Interim report
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Capitec Limited (Capitec or the Group or the Company) (formerly known as Capitec Bank Holdings Limited) Unaudited condensed consolidated interim financial statements for the 6 months ended 31 August 2026 Diversified quality earnings
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Headline earnings +19% to R9.5 billion (August 2025: R8.0 billion) Net interest income +7% to R12.7 billion (August 2025: R Headline earnings: Business Banking +52% to R609 million (August 2025: R402 million) Net non-interest income +21% to R16.1 billion (August 2025: R13.4 billion) Interim dividend per ordinary share +19% to 3 110 cents (August 2025: 2 620 cents) Net insurance result +28% to R3.0 billion (August 2025: R2.4 billion) Return on ordinary shareholders’ equity (ROE) 31% (August 2025: 31%) Value-Added Services (VAS) and Capitec Connect (Fintech) +32% to R3.8 billion (August 2025: R2.9 billion) Active clients +7% to 26.6 million (August 2025: 25.0 million) Annualised credit loss ratio (CLR) 8.4% (August 2025: 7.9%) Fully banked clients +11% to 10.4 million (August 2025: 9.4 million) (1) The percentage changes are based on figures denominated in R’million. 2 | Capitec Limited unaudited condensed consolidated interim financial statements 2027 Highlights(1)
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6 months ended August % change August 2026/2025 Year ended February 20262026 2025 Profitability Interest income R’m 17 387 16 518 5 33 309 Interest income on lending R’m 12 777 11 906 7 24 140 Interest income on investments and other financial instruments R’m 4 610 4 612 9 169 Interest expense R’m (4 659) (4 663) (9 230) Net interest income R’m 12 728 11 855 7 24 079 Credit impairments R’m (5 749) (4 734) 21 (9 976) Net interest income after credit impairments R’m 6 979 7 121 (2) 14 103 Net loan fee income R’m 788 686 15 1 437 Total net transaction and commission income R’m 12 215 10 202 20 21 525 Net transaction and commission income R’m 8 450 7 351 15 15 433 VAS R’m 3 481 2 686 30 5 650 Capitec Connect R’m 284 165 72 442 Net insurance result R’m 3 038 2 366 28 5 224 Credit Life R’m 1 242 1 002 24 2 430 Funeral and Life Cover R’m 1 796 1 364 32 2 794 Net foreign currency income R’m 114 64 78 120 Dividend income R’m — — 12 Other (expenses)/income R’m (44) 40 23 Net non-interest income R’m 16 111 13 358 21 28 341 Income from operations after credit impairments R’m 23 090 20 479 13 42 444 Operating expenses R’m (10 455) (9 982) 5 (20 238) Share of net (loss)/profit of associates and joint ventures R’m (3) 10 (13) Impairment of investment in joint venture R’m — (35) (100) (14) Operating profit before tax R’m 12 632 10 472 21 22 179 Income and deferred tax expense R’m (3 104) (2 476) 25 (5 342) Profit for the period R’m 9 528 7 996 19 16 837 Adjustments to basic earnings R’m (5) (6) (17) (8) Earnings attributable to ordinary shareholders(2) Basic R’m 9 523 7 990 19 16 829 Headline R’m 9 531 8 031 19 16 848 Earnings per share Attributable cents 8 255 6 927 19 14 590 Headline cents 8 262 6 962 19 14 606 Weighted average number of shares ’000 115 366 115 347 115 351 Diluted attributable cents 8 212 6 910 19 14 543 Diluted headline cents 8 219 6 945 18 14 560 Diluted weighted average number of shares ’000 115 969 115 635 115 718 Dividends per ordinary share Full-year cents 3 110 2 620 19 7 980 Interim cents 3 110 2 620 19 2 620 Final cents — — 5 360 Number of shares in issue per the shareholders’ register ’000 116 100 116 100 116 100 Dividend cover times 2.6 2.6 1.8 Non-interest income to income from operations after credit impairments % 70 65 67 Cost-to-income ratio % 36 40 39 (1) The percentage changes are based on figures denominated in R’million. (2) R efer to the reconciliation of attributable earnings to headline earnings in the condensed consolidated interim financial statements for details regarding the difference between basic and headline earnings. Key performance indicators 3 | Capitec Limited unaudited condensed consolidated interim financial statements 2027 (1)
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6 months ended August % change August 2026/2025 Year ended February 20262026 2025 Assets Total assets R’m 271 626 250 555 8 263 284 Loans and advances R’m 109 280 95 142 15 103 760 Cash and financial investments R’m 139 150 134 629 3 138 596 Other R’m 23 196 20 784 12 20 928 Liabilities Total liabilities R’m 209 161 196 757 6 203 771 Deposits and wholesale funding R’m 198 069 184 611 7 190 575 Other R’m 11 092 12 146 (9) 13 196 Equity Share capital and reserves attributable to ordinary shareholders R’m 62 388 53 720 16 59 437 Total equity R’m 62 465 53 798 16 59 513 ROE % 31 31 31 Capital adequacy ratio (CAR) % 34 33 33 Net asset value per ordinary share cents 53 956 46 460 16 51 404 Number of shares for calculation of net asset value per ordinary share ’000 115 627 115 627 115 627 Share price cents 465 061 356 867 30 474 354 Market capitalisation R’m 539 936 414 323 30 550 725 Operations Branches 895 882 1 885 Employees 17 741 17 188 3 17 672 Active clients (including card machine merchants) ’000 26 618 24 989 7 25 802 Cash devices(2) 9 053 8 848 2 8 834 Capital expenditure R’m 976 568 72 1 136 Transact Transaction volumes (including VAS) by channel ’m 6 826 5 998 14 12 312 Digital including VAS ’m 1 984 1 509 31 3 180 Card payments ’m 2 156 1 801 20 3 743 Cash ’m 312 305 2 619 Branches ’m 24 27 (11) 53 System-generated ’m 2 350 2 356 4 717 Net transaction and commission, net foreign currency and Funeral and Life Cover income to income from operations after credit impairments % 61 57 58 Net transaction and commission, net foreign currency and Funeral and Life Cover income to operating expenses % 135 117 121 Credit Value of total loans advanced R’m 54 714 45 174 21 98 284 Personal Banking R’m 38 048 31 779 20 68 730 Business Banking(3) R’m 10 676 7 178 49 16 895 AvaFin R’m 5 990 6 217 (4) 12 659 (1) The percentage changes are based on figures denominated in R’million. (2) Automated teller machines, dual note recyclers and coin and note recyclers. (3) Overdrafts are measured as the value of Overdraft limits granted. Key performance indicators continued 4 | Capitec Limited unaudited condensed consolidated interim financial statements 2027 (1)
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6 months ended August % change August 2026/2025 Year ended February 20262026 2025 Loans and advances book Gross loans and advances R’m 138 353 122 311 13 131 774 Personal Banking R’m 101 714 92 922 9 98 012 Business Banking(2) R’m 33 436 25 991 29 30 389 AvaFin R’m 3 203 3 398 (6) 3 373 Provision for expected credit losses (ECL) R’m (29 073) (27 169) 7 (28 014) Personal Banking R’m (26 013) (24 530) 6 (24 974) Business Banking(2) R’m (2 044) (1 491) 37 (1 786) AvaFin R’m (1 016) (1 148) (11) (1 254) Net loans and advances R’m 109 280 95 142 15 103 760 Personal Banking R’m 75 701 68 392 11 73 038 Business Banking(2) R’m 31 392 24 500 28 28 603 AvaFin R’m 2 187 2 250 (3) 2 119 Gross credit impairment charge on loans and advances R’m 6 153 5 003 23 10 585 Personal Banking R’m 5 023 4 034 25 8 338 Business Banking(3) R’m 569 256 >100 634 AvaFin R’m 561 713 (21) 1 613 Bad debts recovered R’m (427) (280) 53 (624) Personal Banking R’m (419) (327) 28 (610) Business Banking(3) R’m (2) (1) 100 (1) AvaFin R’m (6) 48 (13) Net credit impairment charge on loans and advances(4) R’m 5 726 4 723 21 9 961 Personal Banking R’m 4 604 3 707 24 7 728 Business Banking(3) R’m 567 255 >100 633 AvaFin R’m 555 761 (27) 1 600 Net credit impairment charge on loans and advances to average gross loans and advances (annualised CLR) % 8.4 7.9 8.1 Personal Banking % 9.2 8.1 8.2 Business Banking(3) % 3.4 2.1 2.4 AvaFin % 33.8 50.4 53.2 Total lending and Credit Life Insurance income(5) R’m 14 807 13 594 9 28 009 Personal Banking R’m 11 435 10 445 9 21 568 Business Banking R’m 1 947 1 455 34 3 068 AvaFin R’m 1 425 1 694 (16) 3 373 Net credit impairment charge on loans and advances to total lending and Credit Life Insurance income(5) % 38.7 34.7 35.6 Personal Banking % 40.3 35.5 35.8 Business Banking % 29.1 17.5 20.6 AvaFin % 38.9 44.9 47.4 Retail deposits and wholesale funding R’m 198 070 184 611 7 190 575 Wholesale funding R’m 1 201 2 232 (46) 1 402 Personal Banking call, current and notice deposits(6) R’m 119 355 106 373 12 114 300 Business Banking call, current and notice deposits R'm 25 901 23 352 11 24 648 Personal Banking fixed deposits(6) R’m 50 315 51 310 (2) 48 948 Business Banking foreign currency deposits R’m 1 298 1 344 (3) 1 277 (1) The percentage changes are based on figures denominated in R’million. (2) Business Banking's August 2026 loan book figures exclude the Capitec Rental Finance Proprietary Limited (CRF) loan book (R1.9 billion), which is included in non-current assets held for sale. (3) Business Banking credit impairment and CLR figures include CRF. (4) This charge is for loans and advances only. The income statement for the reporting period includes a charge of R23.2 million (August 2025: R11.5 million; February 2026: R15.2 million) related to other financial assets. (5) Interest received on loans, initiation fees, monthly service fees and net Credit Life Insurance income. (6) August 2025 notice deposits of R12.6 billion that were incorrectly included in fixed deposits have been restated and included in the Personal Banking call and notice deposits. Key performance indicators continued 5 | Capitec Limited unaudited condensed consolidated interim financial statements 2027 (1)
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Diversified quality earnings The Group’s diversified business activities maintained strong momentum despite heightened global macroeconomic uncertainty. The escalation of the conflict between the United States of America (USA) and Iran contributed to elevated inflation and an increase in the repo rate, placing additional pressure on consumers and businesses. Our agile and resilient risk management framework enabled us to respond early by adjusting credit-granting criteria where appropriate, reassessing forward-looking macroeconomic scenarios and strengthening the forward-looking macroeconomic (FLI) provision for ECL ahead of any deterioration in client repayment behaviour. This provision was actively reassessed as new information emerged throughout the period. While it remained a meaningful contributor to the CLR, the underlying quality of our loan book performed in line with our expectations. Despite the challenging conditions, all of our South African businesses grew headline earnings, a testament to the strength of our fundamentals, the resilience of our diversified business model and the disciplined execution of our strategy. Our fundamental approach remains unchanged: simplicity, affordability, accessibility and personalised experience across all our businesses. We remain committed to making a meaningful difference in our clients’ financial lives every day, empowering them to grow. For a second consecutive year, we did not increase any fees, and in some instances reduced them. This reflects our commitment to providing affordable banking and delivering meaningful value to our clients, reinforcing the long-term sustainability of our business. We have also continued to invest in initiatives that extend our impact beyond traditional banking. Since launch in March 2026, we have processed over 594 000 Smart identification document (ID) applications, partnering with the Department of Home Affairs to strengthen national capacity. Our expansion of Smart ID access to 248 branches reflects our commitment to ‘being more than a bank’ by delivering value to our clients through services that make a tangible difference in their daily lives. We launched the Capitec Stokvel Account, a digital savings account designed for groups who want to save together towards a shared goal. There are approximately 800 000 stokvels in South Africa, with over 11 million members collectively contributing about R50 billion annually, according to the National Stokvel Association of South Africa. Our Stokvel Account enables stokvel groups to save together with visibility and security, simplifying a process that serves a critical purpose for millions of South Africans. Personal Banking continued to extend affordable, accessible everyday banking to more South Africans, growing its active client base to 25.7 million, while maintaining credit granting within our through-the-cycle risk appetite and increasing the gross loan book to more than R100 billion. Our Accessible Credit Card and Repay-As-You-Earn loan continue to gain traction among clients building their credit profiles. Our Fintech business, comprising VAS and Capitec Connect, continued to scale, with more clients increasingly using our connectivity and everyday financial services beyond banking. We introduced free Capitec-to-Capitec calls and increased maximum airtime advances from R10 to R100, extending access to affordable connectivity to clients who need it most. Following several years of investment in establishing the foundation for Business Banking, the business is beginning to scale, with intuitive and scored lending, transaction volumes and headline earnings all growing strongly. This scaled capability enables us to serve businesses more effectively. Capitec Pay, our enterprise payments platform, and our merchant acquiring business continue to deliver value to our Business Banking clients, driving adoption, usage and volumes. During the period, Capitec announced the sale of CRF. CRF is a rental finance business and was acquired in 2019 as part of our acquisition of Mercantile Bank. CRF’s rental business does not align with Capitec’s core strategic focus and the Board believes CRF will benefit from integration with a specialist operator. The Insurance business remains focused on protecting our clients through Credit Life, Funeral and Life Cover offerings and we continue to improve efficiency and scale. The number of active Credit Life policies increased to 2.2 million, and the in-force sum assured grew by 8%, in line with growth in the Personal Banking loan book. All policies are underwritten by Capitec Life Limited (Capitec Life) on our own long-term insurance licence. (1) The percentage changes quoted in the commentary are based on figures denominated in R’million. (2) Figures and comparisons relate to the 6 months ended 31 August 2026 and the 6 months ended 31 August 2025, unless stated otherwise. Commentary(1)(2) 6 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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Lives assured by our Funeral Cover grew by 8% to 17.1 million while the in-force sum assured grew by 10% to R529 billion. Funeral Cover policies on our own insurance licence comprise 49% of 3.8 million active policies, with the remainder of the policies held in the cell captive, which is in run-off. Our Life Cover book continued to grow strongly, with the sum assured growing by 75% to R126 billion. The growth in our Insurance business reflects the continued trust of our clients. AvaFin, our international lending business, continued its deliberate shift toward longer-tenor lending to lower-risk clients across its 5 markets, reducing its CLR and building a more sustainable business. Group results summary(1) Headline earnings grew by 19% to R9.5 billion (2025: R8.0 billion). Net interest income grew by 7% to R12.7 billion (2025: R11.9 billion), driven by 21% growth in loan disbursements. Credit Card disbursements were the primary driver of the 20% increase in Personal Banking loan disbursements, while growth in unsecured scored lending supported a 49% increase in Business Banking loan disbursements. Interest income on investments remained flat at R4.6 billion despite the 25 basis point increase in the repo rate in May 2026 from 6.75% to 7.0%. Although the average investment portfolio balance increased by 8% to R111.4 billion, average portfolio yields declined as the impact of prior period repo rate reductions continued to flow through to investment returns, offsetting the benefit of the larger portfolio. Interest expenses also remained flat at R4.7 billion despite 7% growth in the deposit book of R198 billion because the average interest rate was higher in the prior period than in the current period. The Group’s gross credit impairment charge on loans and advances increased by 23%, reflecting gross loan book growth of 15% including CRF and a higher CLR, which increased from 7.9% to 8.4%. The Personal Banking CLR increased from 8.1% to 9.2% largely due to a higher FLI provision for ECL reflecting increased economic uncertainty since February 2026. Excluding the additional FLI provision for ECL, the Personal Banking CLR would have been 8.5%. The Business Banking CLR, including CRF, increased from 2.1% to 3.4% due to growth of 175% in the unsecured scored loan book, which had a CLR of 13.7%. The secured intuitive loan book CLR was 2.2%. The FLI provision for ECL was also higher and the CLR excluding the FLI charge was 11.4% on the scored loan book and 1.7% on the intuitive loan book, with a CLR of 3% on the total book. Net non-interest income contributed 70% of the income from operations after credit impairments (2025: 65%). Total net transaction fee and commission income, including VAS and Capitec Connect, grew by 20%. This was driven by overall volume growth of 14% as well as higher volume rebates. Our economies of scale, driven by our growing active client base, continue to positively impact costs per transaction. VAS net income grew substantially to R3.5 billion (2025: R2.7 billion). The net insurance result increased by 28% to R3.0 billion. Better-than-expected retrenchment experience resulted in fewer claims, contributing to the 24% increase in the Credit Life net insurance result. The Funeral and Life Cover net insurance result produced growth of 32% to R1.8 billion (2025: R1.4 billion). The Life Cover product is now just over 2 years old, and we continue to enhance the offering and optimise the client experience, with a focus on the claims process and payout options. Total operating expenses increased by 5% for the period. Excluding employee incentives, operating expense growth was 8%. Incentive costs decreased by 13%, reflecting headline earnings growth of 19% (2025: 26%) and a 2% decrease in the share price since February 2026 (February 2025 to August 2025: increase of 16%). Information Technology (IT) costs, including cloud expenditure and outsourced resources and salaries, increased by 12%. Over the past several years, the Group has made significant investments in both Business Banking and the Insurance business to build the platforms, capabilities and infrastructure required to support future growth. As Business Banking has entered its growth phase, the percentage growth of the investment has moderated, with platform-related costs growing more slowly than revenue. The Group is realising improved operating expense efficiencies as the benefits of investments made over the past several years continue to materialise. Personal Banking Headline earnings increased by 17% to R6.3 billion including VAS and Capitec Connect (Fintech). Excluding Fintech, headline earnings grew to R3.5 billion (2025: R3.3 billion). The active client base at August reached 25.7 million (2025: 24.4 million). Fully banked clients grew to 10.4 million (2025: 9.4 million). We are South Africa’s largest and safest digital bank with 16.5 million active banking app clients. In addition to this, we continue to grow our ability to serve clients’ more complex needs with people in their communities. To achieve this we have further increased and improved both our branch and cash device networks. (1) The analysis includes the figures related to CRF. Commentary continued 7 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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We agree with the South African Reserve Bank that cash remains systemically important, particularly within informal and emerging market segments. Therefore we continue to invest in cash infrastructure to meet the needs of our clients. The expansion in our cash device estate contributed to a 13% increase in cash transaction volumes across both our own and partner estates. This continued growth drove higher transaction volumes, and together with an increase in the average transaction values, this resulted in net transaction and commission income increasing by 13% to R7.5 billion. Despite the changing economic environment, we continued to execute our credit strategy. We grew loan disbursements while maintaining our risk appetite and keeping the CLR within our through-the-cycle target range, contributing to the Personal Banking gross loan book exceeding R100 billion for the first time. The drivers of growth are detailed below. Net interest income Net interest income grew by 7% to R9.8 billion (2025: R9.2 billion), primarily driven by 8% growth in interest income on lending to R9.4 billion (2025: R8.8 billion). The gross loan book balance grew by 9% from R92.9 billion to R101.7 billion, contributing to an 8% increase in interest income on lending as loan disbursements grew by 20% to R38.0 billion (2025: R31.8 billion). Interest income on investments was flat despite the average interest-bearing investment portfolio increasing by 5% to R106.6 billion (2025: R101.3 billion). This was driven by the average yield on the portfolio decreasing to 7.7% (2025: 8.4%). Interest expenses increased by only 1% despite average deposit balances increasing by 10% to R156.7 billion (2025: R142.3 billion). The impact of the repo rate increase of 25 basis points was not as material as we kept the interest rate on the Main Account at 2%. Credit impairment charge and ECL coverage ratios The net credit impairment charge on loans and advances increased by 24% to R4.6 billion (2025: R3.7 billion), resulting in an annualised CLR of 9.2% (2025: 8.1%). This was primarily driven by an increase in the FLI provision for ECL as the USA-Iran conflict and its negative impact on the South African economy continued. Excluding the FLI credit impairment charge, the annualised CLR was 8.5%. While the FLI provision decreased to R664 million (2025: R831 million), the FLI balance as at February 2026 was R290 million. The movement in the FLI provision for ECL since February reflects the changes to our forward-looking macroeconomic assumptions, including key economic factors like the consumer price index and the repo rate that directly affect our clients. The escalation of the USA-Iran conflict since February worsened these key macroeconomic indicators. Our updated macroeconomic scenarios were therefore less positive than at February and the probability weighting of the scenarios placed less weight on the positive scenario. The overall growth in loan disbursements resulted in an increase in the upfront provision for ECL charges on new business from R1.9 billion to R2.0 billion. Total loan disbursement growth of 20% was driven by Credit Card disbursements which grew by 35% to R19.0 billion (2025: R14.1 billion). This was due to targeted, more personalised credit offerings to lower-risk clients. Term Loan disbursements grew by 7% to R14.8 billion (2025: R13.9 billion) as credit-granting criteria were tightened. The gross loan book balance grew by 9% to R101.7 billion (2025: R92.9 billion). The table below reflects the loan book balances and the proportion of the loan book by stage. As at the end of August 2026 February 2026 August 2025 R’m % R’m % R’m % Stage 1 57 870 57 55 585 57 52 911 57 Stage 2 16 733 16 16 335 17 14 561 16 Stage 3 27 111 27 26 092 26 25 450 27 Total 101 714 100 98 012 100 92 922 100 Despite strong growth in loan disbursements and a 9% increase in the gross loan book, the stage distribution of the portfolio remained consistent with August 2025. Commentary continued 8 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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The stage 1 (up-to-date) gross loan book grew by R5.0 billion to R57.9 billion and by R2.3 billion since February 2026, as loan disbursements grew. Stage 2 up-to-date loans with significant increases in credit risk (SICR) and applied for debt review more than 6 months ago grew to R15.2 billion (2025: R13.2 billion; February 2026: R14.7 billion) as a result of the increase in loan balances in stage 1 of the loan book, which affects the SICR calculations. Gross loans that were 1 month in arrears grew to R1.6 billion (2025: R1.3 billion) but decreased by R130 million compared to February 2026. Total stage 2 balances grew by R398 million since February 2026. Stage 3 balances grew by 7%, lower than the growth in the overall book. Stage 3 balances in default grew from R19.3 billion to R20.1 billion (February 2026: R19.5 billion). The total debt review book decreased by R394 million to R5.6 billion. Other balances in default increased by R1.2 billion (2025: R1.2 billion). Term Loan and Credit Card balances accounted for the increase and Access Facility defaults during the period were R229 million lower than for the prior period, reflecting the positive impact of the tightening of granting criteria and the decreases in limits over the past few years. Payments on loans in default grew to R1.5 billion (2025: R1.2 billion). The provision for ECL grew by 6% to R26.0 billion (2025: R24.5 billion), resulting in the total ECL coverage ratio decreasing to 25.6% (2025: 26.4%). The Credit Card proportion of the gross loan book, which has a lower ECL coverage ratio compared to Term Loan as it is targeted at a lower-risk client segment, increased to 17% (2025: 15%). The Credit Card stage 3 book only comprises 14% of the total Credit Card book compared to the overall Personal Banking stage 3 composition of 27%. The coverage ratios by stage are detailed in the table below. As at the end of % August 2026 February 2026 August 2025 Stage 1 6.8 6.5 7.1 Stage 2 23.0 23.2 24.2 Stage 3 67.2 67.4 67.7 Total 25.6 25.5 26.4 The total ECL coverage ratio decreased in spite of the additional FLI provision raised since February 2026, which highlights the continued quality of the overall loan book. The Term Loan ECL coverage ratio decreased from 28.4% to 27.9% (February 2026: 27.5%). The year-on-year decrease was primarily attributable to an improvement in the distribution of the book, which decreased the ratio by 0.3%. The reduction in the FLI provision for ECL decreased the coverage ratio by 0.2%. The coverage ratios on the individual stages remained stable. The Access Facility ECL coverage ratio decreased from 27.5% to 25.9% (February 2026: 26.5%). Improved book quality reduced the coverage ratio by 1.2% due to positive shifts in book distribution and decreases in the coverage ratios of the individual stages. Lower FLI overlays decreased the ratio by a further 0.4%. The Credit Card coverage ratio increased from 16.6% to 17.2% (February 2026: 16.4%). Book distribution worsened primarily due to older tranches rolling through the book, resulting in a 1.7% increase in the ratio. Lower FLI overlays decreased the ratio by 1.1%. The stage 1 ECL coverage ratio decreased from 6.7% to 6.3% (February 2026: 5.7%), showing higher-quality newer tranches. Refer to note 3 to the condensed consolidated financial statements for the loan book and coverage ratios by product. Net transaction and commission income Net transaction and commission income, including VAS and Capitec Connect, increased by 18% to R11.3 billion (2025: R9.5 billion). Growth was driven by an increase in transaction volumes and the average value per transaction. Growth in transaction volumes was driven by the continued increase in active and fully banked clients. Active clients grew by 5% to 25.7 million while fully banked clients increased by 11% to 10.4 million and represented 41% of our active clients (2025: 38%). The growth in fully banked clients contributes to an increase in the number of transactions per client. Net transaction and commission income, excluding VAS and Capitec Connect, increased by 13% to R7.5 billion (2025: R6.7 billion). Digital transaction volumes, excluding VAS, grew by 26% to 662 million as the number of clients transacting digitally grew by 15% to 17.1 million and app users grew to 16.5 million (2025: 13.9 million). Commentary continued 9 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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Adoption of digital payment solutions continued to accelerate. The number of Apple Pay, Garmin Pay, Google Pay and Samsung Pay users grew by 68% to 2.4 million (2025: 1.4 million), supporting an 87% increase in spend to R52.1 billion (2025: R27.8 billion) and a 66% increase in transaction volumes to 260 million (2025: 157 million). Card payment and other card machine transaction volumes grew by 16% to 1.9 billion (2025: 1.6 billion), with lower-value cash transactions increasingly being replaced by card transactions. Gross income from card payments and other card machine transactions grew by 17% to R2.1 billion (2025: R1.8 billion), while net income grew by 67% as a result of an increase in volume rebates received. International card transaction volumes increased by 14% to 48 million (2025: 42 million), whereas net income decreased by 10% to R285 million (2025: R318 million), mainly due to the removal of the international transaction fee on card payments subsequent to August 2025. Fintech (VAS and Capitec Connect) Fintech forms part of Capitec’s broader strategy to meet more of clients’ everyday needs through 1 digital platform by offering VAS and affordable connectivity alongside core banking. These businesses demonstrate how we are extending our value proposition beyond traditional banking, creating diversified sources of engagement, value and earnings growth. Net income from VAS and Capitec Connect increased by 30% and contributed R2.7 billion to Group headline earnings (2025: R2.1 billion). The drivers of the growth are detailed below. Value-Added Services Net income from VAS increased by 30% to R3.5 billion (2025: R2.7 billion), driven by the growth in VAS digital transaction volumes and continued demand for everyday services such as prepaid airtime, data and electricity. The number of clients using VAS increased by 14% to 13.5 million (2025: 11.8 million), and the volume of transactions increased by 26% to 1.1 billion (2025: 845 million). Clients continue to move away from traditional cash withdrawals to electronic ‘send cash’ transactions. The net income from ‘send cash’ grew by 32% to R906 million (2025: R685 million). The number of clients using ‘send cash’ increased to 6.8 million (2025: 5.4 million). Capitec Connect Capitec Connect continued to scale as more clients used the product for affordable everyday connectivity. Growth was supported by increased numbers of active clients and higher usage across both data and voice services. Net income from Capitec Connect grew to R284 million (2025: R165 million), and the number of active clients in the past 3 months reached 1.8 million (2025: 1.1 million). Data usage more than doubled from 14.9 petabytes to 34.3 petabytes, while voice usage grew by 84% from 311 million minutes to 573 million minutes. Free Capitec-to-Capitec calls, launched during the period, added further value for clients. Capitec Connect Advances also strengthened the proposition, with R96.8 million in advances taken up during the period (2025: R36.1 million) to help clients stay connected when they needed it most. Insurance The Insurance business’s headline earnings increased by 22% to R2.5 billion (2025: R2.1 billion), driven by strong performance from Credit Life and Funeral Cover. The net insurance result before operating expenses increased by 28% to R3.0 billion (2025: R2.4 billion). The drivers of this increase are detailed below. For the cell captive business, the net insurance result includes cell taxation and cell investment returns. Income tax on business underwritten on the Capitec Life licence is reported as part of the income tax expense, rather than within the net insurance result. As the funeral cell runs off, the cell taxation and investment returns disclosed as part of the net insurance result will decrease. This decrease in cell tax is therefore a driver of growth in the net insurance result. Following the Section 50 transfer, no credit life policies remain in the Guardrisk cell. Therefore, cell captive interest income and cell taxation declined to zero. This was offset by increases in investment returns and normal income tax within Capitec Life. Commentary continued 10 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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Net Credit Life insurance result The net Credit Life insurance result increased by 24% to R1.2 billion (2025: R1.0 billion). 6 months ended R’m August 2026 August 2025 Variance 2026/2025 Insurance service result 1 297 1 092 205 Net finance (expense)/income (55) (37) (18) Insurance result 1 242 1 055 187 Net cell captive interest income — 42 (42) Cell captive tax — (95) 95 Net insurance result 1 242 1 002 240 The Credit Life insurance book increased to 2.2 million active policies (2025: 2.0 million), with all policies underwritten during the period on the Capitec Life licence, post the Section 50 transfer of the cell captive policies from 1 September 2025. The in-force sum assured increased by 8% to R84.9 billion (2025: R79.0 billion), adding R66 million to the net insurance result. The claims ratio improved by 4%, contributing R122 million to the net insurance result. Net Funeral Cover insurance result The net Funeral Cover insurance result increased by 34% to R1.8 billion (2025: R1.3 billion) and remains the largest contributor to net insurance earnings growth. 6 months ended R’m August 2026 August 2025 Variance 2026/2025 Insurance service result 2 429 1 907 522 Net finance (expense)/income (315) (278) (37) Insurance result – underlying 2 114 1 629 485 Reinsurance expense (163) (150) (13) Insurance result 1 951 1 479 472 Net cell captive interest income 168 199 (31) Cell captive tax (345) (354) 9 Net insurance result 1 774 1 324 450 The total funeral book increased to 3.8 million active policies (2025: 3.5 million). The in-force sum assured increased by 10% to R529 billion (2025: R481 billion), adding R194 million to the net insurance result. Claims experience added R221 million to the result, driven by an improvement in the claims ratio to 44.2% (2025: 46.2%). Reinsurance expenses, which represent the amortisation of the recapture fee, decreased by R26 million, while yield curve changes contributed a further R26 million to the insurance result. As the business underwritten on the Centriq cell runs off, the cell investment returns, as well as the cell taxation reported as part of the net insurance result, will decrease and be replaced by investment returns and normal income tax within Capitec Life. Lower cell captive interest income reduced the net insurance result by R31 million, while lower cell captive taxation added R9 million to income. Commentary continued 11 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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Net Life Cover insurance result The net insurance result decreased by 45% to R22 million (2025: R40 million), driven by a more robust valuation basis and higher claims experience as the book matured and a smaller proportion of policies remained within the 6-month natural death waiting period. Operationally, the book continued to grow strongly, with active policies increasing to 297 040 and the sum assured increasing to R126 billion (2025: 152 665 and R72 billion, respectively). The premium collection rate improved to 86% (2025: 83%), which is expected as the book matures. Business Banking(1) Business Banking’s headline earnings increased by 52% to R609 million (2025: R402 million). The business continued to gain momentum, and growth was supported by increased lending income, higher transaction volumes and improved operating leverage. The drivers of growth are detailed below. Net interest income Net interest income increased by 41% to R1.4 billion (2025: R985 million). The strong growth was driven primarily by interest income on lending increasing by 34% to R1.9 billion (2025: R1.5 billion), supported by growth in the loan book. Loan book growth was the result of strong scored lending disbursements as well as sustained growth in the intuitive lending book. The repo rate increase from 6.75% to 7% also resulted in higher yields. Interest income on investments declined by 24% due to the cash being deployed to support loan book growth. Interest expenses increased by 2% to R793 million (2025: R776 million), driven by 8% growth in deposit balances to R27.3 billion (2025: R24.8 billion). While the repo rate increase resulted in increased yields on longer-term deposits, the bulk of the Business Banking deposit book growth was in the zero-interest Main Account. Credit impairment charge and ECL coverage ratios The net credit impairment charge in the Business Banking book more than doubled to R567 million (2025: R255 million). This was driven by a 37% increase in the gross loan book, including CRF (29% excluding CRF), and a change in the loan book mix towards scored lending, which has a higher expected CLR, for which we price appropriately. Scored, unsecured business lending at scale is essential to growing small businesses, the emerging market and the overall economy. The charge comprises a R328 million charge on the intuitive loan book and a R239 million charge on the scored loan book. The loan book increase was driven by 49% growth in loan disbursements. Loan disbursements excluding Overdrafts grew by 41% to R6.8 billion (2025: R4.9 billion). Overdraft limit sales amounted to R3.8 billion, up 65% (2025: R2.3 billion). The provision for ECL held on new loan disbursements amounted to R209 million (2025: R95 million). Scored lending disbursements, consisting of Overdrafts and Term Loans, including Merchant Loans, continued to drive book growth. Scored disbursements were R1.9 billion, up by 76% (2025: R1.1 billion). The scored lending book grew by 175% to R4.2 billion and scored lending represents 12% of the loan book, up from 6% in August 2025. The intuitive book, including CRF, grew by 29% to R31.3 billion (2025: R24.5 billion). The growth in scored lending led to a higher annualised CLR of 3.4%, up from 2.1% in 2025. The CLR on scored loans was 13.7% while the CLR on the intuitive loan book was 2.2%. The CLR on the scored loan book was impacted by the introduction of the Pay-As-You-Trade product in the first half of the 2026 financial year. This product allows small and medium-sized enterprises to make smaller loan repayments as money flows into their accounts, and because the book is not yet mature, we have ensured that we have sufficient provisions for ECL while we accumulate data on the performance of the product over time. The annualised CLR was also impacted by a FLI credit impairment charge of R78 million. Excluding this charge, the annualised CLR on the total loan book was 3.0%, with the CLR on the scored and intuitive loan books being 11.4% and 1.7%, respectively. (1) The Business Banking analysis includes the figures related to CRF. Commentary continued 12 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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The table below details the trend in the coverage ratios. As at the end of % August 2026 February 2026 August 2025 Stage 1 1.7 1.5 1.5 Stage 2 13.0 9.8 9.2 Stage 3 57.9 50.7 44.7 Total 6.3 5.9 5.7 The overall coverage ratio increased to 6.3% (2025: 5.7%), driven by higher stage 2 and stage 3 coverage ratios. The higher coverage ratios were primarily the result of the growth in the scored lending book, which carries higher coverage ratios with lower collateral balances. Mortgage Loans that carry a coverage ratio of 1.7% comprise 40% of the loan book compared to 46% in the prior period. Business Loans, including scored lending, which carry a coverage ratio of 9.4%, now comprise 60% of the loan book (2025: 54%). Refer to note 3 to the condensed consolidated financial statements for the loan book and coverage ratios by product. Net transaction and commission income Business Banking’s net transaction and commission income increased by 38% to R968 million (2025: R702 million). Transaction volume growth was 67%. Volumes on card machines increased by 60%, and the value of transactions on card machines grew by 46% to R61.8 billion. Net income from Capitec Pay increased by 51% to R365 million (2025: R242 million), with 12.5 million clients (2025: 9.0 million) using the platform. A total of 182 million payments, with a value of R45.0 billion, were processed (2025: 130 million payments; R30.9 billion value). Successful international payments amounted to 2.7 million, and there were 1.9 million variable recurring payments processed, highlighting the platform’s success in responding to the needs of e-commerce merchants. AvaFin AvaFin contributed R90 million (EUR4.8 million) to headline earnings (2025: R120 million; EUR5.8 million). This was driven by AvaFin’s continued evolution from a short-term to a longer-term lender while still contributing to overall headline earnings. Headline earnings did, however, increase from R8 million for the 6 months ended February 2026 due mainly to a decrease in the credit impairment charge. Loan disbursements increased by 4% to EUR314 million (2025: EUR303 million). Unique clients decreased from 250 000 to 200 000 as AvaFin focuses on larger loans for longer tenors to lower-risk clients. Credit impairment charge and ECL coverage ratios AvaFin’s credit impairment charge amounted to R555 million (2025: R761 million). Although loan disbursements increased, AvaFin’s focus on longer-term loans to a lower-risk client base resulted in a lower overall charge. The annualised CLR has also decreased to 33.8% (2025: 50.4%). Tightening of credit-granting criteria and a focus on lower-risk clients resulted in gross loans and advances increasing by 4% to EUR171.2 million (2025: EUR164.8 million), in line with loan disbursement growth. In rand terms, due to a stronger rand, the loan book decreased by 6% to R3.2 billion, resulting in the ECL coverage ratio decreasing to 31.7% (2025: 33.8%). The provision for ECL remained flat at EUR55.7 million but decreased in rand terms by 11% to R1.0 billion (2025: R1.1 billion). The coverage ratio on up-to-date loans decreased 6.9% (2025: 9.3%), reflecting the impact of new tranches being granted to lower-risk clients. The stage 1 book now represents 59.8% of the loan book, up from 56.1%. Coverage ratios have increased in stage 2 and stage 3 as older tranches moved through the book. Commentary continued 13 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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Group operating expenses Group operating expenses increased by 5% to R10.5 billion. We remain focused on disciplined cost management while continuing to invest in technology, artificial intelligence, digital capabilities and other strategic initiatives that support long-term growth, operational resilience and enhanced client experiences. Excluding salary incentives and IFRS 17 operating expense reallocations, operating expenses increased by 9% to R9.7 billion. Salary costs grew by 12% to R4.5 billion, driven by growth in headcount from 17 188 to 17 741 employees, and continued investment in specialist skills, leadership capacity and technology capabilities. Salary incentive costs were 13% lower than in the prior period. Long-term incentive expenses decreased as the Capitec share price decreased by 2% since February 2026 to R4 650.61, compared to 16% growth in the prior period, when the share price increased from R3 074.37 to R3 568.67 per share. Technology-related operating expenditure (excluding salaries) increased by 8% to R1.7 billion. Growth was primarily driven by a 27% increase in cloud-based fees and a 20% increase in outsourced technology resources, reflecting continued investment in cloud infrastructure, data capabilities, regulatory initiatives and strategic digital transformation programmes. The Group’s ongoing adoption of artificial intelligence and automation technologies is expected to continue to enhance operational efficiencies and support productivity improvements across the business. Advertising and marketing costs increased following investments in new client propositions, targeted digital campaigns and Capitec Connect rewards initiatives aimed at driving client engagement and product utilisation. The Group also increased its investment in corporate social responsibility initiatives, supporting crime prevention programmes and the expansion of early childhood development centres within underserved communities. The cost-to-income ratio decreased to 36% (2025: 40%), reflecting benefits of investments made over the past several years. These investments are increasingly supporting scalable growth, improved operating expense efficiencies and stronger operating leverage while maintaining disciplined control over operating costs. Capital and liquidity The Group remains well capitalised with a CAR of 34% (2025: 33%). Our Basel IV liquidity coverage ratio as well as the net stable funding ratio were 2 670% (2025: 3 147%) and 224% (2025: 236%), respectively. The regulatory requirement is 100% for both ratios. Credit ratings Following the rating upgrades announced by S&P Global Ratings on 14 November 2025, the credit ratings and positive outlooks of both South Africa and Capitec remained unchanged during the period. South Africa’s foreign currency and local currency long-term ratings remained BB and BB+, respectively. Our long-term global scale rating remained BB, with a short-term global scale rating of B, while the long-term South African national scale rating remained zaAAA, with a short-term rating of zaA-1+. The future We will continue to move forward confidently. Our business fundamentals of simplicity, affordability, accessibility and personalised experience will remain the foundation for the continued growth of our businesses. We remain focused on becoming the leading payments provider and expanding our embedded finance capabilities, bringing more value-adding solutions to our clients that extend beyond banking. Indicative of our journey beyond traditional banking includes the recent name change from Capitec Bank Holdings Limited to Capitec Limited. This reflects our growing focus on delivering a wider range of value-adding solutions to our clients. Retirement of an Executive Henk Lourens, Executive: Strategic Initiatives, will retire at the end of November 2026 after 27 years with Capitec. As a long-serving Executive, he has made a lasting contribution to the growth of the Group, helping to shape both the business and its culture. We extend our sincere thanks and best wishes as he embarks on his retirement. Commentary continued 14 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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Changes to the Board On 31 July 2026, Dr Chris Otto retired from the Board. As a founding member who has served on the Board since the Group’s inception, Chris made an invaluable contribution to the Group’s governance, strategy and long-term success over nearly 3 decades. The Board extends its sincere appreciation for his commitment, dedication and stewardship. Former Group Chief Executive Officer (CEO) Gerrie Fourie was appointed as a Non-Executive Director on 1 August 2026, bringing extensive institutional knowledge, strategic insight and banking experience to the Board. The Board welcomes his continued contribution to the Group. Interim dividend The Directors resolved that a gross interim dividend of 3 110 cents per ordinary share be declared for the 6 months ended 31 August 2026 (31 August 2025: 2 620 cents). The dividend will be paid on Monday, 26 October 2026. There are 116 099 843 ordinary shares in issue. The dividend meets the definition of a dividend in terms of the Income Tax Act, Act 58 of 1962. The dividend amount, net of South African dividend tax of 20%, is 2 488 cents per share. The distribution is made from income reserves. Capitec’s tax reference number is 9405376840. Last day to trade cum dividend Tuesday, 20 October 2026 Trading ex-dividend commences Wednesday, 21 October 2026 Record date Friday, 23 October 2026 Payment date Monday, 26 October 2026 Share certificates may not be dematerialised or rematerialised from Wednesday, 21 October 2026 to Friday, 23 October 2026, both days inclusive. In terms of the Company’s memorandum of incorporation, dividends will only be transferred electronically to the bank accounts of certificated shareholders, as cheques are no longer issued. In instances where certificated shareholders do not provide the transfer secretary with their banking details, the dividend will not be forfeited but will be marked as ‘unclaimed’ in the dividend register until the shareholder provides the transfer secretary with the relevant banking details for payout. This announcement was signed on behalf of the Board by Santie Botha Graham Lee Chairman Chief Executive Officer Stellenbosch 30 September 2026 We have removed all signatures from this document to protect the security and privacy of our signatories. Commentary continued 15 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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R’m August 2026 August 2025 % change August 2026/2025 Year ended February 2026 Assets Cash and cash equivalents 39 209 49 166 (20) 49 665 Financial assets at fair value through profit or loss (FVTPL) 5 058 2 276 >100 4 715 Derivative assets 121 80 51 243 Financial investments at amortised cost 86 457 79 833 8 78 459 Term deposit investments 8 426 3 354 >100 5 757 Current income tax asset 57 17 >100 6 Loans and advances 109 280 95 142 15 103 760 Other receivables 7 370 6 176 19 6 638 Non-current assets held for sale(1) 1 948 — — — Inventory 173 110 57 152 Insurance contract assets 1 316 3 165 (58) 1 997 Reinsurance contract asset 57 9 >100 34 Financial assets – equity instruments at fair value through other comprehensive income (FVOCI) 304 75 >100 352 Interest in associates and joint ventures 343 307 12 346 Property and equipment 4 629 4 093 13 4 116 Right-of-use assets 1 698 1 716 (1) 1 702 Intangible assets including goodwill 1 458 1 607 (9) 1 495 Deferred income tax asset 3 722 3 429 9 3 847 Total assets 271 626 250 555 8 263 284 Liabilities Derivative liabilities 102 94 9 190 Current income tax liability 109 68 60 329 Deposits 196 869 182 379 8 189 173 Wholesale funding 1 200 2 232 (46) 1 402 Other liabilities 7 663 9 510 (19) 9 600 Non-current liabilities held for sale(1) 144 — — — Insurance contract liabilities 581 — 552 Lease liabilities 2 218 2 262 (2) 2 238 Employee benefit liabilities 11 11 10 Deferred income tax liability 264 201 31 277 Total liabilities 209 161 196 757 6 203 771 Equity Equity attributable to ordinary shareholders 62 388 53 720 16 59 437 Ordinary share capital and premium 5 450 5 437 5 485 Other reserves (91) (31) >100 (32) Foreign currency translation reserve (78) 40 >100 (62) Share option reserve 516 516 516 Retained earnings 56 591 47 758 18 53 530 Equity attributable to other equity instrument holders Preference share capital and premium 41 42 (2) 42 Equity attributable to non-controlling interest 36 36 34 Total equity 62 465 53 798 16 59 513 Total equity and liabilities 271 626 250 555 8 263 284 (1) On 9 July 2026, the Group entered into an agreement to dispose of its 100% shareholding in Capitec Rental Finance Proprietary Limited. Condensed consolidated statement of financial position As at 31 August 2026 16 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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R’m August 2026 August 2025 % change August 2026/2025 Year ended February 2026 Interest and similar income and expenses Interest income 17 387 16 518 5 33 309 Interest income calculated using the effective interest method 16 704 15 915 5 32 064 Interest income on financial assets at FVTPL 683 603 13 1 245 Interest expense and other similar charges (4 659) (4 663) (9 230) Net interest income 12 728 11 855 7 24 079 Credit impairments (5 749) (4 734) 21 (9 976) Net interest income after credit impairments 6 979 7 121 (2) 14 103 Non-interest income Loan fee income 798 688 16 1 450 Loan fee expense (10) (2) >100 (13) Net loan fee income 788 686 15 1 437 Transaction fee and commission income 15 902 13 777 15 28 664 Transaction fee and commission expense (3 687) (3 575) 3 (7 139) Net transaction and commission income 12 215 10 202 20 21 525 Insurance revenue 6 929 5 804 19 12 615 Insurance service expense (3 805) (3 536) 8 (7 045) Net income from reinsurance contracts held 9 1 >100 10 Insurance service result 3 133 2 269 38 5 580 Insurance finance (expense)/income (95) 97 >100 (359) Reinsurance finance income — — 3 Net insurance result 3 038 2 366 28 5 224 Foreign currency income 344 317 9 677 Foreign currency expense (230) (253) (9) (557) Net foreign currency income 114 64 78 120 Dividend income — — 12 Other (expenses)/income (44) 40 >100 23 Net non-interest income 16 111 13 358 21 28 341 Income from operations after credit impairments 23 090 20 479 13 42 444 Operating expenses (10 455) (9 982) 5 (20 238) Share of net (loss)/profit of associates and joint ventures (3) 10 >100 (13) Impairment of investment in joint venture and associate — (35) (100) (14) Operating profit before tax 12 632 10 472 21 22 179 Income and deferred tax expense (3 104) (2 476) 25 (5 342) Profit for the period 9 528 7 996 19 16 837 Ordinary shareholders 9 525 7 992 19 16 833 Non-controlling interest 3 4 (25) 4 Earnings per share (cents) Basic 8 255 6 927 19 14 590 Diluted 8 212 6 910 19 14 543 Condensed consolidated income statement Six months ended 31 August 2026 17 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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R’m August 2026 August 2025 % change August 2026/2025 Year ended February 2026 Profit for the period 9 528 7 996 19 16 837 Other comprehensive (loss)/income that may subsequently be reclassified to profit or loss (16) 60 >100 (45) Foreign currency translation reserve recognised – attributable to ordinary shareholders (16) 58 >100 (44) Foreign currency translation reserve recognised – attributable to non-controlling interest — 2 (100) (1) Other comprehensive loss that will not subsequently be reclassified to profit or loss (59) (8) >100 (9) Loss on remeasurement to FVOCI (58) (7) >100 (8) Income tax thereon (1) (1) (1) Total comprehensive income for the period 9 453 8 048 17 16 783 Total comprehensive income attributable to: Ordinary shareholders 9 451 8 043 18 16 780 Non-controlling interest 2 5 (60) 3 9 453 8 048 17 16 783 Condensed consolidated statement of other comprehensive income Six months ended 31 August 2026 18 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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R’m August 2026 August 2025 % change August 2026/2025 Year ended February 2026 Profit for the period attributable to ordinary shareholders 9 525 7 992 19 16 833 Preference dividend (2) (2) (4) Net profit after tax attributable to ordinary shareholders 9 523 7 990 19 16 829 Non-headline items: Impairment of investment in joint venture — 35 (100) 14 Loss on disposal of property and equipment (6) 6 >100 (2) Taxable loss/(gain) (8) 8 >100 (3) Income tax 2 (2) >100 1 Loss on disposal of intangible assets 14 — 7 Taxable loss 19 — 10 Income tax (5) — (3) Headline earnings 9 531 8 031 19 16 848 Basic headline earnings per share (cents) 8 262 6 962 19 14 606 Diluted headline earnings per share (cents) 8 219 6 945 18 14 560 Number of shares (’000) Weighted average number of ordinary shares in issue (’000) 115 627 115 627 115 627 Adjustment for treasury shares (261) (280) (7) (276) Weighted average number of ordinary shares in issue (’000) 115 366 115 347 115 351 Adjustment for: Exercise of share options 603 288 >100 367 Weighted average number of ordinary shares for diluted headline earnings per share 115 969 115 635 115 718 Number of shares in issue per the shareholders’ register 116 100 116 100 116 100 Reconciliation of attributable earnings to headline earnings Six months ended 31 August 2026 19 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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R’m August 2026 August 2025 % change August 2026/2025 Year ended February 2026 Ordinary share capital and premium Balance at the beginning of the period 5 485 5 475 5 475 Shares acquired for employee share options at cost (17) (25) (32) 6 Treasury shares (18) (13) 38 4 Balance at the end of the period 5 450 5 437 5 485 Other reserves Balance at the beginning of the period (32) (23) 39 (23) Other comprehensive loss for the period(1) (59) (8) >100 (9) Balance at the end of the period (91) (31) >100 (32) Foreign currency translation reserve Balance at the beginning of the period (62) (18) >100 (18) Other comprehensive (loss)/income for the period(1) (16) 58 >100 (44) Balance at the end of the period (78) 40 >100 (62) Share option reserve Balance at the beginning of the period 516 516 516 Balance at the end of the period 516 516 516 Retained earnings Balance at the beginning of the period 53 530 44 891 19 44 891 Profit for the period(1) 9 525 7 992 19 16 833 Ordinary dividend (6 209) (5 129) 21 (8 165) Preference dividend (2) (2) (4) Employee share option scheme: value of employee services 68 61 11 162 Shares acquired for employee share options at cost (254) (95) >100 (205) Proceeds on settlement of employee share options 139 75 85 147 Tax effect on share options (18) 52 >100 53 Fair value of shares utilised for net settlement (188) (87) >100 (182) Balance at the end of the period 56 591 47 758 18 53 530 Equity attributable to ordinary shareholders 62 388 53 720 16 59 437 Equity attributable to other equity instrument holders Balance at the beginning of the period 42 42 42 Preference shares repurchased (1) — — Balance at the end of the period 41 42 (2) 42 Equity attributable to non-controlling interest Balance at the beginning of the period 34 31 10 31 Total comprehensive income for the period(1) 2 5 (60) 3 Profit for the period(1) 3 4 (25) 4 Other comprehensive (loss)/income for the period(1) (1) 1 >100 (1) Balance at the end of the period 36 36 34 Total equity 62 465 53 798 16 59 513 (1) The condensed consolidated statement of changes in equity was enhanced to split the total comprehensive income/(loss) for the period between profit for the period and other comprehensive (loss)/income for the period where applicable. Condensed consolidated statement of changes in equity Six months ended 31 August 2026 20 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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R’m August 2026 August 2025 % change August 2026/2025 Year ended February 2026 Cash flows from operating activities Cash flow from operations (1 433) 3 061 >100 408 Income tax paid (3 282) (2 716) 21 (5 661) Interest received 17 483 16 119 8 33 391 Interest paid (4 611) (4 602) — (9 217) Dividends received — — — 12 8 157 11 862 (31) 18 933 Cash flows from investing activities Acquisition of property and equipment (918) (524) 75 (1 053) Disposal of property and equipment 20 15 33 28 Acquisition of intangible assets (58) (44) 32 (83) Investment in term deposits (8 200) (3 000) >100 (12 250) Redemption of term deposits 5 500 4 890 12 11 890 Acquisition of financial investments at amortised cost (38 052) (29 273) 30 (52 417) Redemption of financial investments at amortised cost 29 876 26 213 14 50 135 Interest acquired in associates and joint ventures — (25) (100) (87) Acquisition of financial investment at FVOCI (9) — — (279) (11 841) (1 748) >100 (4 116) Cash flows from financing activities Dividends paid (6 210) (5 127) 21 (8 166) Preference shares repurchased (1) — — — Redemption of institutional bonds and other funding — — — (750) Payment of lease liabilities (249) (241) 3 (489) Shares acquired for settlement of employee share options (272) (120) >100 (199) Participants’ contribution on settlement of options 12 6 100 9 Treasury shares repurchased (56) (45) 24 (45) (6 776) (5 527) 23 (9 640) Effect of exchange rate changes on cash and cash equivalents 4 16 (75) (76) Net (decrease)/increase in cash and cash equivalents (10 456) 4 603 >100 5 101 Cash and cash equivalents at the beginning of the period(1) 49 665 44 564 11 44 564 Cash and cash equivalents at the end of the period(1) 39 209 49 167 (20) 49 665 (1) Balances at the beginning and end of the period are reported before the provision for impairments (ECL). Condensed consolidated statement of cash flows Six months ended 31 August 2026 21 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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1. Basis of preparation The condensed consolidated interim financial statements for the 6 months ended 31 August 2026 are prepared in accordance with the requirements of the Johannesburg Stock Exchange Limited (JSE) for condensed consolidated financial statements and the requirements of the Companies Act of South Africa, Act 71 of 2008. The JSE requires condensed consolidated financial statements to be prepared in accordance with the framework concepts and the measurement and recognition requirements of IFRS® Accounting Standards (IFRS Accounting Standards), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and to also, as a minimum, contain the information required by IAS 34 Interim Financial Reporting. The accounting policies applied in the preparation of these interim financial statements are in terms of IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and are consistent with those applied in the previous consolidated financial statements except for the following effective standards, interpretations and amendments to published standards applied for the first time during the current reporting period: Title Effective date Impact Classification and measurement of financial instruments – amendments to IFRS 7 and IFRS 9 Annual periods beginning on or after 1 January 2026 (published 30 May 2024) These amendments clarify the timing of recognition and derecognition of certain financial assets and liabilities, with a new exception for certain financial liabilities settled through an electronic cash transfer system. Further clarity and guidance for assessing whether a financial asset meets the solely payments of principal and interest criterion are provided. New disclosure is added for certain instruments with contractual terms that can change cash flows. Existing disclosures for equity instruments designated at FVOCI have been updated. The impact on the Group is minimal. Contracts referencing Nature-dependent Electricity – amendments to IFRS 7 and IFRS 9 Annual periods beginning on or after 1 January 2026 (published 18 December 2024) These amendments to IFRS 7 and IFRS 9 address the classification and disclosure of contracts tied to nature- dependent electricity sources. There is no impact on the Group. Annual improvements to IFRS Accounting Standards – Volume 11 Annual periods beginning on or after 1 January 2026 (published 18 July 2024) Amendments to: • First-time Adoption of International Financial Reporting Standards – IFRS 1 • Financial Instruments: Disclosures and the accompanying guidance on implementing IFRS 7 – IFRS 7 • Financial Instruments – IFRS 9 • Consolidated Financial Statements – IFRS 10 • Statement of Cash Flows – IAS 7 The impact on the Group is minimal. A number of new accounting standards and amendments to accounting standards are effective for annual periods beginning after 1 January 2027 and earlier application is permitted. The Group has not early adopted any of the forthcoming new or amended accounting standards in preparing the condensed consolidated interim financial statements. Notes to the condensed consolidated interim financial statements Six months ended 31 August 2026 22 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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1. Basis of preparation continued The following International Financial Reporting Interpretations Committee Agenda decisions were approved by the IASB during the period under review and have been considered to determine their impact on the condensed consolidated interim financial statements. Subject Impact Classification of a foreign exchange difference from an intragroup monetary liability (or asset) (IFRS 18) This agenda decision will be considered as part of the Group’s implementation of IFRS 18, which is effective for annual periods beginning on or after 1 January 2027. It is not expected to have a material impact on the Group. Economic benefits from use of a battery under an offtake arrangement (IFRS 16) There was no impact on the Group. Fair presentation and compliance with IFRS Accounting Standards (IAS 1) There was no impact on the Group. Assessment of a specified main business activity for the purposes of the separate financial statements of a parent (IFRS 18) This agenda decision will be considered as part of the Group’s implementation of IFRS 18, which is effective for annual periods beginning on or after 1 January 2027. It is not expected to have a material impact on the Group. Scope of the requirement to disclose expenses by nature (IFRS 18) This agenda decision will be considered as part of the Group’s implementation of IFRS 18, which is effective for annual periods beginning on or after 1 January 2027. It is not expected to have a material impact on the Group. Classification of gains and losses on a derivative managing a foreign currency exposure (IFRS 18) This agenda decision will be considered as part of the Group’s implementation of IFRS 18, which is effective for annual periods beginning on or after 1 January 2027. It is not expected to have a material impact on the Group. The preparation of financial statements in conformity with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the condensed consolidated financial statements, did not change compared to the prior financial year. In calculating the provision for ECL for the 6 months ended 31 August 2026, key areas of significant management estimation and judgement included determining SICR thresholds, the definition of write-off being when there is no reasonable expectation of further recovery (5% of balance before write-off), assumptions used in the forward- looking macroeconomic model, event overlays and how historical data is used to project ECL. This was considered by applying macroeconomic information available up to 31 August 2026. The condensed consolidated interim financial statements were not reviewed or audited by the Group’s auditors. The preparation of the unaudited condensed consolidated interim financial statements was supervised by the Chief Financial Officer (CFO), Grant Hardy CA(SA). Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 23 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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2. Net loans and advances Personal Banking Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL R’m Up-to-date Up-to-date loans with SICR and applied for debt review >6 months Up to 1 month in arrears 2 and 3 months in arrears Resche- duled from up-to-date (not yet rehabi- litated) Resche- duled from arrears (not yet rehabi- litated) More than 3 months in arrears, legal statuses and applied for debt review <6 months Total Balance as at 31 August 2026 Gross loans and advances 57 870 15 178 1 555 2 625 2 014 2 418 20 054 101 714 Term Loan 32 380 9 855 926 1 881 1 757 2 092 13 168 62 059 Access Facility 12 253 3 525 281 425 257 326 4 723 21 790 Credit Card 13 237 1 798 348 319 — — 2 163 17 865 Provision for credit impairments (ECL)(1) (3 948) (3 128) (724) (1 672) (502) (651) (15 388) (26 013) Term Loan (2 301) (1 835) (411) (1 258) (447) (563) (10 478) (17 293) Access Facility (814) (843) (157) (248) (55) (88) (3 449) (5 654) Credit Card (833) (450) (156) (166) — — (1 461) (3 066) Net loans and advances 53 922 12 050 831 953 1 512 1 767 4 666 75 701 Term Loan 30 079 8 020 515 623 1 310 1 529 2 690 44 766 Access Facility 11 439 2 682 124 177 202 238 1 274 16 136 Credit Card 12 404 1 348 192 153 — — 702 14 799 ECL coverage (%)(2) 6.8 20.6 46.5 63.7 24.9 26.9 76.7 25.6 Term Loan 7.1 18.6 44.4 66.9 25.4 26.9 79.6 27.9 Access Facility 6.6 23.9 56.0 58.3 21.2 27.1 73.0 25.9 Credit Card 6.3 25.0 44.7 52.1 — — 67.5 17.2 % of gross loan book 57 15 1 3 2 2 20 100 Term Loan 32 10 1 2 2 2 13 62 Access Facility 12 3 — 1 — — 5 21 Credit Card 13 2 — — — — 2 17 Balance as at 28 February 2026 Gross loans and advances 55 585 14 650 1 685 2 374 1 973 2 243 19 502 98 012 Term Loan 31 328 9 596 984 1 670 1 660 1 887 12 703 59 828 Access Facility 12 272 3 555 297 424 313 356 4 928 22 145 Credit Card 11 985 1 499 404 280 — — 1 871 16 039 Provision for credit impairments (ECL)(1) (3 599) (3 035) (753) (1 467) (496) (604) (15 020) (24 974) Term Loan (2 122) (1 798) (422) (1 084) (427) (508) (10 111) (16 472) Access Facility (796) (866) (164) (243) (69) (96) (3 637) (5 871) Credit Card (681) (371) (167) (140) — — (1 272) (2 631) Net loans and advances 51 986 11 615 932 907 1 477 1 639 4 482 73 038 Term Loan 29 206 7 798 562 586 1 233 1 379 2 592 43 356 Access Facility 11 476 2 689 133 181 244 260 1 291 16 274 Credit Card 11 304 1 128 237 140 — — 599 13 408 ECL coverage (%)(2) 6.5 20.7 44.7 61.8 25.1 26.9 77.0 25.5 Term Loan 6.8 18.7 42.9 64.9 25.7 26.9 79.6 27.5 Access Facility 6.5 24.4 55.1 57.4 22.0 27.1 73.8 26.5 Credit Card 5.7 24.7 41.4 49.8 — — 68.0 16.4 % of gross loan book 57 16 1 2 2 2 20 100 Term Loan 32 10 1 2 2 2 13 62 Access Facility 13 4 — — — — 5 22 Credit Card 12 2 — — — — 2 16 (1) For agreements that contain both a drawn and undrawn component where the Group cannot separately identify the ECL on the undrawn component, the ECL on the undrawn component is recognised with the ECL on the loan component. To the extent that the ECLs exceed the gross carrying amount of the loans at a client level, the excess is recognised as a provision in other liabilities in the statement of financial position. The loss allowance on the undrawn loan commitments of clients who have no outstanding balances is also recognised as a provision in other liabilities. (2) The ECL coverage ratio is calculated in thousands. Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 24 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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2. Net loans and advances continued Personal Banking continued Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL R’m Up-to-date Up-to-date loans with SICR and applied for debt review >6 months Up to 1 month in arrears 2 and 3 months in arrears Resche- duled from up-to-date (not yet rehabi- litated) Resche- duled from arrears (not yet rehabi- litated) More than 3 months in arrears, legal statuses and applied for debt review <6 months Total Balance as at 31 August 2025 Gross loans and advances 52 911 13 244 1 317 2 188 1 961 2 044 19 257 92 922 Term Loan 29 945 8 167 742 1 503 1 556 1 653 12 625 56 191 Access Facility 12 455 3 723 276 471 405 391 5 006 22 727 Credit Card 10 511 1 354 299 214 — — 1 626 14 004 Provision for credit impairments (ECL)(1) (3 769) (2 926) (602) (1 377) (497) (562) (14 797) (24 530) Term Loan (2 128) (1 602) (322) (988) (401) (446) (10 063) (15 950) Access Facility (932) (991) (159) (286) (96) (116) (3 670) (6 250) Credit Card (709) (333) (121) (103) — — (1 064) (2 330) Net loans and advances 49 142 10 318 715 811 1 464 1 482 4 460 68 392 Term Loan 27 817 6 565 420 515 1 155 1 207 2 562 40 241 Access Facility 11 523 2 732 117 185 309 275 1 336 16 477 Credit Card 9 802 1 021 178 111 — — 562 11 674 ECL coverage (%)(2) 7.1 22.1 45.7 62.9 25.3 27.5 76.8 26.4 Term Loan 7.1 19.6 43.4 65.7 25.8 27.0 79.7 28.4 Access Facility 7.5 26.6 57.6 60.7 23.7 29.7 73.3 27.5 Credit Card 6.7 24.6 40.5 48.1 — — 65.4 16.6 % of gross loan book 57 14 1 3 2 2 21 100 Term Loan 32 8 1 2 2 2 14 61 Access Facility 14 4 — 1 — — 5 24 Credit Card 11 2 — — — — 2 15 (1) For agreements that contain both a drawn and undrawn component where the Group cannot separately identify the ECL on the undrawn component, the ECL on the undrawn component is recognised with the ECL on the loan component. To the extent that the ECLs exceed the gross carrying amount of the loans at a client level, the excess is recognised as a provision in other liabilities in the statement of financial position. The loss allowance on the undrawn loan commitments of clients who have no outstanding balances is also recognised as a provision in other liabilities. (2) The ECL coverage ratio is calculated in thousands. Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 25 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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2. Net loans and advances continued Business Banking Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL R’m Up-to-date Up to 1 month in arrears Up-to-date loans SICR 2 and 3 months in arrears Resche- duled from up-to-date (not yet rehabi- litated) Resche- duled from arrears (not yet rehabi- litated) More than 3 months in arrears, legal statuses and applied for business rescue liqui- dations <6 months Total Balance as at 31 August 2026 Gross loans and advances 28 496 583 1 475 210 266 29 2 377 33 436 Business Loans 15 874 315 901 160 227 10 1 617 19 104 Mortgage Loans 12 622 268 574 50 39 19 760 14 332 Provision for credit impairments (ECL)(1)(2) (454) (14) (183) (42) (18) (4) (1 329) (2 044) Business Loans (424) (12) (154) (39) (15) (2) (1 155) (1 801) Mortgage Loans (30) (2) (29) (3) (3) (2) (174) (243) Net loans and advances 28 042 569 1 292 168 248 25 1 048 31 392 Business Loans 15 450 303 747 121 212 8 462 17 303 Mortgage Loans 12 592 266 545 47 36 17 586 14 089 ECL coverage (%)(3) 1.6 2.4 12.4 20.2 6.9 12.6 55.9 6.1 Business Loans 2.7 3.9 17.1 24.5 6.6 22.0 71.4 9.4 Mortgage Loans 0.2 0.6 5.0 6.4 8.7 7.7 22.9 1.7 % of gross loan book 85 2 5 — 1 — 7 100 Business Loans 47 1 3 — 1 — 5 57 Mortgage Loans 38 1 2 — — — 2 43 Balance as at 28 February 2026 Gross loans and advances 25 845 460 1 239 134 252 28 2 431 30 389 Business Loans 14 329 252 842 96 230 11 1 531 17 291 Mortgage Loans 11 516 208 397 38 22 17 900 13 098 Provision for credit impairments (ECL)(1)(2) (382) (9) (128) (19) (13) (2) (1 233) (1 786) Business Loans (350) (8) (110) (16) (12) (1) (1 036) (1 533) Mortgage Loans (32) (1) (18) (3) (1) (1) (197) (253) Net loans and advances 25 463 451 1 111 115 239 26 1 198 28 603 Business Loans 13 979 244 732 80 218 10 495 15 758 Mortgage Loans 11 484 207 379 35 21 16 703 12 845 ECL coverage (%)(3) 1.5 2.0 10.4 13.8 5.3 8.1 50.7 5.9 Business Loans 2.4 3.4 13.0 16.6 5.4 13.0 67.7 8.9 Mortgage Loans 0.3 0.4 4.7 6.8 4.4 5.1 21.9 1.9 % of gross loan book 85 2 4 — 1 — 8 100 Business Loans 47 1 3 — 1 — 5 57 Mortgage Loans 38 1 1 — — — 3 43 (1) For agreements at a client level that contain both a drawn and an undrawn component, the combined ECL is recognised with the loan component. To the extent that the combined ECL exceeds the gross carrying amount, the excess is recognised as a provision in other liabilities in the statement of financial position. (2) Business Banking accepts collateral for secured funds advanced and this decreases the ECL. (3) The ECL coverage ratio is calculated in thousands. Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 26 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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2. Net loans and advances continued Business Banking continued Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL R’m Up-to-date Up to 1 month in arrears Up-to-date loans SICR 2 and 3 months in arrears Resche- duled from up-to-date (not yet rehabi- litated) Resche- duled from arrears (not yet rehabi- litated) More than 3 months in arrears, legal statuses and applied for business rescue liqui- dations <6 months Total Balance as at 31 August 2025 Gross loans and advances 21 788 389 1 229 86 182 29 2 288 25 991 Business Loans 11 352 223 715 56 170 18 1 333 13 867 Mortgage Loans 10 436 166 514 30 12 11 955 12 124 Provision for credit impairments (ECL)(1)(2) (320) (8) (117) (11) (9) (3) (1 023) (1 491) Business Loans (286) (7) (89) (9) (8) (2) (772) (1 173) Mortgage Loans (34) (1) (28) (2) (1) (1) (251) (318) Net loans and advances 21 468 381 1 112 75 173 26 1 265 24 500 Business Loans 11 066 216 626 47 162 16 561 12 694 Mortgage Loans 10 402 165 486 28 11 10 704 11 806 ECL coverage (%)(3) 1.5 2.0 9.5 13.1 5.0 11.4 44.7 5.7 Business Loans 2.5 3.1 12.4 16.6 4.9 13.9 57.9 8.5 Mortgage Loans 0.3 0.6 5.4 6.3 7.1 7.3 26.4 2.6 % of gross loan book 84 1 5 — 1 — 9 100 Business Loans 44 1 3 — 1 — 5 54 Mortgage Loans 40 — 2 — — — 4 46 (1) For agreements at a client level that contain both a drawn and an undrawn component, the combined ECL is recognised with the loan component. To the extent that the combined ECL exceeds the gross carrying amount, the excess is recognised as a provision in other liabilities in the statement of financial position. (2) Business Banking accepts collateral for secured funds advanced and this decreases the ECL. (3) The ECL coverage ratio is calculated in thousands. Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 27 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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2. Net loans and advances continued AvaFin Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL TotalR’m Up-to-date 1 to 30 days in arrears 31 to 60 days in arrears More than 60 days in arrears Balance as at 31 August 2026 Gross loans and advances 1 913 275 161 854 3 203 Provision for ECL (131) (77) (64) (744) (1 016) Net loans and advances 1 782 198 97 110 2 187 ECL coverage (%)(1) 6.9 28.2 39.6 87.1 31.7 % of gross loan book 60 8 5 27 100 Balance as at 28 February 2026 Gross loans and advances 1 880 307 206 980 3 373 Provision for ECL (174) (107) (100) (873) (1 254) Net loans and advances 1 706 200 106 107 2 119 ECL coverage (%)(1) 9.2 34.9 48.3 89.1 37.2 % of gross loan book 56 9 6 29 100 Balance as at 31 August 2025 Gross loans and advances 1 907 340 187 964 3 398 Provision for ECL (178) (102) (76) (792) (1 148) Net loans and advances 1 729 238 111 172 2 250 ECL coverage (%)(1) 9.3 30.0 40.5 82.1 33.8 % of gross loan book 56 10 6 28 100 (1) The ECL coverage ratio is calculated in thousands. Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 28 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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3. Non-current assets and liabilities held for sale Capitec Rental Finance disposal On 9 July 2026, the Group entered into an agreement to dispose of its 100% shareholding in CRF to Sasfin Capital Proprietary Limited, a wholly-owned subsidiary of Sasfin Holdings Limited (Sasfin). No gain or loss was recognised by the Group as a result of the sale. CRF’s assets and liabilities are classified as held for sale as the suspensive conditions contained in the contract have not yet been met and control has not passed to Sasfin. The following is a breakdown of the assets and liabilities that are classified as non-current assets and liabilities held for sale: R’m 2027 Loans and advances 1 907 Other receivables 40 Right-of-use assets 1 Non-current assets held for sale 1 948 Current income tax liability 1 Other liabilities 121 Lease liabilities 1 Deferred income tax liability 21 Non-current liabilities held for sale 144 As at 31 August 2026, the Group provided CRF with revolving credit and bank overdraft facilities totalling R1.6 billion. These intragroup facilities are eliminated on consolidation. Accounting policies Non-current assets (or disposal groups) are classified as held for sale when their carrying amount will be recovered principally through sale rather than use. Immediately before classification as held for sale, all assets and liabilities are remeasured in accordance with the Group’s accounting policies. Non-current assets (or disposal groups) held for sale are measured at the lower of the carrying amount and fair value less incremental, directly attributable, costs to sell (excluding taxation and finance charges) and are not depreciated. Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 29 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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4. Commitments and contingent liabilities R’m August 2026 August 2025 % change August 2026/2025 Year ended February 2026 Capital commitments – approved by the Board Contracted for: Property and equipment 545 183 >100 545 Intangible assets 39 42 (7) — Not contracted for: Property and equipment 1 198 1 030 16 1 370 Intangible assets 63 184 (66) 63 Total capital commitments 1 845 1 439 28 1 978 Loan commitments – gross of loss allowances(1) Personal Banking loan commitments – off-balance sheet 17 433 14 786 18 15 924 Access Facility 11 028 10 037 10 10 333 Credit Card 6 405 4 749 35 5 591 Business Banking loan commitments – off-balance sheet 844 475 78 595 Mortgage Loans 750 387 94 500 Credit Card 94 88 7 95 Guarantees – Business Banking 1 631 728 >100 861 Letters of credit – Business Banking 58 7 >100 8 AvaFin foreign currency-denominated loan commitments 323 372 (13) 399 Total loan commitments, guarantees and letters of credit 20 289 16 368 24 17 787 (1) For agreements that contain both a drawn and undrawn component where the Group cannot separately identify the ECL on the undrawn component, the ECL on the undrawn component is recognised with the ECL on the loan component. To the extent that the ECLs exceed the gross carrying amount of the loans at a client level, the excess is recognised as a provision in other liabilities in the statement of financial position. The loss allowance on the undrawn loan commitments of clients who have no outstanding balances is also recognised as a provision in other liabilities. Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 30 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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5. Fair value hierarchy and classification of financial assets and liabilities Determination of fair values and valuation processes Fair values are market-based, calculated with reference to observable inputs available in the market, then less observable inputs and finally, unobservable inputs only where observable inputs or less observable inputs are unavailable. Fair values are calculated consistently with the unit of account used for the measurement of the asset or liability in the statement of financial position and income statement and assume an orderly market on a going concern basis. The Group Finance department performs the valuations of financial assets and liabilities required for financial reporting purposes. Selecting the most appropriate valuation methods and techniques is an outcome of internal discussion and deliberation between members of the Finance team who have modelling and valuation experience. The valuations are reported to the CFO and Audit Committee. Changes in fair values are analysed at each reporting date. Hierarchy of fair value of financial instruments The hierarchy is based on the extent to which the inputs to valuation techniques are observable or unobservable. The hierarchy categorises the inputs to valuation techniques used to measure fair value into 3 levels. Level 1 inputs reflect observable market data obtained from independent sources and consist of unadjusted quoted prices in active markets for assets and liabilities. Level 2 inputs are inputs other than quoted market prices in level 1 that are directly or indirectly observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs reflect the Group’s assessment of what inputs would likely be from the perspective of the market. The Group considers relevant and observable market inputs where these are available. Unobservable inputs are used in the absence of observable inputs. The Group’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as of the date of the event or change in circumstances that caused the transfer. There were no transfers between levels 1, 2 and 3 during the year. The fair value hierarchy is applied to both those assets and liabilities measured at FVTPL and those measured using amortised cost. Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 31 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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5. Fair value hierarchy and classification of financial assets and liabilities continued Hierarchy of fair value of financial instruments continued The table below summarises the classification of financial assets and financial liabilities and their fair values. R’m Carrying value August 2026 Fair value August 2026 Fair value August 2025 Fair value February 2026 Hierarchy of valuation technique Financial assets Cash and cash equivalents(1) 39 209 39 209 49 166 49 665 Level 2 Financial assets at FVTPL 5 058 5 058 2 276 4 715 Money market funds 3 733 3 733 1 492 2 849 Level 2 Term deposits — — 69 — Level 2 Fixed-rate government bonds 826 826 — 854 Level 1 Floating-rate government bonds 206 206 — 205 Level 1 Treasury bills 293 293 715 807 Level 2 Derivative assets 121 121 80 243 Level 2 Financial investments at amortised cost 86 456 87 380 80 582 80 125 Treasury bills 57 053 56 924 51 103 49 767 Level 2 Fixed-rate government bonds 13 347 14 068 14 249 14 451 Level 1 Floating-rate government bonds 15 028 15 358 15 152 15 356 Level 1 Floating-rate notes 957 959 — 481 Level 2 Corporate bonds 71 71 78 70 Level 2 Term deposit investments 8 426 8 426 3 354 5 757 Level 2 Loans and advances 109 280 115 003 100 181 108 384 Personal Banking – Term Loan 44 766 47 835 43 519 46 106 Level 3 Personal Banking – Access Facility 16 136 17 756 17 378 16 819 Level 3 Personal Banking – Credit Card 14 799 15 355 12 204 14 337 Level 3 Business Banking – Business Loans 17 303 17 740 12 989 16 123 Level 3 Business Banking – Mortgage Loans 14 089 14 121 11 841 12 879 Level 3 AvaFin 2 187 2 196 2 250 2 120 Level 3 Other receivables(1)(2) 6 718 6 718 5 692 6 196 Level 2 Financial assets – equity instruments at FVOCI 304 304 75 352 Level 3 Financial liabilities Derivative liabilities 102 102 94 190 Level 2 Deposits and bonds 198 069 175 780 172 048 174 373 Listed bonds 756 756 1 509 756 Level 2 Unlisted fixed-term institutional deposits 444 444 725 648 Level 2 Deposits 196 869 174 580 169 814 172 969 Level 2 Trade and other payables(1)(2) 4 102 4 102 5 877 5 336 Level 2 (1) The fair values of these assets and liabilities closely approximate their carrying amounts due to their short-term or on-demand repayment terms. (2) Other receivables per the statement of financial position include non-financial receivables totalling R0.7 billion (August 2025: R0.5 billion; February 2026: R0.4 billion). Other liabilities per the statement of financial position include non-financial liabilities totalling R3.6 billion (August 2025: R3.6 billion; February 2026: R4.3 billion). Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 32 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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5. Fair value hierarchy and classification of financial assets and liabilities continued Hierarchy of fair value of financial instruments continued Fair values of assets and liabilities reported in this note were market-based to reflect the perspective of a market participant. Item and description Valuation technique Personal Banking loans and advances The expected present value technique was applied, discounting probability-weighted cash flows at a discount rate that ensures that no day-1 fair value gain or loss arises on new loans. This considers that loans are granted at market-related rates at the time of initiation. The level 3 fair value disclosed for loans and advances required the use of significant judgement by management in determining what a market-based valuation would be. An income approach was used, which calculated an expected present value in terms of a discount rate for a hypothetical market participant applied to the valuation cash flows. In summary, this approach calculates a discount rate which reflects the cost to the market participant plus that participant’s required rate of return on investment. Business Banking loans and advances The fair value of loans and advances that are carried at amortised cost approximates the carrying value reported as they bear variable rates of interest. The fair value is adjusted for deterioration of the credit quality of the book. These are classified as level 3. AvaFin loans and advances The expected present value technique was applied, discounting expected future cash flows at a discount rate that ensures that no day-1 fair value gain or loss arises on new loans. The rate is calculated on a portfolio level per country and per product. The determination of expected future cash flows is based on historical values. Management determines the method according to which historical values are used to determine expected future cash flows. These are classified as level 3. Foreign currency loans are translated to the reporting currency using market foreign exchange rates. Financial assets at FVTPL – Money market funds Financial assets (money market funds) with underlying debt securities are valued using discounted cash flow (DCF) models, external valuations and published price quotations on the JSE equity and debt interest rate market, or external valuations that are based on published market inputs with the main assumptions being market input, uplifted with inflation. These instruments are classified as level 2 as the markets that they are quoted on are not considered to be active. Financial assets at FVTPL – Term deposits Future cash flows are discounted using a market-related interest rate adjusted for credit inputs over the contractual period. These instruments are classified as level 2. Financial assets at FVTPL – Treasury bills These instruments are valued using quoted prices from the JSE debt market, As the markets that they are quoted on are not considered to be active, these instruments are classified as level 2. Financial investments at FVTPL – Fixed- and floating-rate government bonds The JSE debt market bond pricing model uses the JSE debt market mark-to-market bond yield. The market that these are quoted on is considered to be active and therefore these instruments are classified as level 1. Financial assets – Equity instruments at FVOCI – SWIFT The equity investment in SWIFT is valued using the share price provided in the latest share position report. The share price is considered to approximate the price that would be received to sell the instrument in an orderly transaction between market participants at the reporting date. This instrument is classified as level 3. Financial assets – Equity instruments at FVOCI – African Bank Holdings Limited The equity investment in African Bank Holdings Limited is valued based on the net asset value in the financial statements at the latest reporting date adjusted by a marketability discount of 45% because the shares are not listed and sale is restricted in terms of the rules of the consortium. This instrument is classified as level 3. Financial assets – Equity instruments at FVOCI – PayInc The equity investment in PayInc is valued using the most recent transaction price as an estimate of fair value. As the investment was acquired within 12 months of the reporting date, the purchase price is considered to approximate the price that would be received to sell the instrument in an orderly transaction between market participants at the measurement date. This instrument is classified as level 3. Financial assets – Equity instruments at FVOCI – Cirano The equity investment in Cirano is valued using the most recent transaction price as an estimate of fair value. As the investment was acquired within 12 months of the reporting date, the purchase price is considered to approximate the price that would be received to sell the instrument in an orderly transaction between market participants at the measurement date. This instrument is classified as level 3. Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 33 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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5. Fair value hierarchy and classification of financial assets and liabilities continued Hierarchy of fair value of financial instruments continued Item and description Valuation technique Term deposit investments Future cash flows are discounted using a market-related interest rate adjusted for credit inputs over the contractual period. These instruments are classified as level 2. Financial investments at amortised cost – Treasury bills These instruments are valued using quoted prices from the JSE debt market. As the markets that they are quoted on are not considered to be active, these instruments are classified as level 2. Financial investments at amortised cost – Fixed- and floating- rate government bonds The JSE debt market bond pricing model uses the JSE debt market mark-to-market bond yield. The market that these are quoted on is considered to be active and therefore these instruments are classified as level 1. Financial investments at amortised cost – Corporate bonds The present value technique was applied. For fixed-rate instruments, future cash outflows were discounted using the rate adjusted by changes in market rates since origination. For floating-rate instruments, with rate recalculation periods not longer than 3 months, no adjustment of market rates was assumed. All instruments are reviewed for credit risk changes since origination. These instruments are classified as level 2. Financial investments at amortised cost – Floating-rate notes An income approach was applied. The valuation was determined using a discounted cash flow methodology, whereby expected future cash flows were derived from the contractual terms of the floating-rate notes and observable forward interest rate curves. These cash flows were discounted u s i n g a m a r k e t ‑ b a s e d r a t e t h a t i n c o r p o r a t e s t h e t i m e v a l u e o f m o n e y a n d t h e c r e d i t r i s k o f t h e i s s u e r . The valuation makes use of observable market inputs, including interest rate curves and credit spread information obtained from market participants. As the instrument is unlisted and not traded in an active market, no quoted prices were available. These instruments are classified as level 2. Derivative assets and liabilities Derivatives, both assets and liabilities, were valued using the income approach. Derivatives comprise foreign exchange contracts. Foreign exchange contracts were valued using applicable forward rates. These instruments are classified as level 2. The fair value of publicly traded derivatives and securities is based on quoted market values at the reporting date. Deposits and bonds with call features Specified terms for future repayment as well as retail deposits with a call feature which allows them to be withdrawn on demand. The fair values of the retail call deposits closely approximate their carrying amounts due to their demand nature. These are classified as level 2. Listed senior bonds A market approach was used. Calculations used the all-in closing bond prices provided by the JSE’s Interest Rate and Currency debt market. The pricing method used by the JSE links the bond at issue to a liquid government bond (a companion bond). The companion is chosen to best fit the characteristics of the Capitec issue, with the time to maturity being the most important factor. Spread information is obtained from market participants and is used to adjust the price subsequent to issue. Very small and very large trades are excluded due to the inherent discounts associated with large trades as well as the premium often charged for odd-lot trades. These instruments are classified as level 2. Unlisted fixed-term institutional deposits These comprise unlisted bonds, unlisted fixed-term negotiable instruments and other unlisted fixed- term wholesale instruments. The income approach was used. Fair values were calculated by discounting the contractual cash flows using publicly quoted closing swap curve rates from a large bank market-maker with a risk premium adjustment to account for non-performance risk. The market rate on the curve was determined with reference to the remaining maturity of the liability. These are classified as level 2. Personal Banking fixed-term deposits An income approach was used. Fair values were calculated by discounting the contractual cash flows using publicly quoted, closing Capitec fixed-term deposit rates. The relevant rate used was that which matched the remaining maturity of the fixed deposit. These are classified as level 2. Secured funding Is carried at amortised cost, which approximates the fair value reported, as it bears variable interest rates. These are classified as level 2. Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 34 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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6. Segment information Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Operating Decision-Maker (CODM) in order to allocate resources to the segments and to assess their performance. The Group Executive Committee, headed by the CEO, has been identified as the CODM, which is responsible for assessing the performance of and allocating resources to the segments. The CODM identified 3 operating segments within the South African economic environment – Personal Banking, Business Banking and the Insurance business – and 1 foreign operating segment – AvaFin. The Group’s business is widely distributed with no reliance on any major clients. In addition, no client accounts for more than 10% of revenue. The CODM regularly reviews the operating results and gross loans and advances of Personal Banking, Business Banking, the Insurance business and AvaFin for which discrete financial information is made available on a monthly basis, and against which performance is measured, and resources are allocated across the segments. Within the segments, there are a number of products and services from which the Group derives its revenue. These include: Personal Banking • Transactional banking services • Loan products that are granted to Personal Banking clients. There are 3 different loan products granted, namely Term Loans, Credit Cards and Access Facilities • Flexible, notice, fixed and tax-free savings • VAS including enabling clients to purchase prepaid mobile network services, electricity, national lottery tickets and vouchers and the ability to pay bills on the banking application • Capitec Connect, a mobile virtual network operator using the mobile network infrastructure of Cell C, offering its own products and services. Business Banking • Loan products that are granted to Business Banking clients. There are 5 different loan products granted, namely Term Loans, Mortgage Loans, Overdrafts, Instalment Sales and Leases, and Credit Cards • Call and notice deposits • Treasury products that comprise foreign currency exchange spot trades and foreign currency exchange forward contracts. Insurance The following long-term insurance products are provided by the Group: • Credit Life Insurance which provides cover for the settlement of debt in the event of death, permanent disability, temporary disability and retrenchment • Funeral and Life Cover (together Life Insurance). Funeral Cover provides cover for funeral costs. Life Cover provides cover in the event of death or disability by way of a lump sum, income over 24 months or other pre-selected needs (e.g. a child’s education). Following a Section 50 transfer effective on 1 September 2025, no products remain in the Guardrisk Credit Life insurance cell captive. Cell captive interest income and taxation declined compared to the previous year. This is offset by increases in investment returns and normal income tax within Capitec Life. AvaFin • Short-term loan products • Credit line products – Revolving credit line with a perpetual contractual period and the option to reuse funds and repay the loan in multiple instalments • Instalment loans – Loans that are repaid over time with a set number of scheduled payments. The revenue from external parties and all other items of income, expenses, profits or losses reported in the segment report are measured in a manner consistent with that in the income statement. Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 35 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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6. Segment information continued August 2026 R’m Personal Banking Business Banking Insurance AvaFin Total Interest and similar income and expenses Interest income(1) 14 151 2 181 190 1 419 17 387 Interest income on lending calculated using the effective interest method 9 416 1 947 — 1 414 12 777 Interest income on investments calculated using the effective interest method(1)(2)(3)(4)(5) 4 223 234 19 5 3 927 Interest income on financial assets at FVTPL 512 — 171 — 683 Interest expense and similar charges(1)(2)(3)(4)(5) (4 320) (793) — (100) (4 659) Net interest income 9 831 1 388 190 1 319 12 728 Credit impairments (4 627) (567) — (555) (5 749) Bad debts written off (5 638) (214) — (798) (6 650) Movement in provision for credit impairments 592 (355) — 237 474 Bad debts recovered 419 2 — 6 427 Net interest income after credit impairments 5 204 821 190 764 6 979 Non-interest income Loan fee income 787 — — 11 798 Loan fee expense (10) — — — (10) Net loan fee income 777 — — 11 788 Transaction fee and commission income(1) 14 225 1 781 — — 15 902 Branch, cash and self-service transactions 3 808 41 — — 3 849 Digital transactions 4 203 241 — — 4 444 Monthly fees, debit orders and other transactions(1) 2 548 445 — — 2 987 Card machine transactions(1) 2 120 75 — — 2 097 Commission income 1 546 979 — — 2 525 Transaction fee and commission expense(1) (2 972) (813) — — (3 687) Branch, cash and self-service transactions (1 757) (4) — — (1 761) Digital transactions (570) (60) — — (630) Monthly fees, debit orders and other transactions (456) (207) — — (663) Card machine transactions(1) (128) (542) — — (572) Commission expense (61) — — — (61) Net transaction and commission income(1) 11 253 968 — — 12 215 (1) Consolidation entries are not included in the 4 segments. (2) Personal Banking provides revolving credit and an overdraft facility to Business Banking. Interest on these facilities amounted to R247 million and is included in interest income on investments for Personal Banking and interest expense for Business Banking. (3) Business Banking assets include an amount of R3.3 billion in investments that are placed with Personal Banking. Interest on the investments amounted to R220 million and is disclosed as interest income on investments calculated using the effective interest method in Business Banking and as an interest expense in Personal Banking. (4) Personal Banking provides an interest-bearing intercompany loan of R1.3 billion to AvaFin. Interest on this facility amounted to R68 million and is included in interest income on investments for Personal Banking and interest expense for AvaFin. (5) Insurance assets include an amount of R240 million in current accounts held with Business Banking. Interest earned on these accounts amounted to R19 million and is included in interest income on investments for Insurance and interest expense for Business Banking. Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 36 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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6. Segment information continued August 2026 R’m Personal Banking Business Banking Insurance AvaFin Total Insurance revenue — — 6 929 — 6 929 Insurance service expense — — (3 805) — (3 805) Net income from reinsurance contracts held — — 9 — 9 Insurance service result — — 3 133 — 3 133 Insurance finance expense — — (95) — (95) Net insurance result — — 3 038 — 3 038 Foreign currency income 79 265 — — 344 Foreign currency expense (34) (182) — (14) (230) Net foreign currency income 45 83 — (14) 114 Other income/(expense)(1) 89 (15) 32 (79) (44) Net non-interest income(1) 12 164 1 036 3 070 (82) 16 111 Income from operations after credit impairments(1) 17 368 1 857 3 260 682 23 090 Operating expenses(1) (8 814) (1 034) (119) (565) (10 455) Advertising and marketing expenses (275) (28) (25) (213) (541) Amortisation (31) (14) (8) (22) (75) Bank charges and cash handling fees(1) (132) (5) (19) — (150) Consumables (177) (2) — (1) (180) Communication expenses (105) (28) — (4) (137) Depreciation (620) (21) — (3) (644) Employee costs (4 474) (731) (134) (177) (5 516) Equipment cost (257) (1) — (2) (260) IT expenses (1 540) (102) (63) (12) (1 717) Other operating expenses(1) (273) (44) (116) (74) (436) Premises expense (146) (5) — (5) (156) Professional fees (71) (30) (6) (15) (122) Security and cash-in-transit fees (439) (2) — — (441) Subscriptions (274) (21) (1) (37) (333) Attributable insurance service expenses(2) — — 253 — 253 Share of net loss of associates and joint ventures (3) — — — (3) Operating profit before tax(1) 8 551 823 3 141 117 12 632 Income and deferred tax expense (2 270) (214) (596) (24) (3 104) Profit for the period(1) 6 281 609 2 545 93 9 528 Profit attributable to: Ordinary shareholders(1) 6 281 609 2 545 90 9 525 Non-controlling interest — — — 3 3 6 281 609 2 545 93 9 528 (1) Consolidation entries are not included in the 4 segments. (2) Insurance operating expenses reallocated to insurance service expenses. Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 37 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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6. Segment information continued August 2026 R’m Personal Banking Business Banking Insurance AvaFin Total Intersegmental revenue and expenses Interest income on investments calculated using the effective interest method(1)(2)(3)(4) 315 220 19 — 554 Interest expense and other similar charges(1)(2)(3)(4) (220) (267) — (68) (554) Monthly fees, debit orders and other transactions(5) — 6 — — 6 Bank charges and cash handling fees(5) (6) — — — (6) Transaction fee and commission income – Card machine transactions(6) 96 2 — — 98 Transaction fee and commission expense – Card machine transactions(6) (2) (96) — — (98) Other income(7) — 71 — — 71 Other operating expenses(7) — — (71) — (71) (1) Personal Banking provides revolving credit and an overdraft facility to Business Banking. Interest on these facilities amounted to R247 million and is included in interest income on investments for Personal Banking and interest expense for Business Banking. (2) Business Banking assets include an amount of R3.3 billion in investments that are placed with Personal Banking. Interest on the investments amounted to R220 million and is disclosed as interest income on investments calculated using the effective interest method in Business Banking and as interest expense in Personal Banking. (3) Personal Banking provides an interest-bearing intercompany loan of R1.3 billion to AvaFin. Interest on this facility amounted to R68 million and is included in interest income on investments for Personal Banking and interest expense for AvaFin. (4) Insurance assets include an amount of R240 million in current accounts held with Business Banking. Interest earned on these accounts amounted to R19 million and is included in interest income on investments for Insurance and interest expense for Business Banking. (5) Business Banking provides payment solutions to Personal Banking as part of its product offering. Business Banking earns transaction fee income and Personal Banking incurs bank charges as these services are provided. (6) Card machine transactions comprise interchange transactions between Personal Banking and Business Banking. (7) Personal Banking provides outsourced services and devices to Insurance. The transaction is disclosed as other income for Personal Banking and services received for Insurance. August 2026 R’m Personal Banking Business Banking Insurance AvaFin Total Assets Loans and advances 75 701 31 392 — 2 187 109 280 Other(1)(2) 149 370 7 719 11 683 1 017 161 270 Acquisition of AvaFin — — — — 227 Goodwill(1) — — — — 227 Acquisition of Mercantile(1) — — — — 849 Goodwill(1) — — — — 849 Total assets(1)(2) 225 071 39 111 11 683 3 204 271 626 Liabilities(3) Deposits(1)(4) 169 670 27 305 — — 196 869 Wholesale funding 755 16 — 428 1 200 Other(1) 14 630 7 039 608 449 11 092 Total liabilities 185 055 34 360 608 877 209 161 (1) Consolidation entries are not included in the 4 segments. (2) Business Banking assets include an amount of R3.3 billion in investments that are placed with Personal Banking and are eliminated against liabilities on consolidation. (3) Liabilities have been included to enhance presentation. (4) Business Banking deposits include an amount of R4 million placed by Personal Banking and an amount of R240 million placed by Capitec Life. Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 38 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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6. Segment information continued August 2025 R’m Personal Banking Business Banking Insurance AvaFin Total Interest and similar income and expenses Interest income(1) 13 482 1 761 80 1 697 16 518 Interest income on lending calculated using the effective interest method 8 758 1 455 — 1 693 11 906 Interest income on investments calculated using the effective interest method(1)(2)(3)(4)(5) 4 190 306 11 4 4 009 Interest income on financial assets at FVTPL 534 — 69 — 603 Interest expense(1)(2)(3)(4)(5) (4 293) (776) — (96) (4 663) Net interest income 9 189 985 80 1 601 11 855 Credit impairments (3 718) (255) — (761) (4 734) Bad debts written off (5 249) (202) — (417) (5 868) Movement in provision for credit impairments 1 204 (54) — (296) 854 Bad debts recovered 327 1 — (48) 280 Net interest income after credit impairments 5 471 730 80 840 7 121 Non-interest income Loan fee income 687 — — 1 688 Loan fee expense (2) — — — (2) Net loan fee income 685 — — 1 686 Transaction fee and commission income(1) 12 576 1 265 — — 13 777 Branch, cash and self-service transactions 3 944 24 — — 3 968 Digital transactions 3 027 165 — — 3 192 Monthly fees, debit orders and other transactions(1) 2 423 344 — — 2 760 Card machine transactions(1) 1 817 50 — — 1 810 Commission income 1 365 682 — — 2 047 Transaction fee and commission expense(1) (3 069) (563) — — (3 575) Branch, cash and self-service transactions (1 619) (4) — — (1 623) Digital transactions (387) (38) — — (425) Monthly fees, debit orders and other transactions (386) (180) — — (566) Card machine transactions(1) (625) (341) — — (909) Commission expense (52) — — — (52) Net transaction and commission income(1) 9 507 702 — — 10 202 (1) Consolidation entries are not included in the 4 segments. (2) Personal Banking provides revolving credit and an overdraft facility to Business Banking. Interest on these facilities amounted to R199 million and is included in interest income on investments for Personal Banking and interest expense for Business Banking. (3) Business Banking assets include an amount of R11.9 billion in investments that are placed with Personal Banking. Interest on the investments amounted to R284 million and is disclosed as interest income on investments calculated using the effective interest method in Business Banking and as interest expense in Personal Banking. (4) Personal Banking provides an interest-bearing intercompany loan of R1.1 billion to AvaFin. Interest on this facility amounted to R19 million and is included in interest income on investments for Personal Banking and interest expense for AvaFin. (5) Insurance assets include an amount of R192 million in current accounts held with Business Banking. No interest had yet been earned on these accounts. Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 39 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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6. Segment information continued August 2025 R’m Personal Banking Business Banking Insurance AvaFin Total Insurance revenue — — 5 804 — 5 804 Insurance service expense — — (3 536) — (3 536) Net income from reinsurance contracts held — — 1 — 1 Insurance service result — — 2 269 — 2 269 Insurance finance income — — 97 — 97 Net insurance and investment result — — 2 366 — 2 366 Foreign currency income 9 283 — 25 317 Foreign currency expense (17) (201) — (35) (253) Net foreign currency income (8) 82 — (10) 64 Other income/(expense)(1) 95 (9) 50 (57) 40 Net non-interest income(1) 10 279 775 2 416 (66) 13 358 Income from operations after credit impairments(1) 15 750 1 505 2 496 774 20 479 Operating expenses(1) (8 333) (959) (141) (595) (9 982) Advertising and marketing expenses (170) (27) (9) (312) (518) Amortisation (33) (23) (9) (20) (85) Bank charges and cash handling fees(1) (153) (1) (9) — (156) Consumables (190) (3) — (1) (194) Communication expenses (102) (20) — (3) (125) Depreciation (611) (18) — (3) (632) Employee costs (4 303) (691) (99) (138) (5 231) Equipment cost (248) (2) — (2) (252) IT expenses (1 430) (89) (50) (15) (1 584) Other operating expenses(1) (298) (43) (60) (14) (376) Premises expense (146) (6) — (5) (157) Professional fees (35) (14) (7) (37) (93) Security and cash-in-transit fees (383) (2) — — (385) Subscriptions (231) (20) (7) (45) (303) Attributable insurance service expenses(2) — — 109 — 109 Share of net profit of associates and joint ventures 10 — — — 10 Impairment of investment in associates and joint ventures (35) — — — (35) Operating profit before tax(1) 7 392 546 2 355 179 10 472 Income and deferred tax expense (2 008) (145) (268) (55) (2 476) Profit for the period(1) 5 384 401 2 087 124 7 996 Profit attributable to: Ordinary shareholders(1) 5 384 401 2 087 120 7 992 Non-controlling interest — — — 4 4 5 384 401 2 087 124 7 996 (1) Consolidation entries are not included in the 4 segments. (2) Insurance operating expenses reallocated to insurance service expenses. Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 40 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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6. Segment information continued August 2025 R’m Personal Banking Business Banking Insurance AvaFin Total Intersegmental revenue and expenses Interest income on investments calculated using the effective interest method(1)(2)(3)(4) 217 284 — — 502 Interest expense and other similar charges(1)(2)(3)(4) (284) (199) — (19) (502) Monthly fees, debit orders and other transactions(5) — 7 — — 7 Bank charges and cash handling fees(5) (7) — — — (7) Transaction fee and commission income – Card machine transactions(6) 56 1 — — 57 Transaction fee and commission expense – Card machine transactions(6) (1) (56) — — (57) Other income(7) 39 — — — 39 Other operating expenses(7) — — (39) — (39) (1) Personal Banking provides revolving credit and an overdraft facility to Business Banking. Interest on these facilities amounted to R199 million and is included in interest income on investments for Personal Banking and interest expense for Business Banking. (2) Business Banking assets include an amount of R11.9 billion in investments that are placed with Personal Banking. Interest on the investments amounted to R284 million and is disclosed as interest income on investments calculated using the effective interest method in Business Banking and as interest expense in Personal Banking. (3) Personal Banking provides an interest-bearing intercompany loan of R1.1 billion to AvaFin. Interest on this facility amounted to R19 million and is included in interest income on investments for Personal Banking and interest expense for AvaFin. (4) Insurance assets include an amount of R192 million in current accounts held with Business Banking. No interest had yet been earned on these accounts. (5) Business Banking provides payment solutions to Personal Banking as part of its product offering. Business Banking earns transaction fee income and Personal Banking incurs bank charges as these services are provided. (6) Card machine transactions comprise interchange transactions between Personal Banking and Business Banking. (7) Personal Banking provides outsourced services and devices to Insurance. The transaction is disclosed as other income for Personal Banking and services received for Insurance. August 2025 R’m Personal Banking Business Banking Insurance AvaFin Total Assets Loans and advances 68 392 24 500 — 2 250 95 142 Other(1)(2) 145 092 14 695 5 426 1 054 154 314 Goodwill – acquisition of AvaFin — — — — 250 Goodwill – acquisition of Mercantile(1) — — — — 849 Total assets(1)(2) 213 484 39 195 5 426 3 304 250 555 Liabilities(3) Deposits(1)(4) 157 684 24 785 — — 182 379 Wholesale funding 1 506 65 — 660 2 232 Other(1)(2) 16 630 10 824 24 503 12 146 Total liabilities(1)(4) 175 820 35 674 24 1 163 196 757 (1) Consolidation entries are not included in the 4 segments. (2) Business Banking assets include an amount of R11.9 billion in investments that are placed with Personal Banking and are eliminated against liabilities on consolidation. (3) Liabilities have been included to enhance presentation. Comparatives have been updated for this change in presentation. (4) Business Banking deposits include an amount of R5 million placed by Personal Banking and an amount of R196 million placed by Capitec Life. Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 41 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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6. Segment information continued Year ended February 2026 R’m Personal Banking Business Banking Insurance AvaFin Total Interest and similar income and expenses Interest income(1) 27 150 3 635 225 3 355 33 309 Interest income on lending calculated using the effective interest method 17 727 3 068 — 3 346 24 141 Interest income on investments calculated using the effective interest method(1)(2)(3)(4)(5) 8 376 567 26 9 7 922 Interest income on financial assets at FVTPL 1 047 — 199 — 1 246 Interest expense and other similar charges(1)(2)(3)(4)(5) (8 568) (1 515) — (202) (9 230) Net interest income 18 582 2 120 225 3 153 24 079 Credit impairments (7 743) (633) — (1 600) (9 976) Bad debts written off (10 687) (362) — (1 211) (12 260) Movement in provision for credit impairments 2 334 (272) — (402) 1 660 Bad debts recovered 610 1 — 13 624 Net interest income after credit impairments 10 839 1 487 225 1 553 14 103 Non-interest income Loan fee income 1 423 — — 27 1 450 Loan fee expense (12) — — — (12) Net loan fee income 1 411 — — 27 1 438 Transaction fee and commission income(1) 26 000 2 809 — — 28 664 Branch, cash and self-service transactions 7 935 56 — — 7 991 Digital transactions 6 524 356 — — 6 880 Monthly fees, debit orders and other transactions(1) 4 901 735 — — 5 623 Card machine transactions(1) 3 815 112 — — 3 795 Commission income 2 825 1 550 — — 4 375 Transaction fee and commission expense(1) (5 986) (1 286) — — (7 140) Branch, cash and self-service transactions (3 322) (8) — — (3 330) Digital transactions (848) (85) — — (933) Monthly fees, debit orders and other transactions (803) (367) — — (1 170) Card machine transactions(1) (902) (826) — — (1 596) Commission expense (111) — — — (111) Net transaction and commission income(1) 20 014 1 523 — — 21 524 (1) Consolidation entries are not included in the 4 segments. (2) Personal Banking provides revolving credit and an overdraft facility to Business Banking. Interest on these facilities amounted to R418 million and is included in interest income on investments for Personal Banking and interest expense for Business Banking. (3) Business Banking assets include an amount of R6.1 billion in investments that are placed with Personal Banking. Interest on the investments amounted to R525 million and is disclosed as interest income on investments calculated using the effective interest method in Business Banking and as an interest expense in Personal Banking. (4) Personal Banking provides an interest-bearing intercompany loan of R1.2 billion to AvaFin. Interest on this facility amounted to R85 million and is included in interest income on investments for Personal Banking and interest expense for AvaFin. (5) Insurance assets include an amount of R903 million in current accounts held with Business Banking. Interest earned on these accounts amounted to R27 million and is included in interest income on investments for Insurance and interest expense for Business Banking. Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 42 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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6. Segment information continued Year ended February 2026 R’m Personal Banking Business Banking Insurance AvaFin Total Insurance revenue — — 12 615 — 12 615 Insurance service expense — — (7 045) — (7 045) Net income from reinsurance contracts held — — 10 — 10 Insurance service result — — 5 580 — 5 580 Insurance finance expense — — (359) — (359) Reinsurance finance income — — 3 — 3 Net insurance result — — 5 224 — 5 224 Foreign currency income 61 576 — 40 677 Foreign currency expense (95) (420) — (42) (557) Net foreign currency income (34) 156 — (2) 120 Dividend income 12 — — — 12 Other income/(expense)(1) 133 30 94 (137) 23 Net non-interest income(1) 21 536 1 709 5 318 (112) 28 341 Income from operations after credit impairments(1) 32 375 3 196 5 543 1 441 42 444 Operating expenses(1) (16 851) (2 024) (234) (1 240) (20 238) Advertising and marketing expenses (454) (52) (15) (580) (1 101) Amortisation (94) (39) (17) (40) (190) Bank charges and cash handling fees(1) (301) (16) (24) — (327) Consumables (392) (6) — (1) (399) Communication expenses (204) (46) — (6) (256) Depreciation (1 336) (38) — (6) (1 380) Employee costs (8 593) (1 428) (210) (281) (10 512) Equipment cost (498) (6) — (4) (508) IT expenses (2 662) (214) (109) (23) (3 008) Other operating expenses(1) (685) (87) (162) (135) (972) Premises expense (281) (12) — (11) (304) Professional fees (94) (36) (13) (60) (203) Security and cash-in-transit fees (788) (3) — — (791) Subscriptions (469) (41) (9) (93) (612) Attributable insurance service expenses(2) — — 325 — 325 Share of net loss of associates and joint ventures (13) — — — (13) Impairment of investment in joint venture (14) — — — (14) Operating profit before tax(1) 15 497 1 172 5 309 201 22 179 Income and deferred tax expense (4 150) (301) (821) (69) (5 342) Profit for the period(1) 11 347 871 4 488 132 16 837 Profit attributable to: Ordinary shareholders(1) 11 347 871 4 488 128 16 833 Non-controlling interest — — — 4 4 11 347 871 4 488 132 16 837 (1) Consolidation entries are not included in the 4 segments. (2) Insurance operating expenses reallocated to insurance service expenses. Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 43 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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6. Segment information continued Year ended February 2026 R’m Personal Banking Business Banking Insurance AvaFin Total Intersegmental revenue and expenses Interest income on investments calculated using the effective interest method(1)(2)(3)(4) 503 525 27 — 1 054 Interest expense and other similar charges(1)(2)(3)(4) (525) (445) — (85) (1 054) Monthly fees, debit orders and other transactions(5) — 14 — — 14 Bank charges and cash handling fees(5) (14) — — — (14) Transaction fee and commission income – Card machine transactions(6) 130 3 — — 133 Transaction fee and commission expense – Card machine transactions(6) (3) (130) — — (133) Other income(7) — 97 — — 97 Other operating expenses(7) — — (97) — (97) (1) Personal Banking provides revolving credit and an overdraft facility to Business Banking. Interest on these facilities amounted to R418 million and is included in interest income on investments for Personal Banking and interest expense for Business Banking. (2) Business Banking assets include an amount of R6.1 billion in investments that are placed with Personal Banking. Interest on the investments amounted to R525 million and is disclosed as interest income on investments calculated using the effective interest method in Business Banking and as interest expense in Personal Banking. (3) Personal Banking provides an interest-bearing intercompany loan of R1.2 billion to AvaFin. Interest on this facility amounted to R85 million and is included in interest income on investments for Personal Banking and interest expense for AvaFin. (4) Insurance assets include an amount of R903 million in current accounts held with Business Banking. Interest earned on these accounts amounted to R27 million and is included in interest income on investments for Insurance and interest expense for Business Banking. (5) Business Banking provides payment solutions to Personal Banking as part of its product offering. Business Banking earns transaction fee income and Personal Banking incurs bank charges as these services are provided. (6) Card machine transactions comprise interchange transactions between Personal Banking and Business Banking. (7) Personal Banking provides outsourced services and devices to Insurance. The transaction is disclosed as other income for Personal Banking and services received for Insurance. Year ended February 2026 R’m Personal Banking Business Banking Insurance AvaFin Total Assets Loans and advances 73 038 28 603 — 2 119 103 760 Other(1)(2) 148 329 9 012 9 276 1 166 158 447 Goodwill – acquisition of AvaFin — — — — 228 Goodwill – acquisition of Mercantile(1) — — — — 849 Total assets(1)(2) 221 367 37 615 9 276 3 285 263 284 Liabilities(3) Deposits(1)(4) 163 255 26 697 — — 189 173 Wholesale funding 754 37 — 611 1 402 Other(1)(2) 16 803 6 958 627 480 13 196 Total liabilities(1)(4) 180 812 33 692 627 1 091 203 771 (1) Consolidation entries are not included in the 4 segments. (2) Business Banking assets include an amount of R6.1 billion in investments that are placed with Personal Banking and are eliminated against liabilities on consolidation. (3) Liabilities have been included to enhance presentation. (4) Business Banking deposits include an amount of R7 million placed by Personal Banking and an amount of R903 million placed by Capitec Life. Notes to the condensed consolidated interim financial statements continued Six months ended 31 August 2026 44 | Capitec Limited unaudited condensed consolidated interim financial statements 2027
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Capitec Limited Registration number: 1999/025903/06 Registered bank controlling company Incorporated in the Republic of South Africa JSE ordinary share code: CPI ISIN code: ZAE000035861 A2X ordinary share code: CPI JSE preference share code: CPIP ISIN code: ZAE000083838 Directors Independent Non-Executive Directors NF Bhettay SL Botha (Chairman) SA du Plessis CH Fernandez N Ford-Hoon V Mahlangu RR Malhotra Non-Executive Directors GM Fourie (appointed 1 August 2026) MSdP le Roux PJ Mouton CA Otto (retired 31 July 2026) Executive Directors GR Hardy (CFO) GR Lee (CEO) Group Company Secretary and registered office YM Mouton 5 Neutron Road, Techno Park, Stellenbosch, 7600 Postal address PO Box 12451, Die Boord, Stellenbosch, 7613 Transfer secretary Computershare Investor Services Proprietary Limited Registration number: 2004/003647/07 Rosebank Towers, 15 Biermann Avenue Rosebank, Johannesburg, 2196 Private Bag X9000, Saxonwold, 2132 Sponsor PSG Capital Proprietary Limited Registration number: 2006/015817/07 1st Floor, Ou Kollege Building 35 Kerk Street, Stellenbosch, 7600 and 1st Floor, The Place, 1 Sandton Drive, North Towers Sandhurst, Sandton, 2196 Website www.capitecbank.co.za Enquiries enquiries@capitecbank.co.za Statutory and contact information 45 | Capitec Limited unaudited condensed consolidated interim financial statements 2027