Psg Financial Services Limited · JSE:KST
Psg Financial Services — H1 2026 Earnings Presentation
30 slides from Psg Financial Services's earnings presentation, Oct 16, 2025
Slide 1: Investor Presentation H1 FY2026 Results
Investor Presentation H1 FY2026 Results 16 October 2025
Slide 2: Contents
Contents 1. H1 2026: Financial Results 2. H1 2026: Divisional Performance 3. 2026 Focus 4. Return and Trading Statistics 5. Conclusion 2 Copyright © PSG
Slide 3: PSG Structure
PSG Structure PSG Wealth* PSG Asset Management PSG Insure** 100% 100% 100% * Includes PSG Employee Benefits ** Includes Western National Insurance Note: PSG Group unbundled its shareholding in PSG Financial Services (previously PSG Konsult) with effect from 12 September 2022 3 Copyright © PSG
Slide 4: A Great Company
A Great Company Wealthy Clients serviced where they reside FY 2022 FY 2023 FY 2024 FY 2025 H1 2026 No. of advisers 952 947 953 971 972 PSG Wealth 584 590 608 635 635 PSG Insure 368 357 345 336 337 No. of offices 263 266 266 260 265 Source: PSG Distribution 4 Copyright © PSG
Slide 5: Business characteristics
Business characteristics • Equity market dependent • Administration businesses people/systems dependent • Not very balance sheet intensive • Free cash flow generative • Vulnerable to regulatory change 5 Copyright © PSG
Slide 6: H1 2026: Financial Results
01 | H1 2026: Financial Results 6 Copyright © PSG
Slide 7: Key macro indicators
Key macro indicators Volatile economic environment Key indicators H1 2022 %∆ H1 2023 %∆ H1 2024 %∆ H1 2025 %Δ H1 2026 Rand / US$ 14.47 18% 17.04 11% 18.94 -6% 17.76 0% 17.69 FTSE/JSE Index 67 428 0% 67 257 11% 74 954 12% 83 750 22% 101 836 All Bond Index 817 1% 829 7% 891 19% 1 057 15% 1 217 S&P 500
Slide 8: H1 2026 financial results overview
H1 2026 financial results overview Recurring HEPS grew by 21% for H1 2026 Consolidated results H1 2022 %∆ H1 2023 %∆ H1 2024 %∆ H1 2025 %∆ H1 2026 Headline earnings 405 1% 408 18% 482 26% 610 19% 726 Recurring headline earnings 405 1% 408 18% 482 26% 610 19% 726 Weighted average no. of shares (milli
Slide 9: Recurring Headline Earnings By Division
Recurring Headline Earnings By Division Total recurring headline earnings growth of 19% for H1 2026 Recurring Headline Earnings * H1 2022 %∆ H1 2023 %∆ H1 2024 %∆ H1 2025 %∆ H1 2026 CAGR % Wealth 234 13% 265 18% 313 13% 355 15% 407 15% Asset Management 96 -16% 81 23% 100 57% 158 25% 197 20% Insure 7
Slide 10: Financial Trend
Financial Trend We always look at our 10 year rolling track record YoY FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 CAGR % H1 2025 H1 2026 Gwth % AUM (Rbn) 133 154 175 205 222 230 268 315 354 407 471 13% 436 518 19% Premiums (Rbn)* 2.1 2.5 2.9 3.3 4.5 5.5 5
Slide 11: H1 2026: Divisional Performance
02 | H1 2026: Divisional Performance 11 Copyright © PSG
Slide 12: Wealth Plans
Wealth Plans Growing and protecting client wealth Market Wealth Assets Split Feb-25 Net flows Aug-25 % Growth movement Excellence in products & services PSG Multi Managed * 203 545 12 952 6 901 223 398 10% Third party funds ** 125 771 8 867 5 260 139 898 11% Stockbroking portfolios 80 648 5 389 -422
Slide 13: Wealth
Wealth Excellence in products and services Net Flows (Rm) ALSI Independent %∆ -10% -15% -40% 55% 54% -14% 0% 14% process with 14 000 120 000 advisers’ 11 886 11 739 oversight 12 000 10 820 10 267 10 291 105 000 9 735 10 000 2 150 1 167 90 000 5 260 2 357 8 291 7 734 5 819 3 524 8 000 201 75 000 Rapi
Slide 14: Top Advisers
Top Advisers We continue to add top advisers to our PSG Wealth distribution business Wealth advisers (incl. EB) H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Balance – opening 563 579 584 586 590 603 608 628 635 Net movement 16 5 2 4 13 5 20 7 0 Balance – closing 579 584 58
Slide 15: Asset Management Plans
Asset Management Plans Net new money at acceptable margin Market AM assets split Feb-25 Net flows Aug-25 %△ movement Focused marketing PSG Single manager * 57 547 6 946 1 016 65 509 14% Investment PSG Money market and related assets* 3 206 7 -72 3 141 -2% performance Total assets under management 60
Slide 16: Asset Management
Asset Management ‘Brick by Brick’ strategy Net Flows (Rm) ALSI Long-term assets %∆ -591% 228% -72% 607% 4% -62% 457% -75% 3 830 4 000 120 000 (retail emphasis) 105 000 1 265 3 000 90 000 75 000 Getting adequate 2 000 1 740 72 1 809 145 60 000 margins 868 16 687 2 565 944 1 000 1 668 1 664 45 000 138
Slide 17: Asset Management
Asset Management Investment Performance track record 1-year 2-year 3-year 5-year 10-year Rank since Single manager funds Performance Inception date Rank Rank Rank Rank Rank inception Rank 25 44 12 4 9 2 PSG Flexible 01-Nov-04 Return 16.3% 13.8% 16.1% 19.8% 9.9% 14.0% Rank 78 77 12 2 20 5 PSG Equity
Slide 18: Insure
Insure Grow gross written premium income PSG Insure gross written premium (Rm) %∆ 1% 7% 4% 7% 5% 4% 3% 3% 4 906 Top advisers 5 000 4 638 4 783 4 456 4 500 4 245 3 971 1 342 4 000 3 825 1 287 1 363 3 545 3 588 1 210 Gross written premium 1 097 3 500 995 Excellence in 924 819 856 938 3 000 908 underwr
Slide 19: Top Advisers
Top Advisers Growing adviser base over the long term Insure advisers H1 2022 H2 2022 H1 2023* H2 2023* H1 2024 H2 2024* H1 2025* H2 2025 H1 2026 Balance – opening 369 369 368 362 357 358 345 329 336 Net movement 0 -1 -6 -5 1 -13 -16 7 1 Balance – closing 369 368 362 357 358 345 329 336 337 Growth 0%
Slide 20: Western National Insurance
Western National Insurance Net insurance result & shareholders income NIBT (Rm) Underwriting margin Key differentiators %∆ 43% -44% 79% -29% 24% 14% 27% 23% 280 263.7 25% • Personalised service to 260 brokers. 22.7% 240 • Focus on commercial 214.0 20% 220 business. 105.3 200 169.0 168.6 16.1% 180 16
Slide 21: 2026: Focus
03 | 2026: Focus 21 Copyright © PSG
Slide 22: Top Line Focus
Top Line Focus Core operations (excl. IFRS Consolidated fund and policyholder related income) 5 000 4 831 4 500 4 127 4 000 1 826 3 607 Top line revenue (Rm) 3 500 3 096 1 547 2 879 3 000 1 384 656 2 500 1 176 1 108 537 2 000 412 337 1 500 350 2 349 1 000 2 043 1 811 1 421 1 583 500 0 H1 2022 H1 202
Slide 23: Reducing risk
Reducing risk Recurring revenues Margin enhancing Risk vs return H1 22 H1 23 H1 24 H1 25 H1 26 H1 22 H1 23 H1 24 H1 25 H1 26 H1 22 H1 23 H1 24 H1 25 H1 26 Op margin 18.0% 17.3% 16.2% 15.9% 17.1% ROE* 22.0% 19.8% 22.5% 26.2% 28.6% Perf fees/HE 7.8% 3.7% 2.5% 6.0% 7.3% Op margin 16.9% 16.8% 15.8% 15.0
Slide 24: Return and Trading Statistics
04 | Return and Trading Statistics 24 Copyright © PSG
Slide 25: TRI of PSG Financial Services
TRI of PSG Financial Services PSG Financial Investment Services of R100 000 performed in PSG Financial better Services shares than on 11 April 2005,JSE ALSI since and reinvesting 2005 all dividends received (net of DWT) and other distributions over period vs R100 000 invested on JSE ALSI PSG Financi
Slide 26: Historical P/E ratio & ROE trend
Historical P/E ratio & ROE trend Recurring HEPS CAGR of 19.4% since 2005 P/E Ratio Recurring P/E Ratio Recurring (Recurring Date Share Price % Growth % Growth HEPS (before % Growth (Recurring ROE CPI* ROE - CPI HEPS HEPS before amortisation) HEPS) amortisation) 2005/02/28 40 - 2.9 - 3.0 - 13.8 13.3
Slide 27: Trading Statistics
Trading Statistics Creating shareholder value Statistic% FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023* FY 2024 FY 2025 H1 2026** No. of shares in issue (millions) 1 262 1 279 1 322 1 342 1 365 1 358 1 341 1 331 1 296 1 280 1 261 1 258 No. of shares traded (millions) 61.8 1
Slide 28: Conclusion
05 | Conclusion 28 Copyright © PSG
Slide 29: Conclusion
Conclusion Business features underpinning our expectations for future success • Formidable adviser network in South Africa, with a broad geographic footprint that continues to expand • Strong governance structures • Clear growth opportunities for our businesses • History of superior shareholder retu
Slide 30: End - Thank You
End - Thank You Copyright © PSG
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