AVI LIMITED - Chairman's Comment on Trading Conditions

Chairman's Comment on Trading Conditions

AVI LIMITED
Registration number 1944/017201/06
Share Code: AVI
ISIN: ZAE000049433
("AVI" or "the Company")

CHAIRMAN'S COMMENT ON TRADING CONDITIONS

At the annual general meeting of AVI held this morning, 11
November 2025, the Chairman of the Board of Directors, Mike
Watters, provided an update on trading conditions as follows:

"Group revenue for the four months ended 31 October 2025 was
4,3% higher than the same period in the prior year.

Entyce and Snackworks delivered revenue growth underpinned by
innovation, which together with benefits from cost saving
initiatives, have supported an improved operating profit.

The footwear and apparel brand portfolio continues to be
challenged by a constrained consumer trading environment. The
SPITZ retail brand showed an improvement in sales volumes and
lay-bys over the prior year. This together with better stock
levels will help support retail sale volumes over the December
trading period. Indigo continues to struggle with weakened
consumer demand in personal care with revenue declines in the
body spray and fragrance categories.

I&J fishing delivered a stronger performance with improved
catch rates, incremental benefits from the new freezer vessel,
lower fuel prices, a favourable product mix and sound demand
from international markets. I&J's abalone category was impacted
by poor demand and low selling prices in key Asian markets.

The Group's consolidated gross profit margin improved supported
by the meaningful improvement in I&J profitability. Gross
profit margins across the remaining businesses were largely at
levels achieved last year. Costs were tightly managed
benefitting from the savings from restructuring initiatives
implemented in the second semester last year. The Group's
operating profit increased by 15,8% over the prior period.

Notwithstanding the year-to-date performance, results for the
first half of the 2026 financial year are materially dependent
on sound consumer demand over the festive season, and the
strength of December sales for the fashion brand portfolio. The
fashion retail business is well positioned for the peak season
with year-to-date volumes having already benefitted from
improved footwear availability."
The information above has not been reviewed and reported on by
the Group's auditors.

Illovo
11 November 2025

Sponsor
The Standard Bank of South Africa Limited

Date: 11-11-2025 12:09:00
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