Aspen Pharmacare Holdings Limited · JSE:APN
Aspen Pharmacare — Aspen Pharmacare Hldgs — H1 2026 Earnings Presentation
61 slides from Aspen Pharmacare's earnings presentation, Mar 4, 2026
Slide 1: Interim Results Presentation
Interim Results Presentation 4 March 2026 H1 2026
Slide 2: Disclaimer
We may make statements that are not historical facts and relate to analyses and other information based on forecasts of future results and estimates of amounts not yet determinable. These are forward looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words su
Slide 3: Performance Overview
Performance Overview Introduction and highlights Stephen Saad Group Chief Executive
Slide 4: Strategic Priorities
Strategic Priorities Unlock Sum-of-the-Parts valuation and stronger free cashflow Sustain and accelerate organic earnings growth drivers generation Commercial Pharmaceuticals Sum-of-the-Parts • Sustainable organic growth • Aspen APAC divestment a tangible demonstration of value • GLP-1s rollout crea
Slide 5: Period under review
Period under review Commercial Pharma • Sustained earnings momentum • EBITDA^ CERⱡ double digit growth sustained • Impact of GLP-1s evident • Mounjaro® expanded indication and KwikPen® device approved Manufacturing • Reshaping largely completed • Insulin contract commenced Contract dispute closed •
Slide 6: Financial Review
Financial Review Financial Highlights Group Revenue Normalised EBITDA Tax Rates APAC Divestment Sustainability Strategy Sean Capazorio Group Chief Financial Officer
Slide 7: Normalised EBITDA down 12% CER
Normalised EBITDA^ down 12% CERⱡ mRNA contract loss negatively affects H1 – more than offset by positive H2 -4% CER ⱡ -12% CER ⱡ -18% CER ⱡ -4% -13% -21% 21 960 5 823 724 21 085 5 053 575 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 ∑ Revenue Normalised EBITDA ^ Normalised HEPS (R'million) (R'mil
Slide 8: Reduced net debt underpinned by stronger free cash flow of R2bn
Reduced net debt underpinned by stronger free cash flow of R2bn 31.2 30.0 28.6 5 159 30.1 27.9 CERⱡ CERⱡ (4 993) 3 577 2.5x 3.2x 3.4x (2 638) 1 805 1 997 (1 580) 166 H1 2025 FY 2025 H1 2026 (833) Net Debt (R’billion) & Leverage ratio (x)* FY 2025 H1 2025 H1 2026 Free cash flow (R’million) ɸ Cash fro
Slide 9: Commercial Pharma EBITDA up 11% CER
Commercial Pharma EBITDA^ up 11% CERⱡ (+16% excluding APAC) Manufacturing EBITDA^ impacted by loss of mRNA contract Commercial Pharma Manufacturing +4% CER ⱡ +11% CER ⱡ -26% CER ⱡ -85% CER ⱡ +3% +6% -23% -84% 16 586 1 265 16 102 5 858 4 845 4 558 4 499 29.2%˺ 28.3%˺ 21.6%˺ 208 2.3x 3.2x 3.0x˺ 4.6% H
Slide 10: Group Revenue
Group Revenue Commercial Pharma organic growth offset by higher Manufacturing reduction % change ⱡ R’million H1 2026 H1 2025 Reported CER Commercial Pharma 16 586 16 102 3% 4% Prescription 6 304 6 340 -1% 2% Injectables 5 326 5 019 6% 7% OTC 4 956 4 743 4% 5% Manufacturing 4 499 5 858 -23% -26% Grou
Slide 11: Strong Commercial Pharma growth more than offset by mRNA contract loss
Strong Commercial Pharma growth more than offset by mRNA contract loss % change ⱡ R'million H1 2026 % of revenue H1 2025 % of revenue Reported CER FY 2025 % of revenue Revenue 21 085 21 960 -4% -4% 43 363 Gross profit ~ 9 584 45.5% 10 454 47.6% -8% -7% 19 129 44.1% Depreciation 751 3.6% 748 3.4% 0%
Slide 12: Stable effective tax rate expected for FY 2026
Stable effective tax rate expected for FY 2026 Marginal increase in Continuing Operations tax rate • Global minimum tax legislation effective from FY 2025 • Continuing operations tax rate expected to remain stable but dependent upon future profit mix and actual global minimum tax implementation outc
Slide 13: Aspen APAC divestment update
Aspen APAC divestment update Update◊ Estimated Financial Effects • Circular to shareholders » on or before 20 March 2026 • Gross consideration AUD 2 370 million (R26 477 million^) • Net proceeds > R25bn (rate dependent) • Shareholder vote » on or before 22 April 2026 • Proceeds primarily to reduce d
Slide 14: Continued progress toward our sustainability ambitions
Continued progress toward our sustainability ambitions Patients Our People → Advanced the technical transfer of Aspen- 8%* → Completed a global Employee 32%* branded vaccines and contract increase Experience Survey with an improved women manufacture of insulin for African thriving score of 71% patie
Slide 15: Group Strategy
Group Strategy Sustain and accelerate organic earnings growth drivers Unlock sum of parts valuation and free cashflow Guidance
Slide 16: Sustain and accelerate organic earnings growth drivers
Sustain and accelerate organic earnings growth drivers Commercial Pharmaceuticals | Base Volume growth underpinned by underlying EM dynamics • Quality branded medicines to a growing middle class Risk to the base business has been managed • China reshaped and contributing to improved profitability Po
Slide 17: Commercial Pharmaceuticals | GLP-1s rolling out
Sustain and accelerate organic earnings growth drivers Commercial Pharmaceuticals | GLP-1s rolling out Mounjaro® South Africa and Sub-Saharan Africa Semaglutide generic opportunity GLP-1 outlook 17 GROUP STRATEGY
Slide 18: GLP-1 South Africa and SSA
Sustain and accelerate organic earnings growth drivers Commercial Pharmaceuticals | GLP-1 South Africa and SSA Participating in High-Growth Therapeutic Class Mounjaro® performance in GLP Market Market value R2.2bn • Significant unmet demand • GLP-1 class in SA has tripled in value in last 18 months*
Slide 19: Generic Semaglutide and GLP-1 Outlook
Sustain and accelerate organic earnings growth drivers Generic Semaglutide and GLP-1 Outlook Canada Entry | Generic Semaglutide Opportunity • Registration and commercialisation targeted for Q2/3 CY 2026 • If achieved, early entry for market formation Outlook • Mounjaro® South Africa roll out and dem
Slide 20: Manufacturing | Positive EBITDA in Sterile FDF by FY 2027
Sustain and accelerate organic earnings growth drivers Manufacturing | Positive EBITDA^ in Sterile FDF by FY 2027 Requires a R1.7bn EBITDA^ uplift • Lost mRNA contract is R1.0bn of the R1.7bn Strategy modified to focus on what we can control • Addressing cost base and commercialisation of contracts
Slide 21: Manufacturing | Contract Commercialisation contributing to FY 2027
Sustain and accelerate organic earnings growth drivers Manufacturing | Contract Commercialisation contributing to FY 2027 Contract Commercialisation FY 2027 Insulin in South Africa and PFS in NDB most material • Insulin » Ramp up of first line, with full year impact in FY 2027 » Second line on strea
Slide 22: Restoring contract loss and divested EBITDA by FY 2027
Sustain and accelerate organic earnings growth drivers Restoring contract loss and divested EBITDA^ by FY 2027 Target of restoring most of FY 2025 EBITDA^ of R9.6bn by FY 2027 R’billion 2026 2027 Total • Requires c.60% EBITDA^ growth on remaining FY 2025 base • Relative exchange rate movements impac
Slide 23: Unlock sum of parts valuation and free cashflow
Unlock sum of parts valuation and free cashflow Balance Sheet flexibility, supported by strong FCF generation Sum of Parts Divestment of APAC (ex China) • Compelling valuation • Balance sheet flexibility-debt negligible/ extinguished • Remaining Commercial Pharma focused on faster growing emerging m
Slide 24: Divestment of APAC is material
Unlock sum of parts valuation and free cashflow Divestment of APAC is material Aspen APAC Total Operations Impact Reported H1 2026 FY 2025 FY 2024 FY 2023 Revenue 4 007 8 003 8 345 8 191 Normalised EBITDA^ 1 251 2 604 2 913 2 970 Normalised EBIT 1 132 2 337 2 658 2 744 Free Cash Flow 642 1 608 1 895
Slide 25: Guidance | Continuing Operations (excluding APAC)
Guidance | Continuing Operations (excluding APAC) Commercial Pharma and Manufacturing Group Financial Guidance FY 2026 Commercial Pharma • Double digit growth in Normalised HEPS (CERⱡ) in FY 2026 • CERⱡ revenue mid-single digit growth over FY 2025 • Normalised EBITDA^ targeted to achieve at least do
Slide 26: Appendices
APPENDIX 1 | ESG – Access to medicines APPENDIX 2 | ESG – Sustainability Strategy APPENDIX 3 | Abridged statement of comprehensive income – Total Operations APPENDIX 4 | Abridged statement of normalised comprehensive income – Total Operations APPENDIX 5 | Reconciliation of NHEPS – Total Operations A
Slide 27: Our milestone achievements in providing access to medicine with purpose
Our milestone achievements in providing access to medicine with purpose First FDA MDR TB Over 1 million 225 million Covid Gavi vaccines Insulins Portfolio Generic ARV HIV/ AIDS doses for Africa expansion patients reached in Africa Strategic licensing partnerships and Partnering with Novo acquisition
Slide 28: 16 sustainability goals for meaningful impact
16 sustainability goals for meaningful impact Patients Our People Society Environment Healthier populations Inspiring culture Thriving communities Restored planet Improve the health and quality of life Achieve diversity and inclusivity in our Maintain high governance and ethical Reduce our carbon em
Slide 29: Abridged statement of comprehensive income
Abridged statement of comprehensive income Total Operations R'million H1 2026 H1 2025 % change FY 2025 Net revenue 21 085 21 960 -4% 43 363 Cost of sales (11 501) (11 506) 0% (24 234) Gross profit 9 584 10 454 -8% 19 129 Gross profit margin 45.5% 47.6% 44.1% Operating expenses (5 282) (5 379) -2% (1
Slide 30: Abridged statement of normalised comprehensive income
Abridged statement of normalised comprehensive income Total Operations R'million H1 2026 H1 2025 % change H1 2025 (CERⱡ) % change (CERⱡ) FY 2025 Net revenue 21 085 21 960 -4% 21 970 -4% 43 363 Cost of sales (11 501) (11 506) 0% (11 615) -1% (24 234) Gross profit 9 584 10 454 -8% 10 355 -7% 19 129 Gr
Slide 31: Reconciliation of NHEPS
Reconciliation of NHEPS Total Operations R'million H1 2026 H1 2025 % change H1 2025 (CERⱡ) % change (CERⱡ) FY 2025 Basic earnings per share (EPS) 331.1 537.7 -38% 511.4 -35% (243.9) Impairment of property, plant and equipment 15.3 - 100% - 100% 98.6 Impairment of intangible assets 81.8 109.4 -25% 11
Slide 32: Abridged statement of normalised comprehensive income
Abridged statement of normalised comprehensive income Continuing Operations R'million H1 2026 H1 2025 % change H1 2025 (CERⱡ) % change (CERⱡ) FY 2025 Net revenue 17 078 17 849 -4% 18 004 -5% 35 360 Cost of sales (9 626) (9 654) 0% (9 783) -2% (20 513) Gross profit 7 452 8 195 -9% 8 221 -9% 14 847 Gr
Slide 33: Reconciliation of NHEPS
Reconciliation of NHEPS Continuing Operations R'million H1 2026 H1 2025 % change H1 2025 (CERⱡ) % change (CERⱡ) FY 2025 Basic earnings per share (EPS) 194.8 357.8 -46% 348.6 -44% (611.0) Impairment of property, plant and equipment 15.3 - 100% - 100% 98.6 Impairment of intangible assets 33.6 75.1 -55
Slide 34: Abridged statement of normalised comprehensive income
Abridged statement of normalised comprehensive income Discontinued Operations R'million H1 2026 H1 2025 % change H1 2025 (CERⱡ) % change (CERⱡ) FY 2025 Net revenue 4 007 4 111 -3% 3 966 1% 8 003 Cost of sales (1 875) (1 852) 1% (1 832) 2% (3 721) Gross profit 2 132 2 259 -6% 2 134 0% 4 282 Gross pro
Slide 35: Reconciliation of NHEPS
Reconciliation of NHEPS Discontinuing Operations R'million H1 2026 H1 2025 % change H1 2025 (CERⱡ) % change (CERⱡ) FY 2025 Basic earnings per share (EPS) 136.3 179.9 -24% 162.8 -16% 367.1 Impairment of intangible assets 48.2 34.3 41% 35.6 35% 66.3 Reversal of impairment of intangible assets - - - -
Slide 36: Reconciliation of reported to normalised EBITDA
Reconciliation of reported to normalised EBITDA^ Total Operations R'million H1 2026 H1 2025 % change H1 2025 (CERⱡ) % change FY 2025 Net revenue 21 085 21 960 -4% 21 970 -4% 43 363 Cost of sales (11 501) (11 506) 0% (11 615) -1% (24 234) Gross profit 9 584 10 454 10 355 19 129 Operating expenses (5
Slide 37: Normalised EBITDA down 14% with strong relative growth expected in H2 2026
Normalised EBITDA^ down 14% with strong relative growth expected in H2 2026 Continuing Operations % change ⱡ R'million H1 2026 % of revenue H1 2025 % of revenue Reported CER FY 2025 % of revenue Revenue 17 078 17 849 -4% -5% 35 360 Gross profit ~ 7 452 43.6% 8 195 45.9% -9% -9% 14 847 42.0% Deprecia
Slide 38: Reconciliation of reported to normalised EBITDA
^ Reconciliation of reported to normalised EBITDA Continuing Operations R'million H1 2026 H1 2025 % change H1 2025 (CERⱡ) % change FY 2025 Net revenue 17 078 17 849 -4% 18 004 -5% 35 360 Cost of sales (9 626) (9 654) 0% (9 783) -2% (20 513) Gross profit 7 452 8 195 -9% 8 221 -9% 14 847 Operating exp
Slide 39: Normalised EBITDA down 12% (-5% CER)
Normalised EBITDA^ down 12% (-5% CERⱡ) Discontinued Operations % change ⱡ R'million H1 2026 % of revenue H1 2025 % of revenue Reported CER FY 2025 % of revenue Revenue 4 007 4 111 -3% 1% 8 003 Gross profit ~ 2 132 53.2% 2 259 55.0% -6% 0% 4 282 53.5% Depreciation 56 1.4% 51 1.2% 10% 10% 105 1.3% Ope
Slide 40: Reconciliation of reported to normalised EBITDA
^ Reconciliation of reported to normalised EBITDA Discontinued Operations R'million H1 2026 H1 2025 % change H1 2025 (CERⱡ) % change FY 2025 Net revenue 4 007 4 111 -3% 3 966 1% 8 003 Cost of sales (1 875) (1 852) 1% (1 832) 2% (3 721) Gross profit 2 132 2 259 -6% 2 134 0% 4 282 Operating expenses (
Slide 41: Strong ZAR will dilute performance for FY 2026
Strong ZAR will dilute performance for FY 2026 Total Operations H1 2026 H1 2025 H1 2026 H1 2025 Currency contribution Revenue Normalised Revenue Normalised Average Average EBITDA^ EBITDA^ rate rate EUR 26% -3% 30% 25% 20.27 19.41 ZAR 20% 5% 17% 1% AUD 14% 27% 13% 13% 11.39 11.85 CNY 7% 12% 7% 15% 2.
Slide 42: Commercial Pharma enjoys solid growth across most regions
Commercial Pharma enjoys solid growth across most regions Total Operations % change ⱡ Revenue H1 2026 H1 2025 Reported CER Africa Middle East 5 496 4 887 12% 13% Americas 3 436 3 477 -1% 2% Australasia 2 979 2 933 2% 6% Europe CIS 2 464 2 352 5% 0% Asia 2 211 2 453 -10% -8% Total Commercial Pharma 1
Slide 43: Prescription revenue
Prescription revenue Total Operations % change ⱡ R'million H1 2026 H1 2025 Reported CER Africa Middle East 2 378 2 267 5% 6% Americas 1 654 1 745 -5% 0% Australasia 1 203 1 252 -4% 0% Europe CIS 542 538 -1% -3% Asia 527 538 -2% 1% Prescription 6 304 6 340 -1% 2% ⱡ CER removes the currency effect on
Slide 44: Injectables revenue
Injectables revenue Total Operations % change ⱡ R'million H1 2026 H1 2025 Reported CER Asia 1 561 1 745 -11% -9% Africa Middle East 1 410 919 53% 55% Americas 1 040 1 067 -3% -2% Europe CIS 849 828 3% -2% Australasia 466 460 1% 6% Injectables 5 326 5 019 6% 7% ⱡ CER removes the currency effect on pe
Slide 45: OTC revenue
OTC revenue Total Operations % change ⱡ R'million H1 2026 H1 2025 Reported CER Africa Middle East 1 708 1 701 0% 1% Australasia 1 310 1 221 7% 12% Europe CIS 1 073 986 9% 4% Americas 742 665 12% 12% Asia 123 170 -28% -25% OTC 4 956 4 743 4% 5% ⱡ CER removes the currency effect on performance. The CE
Slide 46: Double-digit EBITDA growth in Commercial Pharma of 11% CER
Double-digit EBITDA growth in Commercial Pharma of 11% CERⱡ Total Operations % change ⱡ R'million H1 2026 H1 2025 Reported CER FY 2025 % of revenue Revenue 16 586 16 102 3% 4% 32 216 Gross profit ~ 9 695 9 524 2% 4% 18 716 58% Group profit % 58.5% 59.1% 58.1% Depreciation 136 154 -12% -11% 285 1% Op
Slide 47: Gross profit % rebounds from H2 2025 as guided
Gross profit % rebounds from H2 2025 as guided Total Operations 60.1% 61.7% 60.9% 59.9% 57.9% 58.0% 58.0% 58.4% Prescription OTC Impacted by regional sales Consistent trend continues mix in H1 2026 H1 2025 H2 2025 FY 2025 H1 2026 H1 2025 H2 2025 FY 2025 H1 2026 57.5% 47.2% 52.4% 56.9% 58.6% 56.2% 57
Slide 48: Double-digit EBITDA growth in Commercial Pharma excluding APAC
Double-digit EBITDA growth in Commercial Pharma (excluding APAC) of 16% CERⱡ Continuing Operations % change ⱡ R'million H1 2026 H1 2025 Reported CER FY 2025 % of revenue Revenue 12 825 12 286 4% 5% 24 776 Gross profit ~ 7 524 7 277 3% 5% 14 402 58% Group profit % 58.7% 59.2% 58.1% Depreciation 115 1
Slide 49: Marginal reduction in APAC EBITDA of 2%
Marginal reduction in APAC EBITDA of 2% Discontinued Operations % change ⱡ R'million H1 2026 H1 2025 Reported CER FY 2025 % of revenue Revenue 3 761 3 816 -1% 2% 7 440 Gross profit ~ 2 171 2 247 -3% 2% 4 314 58% Group profit % 57.7% 58.9% 58.0% Depreciation 21 19 11% 17% 38 1% Operating expenses (93
Slide 50: Manufacturing revenue negatively impacted by loss of mRNA contract contribution
Manufacturing revenue negatively impacted by loss of mRNA contract contribution Total Operations % change ⱡ R'million H1 2026 H1 2025 Reported CER FDF 2 029 3 306 -39% 41% API 1 775 1 888 -6% -9% Heparin 695 664 5% 0% Manufacturing 4 499 5 858 -23% -26% • FDF revenue decline impacted by mRNA contrac
Slide 51: Manufacturing EBITDA decline expected to reverse in H2 2026
Manufacturing EBITDA^ decline expected to reverse in H2 2026 Total Operations % change ⱡ R'million H1 2026 H1 2025 Reported CER FY 2025 % of revenue Revenue 4 499 5 858 -23% -26% 11 147 Gross profit ~ (111) 930 >-100% >-100% 413 4% Group profit % -2.5% 15.9% 3.7% Depreciation 615 594 4% 2% 1 169 10%
Slide 52: Net working capital analysis including APAC
Net working capital analysis including APAC Total Operations R'million H1 2026 FY 2025 H1 2025 Inventory 16 919 18 009 18 868 Receivables and Other current assets 11 525 13 339 13 341 Less: (145) (178) (443) Derivatives (13) (15) (274) Other current receivables (132) (163) (169) Trade and other paya
Slide 53: Normalised headline earnings affected by loss of mRNA contract contribution
Normalised headline earnings affected by loss of mRNA contract contribution Total Operations -3% 3 216 -18% -90 3 126 -688 2 556 131 7 -31 -70 81 H1 2025 Fx impact H1 2025 CERⱡ Normalised Depreciation Amortisation Net interest Forex Tax H1 2026 Reported EBITDA^ ˄ Normalised EBITDA represents operati
Slide 54: Operating cash flow and working capital including APAC
Operating cash flow and working capital including APAC Strong operating cash flow supported by lower working capital ratio Operating cash conversion cycle Net working capital % of revenue^ 200% 60% 193% 50% 50% 47% 45% 147% 150% 40% 103% 41% 30% 38% 37% 100% 20% 50% 63% 10% 0% 0% FY 2024 H1 2025 FY2
Slide 55: Working capital bridge including APAC
Working capital bridge including APAC Cash flow investment of R360m well below H1 2025 of R2 336m -6% +R360 million 20 496 258 1 166 1 268 1 687 19 169 FY 2025 Inventory Net receivables Net payables Other non-cash H1 2026 55 APPENDIX 29 | WORKING CAPITAL BRIDGE
Slide 56: Operating cash conversion rate well ahead of Group benchmark of >100%
Operating cash conversion rate well ahead of Group benchmark of >100% Lower working capital, financing costs and tax significantly exceeds the reduced cash operating profit Including APAC R'million H1 2026 H1 2025 % Change FY 2025 Cash operating profit 4 913 5 956 -18% 10 064 Changes in working capi
Slide 57: Higher average net debt increases net interest but offset by forex gains
Higher average net debt increases net interest but offset by forex gains Effective interest rate of 4.4% lower than guided Including APAC R'million H1 2026 H1 2025 H2 2025 FY 2025 Net interest paid 711 622 669 1 291 Effective interest rate for the period* 4.4% 5.0% 4.8% 4.9% Foreign exchange (gains)
Slide 58: Reduced capex post FY 2025 aligned to guidance
Reduced capex post FY 2025 aligned to guidance Total Operations Total Capex (R’million) 4 993 2 542 3 800 Total Capex 2 600 • Expected FY 2026 capex of R3.8bn includes GLP-1 capacity and related IP development investments 1 580 • Target is for Capex to equal depreciation/ amortisation by FY 2027/28.
Slide 59: Stronger free cash flow of R2bn exceeds expectations
Stronger free cash flow of R2bn exceeds expectations Total Operations 5 159 (4 993) 3 577 Free cash flow (2 638) 1 805 1 997 • Solid growth in Cash from operations supported by lower working capital, financings costs and tax (1 580) payments 166 • Reduction in Capex of R1bn versus H1 2025 (833) FY 2
Slide 60: Stronger closing ZAR and high free cash flow reduce net debt
Stronger closing ZAR and high free cash flow reduce net debt Leverage ratio of 3.4x expected to be close to zero following receipt of APAC Divestment proceeds -8% -R2 631m 31 198 1 487 ^ 941 3 577 83 1 679 28 567 29 711 1 580 187 FY 2025 Cash flows from PPE and IP spend Acquisitions* Dividends Forex
Slide 61: Capital allocation framework supporting growth strategy
Capital allocation framework supporting growth strategy 1 PPE capex and IP development 2 Acquisitions & disposals 3 Dividends paid 4 Larger acquisitions and disposals^ R1 580 million R83 million* R941 million R nil Ensure business Portfolio renewal and Dividends per share ≥ Strategic M&A sustainabil
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