Afrocentric Investment Corporation Limited · JSE:ACT
Afrocentric Investment — FY2025 Earnings Presentation
20 slides from Afrocentric Investment's earnings presentation, Mar 4, 2026
Slide 1: Annual Results Presentation
Annual Results Presentation For the year ended 31 December 2025 4 March 2026
Slide 2: Chairman: Prof. Anna Mokgokong
Chairman: Prof. Anna Mokgokong
Slide 3: Group CEO: Gerald van Wyk
AfroCentric GROUP Group CEO: Gerald van Wyk
Slide 4: Key Messages
Key Messages Challenging Exceptional Innovation 01 2025 Financial 02 Service 03 Proof Performance Excellence Points Balance 04 Sheet 05 Strategic Response Hygiene
Slide 5: Financial Performance Summary
Financial Performance Summary Headline earnings (loss) Lives under Ave. Scripts Revenue Profit per share (cents) management dispensed margin R7 303m 9% 13.92 cents 4 081m 1 417m (Dec-24: R8 651m) (Dec-24: 9%) (Dec-24: 22.9 cents) (Dec-24: 4 075m) (Dec-24: 1 330m) R678.8m Service Cluster Retail Clust
Slide 6: Cash Flow and Liquidity
Cash Flow and Liquidity Good cash conversion of Strong Solvency Position 74% 58% Net Debt to EBITDA of of cash 1.56 times well coming from below covenant of Services 2.5 times 42% Giving us a of cash headroom of coming from Retail 38%
Slide 7: Contractual Lifecycle Management
Contractual Lifecycle Management Contracts successfully New renewed Contracts • GEMS • Sisonke Health Medical Scheme Contracts due for renewal Terminated in 2026 Contracts • Polmed • Bonitas Admin and Managed • PD Private remaining Bonitas care DSPs • Bonitas DSPs • CCMDD • NHP Namibia Managed Care
Slide 8: Value to Bonitas: Medscheme's Track Record
Value to Bonitas: Medscheme's Track Record Awards & Recognition Supported Bonitas Solvency Recovery Governance & Controls FCR & CES consistently above the • Bonitas Ask Afrika Orange • Clean / Low-risk audits industry standard Index (two consecutive years) 24.9% 32.7% • (Deloitte | PwC | Internal) 2
Slide 9: Bonitas RFP
Bonitas RFP Regulatory Confirmation CMS initiation of section 44 forensics investigation Persisting media reportage (from 2024) on allegations of Broader improper Documentary Impact Evidence procurement Improper practices Whistleblower threaten access to process at disclosures suggesting affordable
Slide 10: Strategic Response to Bonitas Contract Loss
Strategic Response to Bonitas Contract Loss Financial Jan – May 2026 Jun – Sep 2026 Oct – Dec 2026 FY 2026 FY 2025 % change Impact Revenue R579.4 m R162.2 m 0 R741.7 m R1.4 b (47%) Cost Reorganised Portfolio Reset Stabilisation Operating Simplification Model
Slide 11: Outlook
Outlook Turnaround Execution - Various initiatives with break even target of 2027 Sanlam Health Strategy Pathway remains an important context including the broader platform direction and partnership-led propositions that will continue to shape medium term opportunities to embed health into the broad
Slide 12: Group CFO: Thato Moloele
AfroCentric GROUP Group CFO: Thato Moloele
Slide 13: Business Highlights
Business Highlights 30 June 2024 31 December 2024 30 June 2025 30 June 2024 31 December 2024 31 December 2025 R'm R'm R'm R'm R'm R'm Total Revenue 8 794.8 8 651.2 7 303.2 ▼ (15.6%) Healthcare Services 4 639.1 4 685.1 4 067.0 ▼ (13.2%) Healthcare retail 4 251.6 4 113.2 3 379.8 ▼ (17.8%) Operating Pr
Slide 14: Service Cluster | Medical aid administration, risk management, and technology
Service Cluster | Medical aid administration, risk management, and technology Improved profitability supported by membership growth, cost discipline and inflation linked increases CAGR CAGR CAGR Total lives administrated (’m) (1.3%) Operating Costs (R’m) (1.6%) Operating Profits (R’m) (5.1%) 4,150 4
Slide 15: Retail Cluster | Pharma, chronic medicine dispensing services and capitation
Retail Cluster | Pharma, chronic medicine dispensing services and capitation Retail underperformance due to DSP terminations impacting PD, Curasana and Activo sales CAGR CAGR CAGR Number of Scripts Dispensed (’000) (6.4%) Operating Costs (R’m) (5.3%) Operating Profits (R’m) (25.6%) 1,600 4,900 4,500
Slide 16: Revised balance sheet and distributable reserve position
Revised balance sheet and distributable reserve position R1.4Billion in impairments recognised against goodwill, intangibles, PPE and other assets Impact of impairment on assets (R'm) Impact on Equity (R'm) 4,000 3,500 3,246 3,643 3,000 3,500 2,500 3,000 2,000 1,903 2,500 2,086 1,500 2,000 1,000 1,4
Slide 17: Balance Sheet management a key strategic and reset enabler
Balance Sheet management a key strategic and reset enabler The Group retains sufficient capacity and cash reserves to maintain and support operations Debt to Asset Ratio Non-current assets (R'm) Current assets (R'm) Dec-24 0.37 31 3 21 Jun-25 0.39 2 547 18 Dec-25 0.54 3,613 3,618 1,807 Debt to Equit
Slide 18: Cash flow generation and capital allocation
Cash flow generation and capital allocation Disciplined capital allocation, financing growth through internal cash earnings Total cash from Cash Generated through normal operations: operations: R914m R914m Generated from Cash conversion rate Healthcare Services 74.2% of operating profits R534m Short
Slide 19: Thank You
Thank You
Slide 20: Q&A
‘GROUP Q&A
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