Araxi Limited · JSE:AXX
Araxi — Investor Presentation (February 2026)
40 slides from Araxi's investor presentation, Feb 26, 2026
Slide 1: Unlock The Stock
Unlock The Stock Investor Presentation – Business overview and review of Pay@ acquisition 26 February 2026
Slide 2: Outline
Outline 1 Introduction to Araxi page 3 2 Payments page 7 3 Software page 15 4 Acquisition of Pay@ page 19 5 Group Prospects page 31 6 Q&A page 33
Slide 3: Introduction
Introduction Payments Software International Announced 3 Halo is reported as part of Payments
Slide 4: Araxi's investment case
Introduction Araxi’s investment case An extremely strong foundation on which to grow further – organically and by acquisition • Strong secular growth trends • Deliberate focus on and investment in the • Large market opportunity – domestic and future international • Cash generative, resilient busines
Slide 5: Recent events & highlights
Introduction STRATEGIC • Name changed to Araxi - September 2025 • Announced acquisition of Pay@ - February 2026 Recent events & highlights OPERATIONAL IN H1’26 • Execution of Payments strategy advancing well A busy period in a tough market - Strong pipeline, particularly for lower-tier market • Soft
Slide 6: Strong performance in sluggish economy
Introduction Strong performance in sluggish economy Reported HEPS up 1.8%, • Growing demand for Araxi’s products and DPS stable Normalised HEPS up 58% services 8.95 4.25 4.50 4.50 7.68 7.82 • Excellent performance from the Payments Cents per share Cents per share 5.96 division, with Revenue up 23.2%
Slide 7: Payments
Payments
Slide 8: Digital payments growth
Payments Digital payments growth South Africa: Card Payments Value (ZAR trillion), 2020-29f Average frequency of payments per card 4 40% 118.1 Card payments value (ZAR trillion) 3 30% Growth rate (%) 2 20% 51.0 1 10% 24.2 10.9 5.3 0 0% 2020 2021 2022 2023 2024e 2025f 2026f 2027f 2028f 2029f Kenya Mo
Slide 9: Payments Division, Delivering a Turnkey Solution
Payments Division, Delivering a Turnkey Solution Devices Software development Services Trusted centre • Hardware Supply • Embedded Payment • World-class Universal • On-premise Key injection • Standalone POS / PED / Application development Terminal estate management • ECR-POS / Unattended World class
Slide 10: Financial performance: Pleasing progress on key metrics
Financial performance Pleasing progress on key metrics Total terminal estate up 15.0% y-o-y Payments EBITDA margin improved by 350bps 424 446 44.1 47.6 Terminal sales up 23.1% 44.3 357 y-o-y, mainly outright sales, 328 277 with finance lease rollout Percent slower ‘000s 217 185 140 92 Terminal licen
Slide 11: Continued strong growth from Payments
Financial performance Continued strong growth from Payments • Significant terminal orders R million 450 387.2 • Growing interest from clients in lower-tier market 400 segments – affordable, feature rich devices 314.3 350 introduced specifically for this market 265.3 300 250 • Expenses growth below i
Slide 12: Growth strategy
Growth strategy Payments • Continue to take market share in established segments Organic growth opportunities are plentiful • Grow SA client base and market for devices for a business with an established base, immense industry knowledge and game • Refresh industry’s legacy terminal estates changing
Slide 13: Products: Halo Dot
Products Payments Halo Dot Contactless Payment Acceptance Transforming any NFC-enabled mobile device into a secure point of sale terminal, empowering merchants of all sizes to accept EMV compliant payments New customers, integrations and partnerships from 1 April 2025 Hosting Methods Customers acros
Slide 14: Expanding payment acceptance across operating systems
Expanding payment acceptance Payments across operating systems With the addition of Apple (Tap to Pay on iPhone) Halo Dot is a recognised Apple-Approved Android (SoftPOS/MPoC) Gateway Service Provider (GSP) Full PCI MPoC certified SoftPOS capabilities across Android environments A GSP enables Paymen
Slide 15: Software
Software
Slide 16: Software, comprehensive innovation at work
Software, comprehensive innovation at work A proven track record over 20 years of designing, building, and deploying software End-to-end expertise across the full digital value chain solutions for complex, large-scale businesses and enterprises Significant depth in Financial Services, Retail, Telco,
Slide 17: Awards, Recognition & Accolades
• Winner of the Google Cloud: Gen AI Live + Labs Hackathon 2024 • Best Software Houses in South Africa for large business projects in 2025 according to MyBroadband. • Achieved AWS Premier Tier Partner Status – one of only two in South Africa. Awards, • Awarded the Intelligent Software Recognition &
Slide 18: Software remedial initiatives taking effect
Financial performance Software remedial initiatives taking effect Revenue EBITDA • Remedial plans implemented, expecting more 321.6 40.2 39.6 than R35 million in annual run-rate cost savings 295.2 288.4 • Sales pipeline strengthened noticeably at period 256.7 end - multi-year contracted agreements w
Slide 19: Araxi to acquire 80% of Pay@
Araxi to acquire 80% of Pay@
Slide 20: Transaction details
Transaction details 40% 60% Transaction summary International South Africa S/H 1 S/H 2 S/H 3 S/H 4 S/H 5 S/H 6 S/H 7 • Araxi is to acquire 80% of Pay@ for ZAR 1 billion, funded with ZAR200 million cash on hand and ZAR 800 million in senior debt • Araxi gearing will remain modest ** Pay@ Pay@ Compani
Slide 21: Financial effects of the transaction – FY25
segment contribution Financial effects of the transaction – FY25 Financial effects & Revenue contribution by EBITDA contribution by segment segment (excl. consolidation, corporate, intl.) • On a pro-forma (“PF”) basis for year 17% ended 31 March 2025, the combined transaction group revenue exceeds R
Slide 22: About Pay@
About Pay@
Slide 23: Likely you have used Pay@
About Pay@ Likely you have used Pay@ It’s quick, easy and friction-free Scan and Pay Have you ever . . . ✓ Paid your DSTV bill at Pick ‘n Pay or through you Hello J*** L**(115661) Amount to pay: ZAR 100.00 banking app on your mobile device? ✓ Settled your traffic fine at Shoprite or on Paythat.co.za
Slide 24: Pay@ is a fully integrated payment enabling platform
About Pay@ Pay@ is a fully integrated payment enabling platform with physical and digital implementations 24
Slide 25: Enabling platform ubiquitously available across SA
About Pay@ Enabling platform ubiquitously available across SA Pay@ has South Africa’s largest network footprint spanning retail, banking, MNOs, vouchers and Fintechs, allowing consumers to transact how and when they want – cash, card, etc PHYSICAL DIGITAL 9 000+ 150 000+ MILLIONS Retailer Locations
Slide 26: A strong financial track record
About Pay@ A strong financial track record 27% 21% Transaction Volume Revenue 23% 13% 32% 19% 271 112.1 92.8 214 165 174 Pay@ growth Millions 70.2 154 linked to both R million 63.9 56.0 transaction volume (flat fee) and transaction FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 value (ad valorem)
Slide 27: Geographically diverse with growth ahead
About Pay@ Geographically diverse with growth ahead The platform’s reach extends beyond South Africa with the potential for significant further expansion These geographies and relationships present a platform for further growth for Araxi Payments and Araxi Software 27
Slide 28: Compelling opportunity
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Slide 29: Compelling Opportunity: acquisition criteria surpassed
Compelling Opportunity Araxi’s acquisition criteria surpassed Pay@ aligns well with Araxi’s thesis A scale business, with Differentiated Complementary Growth Appropriately product/market Offering Portfolio Opportunity Priced fit Cash Strong Enterprise Araxi can add Generative Management Focused valu
Slide 30: A compelling opportunity for accelerated growth
Compelling Opportunity A compelling opportunity for accelerated growth 1 Pay@ addresses a real, persistent market need – 2 Pay@ is an enabling technology solution – platform for innovation 3 Pay@’s business model is activity based - adaptable, scalable, economically targets Financial and growth – eC
Slide 31: Group prospects
Group prospects
Slide 32: Prospects
Prospects General prospects Group is well capitalised, with the management skills, experience, motivation and technology (products and solutions) to deliver on our growth strategy… Strong pipelines across divisions and significant orders already placed for Economic climate is H2’26 impacting our cli
Slide 33: Q&A Thank You
Q&A Thank You
Slide 34: Annexure
Annexure
Slide 35: Normalised Adjusted EPS and HEPS up 59% and 58%
Introduction Introduction Normalised Adjusted EPS and HEPS up 59% and 58%, respectively September September % increase Normalised performance# 2024 • H1'25 enhanced by multiyear 2025 restated* /(decrease) software licence Reported Revenue (R’million) 652.9 638.0 • H1'26 prejudiced by absence of Soft
Slide 36: Group condensed statement of comprehensive income
Financial performance (1) Higher terminal sales, terminal licence Group condensed statement of fees, offsetting lower software revenue comprehensive income (2) Contraction due to restatement of licence and subscription fees (3) Intense focus on cost control and cost (R million) 30 September 30 Septe
Slide 37: Group condensed statement of comprehensive income (continued)
Financial performance Group condensed statement of The 30 September 2024 results were restated as presented already. The comprehensive income (continued) impact of the restatements was as follows: EPS impact % increase % increase / 30 Sep / Accounting for Dariel Earn-out – 30 Sep 30 Sep 2024 (R mill
Slide 38: Condensed group statement of financial position
Financial performance Condensed group statement of financial position 30 September 30 September (R million) 2025 2024* (1) Decline in PPE as a result of ASSETS terminal depreciation, and a stable operating rental book (1) Property, plant and equipment 61.3 77.0 Goodwill 840.3 840.3 (2) Cash and cash
Slide 39: Cash flow (key features)
Financial performance Cash flow (key features) 30 (1) Increase in finance income due to a 30 September (R million) September major finance lease contract, not fully 2025 2024* rolled out yet in H1’24 Profit before tax 133.4 130.6 Cash generated from operations (1) Net finance income received (11.2)
Slide 40: Disclaimer
Disclaimer This presentation contains forward-looking statements that relate to Araxi’s future operations and performance. Such statements are not intended to be interpreted as guarantees of future performance, achievements, financial or other results. The statements rely on assumptions and future c