Investor overview

Track record

Consistent compounding growth

A nine-year track record of disciplined value creation

• Revenue compounded at 8,9% annually since the 2016 JSE listing, reaching R235,6bn in F2025.
• HEPS grew at 10% CAGR — earnings are 138% larger than at listing, with trading margin improving from 3,66% to 5,5% over the same period.

Competitive advantage

Decentralised model

Local expertise. Global scale. Built-in resilience

• Each operating company retains its Own Brand identity, local leadership and local decision-making — creating the customer intimacy of a specialist at the scale of a global group.
• Diversification across four divisions and 31 countries means no single geography or macro event derails group performance, demonstrated through multiple currency cycles.

Balance sheet strength

Conservative capital, exceptional returns

Capital discipline as a competitive moat

• ROFE of 53,5% in H1 F2026 — grown by 600 basis points since listing, reflecting management's effectiveness in generating returns while growing the group.
• Net debt/EBITDA of 0,5x against a 2,5x covenant, with EBITDA interest cover of 23,7x against a 5x covenant — substantial headroom for acquisitions and capital returns.

Shareholder returns

Progressive dividends

Consistent, growing distributions since listing

• Dividends per share has grown at 19% CAGR since listing — from 241 cps in F2016 to 1 160 cps in F2025, with R23,7bn paid to shareholders in total.
• Dividend policy of 2,5x HEPS cover provides predictability for income-focused investors, with payouts growing in line with normalised earnings.

Growth engine

Disciplined acquisitions

Bolt-on growth, deployed with discipline

• 73 acquisitions completed since listing across all four divisions, with R22,2bn deployed at a disciplined 6x to 8x EV/EBITDA target range — management walks away where risk-reward is not compelling.
• Technology investment in data tools, pricing platforms and automation is delivering tangible operational benefits, with further leverage expected as platforms mature.

Demonstrable commitment to ESG

Governance. Environment. People.