Pepkor Holdings Ltd. · JSE:PPH
Pepkor — Merger or Acquisition (July 2026)
27 slides from Pepkor's merger presentation, Jul 22, 2026
Slide 1: Pepkor FintechCo: A powerful combination
PEPKOR Holdings Limited Fintec Co rr ~ 2°" A powerful Resi ,. combination 22 July 2026 Q (OX SHOP2SHOP |
Slide 2: Ian Kirk
IAN KIRK Pepkor Acting chair & lead independent non-executive director 2
Slide 3: Agenda
AGENDA 01 Ian Kirk | Introduction & opening remarks Acting chair & lead independent non-executive director – Pepkor 02 Garth Napier | Transaction rationale CCO – Pepkor 03 Peter Berry | Shop2Shop & FintechCo Founder & CEO – Shop2Shop 04 Riaan Hanekom | Transaction structure CFO – Pepkor 05 Ian Kirk
Slide 4: Combining Flash & Shop2Shop
COMBINING FLASH & SHOP2SHOP A transformative transaction for Pepkor The logical next step in strengthening informal market position & stitching retail and finserv together A clear pathway to unlocking shareholder value 4
Slide 5: Garth Napier: Transaction rationale
PEPKOR Holdings Limited Transact GARTH NAPIER Pepkor eo /@& SHOP2SHOP
Slide 6: Pepkor Today
PEPKOR TODAY Retail-powered consumer platform Structural >6 600 stores stores advantage More than IKEA, Target and Primark COMBINED Meeting customers 13.5m cellular handsets sold every year where they are More than 1m handsets sold every month Monetising customer R66bn annual throughput in the infor
Slide 7: The Bustling Informal Market
THE BUSTLING INFORMAL MARKET R900bn – R1.5trn market SPAZAS R190bn market KASI KOS (FAST FOOD) R90bn market HERBAL MEDICINE R18bn market HAIR SALONS & BARBERS R10bn market 7
Slide 8: Combining Flash & Shop2Shop
COMBINING FLASH & SHOP2SHOP To create SA’s preeminent merchant commerce & fintech platform Building Controlling interest on long standing Pepkor (Pty) Ltd 1 commercial 57.1% relationship Expanding reach FintechCo Shop2Shop founders & shareholders 2 across informal market value chain 42.9% Unlocking R
Slide 9: The Informal Market Platform 20 Years in the Making
| Scale & Position THE INFORMAL MARKET PLATFORM 20 YEARS IN THE MAKING 176k+ 5.5m+ R66bn GLOBAL annual footprint daily throughput traders transactions R20bn 80k+ 3m+ acquiring devices + tapped value active SIM users LTM March 2026 9
Slide 10: Business Model
@® flash | Strategy BUSINESS MODEL Wy Access to Digital Products Category Description vas Airtime, Data, Electricity, 3rd Party Vouchers ry Payments and Bill Payments m . Vouchers Woucher, branded vouchers and cash-out vouchers Py, @ Dual Ecosyster pameonsumer > cellular &SIM Sim card distribution f
Slide 11: The Flash Ecosystem and Strong Financial Performance
TRADER BUSINESS THE FLASH 176 000 traders ECOSYSTEM 80 000 acquiring devices R24bn annual tapped value STRONG FINANCIAL CELLULAR PERFORMANCE Revenue Rbn EBITDA Rm 30m SIMs distributed annually 3.1m active SIM base +9% 3-YR CAGR +28% 3-YR CAGR 1 007 AGGREGATION 11.7 900 11.2 R28bn annual turnover 10.
Slide 12: Peter Berry
PETER BERRY Shop2Shop Founder & CEO 12
Slide 13: Our Story
OUR STORY From startup spark to today’s momentum 2018 2019 2021 2022 2023 2024 2025 FOUNDED EASYLOAD EASYVOUCHER RETAIL ASSIST PROFIT+ CAT 1 FSP LAUNCHED Paper voucher Digital voucher Card acquiring VAS LICENSE REWARDS Obtained SAFES ACQUIRING ADLA 3 CLOSED LOOP First safe transaction SERVICES LICEN
Slide 14: Shop2Shop at a Glance
SHOP2SHOP AT A GLANCE Digitise Internal Flow Digitise SALES IN WITHIN THE ECOSYSTEM PAYMENTS OUT VISA, Master, SASSA card payments on Tap2Pay International remittances Digitise cash drop safes Top ups, transfers, VAS vending Cash out to SME lending bank accounts adding funds into ecosystem Pay suppl
Slide 15: Cash In Growth
CASH IN GROWTH Feeding the ecosystem +44% 3-YR Compound Annual Growth Rate R172bn Tap2Pay money in Safes money in R136bn 40% R98bn 37% 34% R58bn 30% 60% 63% 66% 70% Mar 23 Mar 24 Mar 25 Mar 26 LTM to March 15
Slide 16: Strong Track Record with High Growth
STRONG TRACK RECORD WITH HIGH GROWTH +28% 3-YR Compound Annual Growth Rate Revenue 9.7 Rbn 9.3 177 000 traders 6.9 +13% 5.2 YoY* 114 000 acquiring devices Jun Jun Jun LTM Dec25 FY23 FY24 FY25 2 900 cash counting safes +85% 3-YR Compound Annual Growth Rate EBITDA 734 Rm R131bn supplier payments 661 +
Slide 17: One Integrated Solution
ONE INTEGRATED SOLUTION Preferred solution Preferred ordering Comprehensive Low cost working Seamless digitising cash & payments VAS range capital & liquidity money transfers safes & acquiring solution solutions & remittances to various corridors Digitise FintechCo ecosystem Digitise sales in paymen
Slide 18: Two Halves of One Trader Solution
TWO HALVES OF ONE TRADER SOLUTION Larger traders FintechCo & independent distribution VAS, voucher Digitise cash centres (IDC) relationships & aggregation capability Working capital & credit Supplier payments Consumer brand & digital channel Full VAS range Ordering & Lending – enabled by payments tr
Slide 19: Riaan Hanekom: Transaction structure
Transactic structure Hen RIAAN FHANEKOM Pepkor A) /(@ SHOP2SHOP 19
Slide 20: Transaction Structure
TRANSACTION STRUCTURE Category 2 transaction Revenue R11.2bn +9% 3-YR CAGR +28% 3-YR CAGR Revenue R9.3bn FintechCo EBITDA R900m +28% 3-YR CAGR +85% 3-YR CAGR EBITDA R661m R21.3bn value Value R10.6bn Value R10.7bn R1.57bn cash Pepkor Pepkor Pepkor earnings accretive in year 2 gearing not exceeding 1
Slide 21: Other Matters
OTHER MATTERS SIGNIFICANT TERMS Committed minority Put & Call options partner 1. S2S shareholding 2. Flash cellular business 15% minimum shareholding Exercisable in 5 – 8 years Exercisable over 5 years for 5 years Trigger events can accelerate All fall away upon listing CONDITIONS PRECEDENT Competit
Slide 22: Integration Roadmap
INTEGRATION ROADMAP YEAR 0 – 1 YEAR 2 – 3 YEAR > 3 PHASE 1 Operational integration PHASE 2 Extracting synergies PHASE 3 Unlock value ● Establish FintechCo as a ● Expand offering ● Stitch retail, finserv & separate entity informal market ● Cross-selling opportunities ● Leverage existing relationship ●
Slide 23: Ian Kirk
IAN KIRK Pepkor Acting chair & lead independent non-executive director 23
Slide 24: Transaction Evaluation Process
TRANSACTION EVALUATION PROCESS Extensive board processes Controlling interest Pepkor (Pty) Ltd to evaluate transaction: 57.1% Independent board Independent valuations FintechCo ● Investec ● Rothschild & Co R21.3bn Total equity value Extensive due diligence ● EY Shop2Shop shareholders ● BCG R1.57bn &
Slide 25: Conclusion
CONCLUSION A clear strategic step in achieving Pepkor’s growth ambitions Building a retail-powered consumer platform beyond formal markets Stitching together retail <> financial services <> informal market Laying foundations for medium-term value unlock for shareholders 25
Slide 26: Pepkor Holdings Limited
PEPKOR Holdings Limited /®& SHOP2SHOP 26
Slide 27: Pepkor Holdings Limited
PEPKOR Holdings Limited 27