Financial Data and Key Metrics Changes - In Q3 FY 2026, Karooooo's ARR increased by 22% to ZAR 5,106 million, and on a U.S. dollar basis, it increased by 28% to $298 million [4][20] - Total revenue for Q3 increased by 22% to ZAR 1,410 million, with subscription revenue rising by 20% to ZAR 1,239 million [7][19] - Operating profit increased by 14% to ZAR 369 million, and earnings per share rose by 11% to ZAR 8.55 [19][24] Business Line Data and Key Metrics Changes - Cartrack's subscription revenue grew by 20% to ZAR 1,236 million, accounting for 97% of its total revenue [20][21] - Karooooo Logistics' revenue reached ZAR 135 million, an increase of 24% [15][20] - Cartrack's operating profit margin was 28%, while Karooooo Logistics had a 7% operating profit margin [7][15] Market Data and Key Metrics Changes - South Africa represented 72% of total Cartrack subscription revenue, with a subscription revenue growth of 21% [11][12] - Southeast Asia and the Middle East saw a 14% increase in subscription revenue, while Europe experienced a 24% increase [13][14][22] - The total subscriber count increased by 16% to approximately 2.6 million, with record net additions of 111,000 in Q3 [10][21] Company Strategy and Development Direction - The company aims to strengthen its leadership position in South Africa by increasing the adoption of video solutions and Cartrack Tag among existing customers [16][27] - Karooooo is focused on expanding its distribution capabilities in Asia and Europe, with a strong emphasis on capital allocation for organic growth and innovation [17][28] - The company is committed to maintaining strong unit economics and profitability while pursuing growth opportunities in under-penetrated markets [4][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market opportunity in South Africa, highlighting a long runway for subscription growth [12][13] - The company noted that the appreciation of the South African rand has created a currency translation headwind on reported revenue, but underlying operating momentum remains strong [25][26] - Management remains focused on long-term growth and shareholder value, prioritizing investments in sales capacity and customer acquisition [17][28] Other Important Information - The company reported a net cash position of ZAR 531 million and maintained healthy debtor collection days at 31 days [24] - Karooooo's LTV to CAC ratio remains above nine times, indicating strong retention and efficient distribution [5][11] - The company plans to return surplus capital to shareholders through dividends when growth opportunities are not available [17] Q&A Session Summary Question: How is the headcount increase in Asia progressing? - The company is currently at around 40% of the targeted 70% increase, with many hires expected in January and February [30] Question: When will the investment in sales and marketing stabilize? - The stabilization will depend on the efficiency of sales and marketing strategies, with plans to continue increasing investment given the large addressable market [31] Question: How far along is the cross-selling of Tag and video in South Africa? - The company is in the early stages of cross-selling and expects stronger momentum in the next financial year [32] Question: What drove the strong pickup in South Africa subscriber growth? - Subscriber growth is in accordance with the plan, driven by increased footprint and execution capabilities [36] Question: How does the Volkswagen OEM integration impact European growth? - The integration allows for quicker vehicle onboarding to the platform, although operational issues with OEM telemetry devices remain [40]

Financial Data and Key Metrics Changes - In Q3 FY 2026, the company's Annual Recurring Revenue (ARR) increased by 22% to ZAR 5,106 million, and on a US dollar basis, it increased by 28% to $298 million [4][22] - Total revenue for Q3 increased by 22% to ZAR 1,410 million, with subscription revenue rising by 20% to ZAR 1,239 million [8][21] - Operating profit increased by 14% to ZAR 369 million, and earnings per share rose by 11% to ZAR 8.55 [21][24] Business Line Data and Key Metrics Changes - Cartrack, the primary operating segment, generated approximately ZAR 1.2 billion in subscription revenue, reflecting a 20% increase or 27% on a US dollar basis [6][22] - Karooooo Logistics reported Delivery-as-a-Service revenue of ZAR 135 million, an increase of 24% or 31% on a US dollar basis [8][17] - Cartrack's operating profit margin was 28% in Q3, while Karooooo Logistics had a 7% operating profit margin [8][17] Market Data and Key Metrics Changes - South Africa represented 72% of total Cartrack subscription revenue, with subscription revenue growth accelerating to 21% [12][23] - Southeast Asia and the Middle East saw a 14% increase in subscription revenue, while Europe experienced a 24% increase [15][16][24] - The company ended Q3 with approximately 318,000 subscribers in Southeast Asia and the Middle East, a 20% increase [15] Company Strategy and Development Direction - The company aims to strengthen its leadership position in South Africa by driving the adoption of video solutions and Cartrack Tag within its existing customer base [18][30] - There is a focus on expanding distribution capabilities in Asia and Europe, with ongoing investments in sales capacity expected to yield positive results [18][30] - The capital allocation framework prioritizes organic growth and innovation, with a commitment to returning surplus capital to shareholders when growth opportunities are limited [19][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market opportunity in South Africa, indicating a long runway for subscription growth [15][30] - The company noted that the appreciation of the South African rand has created a currency translation headwind on reported revenue, but underlying operating momentum remains strong [28] - The outlook for FY 2026 Cartrack subscription revenue has been revised to between ZAR 4,785 million and ZAR 4,900 million, implying growth between 18% and 21% [29] Other Important Information - The company reported a strong balance sheet with net cash and cash equivalents of ZAR 531 million [11][26] - The subscription gross margin was 73%, and the lifetime value to customer acquisition cost (LTV to CAC) ratio remained above nine times [12][25] - The company has a disciplined approach to capital allocation, focusing on sustainable growth and shareholder value [19][20] Q&A Session Summary Question: How is the headcount increase in Asia progressing? - The company is currently at around 40% of the targeted 70% increase, with many hires expected in January and February [32] Question: When will investment in sales and marketing stabilize? - The stabilization depends on the efficiency of sales and marketing strategies, with plans to continue increasing investment given the large addressable market [32] Question: How far along is the cross-selling of tag and video in South Africa? - The company is in the early stages of cross-selling and expects stronger momentum in the next financial year [33] Question: What are the drivers of acceleration in subscriber growth? - The acceleration is attributed to increased sales and marketing efforts, with strong productivity in key markets [34] Question: How does the company view the competitive landscape for AI camera adoption? - The company feels comfortable competing with peers and believes adoption will strengthen over time [36] Question: What impact does the strong South African rand have on operations? - The strong rand has a mixed impact, positively affecting production costs but negatively impacting reported revenue in rands [43] Question: Is the subscriber growth in South Africa diluting ARPU growth? - On a group level, ARPU growth remains on track, with slight lagging expected but overall performance is largely on target [51]

Q3 2026 Earnings Presentation January 21, 2026 1 Today's Presenters Zak Calisto Group CEO & Founder Goy Hoeshin Group CFO 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 ...

Q2 2026 Financial Highlights - Cartrack's Annual Recurring Revenue (ARR) grew by 20% year-over-year to ZAR 4,806 million[38] - Subscription revenue increased by 20% year-over-year[43] - Operating profit margin remained robust at 29%[40] - Adjusted Earnings Per Share (EPS) increased by 13% year-over-year[60] - Karooooo Logistics revenue reached ZAR 139 million in Q2 2026, a 38% increase year-over-year[50] Subscriber Growth - Total subscribers increased by 15% year-over-year to approximately 2.5 million[43] - Asia subscriber growth was healthy at 21% year-over-year[43] - Net subscriber additions totaled 71,000[43] Regional Performance - South Africa subscription revenue grew by 18%[43] - Europe subscription revenue grew by 27%[43] - 71% of Cartrack's subscription revenue comes from South Africa[76] Financial Strength - The company maintains a strong and unleveraged balance sheet with net cash and cash equivalents of ZAR 393 million as of August 31, 2025[42] - The company paid a total cash dividend of USD 386 million or USD 125 per share to shareholders in August 2025[84]

Financial Highlights - Karooooo's Annual Recurring Revenue (ARR) increased by 18% year-over-year to ZAR 4,574 million[21,44] - In USD terms, ARR growth accelerated to 24% year-over-year reaching USD 254 million[21,44] - Cartrack subscription revenue grew by 19% year-over-year in ZAR[29,45] - Cartrack subscription revenue grew by 24% year-over-year in USD[29,45] - Karooooo's Earnings Per Share (EPS) increased by 19% year-over-year to ZAR 855[33,46] Subscriber Growth - Cartrack subscribers increased by 17% year-over-year reaching approximately 24 million[19,21,45] - Asia subscriber growth accelerated to 22% year-over-year[45,51] - Net subscriber additions of 84K were a record for Q1[45,72] Regional Performance - South Africa's Cartrack subscriber growth was 16% year-over-year[50] - Southeast Asia's Cartrack subscriber growth was 22% year-over-year[51] - Europe's Cartrack subscriber growth was 20% year-over-year[52] Karooooo Logistics (Delivery-as-a-Service) - Karooooo Logistics delivered revenue of ZAR 121 million in Q1 2026, a 20% year-over-year increase[29,54,55] - Karooooo Logistics delivered an 8% operating profit margin in Q1 2026[29,54]

Financial Performance Highlights - Karooooo's subscription revenue for FY 2025 reached ZAR 4,055 million, a 15% year-over-year increase[23] - Subscription revenue grew by 19% year-over-year in USD[23] - The company achieved a 31% operating profit margin for FY 2025[23] - Adjusted Earnings Per Share increased by 39% year-over-year to ZAR 9.48 in Q4 2025[27] - Karooooo's Adjusted Earnings Per Share for FY 2025 increased 33% year-over-year to ZAR 31.67[69, 103] Subscriber Growth - Cartrack subscribers increased by 17% year-over-year, reaching 2.3 million[34] - Net subscriber additions in Q4 2025 increased by 25% year-over-year to 79,000[34] - European subscriber growth accelerated to 20% year-over-year[34] Regional Performance - Southeast Asia subscription revenue growth accelerated to 31% year-over-year in Q4 2025[38, 103] - South Africa Cartrack subscribers are approximately 1.7 million[43] - Southeast Asia Cartrack subscribers are approximately 274,000[44] - Europe Cartrack subscribers are approximately 201,000[45] Karooooo Logistics (Delivery-as-a-Service) - B2B Delivery-as-a-Service revenue for FY 2025 was ZAR 420 million, a 33% year-over-year increase[23] - The Delivery-as-a-Service platform achieved a 9% operating profit margin in FY 2025[24, 47]