About this report

The CA&S 2025 Integrated Report (IR) for the financial period 1 January to 31 December 2025 aims to provide a comprehensive assessment of our ability to create and preserve value in the short, medium, and long-term. This report provides insights into the group’s strategic direction, business model, operating environment, significant risks, governance structure, financial performance and sustainability initiatives.

Reporting scope and boundary

The IR includes information from 1 January to 31 December 2025. As the integrated and sustainability reporting landscape evolves, we remain committed to enhancing our disclosures. This report covers the primary operations of the CA&S Group’s subsidiaries and associates located in Africa. Any material information after year-end and up to the report being published on 30 April 2026, has also been included. The report encompasses both financial and non-financial disclosures. While it caters primarily to investors, it presents pertinent information to other key stakeholders, such as our employees, clients, regulators and society. Financial information is reported in South African rand, unless otherwise stated.

Integrated thinking and materiality

We acknowledge the intricate interplay of different internal and external factors and recognise their influence on our capacity to generate sustainable value over the short- (one to two years), medium- (three to five years), and long-term (> five years). Integrated thinking serves as the foundation for our cohesive decision-making, stakeholder engagement and the measures we undertake to achieve sustainable value creation, permeating every aspect of our operations. Aligned with this is our approach to materiality, a concept that provides our reporting foundation. Materiality serves as the basis for our reporting strategy, which focuses on issues that are important to both the group and our key stakeholders. CA&S applied the double materiality lens in determining its material themes, which recognises the enterprise value (inward impact) and social and environmental value (outward impact).

Material themes for the 2025 reporting period (click here to read more)

Managing economic challenges
Leveraging strategic partnerships for new market opportunities and competitive advantage
Adopting disruptive technologies and pursuing innovation to drive solutions
Partnering towards increasingly sustainable and resilient supply chains
Operating as a responsible citizen to drive ESG impact
Attracting, empowering and retaining workforces for optimised performance

Double materiality

Enterprise value:

The impact of company performance and trends in the operating environment on the group's sustainability (inward impact)

Double
materiality

Social and environmental value:

The impact of the group's activities and performance on society and the environment (outward impact)

Operating environment

Risk considerations

Stakeholder relationships

Material matters

Reporting frameworks

In preparing this report, we have adhered to the guidelines set out in the International Integrated Reporting Council’s <IR> Framework while also incorporating the principles and practices outlined in the King IV^TM Report on Corporate Governance for South Africa. Our consolidated annual financial statements have been prepared in accordance with the IFRS® Accounting Standards, the South African Companies Act, and the Listings Requirements of the JSE Limited (JSE) and Botswana Stock Exchange (BSE).

Combined assurance

We aim to provide our stakeholders with disclosures that are not only meaningful, but also accurate, comprehensive, transparent and balanced. The process of determining and approving these disclosures involves the active participation of the board, its committees and the executive team. Deloitte & Touche independently assured our 2025 financial statements.

1st line of defence

Management: executive team

2nd line of defence

Internal auditors, risk and compliance functions

3rd line of defence

External auditors

Forward-looking statements

This report includes forward-looking statements pertaining to the group's operating environment, outlook and operations. These statements are subject to risks and uncertainties, and various factors could lead to significantly different outcomes than initially anticipated. The forward-looking statements in this report have not been audited by our external auditors.

Stakeholder feedback

We value stakeholder feedback as we continue our integrated reporting journey.
Please address all comments to investor@cas.group.

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Six capitals

Financial

Natural

Intellectual

Social

Manufactured

Human

Stakeholders

Employees

Clients

Customers

Communities

Consumers

Government

Investors and shareholders

Our route-to-market solutions

Warehousing and distribution

Retail execution and advisory services

Retail support services and training

Technology and data solutions

Responsibility and approval

The board recognises its responsibility for upholding the integrity and completeness of this report. The board is kept apprised of the reporting process through the Audit and Risk, and Social and Ethics Committees and through extensive discussions with the executive management team. The Audit and Risk Committee recommended the 2025 IR to the board for approval. The board is satisfied that this report encompasses all material issues pertinent to the group's capacity to sustain and create value, and that this report presents a fair and comprehensive account of the integrated performance of the group. The board formally approved this report on 30 April 2026.