Remgro Limited · JSE:REM
Remgro — Remgro Ltd Ord — FY2025 Earnings Presentation
78 slides from Remgro's earnings presentation, Sep 23, 2025
Slide 1: Final Results Presentation
Final Results Presentation For the year ended 30 June 2025
Slide 2: Contents
Contents 01 Performance overview 04 Update on key portfolio companies 02 Delivering on our strategic priorities 05 Looking ahead 03 Summarised results for the year 06 Q&A
Slide 3: Performance overview
Performance overview Remgro Limited
Slide 4: Positive gains on controllables despite continued uncertainty
Performance overview Positive gains on controllables despite continued uncertainty Global and local operating environment remains uncertain Focus on the controllables bears fruits Significant geopolitical uncertainty continues Pleasing growth in earnings across the core portfolio • Implementation of
Slide 5: Strong earnings performance...
Performance overview Strong earnings performance... ...driven by focused strategic efforts Ordinary dividend Special dividend Dividends received HE HEPS 344 cents per share of R3 869 million R7 827 million 1 409 cents 30.3% 200 cents 23.6% 38.6% 38.4% (2024: 264 cents) (June 2024: R3 129 million) (2
Slide 6: Delivering on our strategic priorities
Delivering on our strategic priorities
Slide 7: Progressing delivery on our stated strategic priorities...
Delivering on our strategic priorities Progressing delivery on our stated strategic priorities... ...to deliver sustainable growth and long-term value crystallisation • Continued momentum on portfolio evolution (embedding corporate actions into value unlock phase) Active performance • Active partner
Slide 8: A five-year portfolio transformation journey delivered...
Delivering on our strategic priorities A five-year portfolio transformation journey delivered… In process Integration Optimisation Unlocking value • Financial and accounting impacts • Capital allocation • Extracting synergies • Final approvals imminent • Internal and structural reviews • Implementat
Slide 9: Active performance optimisation driving earnings momentum
Delivering on our strategic priorities Active performance optimisation driving earnings momentum… c.80% of total portfolio increased headline earnings contribution year- on-year1 0 - 10.0% 10 - 20.0% 20 - 30.0% >50.0% Notes: 1. % of portfolio calculated based on INAV before debt, cash and potential
Slide 10: Greater portfolio certainty supportive of considered capital allocation
Delivering on our strategic priorities Greater portfolio certainty supportive of considered capital allocation General ranking Guiding principles – uses of capital Current posture in framework • Balance sheet fully ungeared Foundation 1 GROUP RESILIENCE – DEBT REPAYMENTS • Significant capital pool,
Slide 11: Summarised results for the year
Summarised results for the year
Slide 12: Sustainable recovery in headline earnings
Summarised results for the year Sustainable recovery in headline earnings 10 000 For the year ended 30 June 2025 4 9 500 3.5 ↑38.6% 3 9 000 ↑ 42.7% ↑ 30.9% 103 264 2.5 8 500 ↑ 29.4% 318 (160) ↑>100% 2 ↓(100.0%) 7 967 8 000 324 7 827 (359) ↑ 17.9% 362 ↓(64.9%) (104) 1.5 R million (140) 7 500 ↑>100% 4
Slide 13: Intrinsic net asset value
Summarised results for the year Intrinsic net asset value Movement for the year 30 June 2025 R292.34 ↑16.5% 165 000 ↑1.8% 1 278 162 502 ↑21.8% ↑9.0% 744 ↑93.6% 755 160 000 1 303 4 043 ↑58.8% ↑16.7% 155 000 3 389 ↑68.7% 14 980 150 000 145 000 R million R251.01 140 000 139 291 (1 839) ( 789) ( 653) 13
Slide 14: Valuation of significant unlisted investments
Summarised results for the year Valuation of significant unlisted investments Representing c. 82% of Remgro’s unlisted portfolio 50 000 47 268 ↓13.8% ↑1.8% 45 000 40 756 41 500 40 000 35 000 Valuation - R million 30 000 25 000 ↑9.0% ↑1.4% 20 000 15 800 14 300 14 497 15 000 12 451 ↓43.2% ↓4.7% ↑1.6%
Slide 15: Results overview per pillar: Healthcare
Summarised results for the year Results overview per pillar Healthcare Earnings Dividend Intrinsic value Headline earnings Dividends received yield % yield % Remgro 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June R million Interest 2025 2024 % change 2025 2024 % change 2025 2024 % ch
Slide 16: Results overview per pillar: Consumer products
Summarised results for the year Results overview per pillar Consumer products Earnings Dividend Intrinsic value Headline earnings Dividends received yield % yield % Remgro 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June R million Interest 2025 2024 % change 2025 2024 % change 2025 20
Slide 17: Results overview per pillar: Consumer products
Summarised results for the year Results overview per pillar Consumer products Earnings Dividend Intrinsic value Headline earnings Dividends received yield % yield % Remgro 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June R million Interest 2025 2024 % change 2025 2024 % change 2025 20
Slide 18: Results overview per pillar: Consumer products
Summarised results for the year Results overview per pillar Consumer products Earnings Dividend Intrinsic value Headline earnings Dividends received yield % yield % Remgro 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June R million Interest 2025 2024 % change 2025 2024 % change 2025 20
Slide 19: Results overview per pillar: Financial services
Summarised results for the year Results overview per pillar Financial services Earnings Dividend Intrinsic value Headline earnings Dividends received yield % yield % Remgro 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June R million Interest 2025 2024 % change 2025 2024 % change 2025 2
Slide 20: Results overview per pillar: Infrastructure
Summarised results for the year Results overview per pillar Infrastructure Earnings Dividend Intrinsic value Headline earnings Dividends received yield % yield % Remgro 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June R million Interest 2025 2024 % change 2025 2024 % change 2025 2024
Slide 21: CIVH valuation
Summarised results for the year CIVH Valuation 30 June 2025 Historic EV/EBITDA: 11.9x (10.2x after discounts) 60 000 54 647 50 000 40 000 R million 33 842 132 30 000 (20 805) 27 705 (6 269) (2) 20 000 15 800 10 000 - Maziv enterprise value Maziv debt Maziv equity value Net other assets(1) Discounts
Slide 22: Results overview per pillar: Industrial
Summarised results for the year Results overview per pillar Industrial Earnings Dividend Intrinsic value Headline earnings Dividends received yield % yield % Remgro 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June R million Interest 2025 2024 % change 2025 2024 % change 2025 2024 % ch
Slide 23: Cash and debt at the centre
Summarised results for the year Cash and debt at the centre % of Year ended Year ended R million total 30 June 2025 30 June 2024 Local cash 58.2 4 866 3 309 Offshore cash 41.8 3 496 3 513 US$185.5 million (@ R17.75/US$) (30 Jun 2024: US$182.1 million @ R18.19/US$) 39.4 3 293 3 312 GB£3.3 million (@
Slide 24: Dividends received...
Summarised results for the year Dividends received... ...a three-year evolution 4 800 4 000 3 869 23.6% 3 108 0.7% 3 129 3 200 1 712 R million 2 400 1 595 1 641 1 600 2 157 800 1 513 1 488 - 30 June 2023 30 June 2024 30 June 2025 Year ended Listed Unlisted 24
Slide 25: Cash flow at the centre
Summarised results for the year Cash flow at the centre 8 000 715 7 000 2 561 6 000 5 000 (2 500) R million 4 000 3 869 3 000 (1 555) 2 000 (914) 1 540 (460) (97) (79) 1 000 - Dividends Investments Interest Preference Dividends Corporate Investments Finance Exchange rate Net cash received sold and i
Slide 26: Final ordinary and special dividend
Summarised results for the year Final ordinary and special dividend 600 2.50% 1.63% 1.94% 2.02% 544 500 2.00% 200 400 30.3% 344 1.50% Axis Title cents 300 264 240 10.0% 1.00% 200 248 34.8% 160 184 0.50% 100 20.0% 80 80 96 - 0.00% 30 Jun 30 Jun 30 Jun 2023 2024 2025 Interim ordinary Final ordinary Sp
Slide 27: Update on key portfolio companies
Update on key portfolio companies 27
Slide 28: Mediclinic Group
Mediclinic Group Jurgens Myburgh (CFO) 28
Slide 29: Mediclinic Group overview
Mediclinic Group Mediclinic Group Overview • Sustained momentum in medical innovation is driving demand and creating opportunities for new revenue streams alongside increasing pricing pressure and regulation • Mediclinic remains single-minded in our purpose to enhance the quality of life • Our focus
Slide 30: Progress on key priorities
Mediclinic Group Mediclinic Group Progress on key priorities Expanding revenue generation • Strong volume growth across all divisions • Continued growth across the continuum of care Driving operational performance • On target with operating model review implementation Improving return on invested ca
Slide 31: Strategic goals and top priorities: Switzerland
Mediclinic Group Mediclinic Group Strategic goals and top priorities Market dynamics Progress on FY25 and context • Supplementary insurance in line with targets • Turnaround plan delivered CHF25 million savings • Favourable healthcare in FY25 demographics • Focused actions delivered cash conversion
Slide 32: Strategic goals and top priorities: Southern Africa
Mediclinic Group Mediclinic Group Strategic goals and top priorities Market dynamics and Progress on FY25 context • Strong volume growth through network participation • Growth in related businesses • Mature operating environment supporting • Implementing core systems replacement • Continued focus on
Slide 33: Strategic goals and top priorities: Middle East
Mediclinic Group Mediclinic Group Strategic goals and top priorities Market dynamics and Progress on FY25 context • Strong volume growth through selective expansion • Established specialties by hospital • Economic growth in the region continues to be • Disciplined staff cost management robust • UAE
Slide 34: Mediclinic Financial Results
Mediclinic Group Mediclinic Group Financial Results • Group performance driven by strong volume growth across all divisions • Group revenue up 4% in constant currency terms USD million FY25 FY24 Variance - 1.5% growth in inpatient admissions Revenue 4 818 4 592 5% - 3.2% growth in day case admission
Slide 35: Switzerland
Mediclinic Group Switzerland Building resilience • Revenue driven by good growth in inpatient admissions - Inpatient admissions up 2.2% compared with FY24 CHF million FY25 FY24 Variance - General insurance mix increased to 52.6% (FY24: 52.1%) Revenue 1 940 1 905 2% - Outpatient and day case revenue
Slide 36: Southern Africa
Mediclinic Group Southern Africa Optimising operations • Good revenue growth of 8% to ZAR22 369 million - Strong PPD growth of 1.2% ZAR million FY25 FY24 Variance - Average revenue per bed day driven by inflationary increases and mix Revenue 22 369 20 786 8% changes EBITDA(1) 4 097 3 784 8% • Adjust
Slide 37: Middle East
Mediclinic Group Middle East Investing for growth • Good revenue growth of 5% to AED5 135 million - Inpatient admissions and day cases up 4.8% and 3.5%, respectively AED million FY25 FY24 Variance - Outpatient visits up 1.0% Revenue 5 135 4 892 5% - Average revenue per case driven by mix changes EBI
Slide 38: Concluding remarks
Mediclinic Group Mediclinic Group Concluding remarks 1 Focus on growth in the core business 2 Driving efficiency through the Target Operating Model 3 Diversifying our services by pursuing new revenue streams 4 Harnessing technology in clinical performance and client experience 5 Attracting, developi
Slide 39: CIVH
CIVH Dietlof Mare (Maziv CEO)
Slide 40: Unlocking scale to deliver South Africa's fibre future
CIVH Unlocking scale to deliver South Africa’s fibre future Combining enterprise stability, consumer growth, and scale expansion Unlocking expansion opportunities • Vodacom investment to strengthen Maziv’s balance sheet and accelerate fibre roll-out (subject to approval) • Strategic scale expansion
Slide 41: Vumatel
CIVH Vumatel Uptake increased from 36% to 42%; Stable Core growth with Reach and Key expansion advancing digital inclusion CORE market REACH market KEY market • >R30k monthly household • R5k – 30k monthly • <R5k monthly household 2.2 income 4.8 household income 9.7 income • Market mature • Current g
Slide 42: DFA
CIVH DFA Anchor business, critical to 5G rollout and business connectivity growth FTTS (Fibre-to-the-Site) Business connectivity 424 000 47 000 sites Business connections(1) • Longer-term contracts with MNOs and FWA providers • Metro fibre is critical to driving uptake across FTTS, FTTB and FTTH • C
Slide 43: CIVH Financial Results
CIVH Financial Results Year ended Year ended R million 31 Mar 25 31 Mar 24 % change Revenue 3 841 3 543 8% EBITDA 2 715 2 445 11% Operating earnings 1 374 1 191 15% (1) Headline earnings (202) (374) 46% Year ended Year ended R million 31 Mar 25 31 Mar 24 % change Revenue 2 757 2 715 2% EBITDA 1 788
Slide 44: Stronger cash generation driven by EBITDA growth
CIVH CIVH Stronger cash generation driven by EBITDA growth, prudent capex, and working capital discipline 2025 (Year ended 31 March) 2024 (Year ended 31 March) 168 4 686 ( 110) 4 290 ( 44) ( 140) 30% YoY increase R million 2 608 2 013 R million (2 136) (2 093) Additional R1.583 billion cash generate
Slide 45: Corporate activity
CIVH Corporate activity Expanding scale and strengthening capital base to accelerate bridging the digital divide Vodacom investment in Maziv Acquisition of remaining stake in Herotel • Conditional approval granted; ICASA approval pending • Competition Commission recommended for approval subject • Ta
Slide 46: Heineken Beverages
Heineken Beverages Remgro Limited
Slide 47: Strategic rationale
Heineken Beverages Strategic rationale Creating a Regional Beverage Champion for Southern Africa Accelerating our growth by combining Leveraging our unique multi-category portfolio three successful businesses to transform the market Provides entry point into profitable and growing African markets He
Slide 48: Recent momentum
Heineken Beverages Recent momentum 6 months to June 2025 Performance improved – A weaker economic environment has resulted in slower short- Improved margins with additional gains achievable to term growth in the alcoholic beverage sector, impacting Beer better pricing dynamics realise full business
Slide 49: Key priorities
Heineken Beverages Key priorities 2025 Create direct Build brands with Accelerate Cement our winning Win in beer connection with our pricing power operational efficiency competitive spirit end customers • Gain and sustain beer • Increase brand equity • Enhance Route-to- • ROIC improvement from • Foc
Slide 50: Results overview
Heineken Beverages Results overview 12 months to June 2025 vs June 2024 Scaling the business to unlock efficiencies 12 months to R million June 2025 June 2024 Variance Progress on key priorities • Market share stabilisation in Beer, margin enhancements with Revenue 55 243 51 025 8% returnables imple
Slide 51: Revenue (pre-excise) per category
Heineken Beverages Revenue (pre-excise) per category 12 months to June 2025 vs June 2024 Revenue contribution per category Key insights • All categories achieved revenue growth, ranging between single- and double-digits. • Stabilisation in beer driven by brand investment and returnables. - Attractiv
Slide 52: Revenue per reporting entity
Heineken Beverages Revenue per reporting entity (RE) 12 months to June 2025 Revenue pre-excise contribution Key insights per RE • Majority of revenue and profit driven by South Africa (HBSA), which also produces export stock for HBI. • Namibia (NBL) is a quality profitable business that yields opera
Slide 53: Heineken Beverages including Remgro IFRS 3
Heineken Beverages Heineken Beverages including Remgro IFRS 3 12 months to June 2025 vs June 2024 Movement in reported headline loss - 720 71 ( 500) ( 268) (1 000) 2 103 R million (1 500) (2 000) (2 500) (3 000) (3 162) (3 500) Increased HLE profit before Other upside: Tax, nci, equity acc tax FY25
Slide 54: Statutory headline loss reported to normalised earnings
Heineken Beverages Heineken Beverages including Remgro IFRS 3 12 months to June 2025 Statutory headline loss reported to normalised earnings 700 78 611 600 54 500 747 479 400 300 R million 200 100 - ( 100) Abnormal & once off ( 200) adjustments ( 300) ( 268) ( 400) (2) Reported headline loss IFRS 3
Slide 55: Looking ahead
Heineken Beverages Heineken Beverages Looking ahead 1 Changing market dynamics set to persist 2 Deliberate focus on the following factors is mitigating some of this impact: • Stabilising beer • Innovation pipeline • Improved pricing dynamics • Fixed cost savings • Route-to-Market 3 Margin recover st
Slide 56: RCL Foods
RCL Foods Paul Cruickshank (CEO)
Slide 57: Strategic overview
RCL Foods Strategic overview Progressing well against our strategy, which is underpinned by 3 Pillars and supporting enablers all focused on “Value Creation” PEOPLE FIRST + RIGHT GROWTH + FUTURE FIT • Build diverse, inclusive, • Grow organically through strong brands • Become best-in-class high-perf
Slide 58: FY25 Highlights
RCL Foods FY25 Highlights With a clear strategy and focused execution, FY25 delivered pleasing results, despite the challenging market conditions TOP STRATEGIC PRIORITIES DELIVERED IN FY25 Underlying result: Year ended Year ended • Implemented customised Diversity & Inclusion People R million 30 Jun
Slide 59: Market context
RCL Foods Market context Food volume consumption remains under significant pressure Inflation Volume Food Volume Trend – 24 months to June 2025 12MM 3MM 12MM 3MM 5.0% 5.2% 5.0% Total industry basket June 2025 June 2025 June 2025 June 2025 3.4% 3.4% 3.4% 3.2% 3.0% 2.2% Food 3.7% 3.5% (0.3%) (2.6%) 1.
Slide 60: Market share performance
RCL Foods Market share performance RCL Foods brand performance remains strong in tough environment RCL Foods volume market share 12MM 12MM 3MM Groceries June 2024 June 2025 June 2025 Yum Yum Peanut Butter 31.2% 32.5% 32.0% Nola Mayonnaise 47.4% 42.5% 41.8% Ouma Rusks 52.4% 58.8% 60.9% Bobtail 31.3%
Slide 61: EBITDA performance
RCL Foods EBITDA performance for the year ended 30 June 2025 Underlying EBITDA waterfall: June 2024 to June 2025 Continuing operations 2 900 ↑11.4% 2 700 ↑7.9% 284 91 2 563 2 500 40 41 44 2 391 59 62 2 300 95 2 300 R million ( 309) 2 216 ( 137) ( 6) 2 100 1 900 1 700 1 500 June 2024 Separation Komat
Slide 62: Long-term historical performance
RCL Foods Long-term historical performance for the year ended 30 June 2025 Underlying EBITDA history (Excl. Rainbow & Vector) 2 500 2 391 12.0% 11.0% 2 216 11.0% 2 125 10.0% 1 926 2 000 9.2% 1 918 9.0% 9.0% 8.5% 7.9% 8.0% 7.0% 1 500 6.0% 5.0% 1 000 4.0% 2021 2022 2023 2024 2025 EBITDA (Rm) EBITDA %
Slide 63: Business unit performance
RCL Foods Business unit performance Subdued demand more than offset by savings initiatives across all businesses EBITDA growth YOY ↑25.5% R million Groceries • Groceries delivered an improved result driven by a favourable product mix in pet 630 Grocery and Beverages food with more focus placed on pr
Slide 64: Looking forward
RCL Foods Looking forward Whilst we expect consumer demand to remain subdued, we will continue to drive our strategy, focused on growth and business resilience Key innovation launches will drive growth in Implementation of our refreshed Pet Food strategy will accelerate growth into the Baking busine
Slide 65: Looking ahead
Looking ahead Remgro Limited
Slide 66: Continue to drive focused execution...
Looking ahead Continue to drive focused execution... ...on our stated strategic priorities Active • Continue on path of active partnership with management teams and co-shareholders to drive performance performance improvement and growth optimisation • Continue to support and drive deliberate steps o
Slide 67: Q&A
&A Remgro Limited
Slide 68: Annexure
Annexure 68
Slide 69: Intrinsic net asset value
Annexure Intrinsic net asset value Material investee companies R million 30 June 2025 30 June 2024 % Change % Contribution Mediclinic 41 500 40 756 1.8% 24.8 OUTsurance Group 36 772 21 792 68.7% 22.0 CIVH 15 800 14 497 9.0% 9.4 Discovery 9 150 5 761 58.8% 5.5 RCL Foods 7 855 7 176 9.5% 4.7 Heineken
Slide 70: Valuation approaches
Annexure Valuation approaches Unlisted investments Principal valuation methodology Discounts applied Change in value Post-discount Contribution to (from historic EV/EBITDA Discounted Lack of marketability Investee company INAV (1) Equity interest 30 June 2024) (x) cash flow Sum-of-the-parts and / or
Slide 71: Valuation: listed vs unlisted
Annexure Valuation: listed vs unlisted Cash, debt and other corporate assets excluded June 23 June 24 June 25 28% 34% 40% 11% 10% 10% 17% 24% 30% 72% 66% 60% Unlisted Investments Listed – Strategic Investments Listed – Portfolio Investments Note: June 23: Mediclinic & HeinBev (Distell) moved to unli
Slide 72: Siqalo Foods performance
Annexure Consumer products Siqalo Foods performance Year ended Year ended R million 30 June 2025 30 June 2024 % change Revenue 3 715 3 594 3.4 Operating profit 595 518 14.9 Headline earnings 467 452 3.3 Headline earnings Intrinsic value 500 ↑3.3% Drivers 7 000 • Trading environment remains a challen
Slide 73: Results overview per pillar: Consumer products
Annexure Results overview per pillar Consumer products Earnings Dividend Intrinsic value Headline earnings Dividends received yield % yield % Remgro 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June R million Interest 2025 2024 % change 2025 2024 % change 2025 2024 % change 2025 2025 R
Slide 74: Industrial unlisted portfolio performance
Annexure Industrial Unlisted portfolio performance Air Products Wispeco Year ended Year ended Year ended Year ended R million 31 Mar 2025 31 Mar 2024 % change R million 30 June 2025 30 June 2024 % change Revenue 5 783 5 360 7.9 Revenue 3 909 3 759 4.0 Operating profit 1 766 1 545 14.3 Operating prof
Slide 75: KTH performance
Annexure Diversified investment vehicles KTH performance Headline earnings Intrinsic value Drivers Drivers • Valuation based on sum-of-the- parts of • Remgro’s headline earnings for 2 2 , the investment portfolio, of which two 400 increased by 42.7% 3 500 contribute 95%, these include Kagiso ↑11.9%
Slide 76: Dividends received
Annexure Dividends received Year ended Year ended Year ended R million 30 June 2023 30 June 2024 30 June 2025 Listed 1 513 1 488 2 157 OUTsurance Group 464 693 1 135 FirstRand 605 474 436 RCL Foods 214 - 393 Other listed investments 230 321 193 Unlisted 1 595 1 641 1 712 Mediclinic 195 366 359 Air P
Slide 77: Headline earnings contribution
Annexure Headline earnings contribution Year ended Year ended 30 June 30 June % R million 2025 2024 change Mediclinic Adjusted US$ earnings ↑21%; Revenue ↑5%; EBITDA margin ↑to 15.3% (FY24: 14.7%) 2 386 1 515 57.5 OUTsurance Group Organic growth, favourable natural perils losses, ↓reinsurance costs
Slide 78: End
Remgro Limited End 78