Channel Vas Investments Limited · JSE:OPA
Channel Vas Investments — IPO Roadshow (October 2025)
30 slides from Channel Vas Investments's IPO roadshow presentation, Oct 18, 2025
Slide 1: Changing The World Our Way
Changing The World Our Way October 2025
Slide 2: Disclaimer (1/4)
Disclaimer (1/4) THIS PRESENTATION AND ITS CONTENTS ARE STRICTLY CONFIDENTIAL AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES
Slide 3: Disclaimer (2/4)
Disclaimer (2/4) The Information is preliminary and subject to updating, revision, amendment, verification, correction, completion and amendment in its entirety without notice and is made available solely for discussion purposes and does not, and is not intended to, constitute any sort of recommenda
Slide 4: Disclaimer (3/4)
Disclaimer (3/4) The Information is not intended to provide, and should not be relied upon for, accounting, legal or tax advice nor does it constitute a recommendation regarding any potential securities offering. In particular, the Information should not be considered as “advice” as defined in the S
Slide 5: Disclaimer (4/4)
Disclaimer (4/4) To the extent available, the industry, market and competitive position data contained in the Information come from official or third-party sources. Third-party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources
Slide 6: Proposed Offer Structure
Proposed Offer Structure • Channel VAS Investments Limited (“Optasia" or "The Group") Issuer • Share code: OPA • ISIN code: VGG2072E1016 • Listing location / venue: Johannesburg Stock Exchange ("JSE") Main Board Listing Location / Venue and Sector • JSE sector: Consumer Lending – Finance and Credit
Slide 7: Today's Presenters
[Restricted] Today’s Presenters Salvador Anglada Mariusz Dabrowski Chief Executive Officer Chief Financial Officer |7
Slide 8: Optasia's Successful Journey: Reaching c.121 MM Active Users Across 38 Emerging Markets
Optasia’s Successful Journey: Reaching c.121 MM Active Users Across 38 Emerging Markets Launch of Major Airtime Development of Machine Launch of Optasia 2.0 Entered >20 New Airtime Credit Start of Optasia Credit Solutions Contracts Learning and AI Micro Financing AI Platform Solutions and Micro Fina
Slide 9: Optasia Today in Key Metrics
Optasia Today in Key Metrics Network Financial Access Platform Financial Performance >860MM c.121MM >64Bn $117MM Total Accessible Base (1) Monthly Active Users (4) Total Credit Decisions (5) HY2025 Revenue (FY2024 Revenue: $151MM) 49 >32MM >200 10.4% Distribution Partners (2) Successful Loan AI-Powe
Slide 10: Optasia Sits at the Heart of a Unique Ecosystem of Long-Standing Relationships
Optasia Sits at the Heart of a Unique Ecosystem of Long-Standing Relationships Micro Financing Airtime Credit Data Solutions Solutions Monetization Product Offering >60 Deployments (1) 49 13 Distribution AI-led credit decisioning engine Financial Partners unlocking access Institutions to financial s
Slide 11: Innovative Real Time Solutions for Micro Financing and Airtime Credit
Innovative Real Time Solutions for Micro Financing and Airtime Credit Micro Financing Solutions Airtime Credit Solutions • Underbanked population with limited access to the • Large population of pre-paid mobile subscribers which formal banking industry do not have immediate access to mobile top-up •
Slide 12: A Highly Profitable and Balance Sheet Light Business Model
A Highly Profitable and Balance Sheet Light Business Model With Minimal Risk Exposure Micro Financing Solutions Airtime Credit Solutions Revenues HY2025 Revenue Contribution (1) 62% 37% $ Distributed Value (6) $ Distributed Value (6) Profit Models Simplified (% Take Rate % Default Rate (7) % Other C
Slide 13: Optasia Has a Well Diversified Network, at Global Scale
Optasia Has a Well Diversified Network, at Global Scale Continued Business Mix Shifting Towards Micro Financing Solutions Revenue Mix By Product Revenue Mix By Geography Micro Financing Others Nigeria 16,9% Solutions 1% 3 49,9% Saudi Arabia Europe 4,6% FY 2019 FY 2019 Bangladesh 4,9% 6 Ghana Airtime
Slide 14: Playing in a Large and Growing TAM
Playing in a Large and Growing TAM African 2015 Growth: 27% 2025 Growth: 24% 2035 Population Growth 1.2Bn 1.5Bn 1.9Bn Expanding underbanked consumer base provides opportunity to scale digital credit access 2024 Growth: 25% 2030 Unique Mobile Subscribers 1.3Bn 1.6Bn Penetration (2) : 96% Penetration
Slide 15: AI-Led Tech Engine is Enabling Access to Financial Solutions
AI-Led Tech Engine is Enabling Access to Financial Solutions From Unstructured Data … … to AI-led Profiling and Risk Models … … to Credit Decisions Top-ups Advances Bundles Recoveries Top- AI profiling More Registration Status Bills ups engine training Date of Birth Bill Payments data Post- Gender K
Slide 16: Deep Pipeline Tail of Identified Opportunities to Drive Growth
Deep Pipeline Tail of 147 Identified Opportunities to Drive Growth Both in ACS (59) and MFS (88) Total potential annual revenue for identified opportunities $220MM Total potential annual revenue for projects in Negotiation to Delivery stages >$90MM MFS (88) ACS (59) 51 LeadTech Qualification subsect
Slide 17: Our Strategy and Growth Levers
Our Strategy and Growth Levers VISION MISSION Enabling financial empowerment for a more We harness the power of AI and real-time data to inclusive world unlock financial opportunities for customers ACore Power Powerful Core Future Borderless Forge Ambition Borderless Future Forge Ambition Scaling wh
Slide 18: Highly Attractive Financial Profile, Combining High Growth and Sustainable Profitability
Highly Attractive Financial Profile, Combining High Growth and Sustainable Profitability Revenues (Reported Currency) Adj. EBITDA (2) (Reported Currency) $MM (unless stated otherwise) $MM (unless stated otherwise) YoY YoY Growth 3.6% 17.6% Growth 9.1% 17.2% 151 129 75 124 117 64 59 82 54 44 99 62 10
Slide 19: A Proven Low Risk Profile Business Model Driven by the Ongoing Product and Geo-Mix Diversification
A Proven Low Risk Profile Business Model Driven by the Ongoing Product and Geo-Mix Diversification Take Rate and Default Rate Evolution Revenue Mix FY2022 $MM (unless stated otherwise) Revenue Mix FY2024 3,5% 3,7% 4,0% Micro Financing Solutions Micro Financing 16% Solutions 45% 0,7% 0,9% 0,6% $124MM
Slide 20: New Deployment Example A: Cohort Comparison for New and Repeat Users
New Deployment Example A: Cohort Comparison for New and Repeat Users Commentary Deployment A: New Users (Non-Adopters) Deployment A: Repeat Users (Adopters) New Users (Non-Adopters) • Given the early stage of the Operational Operational credit model, is more Average Average Total Average Average Tot
Slide 21: New Deployment Example B: Monthly Default Performance in First 12 Months
New Deployment Example B: Monthly Default Performance in First 12 Months Commentary Default Performance Over Time Post Deployment Launch • Despite being a new Default Rate (%) of Principal as at Outstanding Date: deployment, the credit risk is Disbursement Amount Disbursement Month Loans Number (#)
Slide 22: Overview of Optasia's Net Working Capital Methodology
Overview of Optasia’s Net Working Capital Methodology Net Working Capital Evolution Commentary • Optasia’s NWC is purely operational, Changes in NWC (17) (10) (25) reflecting the cash needed to fund growth • It consists of three core drivers directly tied Changes in NWC to business activity: 13.8% 8
Slide 23: MFS invoicing is done at a deployment level, resulting in a potential 90 day period to settlement
MFS invoicing is done at a deployment level for the disbursements done during a month, resulting in a potential 90 day period to settlement Optasia is a B2B2X service provider and is providing services to the partners. In case of MFS deployments, Optasia invoices the Financing Service Partners (“FSP
Slide 24: Understanding Optasia's Efficient Funding and Liquidity Structure
Understanding Optasia’s Efficient Funding and Liquidity Structure Sources of Funding Type of Funding Use of Proceeds Commentary Bank Funded Term On Balance Sheet General Corporate • Part of the capital structure of the business Loan and RCF and Working Capital $175MM • Includes Term Loans and a Revo
Slide 25: Flow of Loan Disbursements for Optasia's Micro Financing Solutions
Flow of Loan Disbursements for Optasia’s Micro Financing Solutions Loan Origination & Disbursement •A Optasia requests Financial Partner to provide loan pool funding under secured facility ‒ Optasia provides financial guarantee for secured facility A ‒ Optasia therefore enables liquidity facility fo
Slide 26: Our Guidance for Sustainable Growth and Profitability
Our Guidance for Sustainable Growth and Profitability Near-Term Ambition Medium-Term Ambition • >50% in 2025 and >25% in 2026 • Targeting low to mid-twenties growth Revenue Growth • MFS remains the key growth driver • MFS expected to remain the key growth driver Adj. EBITDA(1) Growth • >40% in 2025
Slide 27: Financial Impact and Inclusion Are Key to Our Story
Financial Impact and Inclusion Are Key to Our Story Living in rural area – Active mobile wallet user, Self-employed – Seeking to launch business Self-employed – Merchant store no bank account active mobile wallet user, no bank account active mobile wallet user, no bank account Short-term Loan for We
Slide 28: Optasia's Magic Formula: Creating a New Segment and Hard to Replicate
Optasia’s Magic Formula: Creating a New Segment and Hard to Replicate Scale of the Global Product and Tech Commercial Maturity Network Footprint Capabilities Model >860MM 38 >120 >64Bn 13 Total Accessible Base (1) Countries (3) Patents Total Credit Decisions (4) Years of Track-Record 49 3 >200 >60 3
Slide 29: Optasia - Winning Today and Tomorrow
Optasia - Winning Today and Tomorrow Playing in a Large and Growing TAM, Leveraging Structural Tailwinds to Drive Financial Inclusion for Customers in 1 Emerging Markets Two-sided Network at the Intersection of Financial Providers and Distribution Partners, With High 2 Barriers to Entry Offering a C
Slide 30: Q&A
Q&A —_ OPTASINA
Channel VAS Investments Limited (Optasia) — IPO Roadshow (October 2025) on 6ix