Trading update for the 11 months ended August 2025

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

TRADING UPDATE FOR THE 11 MONTHS ENDED AUGUST 2025

RFG increased revenue by 2.4% in the 11 months ended August 2025 ("the period").

Despite the tough trading environment, management has maintained its focus on
achieving its profitability targets through active management of sales volumes, gross
profit margin and operating costs.

The group's regional segment has been challenged by constrained spending and weak
consumer sentiment, which was particularly evident in the trading performance in July
and August. Despite these difficult trading conditions, management remains committed
to achieving its operating profit margin target of 10%.

Revenue in the international segment continued to be impacted by the global
oversupply of deciduous fruit products, resulting in weaker demand. This has been
compounded by the uncertainty on trade tariffs affecting shipments to customers in the
United States.

Revenue growth summary:

 Revenue                   Increase /       Price      Volume        Mix      Forex
 (% change)                (decrease)
 Regional segment                 5.1         0.4         5.0      (0.3)           -
 International segment          (8.4)         0.7       (7.7)          -       (1.4)
 Total group                      2.4         0.5         2.4      (0.2)       (0.3)

Regional segment
Regional revenue increased by 5.1%, driven by volume growth of 5.0% and price
inflation of 0.4%. After increasing by 9.9% in the six months to March 2025, volumes
declined by 1.6% in the period from April to August 2025 ("the five-month period").

Fresh foods maintained the first half revenue growth momentum for the five-month
period to August, supported by good volume and revenue growth in ready meals and a
continued resilient contribution from the pie category. RFG significantly outperformed
the market growth in the retail pies and pastries category to July 2025.
Sales of long-life foods slowed in the five-month period compared to the first half of the
financial year. In line with the group's strategy of focusing on its growth categories, dry
foods delivered strong volume and revenue growth, supported by another solid
performance from the fruit juice category.

Market share data for long-life foods indicates that RFG's brands are growing ahead of
the market in volume terms and in line with the market in value terms. The group's fruit
juice and dry foods brands achieved growth well ahead of the market. The gains in
these categories were partially offset by slower revenue growth in the meat, vegetable
and pulps and purees categories.

International segment
International revenue declined by 8.4%, driven by slower global demand for deciduous
fruit products. After declining by 11.7% for the first six months of the financial year,
export volumes began to recover, ending the subsequent five-month period down 4.6%,
and closing the 11-month period at 7.7% lower. As communicated to shareholders with
the release of the group's interim results in May 2025, post-drought pineapple
production in Eswatini is improving. However, the recovery is taking longer than
anticipated and continues to impact the performance of the international segment.

The impact of the increased tariffs on exports to the United States, which came into
effect on 7 August 2025, remains uncertain. The outcome will depend on whether
existing customers continue to contract with RFG or shift volumes to producers in
competitor countries with a tariff advantage. Given the potential risks to sales, the group
is working on contingency plans to increase exports into other existing geographies and
to pursue new markets.

Annual results
The group's financial results for the year ending 28 September 2025 will be released on
the Stock Exchange News Service on or about 19 November 2025.

The financial information in this trading update is the responsibility of the directors and
has not been audited, reviewed or reported on by the group's independent external
auditor.

Groot Drakenstein
16 September 2025

Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

Date: 16-09-2025 10:10:00

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