THREE BUSINESSES TO WATCH IN 2026 1/ Coca-Cola HBC: Following the blockbuster 21 October 2025 announcement that Coca-Cola HBC will acquire a 75% controlling interest in Coca-Cola Beverages Africa (CCBA) for $2.6-billion, 2026 is set to be a decisive year. As the deal targets a final close by end-2026, the group has committed to a secondary listing on the Johannesburg Stock Exchange. With a market capitalisation expected to place it comfortably within the JSE Top 40, Coca-Cola HBC will become a primary target for institutional investors looking for exposure to the second-largest Coca-Cola bottler globally. 2/ Old Mutual Bank: Following its phased public launch in late 2025, the next twelve months will be the definitive test for this new entrant. Old Mutual has invested approximately R2.8-billion into the core technology of the bank and anticipates an initial loss run rate as it builds toward its 2028 break-even goal. In 2026, the market will be watching to see if it can successfully convert its massive insurance customer base into active banking clients while fending off competition from established incumbents and new retail entries. 3/ Transnet: Though a State-Owned Entity, Transnet certainly deserves to be featured. 2026 will be the year of reckoning for Transnet as it moves from stabilisation to private sector integration. Under the leadership of Michelle Phillips, Transnet enters the year focusing on the operationalisation of the R127-billion infrastructure investment plan. The market will be watching for the successful rollout of the DCT Pier 2 partnership with ICTSI (effective 1 January 2026) and the expansion of private rail slots. For the South African economy, Transnet’s ability to move closer to its 200-million-tonne rail volume target in 2026 is the single most important factor for export growth.

BUSINESS DEAL OF THE YEAR: Maxime Saada (Canal+ Chair and CEO) Maxime Saada, Chairman and CEO of Canal+ Group, secures Deal of the Year for concluding the most watched corporate transaction of 2025: the approximately R55-billion mandatory takeover of MultiChoice Group. After nearly two years of strategic manoeuvring and intense regulatory scrutiny, Saada successfully navigated South Africa’s complex broadcasting framework to acquire more than 94% of the company by October 2025. The transaction creates a global media heavyweight with a combined subscriber base of roughly 40 million across nearly 70 countries. To ensure regulatory alignment and long-term market confidence, Saada committed to a secondary inward listing of Canal+ on the JSE, preserving South African investor participation while maintaining the group’s primary listing in London. The combination of Francophone and Anglophone African media assets reshapes the continent’s broadcasting landscape and establishes a powerful competitor to global streaming giants such as Netflix and Disney+. tinyurl.com/56nzf7p8

TIGER BRANDS EYES TOWNSHIP GROWTH Tiger Brands is accelerating its expansion into South Africa’s township economy, positioning spaza shops as a key engine of future growth. The group is focusing on selectively widening its distribution footprint rather than serving every informal outlet. Group CFO Thushen Govender said the company plans to add about 50,000 spaza shops to its network to drive market penetration of its products. With roughly 110,000 spaza shops already supplied, Tiger Brands believes efficiency gains could lift coverage to up to 160,000 outlets. Full story - tinyurl.com/4bvrutdj