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Trading statement for the 26 weeks ended 2 April 2023

RFG Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 2012/074392/06
JSE share code: RFG
ISIN: ZAE000191979
(“RFG” or “the group”)


Shareholders are advised that RFG’s headline earnings for the 26 weeks ended
2 April 2023 (“the period”) are expected to be between 35% and 40% higher than
the R158.1 million reported for the 27 weeks ended 3 April 2022.

The group delivered resilient revenue growth, with strong trading performances
by both the regional and in particular the international business in March. Growth
was driven by price inflation in an environment of lower sales volumes in certain
product categories in the regional segment due to the constrained consumer

The regional operating profit margin improved strongly through the recovery of
higher input costs from customers and the marked turnaround in sales and
profitability of the pie category, including the successful integration and
turnaround of the Today business acquisition. This was supported by the
continued growth in fruit juice and dry foods and improved performance in the
meat category.

Sustained strong international selling prices and the weakening of the Rand
against RFG’s basket of trading currencies contributed to the recovery of the
international operating profit margin relative to the prior year.

Earnings for the period are expected to be as follows:

                                   27 weeks                26 weeks ended
                                      ended                 2 April 2023
                               3 April 2022                Expected range
  Earnings per share                  60.8c      35% - 40% higher       82.1c – 85.1c
  Headline earnings per               60.4c      35% - 40% higher       81.5c – 84.5c
  share (HEPS)
  Diluted HEPS                        60.3c      35% - 40% higher       81.4c – 84.4c

The estimate financial information on which this trading statement is based is the
responsibility of the directors and has not been reviewed or reported on by the
group’s independent external auditor.

The group’s interim financial results for the period will be released on the Stock
Exchange News Service of the JSE on or about 24 May 2023.

Groot Drakenstein
11 May 2023

Rand Merchant Bank (A division of FirstRand Bank Limited)

Date: 11-05-2023 10:00:00

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