > 10.0% all
Slide 14: How we deliver
How we deliver Good financial health Strategic, invested leadership Healthy balance sheet, strong operating & quality workforce cashflow for responsible capital Learn, share & collaborate = better allocation. 07 01 client solutions. Culture is key. Operational efficiency Broad trade coverage Solid i
Slide 15: Our drivers
Our drivers Performance Attained driven by Meticulous through diligent organic growth, execution as collaboration with acquisitions and a solutions clients and expansion into provider their brands new regions Partner with clients to take their brands beyond borders, ensuring they are available, visi
Slide 16: Interim Results, 6 months ended 30 June 2025
03 Interim Results, 6 months ended 30 June 2025
Slide 17: Snapshot of the Half Year 2025
Snapshot of the Half Year 2025 Net Asset Revenue Operating Earnings per Headline HEPS Value per Profit Share Earnings Share 4.0% 9.6% 15.5% 16.9% 16.1% 17.3% R5 955m R335m 50.72 cents R242m 50.44 cents 684.69 cents (H1 2024: R5 728m) (H1 2024: R305m) (H1 2024: 43.90 cents) (HY 2024: 583.53 cents) (H
Slide 18: Revenue
Revenue H1 2025 R'000 H1 2025 H1 2024 % Growth FY 2024 3% Botswana 2 826 545 2 852 947 (0.9%) 6 231 786 17% 47% Eswatini 898 871 840 127 7.0% 1 866 209 18% Namibia 1 066 194 1 005 501 6% 2 261 889 15% South Africa 989 173 874 528 13.1% 1 817 003 Other countries* 174 863 154 809 13.0% 343 090 H1 2024
Slide 19: Botswana
Country Review Financial Performance Botswana R'000 H1 2025 H1 2024 % Growth FY 2024 Revenue 2 826 545 2 852 947 (0.9%) 6 231 786 EBIT 131 865 133 819 (1.5%) 299 288 EBITDA 150 016 148 897 0.8% 331 501 Total Assets 2 746 033 2 493 832 10.1% 2 682 222 Total Liabilities 1 509 325 1 331 328 13.4% 1 405
Slide 20: Botswana investments (commitments)
Botswana investments (commitments) Investor / Country Date (2025) Investment / Agreement Sectors Value / Scale 10-year diamond sales deal; De Beers Diamond mining & Higher govt share of Feb 2025 govt share of Debswana sales (Anglo American JV) sales diamond revenue to 50%; license extended to 2054 E
Slide 21: Eswatini
Country Review Financial Performance Eswatini R'000 H1 2025 H1 2024 % Growth FY 2024 Revenue 898 871 840 127 7.0% 1 866 209 EBIT 66 639 71 232 (6.4%) 163 926 EBITDA 71 838 75 094 (4.3%) 172 643 Total Assets 826 655 567 039 45.8% 791 444 Total Liabilities 356 730 206 241 73.0% 359 954 Warehousing & D
Slide 22: Mega Logico Facility
Mega Logico Facility
Slide 23: Namibia
Country Review Financial Performance Namibia R'000 H1 2025 H1 2024 % Growth FY 2024 Revenue 1 066 194 1 005 501 6.0% 2 261 889 EBIT 29 851 6 364 >100% 44 440 EBITDA 40 811 17 307 >100% 66 655 Total Assets 767 055 669 259 14.6% 765 768 Total Liabilities 449 181 400 004 12.3% 456 224 Warehousing & Dis
Slide 24: South Africa
Country Review Financial Performance South Africa R'000 H1 2025 H1 2024 % Growth FY 2024 Revenue 989 173 874 528 13.1% 1 817 003 EBIT 88 661 77 589 14.3% 246 359 EBITDA 114 936 95 933 19.8% 287 392 Total Assets 1 599 866 1 373 865 16.5% 1 597 312 Total Liabilities 419 434 370 582 13.2% 397 006 Segme
Slide 25: Other
Country Review Financial Performance Other R'000 H1 2025 H1 2024 % Growth FY 2024 Lesotho, Zimbabwe, Zambia, Kenya, Uganda and Tanzania Revenue 174 863 154 809 13.0% 343 090 EBIT 17 631 16 246 8.5% 28 559 EBITDA 22 351 20 621 8.4% 37 708 Total Assets 334 050 177 789 87.9% 214 125 Total Liabilities 2
Slide 26: East Africa
East Africa
Slide 27: Primary Statements
, ; ca&s s 4 Primary Statements
Slide 28: Revenue, Operating Profit and Margin (PAT) (%)
Revenue, Operating Profit and Margin (PAT) (%) Revenue Growth: 4.0% Operating Profit: 9.6% R’000 R’000 14 000 000 900 000 782 572 5.0% 800 000 12 000 000 700 000 10 000 000 600 000 8 000 000 500 000 4.2% 6 000 000 12 519 327 400 000 3.7% 334 670 305 376 300 000 4 000 000 5 727 912 5 955 147 200 000
Slide 29: HEPS growth
HEPS growth Revenue Growth: 4.0% HEPS Growth: 16.1% Cents R’000 140.0 12 519 327 14 000 000 120.0 122.71 12 000 000 100.0 10 000 000 80.0 8 000 000 5 727 912 5 955 147 60.0 6 000 000 50.44 40.0 43.45 4 000 000 20.0 2 000 000 0.0 0 H1 2024 H1 2025 FY 2024 Revenue (Rbn) HEPS (Cents)
Slide 30: Income Statement
Income Statement R'000 H1 2025 H1 2024 FY 2024 Revenue 5 995 147 5 727 912 12 519 327 Gross Profit Margin 15.9% 15.2% 15.3% EBITDA 334 670 305 376 782 572 Profit after tax 252 396 214 772 620 858 PAT Margin 4.2% 3.7% 5.0% Headline earnings 241 718 206 829 585 305 Headline earnings per share (cents)
Slide 31: Balance Sheet
Balance Sheet R'000 H1 2025 H1 2024 FY 2024 Non-current Assets 1 720 355 1 505 535 1 573 920 Current Assets 4 125 395 3 502 035 4 074 932 Total Assets 5 845 750 5 025 570 5 648 852 Non-current Liabilities 341 937 371 089 367 028 Current Liabilities 2 167 604 1 839 106 2 045 092 Total Liabilities 2 5
Slide 32: Working capital levels
Working capital levels R'000 Days H12025 Days H1 2024 Days FY2024 Receivables 59 1 927 608 52 1 645 893 53 1 887 557 Inventory 33 892 866 30 811 525 35 1 009 104 Payables 48 1 308 913 50 1 328 998 49 1 418 266 Net Working Capital 44 1 511 561 33 1 128 420 39 1 478 395
Slide 33: Cashflow
Cashflow R'000 H1 2025 H1 2024 FY 2024 Profit from Operations 357 099 334 636 854 118 Working Capital inflow/(Outflow) (55 372) 225 125 (81 969) Tax paid (105 923) (122 863) (199 695) Net Interest 12 698 14 636 29 925 Operational Cash Generated 208 502 451 534 602 379 Net Investments (108 995) (67 5
Slide 34: Outlook — an update
‘EZ Outlook — an update
Slide 35: R20Bn is not the ultimate destination. It's a milestone.
R20Bn is not the ultimate destination. It’s a milestone. Next horizon? Strategic Focus Areas >> Geographical expansion Product portfolio expansion / complimentary services R20 billion Digital transformation Operational efficiency R10 billion
Slide 36: Strategic Priorities for growth
Strategic Priorities for growth 5 ACCELERATE Digital & Data Integration Enable automation, faster decision-making, and transformational impact through data-driven insight 4 INVEST in East Africa Build scale and strategic capability to accelerate growth 3 BROADEN channel participation & unlock value
Slide 37: Exponentiality will come from our interconnectedness
Transformative power of collaboration Exponential impact of partnerships Possibilities that redefine success Exponentiality will Achieve outcomes come from our far beyond interconnectedness individual efforts Amplified innovation Businesses aligned with a shared vision Accelerates growth
Slide 38: Exponentiality lives in… Our People Our Data Our Thinking
Exponentiality lives in… Our People Our Data Our Thinking
Slide 39: Questions
ca‘:s QUESTIONS /
Slide 40: Thank You
THANK YOU Duncan Lewis, CEO Frans Reichert, CFO investor@cas.group