Epe Capital Partners Ltd. Class A · JSE:EPE
Epe Capital Partners Ltd. Class A — Ethos Capital — H1 2025 Earnings Presentation
23 slides from Epe Capital Partners Ltd. Class A's earnings presentation, March 2025
Slide 1: Ethos Capital
ETHOS CAPITAL MARCH 2025
Slide 2: Important Information
IMPORTANT INFORMATION This presentation is intended only for the person to whom it has been delivered to and is for informational purposes only. This presentation does not constitute an offer to sell, is not an offer or a solicitation of an offer in respect of Ethos Capital (“the Company”) and shoul
Slide 3: Important Information
IMPORTANT INFORMATION There is no guarantee that a product will have similar results as previous or other TRG products. Nor are there any guarantees of specific returns, diversification of assets, or completion of a set strategy, focus or investment target. Past performance is not indicative of futu
Slide 4: Headlines for the six months ended December 2024
Headlines for the six months ended 31 December2024 Carrying value of invested capital 43% Share price discount narrowing to as at 31 Dec 2024 R2.2bn increase in share price to 31% R5.39 (43% (1) at 30 June 2024) (R3.76 (1) at 30 June 2024) NAVPS 19.2% (1) Attributable LTM revenue and EBITDA growth o
Slide 5: Performance Update
PERFORMANCE UPDATE © Ethos | 5
Slide 6: The Ethos Capital Journey
PERFORMANCE UPDATE The Ethos Capital Journey Deleverage or NAV performance (per annum; gross IRR pre-expenses) Return capital to shareholders 6-mnths 1 Year 3 Year 5 Year1 Commitment (Year to Date) Phase Total portfolio 16.6% (3) 16.5% 4.4% 0.2% x (No new commitments) Portfolio (excl. Brait ords) (1
Slide 7: Ethos Capital NAV Movement
INVESTMENT and ASSET GROWTH Ethos Capital NAV Movement Audited Movement Unaudited R'000 R'000 R'000 30 June 2024 Revaluation / Invested / 31 Dec 2024 Realised Other Repayment % Growth INVESTMENT PORTFOLIO 2,196 99.2% 363 12 (408) 2,163 98.6% 16.6% Optasia 753 34.0% 312 - (4) 1,061 48.4% 41.4% Vertic
Slide 8: Ethos Capital NAV and use of Proceeds
INVESTMENT and ASSET GROWTH Ethos Capital NAV and use of Proceeds NAV contribution Use of Proceeds from Realisations NAV of R1.960 bn 61 99 492 104 127 9 31% 151 56 (84) 169 (12) 188 134 Current market capitalisation of R1.346 bn(1) 1,061 (312) 293 (21) (10) (31) 22 Optasia Vertice Brait EB Gammatek
Slide 9: Investment Portfolio Performance
INVESTMENT and ASSET GROWTH Investment Portfolio Performance The total investment portfolio achieved a +16.6% return over the period (pre the Brait distributions) with a +15% return achieved by the unlisted portfolio • The USD strengthened by 3.7% against the ZAR, positively impacting the Optasia an
Slide 10: LTM Revenue and EBITDA growth and Valuation multiples
INVESTMENT and ASSET GROWTH LTM Revenue and EBITDA growth and Valuation multiples (earnings / revenue based unlisted portfolio) Revenue growth % range (+7% average) EBITDA growth % range (+15% average) 1,346 1,161 388 255 120 91 104 24 3 3 1 3 2 2 4 2 <0% 0% to < 15% 15% to <20% 20% and greater < 0%
Slide 11: Ethos Capital Exit Track Record
REALISATIONS Ethos Capital Exit Track Record MULTIPLE OF INVESTED CAPITAL (MOIC) (FULL OR SIGNIFICANT PARTIAL EXIT EVENTS) 3.2x 3.0x CUMULATIVE EXIT 1.8x 1.8x 1.9x 1.6x 1.7x PROCEEDS AS % OF COST 1.3x 1.4x 1.3x 0.9x 0.1x ETHOS Kevro 2016 Eaton Optasia* Optasia* Retail Neopak Bevco 2024 Autozone Syne
Slide 12: Base Case Exit Plan
REALISATIONS Base Case Exit Plan % of Total Asset Value Dec 24 FY Dec 29 0% Short term exits Concluded (<6 months) R5m Assets either currently in monetization process or self liquidating / listed assets Medium term exits (6 -18 months) 33% R710m Assets currently in / close to an exit process Longer
Slide 13: Portfolio Overview
PORTFOLIO OVERVIEW © Ethos | 13
Slide 14: Optasia R1,061
Portfolio Overview Optasia A global fintech company that partners with MNOs, mobile wallet operators and financial institutions in order to enable them to provide financial access to end customers through an AI-led credit assessment engine. % O F T O T A L A S S E T S Ethos ownership: Ethos Capital
Slide 15: Optasia: Ongoing Geographic, Product and Customer Diversification
Portfolio Overview Optasia: Ongoing Geographic, Product and Customer Diversification 22 countries in Africa 8 countries in Asia 6 Countries in Middle East 3 countries in Europe 1 country in LatAm 2019 REVENUE SPLIT 2024 REVENUE SPLIT ACS ACS Country 1 98.8% 55.0% (19.9%) Country 1 (49.9%) Country 2
Slide 16: Vertice R188m
Portfolio Overview A South African based medical technology company that provides turnkey medical solutions across several Vertice healthcare sectors. % O F T O T A L A S S E T S Ethos ownership: Ethos Capital economic interest: Ethos Capital Value: 9% R188m 88.2% 17.6% (EF VI, TRG AAiF I & EHP) (Di
Slide 17: Gammatek R151m
Portfolio Overview A leading distributor of mobile accessories and low-technology products with 50% market share in its targeted Gammatek categories. % O F T O T A L A S S E T S Ethos ownership: Ethos Capital economic interest: Ethos Capital Value: 7% R151m 51.8% 20.1% (EMMF I) (Direct & Indirect) F
Slide 18: TymeBank R128m
Portfolio Overview TymeBank A multi-country digital bank for emerging markets. % O F T O T A L A S S E T S Ethos ownership: Ethos Capital economic interest: Ethos Capital Value: 7% R128m 2.8% 0.6% (TRG AAI F I) (Direct & Indirect) Digitally-native multi-country bank disrupting banking for consumers
Slide 19: Crossfin R99m
Portfolio Overview Investments in high growth, established, cash generative Fintech solutions to enable growth for companies in Crossfin Africa & beyond. % O F T O T A L A S S E T S Ethos ownership: Ethos Capital economic interest: Ethos Capital Value: 5% R99m 33.4% 11.7% (EMMF I & TRG AAiF I) (Dire
Slide 20: Primedia R104m
Portfolio Overview Primedia A diversified media platform, operating across broadcasting, Out of Home (“OOH”) & Content and Digital. % O F T O T A L A S S E T S Ethos ownership: Ethos Capital economic interest: 4% Ethos Capital Value: R104m 24.2% 4.7% (Fund VI & Co-invest) (Direct & Indirect) Primedi
Slide 21: Echo R67m
Portfolio Overview A corporate Internet Service Provider (“ISP”), providing information and Communications Technology services Echo through an aggregation of third-party networks. % O F T O T A L A S S E T S Ethos ownership: Ethos Capital economic interest: 3% Ethos Capital Value: R67m 72.9% 36.4% (
Slide 22: Conclusion
CONCLUSION
Slide 23: Conclusion
Conclusion DRIVE NAV GROWTH TOTAL REALISED VALUE CAPITAL ALLOCATION • Increase underlying NAV in • Drive exits in the portfolio • No new fund commitments the portfolio • Reduce debt to facilitate • Maintain prudent debt levels shareholder returns • Return capital to shareholders NAV of Cumulative ex