Country reviews

• CA Sales was awarded Master Distributor of the Year by a major FMCG brand owner.
• Operational efficiencies unlocked through shared infrastructure and integration.
• Expansion into adjacent channels and strengthened execution standards.

Macroeconmic operating environment¹

Botswana’s operating environment in 2025 remained challenging, shaped by prolonged weakness in global diamond demand, which continued to weigh on national economic activity over the past 18 months. Economic growth remained subdued, with GDP estimated to have contracted by approximately 0.9% for the year. Inflation, while remaining within the Bank of Botswana’s medium-term target range of 3% to 6%, trended upward during the second half of the year, increasing from historically low levels earlier in 2025 to approximately 3.9% by year-end, driven primarily by fuel, food and transport costs.

Tightening liquidity conditions, capital outflows and foreign exchange pressures resulted in higher borrowing costs and currency adjustments, while fiscal consolidation measures, including reduced government grant spending, further constrained consumer demand. Notwithstanding these pressures, Botswana completed a peaceful and orderly transition to a new government, reinforcing its reputation for democratic maturity, institutional stability and renewed commitment to economic diversification beyond single commodity dependence.

Within this environment, the Botswana FMCG sector experienced muted spend as consumers faced inflationary pressures, liquidity constraints and currency-related cost increases. Service-level disruptions from certain brand owners resulted in lost sales and weakened category performance, underscoring the importance of operational agility and disciplined execution.

The market also continued to experience increasing pressure from parallel imports and counterfeit products, impacting brand integrity, pricing structures and formal trade performance across selected categories.

Regional performance overview

Despite these headwinds, the group’s Botswana operations delivered a resilient financial performance. While CA Sales and Distribution’s revenue softened during the year, operating profit improved, reflecting a strong focus on margin management, cost efficiency and disciplined working capital optimisation. Cash generation strengthened through improved inventory control and enhanced customer collection processes, reinforcing balance-sheet resilience. A comprehensive cost-savings programme was implemented across all business areas, supporting sustainable profitability. Capital expenditure was prioritised toward fleet renewal and warehouse equipment, improving service reliability, reducing breakdowns and lowering ongoing maintenance costs.

Operational efficiency initiatives strengthened cost discipline and resilience across the businesses through improved waste management practices, targeted infrastructure enhancements, energy optimisation and tighter supply-chain controls.

Additional distribution savings were realised through shared infrastructure and operational integration between SMC Brands and Smithshine, unlocking scale efficiencies across the network. The strategic consolidation of selected operations into the Gaborone hub further improved route optimisation, reduced structural duplication and enhanced customer service capability within the country’s primary commercial centre.

Structurally, the continued expansion of formal supermarkets and convenience formats increased delivery intensity and cost-to-serve, while heightened price sensitivity and growing private-label penetration placed sustained pressure on branded portfolios. In response, the businesses strengthened pricing discipline, portfolio optimisation and execution standards to protect margins and maintain competitiveness. Targeted investment in warehousing and route-to-market capability also supported expansion into adjacent channels, including hospitality, forecourt and licensed liquor, broadening the addressable market and deepening relationships with brand owners, clients and customers.

Digitisation initiatives commenced during the year, with a focus on improving operational visibility, data integrity and process discipline. These initiatives are expected to enhance decision-making, strengthen cost control and support consistent service excellence as implementation progresses.

Sustainability

CA Sales and Distribution continued to make progress in advancing its ESG objectives through a range of targeted environmental and social initiatives during the year under review. From an environmental perspective, the business invested in a solar energy system at the Gaborone warehouse which will be implemented in 2026.

On the social front, the business prioritised employee wellbeing and capability development through continued investment in skills training, complemented by programmes to enhance workplace wellness. The business also contributed positively to the communities in which it operates through targeted corporate social investment initiatives, including disaster relief.

Outlook

While macroeconomic conditions in Botswana are expected to remain constrained in the near term, the group’s Botswana operations are well positioned to protect margins, generate cash and gain incremental market share as brand owners and clients increasingly consolidate volumes with reliable, high-performing route-to-market partners. The businesses operate predominantly within resilient FMCG categories that continue to demonstrate defensive demand characteristics, supporting earnings stability across economic cycles.

Strategic priorities for the year ahead include accelerating digital enablement, selectively onboarding new clients, expanding value-added services and further optimising fleet and warehouse operations. These initiatives are expected to enhance operating leverage, strengthen resilience and support sustainable value creation in the Botswana market. While macroeconomic conditions remain a key external risk, disciplined execution, scalable infrastructure and strong local relationships position the group’s Botswana operations to protect near-term value and deliver sustainable growth against their strategic objectives.

• PnS received the Top Employer Award for the sixth year in a row.
• Resilient revenue and profit growth, supported by a diversified client portfolio, disciplined cost management and strong operating leverage.
• Enhanced execution capability through digital enablement.

Macroeconmic operating environment¹

South Africa’s macroeconomic environment in 2025 reflected a continued but modest recovery, supported by improving energy availability, stronger agricultural output and gradually improving business confidence. Real GDP growth is estimated at 1.3%, an improvement on the prior year, although still below emerging-market and regional averages. Headline inflation averaged 3.2%, the lowest level in more than two decades, remaining comfortably within the South African Reserve Bank’s (SARB) revised inflation framework. Core inflation also remained well anchored, providing scope for a more accommodative monetary policy stance.

During the year, the SARB implemented interest-rate cuts in response to the benign inflation outlook, with further easing anticipated into 2026. The operating environment was further shaped by a strengthening rand in the latter part of the year, supported by high global gold prices and improved investor sentiment. While structural constraints such as unemployment, logistics inefficiencies and subdued fixed investment persisted, progress in energy reform and infrastructure initiatives contributed to improved sovereign credit sentiment, including South Africa’s first S&P Global credit rating upgrade in two decades.

For the FMCG and consumer sectors, these conditions translated into mixed trading dynamics. Elevated input costs related to fuel, labour, electricity and logistics continued to pressure margins, while consumer spending remained cautious. Trading-down behaviour, heightened price sensitivity and a shift toward value brands and smaller pack sizes remained pronounced, particularly within lower-income segments. These trends reinforced the importance of effective value positioning, disciplined in-store execution and strong field-force productivity.

Regional performance overview

Against this backdrop, the South African segment of the group, driven largely by PnS, delivered a resilient performance in 2025. Revenue growth reflected the strength of the diversified client portfolio and the scalability of the group’s service model, while profitability improved through disciplined cost management and sustained operating leverage.

Key performance drivers included continued productivity improvements, expansion of client coverage and enhanced route density, materially increasing scale across key markets. Ongoing digital enablement strengthened execution accuracy, workforce productivity and operational responsiveness, delivering measurable benefits for both customers and the business. Channel and service diversification initiatives further expanded the group’s capabilities in e-commerce enablement and retail media, aligning the offering with evolving client requirements.

Operational performance was supported by rigorous KPI monitoring, disciplined capital allocation and a continued focus on an asset-light model, underpinning strong operating cash flows and enabling reinvestment in strategic growth initiatives.

Emerging technologies continued to shape execution capability within the retail environment. Image recognition gained traction as a tool for real-time shelf compliance, planogram monitoring and promotional execution, with the group actively running trials across both dedicated and syndicated service offerings.

Structural shifts within the market also continued, as multinational consolidation among brand owners and retail groups resulted in both client losses and gains as global portfolios were streamlined and route-to-market strategies reassessed. These dynamics further emphasised the importance of scale, flexibility and strong execution capability. Alongside this, the PnS Group maintained a strong focus on people development and culture, retaining Top Employer recognition for the sixth consecutive year and celebrating the graduation of 152 internal as well as external learners, reflecting continued investment in long-term organisational capability.

Roots, the sales and merchandising business acquired in 2024, delivered a robust performance in 2025, supported by steady cash flows, disciplined capital management and continued investment in people and operational capability.

Operating in South Africa’s general trade channel – an underserved but strategically important growth area – the business is well positioned to expand its footprint and broaden its service offering.

The year reflected solid execution, with the onboarding of new brands and expansion into new categories. Leveraging deep channel expertise and an established network, Roots is positioned to capture growth and deliver sustainable long-term shareholder value.

Macmobile is an intelligent digital solutions specialist operating primarily in the general trade, enabling FMCG clients to gain end-to-end visibility across their route-to-market ecosystem – from sales execution through to warehousing, last-mile delivery and payment receipt.

During 2025, Macmobile achieved DQS certification for compliance with the ISO/IEC 27001:2022 standard, underscoring its position as one of the most secure and compliant technology operators supporting FMCG route-to-market execution. Financial performance was strong, compared to the prior year, reflecting continued client adoption, disciplined execution and the scalability of its platform.

Sustainability

PnS and its subsidiaries employed over 12 000 employees during the year under review. Looking after its most valuable asset is a focus area for the business. It trained over 13 000 employees during the year, spending over R68 million. During the year, PnS aligned its parental leave policy with South Africa’s revised legislative framework effective from late 2025, ensuring compliance while maintaining operational discipline.

The business initiated a route optimisation trial for fuel and associated emissions reduction.

Engagement with and contribution to the communities is targeted at childhood and youth care, nutrition, education and training.

Outlook

Looking ahead, South Africa’s macroeconomic outlook is cautiously constructive, with GDP growth expected to improve modestly in 2026 as energy stability, logistics performance and consumer confidence continue to recover. Inflation is expected to remain well anchored, providing flexibility for supportive monetary policy.

Within this environment, the group’s South African operations are executing from a position of operational strength, with a clear focus on sustainable and scalable growth. Strategic priorities include continued investment in digitisation and data-led execution, scaling value-added services across e-commerce and retail media channels, and pursuing disciplined acquisitions aligned to strategic objectives. The group will also continue to broaden channel participation and unlock value in adjacent services, with a particular focus on the general trade, shopper marketing and digital commerce.

Alongside growth initiatives, the business will maintain a strong focus on cost efficiency and margin discipline to mitigate ongoing risks such as labour cost inflation and client portfolio consolidation. With a strong financial base, advanced digital capability and an agile operating model, the South African segment is well positioned to deliver sustainable long-term value for brand owners, clients, customers and shareholders.

• Logico was awarded Regional Sales Team of the Year by a major FMCG brand owner.
• Operational resilience supported by targeted investment.
• Enhanced efficiency and capability through system upgrades.
• Sustained revenue growth across the portfolio.

Macroeconmic operating environment¹

Eswatini’s economy is estimated to have grown by 4% in 2025, reflecting a recovery from more muted growth in the prior year. According to the International Monetary Fund (IMF), economic activity was supported by improved performance in manufacturing and services, alongside increased investment activity, particularly within export-oriented sectors.

Inflation moderated during the year, easing to around 4%, as food and fuel price pressures declined. While this provided some relief to households, consumer spending remained constrained by persistently high unemployment levels and limited income growth. Government finances continued to face pressure as Southern African Customs Union (SACU) receipts normalised from prior peaks, reducing fiscal space and increasing the share of revenue directed toward debt servicing rather than domestic stimulus. Lower external grant inflows further constrained disposable income and public spending capacity.

Within the FMCG sector, these conditions translated into cautious consumer behaviour, increased down-trading to lower-priced alternatives and heightened sensitivity to pricing parity with South Africa. Supply disruptions from brand owners in selected categories constrained market volumes, reinforcing the importance of execution discipline, cost control and effective in-country operations.

Looking ahead, the IMF forecasts that economic growth will accelerate modestly to 4.6% in 2026, underpinned by continued investment activity and gradual improvement across productive sectors. While the macroeconomic outlook remains stable, competitive pressures and value-seeking consumer behaviour are expected to persist.

Regional performance overview

Against this backdrop, the group’s Eswatini operations delivered measured financial resilience in 2025, supported by disciplined execution and targeted strategic investment.

Logico recorded moderate revenue growth during the year, while profitability was marginally constrained by cost inflation, supply interruptions and deliberate investment in people, systems and infrastructure. A defining milestone was the commencement of the Logico Mega Park development – a transformational investment intended to consolidate operations, unlock economies of scale and materially improve cost-to-serve and service reliability over the medium term.

Operational capability was further strengthened through the implementation of SAP, enhancing data visibility, service-level performance, stock-loss management and fleet utilisation. These improvements increased operational resilience in a constrained market and established a stronger platform for efficiency and scalability as consolidation progresses.

SMC Brands delivered positive revenue growth in Eswatini, supported by continued momentum across selected beverages portfolios and strengthened partnerships with key brand owners. Performance was, however, impacted by margin pressure arising from increased price competition, regulatory complexity and portfolio mix. The relocation to upgraded warehouse facilities enhanced operational capacity and brand visibility, positioning the business to support future client onboarding and service expansion.

Overall, the Eswatini portfolio demonstrated the value of local market expertise, diversified service capability and disciplined capital deployment, while reinforcing the importance of scale and structural efficiency in protecting returns within a small but competitive market.

Sustainability

The business improved energy efficiency and reduced its carbon footprint through the use of solar power. Reducing fuel consumption and associated emissions is targeted through the implementation of a transport management system to optimise routing and fleet utilisation. The Logico Mega Park will incorporate various environmentally sustainable design elements.

Broader employee wellbeing was supported through partnerships with service providers offering health screenings and wellness programmes. The business also maintained its commitment to community upliftment through its corporate social investment initiatives, particularly its preschool programme supporting over 150 children.

Outlook

The group’s focus in Eswatini is firmly on converting strategic investment into sustainable returns.

Key priorities for the period ahead include the completion and commissioning of the Logico Mega Park, enabling operational consolidation, cost optimisation and increased capacity to support new client onboarding. Continued investment in transport management systems, digitisation and data-led insights is expected to strengthen execution capability, improve fleet efficiency and enhance client value propositions.

Growth opportunities are expected to emerge from increased in-country sourcing by major retailers, the expansion of private-label and house-brand distribution, and the introduction of flexible warehousing and service solutions designed to reduce complexity and risk for clients. While competitive pressure from lower-priced alternatives and ongoing pricing parity with South Africa is expected to persist, these risks are being actively managed through scale, service diversification and leverage of the broader CA&S Group platform.

With major infrastructure investment underway and digital foundations firmly established, the group’s Eswatini operations are well positioned to deliver improved operational leverage, stronger client outcomes and sustainable long-term value.

• Wutow was awarded Southern and East Africa Exports Agent of the Year by a major FMCG brand owner.
• Margin-led performance improvements.
• Enhanced operational efficiency.
• Sustained revenue growth across the portfolio.

Macroeconmic operating environment¹

Namibia’s economy demonstrated improved stability during 2025, supported by easing inflation, more accommodative financial conditions and a gradual recovery in domestic demand. According to the International Monetary Fund (IMF), real GDP growth is estimated at 3.7% for the year, reflecting continued momentum in mining activity alongside moderate recovery across non-mining sectors following a softer performance in the prior year.

Inflation moderated during the year, easing into the low 3% range, supported by declining food and fuel price pressures and the spill-over effects of a more accommodative interest-rate environment. While improved price stability supported business planning and cost visibility, consumer behaviour remained value-driven, shaped by persistently high unemployment levels and constrained household incomes.

The period also followed Namibia’s 2024 national elections, which were conducted peacefully and resulted in continuity of economic policy, reinforcing institutional stability and investor confidence during 2025.

From a fiscal perspective, government policy remained focused on consolidation and stability rather than stimulus, supporting macroeconomic discipline but limiting upside to consumer-led growth. Within the FMCG sector, demand continued to shift geographically toward northern and outlying regions, increasing distribution complexity, cost-to-serve pressures and the importance of efficient warehousing, route optimisation and execution capability.

The operating environment in 2025 was therefore characterised by greater macroeconomic stability alongside sustained competitive intensity, reinforcing the importance of scale, operational efficiency and differentiated full-service route-to-market capability.

Regional performance overview

Against an improving but competitive operating backdrop, the group’s Namibian operations delivered a year of operational momentum and margin-led performance improvement, supported by disciplined execution and effective utilisation of established capabilities.

Wutow delivered a strong operational performance during the year. While revenue growth was measured, profitability improved meaningfully, reflecting a sustained focus on margin discipline, cost control and operational efficiency.

The business continued to scale its temperature-controlled logistics capability, which has become an integral and differentiating component of the operating model. It expanded its cold-chain footprint, secured new clients across frozen and chilled categories and strengthened service reliability for temperature-sensitive products. This capability enhanced service differentiation, reinforced Wutow’s position as a leading number-two player in the Namibian market and established a platform for sustainable growth alongside its ambient distribution offering.

Operational improvements – including enhanced fuel management, route optimisation, overhead rationalisation and materially improved stock-loss control – continued to support margin expansion. These gains reflect the progression from capability establishment toward execution and scale, with increased focus on cost-to-serve optimisation as customer networks expand geographically.

SMC Brands delivered positive revenue growth in Namibia, supported by additional business secured from existing clients and continued momentum across beverages portfolios. The relocation to upgraded warehouse facilities enhanced operational capacity, efficiency and brand visibility, positioning the business to support further client onboarding. Performance was achieved despite margin pressure arising from portfolio mix and increased trade-funding requirements, underscoring the resilience of SMC’s asset-light and regionally diversified operating model.

Overall, the group’s Namibian operations demonstrated the benefits of leveraging established infrastructure, scaling differentiated capabilities and maintaining disciplined execution in a market characterised by value-conscious consumers and rising distribution complexity.

Sustainability

Carbon reduction efforts yielded tangible results, with a decrease in fuel consumption achieved through driver training and ongoing route and payload optimisation. Building on its existing solar solution at the temperature-controlled facility, the business has completed scoping to expand solar capacity to its main ambient warehouse in 2026.

Employee wellness is supported through structured programmes addressing mental health, including partnerships with medical professionals to provide guidance and support. Skills development efforts during the year focused on both technical and digital capabilities, strengthening the workforce’s ability to operate effectively in an evolving environment.

Outlook

Looking ahead, the operating environment in Namibia is expected to remain stable but competitive as economic growth normalises following the 2025 recovery. While inflation is anticipated to remain contained, consumer demand is likely to remain value-driven and cost-to-serve pressures are expected to persist as distribution footprints continue to widen.

The group’s focus in Namibia is on converting operational momentum and capability depth into sustainable returns.

For Wutow, priorities include further scaling and optimising the temperature-controlled logistics platform, deepening efficiency through digitisation and systems investment, and maintaining strict cost discipline as service complexity increases. Opportunities to leverage Walvis Bay for direct imports provide longer-term optionality in cross-border logistics and supply-chain optimisation.

SMC Brands anticipates continued growth following the onboarding of new clients, supported by enhanced infrastructure and regional diversification. Across both businesses, data-led decision-making, digitisation and continued focus on service excellence remains critical enablers of margin protection and scalable growth.

Namibia remains a strategically important market within the group portfolio. With strengthened operating platforms and a stable macroeconomic and political environment, the group is well positioned to deliver improved operational leverage, enhanced resilience and sustainable long-term value.

• Cornerstone investment in East Africa with the acquisition of a 35% stake in Tradco.
• Enhanced end-to-end route-to-market capability.

Macroeconmic operating environment¹

East Africa represents a compelling growth region for the group, combining meaningful economic scale with structurally higher growth relative to many emerging markets. Kenya, Tanzania and Uganda together account for a population of approximately 175 million people and a combined nominal GDP of over US$250 billion, providing depth, diversity and resilience across consumer categories. IMF projections continue to position the region as a higher-growth corridor, with real GDP growth expected to remain above global averages over the medium term, supported by services expansion, infrastructure investment and improving trade dynamics.

Importantly for consumer demand, macroeconomic stability across the region has strengthened. Inflation has remained broadly contained, underpinned by increasingly credible and transparent monetary policy frameworks. Central banks across East Africa have anchored inflation expectations within defined target ranges, supporting purchasing power, planning certainty and more predictable operating conditions for consumer-facing businesses.

From a route-to-market perspective, macro tailwinds are reinforced by ongoing urbanisation and the gradual formalisation of consumption. While traditional trade continues to dominate, the steady expansion of organised retail, wholesale formats and more structured distribution channels is reshaping access to market. This evolution favours operators with scale, execution capability and the ability to manage complexity across fragmented and fast-evolving retail environments.

Regional performance overview

In line with the group’s ambition to build meaningful scale in East Africa, the acquisition of an initial 35% stake in Tradco Group in February 2025, together with a call option for a further 20%, represents a cornerstone investment in the region. This partnership marks a significant step in CA&S’s expansion into East Africa and materially strengthens the group’s ability to support brand growth across key regional markets.

Tradco is a leading through-the-line trade marketing and branding solutions business headquartered in Kenya, with operations and partnerships extending across Tanzania and Uganda. Since its founding in 2013, Tradco has developed a strong reputation for blending international standards with deep local market expertise, delivering trade marketing, branding, experiential activation, logistics, sales and merchandising, and data-driven insights for a broad client base. The investment also extends to Pinefrost, Tradco’s warehousing, logistics and last-mile distribution subsidiary, further enhancing end-to-end route-to-market capability in the region’s core urban centres.

The business is founder-led, operationally robust and culturally aligned with CA&S's partnership-driven model. The presence of shared clients and complementary capabilities has enabled early collaboration benefits, and Tradco's performance for the balance of 2025 exceeded expectations. The business has embraced the partnership, completed a rebrand and entered a new phase of development focused on scale, capability enhancement and regional reach.

Outlook: building scale across East Africa

The group will continue to advance its East Africa strategy on a client-led basis, supporting existing and new clients as they seek to extend and formalise their route-to-market presence in a fragmented and complex trading landscape. Embedded local partners remain critical to navigating regulatory, operational and currency-related risks, while delivering consistent execution at scale.

The Tradco platform provides CA&S with a strong foundation to expand across Kenya, Uganda and Tanzania, supported by a disciplined build-and-buy approach. These initiatives are designed to accelerate market entry, deepen client partnerships and progressively build regional scale, supporting sustainable long-term value creation across East Africa.

• Strong momentum across all three markets.
• Portfolio expansion and capacity growth.
• Standout performance from SMC Brands Lesotho.

Lesotho¹

Lesotho’s economy recorded modest growth during 2025, supported primarily by sustained public investment and external inflows, including continued progress on major infrastructure programmes such as the Lesotho Highlands Water Project Phase II. Inflation moderated over the year as food-price pressures eased, with the peg to the South African rand continuing to anchor price stability. Fiscal balances benefited from the South African Customs Union (SACU) revenue inflows and water royalties; however, underlying economic momentum remained constrained by high unemployment, limited private-sector investment and a narrow export base, resulting in subdued domestic demand.

Zambia¹

Zambia’s economic performance strengthened in 2025 following drought-related disruptions in the prior year. According to the IMF, real GDP growth recovered to 5.8%, supported by improved agricultural output, firmer mining activity and a gradual recovery in investment and construction. Inflation remained elevated in 2025, averaging 14.0% for the year, but showed signs of moderation and eased to 11.2% by the end of the year as tight monetary policy and fiscal consolidation supported macroeconomic stabilisation. Advancements in the country’s debt-restructuring process supported investor confidence, although risks remain, including climate vulnerability, external demand volatility and heightened political uncertainty ahead of the 2026 general elections.

Zimbabwe¹

Zimbabwe’s economic conditions improved during 2025 following a drought- and volatility-impacted 2024. IMF estimates indicate that real GDP growth rebounded to 6.0%, supported by a recovery in agricultural production, improved electricity availability and stronger commodity export performance. Inflation declined significantly over the year following a sharp spike in late 2024, with tighter monetary conditions and improved coordination between fiscal and monetary authorities contributing to greater price stability. Exchange-rate volatility moderated during the period; however, persistent foreign-currency constraints and the continued dominance of the informal retail sector remain structural challenges that limit policy transmission and pricing consistency.

Regional Performance Review

Operations across Zambia, Zimbabwe and Lesotho delivered strong underlying momentum during the year, with each business demonstrating resilience amid varied macroeconomic and regulatory pressures. CA Sales Zambia operated in a challenging environment as the lingering effects of El Niño constrained electricity generation and disrupted economic activity. Despite these headwinds, the business delivered robust growth, supported by the successful onboarding of major FMCG clients toward the latter part of the year. This momentum enabled an expansion into the Copperbelt, reinforcing the businesses’ position as one of the fastestgrowing FMCG operators in the market and establishing a solid platform for continued expansion in 2026.

In Zimbabwe, BRD delivered strong growth driven by portfolio diversification and new client acquisitions. The onboarding of several multinational clients across coffee, home and personal care categories materially strengthened the brand portfolio and expanded market reach. To support this growth trajectory, BRD transitioned into a larger warehousing facility during the year, significantly increasing operational capacity and efficiency while positioning the business to accommodate further scale and future expansion.

In Lesotho, SMC Brands delivered a standout performance, with strong revenue growth enabling the business to reach profitability within three years of market entry. While the operating environment was reshaped by reduced international aid flows, higher liquor levies and evolving labour and localisation regulations, SMC Brands successfully mitigated these pressures through disciplined execution and the onboarding of a diversified portfolio of multinational FMCG clients. Net working capital increased year-on-year reflecting deliberate investment to support rapid growth, including higher stockholding for new clients, promotional activity and collection of outstanding VAT refunds. These movements were growthrelated rather than structural in nature, with liquidity carefully managed throughout the period.

Targeted investment in digital transformation advanced most notably within SMC Brands, where ERP, warehouse management and trade claims systems were implemented alongside automation initiatives. These interventions materially improved processing speed, accuracy and reporting quality, laying a scalable foundation for margin protection and enhanced client reporting. Collectively, performances reflect disciplined execution, portfolio expansion and operational strengthening, with a clear focus on converting scale into sustainable, profitable growth in the years ahead.