PICK N PAY STORES LIMITED - Trading statement for the 53 weeks ended 2 March 2025

Trading statement for the 53 weeks ended 2 March 2025

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

TRADING STATEMENT FOR THE 53 WEEKS ENDED 2 MARCH 2025

Pick n Pay is currently finalising its results for the 53 weeks ended 2 March 2025 (FY25) which are expected to be
released on SENS on Monday, 26 May 2025.

In this regard, shareholders are advised that loss per share (Basic EPS) and headline loss per share (HEPS) are
expected to fall within the ranges set out below, an improvement on the Basic EPS and HEPS for the 52 weeks to
25 February 2024, the comparative year:
                                                                                                     53 weeks to                        52 weeks to
                                                                                                    2 March 2025                   25 February 2024
                                                            Expected range                        Expected range                          Restated*
Reported earnings metrics                                    % improvement                       Cents per share                    Cents per share
Basic EPS                                                        70% - 90%                     -174.56 to -58.19                            -581.85
Diluted Basic EPS                                                70% - 90%                     -174.11 to -58.04                            -580.37
HEPS                                                             55% - 75%                      -77.49 to -43.05                            -172.21
Diluted HEPS                                                     55% - 75%                      -77.30 to -42.94                            -171.77

*In line with IAS 33 Earnings per share, the comparative year's earnings per share metrics were restated to reflect the bonus element from the rights
issue, reflecting adjustments to the weighted and diluted weighted average shares in issue. In addition, the prior comparative year's earnings have
been restated in respect of the correction of an error in the application of IFRS 16 Leases - this adjustment is non-cash in nature, relating to the timing
of recognition of IFRS 16 balances and had a minimal impact on earnings per share metrics.

As guided in the Group's interim results announcement published on 28 October 2024, the reduced losses at the
HEPS level are due to an improved trading profit in Pick n Pay, a reduction in second half interest charges as a
result of the successful execution of the Group's two-step Recapitalisation Plan, and sustained trading profit
growth in the Group's majority-held subsidiary, Boxer Retail Limited. At the Basic EPS level, the improvement was
also aided by a substantial reduction in impairments, declining from R 2.4 billion in FY24 (net of tax impact) to less
than R0.5 billion in FY25.

While the guided result signals a very meaningful FY25 earnings recovery, the Group continues to incur a loss
within the Pick n Pay segment on a trading profit after lease interest basis, and the Group cautions that this is
likely to remain the case for some time.

FY25 result announcement and presentation

Shareholders are advised that the Group plans to release its FY25 financial results on SENS at 7:05am on Monday,
26 May 2025. An online results presentation will follow at 8:30am. Stakeholders are invited to register for the
results presentation webcast via the following link: www.corpcam.com/PnP26052025. The slides accompanying
the result presentation will be available on the Pick n Pay Investor Relations website at
www.picknpayinvestor.co.za shortly before the commencement of the presentation. A playback of the webcast
will be made available on our website approximately 2 hours after the presentation.

The financial information on which this 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
22 May 2025

Sponsor:
Rand Merchant Bank (a division of FirstRand Bank Limited)

Date: 22-05-2025 03:24:00
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