Alex Skoler

Alex Skoler questioned the drivers behind the strong pickup in South Africa's subscriber growth relative to plan. He also asked for an update on sales hiring progress against specific geographic plans for Southeast Asia and Europe. Skoler further inquired whether the magnitude of sales hiring plans in Southeast Asia is expected to accelerate subscriber growth beyond the 20-21% level or if this is a sustainable rate. Additionally, he sought clarification on whether South Africa's ARPU increase was solely from camera and tag sales or also from general price hikes, and asked for the current ARPU in Southeast Asia and expected dilution. Finally, Skoler asked if South African subscriber growth is diluting group-level ARPU growth, which is at 4% compared to a 6% target.

Answer

Zak Calisto, Founder and Group CEO, confirmed that both subscriber growth and cross-selling in South Africa are progressing as planned, driven by an expanded footprint and improved execution. He stated that sales hiring across all regions is on track. Calisto expressed ambition to exceed the 20-21% subscriber growth rate in Southeast Asia and compound on it, anticipating a strong FY 2027 for the region. He clarified that South Africa's ARPU increase was driven by camera and tag sales, not general price hikes. For Southeast Asia, Calisto explained that ARPU is expected to mirror South Africa's over time, with a decrease as lower ARPU countries like the Philippines, Indonesia, and Thailand become a larger part of the business, a trend anticipated from the outset. He also noted that the 6% ARPU target is for year-end (February 2026), and while they might be slightly lagging, they are largely on track.