ca&s group logoIntegrated report 2025

Material matters

Our material matters are essential factors that significantly influence our ability to generate and/or preserve value over the short, medium and long term. These issues could influence the decisions of an investor or stakeholder, or have an impact on the group's financial performance, operations or reputation. For our stakeholders, understanding these matters is important for informed decision-making and gauging alignment with the group's values and interests. Effectively communicating material matters enhances transparency, but also fosters trust and collaboration and ultimately drives better outcomes for both the group and its stakeholders. Our material matters are inherently linked to our key risks and opportunities.

Materiality approach

We applied the double materiality lens in determining our material matters. This type of materiality approach refers to the recognition that there are two dimensions of materiality which companies should consider, namely financial materiality (the matters that impact our ability to create or preserve value) and impact materiality (our impact on the environment and society over time). We identified six material themes that are relevant to the group, and we report on them to serve the information and decision-making needs of our stakeholders.

Materiality determination process

Identify

We analyse the operating environment alongside internal and external stakeholder engagement to identify a preliminary list of material matters.

Prioritise

We validate and prioritise the potential material themes through engagement with a selection of internal stakeholders.

Integrate

Once we have finalised the list of material themes, we define them based on their inward and outward impact for integration within the reporting process.

Our materiality themesIcons
Managing economic challengesM1
Leveraging strategic partnerships for new market opportunities and competitive advantageM2
Adopting disruptive technologies and pursuing innovation to drive solutionsM3
Partnering for sustainable and resilient supply chainsM4
Operating as a responsible corporate citizen to drive ESG impactM5
Attracting, empowering and retaining workforces for optimised performanceM6

Materiality themes

1

Managing economic challenges

Operating across Southern and East Africa presents a range of economic and socio-political challenges, which we navigate through strong local partnerships and deep market understanding. Our geographic diversity enhances resilience, while a broad portfolio of over 1 757 consumer brands support revenue stability despite volatility. In an environment shaped by geopolitical uncertainty, global supply-chain disruptions and the accelerating impacts of climate change, macro-economic conditions remain a key material consideration. These dynamics require proactive management and strategic agility to sustain performance and unlock growth across our markets.

External factors

  • Widespread inflation accompanied by rising interest rates resulted in sluggish economic growth.
  • Continuing geopolitical instability that could spread globally.
  • Fluctuating commodity prices.
  • Foreign exchange unpredictability and bank failures.

Internal responses

  • Cost containment.
  • Disciplined strategic execution to safeguard long-term growth ambitions.

Opportunities

  • Expand our basket of goods.
  • Enter new geographies.
  • Organic and acquisitive growth.

Risks

  • Client concentration.
  • Credit risk.
  • Economic decline.
  • Fraud, stock theft, crime and corruption.
  • Inability to trade due to political unrest.

Sustainability impact ESG

2

Leveraging strategic partnerships for new market opportunities and competitive advantage

Leveraging strategic partnerships creates access to new markets and strengthens our competitive advantage, while deepening growth within existing ones. These collaborations enable shared value creation and enhance our ability to scale capabilities across the region. This material matter also reflects "The Power of &", a core element of the group's identity that emphasises collaboration, synergy and collective strength.

External factors

  • E-commerce.
  • Cyber threats and data privacy.
  • Social media platforms.
  • Regulatory environment.
  • Economic conditions.
  • Technological advancements.

Internal responses

  • Continuous assessment and adaptation to changing market dynamics.
  • Talent development and strategic partnership skill-building.
  • Regular monitoring of market trends and competitor activities for proactive adjustments.
  • Implementing innovative solutions to support strategy delivery.
  • Enhancing operational efficiency through systems and technologies.
  • Leveraging data for insight-led decision making.

Opportunities

  • Increase digitisation.
  • Converge with another industry.
  • Improve awareness about our group.

Risks

  • Failure to attract or retain critical skills.
  • Data and information security.
  • Business continuity – safekeeping of assets.

Sustainability impact SG

3

Adopting disruptive technologies and pursuing innovation to drive solutions

This material matter reflects our commitment to staying ahead of rapidly evolving shopper behaviours, retail dynamics and technological change. As consumer expectations shift and digital adoption accelerates, innovation and disruptive technologies are essential to remaining relevant, competitive and solutions-driven. By harnessing local insights, advanced data capabilities and emerging technologies, we are better equipped to anticipate market needs, optimise execution and create value for clients, customers and consumers.

External factors

  • Evolving consumer demand and shifting shopper behaviour across markets.

Internal responses

  • Leveraging local industry knowledge and data to provide solutions.
  • Responding to emerging lifestyle, health, convenience and digital adoption trends.
  • Increasing the group's participation in emerging channels.

Opportunities

  • Broaden and deepen our service offering to participate more fully across the value chain and strengthen our role in the retail ecosystem.
  • Expand our presence across traditional, modern, digital and emerging channels to capture new sources of demand.
  • Establish complementary businesses.
  • Invest in continuous learning and capability development to drive innovation and ensure future readiness.

Risks

  • Failure to attract or retain critical skills.
  • Data and information security.
  • Business continuity – safekeeping of assets.

Sustainability impact G

4

Partnering for sustainable and resilient supply chains

CA&S is strengthening supply-chain resilience by partnering with clients, customers and industry stakeholders to navigate external pressures and shifts in the competitive landscape. Our response includes expanding our geographic reach, broadening our service portfolio and pursuing strategic acquisitions that enhance capability and stability. Strong customer relationships and ongoing stakeholder engagement remain central to sustaining market leadership. This approach creates opportunities to extend our product range, enter new markets, and build supply chains that are more efficient, adaptable and sustainable over the long-term.

External factors

  • Increasing competitive pressures and evolving customer expectations.
  • Geopolitical and regulatory shifts influencing cross-border trade and logistics.
  • Infrastructure constraints and supply-chain vulnerabilities.
  • Climate-related impacts affecting product availability.
  • Global supply-chain disruptions.

Internal responses

  • Diversifying category participation and expanding geographic reach to reduce exposure and strengthen resilience.
  • Broadening the service portfolio to offer integrated, end-to-end solutions.
  • Pursuing strategic acquisitions that enhance capability and scale.
  • Deepening customer relationships to partner on shared challenges.
  • Strengthening collaboration with industry stakeholders to improve supply-chain efficiency.

Opportunities

  • Enter new markets and channels with expanded capability.
  • Extend the product range to participate more fully across categories.
  • Build more efficient, adaptive and sustainable supply-chain solutions.
  • Enhance competitiveness by offering integrated, value-adding services.

Risks

  • Economic decline.
  • Fraud, theft, crime and corruption.
  • Failure to attract or retain critical skills.
  • Business continuity – safekeeping of assets.

Sustainability impact G

5

Operating as a responsible corporate citizen to drive ESG impact

CA&S is committed to operating as a responsible corporate citizen, recognising the growing societal focus on environmental stewardship, social responsibility and ethical business conduct. Climate change, resource constraints and rising inequality are shaping expectations for how businesses manage their environmental and social impact. In response, we continue to strengthen supply-chain stewardship, responsible sourcing and ethical procurement across our operations. At the same time, regulatory frameworks and stakeholder expectations for ESG integration are accelerating, requiring greater transparency, stronger governance and consistent compliance. These shifts reinforce the importance of embedding ESG considerations into our strategy, culture and day-to-day decision-making to support long-term, sustainable value creation.

External factors

  • Increasing societal expectations for responsible, ethical and sustainable business conduct.
  • Growing regulatory and legislative requirements related to ESG disclosure and compliance.
  • Climate change driving environmental risk, resource pressure and operational impacts.
  • Rising stakeholder demand for transparency across supply chains and sourcing practices.
  • Global and regional shifts toward greener, low-carbon and socially inclusive economies.

Internal responses

  • Strengthening responsible sourcing, ethical procurement and supply-chain stewardship.
  • Embedding ESG considerations into strategic thinking, policies and decision-making.
  • Enhancing governance structures and reporting frameworks to meet evolving standards.
  • Investing in energy efficiency, waste reduction and environmentally conscious operations.
  • Supporting communities through education, skills development and social investment initiatives.

Opportunities

  • Build competitive advantage by being recognised as a trusted, responsible corporate citizen.
  • Deepen partnerships with clients and retailers seeking aligned ESG commitments.
  • Reduce long-term costs through improved resource efficiency and sustainable practices.
  • Attract and retain employees who value purpose-driven, ethical organisations.
  • Access new markets or contracts where ESG credentials are a prerequisite.

Risks

  • Economic decline.
  • Compliance risk.

Sustainability impact ESG

6

Attracting, empowering and retaining workforces for optimised performance

CA&S recognises that attracting, empowering and retaining a high-quality workforce is essential to sustaining performance in a rapidly evolving world of work. In emerging markets, specialised and technical skills – particularly digital capabilities – are increasingly scarce, making talent development and retention a strategic priority. As our digital journey accelerates, employees require a high digital quotient and the ability to adapt to new systems, technologies and data-driven ways of working. External factors such as the competitive global job market, remote work dynamics and socio-political disruptions heighten the complexity of workforce management. In response, CA&S invests in upskilling, employee well-being and career development, ensuring our people are equipped, supported and future ready. This material matter also aligns with our training and capability-building initiatives across the group.

External factors

  • Increasing scarcity of technical and digitally skilled talent in emerging markets.
  • Competitive global job market attracting skilled professionals out of the region.
  • Growing demand for digital competence across all job levels.
  • Evolving workplace expectations around flexibility, hybrid work and employee experience.
  • Socio-political instability impacting workforce safety, mobility and continuity.
  • Rising cost of living affecting wage expectations and labour retention.
  • Regulatory changes affecting labour practices, employment equity and skills development requirements.
  • Acceleration of automation, data-driven operations and AI adoption across industries.

Internal responses

  • Need to build internal digital capability to support the group's transformation journey.
  • Increased reliance on data, analytics and systems integration across operations.
  • Greater complexity across multi-country teams requiring consistent leadership and culture.
  • Demand for continuous skills upgrading to keep pace with evolving technologies.
  • Pressure on leadership capability to manage dispersed, diverse and hybrid teams.
  • Need for robust succession planning in scarce-skill and high-impact roles.
  • Organisational growth requiring new structures, roles and capabilities.

Opportunities

  • Build a future-ready workforce by investing in digital skills, technical capability and continuous learning.
  • Strengthen our competitive advantage through a highly skilled, digitally enabled and agile employee base.
  • Enhance retention by offering career development, mobility and meaningful growth pathways across markets.
  • Develop internal talent to reduce reliance on scarce external skills in emerging markets.
  • Position CA&S as an employer of choice through strong culture, employee well-being and purposeful work.
  • Leverage our training and capability-building services as a differentiator for both employees and clients.

Risks

  • Failure to attract or retain critical skills.
  • Business continuity – safekeeping of assets.

Sustainability impact S

E: Environmental  |  S: Social  |  G: Governance