RFG H1 2025 Results Presentation

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Interim resultsFor the six months ended 30 March 2025

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REVIEW OF THE PERIODFINANCIAL REVIEW TRADING REVIEW- REGIONAL SEGMENT- INTERNATIONAL SEGMENT234 Presentation outline1STRATEGY AND OUTLOOKQUESTIONS5SUPPORTING DATA6

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Review of the period

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Interim results 20254 Review of the periodVolume recovery drives regional revenue growthInternational impacted by lower global demand Group profitabilitydeclines due to international Strong recovery in volumes in regional segmentConsumer spending remains constrainedVolume growth 9.9% (H1 2024: volume decline 5.5%)Volume gains driven by focus on product innovationOversupply of deciduous fruit products owing to softer global demand and changing market dynamicsExport volumes 11.7% lower due to delays in securing alternative customers for canned deciduous fruitShortage of canned pineapple stock due to Eswatini drought Regional operating profit margin stable at 9.8%, down 20bpsChallenging international segment contributed to group operating profit margin declining by 170 bps to 8.5% Capital managementFurther reduction in debt levels and improved debt ratiosDeclared first interim dividend, demonstrating board’s confidence in the group’s cash generating ability

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Interim results 20255 Medium-term targetsAchieved in H1 2025Medium-term targetMetric3.5%(H1 2024: 3.2%)GDP growth + CPI + 2.0%1.1% + 4.0% + 2.0% = 7.1%Revenue growth8.5%(H1 2024: 10.2%)10.0%Operating profit margin14.8%^(H1 2024: 15.7%^) WACC + 2.0%13.7% + 2.0% = 15.7%Return on equity^ Rolling 12-month periodOwing to the weaker performance of the international segment, the group did not achieve its targeted performance for the period.

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Financial review

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Interim results 20257 Financial performanceRegional segment accounted for 87% of total revenue Group revenue +3.5% to R4.0bnRegional revenue +7.6% to R3.5bn on strong volume recovery, mainly in long life foodsRegional accounted for 87% of total revenueInternational revenue -17.2% to R0.5bn on lower volumesGross profit margin pressure Group gross profit of R999m in line with prior yearBenefit of improved regional gross profit margin diluted by impact of lower international gross profit margin Regional profit margin resilient while international reduces group marginRegional operating profit +4.9% to R343m, with operating profit margin 20 bps lower at 9.8%International operating profit R73m lower at R0.7m while operating profit margin reduced from 11.5% to 0.1% due to lower revenue and gross profit marginGroup operating profit margin down 13.9% to R343m and operating profit margin 170 bps lower at 8.5%

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Interim results 20258 Financial performanceEarnings impacted by international performance EBITDA -8.8% with margin 170 bps lower at 12.5%Headline earnings -11.9% to R231mHEPS -11.9% to 88.7 centsDiluted HEPS -12.3% to 87.5 cpsEfficient cash management Net working capital R52m lower at R2.2 bnInventory levels down R25m Accounts receivable increase of R153m offset by R180m increase in accounts payableCash flow from operations +R248m to R343mCapital expenditure R168m (H1 2024: R200m)Improved debt position Repaid long-term loans of R106mDebt levels reduced by 29.8% or R349m to R821mNet debt to equity ratio improved from 33.3% to 22.0%Net debt to EBITDA improved from 2.1x to 1.6xPolicy amended to pay interim and final dividendDeclared first interim dividend of 29.6 cents per shareCover ratio of 3x HEPS for interim dividendFirst interim dividend declared

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Interim results 20259 Group revenue 2 434 2 812 3 078 3 258 3 505 404 618 700 640 529 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025RegionalInternational2 8383 4303 7783 8984 034 R'm

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Interim results 202510 Revenue drivers3 898 4 034 +6.3%-1.0%-1.4% -0.4%H1 2024revenueVolumechangeMix PricedeflationCurrency H1 2025revenue R'm

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Interim results 202511 Breakdown of revenue growth -6.1%1.4%6.9%1.0%3.2%1.7%1.2%-3.5%0.6%0.0%6.3%-1.0%-1.4%-0.4%3.5%Volume Mix Price Currency TotalH1 2024H2 2024H1 2025

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Interim results 202512 International revenue analysis AUD 7% (2024: 6%)GBP 7% (2024: 6%)CAD 5% (2024: 7%)EUR 15% (2024: 22%)USD 66% (2024: 59%)Average exchange ratesH1 2023H2 2023H1 2024H2 2024H1 2025R17.85R18.64R18.83R18.45R18.10USDR21.31R23.57R23.54R23.44R23.16GBPR18.91R20.25R20.35R20.08R19.32EUR Impact of currency on international revenue H1 2023H2 2023H1 2024H2 2024H1 2025R92mR153mR38m(R24m)(R16m)

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Interim results 202513 Operating profit216 222 346 399 343 7.6%6.5%9.2%10.2%8.5%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%20.0% - 50 100 150 200 250 300 350 400 450 H1 2021* H1 2022* H1 2023 H1 2024 H1 2025Operating profit (R'm)Operating profit margin* Normalised operating profit excludes impairment losses and acquisition costs.

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Interim results 202514 Working capital H1 2023H1 2024H1 202557.3%55.6%52.4%Net working capital to revenue135136131Net working capital days123131127Inventory days565561Trade receivable days(44)(50)(57)Trade payable daysLower inventory levels contributed to improved net working capital torevenue ratioAccounts receivable and accounts payable days higher owing to the reporting period end on 30 March being ahead of the calendar month end

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Interim results 202515 Free cash flowH1 2023H1 2024H1 2025R’m463528507Operating cash flows(451)(433)(164)Net working capital changes1295343Cash generated(46)(36)(24)Net interest paid(53)(108)(136)Income tax paid(120)(150)(124)Maintenance capital expenditure--2Proceeds on disposal of assets(207)(199)61Free cash flow (cash utilised)

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Interim results 202516 Free cash flow utilisation61 (502)(291)(44)(11)(70)(104)(43)Free cashflowDividendspaidExpansioncapexTreasurysharespurchasedEquity-settledemployeebenefitssettlementNet loansrepaidLeasepaymentsIncrease innet bankoverdraft R'm

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Interim results 202517 Capital structure 1 4647271 1704578213 1333 4073 5103 8403 73646.7%21.3%33.3%11.9%22.0% -200.0%-150.0%-100.0%-50.0%0.0%50.0%100.0% 010002000300040005000600070008000 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025Total debtTotal equityNet debt to equity (%) R'mNet debt to EBITDA 3.0 0.7 2.1 0.4 1.6

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Interim results 202518 Total debt breakdown 50647929526115516215013511785796987407958102004006008001000120014001600 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025Bank loansLease liabilitiesNet bank overdraft R'm1 464457727 1 170821

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Interim results 202519 Bank loan repayment profile 155624528101069317171810H1 2025 H2 2025 H1 2026 H2 2026 H1 2027 H2 2027Total outstanding at period endContractual repayments R'm

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Trading review

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Interim results 202521 Segmental revenue Revenue contribution by segment

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Regional

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Interim results 202523 Market offeringFRESH FOODSLONG LIFE FOODSReady mealsPies and pastry productsDeli bakery and snacking productsDairy productsCanned fruit and vegetablesJamsBottled salads and picklesLong life fruit juiceFruit nectar juiceFruit pureesBaby foodsCanned meat and mealsDry packed foodsFruit snacks in plastic cupsIndustrial pulps and purees RFG’s brands and private label ranges for all major domestic retailers

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Interim results 202524 Private labelRFG follows a dual strategy of growing its branded portfolio and manufacturing private label ranges for major retailersPrivate labelBrandedRevenue (%)H1 2024H1 2025H1 2024H1 202547435357Regional30257075Long life foods74752625Fresh foods100100--International55514549Group Increase in branded product due to product innovation drive, mainlyin the fruit juice and spices/seasonings categories

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Interim results 202525 Regional performance% changeH1 2024H1 2025R’m7.63 2583 505Revenue7.22 0922 242Long life foods8.31 1661 263Fresh foods4.9327343Operating profit 10.0%9.8%Operating profit margin2 4342 8123 0783 2583 505H1 2021 H1 2022 H1 2023 H1 2024 H1 2025216201273327343H1 2021 H1 2022 H1 2023 H1 2024 H1 2025REVENUE OPERATING PROFIT

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Interim results 202526 Regional performanceR'm3 258 3 505 +9.9%-1.7%-0.6% H1 2024 revenue Volume change Mix Price deflation H1 2025 revenue

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Interim results 202527 Trading reviewFruit juiceCanned meatCanned fruit and vegetables Strong double digit revenue growthVolume growth supported margins due to operating leverageMarket share gains in this highly competitive categoryGrowth driven by launch of fruit nectar juice range in 2024Limited edition winter juice range now in storeBrand equity as Bull Brand continued to gain brand shareVolumes impacted by high input cost recovery and consumer pushback on price increasesHigh levels of promotion in canned protein meals categoryInvestment in price negatively affected profitabilityNew equipment supporting efficiency gains; further investment in new technology in H2Market share gains in canned fruitClimate patterns causing increased volatility, increasing costs and disrupting supply

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Interim results 202528 Trading reviewPies andpastriesReady mealsRest of Africa Herbs and spicesGrowth supported by new products, including spice shaker range launched in 2024, salad dressing mix range and extension of seasoning rangePies offer good value in difficult economic timesGood volume growth supported margins Ongoing newness in Magpie, Mama’s and Big Jack brandsToday maintained commanding market share positionsIncreased efficiencies with investments in new technologyContinued resilience of higher income customerGrowth driven by high levels of new product innovation and upgrades for WoolworthsCapital investment benefiting efficiencies and quality SKU rationalisation supported efficiency gainsDiligent price, volume and margin management supported improved profitability

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Interim results 202529 Product innovation – RFG brandsRhodes Quality winter juice range(limited edition) Launch of Rhodes QualityPower Smoothies

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Interim results 202530 Product innovation – RFG brands Extension of Hinds Spices seasoning range Launch of Hinds Spices salad dressing mix range Extension of Bull Brand mince range

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Interim results 202531 Product innovation – RFG brands Extension of Mama’s pie range: new 4-packRefreshed packaging design for Big Jack pies

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Interim results 202532 Product innovationPrivate label new product development

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Interim results 202533 Product innovation New product development for Woolworths

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Interim results 202534 Market shareRFG positionMarch 2025March 2024March2023Market shares (%)149.352.947.5Jams153.051.647.7Canned fruit219.920.118.0Canned vegetables176.774.972.2Canned meats & meals230.128.027.9Long life fruit juices Fruit juice market share boosted by launch of fruit nectar juice range Moving annual total. Retailers scanning data processed by Circana (market shares in the defined retail channel, in retail prices)

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Interim results 202535 Brand shareBull Brand entrenches number 1 position with share gains RFG positionMarch2025March2024March2023BrandBrand shares (%)228.130.629.9Jams227.427.127.6Canned fruit218.218.216.2Canned vegetable133.634.530.2Canned tomato169.368.667.1Corned meatMoving annual total. Retailers scanning data processed by Circana (market shares in the defined retail channel, in retail prices)

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Interim results 202536 Brand shareRFG positionMarch2025March2024March2023BrandBrand shares (%)100% fruit juiceInfant mealsSpices/herbs/pepperRetail frozen piesRetail frozen pastryMoving annual total. Retailers scanning data processed by Circana (market shares in the defined retail channel, in retail prices) Rhodes fruit juice gains share in competitive category RFG positionMarch2025March2024March2023BrandBrand shares (%)219.719.519.2100% fruit juice27.28.39.7Infant meals210.59.98.4Spices/herbs/pepper160.858.557.9Retail frozen pies151.855.153.3Retail frozen pastry

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International

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Interim results 202538International revenue by regionH1 2025 H1 2024 Market offeringLong-term supplier to global retail and premium branded customersPRODUCT CATEGORIESCanned fruitFruit snacks in plastic cupsLong life fruit juiceIndustrial pulps and pureesMAJOR MARKETSUSA and CanadaUnited Kingdom and EuropeAsia and AustralasiaSouth America33%24%16%15%5%5%2%UK & EuropeUSAFar EastAustralasiaCanadaSouth AmericaMiddle East32%16%19%17%10%3%3%

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Interim results 202539 International performance% changeH1 2024H1 2025R’m(17.2)640529Revenue(99.1)731Operating profit 11.5%0.1%Operating profit margin404618700640529H1 2021 H1 2022 H1 2023 H1 2024 H1 202502173 731H1 2021 H1 2022 H1 2023 H1 2024 H1 2025REVENUE OPERATING PROFIT

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Interim results 202540 Trading reviewDeciduous fruit productsPineappleproducts Difficult market conditions due to high stock levels in international marketsSeveral canned deciduous fruit contracts were not honoured by customers in the Far EastProduct redirected to alternative markets at lower prices which negatively impacted profitabilityResultant shipping delays as new customers securedLower pricing on fruit pureesRand strength against prior yearLower pineapple volumes due to drought conditions in 2024Lower quality fruit and yields resulted in canned pineapple shortages (poor size distribution with less large-sized fruit)Recovery in fruit quality is taking longer than expected in certain growing areasAdequate rainfall in last five months

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Strategy & outlook

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Interim results 202542 Strategic focus areasStatusStrategic focus area Not achieved in H1; ongoingDelivery against medium-term targetsVolume, revenue and market share growthFocus on fruit juice, dry foods, pies and ready mealsAchieved; ongoingDrive innovation through new product developmentAchieved; ongoingIncrease innovation in protein meals categoryIn developmentEvaluate new product categoriesFruit cups growing in US marketMaximise opportunity in fruit cups in international Achieved; ongoingFactory efficiencies supported by capital investment Well executed at purees/concentrates plantVertical integration in regional businessOpportunities evaluated; no suitable acquisition targetsIdentify potential bolt-on acquisitions Progress against strategic priorities outlined for 2025 financial year

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Interim results 202543 USA trade tariffsExports to the USA accounted for 24% of international revenue in H1Inventory not sold in the Far East was redirected to meet US demandHigher trade tariffs pose a significant risk to group profitabilityWhile too early to speculate on potential impact, commercial teams are currently engaging with US customerson post-tariff trade termsContinuing with contracted shipments ahead of expected tariff increasesShould products become uncompetitive due to higher tariffs, US bound inventory will need to be redirected to other markets

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Interim results 202544 OutlookGlobal uncertaintyand local instabilityimpacting SA’s macroeconomic outlook and slowing the country’s recoveryDeclining confidence amid global and local uncertaintyContinued pressure on consumer spending for longerREGIONAL SEGMENTTrading momentum expected to continue into H2Brand share growth to be driven by product innovationExpansion into new product categoriesManage sales volumes, gross profit margin and other operating costs to achieve operating profit margin target of 10%

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Interim results 202545 OutlookINTERNATIONAL SEGMENTPressure on volumes and prices due to slower global demand for deciduous fruit products Shipments of RFG’s deciduous fruit products accelerating in H2Recovery in pineapple crop likely to take longer than expected and will impact performance for the remainder of the financial yearManagement geared to handle threat and impact of higher USA tariffs, while proactively exploring emerging opportunities in other markets

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Questions

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Supporting data

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Interim results 202548 Income statement% changeH1 2024H1 2025R’m 3.53 8984 034Turnover4.7(2 900)(3 035)Cost of goods sold0.1998999Gross profit2.4(247)(253)Selling and distribution costs16.2(364)(423)Other operating costs66.71220Other income(13.9)399343Operating profit(35.0)(40)(26)Net interest paid(11.7)359317Profit before tax(11.2)(98)(87)Tax (11.7)261230Profit after tax(12.3)99.887.5Diluted HEPS (c)-259.8259.9WAN shares in issue (‘m)

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Interim results 202549 Balance sheet - assets% changeH1 2024H1 2025R’m (0.7)2 7172 699Non-current assets2.61 9822 034Property, plant & equipment(38.6)11470Right-of-use assets(4.4)589563Intangible assets & goodwill0.03232Other 4.03 5543 695Current assets(1.1)2 1762 151Inventory11.91 2771 426Accounts receivable(3.8)7976Other 90.92242Bank balance & cash on hand2.06 2716 394Total assets

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Interim results 202550 Balance sheet – equity & liabilities% changeH1 2024H1 2025R’m 6.43 5103 736Capital and reserves(36.2)481307Non-current liabilities(71.6)15544Loans(64.0)7527Lease liabilities(6.0)251236Other 3.12 2802 351Current liabilities13.71 2881 463Accounts payable & accruals216.73095Taxation payable(20.7)140111Loans(3.3)6058Lease liabilities(18.1)762624Bank overdraft2.06 2716 394Total equity and liabilities

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Interim results 202551 DisclaimerRFG Holdings Limited (“RFG” or “the company”) 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’. 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 RFG 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 and international business and market conditions; changes in the regulatory and legislative environments; changes to operational, social, economic and political risks; and the effects of both current and future litigation.RFG 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.

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Interim results 202552 Investor relations contactsPieter.Hanekom@RFG.comCEOPieter HanekomTiaan.Schoombie@RFG.comCFOTiaan Schoombiegraeme@tier1ir.co.zaIRGraeme Lilliewww.rfg.com

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