Channel Vas Investments Limited · JSE:OPA
Channel Vas Investments — Optasia — FY2025 Earnings Presentation
37 slides from Channel Vas Investments's earnings presentation, March 2026
Slide 1: 2025 Full Year Results Presentation
2025 FULL YEAR RESULTS PRESENTATION March 2026
Slide 2: Today's Presenters
Today’s Presenters Salvador Mariusz Anglada Dabrowski Chief Executive Officer Chief Financial Officer
Slide 3: Agenda: Highlights, Financial Performance, Strategic Outlook, Q&A
1 2025 Highlights and Business Overview Financial Performance Strategic Outlook Q&A Salvador Anglada Chief Executive Officer
Slide 4: The Largest AI-Powered Fintech Platform Enabling Financial Access Across Emerging Markets
2025 Highlights and Business Overview Financial Performance The Largest AI-Powered Fintech Platform Strategic Outlook Enabling Financial Access Across Emerging Markets Our Vision: Enabling financial empowerment for a more inclusive world Our Mission: We harness the power of AI and real-time data to
Slide 5: 2025: A Transformational Year For Optasia
2025: A Transformational Year 2025 Highlights and Business Overview For Optasia Financial Performance Strategic Outlook Key Highlights +76% +52% +57% 1 Record growth and profitability $265m Revenue $115m Adj. EBITDA $58m Normalised Net Income 2 Strong cash flow generation +$45m Adj. Free Cash Flow 3
Slide 6: Successfully Delivered on 2025 Growth Guidance
2025 Highlights and Business Overview Successfully Delivered on 2025 Growth Guidance Financial Performance Strategic Outlook IPO Ambition 2025 Results >50% 76% revenue growth Revenue Growth MFS remains the key growth driver 149% MFS revenue growth Adj. EBITDA(1) Growth >40% 52% adjusted EBITDA growt
Slide 7: Continued Investing In Long-term Relationships And Broadening Our Ecosystem
2025 Highlights and Business Overview Continued Investing In Long-term Financial Performance Relationships And Broadening Our Ecosystem Strategic Outlook Micro Airtime Credit Financing Solutions Solutions Product Offering 50 17 Distribution Financial Partners Institutions Retail and SME Customers 63
Slide 8: Accelerated International Expansion, While Deepening Penetration In Existing Markets
2025 Highlights and Business Overview Accelerated International Expansion, While Financial Performance Strategic Outlook Deepening Penetration In Existing Markets 3 Europe 6 +2 NEW COUNTRIES Middle East 8 Malaysia eSwatini Asia +8 NEW DEPLOYMENTS ACROSS PRODUCTS & GEOGRAPHIES MFS ACS Optasia Global
Slide 9: Reinforced our Platform Capabilities And Resilience Through Platform Enhancements
Reinforced our Platform Capabilities And 2025 Highlights and Business Overview Resilience Through Platform Enhancements Financial Performance Strategic Outlook Optasia’s decisioning platform: From Unstructured Data … … to AI-led Profiling and Risk Models … … to Credit Decisions Top- AI profiling Mor
Slide 10: Strengthened our Organisation and Attracted World-Class Talent
2025 Highlights and Business Overview Strengthened our Organisation and Attracted Financial Performance World-Class Talent To Support Future Growth Strategic Outlook 2025 Enhancements: BUILDING NEW CAPABILITIES • Introducing unified regional commercial model bringing all our propositions under the s
Slide 11: Commitment To Drive Financial Inclusion Remains At The Core Of Our Vision
Commitment To Drive Financial Inclusion 2025 Highlights and Business Overview Financial Performance Remains At The Core Of Our Vision And Mission Strategic Outlook Interviews with product users “Access to credit on my phone makes everything much easier and helps my “I own a fabric store, and before
Slide 12: Q&A
2025 Highlights and Business Overview 2 Financial Performance Strategic Outlook Q&A Mariusz Dabrowski Chief Financial Officer
Slide 13: 2025 Was An Inflection Point For Optasia
2025 Was An Inflection Point For Optasia, Shifting Focus To 2025 Highlights and Business Overview Financial Performance Quality Growth And Long-Term Value Creation Strategic Outlook Continuing to deliver at scale Record revenue growth Low risk levels maintained >432MM $265MM 1.2% Customers (1) Reven
Slide 14: Record 2025 Performance Supported by Strong Underlying Drivers
Record 2025 Performance Supported by Strong Underlying 2025 Highlights and Business Overview Drivers Financial Performance Strategic Outlook Number of Service Users(1) Distributed Value MM $Bn 432 5.5 YoY growth +43% +44% +8% ACS 303 3.8 ACS 3,2 +12% +72% 3.5 327 +16% 176 2,8 283 3,2 MFS MFS 168 2,3
Slide 15: Significant Topline Growth and Increased Profitability Fueled by MFS Momentum
Significant Topline Growth and Increased Profitability Fueled 2025 Highlights and Business Overview by MFS Momentum Financial Performance Strategic Outlook (1) Revenue Adjusted EBITDA (2) $MM $MM 49.9% 49.7% 43.2% 265 YoY growth +76% ACS 115 YoY growth 97 YoY growth +52% +17.4% +18% +17% 151 75 129
Slide 16: Strategic Revenue Mix Shift Towards MFS, Targeting a Higher Margin Model
Strategic Revenue Mix Shift Towards MFS, 2025 Highlights and Business Overview Targeting a Higher Margin Model Financial Performance Strategic Outlook Take Rate and Default Rate Evolution $Bn 4.8% 4.0% 3.7% Revenue Mix FY2024 Revenue Mix FY2025 1.2% 0.9% 0.7% ACS MFS 44% 5,5 37% $151MM $265MM 55% AC
Slide 17: Declining Operating and Capital Expenditure Cost Ratios As Scale Efficiencies Are Realised
Declining Operating and Capital Expenditure 2025 Highlights and Business Overview Cost Ratios As Scale Efficiencies Are Realised Financial Performance Strategic Outlook Operating Costs Capex Evolution $MM $MM 9.9% 18.5% 17.0% 6.5% 13.6% 4.6% 36 13 12 10 26 24 2023 2024 2025 2023 2024 2025 Opex (1) O
Slide 18: NWC Changes Driven By MFS Growth And Expansion
NWC Changes Driven By MFS Growth And 2025 Highlights and Business Overview Expansion, Stabilised in Second Half of 2025 Financial Performance Strategic Outlook Net Working Capital Evolution $MM 7.9% 16.5% 15.6% 29.2% 15.6% 31.7% 43.5% 40.4% 45.1% 40.4% FY25 breakdown 107 107 93 66 132 132 115 41 62
Slide 19: Robust and Improving Cash Flow Generation
Robust and Improving Cash Flow Generation Supporting 2025 Highlights and Business Overview Reinvestment And Strengthening Balance Sheet Financial Performance Strategic Outlook Adjusted Free Cash Flow Reconciliation $MM 42.4% 39.2% 24.3% 52.8% 45 32 32 13 FY 2024 FY 2025 H1 2025 H2 2025 (1) Adj. EBIT
Slide 20: 2025 Has Scaled Optasia Into A Higher-growth, More Diversified Earnings Model
2025 Has Scaled Optasia Into A Higher-growth, More 2025 Highlights and Business Overview Diversified And More Resilient Earnings Model Financial Performance Strategic Outlook (1) (2) Profit after Tax Normalised Net Income EPS reconciliation $MM $MM 2025 2024 USDm Profit for the year 43.1 36.2 Profit
Slide 21: Efficient Capital Structure Supports Scalable Funding Model
Efficient Capital Structure Supports Scalable Funding 2025 Highlights and Business Overview Model Financial Performance Strategic Outlook Funding Breakdown Sources of Funding Type of Funding Use of Proceeds $269m Bank Funded Term On Balance Sheet General Corporate and Loan and RCF Working Capital 1
Slide 22: Summing Up Our Strong Performance (1/2)
2025 Highlights and Business Overview Summing Up Our Strong Performance (1/2) Financial Performance Strategic Outlook Key Financials KPIs Unit 2024 2025 Unit 2024 2025 Total Revenues $MM 151 265 ACS Revenue Growth % 18% 76% Distributed Value (Reported) $MM 2,829 3,176 (1) Adj. EBITDA $MM 75 114 Adj.
Slide 23: Summing Up Our Strong Performance (2/2)
2025 Highlights and Business Overview Summing Up Our Strong Performance (2/2) Financial Performance Strategic Outlook Selected Consolidated Statement of Financial Position Summary Statement of Cash Flows Unit 2024 2025 Unit 2024 2025 Current assets $MM 100 254.5 Net cash flows from operating activit
Slide 24: Q&A
2025 Highlights and Business Overview Financial Performance 3 Strategic Outlook Q&A Salvador Anglada Chief Executive Officer
Slide 25: Structural Tailwinds Supporting Long-Term Demand for ACS and MFS
2025 Highlights and Business Overview Structural Tailwinds Supporting Long-Term Demand for ACS Financial Performance Strategic Outlook and MFS 1.4 BN Adults $1.6 TRN ~40 % FX Volatility Partnerships Remain Unbanked Mobile Money Processed Credit eligibility increase Gold-driven tailwinds, Models Gain
Slide 26: Three Strategic Pillars Driving Optasia's Next Phase of Growth
2025 Highlights and Business Overview Three Strategic Pillars Driving Optasia’s Next Phase of Growth Financial Performance Strategic Outlook 01 POWER CORE 02 FUTURE FORGE 03 BORDERLESS AMBITION Scaling what works to maximize impact Building tomorrow's value today Breaking boundaries to grow globally
Slide 27: Executing Our Strategy Through Clear 2026 Priorities
2025 Highlights and Business Overview Executing Our Strategy Through Clear 2026 Priorities Financial Performance Strategic Outlook Deliver on our Getting closer to our Industrializing how we Expanding the frontier promise customers scale Performance. Credibility. Value creation. One Optasia. Eight r
Slide 28: New Products, Markets and Partnerships to Drive Growth
2025 Highlights and Business Overview New Products, Markets and Partnerships to Drive Growth Financial Performance Strategic Outlook 01 POWER CORE 02 FUTURE FORGE 03 BORDERLESS AMBITION Scaling what works to maximize impact Building tomorrow's value today Breaking boundaries to grow globally Growing
Slide 29: Strategic Partnership with FirstRand Creates Platform for Expansion
2025 Highlights and Business Overview Strategic Partnership with FirstRand Financial Performance Strategic Outlook Creates Platform for Expansion • FirstRand acquired a 20% strategic stake in Optasia, validating the strength and scalability of Optasia’s platform • Partnership with one of Africa’s la
Slide 30: Finergi Acquisition Expands Optasia Into New Ecosystem
2025 Highlights and Business Overview Finergi Acquisition Expands Optasia Into New Ecosystem Financial Performance Strategic Outlook Finergi provides credit embedded in prepaid electricity systems, with repayment automatically recovered through top-ups Opportunity and market context Benefits for Opt
Slide 31: Strong Momentum Continuing, Upgrading Guidance given at IPO for 2026
Strong Momentum Continuing, Upgrading Guidance given 2025 Highlights and Business Overview Financial Performance at IPO for 2026 Strategic Outlook 2026 IPO Guidance Enhanced 2026 Ambition Revenue Growth >25% >30% MFS remains the key growth driver MFS remains the key growth driver Adj. EBITDA(1) Grow
Slide 32: Powerful Structural Advantages Underpin Optasia's Competitive Position
Powerful Structural Advantages Underpin Optasia’s 2025 Highlights and Business Overview Financial Performance Competitive Position Strategic Outlook 1 Positioned at the centre of a large and growing structural market opportunity 2 Extremely low cost to serve through automation and scale 3 Two-sided
Slide 33: Q&A
2025 Highlights and Business Overview Financial Performance Strategic Outlook 4 Q&A Q&A
Slide 34: Q&A
“, OPTASIA Q&A
Slide 35: Appendix
Appendix
Slide 36: Investor Calendar and Key Contacts
Investor Calendar and Key Contacts 2026 Investor Engagements March 2026 – FY25 Results • South Africa • UK May 2026 - Investec Pan-Africa Conference • South Africa May 2026 – Annual General Meeting • South Africa September 2026 – H26 Results Publication • South Africa • UK September 2026 – RMB Morga
Slide 37: Disclaimer
Disclaimer IMPORTANT NOTICE This presentation has been prepared by, and is subject to the copyright of, Channel Vas Investments Limited (“Optasia”). No part of this presentation may be reproduced, transmitted, stored in a retrieval system or translated in any other language in any form, by any means