Centum Investment Company Plc · NSEKE:CTUM
Centum Investment — HY2026 Earnings Presentation
34 slides from Centum Investment's earnings presentation, Nov 28, 2025
Slide 1: Performance Presentation
Performance Presentation For the Period ended 30 September 2025 28th November 2025 www.centum.co.ke
Slide 2: Agenda
Agenda 1. BUSINESS REVIEW 2. FINANCIAL REVIEW 3. OUTLOOK 2
Slide 3: Business Review
C CENTUM SECTION 01 BUSINESS REVIEW
Slide 4: Company Overview
SECTION 1:1 BUSINESS REVIEW Company Overview 4
Slide 5: Our Business Model
Our Business Model Our Competitive Advantage Deploy Create & Capital Grow Value IDENTIFY A high-quality portfolio Identify compelling • Institutionalize Identifying and or creating comprising assets with opportunities and robust governance high quality investment potential for both significant deplo
Slide 6: Company Snapshot | Sep 2025
Company Snapshot | 30 Sep 2025 Portfolio Allocation as of 30 Sep 2025 Market Capitalisation(1) Kes 9.95 billion Growth Portfolio Marketable Securities Total Assets Kes 95% 5% 49.9 billion 10x growth since Mar 2009 Kes Net Asset Value 45.0 billion [ Kes 69 NAV per share ] Total Assets 49.9 Cumulative
Slide 7: Company Snapshot FY2009 – HY2026
FY 2009 – HY 2026 Snapshot. Annualized Dividend Growth in Return Distribution Shareholders’ Equity Kes 17.0% 5.3 billion 11.0X Company Snapshot • The shareholders’ equity value at March 2009 was Kes 4.1Bn. Centum Company Value Creation and Distribution (FY2009 - HY2026) • Centum has since made divid
Slide 8: Strategy Update
SECTION 1:2 BUSINESS REVIEW Strategy Update 8
Slide 9: Strategy Overview – Key Focus Areas
Strategy Overview – Key Focus Areas Objectives Progress Highlights ▪ We are actively advancing portfolio monetization efforts which will unlock significant sustainable long-term liquidity from key portfolio companies such as Centum Real Estate, TRIFIC SEZ, Jafari Credit and Akiira. Balance sheet ▪ C
Slide 10: Portfolio Review
SECTION 1:3 BUSINESS REVIEW Portfolio Review 10
Slide 11: HY 2026 Summary Carrying Value
HY 2026 Summary Carrying Value 30 SEPTEMBER 2025 Equity Value Shareholder loans Total Carrying Value Valuation Method Centum's Portfolio Summary - 30 Sep 2025 Nature of Business Sector Stake Kes Mn Kes Mn Kes Mn Development of Grade A offices and residential within TRIFIC SEZ Two Rivers Land Co. SEZ
Slide 12: Key Portfolio Updates | Sep 2025
Key Portfolio Updates | 30 Sep 2025 Total Company Assets - Kes 49.9 Bn | Total Company NAV – Kes 45.0 Bn | Company NAV Per Share – Kes 68.75 GROWTH ASSETS CASH GENERATING ASSETS Development Co. Land Co. Marketable Securities Portfolio 12
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 Centum’s Stake: 100% Annual Land Sales Signed Contracts Collections Kes Millions FY2024 FY2025 HY2026 FY2024 FY2025 HY2026 Carrying Value: Kes 22 Bn Bulk Land Sales Residential Sales
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 Annual Residential Units Signed Contracts Collections Centum’s stake: 100% Sales Kes Millions FY2024 FY2025 HY2026 FY2024 FY2025 HY2026 Completed Projects 839 478 111 2,305 1,272 2
Slide 16: Other Growth Assets
Other Growth Assets + 55% ✓ Kes 27 Bn growth in Total Assets between Jun 2024 and Jun 2025. Total Assets + 71% ✓ Kes 25 Bn growth in Customer Deposits between Jun 2024 and Jun 2025. Centum’s Stake | 15% Customer Deposits Carrying Value | Kes 1.2 Bn + 21% ✓ Kes 79 Mn growth in loan book registered ov
Slide 17: Cash Generating Assets
Cash Generating Assets ▪ Continues to diversify revenue streams from Passenger Comfort (in-train) Services and Corporate Catering. Centum’s Stake | 15% ▪ The business has sustained dividend distribution following the rebound and growth in business. Carrying Value | Kes 1.1Bn ▪ Isuzu remains a market
Slide 18: Cash Generating Assets
Cash Generating Assets MSP Asset Allocation (Kes Mn) Mar 2025 Sep 2025 1% Cash & Equivalents 6% 8% Cash & Equivalents 6% Marketable Securities 14% 10% Portfolio & Cash Government Bonds (LCY) Government Bonds (LCY) Kes Kes Corporate Fixed Income Corporate Fixed Income 1.9Bn 2.0Bn Unit Trusts Unit Tru
Slide 19: Financial Review
SECTION 02: FINANCIAL REVIEW 19
Slide 20: Company Financial Performance
SECTION 2:1 FINANCIAL REVIEW Company Financial Performance 20
Slide 21: Company Total Return Statement
Company Performance Highlights - Company Total Return Statement Centum’s focus as an investment holding company is to grow and preserve shareholder value, measured by the Company’s Net Asset Value (NAV). The Total Performance Highlights: Return Statement shows the shareholder value generated in a pe
Slide 22: Company Statement of Financial Position
Company Statement of Financial Position Kes Mn Sep 2025 Mar 2025 %Δ Kes Mn Sep 2025 Mar 2025 %Δ Growth portfolio: Borrowings 605 690 -12% - Investment in Subsidiaries 30,694 30,586 0% Other Liabilities 4,275 5,431 -21% -Investment in joint venture 1,153 1,029 12% Total Liabilities 4,881 6,121 -20% -
Slide 23: Company cashflows & strategic allocation
Company cashflows & strategic allocation Reconciliation of profit to cashflows (Ksh.Mn) HY2026 HY 2025 Highlights: Profit before tax 415 529 Add back/(deduct) non cash items (740) (748) The Company generated free cashflows of Kes Proceeds from shareholder loan repayments 760 1,351 703 Mn in the peri
Slide 24: Consolidated Financial Performance
SECTION 2:2 FINANCIAL REVIEW Consolidated Financial Performance 24
Slide 25: Group Statement of Comprehensive Income
Group Statement of Comprehensive Income 39% improvement in consolidated total comprehensive income Kes Mn Sep 2025 Sep 2024 %Δ Performance Highlights: Loss from trading businesses (297) (306) 3% • 6% improvement in after tax performance on account of: Profit from financial services 54 80 -33% Loss f
Slide 26: Commentary on segment performance
Commentary on segment performance 1. Two Rivers Development Limited (TRDL): The loss contribution for the period is primarily driven by the power and water utility companies, which remain below the utilization levels required to reach break-even. As occupancy across the Two Rivers precinct increases
Slide 27: Group Statement of Consolidated Statement of Financial Position
Group Statement of Consolidated Statement of Financial Position Performance Highlights: Kes Mn Sep 2025 Mar 2025 %Δ Assets: ▪ Consolidated Statement of Financial position aggregates the assets and liabilities of Investment portfolio 9,063 8,674 4% subsidiary companies, the net equity value of Loans
Slide 28: Debt Review
SECTION 2:3 FINANCIAL REVIEW Debt Review 28
Slide 29: Company Debt Analysis
Company Debt Analysis 12% reduction in debt during the period in line with the deleveraging objective FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 HY 2026 Revolving credit facilities/term loan (Ksh M) 16,036 6,448 3,106 3,150 1,500 1,054 - - Overdraft facility (Ksh M) 108 1,037 1,016 1,010 748 8
Slide 30: Group Debt Analysis and Centum's Contingent Exposure
Group Debt Analysis and Centum’s Contingent Exposure Centum has guaranteed Kes 6.1 Bn of debt in respect of Centum Real Estate Ltd and Two Rivers Land Co. SEZ Ltd. The outstanding exposures are adequately covered by the assets held in the respective subsidiaries. Summary group borrowings Guaranteed
Slide 31: Summary and Outlook
SECTION 03 SUMMARY AND OUTLOOK 31
Slide 32: HY2026 Key Value Creation Progress Highlights
HY2026 Key Value Creation Progress Highlights We have made significant progress in HY2026 and laid a strong foundation for continued value creation, with the following notable achievements: ▪ Successful launch of the Vipingo Special Economic Zone, a joint venture between Centum We remain committed t
Slide 33: FY 2026 Key Focus Areas
FY 2026 Key Focus PORTFOLIO VALUE OPTIMIZATION Ongoing implementation of business model Areas transformation initiatives to achieve growth in portfolio entities including; Two Rivers Land Co. SEZ, Centum In FY2026, our focus remains on supporting our Real Estate, Akiira and Jafari Credit. portfolio
Slide 34: 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. investorelations@centum.co.ke
Centum Investment Company — HY2026 Earnings Presentation on 6ix