Bidvest Group Limited · JSE:BVT
Bidvest — The Bidvest Group — Q2 2026 Earnings Presentation
42 slides from Bidvest's earnings presentation, Mar 2, 2026
Slide 1: Investor Presentation
Investor Presentation For the half year ended 31 December 2025
Slide 2: Agenda
Agenda 01 Executive comments Mpumi Madisa 02 Financial overview Mark Steyn 03 Divisional overview Mpumi Madisa 04 Outlook Mpumi Madisa 05 Annexure
Slide 3: Executive comments
Executive comments
Slide 4: Executive overview
Executive overview • Resilient operational performance, overall and organically Global Bidvest footprint • Revenue +3.7% • Opex +3.4% • Trading profit +6.9% • Improved free cash generation with more to come • Successfully executed debt plan addressing maturity, liquidity and costs • Strategic steps
Slide 5: Operational snapshot
Operational snapshot • Constant FX revenue +3%; trading profit +7% Divisional contribution • Improved divisional trading profit performances all-round Revenue Trading profit Services International • Services International +8.3% 7% 9% Freight • Freight +6.9% 8% 21% 33% 33% Services South Africa • Ser
Slide 6: Hygiene services … path to global #1
Hygiene services … path to global #1 Bidvest present in 11 countries; #1 in 8 • 1HFY26 aggregated Bidvest hygiene services profit • +20% cFX • +60bps to 18.2% margin Global hygiene trading profit (GBPmn calc) 200 150 100 50 0 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26e Rentokil Hygiene (est)
Slide 7: Financial overview
Financial overview
Slide 8: Financial highlights
Financial highlights 6 months ended 31 6 months ended 31 R billion Change December 2025 December 2024 Revenue 66.7 64.4 3.7% Gross profit* 28.1% 27.7% ↑ Expenses* 18.1% 18.2% ↓ Trading profit 6.7 6.3 6.9% Trading profit margin* 10.1% 9.8% ↑ HEPS (cents) 989.4 941.3 5.1% Normalised HEPS (cents) 1 065
Slide 9: Income Statement analysis
Income Statement analysis • Revenue +3.7% • Competitive and price sensitive demand compounded by slower customer decision making and fewer projects • Growth in Services International and Services SA supported by acquisitions • Gross profit +5.3% • Gross margin +43bps to 28.1% • Operating leverage an
Slide 10: Excellent cash generation
Excellent cash generation • R8.7 billion cash generated by operations before working capital (+7.2%) • Working capital absorption of R2.6 billion, R1.0 billion less than prior year • Inventory normalizing in BCP and Automotive • Reduction in trade payables on a seasonal basis • Cash conversion ratio
Slide 11: Focus area | enabling capital structure
Focus area | enabling capital structure Extended debt maturity proactively • Offshore • South Africa • Raised $500 million 2032 Eurobond @ 6.2% • Raised R2.3 billion domestic bonds, including first 7yr bond • Settled $292 million tender offer on 2026 Eurobond • Settled R2.1 billion expensive SA debt
Slide 12: Focus area | optimised debt funding
Focus area | optimised debt funding • Balanced tenors and cost Cost of debt stabilised. Overweight variable rate debt • extended maturity profile ($-bond, domestic bonds, term loan) 40 8% at tighter spreads • redeemed expensive preference shares • weighted average cost of debt 6.4% (FY25 6.2%) 30 6%
Slide 13: Focus area | rebuilding returns
Focus area | rebuilding returns The base Rbn Average FE Average IC • Significant capital invested in recent years 80 70 • At acquisition, clear plan to deliver value over 60 medium-term. Track actively 50 40 • Majority of M&A in services businesses with low 30 20 funds employed (FE) and high goodwil
Slide 14: Discontinued operations
Discontinued operations • Bidvest Bank, Bidvest Life • Disposal processes • Transaction terminated with Access Bank for Bidvest Bank • SPA signed for Bidvest Life. Awaiting regulatory approval • Operational result • Bidvest Bank challenging top line and capital deployment. The deposit book remains s
Slide 15: Divisional overview
Divisional overview
Slide 16: Services International
Services International
Slide 17: Services International CEO: Alan Fainman
Services International CEO: Alan Fainman Revenue Trading profit Trading margin EBITDA Funds employed ROFE R22.5bn R2.2bn 9.8% R2.5bn R2.8bn 159.1% +5.1% +8.3% +29bps +6.5% -0.5% +1 740bps • Pleasing result Hygiene services • Superior hygiene services growth drove result and margin uplift • Continued
Slide 18: Freight
Freight
Slide 19: Freight CEO: Wiseman Madinane
Freight CEO: Wiseman Madinane Revenue Trading profit Trading margin EBITDA Funds employed ROFE R4.5bn R1.2bn 26.7% R1.4bn R5.4bn 40.1% -4.2% +6.9% +275bps +7.8% +14.5% -590bps • Good performance • Modest growth from bulk material volumes drove strong operating • Namibia investment to compete more ef
Slide 20: Services South Africa
i Services * SouthAirica
Slide 21: Services South Africa CEO: Akona Matsau
Services South Africa CEO: Akona Matsau Revenue Trading profit Trading margin EBITDA Funds employed ROFE R6.9bn R0.8bn 11.5% R1.0bn R1.6bn 92.3% +7.0% +10.0% +32bps +8.2% +26.1% -1 250bps • Excellent result driven by very strong hospitality and TIC • Negative business mix placed pressure on Security
Slide 22: Branded Products
Branded Products
Slide 23: Branded Products CEO: Gail Solomon
Branded Products CEO: Gail Solomon Revenue Trading profit Trading margin EBITDA Funds employed ROFE R6.9bn R0.7bn 10.9% R0.8bn R3.1bn 37.3% -1.6% +5.4% +72bps +5.2% +12.1% -240bps • Solid result on the back of active product range and stock enhanced mix, refreshed sales focus and solution driven cus
Slide 24: Commercial Products
we f q x @ ‘ = LS, J >. WN K Ps I ps’ 2 th Mam ne | ee ( : “i eo, : Commercial: e. » Products” as g .O Z
Slide 25: Commercial Products CEO: Howard Greenstein
Commercial Products CEO: Howard Greenstein Revenue Trading profit Trading margin EBITDA Funds employed ROFE R8.6bn R0.6bn 7.0% R0.7bn R5.5bn 17.7% +2.4% +9.7% +46bps +9.1% -6.4% -90bps • Admirable result • Yet another impressive performance in plumbing wholesaling. • Good margin and expense manageme
Slide 26: Automotive
Automotive
Slide 27: Automotive CEO: Carla Seppings
Automotive CEO: Carla Seppings Revenue Trading profit Trading margin EBITDA Funds employed ROFE R14.8bn R0.5bn 3.5% R0.5bn R4.0bn 23.0% +7.2% +1.8% -18bps -2.0% +12.6% -380bps • Profit growth in the midst of changing dynamics • Vehicle retailing underway in the automotive sector. Diversification • R
Slide 28: Adcock Ingram
Adcock Ingram
Slide 29: Adcock Ingram Acting CEO: Dorette Neethling
Adcock Ingram Acting CEO: Dorette Neethling Revenue Trading profit Trading margin EBITDA Funds employed ROFE R4.8bn R0.6bn 12.8% R0.7bn R5.9bn 24.7% +2.9% +20.1% +184bps +18.0% +7.8% +110bps • Bidvest shareholding 64.25%, Natco 35.75% • Adcock #2 pharmaceutical player in the SA private and state • C
Slide 30: Outlook
Outlook
Slide 31: Immediate priorities … progress to date
Immediate priorities … progress to date Improve cash generation √ Cash conversion improved from 45% to 70% in the seasonally weak half √ R1bn less tied-up in working capital given improved inventory monetisation Reduce net debt/EBITDA to 1.7x then 1.5x √ Free cash flow R2bn stronger than previous ye
Slide 32: Outlook
Outlook 1. Accelerate organic growth • Exposure to growth sectors → hygiene, TIC, hospitality and inbound tourism Empowering our people through inclusive • Expanded vehicle brand representation and used vehicle reach to development, lifelong learning, and incrementally add to profitability future-fo
Slide 33: Annexure
Annexure
Slide 34: Services International
Services International • Significant efforts to efficiently capacitate the individual businesses to deliver best-in-class offering in evolving Looking ahead economic landscapes • Customer decision timelines drawn-out • North America platform for multi-year organic growth International operations • R
Slide 35: Freight
Freight Bidvest Tank Terminals Looking ahead • Increased storage capacity and improved utilisation • +8% in volumes handled → + fuels, oils, gasses; - vegetable oil • Quantum and timing of potential maize exports still unclear. Soyabean crop South African Bulk Terminals • Strong operating leverage a
Slide 36: Services SA
Services SA Security and Aviation Looking ahead • Headwinds from micro- and macro-economic factors persist • Pricing pressures to persist • Strong new business wins but margin pressures widespread • Noteworthy performances from GPT, BidAir Cargo, Vericon • Despite tough trading conditions, overall s
Slide 37: Branded Products
Branded Products Data, Print and Packaging Looking ahead • Very competitive environment, but good performance delivered with Lithotech growing double-digits • Product realignment, innovation • Digital label volumes growing and benefits of structural reorganisation evident and expansion remain strate
Slide 38: Commercial Products
Commercial Products • Public infrastructure neglect and a contracting manufacturing base continue to have a major negative impact Looking ahead Trade • Product mix being enhanced • Bidvest Electrical still experiencing constrained environment, but restructuring implemented is supporting • Relentless
Slide 39: Automotive
Automotive • Expense management exceptional Looking ahead • Fledgling diversification strategy benefits evident • Market impacts and changes very prevalent • New and expanded brand representation to better position McCarthy McCarthy for the future • Overall flat profit performance with new vehicle s
Slide 40: Adcock Ingram
Adcock Ingram OTC Looking ahead • Volumes -3.3%. Price +3.5%. Mix impact +0.7% • Medium-term growth expected to • Top 10 product sales performance mixed but overall higher increase due to specialist minority Consumer shareholder • Volumes impressive +8.3%. Price +2.0%. 5.6% mix decline due to repatr
Slide 41: Group snapshot
Group snapshot Diversified portfolio spanning across 6 divisions and Adcock Ingram Business Services Trading & Distribution Adcock Ingram Services International Services South Africa Freight Branded Products Commercial Products Automotive (65% owned) Countries 7% 21% 32% Revenue R22.5bn R6.9bn R4.5b
Slide 42: Bidvest listed instruments
Bidvest listed instruments • Equity • JSE BVTSJ • US ADR BDVSY • Debt • Bidvest Group UK 6.2% Sep 2032 • Bidvest Group UK 3.625% Sep 2026 • BID17-28 THE BIDVEST GROUP LIMITED Unaudited results for the half year ended 31 December 2025 42