Aspen Pharmacare Holdings Limited · JSE:APN
Aspen Pharmacare — Aspen Pharmacare Hldgs — FY 2026 Earnings Presentation
54 slides from Aspen Pharmacare's earnings presentation, Sep 3, 2026
Slide 1: Annual Results Presentation FY 2026
Annual Results Presentation 3 September 2026 FY 2026
Slide 2: Forward-looking statements
We may make statements that are not historical facts and relate to analyses and other information based on forecasts of future results and estimates of amounts not yet determinable. These are forward looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words su
Slide 3: Performance Overview & Outlook
FY 2026 Performance Overview & Outlook » Building momentum and unlocking value Stephen Saad Group Chief Executive
Slide 4: Delivering on all six core commercial objectives
Delivering on all six core commercial objectives PRIORITY FY 2026 DELIVERY FY 2027 FOCUS Commercial Pharma Momentum 13% growth in CER EBITDA Sustain organic growth led by emerging markets » Building on 10% FY 2025 growth Commence GLP-1 global roll out Realisation of GLP-1 Investments SA growth power
Slide 5: Delivering on all six core commercial objectives | Continued
Delivering on all six core commercial objectives | Continued PRIORITY FY 2026 DELIVERY FY 2027 FOCUS Portfolio Value Unlock APAC divested for c.R28bn at 11.5x EBITDA Respond to opportunities unlocking value from sum of parts Drive even stronger free cash flow R3.8bn Free Cash Flow generated » EBITDA
Slide 6: Operating leverage driven by realised efficiencies
Operating leverage driven by realised efficiencies Efficiency gains to raise Sterile FDF growth target FY 2026 FY 2027 Revenue flat ~ NHEPS +28% Growth in Sterile FDF EBITDA guidance raised by R0.5bn* Commercial Pharma » EBITDA and output to increase off a lower cost base → Further cost reductions a
Slide 7: Financial Review
FY 2026 Financial Review Sean Capazorio Group Chief Financial Officer
Slide 8: Realised efficiencies drive stronger growth in profitability and cash flow metrics
Realised efficiencies drive stronger growth in profitability and cash flow metrics CONTINUING OPERATIONS The Pyramid returns and we are focused on its retention! KEY TAKEAWAYS REVENUE 0% » Commercial Pharma is the primary organic growth engine CERⱡ NEBITDA^ GROWTH +14% » Manufacturing operational im
Slide 9: Group Revenue
Group Revenue CONTINUING OPERATIONS Commercial Pharma organic growth offsets lower Manufacturing revenue % change ⱡ R’million FY 2026 FY 2025 Reported CER Commercial Pharma 25 405 24 752 3% 5% Prescription 9 069 9 658 -6% -3% Injectables 9 179 8 048 14% 16% OTC 7 157 7 046 2% 3% Manufacturing 9 465
Slide 10: Commercial Pharma NEBITDA up 13% CER
Commercial Pharma NEBITDA^ up 13% CERⱡ CONTINUING OPERATIONS Sterile FDF | Initial reshape benefits of R1.2bn EBITDA^ more than offsetting FY 2025 R1bn mRNA contract loss Commercial Pharma Manufacturing +5% CERⱡ -10% CERⱡ +3% -11% +21% CERⱡ +13% CERⱡ 24 752 25 405 +9% 10 584 +28% 6 875 9 465 828 6 3
Slide 11: Normalised EBITDA up 14% CER on flat revenue
Normalised EBITDA^ +14% CERⱡ on flat revenue CONTINUING OPERATIONS H2 NEBITDA growth of +52% on H2 2025` % change R'million FY 2026 % of revenue FY 2025 FY 2025 % of revenue Reported CERⱡ CERⱡ CERⱡ Revenue 34 870 100% 35 336 34 752 100% -1% 0% Gross profit~ 14 978 43.0% 14 832 14 462 41.6% 1% 4% Dep
Slide 12: Strong free cash flow of R3.8 billion generated
Strong free cash flow of R3.8 billion generated TOTAL OPERATIONS Sustained growth in FY 2027 expected 6 869 » Contributors 6 225 → +14% NEBITDA^ growth (5 520) → >100% operating cash conversion 5 159 → Working capital ratio of 44% (47% FY 2025) 3 839 (4 993) → Lower net finance costs → Capital expen
Slide 13: Aspen APAC Divestment – intrinsic value unlock
Aspen APAC Divestment – intrinsic value unlock Compelling multiple and moving Aspen into net cash Completed effective 31 May 2026 » R28bn gross proceeds aided by effective hedging » Profit on sale of R2.4bn benefits EPS » Indicator of underlying asset values at 11.5x multiple Financial Effects » Bal
Slide 14: Net positive cash impact of earnings adjustments
Net positive cash impact of earnings adjustments Restructuring related costs drive sustainable returns for FY 2026 and the future INTANGIBLE ASSET IMPAIRMENTS RESTRUCTURING COSTS PROFIT ON SALE OF APAC R2.3bn R2.3bn R2.4bn No cash impact R1.4 billion cash impact Unlocked R28 billion Increased discou
Slide 15: FY 2027 | Substantial NHEPS growth and stronger free cash flow
FY 2027 | Substantial NHEPS∑ growth and stronger free cash flow Operating efficiencies and lower financing costs Ungeared balance sheet and operational efficiency projects targeted to drive substantial growth VISIBLE EARNINGS AND FREE CASH-FLOW INFLECTION » Normalised CERⱡ EBITDA^ growth of >R1.3 bn
Slide 16: Continued progress toward our sustainability ambitions
Continued progress toward our sustainability ambitions PAT I E N T S OUR PEOPLE » Advanced technical transfer of Aspen-branded >165 million# » Successful implementation of workplace- 32%* vaccines and contract manufacture of insulin patients based programme for people with disabilities women » Progr
Slide 17: Performance Overview & Outlook
FY 2026 Performance Overview & Outlook » Commercial Pharma » Manufacturing » Guidance » Capital Allocation Stephen Saad Group Chief Executive
Slide 18: Commercial Pharma: FY 2026 performance & FY 2027 outlook
Commercial Pharma: FY 2026 performance & FY 2027 outlook Revenue growth ex China +7% FY 2027 outlook » Growth led by South Africa and Brazil » Mid-single-digit CER revenue and EBITDA growth → SA driven by Mounjaro® → Base organic growth → Middle East negatively impacted by regional conflict → GLP-1
Slide 19: Mounjaro – The leading brand in fast-growing South African GLP-1 market
Mounjaro® – The leading brand in fast-growing South African GLP-1 market Mounjaro® demand has surged Market growth ~ 92% » Exponential demand for Mounjaro® drives Private Market Market value ~ R2.8bn → Private Market growth at 5.2% Mounjaro® ~ 53% share → 40% of this growth driven by the GLP-1 class
Slide 20: GLP-1s driving growth and opportunities
GLP-1s driving growth and opportunities GLP-1 Semaglutide generic » Canada dossier approved – commercialisation dependant on API supply → Second Canada dossier recently approved » Emerging markets submissions and approvals in progress → Brazil advancing » Potential for FY 2027 contribution GLP-1 Mou
Slide 21: Manufacturing: FY 2026 performance
Manufacturing: FY 2026 performance CONTINUING OPERATIONS EBITDA growth despite lower sales, leverage driven by efficiency projects FY 2026 performance NET SALES » EBITDA growth despite 10% sales decline Net Sales FY 2025 R'million Net Sales FY 2026 → Over R1bn swing in H2 EBITDA from H2 2025 CERⱡ »
Slide 22: Manufacturing outlook FY 2027: Gathering momentum
Manufacturing outlook FY 2027: Gathering momentum Manufacturing EBITDA now targeted to achieve more than double that of FY 2026 Sterile FDF – driving Manufacturing growth APIs return to growth » Forecast revenue growth >50% » Driven by improved supply of hCG* » Revenue to pre-contract loss levels »
Slide 23: Manufacturing opportunities and growth drivers
Manufacturing opportunities and growth drivers Sterile FDF to be primary driver of increase in Group profitability Sterile market opportunities have increased despite an unpredictable tariff environment » Sterile FDF – forecast revenue growth of >50% for FY 2027 → Significant driver of profitability
Slide 24: Manufacturing opportunities and growth drivers | Continued
Manufacturing opportunities and growth drivers | Continued Sustaining our presence in ARVs Positive progress on ARVs » Triple dose ARV → Tentative FDA approval / WHO prequalification achieved → Access broader African volumes and donor funding » License agreement with MSD for Alimatravir → Once month
Slide 25: Guidance - Sustaining organic growth momentum
Guidance - Sustaining organic growth momentum Targeting at least 50% growth off adjusted FY 2025 EBITDA base Adjustment to Achieved Target R’billion FY 2025 Sustain momentum of FY 2026 into FY 2027 FY 2025 Base FY 2026 FY 2027 EBITDA 9.6 (3.6) 1.7 >1.3 Targeting EBITDA > R9bn* » Sterile FDF to lead
Slide 26: Financial guidance
Financial guidance Group – FY 2027 targets » Normalised CER EBITDA to grow to at least R9bn (> 17% ) → Manufacturing: More than double FY 2026 EBITDA • Sterile FDF to achieve positive EBITDA → Commercial Pharma: Mid-single-digit revenue and EBITDA growth • Commencement of GLP-1s to be additive » Sub
Slide 27: Capital allocation driven by balance sheet flexibility
Capital allocation driven by balance sheet flexibility Stronger balance sheet, continued capital discipline and buybacks preferred Flexibility Invested capital focus Buybacks preferred 1. Stronger balance sheet 2. Capital discipline unchanged 3. Shareholder value accretion » Net cash position » Cape
Slide 28: Appendices
Appendices APPENDIX 1 APPENDIX 2 | ESG | ESG – Access to medicines APPENDIX 3 | ESG – Our Sustainability Strategy APPENDIX 4 | Abridged statement of normalised comprehensive income – Continuing Operations APPENDIX 5 | Abridged statement of normalised comprehensive income – Total Operations APPENDIX
Slide 29: Our approach to sustainability and ESG
Our approach to sustainability and ESG Constituent of UN Global Compact B level (Management) Mandatory ESG KPIs FTSE4Good Index participant since 2013 Recognition in our CDP Aligned to our sustainability and Top 30 FTSE/JSE Climate Change and CDP commitments and goals Responsible Investment Water Di
Slide 30: Our milestone achievements in providing access to medicine with purpose
Our milestone achievements in providing access to medicine with purpose 2005 2018 2022 2024/26 Portfolio expansion >200 million Over 1 million HIV/ patients reached* with our First FDA Generic Gavi vaccines AIDS patients critical and essential ARV Strategic licensing partnerships reached in Africa O
Slide 31: 16 sustainability goals for meaningful impact
16 sustainability goals for meaningful impact PAT I E N T S OUR PEOPLE SOCIETY ENVIRONMENT Healthier populations Inspiring culture Thriving communities Restored planet Improve the health and quality of life of Achieve diversity and inclusivity in our Maintain high governance and ethical Reduce our c
Slide 32: Abridged statement of normalised comprehensive income
Abridged statement of normalised comprehensive income CONTINUING OPERATIONS R'million FY 2026 FY 2025 % change FY 2025 (CERⱡ) % change (CERⱡ) Net revenue 34 870 35 336 -1% 34 752 0% Cost of sales (19 892) (20 504) -3% (20 290) -2% Gross profit 14 978 14 832 1% 14 462 4% Gross profit margin 43.0% 42.
Slide 33: Abridged statement of normalised comprehensive income
Abridged statement of normalised comprehensive income TOTAL OPERATIONS R'million FY 2026 FY 2025 % change FY 2025 (CERⱡ) % change (CERⱡ) Net revenue 42 119 43 363 -3% 42 498 -1% Cost of sales (23 224) (24 234) -4% (23 994) -3% Gross profit 18 895 19 129 -1% 18 554 2% Gross profit margin 44.9% 44.1%
Slide 34: Operating efficiencies lever double-digit EBITDA and earnings growth
Operating efficiencies lever double-digit EBITDA^ and earnings growth CONTINUING OPERATIONS +28% CERⱡ +14% CERⱡ 0% CERⱡ +22% +10% 802 -1% 35 336 7 703 34 870 6 972 659 34 752 CERⱡ 625 6 749 CERⱡ CERⱡ FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 ^ Revenue Normalised EBITDA Normalised HEPS∑ (R'mill
Slide 35: Reconciliation of reported to normalised EBITDA
Reconciliation of reported to normalised EBITDA CONTINUING OPERATIONS R'million FY 2026 FY 2025 % change FY 2025 (CERⱡ) % change (CERⱡ) Net revenue 34 870 35 336 -1% 34 752 0% Cost of sales (19 892) (20 504) -3% (20 290) -2% Gross profit 14 978 14 832 1% 14 462 4% Operating expenses (8 656) (9 209)
Slide 36: Reconciliation of reported NHEPS
Reconciliation of reported NHEPS CONTINUING OPERATIONS R'million FY 2026 FY 2025 % change FY 2025 (CERⱡ) % change (CERⱡ) Basic earnings per share (EPS) (200) (614) 67% (640) 69% Impairment of property, plant and equipment 34 99 -66% 98 -65% Impairment of intangible assets 582 1 119 -48% 1 117 -48% I
Slide 37: Currency mix
Currency mix CONTINUING OPERATIONS Stronger ZAR diluted reported performance FY 2026 FY 2025 FY 2026 FY 2025 Revenue Normalised Revenue Normalised Average Average Currency contribution EBITDA^ EBITDA^ rate rate EUR 32% 4% 36% 6% 19.72 19.76 ZAR 26% 8% 23% 5% CNY 8% 18% 9% 25% 2.42 2.52 USD 5% 4% 5%
Slide 38: Commercial Pharma
Commercial Pharma CONTINUING OPERATIONS +5% CERⱡ revenue growth - upside driven by South Africa, diluted by China product discontinuations % change ⱡ R’million FY 2026 FY 2025 Reported CER Africa Middle East 11 061 10 071 10% 12% Americas 6 774 6 826 -1% 3% Europe CIS 4 793 4 700 2% 2% China 2 777 3
Slide 39: Injectables revenue
Injectables revenue CONTINUING OPERATIONS Primary growth driver being GLP-1s in South Africa % change ⱡ R’million FY 2026 FY 2025 Reported CER Africa Middle East 3 101 1 771 75% 78% China 2 333 2 410 -3% 1% Americas 2 102 2 177 -3% -2% Europe CIS 1 643 1 690 -3% -3% Injectables 9 179 8 048 14% 16% ⱡ
Slide 40: Prescription revenue
Prescription revenue CONTINUING OPERATIONS Unprofitable product discontinuations in China negatively impacted segment performance % change ⱡ R’million FY 2026 FY 2025 Reported CER Africa Middle East 4 451 4 568 -3% -1% Americas 3 196 3 320 -4% 2% Europe CIS 1 000 1 043 -4% -4% China 422 727 -42% -40
Slide 41: OTC revenue
OTC revenue CONTINUING OPERATIONS Middle East conflict dilutes growth % change ⱡ R’million FY 2026 FY 2025 Reported CER Africa Middle East 3 509 3 732 -6% -4% Europe CIS 2 150 1 967 9% 9% Americas 1 476 1 329 11% 13% China 22 18 22% 29% OTC 7 157 7 046 2% 3% ⱡ CER removes the currency effect on perf
Slide 42: CER Gross Profit %
CERⱡ Gross Profit % CONTINUING OPERATIONS Stable Commercial Pharma GP% 61.7% 60.0% 59.0% 59.5% 60.4% 59.3% 59.8% 58.0% Prescription OTC » Impacted by regional sales » Consistent trend mix continues FY 2025 H1 2026 H2 2026 FY 2026 FY 2025 H1 2026 H2 2026 FY 2026 55.9% 54.9% 57.7% 58.7% 56.9% 57.8% 54
Slide 43: Commercial Pharma
Commercial Pharma CONTINUING OPERATIONS Double-digit NEBITDA^ growth supported by efficiency gains % change ⱡ R'million FY 2026 % of revenue FY 2025 FY 2025 % of revenue Reported CER ⱡ ⱡ Reported CER CER Revenue 25 405 100% 24 752 24 235 100% 3% 5% Gross profit~ 14 679 58% 14 387 13 980 58% 2% 5% Gr
Slide 44: Manufacturing
Manufacturing CONTINUING OPERATIONS Lower revenue from mainly due to mRNA contract loss % change ⱡ R’million FY 2026 FY 2025 Reported CER API 4 406 4 718 -7% -6% FDF 3 628 4 536 -20% -20% Heparin 1 431 1 330 8% 8% Manufacturing 9 465 10 584 -11% -10% ⱡ CER removes the currency effect on performance.
Slide 45: Manufacturing NEBITDA
Manufacturing NEBITDA^ CONTINUING OPERATIONS FY 2026 benefits from Sterile FDF reshape in France and South Africa % change ⱡ R'million FY 2026 % of revenue FY 2025 FY 2025 % of revenue Reported CER ⱡ ⱡ Reported CER CER Revenue 9 465 100% 10 584 10 517 100% -11% -10% Gross profit ~ 299 3% 445 482 5%
Slide 46: Normalised headline earnings bridge
Normalised headline earnings bridge CONTINUING OPERATIONS 28% CERⱡ growth from NEBITDA^ and lower net financing costs +28% (47) (65) 10 225 (290) 3 560 954 2 927 (154) 2 773 FY 2025 Fx impact FY 2025 CERⱡ Normalised Depreciation Amortisation Net interest Forex Tax FY 2026 Reported EBITDA^ Reported ⱡ
Slide 47: Operating cash flow and working capital
Operating cash flow and working capital Strong operating cash flow supported by lower working capital ratio Operating cash conversion cycle Net working capital % of revenue^ 45% 47% 45% 250% 245% 44% 200% 147% 38% 37% 37% 150% 193% 35% 103% 100% 50% 63% 0% FY 2024 H1 2025 FY 2025 H1 2026 FY 2026 FY
Slide 48: Working Capital Bridge
Working Capital Bridge Working capital has reset lower post the APAC divestment and efficiency projects Cash outflow -R240m 20 495 1 145 (489) (416) (2 243) (1 865) (1 348) 15 279 FY 2025 Reported Inventory Net Receivables Net payables Disposal of APAC Inventory related Other Non-cash FY 2026 impair
Slide 49: Net working capital breakdown
Net working capital breakdown R'million FY 2026 FY 2025 Inventory 13 990 18 009 Receivables and Other current assets 10 788 13 339 Less: (129) (178) Derivatives (1) (15) Other current receivables (128) (163) Trade and other payables (9 370) (10 675) Net working capital 15 279 20 495 49 APPENDIX 21 |
Slide 50: Operating cash flow
Operating cash flow TOTAL OPERATIONS Reduction in working capital investment of R1.4bn enhances operating cash flow R'million FY 2026 FY 2025 % Change Cash operating profit 9 282 10 064 -8% Changes in working capital (240) (1 603) -85% Cash generated from operations 9 042 8 461 7% Net finance costs
Slide 51: Net financing costs
Net financing costs CONTINUING OPERATIONS Lower H2 debt and exchange gains reduces FY 2026 finance costs R'million FY 2026 H2 2026 H1 2026 FY 2025 Net interest paid 1 145 434 711 1 154 Effective interest rate for the period* 4.5% 4.5% 4.4% 4.9% Foreign exchange (gains)/losses (30) (9) (21) 203 Norma
Slide 52: Tax rate
Tax rate Increase in effective tax rate driven by regional mix post APAC divestment Group normalised effective tax rate* » FY 2027 tax rate guided to be in the range of 24 to 25% » Mix shift to higher tax jurisdictions 22.8% 23.8% 22.0% » Manufacturing EBITDA growth 22.0% 17.7% 15.8% FY 2024 FY 2025
Slide 53: Capital expenditure
Capital expenditure Reduction of R2 billion from FY 2025 4 993 2 904 Capex vs dep/amort gap » R0.8bn FY 2026 capex saving versus R3.8bn guidance 2 451 → R0.4bn carryforward to FY 2027 3 400 1 200 » Higher FY 2027 capex of R3.4bn expected 3 030 1 000 799 » Capex vs depreciation/amortisation gap 889 →
Slide 54: Net cash/debt bridge
Net cash/debt bridge APAC divestment and strong cash conversion key to R0.8 billion net cash 30 697 * 1 487^ (6 869) 3 030 Free Cash Flow R3 839m 29 210 (27 523) 419 941 475 (1 976) (806)* FY 2025 Cash flows from PPE and APAC Forex Dividends Share Other FY 2026 operating IP spend disposal impact buy
Aspen Pharmacare Hldgs — FY 2026 Earnings Presentation on 6ix