Psg Financial Services Limited · JSE:KST
Psg Financial Services — FY2026 Earnings Presentation
30 slides from Psg Financial Services's earnings presentation, Feb 28, 2026
Slide 1: Investor Presentation 2026 Financial Results
Investor Presentation 2026 Financial Results For the year ended 28 February 2026
Slide 2: Contents
Contents 1. FY 2026: Financial Results 2. FY 2026: Divisional Performance 3. 2026 Focus 4. Return and Trading Statistics 5. Conclusion 2 Copyright © PSG
Slide 3: PSG Structure
PSG Structure PSG Wealth* PSG Asset Management PSG Insure** 100% 100% 100% * Includes PSG Employee Benefits ** Includes Western National Insurance Note: PSG Group unbundled its shareholding in PSG Financial Services (previously PSG Konsult) with effect from 12 September 2022 3 Copyright © PSG
Slide 4: A Great Company
A Great Company Wealthy Clients serviced where they reside 265 Adviser offices 976 Advisers FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 No. of advisers 952 947 953 971 976 PSG Wealth 584 590 608 635 641 PSG Insure* 368 357 345 336 335 No. of offices 263 266 266 260 265 Source: PSG Distribution * Histori
Slide 5: Business characteristics
Business characteristics • Equity market dependent • Administration businesses people/systems dependent • Not very balance sheet intensive • Free cash flow generative • Vulnerable to regulatory change 5 Copyright © PSG
Slide 6: FY 2026: Financial Results
01 | FY 2026: Financial Results 6 Copyright © PSG
Slide 7: Key macro indicators
Key macro indicators Volatile economic environment Key indicators FY 2022 %∆ FY 2023 %∆ FY 2024 %∆ FY 2025 %∆ FY 2026 Rand / US$ 15.45 19% 18.36 5% 19.18 -3% 18.57 -17% 15.92 FTSE/JSE Index 76 091 2% 77 734 -6% 72 730 18% 85 943 49% 128 456 SA Property Index 322 -3% 313 9% 342 13% 385 36% 523 All Bo
Slide 8: FY 2026 financial results overview
FY 2026 financial results overview Recurring HEPS grew by 34% for FY 2026 Consolidated results FY 2022 %∆ FY 2023 %∆ FY 2024 %∆ FY 2025 %∆ FY 2026 CAGR Headline earnings (Rm) 921 3% 948 9% 1 033 23% 1 272 32% 1 682 16% Recurring headline earnings (Rm) 921 3% 948 9% 1 033 23% 1 272 32% 1 682 16% Weig
Slide 9: Recurring Headline Earnings By Division
Recurring Headline Earnings By Division Total recurring headline earnings growth of 32% year on year Recurring Headline Earnings* FY 2022 %∆ FY 2023 %∆ FY 2024 %∆ FY 2025 %∆ FY 2026 CAGR Wealth 510 11% 569 17% 666 15% 763 25% 950 17% Asset Management 244 -10% 220 -1% 217 37% 297 59% 473 18% Insure 1
Slide 10: Financial Trend
Financial Trend We always look at our 10 year rolling track record YoY FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 CAGR % FY 2025 FY 2026 Gwth % AUM (Rbn) 154 175 205 222 230 268 315 354 407 471 565 14% 471 565 20% Premiums (Rbn)* 2.5 2.9 3.3 4.5 5.5 5.5 5
Slide 11: FY 2026: Divisional Performance
02 | FY 2026: Divisional Performance 11 Copyright © PSG
Slide 12: Wealth Plans
Wealth Plans Growing and protecting client wealth Market Wealth Assets Split Feb-25 Net flows Feb-26 % Growth movement Excellence in products & services PSG Multi Managed * 203 545 21 549 12 956 238 050 17% Third party funds ** 125 771 16 637 12 085 154 493 23% Stockbroking portfolios 80 648 7 862 -
Slide 13: Wealth
Wealth Excellence in products and services Net Flows (Rm) ALSI Independent -10% -15% -40% 55% 54% -14% 0% 14% 12% process with 14 000 13 141 130 000 advisers’ 11 886 11 739 261 oversight 12 000 10 820 9 735 10 267 10 291 110 000 10 000 2 150 1 167 5 260 6 825 2 357 8 291 7 734 5 819 3 524 90 000 8 0
Slide 14: Top Advisers
Top Advisers We continue to add top advisers to our PSG Wealth distribution business Wealth advisers (incl. EB) FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Balance – opening 563 584 590 608 635 Net movement 21 6 18 27 6 Balance – closing 584 590 608 635 641 Growth 4% 1% 3% 4% 1% Source: PSG Distribution
Slide 15: Asset Management Plans
Asset Management Plans Net new money at acceptable margin Market AM assets split Feb-25 Net flows Feb-26 % Growth movement Focused marketing PSG Single manager * 57 547 17 992 4 825 80 364 40% Investment PSG Money market and related assets* 3 206 15 84 3 305 3% performance Total assets under managem
Slide 16: Asset Management
Asset Management ‘Brick by Brick’ strategy Net Flows (Rm) ALSI -591% 228% -72% 607% 4% -62% 458% -75% 320% Long-term assets 5 000 Financ 130 000 (retail emphasis) e: CC 3 830 3 965 4 000 156 110 000 1 265 3 000 90 000 1 809 Getting adequate 2 000 1 740 145 3 809 70 000 72 margins 1 000 868 687 2 565
Slide 17: Asset Management
Asset Management Investment Performance track record Rank since Single manager funds Performance 1-year Rank 3-year Rank 5-year Rank 10-year Rank Inception date inception Rank 10 18 3 5 1 PSG Flexible 01-Nov-04 Return 40.4% 16.8% 19.4% 12.0% 14.7% Rank 28 35 1 9 2 PSG Equity 01-Mar-02 Return 51.8% 2
Slide 18: Insure: Gross written premium
Insure Grow gross written premium income PSG Insure gross written premium (Rm) %∆ 9% 12% 8% 5% 9 899 10 000 Top advisers 9 421 9 000 8 701 2 726 Gross written premium 8 000 7 796 2 650 7 133 2 307 7 000 1 919 1 675 1 895 6 000 Excellence in 1 722 1 800 5 000 1 609 underwriting 1 441 4 000 3 000 4 97
Slide 19: Top Advisers
Top Advisers We continue to add top advisers to our Insure Distribution business Insure advisers FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Balance – opening 369 368 357 345 336 Net movement* -1 -11 -12 -9 -1 Balance – closing 368 357 345 336 335 Growth 0% -3% -3% -3% 0% Source: PSG Distribution * Decr
Slide 20: Western National Insurance
Western National Insurance Net insurance result & shareholders income NIBT (Rm) Underwriting margin Key differentiators %∆ 43% -44% 79% -29% 24% 14% 27% 23% 16% • Personalised service to 320 306.8 25% brokers 300 22.7% • Focus on commercial 280 263.7 business 260 20% 240 143.9 214.0 220 16.1% Excell
Slide 21: 2026 Focus
03 | 2026 Focus 21 Copyright © PSG
Slide 22: Top Line Focus
Top Line Focus Core operations (excl. IFRS Consolidated fund and policyholder related income) 8% 13% 14% 20% 12 000 10 032 10 000 8 360 8 000 7 329 3 665 Top line revenue (Rm) 6 494 6 039 3 108 6 000 2 793 1 454 2 423 2 227 1 028 4 000 853 787 799 4 913 2 000 4 224 3 284 3 683 3 012 0 FY2022 FY2023
Slide 23: Reducing risk
Reducing risk Recurring revenues Margin enhancing Risk vs return FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 Perf fees / HE* 10.6% 6.5% 2.8% 3.7% 9.2% Op margin 19.9% 18.0% 16.9% 17.4% 19.0% ROE* 23.8% 22.7% 23.4% 26.6% 31.7% Op margin ROE * Recurring HEPS 69.7c 72.9c
Slide 24: Return and Trading Statistics
04 | Return and Trading Statistics 24 Copyright © PSG
Slide 25: TRI of PSG Financial Services
TRI of PSG Financial Services PSG Financial Services performed better than JSE ALSI since 2005 Investment of R100 000 in PSG Financial Services shares on 11 April 2005, and reinvesting all dividends received (net of DWT) and other distributions over period vs R100 000 invested on JSE ALSI PSG Financ
Slide 26: Historical P/E ratio & ROE trend
Historical P/E ratio & ROE trend Recurring HEPS CAGR of 20% since 2005 P/E Ratio Recurring P/E Ratio Recurring (Recurring Date Share Price % Growth % Growth HEPS (before % Growth (Recurring ROE CPI* ROE - CPI HEPS HEPS before amortisation) HEPS) amortisation) 2005/04/11 40 - 2.9 - 3.0 - 13.8 13.3 20
Slide 27: Trading Statistics
Trading Statistics Creating shareholder value Statistic% FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23* FY 24 FY 25 FY 26 No. of shares in issue (millions) 1 279 1 322 1 342 1 365 1 358 1 341 1 331 1 296 1 280 1 261 1 249 No. of shares traded (millions) 113.9 111.7 91.9 83.5 112.0 127.4 91.7 367.2
Slide 28: Conclusion
05 | Conclusion 28 Copyright © PSG
Slide 29: Conclusion
Conclusion Business features underpinning our expectations for future success • Formidable adviser network in South Africa, with a broad geographic footprint that continues to expand • Strong governance structures • Clear growth opportunities for our businesses • History of superior shareholder retu
Slide 30: END – Thank You
END – Thank You Copyright © PSG
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