Cartrack on a winning streak
Karooooo has released its financial results for the quarter ended 31 May 2025, revealing strong growth in its vehicle tracking and recovery business, Cartrack.
Cartrack’s subscriber base grew by 16.6%, or nearly 340,000, from 2.05 million to 2.37 million. At the same time, net subscriber additions increased by 11% to 84,013.
In South Africa, Cartrack’s customer base increased by 16% to 1.8 million as of 31 May 2025, up from 1.55 million the year before.
“We are encouraged by the strong teams that we are building to accelerate organic growth, broaden our customer base, and increase product adoption in the region,” it said.
“We continue to see a compelling market opportunity in South Africa and we are excited about the potential ahead.”
Cartrack’s subscription revenue grew by 18.5% during the period, reaching R1.14 billion as of 31 May 2025, up from R950 million last year.
Overall revenue growth was similar at 18.20%, increasing from R981 million in May 2024 to R1.16 million in May 2025.
“Cartrack’s revenue increased 18% to R1,156 million (Q1 2025: R981 million), driven primarily by its subscription-based business model,” the company said.
“Cartrack’s subscription revenue increased 19% to a record R1,138 million in Q1 2026 (Q1 2025: R960 million). Subscription revenue represented 98% of Cartrack’s total revenue.”
The vehicle tracking businesses reported an operating profit of R342 million during the quarter, an increase of 19.2% from the R287 million reported for the same period last year.
Cartrack’s earnings before interest, taxation, depreciation, and amortisation (EBITDA) also significantly increased, from R453 million on 31 May 2024 to R533 million as of 31 May 2025.
Karooooo said it was encouraged by Cartrack’s positive performance in Q1 2026 and that it plans to accelerate subscription revenue growth further.
It plans to achieve this by further expanding its footprint in existing markets, driving broader platform adoption, and capitalising on growing demand for video solutions.
The table below summarises key figures reported in Cartrack’s results for the quarter ended 31 May 2025.
| Measure | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Subscribers | 2.37 million | 2.05 million | 16.60% |
| Subscription revenue | R1.14 billion | R960 million | 18.50% |
| Total revenue | R1.16 billion | R981 million | 18.20% |
| Operating profit | R342 million | R287 million | 19.20% |
| EBITDA | R533 million | R453 million | 17.60% |
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