Voluntary Trading Update For The Year Ended 30 September 2025

KAL GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2011/113185/06)
Share code: KAL
ISIN: ZAE000244711
("KAL" or "the Group")

VOLUNTARY TRADING UPDATE FOR THE YEAR ENDED 30 SEPTEMBER 2025

KAL is pleased to provide a voluntary update on high-level operational performance indicators
for the financial year ended on 30 September 2025 ("F25"). Further details on F25 performance
will be provided with the annual results to be released on or about 27 November 2025.

As indicated previously, it is more appropriate to use trading profit as an indication of Group
trading performance due to the volatility of fuel prices and the high contribution of fuel revenue
to total Group revenue.

The Group has communicated via SENS the disposal processes involving Agriplas (Pty) Ltd
and Tego (Pty) Ltd, and therefore only reflects Agrimark and PEG business segment trading
profit growth for H1, H2 and the full year ("FY"), highlighting a notably improved H2
performance:

   Trading Profit %            H1 F25 vs               H2 F25 vs               F25 vs F24
       growth                   H1 F24                  H2 F24

     Retail channel               2.1%                    6.4%                     4.1%
      Agri channel                5.2%                    12.2%                    8.1%
     Fuel channel                 2.8%                    7.7%                     4.9%

Retail channel:
•     Sluggish H1, stronger H2
•     General retail remains under pressure
•     Robust convenience and quick service restaurant performance, with 10 revamps, and
      15 additional retail touchpoints added
•     Retail margins widened
•     2 new peri-urban Agrimark stores on track for opening during H1 F26

Agri channel:
•     Excellent H2 as predicted
•     Positive farming conditions, high export volumes contrary to expectations around tariffs
•     Improved farmer cashflow, resulting in excellent debtors position
•     Increased farm infrastructure spend (capital expenditure)
•     Agri margins maintained
•     Increased grain storage capacity to be operational in Q1 F26

Fuel channel:
•     Strong H2
•     Group litres up 0.8% year-on-year, driven by recovery in PEG volumes and increased
      farm fuel market share
•     Petrol / diesel mix contributions constant
•     F25 fuel price adjustment impact similar year-on-year
•     3 new PEG fuel sites (2 on management agreement) added in F25
•    1 PEG site disinvested, including 5 retail touchpoints
•    4 PEG fuel site upgrades completed
•    5 new PEG sites and 2 new Agrimark fuel sites on track for F26

With debt levels at their lowest in 15 years and working capital and operating expenditure well
managed, the above trading profit growth is expected to translate into an increase in F25
RHEPS of between 7% to 13% compared to the prior financial year.

The financial information on which this trading update is based has not been reviewed or
reported on by the external auditor of KAL.

Paarl
20 October 2025

Sponsor
PSG Capital

Date: 20-10-2025 11:00:00
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