Trading statement for the year ended 28 September 2025

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")

TRADING STATEMENT FOR THE YEAR ENDED 28 SEPTEMBER 2025

Shareholders are advised that RFG's earnings per share for the year ended 28
September 2025 ("the period") are expected to be between 19% and 24% lower
than the 217.9 cents reported for the year ended 29 September 2024 ("the prior
period").

The group's earnings have been impacted by two main factors:

1. In the regional segment, pressure on canned meat volumes driven by
   sustained high input costs and moderated demand from constrained
   consumers in response to higher prices resulted in lower revenue and reduced
   margins. Consequently, an impairment loss of R105 million has been
   recognised against this business unit.

2. While the international segment reported an improved revenue and profit
   performance during the second half of the period, slower global demand due
   to an oversupply of deciduous fruit products resulted in lower revenue for the
   full period. This, combined with gross margin pressure due to weak market
   conditions and a stronger Rand, contributed to a decline in the profitability of
   the segment relative to the prior period.

Earnings for the period are expected to be as follows:

                             Year ended                      Year ended
                          29 September 2024              28 September 2025
                              Reported                     Expected range
  Earnings per share           217.9c             19% - 24% lower 176.5c – 165.6c
  Headline earnings            222.2c              8% - 13% lower 204.4c – 193.3c
  per share*

* Impairment loss is excluded from the calculation of headline earnings.

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

The group's annual results for the period will be released on the Stock Exchange
News Service of the JSE on or about 19 November 2025.

Groot Drakenstein
12 November 2025

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

Date: 12-11-2025 10:20:00

Supplied by www.sharenet.co.za
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.