Aspen Pharmacare Holdings Limited · JSE:APN
Aspen Pharmacare — Aspen Pharmacare Hldgs — FY2025 Earnings Presentation
55 slides from Aspen Pharmacare's earnings presentation, Sep 4, 2025
Slide 1: FY 2025 Annual Results Presentation
FY 2025 Annual Results Presentation 4 September 2025
Slide 2: Forward-looking statements
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: Year under review
YEAR UNDER REVIEW Good • Strong momentum in Commercial Pharma sustained » Double digit CER revenue and EBITDA growth » Revenue growth across all segments » China consolidated and reshaped • Material near-term pipeline realisation Bad » Both Commercial and Manufacturing • Operating cash conversion ra
Slide 5: Going forward
GOING FORWARD Plan • Sustain momentum in Commercial Pharma » China to contribute more positively to EBITDA than revenue • Reshape sterile FDF from R1.7bn* loss to profitability » Commercialise insulin vial contract » Restructure to manage what we have certainty over • Focus on realisation of signifi
Slide 6: Financial Review
Financial Review Financial Highlights Currency Impact Group Revenue Commercial Pharma Revenue Normalised EBITDA Commercial Pharma EBITDA Manufacturing EBITDA Effective Tax Rates Intangible Asset Impairments Capital Expenditure Sustainability Strategy Sean Capazorio Group Chief Financial Officer
Slide 7: Normalised EBITDA down 8% in CER impacted by material contract loss
Normalised EBITDA^ down 8% in CERⱡ impacted by material contract loss +1% CER ⱡ -8% CER ⱡ -22% CER ⱡ -3% -15% -29% 44 706 43 363 11 255 1 492 9 591 1 056 42 977 10 458 1 350 CERⱡ CERⱡ CERⱡ FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 ^ ∑ Revenue Normalised EBITDA Normalised HEPS (R'million) (R'mi
Slide 8: Q4 2025 forex volatility influences financing costs and net debt
Q4 2025 forex volatility influences financing costs and net debt +21% 1 494 55% 31.2 47% 147% 45% 1 232 26.9 103% 88% 1 168 1 291 29.1 29.1 1 168 1 291 CERⱡ 2.3x 2.3x 3.2x 3.2x FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 Interest FX Net working capital % of Operat
Slide 9: Stronger ZAR in FY 2025 dilutes reported performance
Stronger ZAR in FY 2025 dilutes reported performance Reported CERⱡ R'million Growth % Growth % ZAR strengthened against Group’s major trading currencies in FY 2025 Revenue -3% 1% FY 2024 rates versus ZAR were relatively stable Gross Profit -2% 4% Large gap between reported and CERⱡ growth metrics ra
Slide 10: Group Revenue
Group Revenue Commercial Pharma CERⱡ growth offset by Manufacturing % change ⱡ R'million FY 2025 FY 2024 Reported CER Commercial Pharma 32 216 30 570 5% 10% Prescription 12 519 11 380 10% 16% OTC 9 812 9 706 1% 5% Injectables 9 885 9 484 4% 10% Manufacturing 11 147 14 136 -21% -19% Group revenue 43
Slide 11: Commercial Pharma Revenue
Commercial Pharma Revenue Solid growth across the regions % change ⱡ Revenue FY 2025 FY 2024 Reported CER Africa Middle East 10 086 9 021 12% 13% Americas 6 826 6 677 2% 17% Australasia 5 748 5 904 -3% 2% Asia 4 850 4 100 18% 22% Europe CIS 4 706 4 868 -3% -2% Total Commercial Pharma 32 216 30 570 5
Slide 12: Group Normalised EBITDA down 15% (8% CER)
Group Normalised EBITDA^ down 15% (8% CERⱡ) FY 2024 FY 2024 % of revenue % change ⱡ R'million FY 2025 % of revenue Reported CER CER Reported CER , Revenue 43 363 44 706 42 977 -3% 1% Gross profit ~ 19 129 44.1% 19 454 18 328 42.6% -2% 4% Depreciation 1 454 3.4% 1 390 1 357 3.2% 5% 7% Operating expen
Slide 13: Commercial Pharma 10% CER EBITDA growth aligned to revenue
Commercial Pharma 10% CERⱡ EBITDA^ growth aligned to revenue FY 2024 FY 2024 % change ⱡ R'million FY 2025 Reported CERⱡ Reported CER Revenue 32 216 30 570 29 190 5% 10% Gross profit~ 18 716 18 147 17 076 3% 10% Gross profit % 58.1% 59.4% 58.5% Depreciation 285 265 255 8% 12% Operating expenses (10 0
Slide 14: Manufacturing EBITDA 38% of FY 2024 CER
Manufacturing EBITDA^ 38% of FY 2024 CERⱡ FY 2024 FY 2024 % change ⱡ ⱡ R'million FY 2025 Reported CER Reported CER Revenue 11 147 14 136 13 787 -21% -19% Gross profit~ 413 1 307 1 252 -68% -67% Gross profit % 3.7% 9.2% 9.1% Depreciation 1 169 1 125 1 102 4% 6% Operating expenses (914) (585) (578) -5
Slide 15: Effective tax rate increase in FY 2025
Effective tax rate increase in FY 2025 • Global minimum tax legislation announced in SA and Mauritius with retrospective effect to FY 2025 • Higher FY 2025 normalised effective tax rate of 22% • Future rate dependent on profit mix and actual global minimum tax implementation outcomes • IP valuations
Slide 16: Higher tax rate driven intangible asset impairments impacts EPS
Higher tax rate driven intangible asset impairments impacts EPS Headroom of >50% 4 147 • Year-on-year brand related impairments have increased from R1.6bn to R4.1bn driven by » Increased tax rates arising from the implementation of global minimum tax rates which have reduced valuations and mRNA rela
Slide 17: Lower FY 2026 capital expenditure to increase free cash flow
Lower FY 2026 capital expenditure to increase free cash flow Total Capex (R’million) 5 535 5 055 Total Capex • FY 2025 PPE spend of R2.6bn ended below previous guidance of R2.9bn mainly due to the phasing delay of the GLP-1 packing capacity investment to FY 2026 2 418 2 479 3 800 • FY 2025 IP spend
Slide 18: Priority Sustainability targets and performance
Priority Sustainability targets and performance Patients Our People Society Environment Healthier Populations Inspiring Culture Thriving Communities Restored Planet Increase access to medicines Diversity and inclusivity Governance & ethical standards Carbon emissions By FY 2030, increase the number
Slide 19: Strategic Review
Strategic Review Aspen Group Strategy Building on Commercial Pharma Momentum South Africa Latam Australasia Modified strategy for Manufacturing Background API Pipeline Reshaping sterile FDF GLP-1 branded opportunity GLP-1 generic opportunity
Slide 20: Aspen Group Strategy
Aspen Group Strategy Building on Commercial Pharma momentum • Well positioned, solid growth engine • Despite shifting landscape, margin returns steady over many years » Volume increases from quality medicines to growing middle class Modified strategy for Manufacturing » Most countries cater for infl
Slide 21: Building on Commercial Pharma Momentum: South Africa
Building on Commercial Pharma Momentum South Africa – successfully deepening our penetration Aspen is the leading Pharma company in SA Number 1 in SA private market* • Number 1 in SA Rx market • Number 2 in SA OTC market • Mounjaro® most successful launch in private market history Number 1 in SA pub
Slide 22: Building on Commercial Pharma Momentum: Latam
Building on Commercial Pharma Momentum Latam – Well positioned, acquisition successfully integrated Successful transition of acquisition Top 5 acquired Brands Top 6 brands in Mexico hold #1 rank • Sustained half-on-half growth • Double digit growth • Growing influence of base business Viatris portfo
Slide 23: Building on Commercial Pharma Momentum: Australasia
Building on Commercial Pharma Momentum Australasia – Return to growth, portfolio recalibration Aspen - A Top 5 OTC Company Value LTM* growth 4 Year CAGR in Australia Growing OTC, decreasing Rx Kenvue A$ 444.41 8.6% 9.3% • Reduced PBS exposure Haleon A$ 256.74 2.3% 4.5% Reckitt Benckiser A$ 222.96 4.
Slide 24: Modified Strategy for Manufacturing: Background
Modified Strategy for Manufacturing Looking under the hood – Background Major components • API Business – Chemical and Heparin • Sterile FDF – France and South Africa Near-term FDF challenges • Loss of major FDF contract » Uncertain tariff regime, definitive contracting difficult » Changed approach
Slide 25: Modified Strategy for Manufacturing: API business
Modified Strategy for Manufacturing | API business From onerous to auspicious Demonstration of expertise • Advanced and niche technologies, including, inter alia » Peptides, biochemicals, heparins, fertility, hormones and steroids • The API business was acquired under an onerous contract » i.e. was
Slide 26: Pipeline: Reshaping sterile FDF
Pipeline Reshaping sterile FDF Sterile products and related capabilities are an important global asset • Policy chaos will end at some point • Sterile product development core to global pipelines including GLP-1s FDF Sterile strategy requires modification • Our inflection point was targeted for this
Slide 27: Pipeline: GLP-1 branded opportunity
Pipeline | GLP-1 branded opportunity Mounjaro® GLP-1 market valued at R1.2bn as at June 2025 100% 90% 80% Post-launch achievements 70% • Fastest product to R100m mark in SA pharma history 60% • MAT GLP-1 market growth at 133% 50% » Market share¹ 41% (value) 39.4% 40.6% 37.2% 40% » GLP-1 segment expa
Slide 28: Pipeline: GLP-1 generic opportunity
Pipeline | GLP-1 generic opportunity Critical success factor will be timing for market entry Patents start expiring during calendar year 2026 • Canada is an early opportunity as are many emerging markets • Europe and the USA are later opportunities Multi-dose pen Development and manufacturing costs,
Slide 29: Guidance
Guidance
Slide 30: Guidance
Guidance Manufacturing and Commercial Pharma • Double-digit growth in normalised HEPS (CER) in FY 2026 » Supported by improved Group EBITDA margin % • Relative Group EBITDA impacted by contract loss of circa H1 2025 R1.5bn Financial Guidance H2 2025 (R0.5bn) • Improved Free Cash Flow FY 2025 R1.0bn
Slide 31: Appendices
APPENDIX 1 | ESG – ACCESS TO MEDICINES APPENDIX 2 | ESG – SUSTAINABILITY STRATEGY APPENDIX 3 | ESG APPENDIX 4 | ABRIDGED STATEMENT OF COMPREHENSIVE INCOME APPENDIX 5 | ABRIDGED STATEMENT OF NORMALISED COMPREHENSIVE INCOME APPENDIX 6 | RECONCILIATION OF REPORTED TO NORMALISED EBITDA APPENDIX 7 | NET
Slide 32: 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 33: 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 34: Gender equality and environmental performance
A focus on gender equality and environmental performance for a sustainable tomorrow % of women in top management in Gender diversity in the Group Water withdrawn (Megalitres) the Group 34% 35% 31% 32% 48% 26% 26% Reduction in water 1 204 1 096 19% 1 039 1 061 942 withdrawn from the 2020 893 baseline
Slide 35: Abridged statement of comprehensive income
Abridged statement of comprehensive income R'million FY 2025 FY 2024 % change H1 2025 Net revenue 43 363 44 706 -3% 21 960 Cost of sales (24 234) (25 252) -4% (11 506) Gross profit 19 129 19 454 -2% 10 454 Gross profit margin 44.1% 43.5% 1% 47.6% Operating expenses (10 992) (10 138) 8% (5 370) Other
Slide 36: Abridged statement of normalised comprehensive income
Abridged statement of normalised comprehensive income % change R'million FY 2025 FY 2024 % change FY 2024 (CERⱡ) H1 2025 (CERⱡ) Net revenue 43 363 44 706 -3% 42 977 1% 21 960 Cost of sales (24 234) (25 252) -4% (24 649) -2% (11 506) Gross profit 19 129 19 454 -2% 18 328 4% 10 454 Gross profit margin
Slide 37: Reconciliation of reported to normalised EBITDA
^ Reconciliation of reported to normalised EBITDA R'million FY 2025 FY 2024 % change FY 2024 CERⱡ % change H1 2025 Net revenue 43 363 44 706 -3% 42 977 1% 21 960 Cost of sales (24 234) (25 252) -4% (24 649) -2% (11 506) Gross profit 19 129 19 454 -2% 18 328 4% 10 454 Operating expenses (10 992) (10
Slide 38: Reconciliation of normalised to reported net financing costs
Reconciliation of normalised to reported net financing costs R'million FY 2025 H2 2025 H1 2025 FY 2024 Net interest paid 1 291 669 622 1 168 Effective interest rate for the period* 4.9% 4.8% 5.0% 4.7% Foreign exchange losses 203 144 59 64 Normalised net financing costsˠ 1 494 813 681 1 232 Debt rais
Slide 39: Reconciliation of NHEPS
Reconciliation of NHEPS FY 2024 % change ⱡ ⱡ R'million FY 2025 FY 2024 % change (CER ) (CER ) H1 2025 Basic (loss)/earnings per share (EPS) (244) 991 >-100% 866 >-100% 538 Impairment of property, plant and equipment 99 18 18 - Impairment of intangible assets 1 186 533 519 109 Impairment of right-of-
Slide 40: Strong ZAR dilutes reported performance
Strong ZAR dilutes reported performance FY 2025 FY 2024 FY 2025 FY 2024 Currency contribution Revenue Normalised Revenue Normalised Average Average EBITDA^ EBITDA^ rate rate EUR 29% 2% 34% 13% 19.76 20.23 ZAR 18% 1% 15% 4% AUD 13% 19% 14% 22% 11.76 12.26 CNY 7% 20% 5% 10% 2.51 2.59 USD 6% -4% 6% -9%
Slide 41: Prescription revenue
Prescription revenue Americas leading the growth % change ⱡ Revenue FY 2025 FY 2024 Reported CER Africa Middle East 4 569 4 242 8% 9% Americas 3 320 2 832 17% 34% Australasia 2 377 2 618 -9% -5% Asia 1 210 697 74% 78% Europe CIS 1 043 991 5% 7% Prescription 12 519 11 380 10% 16% • +16% CERⱡ growth i
Slide 42: Injectables revenue
Injectables revenue Returns to growth in FY 2025 % change ⱡ Revenue FY 2025 FY 2024 Reported CER Asia 3 324 3 112 7% 10% Americas 2 177 2 395 -9% 4% Africa Middle East 1 771 1 218 45% 48% Europe CIS 1 690 1 903 -11% -10% Australasia 923 856 8% 13% Injectables 9 885 9 484 4% 10% • Lilly products, boo
Slide 43: OTC revenue
OTC revenue Strong marketing teams and brand equity % change ⱡ Revenue FY 2025 FY 2024 Reported CER Africa Middle East 3 746 3 561 5% 6% Australasia 2 448 2 430 1% 5% Europe CIS 1 973 1 974 0% 2% Americas 1 329 1 450 -8% 4% Asia 316 291 9% 12% OTC 9 812 9 706 1% 5% • Strong H2 2025 rebound from Afri
Slide 44: Lower Injectables gross profit % will rebound in FY 2026
Lower Injectables gross profit % will rebound in FY 2026 59.8% 61.0% 62.5% 61.8% 58.2% 58.4% 58.3% 58.3% Prescription OTC Favourable sales mix from Consistent trend continues Latin America benefits gross profit % FY 2024 H1 2025 H2 2025 FY 2025 FY 2024 H1 2025 H2 2025 FY 2025 57.2% 57.5% 48.7% 53.2%
Slide 45: Manufacturing Revenue
Manufacturing Revenue Lower Heparin sales following a one-off benefit in FY 2024 % change ⱡ Revenue FY 2025 FY 2024 Reported CER FDF 5 099 5 262 -3% 0% API 4 718 5 102 -8% -5% Heparin 1 330 3 772 -65% -64% Manufacturing 11 147 14 136 -21% -19% FDF expected revenue growth significantly impacted by th
Slide 46: Normalised headline earnings down -22% CER
Normalised headline earnings down -22% CERⱡ -29% -22% 6 628 -632 5 996 -867 -97 -71 -108 -134 4 688 -31 R’million NHEPS = 1 056 cents FY 2024 Fx impact FY 2024 CER Normalised Depreciation Amortisation Net interest Forex Tax FY 2025 Reported EBITDA^ ^ Normalised EBITDA represents operating profit bef
Slide 47: Net working capital analysis
Net working capital analysis R'million FY 2025 FY 2024 H1 2025 Inventory 18 009 18 002 18 868 Receivables and Other current assets 13 339 12 664 13 341 Less: (178) (178) (443) Derivatives (15) (6) (274) Other current receivables (163) (172) (169) Trade and Other payables (10 675) (10 347) (9 845) Ne
Slide 48: Lower H2 2025 working capital and seasonally strong operating cash flows
Lower H2 2025 working capital and seasonally strong operating cash flows Operating cash conversion cycle Net working capital % of revenue^ 150% 147% 60% 49% 47% 103% 50% 45% 100% 40% 89% 30% 38% 38% 63% 35% 50% 20% 10% 0% 0% H1 2024 FY 2024 H1 2025 FY 2025 FY 2024 H1 2025 FY 2025 Operating cash conv
Slide 49: Lower Working Capital in H2 2025
Lower Working Capital in H2 2025 -7% -R1 425m -608 21 921 -R733m 202 Cash outflow 406 294 -419 Manufacturing Commercial Pharma -692 20 496 H1 2025 Inventory Net receivables Net payables Other non-cash FY 2025 49 APPENDIX 18 | WORKING CAPITAL H1/H2 BRIDGE
Slide 50: High Q4 2025 API sales increase receivables
High Q4 2025 API sales increase receivables but will liquidate in Q1 2026 +2% +R355m +R1 603m Cash outflow -229 356 772 -1 248 704 307 20 496 397 20 141 Manufacturing Commercial Pharma FY 2024 Inventory Net receivables Net payables Sandoz China Other non-cash FY 2025 Reported 50 APPENDIX 19 | WORKIN
Slide 51: Operating cash conversion rate exceeds Group benchmark of >100%
Operating cash conversion rate exceeds Group benchmark of >100% R'million FY 2025 FY 2024 % Change H1 2025 Cash operating profit 10 064 9 967 1% 5 956 Changes in working capital (1 603) (242) >-100% (2 336) Cash generated from operations 8 461 9 725 -13% 3 620 Net finance costs paid (1 545) (1 351)
Slide 52: Finance Costs
Finance Costs Higher forex losses in H2 2025 R’million FY 2025 H2 2025 H1 2025 FY 2024 Net interest paid 1 291 669 622 1 168 Effective interest rate for the period* 4.9% 4.8% 5.0% 4.7% Foreign exchange losses 203 144 59 64 Normalised net financing costsˠ 1 494 813 681 1 232 Lower H2 2025 base intere
Slide 53: Lower budgeted FY 2026 capital expenditure of R3.8bn
Lower budgeted FY 2026 capital expenditure of R3.8bn - down by R1.3bn PPE (R’million) IP* (R’million) 3 117 2 418 2 479 2 576 2 600 1 727 1 122 1 000 1 200 Strategic Projects 1 390 1 454 1 600 Depreciation FY 2024 FY 2025 FY 2026 FY 2024 FY 2025 FY 2026 PPE Capex IP Capex • FY 2025 spend of R2.6bn e
Slide 54: Weaker closing ZAR and capex investment increases net debt
Weaker closing ZAR and capex investment increases net debt 16% +R4 305m 31 198 391 1 601 12487 ~ 804* 2 188 26 893 229 2 775~ 2 479 -5 159 29 711 2 576 2 479 29 711 24 118 FY 2024 Cash flows from PPE spend IP spend* Acquisitions^ Forex impact Dividends Other FY 2025 operating activities * Investment
Slide 55: 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^ R5 055 million R123 million R1 601 million R106 million* Ensure business Portfolio renewal and Dividends per share ≥ Strategic M&A s
Aspen Pharmacare Hldgs — FY2025 Earnings Presentation on 6ix