ZEDA LIMITED — Interim / Quarterly Report 2026

May 26, 2026

ZEDA
Connecting Humanity

INTERIM RESULTS

FOR THE SIX MONTHS
ENDED 31 MARCH
2026

AND CASH DIVIDEND DECLARATION

Zeda Limited
Incorporated in the Republic of South Africa
Registration number: 2022/495542/08
JSE share code: ZZD
ISIN: ZAE000370768
(Zeda or the Company or the Group)

Zeda reported interim results reflecting the strength of our diversified business model, while reducing debt and expanding the fleet. This performance was achieved amid a challenging trading environment.

GROUP HIGHLIGHTS

Revenue increased	by 3.2% to R$ 544 million (HY2025: R$ 372 million)
Operating profit and margin sustained	at R$841 million (HY2025: R$46 million) and 15.2% (HY2025: 15.8%)
Profit before tax increased	by 5.5% to R$520 million (HY2025: R$43 million)
Earnings increased	BEPS and HEPS increased by 6.2% and 6.1% to 201 cents from lower operating and finance costs
Net debt	at R$ 240 million with net debt to EBITDA maintained at 1.9x (HY2025: 0.379 million)
ROE	at 21.2% (HY2025: 22.1%) with a capital structure at 68:32
ROIC	at 12.3% ahead of WACC at 10.8%
Interim dividend declaration	Increased by 45% to 80 cents

Our diversified business delivered top-line growth of 3.2% to R$ 544 million, underpinned by a strict strategic focus. The Leasing Business reported solid growth of 7.5% while Car Sales volumes surged by 12.9% compared to the prior year. Notwithstanding solid performance from the strategic priorities, the Car Rental Business partly negated this accomplishment. Greater Africa remains a significant contributor, generating 21.3% (HY2025: 23.4%) to Group leasing revenue. We generated double-digit growth in key markets such as Ghana, Zambia and Lesotho. However, Namibia and Mozambique remained under pressure and weighed on the portfolio which declined by 2.1%. Operating costs increased by only 1%, remaining below inflation. The expansion in business, despite these challenges, is a testament to the strength of the diversified business model where pressure from mainly the Car Rental Business was mitigated by both the Leasing Business and the Car Sales Business.

Basic earnings per share (BEPS) and headline earnings per share (HEPS) grew by 6.2% and 6.1%, respectively, to 201 cents. The revenue growth of 3.2% converted to growth in earnings due to lower finance costs which declined by 0.9% compared to the prior year. The off-balance sheet strategy, coupled with the benefits of interest rate reductions and a diversification funding strategy, drove the decline in finance costs. We also recognised a release of R31 million in expected credit loss provisions for the first half of the

year, reflecting enhanced credit risk management through improved collections and reduced damage costs. This further contributed to earnings growth.

We increased the risk-to-lease ratio from 78:22 to 72:28 by leasing more high-value vehicles with challenging residual values. This reduced residual value exposure and on-balance-sheet funding requirements. Although our operating lease liabilities have increased, we have also expanded our fleet by adding vehicles that have a favourable total cost of ownership to our balance sheet, allowing us to keep growing our Car Sales Business.

Net debt reduced to R$ 240 million, from R$ 379 million in HY2025, despite a 3.1% expansion in the rental fleet supporting revenue generation during the period. This is the true benefit of the off-balance sheet strategy that resulted in a R750 million reduction in rental business debt in an up-fleeting cycle.

The capital allocation framework delivered ROE of 21.2% and achieved ROIC of 12.3%, exceeding WACC of 10.8%. We reported cash and cash equivalents of R958 million and returned cash to shareholders. The Board declared an interim dividend of 80 cents per share, in line with our dividend policy, representing a 40% payout of net profit after tax.

GROUP PERFORMANCE

R$ million	HY2026	HY2025	Variance
Revenue	$ 544	$ 372	3.2%
Operating profit	841	846	-0.6%
Operating margin (%)	15.2	15.8	-0.6ppts
Basic earnings per share (cents)	201.2	189.4	6.2%
Headline earnings per share (cents)	201.2	189.7	6.1%
Net debt to EBITDA (x)	1.9	1.9
Return on equity (%)	21.2	22.1	-0.9ppts
Net asset value per share (cents)	1 846.4	1 680.4	9.9%
Interim dividend per share (cents)	n/a	55	45.5%

OUTLOOK STATEMENT

The economic growth observed in the first quarter did not persist into the second quarter due to supply-side, constraints and significant increases in fuel prices associated with geopolitical tensions in the Middle East. These factors are anticipated to lead to higher inflation and rising interest rates. Notwithstanding these developments, we remain resolute and disciplined in executing our growth strategy.

The momentum achieved in the Leasing Business, including the public sector, is expected to be sustained in the second half of the year. This will be coupled with improvements in Greater Africa as we focus on performance recovery in Namibia which is expected to result in a resurgence of the portfolio. We expect the rental market to remain highly price-sensitive. However, we have implemented strategies to drive our subscription offering and base in the market. In addition, we will continue to leverage the strength of our existing partnerships and onboard new partners in the leisure market as we position this segment for the continued momentum.

In the second half of the year, the de-fleet cycle and the "dispose right" of our operating model become critical. The vehicle mix in our on-balance-sheet rental fleet favours smaller vehicles, placing us in a stronger position in the used car market as consumers face pressure from higher fuel prices and potential interest rate increases. This will support the growth of our used car business while our strategic intent to focus on retail channels provides margin enhancement.

We expect further reductions in our debt due to the de-fleet cycle, with further finance cost savings as we continue to benefit from the fleet acquisition and funding diversification strategies. This will continue to support earnings growth.

We will continue to deploy our agile operating model to optimise our balance sheet and navigate the complex trading environment. Disciplined cost containment will remain a key financial framework to mitigate margin pressures.

Following approval of the Africa strategy, the Group has retained Ghana as a strategic anchor from which to serve the West Africa region under Avis Budget Group's broadened licence framework. We have commenced mapping opportunities in West Africa where we can follow our customers and expand in a disciplined manner. The approach remains asset-right and customer-led, with capital deployed only where there are secured customer contracts, embedded demand and appropriate risk-adjusted returns.

Market selection across the continent is governed by a disciplined risk framework. We will prioritise jurisdictions where the Group can repatriate cash, manage currency volatility and access adequate funding liquidity. Countries that do not meet these gating criteria will be deferred until conditions improve.

This regional model is underpinned by a treasury management framework designed to centralise foreign exchange risk management, enable efficient raising and deployment of offshore capital, and facilitate cash pooling across the region. This provides the financial infrastructure required to fund growth, preserve liquidity and support a measured, contract-backed expansion into West Africa.

DIVIDEND DECLARATION

The Board has declared an interim dividend (Dividend number 5) of 80 cents per share in respect of the half year ended 31 March 2026, on 22 May 2026, subject to the applicable dividend withholding tax rate of 20% levied in terms of the Income Tax Act (Act No. 58 of 1962) (as amended). Accordingly, for those shareholders that are not exempt from paying dividend withholding tax, the net ordinary dividend will be 0.4 cents per share. The dividend has been declared out of income reserves, and the number of ordinary shares in issue at the date of this declaration is 169 (41:767). The Company tax number is 8042025305.

The following dates apply to the dividend:

Last date to trade	Monday, 15 June 2026
cum dividend
Ordinary shares	Wednesday, 17 June 2026
trade ex-ded
Record date	Friday, 19 June 2026
Payment date	Monday, 22 June 2026

Share certificates may not be dematerialised or rematerialised between Wednesday, 17 June 2026 and Friday, 19 June 2026, both days inclusive.

26 May 2026
JSE Sponsor	Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Debt Sponsor	The Standard Bank of South Africa Limited

FORWARD-LOOKING STATEMENT

This statement contains forward-looking statements, All statements, other than statements of historical facts, including, among others, statements regarding our strategy, future financial position and plans, objectives, projected costs, anticipated cost savings, financing plans and projected levels of growth in the markets, are forward-looking statements. Forward-looking statements can be identified by terminology such as "may", "might", "should", "expect", "en-range", "intend", "plan", "project", "estimate", "anticipate", "below", "hope", "can", "is designed to", or similar previous. However, the absence of such words does not necessarily mean a statement is not forward-looking. Forward-looking statements involve several known and unknown risks, uncertainties and other factors that could cause our actual results and outcomes to be undeniably different from historical results or any future results expressed or implied by such forward-looking statements. Factors that could cause our actual results or outcomes to differ noticeably from our expectations include, but are not limited to, those risks identified in the Zeda financial reports available at www.zeda.co.za.

Zeda cautions readers not to place undue reliance on these forward-looking statements. All written and verbal forward-looking statements attributable to Zeda, or persons acting on behalf of Zeda, are qualified in their entirety by these cautioned statements. Unless we are required by law to update these statements, we will not necessarily update any of these statements. After the date of publication of this document so that they conform either to the actual results or to changes in our expectations.

Any forward-looking information disclosed in these interim results for the six months ended 31 March 2026 ("results announcement") has not been reviewed, audited, or otherwise reported on by our independent external auditors.

FURTHER INFORMATION

The short-form interim financial results announcement is the responsibility of the Board. It is only a summary of the information contained in the condensed consolidated interim financial statements for the six-month period ended 31 March 2026 and does not contain full or complete details.

Any investment decisions should be based on the condensed consolidated interim financial statements published on the J&D's checklist on Tuesday, 26 May 2026. The condensed consolidated interim financial statements have been reviewed by the Company's auditors, SonarithsaiulaaGobodo Grant Thornton Inc., who have expressed an unqualified reviewed conclusion. The condensed consolidated interim financial statements, including the auditor's review conclusion is available on the Company's website at: https://zeda.co.za/investors/interim-results/

and on the J&D's checklist at: https://www.jdf.ps.co.za/documents/2026/pe/issue/22D6/iso3126.pdf

Copies of the condensed consolidated interim financial statements may be requested from the Affiliations at: investmentations@zeda.co.za

www.zeda.co.za