Afrocentric Investment Corporation Limited · JSE:ACT
Afrocentric Investment — H1 2026 Earnings Presentation
18 slides from Afrocentric Investment's earnings presentation, Sep 2, 2026
Slide 1: Interim Results Presentation
Interim Results Presentation For the six months ended 30 June 2026 2 September 2026
Slide 2: Group CEO: Gerald van Wyk
Group CEO: Gerald van Wyk
Slide 3: Overview
Overview H1 marks the beginning of a fundamental reset of AfroCentric The immediate priority is to stabilise the business at its reduced scale and restore sustainable profitability. Material reset The Bonitas exit materially reduced the Group’s future revenue and earnings base and exposed a structur
Slide 4: Financial highlights
Financial highlights REVENUE OPERATING PROFIT HEPS CASH FROM OPERATIONS NET CASH R3 485m R282m 8.54c R262m R84m Jun-25: R3 694m Jun-25: R309m Jun-25: 11.68c Jun-25: R458m Jun-25: net debt R171m Script Volumes Lives Under Management Key Highlights • Monthly Average Script Volumes • 3.28m Lives - The
Slide 5: Scale of reset
Scale of reset Annualised Impact of the contract loss Reduced Scale ~R2.0bn Structural Gap Revenue reduction ~ R1.3bn Savings Four integrated levers to rebuild sustainable earnings 1 2 3 4 Structural cost Operating model Portfolio Focused core reset redesign Simplification investment Simplify struct
Slide 6: Annual Savings Required
Annual Savings Required R1.3bn >R900m identified and validated | 72% Cost Operational Organisation and Portfolio Disciplined reset resilience governance simplification investment Identified and 91.8% Modernise the validated Customer Future-state 31 Aug Activo sale R83 m (target core savings (72% Eff
Slide 7: Execution Risk
Execution Risk Risk Management Response 11 Savings Delivery Timing or value slippage Bi-weekly tracking, no growth assumptions 2 Client Retention Loss or delayed renewal Executive account ownership, scenario planning Cash governance, lender engagement and portfolio 3 Liquidity and covenants Cash man
Slide 8: Turnaround Key Milestones
Turnaround Key Milestones H1 2026 H2 2026 2027 End-2027 Mobilise Stabilise Annualise Restore o Recovery plan o Complete o Full-year benefit from approved organisational reset o Target monthly run- structural actions o Phase 1 rightsizing o Begin realizing rate break-even o Deliver operating complete
Slide 9: In Summary
In Summary The recovery is not dependent on speculative growth, but pipeline development remains active 1. 2. 3. 4. And investing Resetting the Protecting Releasing selectively in cost base by the core capital through measurable realising 3.3m lives targeted value over a R1.3bn in under care portfol
Slide 10: Group CFO: Thato Moloele
Group CFO: Thato Moloele
Slide 11: Financial Performance at a Glance
Financial Performance at a Glance Revenue - 5.6% Operating profit - 8.7% Operating margin - 0.3% R 3 485m R 282m 7.9% Jun-25: R3 694m Jun-25: R309m Jun-25: 8.2% HEPS Cash from operations 92.9% Net Cash - 26.9% +R255m conversion 8.54 cents R 262m R84m Jun-25: 11.68 cents Jun-25: *R458m Jun-25: -R171m
Slide 12: Group Earnings Bridge (R'm)
Group Earnings Bridge (R’m) +R51m +16.5% -R27m (8.7%) 130 72 4 360 309 6 -56 282 -105 Gross Profit Employee Costs Restructuring &… Impairments June 2025 Operating Efficiencies June 2026 Wind down Revenue - Bonitas June 2026 Operating Profit (Reported) Operating Profit (Reported) Operating Profit (No
Slide 13: Cluster Performance
Cluster Performance Pharma earnings recovery provides partial relief against lower SA Healthcare earnings Healthcare South Africa Healthcare Africa Healthcare Retail ▼ ▲ ▼ ▼ Total Lives Administered 16.5% Total Lives Administered 0.8% CCMDD 2% Private 12% 3.28m Lives | -644K decrease 146,951 Lives |
Slide 14: Cash Generation and Working Capital
Cash Generation and Working Capital Cash flow bridge Working-capital dashboard Cash conversion Debtor days 26 Jun-25: 34 Operating profit R 282m 93% Inventory days 5 Operating cash flow ÷ Working capital (R 19m) operating profit Jun-25: 23 Tax & interest (R 44m) Creditor days 37 Jun-25: 42 Capex (R
Slide 15: Balance Sheet, Liquidity and Capital Allocation
Balance Sheet, Liquidity and Capital Allocation Available cash required to support turn-around initiatives over the short to medium term Cash Borrowings Net Cash / (Debt) R 711m R 627m R 84m Balance sheet composition and key ratios Capital allocation priorities 21% June -2026 December-25 June -2025
Slide 16: H2 Priorities
H2 Priorities Earnings protection Cost Reset 1 Defend revenue and break-even by 2028 On Track 2 Drive cost containment and restructuring efforts to On Track unlock H2 cost savings target of R360m to R400m Advance Strategic Projects Working capital 3 Value Based Care In Progress 4 Aim is to retain a
Slide 17: Thank You
Thank You
Slide 18: Q&A
Q&A
AfroCentric Investment — H1 2026 Earnings Presentation on 6ix