January 2026

Introduction The 2024/2025 Livestock Benchmarking exercise, covering farms across the Eastern Cape, provides a snapshot of a year that rewarded resilience in South African livestock production. The farms in this study are extensive, operating under a wide range of production systems and environments, from 450 mm to 840 mm rainfall areas and stocking rates stretching from 6 ha/LSU to 2 ha/LSU. Over the July 2024 to June 2025 period, farmers navigated rising input costs, seasonal variability, and shifting market dynamics, all while broader economic and geopolitical conditions added further uncertainty. Despite these challenges, many operations leaned into the fundamentals by aligning stocking rates with pasture availability, improving veld utilisation, tightening cost structures, and maintaining reproductive performance under variable seasonal conditions. At the same time, industry conversations continued to emphasise the importance of collaboration, data driven decision making, and building systems that remain profitable under pressure. Alongside overall trends, we benchmark against the top performers on return on total assets (ROTA) and cost of production (COP), as these farms illustrate what is achievable when efficiency, grazing management, and disciplined cost control align. This approach highlights not only what is typical across extensive livestock systems, but also what is possible. Livestock benchmarking acts as a business health check, offering an independent review of both physical and financial performance. In this report, we unpack the key trends revealed in the 2024/2025 results and explore what they mean for livestock businesses planning ahead. “The analysis was comprehensive and highlighted a few blind spots. The data shows clearly where to improve, and the study group continues to give us valuable aiming points.” Physical KPIs: What Drives Performance Physical performance indicators show how effectively livestock farms convert their resources into saleable product (meat and fibre). In the 2024/2025 livestock benchmarking cycle, participating farms operated across diverse landscapes, rainfall zones, and grazing capacities. This variation makes physical livestock benchmarking essential for identifying which systems use their resources most efficiently, and for understanding why some operations consistently outperform others under similar environmental constraints. Key metrics we measured: *Per 100mm Water metrics account for different rainfall zones for each farm What we saw: Overall, the results show that the biggest shifts in physical performance came from improvements in stocking rate, pasture harvest, and product produced per hectare. Reproduction remained steady across the group and did not materially drive the gap between average and top performers. Its impact is more delayed, with gains or losses only reflected in the next season’s stocking, output, and financial returns. As a result, the strongest performers this year were those who managed grazing pressure, utilized more pasture, and converted that feed more efficiently into product. These physical efficiencies are not just operational wins, they form part of the foundation for profitable livestock farming. In the next section, we explore how these factors translate into financial performance. Financial KPIs: A Year of Improved Margins Financial performance in 2024/2025 showed a clear strengthening across the group, supported by higher income and disciplined cost management. Despite rising input costs in several categories, most farms expanded gross margin, improved Earnings Before Interest and Tax (EBIT) per LSU and per hectare and delivered stronger returns on capital than the previous year. Benchmarking against the top 25% of both high-return and lowest-cost producers highlights how operational efficiency and cost discipline combined to reward resilience in extensive livestock systems. *Top 25% refers to the lowest cost of production farms in the 2024/2025 benchmarking group. What we saw: Conclusion As South African livestock farmers continue to navigate rising input costs, climatic variability, and shifting market conditions, livestock benchmarking remains far more than a comparative exercise, it is a strategic management tool. The most consistent performers in this year’s study were farms that executed their production system with discipline, adapted proactively, and aligned decisions with their resource base. This year’s results reaffirm that efficiency, resilience, and land use optimisation are the cornerstones of long-term success in extensive livestock systems. Gains in stocking rate, pasture harvest, and kilograms produced per hectare, combined with disciplined cost structures, drove meaningful improvements in profitability. Importantly, the top performers were spread across a variety of rainfall zones, veld types, and enterprise mixes. What unites them is not their environment, but their ability to consistently implement fundamentals: matching stocking rate to grazing capacity, utilising more of their pasture, converting that pasture into saleable product, maintaining reproductive performance and managing costs relative to output. Looking ahead, continuous learning, open collaboration, and a willingness to test one’s assumptions will be critical in unlocking fresh opportunities. With uncertainty becoming a constant, livestock benchmarking offers a clear, objective lens to guide planning, sharpen execution, and track progress year on year. Take the next step and contact us: We welcome your feedback and if you would like a customised livestock benchmarking report, deeper analysis of your physical or financial KPIs, or support in refining your grazing or business strategy, please reach out to our team. Together, we can build livestock enterprises that are more competitive, more resilient, and better prepared for the seasons ahead. Visit our website or contact info@pinionza.com for more information.

Ever wondered what keeps complex operations running like a dream? It’s not the flashy parts – it’s the humble pinion gear, quietly driving everything forward. That’s what Pinion SA is for South African businesses and farms: the small but mighty gear that keeps your operations moving smoothly, efficiently, and profitably. So, buckle up, because we’re about to take you on a ride through who we are, what we do, and why partnering with Pinion SA might just be the smartest business decision you’ll make this year. Who we are (and why it matters) Pinion SA isn’t your average advisory firm. As part of the Pinion Global Network, we bring world‑class expertise to your doorstep while focusing on measurable value, sustainable growth, and compliance that feels less like a headache and more like a high‑five moment. We empower clients through knowledge and skills so you’re stronger and more independent every day. What we do: Seven integrated pillars Here’s the fun part: we do a LOT – From agri-advisory services to business compliance solutions, we’ve got you covered like a well-fitted tractor seat. Let’s break it down: 1. Advisory Services Need a roadmap for success? We’ll help you with: 2. Agri Consulting If you’re in agriculture, we’re basically your new best friend: 3. Financial Management Money matters, and we make it simple: 4. Legal & Secretarial Contracts, wills, estates – we handle the paperwork so you can handle the big picture. 5. Wealth Management Dreaming of retirement on a beach? We’ll help you get there: 6. Human Capital Solutions People power your business. We make sure they’re happy and compliant: 7. Training & Development Through ACS Academy, we offer SETA-accredited programs in: Because knowledge isn’t just power – it’s profit. Why Choose Pinion SA? Here’s why we’re the gear your business needs: Our Business Units (we mean YOUR business units all under ONE roof): Advisory: Your secret weapon for growth (and cooler than your spreadsheet) Running a business without advisory support is like farming without rain – you can pray, but it’s going to get messy. In a world of changing regulations, fluctuating markets, and fast‑moving tech, Pinion Advisory brings clarity and strategy – so you can grow, stay compliant, and sleep better. Our independent guidance drives measurable results. We’re not just consultants; we’re your strategic partners, your compliance whisperers, and your growth gurus. And yes, we do it all without making you cry over spreadsheets. Where we help: Pro Tip: If your financial statements look like a Sudoku puzzle, it’s time to call us. Agri edge (for our farming clients) For agriculture, we’re basically your new best friend – covering pasture management, livestock production, animal health, and benchmarking to turn “moo” into money Business Solutions: Streamline the chaos, focus on growth Running a business without Pinion SA is like trying to bake a soufflé without eggs – messy, stressful, and bound to collapse. If you’ve ever stared at your payroll spreadsheet wondering if it’s modern art or a financial crime scene, you’re not alone. Business operations can feel like juggling flaming swords while riding a unicycle. Our Business Solutions team, your ultimate business solutions partner and behind‑the‑scenes superhero squad, here to simplify complexity and help you focus on what matters most – growing your business. Here’s what we bring to the table (besides coffee and good vibes): Human Capital: People are your power (and we have the recipe) If you’ve ever wondered what makes a business thrive, here’s a hint: it’s not just fancy logos, sleek offices, or even that bottomless coffee machine (though, let’s be honest, caffeine helps). The real magic ingredient? People. At Pinion SA, we believe that people aren’t just part of your business – they are your business. And that’s why our Human Capital services exist: to help you attract, develop, and retain the kind of talent that turns good companies into great ones. Pinion Human Capital Services Here’s what we bring to the table (besides HR brilliance and maybe a good joke or two): 1. Recruitment & Talent Acquisition Finding the right person for the right role is like online dating – but with fewer awkward coffee dates and way more background checks. At Pinion SA, we don’t just fill positions; we find people who fit your culture, share your vision, and won’t ghost you after three months. 2. HR Compliance & Policies Labour inspectors don’t accept “Oops” as an excuse. South African labour laws are complex, and non-compliance can cost you more than your office snack budget for the year. We keep you aligned with regulations like Employment Equity, B-BBEE, and POPIA, so you can sleep at night knowing your HR house is in order. 3. Employee Development & Training Upskilling your team is non-negotiable. Because let’s face it – employees Googling “How to do my job” isn’t a growth strategy. We design training programs that boost performance, build confidence, and keep your workforce future ready. 4. Performance Management Annual reviews shouldn’t feel like a horror movie. We help you create systems that motivate, measure success, and turn performance conversations into opportunities – not awkward silences. HR Compliance: Not Sexy, But Necessary Compliance isn’t glamorous, but penalties definitely aren’t either. With stricter enforcement of Employment Equity and new parental leave equality rulings, businesses need airtight policies. Non-compliance can lead to fines, reputational damage, and awkward conversations with lawyers (and nobody wants that). Your people are your power. Invest in them, support them, and watch your business soar. At Pinion SA, we don’t just manage Human Capital – we help you unlock its full potential. Because when your team wins, your business wins. And honestly, who doesn’t love winning? We take a strategic, expert, people‑centric approach – because robots can’t replace empathy (yet). Wealth: Your financial braai master Managing wealth is a lot like managing a braai. Too much heat and you burn the boerewors; too little and you’re chewing raw meat wondering where it all went wrong. At Pinion SA, we make sure your