Epe Capital Partners Ltd. Class A · JSE:EPE
Epe Capital Partners Ltd. Class A — Ethos Capital — FY2025 Earnings Presentation
25 slides from Epe Capital Partners Ltd. Class A's earnings presentation, September 2025
Slide 1: Ethos Capital September 2025
ETHOS CAPITAL SEPTEMBER 2025
Slide 2: Important Information
IMPORTANT INFORMATION This presentation is intended only for the person to whom it has been delivered to and is for informational purposes only. This presentation does not constitute an offer to sell, is not an offer or a solicitation of an offer in respect of Ethos Capital (“the Company”) and shoul
Slide 3: Executive Summary
Executive Summary Performance overview Investments, Realisations and Liquidity • LTM attributable Revenue and EBITDA of the unlisted Portfolio Companies grew by 37.8% and • Gross proceeds of R689 million received during the year, predominantly from: 40.4% respectively (value-weighted average) • Sale
Slide 4: Performance Update
PERFORMANCE UPDATE © Ethos | 4
Slide 5: The Ethos Capital Journey – Private Equity activity cycle
PERFORMANCE UPDATE The Ethos Capital Journey – Private Equity activity cycle Unbundled R121 million Return capital to Commitment No further commitments to be made Brait ordinary shares; shareholders Phase R27 million share buybacks Distribution program subject to debt R440 million of debt Available
Slide 6: Ethos Capital NAV Analysis
INVESTMENT and ASSET GROWTH Ethos Capital NAV Analysis Adjusted Changes FY 2025 Audited R'000 30 June 2024 Revaluation / (Invested) / 30 June 2025 Realised R'000 Other Repayment R'000 % Growth INVESTMENT PORTFOLIO 2,196 99.2% 739 42 (606) 2,371 99.0% 33.0% Optasia 753 34.0% 631 - (170) 1,214 50.7% 8
Slide 7: LTM Revenue and EBITDA growth and Valuation summary
INVESTMENT and ASSET GROWTH LTM Revenue and EBITDA growth and Valuation summary Portfolio Companies 30 June 2025 Revenue growth EBITDA growth Attributable 44.3% R’m 37.8% 41.0% 40.4% Revenue 1,262.0 EBITDA 283.4 Portfolio Top 5 Portfolio Top 5 Maintainable EBITDA 285.9 Maintainable EBITDA growth EV/
Slide 8: Investment Portfolio Performance Overview
INVESTMENT and ASSET GROWTH Investment Portfolio Performance Overview The total investment portfolio achieved a +33.0% return over the year with a +31% return achieved by the unlisted portfolio • NAV growth mainly driven by Optasia, Vertice, Primedia and e4 with Echo, Gammatek and Kevro impacted neg
Slide 9: Ethos Capital NAV and use of Proceeds Analysis
INVESTMENT and ASSET GROWTH Ethos Capital NAV and use of Proceeds Analysis NAV contribution Use of Proceeds from Realisations 605.5 (R689m-R84m) Current NAV of R2.2 bn 61 111 118 119 13 22% 120 176 18 (84) (42) 63 231 Current market capitalisation of R1.7 bn(1) 139 1,214 170 (460) 286 (27) (16) (58)
Slide 10: FY June 2025 summary NAVPS movement and returns
PERFORMANCE UPDATE FY June 2025 summary NAVPS movement and returns 1• The adjusted (post the unbundling of the Brait ordinary shares ) NAVPS, growth for the year to June 2025 is 30% 2• The implied NAVPS, on a like-for-like basis, assuming the uplift from the unbundled Brait Ordinary Shares and that
Slide 11: NAVPs, Share Price, IRR's and Portfolio Realisations
PERFORMANCE UPDATE NAVPs, Share Price, IRR’s and Portfolio Realisations – add share price mini graph NAVPS performance (per annum) Portfolio realisations and distributions to shareholders From 30 Jun 24 From 30 Jun 22 From 30 Jun 20 From 30 Jun 24 From 30 Jun 22 From 30 Jun 20 ‘million 1 Year 3 Year
Slide 12: Portfolio Overview
PORTFOLIO OVERVIEW © Ethos | 12
Slide 13: Optasia R1,214m
Optasia A global fintech company that partners with MNOs, mobile wallet operators and financial institutions in order to enable them to provide financial access to end customers through an AI-led credit assessment engine. % O F T O T A L A S S E T S Ethos ownership: Ethos Capital economic interest:
Slide 14: Optasia: Well diversified network, at global scale
Optasia: Well diversified network, at global scale Continued Business Mix Shifting Towards Micro Financing Solutions Revenue mix by product Geographic diversification Micro With an attractive regional breadth, the Financing geographical diversification achieved is a Solutions key strategic pillar an
Slide 15: Vertice R231m
A South African based medical technology company that provides turnkey medical solutions across several Vertice healthcare sectors. % O F T O T A L A S S E T S Ethos ownership: Ethos Capital economic interest: Ethos Capital Value: 10% R231m 88.2% 17.6% (EF VI, TRG AAiF I & EHP) (Direct & Indirect) F
Slide 16: Brait Exchangeable Bond R175m
Brait Exchangeable Bond % O F T O T A L A S S E T S Ethos Capital Value: Nominal value of Bonds: Trading Value of Bonds: Premium to Par: 7% R175m R750 R790 5.3% Terms of the Bond Implied value of the Brait Exchangeable Bond Implied Brait Implied EB – Maturity Date: 3 December 2027 NAV Implied Brait
Slide 17: Gammatek R119m
Leading distributor of mobile accessories and low-technology products with 50% market share in targeted Gammatek categories % O F T O T A L A S S E T S Ethos ownership: Ethos Capital economic interest: Ethos Capital Value: 51.6% 20.0% 5% R119m 9… (EMMF I) (Direct & Indirect) FINANCIAL PERFORMANCE Im
Slide 18: TymeBank R120m
TymeBank A multi-country digital bank for emerging markets. % O F T O T A L A S S E T S Ethos ownership: Ethos Capital economic interest: Ethos Capital Value: 7% R120m 2.8% 0.6% (TRG AAI F I) (Direct & Indirect) Digitally-native multi-country bank disrupting banking for consumers and small PERFORMAN
Slide 19: Primedia R118m
Primedia A diversified media platform, operating across Broadcasting, Out of Home (“OOH”) & Content and Digital. % O F T O T A L A S S E T S Ethos ownership: Ethos Capital economic interest: 5% Ethos Capital Value: R118m 24.2% 4.7% (Fund VI & Co-invest) (Direct & Indirect) FINANCIAL PERFORMANCE Prim
Slide 20: Other Portfolio Companies exit strategies
Other Portfolio Companies exit strategies % of Total Assets – SPA for iKhokha signed with Nedbank for R1.65 billion (30.2% held by Crossfin; 11.7% Ethos Capital’s stake in Crossfin) at a premium to prevailing valuation, with proceeds of c.R53 million expected by Dec 25 or early 2026; subject to regu
Slide 21: Concluding Remarks and Q&A
Concluding Remarks and Q&A © Ethos | 21
Slide 22: Concluding Remarks and Q&A
Concluding Remarks and Q&A Unbundle Brait EBs (R176m) Pro-rata Share Repurchases from material realisation Continue to Support exits of proceeds progress value Portfolio in an unlock strategy orderly manner, maximising returns and NAV Evaluate exit and timing options for the tail of Ethos Capital po
Slide 23: Annexures
ANNEXURES © Ethos | 23
Slide 24: FY June 2025 detailed NAVPS movement and returns
PERFORMANCE UPDATE FY June 2025 detailed NAVPS movement and returns •1 The reported NAVPS growth for the year to June 2025 is 22% 2 The gross adjusted NAVPS grew 40% over year to June 2025 largely driven by Optasia •3 The Performance Participation (“PP”) of R157 million, diluted the adjusted NAVPS g
Slide 25: Net Asset Value growth from inception
Strategy Update Net Asset Value growth from inception Portfolio evolution since listing 479 Portfolio Growth 1,214 644 R1.1 billion (460) 402 100 176 695 NAV growth R0.6 billion 1,292 (2,501) 257 (1,010) Debt drawn Asset proceeds Brait EBs Current sales processes Other assets NAV growth Equity raise