Here are 1-3 brief analogies for Karooooo (KARO):

• Like Salesforce for managing vehicle fleets.
• Like a Fitbit for business vehicles.
• Like OnStar for business fleets.

• Fleet Management Solutions (Telematics): A comprehensive SaaS platform designed for businesses to monitor, manage, and optimize their vehicle fleets through real-time data and analytics.
• Stolen Vehicle Recovery (SVR): An integrated service within their telematics platform aimed at assisting customers in the rapid location and recovery of stolen vehicles.
• Insurance Telematics: Provides data-driven insights derived from vehicle usage and driver behavior to insurance companies for risk assessment, underwriting, and personalized policy offerings.
• Delivery Management Software: Offers tools and features within their smart mobility platform to optimize logistics, route planning, and real-time delivery tracking for businesses.

Karooooo (symbol: KARO) primarily sells its services to other companies (B2B) through its flagship Cartrack platform and other offerings. While Cartrack also serves individuals for stolen vehicle recovery, the majority of Karooooo's revenue and strategic focus is on providing integrated mobility solutions, including fleet management, telematics, and analytics, to businesses.

Due to the nature of its Software-as-a-Service (SaaS) subscription model and diversified customer base across various industries and geographies, Karooooo does not publicly disclose the names of specific major customer companies. Instead, it serves a broad range of businesses globally. The categories of companies that utilize Karooooo's services include, but are not limited to:

• Logistics, Distribution, and Transport companies
• Construction and Mining companies
• Rental and Leasing companies
• Field Service and Utilities providers
• Government and Public Sector entities
• Agriculture businesses
• Companies in the Retail and Manufacturing sectors

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Zak Calisto, Chief Executive Officer and Executive Chairman

Zak Calisto founded Cartrack, a software as a service (SaaS) vehicle-tracking platform, in 2001. Cartrack was listed on the JSE in 2014, and in 2021, the holding company was rebranded and relisted on the JSE as Karooooo, with a secondary listing on the Nasdaq. He has a strong entrepreneurial background, having worked in the telematics industry since 1994, and has launched and managed several firms. Prior to founding Cartrack, Mr. Calisto was a Member of Vehicle Tracking Services from 1994 through 2001 and a Member of Cell Communications from 1994 to 1996. He is a billionaire, with an estimated 58% stake in Karooooo, following the company's performance and valuation.

Hoe Shin Goy, Chief Financial Officer and Executive Director to the Board

Hoe Shin Goy is a registered Chartered Accountant based in Singapore. She joined Ernst & Young LLP in 2004 and remained with the firm until 2009. Ms. Goy possesses extensive experience in audit, full spectrum finance, and group financial reporting. She previously held the position of Director of Consolidation and Group Reporting for DFS Group, which is part of the Selective Retailing Maison of LVMH.

Richard Schubert, Chief Operating Officer

Richard Schubert was appointed as Chief Operating Officer on March 31, 2021.

Juan Marais, Chief Sales Officer

Juan Marais was appointed to Sales & Marketing on March 31, 2021. He is the beneficial owner of 10.16% of Karooooo shares through One Spire.

Pedro Ventura, Chief Technology Officer

Pedro Ventura joined Cartrack Holdings Limited in 2015 as a senior Software Engineer and was promoted to Chief Technology Officer in November 2020. Before joining Cartrack Holdings Limited, Mr. Ventura held various senior roles in technology and software development, including founding Internet Business Solutions & Technologies S.A., an Internet-based start-up.

Increased integration of advanced telematics, fleet management, and vehicle recovery solutions directly by Original Equipment Manufacturers (OEMs) into new vehicles. This trend could reduce the necessity for third-party aftermarket telematics providers like Karooooo as fleet owners increasingly opt for factory-installed, deeply integrated services from vehicle manufacturers.

For Karooooo's main products and services, the addressable markets are identified as follows:

• Mobility Data Analytics Solutions (including Fleet Management, Telematics, Stolen Vehicle Recovery, and Insurance Telematics)
  • Global Telematics Market: The market size is valued at USD 52.93 billion in 2025 and is projected to reach USD 85.44 billion by 2030. Another estimate places the global telematics market at USD 129.2 billion in 2024, rising to USD 681.8 billion by 2035. The global automotive telematics market was estimated at USD 164.09 billion in 2024 and is expected to reach USD 533.13 billion in 2029.
  • Global Fleet Management Market: This market is expected to grow from US$ 65.1 billion in 2024 to US$ 300 billion by the end of 2034. Another report indicates the global fleet management market size will be USD 29.62 billion in 2025, with projections to reach USD 91.89 billion by 2033.
  • South Africa Fleet Management Market: The South Africa fleet management services market is valued at USD 230 million. The number of fleet management systems in active use in South Africa is projected to increase from 2.3 million units in Q4-2023 to 3.8 million units by 2028.
• Karooooo Logistics (Delivery-as-a-Service): null
• Carzuka (Vehicle Buying and Selling Marketplace): null

Expected Drivers of Future Revenue Growth for Karooooo (KARO)

1. Growth in Subscribers and Customer Acquisition: Karooooo consistently emphasizes strong customer acquisition and expanding its subscriber base as a key driver. The company reported a 15% year-over-year increase in subscribers, reaching 2.5 million in Q2 2026. This ongoing expansion of its customer base across various regions is expected to fuel subscription revenue growth.
2. Geographic Expansion, particularly in Southeast Asia: While a significant portion of Karooooo's revenue originates from South Africa, Southeast Asia is identified as the fastest-growing region and the largest medium-to-long-term growth opportunity. The company is also experiencing accelerating subscription revenue growth in Europe. Strategic expansion into these underpenetrated markets is a significant growth lever.
3. Growth of Karooooo Logistics (Delivery-as-a-Service): Karooooo Logistics, the company's delivery-as-a-service (DaaS) offering, is experiencing substantial growth. Revenue for Karooooo Logistics increased by 38% in Q2 2026 and 20% in Q1 2026, primarily driven by increasing e-commerce orders and demand from large enterprise customers. This segment provides a scalable growth avenue.
4. Continuous Platform Innovation and AI-powered Product Development: Karooooo is committed to continuous investment in its platform, particularly in AI products and enhancing the customer experience. The company's innovative platform incorporates AI-powered cameras, automated fuel fraud detection, carbon emission tracking, and route optimization, which are critical for simplifying operations and increasing efficiency for its B2B clients.
5. Increased Adoption of the Cartrack SaaS Platform: The core Cartrack Software-as-a-Service (SaaS) platform remains a primary focus for revenue growth. The company continues to demonstrate robust subscription revenue growth and an increase in annualized recurring revenue (ARR) by offering a full-stack smart mobility SaaS platform for connected vehicles and mobile assets that helps businesses enhance operational efficiency, reduce costs, and ensure compliance.

Share Repurchases

• At the Annual General Meeting held on July 12, 2023, shareholders authorized Karooooo to repurchase up to 10% of the Company's shares.
• Karooooo intends to repurchase up to 1,000,000 of its common stock before the next Annual General Meeting, with purchases potentially made on Nasdaq and/or JSE.
• Karooooo Ltd. commenced an Equity Buyback Plan for 3,095,111 shares, representing 10% of its issued share capital, in February 2024, under the authorization approved on July 12, 2023.

Share Issuance

• Karooooo completed its initial public offering in the United States in 2021, trading under the symbol "KARO" on Nasdaq, and also trades as "KRO" on the Johannesburg Stock Exchange.
• In connection with the corporate reorganization where Karooooo acquired Cartrack Holdings Limited, 20,331,894 shares were issued to Isaias Jose Calisto in November 2020, converting a USD 194 million loan into Karooooo share capital.
• The listing in April 2021 comprised 30,951,106 Karooooo shares, with 21,540,394 issued on the US shares register and 9,410,712 on the SA share register, following a reinvestment offer where Cartrack shareholders received 1 Karooooo share for every 10 Cartrack shares held.

Outbound Investments

• Karooooo owns 100% of Cartrack, 100% of Carzuka, and 74.8% of Karooooo Logistics (formerly Picup Technologies), with its stake in Karooooo Logistics having increased from 70.1% since September 2021.
• In April 2024, the Board approved a resolution for Karooooo Logistics (Pty) Ltd to repurchase its ordinary shares at a purchase price of ZAR 15.2 million, leading to the cancellation of these shares.
• Karooooo's capital allocation framework includes prudent mergers and acquisitions (M&A) to accelerate time to market in specific geographies or augment service offerings and capabilities, with a high bar for such investments given attractive organic unit economics and profitability.

Capital Expenditures

• Karooooo's strategic capital expenditures are focused on expansion initiatives and have remained stable over time.
• For the fiscal year ended February 28, 2025, capitalized in-vehicle telematic devices increased by ZAR 310 million to ZAR 1,342 million, and IoT devices held for future use increased by ZAR 66 million to ZAR 412 million.
• Capitalized commission assets increased by ZAR 119 million to ZAR 494 million for the fiscal year ended February 28, 2025.