Libstar Holdings Ltd. · JSE:LBR
Libstar — H1 2026 Earnings Presentation
46 slides from Libstar's earnings presentation, September 2026
Slide 1: Interim Results
Interim Results Six months ended 30 June 2026
Slide 2: Presentation Overview
Presentation Overview 01 Salient Features 02 Strategic Progress 03 Financial Performance 04 Category Performance 05 Group Outlook Interim Results 30 June 2026 | 2
Slide 3: Salient Features
001 1 Salient Features Interim Results 30 June 2026 | 3
Slide 4: Market Context and Channel Dynamics H1 2026
Market Context and Channel Dynamics H1 2026 Trading Environment ▪ Consumer environment remained constrained, with low food inflation limiting sector value growth. ▪ Muted revenue growth coincides with inflationary pressures from packaging and distribution costs. ▪ Channel diversification, category l
Slide 5: Resilient Performance Amid Headwinds H1 2026
Resilient Performance Amid Headwinds H1 2026 Constrained consumer Stronger Rand and export Elevated input and DHF integration environment pressure distribution costs disruption Low food inflation and Weaker offshore demand Petroleum-linked inputs and Lower Industrial & Contract pressure on consumers
Slide 6: Key Performance Highlights H1 2026
Key Performance Highlights H1 2026 Revenue growth Gross Profit Margin Normalised EBITDA decrease ^ Normalised HEPS decrease ^ +0.7% 21.5% -4.3% -2.4% (Volumes +1.1%, Price mix -0.4%) # (H1 2025: 22.2%) (H1 2025: R474m) (H1 2025: 24.8 cps) Basic HEPS decrease* Gearing Ratio Adjusted ROIC Cash Convers
Slide 7: Strategic Progress
002 1 Strategic Progress Interim Results 30 June 2026 | 7
Slide 8: Strategic Execution: Wet Condiments - Montagu Foods Integration
Strategic Execution: Wet Condiments - Montagu Foods Integration (Mega Sauce Factory) Successfully Complete Objective: Consolidate the Wet Condiments manufacturing footprint into a more efficient operating structure. Progress Achieved: Integration of DHF into Montagu Foods completed within Board- app
Slide 9: Strategic Execution: Dry Condiments - Cape Herb & Spice Consolidation
Strategic Execution: Dry Condiments - Cape Herb & Spice Consolidation Project R emains on Track Objective: Consolidate manufacturing, warehousing and support activities into a single integrated facility. Progress Achieved: ▪ Finished goods inventory successfully relocated from third-party storage in
Slide 10: Advancing Strategic Priorities Across the Group Portfolio
Advancing Strategic Priorities Across the Group 1 Portfolio Optimisation 2 Operational Delivery 3 Capital and Shareholder Returns ▪ Phesantekraal property (Denny ▪ Annualised R10 million procurement ▪ Dividend policy enhanced and Mushrooms) disposal completed. savings delivered. dividend increased (
Slide 11: Financial Performance
003 1 Financial Performance Interim Results 30 June 2026 | 11
Slide 12: Income Statement Snapshot
Income Statement Snapshot (R’m) H1 2026 Change H1 2025* Revenue 5 804.0 +0.7% 5 763.1 Gross profit margin (%) 21.5% -0.7pp 22.2% Other income 13.4 5.5 Gain on foreign exchange 9.5 10.7 Capital items -33.2 -12.3 Operating expenses -1 090.2 +4.3% -1 045.4 Margin -18.8% -18.1% Operating profit 148.5 -3
Slide 13: Financial Position: Working Capital & Capex
Financial Position WorkingCapital&Capex Net Working Capital (NWC) at 71 days Contribution to Total Capex H1 2026 H1 2025* 2025* H1 2026 Change H1 2025 NWC (days) 71 70 68 Total Capex R145.3m +73.6% R83.7m NWC (% of revenue) 18.2% 18.2% 18.1% Capex % of revenue 2.5% 1.5% NWC was impacted by: Replacem
Slide 14: Financial Position: Key Financial Ratios
Financial Position Key FinancialRatios Key Financial Ratios H1 2026 H1 2025 2025 Debt Covenants Gearing Ratio 1.2 1.3 0.9 <2.5 Interest Cover 8.7 5.8 7.4 >3.5 ROIC 10.3% 9.3% 10.9% Cash Conversion Ratio remains above target 01 02 107% 03 98% Financial Performance 80% 70% Target: >65% 2024 H1 2025 20
Slide 15: Financial Priorities
Financial Priorities METRIC H1 2025 H1 2026 Base Year* TARGET (MT)** Group EBITDA margin 8.2% 7.8% 8.7% 9.0 – 10.0% Ambient EBITDA margin 11.7% 10.0% 11.6% 12.0 – 14.0% Perishables EBITDA margin 6.4% 7.1% 7.1% 8.0 – 10.0% ROIC 9.3% 10.3% 10.9% WACC +2.0pp (≈13.0%) Cash Conversion 107% 70% 98.0% >80%
Slide 16: Category Performance
004 1 Category Performance Interim Results 30 June 2026 | 16
Slide 17: Ambient Products – Performance Summary
Ambient Products – Performance Summary Key Performance Drivers: Select Products * Wet Condiments Dry Condiments Baking ▪ Improved performance driven ▪ Strong growth in core product ▪ Double-digit growth in Cape ▪ Improved performance by recovery in Snacking and lines and manufacturing Herb & Spice o
Slide 18: H1 2026 Performance by Category: Ambient Products
H1 2026 Performance by Category Ambient Products 50% of Group Revenue Channel Performance: ▪ Revenue - 0.9% ▪ Retail & Wholesale + 5.7% ▪ Food Service + 8.9% ▪ Volume^ - 0.1% ▪ Exports - 11.0% ▪ Price/mix -0.8% ▪ Industrial & Contract Manufacturing - 22.2% Category Performance H1 2026 Change H1 2025
Slide 19: H1 2026 Performance by Category: Ambient Products
H1 2026 Performance by Category Ambient Products Revenue EBITDA Sub-Category YoY YoY Comments ▪ Recovery in Snacking and continued Food Service Select Products +7.9% +7.2% growth supported improved profitability. ▪ DHF contract loss, integration disruption and cost Wet Condiments -13.2% -45.3% under
Slide 20: Perishable Products - Performance Summary
Perishable Products - Performance Summary Key Performance Drivers: Dairy Value-added Meats Convenience Meals ▪ Principal driver of category profitability ▪ Delivered resilient growth, supported by ▪ Delivered revenue growth supported by during H1 2026. strong demand for value-added chicken strong gr
Slide 21: H1 2026 Performance by Category: Perishable Products
H1 2026 Performance by Category Perishable Products 48% of Group Revenue Channel Performance: ▪ Revenue + 2.5% ▪ Retail & Wholesale + 0.9% ▪ Food Service + 12.3% ▪ Volume^ + 2.6% ▪ Exports - 4.9% ▪ Price/mix - 0.1% ▪ Industrial & Contract Manufacturing - 9.1% Category Performance H1 2026 Change H1 2
Slide 22: H1 2026 Performance by Category: Perishable Products
H1 2026 Performance by Category Perishable Products Perishable Products Revenue EBITDA Sub-Category Comments YoY YoY ▪ Improved product mix, manufacturing efficiencies Dairy -0.5% +17.8% and strong growth in higher-margin cheese and yoghurt categories supported earnings growth. ▪ Resilient performan
Slide 23: Group Outlook
005 1 Group Outlook Interim Results 30 June 2026 | 23
Slide 24: Outlook 2026
Outlook 2026 Market Conditions Strategy in Action Encouraging progress despite a challenging backdrop Delivering against our roadmap ▪ Montagu Foods integration completed, creating scalable platform to unlock innovation-led growth, improved service capability and ▪ Post-period revenue growth acceler
Slide 25: Positioned for Value Creation
Positioned for Value Creation Growth investments Operational excellence Capital allocation and portfolio optimisation and returns ▪ Benefits from existing strategic projects (Montagu Foods and CHS consolidation) ▪ Procurement savings, manufacturing remain intact and are expected to support efficienc
Slide 26: Questions & Answers
Questions & Answers Interim Results 30 June 2026 | 26
Slide 27: Supporting Data
Supporting Data Income Statement Balance Sheet Cash Flow Statement Category Contributions Interim Results 30 June 2026 | 27
Slide 28: Income Statement Reconciliation
Income Statement Reconciliation Reconciliation between Normalised EBITDA, Normalised Earnings & Normalised Headline Earnings (R’m) H1 2026 Change H1 2025 Normalised EBITDA 453.2 -4.3% 473.8 Less: Depreciation & Amortisation -180.2 -167.4 Net finance cost -77.1 -99.3 Taxation & the tax effect of norm
Slide 29: Income Statement - Normalised EPS & HEPS
Income Statement - Normalised EPS & HE PS H1 2026 Change H1 2025 Normalised earnings (R’m) 118.7 -14.3% 138.5 Normalised headline earnings (R’m) 143.1 -3.0% 147.5 Weighted Average Number of Ordinary Shares (million) 591.4 595.8 Normalised EPS (cps) 20.1 -13.4% 23.2 Supporting Data Normalised HEPS (c
Slide 30: Channel Performance
Channel Performance YoY change Revenue by Price/ H1 2026 Volume ^ Sales Channel Mix Retail & Wholesale +3.2% +0.4% +2.8% Food Service +11.2% +3.8% +7.4% Exports -9.6% -2.7% -6.9% Industrial & Contract Manufacturing -17.0% +2.1% -19.1% Total Group +0.7% +1.1% -0.4% Supporting Data ^ Excluding extraor
Slide 31: H1 2026 Performance by Category
H1 2026 Performance by Category Ambient Products Revenue by Channel H1 2026 Contribution Retail & Wholesale + 5.7% 58.6% Food Service + 8.9% 14.5% Exports - 11.0% 15.0% Industrial & Contract Manufacturing - 22.2% 11.9% Category Revenue -0.9% 100.0% Perishable Products Revenue by Channel H1 2026 Cont
Slide 32: Supporting Data
Supporting Data Income Statement Balance Sheet Cash Flow Statement Category Contributions Interim Results 30 June 2026 | 32
Slide 33: Financial Position
Financial Position R’m Snapshot H1 2026 H1 2025 Non-Current Assets 4 312.7 4 720.7 Property, plant & equipment 1 460.1 1 515.4 Right-of-use-assets 483.0 516.5 Other non-current assets 2 369.6 2 688.9 Current Assets 4 018.2 4 390.0 Non-Current Assets classified as held for sale 16.8 - Total Assets 8
Slide 34: Net Debt Trend
5 -Year Net Debt Trend Net Gearing Calculation = Net Debt : Normalised EBITDA (Excluding IFRS 16) (R’m) 2 500 2.0 Notes: 2 000 1.5x 1.5 ▪ R1.6bn in unutilised funding facilities 1 500 1.3x 1.2x 1.0 1 000 1 183 0.9x ▪ Gearing: 1.2x 1 070 1 047 853 909 879 (Debt covenant <2.5) 811 824 0.5 500 ▪ Intere
Slide 35: Net Debt Structure
Net Debt Structure Facility Maturity Rate 3M JIBAR H1 2026 H1 2025 (R’m) date margin Utilised Utilised Debt Structure Facility A 1 000 Jan-28 1.70% 1 000 1 000 Facility B 150 Jan-28 1.60% - 70 Facility C 200 Jan-28 1.65% - - Facility D 350 Jan-28 1.70% - - Total Term Loans 1 000 1 070 Vehicle & Asse
Slide 36: Supporting Data
Supporting Data Income Statement Balance Sheet Cash Flow Statement Category Contributions Interim Results 30 June 2026 | 36
Slide 37: Cash Flow Analysis
Cash Flow Analysis H1 2026 (R’m) H1 2025 (R’m) 488 Opening cash balance 493 443 Cash generated from ops 467 -100 Working capital changes 36 -77 Net finance charges -101 -81 Tax paid -71 185 Cash generated from operating activities 331 -116 Investment activities -72 -312 Finance activities -311 0 Eff
Slide 38: Breakdown of Cash Flow Investing Activities
Breakdown of Cash Flow Investing Activities R’m H1 2026 H1 2025 Net investing activities -115.5 -71.8 Purchase of PPE -136.8 -76.2 Sale of PPE +3.6 +4.4 Insurance proceeds 0.1 - Proceeds on disposal of investments +17.6 - Supporting Data Interim Results 30 June 2026 | 38
Slide 39: Breakdown of Cash Flow Financing Activities
Breakdown of Cash Flow Financing Activities R’m H1 2026 H1 2025 Net financing activities -311.8 -310.8 Lease payments -54.4 -47.2 Net movement from term loans & asset-based financing -29.6 -174.2 Share buy-backs -62.2 - Dividend paid -165.6 -89.4 Supporting Data Interim Results 30 June 2026 | 39
Slide 40: Supporting Data
Supporting Data Income Statement Balance Sheet Cash Flow Statement Category Contributions Interim Results 30 June 2026 | 40
Slide 41: Category Revenue Contributions
Category Revenue Contributions 50.4% 51.2% Ambient Products H1 2026 H1 2025 Perishable Products 48.4% 47.5% REVENUE REVENUE Household & Personal Care 1.2% 1.3% Supporting Data Interim Results 30 June 2026 | 41
Slide 42: Category Normalised EBITDA Contributions
Category Normalised EBITDA* Contributions 59.0% 65.8% 40.1% Ambient Products 33.4% H1 2026 H1 2025 Perishable Products NORMALISED NORMALISED EBITDA EBITDA Household & Personal Care 0.9% 0.8% Supporting Data * Before allocation of corporate costs Interim Results 30 June 2026 | 42
Slide 43: Business Unit Contribution to EBITDA: Ambient Products
Business Unit Contribution to EBITDA Ambient Products Weighted Contribution to change in Normalised EBITDA Select Products +2.4% Wet Condiments -12.9% 100% of category EBITDA Dry Condiments -5.6% Baking +0.9% Total -15.2% Supporting Data Interim Results 30 June 2026 | 43
Slide 44: Business Unit Contribution to EBITDA: Perishable Products
Business Unit Contribution to EBITDA Perishable Products Weighted Contribution to change in Normalised EBITDA Dairy +12.3% 97% of category EBITDA Value-added Meats +2.2% Convenience Meals -1.0% Total +13.5% Supporting Data Interim Results 30 June 2026 | 44
Slide 45: Business Unit Contribution to EBITDA: Household & Personal Care
Business Unit Contribution to EBITDA Household & Personal Care Weighted Contribution to change in Normalised EBITDA 100% of HPC +5.1% category EBITDA Total +5.1% Supporting Data Interim Results 30 June 2026 | 45
Slide 46: Disclaimer
Disclaimer Certain matters discussed in this document regarding Libstar’s future performance, that are neither reported financial results nor other historical information but involve known and unknown risks based on assumptions regarding the group’s present and future business strategies and the env