Slides
Page 1
ETHOS CAPITAL SEPTEMBER 2026
Page 2
© Ethos | 2 EXECUTIVE SUMMARY
Page 3
© Ethos | 3 Key Figures for the 2026 year Executive Summary Disposal proceeds realised over R1.14 billion Two-year return of 130% for EC shareholders Discount narrowed to 4% in a simplified portfolio Two major realizations for R1bn R1.03 billion returned in value to shareholders Upside potential in Optasia 1 2 3 4 5 6
Page 4
© Ethos | 4 • NAVPS for the year from R8.57 to R5.62 at 30 Jun 2026 • The decrease is primarily due to Residual Assets sale and the partial sale of Optasia • On a total return basis, the implied return for an Ethos Capital shareholder is 130% over 2 years (52% CAGR) • As a function of material transactions and simple portfolio, the discount to NAVPS has narrowed from 22% to 4% • Ethos Capital continued on the realisation journey to return value and capital back to its shareholders • This had an impact on the NAV and NAVPS at 30 June 2026 • Made substantial progress in 2026 for shareholders • Simplified portfolio • Jonathan Matthews replaced Anthonie de Beer as CEO in November 2025 • Mphumelelo Mkwanazi replaced JP van Onselen as CFO from April 2026 • Gross cash proceeds of R1.14 billion received during 2026; • Optasia dividends and IPO proceeds (R366 million); • MTN ZF and iKhokha exits of R52 million and R43 million; • Distributions from Gammatek and E4 (R27 million); • The Brait bonds were unbundled in Dec 2025 at a value of R171 million or R0.67 per share • R660 million effective price for Residual Asset sale, with deal closed on 27 February 2026 (Including R20 million from the Vertice earn-out) • The R82.5 million Group debt was fully repaid • R854 million pro rata repurchase completed on 9 March 2026 • Significant progress made on all key objectives to optimise value realisation for shareholders • Board’s focus is on optimising the remaining exposure to Optasia in most appropriate manner, and readiness for final distribution, delisting and deregistration Executive Summary (continued) Overview Realisations, liquidity and distributions Net Asset Value and Share price Conclusion
Page 5
© Ethos | 5 NAV AND RETURN ANALYSIS
Page 6
© Ethos | 6 2194 (171) (95) (901) (310) 129 30 June 2025 NAV Brait EB unbundling MTN ZF + iKhokha sale Residual asset sale Optasia sale Other items 30 June 2026 NAV June 2026 summary NAV movement PERFORMANCE UPDATE 846 R’m R8.57 / share R5.62 / share Ethos Capital NAV declined from R2,194m in June 2025 to R846m in June 2026, driven mainly by the sale of the Residual Assets and partial sale of Optasia Remaining NAV primarily consists of exposure to Optasia (1) (1) Calculated based on post share buyback shares of 151m. Share buyback was concluded at NAV
Page 7
© Ethos | 7 4.21 3.16 3.34 2.52 0.67 Ethos Capital investor returns over a busy last 2 years PERFORMANCE UPDATE Ethos Capital June 2026 value per share 2-year CAGR: 52% Ethos Capital June 2024 share price R9.69 value per share across Ethos Capital shares, unbundled Brait instruments and cash proceeds Ethos Capital share price • Equivalent to the June 2026 share price of R5.38 (4% discount to NAV per share of R5.62) • R3.16 reflects the 30 June 2026 Ethos Capital market cap divided by pre -share buy-back number of shares, shown for comparability • Ethos Capital value is now almost entirely attributable to the remaining Optasia shares(3) Ethos Capital share repurchase proceeds • Ethos Capital returned R854m in cash to investors via a share repurchase in March 2026 • Proceeds were funded by a partial sell-down of Optasia shares at its November 2025 IPO, together with the sale of the Residual Assets in February 2026 Brait ordinary shares(2) • Assumes Ethos Capital investors who received Brait shares through the 2024 unbundling also followed their rights in that year's Brait rights issue • Value is shown net of the new money invested to fund participation in the rights offer. For an investor who did not follow their rights, the value of Brait ordinary shares drops to R1.06 Brait Exchangeable Bonds(1) – Unbundled in December 2025 Jun 2024 Jun 2026Jul 2024 Nov 2025 Brait ordinary share unbundling Dec 2025 Feb 2026 Mar 2026 Optasia IPO Brait exchangeable bond unbundling Residual Asset sale Share repurchase Strategy to monetise asset base and return capital to shareholders has resulted in discount unwind from 40% in June 2024 to 4% in June 2026 Note: All market data as at 30 June 2026 (1) Brait Exchangeable Bond price of R790 (2) Brait ordinary share price of R2.08 (3) Optasia share price of R14.58 Aug 2024 Brait rights issue
Page 8
© Ethos | 8 OPTASIA
Page 9
© Ethos | 9 Optasia - H1 2026: strong financial delivery and continued strategic progress PERFORMANCE UPDATE All movements versus H1 2025. H1 combined strong financial performance with continued progress in broadening the Group’s growth base FINANCIAL PERFORMANCE 1 Record growth and profitability $185.3m +58% Revenue $77.9m +45% Adjusted EBITDA $39.3m +40% Normalised net income 2 Strong cash generation $32.7m +150% Adjusted free cash flow 41.9% from 24.3% Adjusted free cash flow conversion 3 MFS driving the mix shift 72% from 62% MFS share of revenue +84% MFS revenue growth $3.5bn +46% Distributed value 4 Disciplined credit performance and balance sheet 1.3% Default rate 4.0x Cover ratio 0.20x Net debt / adj. EBITDA STRATEGIC PROGRESS Three new deployments live Established markets scaling Merchant lending launched Finergi acquired and being integrated FirstRand collaboration Including Gabon and the Group’s first MFS proposition in South Sudan Continued strong growth in Ghana, Pakistan, Indonesia and Congo- Brazzaville A first proposition targeting SMEs as end users Completed in the period, extending the platform into utility credit Shareholding increased, with the FNB collaboration progressing
Page 10
© Ethos | 10 Optasia – Potential share price upside PERFORMANCE UPDATE Optasia pricing at time of IPO Updated analyst consensus FY24A FY25F FY26F FY27F Implied HEPS ($c)(1) 3.14 4.40 6.15 7.69 % growth 40% 40% 25% In the October 2025 pre-listing statement, management guided towards > 40% net income growth in FY25 and FY26 and “mid twenties growth” thereafter The Optasia IPO priced at R19.00 NTM HEPS ($c) of $5.86c(2) (as of November 2025 IPO) Optasia share price R19.00 NTM HEPS ($c) 5.86 NTM HEPS (R)(3) 0.96 1-year fwd. P/E 19.8x Optasia beat FY25 guidance, with analyst consensus post H1 FY26 interim results largely in line with guidance in pre-listing statement FY24A FY25A FY26F(4) FY27F(4) HEPS ($c)(1) 3.14 4.64 6.07 7.69 % growth 48% 31% 26% NTM HEPS ($c) of $7.25c(2) (as of September 2026) 30 June 2026 closing price of R14.58 implies a 1-year fwd. P/E of 12.3x (24% - 38% discount to IPO range) 1-year fwd. P/E 12.3x 14.0x 16.0x 16.9x NTM HEPS ($c) 7.25 7.25 7.25 7.25 NTM HEPS (R) 1.19 1.19 1.19 1.19 Optasia share price (R) 14.58 16.66 19.04 20.15 Analyst consensus target price of R20.15 (38% uplift to current price) Note: All market data as at 30 June 2026 (1) Net income to calculate HEPS in FY24 and FY25 excludes impact from IPO management compensation as well as “One-off IPO related costs” (2) NTM calculations done on a straight-line extrapolation basis (3) Calculated based on 30 June 2026 USD / ZAR of 16.41 (4) Based on average of analysts who updated forecasts and target price post the release of it’s H1 FY26 results on 14 September 2026