Trading statement for the 6 months ended 31 March 2024

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 6 MONTHS ENDED 31 MARCH 2024

Shareholders are advised that RFG's headline earnings for the 6 months ended
31 March 2024 ("the period") are expected to be between 18% and 23% higher
than the R216.8 million reported for the 6 months ended 2 April 2023 ("the prior
period").

Revenue growth in the regional segment for the period was mainly driven by
price inflation in an environment of lower sales volumes in certain product
categories due to the weak consumer environment. International revenue
declined due to softer global pricing, lower opening stock levels and operational
challenges at the Cape Town port, partially offset by foreign exchange gains.

Despite the pressure on sales volumes, the group has improved its operating
profit margin relative to the prior period by driving profitable growth, recovering
inflationary increases on raw material and packaging costs and cost savings from
operational efficiencies.

The expansion of the regional segment's operating profit margin was further
supported by production efficiency gains from recent capital investment.

In the international segment, the operating profit margin strengthened relative to
the prior period due to improved factory efficiencies during the recent deciduous
fruit canning season, capital investment at the Tulbagh fruit products factory as
well as the weakening of the Rand against RFG's basket of trading currencies.

Earnings for the period are expected to be as follows:

                               6 months                   6 months ended
                                ended                      31 March 2024
                              2 April 2023                Expected range
                               Reported
  Earnings per share             83.3c           18% - 23% higher       98.3c – 102.5c
  Headline earnings per          83.2c           18% - 23% higher      98.2c – 102.3.c
  share (HEPS)
  Diluted HEPS                   82.9c           18% - 23% higher       97.8c – 102.0c

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

The group's interim financial results for the period will be released on the Stock
Exchange News Service of the JSE on or about 22 May 2024.


Groot Drakenstein
9 May 2024

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

Date: 09-05-2024 12:55:00

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