Annual financial statement
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Reviewed Annual Group Results for the year ended 31 August 2025
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Contents Key features Group turnover up 5.3% Retail turnover up 6.0% Total dividend up 14.2% to 886 cents per share Total shareholder return 17.3% CAGR over 10 years Return on equity 49.2% Trading margin up 60 bps to 9.8% Diluted HEPS up 14.1% R6.6 billion cash generated by operations R2.7 billion returned to shareholders Financial summary Commentary Independent auditor’s review report on condensed consolidated financial statements Consolidated statement of comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cash flows Notes to the cash flow statement Segmental analysis Accounting policies and notes Store footprint Analysis of shareholders Definitions Presentation 2 3 5 6 7 8 10 11 12 14 16 16 17 18
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As a leader in the healthcare market Clicks Group is committed to increasing access to aff ordable healthcare for all South Africans. Clicks is the country’s leading health, wellness and beauty retailer and foremost pharmacy chain, with an expanding network of over 990 stores and 780 pharmacies supported by a growing digital presence. UPD is the country’s leading full‑range pharmaceutical wholesaler, providing the distribution capability for the group’s healthcare strategy. Clicks Group Annual Results 2025
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Financial summary Year to 31 August 2025 Year to 31 August 2024 % change Consolidated statement of comprehensive income Turnover R’000 47 828 079 45 437 640 5.3% Gross profit R’000 11 399 653 10 632 419 7.2% Total income R’000 14 860 861 13 714 721 8.4% Headline earnings R’000 3 234 282 2 844 598 13.7% Net financing cost R’000 (242 970) (265 172) (8.4%) Consolidated statement of financial position Equity R’000 6 857 593 6 285 539 9.1% Total assets R’000 22 591 916 20 817 141 8.5% Consolidated statement of cash flows Net cash effects from operating activities R’000 3 329 892 3 006 144 10.8% Capital expenditure R’000 984 528 890 860 10.5% Capital commitments R’000 1 256 511 1 024 945 22.6% Depreciation and amortisation R’000 1 881 982 1 742 293 8.0% Performance Turnover growth % 5.3 9.2 Comparable stores turnover growth % 4.3 8.4 Gross profit growth % 7.2 14.2 Gross profit margin % 23.8 23.4 Total income growth % 8.4 12.8 Total income margin % 31.1 30.2 Trading margin % 9.8 9.2 Net working capital days 34 35 Inventory days 78 74 Trade debtor days 29 31 Trade creditor days 73 70 Current ratio :1 1.1 1.1 Return on total assets % 14.9 14.3 Return on shareholders' interest % 49.2 46.4 Return on invested capital (ROIC) % 30.7 29.7 Return on invested capital (ROIC) excluding IFRS 16 % 47.0 45.6 Shareholders' interest to total assets % 30.4 30.2 Interest-bearing debt, including cash, to shareholders’ interest at year-end % 11.5 17.2 Statistics Number of permanent employees 20 102 19 621 2.5% Number of stores* 1 060 1 002 5.8% Weighted retail trading area m2 474 516 448 255 5.9% Share statistics Number of ordinary shares in issue ’000 235 931 238 062 (0.9%) Weighted average diluted number of shares in issue ’000 237 512 238 346 (0.3%) Headline earnings per share – basic cents 1 361.7 1 193.5 14.1% – diluted cents 1 361.7 1 193.5 14.1% Dividend per share – interim cents 238.0 210.0 13.3% – final cents 648.0 566.0 14.5% Dividend payout ratio % 65 65 Share price – closing cents 37 312 37 369 (0.2%) – high cents 40 383 37 369 – low cents 32 745 23 758 Net asset value per share cents 2 907 2 640 10.1% Net tangible asset value per share cents 2 416 2 155 12.1% Market capitalisation R’000 88 030 575 88 961 389 (1.0%) Price earnings ratio times 27.4 31.3 Volume of ordinary shares traded ’000 194 801 202 137 Percentage of ordinary shares traded % 82.0 84.8 Free float % 99.9 99.9 Shareholders' return cents 829 10 795 Change in share price cents (57) 10 019 Dividend per share cents 886 776 Other information Inflation rate CPI % 3.3 4.4 Internal selling price inflation % 2.1 5.2 Interest rates Prime overdraft rate – closing % 10.50 11.75 – average % 11.0 0 11.75 FTSE/JSE Africa share indices All Share Index 101 836 83 750 21.6% Food and Drug Retailers Index 15 783 16 611 (5.0%) General Retailers Index 6 520 7 394 (11.8%) Exchange rate Rand/US dollar – closing R/US$ 17.73 17.75 (0.1%) – average R/US$ 18.09 18.66 (3.1%) * Total stores includes Clicks + The Body Shop + Sorbet. 2 Clicks Group Annual Results 2025
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Commentary Overview Clicks Group once again demonstrated the resilience of its core product offering in a constrained trading environment, delivering growth across its strategic pillars of value, convenience, differentiation and personalisation. The group increased diluted headline earnings per share by 14.1% to 1 362 cents and achieved an industry-leading return on equity of 49.2%. Clicks reported strong growth of 10.7% in private label and exclusive brands which accounted for R9.7 billion of the chain’s turnover. Clicks increased its store base to over 990 following the opening of a net 55 stores and the national pharmacy network was expanded to 780 with the opening of a net 60 pharmacies during the year. Clicks ClubCard, which celebrates its 30th anniversary this year, grew active membership to 12.6 million and contributed 82.6% of sales in Clicks. Loyalty members received R855 million in cashback in the past year, bringing total rewards paid to customers over the past three decades to R7.5 billion. The group maintained its track record of shareholder wealth creation. The total dividend was increased by 14.2% to 886 cents per share, based on a 65% payout ratio. The group returned R2.7 billion to shareholders in dividend payments of R1.9 billion and share buybacks of R751 million. Over the past decade, the group has delivered a compound annual growth rate of 17.3% in total shareholder return. Financial performance Group turnover increased by 5.3% to R47.8 billion. Retail turnover, which includes Clicks, UniCare, The Body Shop and Sorbet corporate stores, increased by 6.0%. Comparable store turnover grew by 4.7% (excluding the additional trading day in the prior period) with inflation of 2.6% and volume growth of 2.1%. Retail turnover increased by 7.0%, excluding Unicorn Pharmaceuticals (Unicorn), which was disposed of in the previous financial year. Distribution turnover grew by 5.1% through increased purchasing compliance across UPD’s core wholesale channels. Total income grew by 8.4% to R14.9 billion. The retail margin expanded by 70 basis points due to strong growth in higher margin private label products and supply chain efficiencies. The distribution margin declined by 10 basis points, impacted by the lower adjustment in the single exit price of medicines relative to the prior year. The group’s total income margin expanded by 90 basis points to 31.1% as a result of the stronger growth in Retail relative to Distribution. Retail costs grew by 7.9% mainly due to higher wage increases and increased pharmacy openings as well as higher utility and card acquiring costs. Comparable retail costs grew by 5.0%. Distribution costs were very well managed, with expense growth contained to 1.9%. Group trading profit increased by 12.1% to R4.7 billion and the group’s trading margin increased by 60 basis points to 9.8%. The retail margin increased from 10.2% to 10.5%, and including the intragroup profit from Unicorn, the margin expanded to 10.8%. UPD increased its trading margin by 10 basis points to 3.3%. Headline earnings grew by 13.7% to R3.2 billion. Basic earnings per share increased by 14.5% to 1 363 cents and headline earnings per share increased by 14.1% to 1 362 cents. Inventory levels increased by 10.7% and group inventory days were four days higher at 78 days. Retail inventory was impacted by a focus on product availability to drive sales growth as well as new stores opened in the last two months of the year. UPD inventory was higher due to demand-driven buy-ins of GLP-1 product and increased Unicorn stock levels. The group’s net working capital days improved from 35 to 34 days. Cash generated by operations totalled R6.6 billion. Capital expenditure of R985 million (2024: R891 million) was invested mainly in new stores and pharmacies, store refurbishments, supply chain and information technology (IT). At financial year-end, the group held cash resources of R3.3 billion, with the final dividend totalling R1.5 billion to be paid to shareholders in January 2026. Outlook While the improvement in South Africa’s macroeconomic indicators is encouraging for retail spending over the medium term, consumer sentiment and discretionary spending remain under pressure. The group is, however, well positioned in this environment due to its competitive advantage in the defensive health and beauty sectors where it holds market-leading shares in its core retail categories as well as in pharmaceutical wholesale and distribution. In the new financial year, management aims to leverage the recent investments in Sorbet, UniCare and the LEAP pharmacy system while continuing to invest in enhancing the group’s omni-channel capability. Clicks plans to open 40 – 50 stores and 40 – 50 pharmacies in the 2026 financial year and is committed to achieving its medium-term target of 1 200 stores. In addition, the group plans to open 10 – 15 UniCare specialised pharmacies over the medium term. 3 Clicks Group Annual Results 2025
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Commentary continued Private label remains the primary driver of the group’s differentiation strategy. The group aims to sustain the strong recent growth momentum in private label and exclusive brands, targeting a 35% contribution to front shop sales in the medium term. Capital expenditure of R1 256 million is planned for the 2026 financial year. This includes R662 million for new stores and pharmacies and the refurbishment of 70 – 80 stores. A further R594 million will be invested in supply chain, IT and infrastructure. Final dividend The board of directors has approved a final gross ordinary dividend for the period ended 31 August 2025 of 648.0 cents per share (2024: 566.0 cents per share). The source of the dividend will be from distributable reserves and paid in cash. Dividends Tax (DT) of 20% amounting to 129.6 cents per ordinary share will be withheld in terms of the Income Tax Act. Ordinary shareholders who are not exempt from DT will therefore receive a dividend of 518.4 cents net of DT. The company has 234 898 662 ordinary shares. Its income tax reference number is 9061/745/71/8. Shareholders are advised of the following salient dates in respect of the final dividend: Last day to trade “cum” the dividend Tuesday, 20 January 2026 Shares trade “ex” the dividend Wednesday, 21 January 2026 Record date Friday, 23 January 2026 Payment to shareholders Monday, 26 January 2026 Share certificates may not be dematerialised or rematerialised between Wednesday, 21 January 2026 and Friday, 23 January 2026, both days inclusive. Cape Town 23 October 2025 Mfundiso Njeke Independent non-executive chairman Bertina Engelbrecht Chief executive officer Gordon Traill Chief financial officer 4 Clicks Group Annual Results 2025
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Independent auditor’s report on review of the condensed consolidated fi nancial statements To the shareholders of Clicks Group Limited Introduction We have reviewed the accompanying consolidated statement of fi nancial position of Clicks Group Limited ("the group") as at 31 August 2025, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash fl ows for the year then ended, and notes to the cash fl ow statement, segmental analysis, accounting policies and notes ("the condensed consolidated fi nancial statements"). Management is responsible for the preparation and presentation of these condensed consolidated fi nancial statements in accordance with the framework concepts and the measurement and recognition requirements of IFRS® Accounting Standards, IAS 34: Interim Financial Reporting and the South African Companies Act. Our responsibility is to express a conclusion on these condensed consolidated fi nancial statements based on our review. Scope of review We conducted our review in accordance with the International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of condensed consolidated fi nancial statements consists of making inquiries, primarily of persons responsible for fi nancial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all signifi cant matters that might be identifi ed in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated fi nancial statements as at 31 August 2025 is not prepared, in all material respects, in accordance with the framework concepts and the measurement and recognition requirements of IFRS ® Accounting Standards, IAS 34: Interim Financial Reporting and the South African Companies Act. KPMG Inc. Registered Auditor Per IM Engels Chartered Accountant (SA) Registered Auditor Director 23 October 2025 The Halyard 4 Christiaan Barnard Street Cape Town 5 Clicks Group Annual Results 2025
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Consolidated statement of comprehensive income R’000 Year to 31 August 2025 Year to 31 August 2024 % change Revenue 51 426 992 48 609 808 Turnover 47 828 079 45 437 640 5.3% Cost of merchandise sold (36 428 426) (34 805 221) 4.7% Gross profit 11 399 653 10 632 419 7.2% Other income 3 461 208 3 082 302 12.3% Total income 14 860 861 13 714 721 8.4% Expenses (10 182 338) (9 542 869) 6.7% Depreciation and amortisation (1 811 683) (1 681 320) 7.8% Occupancy costs (212 044) (212 505) (0.2%) Employment costs (5 282 102) (4 907 022) 7.6% Other costs (2 873 327) (2 729 748) 5.3% Impairment allowance – IFRS 9 ECL (3 182) (12 274) Trading profit 4 678 523 4 171 852 12.1% Profit/(Loss) on disposal of property, plant and equipment 2 810 (5 415) Profit on disposal of business – 180 Profit before financing costs 4 681 333 4 166 617 12.4% Net financing expense (242 970) (265 172) (8.4%) Financial income 137 705 89 866 53.2% Financial expense (380 675) (355 038) 7.2% Profit before earnings from associate 4 438 363 3 901 445 13.8% Share of loss of associate (4 935) (7 637) Profit before taxation 4 433 428 3 893 808 13.9% Income tax expense (1 197 095) (1 056 751) 13.3% Profit for the year 3 236 333 2 837 057 14.1% Other comprehensive income: Items that will not be subsequently reclassified to profit or loss, net of tax Remeasurement of post-employment benefit obligations 2 892 7 076 Items that may be subsequently reclassified to profit or loss, net of tax Exchange differences on translation of foreign subsidiaries (10 702) (8 326) Cash flow hedges 16 125 21 267 Cost of hedging reserve (19 921) (19 824) Other comprehensive income for the year, net of tax (11 606) 193 Total comprehensive income for the year 3 224 727 2 837 250 Earnings per share (cents) 1 362.6 1 190.3 14.5% Diluted earnings per share (cents) 1 362.6 1 190.3 14.5% 6 Clicks Group Annual Results 2025
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R’000 As at 31 August 2025 As at 31 August 2024 ASSETS Non–current assets 8 351 031 7 930 394 Property, plant and equipment 3 087 950 2 845 032 Right-of-use assets 3 685 047 3 505 081 Intangible assets 941 551 946 363 Goodwill 215 371 209 114 Deferred tax assets 72 968 85 157 Investment in associate 12 501 17 436 Loans receivable 127 980 141 436 Financial assets at fair value through profit or loss 207 663 180 775 Current assets 14 240 885 12 886 747 Inventories 7 818 704 7 063 280 Trade and other receivables 3 139 516 3 057 282 Income tax receivable 2 011 1 831 Loans receivable 24 884 29 960 Cash and cash equivalents 3 255 770 2 704 961 Derivative financial assets – 29 433 Total assets 22 591 916 20 817 141 EQUITY AND LIABILITIES Equity 6 857 593 6 285 539 Share capital 2 360 2 381 Share premium 1 064 953 1 064 953 Cash flow hedge reserve (2 937) (8 532) Cost of hedging reserve (4 233) (4 950) Foreign currency translation reserve (19 535) (8 833) Distributable reserve 5 816 985 5 240 520 Non–current liabilities 2 922 669 2 702 036 Lease liabilities 2 708 327 2 536 701 Deferred tax liabilities 26 922 14 480 Employee benefits 187 420 150 855 Current liabilities 12 811 654 11 829 566 Trade and other payables 10 912 537 10 030 903 Lease liabilities 1 334 154 1 249 585 Employee benefits 400 710 386 633 Income tax payable 155 572 146 085 Derivative financial liabilities 8 681 16 360 Total equity and liabilities 22 591 916 20 817 141 Consolidated statement of financial position 7 Clicks Group Annual Results 2025
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R’000 Number of shares ’000 Share capital Share premium Cash flow hedge reserve Cost of hedging reserve Foreign currency translation reserve Distributable reserve Total equity Balance at 1 September 2023 241 161 2 412 1 064 953 (2 984) (6 166) (507) 4 907 106 5 964 814 Transactions with owners, recorded directly in equity Dividends paid to shareholders – – – – – – (1 675 960) (1 675 960) Shares repurchased and cancelled (3 099) (31) – – – – ( 834 759) (834 790) Total transactions with owners (3 099) (31) – – – – (2 510 719) (2 510 750) Total comprehensive income for the year – – – 21 267 (19 824) (8 326) 2 844 133 2 837 250 Profit for the year – – – – – – 2 837 057 2 837 057 Remeasurement of post-employment benefit obligations – – – – – – 7 076 7 076 Cash flow hedge reserve – – – 21 267 – – – 21 267 Cost of hedging reserve – – – – (19 824) – – (19 824) Exchange differences on translation of foreign subsidiaries – – – – – (8 326) – (8 326) Transfer of reserves to inventories – – – (26 815) 21 040 – – (5 775) Balance at 31 August 2024 238 062 2 381 1 064 953 (8 532) (4 950) (8 833) 5 240 520 6 285 539 Transactions with owners, recorded directly in equity Dividends paid to shareholders – – – – – – (1 911 348) (1 911 348) Shares repurchased and cancelled (2 131) (21) – – – – (751 412) (751 433) Total transactions with owners (2 131) (21) – – – – (2 662 760) (2 662 781) Total comprehensive income for the year – – – 16 125 (19 921) (10 702) 3 239 225 3 224 727 Profit for the year – – – – – – 3 236 333 3 236 333 Remeasurement of post-employment benefit obligations – – – – – – 2 892 2 892 Cash flow hedge reserve – – – 16 125 – – – 16 125 Cost of hedging reserve – – – – (19 921) – – (19 921) Exchange differences on translation of foreign subsidiaries – – – – – (10 702) – (10 702) Transfer of reserves to inventories – – – (10 530) 20 638 – – 10 108 Balance at 31 August 2025 235 931 2 360 1 064 953 (2 937) (4 233) (19 535) 5 816 985 6 857 593 Consolidated statement of changes in equity 8 Clicks Group Annual Results 2025
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R’000 Number of shares ’000 Share capital Share premium Cash flow hedge reserve Cost of hedging reserve Foreign currency translation reserve Distributable reserve Total equity Balance at 1 September 2023 241 161 2 412 1 064 953 (2 984) (6 166) (507) 4 907 106 5 964 814 Transactions with owners, recorded directly in equity Dividends paid to shareholders – – – – – – (1 675 960) (1 675 960) Shares repurchased and cancelled (3 099) (31) – – – – ( 834 759) (834 790) Total transactions with owners (3 099) (31) – – – – (2 510 719) (2 510 750) Total comprehensive income for the year – – – 21 267 (19 824) (8 326) 2 844 133 2 837 250 Profit for the year – – – – – – 2 837 057 2 837 057 Remeasurement of post-employment benefit obligations – – – – – – 7 076 7 076 Cash flow hedge reserve – – – 21 267 – – – 21 267 Cost of hedging reserve – – – – (19 824) – – (19 824) Exchange differences on translation of foreign subsidiaries – – – – – (8 326) – (8 326) Transfer of reserves to inventories – – – (26 815) 21 040 – – (5 775) Balance at 31 August 2024 238 062 2 381 1 064 953 (8 532) (4 950) (8 833) 5 240 520 6 285 539 Transactions with owners, recorded directly in equity Dividends paid to shareholders – – – – – – (1 911 348) (1 911 348) Shares repurchased and cancelled (2 131) (21) – – – – (751 412) (751 433) Total transactions with owners (2 131) (21) – – – – (2 662 760) (2 662 781) Total comprehensive income for the year – – – 16 125 (19 921) (10 702) 3 239 225 3 224 727 Profit for the year – – – – – – 3 236 333 3 236 333 Remeasurement of post-employment benefit obligations – – – – – – 2 892 2 892 Cash flow hedge reserve – – – 16 125 – – – 16 125 Cost of hedging reserve – – – – (19 921) – – (19 921) Exchange differences on translation of foreign subsidiaries – – – – – (10 702) – (10 702) Transfer of reserves to inventories – – – (10 530) 20 638 – – 10 108 Balance at 31 August 2025 235 931 2 360 1 064 953 (2 937) (4 233) (19 535) 5 816 985 6 857 593 9 Clicks Group Annual Results 2025
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R’000 Year to 31 August 2025 Year to 31 August 2024 Cash effects from operating activities Profit before working capital changes (refer note 1) 6 533 617 5 901 873 Working capital changes (refer note 2) 72 848 99 357 Cash generated by operations 6 606 465 6 001 230 Interest received 136 070 89 229 Interest paid (363 958) (340 206) Taxation paid (1 166 561) (1 068 149) Settlement of derivative financial asset used to hedge the long-term incentive scheme 29 224 – Cash inflow from operating activities before dividends paid 5 241 240 4 682 104 Dividends paid to shareholders (1 911 348) (1 675 960) Net cash effects from operating activities 3 329 892 3 006 144 Cash effects from investing activities Investment in property, plant and equipment and intangible assets to maintain operations (311 839) (337 022) Investment in property, plant and equipment and intangible assets to expand operations (672 689) (553 838) Proceeds from disposal of property, plant and equipment 3 903 3 736 Acquisition of investments (refer note 3) (7 046) (7 389) Disposal of investments (refer note 4) – (1 079) Investment in associate – (5 975) Loan advanced to associate – (30 000) Repayment of loan by associate 2 500 – Other loans receivable repaid 17 667 17 668 Insurance proceeds on property, plant and equipment 5 986 – Net cash effects from investing activities (961 518) (913 899) Cash effects from financing activities Shares repurchased (751 433) (834 790) Repayment of lease liabilities (1 066 132) (1 007 670) Net cash effects from financing activities (1 817 565) (1 842 460) Net increase in cash and cash equivalents 550 809 249 785 Cash and cash equivalents at the beginning of the year 2 704 961 2 455 176 Cash and cash equivalents at the end of the year 3 255 770 2 704 961 Consolidated statement of cash flows 10 Clicks Group Annual Results 2025
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R’000 Year to 31 August 2025 Year to 31 August 2024 Cash flow information 1. Profit before working capital changes Profit before tax 4 433 428 3 893 808 Adjustment for: Non-cash flow items: Depreciation and amortisation 1 881 982 1 742 293 Fair value adjustments on financial assets at fair value through profit or loss (26 888) (17 369) Net loss of associate 4 935 9 753 Profit on disposal of business – (180) Release of cash flow hedge to profit or loss – 2 981 Items presented elsewhere in the consolidated statement of cash flows: (Profit)/Loss on disposal of property, plant and equipment (2 810) 5 415 Net financing expense 242 970 265 172 6 533 617 5 901 873 2. Working capital changes Increase in inventories (753 496) (755 849) Increase in trade and other receivables (82 234) (54 530) Increase in trade and other payables 870 691 790 574 Increase in employee benefits 37 887 119 162 72 848 99 357 3. Acquisition of investments Sorbet Group Proprietary Limited acquired corporate stores during the current financial year. The cash paid was as follows: Total purchase price paid in cash 7 046 7 389 Less: Cash of corporate stores – – Cash paid to obtain control net of cash acquired 7 046 7 389 4. Disposal of investments The group disposed of Unicorn Pharmaceuticals Proprietary Limited during the prior financial year. The cash disposed of was as follows: Cash of Unicorn Pharmaceuticals Proprietary Limited – 1 079 Notes to the cash flow statement 11 Clicks Group Annual Results 2025
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Segmental analysis For the year to 31 August 2025 Retail 1 Distribution Intragroup elimination Total operations R’000 31 August 2025 31 August 2024 31 August 2025 31 August 2024 31 August 2025 31 August 2024 31 August 2025 31 August 2024 Statement of financial position Property, plant and equipment 2 707 259 2 486 154 380 691 358 878 – – 3 087 950 2 845 032 Right-of-use assets 3 671 255 3 473 435 13 792 31 646 – – 3 685 047 3 505 081 Intangible assets 761 496 760 710 180 055 185 653 – – 941 551 946 363 Goodwill 119 095 112 837 96 276 96 277 – – 215 371 209 114 Inventories 5 612 761 5 244 745 2 264 789 1 999 675 (58 846) (181 140) 7 818 704 7 063 280 Trade and other receivables 886 244 705 625 3 331 882 3 265 654 (1 078 610) (913 997) 3 139 516 3 057 282 Cash and cash equivalents 3 213 931 2 659 663 41 839 45 298 – – 3 255 770 2 704 961 Other assets 938 552 960 541 4 561 820 4 239 574 (5 052 365) (4 714 087) 448 007 486 028 Total assets 17 910 593 16 403 710 10 871 144 10 222 655 (6 189 821) (5 809 224) 22 591 916 20 817 141 Lease liabilities 4 028 763 3 758 394 13 718 27 892 – – 4 042 481 3 786 286 Employee benefits – non-current 172 946 139 201 14 474 11 654 – – 187 420 150 855 Trade and other payables 7 519 079 6 435 703 4 478 955 4 516 082 (1 085 497) (920 882) 10 912 537 10 030 903 Employee benefits – current 365 734 349 957 34 976 36 676 – – 400 710 386 633 Other liabilities 4 736 769 4 384 279 504 805 504 805 (5 050 399) (4 712 159) 191 175 176 925 Total liabilities 16 823 291 15 067 534 5 046 928 5 097 109 (6 135 896) (5 633 041) 15 734 323 14 531 602 Net assets 1 087 302 1 336 176 5 824 216 5 125 546 (53 925) (176 183) 6 857 593 6 285 539 Statement of comprehensive income Turnover 37 554 480 35 438 490 18 658 096 17 749 616 (8 384 497) (7 750 466) 47 828 079 45 437 640 Gross profit 11 047 800 10 383 574 217 069 265 293 134 784 (16 448) 11 399 653 10 632 419 Other income 2 204 423 1 880 774 1 625 918 1 503 110 (369 133) (301 582) 3 461 208 3 082 302 Total income 13 252 223 12 264 348 1 842 987 1 768 403 (234 349) (318 030) 14 860 861 13 714 721 Expenses (9 320 813) (8 636 237) (1 218 133) (1 194 984) 356 608 288 352 (10 182 338) (9 542 869) Depreciation and amortisation (1 730 655) (1 606 430) (81 028) (74 890) – – (1 811 683) (1 681 320) Occupancy costs (210 499) (210 203) (3 231) (3 977) 1 686 1 675 (212 044) (212 505) Employment costs (4 897 092) (4 529 412) (385 025) (377 640) 15 30 (5 282 102) (4 907 022) Other costs (2 478 855) (2 287 718) (749 379) (728 677) 354 907 286 647 (2 873 327) (2 729 748) Impairment (allowance)/recovery – IFRS 9 ECL (3 712) (2 474) 530 (9 800) – – (3 182) (12 274) Trading profit/(loss) 3 931 410 3 628 111 624 854 573 419 122 259 (29 678) 4 678 523 4 171 852 Ratios Increase in turnover % 6.0 11.7 5.1 3.3 8.2 6.5 5.3 9.2 Selling price inflation % 2.6 6.3 1.3 3.0 – – 2.1 5.2 Comparable stores turnover growth % 4.3 8.4 – – – – 4.3 8.4 Gross profit margin % 29.4 29.3 1.2 1.5 – – 23.8 23.4 Total income margin % 35.3 34.6 9.9 10.0 – – 31.1 30.2 Operating expenses as a percentage of turnover % 24.8 24.4 6.5 6.7 – – 21.3 21.0 Increase in operating expenses % 7.9 12.5 1.9 7.4 – – 6.7 11.8 Increase in trading profit % 8.4 14.8 9.0 17.6 – – 12.1 15.1 Trading profit margin % 10.5 10.2 3.3 3.2 – – 9.8 9.2 Inventory days 77 76 45 42 – – 78 74 Trade debtor days 5 3 48 50 – – 29 31 Trade creditor days 64 58 71 72 – – 73 70 Number of stores 2 1 060 1 002 – – – – 1 060 1 002 as at 31 August 2023/2024 1 002 950 – – – – 1 002 950 opened/acquired 63 61 – – – – 63 61 closed/disposed (5) (9) – – – – (5) (9) Number of pharmacies 780 720 – – – – 780 720 as at 31 August 2023/2024 720 711 – – – – 720 711 new/converted 62 12 – – – – 62 12 closed (2) (3) – – – – (2) (3) Total leased area m2 591 002 557 648 – – – – 591 002 557 648 Weighted retail trading area m2 474 516 448 255 – – – – 474 516 448 255 Weighted annual sales per m 2 R 78 432 77 666 – – – – 78 432 77 666 Number of permanent employees 19 601 19 129 501 492 – – 20 102 19 621 1 Retail includes Clicks + The Body Shop + Group Services + Sorbet + 180 Degrees Marketing. 2 Total stores excludes 190 Sorbet franchise stores, but includes 14 corporate stores. 12 Clicks Group Annual Results 2025
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Retail 1 Distribution Intragroup elimination Total operations R’000 31 August 2025 31 August 2024 31 August 2025 31 August 2024 31 August 2025 31 August 2024 31 August 2025 31 August 2024 Statement of financial position Property, plant and equipment 2 707 259 2 486 154 380 691 358 878 – – 3 087 950 2 845 032 Right-of-use assets 3 671 255 3 473 435 13 792 31 646 – – 3 685 047 3 505 081 Intangible assets 761 496 760 710 180 055 185 653 – – 941 551 946 363 Goodwill 119 095 112 837 96 276 96 277 – – 215 371 209 114 Inventories 5 612 761 5 244 745 2 264 789 1 999 675 (58 846) (181 140) 7 818 704 7 063 280 Trade and other receivables 886 244 705 625 3 331 882 3 265 654 (1 078 610) (913 997) 3 139 516 3 057 282 Cash and cash equivalents 3 213 931 2 659 663 41 839 45 298 – – 3 255 770 2 704 961 Other assets 938 552 960 541 4 561 820 4 239 574 (5 052 365) (4 714 087) 448 007 486 028 Total assets 17 910 593 16 403 710 10 871 144 10 222 655 (6 189 821) (5 809 224) 22 591 916 20 817 141 Lease liabilities 4 028 763 3 758 394 13 718 27 892 – – 4 042 481 3 786 286 Employee benefits – non-current 172 946 139 201 14 474 11 654 – – 187 420 150 855 Trade and other payables 7 519 079 6 435 703 4 478 955 4 516 082 (1 085 497) (920 882) 10 912 537 10 030 903 Employee benefits – current 365 734 349 957 34 976 36 676 – – 400 710 386 633 Other liabilities 4 736 769 4 384 279 504 805 504 805 (5 050 399) (4 712 159) 191 175 176 925 Total liabilities 16 823 291 15 067 534 5 046 928 5 097 109 (6 135 896) (5 633 041) 15 734 323 14 531 602 Net assets 1 087 302 1 336 176 5 824 216 5 125 546 (53 925) (176 183) 6 857 593 6 285 539 Statement of comprehensive income Turnover 37 554 480 35 438 490 18 658 096 17 749 616 (8 384 497) (7 750 466) 47 828 079 45 437 640 Gross profit 11 047 800 10 383 574 217 069 265 293 134 784 (16 448) 11 399 653 10 632 419 Other income 2 204 423 1 880 774 1 625 918 1 503 110 (369 133) (301 582) 3 461 208 3 082 302 Total income 13 252 223 12 264 348 1 842 987 1 768 403 (234 349) (318 030) 14 860 861 13 714 721 Expenses (9 320 813) (8 636 237) (1 218 133) (1 194 984) 356 608 288 352 (10 182 338) (9 542 869) Depreciation and amortisation (1 730 655) (1 606 430) (81 028) (74 890) – – (1 811 683) (1 681 320) Occupancy costs (210 499) (210 203) (3 231) (3 977) 1 686 1 675 (212 044) (212 505) Employment costs (4 897 092) (4 529 412) (385 025) (377 640) 15 30 (5 282 102) (4 907 022) Other costs (2 478 855) (2 287 718) (749 379) (728 677) 354 907 286 647 (2 873 327) (2 729 748) Impairment (allowance)/recovery – IFRS 9 ECL (3 712) (2 474) 530 (9 800) – – (3 182) (12 274) Trading profit/(loss) 3 931 410 3 628 111 624 854 573 419 122 259 (29 678) 4 678 523 4 171 852 Ratios Increase in turnover % 6.0 11.7 5.1 3.3 8.2 6.5 5.3 9.2 Selling price inflation % 2.6 6.3 1.3 3.0 – – 2.1 5.2 Comparable stores turnover growth % 4.3 8.4 – – – – 4.3 8.4 Gross profit margin % 29.4 29.3 1.2 1.5 – – 23.8 23.4 Total income margin % 35.3 34.6 9.9 10.0 – – 31.1 30.2 Operating expenses as a percentage of turnover % 24.8 24.4 6.5 6.7 – – 21.3 21.0 Increase in operating expenses % 7.9 12.5 1.9 7.4 – – 6.7 11.8 Increase in trading profit % 8.4 14.8 9.0 17.6 – – 12.1 15.1 Trading profit margin % 10.5 10.2 3.3 3.2 – – 9.8 9.2 Inventory days 77 76 45 42 – – 78 74 Trade debtor days 5 3 48 50 – – 29 31 Trade creditor days 64 58 71 72 – – 73 70 Number of stores 2 1 060 1 002 – – – – 1 060 1 002 as at 31 August 2023/2024 1 002 950 – – – – 1 002 950 opened/acquired 63 61 – – – – 63 61 closed/disposed (5) (9) – – – – (5) (9) Number of pharmacies 780 720 – – – – 780 720 as at 31 August 2023/2024 720 711 – – – – 720 711 new/converted 62 12 – – – – 62 12 closed (2) (3) – – – – (2) (3) Total leased area m2 591 002 557 648 – – – – 591 002 557 648 Weighted retail trading area m2 474 516 448 255 – – – – 474 516 448 255 Weighted annual sales per m 2 R 78 432 77 666 – – – – 78 432 77 666 Number of permanent employees 19 601 19 129 501 492 – – 20 102 19 621 1 Retail includes Clicks + The Body Shop + Group Services + Sorbet + 180 Degrees Marketing. 2 Total stores excludes 190 Sorbet franchise stores, but includes 14 corporate stores. 13 Clicks Group Annual Results 2025
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Accounting policies and notes 1.1 The condensed consolidated financial statements for the year ended 31 August 2025 have been prepared in accordance with the framework concepts and the measurement and recognition requirements of IFRS ® Accounting Standards as issued by the International Accounting Standards Board, the Financial Pronouncements as issued by the Financial Reporting Standards Council and SAICA Financial Reporting guides as issued by the Accounting Practices Committee, the JSE Listings Requirements, IAS 34: Interim Financial Reporting and the South African Companies Act. KPMG Inc., the group’s independent auditor, has reviewed the condensed consolidated financial statements contained on pages 6 to 15 of this report and has expressed an unmodified review conclusion on the condensed consolidated financial statements. Their review report is set out on page 5. These condensed consolidated financial statements have been prepared under the supervision of Mr GD Traill (CA), the chief financial officer of the group. The accounting policies used in the preparation of the condensed consolidated financial statements for the year ended 31 August 2025 are in terms of IFRS Accounting Standards and are consistent with those applied in the Annual Financial Statements for the year ended 31 August 2024. 1.2 Related party transactions for the current year are similar to those disclosed in the group's Annual Financial Statements for the year ended 31 August 2024. No significant related party transactions arose during the current year. 1.3 During the year, the group repurchased and cancelled 2 131 526 Clicks Group Limited ordinary shares. Refer to the statement of changes in equity. 1.4 The carrying value of all financial instruments approximates fair value. All financial instruments are held at amortised cost, with the exception of derivative instruments which are designated as hedging instruments, the investment in Guardrisk Insurance Company Limited being R16.6 million (2024: R14.7 million) and investments held by the New Clicks Foundation Trust being R191.1 million (2024: R166.1 million), which are accounted for at fair value through profit or loss. The fair value of financial instruments that are not traded in active markets is determined by using valuation techniques; if all significant inputs required to fair value an instrument are observable, the instrument is included in level 2 and if the significant inputs required to fair value an instrument are unobservable, the instrument is included in level 3. The derivative instruments comprise equity derivative hedges which are calculated using a Monte Carlo option pricing model with reference to the closing share price, 250-day historical volatility, the 12-month trailing dividend yield and the risk-free rate; and forward exchange contracts which are calculated using standard market calculation conventions with reference to the relevant closing market spot rates, forward foreign exchange rates and interest rates; both of which are classified as level 2 instruments. All financial instruments accounted for at fair value through profit or loss are considered to be level 2 instruments with the exception of investments held by the New Clicks Foundation Trust which are considered to be level 1 instruments, since the investments are listed instruments with a valuation based on listed prices. There have been no transfers between levels 1, 2 and 3 instruments during the year. The group applies hedge accounting and where derivative instruments are designated as hedging instruments in a cash flow hedge, fair value gains/losses are recognised in other comprehensive income and released either to profit or loss or as a basis adjustment to the hedged item when the forecast transaction takes place. 1.5 Revenue 31 August 2025 31 August 2024 % changeR’000 The group’s revenue from contracts with customers is disaggregated as disclosed below: Goods sold to customers 47 828 079 45 437 640 5.3% Other income 3 461 208 3 082 302 12.3% Distribution and logistics fees 1 452 233 1 349 266 7.6% Cost recoveries and other 2 008 975 1 733 036 15.9% Revenue from contracts with customers 51 289 287 48 519 942 5.7% Financial income 137 705 89 866 53.2% Revenue 51 426 992 48 609 808 5.8% Retail turnover can be further disaggregated between the following retail categories: Pharmacy* 10 058 622 9 745 692 3.2% Front shop health 9 625 386 8 951 836 7.5% Beauty and personal care 12 202 074 11 369 375 7.3% General merchandise 5 668 398 5 371 587 5.5% Total Retail turnover 37 554 480 35 438 490 6.0% * Pharmacy turnover growth excluding Unicorn Pharmaceuticals Proprietary Limited (2024: R333.5 million) in the prior year is 6.9%. Total Retail turnover growth excluding Unicorn Pharmaceuticals Proprietary Limited in the prior year is 7.0%. 14 Clicks Group Annual Results 2025
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1.5 Revenue (continued) 31 August 2025 31 August 2024 % changeR’000 Distribution turnover can be further disaggregated between the following categories: Fine wholesale 13 888 770 13 205 444 5.2% Clicks 8 116 146 7 414 243 9.5% Private hospitals 5 024 752 4 958 817 1.3% Independent pharmacies and other 747 872 832 384 (10.2%) Bulk wholesale 4 769 326 4 544 172 5.0% Total Distribution turnover 18 658 096 17 749 616 5.1% Intergroup elimination (8 384 497) (7 750 466) Total Group turnover 47 828 079 45 437 640 5.3% 1.6 Headline earnings reconciliation R’000 Year to 31 August 2025 Year to 31 August 2024 % change Profit attributable to equity holders of the parent 3 236 333 2 837 057 14.1% Adjusted for: (Profit)/Loss on disposal of property, plant and equipment (2 810) 5 415 Profit on disposal of business – (180) Total tax effects of adjustments 759 2 306 Headline earnings 3 234 282 2 844 598 13.7% Headline earnings per share (cents) 1 361.7 1 193.5 14.1% Diluted headline earnings per share (cents) 1 361.7 1 193.5 14.1% 1.7 Other costs Included in other costs are advertising expenses of R424.4 million (2024: R417.6 million); electricity, water and generator costs of R433.1 million (2024: R408.1 million); transport fees of R238.7 million (2024: R254.1 million); data fees of R268.4 million (2024: R261.2 million); and commissions paid of R240.5 million (2024: R214.3 million). 1.8 Shares repurchased and cancelled Post year-end, the group repurchased and cancelled 1 032 277 Clicks Group Limited ordinary shares to the value of R376.2 million. 15 Clicks Group Annual Results 2025
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Clicks Clicks Baby The Body Shop Sorbet Total retail Number of stores at 31 August 2025 985* 6 55 14** 1 060 as at 31 August 2024 930 6 57 9 1 002 opened/acquired 58 – – 5 63 closed/disposed (3) – (2) – (5) Presence in Clicks stores at 31 August 2025 257 Number of pharmacies at 31 August 2025 780 780 as at 31 August 2024 720 720 new/converted 62 62 closed (2) (2) Number of clinics at 31 August 2025 225 * Includes 1 UniCare store ** Sorbet corporate stores Store footprint Percentage of shares Major fund managers August 2025 August 2024 Public Investment Corporation (SA) 19.1 17.9 BlackRock (US and UK) 4.9 4.8 GIC Asset Management (Singapore) 4.5 4.5 The Vanguard Group (US) 4.2 4.0 RBC Global Asset Management (UK) 3.8 3.8 JPMorgan Asset Management (UK and US) 3.5 5.4 Funds no longer managing 3% or more: Ninety One Asset Management (SA) 1.8 5.1 Federated Hermes (UK) 0.9 3.4 Percentage of shares Geographic distribution of shareholders August 2025 August 2024 South Africa and rest of Africa 44.6 39.3 Offshore holdings 55.4 60.7 USA and Canada 28.2 28.5 United Kingdom and Ireland 9.3 12.1 Europe 8.7 10.5 Other countries 9.2 9.6 Analysis of shareholders Fund managers managing 3% or more of the issued share capital: 16 Clicks Group Annual Results 2025
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Definitions Capital expenditure Maintenance capital expenditure Capital expenditure incurred in replacing existing capital or capital expenditure with a return below the group’s required return. Growth capital expenditure Capital expenditure that is not maintenance capital expenditure. Cash flow Financing activities Activities that result in changes to the capital and funding structure of the group. Investing activities Activities relating to the acquisition, holding and disposal of capital assets and long-term investments. Operating activities Activities that are not financing or investing activities that arise from the operations conducted by the group. Comparable stores turnover growth Turnover growth expressed as a percentage of growth for stores that have been operating for the full year during the current and previous financial years. Current ratio Current assets at year-end divided by current liabilities at year-end. Dividend per share Dividend per share is the actual interim cash dividend paid and the final cash dividend declared, expressed as cents per share. Earnings per share Earnings per share Profit for the year divided by the weighted average number of shares in issue for the year. Diluted earnings per share Profit for the year divided by the weighted average diluted number of shares in issue for the year. Headline earnings per share Headline earnings divided by the weighted average number of shares in issue for the year. Diluted headline earnings per share Headline earnings divided by the weighted average diluted number of shares in issue for the year. Effective tax rate The tax charge in the income statement as a percentage of profit before tax. Free float The number of ordinary shares that are freely tradable on the JSE Limited, excluding treasury shares and shares held by directors and employee share schemes. Gross profit margin Gross profit expressed as a percentage of turnover. Headline earnings Profit for the year adjusted for the after-tax effect of certain capital items. IFRS International Financial Reporting Standards, as adopted by the International Accounting Standards Board (“IASB”), and interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”) of the IASB. Clicks Group’s condensed consolidated financial statements are prepared in accordance with IFRS. Interest–bearing debt, including cash, to shareholders’ interest at year‑end Interest–bearing debt (including bank overdraft), net of cash balances, at the end of the year divided by shareholders’ interest at the end of the year. Inventory days Closing inventory at year-end divided by the cost of merchandise sold during the year, multiplied by 365/366 days. Issued shares Ordinary shares and unlisted “A” shares having a par value of one cent each in the authorised share capital of Clicks Group Limited. Market capitalisation The closing market price per share at year-end multiplied by the number of ordinary shares in issue at year-end. Net asset value per share Net assets at year-end divided by the number of ordinary shares in issue at year-end (net of treasury shares). Net tangible asset value per share Net assets at year-end, less intangible assets (such as goodwill and trademarks), divided by the number of ordinary shares in issue at year-end (net of treasury shares). Percentage of ordinary shares traded The number of ordinary shares traded on the JSE Limited during the year as a percentage of the weighted average number of ordinary shares in issue (net of treasury shares). Price earnings ratio The closing market price per share at year-end divided by diluted headline earnings per share for the year. Return on shareholders’ interest (“ROE”) Headline earnings expressed as a percentage of the average shareholders’ interest for the year. Return on total assets (“ROA”) Headline earnings expressed as a percentage of the average total assets for the year. Return on invested capital (“ROIC”) Operating profit as reported in the group consolidated statement of comprehensive income adjusted for the group effective tax rate, expressed as a percentage of invested capital. Invested capital comprises equity, non-current liabilities and the current portion of the lease liability. Return on net assets (“RONA”) Operating profit as defined for RONA divided by average net assets for the year as defined for RONA. Operating profit as defined for RONA is the reported operating profit for the group inclusive of capital gains and losses relating to continuing operations of the business and excluding the employee short-term bonus. Net assets as defined for RONA are the average assets less liabilities for the year excluding taxation and financial- related assets and liabilities (cash, overdrafts, loans receivable, derivative financial assets, financial assets/liabilities at fair value through profit or loss, interest-bearing borrowings, deferred tax and taxation payable). Return on invested capital (“ROIC”) excluding the impact of IFRS 16 Operating profit as reported in the group consolidated statement of comprehensive income adjusted for IFRS 16 depreciation and lease payments, net of a tax charge at the group’s effective tax rate, expressed as a percentage of invested capital. Invested capital comprises equity and interest-bearing debt. Segmental reporting The group has two reportable segments, being the retail division and the distribution division. Selling price inflation The change in the weighted average selling price of a sample of products for the year relative to the previous year expressed as a percentage of the weighted average selling price of the same sample of products for the previous year. Only products sold in both the current and previous years are included in the sample. Shareholders’ interest Share capital and share premium (reduced by the cost of treasury shares) and other reserves comprising equity. Shareholders’ interest to total assets The shareholders’ interest divided by the total assets at year-end. Total income Gross profit plus other income. Total income margin Total income expressed as a percentage of turnover. Trade creditor days Closing trade creditors at year-end (adjusted to exclude VAT) divided by the cost of merchandise sold during the year, multiplied by 365/366 days. Trade debtor days Closing trade debtors at year-end (adjusted to exclude VAT) divided by sales for the year, multiplied by 365/366 days. Trading profit Operating profit before financing costs, as reported in the group consolidated statement of comprehensive income adjusted to exclude profit/loss on disposal of property, plant and equipment. Trading profit margin Operating profit expressed as a percentage of turnover. Treasury shares Issued shares in Clicks Group Limited held by a group company in terms of an approved share repurchase programme and the Clicks Group Employee Share Ownership Trust. Weighted average number of shares The number of ordinary shares in issue, increased by shares issued during the year and reduced by treasury shares purchased or shares cancelled during the year, weighted on a time basis for the period during which they have participated in the income of the group. Weighted average diluted number of shares The weighted average number of ordinary shares adjusted for the effects of all dilutive potential shares. 17 Clicks Group Annual Results 2025
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Contents 2 01 Review of the year 02 Financial results 03 Trading performance 04 Strategy and outlook 05 Questions Annual results for the year ended 31 August 2025 2025 Presentation Clicks Group Annual Results 2025 18
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Review of the year • Performance continues to prove defensiveness of the group • Diluted HEPS up 14.1% • Return on equity of 49.2% • 30th birthday of Clicks ClubCard, 12.6m active members • Opened 990th Clicks store and 780th pharmacy • Market share gains in core health & beauty categories • UPD core wholesale channels increased purchasing compliance, with expenses very well managed • Supporting gender diversity & empowerment Clicks Group Annual Results 2025 4 3 01 Review of the year Bertina Engelbrecht Clicks Group Annual Results 2025 19
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Financial highlights Turnover up 5.3% Retail turnover up 6.0% UPD total managed turnover up 2.0% Total income margin up from 30.2% to 31.1% Trading margin up from 9.2% to 9.8% Diluted HEPS up 14.1% to 1 361.7 cps Returned to shareholders R2.7 bn Total dividend up 14.2% to 886 cps Cash generated by operations R6.6 bn Return on equity up from 46.4% to 49.2% Clicks Group Annual Results 2025 6 02 Financial Results Gordon Traill 5 Presentation Clicks Group Annual Results 2025 20
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Total income • Retail margin driven by strong growth in private label and supply chain efficiencies • UPD impacted by slightly lower SEP increase (maximum of 5.25% vs 6.79% + 1.73% in FY2024) R’m 2025 2024 % change 2025 % margin 2024 % margin Retail 13 252 12 264 8.1 35.3 34.6 Distribution 1 843 1 769 4.2 9.9 10.0 Intragroup turnover (234) (318) Total group 14 861 13 715 8.4 31.1 30.2 Clicks Group Annual Results 2025 8 Turnover • 7.0% Retail turnover growth excluding Unicorn Pharmaceuticals in FY2024 • Retail value growth impacted by lower inflation, higher level of promotions and continuing switch to private label • Retail price inflation 1.9% in H2 versus 3.3% in H1 • UPD value growth impacted by continuing genericisation of hospitals R’m 2025 2024 % change % same stores growth % inflation Retail 37 554 35 438 6.0 4.3 2.6 Distribution 18 658 17 750 5.1 1.3 Intragroup turnover (8 384) (7 750) 8.2 Total group 47 828 45 438 5.3 2.1 Clicks Group Annual Results 2025 7 Clicks Group Annual Results 2025 21
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Trading expenditure – Distribution • Depreciation of PPE driven by investment in systems • Benefit of solar and EVs on electricity and fuel costs R’m 2025 2024 % change Depreciation – PPE 72 58 24.5 Depreciation – ROU asset 9 17 (46.4) Occupancy costs 3 4 (18.8) Employment costs 385 378 2.0 Other costs 749 738 1.4 Total distribution costs 1 218 1 195 1.9 Clicks Group Annual Results 2025 10 Trading expenditure – Retail • Comparable retail cost growth 5.0% • Employment costs impacted by 7.0% wage increase and pharmacy openings • Other costs include electricity & water, and card acquiring charges R’m 2025 2024 % change Depreciation – PPE 598 575 4.0 Depreciation – ROU asset 1 133 1 032 9.8 Occupancy costs 210 210 0.1 Employment costs 4 897 4 529 8.1 Other costs 2 483 2 290 8.4 Total retail costs 9 321 8 636 7.9 % of turnover 24.8% 24.4% Finance costs – lease liability 338 280 20.9 Clicks Group Annual Results 2025 9 Presentation Clicks Group Annual Results 2025 22
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Growth in turnover, profit and margin 8.2% 8.4% 8.7% 9.2% 9.8% Trading profit marginTurnover(R’m) Trading profit (R’m) * FY2021 continuing operations; FY2021 & FY2022 trading profit and margin adjusted for impact of civil unrest Clicks Group Annual Results 2025 12 37 339 39 587 41 622 45 438 47 828 3 045 3 325 3 623 4 172 4 679 0 1000 2000 3000 4000 5000 6000 7000 - 4 000 8 000 12 000 16 000 20 000 24 000 28 000 32 000 36 000 40 000 44 000 48 000 2021* 2022* 2023 2024 2025 Trading profit • Retail margin is 10.8% including Unicorn intragroup profit • Intragroup a result of unwind of profit on Unicorn stock – will normalise in FY2026 R’m 2025 2024 % change 2025 % margin 2024 % margin Retail 3 932 3 628 8.4 10.5 10.2 Distribution 625 574 9.0 3.3 3.2 Intragroup 122 (30) Total group 4 679 4 172 12.1 9.8 9.2 Clicks Group Annual Results 2025 11 Clicks Group Annual Results 2025 23
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Cash management 2 705 3 256 6 534 (1 066) 73 (228) (1 167) (985) (1 911) (751) 52 Cash FY2024 Trading profit before working capital Repayment of lease liability Working capital movements Net finance costs Taxation Capex Dividends Share buybacks Other operating and investing activities Cash FY2025 R’m • R1.5 billion final dividend to be paid to shareholders in January 2026 Clicks Group Annual Results 2025 14 Inventory • Retail inventories impacted by new stores opened in July & August and focus on availability to drive sales • GLP-1 buy-ins and higher Unicorn stock levels in UPD • Group net working capital days improved from 35 to 34 days Days in stock Inventory (R’m) 2025 2024 2025 2024 % change Retail 77 76 5 613 5 245 7.0 Distribution 45 42 2 265 1 999 13.3 Intragroup inventory (59) (181) Total group 78 74 7 819 7 063 10.7 Clicks Group Annual Results 2025 13 Presentation Clicks Group Annual Results 2025 24
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Capital expenditure • R1 256m capex planned for FY2026 • R662m on stores: - 40 – 50 new Clicks stores and pharmacies - 70 – 80 store refurbishments • R594m on infrastructure: - R88m on UPD IT and warehouse equipment - R506m on retail systems and infrastructure, including WMS rollout to Cape Town, Centurion and Durban DCs • R1.3 – R1.4bn p.a. capex planned for next three years Clicks Group Annual Results 2025 16 Capital returned to shareholders Clicks Group Annual Results 2025 15 R’m 0 500 1 000 1 500 2 000 2 500 3 000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividends (R'm) Buybacks (R'm) Total returned to date since 2006 of R22.3 billion (dividends R14.5 billion + R7.8 billion buybacks at an average price of R47.33 – value of shares bought back at year end was R61.2 billion) Clicks Group Annual Results 2025 25
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272 322 380 445 450 490 637 679 776 886 439 502 575 664 754 774 1 033 1 045 1 194 1 362 2016¹ 2017¹ 2018¹ 2019 2020 2021 2022 2023 2024 2025 59% 60% 62% 65% 60% 63% 62% 65% 65% 65% 10-year CAGRs Total shareholder return³: 17.3% Diluted HEPS: 13.5% Dividend per share: 14.2% Sustained financial performance ¹ Pre-IFRS 16 ² Based on HEPS ³ Based on reinvestment of dividends paid and the closing share price Dividend payout ratio²Dividend per share (cents) Diluted HEPS (cents) Clicks Group Annual Results 2025 18 Medium-term financial targets Achieved in FY2025 Medium-term target ROE (%) 49.2 40 – 50 ROIC excluding IFRS 16 (%) 47.0 40 – 50 ROIC (%) 30.7 20 – 30 ROA (%) 14.9 11 – 15 Net working capital days 34 30 – 35 Group trading margin (%) 9.8 9.0 – 10.0 Retail 10.5 10.0 – 11.0 Distribution 3.3 2.8 – 3.3 Dividend payout ratio (%) 65 60 – 65 Clicks Group Annual Results 2025 17 Presentation Clicks Group Annual Results 2025 26
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03 Trading Performance Bertina Engelbrecht 20 10-year CAGRs Clicks Group share price: 15.1% Food & Drug Retailers Index: 4.6% Top 40 Index: 7.8% Continued share price outperformance Clicks Group Annual Results 2025 19 0 100 200 300 400 500 600 0 100 200 300 400 500 600 Sep-2015 Dec-2015 Ma r -20 16 Jun-2016 Sep-2016 Dec-2016 Ma r -20 17 Jun-2017 Sep-2017 Dec-2017 Ma r -20 18 Jun-2018 Sep-2018 Dec-2018 Ma r -20 19 Jun-2019 Sep-2019 Dec-2019 Ma r -20 20 Jun-2020 Sep-2020 Dec-2020 Ma r -20 21 Jun-2021 Sep-2021 Dec-2021 Ma r -20 22 Jun-2022 Sep-2022 Dec-2022 Ma r -20 23 Jun-2023 Sep-2023 Dec-2023 Ma r -20 24 Jun-2024 Sep-2024 Dec-2024 Ma r -20 25 Jun-2025 Sep-2025 Clicks Group share price FTSE/JSE Food & Drug Retailers Index FTSE/JSE Top 40 Index Clicks Group Annual Results 2025 27
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Retail sales performance % change % contribution Pharmacy 6.9 26.8 Front shop health & baby 8.0 25.6 Beauty & personal care 7.4 32.5 General merchandise 4.4 15.1 Total turnover 7.0 100.0 • % changes exclude Unicorn Pharmaceuticals turnover in FY2024 • Comparable stores turnover growth of 4.7% (excluding extra trading day in FY2024) • Inflation 2.6% • Volume growth of 2.1% Clicks Group Annual Results 2025 22 Clicks Group Annual Results 2025 21 Clicks business review Presentation Clicks Group Annual Results 2025 28
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Performance and strategy • Maintaining value • Price competitive with all national retailers • Promotional sales +12.4% to 47.0% of turnover • In pharmacy, generics +8.8% to 59% of sales and 71% of volume • R855 million cashback paid to ClubCard members Clicks price index* vs: Retailer A 96.9 Retailer B 98.4 Retailer C 98.2 Retailer D 99.0 * Excluding all promotional pricing, bulk deals and 3 for 2 promotions Clicks Group Annual Results 2025 24 Market shares % 2025 2024 Health Retail pharmacy* 24.0 23.8 Front shop health** 33.1 33.4 Baby** 23.1 22.3 Beauty Skincare** 43.8 43.6 Haircare** 32.8 32.8 Personal care** 22.7 22.1 General merchandise Small electrical appliances** 18.7 19.1 * Per IQVIA (Private Retail Pharmacy S1-6) (restated) ** Per NielsenIQ (restated) Clicks Group Annual Results 2025 23 Clicks Group Annual Results 2025 29
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Performance and strategy • Engaging customers through personalisation • 12.6m active ClubCard members, 82.6% of sales • Most used loyalty programme* in SA • Online sales up 15.9%; online purchases and ‘research online purchase offline’ (ROPO) increased to 4.1% of sales • LEAP pharmacy management system will be rolled out to all pharmacies by November Clicks Group Annual Results 2025 26 * Per Truth & BrandMapp Loyalty Whitepaper 2025 Performance and strategy • Differentiating our product offer • R9.7bn sales of private label and exclusive brands • Private label +10.7% to 25.9% of sales (front shop 30.6%, pharmacy 12.3%) • Six private label products voted SA Product of the Year in their categories • Clicks Baby standalone stores and 14 store-in-stores performing well • ARC Stores opened largest beauty store in Africa at Sandton City Clicks Group Annual Results 2025 25 Presentation Clicks Group Annual Results 2025 30
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Clicks Group Annual Results 2025 28 UPD business review Performance and strategy • Extending convenience • 990* Clicks stores and 1 UniCare store with 780 pharmacies and 225 clinics • 53.2% of population < 5.0km of a pharmacy • Starting rollout of UniCare specialised format – two greenfield sites and two acquisitions planned in H1 • Opening clinics and trialling smaller formats • 247 stores located in low income areas (23.7% of retail turnover) Format Total Convenience Destination 764 227 Total 991 Clicks Group Annual Results 2025 27 * Includes 6 Clicks Baby stores Clicks Group Annual Results 2025 31
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Review of the year • Total managed turnover +2.0% to R30.5bn • Generic medicines 75.7% of volumes • Excellent cost management post systems implementation, aided by solar, batteries and EVs • SAP and WMS rolled out successfully to seven distribution clients – remaining clients to be completed by March 2026 • Ordering additional 40 EV delivery vehicles in Gauteng & Western Cape Clicks Group Annual Results 2025 30 Fine wholesale turnover • Wholesale turnover up 5.2% • Benefit of increased Clicks pharmacy openings; purchasing compliance > 98% • Hospital volumes +8.8% • Wholesale market share down from 26.7% to 26.2%* * Source: IQVIA, TPM, MAT August 2025, Schedule 1 - 6 Clicks (+9.5%) Private Hospitals (+1.4%) Independent Pharmacies and other Channels (-10.7%) 58.4% 36.2% Clicks Group Annual Results 2025 29 Clicks (+9.5%) Private Hospitals (+1.4%) Independent Pharmacies and 58.4% 36.2% 5.4% Presentation Clicks Group Annual Results 2025 32
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Outlook • Macro-economic indicators improving, yet the consumer remains constrained • The group is well positioned due to: • Competitive advantage in defensive health and beauty sectors – with market-leading shares in core retail categories and in pharmaceutical wholesale and distribution • Long-term organic growth opportunities underpinned by our value proposition and customer service • Increasing scale maximises and leverages efficiency, effectiveness and reach Clicks Group Annual Results 2025 32 31 Strategy and outlook Bertina Engelbrecht 04 Clicks Group Annual Results 2025 33
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34 05 Questions Outlook (continued) • Leveraging investments in LEAP pharmacy management system, UniCare, Sorbet and ARC Stores • Medium-term target of 1 200 Clicks stores • Plan to open 40 - 50 stores and pharmacies per year • Roll out of 10 - 15 UniCare specialised pharmacy format • Target of 35% private label & exclusive brands in front shop • R1.3bn p.a. in capex planned - continued investment in systems and omni-channel capability • Strengthened and expanded group executive • Confident of the group’s ability to continue delivering on medium-term targets Clicks Group Annual Results 2025 33 Presentation Clicks Group Annual Results 2025 34
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Disclaimer Clicks Group has acted in good faith and has made every reasonable effort to ensure the accuracy and completeness of the information contained in this presentation, including all information that may be defined as 'forward-looking statements' within the meaning of United States securities legislation. Forward-looking statements may be identified by words such as 'believe', 'anticipate', 'expect', 'plan', 'estimate', 'intend', 'project', 'target', 'predict' and 'hope'. Forward-looking statements are not statements of fact, but statements by the management of Clicks Group based on its current estimates, projections, expectations, beliefs and assumptions regarding the group's future performance. No assurance can be given that forward-looking statements will prove to be correct and undue reliance should not be placed on such statements. The risks and uncertainties inherent in the forward-looking statements contained in this presentation include, but are not limited to: changes to IFRS and the interpretations, applications and practices subject thereto as they apply to past, present and future periods; domestic business and market conditions; changes in the domestic regulatory and legislative environments; changes to domestic operational, social, economic and political risks; and the effects of both current and future litigation. Clicks Group does not undertake to update any forward-looking statements contained in this presentation and does not assume responsibility for any loss or damage whatsoever and howsoever arising as a result of the reliance by any party thereon, including, but not limited to, loss of earnings, profits, or consequential loss or damage. Clicks Group Annual Results 2025 35 Clicks Group Annual Results 2025 35
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Notes 36 Clicks Group Annual Results 2025
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Clicks Group Limited Incorporated in the Republic of South Africa Registration number 1996/000645/06 Income tax number 9061/745/71/8 JSE and A2X share code: CLS ISIN: ZAE000134854 ADR ticker symbol: CLCGY ADR CUSIP code: 18682W205 Registered address Cnr Searle and Pontac Streets Cape Town 8001 Telephone: +27 (0)21 460 1911 Postal address PO Box 5142 Cape Town 8000 Directors MJN Njeke*# (Chairman) BD Engelbrecht (Chief executive officer) GD Traill^ (Chief financial officer) NNA Matyumza* PM Osiris* (née Moumakwa) SS Ntsaluba* KC Ramon* RJD Inskip* * Independent non-executive ^ British # Appointed chairman on 30 January 2025 Company secretary A Barnard, CA (SA) E-mail: companysecretary@clicksgroup.co.za Auditors KPMG Inc. Principal bankers FirstRand Bank Limited JSE sponsor Investec Bank Limited Transfer secretaries Computershare Investor Services Proprietary Limited Business address: Rosebank Towers, 15 Biermann Avenue, Rosebank 2196 Postal address: Private Bag X9000, Saxonwold 2132 Telephone: +27 (0)11 370 5000 Investor relations consultants Tier 1 Investor Relations E-mail: ir@tier1ir.co.za Corporate information This information, together with additional detail, is available on the Clicks Group Limited website: www.clicksgroup.co.za