Roy Campbell • Morgan Stanley

Question 1

Roy Campbell's questions to Karooooo Ltd (KARO) leadership • Q1 2026

Jul 23, 2025

Question

Roy Campbell of Morgan Stanley asked about the performance of the Cartrack Tag rollout in South Africa and the reasons for the company's low effective tax rate.

Answer

CEO Isaias Jose Calisto described the Cartrack Tag rollout as a 'phenomenal success' and a 'game changer' that is gaining significant traction. Regarding the tax rate, he stated he did not have precise details but attributed the low rate to the company benefiting from utilizing tax losses in entities that have now become profitable.

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Question 2

Roy Campbell's questions to Karooooo Ltd (KARO) leadership • Q2 2025

Oct 15, 2024

Question

Roy Campbell of Morgan Stanley inquired whether the company had participated in share buybacks during the previous quarter.

Answer

Group CEO and Founder Zak Calisto stated that no shares were repurchased. He cited difficulties with SEC regulations and a strategic focus on building the stock's liquidity, adding that a buyback would send the wrong message as investor relations efforts ramp up.