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Trading statement for the year ended 1 October 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 year ended
1 October 2023 ("the period") are expected to be between 33% and 38% higher
than the R360.7 million reported for year to 2 October 2022.

Revenue growth was driven by price inflation as the group continued to recover
the high input cost increases of the past two years, particularly in the regional

The regional operating margin improved strongly, mainly due to the recovery of
these costs across most product categories, in particular fruit juice, ready meals,
dry foods and meat, as well as the robust growth in sales and profitability in the
pie category.

The strengthening of the international operating margin was supported by stable
export pricing across the product portfolio and the weakening of the Rand against
RFG's basket of trading currencies during the period.

Earnings for the period are expected to be as follows:

                               Year ended                   Year ended
                             2 October 2022               1 October 2023
                                Reported                  Expected range
  Earnings per share             137.9c           30% - 35% higher     179.3c – 186.2c
  Headline earnings per          137.9c           33% - 38% higher     183.4c – 190.3c
  share (HEPS)
  Diluted HEPS                   137.3c           33% - 38% higher     182.6c – 189.5c

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 financial results for the period will be released on the Stock
Exchange News Service of the JSE on 22 November 2023.

Groot Drakenstein
10 November 2023

Rand Merchant Bank (A division of FirstRand Bank Limited)

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

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