Vector Equilibrium

Vodacom Group interim results and cash dividend distribution for the six months ended 30 September 2026 🔹 Revenue increased by 25.6% to R102 501 million from R81 585 million 🔹HEPS increased by 25.7% to 587 cents from 467 cents 🔹 Free cash flow decreased by 62.0% to R1 030 million from R2 709 million 🔹 Interim dividend of 355 cents per share, up 7.6% from 330 cents 🔹 The filing states that revenue was positively impacted by the consolidation of Safaricom 🔹 Customers reached 250 million, up 11.8%, including 108 million financial services customers 🔹 Financial services revenue increased by 99.0% to R15 934 million from R8 007 million, and by 19.2% on a pro-forma basis 🔹 EBITDA increased by 40.0% to R42 661 million from R30 462 million, and by 18.0% on a pro-forma basis 🔹 The Group is tracking ahead of its medium-term EBITDA target, with an early-teens outlook confirmed 🔹 Net debt to EBITDA was 1.6 times compared with 0.9 times in the prior period

Bid Corporation Capital Markets Update 🔹 Group revenue increased by 2.4% in constant currency for the four months ended October 2026, and fell by 4.3% in rand terms 🔹 Trading profit increased by 8.2% in constant currency and 1.6% in rand terms 🔹 Headline earnings per share (HEPS) increased by around 10.0% in constant currency and 3.2% in rand terms 🔹 Management states the rand revenue decline reflects negative average currency translation movements, which had an impact of 7.7% on group revenue 🔹 Management states trading profit was supported by performances in Europe and the United Kingdom, and improvements in Australasia and selected Emerging Markets businesses, with disciplined pricing, customer and product mix management, procurement initiatives and cost control delivering stronger margins 🔹 Gross profit percentage increased to approximately 25.0% from 24.0% in the corresponding period, while CODB was 19.1% of net revenue compared with 18.5% 🔹 Management states constant currency reporting remains the most appropriate measure of underlying operational performance, given that approximately 95% of Bidcorp's activities are conducted outside South Africa 🔹 Management states trading conditions tightened across the group's markets as the period progressed, and activity levels through September and October showed signs of slowing 🔹 Since July 2026, a further 681,000 shares have been repurchased at an investment cost of R292 million 🔹 The information in the announcement has not been reviewed or reported on by the group's external auditors

Premier Group Unaudited Results for the six months ended 30 September 2026 🔹 Revenue increased by 38.8% to R14.3 billion 🔹 EBITDA increased by 51.4% to R2.0 billion 🔹 Earnings per share increased by 27.5% to 711.1 cents 🔹 Headline earnings per share increased by 27.1% to 711.1 cents 🔹 Millbake revenue grew by 1.3% to R9.4 billion, with volume growth of 1% and price/mix flat 🔹 Millbake EBITDA increased by 23.7% to R1.6 billion, with an EBITDA margin of 16.8% 🔹 The company attributes the revenue increase primarily to the inclusion of Culinary, and low core-business revenue growth mostly to continued raw material deflation 🔹 Merger-related benefits through operational integration and supply chain synergies are expected to increase in the second half of the year 🔹 Grain prices are expected to remain deflationary through the end of the current financial year, after which the company expects inflationary effects of El Niño weather patterns to become evident 🔹 R207 million was returned to shareholders through share repurchases, including 1 130 612 shares repurchased in July 2026 (approximately 0.88% of issued share capital), with leverage at 0.7x