Centum Investment Company Plc · NSEKE:CTUM
Centum Investment — FY2026 Earnings Presentation
40 slides from Centum Investment's earnings presentation, Jul 31, 2026
Slide 1: FY2026 Results Announcement
FY2026 Results Announcement For the Year ended 31 March 2026 31st July 2026 www.centum.co.ke
Slide 2: Agenda
Agenda STRATEGY UPDATE Fred Murimi – Managing Partner CCAP PORTFOLIO UPDATE Thomas Omondi – Partner, Portfolio Operations CCAP FINANCIAL REVIEW Christine Owira – Head of Finance OUTLOOK & SUMMARY Fred Murimi – Managing Partner CCAP Q&A
Slide 3: Strategy Update: Business Overview
SECTION 1:1 STRATEGY UPDATE Business Overview
Slide 4: Strategy Evolution – Our Journey
Strategy Evolution – Our Journey Two decades: from passive investor to sustainable, decentralized growth Centum 5.0 Value Optimization & Centum 4.0 Enhancing Cash Distribution Sustainable Growth Centum 3.0 Deploy, Develop and Manage • Optimizing the Value of Assets, for Exit Increasing maturity Cent
Slide 5: Our Business Model
Our Business Model Our Competitive 02. Create & Grow Value Advantage • Institutionalize robust 01. Deploy Capital governance structures IDENTIFY A high-quality portfolio comprising • Identify compelling opportunities • Enhance business process Identifying and or creating assets with potential for bo
Slide 6: 10.9X Value Creation: FY2009–FY2026 Snapshot
FY 2009 – FY 2026 Snapshot Annualized Return Dividend Distribution Growth in Shareholders' Equity 18.0% KES 5.8 Billion 10.9X Value Creation The shareholders' equity value at March 2009 was Centum value creation and distribution (FY2009 - FY2026) Kes 4.1 Bn. Dividend payout, Kes Mn 42.1 799 799 799
Slide 7: Strategy Update: Strategy Review
SECTION 1:2 STRATEGY UPDATE Strategy Review
Slide 8: Strategy · Centum 5.0
Strategy · Centum 5.0 Optimising the portfolio to maximise distributions to shareholders Key Pillars Strategic Objectives • Generate a minimum of 30% annualised return on equity Return & Dividend • Grow NAV from Kes 41 Bn to Kes 152Bn Payout • At least 5 subsidiaries each earning USD 20 Mn EBITDA a
Slide 9: Strategy Overview: FY2026 Key Focus Areas
Strategy Overview FY2026 Key Focus Areas Objectives Progress Highlights Balance sheet strength & ▪ Kes 3.8 Bn free cash flow generated from operations and investment activities in the year. liquidity ▪ Company borrowings cleared to nil; portfolio monetisation advancing across the portfolio Going for
Slide 10: Strategy Update: Portfolio Update
SECTION 1:3 STRATEGY UPDATE Portfolio Update
Slide 11: Portfolio Overview | 31st Mar 2026
Portfolio Overview | 31 st Mar 2026 Total Company Assets - Kes 51 Bn | Total Company NAV – Kes 46.2 Bn | Company NAV Per Share – Kes 69.47 GROWTH ASSETS CASH GENERATING ASSETS Development Co. Land Co. Marketable Securities Portfolio
Slide 12: FY2026 Summary Carrying Value
FY2026 Summary Carrying Value 31 March 2026 Centum's Portfolio Summary - 31 Nature of Business Sector Stake Equity Value Shareholder loans Total Carrying Valuation Method March 2026 Kes Mn Kes Mn Value Kes Mn Two Rivers Land Co. SEZ Ltd Development of Grade A offices and residential Service 80.50% 9
Slide 13: Portfolio Review – Two Rivers Land Company SEZ
Portfolio Review – Two Rivers Land Company SEZ Business Model: A hub for export-oriented service enterprises ▪ TRIFIC SEZ is domiciling export-oriented service enterprises and investment companies. The Centum’s Stake: 80.5% enterprises within the Special Economic Zone enjoy fiscal incentives, strate
Slide 14: Portfolio Review – Centum Real Estate: Land Sales
Portfolio Review – Centum Real Estate | [A] Land Sales Land Co Sales Traction; Cash Collections and Profit Potential Cost Centum’s Stake: 100% Cumulative Land Sales (Kes Billions) Total Value (Land + Infra) Profit Potential Cash Collected Receivables Signed contracts - Completed (Bulk) 3.8 (0.6) 3.2
Slide 15: Portfolio Review – Centum Real Estate: Residential units
Portfolio Review – Centum Real Estate | [B] Residential units Dev Co Strong sales traction and cash generation capacity Total Profit Cash Receivabl Cost to Net Cash Centum’s stake: 100% Cumulative Residential Sales Value Total Cost Potential Collected e Complete Realizable Residential Business (Kes
Slide 16: Other Growth Assets
Other Growth Assets Kes 1.2 Bn ✓ Concluded the sale of our remaining 14% stake in Sidian for a Exit consideration consideration of Kes 1.2 Bn, concluding our investment in the asset. ✓ During our stewardship since 2012, Sidian's balance sheet grew from Status | Exited Mar-26 5.2x Kes 19 Bn to Kes 98
Slide 17: Cash Generating Assets
Cash Generating Assets ▪ Operates in airline and corporate catering — key revenue from inflight-meal uplift, handling, airport services and corporate catering. ▪ Management has undertaken operational-efficiency measures to preserve margin, mitigating raw- Centum’s Stake | 15% material costs and opti
Slide 18: Marketable Securities Portfolio
Marketable Securities Portfolio MSP Asset Allocation (Kes Mn) FY2025 · Mar-25 FY2026 · Mar-26 Marketable Securities Portfolio & Cash 17% 10% 23% Kes 1.9 Bn Kes 2.5 Bn Carrying Value | Kes 2.5 Billion 76% 54% Cash & Equivalents Government Bonds Corporate Fixed Income Unit Trusts Money Market Fund Equ
Slide 19: Update on the Share Buyback
SECTION 1:4 STRATEGY UPDATE Update on the Share Buyback 19
Slide 20: Share Buyback Update
Share Buyback Update The primary objective of the Share buyback program was to provide liquidity to the counter for value preservation, and this has largely been achieved. ▪ Centum initiated its first buyback program from 6th Share Buyback Program Summary Feb 2023 to 30th Sep 2024 at an offer price
Slide 21: Financial Review
SECTION 02 FINANCIAL REVIEW Christine Owira-Head of Finance
Slide 22: FY2026 Performance Highlights
FY2026 PERFORMANCE HIGHLIGHTS A breakout year on a cleared balance sheet Two decades of value creation reach an inflection point — with corporate borrowings retired, profit steps up and returns now flow to shareholders. PROFIT AFTER TAX NAV PER SHARE CORPORATE DEBT Kes 1.02Bn Kes 69.47 Nil ▲ Up 87%
Slide 23: Major transactions in FY26 Update
Major transactions in FY26 Update Key portfolio actions to June 2026 — rationale and strategic impact Concluded Subsequent to Year End Completion of the Sidian Exit Vipingo SEZ Nabo Capital Partial Exit* Kes 1.2Bn · Exited Mar 2026 Entry of strategic partner Entry of strategic partner RATIONALE RATI
Slide 24: Company performance
Company performance Profit after tax rose 80% to Kes 904 million THE RESULT Kes Mn FY2026 FY2025 Change ✓ The cash engine strengthened. Investment operations profit rose 87% due to higher Investment and other income 1,542 1,346 15% interest and dividend income, and finance costs fell 61% after all h
Slide 25: Company balance sheet
Company balance sheet NAV per share rose 4% to Kes 69.47 on a debt-free balance sheet Kes Mn Mar 2026 Mar 2025 Change WHAT MOVED Investment portfolio 50,688 50,289 +1% Borrowings to zero after the final overdraft repayment. Other assets and cash 471 370 +27% Liabilities down 20%, largely the offset
Slide 26: Company NAV bridge · FY2026
Company NAV bridge · FY2026 Net asset value grew Kes 1.7 Bn to Kes 46.2 Bn — Kes 69.47 per share, on a debt-free balance sheet. THE BRIDGE • Retained earnings +Kes 1.0 Bn — driven by profit after tax. • Revaluation reserves −Kes 0.1 Bn on lower fair-value movements versus the prior year. • Dividend
Slide 27: Group performance
Group performance Group profit after tax declined 8% y/y to Kes 744 Mn Kes Mn Mar 2026 Mar 2025 Change THE DRIVERS Investment operations 1,519 1,179 29% ✓ Real estate revalued, with a Kes 3.6 Bn property fair Trading businesses (400) (490) -18% value gain, offset by a Kes 2.2 Bn non-cash loss on Fin
Slide 28: Group balance sheet
Group balance sheet Company NAV is the measure that matters Kes Mn Mar 2026 Mar 2025 Change Total assets 79,393 82,350 +4% Kes 69.47 Borrowings 17,087 17,855 -4% Company NAV per share, +4% Other liabilities 18,753 21,251 -11% Group borrowings sit inside the subsidiaries, ring Total liabilities 35,84
Slide 29: Capital allocation
Capital allocation Kes 3.8 billion of free cash flow, deliberately deployed DISCRETIONARY CAPITAL DEPLOYED Kes Mn FY2026 FY2025 Net cash from operations 1,066 662 26% Proceeds from sale of investments 1,162 1,032 36% Net proceeds from disposal of fixed income 1,615 1,524 securities Free cash flow 3,
Slide 30: Deleveraging
Deleveraging Sixteen billion shillings in debt to zero: the deleveraging is Now complete Closing Debt Balances 16,144 0% net debt to equity ✓ Shareholders now stand first in line. With lenders repaid in full, realizations flow to KES Mn distribution and reinvestment rather than debt 7,485 service. T
Slide 31: Dividends
Dividends A 2.5x step up: Kes 521 Mn proposed Dividend History Kes 281 Mn Kes 240 Mn ordinary, 30% of annuity income special, the deleveraging dividend 240 Kes 0.78 Special per share in total, 2.5x the prior year Ordinary 391 400 Why now?. Deleveraging is complete, liquidity has 281 220 210 210 stre
Slide 32: Outlook
SECTION 03 OUTLOOK Converting portfolio quality into shareholder cash
Slide 33: Priorities · FY2027
Priorities · FY2027 Three levers convert quality into cash Optimize the portfolio Reallocate capital Grow shareholder returns Advance transformation across TRIFIC, Monetise mature assets and build the Lift portfolio distributions to Centum, Centum RE, Vipingo, Akiira securities portfolio to Kes 3 Bn
Slide 34: Summary
Summary FY2026 in five statements 01 Cash generation is strong Kes 3.8Bn of free cash flow funded reinvestment, deleveraging and distributions. 02 Profitability is restored Company profit after tax rose 87%. 03 Value is preserved NAV per share held at Kes 69.47 through a year of structural change. 0
Slide 35: Shareholder Q&A
SECTION 04 SHAREHOLDER Q&A Board and management responses to key investor questions
Slide 36: Frequently Asked Questions
Frequently Asked Questions Capital structure & returns Portfolio & impairments Governance, compensation & succession Q1 · Why the NAV-to-price discount? Q4 · Real estate value & mix? A structural feature of debt subordination — not KES 37 Bn portfolio, now largely unencumbered; Q6 · Paid on paper or
Slide 37: Q&A · Capital structure & returns
Q&A · Capital structure & returns NAV-to-price discount · subsidiary debt · asset disposals Q1 · Why does the share trade below NAV? A mathematical consequence of debt subordination — not mismanagement. With acquisition debt fully retired at the parent, cash flows now accrue directly to equity and t
Slide 38: Q&A · Portfolio & impairments
Q&A · Portfolio & impairments Real estate value & composition · Akiira geothermal Q4 · What is the real estate portfolio worth? KES 37 Bn across Vipingo land, residential development and Two Rivers / TRIFIC. Value reflects appreciation from a low cost base — and key assets are now unencumbered, so p
Slide 39: Q&A · Governance, compensation & succession
Q&A · Governance, compensation & succession Pay-for-cash · independent oversight · CEO succession Q6 · Paid on paper gains or realised cash? Bonuses require a 15% total cash-return hurdle on opening equity. In FY2025 the 10.7% return fell below the 15% hurdle, so no bonus pool was created. Cash-retu
Slide 40: Centum Investment Company Plc
Centum Investment Company Plc 8th Floor, South Tower, Two Rivers PO Box 10518-00100 Nairobi, Kenya Tel: (+254) 20 228 6000 / (+254) 709 902 000 www.centum.co.ke For any questions or clarifications kindly reach out to us on the email contact below. investorrelations@centum.co.ke
Centum Investment Company — FY2026 Earnings Presentation on 6ix