Pepkor Holdings Ltd. · JSE:PPH
Pepkor — Investor Day (March 2026)
25 slides from Pepkor's investor day presentation, Mar 30, 2026
Slide 1: Capital Markets Investor Conference
Capital Markets Investor Conference Merwe Scholtz CEO, Pepkor Banking Initiative 30 March 2026 *Information in this presentation is subject to regulatory process and approval.
Slide 2: Introduction
P.2 Introduction Capitec > 20twenty > Weaver > Capfin & Best prices and more > SNH > SME > Covid > Pepkor 2022 > Banking > 2026 & AI
Slide 3: Today’s discussion
Today’s 1 Why a Pepkor owned bank? discussion 2 How are we building it? 3 When do we go live? 4 What does it deliver? 5 Who is keeping us accountable?
Slide 4: Why a Pepkor owned bank?
-¢& plusb Why a Pepkor owned bank? P.4
Slide 5: Convergence.
P.5 Convergence. Traditionally, Banks • Banks capture the income & Primacy defines the risk segmentation. origin = 1st in line • Retailers capture the footfall Extending to merchant Retailers side Must-visit environment • Telcos capture the device. Becoming a marketplace Plusb will deliver single pl
Slide 6: No bank has entered the market with these assets already in place.
P.6 No bank has entered the market with these assets already in place. The Pepkor ecosystem was built over decades: trust, distribution, credit and connectivity at scale. Increasing smartphone penetration means we now also own the handset relationship. Adding income flow is the remaining step. When
Slide 7: One step remains.
P.7 Built on decades of trust, scale and customer relationships. One step remains. Pepkor has spent six decades building what a bank needs most: The Group trust, distribution and a customer and data relationship at scale. Increasing smartphone penetration, rapidly expanding financial services engage
Slide 8: The Bank completes the ecosystem and adds the last channel
P.8 The Bank completes the ecosystem and adds the last channel Top 5 Purchasing Channels Ranked Bill payment channel preference by income Bank App Bank App 62% 57% Retailer POS Retailer POS >6 000 > 6 500 stores stores 36% 35% BankBank ATM*ATM* Retailer MM Retailer MM Counter Counter > 6 500 stores
Slide 9: The financial activity is already here.
P.9 >2m >22m >22m >4m Money Cash Cash Bill The financial transfers withdrawals deposits payments activity is already here. Monthly. In-store. Without a banking license. >65k >20k >173k >16m Funeral Phone +More Loans policies rentals clients
Slide 10: A bank.
P.10 A bank. Backed by the Pepkor Group. Regulatory Milestone 1 Regulatory Milestone 2 Section 13 approved Section 16 submitted Permission to establish a bank approval Operational readiness application filed November 2025 20 March 2026 (4.5 months post S13)
Slide 11: How are we building it?
-¢& plusb ~ How are we building it?
Slide 12: We are not building from scratch.
P.12 We are not building from scratch. We have: Store Network Trusted Brands Customer Data Lead Generation We are optimising: Risk Capability We are building: Technology Banking product Regulatory and Central support (CloudBadger Base) team Compliance To deliver the bank: <R1bn Build cost target at
Slide 13: Primacy is the objective.
TRUST P.13 Brands SA already believes in Primacy DISTRIBUTION 6 500+ locations is the objective. TOUCHPOINTS Leveraging 32m existing customer touchpoints Bank risk capabilities and account access overlay existing products; generating individual, customer-specific A LOWEST COST BANK IN ALL RESPECTS v
Slide 14: Salary switching drive
P.14 Salary switching drive Switch Strategy Acquisition / VAS & Money bill FoneYam A+ CapFin Abacus Lay-by Transfer payment We will offer real value and relevant + products. Base CVP Fee Trust Simplicity Distribution proposition Superior cost to income ratio Onboard 20m+ Pepkor base
Slide 15: Our full-service bank offering
P.15 Our full -service Transact bank offering deliver products that meet the Term Loan needs of the market without adding complexity. Basic Saver
Slide 16: A digital bank with a physical footprint.
P.16 • Chat Central • Call center support support = complex transactions A digital bank App | WhatsApp | USSD with a physical The Bank adds • Onboarding • Bill payments footprint. digital channels • Virtual cards • Transactions • VAS purchases • Chat Informal merchants service • Cash in/out • Money
Slide 17: When do we go live?
-¢& plusb When do we go live?
Slide 18: Timelines
P.18 Timelines R EG U LA T OR Y Nov 2025 Mar 2026 Target Q4 2026 Target Q1 2027 Section 13 Section 16 Section 17 Industry Testing Permission to Operational readiness application submitted Permission to accept Regulatory testing establish a bank deposits granted phase approval [4.5 months from S13] B
Slide 19: What does it deliver?
-¢& plusb What does it deliver?
Slide 20: A banking license changes the economics.
P.20 Net Interest Margin A banking Deposit license license changes + a trusted brand + unsecured credit granting capability the economics. = significant NIM. Value creation Our target NIM should drive a higher P/B multiple. Significantly reduced cost to income ratio + our targeted NIM = high ROE tar
Slide 21: The Financial Case
P.21 The Financial Case Target market <R1bn Break Even Yr 5 Our own customers Total build • 1.8m primary banked (typically, <R15k p.m.) cost target • R8bn deposits • R8bn loan advances Earnings & Cumulative Retained — YR0 to YR5 Cumulative Breakeven >30% Significant ~Y5 Breakeven Target ROE ~Y3 Cost
Slide 22: Other opportunities
P.22 SMME Microbanking via Flash R60bn existing throughput Insurance Other opportunities Funding of existing Pepkor credit portfolios Cash and merchant fees paid to third party banks - eliminated
Slide 23: Who is keeping us accountable?
P.23 Who is keeping us accountable?
Slide 24: Independent Advisory Board
P.24 Independent Advisory Board Chairman Identified INED INED INED INED NED NED ED CEO ED CFO Charles Philip Phakamani Velile Welcome Riaan Gustav Dominique Collet Holmes Garth Napier Merwe Scholtz Identified Hadebe Mcobothi Hanekom Cullingworth INED – Independent Non-Executive Director NED – Non-Ex
Slide 25: A bank.
A bank. Built on assets no competitor can replicate. Trust, distribution and data built over 60 years <R1bn build >30% ROE & CVP delivered Live to customers in 2027