Pepkor Holdings Ltd. · JSE:PPH
Pepkor — Investor Day (2026)
34 slides from Pepkor's investor day presentation, 2026
Slide 1: Pepkor Speciality Capital Markets Day
PEPKOR SPECIALITY CAPITAL MARKETS DAY 129
Slide 2: 1. Speciality divisional overview 2. Recap on CMD 2024 and progress made 3. The
1. Speciality divisional overview 2. Recap on CMD 2024 and progress made 3. The path to R1bn EBIT 4. Organic expansion opportunities 5. Mergers and acquisition 6. Portfolio consolidation 130
Slide 3: Divisional overview
Divisional overview 131
Slide 4: Definition of Purpose
Definition of Purpose The Pepkor Speciality division serves as a high-growth, multi-brand fashion engine that delivers outstanding value to diverse consumer segments through a cohesive and consolidated retail ecosystem. 132
Slide 5: Key dials | Store base
Key dials | Store base 32 32 201 201 183 183 27 27 1 335 41 41 257 257 114 114 99 99 381 381 133
Slide 6: Key dials | Product categories: Sales contribution
Key dials | Product categories: Sales contribution SALES CONTRIBUTION (%) Existing business Post acquisition and closures Ladies 14.6 24.3 Footwear 41.1 23.4 Mens 24.3 20.8 Cellular 8.5 5.9 Kids 1.4 1.5 Accessories 10.1 13.1 & other 134
Slide 7: Key Dials | +More
Key Dials | +More Customers 2.3m +more >25% of known customers 9.2m known 1.4m new known due to +more enrolment 52% Activation rate 6,487 R648.94 Ave basket vs R416.99 Division average 5,784 5,784 Shopper frequency of 2.22 x vs 1.5 in non +more base +more 2.75 units vs non +more basket of 2.26 135
Slide 8: Key Dials | FoneYam: Dunns
Key Dials | FoneYam: Dunns 30% 20% cellular sales contribution to total sales to cellular sales >R100 000 000 28% in FoneYam sales since launch FoneYam and Payjoy contribution to cellular sales 136
Slide 9: Key Dials | E-Commerce
Key Dials | E-Commerce 39 million sessions >500 000 units sold 65.7% new users 24.3 million users 34.3% returning users 33% sales growth (12 months) 2.1% Sales Contribution 8,483 50% in last 5 months 7,409 218% online vs store basket 92% YOY increase in BNPL tender type >20% growth in ROAS 142 100 –
Slide 10: The Year in Review | Existing Business
SALES GROWTH 9.1% LFL GROWTH 4.4% RETAIL MARGIN INCREASE 49bps CREDIT SALES = 52% GROWTH The Year in Review | Existing Business* E-COMM 48% GROWTH MARKET SHARE GROWTH 9.6% 138
Slide 11: The Year in Review | Significant Projects
The Year in Review | Significant Projects MOVE LAUNCH CLOSURE CLOSURE OUTSOURCE ACQUISITIO = N 139
Slide 12: Recap on CMD 2024
Recap on CMD 2024 140
Slide 13: CMD 2024 | Progress update
CMD 2024 | Progress update Gain market share Expand into adjacencies Leverage group customer insights Drive credit cross-shopping 141
Slide 14: CMD 2024 | Progress update: Market share
CMD 2024 | Progress update: Market share Speciality growth (%) Rest of market growth (%) 142
Slide 15: CMD 2024 | Progress update: Expanding into adjacent categories
CMD 2024 | Progress update: Expanding into adjacent categories Pivoted mix Launched Oct 24 Launched in Soft launch increasing >R50m 32 stores across Clothing & Accessories Turnover Mar 25 adding 5 stores from across R108m in late 2025 in first 16.1% 10 stores 7 months to 17.9% 143
Slide 16: CMD 2024 | Progress update: Refinery
CMD 2024 | Progress update: Refinery 80 New Refinery core stores in last 3 Years 13 stores + online 30.1% sales contribution (existing stores) 9% online sales (of Jnr); 33.5% of online sales 15.9% LFL growth in last 90 days Trading density 5% higher than core Refinery 60/40 boys/girls split 144
Slide 17: CMD 2024 | Progress update: Ayana
CMD 2024 | Progress update: Ayana 32 Stores + Online launched end February 2025 Online contribution >7% Initial Cost to Open below forecast Ongoing improvement in inflow margins Trading Densities in line with original forecasts High level of consumer engagement on Digital Strong LFL Growth in March 1
Slide 18: Roadmap to R1bn EBIT
Roadmap to R1bn EBIT 146
Slide 19: Roadmap | R1bn EBIT Roadmap
Roadmap | R1bn EBIT Roadmap 1 000 EBIT CAGR 2024-2029 15.7% 2025-2029 25.4% 500 * ** 2026-2029 36.6% 2027-2029 25.1% 250 0 * IFRS 16 Lease modifications in 2024 147
Slide 20: Organic expansion and growth opportunities
Organic expansion and growth opportunities 148
Slide 21: Core focus areas
Core focus areas dom wa cope DUNNS LEGIT RFNRY. SPO AcSWAGGA
Slide 22: Refinery 2.0
Refinery 2.0 ● Ladieswear repositioning and growth ● Refinery Jnr expansion, internal and external ● Refined Osmo proposition based on key learnings ● 30 New 2.0 Stores over next 3 Years ● Average uplift of 40% on base store ● Property focus on core refresh ● Marketing and brand refresh - 10 Yr review
Slide 23: Legit 1.0
Legit 1.0 ● Updating core Brand Strategy and Value Proposition ● Build the “Store of the Future” ● Develop roadmap for store refresh cycle 50% of store base over next 3 years ● Category expansion – cellular & beauty ● Maintain positive growth trajectory and enhance margins 151
Slide 24: M&A Growth
PECIALITY M&A Growth Il | + wit
Slide 25: Strategic rationale
Strategic rationale Grow market share in adult wear Provide critical scale for Pepkor Speciality Division Grow store and online footprint Opportunity to consolidate and strengthen brands Leverage group capabilities in sourcing, e-commerce and financial services. 153
Slide 26: The numbers
The numbers R2.4bn FOUR R1.7bn 469 FIVE Revenue brands purchase price stores countries 154
Slide 27: Value creation plan clusters
Value creation plan clusters Sales Cost 01 PRODUCT Margin EBIT 04 PROPERTY Sales EBIT 02 05 Margin SOURCING Sales PEOPLE Growth EBIT 03 06 Sales Margin MARKETING Brand SUPPLY CHAIN EBIT Affinity 155
Slide 28: Portfolio Consolidation
Portfolio Consolidation 156
Slide 29: Portfolio Consolidation
Portfolio Consolidation ● Strategic decision to close Shoe City due to with low profitability, poor growth prospects and lacking strategic scale and relevance ● Ceased trading on 28 February 2026 ● 113 Stores closed, 50 to re-open as other Pepkor brands ● 375 Team Members redeployed ● Closure complet
Slide 30: Swagga to Code conversion
Swagga to Code conversion ● Convert 64 / 98 stores to Code ● Run down the balance of business ● Redeploy affected team members ● Action complete by Q1 FY27 158
Slide 31: Selected Style to Choice conversions
Selected Style to Choice conversions ● Convert selected SA Style stores to Choice ● Review strategic options in balance of SA stores. ● Grow SADEC business and leverage off Speciality chassis. 159
Slide 32: Forward Portfolio View
Forward Portfolio View 160
Slide 33: Divisional Structure | Future State FY29
Divisional Divisional Structure Structure || Future Future State State FY29 FY29 Value fashion Contemporary fashion Sports lifestyle 722 stores 293 stores 394 stores Value Retail Lifestyle brands Speciality Store Anchor Brand & Design Wide branded Cost leadership Affinity assortments Growth through Gr
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