Slide 1: Annual Results
Annual Results Year ended 31 December 2025
Slide 2: Presentation Overview
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 2 Presentation Overview 01 Key Performance Highlights 02 Strategy Review 03 Financial Performance 04 Category Performance 05 Group Outlook Annual Results 31 December 2025
Slide 3: Key Performance Highlights
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 3 01 Key Performance Highlights Annual Results 31 December 2025
Slide 4: Market Context and Our Response
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 4 Key Performance Highlights 2025 Market Context Retail market conditions remained subdued, characterised by low volume growth & moderating inflation Our Response ▪ Maintained & expanded market share
Slide 5: Key Performance Highlights 2025
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 5 Key Performance Highlights 2025 Revenue Growth Volume Growth Gross Profit Margin 20.1% 25.4% 25.9% 8.2% 9.2% 21.6% 22.0% 7.4% 16.8% 17.5% 10.6% 3.5% Group Ambient Perishable Group Ambient Perishable
Slide 6: Key Performance Highlights 2025
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 6 Key Performance Highlights 2025 Normalised EBIT increase^ Normalised EBITDA increase ^ Normalised HEPS increase ^ Basic HEPS increase* +11.0% +6.6% +21.7% +22.7% (2025: R726m) (2025: R1 071m) (2025:
Slide 7: Strategy Review
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 7 02 Strategy Review Annual Results 31 December 2025
Slide 8: Corporate Activity Update
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 8 Corporate Activity Update ▪ Strategic review to assess options for stakeholder value creation ▪ Comprehensive assessment of non-binding expressions of interest for the potential acquisition of whole
Slide 9: Three-Year Strategy Review
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 9 Three-Year Strategy Review Portfolio & Operating Model SIMPLIFY ▪ Streamlining portfolio to focus on value-added food categories To deliver sustainable, profitable growth & stakeholder value Categor
Slide 10: Strategic Theme Simplification
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 10 Strategic Theme Simplification Reduced structural complexity, consolidation of support functions, focus on value-added food categories 2022 2025 5 Categories 2 Super Categories 1 Non-Core Ambient a
Slide 11: Exploring strategic options for non-core Household & Personal Care
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 11 The Group continues to explore strategic options relating to the remaining non-core Household & Personal Care Category Annual Results 31 December 2025
Slide 12: Strategic Theme Growth: FY19 to FY22 Declining Performance
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 12 Strategic Theme Growth FY19 to FY22 Declining Performance EBIT/EBITDA (Rm) HEPS (cps) ROIC 90 18% 1 174 80 82.7 80.4 15.6% 1 115 16% 1 069 1 032 70 71.3 14% 13.0% 12.5% 890 65.3 60 59.8 61.3 774 12
Slide 13: Financial Trajectory to Growth
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 13 Strategic Theme Growth Financial Trajectory to Growth EBIT/EBITDA (Rm) HEPS (cps) ROIC 80 1 071 12% 10.9% 1 032 998 10.4% 974 70 70.6 65.3 9.8% 10% 60 58.0 8.6% 726 53.4 54.5 690 678 50 8% 631 45.9
Slide 14: Strategic Theme Growth: People
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 14 Strategic Theme Growth Focus & Outcomes: People Growth driven by: ▪ Creating an accountability-based performance culture ▪ Implementing annual Group-wide People Engagement Survey ▪ Established EDGE
Slide 15: Strategic Theme Sustainability
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 15 Strategic Theme Sustainability FY25: Inflection Point in the Turnaround 2.5 96.5% 95.0% 100.0% ▪ Group Solar / Green conversion 2.0 78.0% 79.0% 80.1% was 3.5% during 2025 67.5% 65.0% 50.0% ▪ Target
Slide 16: Financial Performance
Key Performance Highlights Strategy Review Financial Performance Category Performance Group Outlook 16 03 Financial Performance Annual Results 31 December 2025
Slide 17: Income Statement Snapshot
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 17 Income Statement (R’m) Snapshot 2025 Change 2024 * Revenue 12 329.2 +8.2% 11 396.5 Gross profit margin (%) 22.0% +0.4pp 21.6% Other income 17.0 20.6 Gain on foreign exchange 25.4 37.1 Capital items
Slide 18: Working Capital & Capex
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 18 Financial Position WorkingCapital&Capex 2025 Change 2024 Net Working Capital (NWC) days improved by 7 days to 68 Total Capex R241.1m +24.2% R194.2m 2025 2024* 2023* Capex % of 2.0% 1.7% NWC (days)
Slide 19: Key Financial Ratios
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 19 Financial Position Key FinancialRatios Key Financial Ratios 2025 2024 2023 Debt covenants Gearing ratio 0.9 1.5 1.6 <2.5 Interest cover 7.4 5.4 4.9 >3.5 ROIC 10.9% 8.6% 9.8% Cash Conversion Ratio I
Slide 20: Category Performance
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 20 04 Category Performance Annual Results 31 December 2025
Slide 21: Ambient Products – Performance Summary
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 21 Ambient Products – Performance Summary Key Performance Drivers: Wet Condiments ▪ Increased capacity utilisation Select Products ▪ Private label & own-brand innovation ▪ Growth of retail principal
Slide 22: 2025 Performance by Category: Ambient Products
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 22 2025 Performance by Category Ambient Products 51% of Group Revenue Channel Performance: ▪ Retail & Wholesale + 8.8% ▪ Revenue + 7.4% ▪ Food Service + 9.1% ▪ Volume^ + 5.5% ▪ Exports - 3.3% ▪ Price/
Slide 23: Ambient Products by Sub-Category
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 23 2025 Performance by Category Ambient Products Revenue EBITDA Sub-Category YoY YoY Comments ▪ Strong demand in Retail & Industrial channel sauces Wet Condiments +15.0% +53.6% ▪ Increased capacity ut
Slide 24: Perishable Products – Performance Summary
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 24 Perishable Products - Performance Summary Key Performance Drivers: Dairy Value-added Meats ▪ More balanced milk supply/demand dynamics ▪ Significant volume growth in retail & QSR value-added chicke
Slide 25: 2025 Performance by Category: Perishable Products
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 25 2025 Performance by Category Perishable Products 48% of Group Revenue Channel Performance: ▪ Retail & Wholesale + 5.9% ▪ Revenue + 9.2% ▪ Food Service + 9.5% ▪ Volume^ + 0.1% ▪ Exports +15.8% ▪ Pri
Slide 26: Perishable Products by Sub-Category
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 26 2025 Performance by Category Perishable Products Revenue EBITDA Sub-Category Comments YoY YoY ▪ Strong sales in core categories (cheese, butter & yoghurt) increased by 7.6%, driven by volume growth
Slide 27: Group Outlook
Key Performance Highlights Strategy Review Financial Performance Category Performance Group Outlook 27 05 Group Outlook Annual Results 31 December 2025
Slide 28: Outlook 2026
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 28 Outlook 2026 Consumer Supply Chain ▪ Environment expected to remain constrained ▪ Environment remains volatile, with Middle East tensions impacting shipping routes & port activity ▪ Moderate inflat
Slide 29: Target Key Financial Metrics
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 29 Financial Position Target: Key Financial Metrics Short-Term Target Medium Term Target 2025 (12 – 18 months) (18 – 36 months) Gearing ratio 0.9 <1.2 <1.5 Interest cover 7.4 >6.5 >7.5 ROIC 10.9% >WAC
Slide 30: Enhancing Stakeholder Value Creation
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 30 Enhancing Stakeholder Value Creation Channel & Category Growth: Dividend Policy Share Repurchase Programme Focused Capital Allocation ▪ Revised dividend cover from ▪ Share buyback programme ▪ Prior
Slide 31: Capital Markets Day Programme
Category Performance Group Outlook Key Performance Highlights Strategy Review Financial Performance 31 Capital Markets Day Programme ▪ Showcase the Group’s strategic direction, operational progress & growth trajectory. ▪ The programme will bring together leadership insight, performance updates, & a
Slide 32: Questions & Answers
33 Questions & Answers Annual Results 31 December 2025
Slide 33: Thank You
QUALITY BRANDS GREAT FOOD SPECIAL MOMENTS Thank You
Slide 34: Supporting Data
35 Supporting Data Income Statement Balance Sheet Cash Flow Statement Category Contributions
Slide 35: Income Statement Reconciliation
Supporting Data 36 Income Statement Reconciliation Reconciliation between Normalised EBITDA, Normalised Earnings & Normalised Headline Earnings (R’m) 2025 Change 2024 Normalised EBITDA 1 071.3 +6.6% 1 004.8 Less: Depreciation & Amortisation -345.1 -350.6 Net finance cost -186.8 -210.7 Impairments -2
Slide 36: Normalised EPS & HEPS
Supporting Data 37 Income Statement - Normalised EPS & HE PS 2025 Change 2024 Normalised earnings (R’m) 174.8 +352.4% -69.3 Normalised headline earnings (R’m) 420.4 +21.6% 345.7 WANOS (million) 595.8 595.8 Normalised EPS (cps) 29.3 +352.6% -11.6 Normalised HEPS (cps) 70.6 +21.7% 58.0 Annual Results
Slide 37: Channel Performance
Supporting Data 38 Channel Performance YoY change Revenue by Price/ 2025 Volume ^ mix sales channel Retail & Wholesale +7.2% +5.7% +1.5% Food Service +9.3% +9.1% +0.2% Exports +0.6% -3.7% +4.3% Industrial & Contract Manufacturing +18.6% -3.1% +21.7% Total Group +8.2% +3.2% +5.0% ^ Excluding extraord
Slide 38: 2025 Performance by Category: Revenue by Channel
Supporting Data 39 2025 Performance by Category Ambient Products Revenue by Channel 2025 Contribution Retail & Wholesale +8.8% 54.2% Food Service +9.1% 14.5% Exports -3.3% 16.6% Industrial & Contract Manufacturing +14.9% 14.7% Category Revenue +7.4% 100.0% Perishable Products Revenue by Channel 2025
Slide 39: Supporting Data
40 Supporting Data Income Statement Balance Sheet Cash Flow Statement Category Contributions
Slide 40: Financial Position Snapshot
Supporting Data 41 Financial Position Snapshot R’m 2025 2024 Non-current assets 4 413.4 4 810.1 Property, plant & equipment 1 465.7 1 551.3 Right-of-use-assets 498.5 497.6 Other non-current assets 2 449.2 2 761.2 Current assets 4 405.8 4 464.4 Total Assets 8 819.2 9 274.5 Equity 4 797.1 4 880.3 Non-
Slide 41: Net Debt Trend
Supporting Data 42 5 -Year Net Debt Trend Net Gearing Calculation = Net Debt : Normalised EBITDA (Excluding IFRS 16) (R’m) 2 500 2.0 Notes: 2 000 1.6x 1.6x ▪ R1.9bn in unutilised funding 1.5x 1.5 1 500 facilities 1 354 1 343 1.0 1 000 1 183 0.9x 909 ▪ Gearing: 0.9x 851 834 811 824 500 0.5 (Debt cove
Slide 42: Net Debt Structure
Supporting Data 43 Net Debt Structure Facility Maturity Rate 3M JIBAR 2025 2024 (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% - 150 Facility C 200 Jan-28 1.65% - 50 Facility D 350 Jan-28 1.70% - - Total Term Loans 1 000 1 200
Slide 43: Supporting Data
44 Supporting Data Income Statement Balance Sheet Cash Flow Statement Category Contributions
Slide 44: Cash Flow Analysis
Supporting Data 45 Cash Flow Analysis 2025 (R’m) 2024 (R’m) 493 Opening cash balance 397 1 027 Cash generated from ops 983 -1 Working capital changes -189 -188 Net finance charges -217 -90 Tax paid -93 748 Cash generated from operating activities 485 -168 Investment activities -74 -584 Finance activ
Slide 45: Breakdown of Cash Flow Investing Activities
Supporting Data 46 Breakdown of Cash Flow Investing Activities R’m 2025 2024 Net investing activities -167.6 -73.9 Purchase of PPE -192.7 -129.5 Sale of PPE +7.4 +9.0 Insurance proceeds +0.3 - Cash outflow on disposal of subsidiary -1.2 - Proceeds on sale of Denny Mushrooms +18.5 - Proceeds on sale
Slide 46: Breakdown of Cash Flow Financing Activities
Supporting Data 47 Breakdown of Cash Flow Financing Activities R’m 2025 2024 Net financing activities -584.0 -330.3 Lease payments -96.8 -95.2 Net movement from term loans & asset-based financing -398.2 -145.8 Dividend paid -89.4 -89.4 Annual Results 31 December 2025
Slide 47: Supporting Data
48 Supporting Data Income Statement Balance Sheet Cash Flow Statement Category Contributions
Slide 48: Category Revenue Contributions
Supporting Data 49 Category Revenue Contributions 50.8% 51.2% Ambient Products 2025 2024 Perishable Products 47.9% 47.4% REVENUE REVENUE Household & Personal Care 1.3% 1.4% Annual Results 31 December 2025
Slide 49: Category Normalised EBITDA Contributions
Supporting Data 50 Category Normalised EBITDA* Contributions 64.6% 62.7% Ambient Products 36.5% 34.4% 2025 2024 Perishable Products NORMALISED NORMALISED EBITDA EBITDA Household & Personal Care 0.9% 1.0% * Before allocation of corporate costs Annual Results 31 December 2025
Slide 50: Ambient Products Business Unit Contribution to EBITDA
Supporting Data 51 Business Unit Contribution to EBITDA Weighted Contribution to change in Normalised EBITDA Ambient Products Wet Condiments +10.2% Dry Condiments -1.5% 100% of category EBITDA Baking -1.1% Select Products -4.1% Beverages -0.4% Total +3.1% Annual Results 31 December 2025
Slide 51: Perishable Products Business Unit Contribution to EBITDA
Supporting Data 52 Business Unit Contribution to EBITDA Perishable Products Weighted Contribution to change in Normalised EBITDA Dairy +10.6% 95% of category EBITDA Value-added Meats +1.8% Convenience Meals +0.2% Total +12.5% Annual Results 31 December 2025
Slide 52: Household & Personal Care Contribution to EBITDA
Supporting Data 53 Business Unit Contribution to EBITDA Household & Personal Care Weighted Contribution to change in Normalised EBITDA 100% of HPC -8.5% category EBITDA Total -8.5% Annual Results 31 December 2025
Slide 53: 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