Karooooo Ltd. Earnings Summary — Q4 2026

• Revenue reached a record ZAR 1,448 million in Q4 2026, representing 18.7% growth compared to the prior year.
• The subscriber base has expanded significantly, now exceeding 1.9 million total subscribers globally.
• Operating margins faced compression this quarter, falling to 23.3% from 31.6% in the same quarter last year.
• The company maintains a high-quality SaaS model with subscription revenue accounting for over 95% of total income.
• Net income for the quarter grew 4.9% YoY but saw a sequential decline of 16.1% compared to Q3 2026.
• Geographic diversification continues with South Africa remaining the core market while Southeast Asia and Europe show growth potential.

Management emphasizes a focus on organic growth and maintaining high returns on capital. The company continues to prioritize its vertically integrated model, controlling both hardware and software to maintain a competitive edge in pricing.

Stable

While revenue growth remains robust at 18.7% YoY, the slight contraction in operating margins and sequential decline in net profit suggest rising operational costs.

The company expects to continue its double-digit subscriber growth, leveraging its scalable cloud-based infrastructure and dominant position in emerging markets to drive long-term terminal value.