2026 Quarter 3 Presentation

Q3 2026 Earnings Presentation

January 21, 2026

1

Today's Presenters

Zak Calisto Group CEO & Founder

Goy Hoeshin

Group CFO

Carmen Calisto Group Chief Strategy & Marketing Officer

2

2

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 available to us, and include, without limitation, statements regarding our business, financial condition, strategy, results of operations, certain of our plans, objectives, assumptions, expectations, prospects and beliefs and statements regarding other future events or prospects. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believe," "expect," "plan," "intend," "seek," "anticipate," "estimate," "predict," "potential," "assume," "continue," "may," "will," "should," "could," "shall," "risk" or the negative of these terms or similar expressions that are predictions of or indicate future events and future trends.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, the development of the industry in which we operate and the effect of acquisitions on us may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if our results of operations, financial condition and liquidity, the development of the industry in which we operate and the effect of acquisitions on us are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods.

Important factors that could cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements are disclosed under the "Risk Factors" and "Cautionary Statement Regarding

Forward-Looking Statements" sections of the Registration Statement on Form 20-F filed on June 09, 2025 and our Form 6-K filed on January 20, 2026.

You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation. We disclaim any duty to update and do not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation.

All information provided in this presentation is as of the date of this presentation, and we do not undertake any duty to update such information, except as required under applicable law.

Non-IFRS Financial Measures

This presentation includes certain non-IFRS financial measures, including ARR, ARPU, adjusted EBITDA, adjusted EBITDA margin, adjusted free cash flow and adjusted EPS. These non-IFRS financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative or superior to IFRS measures. You should be aware that our presentation of these measures may not be comparable to similarly-titled measures used by other companies. Please see the definitions and/or reconciliations included in our earnings announcement ("Earnings Announcement").

Market and Industry Data

We include statements and information in this presentation concerning our industry ranking and the markets in which we operate, including our general expectations and market opportunity, which are based on information from independent industry organizations and other third-party sources (including a third-party market study, industry publications, surveys and forecasts). While Karooooo believes these third-party sources to be reliable as of the date of this presentation, we have not independently verified any third-party information and such information is inherently imprecise. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of risks. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

Trademarks and Trade Names

In our key markets, we have rights to use, or hold, certain trademarks relating to Cartrack, or the respective applications for trademark registration are underway. We do not hold or have rights to any other additional patents, trademarks or licenses, that, if absent, would have had a material adverse effect on our business operations. Solely for convenience, trademarks and trade names referred to in this presentation may appear without the "®" or " " symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent possible under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other companies' tradenames, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. Each trademark, trade name or service mark of any other company appearing in this presentation is the property of its respective holder.

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↑22% Y-o-Y

ZAR 5,106M

↑28% Y-o-Y

USD $298M2,3

Cartrack Annual Recurring Revenue (ARR)2

95%5

Commercial Customer ARR Retention Rate

WHO WE ARE

Intelligent SaaS platform for connected vehicles and other mobile assets

Our platform empowers fleet and asset management, field worker management, video-based safety including AI video, compliance and risk mitigation, and delivery/logistics management.

~2.6M4

Cartrack Subscribers

125,000+4

Commercial Customers

275B+4

Monthly Data Points

Compelling financial profile

Our financial performance speaks for itself, underscored by a "Rule of 60"1 financial profile and a healthy, unlevered balance sheet.

7,400+4

Employees

Full Ownership of the customer value chain

Singapore /

20+ Countries

Headquarters / Countries of Operation

97%

of Cartrack's Q3 2026 Revenue was Subscription Revenue

Founder-led with a strong track record of disciplined capital allocation

We bring long-term vision, strategic focus and an entrepreneurial culture to an expansive total addressable market and have a strong track record of returning excess cash to shareholders via a dividend. Organic growth and product innovation are our priorities.

Operational efficiency and disciplined execution are hallmarks of our culture.

Growing global subscriber footprint and accelerating ARR² growth

>9x6

LTV to CAC

Enabled by strong retention, disciplined capital allocation and efficient distribution, which are all embedded in our vertically integrated business model and company culture

We serve approximately 2.6 million subscribers primarily in South Africa, Southeast Asia and Europe. We have delivered four consecutive quarters of ARR² acceleration.

Compounding data moat advantage propelled by continuous innovation

275B+⁴ monthly data points collected and commitment to product innovation continuously strengthens our ability to deliver impactful insights and value to our customers.

1. The sum of revenue growth and adjusted EBITDA margin for a reporting period sum to greater than 60.

2. SaaS ARR (a non-IFRS measure) is defined as the annual run-rate subscription revenue of subscription agreements from all customers at a point in time, calculated by taking the monthly subscription revenue for all customers during that month and multiplying by twelve.

3. For convenience purposes only, amounts in South African rand as at November 30, 2025 have been translated to U.S. dollars using an exchange rate of ZAR 17.1229 to U.S.$1.00 (November 30, 2024: ZAR 18.0405), as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate.

4. As of end of Q3 2026.

5. Customers that contributed 95% of the ARR in November 2024 remain our customers.

6. LTV calculated as the product of our subscription revenue gross margin measured over the past twelve months, and the difference between our current period SaaS ARR and prior comparative period (twelve months) SaaS ARR divided by the percentage of SaaS ARR lost as a result of customer churn over the past 12 months.

LTV is a non-IFRS measure. CAC calculated as annual sales and marketing expense measured over the past 12 months.

KAROOOOO

Leading physical operations management platform, focused on South Africa, Southeast Asia and Europe.

100% 81%

Ownership

Ownership

Logistics

SaaS Operations Management Platform Delivery-as-a-Service

Subscription Revenue (Q3 2026) B2B Delivery-as-a-Service (DaaS) Revenue2 (Q3 2026)

ZAR 1,236M

/ USD¹ 72M

ZAR 135M

/ USD¹ 8M

Y-o-Y Subscription Revenue Growth Y-o-Y DaaS Revenue Growth

↑20%

an acceleration vs. 14% in Q3 2025

↑27%

Growth in USD1

↑24% /

↑31% Growth in USD1

Q3 2026 Operating Profit Margin

28%

Q3 2026 Operating Profit Margin

7%

1. For convenience purposes only, amounts in South African rand as at November 30, 2025 have been translated to U.S. dollars using an exchange rate of ZAR 17.1229 to U.S.$1.00 (November 30, 2024: ZAR 18.0405), as set forth in the

   5

   H.10 statistical release of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any

   other exchange rate.

2. DaaS revenue is revenue generated from last-mile delivery services, including subscription-based revenue associated with these delivery services.

Q3 2026 KAROOOOO GROUP SNAPSHOT

Total Revenue

UP 22%

ZAR 1,410M

Cartrack Adjusted EBITDA¹ Margin, Operating Profit Margin and Subscription Revenue Gro

th

Subscription Revenue

UP 20%

Operating Profit

UP 14%

Q3 2025: ZAR 1,159M

ZAR 1,239M

Q3 2025: ZAR 1,032M

ZAR 369M

Q3 2025: ZAR 325M

50%

40%

30%

20%

45%

47%

47%

47%

30%

30%

31%

17%

17%

15%

Adjusted EBITDA Margin

Operating Profit Margin Subscription Revenue Growth

28%

20%

Subscribers

UP 16%

2,568,467

Q3 2025: 2,223,227

10%

0%

FY 2023 FY 2024 FY 2025

Q3 2026

1 Adjusted EBITDA (a non-IFRS measure) is defined as profit less finance income, plus finance costs, taxation, depreciation and amortization, plus impact of non-recurring operational expenses, if any. Adjusted EBITDA margin (a non-IFRS measure) is Adjusted EBITDA divided by revenue. In addition to our results determined in accordance with IFRS, we believe adjusted EBITDA (a non-IFRS measure) is useful in evaluating our operating performance.

RARE FINANCIAL PROFILE

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 1/2/2026

Note: "Rule of 50+" analysis utilizes Street CY2026E Revenue and CY2026E GAAP EBITDA Margin (i.e. including SBC) for a select group of ~140 listed SaaS companies. Small Cap is below $2B enterprise value, Mid Cap

is $2B-$20B and Large Cap is $20B+. Karooooo reports in accordance with IFRS; Karooooo's Adj. EBITDA margin definition equates to sample companies' GAAP EBITDA margin in this analysis. 7

Q3 2026 FINANCIAL AND OPERATIONAL HIGHLIGHTS

SaaS ARR1 Accelerated

• ARR1growth accelerated to 22% Y-o-Y and reached ZAR 5,106 million

• ARR growth in USD2accelerated to 28% Y-o-Y

and reached $298 million

Healthy Subscription Revenue Growth

• Cartrack subscription revenue increased 20% Y-o-Y in ZAR

• Cartrack South Africa subscription revenue

  accelerated to 21% Y-o-Y

  Solid Subscriber Growth

• Cartrack subscriber growth increased 16% Y-o-Y to ~2.6 million

• Cartrack delivered record net subscriber

  additions of 111K

• YTD Asia net subscriber additions increased

  30% Y-o-Y

  Robust Operating Profit

  Margin

  • Cartrack operating profit margin was a robust 28% aided by disciplined expense management

  • Robust profitability despite 47% Y-o-Y increase in sales and marketing expense

Attractive Growth and

Profitability - "Rule of 60"³

• "Rule of 60"3 company in Q3 2026:

  • Cartrack Subscription Rev. Growth: 20% Y-o-Y

  • Cartrack Adj. EBITDA Margin: 45%

    Clean and Strong Balance

    Sheet

• Strong and unleveraged balance sheet with net cash and cash equivalents of ZAR531 million as of November 30, 2025

1. SaaS ARR (a non-IFRS measure) is defined as the annual run-rate subscription revenue of subscription agreements from all customers at a point in time, calculated by taking the monthly subscription revenue for all customers during that month and multiplying by twelve.

   8

2. For convenience purposes only, amounts in South African rand as at November 30, 2025 have been translated to U.S. dollars using an exchange rate of ZAR 17.1229 to U.S.$1.00 (November 30, 2024: ZAR 18.0405), as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate.

3. The sum of revenue growth and adjusted EBITDA margin for a reporting period sum to greater than 60.

CARTRACK'S UNIT ECONOMICS REMAIN EFFICIENT

AND HEALTHY

Lifetime Value of

Customer Relationships1

Low Cost of Acquiring a

Customer 2

Strong Benefits from

Economies of Scale

Q3 2026

Gross Profit Margin based only on Subscription Revenue

73%

Q3 2025: 74%

>9x

LTV1 to CAC

95%

Commercial Customer ARR Retention Rate3

COMMITTED TO PROFITABLE GROWTH

1. The product of our subscription revenue gross margin measured over the past twelve months, and the difference between our current period SaaS ARR and prior comparative period (twelve months) SaaS ARR divided by the percentage of SaaS ARR lost as a result of customer churn over the past 12 months. LTV is a non-IFRS measure.

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2. Annual sales and marketing expense measured over the past 12 months.

3. Customers that contributed 95% of the ARR in November 2024 remain our customers.

SOUTH AFRICA Q3 2026 REVIEW

SOUTH AFRICA

Population ~63 million2

GDP ~$400 Billion2

Macro Drivers • Macro tailwinds post-2024 election

• Increasing commodity prices

• Expanding middle class

• Safety tailwinds

• Corporate focus on cost reduction and efficiency

Number of Vehicles and Mobile Assets Vast

Adoption of Fleet Management Moderate

Competitive Landscape Mature

1. As of end of Q3 2026 10

2. World Bank

SOUTHEAST ASIA Q3 2026 REVIEW

SOUTHEAST ASIA

Population ~640M3

GDP ~$5 Trillion3

Macro Drivers • Growing middle class and urbanization

• Logistics accounts for high % of GDP

• Safety tailwinds

• Corporate focus on cost reduction and efficiency

  Number of Vehicles and Mobile Assets Vast

  Adoption of Fleet Management Low

  Competitive Landscape Fragmented

  
  
  

  11

  1. Includes Asia-Pacific and Middle East subscribers

  2. As of end of Q3 2026

  3. World Bank

     
     
     

     EUROPE Q3 2026 REVIEW

     Cartrack Subscribers (Q3 2026)	~223K
     Cartrack Subscriber Growth (Q3 2026)	16% Y-o-Y
     Cartrack Market Share	Healthy in key countries
     Cartrack Brand Awareness	Strong in key countries
     Cartrack Footprint

     • 370+ employees1

     • Vertically integrated

     EUROPE

     Population ~450M2

     GDP ~$20 Trillion2

     Macro Drivers • Focus on digitalization

• Regulatory and safety tailwinds

• Corporate focus on cost reduction and efficiency

Number of Vehicles and Mobile Assets Vast

Adoption of Fleet Management Moderate

Competitive Landscape Mature

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KAROOOOO LOGISTICS Q3 2026 REVIEW

B2B Delivery as a Service Platform

Connects business demand for last-mile delivery with an elastic supply of vetted 3rd party delivery drivers

Focused on Last Mile Delivery

Enables businesses to manage logistics operations and elevate service delivery with a capital light model

Learning About Customers' Logistics Challenges

Continue to learn about the operational and logistics challenges

confronting large customers

Supports Financial Performance

Supports our strong financial performance by immersing our platform into large customers' operations, contributing to strong customer retention

Karooooo Logistics Continues to Scale

Delivered revenue of ZAR135 Million, an increase of 24% Y-o-Y

Delivered 7% operating profit margin

139

135

Karooooo Logistics Revenue

ZAR M

121

109 110

UP 24%

101 101

Q3 2026

Q3 2025

135

109

91

93

72

62

54 56

41

Q2 Q3 Q4

FY23

Q1 Q2 Q3

FY24

Q4

Q1 Q2

FY25

Q3 Q4

Q1

FY26

Q2 Q3

13

PROGRESS ON OUR FY 2026 PRIORITIES

1. Cement Leadership Position

2. Enhance Distribution Footprint in Asia and Europe

3. Broaden Platform Adoption and Capture Video Demand

14

DISCIPLINED CAPITAL ALLOCATION FRAMEWORK

Strategic M&A

Prudent approach to M&A.

Leverage M&A to accelerate time to market in a specific geography or augment our service offering and capabilities.

High bar for M&A given attractive organic unit economics & profitability.

Potential M&A would need to provide strategic value and/or optionality.

Organic Growth and Product Innovation

Allocating capital to organic growth and product innovation are our paramount priorities given our attractive unit economics, profitability and expansive market opportunity.

Disciplined approach to unit economics by country and customer acquisition channel.

Evaluate return on incrementally invested capital by country.

Return Capital to Shareholders

Given our current strong balance sheet and net cash position, our preference is to return free cash flow to shareholders via dividends.

Dividend is an attractive vehicle to return excess cash to shareholders.

Shareholder approval to repurchase up to 10% of shares in place.

Focused on driving liquidity over the

near-medium term1

ORGANIC GROWTH AND PRODUCT INNOVATION ARE OUR PRIORITIES

1 See Form F-3 filed on July 11, 2024 15

Q3 2026 Financial Performance

16

KAROOOOO CONTINUES TO DELIVER STRONG SUBSCRIPTION REVENUE GROWTH

UP 20%

Subscription Revenue

Q3 2026 ZAR 1,239M

Q3 2025 ZAR 1,032M

UP 14%

Operating Profit

Q3 2026 ZAR 369M

Q3 2025 ZAR 325M

UP 11%

Earnings Per Share

Q3 2026 ZAR 8.55

Q3 2025 ZAR 7.68

ROBUST EARNINGS GROWTH CONSIDERING THE SIGNIFICANT AND PLANNED UPFRONT INVESTMENT IN SALES AND MARKETING TO DRIVE FUTURE REVENUE AND EARNINGS

17

CARTRACK'S STRONG PERFORMANCE CONTINUES,

FUELED BY SaaS REVENUE MOMENTUM

Subscription

Revenue as a % of Revenue

Q3 2026

Q3 2025

97%

98%

1. SaaS ARR (a non-IFRS measure) is defined as the annual run-rate subscription revenue of subscription agreements from all customers at a point in time, calculated by taking the monthly subscription revenue for all customers during that month and multiplying by twelve.

2. For convenience purposes only, amounts in South African rand as at November 30, 2025 have been translated to U.S. dollars using an exchange rate of ZAR 17.1229 to U.S.$1.00 (November 30, 2024: ZAR 18.0405), as set forth in the H.10 statistical release of the Board

of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate. 18

CARTRACK EXTENDS TWO DECADE TRACK RECORD OF CONSISTENT EXECUTION AND RESILIENCE

Scale Growth Profitability

Subscribers

000s

2,457

2,386

2,302

2,223

2,137

2,047

1,972

1,908

1,833

1,6719,717

1,758

1,526 1,543

1,600

1,3 1,409

1,470

1,246

1,306

66

1,1 1,175

34

2,568

Subscription Revenue

ZAR M

1 180

1 138

1 084

1 029

983

900

930

960

83858

4

777193

7 733

07

628

663670

5 542

567574

606

26

1 236

Operating Profit

ZAR M

377

344

342

295

289287

316

293

248 252

221

224

222

232

198

182185

161

209

171

181

154

359

Q1 Q2 Q3 Q4 Q1

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

Q2 Q3 Q4 Q1

Q2 Q3

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

FY21

FY22

FY23

FY24

FY25

FY26

FY21

FY22

FY23

FY24

FY25

FY26

Q1 FY21

Q2 Q3 Q4 Q1

FY22

Q2 Q3 Q4 Q1

FY23

Q2 Q3 Q4 Q1

FY24

Q2 Q3 Q4 Q1

FY25

Q2 Q3 Q4 Q1

FY26

Q2 Q3

PROVEN ABILITY TO SCALE PROFITABLY IN VARYING MACRO ECONOMIC CONDITIONS

19

CARTRACK DELIVERED RECORD Q3 NET SUBSCRIBER

ADDITIONS

111 478

89 168

84 013

86 617

75 910 75 256

78 593 75 484

79 009

70 740

60 470

61 776

63 340

57 241

55 587

40 375

42 139

38 471

16 800

FY22 FY23 FY24

Q1

FY26

FY22 FY23

FY24

Q2

FY25 FY26

Q3

FY22 FY23 FY24

Q4

FY25

FY26

FY22 FY23 FY24 FY25 FY26

FY25

RECORD NET ADDITIONS REFLECTS STRATEGIC INVESTMENT IN SALES CAPACITY & SUCCESS SELLING VIDEO AND CARTRACK TAG

20

SUBSCRIBER GROWTH REMAINS STRONG

SOUTH AFRICA SUBSCRIBER GROWTH INCREASED 16%, UNDERSCORING THE GROWTH POTENTIAL IN THE REGION

21

FOURTH CONSECUTIVE QUARTER OF CARTRACK ARR1 GROWTH ACCELERATION

ARR¹ and ARR¹ Growth

ZAR M

22%

20%

17%

18%

4 806

5 106

14%

14%

14%

4 574

4 384

4 195

3 990

3 864

5 500 25%

5 000

4 500

20%

15%

10%

In USD2, Q3 SaaS ARR1

reached USD298 million

4 000

5%

3 500

0%

Q1 FY25 Q2 Q3 Q4 Q1 FY26 Q2 Q3

ARR1 ACCELERATED TO 22% in ZAR AND 28% in USD2

1. ARR is a non-IFRS measure defined as the annual run-rate subscription revenue of subscription agreements from all customers at a point in time, calculated by taking the monthly subscription revenue for all customers during that month and multiplying by 12.

2. For convenience purposes only, amounts in South African rand as at November 30, 2025 have been translated to U.S. dollars using an exchange rate of ZAR 17.1229 to U.S.$1.00 (November 30, 2024: ZAR 18.0405), as set forth

in the H.10 statistical release of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts have been, could have been or could be converted at 22

that or any other exchange rate.

Q3 2026 CARTRACK GEOGRAPHIC SUBSCRIPTION REVENUE MIX AND GROWTH

Cartrack Subscription Revenue Mix By Geography Cartrack Subscription Revenue Y-o-Y Growth

10%

72%

3%

15%

South Africa Asia & Middle East Europe Africa - Other

• South Africa growth accelerated to 21% compared to 18% in Q2 FY2026

• Asia & ME reported and constant currency growth reflects an increase in

  subscribers from lower ARPU countries

• Reported Asia & ME and Europe growth reflects the impact of a strengthening ZAR

CEMENTING LEADERSHIP POSITION IN SOUTH AFRICA

1 Constant currency basis, a non-IFRS measure, has been presented to illustrate the impact of changes in currency rates on the group's results. 23

KAROOOOO CONTINUES TO DELIVER STRONG EARNINGS PER SHARE

UP 11%

KAROOOOO ADJUSTED EARNINGS PER SHARE¹

Q3 2026

Q3 2025

8.54

7.67

S&M EXPENSE INCREASED 47% IN Q3; STRONG UNIT ECONOMICS AND LTV REMAIN INTACT2

24

1. Adjusted earnings per share, (a non-IFRS measure) is defined as, earnings per share defined by IFRS excluding the impact of specific non-recurring operational expenses as outlined in the reconciliation.

2. Our upfront sales and marketing costs are not aligned with the lifetime value of customer recurring revenue and related earnings in our financial statements.

KAROOOOO HAS A TWO DECADE TRACK RECORD OF STRONG FREE CASH FLOW GENERATION

CARTRACK ACCELERATING ARR GROWTH

ZAR M

Earnings

Adj. Free Cash Flow1

937

ZAR M

Earnings

Adj. Free Cash Flow1

754

609

547

564

425

786

• YTD Adj. Free Cash Flow increased 37% Y-o-Y;

• Q3 Adj. Free Cash Flow increased 28% Y-o-Y

682

597

436

FY 2023 FY 2024 FY 2025

FY25 1st 9 Months FY26 YTD

STRONG TRACK RECORD OF DISCIPLINED CAPITAL ALLOCATION

1 As of February 29, 2024 the Group had ZAR486 million in bank fixed deposits with maturity dates longer than 3 months (these bank fixed deposits were classified under trade and other receivables as of February 29, 2024).

Adjusted free cash flow (a non-IFRS measures) is presented on the basis that these bank fixed deposits are classified as cash and cash equivalents. 25

KAROOOOO HAS A STRONG AND CLEAN BALANCE SHEET

Net cash on hand plus cash in bank fixed deposits

(in ZAR M)

1 137

1 103

Healthy

1 001

966

922

950

854

799

819

1

856 838

718

664

782

651 2

674

3

544

531

3934

Debtor's Days

31

Q3 2026

Q3 2025: 27 days

Attractive growth with strong unit

economics

Robust operating margins Unleveraged balance sheet

Attractive cash conversion

Track record of returning cash to shareholders via an annual dividend

Q1 FY22

Q2 Q3 Q4 Q1

FY23

Q2 Q3 Q4 Q1

FY24

Q2 Q3 Q4 Q1

FY25

Q2 Q3 Q4 Q1

FY26

Q2 Q3

1. USD18.6m dividend paid.

2. USD26.3m dividend paid.

3. USD33.4m dividend paid. 26

4. USD38.6m dividend paid.

RAISING MIDPOINT OF REVENUE OUTLOOK FOR FY 2026

Q3 CARTRACK SUBSCRIPTION REVENUE AND ARR2 GROWTH OF 20% and 22%

1. Adjusted earnings per share, (a non-IFRS measure) is defined as, earnings per share defined by IFRS excluding the impact of specific non-recurring operational expenses as outlined in the reconciliation.

   27

2. ARR is a non-IFRS measure defined as the annual run-rate subscription revenue of subscription agreements from all customers at a point in time, calculated by taking the monthly subscription revenue for all customers during that month and multiplying by 12.

Q3 2026 Earnings Highlights Key Investment Highlights

• SaaS ARR1growth accelerated to 22% Y-on-Y; SaaS ARR1growth in USD2accelerated to 28% reaching USD298 million

• Cartrack subscription revenue growth increased to 20% Y-on-Y (in

  ZAR)

• Cartrack South African subscription revenue accelerated to 21%, underscoring the growth potential in the region

• Record net subscriber additions of 111K, fueling durable growth

• Rare financial profile: Rule of 603company

• Robust profitability with Cartrack operating profit margin of 28%

• Karooooo Adj.EPS of ZAR8.54, an increase of 11% Y-o-Y, despite a 47% Y-o-Y increase in S&M expense

• Well positioned to drive profitable growth given efficient unit economics and expansive TAM

• Strong FCF generation provides capital allocation flexibility and optionality: Growth is 1 priority

• 4th consecutive quarter of ARR1growth acceleration

• Compelling and rare financial profile; Rule of 60³ company with strong and unlevered balance sheet

• Differentiated enterprise-grade technology platform that serves diverse industries enabled by our vast data asset

• Founder-led business operating in a large TAM with agile culture

  focused on rapid speed of innovation and profitable growth

• Two-decade track record of disciplined execution and cash generation

  1. SaaS ARR (a non-IFRS measure) is defined as the annual run-rate subscription revenue of subscription agreements from all customers at a point in time, calculated by taking the monthly subscription revenue for all customers during that month and multiplying it by twelve.

     28

  2. For convenience purposes only, amounts in South African rand as at November 30, 2025 have been translated to U.S. dollars using an exchange rate of ZAR 17.1229 to U.S.$1.00 (November 30, 2024: ZAR 18.0405), as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate.

  3. The sum of revenue growth and adjusted EBITDA margin for a reporting period is greater than 60.

Q & A Thank you

Appendix