PEPKOR HOLDINGS LIMITED - Pepkors Credit Rating Review by Moodys

Pepkor’s Credit Rating Review by Moody’s

PEPKOR HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2017/221869/06)
Share Code: PPH
Debt Code: PPHI
LEI: 3789006D677C34F69875
ISIN: ZAE000259479
("Pepkor" or the "group")

PEPKOR'S CREDIT RATING REVIEW BY MOODY'S

Shareholders and noteholders are advised that the rating agency Moody's Investors Service
("Moody's") has concluded a periodic review of Pepkor with no change to credit ratings. Pepkor's
Corporate Family Rating is Ba2 and its National Scale Long Term Rating is Aa1.za with a stable
outlook.

Moody's highlights Pepkor's strong position in the South African market, conservative financial
policies, adequate liquidity and robust credit metrics as key factors reflected in the rating. Another
key point highlighted is Pepkor's ability to achieve growth above inflation despite volatile trading
conditions.

Pepkor's credit rating underpins its R10 billion Domestic Medium-Term Note (DMTN) Programme,
established in 2020 to diversify funding sources and optimise the group's cost of capital. Through
multiple successful issuances since then, Pepkor has consistently secured market-leading rates,
reflecting investors' confidence in its defensive, resilient business model and supporting its
market-leading growth strategy.



Parow
18 November 2025

Equity and Debt Sponsor
Investec Bank Limited


Date: 18-11-2025 08:00:00
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