Karooooo Limited (“Karooooo”) (NASDAQ: KARO) reported strong results in the third quarter of FY2025 (“Q3 2025”) ended November, 30 2024. Karooooo owns 100% of Cartrack and 74.8% of Karooooo Logistics, (collectively, “the group”).

Financial and operational highlights include:

  • Karooooo subscribers increased 17% Y/Y to 2.22 million
  • Cartrack net quarterly subscriber additions increased 15% Y/Y to 86,617
  • Karooooo quarterly earnings per share increased 21% Y/Y to a record ZAR7.68

Zak Calisto, CEO and Founder:

“We delivered another strong quarter of customer growth. Importantly, we have now settled in our newly built central office in Rosebank, South Africa, and look forward to strong organic growth in South Africa. Our investment in Europe over the last few quarters is starting to yield exciting results. Southeast Asia’s subscription revenue grew by 26% on a constant currency basis and remains our biggest medium to long-term opportunity. Key to our success is our culture, product innovation and financial discipline as evidenced by our strong unit economics, cash generation, and clean balance sheet.”

Karooooo increased subscription revenue 14% to ZAR1,032 million (Q3 2024: ZAR904 million) in Q3 2025, and operating profit increased 18% to ZAR325 million (Q3 2024: ZAR275 million).

Cartrack increased total revenue 14% to ZAR1,051 million (Q3 2024: ZAR919 million). This growth is driven by a subscription-revenue business model. Cartrack also experienced a 14% increase in subscription revenue to ZAR1,029 million in Q3 2025 (Q3 2024: ZAR900 million) or a 19% increase year-on-year on a U.S. dollar basis. Subscription revenue currently represents 98% of total revenue. Additionally, Cartrack achieved net subscriber additions of 86,617 during the quarter (Q3 2024: 75,484), reinforcing its proven ability to scale and maintain consistent growth. With ongoing investments in sales, marketing, and infrastructure to support future growth, Cartrack has ample runway to accelerate customer acquisition while maintaining robust earnings.

Karooooo Logistics demonstrated continued strong revenue growth with a 20% increase to ZAR109 million (Q3 2024: ZAR91 million). Karooooo Logistics focuses on delivery-as-a-service (“DaaS”) for our large enterprise customers wishing to scale and digitalize their e-commerce operations through a capital light model by connecting them to an elastic fleet of third-party delivery drivers.

Our proven, robust and consistently profitable business model, underpinned by a strong balance sheet and healthy cash position, positions us to capitalize on a growing and largely underpenetrated market.

Our customers now have access to our fuel validation software which mitigates fraudulent transactions. The fuel validation software uncovers multiple swipes by petrol attendants, duplicate transaction errors by card providers and fuel that did not enter the correct company vehicle or enter any vehicle at all. This solution expands our value proposition, helping companies achieve greater operational efficiency and cost savings.

The Company will host a Zoom webinar on Wednesday, 15 January 2025 at 08:00 a.m. Eastern Time (03:00 p.m. South African time; 09:00 p.m. Singaporean time). Investors are invited to join the Zoom webinar at: https://us02web.zoom.us/j/87606283475

For the full earnings, visit: www.karooooo.com

ir@karooooo.com

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