Karooooo Ltd. · NASDAQ:KARO
Karooooo — Q4 2025 Earnings Presentation
34 slides from Karooooo's earnings presentation, May 15, 2025
Slide 1: Earnings Presentation Q4 2025 and FY 2025
Earnings Presentation Q4 2025 and FY 2025 1
Slide 2: Today's Presenters
Today’s Presenters Zak Calisto Goy Hoeshin Carmen Calisto Group CEO Group CFO Group Chief & Founder Strategy & Marketing Officer 2 2
Slide 3: Disclaimer: Forward-Looking Statements
DISCLAIMER Forward-Looking Statements The information in this presentation (which includes any oral statements made in connection therewith, as applicable) includes “forward-looking statements.” Forward-looking statements are based on our beliefs and assumptions and on information currently availabl
Slide 4: Who We Are
98% Who We Are Of Cartrack Revenue was Subscription Revenue in Q4 2025 SaaS platform for connected vehicles “Rule of 60” 1 Company Rare Financial Profile and other mobile assets We empower fleet and asset management, field worker management, video-based safety including AI video, compliance and risk
Slide 5: Karooooo
KAROOOOO LEADING PHYSICAL OPERATIONS MANAGEMENT PLATFORM, FOCUSED ON AFRICA, SOUTHEAST ASIA AND EUROPE 100% 74.8% Ownership Ownership Logistics Operations Management Platform Delivery-as-a-Service ZAR USD¹ ZAR USD¹ 4,055 M 218 M 420 M B2B Delivery-as-a-Service Revenue 23 M Subscription Revenue FY 20
Slide 6: Karooooo Group Snapshot Q4 2025
KAROOOOO GROUP SNAPSHOT Q4 2025 Total Revenue1 Cartrack Adjusted EBITDA3 Margin, Operating UP ZAR 1,220M Profit Margin and Subscriber Growth 16% Q4 2024: ZAR 1,050M 50% 48% 47% 47% 47% Subscription Revenue UP ZAR 1,086M 40% 16% Q4 2024: ZAR 935M 34% 30% 30% 31% 30% Adjusted Earnings Per Share2 UP ZA
Slide 7: Rare Financial Profile Within SaaS Universe
RARE FINANCIAL PROFILE WITHIN SaaS UNIVERSE Large Cap SaaS GAAP Rule of 50+ Mid-Cap SaaS GAAP Rule of 50+ Small Cap SaaS GAAP Rule of 50+ Source: FactSet as of 3/31/2025 Note: “Rule of 50+” analysis utilizes Street CY2025E Revenue and CY2025E GAAP EBITDA Margin (i.e. including SBC) for a select grou
Slide 8: Q4 2025 Business and Operational Highlights
Q4 2025 BUSINESS AND OPERATIONAL HIGHLIGHTS Solid Subscriber Growth Strong Subscriber Net Adds SaaS ARR¹ Acceleration Cartrack subscribers increased 17% Y-o-Y to Q4 2025 net subscriber additions increased ARR1 growth accelerated 300bps Q/Q to 2.3 million 25% Y-o-Y to 79K 17% Y-o-Y European subscribe
Slide 9: Q4 2025 Financial Highlights
Q4 2025 FINANCIAL HIGHLIGHTS Strong Revenue Growth Southeast Asia Subscription Profitability Revenue Growth Accelerated Cartrack subscription revenue accelerated (in ZAR) 200bps Q-o-Q to 16% Y-o-Y Cartrack operating profit margin was a Constant currency subscription revenue robust 34%. Cartrack subs
Slide 10: Cartrack's Unit Economics Remain Efficient and Healthy
CARTRACK’S UNIT ECONOMICS REMAIN EFFICIENT AND HEALTHY Lifetime Value of Low Cost of Acquiring a Strong Benefits from 1 Customer Relationships Customer 2 Economies of Scale ▲ LTV to CAC Commercial Customer Retention Rate Q4 2024: 72% COMMITTED TO EFFICIENT AND PROFITABLE GROWTH 1 The product of our
Slide 11: South Africa FY 2025 Review
SOUTH AFRICA FY 2025 REVIEW Cartrack Subscribers (Q4 2025) ~1.7M Cartrack Subscriber Growth (Q4 2025) 16% Y-o-Y Cartrack Market Share Dominant Cartrack Brand Awareness Strong • 4,000+ employees1 Cartrack and Karooooo Logistics Footprint • Vertically integrated Population ~63 million2 GDP ~$380 Billi
Slide 12: Southeast Asia FY 2025 Review
SOUTHEAST ASIA FY 2025 REVIEW Cartrack Subscribers (Q4 2025) ~274k1 Cartrack Subscriber Growth (Q4 2025) 19% Y-o-Y Cartrack Market Share A leader across SE Asia Cartrack Brand Awareness Growing • 900+ employees2 Cartrack Footprint • Vertically integrated Population ~600M2 GDP ~$4 Trillion3 Macro Dri
Slide 13: Europe FY 2025 Review
EUROPE FY 2025 REVIEW Cartrack Subscribers (Q4 2025) ~201K Cartrack Subscriber Growth (Q4 2025) 20% Y-o-Y Cartrack Market Share Healthy in key countries Cartrack Brand Awareness Strong in key countries • 350+ employees1 Cartrack Footprint • Vertically integrated Population ~450M2 GDP ~$19 Trillion2
Slide 14: Karooooo Logistics Continues to Scale
KAROOOOO LOGISTICS CONTINUES TO SCALE B2B DELIVERY AS A SERVICE PLATFORM: CONNECTS BUSINESS FY 25 Review DEMAND FOR LAST-MILE DELIVERY • Delivered revenue of ZAR420 Million in FY 2025, an increase of 33% Y-o-Y WITH AN ELASTIC SUPPLY OF VETTED 3rd PARTY DELIVERY DRIVERS • Delivered 9% operating profi
Slide 15: Our Platform Simplifies Decision Making by Unifying Data and Information
OUR PLATFORM SIMPLIFIES DECISION MAKING BY UNIFYING DATA AND INFORMATION CUSTOMER BENEFITS Safety Vision SAFETY • PRODUCTIVITY • COMPLIANCE • PROFITABILITY • ABILITY TO SCALE Delivery Cost Centralised platform for simplified decision making Management In-field Specialized In-Field worker Delivery Sa
Slide 16: Broad Platform Capabilities Go Far Beyond Telematics
BROAD PLATFORM CAPABILITIES GO FAR BEYOND TELEMATICS End-To-End Operations Cloud Capabilities Telematics / Real-Time Visibility Video / Cameras & Safety Field Service Management Risk Management / Compliance Delivery & Logistics • GPS Tracking • AI Powered Cameras • Driver Scheduling • Regulatory Com
Slide 17: Cartrack-Tag Extends Platform to Any Mobile Asset in South Africa
CARTRACK-TAG EXTENDS PLATFORM TO ANY MOBILE ASSET IN SOUTH AFRICA 01 Unparalleled Asset Protection • Radio Frequency (RF) tracking ability 02 Leverages Proprietary RF Network • Enhanced visibility in challenging environments independent of mobile network • Resistant to signal jamming • Proactively d
Slide 18: Why 125,000+ Customers Choose Our Platform
WHY 125,000+ Enable fleet and asset visibility Enable ecommerce delivery Extend asset lifespans Augment logistics capabilities CUSTOMERS Improve fleet utilization Empower team management Enhance safety Facilitate task management CHOOSE Prevent accidents Slash fuel costs Enable work order management
Slide 19: Our FY 2026 Priorities
OUR FY 2026 PRIORITIES • Cement Leadership Position • Enhance Distribution Footprint in Asia and Europe • Broaden Platform Adoption and Capture Video Demand 19
Slide 20: Disciplined Capital Allocation Framework
DISCIPLINED CAPITAL ALLOCATION FRAMEWORK Organic Growth and Product Return Capital to Shareholders Strategic M&A Innovation Allocating capital to organic growth and Given our current strong balance Prudent approach to M&A. product innovation are our paramount sheet and net cash position, our priorit
Slide 21: Financial Performance for Q4 2025 and FY 2025
Financial Performance for Q4 2025 and FY 2025 21
Slide 22: Karooooo Continues to Deliver Strong Subscription Revenue & Earnings Growth
KAROOOOO CONTINUES TO DELIVER STRONG SUBSCRIPTION REVENUE & EARNINGS GROWTH Q4 2025 FY 2025 Subscription Q4 2025 ZAR 1,086M FY 2025 ZAR 4,068M Revenue Q4 2024 ZAR 935M FY 2024 ZAR 3,536M Operating Q4 2025 ZAR 385M FY 2025 ZAR 1,312M Profit Q4 2024 ZAR 296M FY 2024 ZAR 1,043M Adjusted Q4 2025 ZAR 9.4
Slide 23: Cartrack's Strong Performance Continues, Fueled by SaaS Revenue Momentum
CARTRACK’S STRONG PERFORMANCE CONTINUES, FUELED BY SaaS REVENUE MOMENTUM Q4 2025 FY 2025 Revenue Q4 2025 ZAR 1,110M FY 2025 ZAR 4,147M Q4 2024 ZAR 958M FY 2024 ZAR 3,614M Subscription Q4 2025 ZAR 1,084M FY 2025 ZAR 4,055M Revenue Q4 2024 ZAR 930M FY 2024 ZAR 3,523M Q4 2025 ARR INCREASED 17% in ZAR A
Slide 24: Cartrack Extends Decade-Plus Track Record of Consistent Execution and Resilience
CARTRACK EXTENDS DECADE-PLUS TRACK RECORD OF CONSISTENT EXECUTION AND RESILIENCE Subscribers 000s Subscription Revenue Operating Profit ZAR M ZAR M 2,302 1,084 377 2,223 2,137 1,029 2,047 983 960 316 1,972 930 1,908 900 295 289287293 1,833 858 1,758 834 1,717 252 1,679 793 248 771 224 232 1,600 221
Slide 25: Cartrack Delivered Strong Net Subscriber Additions in Q4 2025 and FY 2025
CARTRACK DELIVERED STRONG NET SUBSCRIBER ADDITIONS IN Q4 2025 AND FY 2025 ▲ ▲ 89,168 86,617 330,704 78,593 79,009 75,910 75,256 75,484 61,776 63,340 60,470 57,241 55,587 40,375 42,139 38,471 254,455 16,800 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY 2024 FY 202
Slide 26: Cartrack Q4 2025 Subscriber Mix and Growth
CARTRACK Q4 2025 SUBSCRIBER MIX AND GROWTH Cartrack Geographic Subscriber Mix Cartrack Subscription Revenue Growth1 4% 9% South Africa: 15% Y-on-Y 12% Asia & ME: 31% Y-on-Y Europe: 19% Y-on-Y Africa Other: 6% Y-on-Y 75% South Africa Asia & Middle East Europe Africa - Other WELL POSITIONED FOR GROWTH
Slide 27: Cartrack FY 2025 Subscriber and ARR Growth Accelerated
CARTRACK FY 2025 SUBSCRIBER AND ARR¹ GROWTH ACCELERATED ARR¹ ZAR M ▲ ▲ ‘000s Subscribers FY 2022 FY 2023 FY 2024 FY 2025 Y-o-Y ▲ ▲ 1,186 1,315 1,493 1,737 16% 4,384 145 185 230 274 19% 3,749 3,228 2,722 127 144 167 201 20% 68 73 82 91 11% 13% 15% 17% As at Feb 2022 As at Feb 2023 As at Feb 2024 As a
Slide 28: Karooooo Continues to Deliver Strong Earnings Per Share Growth
KAROOOOO CONTINUES TO DELIVER STRONG EARNINGS PER SHARE GROWTH Q4 FY25 9.48 Q4 FY24 6.81 FY FY FY FY Q1 Q2 Q3 Q4 Q1 Q21 Q31 Q41 FY 2025 31.67 ZAR 20221 2023 2024 20251 2024 2024 2024 2024 2025 2025 2025 2025 FY 2024 23.85 16.57 20.62 24.77 30.90 5.40 5.89 6.96 6.52 6.95 7.17 7.51 9.28 (0.42) (1.42)
Slide 29: Karooooo Has a Decade-Plus Track Record of Cash Generation
KAROOOOO HAS A DECADE-PLUS TRACK RECORD OF CASH GENERATION Quarterly decline in Adj. Free Cash Flow driven by increased investment in IOT devices for future use, working capital Earnings ZAR M investments to fund growth acceleration and Other PPE Adj. Free Cash Flow1 Earnings investments.² Subscribe
Slide 30: Karooooo Has a Durable Business Model Supported by a Strong and Clean Balance Sheet
KAROOOOO HAS A DURABLE BUSINESS MODEL SUPPORTED BY A STRONG AND CLEAN BALANCE SHEET Net cash on hand plus cash in bank fixed deposits (in ZAR M) 1,137 Attractive growth with strong unit 1,001 966 922 950 economics 854 1 856 838 799 819 782 718 2 3 Robust operating margins 664 651 674 554 Unleveraged
Slide 31: Karooooo Comfortably Meets FY 2025 Outlook
KAROOOOO COMFORTABLY MEETS FY 2025 OUTLOOK FY 2022 FY 2023 FY 2024 FY 2025 FY 2025 Outlook Number of Subscribers (000s) 1,526 1,717 1,972 2,302 2,300 – 2,400 Cartrack’s Subscription Revenue (ZAR M) 2,566 3,004 3,523 4,055 3,950 – 4,150 Cartrack’s Operating Profit Margin 27% 30% 30% 31% 27% - 31% 1 1
Slide 32: Establishing FY 2026 Outlook: Expect Growth Acceleration
ESTABLISHING FY 2026 OUTLOOK: EXPECT GROWTH ACCELERATION FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Outlook Cartrack’s Subscription Revenue (ZAR M) 2,566 3,004 3,523 4,055 4,700 – 4,900 Y-o-Y Growth 17% 17% 15% 16% - 21% Cartrack’s Operating Profit Margin 27% 30% 30% 31% 26% - 31% 1 1 Karooooo’s Adjust
Slide 33: Q4 2025 & FY 2025 Key Earnings and Investment Highlights
Q4 2025 & FY 2025 KEY EARNINGS AND INVESTMENT HIGHLIGHTS Q4 2025 Earnings Highlights Key Investment Highlights • Cartrack subscription revenue growth accelerated to 16% • Well positioned to drive profitable growth given Y-on-Y (in ZAR); SaaS ARR growth accelerated to 17% Y- efficient unit economics
Slide 34: Q and A Thank you
Q and A Thank you