{"url_path":"/sec/karo/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-06-09","source_url":"https://www.sec.gov/Archives/edgar/data/1828102/0001213900-26-066795-index.html","accession_number":"0001213900-26-066795","cik":"0001828102","ticker":"KARO","issuer_name":"Karooooo Ltd.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1828102/0001213900-26-066795-index.html","primary_entity_key":"0001828102","primary_entity_name":"Karooooo Ltd."},"word_count":23183,"has_tables":true,"body_markdown":"**Item 19. EXHIBITS**\n\n \n\nList all exhibits filed as part of the registration statement or annual\nreport, including exhibits incorporated by reference.\n\n \n\n**EXHIBIT INDEX**\n\n \n\n \n \n \n \n**Incorporated\nby Reference**\n\n**Exhibit**\n \n**Description**\n \n**Schedule/ Form**\n \n**File Number**\n \n**Exhibit**\n \n**File\nDate**\n\n \n \n \n \n \n \n \n \n \n \n \n\n1.1\n \n[Constitution\nof Karooooo Ltd.](https://www.sec.gov/Archives/edgar/data/1828102/000110465921029334/tm2034233d6_ex3-1.htm)\n \nForm F-1\n \n333-253635\n \n3.1\n \nFebruary 26, 2021\n\n \n \n \n \n \n \n \n \n \n \n \n\n2.1\n \n[Specimen\nShare Certificate](https://www.sec.gov/Archives/edgar/data/1828102/000110465921039374/tm2034233d11_ex4-1.htm)\n \nForm F-1/A\n \n333-253635\n \n4.1\n \nMarch 22, 2021\n\n \n \n \n \n \n \n \n \n \n \n \n\n2.2\n \n[Description\nof Ordinary Shares](https://www.sec.gov/Archives/edgar/data/1828102/000121390023048618/f20f2023ex2-2_karoooooltd.htm)\n \nForm 20-F\n \n001-40300\n \n2.2\n \nJune 13, 2023\n\n \n \n \n \n \n \n \n \n \n \n \n\n4.1\n \n[Loan Agreement dated June 21, 2024, between the Standard Bank of South Africa Limited and Purple Rain Properties No. 444 Proprietary Limited](http://www.sec.gov/Archives/edgar/data/1828102/000121390025052372/ea024487201ex4-1_karooooo.htm)\n \nForm 20-F\n \n001-40300\n \n4.1\n \nJune 9, 2025\n\n \n \n \n \n \n \n \n \n \n \n \n\n4.1.1*\n \n[First Addendum dated February 13, 2026, to Loan Agreement, dated June 21, 2024, between the Standard Bank of South Africa Limited and Purple Rain Properties No. 444 Proprietary Limited](ea029364501ex4-1i.htm)\n \nForm 20-F\n \n\n001-40300\n\n \n4.1.1\n \nJune 9, 2026\n\n \n \n \n \n \n \n \n \n \n \n \n\n4.2\n \n[Short Term Facility Letter, dated March 5, 2020 between Capitec Bank Limited (formerly Mercantile Bank Limited) and Cartrack Proprietary Limited](http://www.sec.gov/Archives/edgar/data/1828102/000121390025052372/ea024487201ex4-2_karooooo.htm)\n \nForm 20-F\n \n001-40300\n \n4.2\n \nJune 9, 2025\n\n \n \n \n \n \n \n \n \n \n \n \n\n4.3\n \n[Addendum, dated April 18, 2024, to Short Term Facility Letter, dated March 5, 2020 between Capitec Bank Limited and Cartrack Proprietary Limited](http://www.sec.gov/Archives/edgar/data/1828102/000121390025052372/ea024487201ex4-3_karooooo.htm)\n \nForm 20-F\n \n001-40300\n \n4.3\n \nJune 9, 2025\n\n \n \n \n \n \n \n \n \n \n \n \n\n4.4\n \n[Registration\nRights Agreement](https://www.sec.gov/Archives/edgar/data/1828102/000110465921039374/tm2034233d11_ex10-5.htm)\n \nForm F-1/A\n \n333-253635\n \n10.5\n \nMarch 22, 2021\n\n \n \n \n \n \n \n \n \n \n \n \n\n4.5\n \n[Form\nof Deed of Indemnity](https://www.sec.gov/Archives/edgar/data/1828102/000110465921035665/tm2034233d9_ex10-6.htm)\n \nForm F-1/A\n \n333-253635\n \n10.6\n \nMarch 12, 2021\n\n \n \n \n \n \n \n \n \n \n \n \n\n8.1*\n \n[List of subsidiaries](ea029364501ex8-1.htm)\n \n \n \n \n \n \n \nJune 9, 2026\n\n \n \n \n \n \n \n \n \n \n \n \n\n11.1\n \n[Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/1828102/000121390025052372/ea024487201ex11-1_karooooo.htm)\n \nForm 20-F\n \n001-40300\n \n11.1\n \nJune 9, 2025\n\n \n \n \n \n \n \n \n \n \n \n \n\n12.1*\n \n[Certification by the Principal Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea029364501ex12-1.htm)\n \n \n \n \n \n \n \nJune 9, 2026\n\n \n \n \n \n \n \n \n \n \n \n \n\n12.2*\n \n[Certification by the Principal Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea029364501ex12-2.htm)\n \n \n \n \n \n \n \nJune 9, 2026\n\n \n \n \n \n \n \n \n \n \n \n \n\n13.1*\n \n[Certification by the Principal Executive Officer and Principal Financial Office pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea029364501ex13-1.htm)\n \n \n \n \n \n \n \nJune 9, 2026\n\n \n \n \n \n \n \n \n \n \n \n \n\n15.1*\n \n[Consent of Deloitte & Touche](ea029364501ex15-1.htm)\n \n \n \n \n \n \n \nJune 9, 2026\n\n \n \n \n \n \n \n \n \n \n \n\n15.2*\n \n[Consent of Ernst & Young LLP](ea029364501ex15-2.htm)\n \n \n \n \n \n \n \nJune 9, 2026\n\n \n \n \n \n \n \n \n \n \n \n \n\n16.1\n \n[Letter\nregarding change in certifying accountant](https://www.sec.gov/Archives/edgar/data/1828102/000121390024067390/ea021112101ex16-1_karooooo.htm)\n \nForm 6-K\n \n001-40300\n \n16.1\n \nAugust 12, 2024\n\n \n \n \n \n \n \n \n \n \n \n \n\n97.1\n \n[Compensation\nRecoupment Policy](http://www.sec.gov/Archives/edgar/data/1828102/000121390024052510/ea020767201ex97-1_karooooo.htm)\n \nForm 20-F\n \n001-40300\n \n97.1\n \nJune 13, 2024\n\n** **\n\n101.INS*\n \nInline XBRL Instance Document.\n\n \n \n \n\n101.SCH*\n \nInline XBRL Taxonomy Extension Schema Document.\n\n \n \n \n\n101.CAL*\n \nInline XBRL Taxonomy Extension Calculation Linkbase Document.\n\n \n \n \n\n101.DEF*\n \nInline XBRL Taxonomy Extension Definition Linkbase Document.\n\n \n \n \n\n101.LAB*\n \nInline XBRL Taxonomy Extension Label Linkbase Document.\n\n \n \n \n\n101.PRE*\n \nInline XBRL Taxonomy Extension Presentation Linkbase Document.\n\n \n \n \n\n104*\n \nCover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).\n\n** **\n\n*Filed\nherewith.\n\n \n\n#Portions\nof this exhibit (indicated by asterisks) have been excluded from the exhibit because it both\n(i) is not material and (ii) would likely cause competitive harm to the registrant if disclosed.\n\n \n\n112\n\n \n\n \n\n**SIGNATURES**\n\n** **\n\nThe registrant hereby certifies that it meets\nall of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this registration\nstatement on Form 20-F on its behalf.\n\n \n\nKarooooo Ltd.\n\n \n\nBy:\n/s/\nIsaias (Zak) Jose Calisto\n \n\nName: \nIsaias (Zak) Jose Calisto\n \n\nTitle:\nChief Executive Officer\n \n\n \n \n \n\nBy:\n/s/ Hoe Shin\nGoy\n \n\nName:\nHoe Shin Goy\n \n\nTitle:\nChief Financial Officer\n \n\n \n\nDate: June 9, 2026\n\n \n\n113\n\n \n\n \n\n**INDEX TO CONSOLIDATED\nFINANCIAL STATEMENTS**\n\n** **\n\n**Audited Consolidated\nFinancial Statements**\n\n**for the Years\nEnded February 28, 2026, February 28, 2025 and February 29, 2024 — Karooooo Ltd.**\n\n \n\n    **Page**\n\n[Report of the Independent Registered Public Accounting Firms (PCAOB ID: 1130)](#f_001)   F-2\n\n[Report of the Independent Registered Public Accounting Firms (PCAOB ID: 1247)](#f_002)   F-3\n\n[Consolidated Statements of Financial Position](#f_003)   F-4\n\n[Consolidated Statements of Profit and Loss](#f_004)   F-5\n\n[Consolidated Statements of Comprehensive Income](#f_005)   F-6\n\n[Consolidated Statements of Changes in Equity](#f_006)   F-7\n\n[Consolidated Statements of Cash Flows](#f_007)   F-10\n\n[Notes to the Consolidated Financial Statements](#f_008)   F-11\n\n \n\nF-1\n\n \n\n**REPORT\nOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**\n\n** **\n\nTo the Stockholders and Board of Directors\nof Karooooo Ltd.\n\n \n\n**Opinion on the Financial Statements**\n\n** **\n\nWe have audited the accompanying consolidated statement of financial position of Karooooo Ltd and subsidiaries (the “Company”)\nas of February 28, 2026 and 2025, the related consolidated statements of profit and loss, comprehensive income, changes in equity, and\ncash flows for each of the two years in the period ended February 28, 2026, and the related notes (collectively referred to as the “financial\nstatements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company\nas of February 28, 2026 and 2025, and the results of its operations and its cash flows for each of the two years in the period ended February\n28, 2026, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).\n\n \n\n**Basis for Opinion**\n\n** **\n\nThese financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the\nCompany’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting\nOversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal\nsecurities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audit\nin accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance\nabout whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to\nhave, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required\nto obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness\nof the Company’s internal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audit included performing\nprocedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures\nthat respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the\nfinancial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management,\nas well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for\nour opinion.\n\n \n\n/s/ Deloitte & Touche\n\n \n\nWe have served as the Company’s\nauditor since 2024.\n\n \n\nJohannesburg, South Africa\n\nJune 9, 2026\n\n \n\nF-2\n\n \n\n**REPORT OF INDEPENDENT\nREGISTERED PUBLIC ACCOUNTING FIRM**\n\n** **\n\nTo the Stockholders and Board of Directors\nof Karooooo Ltd.\n\n \n\n**Opinion on the Financial Statements**\n\n** **\n\nWe have\naudited the accompanying consolidated statements of profit or loss, comprehensive income, changes in equity and cash flows of\nKarooooo Ltd (the Company) for the period ended February 29, 2024, and the related notes (collectively referred to as the\n“consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all\nmaterial respects, the results of the Company’s operations and its cash flows for the period ended February 29, 2024, in\nconformity with IFRS Accounting Standards as issued by the International Accounting Standards Board.\n\n \n\n**Basis for Opinion**\n\n** **\n\nThese financial\nstatements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s\nfinancial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board\n(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities\nlaws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our\naudit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable\nassurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not\nrequired to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we\nare required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion\non the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audit included\nperforming procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing\nprocedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures\nin the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management,\nas well as evaluating the overall presentation of the financial statements. We believe that our audit provide a reasonable basis for\nour opinion.\n\n \n\n/s/ Ernst & Young LLP\n\n \n\nWe served as the Company’s auditor\nfrom 2022 to 2024.\n\n \n\nSingapore \n\nJune 13, 2024\n\n \n\nF-3\n\n \n\n**CONSOLIDATED\nSTATEMENTS OF FINANCIAL POSITION**\n\n \n\n  \n   \nAs\nof February 28 \n\nFigures in Rand thousands \nNotes  \n2026  \n2025 \n\n  \n   \n   \n  \n\nASSETS \n   \n   \n  \n\nNon-current assets \n   \n    \n   \n\nProperty, plant and equipment \n5  \n 3,150,690  \n 2,508,215 \n\nCapitalized commission assets \n6  \n 470,406  \n 494,052 \n\nIntangible assets \n7  \n 81,720  \n 83,053 \n\nGoodwill \n8  \n 167,315  \n 174,957 \n\nLoan to a related party \n12  \n 28,700  \n 28,700 \n\nLong-term other receivables and prepayments \n11  \n 679  \n 11,629 \n\nDeferred tax assets \n9  \n 133,320  \n 121,749 \n\nTotal non-current assets \n   \n 4,032,830  \n 3,422,355 \n\n  \n   \n    \n   \n\nCurrent assets \n   \n    \n   \n\nInventories \n10  \n 5,742  \n 3,830 \n\nTrade and other receivables and prepayments \n11  \n 586,374  \n 597,461 \n\nIncome tax receivables \n   \n 15,324  \n 12,622 \n\nCash and cash equivalents \n13  \n 1,153,874  \n 1,042,882 \n\nTotal current assets \n   \n 1,761,314  \n 1,656,795 \n\nTotal assets \n   \n 5,794,144  \n 5,079,150 \n\n  \n   \n    \n   \n\nEQUITY AND LIABILITIES \n   \n    \n   \n\nEquity \n   \n    \n   \n\nShare capital \n14  \n 7,142,853  \n 7,142,853 \n\nActuarial reserve \n   \n (58) \n 139 \n\nCapital reserve \n   \n (3,645,108) \n (3,621,245)\n\nCommon control reserve \n   \n (2,709,236) \n (2,709,236)\n\nForeign currency translation reserve \n   \n 81,168  \n 277,866 \n\nRetained earnings \n   \n 2,412,384  \n 2,112,091 \n\nEquity attributable to equity holders of parent \n   \n 3,282,003  \n 3,202,468 \n\nNon-controlling interest \n   \n 45,025  \n 43,099 \n\nTotal equity \n   \n 3,327,028  \n 3,245,567 \n\n  \n   \n    \n   \n\nLiabilities \n   \n    \n   \n\nNon-current liabilities \n   \n    \n   \n\nTerm loans \n15  \n 398,931  \n 31,640 \n\nLease liabilities \n16  \n 158,577  \n 127,251 \n\nDeferred revenue \n17  \n 122,722  \n 126,959 \n\nDeferred tax liabilities \n9  \n 118,842  \n 95,892 \n\nTotal non-current liabilities \n   \n 799,072  \n 381,742 \n\n  \n   \n    \n   \n\nCurrent liabilities \n   \n    \n   \n\nTerm loans \n15  \n 49,721  \n 283,313 \n\nTrade and other payables \n18  \n 585,832  \n 469,937 \n\nLoan from a related party \n12  \n 85  \n 138 \n\nLease liabilities \n16  \n 129,288  \n 77,445 \n\nDeferred revenue \n17  \n 405,605  \n 357,780 \n\nBank overdraft \n13  \n 407,668  \n 205,299 \n\nIncome tax payables \n   \n 89,845  \n 57,039 \n\nProvision for warranties \n   \n -  \n 890 \n\nTotal current liabilities \n   \n 1,668,044  \n 1,451,841 \n\nTotal liabilities \n   \n 2,467,116  \n 1,833,583 \n\nTotal equity and liabilities \n   \n 5,794,144  \n 5,079,150 \n\n** **\n\nThe accompanying\nnotes form an integral part of these financial statements.\n\n** **\n\nF-4\n\n \n\n**CONSOLIDATED\nSTATEMENTS OF PROFIT AND LOSS**\n\n \n\n  \n   \nYear\nended February 28/29 \n\nFigures in Rand thousands \nNotes  \n2026  \n2025  \n2024 \n\n  \n   \n   \n   \n  \n\nRevenue \n19  \n 5,479,120  \n 4,567,459  \n 4,205,511 \n\nCost of revenue \n   \n (1,754,950) \n (1,364,407) \n (1,514,674)\n\nGross profit \n   \n 3,724,170  \n 3,203,052  \n 2,690,837 \n\n  \n   \n    \n    \n   \n\nOther income \n   \n 14,975  \n 10,369  \n 11,831 \n\n  \n   \n    \n    \n   \n\nOperating expenses  \n   \n (2,324,433) \n (1,901,088) \n (1,660,166)\n\nSales and marketing \n   \n (841,453) \n (614,765) \n (500,903)\n\nGeneral and administration \n   \n (1,096,981) \n (944,833) \n (837,606)\n\nResearch and development \n   \n (261,467) \n (226,935) \n (212,235)\n\nExpected credit losses on financial assets \n   \n (124,532) \n (114,555) \n (109,422)\n\n  \n   \n    \n    \n   \n\nOperating profit \n20  \n 1,414,712  \n 1,312,333  \n 1,042,502 \n\n  \n   \n    \n    \n   \n\nOffering costs \n1  \n (11,667) \n (15,113) \n - \n\nFinance income \n21  \n 34,476  \n 44,167  \n 39,418 \n\nFinance costs \n22  \n (77,874) \n (50,866) \n (15,822)\n\nFair value changes to derivative assets \n   \n -  \n -  \n (388)\n\nImpairment of goodwill \n8  \n -  \n (43,600) \n - \n\nProfit before taxation \n   \n 1,359,647  \n 1,246,921  \n 1,065,710 \n\nTaxation \n23  \n (348,535) \n (309,811) \n (311,554)\n\nProfit for the year \n   \n 1,011,112  \n 937,110  \n 754,156 \n\n  \n   \n    \n    \n   \n\nProfit attributable to: \n   \n    \n    \n   \n\nOwners of the parent \n   \n 993,920  \n 921,031  \n 738,191 \n\nNon-controlling interest \n   \n 17,192  \n 16,079  \n 15,965 \n\n  \n   \n 1,011,112  \n 937,110  \n 754,156 \n\nEarnings per share \n   \n    \n    \n   \n\nBasic and diluted earnings per share (ZAR) \n32  \n 32.17  \n 29.81  \n 23.85 \n\n** **\n\nThe accompanying\nnotes form an integral part of these financial statements.\n\n \n\nF-5\n\n \n\n**CONSOLIDATED\nSTATEMENTS OF COMPREHENSIVE INCOME**\n\n \n\n  \nYear\nended February 28/29 \n\nFigures in Rand thousands \n2026  \n2025  \n2024 \n\n  \n   \n   \n  \n\nProfit for the year \n 1,011,112  \n 937,110  \n 754,156 \n\n  \n    \n    \n   \n\nOTHER COMPREHENSIVE INCOME \n    \n    \n   \n\nItems that will not be reclassified to profit or loss \n    \n    \n   \n\nActuarial (losses)/gains on defined benefit plans \n (197) \n 139  \n - \n\n  \n    \n    \n   \n\nItems that may be reclassified to profit or loss in future periods \n    \n    \n   \n\nExchange differences on translating foreign operations \n (199,114) \n (54,716) \n 88,632 \n\n  \n    \n    \n   \n\nOther comprehensive income for the year \n (199,311) \n (54,577) \n 88,632 \n\nTotal comprehensive income for the year, net of income\ntax \n 811,801  \n 882,533  \n 842,788 \n\n  \n    \n    \n   \n\nTotal comprehensive income attributable to: \n    \n    \n   \n\nOwners of the parent \n 797,025  \n 868,224  \n 823,894 \n\nNon-controlling interest \n 14,776  \n 14,309  \n 18,894 \n\n  \n 811,801  \n 882,533  \n 842,788 \n\n \n\nThe accompanying\nnotes form an integral part of these financial statements.\n\n \n\nF-6\n\n** **\n\n**CONSOLIDATED\nSTATEMENTS OF CHANGES IN EQUITY**\n\n \n\nFigures\nin Rand thousands \nShare\ncapital  \nTreasury\nshares  \n**Capital\nreserve3**  \n**Common\ncontrol reserve1**  \nForeign\ncurrency translation  \n**Retained\nearnings2**  \nTotal\nattributable to owner of the parent  \n**Non-controlling\ninterest2**  \nTotal\nequity \n\n  \n   \n   \n   \n   \n   \n   \n   \n   \n  \n\nBalance\nat March 1, 2023 \n 7,142,853  \n -  \n (3,582,568) \n (2,709,236) \n 245,109  \n 1,564,809  \n 2,660,967  \n 30,908  \n 2,691,875 \n\nProfit for the year \n -  \n -  \n -  \n -  \n -  \n 738,191  \n 738,191  \n 15,965  \n 754,156 \n\nOther comprehensive\nincome \n -  \n -  \n -  \n -  \n 85,703  \n -  \n 85,703  \n 2,929  \n 88,632 \n\nTotal\ncomprehensive income for the year \n -  \n -  \n -  \n -  \n 85,703  \n 738,191  \n 823,894  \n 18,894  \n 842,788 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nTransactions\nwith owner, recognized directly in equity \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nContributions\nby and distributions to owner \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nPurchase of treasury shares \n -  \n (23,816) \n -  \n -  \n -  \n -  \n (23,816) \n -  \n (23,816)\n\nDividends \n -  \n -  \n -  \n -  \n -  \n (499,518) \n (499,518) \n (9,782)4 \n (509,300)\n\nTotal\ntransactions with owner \n -  \n (23,816) \n -  \n -  \n -  \n (499,518) \n (523,334) \n (9,782) \n (533,116)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nChanges\nin ownership interest in subsidiaries \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nAcquisition\nof new subsidiary \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n 915  \n 915 \n\nTotal\nchanges in ownership interest in subsidiaries \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n 915  \n 915 \n\nBalance\nat February 29, 2024 \n 7,142,853  \n (23,816) \n (3,582,568) \n (2,709,236) \n 330,812  \n 1,803,482  \n 2,961,527  \n 40,935  \n 3,002,462 \n\n  \n\nF-7\n\n \n\nFigures in Rand thousands \nShare\n\ncapital  \nTreasury\nshares  \n**Capital\nReserve3**  \n**Common\ncontrol reserve1**  \nForeign\n\ncurrency\ntranslation  \nActuarial\nReserve  \n**Retained\nearnings2**  \nTotal\n\nattributable\nto owner of\nthe parent  \n**Non-\ncontrolling interest2**  \nTotal\nequity \n\n  \n   \n   \n   \n   \n   \n   \n   \n   \n   \n  \n\nBalance\nat March 1, 2024 \n 7,142,853  \n (23,816) \n (3,582,568) \n (2,709,236) \n 330,812  \n -  \n 1,803,482  \n 2,961,527  \n 40,935  \n 3,002,462 \n\nProfit for the year \n -  \n -  \n -  \n -  \n -  \n -  \n 921,031  \n 921,031  \n 16,079  \n 937,110 \n\nOther comprehensive\nincome \n -  \n -  \n -  \n -  \n (52,946) \n 139  \n -  \n (52,807) \n (1,770) \n (54,577)\n\nTotal\ncomprehensive income for the year \n -  \n -  \n -  \n -  \n (52,946) \n 139  \n 921,031  \n 868,224  \n 14,309  \n 882,533 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nTransactions\nwith owner, recognized directly in equity \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nContributions\nby and distributions to owner \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nCancellation of treasury shares (Note 14) \n -  \n 27,277  \n (27,277) \n -  \n -  \n -  \n -  \n -  \n -  \n - \n\nPurchase of treasury shares (Note 14) \n -  \n (3,461) \n -  \n -  \n -  \n -  \n -  \n (3,461) \n -  \n (3,461)\n\nDividends \n -  \n -  \n -  \n -  \n -  \n -  \n (612,422) \n (612,422) \n (8,303)5 \n (620,725)\n\nTotal\ntransactions with owner \n -  \n 23,816  \n (27,277) \n -  \n -  \n -  \n (612,422) \n (615,883) \n (8,303) \n (624,186)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nChanges\nin ownership interest in subsidiaries \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nShares\nrepurchase and cancellation of shares by a subsidiary company7 \n -  \n -  \n (11,400) \n -  \n -  \n -  \n -  \n (11,400) \n (3,842) \n (15,242)\n\nTotal\nchanges in ownership interest in subsidiaries \n -  \n -  \n (11,400) \n -  \n -  \n -  \n -  \n (11,400) \n (3,842) \n (15,242)\n\nBalance\nat February 28, 2025 \n 7,142,853  \n -  \n (3,621,245) \n (2,709,236) \n 277,866  \n 139  \n 2,112,091  \n 3,202,468  \n 43,099  \n 3,245,567 \n\n \n\nF-8\n\n \n\nFigures\nin Rand thousands \nShare\n\ncapital  \nTreasury\nshares  \n**Capital\nReserve3**  \n**Common\ncontrol reserve1**  \nForeign\n\ncurrency\ntranslation  \nActuarial\nReserve  \n**Retained\nearnings2**  \nTotal\n\nattributable\nto owner of\nthe parent  \n**Non-\ncontrolling interest2**  \nTotal\nequity \n\n  \n   \n   \n   \n   \n   \n   \n   \n   \n   \n  \n\nBalance\nat March 1, 2025 \n 7,142,853  \n -  \n (3,621,245) \n (2,709,236) \n 277,866  \n 139  \n 2,112,091  \n 3,202,468  \n 43,099  \n 3,245,567 \n\nProfit for the year \n -  \n -  \n -  \n -  \n -  \n -  \n 993,920  \n 993,920  \n 17,192  \n 1,011,112 \n\nOther comprehensive\nincome \n -  \n -  \n -  \n -  \n (196,698) \n (197) \n -  \n (196,895) \n (2,416) \n (199,311)\n\nTotal\ncomprehensive income for the year \n -  \n -  \n -  \n -  \n (196,698) \n (197) \n 993,920  \n 797,025  \n 14,776  \n 811,801 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nTransactions\nwith owner, recognized directly in equity \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nContributions\nby and distributions to owner \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nCancellation of treasury shares \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n - \n\nPurchase of treasury shares \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n - \n\nDividends \n -  \n -  \n -  \n -  \n -  \n -  \n (693,627) \n (693,627) \n (5,465)6 \n (699,092)\n\nTotal\ntransactions with owner \n -  \n -  \n -  \n -  \n -  \n -  \n (693,627) \n (693,627) \n (5,465) \n (699,092)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nChanges\nin ownership interest in subsidiaries \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nShares\nrepurchase and cancellation of shares by a subsidiary company8 \n -  \n -  \n (18,630) \n -  \n -  \n -  \n -  \n (18,630) \n (4,370) \n (23,000)\n\nBuy\nback of shares from NCI9 \n -  \n -  \n (5,233) \n -  \n -  \n -  \n -  \n (5,233) \n (3,015) \n (8,248)\n\nTotal\nchanges in ownership interest in subsidiaries \n -  \n -  \n (23,863) \n -  \n -  \n -  \n -  \n (23,863) \n (7,385) \n (31,248)\n\nBalance\nat February 28, 2026 \n 7,142,853  \n -  \n (3,645,108) \n (2,709,236) \n 81,168  \n (58) \n 2,412,384  \n 3,282,003  \n 45,025  \n 3,327,028 \n\n \n\n1 On November 18, 2020 the loan from Isaias Jose Calisto was converted into Karooooo share capital and as a consequence Karooooo acquired control of Cartrack. On this date, 20,331,894 shares were issued to Isaias Jose Calisto and Karooooo registered ZAR2,739,619,000 paid-up capital which resulted in a Common control reserve of ZAR2,709,236,000 arising due to the common control transaction.\n\n \n\n2 In November 2014, a change in interest in Cartrack from 88.3% to 68.0% was not accounted for in the retained earnings transfer to non-controlling interest (“NCI”). During the financial years ended February 28, 2021 and 2022, the Group corrected the error prospectively as the impact to comparatives is not material. On April 21, 2021, when Karooooo acquired the minority interest and took control of 100% interest in Cartrack, all NCI relating to the Karooooo minority interest was transferred back to capital reserve.\n\n \n\n3 During the financial year ended February 28, 2022, the Group changed the accounting policy voluntarily and accounted for the acquisition of NCI of Cartrack as a separate reserve, “capital reserve” instead of retained earnings. This is to provide transparency to the users since the reinvestment offer is a significant event. The change in accounting policy was corrected prospectively as the impact to the prior period is not material. Subsequent acquisition of interest in subsidiaries without change in control is accounted for under capital reserve.\n\n \n\n4 Dividends declared by a subsidiary during the financial year ended February 29, 2024 amounting to ZAR6.11 per ordinary share remains payable by a subsidiary to NCI.\n\n \n\n5 Dividends declared by a subsidiary during the financial year ended February 28, 2025 amounting to ZAR5.19 per ordinary share remains payable by a subsidiary to NCI.\n\n \n\n6 Dividends declared by a subsidiary during the financial year ended February 28, 2026 amounting to ZAR2.96 per ordinary share remains payable by a subsidiary to NCI.\n\n \n\n7 On April 30, 2024, Karooooo Logistics (Pty) Ltd repurchased its ordinary shares at a purchase price of ZAR 15.2 million in accordance with the Companies Act of South Africa and cancelled the repurchased shares. As a result, the Group’s effective shareholding in Karooooo Logistics (Pty) Ltd increased from 70.1% to 74.8% after completion of the repurchase and cancellation.\n\n   \n\n8 On September 1, 2025, Karooooo Logistics (Pty) Ltd repurchased its ordinary shares at a purchase price of ZAR 23.0 million in accordance with the Companies Act of South Africa and cancelled the repurchased shares. As a result, the Group’s effective shareholding in Karooooo Logistics (Pty) Ltd increased from 74.8% to 81.0% after completion of the repurchase and cancellation.\n\n   \n\n9\nOn January 31, 2026, Cartrack New Zealand Ltd issued shares for subscription by Karooooo Management Company Pte. Ltd. As a result, the group’s effective shareholding in Cartrack New Zealand Ltd has increased from 51% to 66%.\n\n \n\nThe accompanying\nnotes form an integral part of these financial statements.\n\n \n\nF-9\n\n \n\n**CONSOLIDATED\nSTATEMENTS OF CASH FLOWS**\n\n** **\n\n  \n   \nYear\nended February 28/29 \n\nFigures\nin Rand thousands \nNotes  \n2026  \n2025  \n2024 \n\n  \n   \n   \n   \n  \n\nCash\nflows from operating activities \n   \n   \n   \n  \n\nProfit\nbefore taxation \n   \n 1,359,647  \n 1,246,921  \n 1,065,710 \n\n  \n   \n    \n    \n   \n\nAdjustments \n   \n 1,048,746  \n 813,489  \n 707,029 \n\nDepreciation\non property, plant and equipment \n5  \n 814,274  \n 606,487  \n 588,660 \n\nAmortization\nof capitalized commission assets \n6  \n 138,574  \n 100,223  \n 83,155 \n\nAmortization\nof intangible assets \n7  \n 56,426  \n 56,072  \n 59,482 \n\n(Gain)/Loss on disposal of property, plant\nand equipment \n   \n (3,036) \n 575  \n (1,537)\n\nFinance\nincome \n21  \n (34,476) \n (44,167) \n (39,418)\n\nFinance\ncosts \n22  \n 77,874  \n 50,866  \n 15,822 \n\nImpairment\nof goodwill \n8  \n -  \n 43,600  \n - \n\nProvision\nfor warranties charge \n   \n (890)  \n (167) \n 477 \n\nFair\nvalue changes to derivative assets \n   \n -  \n -  \n 388 \n\n  \n   \n    \n    \n   \n\nWorking\ncapital adjustments \n   \n    \n    \n   \n\nInventories \n   \n (1,912) \n 2,752  \n 72,737 \n\nTrade\nand other receivables and prepayments \n   \n (6,133) \n 384,674  \n (551,230)\n\nTrade\nand other payables \n   \n 138,882  \n 7,686  \n 55,496 \n\nDeferred\nrevenue \n   \n 78,515  \n 44,099  \n 47,375 \n\nCapitalized\ncommission assets \n   \n (317,244) \n (223,448) \n (163,716)\n\nCash\ngenerated from operating activities \n   \n 2,300,501  \n 2,276,173  \n 1,233,401 \n\nFinance\nincome received \n   \n 34,476  \n 44,167  \n 39,418 \n\nFinance\ncost paid \n   \n (78,843) \n (48,610) \n (15,822)\n\nIncome\ntax paid \n24  \n (289,074) \n (338,435) \n (301,957)\n\nNet\ncash generated from operating activities \n   \n 1,967,060  \n 1,933,295  \n 955,040 \n\n  \n   \n    \n    \n   \n\nCash\nflows from investing activities \n   \n    \n    \n   \n\nPurchase\nof property, plant and equipment \n5  \n (1,157,969) \n (1,022,371) \n (876,354)\n\nPurchase\nof property, plant and equipment – Telematics devices and equipment on hand \n   \n (1,078,356) \n (892,015) \n (649,385)\n\nPurchase\nof property, plant and equipment – Other \n   \n (79,613) \n (130,356) \n (226,969)\n\nProceeds\non disposal of property, plant and equipment \n   \n 5,682  \n 4,473  \n 2,883 \n\nInvestment\nin intangible assets \n7  \n (61,665) \n (58,937) \n (51,214)\n\nAcquisition\nof subsidiary, net of cash acquired \n27  \n -  \n -  \n (5,102)\n\nAdvances\nof loans to related party \n   \n -  \n (500) \n (2,400)\n\nNet\ncash utilized by investing activities \n   \n (1,213,952) \n (1,077,335) \n (932,187)\n\n  \n   \n    \n    \n   \n\nCash\nflows from financing activities \n   \n    \n    \n   \n\nProceeds\nfrom a related party loan \n12  \n 85  \n 52  \n 342 \n\nRepayment\nof a related party loan \n12  \n (138)  \n (738) \n (52)\n\nPurchase\nof treasury shares \n14  \n -  \n (3,461) \n (23,816)\n\nShares\nrepurchase by a subsidiary company \n26  \n (23,000) \n (15,242) \n - \n\nAcquisition\nof increase in control of subsidiary \n   \n (8,248) \n \n-\n  \n - \n\nProceeds\nfrom term loans obtained \n15  \n 211,934  \n 289,518  \n - \n\nRepayment\nof term loans \n15  \n (75,776) \n (23,334) \n (12,018)\n\nPayments\nof lease liabilities \n15  \n (117,591) \n (77,633) \n (57,892)\n\nDividends\npaid to parent shareholders \n25  \n (693,627) \n (612,422) \n (499,518)\n\nDividends\npaid to NCI \n   \n (725) \n -  \n - \n\nNet\ncash utilized by financing activities \n   \n (707,086) \n (443,260) \n (592,954)\n\n  \n   \n    \n    \n   \n\nNet\nincrease/(decrease) in cash and cash equivalents \n   \n 46,022  \n 412,700  \n (570,101)\n\nCash\nand cash equivalents at the beginning of the year \n   \n 837,583  \n 436,165  \n 965,750 \n\nEffect\nof exchange rate changes on cash and cash equivalents \n   \n (137,399) \n (11,282) \n 40,516 \n\nCash\nand cash equivalents at the end of the year \n13  \n 746,206  \n 837,583  \n 436,165 \n\n \n\nThe accompanying\nnotes form an integral part of these financial statements.\n\n \n\nF-10\n\n \n\n**NOTES TO CONSOLIDATED\nFINANCIAL STATEMENTS**\n\n** **\n\n**1. PRESENTATION\nOF CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**Reporting entity**\n\n** **\n\nKarooooo Ltd. (“Karooooo”\nor “the Company”) was incorporated on May 19, 2018 in the Republic of Singapore. The Company is listed on the NASDAQ and\na secondary listing on JSE. The address of the Company’s registered office is at 1 Harbourfront Avenue Keppel Bay Tower #14-07\nSingapore 098632. The principal executive office of the Company is 17 Kallang Junction #06-05/06 Singapore 339274.\n\n \n\nThe principal\nactivities of the Group are the provision of operational intelligence platform that captures, processes and analyses real-world\noperational data, transforming billions of data points into actionable intelligence insights and the provision of a\ndelivery-as-a-service (“DaaS”) technology platform focused on last mile delivery. The Group’s operational intelligence platform acts\nas a central nervous system for connected operations, integrating vehicles, assets, field workforces and operational\nworkflows into a single intelligent ecosystem.\n\n \n\nDuring the\nfinancial year ended February 28, 2026 the Company incurred costs totalling ZAR 11.7 million (February 28, 2025: ZAR 15.1 million)\nrelated to a secondary offering of shares by existing shareholders. These costs were expensed in accordance with IFRS Accounting\nStandards (IFRS) as issued by the International Accounting Standards Board as they did not relate to the issuance of new shares by\nthe Company. The expenses were included on the consolidated statement of profit or loss.\n\n \n\nAs at February 28, 2026, Zak is the\nultimate controlling shareholder of the Group, holding 17,917,958 shares (58.00% shareholdings) of Karooooo.\n\n \n\nThese consolidated financial statements\ncomprise the Company and its subsidiaries (collectively the “Group” and individually “group companies”).\n\n \n\n**Statement of compliance**\n\n** **\n\nThe consolidated\nfinancial statements of the Group have been prepared in accordance with the IFRS as issued by the International Accounting Standards\nBoard (IASB).\n\n \n\nThe policies applied in these annual\nfinancial statements are based on IFRS effective for annual period beginning on March 1, 2025. The Group has prepared the financial statements\non the basis that it will continue to operate as a going concern.\n\n \n\nThe financial statements\nwere approved for issue by the Directors on June 9, 2026.\n\n \n\n**Basis of measurement**\n\n** **\n\nThe consolidated financial statements\nhave been prepared on the historical cost basis with the exception of certain financial instruments that have been measured at fair value.\n\n \n\n**Functional and presentation currency**\n\n** **\n\nThe consolidated\nfinancial statements are presented in South African Rand (ZAR), which is the Group’s presentation currency and all values are rounded\nto the nearest thousand (ZAR’000), except when otherwise indicated. The Company’s functional currency is in United States\nDollars (USD).\n\n \n\nF-11\n\n \n\n**2. MATERIAL\nACCOUNTING POLICY INFORMATION**\n\n** **\n\n**2.1 Significant\naccounting judgments, estimates and assumptions**\n\n** **\n\nThe preparation\nof the Group’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the\nreported amounts of revenue, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting\nperiod. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying\namount of the asset or liability affected in the future periods.\n\n \n\n**Judgments**\n\n** **\n\nManagement is of\nthe opinion that there is no significant judgment made in applying accounting policies that have a significant risk of causing a material\nadjustment to the carrying amounts of assets and liabilities within the current and next financial period.\n\n \n\n**Estimates and assumptions**\n\n** **\n\nThe key assumptions\nconcerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing\na material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group\nbased its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances\nand assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control\nof the Group. Such changes are reflected in the assumptions when they occur.\n\n \n\n**i. Useful\nlife estimates of capitalized telematics devices and capitalized commission assets**\n\n** **\n\nThe Group completes\na detailed assessment annually on the expected life cycle of subscriber contracts across the Group. The continued growth in our customer\nbase over the past few years has provided a more comprehensive database of information and more certainty to support the assessment of\nthe average useful life of subscriber contracts with customers. On the basis of such information, the average useful life of a subscriber\ncontract was over 60 months as at financial year ended February 28, 2026. Contracts that terminate prior to the end of useful life result\nin accelerated depreciation of the underlying capitalized telematics devices and capitalized commission assets being recognized immediately.\n\n \n\n**ii. Goodwill**\n\n** **\n\nThe Group tests\ngoodwill for impairment on an annual basis. The recoverable amounts of cash-generating units have been determined based on the higher\nof value-in-use calculations and fair value less costs of disposal. The value-in-use calculations are performed internally by the Group\nand require the use of various estimates and assumptions regarding discount rates and the future financial performance of the cash-generating\nunits. The fair value less costs of disposal are performed by an external valuer using the market approach, by applying price-to-value\nmetrics observed in comparable companies to the Cash Generating units (“CGU”).\n\n \n\nThe Group’s\ngoodwill is subjected to impairment assessment annually as at year end and when circumstances indicate that the carrying value may be\nimpaired. For impairment assessment, management uses valuation techniques which involve significant judgment in estimating the recoverable\namounts of these assets. Any shortfall of the recoverable amounts against the carrying amounts of these assets will be recognized as\nimpairment losses. The recoverable amounts are most sensitive to the discount rates used for the discounted cash flow model as well as\nthe expected future cash inflows and the growth rate used for extrapolation purposes. The carrying amounts of the Group’s goodwill\nand key assumptions applied in the determination of the recoverable amounts including a sensitivity analysis, are disclosed and further\nexplained in Note 8 to the financial statements.\n\n \n\n**iii. Provision\nfor expected credit losses (“ECLs”) of trade receivables**\n\n** **\n\nFor trade receivables,\nthe Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead\nrecognizes a loss allowance based on lifetime ECLs at each reporting date. The Group determines expected credit losses of trade receivables\nby making debtor-specific assessment of expected impairment loss for long overdue trade receivables and using a provision matrix for\nremaining trade receivables that is based on its historical credit loss experience, adjusted for forward-looking factors specific to\nthe debtors and the economic environment. At every reporting date, historical default rates are updated and changes in the forward-looking\nestimates are analyzed.\n\n \n\nThe assessment\nof the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount\nof ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group’s historical credit loss experience\nand forecast of economic conditions may also not be representative of customer’s actual default in the future. The information\nabout the ECLs on the Group’s trade receivables is disclosed in Note 29.2(a).\n\n \n\nThe carrying amounts of the Group’s\ntrade receivables at the end of the reporting period is disclosed in Note 11.\n\n \n\nF-12\n\n \n\n**2.2 Accounting\npolicies**\n\n** **\n\nThe material accounting\npolicies applied in the preparation of these consolidated financial statements are set out below. The Group consistently applied the\nfollowing accounting policies to all periods presented in these consolidated financial statements, unless otherwise stated.\n\n \n\n**a) Basis of\nconsolidation**\n\n** **\n\nThe consolidated\nfinancial statements comprise the financial statements of the Company and its subsidiaries as at the end of the reporting period. The\nfinancial statements of the subsidiaries used in the preparation of the consolidated financial statements are prepared for the same reporting\ndate as the Company. Consistent accounting policies are applied to like transactions and events in similar circumstances.\n\n \n\nAll intra-group balances, income and\nexpenses and unrealized gains and losses resulting from intra-group transactions and dividends are eliminated in full.\n\n \n\nSubsidiaries are\nconsolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the\ndate that such control ceases.\n\n \n\nLosses within a subsidiary are attributed\nto the non-controlling interest even if that results in a deficit balance.\n\n \n\n**Business combinations and goodwill**\n\n** **\n\nBusiness combinations\nare accounted for using the acquisition method. Identifiable assets acquired and liabilities assumed in business combination are measured\ninitially at their fair values at the acquisition date. Acquisition-related costs are recognized as expenses in the periods in which\nthe costs are incurred and the services are received.\n\n \n\nAny contingent\nconsideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair\nvalue of the contingent consideration which is an asset or liability are recognized in profit or loss.\n\n \n\nNon-controlling\ninterest in the acquiree, that are present ownership interests and entitled their holders to a proportionate share of net assets of the\nacquiree are recognized on the acquisition date at either fair value, or the non-controlling interest’s proportionate share of\nthe acquiree’s identifiable net assets.\n\n \n\nAny excess of the\nsum of the fair value of the consideration transferred in the business combination, the amount of non-controlling interest in the acquiree\n(if any), and the fair value of the Group’s previously held equity interest in the acquiree (if any), over the net fair value of\nthe acquiree’s identifiable assets and liabilities is recorded as goodwill. In instances where the latter amount exceeds the former,\nthe excess is recognized as gain on bargain purchase in profit or loss on the acquisition date.\n\n \n\nGoodwill is initially measured at cost.\nFollowing initial recognition, goodwill is measured at cost less any accumulated impairment losses.\n\n \n\nFor the purpose\nof impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to the Group’s cash-generating\nunits that are expected to benefit from the synergies of the combination.\n\n \n\nThe cash-generating\nunits to which goodwill have been allocated is tested for impairment annually and whenever there is an indication that the cash-generating\nunit may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each cash-generating unit (or group\nof cash-generating units) to which the goodwill relates.\n\n \n\nF-13\n\n \n\n**Subsidiaries**\n\n** **\n\nSubsidiaries are\nentities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement\nwith the entity and has the ability to affect those returns through its power over the entity. The financial results of subsidiaries\nare consolidated into the Group’s results from acquisition date until loss of control.\n\n \n\nWhen the Group\nloses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related NCI and other components\nof equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at\nfair value when control is lost.\n\n \n\n**Non-controlling interest**\n\n** **\n\nNon-controlling\ninterest (“NCI”) represents the equity in subsidiaries not attributable, directly or indirectly, to owners of the Company.\nChanges in the Company’s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity\ntransactions. In such circumstances, the carrying amounts of the controlling and non- controlling interests are adjusted to reflect the\nchanges in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interest is adjusted\nand the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Company.\n\n \n\n**b) Foreign currency**\n\n** **\n\n**i. Functional\nand presentation currency**\n\n** **\n\nThe financial statements\nare presented in ZAR, which is the Group’s presentation currency. Each entity in the Group determines its own functional currency\nand items included in the financial statements of each of entities are measured using the currency of the primary economic environment\nin which the entity operates.\n\n \n\n**ii. Transactions\nand balances**\n\n** **\n\nTransactions in\nforeign currencies are measured in the respective functional currencies of the Company and its subsidiaries and are recorded on initial\nrecognition in the functional currencies at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities\ndenominated in foreign currencies are translated at the rate of exchange ruling at the end of the reporting period. Non-monetary items\nthat are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial\ntransactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when\nthe fair value was measured.\n\n \n\nExchange differences arising on the\nsettlement of monetary items or on translating monetary items at the end of the reporting period are recognized in profit or loss.\n\n \n\nF-14\n\n \n\n**iii. Consolidated\nfinancial statements**\n\n** **\n\nFor consolidation\npurpose, the assets and liabilities of foreign operations are translated into ZAR at the rate of exchange ruling at the end of the reporting\nperiod and their profit or loss are translated at the exchange rates prevailing at the date of the transactions. The exchange differences\narising on the translation are recognized in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive\nincome relating to that particular foreign operation is recognized in profit or loss.\n\n \n\nExchange differences\narising on monetary items that form part of the Group’s net investment in foreign operations are recognized initially in other\ncomprehensive income and accumulated under foreign currency translation reserve in equity. The foreign currency translation reserve is\nreclassified from equity to profit or loss of the Group on disposal of the foreign operation.\n\n \n\nMonetary items\ncease to form part of the net investment in the foreign operation at the moment in time when the Group decides that settlement is planned\nor is likely to occur in the foreseeable future. Accordingly, exchange differences arising on these monetary items up to that date are\nrecognized in other comprehensive income and accumulated under foreign currency translation reserve in equity. The exchange differences\nthat arise after that date are recognized in profit or loss. When these monetary items are settled, the exchange differences accumulated\nunder foreign currency translation reserve in equity are reclassified from equity to profit or loss.\n\n \n\n**c) Financial\ninstruments**\n\n** **\n\n**i. Financial\nassets**\n\n** **\n\n**Initial recognition and measurement**\n\n** **\n\nFinancial assets are recognized when,\nand only when, the Group becomes a party to the contractual provisions of the financial instruments.\n\n \n\nAt initial recognition,\nthe Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss,\ntransaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried\nat fair value through profit or loss are expensed in profit or loss.\n\n \n\nTrade receivables\nare measured at the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or\nservices to a customer, excluding amounts collected on behalf of third party, if the trade receivables do not contain a significant financing\ncomponent at initial recognition.\n\n \n\n**Subsequent measurement**\n\n** **\n\nSubsequent measurement\nof debt instruments depends on the Group’s business model for managing the asset and the contractual cash flow characteristics\nof the asset. The measurement categories for classification of debt instruments are:\n\n \n\nAmortized cost\n\n \n\nFinancial assets\nthat are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest\nare measured at amortized cost. Financial assets are measured at amortized cost using the effective interest method, less impairment.\nGains and losses are recognized in profit or loss when the assets are derecognized or impaired, and through amortization process.\n\n \n\nF-15\n\n \n\nFair value through other comprehensive\nincome (“FVOCI”)\n\n \n\nFinancial assets\nthat are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent\nsolely payments of principal and interest, are measured at FVOCI. Financial assets measured at FVOCI are subsequently measured at fair\nvalue. Any gains or losses from changes in fair value of the financial assets are recognized in other comprehensive income, except for\nimpairment losses, foreign exchange gains and losses and interest calculated using the effective interest method are recognized in profit\nor loss. The cumulative gain or loss previously recognized in other comprehensive income is reclassified from equity to profit or loss\nas a reclassification adjustment when the financial asset is derecognized.\n\n \n\nFair value through profit or loss\n(“FVPL”)\n\n \n\nAssets that do\nnot meet the criteria for amortized cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt instrument\nthat is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in profit\nor loss in the period in which it arises.\n\n \n\n**Derecognition**\n\n** **\n\nA financial asset\nis derecognized where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in\nits entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that\nhad been recognized in other comprehensive income for debt instruments is recognized in profit or loss.\n\n \n\n**ii. Financial\nliabilities**\n\n** **\n\n**Initial recognition and measurement**\n\n** **\n\nFinancial liabilities\nare recognized when, and only when, the Group becomes a party to the contractual provisions of the financial instrument. The Group determines\nthe classification of its financial liabilities at initial recognition.\n\n \n\nAll financial liabilities are recognized\ninitially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction\ncosts.\n\n \n\n**Subsequent measurement**\n\n** **\n\nAfter initial recognition,\nfinancial liabilities that are not carried at fair value through profit or loss are subsequently measured at amortized cost using the\neffective interest rate method. Gains and losses are recognized in profit or loss when the liabilities are derecognized, and through\nthe amortization process.\n\n \n\n**Derecognition**\n\n** **\n\nA financial liability\nis derecognized when the obligation under the liability is discharged or cancelled or expired. On derecognition, the difference between\nthe carrying amounts and the consideration paid is recognized in profit or loss.\n\n \n\n**d) Derivative\nfinancial instruments**\n\n** **\n\nDerivatives are\ninitially measured at fair value and any directly attributable transactions are recognized in profit or loss as incurred. Subsequent\nto initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss. For derivatives\nentered as a transaction with owner, changes in the fair value are recognized directly in equity.\n\n \n\n**e) Impairment\nof financial assets**\n\n** **\n\nThe Group recognizes\nan allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss.\nECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the\nGroup expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include\ncash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.\n\n \n\nF-16\n\n \n\nECLs are recognized\nin two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs\nare provided for credit losses that result from default events that are possible within the next 12-months (a “12-month ECL”).\nFor those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance\nis recognized for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a “lifetime\nECL”).\n\n \n\nFor trade receivables,\nthe Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead\nrecognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix based on its\nhistorical credit loss experience, adjusted for forward- looking factors specific to the debtors and the economic environment which could\naffect debtor’s ability to pay.\n\n \n\nThe Group considers\na financial asset in default when contractual payments are 360 days or 450 days past due, depending on jurisdiction. This reflects the\npoint at which there is no reasonable expectation of recovery and aligns with historical loss experience and collection efforts. However,\nin certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that\nthe Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held\nby the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.\n\n \n\n**f) Property,\nplant and equipment**\n\n** **\n\n**i. Recognition\nand measurement**\n\n** **\n\nAll items of property,\nplant and equipment are initially recorded at cost. Subsequent to recognition, property, plant and equipment are measured at cost less\naccumulated depreciation and any accumulated impairment losses.\n\n \n\nThe cost of telematic devices is capitalized\nas property, plant and equipment.\n\n \n\nIn-vehicle capitalized\ntelematics devices are installed in customers’ vehicles as part of a subscription contract. The telematics device and directly\nrelated installation costs are capitalized and depreciated over the expected useful life of the average contract. The related depreciation\nexpense is recorded as part of cost of revenue in the consolidated statement of profit and loss. If a subscriber contract with a customer\nis cancelled prior to the end of its useful life, the unamortized cost is recognized immediately in profit and loss.\n\n \n\nWhere subscriber\ncontracts are expected to be in existence for periods significantly shorter than the average useful life over 60 months, these are\ndepreciated over a reduced useful life.\n\n \n\nUninstalled telematics devices are devices\nnot installed and available for installation. Work in progress telematics devices are devices in progress of being manufactured.\n\n \n\n**ii. Depreciation**\n\n** **\n\nDepreciation is computed on a straight-line\nbasis over their estimated useful lives of property, plant and equipment including right of use assets as follows:\n\n \n\n**Category**   **Depreciation method**   **Average useful life**\n\nProperty   Straight line   20-50 years\n\nProperty - Right of use assets   Straight line   Lease term or useful life whichever is shorter\n\nProperty - Leasehold improvements   Straight line   3 years or lease term\n\nPlant, equipment and vehicles   Straight line   4-10 years\n\nIT equipment   Straight line   3-5 years\n\nCapitalized telematics devices - Installed   Straight line   5 years\n\n \n\nDepreciation is\nrecognized when the property, plant and equipment are installed and are ready for use. Land and construction in progress are stated at\ncost and are not depreciated.\n\n \n\nThe residual value, useful life and\ndepreciation method are reviewed at each financial year-end, and adjusted prospectively, if appropriate.\n\n \n\nAn item of property,\nplant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain\nor loss on derecognition of the asset is included in profit and loss in the year the asset is derecognized.\n\n \n\nF-17\n\n \n\n**g) Capitalized\ncommission assets**\n\n** **\n\n**i. Recognition\nand measurement**\n\n** **\n\nIncremental sales\ncommission costs which are directly related to a customer contract are capitalized to capitalized commission assets and are measured\nat cost less accumulated amortization.\n\n \n\n**ii. Amortization**\n\n** **\n\nThe capitalized\ncommission assets are amortized over the expected useful life of the average contract, which is over 60 months. If a contract with a\ncustomer is cancelled prior to the end of its useful life, the unamortized cost is recognized immediately in profit and loss.\n\n \n\nThe useful life\nof items of capitalized commission assets has been assessed as follows:\n\n \n\n**Item**   **Amortization method**   **Average useful life**\n\nCapitalized commission assets   Straight line   5 years\n\n \n\n**h) Intangible assets**\n\n \n\nIntangible assets\nacquired separately are measured initially at cost. Following initial acquisition, intangible assets are carried at cost less any accumulated\namortization and any accumulated impairment losses.\n\n \n\nThe useful lives\nof intangible assets are assessed as either finite or indefinite.\n\n \n\nIntangible assets\nwith finite useful lives are amortized over the estimated useful life and assessed for impairment annually whenever there is an indication\nthat the intangible asset may be impaired. The amortization period and the amortization method are reviewed at least at each financial\nyear end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset\nis accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates.\n\n \n\nIntangible assets\nwith indefinite useful lives or not yet available for use are tested for impairment annually, or more frequently if the events and circumstances\nindicate that the carrying value may be impaired either individually or at the cash-generating unit level. Such intangible assets are\nnot amortized. The useful life of an intangible asset with an indefinite useful life is reviewed annually to determine whether the useful\nlife assessment continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.\n\n \n\nGains or losses\narising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying\namount of the asset and are recognized in the profit or loss when the asset is derecognized.\n\n \n\n**i. Product\ndevelopment costs**\n\n** **\n\nProduct development\ncosts that are directly attributable to the design, testing and development of identifiable hardware and software, controlled by the\nGroup, are recognized as intangible assets when the following criteria are met:\n\n \n\n \n●\nIt is technically feasible\nto complete the software or product so that it will be available for use or sale;\n\n \n\n \n●\nManagement intends to complete\nthe software or product and use or sell it;\n\n \n\n \n●\nThere is an ability to\nuse or sell the software or product;\n\n \n\n \n●\nIt can be demonstrated\nhow the software or product will generate probable future economic benefits;\n\n \n\n \n●\nAdequate technical, financial\nand other resources to complete the development and use or sell the software or product are available; and\n\n \n\n \n●\nThe expenditure attributable\nto the software or product during its development can be reliably measured.\n\n \n\nF-18\n\n \n\nDirectly attributable\ncosts that are capitalized as part of the intangible assets include software costs and the costs of personnel whose sole responsibility\nis their involvement in the Group’s research and development function.\n\n \n\nOther product development\nexpenditures that do not meet the recognition criteria are recognized as an expense as incurred. Product development costs previously\nrecognized as an expense are not recognized as an asset in a subsequent period if the criteria are subsequently met.\n\n \n\nCosts incurred\nin enhancing current telematics hardware (telematics devices) and software (operational intelligence platform) are expensed when incurred.\n\n \n\nThe capitalized\nproduct development costs are amortized over their estimated useful life which is considered to be three years due to the life cycle\nof telematics hardware and software applications.\n\n \n\n**ii. Computer\nsoftware**\n\n** **\n\nComputer software\ncomprises self-developed computer software acquired in a business combination and externally acquired computer software. Acquired computer\nsoftware licenses are capitalized on the basis of costs incurred to acquire and bring the software into use.\n\n \n\nThe acquired computer\nsoftware is amortized over the expected useful life which is generally three to five years. Self-developed computer software acquired\nin a business combination are recognized at fair value at the acquisition date and subsequently carried at cost less accumulated amortization\nand accumulated impairment losses, if any.\n\n \n\n**iii. Trade\nname**\n\n** **\n\nTrade name acquired\nin a business combination are recognized at fair value at the acquisition date and subsequently carried at cost less accumulated amortization\nand accumulated impairment losses. Trade name is amortized on a straight-line basis over the expected useful life of five years.\n\n \n\n**iv. Customer\nrelationships**\n\n** **\n\nCustomer relationships\nacquired in a business combination are recognized at fair value at the acquisition date and subsequently carried at cost less accumulated\namortization and accumulated impairment losses. Customer relationships are amortized on a straight-line basis over the expected useful\nlife of three years.\n\n \n\n**i) Impairment\nof non-financial assets**\n\n** **\n\nThe Group assesses\nat each reporting date whether there is an indication of impairment that an asset may be impaired or that a previously recognized impairment\nloss for an asset other than goodwill may no longer exist or may have decreased. If any indication exists, or when an annual impairment\ntesting for an asset is required, the Group makes an estimate of the asset’s recoverable amount.\n\n \n\nAn asset’s\nrecoverable amount is the higher of an asset’s or cash-generating unit’s fair value less costs of disposal and its value\nin use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those\nfrom other assets or groups of assets. Where the carrying amount of an asset or cash- generating unit exceeds its recoverable amount,\nthe asset is considered impaired and is written down to its recoverable amount.\n\n \n\nThe impairment\nlosses are recognized in profit or loss.\n\n \n\nA previously recognized\nimpairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since\nthe last impairment loss was recognized. If that is the case, the carrying amount of the asset is increased to its recoverable amount.\nThat increase cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized\npreviously. Such reversal is recognized in profit or loss. Impairment loss relating to goodwill cannot be reversed in future periods.\n\n \n\n**j) Taxation**\n\n** **\n\n**i. Current\nincome tax**\n\n** **\n\nCurrent income\ntax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the\ntaxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the\nend of the reporting period, in the countries where the Group operates and generates taxable income.\n\n \n\nF-19\n\n \n\nCurrent income\ntaxes are recognized in profit or loss except to the extent that the tax relates to items recognized outside profit or loss, either in\nother comprehensive income or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to\nsituations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.\n\n \n\nDividend withholding\ntax is currently payable on dividends distributed to equity holders of the Group at a rate as determined by each country’s jurisdiction.\nThis tax is not attributable to the Company, but is collected by the Company and paid to the tax authorities on behalf of the shareholder.\n\n \n\nOn receipt of a\ndividend by a company from an investment held in a tax jurisdiction outside that of the Company, any dividend withholding tax payable\nis recognized as part of current tax.\n\n \n\n**ii. Deferred\ntax**\n\n** **\n\nDeferred tax is\nprovided using the liability method on temporary differences at the end of the reporting period between the tax bases of assets and liabilities\nand their carrying amounts for financial reporting purposes.\n\n \n\nDeferred tax liabilities\nare recognized for all temporary differences, except:\n\n \n\n \n●\nWhen the deferred tax liability\narises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and,\nat the time of the transaction, affects neither the accounting profit nor taxable profit or loss.\n\n \n\n \n●\nIn respect of taxable temporary\ndifferences associated with investments in subsidiaries and interests in joint venture, where the timing of the reversal of the temporary\ndifferences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.\n\n \n\nDeferred tax assets\nare recognized for all deductible temporary differences, the carry forward of unused tax credits and unused tax losses, to the extent\nthat it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of\nunused tax credits and unused tax losses can be utilized, except:\n\n \n\n \n●\nWhen the deferred tax asset\nrelating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that\nis not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.\n\n \n\n \n●\nIn respect of deductible\ntemporary differences associated with investments in subsidiaries and interests in joint venture, deferred tax assets are recognized\nonly to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will\nbe available against which the temporary differences can be utilized.\n\n \n\nThe carrying amount\nof deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient\ntaxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are\nreassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable profit\nwill allow the deferred tax asset to be recovered.\n\n \n\nDeferred tax assets\nand liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled,\nbased on tax rates (and tax laws) that have been enacted or substantively enacted at the end of each reporting period.\n\n \n\nDeferred tax relating\nto items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to\nthe underlying transaction either in other comprehensive income or directly in equity.\n\n \n\nThe Group offsets\ndeferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and\ncurrent tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority\non either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a\nnet basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of\ndeferred tax liabilities or assets are expected to be settled or recovered.\n\n \n\nF-20\n\n \n\n**iii. Value\nadded tax**\n\n** **\n\nRevenues, expenses and assets are recognized\nnet of the amount of value added tax except:\n\n \n\n \n●\nWhere the value added tax incurred on a purchase of\nassets or services is not recoverable from the taxation authority, in which case the value added tax is recognized as part of the\ncost of acquisition of the asset or as part of the expense item as applicable; and\n\n \n\n \n●\nReceivables and payables that are stated with the amount\nof value added tax included.\n\n \n\nThe net amount\nof value added tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement\nof financial position.\n\n \n\n**k) Leases**\n\n** **\n\nThe Group assesses\nat contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an\nidentified asset for a period of time in exchange for consideration.\n\n \n\n**i. As Lessee**\n\n** **\n\nThe Group applies\na single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group\nrecognizes lease liabilities representing the obligations to make lease payments and right-of-use assets representing the right to use\nthe underlying leased assets.\n\n \n\nRight-of-use assets\n\n \n\nThe Group recognizes\nright-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets\nare measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities.\nThe cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments\nmade at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis\nover the shorter of the lease term and the estimated useful lives of the assets.\n\n \n\nIf ownership of\nthe leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation\nis calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. The accounting policy\nfor impairment is disclosed in Note 2.2(i).\n\n \n\nThe Group’s right-of-use assets\nare presented in property, plant and equipment in the consolidated statement of financial position.\n\n \n\nLease liabilities\n\n \n\nAt the commencement\ndate of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term.\nThe lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease\npayments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also\ninclude the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating\nthe lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an\nindex or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition\nthat triggers the payment occurs.\n\n \n\nIn calculating\nthe present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest\nrate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to\nreflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured\nif there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from\na change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying\nasset.\n\n \n\nThe Group’s lease liabilities\nare presented separately in the consolidated statement of financial position and in Note 16.\n\n \n\nShort-term leases and leases of low-value\nassets\n\n \n\nThe Group applies the short-term lease\nrecognition exemption to not recognize right-of-use assets and lease liabilities that have a lease term of 12 months or less and leases\nof low-value assets. The lease payments associated with these leases are charged directly to profit on a straight-line basis over the\nlease term.\n\n \n\nF-21\n\n \n\n**ii. As Lessor\n(Finance lease)**\n\n** **\n\nLeases where the\nGroup has transferred substantially all risks and rewards incidental to ownership of the leased assets to the lessees are classified\nas finance leases.\n\n \n\nThe leased asset\nis derecognized and the present value of the lease receivable is recognized on the balance sheet and included in “trade and other\nreceivables and prepayments”. The difference between the gross receivable and the present value of the lease receivable is recognized\nas finance income.\n\n \n\nEach lease payment\nreceived is applied against the gross investment in the finance lease receivable to reduce both the principal and the unearned finance\nincome. The finance income is recognized in profit or loss on a basis that reflects a constant periodic rate of return on the net investment\nin the finance lease receivable.\n\n \n\nInitial direct\ncosts incurred by the Group in negotiating and arranging finance leases are added to finance lease receivables and reduce the amount\nof income recognized over the lease term.\n\n \n\n**l) Inventories**\n\n** **\n\nInventories are\nstated at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business\nless the estimated costs of completion and the estimated costs necessary to make the sale. The cost of inventories comprises of all costs\nof purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.\n\n \n\nCost is determined on a weighted average\ncost basis.\n\n \n\nManagement considers the condition and\nusability of inventories on an annual basis to determine whether an allowance for obsolete inventory is required.\n\n \n\n**m) Cash and\ncash equivalents**\n\n** **\n\nCash and cash equivalents\ncomprise cash balances and short-term deposits with maturities of three months or less from the date of acquisition that are subject\nto an insignificant risk of changes in their fair value, and are used by the Group in the management of its short-term commitments.\n\n \n\nFor the purpose\nof the statement of cash flows, bank overdrafts that are repayable on demand and form an integral part of the Group’s cash management\nare included in cash and cash equivalents. Bank overdrafts are included within current liabilities on the statement of financial position.\n\n \n\n**n) Borrowing\ncosts**\n\n** **\n\nBorrowing costs\ndirectly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time\nto get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in\nthe period they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of\nfunds.\n\n \n\n**o) Employee\nbenefits**\n\n** **\n\n**i. Defined\ncontribution plans**\n\n** **\n\nThe Group participates\nin the national pension schemes as defined by the laws of the countries in which it has operations. In particular, the Singapore companies\nin the Group make contributions to the Central Provident Fund scheme in Singapore, a defined contribution pension scheme. Contributions\nto defined contribution pension schemes are recognized as an expense in the period in which the related service is performed.\n\n \n\n**ii. Employee\nleave entitlement**\n\n** **\n\nEmployee entitlements\nto annual leave are recognized as a liability when they are accrued to the employees. The undiscounted liability for leave expected to\nbe settled wholly before twelve months after the end of the reporting period is recognized for services rendered by employees up to the\nend of the reporting period.\n\n \n\nF-22\n\n \n\n**p) Provisions**\n\n** **\n\nProvisions are\nrecognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow\nof resources embodying economic benefits will be required to settle the obligation can be estimated reliably.\n\n \n\nProvisions are\nreviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer probable that an outflow\nof economic resources will be required to settle the obligation, the provision is reversed. If the effect of the time value of money\nis material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability.\nWhen discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.\n\n \n\n**q) Revenue**\n\n** **\n\nRevenue is recognized\nupon transfer of control of promised goods or services to customers in an amount that reflects the consideration to which the Group expects\nto be entitled to for those goods or services. Revenue is measured based on the amount of consideration that the Group expects to receive\nreduced by discounts, incentives and rebates. Revenue also excludes any amounts collected on behalf of third parties, including sales\ntaxes and indirect taxes. The Group principally generates revenue from providing a full-stack smart mobility operational intelligence\nplatform for connected vehicles and other assets. The Group recognizes revenue as or when it satisfies its performance obligations.\n\n \n\n**Subscription revenue**\n\n** **\n\nRevenues arising\nfrom the subscription service is recognized as the service is provided over the contractual term. Customers are invoiced monthly in advance and\ninvoices are payable on presentation.\n\n \n\nThe Group has assessed\nwhether its subscription contract arrangements contain a significant financing component and it was determined that the contracts do\nnot have a significant financing component because the difference between the timing of when the cash is received and the services are\ntransferred to the customer is not to provide the customer with a benefit of financing.\n\n \n\n**Hardware revenue**\n\n** **\n\nHardware revenue\nis recognized when control of the telematics device was transferred to the customer which occurred upon installation on the customer’s\nvehicle. The payment terms are generally 30 days.\n\n \n\n**Installation revenue**\n\n** **\n\nInstallation revenue\nis recognized when the device is successfully installed, which occurs at the same time that control of the hardware is transferred to\nthe customer, which occurs upon installation on the customer’s vehicle. Customers are invoiced when the devices are installed and\npayment terms are generally 30 days.\n\n \n\n**Miscellaneous contract fees**\n\n** **\n\nThe Group sometimes\nmakes miscellaneous subscription charges to customers to maintain the telematic devices, process administrative changes to contractual terms,\nor for contract cancellation. Such charges are recognized and invoiced when they arise and payment terms are generally 30 days.\n\n \n\nF-23\n\n \n\n**Delivery service fees**\n\n** **\n\nDelivery service fee is recognized as\nthe service is rendered.\n\n \n\n**r) Interest\nincome**\n\n \n\nInterest income is recognized using\nthe effective interest method.\n\n \n\n**s) Earnings per share**\n\n** **\n\n*Basic earnings per share*\n\n* *\n\nBasic earnings\nper share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Group by the weighted average number\nof ordinary shares outstanding during the financial year.\n\n \n\n*Diluted earnings per share*\n\n* *\n\nDiluted earnings\nper share is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of\nordinary shares outstanding during the financial year plus the weighted average number of ordinary shares that would be issued on conversion\nof all the dilutive potential ordinary shares into ordinary shares.\n\n \n\n**t) Share capital\nand share issue expenses**\n\n** **\n\nProceeds from issuance\nof ordinary shares are recognized as share capital in equity. Incremental costs directly attributable to the issuance of ordinary shares\nare deducted against share capital.\n\n \n\n**u) Treasury\nshares**\n\n** **\n\nThe Group’s\nown equity instruments, which are reacquired are recognized at cost and deducted from equity. No gain or loss is recognized in profit\nor loss on the purchase, sale, issue or cancellation of the Group’s own equity instruments. Any difference between the carrying\namount of treasury shares and the consideration received, if reissued, is recognized directly in equity. Voting rights related to treasury\nshares are nullified for the Group and no dividends are allocated to them respectively.\n\n \n\n**v) Contingencies**\n\n** **\n\nA contingent liability is:\n\n \n\n \n●\na possible obligation that\narises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future\nevents not wholly within the control of the Group; or\n\n \n\nF-24\n\n \n\n \n●\na present obligation that\narises from past events but is not recognized because:\n\n \n\n \n(i)\nIt is not probable that\nan outflow of resources embodying economic benefits will be required to settle the obligation; or\n\n \n\n \n(ii)\nThe amount of the obligation\ncannot be measured with sufficient reliability.\n\n \n\nA contingent asset\nis a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one\nor more uncertain future events not wholly within the control of the Group.\n\n \n\nContingent liabilities and assets are\nnot recognized on the statement of financial position of the Group.\n\n \n\n**3. STANDARDS\nISSUED BUT NOT YET EFFECTIVE**\n\n** **\n\nThe Group will\napply for the first-time certain standards and amendments, which are effective for annual periods beginning on or after March 1, 2026.\nThe Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.\n\n \n\nThe Group is in\nthe process of assessing the impact of the new and amended standards on the Group’s consolidated financial statements.\n\n \n\nDetails of amendments to IFRS Accounting Standards  Annual periods\nbeginning on/after\n\n    \n\nIFRS 7 and IFRS 9: Amendments to the Classification and Measurement of Financial Instruments  January 1, 2026\n\nAnnual Improvements to IFRS Accounting Standards  January 1, 2026\n\nIFRS 18: Presentation and Disclosure in Financial Statements  January 1, 2027\n\nIFRS 19: Subsidiaries without Public Accountability: Disclosures  January 1, 2027\n\nAmendments to IAS 21: Lack of Exchangeability*  January 1, 2027\n\nAmendments to IAS 28 and IFRS 10: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture  To be determined\n\n \n\n*The effective date is for the updated sections only - Translation to a Hyperinflationary Presentation Currency.\n\n \n\n**4. SEGMENT REPORTING**\n\n** **\n\nOperating segments\nare reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (“CODM”).\nThe CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the\nGroup Chief Executive Officer (“CEO”), who makes strategic decisions.\n\n \n\nThe Group organized\nits business units based on its products and services into the following reportable segments:\n\n \n\n \n-\nCartrack is a provider\nof an operational intelligence platform that maximizes the value of transportation, operations and workflow data by providing insightful\nreal-time data analytics to connected vehicles and equipment.\n\n \n\n \n-\nKarooooo Logistics provides\na software application enabling the management of last mile delivery and general operational logistics. This technology addresses\nthe challenges of on-the-ground distribution for large enterprises requiring systems integrations, payment gateways, third-party\nlong-haul services and crowd-sourced drivers in order to scale and meet their operational needs.\n\n \n\n \n-\nCarzuka was a physical\nand e-commerce vehicle buying and selling marketplace which allows customers to source, buy and sell vehicles efficiently and cost\neffectively. During the third quarter of the FY 2024, despite the growth experienced by Carzuka in South Africa, a decision was made\nto cease buying second hand vehicles in South Africa. This follows considerable interaction with motor dealerships across South Africa\nduring these periods, who perceived Carzuka’s business interests to conflict with their business interests and Cartrack does\nnot want to risk the long-standing strategic relationships that Cartrack has forged with motor dealerships across South Africa.\n\n \n\nThere are many\ncomponents within the Carzuka’s platform that had been built and developed and will continue to provide value to the existing Cartrack\nfleet platform. With effect from financial year 2025, Carzuka has changed the focus of its operations such that the nature of the underlying\nservices offered now aligns with Cartrack’s broader operations and has been integrated into that segment accordingly.\n\n \n\nF-25\n\n \n\nThe CODM monitors\nthe operating results of its business units separately for the purpose of making decisions about resource allocation and performance\nassessment. Segment performance is evaluated based on operating profit or loss which in certain respects, as explained in the table below,\nis measured differently from operating profit or loss in the consolidated financial statements.\n\n \n\nThe segment information\nprovided to the Group CEO, for the reportable segments for the financial year ended February 28, 2026, February 28, 2025 and February\n29, 2024 as follows\n\n \n\nFigures in Rand thousands \nCartrack  \nCarzuka  \nKarooooo\n\nLogistics  \nTotal \n\nFebruary 28, 2026 \n   \n   \n   \n  \n\nSubscription revenue \n 4,830,669  \n -  \n 13,079  \n 4,843,748 \n\nOther revenue1 \n 108,173  \n -  \n -  \n 108,173 \n\nDelivery service \n -  \n -  \n 527,199  \n 527,199 \n\nSegment revenue \n 4,938,842  \n -  \n 540,278  \n 5,479,120 \n\n  \n    \n    \n    \n   \n\nSegment operating profit \n 1,369,879  \n -  \n 44,833  \n 1,414,712 \n\n  \n    \n    \n    \n   \n\nDepreciation and amortization \n 868,059  \n -  \n 2,641  \n 870,700 \n\nCapital expenditure \n 1,217,915  \n -  \n 1,719  \n 1,219,634 \n\n  \n    \n    \n    \n   \n\nFebruary 28, 2025 \n    \n    \n    \n   \n\nSubscription revenue \n 4,055,394  \n -  \n 12,783  \n 4,068,177 \n\nOther revenue1 \n 89,618  \n -  \n -  \n 89,618 \n\nVehicle sales \n 2,099  \n -  \n -  \n 2,099 \n\nDelivery service \n -  \n -  \n 407,565  \n 407,565 \n\nSegment revenue \n 4,147,111  \n -  \n 420,348  \n 4,567,459 \n\n  \n    \n    \n    \n   \n\nSegment operating profit \n 1,272,980  \n -  \n 39,353  \n 1,312,333 \n\n  \n    \n    \n    \n   \n\nDepreciation and amortization \n 659,140  \n -  \n 3,419  \n 662,559 \n\nCapital expenditure \n 1,079,715  \n -  \n 1,593  \n 1,081,308 \n\n  \n    \n    \n    \n   \n\nFebruary 29, 2024 \n    \n    \n    \n   \n\nSubscription revenue \n 3,522,816  \n -  \n 12,989  \n 3,535,805 \n\nOther revenue \n 90,879  \n -  \n -  \n 90,879 \n\nVehicle sales \n -  \n 274,787  \n -  \n 274,787 \n\nDelivery service \n -  \n -  \n 304,040  \n 304,040 \n\nSegment revenue \n 3,613,695  \n 274,787  \n 317,029  \n 4,205,511 \n\n  \n    \n    \n    \n   \n\nSegment operating profit/ (loss) \n 1,069,313  \n (52,907) \n 26,096  \n 1,042,502 \n\n  \n    \n    \n    \n   \n\nDepreciation and amortization \n 640,419  \n 5,386  \n 2,337  \n 648,142 \n\nCapital expenditure \n 923,579  \n 317  \n 3,672  \n 927,568 \n\n \n\n1 Information about other revenue is disclosed in Note 19.\n\n \n\nF-26\n\n \n\n**Reconciliation of information\non reportable segments to the amounts reported in consolidated financial statements**\n\n** **\n\n  \nYear\nended February 28/29 \n\nFigures in Rand thousands \n2026  \n2025  \n2024 \n\n  \n   \n   \n  \n\nTotal segment operating profits \n 1,414,712  \n 1,312,333  \n 1,042,502 \n\nOffering costs \n (11,667) \n (15,113) \n - \n\nImpairment of goodwill \n -  \n (43,600) \n - \n\nFinance income \n 34,476  \n 44,167  \n 39,418 \n\nFinance cost \n (77,874) \n (50,866) \n (15,822)\n\nFair value changes to derivative assets \n -  \n -  \n (388)\n\nConsolidated profit before taxation \n 1,359,647  \n 1,246,921  \n 1,065,710 \n\n** **\n\n**Information about geographical areas:**\n\n** **\n\n  \nAs\nof February 28 \n\n**Non-current\noperating assets1** \n2026  \n2025 \n\n  \n   \n  \n\nSouth Africa \n 2,717,280  \n 2,158,893 \n\nAfrica-Other \n 113,432  \n 119,486 \n\nEurope \n 468,824  \n 425,207 \n\nAsia-Pacific2,\nMiddle East & USA \n 570,595  \n 560,262 \n\n  \n 3,870,131  \n 3,263,848 \n\n \n\n1 Non-current operating assets consist of property, plant and equipment, capitalized commission assets, intangible assets, goodwill and prepayments.\n\n2 Included in Asia-Pacific is non-current assets from Singapore amount to ZAR 164.6 million (2025: ZAR 185.8 million).\n\n \n\nInformation about revenue from geographical\nareas is disclosed in Note 19.\n\n \n\nThere are no customers which contribute\nin excess of 10% of Group revenue for the financial year ended February 28, 2026, February 28, 2025 and February 29, 2024.\n\n \n\nF-27\n\n \n\n**5. PROPERTY,\nPLANT AND EQUIPMENT**\n\n** **\n\nFigures in Rand thousands \n**Land and Property1**  \nPlant,\nequipment\nand\nvehicles  \nIT\nequipment  \nCapitalized\ntelematics\ndevices –\nWork-in-\nProgress  \nCapitalized\ntelematics\ndevices –\nUninstalled  \nCapitalized\ntelematics\ndevices -\nInstalled  \n**Construction in progress1**  \nTotal \n\n  \n   \n   \n   \n   \n   \n   \n   \n  \n\nAt February 28, 2026 \n   \n   \n   \n   \n   \n   \n   \n  \n\nOwned assets \n    \n    \n    \n    \n    \n    \n    \n   \n\nCost \n 504,776  \n 165,810  \n 222,820  \n 147,207  \n 214,518  \n 4,868,336  \n \n           -\n  \n 6,123,467 \n\nAccumulated depreciation \n (51,760) \n (118,783) \n (165,388) \n \n-\n  \n \n-\n  \n (2,922,499) \n \n-\n  \n (3,258,430)\n\nCarrying value \n 453,016  \n 47,027  \n 57,432  \n 147,207  \n 214,518  \n 1,945,837  \n \n-\n  \n 2,865,037 \n\n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nRight-of-use assets \n    \n    \n    \n    \n    \n    \n    \n   \n\nCost \n 184,101  \n 285,329  \n 19,276  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 488,706 \n\nAccumulated depreciation \n (100,815) \n (82,971) \n (19,267) \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n (203,053)\n\nCarrying value \n 83,286  \n 202,358  \n 9  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 285,653 \n\n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nTotal \n 536,302  \n 249,385  \n 57,441  \n 147,207  \n 214,518  \n 1,945,837  \n \n-\n  \n 3,150,690 \n\n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nAt February 28, 2025 \n    \n    \n    \n    \n    \n    \n    \n   \n\nOwned assets \n    \n    \n    \n    \n    \n    \n    \n   \n\nCost \n 484,798  \n 165,439  \n 190,549  \n 152,253  \n 259,360  \n 3,877,236  \n \n-\n  \n 5,129,635 \n\nAccumulated depreciation \n (39,752) \n (114,704) \n (145,027) \n \n-\n  \n \n-\n  \n (2,535,145) \n \n-\n  \n (2,834,628)\n\nCarrying value \n 445,046  \n 50,735  \n 45,522  \n 152,253  \n 259,360  \n 1,342,091  \n \n-\n  \n 2,295,007 \n\n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nRight-of-use assets \n    \n    \n    \n    \n    \n    \n    \n   \n\nCost \n 200,114  \n 159,944  \n 19,334  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 379,392 \n\nAccumulated depreciation \n (108,540) \n (38,367) \n (19,277) \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n (166,184)\n\nCarrying value \n 91,574  \n 121,577  \n 57  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 213,208 \n\n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nTotal \n 536,620  \n 172,312  \n 45,579  \n 152,253  \n 259,360  \n 1,342,091  \n \n-\n  \n 2,508,215 \n\n** **\n\n**Reconciliation of the carrying\nvalue of property, plant and equipment**\n\n** **\n\nFigures\nin Rand thousands\n \n**Land\nand Property1**\n \n \nPlant,\nequipment and vehicles\n \n \nIT\nequipment\n \n \nCapitalized\n\ntelematics\ndevices –\nWork-in-\nProgress\n \n \nCapitalized\n\ntelematics\ndevices –\nUninstalled\n \n \nCapitalized\n\ntelematics\ndevices -\nInstalled\n \n \n**Construction\nin progress**\n \n \nTotal\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nAt\nFebruary 28, 2026\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nBeginning\nbalance\n \n \n445,046\n \n \n \n50,735\n \n \n \n45,522\n \n \n \n152,253\n \n \n \n259,360\n \n \n \n1,342,091\n \n \n \n          -\n \n \n \n2,295,007\n \n\nAdditions\n \n \n22,162\n \n \n \n14,075\n \n \n \n43,376\n \n \n \n144,265\n \n \n \n396,401\n \n \n \n537,690\n \n \n \n-\n \n \n \n1,157,969\n \n\nTransfer\nbetween categories\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(149,311\n)\n \n \n(441,243\n)\n \n \n590,554\n \n \n \n-\n \n \n \n-\n \n\nTransfer\nbetween asset classes\n \n \n-\n \n \n \n-\n \n \n \n- \n \n \n \n-\n \n \n \n- \n \n \n \n56,146\n \n \n \n-\n \n \n \n56,146\n \n\nReclassification3\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n137,049\n \n \n \n \n \n \n \n137,049\n \n\nDisposals\n \n \n-\n \n \n \n(2,380\n)\n \n \n(262\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(2,642\n)\n\nDepreciation\n \n \n(13,436\n)\n \n \n(14,441\n)\n \n \n(28,803\n)\n \n \n-\n \n \n \n-\n \n \n \n(669,284\n)\n \n \n-\n \n \n \n(725,964\n)\n\nTranslation\nadjustments\n \n \n(756\n)\n \n \n(962\n)\n \n \n\n(2,401\n\n)\n \n \n-\n \n \n \n-\n \n \n \n(48,409\n)\n \n \n-\n \n \n \n(52,528\n)\n\nEnding\nbalance\n \n \n453,016\n \n \n \n47,027\n \n \n \n57,432\n \n \n \n147,207\n \n \n \n214,518\n \n \n \n1,945,837\n \n \n \n-\n \n \n \n2,865,037\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nRight-of-use\nassets\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nBeginning\nbalance\n \n \n91,574\n \n \n \n121,577\n \n \n \n57\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n213,208\n \n\nAdditions\n \n \n36,523\n \n \n \n131,222\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n167,745\n \n\nTransfer\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\nDisposals\n \n \n(436\n)\n \n \n(1,494\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(1,930\n)\n\nDepreciation\n \n \n(40,093\n)\n \n \n(48,171\n)\n \n \n(46\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(88,310\n)\n\nTranslation\nadjustments\n \n \n(4,282\n)\n \n \n(776\n)\n \n \n(2\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(5,060\n)\n\nEnding\nbalance\n \n \n83,286\n \n \n \n202,358\n \n \n \n9\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n285,653\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nTotal\n \n \n536,302\n \n \n \n249,385\n \n \n \n57,441\n \n \n \n147,207\n \n \n \n214,518\n \n \n \n1,945,837\n \n \n \n-\n \n \n \n3,150,690\n \n\n** **\n\nF-28\n\n \n\nFigures in Rand thousands \n**Land and Property1**  \nPlant, equipment and vehicles  \nIT equipment  \nCapitalized telematics devices – Work-in- Progress  \nCapitalized telematics devices – Uninstalled  \nCapitalized telematics devices - Installed  \n**Construction in progress1,2**  \nTotal \n\n  \n   \n   \n   \n   \n   \n   \n   \n  \n\nAt February 28, 2025 \n   \n   \n   \n   \n   \n   \n   \n  \n\nOwned assets \n   \n   \n   \n   \n   \n   \n   \n  \n\nBeginning balance \n 122,717  \n 34,470  \n 41,337  \n 130,511  \n 215,539  \n 1,032,250  \n 266,870  \n 1,843,694 \n\nAdditions \n 11,578  \n 25,962  \n 37,336  \n 207,584  \n 325,248  \n 359,183  \n 55,480  \n 1,022,371 \n\nTransfer between categories \n 322,350  \n 5,674  \n \n-\n  \n (185,842) \n (273,443) \n 459,285  \n (322,350) \n 5,674 \n\nDisposals \n (1,509) \n (2,100) \n (1,257) \n \n-\n  \n \n-\n  \n (3,625) \n \n-\n  \n (8,491)\n\nDepreciation \n (9,655) \n (12,576) \n (30,615) \n \n-\n  \n \n-\n  \n (484,760) \n \n-\n  \n (537,606)\n\nTranslation adjustments \n (435) \n (695) \n (1,279) \n \n-\n  \n (7,984) \n (20,242) \n \n-\n  \n (30,635)\n\nEnding balance \n 445,046  \n 50,735  \n 45,522  \n 152,253  \n 259,360  \n 1,342,091  \n \n-\n  \n 2,295,007 \n\n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nRight-of-use assets \n    \n    \n    \n    \n    \n    \n    \n   \n\nBeginning balance \n 113,092  \n 75,895  \n 113  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 189,100 \n\nAdditions \n 24,894  \n 83,629  \n 2  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 108,525 \n\nTransfer \n -  \n (5,674) \n -  \n -  \n -  \n -  \n \n-\n  \n (5,674)\n\nDisposals \n (3,220) \n (2,051) \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n (5,271)\n\nDepreciation \n (39,806) \n (29,018) \n (57) \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n (68,881)\n\nTranslation adjustments \n (3,386) \n (1,204) \n (1) \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n (4,591)\n\nEnding balance \n 91,574  \n 121,577  \n 57  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 213,208 \n\n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nTotal \n 536,620  \n 172,312  \n 45,579  \n 152,253  \n 259,360  \n 1,342,091  \n \n-\n  \n 2,508,215 \n\n \n\n1 Certain freehold land and building of the Group with a carrying amount of ZAR 441.6 million (February 28, 2025: ZAR 429.2 million) were mortgaged to a bank as security for mortgaged loan (Note 15). The freehold land and building are for the new South African central office located at Rosebank, Johannesburg.\n\n2The construction of South African central office was completed\nand transferred to land and property during the year ended February 28, 2025.\n\n3 Included in the “Reclassification” line is a reclassification\nof accumulated depreciation between capitalized rental units and commission assets relating to prior periods.\n\n \n\n**6. CAPITALIZED\nCOMMISSION ASSETS**\n\n \n\n  \nAs\nof February 28 \n\nFigures in Rand thousands \n2026  \n2025 \n\n  \n   \n  \n\nCost \n 1,186,747  \n 905,380 \n\nAccumulated amortization \n (716,341) \n (411,328)\n\n  \n 470,406  \n 494,052 \n\n \n\n**Reconciliation of the carrying\nvalue of capitalized sales commissions**\n\n \n\nFigures\nin Rand thousands\n \n2026\n \n \n2025\n \n\n \n \n \n \n \n \n \n\nBeginning\nbalance\n \n \n494,052\n \n \n \n374,521\n \n\nAdditions\n \n \n317,244\n \n \n \n223,448\n \n\nAmortization\n \n \n(138,574\n)\n \n \n(100,223\n)\n\nTransfer\nbetween asset classes\n \n \n(56,146\n)\n \n \n-\n \n\nReclassification1\n \n \n(137,049\n)\n \n \n-\n \n\nTranslation\nadjustments\n \n \n(9,121\n)\n \n \n(3,694\n)\n\nEnding\nbalance\n \n \n470,406\n \n \n \n494,052\n \n\n \n\nThe Group capitalizes sales commission\ncosts arising from activated subscription contracts.\n\n \n\n1 Included in the “Reclassification” line is a reclassification of accumulated depreciation between capitalized rental units and commission assets relating to prior periods.\n\n \n\nF-29\n\n \n\n**7. INTANGIBLE\nASSETS**\n\n \n\nFigures in Rand thousands \nProduct\n\ndevelopment\ncosts  \nComputer\n\nsoftware  \nTrade\nname  \nCustomer\n\nrelationships  \nTotal \n\n  \n   \n   \n   \n   \n  \n\nAt February 28, 2026 \n   \n   \n   \n   \n  \n\nCost \n 278,683  \n 48,984  \n 928  \n 8,695  \n 337,290 \n\nAccumulated amortization \n (207,292) \n (38,801) \n (782) \n (8,695) \n (255,570)\n\nCarrying value \n 71,391  \n 10,183  \n 146  \n -  \n 81,720 \n\n  \n    \n    \n    \n    \n   \n\nAt February 28, 2025 \n    \n    \n    \n    \n   \n\nCost \n 246,750  \n 43,128  \n 782  \n 8,695  \n 299,355 \n\nAccumulated amortization \n (173,786) \n (33,809) \n (782) \n (7,925) \n (216,302)\n\nCarrying value \n 72,964  \n 9,319  \n -  \n 770  \n 83,053 \n\n \n\nStaff costs of ZAR 54.3 million\n(2025: ZAR 52.3 million) have been capitalized to product development costs with regard to the development of new generation\ntelematics hardware and platform software which was deployed in the current financial year.\n\n \n\nFigures in Rand thousands \nProduct\ndevelopment\ncosts  \nComputer\nsoftware  \nTrade name  \nCustomer\nrelationships  \nTotal \n\n  \n   \n   \n   \n   \n  \n\nAt February 28, 2026 \n   \n   \n   \n   \n  \n\nBeginning balance \n 72,964  \n 9,319  \n \n-\n  \n 770  \n 83,053 \n\nAdditions \n 54,349  \n 7,164  \n 152  \n \n-\n  \n 61,665 \n\nAmortization \n (49,661) \n (5,995) \n \n-\n  \n (770) \n (56,426)\n\nTranslation adjustments \n (6,261) \n (305) \n (6) \n \n-\n  \n (6,572)\n\nEnding balance \n 71,391  \n 10,183  \n 146  \n \n-\n  \n 81,720 \n\n  \n    \n    \n    \n    \n   \n\nAt February 28, 2025 \n    \n    \n    \n    \n   \n\nBeginning balance \n 71,617  \n 8,773  \n 130  \n 2,603  \n 83,123 \n\nAdditions \n 52,348  \n 6,589  \n \n-\n  \n \n-\n  \n 58,937 \n\nAmortization \n (48,274) \n (5,834) \n (130) \n (1,834) \n (56,072)\n\nTranslation adjustments \n (2,727) \n (209) \n \n-\n  \n 1  \n (2,935)\n\nEnding balance \n 72,964  \n 9,319  \n \n-\n  \n 770  \n 83,053 \n\n \n\n**8. GOODWILL**\n\n \n\nGoodwill is allocated to the following\ncash generating units (CGUs): Cartrack - Mozambique, Portugal, Spain, Karooooo Logistics and Other.\n\n \n\n \n \nCartrack  \nKarooooo  \n  \n\nFigures in Rand thousands\n \nMozambique  \nPortugal  \nSpain  \nOther  \nLogistics  \nTotal \n\n \n \n   \n   \n   \n   \n   \n  \n\nAt February 29, 2024\n \n 86,304  \n 36,815  \n 26,095  \n 19,852  \n 58,314  \n 227,380 \n\nTranslation adjustments\n \n (3,497) \n (2,705) \n (1,917) \n (704) \n -  \n (8,823)\n\nImpairment of goodwill\n \n (43,600) \n -  \n -  \n -  \n -  \n (43,600)\n\nAt February 28, 2025\n \n 39,207  \n 34,110  \n 24,178  \n 19,148  \n 58,314  \n 174,957 \n\nTranslation adjustments\n \n (5,317) \n (847) \n (601) \n (877) \n -  \n (7,642)\n\nImpairment of goodwill\n \n -  \n -  \n -  \n -  \n -  \n - \n\nAt February 28, 2026\n \n 33,890  \n 33,263  \n 23,577  \n 18,271  \n 58,314  \n 167,315 \n\n  \n\nThe “Other”\ncomponent comprises more than 10 CGUs, none of which are individually material.\n\n \n\nAs of February\n28, 2026, the accumulated impairment related to the Mozambique CGU amounted to ZAR 43.6 million (2025: ZAR 43.6 million).\n\n \n\nF-30\n\n \n\n**Impairment\ntesting**\n\n** **\n\nThe Group performs\nits annual impairment test at the end of each financial year, or more frequently if there are indications that goodwill may be impaired.\n\n \n\nThe Group considers\nthe relationship between its market capitalization and its equity attributable to equity holders of the parent, among other factors,\nwhen performing the annual test of impairment. At February 28, 2026, the market capitalization of the Group exceeded the value of equity\nby ZAR 19.9 billion (2025: ZAR 25.8 billion).\n\n \n\nThe Group determines\nthe recoverable amount of each cash-generating units (CGU) based on the higher of its value in use calculations and fair value less costs\nof disposal. The recoverable amounts of Mozambique, Portugal, Spain and Karooooo Logistics were calculated by using discounted cash flow\nvaluation technique, which requires the use of various estimates. Each of the cash flow projections are based on forecasts over a five-year\nperiod, which have been approved by senior management.\n\n \n\nThe key estimates\nused for the value in use calculations and sensitivity to changes in assumptions are as follows:\n\n \n\n  \n  \nAs\nof February 28 \n\nKey estimates applied in value in use\ncalculation \nCGU \n2026  \n2025 \n\nRevenue growth rate \n  \n    \n   \n\nThis is the average annual compound growth rate in revenue\nthat is derived from \nMozambique \n 5% \n 3%\n\nmanagement’s forecast and is based on external available information,\nsuch as GDP and \nPortugal \n 16% \n 19%\n\nindustry growth rate within the region. \nSpain \n 18% \n 23%\n\n  \nKarooooo Logistics \n 3% \n 4%\n\n  \n  \n    \n   \n\nThe growth rate applied for revenue is considered to be the main driver\nof profitability\nand hence free cash flow. CGUs are at different maturity levels in their business cycles\nand hence will\nreflect considerably different growth rates. The various geographical\nmarkets the CGUs operate within also have differences in\ntheir economies which have\nbeen taken into consideration. The growth rate determined by management is based on\nhistorical\ndata from both external and internal sources and is within the range of\nreported global telematics growth forecasts for the medium\nto long term and with\nthe assumptions that a market participant would make.\n \n  \n \n \n  \n \n \n \n\nTerminal growth rate \n  \n    \n   \n\nThe estimated rate of growth after the five-year forecast period. This\nrate is informed \nMozambique \n 6% \n 6%\n\nprimarily by external forecasts about economic activity by region.\nChanges in these rates \nPortugal \n 2% \n 2%\n\nare reflective of changes in market views on the economic growth in\nthose regions. \nSpain \n 2% \n 2%\n\n  \nKarooooo Logistics \n 3% \n 5%\n\nDiscount rate \n  \n    \n   \n\nThe rate reflects the specific risks relating to the country and industry\nin which the entity \nMozambique \n 34% \n 36%\n\noperates. These rates were determined using externally available information.\nThe rates \nPortugal \n 15% \n 16%\n\nwere determined using the Weighted Average Cost of Capital model. The\nrate is a pre-tax rate. \nSpain \n 13% \n 16%\n\n  \nKarooooo Logistics \n 38% \n 39%\n\n \n\nDuring the\nyear ended February 28, 2025, the operating environment in Mozambique was impacted by ongoing political and economic instability,\nwhich has introduced significant uncertainty regarding the near-to medium-term outlook for the country. The continued\ncountry-specific uncertainty has made the operating environment challenging. As a result, the Group recognized goodwill impairment\nrelating to the Mozambique CGU amount of ZAR 43.6 million in the financial year ended February 28, 2025. The recoverable amount of\nthe Mozambique CGU was determined to be ZAR 47.3 million based on value in use.\n\n \n\nDuring the year\nended February 28, 2026, Mozambique made significant progress from the political and economic instability experienced in the previous\nfinancial year. The operating environment improved. As a result of the improved trading environment and strengthened performance of the\nMozambique CGU, management reassessed the recoverable amount and concluded that no further impairment was required for the financial\nyear ended February 28, 2026.\n\n \n\nThe Group has applied a 50 basis point (2025: 50 basis point) increase and decrease to the revenue growth rates, terminal growth rates\nand discount rates used in the impairment testing. The sensitivity test does not result in impairment for Spain, Portugal and Karooooo\nLogistics, However, for Mozambique, an increase in discount rates by 50 basis points would result in an immaterial impairment.\n\n \n\nThe Other CGUs\nare valued on an earnings multiple basis. The key estimates used for the fair value less costs of disposal calculations are earnings\nmultiples. The market approach is based on the premise that the companies with similar business models and economic fundamentals would\nlikely sell for similar prices. Comparable companies, which are typically listed companies trading in the same sector as the entity,\nwas identified and price-to-value metrics for these companies were calculated. The Group has considered EV/EBITDA multiple as the most\nappropriate metric to determine the fair value less cost of disposal of these CGUs.\n\n \n\nF-31\n\n \n\n**9. DEFERRED\nTAX**\n\n** **\n\n  \n   \nAs\nof February 28 \n\nFigures in Rand thousands \nNotes  \n2026  \n2025 \n\n  \n   \n   \n  \n\nDeferred tax liabilities \n    \n (118,842) \n (95,892)\n\nDeferred revenue \n    \n 80,328  \n 71,397 \n\nProperty, plant and equipment and capitalized commission assets \n    \n (246,371) \n (207,029)\n\nLease obligations \n    \n 4,471  \n (3,385)\n\nECL provision on trade receivables \n    \n 31,202  \n 22,209 \n\nOther \n    \n 11,528  \n 20,916 \n\n  \n    \n    \n   \n\nDeferred tax assets \n    \n 133,320  \n 121,749 \n\nDeferred revenue \n    \n 8,994  \n 7,492 \n\nProperty, plant and equipment and capitalized commission assets \n    \n 77,239  \n 61,767 \n\nTax losses \n    \n 21,467  \n 27,287 \n\nLease obligations \n    \n 3,666  \n 4,157 \n\nECL provision on trade receivables \n    \n 10,719  \n 8,741 \n\nOther \n    \n 11,235  \n 12,305 \n\n  \n    \n    \n   \n\nTotal net deferred tax assets/(liabilities) \n    \n 14,478  \n 25,857 \n\n  \n    \n    \n   \n\nReconciliation of deferred tax assets/(liabilities) \n    \n    \n   \n\nBeginning balance \n    \n 25,857  \n 12,063 \n\nIncrease in deferred revenue temporary differences \n    \n 10,816  \n 9,315 \n\nIncrease in ECL provision on trade receivables temporary differences \n    \n 11,794  \n 5,877 \n\nDecrease in property, plant and equipment and capitalized\ncommission assets temporary differences \n    \n (26,932) \n (30,015)\n\n(Decrease)/Increase in tax losses temporary differences \n    \n (6,945) \n 12,939 \n\nIncrease in lease obligation temporary differences \n    \n 7,624  \n 302 \n\n(Decrease)/Increase in other temporary differences \n    \n (9,057) \n 14,362 \n\nTranslation adjustments \n    \n 1,321  \n 1,014 \n\nEnding balance \n    \n 14,478  \n 25,857 \n\n  \n    \n    \n   \n\nReconciliation of deferred tax balances \n    \n    \n   \n\nBeginning balance \n    \n 25,857  \n 12,063 \n\n(Debit)/Credit to statements of profit and loss \n 23  \n (12,968) \n 12,904 \n\nOthers \n    \n 96  \n (210)\n\nTranslation adjustments \n    \n 1,493  \n 1,100 \n\nEnding balance \n    \n 14,478  \n 25,857 \n\n** **\n\n**Unrecognized deferred tax assets**\n\n \n\nThe Group has\nnot recognized deferred tax assets relating to available tax losses in start-up subsidiaries where the probability of future taxable\nincome is uncertain. These potential deferred tax assets will be recognized and utilized in future periods as and when they meet the\nrecognition criteria. The tax losses available from these subsidiaries are ZAR 127.7 million at February 28, 2026 (2025: ZAR\n138.1 million). None of the tax losses expire in terms of local tax legislation.\n\n \n\nF-32\n\n \n\n**Unrecognized deferred tax liabilities**\n\n** **\n\nNo deferred\ntax liability is recognized on temporary differences of ZAR 2,015.9 million at February 28, 2026 (2025: ZAR 1,676.8 million)\nrelating to the unremitted earnings of overseas subsidiaries as the Group is able to control the timings of the reversal of these\ntemporary differences and it is probable that they will not reverse in the foreseeable future.\n\n \n\n**10. INVENTORIES**\n\n** **\n\n  \nAs\nof February 28 \n\nFigures in Rand thousands \n2026  \n2025 \n\n  \n   \n  \n\nOther consumables \n 5,742  \n 3,830 \n\nTotal inventories \n 5,742  \n 3,830 \n\n \n\nInventories recognized as an expense\nin cost of revenue is NIL (2025: ZAR 2.1 million, 2024: ZAR 267.3 million).\n\n \n\n**11. TRADE AND\nOTHER RECEIVABLES AND PREPAYMENTS**\n\n** **\n\n  \nAs\nof February 28 \n\nFigures in Rand thousands \n2026  \n2025 \n\n  \n   \n  \n\nTrade amounts due from related parties \n 17  \n 369 \n\nTrade receivables \n 735,130  \n 672,370 \n\nExpected credit loss provision \n (275,651) \n (210,906)\n\n  \n 459,496  \n 461,833 \n\nOther receivables \n    \n   \n\nNon-trade amounts due from related parties \n 290  \n 173 \n\nDeposits \n 25,081  \n 24,631 \n\nSundry debtors \n 26,744  \n 38,661 \n\nFinance lease receivables \n -  \n 12,888 \n\n  \n 511,611  \n 538,186 \n\n  \n    \n   \n\nPrepayments \n 69,513  \n 63,726 \n\nOther taxes \n 5,929  \n 7,178 \n\nTotal trade and other receivables and prepayments \n 587,053  \n 609,090 \n\n  \n    \n   \n\nNon-current \n 679  \n 11,629 \n\nCurrent \n 586,374  \n 597,461 \n\n  \n 587,053  \n 609,090 \n\n \n\nF-33\n\n \n\nDuring the year\nended February 28, 2023, the Group entered into a finance leasing arrangement as a lessor for a machinery to a third party. The average\nterm of finance leases entered into is five years. The leasing arrangement was settled during the year ended February 28, 2026. The following\ntable shows the maturity analysis of the undiscounted lease payments to be received:\n\n \n\n  \nAs\nof February 28 \n\nFigures in Rand thousands \n2026  \n2025 \n\nMaturities analysis \n   \n  \n\n– within one year \n -  \n 4,830 \n\n– within two to four years \n -  \n 8,058 \n\nPresent value of lease payments \n -  \n 12,888 \n\n  \n    \n   \n\nNon-current asset \n -  \n 8,058 \n\nCurrent asset \n -  \n 4,830 \n\n  \n -  \n 12,888 \n\n \n\nThe Group recognizes\na loss allowance for expected credit losses on financial assets that are measured at amortized cost. The determination of the expected\ncredit loss provision is calculated on a basis specific to each customer grouping and jurisdiction in which the Group operates and requires\nthe use of estimates. Additional information regarding credit risk applicable to trade receivables is disclosed in Note 29.2 (a).\n\n \n\nThe Group has recognized\na loss allowance of 100% (2025: 100%) against aged receivables, and debts are considered aged and not recoverable when they typically\nreach 360 or 450 days, depending on respective entities’ historical experiences. The method in providing for expected credit losses\nis consistent with prior years.\n\n \n\nThe average credit period extended to\ncustomers is 30 days (2025: 30 days). No interest is charged on outstanding trade receivables.\n\n \n\n**Credit quality of trade and other\nreceivables**\n\n** **\n\nInformation on credit quality of trade\nand other receivables is on Note 29.2 (a).\n\n \n\n**Reconciliation of the expected\ncredit loss provision recognized with regard to trade and other receivables**\n\n** **\n\n  \nAs\nof February 28 \n\nFigures in Rand thousands \n2026  \n2025 \n\n  \n   \n  \n\nBeginning balance \n (210,906) \n (165,240)\n\nAllowance for expected credit losses, net \n (124,532) \n (114,555)\n\nAmounts utilized \n 51,105  \n 67,292 \n\nTranslation adjustments \n 8,682  \n 1,597 \n\nEnding balance \n (275,651) \n (210,906)\n\n** **\n\n**12. LOANS TO/(FROM)\nRELATED PARTIES**\n\n** **\n\n  \nAs\nof February 28 \n\nFigures in Rand thousands \n2026  \n2025 \n\n  \n   \n  \n\nNon-current assets \n   \n  \n\nLoan to a related party \n 28,700  \n 28,700 \n\n  \n    \n   \n\nCurrent liabilities \n    \n   \n\nLoan from a related party \n (85) \n (138)\n\n \n\nRelated party loans are unsecured, bear\nno interest and have no fixed terms of repayment. The fair value of these financial instruments approximates the carrying amount.\n\n \n\nF-34\n\n \n\n**13. CASH AND\nCASH EQUIVALENTS AND BANK OVERDRAFT**\n\n** **\n\n  \nAs\nof February 28 \n\nFigures in Rand thousands \n2026  \n2025 \n\n  \n   \n  \n\nCash on hand \n 350  \n 4,054 \n\nBank balances \n 620,812  \n 208,971 \n\nShort-term deposits \n 532,712  \n 829,857 \n\nCash and cash equivalents in the consolidated statement of financial position \n 1,153,874  \n 1,042,882 \n\nBank overdrafts \n (407,668) \n (205,299)\n\nCash and cash equivalents in the consolidated statement\nof cash flows \n 746,206  \n 837,583 \n\n  \n    \n   \n\nCurrent assets \n 1,153,874  \n 1,042,882 \n\nCurrent liabilities \n (407,668) \n (205,299)\n\n  \n 746,206  \n 837,583 \n\n \n\nInformation on cash flow management\nis included in Note 29.2 (b). Refer to Note 33 for information on the various facilities available to the Group.\n\n \n\n**14. SHARE CAPITAL\nAND TREASURY SHARES**\n\n** **\n\n  \nAs\nof February 28 \n\nFigures in Rand thousands \n2026  \n2025 \n\n  \n   \n  \n\nShare Capital \n    \n   \n\nIssued and fully paid 30,893,300 (2025: 30,893,300) ordinary shares of no par value \n 7,142,853  \n 7,142,853 \n\n \n\nThe holder of ordinary shares is entitled\nto receive dividends as declared from time to time, and is entitled to one vote per share at meetings of the Company.\n\n \n\n  \nAs\nof February 28 \n\nFigures in Rand thousands \n2026  \n2025 \n\n  \n   \n  \n\nTreasury shares \n    \n   \n\nBeginning balance \n -  \n (23,816)\n\nTreasury shares purchased \n -  \n (3,461)\n\nTreasury shares cancelled \n -  \n 27,277 \n\nEnding balance \n -  \n - \n\n \n\nIn 2024, the Company\nacquired 51,106 shares in the open market, of which 14,637 shares are held in trust by Cartrack Holdings Proprietary Ltd. The total amount\npaid to acquire the shares was ZAR 23.8 million and this was presented as a component within shareholder’s equity. These shares\nwere cancelled with effect on May 24, 2024.\n\n \n\nDuring the year\nended February 28, 2025, the Company acquired 6,700 shares in the open market. The total amount paid to acquire the shares was ZAR 3.5\nmillion and this was presented as a component within shareholder’s equity. These shares were cancelled with effect on June 17,\n2024.\n\n \n\nF-35\n\n \n\n**15. TERM LOANS**\n\n** **\n\n               As of February 28 \n\nFigures in Rand thousands  Notes  Currency  Interest rate  Maturity of\n\ntotal loan  2026   2025 \n\n                     \n\nNon-current liabilities                      \n\nInterest-bearing loan  15(b)  ZAR  Prime rate less 1.75%  February 2036   360,229    - \n\nInterest-bearing loan  15(c)  EUR  6-month Euribor rate plus 0.75%  June 2030,\nSeptember 2031   38,702    31,640 \n\n                398,931    31,640 \n\n                       \n\nCurrent liabilities                      \n\nMortgaged bonds  15(a)  ZAR  Prime rate less 1.15%  December 2025   -    41,182 \n\nInterest-bearing loan  15(b)  ZAR  Prime rate less 1.75%  February 2036   40,000    237,190 \n\nInterest-bearing loan  15(c)  EUR  6-month Euribor rate plus 0.75%  June 2030,\nSeptember 2031   8,754    4,941 \n\nInterest-bearing loan  15(d)  EUR  3.5%  April 2026   967    - \n\n                49,721    283,313 \n\nTotal term loans  33            448,652    314,953 \n\n \n\n(a) A mortgage bond of ZAR 65 million is registered in favor of First Rand Bank Limited over the remaining extent of Erf 160, Rosebank and Portion 6 of Erf 161, Rosebank, registered in the name of Purple Rain Properties No 444 Proprietary Limited (“Purple Rain”). Cartrack Proprietary Limited has signed a limited suretyship of ZAR 60 million for the mortgage bond. Interest levied by First Rand Bank Limited is at a rate of prime less 1.15% and repayable in equal monthly installments over a period of 60 months. The final repayment date was December 01, 2025.\n\n \n\n(b) In June 2024, The Standard Bank of South Africa Limited (“SBSA”) extended a loan of ZAR 250.0 million to Purple Rain Properties No.444 Proprietary Limited (the owner of the South Africa Central Office) for funding the construction of the building (“the Facilities Agreement”). Interest at a rate of prime less 1.5% was levied by the bank and the loan matured on December 21, 2025. In February 2026, the parties concluded an addendum to the Facilities Agreement, subject to the registration of a mortgage bond of ZAR 440 million in favor of SBSA. Cartrack Proprietary Limited provided a limited guarantee as security for this loan, pending the registration of the mortgage bond. Interest levied by the bank is at a rate of prime less 1.75% and will mature on February 13, 2036. The financial conditions under the loan agreement include a Loan to Value Ratio varying from 68% from the period commencing on February 26, 2025 (the First Utilisation Date) until the first anniversary of the First Utilisation Date and 62% during the next calendar period of 12 months. The Interest Coverage Ratio shall not be less than 1.45 times for the period from the First Utilisation Date until the first anniversary of the First Utilisation Date and 1.77 times in the following period of 12 months. As at the date of this report, the financial conditions have been met.\n\n \n\n(c)\nIn September 2024 and June 2025, Cartrack Portugal, S.A., secured a EUR 2.0 million and EUR 1.0 million loan, respectively, from Banco Comercial Português, S.A. The loan bears an interest rate of 6-month Euribor rate plus 0.75%, with repayments scheduled over a seven-year and five-year period. There were no covenant relating to this loan. \n\n   \n\n(d)\nIn January 2026, Cartrack Espana. S.L.U., secured a EUR 0.08 million loan, from Abanca- Préstamo. The loan bears an interest rate of 3.5% per year and will mature on April 22, 2026.\n\n \n\nF-36\n\n \n\n**Reconciliation of movement of liabilities\nto cash flows arising from financing activities**\n\n** **\n\n  \nAs\nof February 28 \n\nFigures\nin Rand thousands \nLoan\nfrom\na related party  \nOther\n\nloans and\nborrowings  \nLease\n\nliabilities  \nTotal \n\n  \n   \n   \n   \n  \n\nBalance\nat March 1, 2025 \n 138  \n 314,953  \n 204,696  \n 519,787 \n\nChanges\nfrom financing cash flows \n (53) \n 136,158  \n (117,591) \n 18,514 \n\nProceeds\nfrom borrowings \n 85  \n 211,934  \n -  \n 212,019 \n\nRepayment\nof a related party loan \n (138) \n -  \n -  \n (138)\n\nRepayment\nof term loans \n -  \n (75,776) \n -  \n (75,776)\n\nPayments\nof lease liabilities \n -  \n -  \n (117,591) \n (117,591)\n\nThe\neffect of changes in foreign exchange rates \n -  \n (1,000) \n (6,259) \n (7,259)\n\n  \n    \n    \n    \n   \n\nOther\nchanges \n -  \n (1,460) \n 207,019  \n 205,559 \n\nInterest\npaid \n -  \n (26,313) \n (23,734) \n (50,047)\n\nNew\nleases \n -  \n -  \n 208,541  \n 208,541 \n\nInterest\nexpense \n -  \n 24,854  \n 23,734  \n 48,588 \n\nDisposal \n -  \n -  \n (1,522) \n (1,522)\n\nBalance\nat February 28, 2026 \n 85  \n 448,652  \n 287,865  \n 736,602 \n\n  \n    \n    \n    \n   \n\nBalance\nat March 1, 2024 \n 924  \n 48,179  \n 194,340  \n 243,443 \n\nChanges\nfrom financing cash flows \n (686) \n 266,184  \n (77,633) \n 187,865 \n\nProceeds\nfrom borrowings \n 52  \n 289,518  \n -  \n 289,570 \n\nRepayment\nof a related party loan \n (738) \n -  \n -  \n (738)\n\nRepayment\nof term loans \n -  \n (23,334) \n -  \n (23,334)\n\nPayments\nof lease liabilities \n -  \n -  \n (77,633) \n (77,633)\n\nThe\neffect of changes in foreign exchange rates \n (100) \n (968) \n (4,338) \n (5,406)\n\n  \n    \n    \n    \n   \n\nOther\nchanges \n -  \n 1,558  \n 92,327  \n 93,885 \n\nInterest\npaid \n -  \n (18,685) \n (16,346) \n (35,031)\n\nNew\nleases \n -  \n -  \n 96,606  \n 96,606 \n\nInterest\nexpense \n -  \n 20,473  \n 16,346  \n 36,819 \n\nDisposal \n -  \n -  \n (4,279) \n (4,279)\n\nOthers \n -  \n (230) \n -  \n (230)\n\nBalance\nat February 28, 2025 \n 138  \n 314,953  \n 204,696  \n 519,787 \n\n** **\n\nF-37\n\n \n\n**16. LEASE LIABILITIES**\n\n** **\n\nThe undiscounted maturity analysis of\nlease liabilities is as follows: -\n\n** **\n\n  \nMinimum\nlease payment due \n\nFigures in Rand thousands \nWithin\n1 year  \n2-4\nyears  \nOver\n4 years  \nTotal \n\n  \n   \n   \n   \n  \n\nAt 28 February 2026 \n   \n   \n   \n  \n\nLease payments \n 141,305  \n 183,839  \n 1,263  \n 326,407 \n\nFinance charges \n (12,017) \n (26,171) \n (354) \n (38,542)\n\nPresent value of lease payments \n 129,288  \n 157,668  \n 909  \n 287,865 \n\n  \n    \n    \n    \n   \n\nAt 28 February 2025 \n    \n    \n    \n   \n\nLease payments \n 84,398  \n 132,804  \n 788  \n 217,990 \n\nFinance charges \n (6,953) \n (6,330) \n (11) \n (13,294)\n\nPresent value of lease payments \n 77,445  \n 126,474  \n 777  \n 204,696 \n\n \n\n  \nAs\nof February 28 \n\nFigures in Rand thousands \n2026  \n2025 \n\n  \n   \n  \n\nNon-current liabilities \n 158,577  \n 127,251 \n\nCurrent liabilities \n 129,288  \n 77,445 \n\n  \n 287,865  \n 204,696 \n\n \n\nIt is Group policy\nto lease the various commercial properties occupied by the Group’s operations and certain motor vehicles are leased in terms of\ninstallment sale agreements. The average term of the installment sale agreements is between three to four years and interest is charged\nat prime linked interest rates. The Group’s obligations under instalment sale agreements are secured by the leased assets.\n\n \n\nProperty leases\ncapitalized have an average lease term of four years and interest incurred is at an incremental borrowing rate of a similar asset. External\nsources of information were used to determine incremental borrowing rate of a similar asset. Total cash outflows for leases recognized\nin statement of cash flows ZAR 141.5 million (2025: ZAR 94.0 million, 2024: ZAR 69.3 million).\n\n \n\nThe Group\nleases office building, motor vehicles and IT equipment with contract terms less than twelve months. These leases are short-term.\nFor the financial year ended February 28, 2026, the Group recognized lease payments of ZAR 3.7 million (2025: ZAR 5.0 million, 2024:\nZAR 7.3 million) associated with these short-term leases as an expense on a straight-line basis over the lease term.\n\n \n\n**17. DEFERRED\nREVENUE**\n\n** **\n\n  \nAs\nof February 28 \n\nFigures in Rand thousands \n2026  \n2025 \n\n  \n   \n  \n\nBeginning balance \n 484,739  \n 447,150 \n\nAmounts deferred in current financial year \n 578,880  \n 489,444 \n\nAmounts released to revenue in the current financial year \n (507,909) \n (444,690)\n\nTranslation adjustments \n (27,383) \n (7,165)\n\nEnding balance \n 528,327  \n 484,739 \n\n  \n    \n   \n\nNon-current liabilities \n 122,722  \n 126,959 \n\nCurrent liabilities \n 405,605  \n 357,780 \n\n  \n 528,327  \n 484,739 \n\n \n\nMajority of subscription\nrevenues are billed monthly in advance and then recognized in revenue as the service is provided. In most situations, ownership of all\ntelematics devices remain with the Group. For customers who have paid for the hardware fees and service upfront, revenue for the hardware\nfees is deferred and recognized over 60 months and the service revenue is recognized over time as the services are performed.\n\n \n\nF-38\n\n \n\nThe following table\nincludes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially\nsatisfied at the end of the reporting period.\n\n \n\n  \nAs\nof February 28 \n\nFigures in Rand thousands \n2026  \n2025 \n\n  \n   \n  \n\nMaturities analysis \n    \n   \n\n– within one year \n 405,605  \n 357,780 \n\n– within two to four years \n 117,620  \n 121,514 \n\n– over four years \n 5,102  \n 5,445 \n\nPresent value of amounts received in advance \n 528,327  \n 484,739 \n\n \n\n**18. TRADE AND\nOTHER PAYABLES**\n\n** **\n\n  \nAs\nof February 28 \n\nFigures in Rand thousands \n2026  \n2025 \n\n  \n   \n  \n\nTrade payables \n    \n   \n\nAmounts due to related parties \n 2,405  \n 3,686 \n\nTrade payables \n 273,771  \n 212,310 \n\nAccrued expenses \n 209,229  \n 156,321 \n\n  \n 485,405  \n 372,317 \n\n  \n    \n   \n\nOther payables \n    \n   \n\nSundry creditors \n 33,068  \n 32,804 \n\nOther taxes \n 62,854  \n 55,790 \n\nDividend payable to NCI \n 4,505  \n 9,026 \n\n  \n 100,427  \n 97,620 \n\n  \n 585,832  \n 469,937 \n\n \n\nThe amounts due\nto related parties are unsecured, interest-free and repayable on demand. Trade payables are non-interest bearing and are normally settled\non 30 to 60 days term. The fair value of the financial instruments approximates their carrying amounts.\n\n \n\n**19. REVENUE**\n\n \n\nThe Group generates\nrevenue by offering a full-stack smart mobility technology operational intelligence platform for connected vehicles and other assets, vehicles sales and\ndelivery services. In the following table, revenue from contracts with customers is disaggregated by revenue streams, primary geographical\nmarkets and timing of revenue recognition.\n\n \n\n  \nYear\nended February 28/29 \n\nFigures in Rand thousands \n2026  \n2025  \n2024 \n\n  \n   \n   \n  \n\nRevenue from contracts with customers \n    \n    \n   \n\nSubscription revenue - Cartrack \n 4,830,669  \n 4,055,394  \n 3,522,816 \n\nSubscription revenue - Karooooo Logistics \n 13,079  \n 12,783  \n 12,989 \n\nOther revenue - Cartrack \n 108,173  \n 89,618  \n 90,879 \n\nHardware revenue \n 4,665  \n 37,018  \n 43,250 \n\nInstallation revenue \n 38,194  \n 29,510  \n 29,186 \n\nMiscellaneous contract fees \n 65,314  \n 23,090  \n 18,443 \n\nVehicle sales \n -  \n 2,099  \n 274,787 \n\nDelivery service fees \n 527,199  \n 407,565  \n 304,040 \n\nTotal revenue \n 5,479,120  \n 4,567,459  \n 4,205,511 \n\n  \n    \n    \n   \n\nPrimary geographical markets \n    \n    \n   \n\nSouth Africa \n 4,089,425  \n 3,364,854  \n 3,171,851 \n\nAfrica-Other \n 149,339  \n 143,803  \n 144,020 \n\nEurope \n 482,841  \n 399,209  \n 347,628 \n\nAsia-Pacific*, Middle East and USA \n 757,515  \n 659,593  \n 542,012 \n\n  \n 5,479,120  \n 4,567,459  \n 4,205,511 \n\n  \n    \n    \n   \n\nTiming of revenue recognition \n    \n    \n   \n\nProducts and services transferred at a point in time \n 635,372  \n 499,282  \n 669,706 \n\nServices transferred over time \n 4,843,748  \n 4,068,177  \n 3,535,805 \n\nTotal revenue \n 5,479,120  \n 4,567,459  \n 4,205,511 \n\n \n\n* Included in Asia-Pacific is revenue from Singapore amounted to ZAR147.7 million (2025: ZAR141.1 million, 2024: ZAR132.4 million).\n\n \n\nF-39\n\n \n\n**20. OPERATING\nPROFIT**\n\n** **\n\n  \n   \nYear\nended February 28/29 \n\nFigures in Rand thousands \nNotes  \n2026  \n2025  \n2024 \n\n  \n   \n   \n   \n  \n\nOperating profit is stated after accounting for the\nfollowing charges: \n    \n    \n    \n   \n\nDepreciation of property, plant and equipment \n 5  \n 814,278  \n 606,487  \n 588,660 \n\nAmortization of capitalized commission assets \n 6  \n 138,574  \n 100,223  \n 83,155 \n\nAmortization of intangible assets \n 7  \n 56,426  \n 56,072  \n 59,482 \n\nEmployee benefits expense \n    \n 1,630,689  \n 1,251,384  \n 1,076,244 \n\nDefined contribution plan \n    \n 59,855  \n 41,113  \n 45,468 \n\n \n\n**21. FINANCE\nINCOME**\n\n** **\n\n  \nYear\nended February 28/29 \n\nFigures in Rand\nthousands \n 2026  \n 2025  \n 2024 \n\n  \n    \n    \n   \n\nInterest income from bank balances \n 34,476  \n 44,167  \n 39,418 \n\n** ** \n\n**22. FINANCE\nCOSTS**\n\n** **\n\n  \nYear\nended February 28/29 \n\nFigures in Rand thousands \n2026  \n2025  \n2024 \n\n  \n   \n   \n  \n\nLease liabilities \n 23,734  \n 16,346  \n 11,371 \n\nTerm loans \n 24,854  \n 20,473  \n 194 \n\nBank overdraft \n 28,668  \n 13,465  \n 2,296 \n\nOthers \n 618  \n 582  \n 1,961 \n\n  \n 77,874  \n 50,866  \n 15,822 \n\n** **\n\nF-40\n\n \n\n**23. TAXATION**\n\n \n\n  \n   \nYear\nended February 28/29 \n\nFigures in Rand thousands \nNotes  \n2026  \n2025  \n2024 \n\n  \n   \n   \n   \n  \n\nMajor components of the tax expense: \n   \n   \n   \n  \n\nCurrent tax \n   \n   \n   \n  \n\nCurrent year \n    \n 304,911  \n 297,670  \n 297,546 \n\nPrior year \n    \n 2,846  \n (1,998) \n (120)\n\n  \n    \n 307,757  \n 295,672  \n 297,426 \n\n  \n    \n    \n    \n   \n\nDeferred tax \n    \n    \n    \n   \n\nCurrent year \n    \n 23,303  \n (4,340) \n (12,964)\n\nPrior year \n    \n (10,335) \n (8,564) \n 6,464 \n\n  \n 9  \n 12,968  \n (12,904) \n (6,500)\n\n  \n    \n    \n    \n   \n\nWithholding tax \n    \n 27,810  \n 27,043  \n 20,628 \n\n  \n    \n    \n    \n   \n\nTotal tax expense \n    \n 348,535  \n 309,811  \n 311,554 \n\n  \n    \n    \n    \n   \n\nReconciliation between accounting profit and tax expense: \n    \n    \n    \n   \n\nProfit before taxation \n    \n 1,359,647  \n 1,246,921  \n 1,065,710 \n\nTax at the applicable tax rate of 17% 1 (2025: 17%, 2024: 17%) \n    \n 231,139  \n 211,976  \n 181,171 \n\nEffect of different tax rates in foreign jurisdictions \n    \n 97,937  \n 97,965  \n 90,081 \n\n  \n    \n    \n    \n   \n\nTaxation effect of adjustments on taxable income: \n    \n    \n    \n   \n\nUtilization of previously unrecognized tax losses \n    \n (11,060) \n (7,918) \n (10,811)\n\nTax incentive \n    \n (4,128) \n (3,130) \n (6,549)\n\nIncome not subject to tax \n    \n (465) \n (5,924) \n (1,414)\n\nNon-deductible expenses for tax purposes: \n    \n    \n    \n   \n\nImpairment of goodwill \n    \n -  \n 7,413  \n - \n\nOther non-deductible expenses \n    \n 7,153  \n 3,997  \n 15,898 \n\nRecognition of previously unrecognized tax losses \n    \n 8,255  \n (11,956) \n - \n\nCurrent year losses for which no deferred tax asset is recognized \n    \n 6,097  \n 3,663  \n 19,223 \n\nWithholding tax \n    \n 27,810  \n 27,043  \n 20,628 \n\nPrior year tax (over)/under provision \n    \n (7,489) \n (10,562) \n 6,344 \n\nTax effect of deferred tax on decrease in tax rate \n    \n -  \n 79  \n - \n\nOthers \n    \n (6,714) \n (2,835) \n (3,017)\n\nTotal tax expense \n    \n 348,535  \n 309,811  \n 311,554 \n\n \n\n1 This is the corporate tax rate in Singapore.\n\n \n\nF-41\n\n  \n\n**24. TAXATION\nPAID**\n\n** **\n\n  \nYear\nended February 28/29 \n\nFigures\nin Rand thousands \n2026  \n2025  \n2024 \n\n  \n   \n   \n  \n\nBalance\npayable at beginning of the year \n (44,417) \n (64,661) \n (47,369)\n\nCurrent\ntax for the year recognized in profit or loss \n (335,567) \n (322,715) \n (318,054)\n\nTranslation\nadjustments \n 16,389  \n 4,524  \n (1,195)\n\nBalance\npayable at end of the year \n 74,521  \n 44,417  \n 64,661 \n\nTaxation\npaid during the year \n (289,074) \n (338,435) \n (301,957)\n\n** **\n\n**25. DIVIDEND**\n\n** **\n\n**Dividend per share**\n\n \n\n*Dividend paid by the Company to owner\nof the Company*\n\n** **\n\n  \nYear\nended February 28 \n\nFigures in Rand thousands \n2026  \n2025 \n\n  \nPer\nshare (ZAR)  \nAmount  \nPer\nshare (ZAR)  \nAmount \n\nInterim dividend \n 22.45  \n 693,627  \n 19.79  \n 612,422 \n\n** **\n\nF-42\n\n \n\n**26. INTEREST\nIN SUBSIDIARIES**\n\n** **\n\nThe following table\nlists the entities which are controlled by the Group.\n\n \n\n**Company Name**   **Held by**   **Country of incorporation**   **% holding 2026**   **% holding 2025**\n\nCartrack Holdings Proprietary Limited   Karooooo Ltd   South Africa   100.0   100.0\n\nKarooooo Management Company Pte. Ltd.   Karooooo Ltd   Singapore   100.0   100.0\n\nKarooooo Proprietary Ltd   Karooooo Ltd   South Africa   100.0   100.0\n\nKarooooo Cartrack Limited3   Karooooo Ltd   Uganda   100.0   100.0\n\nCartrack (Cambodia) Co. Ltd   Karooooo Management Company Pte. Ltd.   Cambodia   100.0   100.0\n\nCartrack Swaziland (Pty) Ltd4   Karooooo Management Company Pte. Ltd.   Kingdom of Eswatini   76.0   76.0\n\nKarooooo Technologies Proprietary Limited   Karooooo Proprietary Ltd   South Africa   100.0   100.0\n\nCartrack Management Services Proprietary Limited   Cartrack Holdings Proprietary Limited   South Africa   100.0   100.0\n\nCartrack Proprietary Limited   Cartrack Holdings Proprietary Limited   South Africa   100.0   100.0\n\nCartrack Manufacturing Proprietary Limited   Cartrack Holdings Proprietary Limited   South Africa   100.0   100.0\n\nCartrack Insurance Agency Proprietary Limited   Cartrack Holdings Proprietary Limited   South Africa   100.0   100.0\n\nCartrack Namibia Proprietary Limited   Cartrack Holdings Proprietary Limited   Namibia   100.0   100.0\n\nCartrack Technologies Pte. Limited   Cartrack Holdings Proprietary Limited   Singapore   100.0   100.0\n\nCarzuka Proprietary Limited   Cartrack Holdings Proprietary Limited   South Africa   100.0   100.0\n\nPurple Rain Properties No.444 Proprietary Limited   Cartrack Holdings Proprietary Limited   South Africa   100.0   100.0\n\nKarooooo Logistics (Pty) Ltd   Cartrack Holdings Proprietary Limited   South Africa   81.0   74.8\n\nCartrack Telematics Proprietary Limited2   Cartrack Proprietary Limited   South Africa   49.0   49.0\n\nCartrack Academy (Pty) Ltd6   Cartrack Proprietary Limited   South Africa   100.0   100.0\n\nKaru Holdings Proprietary Limited   Cartrack Proprietary Limited   South Africa   100.0   100.0\n\nCombined Telematics Services Proprietary Limited1,5   Cartrack Proprietary Limited   South Africa   -   49.0\n\n \n\nF-43\n\n \n\n**Company Name**   **Held by**   **Country of incorporation**   **% holding 2026**   **% holding 2025**\n\nCTK Shell 2 (Pty) Ltd1   Cartrack Proprietary Limited   South Africa   100.0   100.0\n\nCartrack Tanzania Limited   Cartrack Technologies Pte. Limited   Tanzania   100.0   100.0\n\nKarooooo Kenya Limited   Cartrack Technologies Pte. Limited   Kenya   70.0   70.0\n\nCartrack Engineering Technologies Limited   Cartrack Technologies Pte. Limited   Nigeria   100.0   100.0\n\nPT. Cartrack Technologies Indonesia   Cartrack Technologies Pte. Limited   Indonesia   100.0   100.0\n\nCartrack Investments UK Limited1   Cartrack Technologies Pte. Limited   United Kingdom   100.0   100.0\n\nCartrack Technologies (China) Limited   Cartrack Technologies Pte. Limited   Hong Kong   100.0   100.0\n\nCartrack Malaysia SDN.BHD   Cartrack Technologies Pte. Limited   Malaysia   100.0   100.0\n\nCartrack Technologies LLC   Cartrack Technologies Pte. Limited   U.A.E   100.0   100.0\n\nCartrack Technologies PHL.INC.   Cartrack Technologies Pte. Limited   Philippines   100.0   100.0\n\nCartrack Technologies South East Asia Pte. Limited   Cartrack Technologies Pte. Limited   Singapore   100.0   100.0\n\nCartrack Ireland Limited   Cartrack Technologies Pte. Limited   Republic of Ireland   100.0   100.0\n\nCartrack Technologies (Thailand) Company Limited   Cartrack Technologies Pte. Limited   Thailand   100.0   100.0\n\nCartrack New Zealand Limited   Cartrack Technologies Pte. Limited   New Zealand   66.0   51.0\n\nCartrack (Australia) Proprietary Limited   Cartrack Technologies Pte. Limited   Australia   100.0   100.0\n\nCartrack Technologies Zambia Limited   Cartrack Technologies Pte. Limited   Zambia   100.0   100.0\n\nCartrack Vietnam Limited Liability Company   Cartrack Technologies Pte. Limited   Vietnam   100.0   100.0\n\nCartrack INC.   Cartrack Ireland Limited   U.S.A   100.0   100.0\n\nCartrack Polska.Sp.zo.o   Cartrack Ireland Limited   Poland   90.9   90.9\n\nCartrack Portugal S.A.   Cartrack Ireland Limited   Portugal   100.0   100.0\n\nCartrack Espana. S.L.U.   Cartrack Ireland Limited   Spain   100.0   100.0\n\nKaru.Com. Unipessoal. Lda   Cartrack Portugal S.A.   Portugal   100.0   100.0\n\nCartrack Prevrod. Lda   Cartrack Portugal S.A.   Portugal   55.0   -\n\nCartrack Limitada2   Cartrack Technologies LLC   Mozambique   50.0   50.0\n\nAuto Club LDA   Cartrack Technologies LLC   Mozambique   90.0   90.0\n\nCartrack for Information Technology Company1   Cartrack Technologies LLC   Kingdom of Saudi Arabia   51.0   51.0\n\n \n\n1 Dormant\n\n2 The Group considers Cartrack Limitada and Cartrack Telematics Proprietary Limited as subsidiaries of the Group as the Group has the right to appoint majority of the directors on the Board of Directors of these entities through contractual shareholders’ agreement. The Board of Directors of the companies direct the relevant activities of these entities. Accordingly, the Group is exposed to and has the rights to variable returns, and has the ability to affect those returns through the Board of Directors.\n\n3 90% of the share capital of Karooooo Cartrack Limited is held by Karooooo Limited and the remainder 10% of the share capital is held by Karooooo Management Company Pte Limited.\n\n4 74% of the share capital of Cartrack Swaziland (Pty) Ltd is held by Karooooo Management Company Pte. Ltd. and 2% is held by Cartrack Holdings Proprietary Limited.\n\n5 As at financial year ended February 28, 2026, the entities were deregistered and ceased to exist as legal entities.\n\n6 CTK Shell 1 (Pty) Ltd was renamed to Cartrack Academy (Pty) Ltd on June 20, 2024.\n\n \n\nLoans provided\nto subsidiary companies which require financial support have been subordinated in favor of third- party creditors of the underlying companies.\n\n \n\nOn March 8,\n2023, Cartrack acquired 76% of the shares and voting interests in Cartrack Swaziland (Pty) Ltd for a consideration of ZAR 9,120,000,\nrecognizing a goodwill of ZAR 6.2 million (see Note 27).\n\n \n\nOn April 30,\n2024, Karooooo Logistics (Pty) Ltd repurchased its ordinary shares at a purchase price of ZAR 15.2 million in accordance with the\nCompanies Act of South Africa and cancelled the repurchased shares. As a result, the Group’s effective shareholding in\nKarooooo Logistics (Pty) Ltd increased from 70.1% to 74.8% after completion of the repurchase and cancellation.\n\n \n\nOn September\n1, 2025, Karooooo Logistics (Pty) Ltd repurchased its ordinary shares at a purchase price of ZAR 23.0 million in accordance with the\nCompanies Act of South Africa and cancelled the repurchased shares. As a result, the Group’s effective shareholding in\nKarooooo Logistics (Pty) Ltd increased from 74.8% to 81.0% after completion of the repurchase and cancellation.\n\n \n\nOn January 31,\n2026, Cartrack New Zealand Ltd issued new shares for subscription by Karooooo Management Company Pte. Ltd. As a result, the group’s\neffective shareholding in Cartrack New Zealand Ltd has increased from 51% to 66%.\n\n \n\nF-44\n\n \n\n**27. ACQUISITION\nOF SUBSIDIARY**\n\n** **\n\n**(i) Cartrack\nSwaziland (Pty) Ltd**\n\n** **\n\nOn March 8,\n2023, the Group acquired 76% of the shares and voting interests in Cartrack Swaziland (Pty) Ltd, from its existing franchisees for a\nconsideration of ZAR 9.12 million, recognizing a goodwill of ZAR 6.2 million. The goodwill amount is not material to the\nGroup.\n\n \n\nThe fair values of identifiable net\nassets and the cash outflows on the acquisition were as follows:\n\n \n\nFigures in Rand thousands \nNotes  \nAs of\nFebruary 29,\n2024 \n\n  \n   \n  \n\nOther non-current assets \n   \n 2,868 \n\nCash and cash equivalents \n   \n 3,778 \n\nOther current assets (excluding cash and cash equivalents) \n   \n 203 \n\nNon-current liabilities \n   \n (354)\n\nCurrent liabilities \n   \n (2,683)\n\n  \n   \n   \n\nNet identifiable assets acquired \n   \n 3,812 \n\nAdd: Goodwill \n8  \n 6,223 \n\nLess: NCI based on proportionate interest \n   \n (915)\n\nCash consideration transferred for the business \n   \n 9,120 \n\n  \n   \n   \n\nLess: cash and cash equivalents acquired \n   \n (3,778)\n\nLess: cash consideration payable \n   \n (240)\n\nNet outflow of cash \n   \n 5,102 \n\n \n\nGoodwill arising on the acquisitions\nis attributable to the synergies expected to arise from their integration with the Group, the skilled workforce acquired and the expanded\ncustomers. The primary reason for these acquisitions is to strategically expand its customer base.\n\n \n\n**28. RELATED\nPARTIES**\n\n** **\n\nAll related party\ntransactions are entered into in the normal course of business and at prices available at negotiated terms. Whenever it exists, related\nparty transactions also include transactions with entities that are controlled or significantly influenced by any key management personnel.\n\n \n\nKey management\npersonnel are the persons who have authority and responsibility for planning, directing and controlling the activities of the Group or\nthe Company either directly or indirectly.\n\n \n\nIn addition to\nthe information disclosed in Notes 11, 12 and 18 in the financial statements, the following transactions took place between the Group\nand related parties which does not include any holding companies or associates and joint venture, at the terms agreed between parties:\n\n \n\nF-45\n\n \n\n**28.1 Transactions\nwith related parties**\n\n** **\n\n  \nYear ended February 28/29 \n\nFigures in Rand thousands \n2026  \n2025  \n2024 \n\n  \n   \n   \n  \n\nSales to related parties \n 3,091  \n 27,296  \n 30,730 \n\nPurchases from related parties \n (45,263) \n (146,871) \n (137,107)\n\nRent paid to related parties \n (9,483) \n (8,727) \n (8,468)\n\n** **\n\n**28.2 Balances\nwith related parties**\n\n** **\n\n  \nYear ended February 28 \n\nFigures in Rand thousands \n2026  \n2025 \n\n  \n   \n  \n\nAmount due from related parties \n 307  \n 542 \n\nAmount due to related parties \n (2,405) \n (3,686)\n\nLoan due from related parties \n 28,700  \n 28,700 \n\nLoan due to related parties \n (85) \n (138)\n\n** **\n\n**28.3 Key management\ncompensation short term employee benefits**\n\n** **\n\nKey management personnel compensation\ncomprised the following:\n\n \n\n  \nYear ended February 28/29 \n\nFigures in Rand thousands \n2026  \n2025  \n2024 \n\n  \n   \n   \n  \n\nShort-term employee benefits \n 18,536  \n 18,285  \n 18,094 \n\nPost-employment benefits \n 480  \n 456  \n 430 \n\n  \n 19,016  \n 18,741  \n 18,524 \n\n \n\nThe amounts disclosed\nin the table are the amounts recognized as an expense during the reporting period related to directors and key management personnel.\n\n \n\n**29. RISK MANAGEMENT**\n\n** **\n\nThe Directors have\noverall responsibility for the establishment in oversight of the Group’s risk management framework. The Directors have established\nthe Audit and risk committee which is responsible for developing and monitoring the Group’s risk management policies. The committee\nreports regularly to the Directors on its activities.\n\n \n\nThe Group’s\nrisk management policies are established to identify and analyze the risk faced by the Group, to set appropriate risk limits, implement\ncontrols to enforce limits to monitor risk and adherence to limits.\n\n \n\nThe committee is\nassisted in its oversight role by internal audit. Internal audit reviews risk and management controls and procedures, the results of\nwhich are reported to the committee.\n\n \n\n**29.1 Capital\nmanagement**\n\n** **\n\nThe Group’s\npolicy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development\nof the business. Management monitors return of capital, as well as the level of dividends to shareholders.\n\n \n\nThe capital structure\nof the Group consists of debt, which includes the borrowings and lease obligations disclosed in Note 15 and 16 respectively, cash and\ncash equivalents and bank overdraft disclosed in Note 13, and equity as disclosed in the consolidated statement of financial position.\n\n \n\nThere were no changes\nin the Group’s approach to the capital management during the financial year.\n\n \n\nIn order to maintain\nor adjust the capital structure, the Group may adjust the amounts of dividends paid to shareholders, return capital to shareholders,\nissue new shares or sell assets to reduce debt.\n\n \n\nF-46\n\n \n\n**29.2 Financial\nrisk management**\n\n** **\n\nThe Group has exposure\nto the following risks arising from financial instruments: credit risk, liquidity risk, currency and interest rate risk.\n\n \n\n*29.2 (a) Credit risk*\n\n* *\n\nCredit risk is\nthe risk of financial loss to the Group if a customer or financial institution where deposits are held fail to meet the contractual obligations,\nand arises principally from the Group’s receivables from customers, cash deposits and cash equivalents.\n\n \n\nCredit risk is\nmanaged by each subsidiary subject to the Group’s established policy and procedure. The Group has a general credit policy of only\ndealing with credit worthy customers. A significant element of its individual customers is on debit-order payment method to assess credit\nrisk.\n\n \n\nTrade receivables\ncomprise a widespread customer base. Management evaluates credit risk relating to customers on an ongoing basis. If customers are independently\nrated, these ratings are used. Otherwise, if there is no independent rating, risk control assesses the credit quality of the customer,\ntaking into account its financial position, past experience and other factors. Individual risk limits are set based on internal or external\nratings in accordance with limits set by the Directors. The utilization of credit limits is regularly monitored. The Group does not have\nany significant credit risk exposure to any single customer or any Group of customers having similar characteristics.\n\n \n\nThere has been\nno change in credit risk estimation techniques since the last financial year. The carrying amounts of financial assets represent the\nmaximum credit exposure. Expected credit losses on financial assets recognized in profit or loss were as follows:\n\n \n\n  \nYear ended February 28/29 \n\nFigures in Rand thousands \n2026  \n2025  \n2024 \n\n  \n    \n    \n   \n\nExpected credit loss provision on trade receivables arising from contracts with customers \n 124,532  \n 114,555  \n 109,422 \n\n \n\n*Trade receivables*\n\n* *\n\nThe Group’s exposure to credit risk is influenced mainly by the\nindividual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its\ncustomer base, including the default risk associated with the country in which the customer operates. The Group’s trade receivables\nconcentration is consistent with concentration of revenue as disclosed in Note 19.\n\n \n\n*Expected credit loss assessment process\nfollowed in the current financial year*\n\n* *\n\nAn impairment analysis is performed\nat each reporting date using a provision matrix to measure expected credit losses.\n\n \n\nThe provision rates\nare based on days since invoicing date for various groupings of various customer segments with similar loss patterns.\n\n \n\nThe calculation\nreflects the probability-weighted outcome and reasonable and supportable information that is available at the reporting date about past\nevents, current conditions and forecasts of future conditions.\n\n \n\nThe following table\nprovides information about the expected credit loss rate for trade receivables by ageing category:\n\n \n\nFigures in Rand thousands \nExpected\ncredit loss\nrate  \nGross\ncarrying\namount  \nImpairment\nloss\nallowance \n\n  \n   \n   \n  \n\nAt February 28, 2026 \n   \n   \n  \n\nSince invoicing \n 13% \n 134,740  \n 17,021 \n\n1 month since invoicing date \n 9% \n 141,612  \n 12,552 \n\n2 months since invoicing date \n 25% \n 43,868  \n 11,013 \n\n3 months since invoicing date \n 57% \n 414,927  \n 235,065 \n\nTotal \n 37% \n 735,147  \n 275,651 \n\n  \n    \n    \n   \n\nAt February 28, 2025 \n    \n    \n   \n\nSince invoicing \n 6% \n 229,073  \n 13,546 \n\n1 month since invoicing date \n 12% \n 82,721  \n 10,302 \n\n2 months since invoicing date \n 23% \n 38,484  \n 8,998 \n\n3 months since invoicing date \n 55% \n 322,461  \n 178,060 \n\nTotal \n 31% \n 672,739  \n 210,906 \n\n \n\nF-47\n\n \n\n*Cash and cash\nequivalents*\n\n \n\nThe Group held\ncash and cash equivalents of ZAR 621.2 million as at February 28, 2026 (2025: ZAR 643.3 million) and short term deposits amounting\nto ZAR 532.7 million as at February 28, 2026 (2025: ZAR 399.5 million). The amounts are held with major banks and financial\ninstitutions which are rated and regulated in each country. Management believes that these financial institutions are of high credit\nquality and continually monitors the credit worthiness of these financial institutions. None of the bank’s holding deposits\nshow financial strain. Impairment on cash and cash equivalents at bank and short term deposits has been measured on a 12-month\nexpected loss and reflect the short maturity of the exposures. The Group considers that its cash and cash equivalents at bank and\nshort term deposits have low credit risk and the amount of the allowance to be insignificant.\n\n \n\n*29.2 (b) Liquidity risk*\n\n* *\n\nThe Group manages\nliquidity risk through an ongoing review of future commitments and ensures that there is adequate funding available in terms of cash\nreserves and committed funding facilities.\n\n \n\nCash flow forecasts\nare prepared and available borrowing facilities are monitored on an ongoing basis.\n\n \n\n*Exposure to liquidity risk*\n\n* *\n\nThe table below\nanalyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial\nposition to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows and includes\ncontractual interest payments.\n\n \n\nFigures\nin Rand thousands \nLess\nthan\n1 year  \n2\nyears  \n3\nyears  \n4\nyears  \n5\nyears\n\nor more  \nTotal \n\n  \n   \n   \n   \n   \n   \n  \n\nAt\nFebruary 28, 2026 \n   \n   \n   \n   \n   \n  \n\nTerm\nloans \n 83,386  \n 79,288  \n 75,643  \n 72,243  \n 313,232  \n 623,792 \n\nLease\nobligations \n 141,305  \n 113,304  \n 61,317  \n 9,218  \n 1,263  \n 326,407 \n\nTrade\nand other payables \n 522,978  \n -  \n -  \n -  \n -  \n 522,978 \n\nLoan\nfrom a related party \n 85  \n -  \n -  \n -  \n -  \n 85 \n\nBank\noverdraft \n 407,668  \n -  \n -  \n -  \n -  \n 407,668 \n\n  \n    \n    \n    \n    \n    \n   \n\nAt\nFebruary 28, 2025 \n    \n    \n    \n    \n    \n   \n\nTerm\nloans \n 306,556  \n 6,355  \n 6,355  \n 6,289  \n 16,414  \n 341,969 \n\nLease\nobligations \n 84,398  \n 69,922  \n 46,061  \n 16,821  \n 788  \n 217,990 \n\nTrade\nand other payables \n 414,147  \n -  \n -  \n -  \n -  \n 414,147 \n\nLoan\nfrom a related party \n 138  \n -  \n -  \n -  \n -  \n 138 \n\nBank\noverdraft \n 205,299  \n -  \n -  \n -  \n -  \n 205,299 \n\n \n\n*29.2 (c) Currency\nrisk*\n\n \n\nThe Group is exposed\nto currency risk to the extent that sales, purchases, and borrowings of the foreign operations are denominated in a currency other than\nthe respective functional currencies of Group companies. The functional currencies of Group companies are primarily the ZAR, USD, Euro\n(EUR), Mozambican metical (MZN), the Singapore dollar (SGD) and Polish zloty (PLN).\n\n \n\nThe Group does not apply hedge accounting.\n\n \n\n*Exposure to currency risk*\n\n* *\n\nThe summarized quantitative data about\nthe Group’s exposure to currency risk of the Group is as follows:\n\n \n\nFigures in Rand thousands \nUSD  \nEUR  \nSGD \n\n  \n   \n   \n  \n\nAt February 28, 2026 \n   \n   \n  \n\nTrade and other receivables \n 33,769  \n 41,124  \n 33,811 \n\nCash and cash equivalents \n 904,290  \n 16,928  \n 11,501 \n\nTrade and other payables \n (3,383) \n (45,497) \n (23,301)\n\n  \n 934,676  \n 12,555  \n 22,011 \n\n  \n    \n    \n   \n\nAt February 28, 2025 \n    \n    \n   \n\nTrade and other receivables \n 55,354  \n 34,535  \n 50,212 \n\nCash and cash equivalents \n 825,778  \n 16,614  \n 16,561 \n\nTrade and other payables \n (4,334) \n (36,366) \n (34,472)\n\n  \n 876,798  \n 14,783  \n 32,301 \n\n \n\nF-48\n\n \n\n*Sensitivity\nanalysis*\n\n* *\n\nA strengthening/weakening\nof the ZAR against the USD, EUR and SGD, at year-end would have impacted the measurement of financial instruments denominated in a foreign\ncurrency, equity and profit or loss by the amounts shown below. The analysis assumes that all other variables remain constant. A factor\nchange of 10% has been applied to the exchange rates.\n\n \n\nFigures in Rand thousands \nStrengthening of ZAR  \nWeakening of ZAR \n\n  \n   \n  \n\nFebruary 28, 2026 \n   \n  \n\nUSD \n (93,468) \n 93,468 \n\nEUR \n (1,626) \n 1,626 \n\nSGD \n (2,201) \n 2,201 \n\n  \n (97,295) \n 97,295 \n\n  \n    \n   \n\nFebruary 28, 2025 \n    \n   \n\nUSD \n (87,680) \n 87,680 \n\nEUR \n (1,478) \n 1,478 \n\nSGD \n (3,230) \n 3,230 \n\n  \n (92,388) \n 92,388 \n\n \n\n*29.2 (d) Interest\nrate risk*\n\n \n\nInterest rate risk\nis the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates.\nThe Group’s exposure to interest rate risk relates primarily to the Group’s loan obligations with variable interest rates\nas follow:\n\n \n\n  ● The term loan granted by Standard Bank of South Africa Limited in June 2024 bears interest at a rate equivalent to the prime rate less 1.75%.\n\n \n\n  ● The term loan with Banco Comercial Português, S.A attracts interest at a rate of 0.75% p.a plus 6-months EURIBOR.\n\n \n\n  ● The bank overdraft facility with Capitec Bank Limited, previously Mercantile Bank (“Capitec Bank”) attracts interest at Capitec Bank’s prime lending rate, which as at the date of this annual report was 10.50% p.a.\n\n \n\n●The working capital facility\nwith The Standard Bank of South Africa Limited (“Standard Bank”), attracts interest at Standard Bank’s prime lending\nrate minus 1%, which as at the date of this annual report was 9.50% p.a.\n\n \n\nNo financial instruments were entered\ninto to mitigate the risk of interest rate movements.\n\n \n\n*Interest rate sensitivity*\n\n* *\n\nThe following table\nillustrates the effects on Group’s earnings and equity, all other factors remaining constant. A factor of 1% has been applied to\nthe interest rates:\n\n \n\n  \nAs of February 28 \n\nFigures in Rand thousands \n2026  \n2025 \n\n  \n   \n  \n\nEffect on profit before tax (1% increase) \n (8,554) \n (5,203)\n\nEffect on profit before tax (1% decrease) \n 8,554  \n 5,203 \n\n \n\nF-49\n\n \n\n**30. ANALYSIS\nOF ASSETS AND LIABILITIES BY FINANCIAL INSTRUMENT CLASSIFICATION**\n\n** **\n\nThe following table\nshows the carrying amounts and classification of financial assets and financial liabilities. The carrying amounts approximate their fair\nvalues.\n\n \n\n  \n   \nAs of February 28 \n\nFigures in Rand thousands \nNotes  \n2026  \n2025 \n\n  \n   \n   \n  \n\nFinancial assets (at amortized cost) \n   \n   \n  \n\nLoan to a related party \n12  \n 28,700  \n 28,700 \n\nTrade and other receivables (exclude prepayments and other taxes) \n11  \n 511,611  \n 538,186 \n\nCash and cash equivalents \n13  \n 1,153,874  \n 1,042,882 \n\n  \n   \n 1,694,185  \n 1,609,768 \n\n  \n   \n    \n   \n\nFinancial liabilities (at amortized cost) \n   \n    \n   \n\nLoan from a related party \n12  \n 85  \n 138 \n\nTrade and other payables (exclude other taxes) \n18  \n 522,978  \n 414,147 \n\nTerm loans \n15  \n 448,652  \n 314,953 \n\nBank overdraft \n13  \n 407,668  \n 205,299 \n\n  \n   \n 1,379,383  \n 934,537 \n\n \n\nF-50\n\n \n\n**31. FAIR VALUE\nOF ASSETS AND LIABILITIES**\n\n** **\n\n*Fair value hierarchy*\n\n* *\n\nThe Group categorizes fair value measurement\nusing a fair value hierarchy that is dependent on the valuation inputs used as follows:\n\n \n\n \nLevel 1:\nQuoted prices (unadjusted)\nin active markets for identical assets or liabilities that the Group can access at the measurement date.\n\n \n\n \nLevel 2:\nInputs other than quoted\nprices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e.\nderived from prices).\n\n \n\n \nLevel 3:\nUnobservable inputs for\nthe asset or liability\n\n \n\nFair value measurements\nthat use inputs of different hierarchy levels are categorized in its entirety in the same level of the fair value hierarchy as the lowest\nlevel input that is significant to the entire measurement.\n\n* *\n\n*Assets and liabilities not measured\nat fair value, for which fair value is disclosed*\n\n* *\n\nAs of February\n28, 2026, the fair value of loan to a related party as disclosed in the table below is based on significant unobservable inputs (Level\n3) and have been calculated by discounting the expected future cash flows using rates currently available for instruments on with similar\nterms, credit risk and remaining maturities.\n\n \n\n  \nAs of February 28, 2026 \n\nFigures in Rand thousands \nNotes  \nCarrying\n\namount  \nAggregate fair\nvalue \n\n  \n   \n    \n   \n\nLoan to a related party \n12  \n 28,700  \n 28,700 \n\n* *\n\n*Fair value of financial instruments\nby classes that are not carried at fair value and whose carrying amounts are reasonable approximation of fair value*\n\n* *\n\nCash and cash equivalents\n(Note 13), trade and other receivables (Note 11), trade and other payables (Note 18), term loans (Note 15), loan from a related party\n(Note 12), and lease liabilities (Note 16). The carrying amounts of these financial assets and liabilities are reasonable approximation\nof fair values as they are short term in nature, market interest rate instruments.\n\n \n\n*Fair value of financial instrument\nclasses that are not carried at fair value and whose carrying amounts are not reasonable approximation of fair value*\n\n* *\n\nThere are no financial instruments that\nare not carried at fair value and whose carrying amounts are not reasonable approximation of fair value.\n\n \n\nF-51\n\n \n\n**32. BASIC AND\nDILUTED EARNINGS PER SHARE INFORMATION**\n\n** **\n\n*Basic and diluted earnings per share*\n\n* *\n\nThe calculation of basic and diluted\nearnings per share has been based on the profit attributable to ordinary shareholders and the weighted average number of ordinary shares\nin issue.\n\n \n\n  \nYear ended February 28/29 \n\n  \n2026  \n2025  \n2024 \n\nBasic earnings \n   \n   \n  \n\nProfit attributable to ordinary shareholder of Karooooo (ZAR ’000) \n 993,920  \n 921,031  \n 738,191 \n\n  \n    \n    \n   \n\nWeighted average number of ordinary shares issued \n 30,893,300  \n 30,894,805  \n 30,948,470 \n\n  \n    \n    \n   \n\nBasic and diluted earnings per share (ZAR) \n 32.17  \n 29.81  \n 23.85 \n\n* *\n\n*Diluted earnings per share*\n\n \n\nThere are no dilutive instruments and\ntherefore diluted earnings per share is the same as basic earnings per share.\n\n \n\nF-52\n\n \n\n**33. FUNDING\nFACILITIES**\n\n** **\n\n**Bank overdraft\nand overdraft facilities**\n\n** **\n\nIn March 2020,\nCartrack Proprietary Limited entered into an unsecured short-term overdraft and other facilities with Capitec Bank Limited,\npreviously Mercantile Bank (“Capitec Bank”), pursuant to a Short-Term Facility Letter, as amended and supplemented from\ntime to time (the “Overdraft Facility”). Pursuant to the most recent Addendum to the Short-Term Facility Letter, dated\nJune 23, 2025, the Overdraft Facility was increased to ZAR 300.0 million. Amounts due under the Overdraft Facility bear interest at\nCapitec Bank’s prime lending rate, which as at the date of this annual report was 10.50%. Subject to completion of the annual\nreview, Capitec Bank has approved the extension of the expiry date to June 30, 2026.\n\n \n\nIn August\n2025, Cartrack Proprietary Limited entered into an unsecured short-term working capital and other facilities with The Standard Bank\nof South Africa Limited (“Standard Bank”), pursuant to a Short-Term Facility Letter, as amended and supplemented from\ntime to time (the “Working Capital Facility”). The Working Capital Facility amounts to ZAR 300.0 million. Amounts due\nunder the Working Capital Facility bear interest at Standard Bank’s prime lending rate minus 1%, which as at the date of this\nannual report was 9.50%.\n\n \n\nAs of February 28, 2026, ZAR 407.7\nmillion (2025: ZAR 205.3 million) of the facilities had been utilized.\n\n \n\n**34. COMMITMENTS**\n\n** **\n\nOther than the lease commitments disclosed in Note 16, as at February\n28, 2026 and 2025, the Group has no outstanding commitments for capital expenditure.\n\n \n\n**35. SUBSEQUENT\nEVENTS**\n\n** **\n\nThere were no material\nevents subsequent to the end of the financial year that require disclosure or adjustment.\n\n \n\nF-53\n\n \n\n \n\n \n\nInternational Financial Reporting Standards\n\n9782000\n\n8303000\n\n5465000\n\nIncluded in Asia-Pacific is non-current assets from Singapore amount to ZAR164.6 million (2025: ZAR185.8 million).\n\nIn January 2026, Cartrack Espana. S.L.U., secured a EUR0.08 million loan, from Abanca- Préstamo. The loan bears an interest rate of 3.5% per year and will mature on April 22, 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