Karooooo Ltd (KARO) 2026 Q1 法說會逐字稿

Hello, and welcome to Karooooo's Q1 FY 2026 earnings call. On behalf of crew, we would like to thank you for joining us today. I'm Paul Bieber, VP of Investor Relations and Strategic Finance. We are joined today by Zak Calisto, Founder and Group CEO; Hoeshin Goy Chief Financial Officer; and Carmen Carlosa, Chief Strategy and Marketing Officer.

您好，歡迎參加 Karooooo 2026 財年第一季財報電話會議。我謹代表全體船員感謝您今天的加入我們。我是保羅‧比伯 (Paul Bieber)，投資人關係與策略財務副總裁。今天與我們一起出席的嘉賓有：創辦人兼集團執行長 Zak Calisto、財務長 Hoeshin Goy 和首席策略與行銷長 Carmen Carlosa。

I would like to remind everyone that some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions. They are subject to several risks and uncertainties.

我想提醒大家，我們今天就業務營運和財務表現所做的一些聲明可能被視為前瞻性的。這些聲明是基於當前的預期和假設。它們面臨多種風險和不確定性。

Our actual results could differ materially. Please refer to the Safe Harbor statement in our Form 20-F, including the risk factors and the 6-K that we filed yesterday. We undertake no obligation to update any forward-looking statements.

我們的實際結果可能會有重大差異。請參閱我們 20-F 表中的安全港聲明，包括風險因素和我們昨天提交的 6-K。我們不承擔更新任何前瞻性陳述的義務。

During this call, we will present both IFRS and non-IFRS financial measures. A reconciliation of non-IFRS to IFRS measures is included in the 6-K that we filed with the SEC yesterday. Our comments will refer to year over year comparisons unless we state otherwise.

在本次電話會議中，我們將介紹國際財務報告準則 (IFRS) 和非國際財務報告準則 (NON-IFRS) 的財務指標。我們昨天向美國證券交易委員會 (SEC) 提交的 6-K 文件中包含了非國際財務報告準則與國際財務報告準則衡量標準的對帳。除非另有說明，我們的評論將參考同比比較。

I will now pass the presentation over to Carmen.

現在我將演講交給卡門。

Welcome to Karooooo's Q1 FY'26 financial results presentation. For those new to Karooooo, we operate a SaaS platform for connected vehicles and mobile assets that enables businesses to enhance operational efficiency, reduce costs, improve safety, and ensure compliance. We help businesses simplify decision making to optimize their physical operations.

歡迎參加 Karooooo 26 財年第一季財務業績報告。對於 Karooooo 的新用戶，我們經營一個用於連網汽車和行動資產的 SaaS 平台，使企業能夠提高營運效率、降低成本、提高安全性並確保合規性。我們幫助企業簡化決策以優化其實體營運。

We serve a large, under penetrated market with strong sustained demand driven by digital transformation, a constant need to improve operational efficiency, and an increasing focus on safety and compliance. We are a founder-led business with a strong financial profile, a proven track record of execution excellence. And cultural focus on discipline, capital allocation, and operational efficiency.

我們服務於一個龐大但滲透率較低的市場，該市場在數位轉型的推動下需求持續強勁，需要不斷提高營運效率，並且越來越注重安全和合規性。我們是一家由創辦人領導的企業，擁有強大的財務狀況和卓越的執行記錄。文化重點在於紀律、資本配置和營運效率。

Our platform supports more than 2.4 million subscribers across more than 125,000 businesses in South Africa, Southeast Asia, and Europe, spanning industries such as logistics, mining, agriculture, construction, retail, and the public sector.

我們的平台支援南非、東南亞和歐洲超過 125,000 家企業的 240 多萬用戶，涉及物流、採礦、農業、建築、零售和公共部門等行業。

Our financial model is anchored by attractive growth, high margin subscription revenue, exceptional commercial ARR retention, and powerful unit economics.

我們的財務模式以有吸引力的成長、高利潤的訂閱收入、卓越的商業 ARR 保留和強大的單位經濟為基礎。

Our Q1 FY '26 annual recurring revenue, or ARR increased 18% to ZAR4.574 million and on a US dollar basis, ARR increased 24% to $254 million. Subscription revenue accounted for 98% of Cartrack revenue, and our commercial customer ARR retention rate remains at 95%.

我們的 26 財年第一季年度經常性收入（ARR）成長 18%，達到 457.4 萬南非蘭特；以美元計算，ARR 成長 24%，達到 2.54 億美元。訂閱收入佔 Cartrack 收入的 98%，我們的商業客戶 ARR 保留率維持在 95%。

We continue to scale our proprietary data asset, now generating over 220 billion data points monthly, which we leverage to deliver impactful insights and value to our customers. Finally, our LTV to CAC remained above nine times, enabled by strong retention, disciplined capital allocation, and efficient distribution, which are embedded in our vertically integrated business model and company culture.

我們繼續擴大我們的專有數據資產，現在每月產生超過 2200 億個數據點，我們利用這些數據為客戶提供有影響力的見解和價值。最後，我們的 LTV 與 CAC 比率保持在 9 倍以上，這得益於強大的留存率、嚴格的資本配置和高效的分銷，這些都融入了我們的垂直整合業務模式和公司文化中。

During our presentation, we will review both of Karooooo's operating segments, Cartrack and Karooooo Logistics. Cartrack is our operations management SaaS platform. Cartrack operates at scale and has a very attractive financial profile. Cartrack's operating momentum is the primary driver of Karooooo's growth and strong financial performance.

在我們的演示中，我們將回顧 Karooooo 的兩個營運部門，Cartrack 和 Karooooo Logistics。Cartrack 是我們的營運管理 SaaS 平台。Cartrack 營運規模龐大，財務狀況也十分優異。Cartrack 的營運動能是 Karooooo 成長和強勁財務表現的主要驅動力。

In Q1, Cartrack delivered strong results highlighted by accelerating subscription revenue growth across all regions. These results reflect the early returns from the strategic investments we've made in expanding our sales capacity in recent quarters. In Q1, Cartrack generated ZAR1.1 billion in subscription revenue, an increase of 19% or 24% on a US dollar basis. Notably, Cartrack's subscription revenue accelerated this quarter. Cartrack's operating profit margin was a healthy 30%.

第一季度，Cartrack 取得了強勁的業績，突顯為所有地區的訂閱收入加速成長。這些結果反映了我們最近幾季為擴大銷售能力所做的策略投資的早期回報。第一季度，Cartrack 的訂閱收入為 11 億南非蘭特，成長 19%，以美元計算成長 24%。值得注意的是，Cartrack 的訂閱收入本季加速成長。Cartrack 的營業利潤率達到了健康的 30%。

Karooooo Logistics is our rapidly growing delivery as a service offering that empowers large enterprise customers to scale their e-commerce and logistics operations. Karooooo Logistics is showing strong growth and operating momentum and driving real value for our enterprise customers. We report Karooooo Logistics separately as the delivery as a service offering differs from Cartrack SaaS financial profile.

Karooooo Logistics 是我們快速發展的配送服務，可協助大型企業客戶擴展其電子商務和物流業務。Karooooo Logistics 展現出強勁的成長和營運勢頭，並為我們的企業客戶帶來真正的價值。我們單獨報告 Karooooo Logistics，因為其交付即服務產品與 Cartrack SaaS 的財務狀況不同。

Karooooo Logistics is strategically important to us as it empowers our customers to scale their e-commerce and logistics operations through a capital light model while driving high Cartrack customer retention. We continue to profitably scale the Karooooo Logistics business. In Q1, Karooooo Logistics delivery as a service revenue reached ZAR121 million an increase of 20% or 26% on a US dollar basis. Given Karooooo Logistics' robust revenue growth, we are very excited about the long-term growth opportunity.

Karooooo Logistics 對我們具有戰略重要性，因為它使我們的客戶能夠透過輕資本模式擴大其電子商務和物流業務，同時提高 Cartrack 客戶保留率。我們繼續獲利性地擴大 Karooooo Logistics 業務。第一季度，Karooooo Logistics 配送服務營收達到 1.21 億南非蘭特，成長 20%，以美元計算成長 26%。鑑於 Karooooo Logistics 強勁的營收成長，我們對長期成長機會感到非常興奮。

In Q1, Karooooo delivered total revenue of ZAR1.277 million, an increase of 18%, subscription revenue of ZAR1.141 million, an increase of 18%, earnings per share of ZAR8.55, an increase of 19%, and total subscribers of approximately 2.4 million, an increase of 17%.

第一季度，Karooooo 總營收為 1,27.7 萬南非蘭特，較去年同期成長 18%，訂閱營收為 1,14.1 萬南非蘭特，較去年同期成長 18%，每股盈餘為 8.55 南非蘭特，較去年同期成長 19%，總訂閱用戶數約為 240 萬，較去年同期成長 17%。

Cartrack's subscription revenue growth of 19% and operating profit margin of 30% underpinned our stellar financial performance in Q1. It's noteworthy that Cartrack's operating profit margin was stable at 30% despite the increased investment in sales capacity and infrastructure to drive accelerating growth.

Cartrack 的訂閱收入成長了 19%，營業利潤率達到了 30%，這鞏固了我們第一季出色的財務表現。值得注意的是，儘管Cartrack增加了對銷售能力和基礎設施的投資以推動加速成長，但其營業利潤率仍穩定在30%。

Q1 continued our track record of delivering profitable growth at scale. In Q1, we were a Rule of 60 company when adding our Cartrack's subscription revenue growth of 19% and our Cartrack adjusted EBITDA margin of 46%.

第一季我們延續了大規模獲利成長的記錄。在第一季度，我們的 Cartrack 訂閱營收成長了 19%，Cartrack 調整後的 EBITDA 利潤率為 46%，因此我們成為了一家「60 法則」公司。

Before detailing our Q1 financial and operational accomplishments, we want to take a moment to underscore our distinctive financial profile, something that is exceptionally rare in the public markets, particularly among small cap companies.

在詳細介紹我們第一季的財務和營運表現之前，我們想花點時間強調我們獨特的財務狀況，這在公開市場，尤其是在小型公司中極為罕見。

We believe we are among a select few SaaS companies operating at a Rule of 50 plus based on calendar year 2025 GAAP Street estimates. Within a SaaS universe of approximately 160 companies, we believe we are the only small cap company operating at this level. Being part of this elite group reflects our unwavering commitment to disciplined and profitable growth.

我們相信，根據 2025 年 GAAP Street 的估計，我們是少數幾家按照 50 規則運營的 SaaS 公司之一。在約 160 家公司的 SaaS 領域中，我們相信我們是唯一一家在此級別運營的小型股公司。成為這個精英團體的一部分體現了我們對有紀律和獲利成長的堅定承諾。

Moving on to our Q1 financial and operational highlights. In Q1, SaaS ARR accelerated to 18% compared to Q4 FY '25's growth of 17%. On a US dollar basis, Q1 SaaS ARR accelerated to 24% compared to Q4 FY '25's growth of 21%.

接下來介紹我們第一季的財務和營運亮點。第一季度，SaaS ARR 成長至 18%，而 25 財年第四季的成長率為 17%。以美元計算，第一季 SaaS ARR 成長至 24%，而 25 財年第四季的成長為 21%。

Cartrack's subscription revenue growth accelerated to 19% compared to Q4 FY '25's growth of 16%. On a US dollar basis, Cartrack's subscription revenue accelerated to 24% compared to Q4's growth of 20%.

Cartrack 的訂閱營收成長率加速至 19%，而 25 財年第四季的成長率為 16%。以美元計算，Cartrack 的訂閱收入成長 24%，而第四季的成長為 20%。

Cartrack's total subscribers increased 17%, highlighted by stable growth in South Africa and an acceleration of growth in Southeast Asia to 22%. We also delivered record Q1 net subscriber editions. Q1, average revenue per user or ARPU increased 2% in ZAR or 6% on a US dollar basis as we started to deliver on our aim to increase ARPU in South Africa in FY '26. Cartrack's operating profit margin was a healthy 30% and benefited from disciplined expense management and modest ARPU growth.

Cartrack 的總訂閱用戶數增加了 17%，其中南非地區的成長穩定，東南亞地區的成長加速至 22%。我們也發布了創紀錄的第一季淨訂戶版本。第一季度，我們開始實現 2026 財年增加南非 ARPU 的目標，以南非蘭特計算，每位用戶平均收入或 ARPU 成長了 2%，以美元計算，成長了 6%。Cartrack 的營業利潤率達到了健康的 30%，這得益於嚴格的費用管理和適度的 ARPU 成長。

Karooooo earnings per share of 8.55% increased 19%. We remained a Rule of 60 company, and our balance sheet remained strong and unleveraged. We ended the quarter with net cash and cash equivalents ofZAR1.103 million

Karooooo每股收益成長8.55%，漲幅達19%。我們仍然是一家 60 規則公司，我們的資產負債表依然強勁且無槓桿。本季末，我們的淨現金和現金等價物為 110.3 萬南非蘭特

Our healthy subscription growth margin, efficient customer acquisition, and attractive commercial customer ARR retention rate continued to drive our healthy unit economics. In Q1, our subscription gross margin was 74%, our LTV to CAC ratio remained above nine times, and our commercial customer ARR retention rate was 95%. We are also experiencing attractive ARR growth with our retained customers.

我們健康的訂閱成長利潤率、高效的客戶獲取以及有吸引力的商業客戶 ARR 保留率繼續推動我們健康的單位經濟。第一季度，我們的訂閱毛利率為 74%，LTV 與 CAC 比率維持在 9 倍以上，商業客戶 ARR 留存率為 95%。我們的保留客戶也實現了可觀的 ARR 成長。

It's noteworthy that we accelerated our subscription revenue growth in Q1 while maintaining healthy unit economics. We are excited about our massive TAM and remain committed to profitable growth as we pursue the expansive growth opportunity ahead of us.

值得注意的是，我們在第一季加速了訂閱收入的成長，同時維持了健康的單位經濟效益。我們對我們龐大的 TAM 感到興奮，並在追求未來廣闊的成長機會的同時，繼續致力於實現獲利成長。

We ended Q1 with approximately 1.8 million subscribers in South Africa, an increase of 16%. South Africa's subscription revenue comprised 70% of our total subscription revenue, and South Africa's subscription revenue growth accelerated to 16%.

第一季結束時，我們在南非擁有約 180 萬用戶，成長了 16%。南非的訂閱收入占我們總訂閱收入的70%，南非的訂閱收入成長率加速至16%。

We are encouraged by the strong teams that we are building in South Africa to accelerate organic growth, broaden our customer base, and increase subscription sales to existing customers in the region. We continue to see a compelling market opportunity in South Africa, driven by ongoing digital transformation, rising demand for video solutions, and the market expanding impact of Cartrack tag. With a trusted brand and an experienced team, we continue to see a compelling market opportunity in South Africa.

我們對在南非建立的強大團隊感到鼓舞，這將加速有機成長，擴大我們的客戶群，並增加該地區現有客戶的訂閱銷售。我們繼續看到南非極具吸引力的市場機遇，這得益於持續的數位轉型、對視訊解決方案不斷增長的需求以及 Cartrack 標籤的市場擴大影響。憑藉著值得信賴的品牌和經驗豐富的團隊，我們繼續看到南非極具吸引力的市場機會。

We ended Q1 with approximately 290,000 subscribers in Southeast Asia and the Middle East, with most of the subscribers in Southeast Asia. Southeast Asia and the Middle East subscriber growth accelerated to 22% and is now 17% of our total subscription revenue.

截至第一季度，我們在東南亞和中東地區擁有約 29 萬名用戶，其中大部分用戶位於東南亞。東南亞和中東地區的訂閱用戶成長率加速至 22%，目前占我們總訂閱收入的 17%。

Southeast Asia continues to present the largest growth opportunity over the medium to long term and is our fastest growing region. In Q1, Southeast Asia and the Middle East, subscription revenue growth accelerated to 30%. We aim to increase our sales headcount by 70% by February 2026 compared to February 2025.

東南亞在中長期持續呈現最大的成長機會，也是我們成長最快的地區。第一季度，東南亞和中東地區訂閱收入成長加速至30%。我們的目標是到 2026 年 2 月將銷售人員數量較 2025 年 2 月增加 70%。

Our differentiated SaaS platform, growing brand equity built on superior customer service, service delivery and distribution, and attractive regional macro trends should provide us with a solid foundation to drive continued growth and expansion in the region for many years to come.

我們差異化的 SaaS 平台、建立在卓越客戶服務、服務交付和分銷基礎上的不斷增長的品牌資產以及具有吸引力的地區宏觀趨勢將為我們在未來許多年推動該地區持續增長和擴張奠定堅實的基礎。

We believe Southeast Asia is a vast and under penetrated market for sophisticated fleet management and video-based solutions, and we are excited about the vast growth for runway ahead.

我們相信東南亞是一個龐大且尚未完全滲透的複雜機隊管理和視訊解決方案市場，我們對未來的巨大成長感到興奮。

We ended Q1 with approximately 210,000 subscribers in Europe, an increase of 20%. Europe is now 10% of our total subscription revenue, and European subscription revenue growth accelerated to 22%. On a constant currency basis, European subscription revenue growth accelerated to 20%. We have partnered with leading OEMs to provide easy access to our platform, seamlessly integrating their connected vehicle data to our platform through APIs.

截至第一季度，我們在歐洲擁有約 21 萬名用戶，成長了 20%。歐洲目前占我們總訂閱收入的 10%，歐洲訂閱收入成長率加速至 22%。以固定匯率計算，歐洲訂閱收入成長率加速至 20%。我們與領先的 OEM 合作，提供對我們平台的輕鬆訪問，並透過 API 將他們的連網車輛數據無縫整合到我們的平台。

We expect these partnerships to contribute to our results in the medium to long term. In addition, we are experiencing encouraging demand for our proprietary compliance technology in the area, as customers seek to simplify compliance with evolving legislation and enforcement. We continue to accelerate our organic growth, expand our customer base, and increase subscription sales to existing customers in the region.

我們期望這些合作關係能夠在中長期內為我們的業績做出貢獻。此外，隨著客戶尋求簡化對不斷發展的立法和執法的遵守，我們在該領域對我們專有的合規技術的需求正在令人鼓舞。我們持續加速有機成長，擴大客戶群，並增加該地區現有客戶的訂閱銷售。

In Q1, Karooooo Logistics continued to build scale and delivered revenue of ZAR121 million, an increase of 20%, and an 8% operating profit margin. Karooooo Logistics supports our strong financial performance by immersing our platform into large customers' operations, contributing to strong customer retention. Karooooo Logistics also enables us to learn about the operational and logistics challenges confronting our large customers.

第一季度，Karooooo Logistics 持續擴大規模，實現營收 1.21 億南非蘭特，成長 20%，營業利潤率達 8%。Karooooo Logistics 透過將我們的平台融入大客戶的營運中來支持我們強勁的財務業績，有助於提高客戶保留率。Karooooo Logistics 也讓我們能夠了解大客戶面臨的營運和物流挑戰。

We see a large opportunity for Karooooo Logistics going forward as large businesses seek to increase their e-commerce offerings and optimize their logistics capabilities through a capital light model.

隨著大型企業尋求透過輕資本模式增加其電子商務產品並優化其物流能力，我們看到 Karooooo Logistics 未來的巨大機會。

In Q1, we made good progress with our FY '26 priorities. First, we've begun strengthening our leadership position in South Africa by selling our video solutions and Cartrack tag to our existing customer base. This initiative has demonstrated early traction as reflected in a 2% ARPU increase in Q1.

在第一季度，我們在 26 財年的優先事項上取得了良好進展。首先，我們透過向現有客戶群銷售視訊解決方案和 Cartrack 標籤來開始加強我們在南非的領導地位。這項舉措已初見成效，第一季 ARPU 值成長了 2%。

However, the dynamics on the ground are more nuanced. While video and bundled cartrack tags are positively contributing to ARPU expansion, sales momentum with standalone Cartrack tags, which carry a lower revenue per subscriber, is partially offsetting the ARPU uplift. We remain confident in our long-term ability to grow ARPU in South Africa, though reaching our 10% ARPU growth target for FY '26 may take a little longer than initially expected as we continue to build our internal capabilities. Longer term, we believe there is potential to increase South African ARPU by significantly more than 10%.

然而，實際情況更加微妙。雖然影片和捆綁 Cartrack 標籤對 ARPU 的成長做出了積極貢獻，但獨立 Cartrack 標籤的銷售勢頭（其每位用戶的收入較低）部分抵消了 ARPU 的提升。我們仍然對我們在南非長期提高 ARPU 的能力充滿信心，儘管由於我們繼續建立內部能力，實現 26 財年 10% 的 ARPU 成長目標可能比最初預期的時間要長一些。從長遠來看，我們相信南非的 ARPU 值有潛力大幅提高 10% 以上。

Second, we continue to expand our distribution footprint in Asia and Europe. We are seeing success in expanding our teams in the region.

其次，我們持續擴大在亞洲和歐洲的分銷範圍。我們在擴大該地區團隊方面取得了成功。

Finally, we continue to work with our customers globally to drive broader engagement with our platform and to capture the growing demand for video capabilities, including AI video.

最後，我們繼續與全球客戶合作，推動我們平台的更廣泛參與，並滿足對視訊功能（包括 AI 視訊）日益增長的需求。

Capital allocation is a fundamental part of our culture, and we aim to remain disciplined with our capital allocation strategy, rooted in a 20-year culture of profitable growth at scale and prudent financial management, key drivers of long-term shareholder value.

資本配置是我們文化的基本組成部分，我們的目標是保持嚴格的資本配置策略，該策略植根於 20 年的規模盈利增長和審慎財務管理文化，這是長期股東價值的關鍵驅動力。

Our capital allocation framework is unchanged and prioritizes. Organic growth and innovation. Our paramount priority is investing in organic growth and product innovation, given our strong unit economics, sustained profitability and large market opportunity.

我們的資本配置架構保持不變，並有優先順序。有機成長和創新。鑑於我們強大的單位經濟效益、持續的獲利能力和巨大的市場機會，我們的首要任務是投資有機成長和產品創新。

Returning capital to shareholders at current growth rates, our business generates significant excess cash. With our strong balance sheet and net cash position, we aim to return surplus capital to shareholders when we cannot efficiently invest it for growth, primarily through an annual dividend. As to avoid doubt, management prioritizes growth over dividends.

按照目前的成長率向股東返還資本，我們的業務產生了大量過剩現金。憑藉我們強大的資產負債表和淨現金狀況，當我們無法有效地將剩餘資本投資於成長時，我們的目標是將剩餘資本返還給股東，主要透過年度股息。為避免疑問，管理階層優先考慮成長而不是股息。

Strategic M&A. We take a prudent and strategic approach to M&A. We view M&A as a tool to accelerate time to market in key geographies, expand our product portfolio, or strengthen our competitive position. However, given our compelling organic growth profile, customer centric culture, and attractive unit economics, we set a high bar for any potential acquisitions. M&A opportunities must offer clear strategic value or optionality to meet our criteria. Ultimately, we see it as our responsibility to allocate capital thoughtfully, always with the goal of maximizing long-term shareholder returns.

戰略併購。我們對併購採取審慎且有策略的態度。我們將併購視為加速關鍵地區產品上市時間、擴大產品組合或加強競爭地位的工具。然而，鑑於我們引人注目的有機成長狀況、以客戶為中心的文化和誘人的單位經濟效益，我們對任何潛在的收購都設定了很高的標準。併購機會必須提供明確的策略價值或可選性才能滿足我們的標準。最終，我們認為我們的責任是審慎分配資本，始終以實現股東長期回報最大化為目標。

I will now hand over to Hoeshin, who will discuss our Q1 financial performance.

現在我將把時間交給 Hoeshin，他將討論我們第一季的財務表現。

Thank you, Carmen. I will now discuss Karooooo's financial performance for Quarter1 FY 2026. Please note my command will refer to year over year comparisons unless we state otherwise. Our proven and profitable sales business model continues to deliver strong results in quarter one.

謝謝你，卡門。現在我將討論 Karooooo 2026 財年第一季的財務表現。請注意，除非我們另有說明，否則我的命令將參考逐年比較。我們經過驗證且獲利的銷售業務模式在第一季持續取得強勁業績。

Karooooo's total subscription revenue increased 18% to ZAR1,141 million on US dollar basis. Karooooo's subscription revenue increased 24%. Operating profit increased 17% to ZAR352 million and adjusted earnings per share increased 19% to ZAR8.55.

Karooooo 的總訂閱收入以美元計算成長 18%，達到 11.41 億南非蘭特。Karooooo 的訂閱收入成長了 24%。營業利潤成長 17% 至 3.52 億南非蘭特，調整後每股收益成長 19% 至 8.55 南非蘭特。

We will now focus on Cartrack's financial performance, which is fuelled by revenue momentum. In quarter one, Cartrack's revenue increased 18% to ZAR1,156 million , and Cartrack's subscription revenue increased 19% to ZAR1,138 million . Subscription revenue comprised 98% of Cartrack's total revenue. Quarter one ARR increased 18% and 24% in ZAR and US dollar respectively.

我們現在將關注 Cartrack 的財務業績，該業績受到營收成長動能的推動。第一季度，Cartrack 的營收成長 18%，達到 11.56 億南非蘭特，Cartrack 的訂閱營收成長 19%，達到 11.38 億南非蘭特。訂閱收入佔 Cartrack 總營收的 98%。第一季的 ARR 以南非蘭特和美元計算分別成長了 18% 和 24%。

Our ARR growth is slightly lower than Cartrack subscription revenue growth due to several factors including the impact of FX, timing, and rounding. As you can see from the trend of the charts, Cartrack has a proven track record of scaling in varying macroeconomic conditions given our consistent executions, resilient subscription revenue model, and attractive historic retention rates. In quarter one, Cartrack experienced healthy customer acquisition. Quarter one subscriber increased 17% to approximately 2.4 million.

由於外匯、時間和四捨五入等因素的影響，我們的 ARR 成長略低於 Cartrack 訂閱收入成長。從圖表趨勢可以看出，憑藉我們一致的執行力、有彈性的訂閱收入模式和具有吸引力的過往留存率，Cartrack 在不同的宏觀經濟條件下擁有良好的擴展記錄。在第一季度，Cartrack 的客戶獲取情況良好。第一季用戶數量成長 17%，達到約 240 萬。

Subscription revenue increased 19% to ZAR1,138 million and operating profit increased 19% to a record ZAR342 million . Cartrack experience solid customer acquisition with record quarter one net subscriber edition of 84,000 and increase of 11%.

訂閱收入成長 19%，達到 11.38 億南非蘭特，營業利潤成長 19%，達到創紀錄的 3.42 億南非蘭特。Cartrack 的客戶獲取表現穩健，第一季淨訂戶數量創歷史新高，達到 84,000 人，增幅達 11%。

Cartrack continued to grow its subscription revenue across geographies, and subscription revenue growth accelerated across all regions. South Africa's subscription revenue growth accelerated to 16%. Asia and Middle East subscription revenue growth accelerated to 30%, and Europe's subscription revenue growth accelerated to 22%.

Cartrack 各地區的訂閱收入持續成長，且所有地區的訂閱收入成長均加速。南非訂閱收入成長加速至16%。亞洲和中東地區訂閱收入成長加速至30%，歐洲訂閱收入成長加速至22%。

The acceleration across regions reflects our execution track records and provides a solid foundation for continued growth.

各地區加速發展反映了我們的執行記錄，並為持續成長提供了堅實的基礎。

In quarter one, total subscriber growth of 17% remained healthy while SaaS ARR accelerated to 18% compared to 17% in quarter four FY 2025. We believe the acceleration in SaaS ARR reflects the underlying momentum in the business and signals that our strategic initiatives are gaining traction.

第一季度，總用戶成長率為 17%，維持健康成長勢頭，而 SaaS ARR 成長率則從 2025 財年第四季的 17% 加速至 18%。我們相信，SaaS ARR 的加速反映了業務的潛在發展勢頭，並表明我們的策略舉措正在獲得關注。

Kareooooo's earnings per share increased 19% to ZAR8.55 in quarter one. Earnings per share benefited from subscription revenue growth. In quarter one, Cartrack's earnings per share contribution increased 20% to ZAR8.37.

Kareooooo 在第一季每股收益成長 19%，達到 8.55 南非蘭特。每股收益受益於訂閱收入的成長。第一季度，Cartrack 的每股盈餘貢獻成長 20%，達到 8.37 南非蘭特。

Kareooooo's Logistic earning per share contribution was ZAR0.18 despite the increased investment in driver training and quality control to support growth. In quarter one, we resumed our significant free cash flow generation. Free cash flow was ZAR338 million and benefited from disciplined working capital management. The free cash flow generated is in line with Karooooo disciplined capital allocation strategy and supports our future growth.

儘管 Kareooooo 增加了對駕駛員培訓和品質控制的投資以支持成長，但其每股物流收益貢獻仍為 0.18 南非蘭特。第一季度，我們恢復了大量的自由現金流產生。自由現金流為 3.38 億南非蘭特，受益於嚴格的營運資本管理。產生的自由現金流符合 Karooooo 嚴格的資本配置策略，並支持我們未來的成長。

Our balance sheet reflects our track record of growth at scale, profitability, and cash generations. Our net cash on hand plus cash in bank fixed deposits was ZAR1,103 million . Debtors' collection days remain extremely healthy at 27 days and are within our historical norm.

我們的資產負債表反映了我們在規模、獲利能力和現金創造方面的成長記錄。我們的現金淨額加上銀行定期存款現金為 11.03 億南非蘭特。債務人的收款天數仍保持在 27 天的非常健康的水平，並且符合我們的歷史標準。

We are paying a total cash dividend of approximately $38.6 million to our shareholders in August 2025. That is a dividend of $1.25 per share.

我們將於 2025 年 8 月向股東支付總計約 3,860 萬美元的現金股利。即每股股息 1.25 美元。

We believe that our ability to generate healthy cash flow is sustainable given our annuity business model coupled with our track record of consistent execution and success.

我們相信，鑑於我們的年金業務模式以及我們持續執行和成功的記錄，我們產生健康現金流的能力是可持續的。

In FY 2026, we aim to accelerate car track subscription revenue growth by further expanding our distribution footprint in the existing market, driving broader platform adoptions, and capitalizing on growing demand for our AI video solutions.

在 2026 財年，我們的目標是透過進一步擴大我們在現有市場的分銷範圍、推動更廣泛的平台採用以及利用對我們的 AI 視訊解決方案日益增長的需求來加速賽道訂閱收入的成長。

We are encouraged by our positive momentum in quarter one FY 2026, where subscription revenue accelerated to 19% signaling that our strategic initiatives are gaining traction with continued investment in sales, marketing, and infrastructure, we believe we are well positioned to achieve our FY 2026 growth ambitions. Accordingly, we are reaffirming our previously provided FY 2026 outlook.

我們對 2026 財年第一季的積極勢頭感到鼓舞，訂閱收入加速至 19％，這表明我們的戰略舉措正在通過對銷售、營銷和基礎設施的持續投資獲得動力，我們相信我們已做好準備實現 2026 財年的增長目標。因此，我們重申先前提供的 2026 財年展望。

A frequent question we received from investors focused on the trade-off between growth and margin profile.

投資者經常向我們提出一個問題，即成長與利潤率之間的權衡。

Our FY 2026 outlooks details a range of growth and margin outcomes as we aim to accelerate our growth this year. Equally important, we believe it's insightful to examine how our financial model could perform in a zero growth environment with stable customer retention. It is important to recognize that our current financial statements reflect the substantial upfront customer acquisition costs that appear in our sales and marketing expense line.

我們對 2026 財年的展望詳細說明了一系列成長和利潤結果，因為我們的目標是在今年加速成長。同樣重要的是，我們認為研究我們的財務模型在零成長環境下如何保持穩定的客戶保留率是很有見地的。重要的是要認識到，我們目前的財務報表反映了銷售和行銷費用中出現的大量前期客戶獲取成本。

While these costs are expensed immediately under IFRS, they support the acquisition of customers that typically remain with us for many years. The timing differential creates a meaningful mismatch between when we incurred customer acquisition costs and when we recognize the full revenue benefit or the lifetime value of our long duration customer relationships. Currently, our LTV to CAC is more than nine times.

雖然這些成本根據國際財務報告準則立即計入費用，但它們支持了我們通常會與我們合作多年的客戶的獲取。時間差異造成了我們發生客戶獲取成本的時間與我們確認全部收入收益或長期客戶關係的終身價值的時間之間的嚴重不匹配。目前，我們的 LTV 與 CAC 比率已超過 9 倍。

In a hypothetical non growth scenario with consistent ARR retention patterns, we believe we would have the flexibility to significantly reduce our sales and marketing expenditure.

假設非成長情境下，ARR 保留模式保持一致，我們相信我們可以靈活地大幅削減銷售和行銷支出。

This level could potentially drive our operating profit margins higher to approximately 38%, a substantial improvement from current levels as growth oriented marketing expenses are eliminated.

這個水準可能會將我們的營業利潤率推高至約 38%，由於以成長為導向的行銷費用被消除，與當前水準相比有大幅改善。

In addition, the approximately 38% operating profit margin could potentially improve as it does not account for the potential additional benefit accrued from reduced depreciation and expansion expense in a known growth environment. For additional contexts, our margin profile incorporates growth-related costs to increase our footprint and customer acquisition.

此外，約 38% 的營業利潤率還可能有所提高，因為它沒有考慮到已知成長環境下減少折舊和擴張費用所帶來的潛在額外收益。在其他背景下，我們的利潤率狀況包含與成長相關的成本，以擴大我們的業務範圍和客戶獲取。

Further, in a non growth scenario, depreciation would decline slightly, providing a further potential margin expansion opportunities. In closing, the underlying acceleration in the business reflects the strength of our operating model and early traction from strategic investment in sales capacity and customer acquisition.

此外，在非成長情境下，折舊將略有下降，從而提供進一步的潛在利潤率擴大機會。最後，業務的潛在加速反映了我們營運模式的實力以及在銷售能力和客戶獲取方面的策略性投資的早期牽引力。

We have made deliberate choice to invest to enhance our distribution footprint, and we are beginning to see those efforts materialize with continued execution, disciplined investment, and growing regional performance. We believe that we are well positioned to deliver consistent and profitable long term growth.

我們經過深思熟慮後選擇投資以擴大我們的分銷足跡，並且我們開始看到這些努力透過持續的執行、嚴格的投資和不斷增長的區域業績實現。我們相信，我們已做好準備，實現長期持續且有利可圖的成長。

With that, I will turn the presentation over to Zach Callisto for Q&A.

接下來，我將把演講交給 Zach Callisto 進行問答。

Hello, thanks,Hoeshin . Sorry, I was having problems with my phone. Thank you very much. I'll just go through the questions that we have.

你好，謝謝，Hoeshin。抱歉，我的手機出了問題。非常感謝。我將只回答我們提出的問題。

The first question is, Let me from Joshua at Needham.

第一個問題是，請容許我回答尼德姆的約書亞的問題。

Hi Joshua. If we look at the subscriber growth in South Africa, it was very consistent in the first quarter. Any color on the trajectory of the consumer growth for the balance of the year relative to the commercial subscriber growth.

嗨約書亞。如果我們看一下南非的用戶成長情況，就會發現第一季的用戶成長非常穩定。相對於商業用戶成長，全年消費者成長軌跡的任何顏色。

I think in South Africa, we're having really good traction both with commercial and consumer customer growth, and I believe that will continue for the rest of the year. So I'm not certain I'm giving you the answer that you're actually asking, but I think fundamentally we're having very good traction on both consumer and commercial customers. Another question from Joshua.

我認為在南非，我們的商業和消費者客戶成長都取得了良好的進展，我相信這種勢頭將在今年剩餘時間內持續下去。所以我不確定我是否給出了您真正想要的答案，但我認為從根本上來說，我們對消費者和商業客戶都具有非常好的吸引力。約書亞又問了一個問題。

If we were to look at your Southeast Asia markets, are you seeing any impact to subscriber growth in these regions from the United States that have impact, as these are key sentiments for the United States manufacturing, or is it the local economic growth driving trends or adoption?

如果我們看看你們的東南亞市場，你是否看到美國對這些地區的用戶成長產生了影響，因為這些是美國製造業的關鍵情緒，或者是當地經濟成長推動的趨勢或採用？

Joshua, in my opinion, I don't believe that, the tariff environment that the whole world is talking about is impacting our business at this point in time. And I think our growth in South -- Southeast Asia is just because we're addressing the market and we're increasing our footprint. And to fundamentally, I don't believe that will have an impact on us, but it might in the future, but I can't see it.

約書亞，在我看來，我不相信全世界都在談論的關稅環境目前正在影響我們的業務。我認為我們在南亞和東南亞的成長只是因為我們正在解決市場問題並擴大我們的足跡。從根本上來說，我不認為這會對我們產生影響，但將來可能會有，但我看不到。

Yeah, another question from Joshua.

是的，約書亞還有另一個問題。

How should we think about the cross sell of video and contract tech relative to expectations and subsequent impact on to ARR growth and ARPU growth for the balance of the fiscal year?

我們應該如何看待視訊和合約技術的交叉銷售相對於預期以及對本財年剩餘時間的 ARR 成長和 ARPU 成長的後續影響？

We were hoping, Joshua, that we could actually increase our ARPU this year by around 6%, which would be equate to about a 10% increase in South Africa. I think we've made good progress in Q1 and we are getting momentum on this. And we might miss that 10% initial outlook, but I believe we are building the teams, we are building the muscle to be able to execute on this.

約書亞，我們希望今年我們的 ARPU 實際上能提高 6% 左右，這相當於南非的 ARPU 成長 10% 左右。我認為我們在第一季取得了良好的進展，並且正在獲得發展動力。我們可能無法實現最初的 10% 預期，但我相信我們正在組建團隊，我們正在增強實力以實現這一目標。

Another question from Joshua.

約書亞又問了一個問題。

These are my -- it's not a question. These are my questions.

這些是我的——這不是一個問題。這些都是我的問題。

A question from [Purgenta].

來自[淨化]。

Please explain why you have chosen expansion in Southeast Asia rather than Africa, which I would suspect as less competition.

請解釋為什麼你們選擇在東南亞而不是非洲擴張，我認為那裡的競爭較少。

I think we've expanded into Africa, mostly on the back to support our South African customers. And we believe that the market opportunity in Southeast Asia is far larger than in Africa.

我認為我們已經擴展到非洲，主要是為了支持我們的南非客戶。而我們相信東南亞的市場機會遠比非洲大。

A question from Dillon Becker. Hi, Dillon.

來自狄龍貝克爾的一個問題。你好，狄龍。

On the accelerating subscription revenue, can you give us color on the mix between subscriber goat and cross selling initiatives?

關於訂閱收入的加速成長，您能否向我們介紹一下訂閱者山羊和交叉銷售計畫之間的結合？

I think we are getting the cross selling initiatives, but you probably the best way to look at it, that's given us an uplift of 2%. We're hoping that it will, that will rise by Q4 to higher levels. And it's mostly new subscribers with an element of cross selling. And I believe this cross selling is going to pick up momentum as we get, as we build the muscle to execute.

我認為我們正在採取交叉銷售舉措，但您可能以最好的方式看待它，這給我們帶來了 2% 的提升。我們希望到第四季度它能夠上升到更高的水平。其中大部分都是新訂戶，並帶有交叉銷售的成分。我相信，隨著我們執行力的增強，交叉銷售將會獲得更大的發展動能。

Further, early validation of success as customers look to land more multi-product and what can mean for broader stickiness retention throughout the platform. I think fundamentally our customers, we got, if you look at our retention rates, they are relatively high compared to our peers. So I do believe we've got a significant stickiness. And I think what it really means for us is that if we don't add this extra level of service, then we might lose customers. So it really is not really about improving retention, it's more about keeping our retention rates.

此外，當客戶尋求獲得更多多產品時，早期驗證成功以及這對於整個平台更廣泛的黏性保持意味著什麼。我認為從根本上來說，我們的客戶，如果你看看我們的保留率，與我們的同行相比，我們的保留率相對較高。所以我確實相信我們已經具有了相當強的黏性。我認為這對我們來說真正意味著如果我們不增加這個額外的服務水平，那麼我們可能會失去客戶。因此，這實際上並不是為了提高保留率，而是為了保持我們的保留率。

Another question from Dylan Becker.

另一個問題來自 Dylan Becker。

Capacity -- update on hiring capacity plans. What does the typical ramp process look like for reps and how it can contribute to sustained levels of elevated subscription growth. Fundamentally, Dillon, as we increase the number of sales staff in a perfect world, you should have a correlation of one. And that is that if you increase your sales force by 50% or 100%, then you should get 100% more net sales. And that would then trickle off into a lower percentage in your subscriber, in your -- on your base subscriber growth. So in Asia, typically, if you're able to increase your sales people by 70%, we then should get a subscriber growth of about 28% this year. And that's what we're working towards.

能力－更新招募能力計畫。對於銷售代表來說，典型的成長流程是什麼樣的，以及它如何促進訂閱量持續成長。從根本上來說，狄龍，在理想的世界中，當我們增加銷售人員的數量時，你應該有一個相關性。也就是說，如果您將銷售人員增加 50% 或 100%，那麼您的淨銷售額就會增加 100%。這將會逐漸降低您的訂戶比例，影響您的基本訂戶成長。因此在亞洲，通常情況下，如果你能夠將銷售人員增加 70%，那麼今年的用戶數量就會成長約 28%。這正是我們努力的目標。

Another question from Dillon Becker.

另一個問題來自狄龍貝克爾。

Impressive data mode. As this continues to grow and expand and you continue to go deeper with customers with more products, how do you think about the ability to continue innovating, deli developing new products and driving even deeper value, insights for customers.

令人印象深刻的數據模式。隨著業務的不斷發展和擴大，以及您透過提供更多產品與客戶建立更深入的聯繫，您如何看待繼續創新、開發新產品以及為客戶帶來更深的價值和洞察力的能力。

Dilan, that's fundamentally what we've been for years, the more data we have, the more information we can give our customers. And clearly what we are offering today is much better than it was 5 years ago and substantially better than 10 years ago. And I believe in 5 years' time, we'll be in a much better position than we're currently in as well.

迪蘭，多年來我們一直堅持這樣的原則：我們擁有的數據越多，我們就能為客戶提供越多的資訊。顯然，我們今天提供的服務比五年前好得多，比十年前更好得多。我相信五年後，我們的處境會比現在好得多。

The next question from Alex, Raymond James. Hi Alex.

下一個問題來自 Alex，Raymond James。你好，亞歷克斯。

Can you talk about how the Southeast Asia hiring plans are trending here to date so far relatively to the 70% growth target.

您能否談談迄今為止東南亞招聘計劃相對於 70% 的成長目標的趨勢如何？

Alex, we're very much on target with our hiring plans. In some countries we're a little bit behind, in other countries we're ahead. So overall I think we're on target. Are you expecting any change in productivity, 6 to 12 months following these hiring efforts versus the past year? We certainly are, otherwise we wouldn't be doing it, and I believe we'll be able to deliver.

亞歷克斯，我們的招募計畫非常順利。在某些國家我們稍微落後，而在其他國家我們領先。所以總的來說，我認為我們已經達到目標了。與去年相比，在招募工作開展後的 6 到 12 個月內，您是否預期生產力會有任何變化？我們當然會這樣做，否則我們不會這樣做，而且我相信我們能夠做到。

Another question from Alex. How will the growth in ARPU from cross-selling video asset tags analytics impact the LTEI margins for the contract business? Fundamentally, the way we do our pricing is very much based on our operating profit margin.

亞歷克斯的另一個問題。交叉銷售視訊資產標籤分析帶來的 ARPU 成長將如何影響合約業務的 LTEI 利潤率？從根本上來說，我們的定價方式很大程度上取決於我們的營業利潤率。

And we believe this ARPU that we increase in ARPU is not to increase productivity, profitability margins. It will just increase our profits and increase our revenue. But it won't have an impact on the margins. It will just increase the ARPU and the RV, but with that comes additional cost of sales and the OpEx expenses.

我們認為，我們增加的 ARPU 並不是為了提高生產力和獲利率。這只會增加我們的利潤和收入。但這不會對獲利產生影響。它只會增加 ARPU 和 RV，但隨之而來的是額外的銷售成本和營運支出。

All Africa partners, would you like to increase the company's ownership of Karooooo Logistics? And if so, is there a route to doing so?

各位非洲夥伴，您是否願意增持Karooooo Logistics公司的股權？如果可以的話，有什麼方法可以實現嗎？

Our agreement, our shareholders agreement, we have the option to increase, our -- to increase our shareholding. And that option comes into place in February 2026. And we'll evaluate it in 2026. And if we don't do it in FY '26, we will keep on evaluating it.

根據我們的協議，我們的股東協議，我們可以選擇增加我們的持股。該選項將於 2026 年 2 月生效。我們將在 2026 年對其進行評估。如果我們在 26 財年沒有做到這一點，我們將繼續評估它。

A question from Yaakov Schlaver. Isaac, can you please give us some color around the opportunity in Asia? You mentioned the press release you are growing the headcount there by 70%. Can you talk about the ramp up process?

Yaakov Schlaver 提出了一個問題。艾薩克，您能為我們介紹一下亞洲的機會嗎？您在新聞稿中提到，你們將把那裡的員工人數增加 70%。能談談提升過程嗎？

Jacob, I think I've covered this question.

雅各布，我想我已經回答過這個問題了。

Roy Campbell, Morgan Stanley. How is the Carjack performance roll out in South Africa progressing?

摩根士丹利的羅伊·坎貝爾。Carjack 性能在南非的推廣進度如何？

Roy, the tag is phenomenal progress. It really is a game changer for us in the marketplace. And we keep, we really are getting lots of traction with the contract tag and we believe it's early days in the bigger picture. So, we're very excited about this product. It's working real, really well at this stage and I believe it's going to be a game changer.

羅伊，這個標籤是驚人的進步。這確實改變了我們的市場格局。而且我們確實在合約標籤方面獲得了很多關注，我們相信從更大的角度來看這還只是個早期階段。所以，我們對這個產品感到非常興奮。目前，它的效果確實非常好，我相信它將會改變遊戲規則。

Another question from Roy. The effective tax rate is quite low. Can you please detail the reasons and how this looks for the balance of the year?

羅伊還有另一個問題。實際稅率相當低。您能否詳細說明原因以及今年的餘額狀況如何？

Roy, I haven't got the answer quite at my age, but fundamentally we are benefiting from entities that are now becoming profitable and which have tax losses.

羅伊，我這個年紀還沒有找到答案，但從根本上來說，我們正受益於那些現在開始盈利並且出現稅收損失的實體。

I think those are the questions. Thank you very much for everybody for joining us today. Thank you.

我認為這些就是問題所在。非常感謝大家今天的參加。謝謝。