Slide 1: 2025 Investor presentation
2025 Investor presentation for the year ended June 30 2025 Food I Service I Technology
Slide 2: Audited results
1 2025 Audited results For the year ended June 30 2025 BIDCORP I RESULTS FOR THE YEAR ENDED JUNE 30 2025 Food | Service | Technology Notes
Slide 3: Agenda
2 Agenda 1 F2025 in perspective 2 Financial analysis Bernard Berson David Cleasby 3 4 Outlook Q&A and close Bernard Berson 5 Appendices BIDCORP I RESULTS FOR THE YEAR ENDED JUNE 30 2025 Supplementary information Notes
Slide 4: F2025 in perspective
BIDCORP I RESULTS FOR THE YEAR ENDED JUNE 30 2025 Notes Bernard Berson F2025 in perspective 3
Slide 5: F2025 in perspective highlights
4 CC Revenue up 6,8% Trading profit up 9,3% Margin up to 5,5% HEPS up 9,6% Flexibility and disciplined trading improved margin Our result again defeated the negative macros 12 bolt-on’s (R2,5 billion) added 2,3% to revenue (CC like-for-like growth 4,5%) Food inflation has tracked higher on a weighte
Slide 6: The evolution of our revolution
5 The evolution of our revolution Despite sizeable spend on capex and The “evolution of Trading margin at 5,5% is our best yet but Balance Sheet acquisitions, debt to equity remains low at our revolution” we have identified room for improvement strength 13%; we own 73% of our properties and lease as
Slide 7: Bidfood Australasia
6 Bidfood Australasia Share of group Share of group Constant F2025 F2025 % change F2024 F2024 % change currency Revenue R45,6bn 19,4% -2,4% R46,8bn 20,7% 2,3% R47,8bn Trading profit R3,8bn 29,5% -4,3% R4,0bn 32,8% 0,3% R4,0bn Trading margin 8,4% 8,6% Trading conditions softer Australia New Zealand •
Slide 8: Bidfood United Kingdom
7 Bidfood United Kingdom Share of group Share of group Constant F2025 F2025 % change F2024 F2024 % change currency Revenue R67,5bn 28,6% 5,6% R63,9bn 28,3% 5,8% R67,6bn Trading profit R2,5bn 19,4% 20,6% R2,1bn 17,3% 20,9% R2,5bn Q4 impacted by Trading margin 3,7% 3,3% higher national insurance and U
Slide 9: Bidfood Europe
8 Bidfood Europe Share of group Share of group Constant F2025 F2025 % change F2024 F2024 % change currency Revenue R88,0bn 37,4% 7,3% R82,0bn 36,3% 10,0% R90,2bn Consistent strategic Trading profit R4,8bn 37,4% 8,9% R4,4bn 36,5% 11,9% R5,0bn execution is yielding Trading margin 5,5% 5,4% results in
Slide 10: Bidfood Europe
9 Bidfood Europe Share of group Share of group Constant F2025 F2025 % change F2024 F2024 % change currency Revenue R88,0bn 37,4% 7,3% R82,0bn 36,3% 10,0% R90,2bn Consistent strategic Trading profit R4,8bn 37,4% 8,9% R4,4bn 36,5% 11,9% R5,0bn execution is yielding Trading margin 5,5% 5,4% results in
Slide 11: Bidfood Emerging Markets
10 Bidfood Emerging Markets Share of group Share of group Constant F2025 F2025 % change F2024 F2024 % change currency Revenue R34,5bn 14,6% 3,7% R33,2bn 14,7% 6,7% R35,4bn Outperforming Trading profit R2,0bn 15,3% 8,2% R1,8bn 15,0% 9,9% R2,0bn against demanding Trading margin 5,7% 5,5% political and
Slide 12: Bidfood Emerging Markets
11 Bidfood Emerging Markets Share of group Share of group Constant F2025 F2025 % change F2024 F2024 % change currency Revenue R34,5bn 14,6% 3,7% R33,2bn 14,7% 6,7% R35,4bn Outperforming Trading profit R2,0bn 15,3% 8,2% R1,8bn 15,0% 9,9% R2,0bn against demanding Trading margin 5,7% 5,5% political and
Slide 13: Financial analysis
BIDCORP I RESULTS FOR THE YEAR ENDED JUNE 30 2025 Notes David Cleasby analysis Financial 12
Slide 14: 2025 financial highlights
13 2025 financial highlights Solid top line, acquisitions assisted, Total Total F2025 distributions increased Revenue 4,3% despite Australasia (20% group dividend by 6,4% in line with ‘normalised growth 6,4% (cc 6,8%) contribution) flat in the year growth earnings’ growth Improvement from F2024, ass
Slide 15: Statement of profit
14 Statement of profit F2023 F2024 F2025 F2023 F2024 F2025 23,8% 24,1% 24,5% 6,2% 6,0% 6,0% 18,5% 18,7% 19,0% 5,5% 5,3% 5,4% Gross profit % Total expenses % EBITDA margin % Trading profit margin % • Revenue of R235,6 billion (F2024: R225,9 billion) is up 4,3% (constant currency improvement of 6,8%)
Slide 16: Statement of profit
15 Statement of profit Non-IFRS 16 interest Effective tax rate Headline earnings HEPS (R’ million) (%) (R’ billion) (cps) 26,4 8,1 8,6 2 405,5 2 562,7 580,6 630,7 508,5 7,0 2 082,9 25,8 25,7 F2023 F2024 F2025 F2023 F2024 F2025 F2023 F2024 F2025 F2023 F2024 F2025 • EBITDA (Earnings Before Interest, T
Slide 17: Cash flows
16 Cash flows Cash generated from operations before working capital of R16,6 billion (F2024: 15,4 billion); cash generation by operations for F2025 split R8,0 billion in H1 F2025 and R8,6 billion in H2 F2025 • 108% of EBITDA and 122% of trading profit (F2024: 102% of EBITDA and 113% of trading profi
Slide 18: Financial position
17 Financial position Equity R' billion Net debt R' billion EBITDA interest cover x Net debt to equity % 47,7 23,2 23,2 23,1 42,2 39,8 6,2 2,1 3,1 5,2% 7,2% 13,0% F2023 F2024 F2025 F2023 F2024 F2025 • Balance sheet remains strong and conservative (as we like it) with reliable cash flows • Shareholde
Slide 19: Financial guidance
18 Financial guidance • Financial strength supportive of businesses growth • Bidcorp budgeting to remain cash generative into F2026 July trading delivers • Inflation – food inflation likely to rise (more favourable trading environment) and core inflation remain sticky a solid performance • Adequate
Slide 20: Outlook
BIDCORP I RESULTS FOR THE YEAR ENDED JUNE 30 2025 Notes Bernard Berson Outlook 19
Slide 21: Outlook
20 Outlook A proven formula of predictable execution is our strength Portfolio optimisation ongoing Technology investment accelerating Four acquisitions completed post-yearend A deep pool of talent ensures seamless succession We are on track for real growth BIDCORP I RESULTS FOR THE YEAR ENDED JUNE
Slide 22: Q&A and close
BIDCORP I RESULTS FOR THE YEAR ENDED JUNE 30 2025 Notes Q&A David Cleasby Bernard Berson and close 21
Slide 23: Audited results
22 2025 Audited results For the year ended June 30 2025 BIDCORP I RESULTS FOR THE YEAR ENDED JUNE 30 2025 Food | Service | Technology Notes
Slide 24: Appendices
BIDCORP I RESULTS FOR THE YEAR ENDED JUNE 30 2025 Notes Appendices Supplementary information 23
Slide 25: Strategy
BIDCORP I RESULTS FOR THE YEAR ENDED JUNE 30 2025 Notes Strategy 24
Slide 26: Why invest in Bidcorp / Who we are
25 Who we are 1 Why invest in BIDCORP I RESULTS FOR THE YEAR ENDED JUNE 30 2025 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 2025 25 Notes
Slide 27: Capital allocation
BIDCORP I RESULTS FOR THE YEAR ENDED JUNE 30 2025 Notes Capital allocation 26
Slide 28: Disciplined approach to capital allocation
27 Disciplined approach to capital allocation 2016 – 2025: 10% compound growth in EBITDA (Leverage) Capital allocation priorities Cumulative free EBITDA Net Debt cash flow generated Invest in the business 01 Pay a progressive 02 14,5 for the best return dividend R 22,2 bn • Low risk, high-return org
Slide 29: F2025 record year for acquisition spend
28 F2025 record year for acquisition spend Acquisitions completed 12 United Kingdom Baltics Belgium South Africa Argentina Spain Cash spend Turner Price Cesars VDS Food Mizoserve Blancaluna Colofruit R 2,5 billion New country expansion July 2024 September 2024 October 2024 November 2024 Argentina In
Slide 30: Post-yearend acquisitions completed
29 Post-yearend acquisitions completed United Kingdom South Africa Italy Malaysia Acquisitions completed Hodgson Fish Fridge Foods GAS Chuan Yee Sailbrand post-yearend 4 July 2025 More to come BIDCORP I RESULTS FOR THE YEAR ENDED JUNE 30 2025 AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 2025 Notes
Slide 31: Acquisition growth
30 Acquisition growth 2017 2018 2019 2020 2021 2022 2023 2024 2025 Number of acquisitions 10 13 5 1 5 10 9 4 12 Committed acquisition spend R 0,2 bn R 1,4 bn R 0,7 bn R 0,1 bn R 0,3 bn R 0,9 bn R 1,9 bn R 0,4 bn R 2,5 bn Annualised revenue contribution R 3,6 bn R 4,6 bn R 0,6 bn R 0,7 bn R 0,3 bn R
Slide 32: Financial analysis
BIDCORP I RESULTS FOR THE YEAR ENDED JUNE 30 2025 Notes analysis Financial 31
Slide 33: Segmental revenue
32 Segmental revenue Constant share of share of currency R’ million F2025 group % change % F2024 group % F2025 change % Australasia 45 632,1 19,4 (2,4) 46 755,3 20,7 47 840,7 2,3 United Kingdom 67 458,5 28,6 5,6 63 895,2 28,3 67 616,1 5,8 Europe 88 022,8 37,4 7,3 82 013,4 36,3 90 243,8 10,0 Emerging
Slide 34: Segmental trading profit
33 Segmental trading profit Constant share of share of currency R’ million F2025 margin % group % change % F2024 margin % group % F2025 change % Bidfood 13 184,6 12 378,0 13 540,2 Australasia 3 825,9 8,4 29,5 (4,3) 3 998,6 8,6 32,8 4 009,1 0,3 United Kingdom 2 535,9 3,7 19,4 20,6 2 102,5 3,3 17,3 2
Slide 35: Consolidated statement of profit or loss
34 Consolidated statement of profit or loss Constant currency R’ million F2025 % F2024 F2025 % Revenue 235 591,2 4,3 225 905,4 241 158,0 6,8 Segmental Trading profit 12 176,8 15,9 12 176,8 11 494,6 9,4 • Net United financeKingdom: expense R67,4 billion (ZAR movement: ↑5,6%; Local FX: ↑5,8%). Revenue
Slide 36: Consolidated statement of profit or loss
35 Consolidated statement of profit or loss Constant currency R’ million F2025 % F2024 F2025 % Revenue 235 591,2 4,3 225 905,4 241 158,0 6,8 Gross profit % 24,5% 1,5 24,1% 24,5% 1,6 Segmental gross margins Net finance expense (1 037,6) (14,0) (1 037,6) (965,8) (6,2) • Share Gross margin % for F2025
Slide 37: Consolidated statement of profit or loss
36 Consolidated statement of profit or loss Constant currency R’ million F2025 % F2024 F2025 % Revenue 235 591,2 4,3 225 905,4 241 158,0 6,8 Trading profit 12 952,6 6,4 12 176,8 13 308,7 9,3 Trading margins 5,5% 1,8 5,4% 5,5% 1,8 Non-IFRS 16 EBITDA 14 583,6 8,3 13 461,3 14 979,1 11,2 • Taxation Oper
Slide 38: Consolidated statement of profit or loss
37 Consolidated statement of profit or loss Constant currency R’ million F2025 % F2024 F2025 % Revenue 235 591,2 4,3 225 905,4 241 158,0 6,8 Trading profit 12 952,6 6,4 12 176,8 13 308,7 9,3 Net finance expense (1 118,3) 7,8 (1 037,6) (1 139,2) 9,8 • Constant currency net finance charges (excluding
Slide 39: Consolidated statement of profit or loss
38 Consolidated statement of profit or loss Constant currency R’ million F2025 % F2024 F2025 % Revenue 235 591,2 4,3 225 905,4 241 158,0 6,8 Trading profit 12 952,6 6,4 12 176,8 13 308,7 9,3 Net finance expense (1 118,3) 7,8 (1 037,6) (1 139,2) 9,8 Share of profit of associates and JVs 108,2 (15,8)
Slide 40: Consolidated statement of profit or loss
39 Consolidated statement of profit or loss Constant currency R’ million F2025 % F2024 F2025 % Revenue 235 591,2 4,3 225 905,4 241 158,0 6,8 Trading profit 12 952,6 6,4 12 176,8 13 308,7 9,3 Net finance expense (1 118,3) 7,8 (1 037,6) (1 139,2) 9,8 Share of profit of associates and JVs 108,2 (15,8)
Slide 41: Consolidated statement of profit or loss
40 Consolidated statement of profit or loss Constant currency R’ million F2025 % F2024 F2025 % Revenue 235 591,2 4,3 225 905,4 241 158,0 6,8 Trading profit 12 952,6 6,4 12 176,8 13 308,7 9,3 Net finance expense (1 118,3) 7,8 (1 037,6) (1 139,2) 9,8 Share of profit of associates and JVs 108,2 (15,8)
Slide 42: Consolidated statement of financial position
41 Consolidated statement of financial position Investment in PPE infrastructure • Expansionary capital investment amounted to R3,8 billion mainly related to infrastructure capin (through upgrades to (or new) distribution centers including the fit out of plant and equipment and purchase of land), th
Slide 43: Consolidated statement of cash flows
42 Consolidated statement of cash flows F2025 F2024 (R’ billion) (R’ billion) Cash generated from operations 16,6 Cash generated from operations 15,4 Working capital utilised (0,8) Working capital utilised (1,6) Net finance charges (1,0) Net finance charges (0,8) Taxation (2,8) Taxation (2,6) Divide
Slide 44: Cash generated by operations, net working capital, and cash conversion
43 Cash generated by operations, net working capital, and cash conversion Working capital vs. cash generated by operations % Cash conversion of CGO % Cash conversion of CGO (before working capital) (before working capital) (after working capital) Net working capital Cash generated by operations EBIT
Slide 45: Cash generated by operations, net working capital, and cash conversion
44 Cash generated by operations, net working capital, and cash conversion Average 3-month rolling working capital days Creditor days Stock days Debtors days Net days 13 15 5 5 7 6 8 46 43 39 37 39 37 36 53 40 36 38 38 36 37 (66) (74) (70) (70) (67) (65) (84) F2019 F2020 F2021 F2022 F2023 F2024 F2025
Slide 46: Gearing
45 Gearing Current EBITDA : net debt covenant – Net debt to be lower than R33,6 billion Net interest-bearing debt (R' billion) EBITDA interest cover (x) 28,0 25,7 23,2 23,2 22,2 23,1 19,3 20,7 15,8 8,2 5,6 6,2 6,2 4,7 3,1 0,5 1,7 2,1 F2019 F2020 F2021 F2022 F2023 H1F2024 F2024 H1F2025 F2025 BIDCORP
Slide 47: Constant currency effects on translation of foreign operations
46 Constant currency effects on the translation of foreign operations on the group The pro forma financial information has been compiled for illustrative purposes only and is the responsibility of the board. Due F2025 F2024 Pro-forma to the nature of this information, it may not fairly present the g
Slide 48: Historical results analysis
BIDCORP I RESULTS FOR THE YEAR ENDED JUNE 30 2025 Notes Historical results analysis 47
Slide 49: Bidcorp historic performance
48 Bidcorp historic performance Trading margin Annual operations returns (%) (%) ROFE ROE 5,16 5,16 5,35 5,39 5,50 62,8 61,5 4,97 5,07 54,9 59,0 49,4 53,4 4,17 3,66 3,37 42,3 27,7 16,6 16,1 16,3 19,7 19,1 17,6 11,0 4,6 F2016 F2017 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 F2018 F2019 F2020 F20
Slide 50: Audited results
49 2024 Audited results For the year ended June 30 2025 BIDCORP I RESULTS FOR THE YEAR ENDED JUNE 30 2025 Food | Service | Technology Notes
Slide 51: BIDCORP I RESULTS FOR THE YEAR ENDED JUNE 30 2025
BIDCORP I RESULTS FOR THE YEAR ENDED JUNE 30 2025 Notes 50
Slide 52: www.bidcorpgroup.com
« Bidcorp Se Sepia www.bidcorpgroup.com