CHOPPIES ENTERPRISES LIMITED - Trading statement

Trading statement

CHOPPIES ENTERPRISES LIMITED

(Incorporated in the Republic of Botswana)
Registration number: BW00001142508
BSE SHARE CODE: CHOP-EQO
JSE SHARE CODE: CHP
ISIN: BW0000001072
(“Choppies”) or (the “Group”) or (“Company”)

TRADING STATEMENT

In terms of the Listings Requirements of the Botswana Stock Exchange (“BSE”) and the JSE Limited (“JSE”),
companies are required to publish a trading statement as soon as they become reasonably certain that the
financial results for the period to be reported on next will differ by more than 10% (in the case of the BSE)
or more than 20% (in the case of the JSE) from the financial results reported for the previous corresponding
period.
Choppies is currently finalising its financial results for the 12 months ended 30 June 2026 (“FY2026).

Choppies expects the FY2026 financial results to be within the following ranges: -

                                                            FY2026             FY2026              FY2025
                                                         Expected range     Expected range       As reported
                                                              (%)
 Profit after tax - BWP Millions
   Total operations including discontinued operations     (27%) - (17%)         69 - 79             95
   Continuing operations                                  (56%) - (46%)         66 - 82             151
 Adjusted EBIT - BWP Millions
   Total operations including discontinued operations     (35%) - (25%)        203 - 235            313
   Continuing operations                                  (43%) - (33%)        200 - 235            351
 Adjusted EBITDA - BWP Millions
   Total operations including discontinued operations     (14%) - (4%)         519 - 579            603
   Continuing operations                                  (18%) - (8%)         520 - 583            634
 Earnings per share - thebe
   Total operations including discontinued operations     (28%) - (18%)        3.8 - 4.3            5.3
   Continuing operations                                  (56%) - (46%)        3.7 - 4.5            8.4
 Headlines earnings per share - thebe
   Total operations including discontinued operations     (54%) - (44%)        3.7 - 4.5            8.1
   Continuing operations                                  (61%) - (51%)        3.7 - 4.6            9.4


Group profitability was impacted by:
   - Reduced consumer liquidity driven by the Botswana diamond market slump & the Botswana
     Government's austerity measures.
   - Devaluation of the Pula from a severe downturn in the global diamond market
   - Government subsidised commodities in Namibia
   - Deflation on key food lines in Zambia due to the Kwacha appreciating.
   - The Oil price shock and increase in fuel prices and transportation costs.
   - Promotional intensity in a constrained consumer market

The Group’s revenue momentum remains strong, but profitability was temporarily impacted by weaker
macroeconomics. The demand contraction is cyclical, but food retail fundamentals remain intact.
Choppies is well placed to benefit given its presence across urban and rural markets and across wholesale,
retail, and informal segments, and we expect our core markets to stay resilient despite currency volatility,
inflation, and global uncertainty.

Strategic priorities remain:
   -   consolidating profitability in Botswana, Namibia and Zambia;
   -   completing the Builders Mart and Liquorama turnarounds;
   -   improving distribution and inventory efficiency;
   -   maintaining cost discipline;
   -   rolling out the new ERP;
   -   upholding financial discipline; and
   -   advancing ESG initiatives.

The Board remains confident that Choppies is positioned for sustainable growth and improved shareholder
returns.

The estimated financial information on which this trading statement is based has not been reviewed nor
reported on by the Company’s external auditors. Accordingly, shareholders are advised to exercise caution
when trading in the Company’s securities until such time as the actual results are released. The Company
expects to release its FY2026 condensed financial results on or about 19 September 2026.
The Company’s primary listing is on the BSE and its secondary listing is on the JSE.

14 September 2026

BSE Sponsoring Broker                                                       JSE Sponsor
Motswedi Securities (Pty) Ltd                                               PSG Capital
Date: 14/09/2026 04:45:00
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