Karoo Rabbit Protein – Business Plan

Investment-grade business plan for Karoo Rabbit Protein (Pty) Ltd — an R245-million raise (R110m development equity, R105m senior term debt and a R30m working-capital facility) to build a vertically-integrated rabbit-protein platform in Gauteng across breeding and genetics, feed milling, a contract-grower network, processing and cold-chain distribution, turning EBITDA-positive in Year 3 and net-profit-positive in Year 4, delivering a 17.4% project IRR, an NPV of about R26.5 million at a 15% discount rate and a 7.0× exit multiple of Year-5 EBITDA.

Confidential Business Plan & Investment Proposal

Karoo Rabbit Protein

A vertically-integrated rabbit-protein platform in Gauteng — spanning breeding and genetics, feed milling, a contract-grower network, processing and value-addition and cold-chain distribution, under the KarooLean™, Pure Protein and KRP Genetics brands — structured as an investment-grade R245-million opportunity for development-finance institutions, senior lenders and equity investors.

Legal Entity

Karoo Rabbit Protein (Pty) Ltd

Location

Gauteng, South Africa

Capital Raise

R245 million

Structure

R110m equity + R105m senior debt + R30m WC

Plan Horizon

5 years (FY2027–FY2031)

Project IRR

17.4%

NPV @ 15%

R26.5 million

Exit Multiple

7.0× Year-5 EBITDA

Break-Even

EBITDA+ Year 3 · Net profit+ Year 4

Sector

Agri-Processing — Rabbit Protein

The Opportunity

Rabbit is one of the world’s most efficient and nutritionally dense animal proteins — lean, high in protein, low in fat and cholesterol, with a feed-conversion and land-and-water footprint well below conventional red meat — yet South Africa has no vertically-integrated, formally-processed rabbit supply at scale, leaving a clear market gap. Karoo Rabbit Protein addresses this with an integrated platform spanning breeding and genetics, feed milling, a contract-grower network, processing and value-addition and cold-chain distribution, under the KarooLean™, Pure Protein and KRP Genetics brands. An R245-million raise (R110m development equity, R105m senior term debt and a R30m working-capital facility) funds the build and ramp across the FY2027–FY2031 horizon — with the business turning EBITDA-positive in Year 3 and net-profit-positive in Year 4, generating roughly R37 of EBITDA per rabbit at maturity, and delivering a 17.4% project-level IRR, an NPV of about R26.5 million at a 15% discount rate and an implied enterprise value on a 7.0× exit multiple of Year-5 EBITDA — a strong development-finance fit on jobs, inclusion and food security.

Plan Contents

This investor-grade business plan is organised into the sections below. Each section is a dedicated page — select any to explore the full detail.

Confidentiality & Disclaimer

This document has been prepared by Karoo Rabbit Protein (Pty) Ltd
(“KRP”, the “Company”) solely for information purposes, to assist
recipients in evaluating a potential investment in, or the provision of
debt finance to, the Company. It does not constitute an offer or
invitation to subscribe for or purchase any securities and shall not
form the basis of, or be relied upon in connection with, any contract or
commitment whatsoever.

Forward-looking statements. This plan contains
projections, forecasts and estimates that are forward-looking in nature
and are based on assumptions about future events and circumstances that
are inherently uncertain. The financial projections are illustrative and
have been prepared by management to demonstrate the commercial logic and
indicative returns of the venture. Actual results may differ materially
from those projected. The model, assumptions and outputs herein should
be independently reviewed and verified by the recipient’s own financial,
legal, tax and technical advisers before any capital is committed or
circulated externally.

Margin presentation. The consolidated gross margin
reflected in the financial model (approximately 40%) is a blended figure
across distinct activities. High-margin genetics and value-added
processing lift the blend, while the contract-grower off-take and
grower-services lines carry substantial pass-through cost and therefore
thinner margins. Analysts should disaggregate margin by activity rather
than rely on the consolidated percentage. Similarly, the negligible tax
charge in the final forecast year reflects the shelter provided by
accumulated assessed losses carried forward from the ramp-up period, not
a structurally low effective tax rate.

No representation or warranty, express or implied, is given as to the
accuracy or completeness of the information contained in this document,
and no liability is accepted for any loss arising from its use. By
accepting this document, the recipient agrees to keep its contents
strictly confidential and to return or destroy it on request. All
monetary values are in South African Rand (ZAR) unless otherwise
stated.

Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of Karoo Rabbit Protein (Pty) Ltd.