Oceana Group Limited · JSE:OCE
Oceana — FY2025 Earnings Presentation
59 slides from Oceana's earnings presentation, Nov 24, 2025
Slide 1: Annual Results Presentation for the year ended 30 September 2025
ANNUAL RESULTS PRESENTATION FOR THE YEAR ENDED 30 SEPTEMBER 2025
Slide 2: Agenda
AGENDA 01 CEO OVERVIEW 05 FISHMEAL & FISH OIL (USA) 02 LUCKY STAR FOODS 06 GROUP FINANCIAL RESULTS 03 WILD CAUGHT SEAFOOD 07 OUTLOOK & STRATEGY 04 FISHMEAL & FISH OIL (AFRICA) 08 QUESTIONS 2
Slide 3: CEO Overview
CEO OVERVIEW NEVILLE BRINK 01 3
Slide 4: Operational resilience in an unpredictable environment
OPERATIONAL RESILIENCE IN AN UNPREDICTABLE ENVIRONMENT Diversified Business across Species, Products, Markets, Currencies & Geographies Iconic Lucky Star brand with potential to The Group is well-positioned expand into adjacent FMCG categories to capitalise on opportunities, driven by cyclical impro
Slide 5: CEO Overview: Key performance highlights
CEO OVERVIEW KEY PERFORMANCE HIGHLIGHTS LUCKY STAR WILD CAUGHT FMO (AFRICA) FMO (USA) AFRICA Solid Performance Significant Turnaround Delivered 25% higher Delivered 20% higher Strong contribution delivering volume production volumes production volumes from Africa growth in a tough Hake delivered rec
Slide 6: Lucky Star Foods
LUCKY STAR FOODS OPERATIONAL PERFORMANCE 02 6
Slide 7: SA shoppers under pressure
SA SHOPPERS UNDER PRESSURE Low-income households are forced to change their shopping habits • Rising household costs: consumers earning minimum wage spend +68% 30% of their income on food. Food basket cost: 2019-2024 • Increasing expenses: 40% increase in gambling spend in SA in 2024. • Shoppers see
Slide 8: Lucky Star Foods performance
LUCKY STAR FOODS PERFORMANCE R’ million 2025 2024 VAR Revenue 4 871 4 591 6.1% Operating 468 428 9.3% Profit OP Margin 9.6% 9.3% 0.3% * Revenue and operating profit includes Oceana Group Limited statutory results 8
Slide 9: Lucky Star Foods performance: sales volumes and price
LUCKY STAR FOODS PERFORMANCE SALES VOLUMES & PRICE LUCKY STAR FOODS - PERFORMANCE DRIVERS 10 9.3m 9.5m 10% 8 4.4 8% Solid Performance in a challenging Cartons (Millions) 4.5 6 4.6% 6% consumer environment 4 3.3% 4% 5.1 • 2% sales volume growth: 2 4.8 2% o affordable and fully available source of pro
Slide 10: Lucky Star Foods performance: throughput and damage rate
LUCKY STAR FOODS PERFORMANCE THROUGHPUT & DAMAGE RATE CLOSING STOCK 7 200 1.5% 1.6% 6 6 954 7 000 1.4% 1.2% 6 800 1.2% 4.8m 1.0% 5 6 600 1.0% Cartons per shift Damage Rate % 6 400 6 307 4.0m 3.9m 0.8% 1.4 6 200 4 Carton (Millions) 6 037 0.5 0.2 0.6% 6 000 5 800 0.4% 3 5 600 0.2% 5 400 0.0% 2023 2024
Slide 11: Fresh & frozen fish supply
FRESH & FROZEN FISH SUPPLY PILCHARD TAC FROZEN FISH PROCURED 70 000 60 000 65 000 65 000 7% 50 000 10 000 40 000 44 000 Tons 39 000 45% 30 000 32 000 30 015 55% 2024 2025 26 800 20 000 10 000 12 250 93% 2018 2019 2020 2021 2022 2023 2024 2025 H1 H2 South Africa Namibia H1 H2 • SA - industry experien
Slide 12: Expansion strategy update
EXPANSION STRATEGY UPDATE CANNED MEAT • Two additional production lines added at St Helena Bay meat cannery. SALES VOLUMES BY CATEGORY • Ownership in Graaff Reinet cannery increased to 100%. • Meet growing demand in export markets & local food service market. 10% • New product development ongoing. •
Slide 13: Wild Caught Seafood
WILD CAUGHT SEAFOOD OPERATIONAL PERFORMANCE 03 13
Slide 14: Global ground fish supply
GLOBAL GROUND FISH SUPPLY GLOBAL FISHERIES PRODUCTION 10 GLOBAL GROUND FISH SUPPLY (MAJOR SPECIES) 9 8 7 7.5 7.6 7.4 7.4 7.2 7.2 7.2 6.9 7.0 6 6.7 Millions Tons 6.6 6.6 5 4 3 2 1 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Source: FAO Fishery Statistics 2000 GLOBAL COD SUPPLY • Aqu
Slide 15: Wild Caught Seafood performance
WILD CAUGHT SEAFOOD PERFORMANCE R’ million 2025 2024 VAR Revenue 1 870 1 587 17.8% Operating 222 (53) > 100.0% Profit OP Margin 11.9% (3.3%) 15.2% HORSE MACKEREL HAKE SQUID & LOBSTER 15
Slide 16: Hake performance
HAKE PERFORMANCE SEA DAYS & CATCH COSTS HAKE - PERFORMANCE DRIVERS 1 200 +51.4% 50 1 000 (20.9%) 40 (12.1%) 800 Exceptional performance & record earnings Catch Costs Sea Days 30 600 1 027 20 400 762 859 200 10 • Benefits of the recent investment evident, improved reliability yielding 20% more days a
Slide 17: Hake performance: TAC and catch rates
HAKE PERFORMANCE HAKE TAC & CATCH RATES AVE. FUEL COSTDRIVERS HAKE - PERFORMANCE – RAND / LITRE 130 000 14.0 18.0 16.0 15.1 15.4 +42% 12.0 125 000 14.0 10.0 12.5 12.3 120 000 12.0 Tons / Seaday 8.0 Rand / Litre Tons 115 000 10.0 126 885 6.0 122 423 8.0 7.2 6.9 121 815 110 000 116 302 115 992 4.0 6.0
Slide 18: Horse mackerel performance
HORSE MACKEREL PERFORMANCE CATCH RATES & SEA DAYS 100 700 HORSE MACKEREL - PERFORMANCE DRIVERS 584 543 600 80 468 80 500 A positive improvement, but remains below optimal Catch Rates Sea Days 60 69 68 400 40 218 300 South Africa: 142 200 20 37 73 39 100 • Sporadic catch rates experienced in SA for m
Slide 19: Squid & lobster performance
SQUID & LOBSTER PERFORMANCE SQUID CATCH RATES & SEADAYS SQUID & LOBSTER - PERFORMANCE DRIVERS 1 400 25 Catch Rate (kg / man / seaday) 1 165 1 150 1 200 20 1 000 19.6 Squid: 15 Seadays 800 607 • Poor industry-wide fishing conditions, resulted in 600 11.5 10 a 41% decrease in daily catch rates. 400 9.
Slide 20: Fleet restructure
FLEET RESTRUCTURE SQUID FLEET RATIONALISATION PRODUCT IS SEA FROZEN WHOLE TO EUROPE, UK • 5 vessels and 77 permits were acquired in 2024 and a new catamaran was built in 2025. • Fleet will be rationalised from 11 to 7 vessels to optimise the 165 allocated licenses and vessel capacity, retaining the
Slide 21: Fishmeal & Fish Oil
FISHMEAL & FISH OIL OUTLOOK 21
Slide 22: Peru supply update
PERU SUPPLY UPDATE PERU QUOTA & LANDINGS HISTORIC PERU ANCHOVY BIOMASS 99% 99% 99% 97% 6 000 000 93% 100% 14 000 000 84% 74% 71% 12 000 000 63% 54% 10 000 000 5 000 000 50% 8 000 000 2 100 000 6 000 000 4 000 000 2 283 000 2 780 000 1 630 000 2 510 000 0% 4 000 000 1 490 000 2 786 000 2 047 000 1 11
Slide 23: Rabobank report - 2025
RABOBANK REPORT - 2025 AQUACULTURE EXPANSION FUELS AQUAFEED DEMAND SEAWATER TEMPERATURE ANOMALIES 2000-2024 • As global aquaculture production continues to rise, the industry • Global warming is intensifying both the frequency and severity of faces the significant challenge of ensuring a stable supp
Slide 24: Rabobank fishmeal outlook
RABOBANK FISHMEAL OUTLOOK AQUACULTURE INCREASING SHARE OF FISHMEAL SUPPLY FISHMEAL SHORTAGE APPROACHING SOONER 4% 2013 2023 1% 3% 5% 14% 3% Aquaculture Poultry Pig 79% Other 91% • Since 2013, aquaculture’s fishmeal use has increased by over • Stagnating fishmeal supply and limited capacity to divert
Slide 25: Rabobank fish oil outlook
RABOBANK FISH OIL OUTLOOK AQUACULTURE USES 65% TO 70% OF GLOBAL FISH OIL FISH OIL FACES MORE SEVERE CONSTRAINTS THAN FISHMEAL 2013 2023 13% 20% 17% Aquaculture Pharma 16% 70% Other 64% • Salmon farming alone accounts for roughly 55% of fish oil • Aquaculture demand has already exceeded available sup
Slide 26: Fishmeal & Fish Oil (Africa)
FISHMEAL & FISH OIL (AFRICA) OPERATIONAL PERFORMANCE 04 26
Slide 27: Fishmeal & Fish Oil (Africa) performance
FISHMEAL & FISH OIL (AFRICA) PERFORMANCE R’ million 2025 2024 VAR Revenue 885 877 0.9% Operating 26 79 (67.1%) Profit OP Margin 2.9% 9.0% (6.1%) 27
Slide 28: Fishmeal & Fish Oil (Africa) performance: production and sales
FISHMEAL & FISH OIL (AFRICA) PERFORMANCE PRODUCTION INPUT & FISH OIL YIELD FMO (AFRICA) - PERFORMANCE 125,000 10.0% 106 589 99 500 91 827 9.0% 105,000 23% 8.0% 85,000 24% 23% 5.7% 7.0% Improved operational performance negated 65,000 4.1% 6.0% by lower fish oil prices Tons 5.0% 45,000 3.7% 4.0% 25,00
Slide 29: Fishmeal production quality
FISHMEAL & FISH OIL (AFRICA) PERFORMANCE FISHMEAL: PRODUCTION QUALITY Fishmeal is a highly nutritious feed ingredient made by cooking, pressing, drying, and grinding either whole fish or fish byproducts from 2023 2025 seafood processing. The result is a powder rich in protein, omega-3 fatty acids, v
Slide 30: Industrial resource overview
INDUSTRIAL RESOURCE OVERVIEW INDUSTRY RED EYE LANDINGS ANCHOVY RECRUITMENT BIOMASS (TONS) 220,000 120% 2,500,000 200,000 96% 96% 180,000 100% 82% 160,000 73% 2,000,000 140,000 80% 120,000 54% 56% Tons 48% 47% 60% 1,500,000 100,000 80,000 40% 60,000 1,000,000 40,000 20% 20,000 500,000 - 0% 2018 2019
Slide 31: Fishmeal & Fish Oil (USA)
FISHMEAL & FISH OIL (USA) OPERATIONAL PERFORMANCE 05 31
Slide 32: Fishmeal & Fish Oil (USA) performance
FISHMEAL & FISH OIL (USA) PERFORMANCE R’ million 2025 2024 VAR Revenue 2 369 3 006 (21.2%) Operating 537 1 178 (54.4%) Profit OP Margin 22.7% 39.2% (16.5%) USD’ million FISH OIL FISHMEAL Revenue 131.6 160.3 (17.9%) Operating 30.2 62.2 (51.5%) Profit Av. USD: Rand 17.8 18.9 (6.1%) 32
Slide 33: Fishmeal & Fish Oil (USA) performance: landings and sales
FISHMEAL & FISH OIL (USA) PERFORMANCE GULF MENHADEN LANDINGS (000 FISH) FMO (USA) - PERFORMANCE DRIVERS 800 000 14% 12.1% 11.8% 700 000 10.7% 10.4% 12% Significantly lower compared to previous 600 000 8.1% 10% year’s record, but reasonable versus long-term 500 000 earnings average 000 Fish 8% 400 00
Slide 34: Fishmeal & Fish Oil (USA) performance: production and stock
FISHMEAL & FISH OIL (USA) PERFORMANCE PRODUCTION STATS CLOSING STOCK (MT) 1 600 1.5% 1.6% 40 000 +5.3% +6.5% (6.2%) 34 063 1 400 1.4% 35 000 30 186 28 873 1 200 1.2% 30 000 26 540 1.1% 1 000 1.0% 25 000 Tons 800 0.8% 20 000 600 0.6% 15 000 13 091 13 062 10 858 400 0.4% 10 000 8 812 5 199 200 107 106
Slide 35: Group Financial Results
GROUP FINANCIAL RESULTS ZAF MAHOMED 06 35
Slide 36: 2025 financial performance
2025 FINANCIAL PERFORMANCE OPERATING NET DEBT : REVENUE HEPS DIVIDENDS PROFIT EBITDA 0.7% 23.2% 38.4% 42.4% 1.7x 2025: R10.0bn 2025: R1.3bn 2025: 564.8c 2025: 285 cps (2024: 1.3x) (2024: R10.1bn) (2024: R1.6bn) (2024: 917.6c) (2024: 495 cps) 36
Slide 37: Operating profit review
OPERATING PROFIT REVIEW H1 : H2 OPERATING PROFIT OPERATING PROFIT BY SEGMENT (3%) 1 632 1 600 1 490 25.0% 18% 1 400 26% 615 43% 1 244 1 253 Sep 2025 Sep 2024 1 200 20.0% R 1.3 bn R 1.6 bn 1 117 5% 842 72% 37% 1 000 16.2% 577 15.3% R’ million 15.3% 14.9% 15.0% 533 2% 800 899 12.5% FMO (USA) FMO (Afri
Slide 38: Fish oil price effect quantified
FISH OIL PRICE EFFECT QUANTIFIED DAYBROOK – OPERATING PROFIT MOVEMENT (’23 to ‘25) 1 400 172 388 ( 70) Fish oil sales volumes (tons) 1 200 43 1 178 ( 41) 2022 17,638 ( 125) 2023 12,729 1 000 2024 14,947 2025 23,027 810 800 R millions 600 2022 223 109 537 2023 209 ( 35) 141 2024 388 ( 725) 400 2025 (
Slide 39: Income statement review
INCOME STATEMENT REVIEW R’ million 2025 2024 VAR • Revenue decreased with the positive impact of increased sales Revenue 9 995 10 061 (0.7%) volumes across all segments and firm pricing, being offset by the decline in US Dollar fish oil prices. Gross profit 2 777 3 199 (13.2%) Operating profit 1 253
Slide 40: Working capital & capex
WORKING CAPITAL & CAPEX NET WORKING CAPITAL CAPITAL EXPENDITURE 2,990 700 645 2 486 600 2,490 2 311 152 193 104 500 1,990 1 732 1 074 R’ million 400 1 144 327 327 1,490 21 904 300 67 74 990 185 452 65 200 1 186 306 490 260 805 878 100 (10) 0 Sep 23 Sep 24 Sep 25 2024 2025 2026 Planned Lucky Star foo
Slide 41: Debt analysis – US / SA
DEBT ANALYSIS – US / SA US NET DEBT - 5 YEAR ANALYSIS SA NET DEBT - 5 YEAR ANALYSIS 120 4.5 2 500 4.0 76 2 078 86 1 743 100 3.5 3.5 3.5 2 000 61 704 80 49 461 3.0 2.5 2.3 1 500 2.7 60 31 976 2.5 USD million Rand million 107 1 017 100 1.5 1.3 884 2.2 40 79 73 1 000 2.0 0.7 0.8 203 53 0.5 1 625 1 585
Slide 42: Debt analysis – Group
DEBT ANALYSIS – GROUP GROUP NET DEBT - 5 YEAR ANALYSIS GROUP NET DEBT ANALYSIS 3 000 2.5 3 000 3 000 2 573 2 581 2 605 2 581 2 605 2 500 2 500 2 500 20% 2.0 1 743 2 078 2 127 2 036 32% 2 000 1.7 1.7 2 000 2 000 57% 1 923 USD million 1.5 60% 1.5 54% 1.3 1 500 1 500 1 574 1 500 1.2 1.0 NET DEBT: EBITD
Slide 43: Net cash & cash equivalents
NET CASH & CASH EQUIVALENTS R millions 3 000 Improvement driven by SA: R1.1b SA: (R301m) SA: (R365m) higher cashflow from US: R600m US: R56m US: (R119m) operating activities and lower replacement capex 2 500 1 687 2025 103% ( 245) 2 000 2024 34% ( 484) 1 500 SA: R163m US: (R352m) ( 524) 1 000 760 (
Slide 44: 5 year RONA and DPS analysis
5 YEAR RONA AND DPS ANALYSIS GROUP RONA %* DIVIDEND PER SHARE 650 3.50 14 000 16.0% 550 606 784 918 565 HEPS 13.9% 13.8% 14.0% 12 000 12.8% 14.0% 550 3.00 495 12.0% 10 000 10.6% 450 435 2.50 Cents per share 10.0% 358 346 8 000 350 1.98 2.00 1.80 1.85 8.0% 1.75 285 6 000 12 061 12 177 250 1.54 1.50 1
Slide 45: Capital allocation
CAPITAL ALLOCATION Maintain a disciplined approach to capital allocation, prioritising shareholder returns, debt reduction, efficient capital expenditure and building capacity to capitalise on opportunities. GROWTH DIVIDENDS DEBT RE-INVEST Pursue organic and Balancing Prioritise debt Focus on routin
Slide 46: Outlook & Strategy
OUTLOOK & STRATEGY NEVILLE BRINK 07 46
Slide 47: Outlook and focus for FY26
OUTLOOK AND FOCUS FOR FY 26 LUCKY STAR FOODS WILD CAUGHT SEAFOOD FISHMEAL & OIL (FMO) GROW CONSUMPTION / EXPAND THE BRAND DELIVER ON FLEET INVESTMENT OPTIMISE CAPACITY & EFFICIENCY • Expand market reach in SA and cross-border • Leverage sustained demand and the • Benefit from improving prices – Peru
Slide 48: Legal disclaimer and basis of preparation
LEGAL DISCLAIMER AND BASIS OF PREPARATION • For the purposes of this notice, the presentation (the “Presentation”) shall mean and include the slides that follow, the oral presentation of the slides by Oceana Group Limited (the “Company”) and/or its advisers, any question-and-answer session that foll
Slide 49: Questions
QUESTIONS NEVILLE BRINK & ZAF MAHOMED 08 49
Slide 50: Appendices
APPENDICES 09 50
Slide 51: Statement of comprehensive income
STATEMENT OF COMPREHENSIVE INCOME R’ million 2025 2024 VAR 1. Decreased with the positive impact of increased sales volumes across all segments and firm pricing, being offset by the Revenue 1 9 995 10 061 (0.7%) decline in US Dollar fish oil prices. Gross profit 2 2 777 3 199 (13.2%) Sales & distrib
Slide 52: Statement of financial position
STATEMENT OF FINANCIAL POSITION R’ million 2025 2024 VAR 1. R327 million (2024: R645 million) capital expenditure, Property, plant & equipment * 1 2 435 2 540 (4.1%) returning to more normalised levels. Intangible assets 2 5 580 5 604 (0.4%) 2. Mainly goodwill, intellectual property and trademarks a
Slide 53: Debt analysis
DEBT ANALYSIS R’ million 2025 2024 VAR 1. SA debt rose due to a R348 million increase in short- Africa (R million) term facilities to fund working capital needs. Gross debt 2 289 2 086 10% 2. SA net debt / EBITDA reduced to 2.2x mainly due to Net debt 1 2 078 1 743 19% higher EBITDA of R939 million
Slide 54: 2025 key performance indicators
2025 KEY PERFORMANCE INDICATORS Segment KPI Unit 2025 2024 VAR Revenue R million 4 870 4 591 6.1% Sales volumes 000 cartons 9 471 9 294 1.9% SA Pilchard quota (own & contracted) tons 12 276 22 697 (45.9%) SA Pilchard landings tons 13 905 13 164 5.6% Own cartons produced 000 cartons 5 027 4 039 24.4%
Slide 55: 2025 key performance indicators
2025 KEY PERFORMANCE INDICATORS Segment KPI Unit 2025 2024 VAR Revenue USD million 131.6 160.3 17.9% Menhaden landings (fiscal year) 000 fish 632 967 526 977 20.1% Fishmeal sales volumes tons 40 941 42 238 (3.1%) Fish oil sales volumes tons 23 027 14 947 54.1% FMO (US) Operating profit % 22.6% 39.2%
Slide 56: 2025 key performance indicators
2025 KEY PERFORMANCE INDICATORS Segment KPI Unit 2025 2024 VAR Revenue R million 720 580 24.1% Sales volumes tons 12 760 10 420 22.5% Quota (own & contracted) tons 14 031 13 471 4.2% Av. Price movement Euro/ton 2% ● (6%) ● HAKE Fleet utilisation % 15% ● (10%) ● Catch rates tons/day 12% ● 23% ● Vesse
Slide 57: Oceana business pillars
OCEANA BUSINESS PILLARS LUCKY STAR FOODS WILD CAUGHT SEAFOOD FISHMEAL & OIL (FMO) Affordable branded food for Wild caught fish for Omega-3 rich fish protein for human consumption human consumption animal/aquaculture consumption HORSE MACKEREL SQUID FISH FOODS HAKE LOBSTER Grow consumption through Ma
Slide 58: Oceana strategic framework to 2028
OCEANA STRATEGIC FRAMEWORK TO 2028 REBALANCE OUR PORTFOLIO STRATEGIC LEVERS LUCKY STAR FOODS WILD CAUGHT SEAFOOD FISHMEAL & OIL (FMO) • Canned fish: grow consumption • Hake / SA Horse mackerel: • US: increase landings and levels at sustained margins. implement dual-purpose fleet Grow optimise cost s
Slide 59: Thank you
sce our THANK YOU AE ot URVURTUET PRE LUCKY STAR