Channel Vas Investments Limited · JSE:OPA
Channel Vas Investments — Optasia — H1 2026 Earnings Presentation
41 slides from Channel Vas Investments's earnings presentation, September 2026
Slide 1: H1 2026 Interim Results
H1 2026 INTERIM RESULTS REPORTING PERIOD PUBLISHED SHARE CODE Six months ended 30 June 2026 September 2026 JSE: OPA TURNING POTENTIAL INTO FINANCIAL PROGRESS
Slide 2: Today's presenters
H1 2026 INTERIM RESULTS Today’s presenters Salvador Anglada Avi Lasarow Mariusz Dabrowski GROUP CHIEF EXECUTIVE OFFICER FINERGI CEO GROUP CHIEF FINANCIAL OFFICER Q&A follows the presentation · Investor relations: ir@optasia.com 2
Slide 3: H1 2026 update
H1 2026 INTERIM RESULTS 01 H1 2026 UPDATE H1 2026 update Finergi overview Financial performance Outlook and execution Q&A 3
Slide 4: Optasia is the financial intelligence layer enabling credit at scale
H1 2026 INTERIM RESULTS Optasia is the financial intelligence layer enabling credit at scale. V IS IO N A world where financial progress reaches everyone. MIS S IO N We build precision intelligence that unlocks financial opportunity at scale. 4
Slide 5: H1 2026: strong financial delivery and continued strategic progress
H1 2026 INTERIM RESULTS H1 2026 UPDATE H1 2026: strong financial delivery and continued strategic progress F INANC IAL P ERF O RMANC E 1 Record growth and profitability $185.3m +58% $77.9m +45% $39.3m +40% Revenue Adjusted EBITDA Normalised net income 2 Strong cash generation $32.7m +150% 41.9% from
Slide 6: H1 performance tracking strongly ahead of full-year targets
H1 2026 INTERIM RESULTS H1 2026 UPDATE H1 performance tracking strongly ahead of full-year targets Growth rates are above the target ranges set previously, with capex within target F U LL Y EAR TARGETS H1 2026 P ERF O RMANC E Revenue growth above 30% +58% 28pp ahead Adjusted EBITDA growth above 30%
Slide 7: Known H1 developments shape the H2 growth profile
H1 2026 INTERIM RESULTS H1 2026 UPDATE Known H1 developments shape the H2 growth profile Nigeria, a single-partner overdraft transition and FX normalisation affect the second-half comparison NIG ERIA · AC S S ING LE PART NER · OV ERD RAF T FX Services restored under a new Overdraft transitioning in-
Slide 8: Nigeria: services restored under a new multi-provider market structure
H1 2026 INTERIM RESULTS H1 2026 UPDATE Nigeria: services restored under a new multi-provider market structure Following a temporary Q2 suspension, service is live again in a multi-provider market structure with performance-based customer allocation 01 02 03 04 REG U L ATO RY T RANS IT IO N O P ERAT
Slide 9: From H1 to H2: resetting the comparison base
H1 2026 INTERIM RESULTS H1 2026 UPDATE From H1 to H2: resetting the comparison base An illustrative bridge isolates the known effects before underlying growth WH AT T HIS MEANS F O R H2 KNO WN H2 IMP AC T S · Q U ANT IF IED F RO M T H E B AS E · ILLU S T RAT IV E NIG ERIA · AC S 185.3 –10.4 –19.9 H2
Slide 10: Growth is broadening across deployments, propositions and distribution rails
H1 2026 INTERIM RESULTS H1 2026 UPDATE Growth is broadening across deployments, propositions and distribution rails The strategy is scaling the existing footprint while adding new use cases and routes to customers S CALE D EP LOY MENTS & MARKETS BROAD EN C RED IT P RO P O S IT IO NS AD D D IST RIB U
Slide 11: Established deployments are scaling as the footprint expands
H1 2026 INTERIM RESULTS H1 2026 UPDATE Established deployments are scaling as the footprint expands Three deployments went live in H1, with 12 more progressing through delivery 3 New deployments live in H1 ES T ABLIS HED D EP LO Y MENT S C O NT INU ED T O S C ALE Ghana Pakistan Ghana Gabon South Sud
Slide 12: One platform, a broader proposition set
H1 2026 INTERIM RESULTS H1 2026 UPDATE One platform, a broader proposition set New propositions are configured on the same decisioning engine and integration, rather than built from scratch T H E P RO D U C T S U IT E Cash advance Overdraft Merchant lending Airtime advance Energy advance Line of cre
Slide 13: FNB: expanding the relationship across diverse propositions
H1 2026 INTERIM RESULTS H1 2026 UPDATE FNB: expanding the relationship across diverse propositions Product and technology collaboration is expanding across propositions in South Africa ACT IV E ENGAG EMENTS T HE PART NERS HIP MO D EL Airtime advance LIVE FNB Optasia decisioning supports FNB Connect’
Slide 14: One platform scaling across partners and propositions
H1 2026 INTERIM RESULTS H1 2026 UPDATE One platform scaling across partners and propositions 01 Precision 02 Platform & 03 Operating decisioning data capability One decisioning engine, 200+ live models and sub-second decisions across 30m+ daily transactions • Advanced credit scoring • Dynamic pricin
Slide 15: Finergi overview
H1 2026 INTERIM RESULTS 02 Finergi overview H1 2026 update Finergi overview Financial performance Outlook and execution Q&A 15
Slide 16: Finergi: extending Optasia into utility ecosystems
H1 2026 INTERIM RESULTS FINERGI OVERVIEW Finergi: extending Optasia into utility ecosystems A differentiated utility-credit model addressing a recurring prepaid-electricity need This creates a recurring, T H E MARKET NEED essential credit need. WHAT IS D RIV ING IT Mission 300 Income volatility Prep
Slide 17: How the service works: more electricity sold, more consumers powered
H1 2026 INTERIM RESULTS FINERGI OVERVIEW How the service works: more electricity sold, more consumers powered Finergi’s Energy advance product is an advance, not a loan THE FINERGI MODEL WHO BENEFITS For the consumer For the utility • We pre-purchase electricity and advance the value of credits › In
Slide 18: Finergi: Progressing from pilots towards commercialisation
H1 2026 INTERIM RESULTS FINERGI OVERVIEW Finergi: Progressing from pilots towards commercialisation Three discovery pilots are live; demand and repayment are evidenced while economics and scalability remain in test MARKET FOOTPRINT COMMERCIAL VALIDATION ECOSYSTEM Demand EVIDENCED End Users Advance t
Slide 19: Financial performance
H1 2026 INTERIM RESULTS 03 Financial performance H1 2026 update Finergi overview Financial performance Outlook and execution Q&A 19
Slide 20: H1 2026 at a glance
H1 2026 INTERIM RESULTS FINANCIAL PERFORMANCE H1 2026 at a glance Strong growth, higher cash conversion and solid credit performance S CA LE · D IS TR IBUTE D V ALUE G R OWTH · R E V E N UE P R OFIT A BILIT Y · A D J. E BIT D A $3.5bn $185.3m $77.9m +46% vs H1 2025 +58% vs H1 2025 Margin 42.0% E A R
Slide 21: Revenue growth outpaced distributed value growth
H1 2026 INTERIM RESULTS FINANCIAL PERFORMANCE Revenue growth outpaced distributed value growth Distributed value increased 46%, with revenue up 58% and Adjusted EBITDA up 45% DISTRIBUTED VALUE ($BN) REVENUE ($M) ADJUSTED EBITDA ($M) 45.7% 45.9% 42.0% 185.3 3.5 +58% 77.9 +46% +45% 2.4 117.2 +91% 53.8
Slide 22: Higher monetisation with resilient credit performance
H1 2026 INTERIM RESULTS FINANCIAL PERFORMANCE Higher monetisation with resilient credit performance Take rate increased to 5.3% while the default rate moved to 1.3%, with cover at 4.0x 5.3% 1.3% 4.0x $1.9bn TAKE RATE DEFAULT RATE COVER RATIO MFS DISTRIBUTED VALUE +0.4pp vs H1 2025 +0.2pp vs H1 2025
Slide 23: Revenue growth materially ahead of operating-cost growth
H1 2026 INTERIM RESULTS FINANCIAL PERFORMANCE Revenue growth materially ahead of operating-cost growth Continued investment in growth and capability while operating-cost growth remained well below revenue growth OPERATING COSTS ($M) CAPITAL EXPENDITURE ($M) 19.4% 13.2% 6.2% 11.6% 5.1% 4.5% 23.8 20.3
Slide 24: Working-capital intensity eased as MFS scaled
H1 2026 INTERIM RESULTS FINANCIAL PERFORMANCE Working-capital intensity eased as MFS scaled The increasing contribution of MFS raises working-capital requirements, while intensity continued to moderate $133.1m 39.9% 12.0% ~90 days NET WORKING CAPITAL NWC AS % OF LTM REVENUE CHANGE IN NWC AS % OF LTM
Slide 25: Cash conversion strengthened while funding a larger MFS book
H1 2026 INTERIM RESULTS FINANCIAL PERFORMANCE Cash conversion strengthened while funding a larger MFS book Adjusted free cash flow increased 150%, with conversion improving while supporting continued growth ADJUSTED FREE CASH FLOW ($M) H1 2026 — FROM ADJUSTED EBITDA TO CASH FLOW ($M) 77.9 (6.7) (4.3
Slide 26: Earnings growth translated into per-share returns
H1 2026 INTERIM RESULTS FINANCIAL PERFORMANCE Earnings growth translated into per-share returns Normalised EPS rose 31% and headline EPS rose 50% PROFIT AFTER TAX ($M) NORMALISED NET INCOME ($M)* HEADLINE EPS (CENTS)** 36.9 39.3 2.79 +58% +40% +50% 28.1 23.3 1.85 H1 2025 H1 2026 H1 2025 H1 2026 H1 2
Slide 27: Business growth materially outpaced funding requirements
H1 2026 INTERIM RESULTS FINANCIAL PERFORMANCE Business growth materially outpaced funding requirements Revenue and Adjusted EBITDA grew strongly while guarantees and debt increased only marginally GROWTH RATE — H1 2026 (%) DISTRIBUTED VALUE PER $ OF GUARANTEE Revenue +58.1% $38.6 from $35.5 at FY202
Slide 28: Capital allocation prioritises growth; distributions to follow
H1 2026 INTERIM RESULTS FINANCIAL PERFORMANCE Capital allocation prioritises growth; distributions to follow Organic investment and selective M&A remain the first calls on capital CAPITAL ALLOCATION PRIORITIES MOVEMENT IN NET DEBT — H1 2026 ($M) 01 Organic growth $m H1 2026 Capex guided at c. 6% of
Slide 29: Outlook and execution
H1 2026 INTERIM RESULTS 04 Outlook and execution H1 2026 update Finergi overview Financial performance Outlook and execution Q&A 29
Slide 30: FY2026 growth targets updated
H1 2026 INTERIM RESULTS OUTLOOK & EXECUTION FY2026 growth targets updated Full-year targets crystallised, with the H2 profile reflecting the known H1 developments REVENUE GROWTH ADJUSTED EBITDA GROWTH 30–40% 30–40% growth vs FY2025 growth vs FY2025 NORMALISED NET INCOME CAPITAL EXPENDITURE 30–40% 6%
Slide 31: H2 priorities: converting the pipeline into growth
H1 2026 INTERIM RESULTS OUTLOOK & EXECUTION H2 priorities: converting the pipeline into growth Execution is focused on deployments, propositions and new distribution rails 01 02 03 Deliver the deployment pipeline Scale and extend the proposition Advance new routes to customers set 8+ deployments exp
Slide 32: Expanding responsible access across everyday financial needs
H1 2026 INTERIM RESULTS OUTLOOK & EXECUTION Expanding responsible access across everyday financial needs Embedded credit for individuals, merchants and essential services through ecosystems they already use Our purpose: turning potential into financial progress Individuals Merchants Essential servic
Slide 33: Six reinforcing strengths that set Optasia apart
H1 2026 INTERIM RESULTS OUTLOOK & EXECUTION Six reinforcing strengths that set Optasia apart A differentiated combination of underwriting, precision intelligence, configurable technology, operating depth and financial capacity 01 02 03 Partner enablement and Precision intelligence Configurable, evol
Slide 34: Seeing more.
SEEING MORE. Turning potential into financial progress RESPONSIBLE BY DESIGN · POWERED BY PRECISION · DELIVERED AT SCALE Seeing more signals Seeing more potential Seeing more progress Real-time intelligence People and businesses made visible Responsible access at scale 34
Slide 35: Q&A
H1 2026 INTERIM RESULTS Q&A Investor relations · ir@optasia.com H1 2026 update Finergi overview Financial performance Outlook and execution Q&A 35
Slide 36: Disclaimer
H1 2026 INTERIM RESULTS DISCLAIMER Disclaimer This presentation has been prepared by, and is subject to the copyright of, Optasia Limited ("Optasia"). No part of this presentation may be reproduced, transmitted, stored in a retrieval system or translated in any other language in any form, by any mea
Slide 37: Appendix
H1 2026 INTERIM RESULTS APPENDIX 37
Slide 38: Summary of key financial and operating metrics
H1 2026 INTERIM RESULTS APPENDIX Summary of key financial and operating metrics Strong H1 performance across growth, cash generation, capital structure and credit quality Metric ($m unless stated) H1 2026 H1 2025 vs H1 2025 FY2025 PERFORMANCE Revenue 185.3 117.2 +58% 265.4 Adjusted EBITDA 77.9 53.8
Slide 39: Efficient capital structure supports scalable funding
H1 2026 INTERIM RESULTS APPENDIX Efficient capital structure supports scalable funding F U ND ING MIX ($M) S O U RC E O F F U ND ING TYPE U S E O F P RO C EED S $311m Bank funded term loan and RCF On balance sheet General corporate and $269m working capital 106.9 107 Optasia-provided bank guarantee
Slide 40: EPS reconciliation
H1 2026 INTERIM RESULTS APPENDIX EPS reconciliation Reconciliation of profit for the period to headline and normalised earnings per share ($m unless stated) H1 2026 H1 2025 % change Profit for the period 36.9 23.3 58.3% Profit attributable to owners of the group 34.5 21.6 59.4% Headline earnings 34.
Slide 41: Investor calendar and contact
H1 2026 INTERIM RESULTS APPENDIX Investor calendar and contact 14 S EP 2026 H1 2026 results publication 16– 17 S EP 2026 RMB Morgan Stanley Big Five / Off-Piste Conference CAPE TOWN 12– 13 NO V 2026 Investec CEO Conference SOUTH AFRICA MID - MAR 2027 FY2026 results publication Georgina McCooke, Dire