Q4 2026 Super Group Ltd Earnings Call

September 8, 2026

[Video Narrator]: The business delivers warehousing and logistics solutions to customers in a diverse range of manufacturing sectors, including automotive, retail, construction, and FMCG. Our Fleet Solutions division, FleetAfrica, operates across Southern Africa and Kenya. Working with both the public and private sector, the division's product offering ranges from fully maintained operating leases to traditional fleet management services.

Speaker #1: Our Fleet Solutions division, Fleet Africa, operates across Southern Africa and Kenya. Working with both the public and private sectors, the division's product offering ranges from fully maintained operating leases to traditional fleet management services.

Speaker #1: Fleet Africa leverages specialist fleet management technologies and skills to deliver customized solutions to increase utilization, improve efficiency, and reduce costs. The Dealerships division consists of franchised motor dealerships in South Africa and the UK. The extensive South African dealership network represents most of the major vehicle brands, offering a wide range of new and used passenger and commercial vehicles.

[Video Narrator]: FleetAfrica leverages specialist fleet management technologies and skills to deliver customized solutions to increase utilization, improve efficiency, and reduce costs. The Dealerships division consists of franchise motor dealerships in South Africa and the UK.

[Video Narrator]: The extensive South African dealership network represents most of the major vehicle brands, offering a wide range of new and used passenger and commercial vehicles. The business provides a comprehensive range of mobility services, including vehicle finance, insurance, tracking devices, safety accessories, and all related vehicle servicing and parts.

Speaker #1: The business provides a comprehensive range of mobility services, including vehicle finance, insurance, tracking devices, safety accessories, and all related vehicle servicing and parts.

Operator: The business provides a comprehensive range of mobility services, including vehicle finance, insurance, tracking devices, safety accessories, and all related vehicle servicing and parts.

Speaker #2: Good morning, ladies and gentlemen, and welcome once again to the Super Group Limited June 2026 earnings results webcast. This morning, as is customary, our Group CEO, Peter Manfred, as well as our Group CFO, Colin Brown, will take you through the results presentation, which will be followed by a question and answer session.

John Mackay: Good morning, ladies and gentlemen, and welcome once again to the Super Group Limited June 2026 year-end results webcast. This morning, as is customary, our Group CEO, Peter Mountford, as well as our Group CFO, Colin Brown, will take you through the results presentation that will be followed by a questions and answer session. If you have any questions, please feel free to post them during the presentation, and at the conclusion, Peter and Colin will answer your questions. I now hand you over to Peter.

Speaker #2: If you have any questions, please feel free to post them during the presentation, and at the conclusion, Peter and Colin will answer your questions.

Speaker #2: I now hand you over to Peter.

Speaker #3: Good morning, ladies and gentlemen. Thank you for the introduction, John. The Super Group year-end presentation will commence with an overview of the financial highlights for the year to June 2026.

Peter Mountford: Good morning, ladies and gentlemen. Thank you for the introduction, John. The Super Group year-end presentation will commence with an overview of the financial highlights for the year to June 2026. This will be followed by an analysis of divisional performance for the continuing operations and an update on the status of the discontinued operations. Colin Brown, our Chief Financial Officer, will then take you through the detailed financial results for the year, and the webcast will conclude with a summary of Super Group's prospects for the forthcoming financial year to June 2027. The group reported excellent results across all key markets, supported by market share gains in the consumer-focused and industrial supply chain operations and a solid performance from the Fleet Solutions and Dealerships businesses.

Speaker #3: This will be followed by an analysis of divisional performance for the continuing operations and an update on the status of the discontinued operations. Colin Brown, our Chief Financial Officer, will then take you through the detailed financial results for the year.

Peter Mountford: Colin Brown, our Chief Financial Officer, will then take you through the detailed financial results for the year, and the webcast will conclude with a summary of Super Group's prospects for the forthcoming financial year to June 2027. The group reported excellent results across all key markets, supported by market share gains in the consumer-focused and industrial supply chain operations and a solid performance from the Fleet Solutions and Dealerships businesses.

Speaker #3: And the webcast will conclude with a summary of Super Group's prospects for the forthcoming financial year to June 2027. The Group reported excellent results across all key markets, supported by market share gains in the consumer-focused and industrial supply chain operations, and a solid performance from the fleet solutions and dealerships businesses.

Speaker #3: Revenue from continuing operations increased by 6.2% to R45.83 billion, driven by strong growth in the supply chain and dealership operations, together with four months of revenue from the newly acquired Dig Fleet Solutions business.

Peter Mountford: Revenue from continuing operations increased by 6.2% to ZAR 45.83 billion, driven by strong growth in the supply chain and dealership operations, together with four months of revenue from the newly acquired DIG Fleet Solutions business. EBITDA increased by 15.5% to ZAR 4.16 billion, while operating profit rose by 26.6% to ZAR 2.37 billion. Profit before tax was ZAR 1.77 billion, an increase of 33.5% compared to the prior year. Headline earnings per share from continuing operations increased by 36% to 334.6 cents, whilst earnings per share increased by 30.8% to 336 cents. Net cash generated from operating activities increased by 24.3% to ZAR 2.44 billion. A dividend of 55 cents per share was declared for the year to June 2026.

Speaker #3: EBITDA increased by 15.5% to R4.16 billion, while operating profit rose by 26.6% to R2.37 billion. Profit before tax was R1.77 billion, an increase of 33.5% compared to the prior year.

Speaker #3: Headline earnings per share from continuing operations increased by 36% to 334.6 cents, while earnings per share increased by 30.8% to 336 cents. Net cash generated from operating activities increased by 24.3% to R2.44 billion.

Peter Mountford: Headline earnings per share from continuing operations increased by 36% to 334.6 cents, whilst earnings per share increased by 30.8% to 336 cents. Net cash generated from operating activities increased by 24.3% to ZAR 2.44 billion. A dividend of 55 cents per share was declared for the year to June 2026. The strong performance across the group's portfolio demonstrates the resilience of the integrated supply chain model and the benefits of maintaining a clear strategic focus in a challenging macroeconomic environment.

Speaker #3: A dividend of 55 cents per share was declared for the year to June 2026. The strong performance across the Group's portfolio demonstrates the resilience of the integrated supply chain model and the benefits of maintaining a clear strategic focus in a challenging macroeconomic environment.

Peter Mountford: The strong performance across the group's portfolio demonstrates the resilience of the integrated supply chain model and the benefits of maintaining a clear strategic focus in a challenging macroeconomic environment. Super Group continues to strengthen its operational performance and deliver innovative solutions that create value for our customers. Highlights for the year include substantially improved new vehicle sales in the UK, manifesting in a substantial volume outperformance compared to the national statistics. Significantly improved trading profits from the African commodity transport businesses, a growing Chinese manufacturer representation, and excellent sales contributions from these brands in both South Africa and the UK, and an exceptional turnaround from the Ader operations in Spain on the back of good growth in home delivery and industrial logistics segments. We proceed now to the divisional reviews, commencing with an analysis of the divisional revenue and operating profit contributions.

Speaker #3: Super Group continues to strengthen its operational performance and deliver innovative solutions that create value for our customers. Highlights for the year include substantially improved new vehicle sales in the UK, resulting in a significant volume outperformance compared to the national statistics.

Peter Mountford: Super Group continues to strengthen its operational performance and deliver innovative solutions that create value for our customers. Highlights for the year include substantially improved new vehicle sales in the UK, manifesting in a substantial volume outperformance compared to the national statistics.

Speaker #3: Significantly improved trading profits from the African commodity transport businesses; a growing Chinese manufacturer representation; excellent sales contributions from these brands in both South Africa and the UK; and an exceptional turnaround from the ADA operations in Spain, on the back of good growth in home delivery and industrial logistics segments.

Peter Mountford: Significantly improved trading profits from the African commodity transport businesses, a growing Chinese manufacturer representation, and excellent sales contributions from these brands in both South Africa and the UK, and an exceptional turnaround from the Ader operations in Spain on the back of good growth in home delivery and industrial logistics segments. We proceed now to the divisional reviews, commencing with an analysis of the divisional revenue and operating profit contributions.

Speaker #3: We proceed now to the divisional reviews, commencing with an analysis of the divisional revenue and operating profit contributions. Revenue contributions for the period from the Supply Chain, Fleet Solutions, and Dealerships divisions were 44.7%, 3.5%, and 51.8%, respectively.

Peter Mountford: Revenue contributions for the period from the supply chain, fleet solutions, and dealerships divisions was 44.7%, 3.5%, and 51.8% respectively. The operating profit contributions from the supply chain division was 55%, with the fleet solutions and dealerships division generating 18.4% and 26.6% respectively. The group's minimum strategic target for the post-taxation return on net operating assets is weighted average cost of capital plus a 20% premium. This calculates to a return target of 10.4%. The group's return on net operating assets for the year to June 2026 was 9.2% compared to 7.3% in the prior year. The supply chain businesses reported an increase in net operating asset returns to the 8.6% level indicated. This was mainly as a result of continued new customer gains in the consumer supply chain operations and a strong performance from the Ader business.

Speaker #3: The operating profit contributions from the supply chain division were 55%, with the fleet solutions and dealerships divisions generating 18.4% and 26.6%, respectively. The group's minimum strategic target for the post-taxation return on net operating assets is the weighted average cost of capital plus a 20% premium.

Speaker #3: This calculates to a return target of 10.4%. The group's return on net operating assets for the year to June 2026 was 9.2%, compared to 7.3% in the prior year.

Peter Mountford: The group's return on net operating assets for the year to June 2026 was 9.2% compared to 7.3% in the prior year. The supply chain businesses reported an increase in net operating asset returns to the 8.6% level indicated. This was mainly as a result of continued new customer gains in the consumer supply chain operations and a strong performance from the Ader business.

Speaker #3: The supply chain businesses reported an increase in net operating asset returns, to the 8.6% level indicated. This was mainly as a result of continued new customer gains in the consumer supply chain operations, and a strong performance from the ADA business.

Speaker #3: Return on net assets from the dealerships in South Africa remained stable at 22.3%, while the United Kingdom dealerships reported a significant increase in returns to the 4.2% level indicated.

Peter Mountford: Return on net assets from the dealerships in South Africa remained stable at 22.3%, while the United Kingdom dealerships reported a significant increase in returns to the 4.2% level indicated. This was due to strong new vehicle sales in the Chinese brands and the optimization of facilities. In the fleet solutions division, the return on net operating assets improved to 13.8% compared to 13.1% in the prior year. Proceeding now to the details of the divisional performance. Supply chain's revenue increased by 6.1%, whilst operating profit increased by 20.8%. The Southern African commodity transport businesses performed strongly with increased revenue and significantly improved trading profits from both the coal and copper transport operations. The cross-border transport business delivered a significant turnaround from the prior year as a result of improved transport rates, stronger copper trading profitability, and a modest easing of operational bottlenecks at South African ports.

Speaker #3: This was due to strong new vehicle sales in the Chinese brands and the optimization of facilities. In the Fleet Solutions division, the return on net operating assets improved to 13.8%, compared to 13.1% in the prior year.

Speaker #3: Proceeding now to the details of the divisional performance. Supply chain revenue increased by 6.1%, while operating profit increased by 20.8%. The Southern African commodity transport businesses performed strongly, with increased revenue and significantly improved trading profits from both the coal and copper transport operations.

Peter Mountford: Supply chain's revenue increased by 6.1%, whilst operating profit increased by 20.8%. The Southern African commodity transport businesses performed strongly with increased revenue and significantly improved trading profits from both the coal and copper transport operations. The cross-border transport business delivered a significant turnaround from the prior year as a result of improved transport rates, stronger copper trading profitability, and a modest easing of operational bottlenecks at South African ports.

Speaker #3: The cross-border transport business delivered a significant turnaround from the prior year as a result of improved transport rates, stronger copper trading profitability, and a modest easing of operational bottlenecks at South African ports.

Speaker #3: The consumer-focused businesses delivered a satisfactory operating profit, assisted by good performance in the South African quick-service restaurant distribution business. The refrigerated transport and convenience businesses faced particularly challenging retail trading conditions. In particular, Lieben Logistics saw a significant reduction in retail distribution margins and volumes.

Peter Mountford: The consumer-focused businesses delivered a satisfactory operating profit, assisted by good performance in the South African quick service restaurant distribution business. The refrigerated transport and convenience businesses faced particularly challenging retail trading conditions. In particular, Lieben Logistics saw a significant reduction in retail distribution margins and volumes. The industrial operations performed strongly despite a marked drop in the automotive parts distribution volumes. Ader continued to perform excellently in the H2, with earnings before interest, tax, and depreciation increasing by 162.1% to ZAR 183.4 million for the full financial year. This business achieved significant growth in the home delivery, commercial, and logistics customer segments. Moving at this time to the Fleet Solutions division. Revenue increased by 30.1% and operating profit increased by 54.3%, mainly as a result of the inclusion of DIG for the last four months of this financial year.

Speaker #3: The industrial operations performed strongly, despite a marked drop in automotive parts distribution volumes. ADA continued to perform excellently in the second half, with earnings before interest, tax, and depreciation increasing by 162.1% to R183.4 million for the full financial year.

Peter Mountford: Ader continued to perform excellently in the H2, with earnings before interest, tax, and depreciation increasing by 162.1% to ZAR 183.4 million for the full financial year. This business achieved significant growth in the home delivery, commercial, and logistics customer segments. Moving at this time to the Fleet Solutions division. Revenue increased by 30.1% and operating profit increased by 54.3%, mainly as a result of the inclusion of DIG for the last four months of this financial year.

Speaker #3: This business achieved significant growth in the home delivery, commercial, and logistics customer segments. Moving at this time to the Fleet Solutions division, revenue increased by 30.1%, and operating profit increased by 54.3%, mainly as a result of the inclusion of DIG for the last four months of this financial year.

Speaker #3: DIG is a well-established plant and equipment hire business, operating across 19 mining sites in South Africa. The acquisition of a 70% stake in the DIG Group of companies was concluded on 1 March 2026, with an initial consideration of R448 million, plus a deferred contingent purchase consideration of up to R160 million.

Peter Mountford: DIG is a well-established plant and equipment hire business operating across 19 mining sites in South Africa. The acquisition of a 70% stake in the DIG Group of companies was concluded on 1 March 2026 for an initial consideration of ZAR 448 million plus a deferred contingent purchase consideration of up to ZAR 160 million. DIG contributed an operating profit of ZAR 103.9 million in the four months to June 2026. The agreement concludes a minority put option to acquire the remaining 30% shareholding after five years. FleetAfrica delivered a strong performance following significant vehicle replacements within a number of larger customers. We proceed to the Dealerships division, commencing initially with the South African operations. Revenue in the Dealership South Africa division increased by 12.3% due to a 21.5% increase in new car sales volumes and a 15.8% increase in used sales.

Speaker #3: DIG contributed an operating profit of $103.9 million in the four months to June 2026. The agreement includes a minority put option to acquire the remaining 30% shareholding after five years.

Speaker #3: Fleet Africa delivered a strong performance following significant vehicle replacements within a number of larger customers. We will now proceed to the Dealerships division, commencing initially with the South African operations.

Peter Mountford: FleetAfrica delivered a strong performance following significant vehicle replacements within a number of larger customers. We proceed to the Dealerships division, commencing initially with the South African operations. Revenue in the Dealership South Africa division increased by 12.3% due to a 21.5% increase in new car sales volumes and a 15.8% increase in used sales. The average price mix for vehicles sold clearly declining due to the changing product mix.

Speaker #3: Revenue in the Dealership South Africa division increased by 12.3% due to a 21.5% increase in new car sales volumes and a 15.8% increase in used sales.

Speaker #3: The average price mix of vehicles sold is clearly declining due to the changing product mix. Growth in new car sales volumes exceeded the norms at dealer market growth for the same period by 4.3%.

Peter Mountford: The average price mix for vehicles sold clearly declining due to the changing product mix. Growth in new car sales volumes exceeded the naamsa dealer market growth for the same period by 4.3%. Revenue performance was supported by a well-diversified portfolio of value and volume brands, together with a vastly expanded representation of emerging Chinese brands. The division's new car sales volumes in the emerging Chinese and Indian brands grew by 91% over the prior year and now represent 33.8% of total new vehicle sales volumes. Super Group added 11 new dealerships during the year, including representation of the Chery, Geely, GWM, Jetour, Lotus, Omoda, Jaecoo, Mahindra, and Tata brands. The division now includes 31 operations representing emerging Chinese and Indian brands. As a result of the higher proportional contribution from new vehicle sales activities, the operating margin decreased marginally to 3.5% from 3.7% in the prior year.

Peter Mountford: Growth in new car sales volumes exceeded the naamsa dealer market growth for the same period by 4.3%. Revenue performance was supported by a well-diversified portfolio of value and volume brands, together with a vastly expanded representation of emerging Chinese brands. The division's new car sales volumes in the emerging Chinese and Indian brands grew by 91% over the prior year and now represent 33.8% of total new vehicle sales volumes.

Speaker #3: Revenue performance was supported by a well-diversified portfolio of value and volume brands, together with a vastly expanded representation of emerging Chinese brands. The division's new car sales volumes in the emerging Chinese and Indian brands grew by 91% over the prior year and now represent 33.8% of total new vehicle sales volumes.

Speaker #3: Super Group added 11 new dealerships during the year, including representation of the Chery, Geely, GWM, Jetour, Lepas, Omoda, Juku, Mahindra, and Tata brands. The division now includes 31 operations representing emerging Chinese and Indian brands.

Peter Mountford: Super Group added 11 new dealerships during the year, including representation of the Chery, Geely, GWM, Jetour, Lotus, Omoda, Jaecoo, Mahindra, and Tata brands. The division now includes 31 operations representing emerging Chinese and Indian brands. As a result of the higher proportional contribution from new vehicle sales activities, the operating margin decreased marginally to 3.5% from 3.7% in the prior year.

Speaker #3: As a result of the higher proportional contribution from new vehicle sales activities, the operating margin decreased marginally to 3.5% from 3.7% in the prior year.

Speaker #3: Disciplined cost optimization, focused working capital management, and continued growth of the division's Asian brand network were instrumental in underpinning the strong overall performance. The dealerships in the UK delivered a substantially improved performance from its continuing operations, with volumes increasing by 22.1% compared to a national passenger market growth of 6.4%.

Peter Mountford: Disciplined cost optimization, focused working capital management, and continued growth of the division's Asian brand network were instrumental in underpinning the strong overall performance. The Dealerships UK delivered a substantially improved performance from its continuing operations. New car sales volumes increased by 22.1% compared to a national passenger market growth of 6.4%. This reflects a 2% decrease in Ford volumes and a 228.5% increase in sales volumes from the Omoda and Jaecoo dealerships, together with the introduction of three Chery-branded outlets. Chinese brands now represent 24.9% of total new vehicle sales volumes, up from 15.7% in the prior year. Omoda and Jaecoo enjoyed considerable sales growth in the UK passenger market, achieving a combined market share of 4.6% in the H1 of the 2026 calendar year, compared to 1.5% in the prior comparable period.

Speaker #3: This reflects a 2% decrease in Ford volumes and a 228.5% increase in sales volumes from the Omoda and Juku dealerships, together with the introduction of three Chery-branded outlets.

Peter Mountford: This reflects a 2% decrease in Ford volumes and a 228.5% increase in sales volumes from the Omoda and Jaecoo dealerships, together with the introduction of three Chery-branded outlets. Chinese brands now represent 24.9% of total new vehicle sales volumes, up from 15.7% in the prior year. Omoda and Jaecoo enjoyed considerable sales growth in the UK passenger market, achieving a combined market share of 4.6% in the H1 of the 2026 calendar year, compared to 1.5% in the prior comparable period.

Speaker #3: Chinese brands now represent 24.9% of total new vehicle sales volumes, up from 15.7% in the prior year. Omoda and Juku enjoyed considerable sales growth in the UK passenger market, achieving a combined market share of 4.6% in the first half of the 2026 calendar year, compared to 1.5% in the prior comparable period.

Speaker #3: Chery UK launched its first Tiggo models in August 2025 and grew its market share to 1.8% of the UK passenger market in June 2026.

Peter Mountford: Chery UK launched its first TIGGO models in August 2025 and grew its market share to 1.8% of the UK passenger market in the month of June 2026. The UK Vehicle Emissions Trading Schemes continues to play a significant role in driving the growth of electric vehicle sales, with the VED target increasing from 28% in 2025 to 33% in calendar 2026. The overall electric vehicle category grew by 20.1%, with plug-in electric vehicles volumes growing by 21.2%, and hybrid vehicle sales increasing by 19.9% for the H1 of the calendar year. Petrol and diesel vehicle sales declined by 4.2% and 15.5%, respectively. I will now provide an update on the group's discontinued operations. The disposal of SG Fleet was finalized in the previous financial year, and the sale of inTime was concluded in July 2025.

Speaker #3: The UK vehicle emissions trading scheme continues to play a significant role in driving the growth of electric vehicle sales, with the VETS target increasing from 28% in 2025 to 33% in calendar 2026.

Speaker #3: The overall electric vehicle category grew by 20.1%, with plug-in electric vehicle volumes growing by 21.2%, and hybrid vehicle sales increasing by 19.9% for the first half of the calendar year.

Speaker #3: Petrol and diesel vehicle sales declined by 4.2% and 15.5%, respectively. I will now provide an update on the group's discontinued operations. The disposal of SG Fleet was finalized in the previous financial year, and the sale of Intime was concluded in July 2025.

Peter Mountford: Petrol and diesel vehicle sales declined by 4.2% and 15.5%, respectively. I will now provide an update on the group's discontinued operations. The disposal of SG Fleet was finalized in the previous financial year, and the sale of inTime was concluded in July 2025. The UK Hyundai and Suzuki dealerships have all been closed, and the UK Kia dealerships remain classified as assets held for sale. The closure of Trade More, a South African commodity trading business, was concluded during the financial year.

Speaker #3: The UK Hyundai and Suzuki dealerships have all been closed, and the UK Kia dealerships remain classified as assets held for sale. The closure of Trade More, a South African commodity trading business, was concluded during the financial year.

Peter Mountford: The UK Hyundai and Suzuki dealerships have all been closed, and the UK Kia dealerships remain classified as assets held for sale. The closure of Trade More, a South African commodity trading business, was concluded during the financial year. Group sold its 75% shareholding and loan claims in its passenger bus services business on 21 April 2026 for an amount of ZAR 15 million. The disposal aligns with the group's strategy of focusing on its core operations and reviewing businesses that are not meeting the group's asset return requirements. During the H1 of the year, the group resolved to dispose of its 78.82% interest in AMCO, and the assets and liabilities comprising AMCO were classified as a disposal group held for sale as of year-end. In June 2026, the group received an offer for its Amco interest in the business and is currently finalizing the share sale agreement.

Speaker #3: The Group sold its 75% shareholding and loan claims in its passenger bus services business on the 21st of April 2026 for an amount of R15 million.

Peter Mountford: Group sold its 75% shareholding and loan claims in its passenger bus services business on 21 April 2026 for an amount of ZAR 15 million. The disposal aligns with the group's strategy of focusing on its core operations and reviewing businesses that are not meeting the group's asset return requirements.

Speaker #3: The disposal aligns with the Group's strategy of focusing on its core operations and reviewing businesses that are not meeting the Group's asset return requirements.

Speaker #3: During the first half of the year, the group resolved to dispose of its 78.82% interest in AMCO, and the assets and liabilities comprising AMCO were classified as a disposal group held for sale as of year-end.

Peter Mountford: During the H1 of the year, the group resolved to dispose of its 78.82% interest in AMCO, and the assets and liabilities comprising AMCO were classified as a disposal group held for sale as of year-end. In June 2026, the group received an offer for its Amco interest in the business and is currently finalizing the share sale agreement.

Speaker #3: In June 2026, the group received an offer for its interest in the business and is currently finalizing the share sale agreement. As of June 30, 2026, the disposal group was measured at fair value less costs to sell, determined by reference to the expected disposal proceeds.

Peter Mountford: At 30 June 2026, the disposal group was measured at fair value, less cost to sell, determined by reference to the expected disposal proceeds. At this point, I will hand over to Colin Brown, who will now take you through the detailed financial information.

Speaker #3: At this point, I'll hand over to Colin Brown, who will now take you through the detailed financial information.

Speaker #1: Thank you, Peter, and good morning to everyone on the webcast. Turning to slide 18, which presents the statement of comprehensive income, total revenue from continuing operations increased by 6.2% to R45.8 billion.

Colin Brown: Thank you, Peter, and good morning to everyone on the webcast. Turning to slide 18, which presents the statement of comprehensive income. Total revenue from continuing operations increased by 6.2% to ZAR 45.8 billion, while EBITDA increased by 15.5% to ZAR 4.16 billion. Depreciation and amortization increased by 3.5%, broadly in line with the growth in the group's asset base. Operating profit increased by 26.6% to ZAR 2.37 billion, with the operating margin improving from 4.3% to 5.2%. Net finance costs decreased slightly to ZAR 604 million. The effective tax rate was 27.7%, broadly in line with the normalized effective tax rate for the continuing operations. Further details on the results of the discontinued operations are provided on page 30 of the results booklet. Overall, headline earnings increased by 36% to 334.6 cents per share. Moving to slide 19, which covers the asset side of the statement of financial position.

Speaker #1: While EBITDA increased by 15.5% to R4.16 billion, depreciation and amortization increased by 3.5%, broadly in line with the growth in the group's asset base.

Speaker #1: Operating profit increased by 26.6% to R2.37 billion, with the operating margin improving from 4.3% to 5.2%. Net finance costs decreased slightly to R604 million.

Colin Brown: Net finance costs decreased slightly to ZAR 604 million. The effective tax rate was 27.7%, broadly in line with the normalized effective tax rate for the continuing operations. Further details on the results of the discontinued operations are provided on page 30 of the results booklet. Overall, headline earnings increased by 36% to 334.6 cents per share. Moving to slide 19, which covers the asset side of the statement of financial position.

Speaker #1: The effective tax rate was 27.7%, broadly in line with the normalized effective tax rate for the continuing operations. Further details on the results of the discontinued operations are provided on page 30 of the results booklet.

Speaker #1: Overall, headline earnings increased by 36% to 334.6 cents per share. Moving to slide 19, which covers the asset side of the statement of financial position.

Speaker #1: Property, plant, and equipment has increased by 4.8%, mainly due to capital expenditure on supply chain vehicles, warehouses, and pallets. Lease portfolio assets increased by 87.3%. This includes R1.2 billion relating to assets acquired as part of the Dig acquisition, together with fleet replacement activity within Fleet Africa.

Colin Brown: Property, plant, and equipment has increased by 4.8%, mainly due to capital expenditure on supply chain vehicles, warehouses, and pallets. Lease portfolio assets increased by 87.3%. This includes ZAR 1.2 billion relating to assets acquired as part of the DIG acquisition, together with fleet replacement activity within FleetAfrica. Goodwill and intangible assets declined to ZAR 3.19 billion, primarily due to the classification of AMCO as held for sale and the strengthening of the rand since the prior year end. The acquisitions completed during the year resulted in additional goodwill of ZAR 36.5 million. Turning to equity and liabilities. Lease portfolio borrowings almost doubled, reflecting fleet replacement activity within FleetAfrica and the inclusion of borrowings relating to the DIG acquisition. Interest-bearing borrowings comprise asset-based borrowings, mortgage facilities, corporate bond notes, and other unsecured borrowings.

Speaker #1: Goodwill and intangible assets declined to R3.19 billion, primarily due to the classification of AMCO as held for sale and the strengthening of the rand since the prior year-end.

Speaker #1: The acquisitions completed during the year resulted in additional goodwill of R36.5 million. Turning to equity and liabilities, lease portfolio borrowings almost doubled, reflecting fleet replacement activity within Fleet Africa and the inclusion of borrowings relating to the Dig acquisition.

Colin Brown: The acquisitions completed during the year resulted in additional goodwill of ZAR 36.5 million. Turning to equity and liabilities. Lease portfolio borrowings almost doubled, reflecting fleet replacement activity within FleetAfrica and the inclusion of borrowings relating to the DIG acquisition. Interest-bearing borrowings comprise asset-based borrowings, mortgage facilities, corporate bond notes, and other unsecured borrowings.

Speaker #1: Interest-bearing borrowings comprise asset-based borrowings, mortgage facilities, corporate bond notes, and other unsecured borrowings. The increase in non-controlling interest put option liabilities mainly relates to the put option of the 30% NCI in the Dig Group.

Colin Brown: The increase in non-controlling interest put option liabilities mainly relates to the put option of the 30% NCI in the DIG Group. The increase in trade and other payables was broadly in line with the increases in receivables and inventories. Net gearing, excluding ROU lease liabilities, increased from 20.6% to 27.4%, reflecting capital expenditure during the year and the impact of consolidating the DIG Group. Turning to slide 21. The statement of cash flows includes the cash flows from both continuing and discontinued operations. The amounts are not directly comparable with the prior year, as the prior year figures included 10 months of cash flows from SG Fleet. Operating cash flow before working capital movements in the current year was ZAR 4.3 billion, with net working capital outflow of ZAR 96.3 million.

Speaker #1: The increase in trade and other payables was broadly in line with the increases in receivables and inventories. Net gearing, excluding ROU lease liabilities, increased from 20.6% to 27.4%, reflecting capital expenditure during the year and the impact of consolidating the Dig Group.

Speaker #1: Turning to slide 21, the statement of cash flows includes cash flows from both continuing and discontinued operations. The amounts are not directly comparable with the prior year, as the prior year figures include 10 months of cash flows from SG Fleet.

Colin Brown: The amounts are not directly comparable with the prior year, as the prior year figures included 10 months of cash flows from SG Fleet. Operating cash flow before working capital movements in the current year was ZAR 4.3 billion, with net working capital outflow of ZAR 96.3 million. The ZAR 730.7 million working capital outflow relating to lease portfolio assets includes expansionary CapEx of ZAR 223.7 million. Net additions to property, plant, and equipment related mainly to supply chain vehicles, warehouses, and pallets.

Speaker #1: Operating cash flow before working capital movements in the current year was R4.3 billion, with net working capital outflow of R96.3 million. The R730.7 million working capital outflow relating to lease portfolio assets includes expansionary capex of R223.7 million, net additions to property, plant, and equipment related mainly to supply chain vehicles, warehouses, and pallets.

Colin Brown: The ZAR 730.7 million working capital outflow relating to lease portfolio assets includes expansionary CapEx of ZAR 223.7 million. Net additions to property, plant, and equipment related mainly to supply chain vehicles, warehouses, and pallets. Continuing with the remainder of the cash flow statement, the group repurchased and canceled just over 1 million shares during the year at an average price of ZAR 13.12 per share. Borrowings raised during the year included new term loan facilities for the pallet business and for refrigeration equipment at new warehouses within the supply chain consumer businesses. The group ended the year with cash and cash equivalents of ZAR 5.5 billion, maintaining a strong liquidity position. We have included an additional slide on the calculation of free cash flow for the group.

Speaker #1: Continuing with the remainder of the cash flow statement, the group repurchased and canceled just over 1 million shares during the year at an average price of R13.12 per share.

Colin Brown: Continuing with the remainder of the cash flow statement, the group repurchased and canceled just over 1 million shares during the year at an average price of ZAR 13.12 per share. Borrowings raised during the year included new term loan facilities for the pallet business and for refrigeration equipment at new warehouses within the supply chain consumer businesses. The group ended the year with cash and cash equivalents of ZAR 5.5 billion, maintaining a strong liquidity position.

Speaker #1: Borrowings raised during the year included new term loan facilities for the pallet business and for refrigeration equipment at new warehouses within the supply chain consumer businesses.

Speaker #1: The group ended the year with cash and cash equivalents of R5.5 billion, maintaining a strong liquidity position. We have included an additional slide on the calculation of free cash flow for the group.

Colin Brown: We have included an additional slide on the calculation of free cash flow for the group. The calculation starts with net cash generated from operating activities of ZAR 2.44 billion, as reflected in the cash flow statement. As mentioned earlier, this amount includes ZAR 223.7 million of expansionary CapEx within the lease portfolio working capital outflow. To separate maintenance and expansionary CapEx, we have therefore moved this amount below the first subtotal.

Speaker #1: The calculation starts with net cash generated from operating activities of R2.44 billion, as reflected in the cash flow statement. As mentioned earlier, this amount includes R223.7 million of expansionary capex within the lease portfolio working capital outflow.

Colin Brown: The calculation starts with net cash generated from operating activities of ZAR 2.44 billion, as reflected in the cash flow statement. As mentioned earlier, this amount includes ZAR 223.7 million of expansionary CapEx within the lease portfolio working capital outflow. To separate maintenance and expansionary CapEx, we have therefore moved this amount below the first subtotal. Net maintenance CapEx amounted to ZAR 877 million and related mainly to vehicles within supply chain. Free cash flow before expansionary CapEx was ZAR 1.79 billion for the current year. Expansionary CapEx related to new warehouses, dealership properties, vehicles, and pallets, together with the ZAR 223.7 million mentioned earlier. Overall, the group generated free cash flow after expansionary CapEx of ZAR 399 million for the year. Thank you. I'll now hand back to Peter, who will take you through the group's prospects.

Speaker #1: To separate maintenance and expansionary capex, we have therefore moved this amount below the first subtotal. Net maintenance capex amounted to R877 million, and related mainly to vehicles within supply chain.

Colin Brown: Net maintenance CapEx amounted to ZAR 877 million and related mainly to vehicles within supply chain. Free cash flow before expansionary CapEx was ZAR 1.79 billion for the current year. Expansionary CapEx related to new warehouses, dealership properties, vehicles, and pallets, together with the ZAR 223.7 million mentioned earlier. Overall, the group generated free cash flow after expansionary CapEx of ZAR 399 million for the year. Thank you. I'll now hand back to Peter, who will take you through the group's prospects.

Speaker #1: Free cash flow before expansionary capex was R1.79 billion for the current year. Expansionary capex related to new warehouses, dealership properties, vehicles, and pallets.

Speaker #1: Together with the R223.7 million mentioned earlier, overall the group generated free cash flow after expansionary capex of R399 million for the year.

Speaker #1: Thank you. I'll now hand back to Peter, who will take you through the Group's prospects.

Speaker #2: Thank you, Colin. Concluding with the prospects for the financial year to June 2027, the Group is well positioned to deliver improved earnings in the forthcoming financial year, despite the prevailing challenging trading conditions across Southern Africa and Europe.

Peter Mountford: Thank you, Colin. Concluding with the prospects for the financial year to June 2027. Group is well-positioned to deliver improved earnings in the forthcoming financial year, despite the prevailing challenging trading conditions across Southern Africa and Europe. The consumer supply chain and fleet lease businesses are expected to perform strongly, supported by the ongoing onboarding of new customers and the expansion of service offerings. The South African dealership operations are expected to sustain their strong performance, with revenue growth driven by the continued expansion of the group's portfolio of emerging brands. In the UK, the benefits of realigning the dealership brand representation and the reduced operational cost base established will continue supporting an improved earnings performance. Super Group remains focused on capitalizing on high-growth, organic, and strategic opportunities while responding effectively to macroeconomic volatility.

Speaker #2: The consumer supply chain and fleet lease businesses are expected to perform strongly, supported by the onboarding of new customers and the expansion of service offerings.

Speaker #2: The South African dealership operations are expected to sustain their strong performance, with revenue growth driven by the continued expansion of the Group's portfolio of emerging brands.

Peter Mountford: The South African dealership operations are expected to sustain their strong performance, with revenue growth driven by the continued expansion of the group's portfolio of emerging brands. In the UK, the benefits of realigning the dealership brand representation and the reduced operational cost base established will continue supporting an improved earnings performance. Super Group remains focused on capitalizing on high-growth, organic, and strategic opportunities while responding effectively to macroeconomic volatility.

Speaker #2: In the UK, the benefits of realigning the dealership brand representation and the reduced operational cost base established will continue supporting and improving earnings performance.

Speaker #1: Super Group remains focused on capitalizing on high-growth organic and strategic opportunities, while responding effectively to macroeconomic volatility. The Group continues to build scalable, high-performing operations across all three divisions, reinforcing its commitment to sustainable, long-term value creation for all shareholders.

Peter Mountford: The group continues to build scalable, high-performing operations across all three divisions, reinforcing its commitment to sustainable long-term value creation for all shareholders. In closing, I'd like to thank you on behalf of both Colin Brown and myself for your attendance at this webcast. We invite you to put forward any questions arising from the presentation or related financial reports. Thank you. We do have some questions. I'll read the questions and run through the answers in conjunction with Colin Brown. The first question is Anton van Niekerk of Old Mutual. "Please can you speak to the revenue and EBITDA contribution of DIG for the 4 months of the year?" I just want to emphasize that obviously, DIG is a yellow equipment leasing business, so depreciation is a big number and obviously finance costs are a big number.

Speaker #1: In closing, I'd like to thank you on behalf of both Colin Brown and myself for your attendance at this webcast. We invite you to put forward any questions arising from the presentation or related financial reports.

Speaker #2: Thank you. We do have some questions. I'll read the questions and run through the answers in conjunction with Colin Brown. So, the first question is from Anton van Niekerk of Mutual.

Peter Mountford: Thank you. We do have some questions. I'll read the questions and run through the answers in conjunction with Colin Brown. The first question is Anton van Niekerk of Old Mutual. "Please can you speak to the revenue and EBITDA contribution of DIG for the 4 months of the year?" I just want to emphasize that obviously, DIG is a yellow equipment leasing business, so depreciation is a big number and obviously finance costs are a big number. If you're comfortable with that, I'd like to focus on revenue, operating profit, and PBT.

Speaker #2: Could you please speak to the revenue and EBITDA contribution of Dig for the four months of the year? I just want to emphasize that, obviously, Dig is a yellow equipment leasing business, so depreciation is a big number, and, obviously, finance costs are a big number.

Speaker #2: So if you're comfortable with that, I'd like to focus on revenue, operating profit, and PBT. The revenue for the four months was R272 million, the operating profit or EBIT was R104 million, and the PBT was R89 million for the four-month period.

Peter Mountford: If you're comfortable with that, I'd like to focus on revenue, operating profit, and PBT. The revenue for the 4 months was ZAR 272 million. The operating profit or EBIT was ZAR 104 million, and the PBT was ZAR 89 million for the 4-month period. The second question is Rowan Guler, Cronix. "What was the reason for the increase in copper and coal volumes and the Ader turnaround?" The reason for the increase in the copper and coal volumes was exports. In the case of copper, improved volumes through the Durban port, and in the case of coal, improved export volumes through Maputo. It was purely export-based. In the case of Ader, we had good volume growth in the home delivery as well as the industrial segments in that business. We also have the benefit of the cost optimization that has taken place across that business.

Peter Mountford: The revenue for the 4 months was ZAR 272 million. The operating profit or EBIT was ZAR 104 million, and the PBT was ZAR 89 million for the 4-month period. The second question is Rowan Guler, Cronix. "What was the reason for the increase in copper and coal volumes and the Ader turnaround?" The reason for the increase in the copper and coal volumes was exports. In the case of copper, improved volumes through the Durban port, and in the case of coal, improved export volumes through Maputo.

Speaker #2: The second question is from Rowan Gulla, Kronex. What was the reason for the increase in copper and coal volumes, and the ADA turnaround? The reason for the increase in copper and coal volumes was exports—in the case of copper, improved volumes through the Durban Port; and in the case of coal, improved export volumes through Maputo.

Speaker #2: So, it was purely export-based. In the case of ADA, we had good volume growth in the home delivery as well as the industrial segments in that business, but we also had the benefit of the cost optimization that has taken place across that business.

Peter Mountford: It was purely export-based. In the case of Ader, we had good volume growth in the home delivery as well as the industrial segments in that business. We also have the benefit of the cost optimization that has taken place across that business. Matthew Roberts, Blue Quadrant. How do rising diesel costs impact the logistics side of the business? Is it different for the commodity consumer industrial clients?

Speaker #2: Matthew Roberts, Blue Quadrant. How do rising diesel costs impact the logistics side of the business? Is it different for the commodity, consumer, and industrial clients?

Peter Mountford: Matthew Roberts, Blue Quadrant. How do rising diesel costs impact the logistics side of the business? Is it different for the commodity consumer industrial clients? Essentially, can you provide some color on the extent of pass-through mechanics, if they exist, and the differences therein for the divisions to the extent you can? Matthew, in terms of the industry, in general terms, logistics business or supply chain businesses are holding stock on a consignment basis, and they are doing a procurement, warehousing, and distribution, and often debtor collection service for their clients. In conformity with the industry, all of those businesses have preordained escalation formulas built into their contracts. I'm going to talk to the one exception shortly. In all of our businesses, whether it be consumer, commodity, industrial, we have contractual mechanisms to pass through fuel price increases on a monthly basis.

Speaker #2: Essentially, can you provide some color on the extent of pass-through mechanics, if they exist? And, to the extent you can, the differences therein for the divisions.

Peter Mountford: Essentially, can you provide some color on the extent of pass-through mechanics, if they exist, and the differences therein for the divisions to the extent you can? Matthew, in terms of the industry, in general terms, logistics business or supply chain businesses are holding stock on a consignment basis, and they are doing a procurement, warehousing, and distribution, and often debtor collection service for their clients. In conformity with the industry, all of those businesses have preordained escalation formulas built into their contracts.

Speaker #2: So, Matthew, in terms of the industry—in general terms—logistics businesses or supply chain businesses are holding stock on a consignment basis, and they are doing procurement, warehousing, and distribution, and often data collection services for their clients.

Speaker #2: And in conformity with the industry, all of those businesses have pre-ordained escalation formulas built into their contracts. I'm going to talk to the one exception shortly.

Peter Mountford: I'm going to talk to the one exception shortly. In all of our businesses, whether it be consumer, commodity, industrial, we have contractual mechanisms to pass through fuel price increases on a monthly basis. When you look at, you can see the margins in the supply chain business are around 6.5%. You know how much diesel has moved, and diesel is nearly 55% of the cost of a truck today. You have to have that capability of passing through the price increases monthly.

Speaker #2: So, in all of our businesses, whether it be consumer, commodity, or industrial, we have contractual mechanisms to pass through fuel price increases on a monthly basis.

Speaker #2: And when you look at it, you can see the margins in the supply chain business are around 6.5%. You know how much diesel has moved, and diesel's nearly 55% of the cost of a truck today.

Peter Mountford: When you look at, you can see the margins in the supply chain business are around 6.5%. You know how much diesel has moved, and diesel is nearly 55% of the cost of a truck today. You have to have that capability of passing through the price increases monthly. The only negative is there is a one-month lag, and that does cost about ZAR 45 million, the one-month lag to recover that price. The one business that is an outlier in this regard is SG Convenience. That is a business that purchases stock from principals and sells it into the bottom-end retail garage forecourt, corner spaza, cafe type environment. There, we are buying stock, and we are selling at a recommended retail price. The principal set that price.

Speaker #2: So you have to have that capability of passing through the price increases monthly. The only negative is there's a one-month lag, and that did cost.

Peter Mountford: The only negative is there is a one-month lag, and that does cost about ZAR 45 million, the one-month lag to recover that price. The one business that is an outlier in this regard is SG Convenience. That is a business that purchases stock from principals and sells it into the bottom-end retail garage forecourt, corner spaza, cafe type environment. There, we are buying stock, and we are selling at a recommended retail price. The principal set that price.

Speaker #2: That does cost about 45 million rand. There is a one-month lag to recover that price. The one business that is an outlier in this regard is SG Convenience.

Speaker #2: That is a business that purchases stock from principals and sells it into the bottom-end retail garage, for a corner spaza café-type environment. There, we're buying stock and we're selling at a recommended retail price.

Speaker #2: So the principals set that price. So, there is a negotiation to recover cost prices linked to diesel, and sometimes that requires the underlying principals to look at potential amendments of price.

Peter Mountford: There, there is a negotiation to recover cost prices linked to diesel, and sometimes that requires the underlying principles to look at potential amendments of price, if it were a very significant amount. That is the only business that does not have an industry norm of an automated diesel price adjustment monthly. Thabo Mbatha, Bateleur. "Congratulations on a strong set of results." Thanks, Thabo. "Quick question on the fleet solutions business. FleetAfrica performance was supported by significant vehicle replacement activity during the period. Can we expect the same or similar kind of activity and benefit to come through in the next period?" No, Thabo, we had a particularly high rotation going through on a number of our major contracts. I think that the vehicle rotation will be a lot lower.

Speaker #2: If it were a very significant amount. That is the only business that doesn't have an industry norm of an automated diesel price adjustment monthly.

Speaker #2: Tobin Barter, Batelier. Congratulations on a strong set of results. Thanks, Tobin. Quick question on the Fleet Solutions business. Fleet Africa’s performance was supported by significant vehicle replacement activity during the period.

Peter Mountford: FleetAfrica performance was supported by significant vehicle replacement activity during the period. Can we expect the same or similar kind of activity and benefit to come through in the next period?" No, Thabo, we had a particularly high rotation going through on a number of our major contracts. I think that the vehicle rotation will be a lot lower. It will be 40% to 50% lower in terms of new investment into that fleet in the business, subject to not getting a big new contract. Obviously, that could change things dramatically.

Speaker #2: Can we expect the same or similar kind of activity and benefit to come through in the next period? No, Tobin, we had a particularly high rotation going through on a number of our major contracts.

Speaker #2: So I think that the vehicle rotation will be a lot lower. It'll be 40% to 50% lower in terms of new investment into that fleet in the business.

Peter Mountford: It will be 40% to 50% lower in terms of new investment into that fleet in the business, subject to not getting a big new contract. Obviously, that could change things dramatically. Anton van Niekerk, Old Mutual. "What is the total CapEx budget for DIG over the next three years? How much of the ZAR 1.92 billion authorized CapEx relates to DIG versus organic?" Okay. DIG, the budget for the forthcoming year, in relation to DIG is ZAR 240 million. However, only ZAR 60 million of that is organic growth, and we have picked up some additional contracts in that business that come into being in the forthcoming financial year. I am not going to go into the two years after 2027 because that is very much dependent on potential new business, but the organic CapEx is around ZAR 60 to 70 million a year. Murang Murugi of NorthStar. "Dealerships SA.

Speaker #2: Subject: Not getting a big new contract. Obviously, that could change things dramatically. Anton van Niekerk, Old Mutual. What is the total capex budget for the Dig over the next three years?

Peter Mountford: Anton van Niekerk, Old Mutual. "What is the total CapEx budget for DIG over the next three years? How much of the ZAR 1.92 billion authorized CapEx relates to DIG versus organic?" Okay. DIG, the budget for the forthcoming year, in relation to DIG is ZAR 240 million. However, only ZAR 60 million of that is organic growth, and we have picked up some additional contracts in that business that come into being in the forthcoming financial year.

Speaker #2: And how much of the R1.92 billion authorized capex relates to Dig versus organic? Okay, so Dig, the budget for the forthcoming year in relation to Dig, is R240 million.

Speaker #2: However, only 60 million rand of that is organic growth, and we have picked up some additional contracts in that business that will come into effect in the forthcoming financial year.

Speaker #2: I'm not going to go into the two years after 2027, because that is very much dependent on potential new business. But the organic sort of capex is around 60 to 70 million rand a year.

Peter Mountford: I am not going to go into the two years after 2027 because that is very much dependent on potential new business, but the organic CapEx is around ZAR 60 to 70 million a year. Murang Murugi of NorthStar. "Dealerships SA. What is the outlook on the price deflation in new and used vehicles? The mix effect of lower priced vehicles appears to be the dominant driver, but what underlying price movement are you seeing?" At this stage, we are seeing price stability in that market. You are absolutely right.

Speaker #2: Marang Marudi of North Star Dealerships SA. What is the outlook on price deflation in new and used vehicles? The mix effect of lower-priced vehicles appears to be the dominant driver.

Peter Mountford: What is the outlook on the price deflation in new and used vehicles? The mix effect of lower priced vehicles appears to be the dominant driver, but what underlying price movement are you seeing?" At this stage, we are seeing price stability in that market. You are absolutely right. When you look at the sales volumes growth in South African dealerships, clearly there is a mix impact. The imported, the new Chinese and Indian brands are at a much lower price point. That is obviously relevant to the overall revenue number. We are seeing price stability at the moment. We are not seeing a significant decline in prices in that sector at this stage. Thabo Mbatha, Bateleur. "Dealerships, there are 31 sites representing the emerging Chinese and Indian brands. Brand new sites, or were they existing operations converted?

Speaker #2: But what underlying price movement are you seeing? At this stage, we're seeing price stability in that market. You're absolutely right. And when you look at the sales volumes' growth in South African dealerships, clearly there's a mixed impact.

Peter Mountford: When you look at the sales volumes growth in South African dealerships, clearly there is a mix impact. The imported, the new Chinese and Indian brands are at a much lower price point. That is obviously relevant to the overall revenue number. We are seeing price stability at the moment. We are not seeing a significant decline in prices in that sector at this stage. Thabo Mbatha, Bateleur. "Dealerships, there are 31 sites representing the emerging Chinese and Indian brands. Brand new sites, or were they existing operations converted?

Speaker #2: So, the imported new sort of Chinese and Indian brands are at a much lower price point, and that is obviously relevant to the overall revenue number.

Speaker #2: We're seeing price stability at the moment. We're not seeing a significant decline in prices in that sector at this stage. Tobin Barter, Batelier. Dealerships: there are 31 sites representing the emerging Chinese and Indian brands.

Speaker #2: Were these brand new sites, or were they existing operations that were converted? If they're existing operations, what is the incremental return you're seeing from this pivot toward emerging brands?

Peter Mountford: If they are existing operations, what is the incremental return that you are seeing from this pivot towards emerging brands? They are primarily existing sites where we followed a multi-branded philosophy. There are a few exceptions, but I think there are only three dedicated sites. I think that 28 are the expansion of the brand positioning on existing sites. The return, you have seen the type of sales performance that has arisen from those brands. You have seen the type of volume increase from those brands. So, we expect the growth to remain strong in the forthcoming year. We expect the representation of these brands in relation to our total sales to move to potentially 50%, over 50%. We expect the returns in terms of operating profit percentage of sales to remain static around 3.5%. Richard Cheesman, Urquhart Partners.

Speaker #2: They are primarily existing sites, where we followed a multi-branded philosophy. There are a few exceptions, but I think there are only three dedicated sites.

Speaker #2: So I think that 28 are the expansion of the brand positioning on existing sites. And the return—you've seen the type of sales performance that has arisen from those brands.

Speaker #2: You've seen the type of volume increase from those brands, so we expect the growth to remain strong in the forthcoming year. We expect the representation of these brands in relation to our total sales to move to potentially 50%, or even over 50%.

Peter Mountford: So, we expect the growth to remain strong in the forthcoming year. We expect the representation of these brands in relation to our total sales to move to potentially 50%, over 50%. We expect the returns in terms of operating profit percentage of sales to remain static around 3.5%. Richard Cheesman, Urquhart Partners.

Speaker #2: And we expect the returns, in terms of operating profit as a percentage of sales, to remain static around 3.5%. Richard Cheeseman, Urquhart Partners. Richard talks about retirement and what sort of succession planning is in place.

Peter Mountford: Richard talks about retirement and what sort of succession planning is in place. Richard, I have committed in terms of myself to stay with the group for another four years, and that is a commitment I have given to some of our shareholders and certainly to our board. We do have good succession planning throughout the group, strong succession planning in supply chain, good succession planning in the fleet businesses and in DIG, and strong succession planning in the South African dealerships, and UK dealerships as well. Matthew Roberts, Blue Quadrant Capital Management. What are we thinking for CapEx in FY27 and FY28, split by maintenance and expansion? Is this indicative of what normal maintenance CapEx will look like going forward? I will let Colin answer that, please.

Speaker #2: So, Richard, I've committed myself to stay with the group for another four years, and that's a commitment I've given to some of our shareholders and certainly to our board.

Speaker #2: We do have good succession planning throughout the group—strong succession planning and supply chain, good succession planning in the fleet businesses and in Dig, and strong succession planning in the South African dealerships and UK dealerships as well.

Peter Mountford: Matthew Roberts, Blue Quadrant Capital Management. What are we thinking for CapEx in FY27 and FY28, split by maintenance and expansion? Is this indicative of what normal maintenance CapEx will look like going forward? I will let Colin answer that, please.

Speaker #1: Matthew Roberts, Blue Quadrant Capital Management. What are we thinking for capex in FY27 and FY28, split by maintenance and expansion? Is this indicative of what normal maintenance capex will look like going forward?

Speaker #1: I'll let Colin answer that, please.

Speaker #3: Sure. So we expect our capex to be around R1.9 billion for the 2027 year. And you can take inflationary or sales growth expectations beyond that.

Colin Brown: Sure. So, we expect our CapEx to be around ZAR 1.9 billion for 2027 year, and you can take inflationary or sales growth expectations beyond that, and about half of that is maintenance, and the other half is expansionary CapEx, and that is for property, plant, and equipment. We discussed the fleet assets earlier, which goes under the working capital line, as you have seen in the cash flow statement.

Speaker #3: And about half of that is maintenance, and the other half is expansionary capex. That is for property, plant, and equipment. We discussed the fleet assets earlier, which go under the working capital line, as you've seen in the cash flow statement.

Speaker #1: Anton van Niekerk, Old Mutual. What are your return on investment targets for Dig to justify the investment? What has been the key integration factor within the business during the first four months?

Peter Mountford: Anton van Niekerk, Old Mutual. What are your return on investment targets for DIG to justify the investment? What has been the key integration factor within the business during the first four months? The return on investment targets are close to 24%, and the integration process has been primarily around financial information technology, corporate service type activities at this point in time, because the business is very differently positioned to FleetAfrica, which is dealing in motor vehicles and trucks as opposed to yellow equipment and plant type business. Jan Andre Petzer. What operating profit level do you expect for the UK dealerships going forward? I will let you answer that, Colin. Similar to the H2 run rate.

Speaker #1: The return on investment targets are close to 24%. And the integration process has been primarily around financial, information technology, and corporate service-type activities at this point in time, because the business is very differently positioned to Fleet Africa, which is dealing in motor vehicles and trucks, as opposed to yellow equipment and plant-type business.

Peter Mountford: The return on investment targets are close to 24%, and the integration process has been primarily around financial information technology, corporate service type activities at this point in time, because the business is very differently positioned to FleetAfrica, which is dealing in motor vehicles and trucks as opposed to yellow equipment and plant type business. Jan Andre Petzer. What operating profit level do you expect for the UK dealerships going forward? I will let you answer that, Colin. Similar to the H2 run rate.

Speaker #1: Yan Jandre Petersen: What operating profit level do you expect for the UK dealerships going forward? Colin: You answer that, Colin. Similar to the H2 run rate.

Speaker #3: So, one must bear in mind that the second half of the financial year is at a much higher margin because of the change in number plates in March.

Colin Brown: So one must bear in mind that the H2 of the financial year is a much higher margin because of the change in number plates in March. The H1 was a lower margin overall, being a 1.8% margin, and I think we will improve slightly on that going forward.

Speaker #3: So, the first half was a lower margin overall, being a 1.8% margin. And I think we will improve slightly on that going forward.

Speaker #1: Stuart Hyde, Klugers Grey. Could you provide any color on management in organic growth and their mergers and acquisition strategy? Stuart, at the moment, we've got quite high growth in many of our businesses on the supply chain side of things.

Peter Mountford: Stuart Hyde, ClucasGray. Could you provide any color on management's inorganic growth and their mergers and acquisition strategy? Stuart, at the moment, we have got quite high growth in many of our businesses. On the supply chain side of things, we have increased our market share in both the convenience and the consumer businesses. We have also seen we established that pallet business, and at this point in time, we have got 2.5 million pallets in the market. So we have got quite significant market share in the pallet business. So high organic growth across the supply chain businesses. The same applies within DIG in the fleet lease business. FleetAfrica, the organic growth level is low because there has been virtually no new business coming out of the state and parastatal environment at all.

Speaker #1: We've increased our market share in both the convenience and the consumer segments since we established that pallet business. At this point in time, we've got 2.5 million pallets in the market.

Speaker #1: So we've got quite significant market share in the pallet business, so high organic growth across the supply chain businesses. And the same applies within Dig and the fleet lease business.

Peter Mountford: So high organic growth across the supply chain businesses. The same applies within DIG in the fleet lease business. FleetAfrica, the organic growth level is low because there has been virtually no new business coming out of the state and parastatal environment at all. That is obviously our challenge, is to try and grow FleetAfrica, and that depends on contracts. You have seen an inordinate number of municipal and parastatal contracts being rolled over or being delayed, and certainly those fleets are aging.

Speaker #1: Fleet Africa: The organic growth level is low because there's been virtually no new business coming out of the state and parastatal environment at all.

Speaker #1: And that's obviously our challenge is to try and grow Fleet Africa and that depends on contracts. You've seen in order a number of sort of municipal and parastatal contracts being rolled over and/or being delayed.

Peter Mountford: That is obviously our challenge, is to try and grow FleetAfrica, and that depends on contracts. You have seen an inordinate number of municipal and parastatal contracts being rolled over or being delayed, and certainly those fleets are aging. So, that organic growth is very much our target in the fleet lease businesses as well. In dealerships, the same situation as we continue to roll out more of the Chinese and Indian brands. Our primary growth is organic. So looking forward into the next year, it is primarily organic growth. Mergers and acquisition strategy. We will look at niches that provide high growth, complementary activities, and good operating margins within primarily the Southern African supply chain space. But I do not perceive, the world always can vary, do not perceive a significant mergers and acquisitions process or activity in the forthcoming year. Zaid Baruch, WealthVest Investment Management.

Speaker #1: And certainly, those fleets are aging. So that organic growth is very much our target in the fleet lease businesses as well. In dealerships, it's the same situation as we continue to roll out more of the Chinese and Indian brands.

Peter Mountford: So, that organic growth is very much our target in the fleet lease businesses as well. In dealerships, the same situation as we continue to roll out more of the Chinese and Indian brands. Our primary growth is organic. So looking forward into the next year, it is primarily organic growth. Mergers and acquisition strategy. We will look at niches that provide high growth, complementary activities, and good operating margins within primarily the Southern African supply chain space.

Speaker #1: Our primary growth is organic. So, looking forward into the next year, it is primarily organic growth. Regarding our mergers and acquisitions strategy, we will look at niches that provide high-growth, complementary activities and good operating margins, primarily within the Southern African supply chain space.

Speaker #1: But I do not perceive the world's always can vary. I do not perceive a significant mergers and acquisitions process or activity in the forthcoming year.

Peter Mountford: But I do not perceive, the world always can vary, do not perceive a significant mergers and acquisitions process or activity in the forthcoming year. Zaid Baruch, WealthVest Investment Management. Well done on the great results. Thanks, Zaid. How do you think about capital allocation, given the group's strong balance sheet, mergers and acquisitions versus dividends versus share buybacks? Thank you, Zaid, and a very relevant question. So I think I have answered the mergers and acquisitions.

Speaker #1: Zayd Farooq, WealthVest Investment Management. Well done on the great results. Thanks, Zayd. How do you think about capital allocation, given the group's strong balance sheet?

Peter Mountford: Well done on the great results. Thanks, Zaid. How do you think about capital allocation, given the group's strong balance sheet, mergers and acquisitions versus dividends versus share buybacks? Thank you, Zaid, and a very relevant question. So I think I have answered the mergers and acquisitions. The dividend, obviously, we have continued with a six times cover at a ZAR 0.55 dividend. The number we understand best and the value we understand best, of course, is Super Group at the moment. In our opinion, the share is undervalued. So I think you can expect us to proceed with share buybacks over the next while. Richard Cheesman, Urquhart Partners, congratulations on the results. Thanks, Richard. Following the significant, sorry, it is just jumping. Following the significant simplification of the group and reduction in gearing, could you talk about the merits of Super Group remaining listed in its current form?

Speaker #1: Mergers and acquisitions versus dividends versus share buybacks. Thank you, Zayd, and a very relevant question. So, I think I've answered the mergers and acquisitions.

Speaker #1: The dividend, obviously, we've continued with a six-times cover at a $0.55 dividend. The number we understand best, and the value we understand best, of course, is Super Group at the moment.

Peter Mountford: The dividend, obviously, we have continued with a six times cover at a ZAR 0.55 dividend. The number we understand best and the value we understand best, of course, is Super Group at the moment. In our opinion, the share is undervalued. So I think you can expect us to proceed with share buybacks over the next while. Richard Cheesman, Urquhart Partners, congratulations on the results.

Speaker #1: And in our opinion, the share is undervalued. So I think you can expect us to proceed with share buybacks over the next while. Richard Teasman, ERCOT, congratulations on the results.

Speaker #1: Thanks, Richard. Following the significance—sorry, it's just jumping. Following the significance, simplification of the group, and reduction in gearing, could you talk about the merits of Super Group remaining listed in its current form?

Peter Mountford: Thanks, Richard. Following the significant, sorry, it is just jumping. Following the significant simplification of the group and reduction in gearing, could you talk about the merits of Super Group remaining listed in its current form? We have seen considerable foreign interest in South African logistics assets while Super Group continues to trade at a relatively modest valuation. How does the board think about the optimal ownership structure from here?

Speaker #1: We have seen considerable foreign interest in South African logistics assets, while Super Group continues to trade at a relatively modest valuation. How does the Board think about the optimal ownership structure from here?

Peter Mountford: We have seen considerable foreign interest in South African logistics assets while Super Group continues to trade at a relatively modest valuation. How does the board think about the optimal ownership structure from here? Richard, we had a really good look at this a year ago, from our perspective, my perspective, and the executives' perspective as well as the board, because certainly with Super Group, a year back, trading after the dividend of ZAR 16.50, we are trading around ZAR 12.50, and that might well have been a very interesting time for a management buyout, arguably, or even an acquisition. What we presented to the board, and I think we've indicated in it, is that we would have been selling our shareholders short. We could see the runway of the forthcoming year that's just been reported, forthcoming year, a year ago.

Speaker #1: Richard, we had a really good look at this a year ago from our perspective—my perspective, the executive's perspective, as well as the board's.

Peter Mountford: Richard, we had a really good look at this a year ago, from our perspective, my perspective, and the executives' perspective as well as the board, because certainly with Super Group, a year back, trading after the dividend of ZAR 16.50, we are trading around ZAR 12.50, and that might well have been a very interesting time for a management buyout, arguably, or even an acquisition. What we presented to the board, and I think we've indicated in it, is that we would have been selling our shareholders short.

Speaker #1: Because, certainly, with Super Group a year back, trading after the dividend of R16.50, we were trading around R12.50. And that might well have been a very interesting time for a management buyout, arguably, or even an acquisition.

Speaker #1: And what we presented to the Board, and I think we've indicated in it, is that we would have been selling our shares as short.

Speaker #1: We could see the runway of the forthcoming year that's just been reported—forthcoming year, a year ago. And we were of the view that, with this performance and performance looking forward, our shareholders had a reasonable expectation of share value in the mid-20s.

Peter Mountford: We could see the runway of the forthcoming year that's just been reported, forthcoming year, a year ago. We're of the view that with this performance and performance looking forward, that our shareholders had a reasonable expectation of share value in the mid-20s. Even a 50% premium on ZAR 12.50 or ZAR 13 at the time would have been inadequate and would have sold our shareholders short.

Peter Mountford: We're of the view that with this performance and performance looking forward, that our shareholders had a reasonable expectation of share value in the mid-20s. Even a 50% premium on ZAR 12.50 or ZAR 13 at the time would have been inadequate and would have sold our shareholders short. So the decision was taken that we would move to the next iteration of Super Group, continue in the current listed form, continue to try and grow the business as we have over the last 17 years, and try and add more value to shareholders that way than a one-off, which would have really sold them short, I believe, a year ago. On the automotive side, do you see scope for further consolidation of corporate activity? There are interesting assets in the car rental space, which would seem to have some strategic fit.

Speaker #1: And at that, even a 50% premium on 12 rand 50 or 13 rand at the time would have been inadequate and would have sold our shareholders short.

Speaker #1: So the decision was taken that we would move to the next iteration of Super Group, continue in the current listed form, continue to try and grow the business as we have over the last 17 years, and try to add more value to shareholders that way.

Peter Mountford: So the decision was taken that we would move to the next iteration of Super Group, continue in the current listed form, continue to try and grow the business as we have over the last 17 years, and try and add more value to shareholders that way than a one-off, which would have really sold them short, I believe, a year ago. On the automotive side, do you see scope for further consolidation of corporate activity? There are interesting assets in the car rental space, which would seem to have some strategic fit.

Speaker #1: And a one-off, which would have really sold them short, I believe, a year ago. And on the automotive side, do you see scope for further consolidation or corporate activity?

Speaker #1: There are interesting assets in the car rental space, which would seem to have some strategic fit. What would you need for an acquisition in this area to make sense?

Peter Mountford: What would you need for an acquisition there in this area to make sense? We do think there's going to be corporate activity in the medium term, across potentially some of the larger automotive retail groups. We do think the car rental space is interesting. Some of that is very much tied up to larger automotive retail groups. But certainly car rental would make a strategic fit. I don't see an acquisition in that area in the short term. But I think in the medium term, there is a need for a home, potentially, for one or two retail groups. Chandre Pieterse, expected net finance costs for the year ahead, Colin?

Speaker #1: We do think there’s going to be corporate activity in the medium term, across potentially some of the larger automotive retail groups. We do think the car rental space is interesting.

Speaker #1: Some of that is very much tied up to larger automotive retail groups, but certainly car rental would make a strategic fit. I don't see an acquisition in that area in the short term.

Speaker #1: But I think in the medium term, there is a need for a home, potentially, for one or two retail groups. Jean-André Petersen, expected net finance costs for the year ahead? Colin?

Peter Mountford: But I think in the medium term, there is a need for a home, potentially, for one or two retail groups. Chandre Pieterse, expected net finance costs for the year ahead, Colin?

Speaker #2: So our expectations are around 780 million rand, but that includes RAU interest of 140.

Colin Brown: Our expectation is around ZAR 780 million, but that includes our Amco interest of ZAR 140.

Speaker #1: Okay, thank you. And then there's a question from Jan Mouton at PSG. Super Group is trading at more than a 50% discount to net asset value.

Peter Mountford: Okay, thank you. There is a question from Jan Mouton, PSG. "Super Group is trading at more than a 50% discount to net asset value and about a five PE. Why did management only buy back an insignificant 1 million shares, an upcoming 3% of shares in issue?" Jan, look, there has been quite a few times in the year that essentially we were in a closed period in that we were dealing with transactions or potential transactions. Quite honestly, we cannot lead the market, so we found ourselves in the period that the share grew from ZAR 13 upwards, slightly behind the market. But certainly, as I said earlier, you could expect us to be more active in share buybacks in the immediate future. All right. The next one is, "Consumer supply chain and fleet lease prospects.

Speaker #1: And about a 5 P/E. Why did management only buy back an insignificant 1 million shares, 0.3% of shares in issue? Jan, yeah, look, there have been quite a few times in the year that, essentially, we were in a closed period in that we were dealing with transactions or potential transactions.

Speaker #1: And then, quite honestly, we can't lead the market. So, we found ourselves in the period when the share grew from 13 rand upwards, slightly behind the market.

Peter Mountford: Quite honestly, we cannot lead the market, so we found ourselves in the period that the share grew from ZAR 13 upwards, slightly behind the market. But certainly, as I said earlier, you could expect us to be more active in share buybacks in the immediate future. All right. The next one is, "Consumer supply chain and fleet lease prospects. Can you speak to the onboarding of new customers that is expected to drive growth? Is this underpinned by existing agreements? How much visibility do you have on these prospects?"

Speaker #1: But certainly, as I said earlier, you could expect us to be more active in share buybacks in the immediate future. All right. And then, consumer suppliers.

Speaker #1: So the next one is consumer supply chain and fleet lease prospects. Can you speak to the onboarding of new customers that is expected to drive growth?

Peter Mountford: Can you speak to the onboarding of new customers that is expected to drive growth? Is this underpinned by existing agreements? How much visibility do you have on these prospects?" New customers, as I said to you, let us start in fleet lease. Very little in terms of new customers. We had a big rotation of fleet in our existing customer. I answered earlier that is not going to go into the forthcoming year. So fleet lease, in terms of FleetAfrica, there is not a potential high growth in customers this year. DIG, certainly, there are a number of contracts that we have finalized and some potential new contracts that come through in this year. Consumer supply chain business has picked up some additional contracts that are already contracted and contributed various from eight to six months to the current financial year, and they will continue into the next year.

Speaker #1: Is this underpinned by existing agreements? How much visibility do you have on these prospects? Yeah, new customers—as I said to you, let's start in fleet lease.

Peter Mountford: New customers, as I said to you, let us start in fleet lease. Very little in terms of new customers. We had a big rotation of fleet in our existing customer. I answered earlier that is not going to go into the forthcoming year. So fleet lease, in terms of FleetAfrica, there is not a potential high growth in customers this year. DIG, certainly, there are a number of contracts that we have finalized and some potential new contracts that come through in this year.

Speaker #1: Very little in terms of new customers. We had a big rotation of fleets in our existing customer base. I answered earlier that it's not going to go into the forthcoming year.

Speaker #1: So, fleet lease in terms of Fleet Africa, there's not a potential for high growth in customers this year. Dig, certainly there are a number of contracts that we've finalized and some potential new contracts that could come through this year.

Speaker #1: The consumer supply chain business has picked up some additional contracts that are already contracted and contributed variously from 6 to 8 months to the current financial year.

Peter Mountford: Consumer supply chain business has picked up some additional contracts that are already contracted and contributed various from eight to six months to the current financial year, and they will continue into the next year. Will you be looking to expand your number of dealerships in SA and UK, given the strong numbers from the Asian brands?" We would always look at opportunities for the Asian brands in South Africa. In the UK, the strategy has been to move our dealerships to a multi-branded philosophy.

Speaker #1: And they will continue into next year. Will you be looking to expand your number of dealerships in SA and the UK, given the strong numbers from the Asian brands?

Peter Mountford: Will you be looking to expand your number of dealerships in SA and UK, given the strong numbers from the Asian brands?" We would always look at opportunities for the Asian brands in South Africa. In the UK, the strategy has been to move our dealerships to a multi-branded philosophy. I think we would be careful in the UK at this point in time. There are still a lot of headwinds that worry us in that environment. The first being, of course, the increase in the national insurance rates, the second, three major minimum wage increases, and the third, the continuing VED legislation, which jumps up to 33% in calendar 2026. So those concerns would keep us in a conservative position of rolling out across our existing dealership network and getting a better optimization of those sites. So I do not think we will increase the number of dealerships in the UK.

Speaker #1: We would always look at opportunities for the Asian brands in South Africa. In the UK, the strategy has been to move our dealerships to a multi-branded philosophy.

Speaker #1: And I think we would be careful in the UK at this point in time. There's still a lot of headwinds that worry us in that environment.

Peter Mountford: I think we would be careful in the UK at this point in time. There are still a lot of headwinds that worry us in that environment. The first being, of course, the increase in the national insurance rates, the second, three major minimum wage increases, and the third, the continuing VED legislation, which jumps up to 33% in calendar 2026. So those concerns would keep us in a conservative position of rolling out across our existing dealership network and getting a better optimization of those sites.

Speaker #1: The first being, of course, the increase in the national insurance rates. The second, three major minimum wage increases. And the third, the continuing VEX legislation, which jumps up to 33% in calendar 2026.

Speaker #1: So those concerns would keep us in a conservative position of rolling out across our existing dealership network and getting better optimization of those sites.

Speaker #1: So, I don't think we'll increase the number of dealerships in the UK. Or where to, Peter? How is Dig able to attain operating margins?

Peter Mountford: So I do not think we will increase the number of dealerships in the UK. A word to Peter, "How is DIG able to attain operating margins which are materially higher than Barloworld?" It is a very different business to Barloworld with a very integrated model, and with a very different product range to that you are seeing in Barloworld. It was also a business with a far lower cost structure than any of its competitors. Themba Konde, Excelsior.

Peter Mountford: A word to Peter, "How is DIG able to attain operating margins which are materially higher than Barloworld?" It is a very different business to Barloworld with a very integrated model, and with a very different product range to that you are seeing in Barloworld. It was also a business with a far lower cost structure than any of its competitors. Themba Konde, Excelsior. "Beyond the volume trends through Maputo and Richards Bay, to what extent are coal and copper businesses benefiting from the current commodity price environment?" Absolutely. The current commodity price environment is positive for both coal and copper. In coal, we have not seen any significant improvement in rates. In copper, we are seeing some rate improvement, and the rates tend to move in conjunction with the current commodity price. The coal export is through Maputo, and the copper export is largely through Richards Bay.

Speaker #1: Which are materially higher than Barlow World. It's a very different business to Barlow World, with a very integrated model and with a very different product range to that which you're seeing in Barlow World.

Speaker #1: It was also a business with a far lower cost structure than any of its competitors. Temba Conde, Excelsior. Beyond the volume trends through Maputo and Richards Bay, to what extent are Colin Copper businesses benefiting from the current commodity price environment?

Peter Mountford: "Beyond the volume trends through Maputo and Richards Bay, to what extent are coal and copper businesses benefiting from the current commodity price environment?" Absolutely. The current commodity price environment is positive for both coal and copper. In coal, we have not seen any significant improvement in rates. In copper, we are seeing some rate improvement, and the rates tend to move in conjunction with the current commodity price. The coal export is through Maputo, and the copper export is largely through Richards Bay.

Speaker #1: Yeah, absolutely. The current commodity price environment is positive for both coal and copper. In coal, we haven't seen any significant improvement in rates. In copper, we're seeing some rate improvement.

Speaker #1: And the rates tend to move in conjunction with the current commodity price. The coal export is through Maputo, and the copper export is largely through Richards Bay.

Speaker #1: Obviously, those cross-border businesses do other activities as well. On the inbound, they haul a lot of fuel from Beira into Zimbabwe. On the outbound, they take a lot of industrial products, building materials, and other things from South Africa.

Peter Mountford: Obviously, those cross-border businesses do other activities as well. On the inbound, they haul a lot of fuel from Beira into Zimbabwe, and on the inbound, they take a lot of industrial products, building material, and other things from South Africa into Zimbabwe and the DRC. Letiiso from Kachala Capital. Sorry, the questions are just jumping a bit. "Does Chinese brand volume growth eventually produce operating leverage, or does Super Group have to continuously chase volume at lower margins?" The volume growth definitely produces operating leverage, and we don't have to continuously chase volume at lower margins. A general comment, gross margins on new vehicle sales are at a pretty consistent level virtually across all products, even premium to lower price type products. Matthew Roberts. "Chery has shot the lights out in SA. Are you seeing them go in the UK?

Speaker #1: To Zimbabwe, and the DRC. So, Letizo from Kachala Capital—sorry, the question's just jumping a bit. Does Chinese brand volume growth eventually produce operating leverage?

Speaker #1: Does Super Group have to continuously chase volume at lower margins? The volume growth definitely produces operating leverage, and we don't have to continuously chase volume at lower margins.

Peter Mountford: The volume growth definitely produces operating leverage, and we don't have to continuously chase volume at lower margins. A general comment, gross margins on new vehicle sales are at a pretty consistent level virtually across all products, even premium to lower price type products. Matthew Roberts. "Chery has shot the lights out in SA. Are you seeing them go in the UK?

Speaker #1: A general comment: gross margins on new vehicle sales are at a pretty consistent level, virtually across all products, even on premium to lower price-type products.

Speaker #1: Matthew, Robots, Cherry has shot the lights out in SA. Are you seeing them go in the UK? Would we expect the same there, or are there different challenges?

Peter Mountford: Would we expect the same there, or are there different challenges?" We think Chery will grow reasonably well in the UK. The UK, Jaecoo and Omoda have probably been the two most successful. They have been the two most successful new vehicle brand launches in the UK, and I think those product ranges are obviously very strong, as is Chery. Chery is new for us in that market. It's new in the UK as well, and some of their product range is relatively new, but they're doing well. In June 2026, their market share was 1.6%. We think Chery will perform strongly in the UK over time. Okay, thank you. If there are no more questions, I'd like to thank you all for your interest in Super Group this morning, and thank you for attending our webcast. All the best. Cheers.

Speaker #1: Yeah, Chery, we think Chery will grow reasonably well in the UK. In the UK, JACU and Omoda have probably been the two most successful. They have been the two most successful new vehicle brand launches in the UK.

Speaker #1: And I think that those product brands are obviously very strong, as is Cherry. Cherry is new for us in that market; it's new in the UK as well.

Speaker #1: And some of their product range is relatively new, but they're doing well. I mean, in June 2026, their market share was 1.6%. So, we think Cherry will perform strongly in the UK over time.

Peter Mountford: We think Chery will perform strongly in the UK over time. Okay, thank you. If there are no more questions, I'd like to thank you all for your interest in Super Group this morning, and thank you for attending our webcast. All the best. Cheers.

Speaker #1: Okay, thank you. If there are no more questions, I'd like to thank you all for your interest in Super Group this morning, and thank you for attending our webcast.