PICK N PAY STORES LIMITED - Trading update for the 48 weeks ended 1 February 2026 and trading statement for the 52 weeks ended 1 March 2026

Pick n Pay Stores Limited
Incorporated in the Republic of South Africa
Registration number: 1968/008034/06
JSE and A2X share code: PIK
ISIN code: ZAE000005443
("Pick n Pay")


Trading update for the 48 weeks ended 1 February 2026 and trading statement for the 52 weeks
ended 1 March 2026

Trading update


Turnover of the Company and its subsidiaries ("the Group") for the 48-week period to 1 February 2026
("the Period") grew 3.2% and 3.4% on a like-for-like basis.


Growth for the Period for the Group's key turnover segments was as follows:


-   Pick n Pay South Africa (SA) like-for-like sales grew 2.9%, with Pick n Pay SA company-owned
    supermarkets like-for-like sales at 3.5%. The 1.4% Pick n Pay SA turnover decline for the Period
    was the result of the, now largely completed, planned closure or conversion of underperforming
    company-owned supermarkets.

-   Boxer Retail Limited Group ("Boxer") turnover grew 11.9%, and 3.9% on a like-for-like basis.
    Further detail on Boxer's performance can be found in its trading update released on the Stock
    Exchange News Service ("SENS") on 5 February 2026.


Group turnover for the last 22 weeks of the Period increased 1.3%, including a 1.7% like-for-like
increase. The trading performance for the latter 22 weeks of the Period was primarily driven by a soft
November, which reflects general market conditions as reported elsewhere.


Online turnover growth for the Period was a pleasing 31.8%, driven by continued growth of Pick n Pay
asap! and Pick n Pay groceries on the Mr D app.


Clothing turnover growth in standalone stores (reported within the Pick n Pay segment) for the Period
was 4.9% (0.4% like-for-like). The clothing market was exceptionally challenging over the last few
months of the Period, which resulted in a year-on-year decline in turnover and like-for-like sales for
the last 22 weeks. The Group notes PnP Clothing's strong base over multiple years vs. peers, with PnP
Clothing like-for-like growth of 10.7% and 3.8% delivered for H2 FY24 and H2 FY25 respectively.


Pick n Pay SA's internal selling price inflation for the Period was 2.7%, well below CPI Food of 4.5% as
Pick n Pay continued to offer excellent value to customers.


                              Previously published      22 weeks ended             48 weeks ended 1
                               26 weeks ended 31        1 February 2026             February 2026
                             August 2025 (H1 FY26)         % growth                    % growth
                                   % growth

                            Turnover Like-for-like   Turnover   Like-for-like   Turnover   Like-for-like
 Pick n Pay (SA & RoA*)     0.1%        4.4%         -3.3%      1.3%            -1.6%      3.2%
   Pick n Pay SA            0.4%        4.3%         -3.2%      0.9%            -1.4%      2.9%
 Boxer (SA & RoA*)          13.9%       5.3%         9.8%       2.4%            11.9%      3.9%
 Group turnover             4.9%        4.7%         1.3%       1.7%            3.2%       3.4%
 *Rest of Africa (operations outside South Africa)

Pick n Pay (PnP) SA Supermarkets momentum


Like-for-like sales growth remains the Group's key target indicator within PnP SA Supermarkets.
Company-owned supermarkets, which represents the majority of PnP SA sales, showed like-for-like
sales growth of 3.5% for the Period. Like-for-like sales growth into franchise supermarkets for the
Period was 1.5%.


                                                        Previously published            22 weeks ended            48 weeks ended
 Like-for-Like sales growth                                   26 weeks ended           1 February 2026           1 February 2026
                                                         31 August (H1 FY26)
 PnP South Africa                                                       4.3%                      0.9%                      2.9%
 PnP SA Supermarkets                                                    3.8%                      1.2%                      2.9%
  PnP SA company-owned supermarkets                                     4.8%                      2.2%                      3.5%
  PnP SA franchise supermarkets                                         1.7%                     -0.6%                      1.5%
 PnP Clothing standalone stores                                         7.5%                     -6.8%                      0.4%
 Note: 1) PnP SA Supermarkets includes Hypermarkets and excludes standalone clothing stores. 2) Franchise sales refer to wholesale sales
 from PnP to franchisees.


The performance over the latter 22 weeks of the Period was below expectation and the result of a
highly constrained market, particularly over the extended Black Friday period. On a month-by-month
basis, like-for-like sales momentum in PnP SA Supermarkets showed moderate growth in September
and October 2025, a like-for-like decline in November 2025, followed by a return to growth in
December 2025, and a further improvement in January 2026. Like-for-like sales momentum is back on
a growth trajectory for PnP SA Supermarkets, and recovered to mid-single-digit growth in Pick n Pay
Clothing over January.

Trading statement


In terms of section 3.4 (b) of the JSE Limited Listings Requirements, the Group advises shareholders
that it expects the headline loss per share (HEPS) for FY26 to increase by more than 20% (12.31 cents)
when compared with the headline loss per share of -61.54 cents reported for FY25. The Group does
not currently have reasonable certainty around its expected earnings per share for FY26.


The expected increase in the FY26 loss per share vs. FY25 is due to the below-expectation turnover
noted above impacting on the Group's previous guidance of the FY26 trading loss being "broadly in
line with FY25".


The Group will update investors further over the course of the upcoming results announcement cycle
and a further trading statement will be released on SENS once the Group has attained a reasonable
degree of certainty over its expected earnings range.


While the expected FY26 loss is a disappointment, the Group notes the substantial on-the-ground
operational improvements that have been achieved to date, and that the Pick n Pay segment's trading
profit recovery will not be linear. Despite the macro challenges, the Group continues to deliver on the
strategic initiatives designed to return the Pick n Pay segment to profitability.


The Group's financial results for the Period are expected to be published on SENS on or about 25 May
2026.


The financial information on which this trading update and trading statement is based is the
responsibility of the Board of directors of the Group and has not been reviewed by or reported on by
the Group's external auditors.

By order of the Board
Cape Town
9 February 2026


Sponsor: RAND MERCHANT BANK (a division of FirstRand Bank Limited)

Date: 09-02-2026 05:15:00

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