Nampak Limited · JSE:NPK
Nampak — FY2025 Earnings Presentation
47 slides from Nampak's earnings presentation, December 2025
Slide 1: Annual Results for the year ended 30 September 2025
Annual Results for the year ended 30 September 2025 nampak.com
Slide 2: Growth and optimisation — powering our path to sustainable shareholder value accretion
“Growth and optimisation — powering our path to sustainable shareholder value accretion.” Phil Roux Chief Executive Officer
Slide 3: Developments in SA and Angola
Developments in SA and Angola South Africa Angola ‣ Improving inflation outlook ‣ Oil production boost in the short ‣ Promising interest rate outlook to medium term ‣ GNU shows resilience ‣ Supply of FX and stability of currency ‣ Constrained economic outlook against the USD ‣ Numerous FMCG categori
Slide 4: Financial highlights
Financial highlights The organisation delivered pleasing 2025 financial results: Revenue of Operating profit R10.7bn up 8% R1.9bn up 13% Trading profit of Cash generated from operations R1.3bn up 26% R2.2bn up 38% Total overheads decline ROIC (based on operating profit) 7% 22.7%* up 5.5% EBITDA of N
Slide 5: Segmental financial performance
Segmental financial performance Beverage SA Diversified SA Beverage Angola Revenue Revenue Revenue R6 487m R2 948m R1 086m up 6% up 2% up 12% Trading profit Trading profit Trading profit R794m R275m R337m up 14% down 12% up 12% EBITDA EBITDA EBITDA R907m R310m R360m up 13% down 5% up 30% Nampak annu
Slide 6: Performance highlights
Performance highlights ▸ Sustaining growth ahead of GDP in real terms ▸ Angolan step change ▸ Beverage SA 500ml + 20% volume growth ▸ Interest cost and debt halved ▸ 7% total overheads reduction ▸ Margin maintenance and expansion ▸ Leadership overhaul within manufacturing ▸ Level 1 BEE and private e
Slide 7: Performance inhibitors
Performance inhibitors 1 Diversified performance 4 oss of Nigerian ends L volume to the Chinese 2 xternal customer E vagaries and 5 I nland municipal volume impact interruptions 3 anufacturing M performance and skills deficit Nampak annual results for the year ended 30 September 2025 06
Slide 8: Industry vagaries
Industry vagaries Nampak annual results for the year ended 30 September 2025 07
Slide 9: CFO: Strong earnings growth with significant reduction in net finance costs and net debt
“Strong earnings growth with significant reduction in net finance costs and net debt, supported by disposal proceeds and improved cash flows” Glenn Fullerton Chief Financial Officer
Slide 10: Financial overview (continuing operations)
Financial overview (continuing operations) Pleasing progress Revenue of Trading profit of EBITDA of R10.7bn (2024: R10.0bn) up 8% R1.3bn (2024: R1.0bn) up 26% R1.9bn (2024: R1.5bn) up 26% Beverage SA R6.5bn up 6% Beverage SA R794m up 14% Beverage SA R907m up 13% Diversified SA R2.9bn up 2% Diversifi
Slide 11: Financial overview: net debt and cash generation
Financial overview Pleasing progress Net debt (excl. capitalised leases) Net gearing (excl. capitalised leases) Net debt:EBITDA ratio of R2.1bn (2024: R4.4bn) down 52% 77% down from 312% 2.0x (2024: —*) Proceeds from disposals R1.5bn Improved debt position Zimbabwe disposal would further Cash genera
Slide 12: Abridged statement of comprehensive income
Abridged statement of comprehensive income R million 2025 2024 %∆ ‣ Revenue growth ‣ Effective tax rate of Continuing operations ‣ Beverage South Africa 19.3% (2024: 20.1%) – 500ml demand Revenue 10 727 9 956 8 exceeding supply ‣ Headline earnings Trading profit 1 316 1 048 26 per share up 213% ‣ Di
Slide 13: Performance overview
Performance overview Revenue growth coupled with margin improvement Revenue (Rm) Operating profit before net impairment reversals (Rm) 2025 8% 2025 12 000 2 000 2024 2024 28% 10 727 10 000 9 956 1 594 1 500 8 000 6% 1 244 6 487 6 101 14% 6 000 1 000 2% 791 691 4 000 28% >100% (9%) 2 948 2 885 500 12
Slide 14: R418m reduction in net finance costs
R418m reduction in net finance costs Net finance costs (Rm) ‣ Net finance costs decreased 45% to R508m Net finance costs on loan/bank (2024: R926m) 1 400 1 218 Refinancing transaction costs ‣ Benefited from: Finance cost on lease liabilities 101 – Application of R1.5bn disposal proceeds to repay deb
Slide 15: Profit for the year up 85%
Profit for the year up 85% Increased trading profits and lower net finance costs Profit for the year from continuing operations bridge (Rm) Increase 1 400 418 5 Decrease Total 1 160* 1 200 (119) 82 1 000 268 (119) 800 626 600 400 200 Profit for the Trading Capital and Net impairment Net finance Shar
Slide 16: Normalised HEPS growth of 46%
Normalised HEPS growth of 46% 2025 2024 (R'm) (R'm) Headline earnings 872 278 Adjusted for non-recurring capital and other items (post-tax) (230) 160 Pension fund surplus (47) COVID-19 insurance claim (195) Post-retirement medical aid gain (212) Other adjustments (head office/restructuring/share-bas
Slide 17: Abridged divisional results
Abridged divisional results R'm 2025 2024 2023 Contribution to group Revenue (%) Operating profit before net 2025 Revenue 10 727 9 956 9 881 impairment reversals/(losses) (Rm) 2024 2023 Trading profit 1 316 1 048 438 791 691 Inner pie 2025 Trading profit margin (%) 12.3 10.5 4.4 Middle pie 2024 467
Slide 18: Statement of financial position
Statement of financial position Equity position strengthened by 97% R million 2025* 2024* % ∆* ‣ Inventories ‣ Total shareholders’ Property, plant, equipment and investment property 3 999 3 486 15 ‣ Active management and equity up 97% Other non-current assets 979 1 248 (22) improved forecasting ‣ Im
Slide 19: Capital expenditure remained disciplined
Capital expenditure remained disciplined Capital expenditure and depreciation (Rm) ‣ Change in capital expenditure mix post Expansion Replacement Depreciation charge expansionary focus in FY24 450 (continuing operations) ‣ To supply demand for large-format 393 400 383 cans in South Africa 353 ‣ Opti
Slide 20: Net debt reduction of 52%
Net debt (excluding finance leases) reduction of 52% Improved profitability and disposal proceeds of R1.5bn Net debt movement (R'm) R million 2025 % Cash generated from operations 2 185 5 000 Increase 4 436 Decrease Net working capital changes (153) 4 500 Total Replacement capex (262) Cash generated
Slide 21: Leverage of 2.0x achieved ahead of initial plan
Leverage of 2.0x achieved ahead of initial plan No exposure to dollar-denominated debt Net debt (excluding lease liabilities) (Rm) Net debt — debt reduction (Rm) 5 000 4 639 Local Foreign 2 500 2 178 4 436 247 5% 4 500 89 2% 2 000 1 746 (432) 4 000 1 500 3 500 1 000 500 3 000 2 149 Net debt as at Pr
Slide 22: Statement of cash flows
Statement of cash flows Improved profitability and lower net finance costs strengthens cash generation R million 2025 2024 %∆ ‣ Strong cash flows from operations Cash generated from operations before working capital changes 2 185 1 587 38 before working capital changes Net working capital (outflow)/
Slide 23: Further cash released from continuing operations
Further cash released from continuing operations Changes in working capital — Total operations Working capital days (based on average working days) R million 2025 2024 Days 2025 2024 Increase in inventories (185) (79) Inventory 81 82 Decrease/(increase) in trade Trade and other receivables 58 60 and
Slide 24: Sustaining the investment thesis
Sustaining the investment thesis 1 2 3 4 5 Successful Improved Improved Net finance ROIC of 22.7% implementation leverage operating costs reduced > WACC of of asset disposal ratio to 2.0x margins with by R418m 12.4% plan with further laser focus on (45%) with Ahead of upside operating costs further
Slide 25: Turnaround gaining traction
Turnaround gaining traction Strong cash flows, lower debt and finance costs Free cash flow generation Share price appreciation Proceeds Margin expansion from disposals and reduced contributed to funding costs significant de-gearing Turnaround reflected in headline earnings increasing from R278m to R
Slide 26: Phil Roux, Chief Executive Officer
Phil Roux Chief Executive Officer
Slide 27: Outlook: Strategic clarity and operational momentum
Outlook Strategic clarity and operational momentum Strategic themes Portfolio Strategic Cost Leadership Strengthening optimisation customer optimisation development of the Nampak management and efficiency and cultural brand extraction evolution proposition So, what then takes centre stage (FY26 onwa
Slide 28: Our right to win
Our right to win ▸ Focused portfolio ▸ Long-standing and ▸ Quality distinction proven relationships ▸ R&D capability ▸ Capital intensity/ barriers to entry ▸ Scale matters ▸ Management depth ▸ Global client base Nampak annual results for the year ended 30 September 2025 27
Slide 29: Trusted brands belong in our cans!
The privileged position of a revered brand carries with it an obligation to develop and manage the brand to its fullest potential Trusted brands belong in our cans! Nampak annual results for the year ended 30 September 2025 28
Slide 30: CEO farewell
“I bid ye farewell for the very last time! It's been an absolute privilege” Phil Roux Chief Executive Officer
Slide 31: The job is NEVER done!
“The job is NEVER done!”
Slide 32: Annexures
Ne Nampak quality distinction
Slide 33: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income for the year ended 30 September 2025 R million 2025 2024 * Continuing operations Revenue 10 726.8 9 956.3 Raw materials and consumables used (6 422.6) (5 800.7) Employee benefit expense (1 364.2) (1 370.5) Depreciation and amortisation expense (267.5) (
Slide 34: Consolidated statement of comprehensive income continued
Consolidated statement of comprehensive income for the year ended 30 September 2025 continued R million 2025 2024 * Discontinued operations Profit/(loss) for the year from discontinued operations 2 388.8 (1 007.0) Profit/(loss) for the year 3 548.4 (381.4) Other comprehensive loss for the year, net
Slide 35: Consolidated statement of comprehensive income continued
Consolidated statement of comprehensive income for the year ended 30 September 2025 continued R million 2025 2024 * Discontinued operations (continued) Total comprehensive income/(loss) attributable to: Owners of Nampak Limited 1 250.8 (482.4) Non-controlling interest in subsidiaries 79.8 (18.6) Tot
Slide 36: Consolidated statement of financial position
Consolidated statement of financial position at 30 September 2025 R million 2025 2024 Assets Non-current assets Property, plant, equipment and investment property 3 999.4 3 485.8 Right of use assets 505.2 563.2 Goodwill 67.1 67.1 Other intangible assets 87.2 82.5 Investments in associate, joint vent
Slide 37: Consolidated statement of financial position continued
Consolidated statement of financial position at 30 September 2025 continued R million 2025 2024 Equity and liabilities Capital and reserves Stated and share capital 1 266.3 1 266.3 Capital reserves (413.2) (472.5) Other reserves (1 602.0) 619.4 Retained earnings 3 225.4 (234.9) Shareholders’ equity
Slide 38: Consolidated statement of changes in equity
Consolidated statement of changes in equity for the year ended 30 September 2025 R million 2025 2024 1 Opening balance 1 422.2 1 914.1 Share-based payment expense — employee schemes 24.8 23.0 Share grants exercised — employee schemes 4.7 — Share-based payment expense — BEE scheme 2 18.0 — Total comp
Slide 39: Consolidated statement of cash flows
Consolidated statement of cash flows for the year ended 30 September 2025 R million 2025 2024 Cash flows from operating activities Cash receipts from customers 11 131.9 9 357.6 Cash paid to suppliers and employees (9 100.7) (7 595.6) Cash generated from operations 2 031.2 1 762.0 Finance costs paid
Slide 40: Consolidated statement of cash flows continued
Consolidated statement of cash flows for the year ended 30 September 2025 continued R million 2025 2024 Cash flows from financing activities Loans raised 823.7 5 400.1 Loans repaid (2 339.9) (6 833.0) Invoice discounting finance repaid — (111.4) Lease liabilities repaid (143.8) (144.7) Cash repaid i
Slide 41: Operating profit before net impairment losses
Operating profit before net impairment losses Reconciliation of operating profit before net impairment loss reversals to trading profit (continuing operations) R million 2025* 2024 Operating profit before net impairment losses 1 593.6 1 244.0 Adjusted for capital and other items (excluding net impai
Slide 42: 1H2H key metrics
1H2H key metrics 1H25 % 2H25 % 1H24 % 2H24 % R million 2025 2024 %∆ Split Split Split Split Revenue 10 727 9 956 8 53 47 51 49 Beverage SA 6 487 6 101 6 53 47 52 48 Diversified SA 2 948 2 886 2 57 43 51 49 Beverage Angola 1 086 970 12 47 53 46 54 Corporate 206 — Trading profit 1 316 1 048 26 58 42 6
Slide 43: Normalised EBITDA
Normalised EBITDA R million 2025 2024 % EBITDA based on operating profit 1 861.1 1 478.1 26 Adjusted for capital and other items (277.6) (195.6) 42 Post-retirement medical aid (290.0) COVID-19 insurance claim (237.1) Surplus on retirement benefit plan (64.5) Net profit on disposal of property (31.9)
Slide 44: Tax rate reconciliation (continuing operations)
Tax rate reconciliation (continuing operations) Reconciliation of statutory to effective tax rate % 2025 2024 Statutory tax rate 27.0 27.0 Increase in tax rate due to 2.8 23.4 Disallowable expenses 2.2 18.0 Withholding and other foreign taxes 0.6 3.0 Deferred taxation not recognised — 2.4 Reduction
Slide 45: Reconciliation of basic earnings to headline earnings
Reconciliation of basic earnings to headline earnings (continuing operations) R million 2025* 2024 %∆ Basic earnings 1 159.5 625.5 85 Adjusted for: Net impairment losses (351.2) (470.5) 25 Net loss on disposal of investments and businesses 2.0 — — Net (profit) on liquidation of businesses (1.1) — —
Slide 46: Discontinued operations
Discontinued operations Profit/(loss) for the year ‣ Bevcan Nigeria (R million) 2025 2024 ‣ EBITDA before capital and other items Bevcan Nigeria 2 385.2 (658.0) of R68 million to effective date of disposal, Nampak Zimbabwe 160.8 (15.0) 31 January 2025 (2024: R218 million — full year) Liquid Cartons
Slide 47: Thank you
Thank you nampak.com