Slide 1: Annual Results Presentation
Annual Results Presentation For the twelve months ended 31 March 2026 9 June 2026
Slide 2: Outline
Outline 1 Introduction & highlights page 3 2 Thematic Considerations page 11 3 Payments page 14 3 Software page 29 4 Financial Performance page 38 5 Prospects page 50 6 Q&A page 52
Slide 3: Group Structure
Introduction Group Structure Subsidiaries Associates Payments Software International 3
Slide 4: Araxi's investment case
Introduction Araxi’s investment case An extremely strong foundation on which to grow further – organically and by acquisition • Strong secular growth trends • Large and increasing market opportunity – domestic and international • Trusted partner to blue-chip clients • Highly talented, skilled and de
Slide 5: Recent events & highlights
Introduction Recent events & highlights Strategic • Name changed to Araxi - September 2025 A busy period in a tough market • Announced acquisition of Pay@ - February 2026, effective 28 May Operational • Execution of Payments strategy advancing well ▪ Strong pipeline, particularly for lower-tier mark
Slide 6: Awards & Recognition
Introduction Awards & Recognition Proud and pleasing moments NEWS24 / FINANCIAL WEALTH & AWS STATISTA TIMES / STATISTA FINANCE One of South Africa’s One of the fastest Most innovative fintech & Managed Services Top Growth Champions growing companies cloud solutions company Programme in Africa 2026 -
Slide 7: Introducing underlying metrics
Introduction Corporate • Fair value gains and losses Context for Pay@ • Early transaction expenses introducing • Pay@ financials not included in Araxi’s FY’26 Underlying metrics results Software To enhance appreciation of the actual • Restructuring charge operational performance and YoY • R42m 5-yea
Slide 8: Strong operational performance, mixed financial results
Introduction Strong operational performance Mixed financial results • Full-year results and comparison negatively impacted by the delayed delivery of a substantial terminal order Reported HEPS down 18% Underlying HEPS up 10% (cut-off) and a large, non-recurring prior year licence fee in Software Cen
Slide 9: Underlying HEPS up 10%
Introduction Introduction Underlying HEPS up 10% March March % increase Underlying performance# • FY'25 enhanced by five-year 2026 2025 /(decrease) aggregate software licence Reported Revenue 1 166.2 1 250.7 (6.8) • FY'26 prejudiced by absence Software licence fee adjustment 8.2 (32.7) of Software l
Slide 10: Resilient profitability supported by growing recurring revenue
Resilient profitability supported by growing recurring Introduction revenue in Payments and Software turnaround Revenue EBITDA 1 250.7 1 218.0 333.9 Payments benefited from a large 1 162.0 1 166.2 1 174.3 270.7 279.3 267.3 283.2 terminal estate and strong performance from terminal R million R millio
Slide 11: Thematic Considerations
Thematic Considerations
Slide 12: Dynamic Sector
Thematic Considerations Dynamic Sector An evolving Financial Services sector creates opportunity for Araxi Opportunity for Araxi to engage with new entrants Incumbents need to modernise to remain competitive Convergence of NPS Modernisation / New providers of Regulatory Change telecommunications Inn
Slide 13: Benefits of a Modern Infrastructure Stack
Thematic Considerations Benefits of a Modern Infrastructure Stack The Capitec Thesis From balance sheets to platforms – NIR is delivering How NIR is rewriting South Africa’s real growth – Creating ecosystems banking growth playbook Composition of Operating Income (%) Chart Title 100% 80% NIR Non-Int
Slide 14: Payments
Payments
Slide 15: Digital volumes continue to accelerate
Digital volumes continue to accelerate Payments Half of all payments are non-cash – up 23%, with cash up only 10% Cash and digital volumes (million) 23% Overall growth 6000 5000 2 953 25% Digital payments growth 4000 2 366 3000 1 892 2000 20% Card payments growth 2 925 2 430 1000 2 027 0 Jan-24 Jan-
Slide 16: Growth strategy continues
Payments Growth strategy • Grow SA client base and market for devices continues • Refresh industry’s legacy terminal estates Organic growth opportunities are plentiful for a – 2G and 3G devices business with an established base, immense • Follow clients across Africa (hardware & software) industry k
Slide 17: MicroPOS
Payments 90,000+ downloads and counting MicroPOS Ultralight “Micro-POS” solution for smaller high-volume merchants, combining a calculator, POS system and payment into one sleek merchant checkout solution • Load stock of up to 9 categories with 9 SKUs per category • Stock alerts • Integrated payment
Slide 18: Halo Dot's expanding footprint
Halo Dot’s expanding footprint Products Hosting Methods Payments Contactless Payment Acceptance Transforming any NFC-enabled mobile device into a secure point of sale terminal, empowering merchants of all sizes to accept EMV compliant payments Customers. integrations and partnerships as of 1 June 20
Slide 19: Expanding payment acceptance across operating systems
Expanding payment acceptance across Payments operating systems Being platform agnostic Halo Dot is a recognised Apple-Approved Gateway Service Provider (GSP) A GSP enables Payment Service Providers (PSPs) such as acquiring banks and other merchant acquirers to launch Tap to Pay on iPhone solutions s
Slide 20: Tap to Pay on iPhone
Case Study Tap to Pay on iPhone Challenge Major retailer identified an opportunity to extend its value proposition by becoming one of the first businesses to bring Apple’s Tap to Pay on iPhone to the South African market. To make this possible, Apple required a certified Gateway Service Provider (GS
Slide 21: Good Growth Across Every Metric
Good Growth Across Payments Every Metric Year-on-year growth - FY25 vs FY26 +197% +101% +116% +94% +67% +48% +60% Terminal & Revenue Gross Active Merchant Average Transaction outlet growth profit merchants order value basket size value Merchant terminals, Total trading Margin improved: Average tradi
Slide 22: Araxi acquired 80% of Pay@
About Pay@ Araxi acquired 80% of Pay@ Forms part of Payments Division
Slide 23: Transaction summary
About Pay@ Transaction summary 40% International 60% South Africa S/H 1 S/H 2 S/H 3 S/H 4 S/H 5 S/H 6 S/H 7 • Araxi acquired 80% of Pay@ for ZAR1 billion, funded with ZAR200 million cash on hand and ZAR 800 million in senior debt ** • Araxi gearing remains modest, c. 1.6x net debt to Pay@ Pay@ (Sout
Slide 24: Likely you have used Pay@
About Pay@ Likely you have used Pay@ It’s quick, easy and friction-free Have you ever . . . Scan and Pay ✓ Paid your DSTV bill at Pick ‘n Pay or through you Hello J*** L**(115661) banking app on your mobile device? Amount to pay: ZAR 100.00 ✓ Settled your traffic fine at Shoprite or on Paythat.co.za
Slide 25: Enabling platform, ubiquitous across SA
About Pay@ Enabling platform, ubiquitous across SA Pay@ has South Africa’s largest network footprint spanning retail, banking, MNOs, vouchers and Fintechs, allowing consumers to transact how and when they want – cash, card, etc PHYSICAL DIGITAL 9 000+ 150 000+ MILLIONS Retailer Locations Mobile POS
Slide 26: A strong financial track record
About Pay@ A strong financial track record Transaction Volume Revenue 14% 16% Pay@ growth 311 118.6 271 linked to both 112.1 transaction 214 92.8 volume Millions 174 R million 63.9 70.2 165 154 (flat fee) and 56.0 transaction value (ad valorem) FY21 FY22 FY23 FY24 FY25 FY26 * The Transaction FY21 FY
Slide 27: Financial effects & segment contribution
Financial effects & segment contribution Financial effects of the transaction – FY26 Reported Revenue Reported EBITDA contribution by contribution by segment segment (excl, consolidation, corporate, intl) • On a pro-forma (“PF”) basis for year 10% ended 31 March 2026, the combined group revenue exce
Slide 28: Araxi and Pay@ combined - a compelling opportunity
Compelling Opportunity Araxi and Pay@ combined - a compelling opportunity for accelerated growth 1 Pay@ addresses a real, persistent market need – 2 Pay@ is an enabling technology solution – platform for innovation 3 Pay@’s business model is activity based – adaptable, scalable, economically targets
Slide 29: Software
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Slide 30: Reimagined software
Software Reimagined software Transforming businesses through innovative technologies, enabling clients to thrive in the global marketplace 30
Slide 31: Software, comprehensive innovation at work
Software • A proven track record over 25 years of designing, Software, building, and deploying software solutions for complex, large-scale businesses and enterprises comprehensive • Significant depth in Financial Services, Retail, Telco, innovation at work Hospitality and Healthcare domains where we
Slide 32: Action plan drives improved performance
Software Action plan drives improved performance Internal efforts to manage cost and resources • Refined roles & responsibilities of Leadership Team • Initiated a deliberate headcount reduction, resulting in a voluntary separation of personnel and a considerably reduced number of contractors • Resou
Slide 33: Action plan drives improved performance
Software Action plan drives improved performance External efforts to drive revenue • Refocused sales effort to improve pipeline quality - depth of opportunity and conversion ratios • Enhanced reciprocal commitment to and from strategic partners • Focus on specialised, high-impact and long- term proj
Slide 34: Growth strategy – AI amplifies substantial opportunity
Software • Leverage Partnerships and Relationships – Assist new and existing customers to grow their businesses and set them up for success Growth strategy – • Product Development / Grow licence and AI amplifies annuity revenue – Increase recurring revenue from proprietary software solutions (intell
Slide 35: From a Client Problem to a Synthesis Platform
From a Client Problem to a Synthesis Platform, Software Solving the SARS Reporting Burden A bespoke solution for a single institution evolved into RegTech product addressing costly and burdensome tax reporting obligations – likely changing from bi-annual to monthly 01 THE ORIGIN → 02 THE SOLUTION →
Slide 36: Banking & financial services conglomerate
Case study Challenge Banking & financial The goal was to explore how AI and automation could enhance the turnaround time for analysing customer lending applications, reducing manual processes and addressing capacity constraints. services conglomerate Synthesis collaborated with the bank to develop a
Slide 37: AssetPool Minority Investment
Case study AssetPool Minority Investment YOY INSPECTION GROWTH 464K A cloud-native B2B SaaS platform for smart inspection, asset management, tracking, maintenance, compliance and verification — scaling across the Americas, UK and South Africa NEW ENTERPRISE YOY MRR 1 GROWTH YOY ARPC GROWTH NON-DILUT
Slide 38: Financial Performance
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Slide 39: Resilient revenue and stable EBITDA from Payments
Financial performance Resilient revenue and stable EBITDA from Payments R million • Good progress in diversifying revenue streams Revenue down 6% EBITDA and increasing recurring revenue, especially 689.2 689.2 300.5 299.5 297.8 647.8 647.8 288.4 terminal software licence fees 567.2 237.5 • Lower ter
Slide 40: Pleasing growth in recurring revenue and key metrics
Financial performance Pleasing growth in recurring revenue and continued progress on key metrics Total terminal estate up 5.4% Payments EBITDA margin improved 130 bps Terminal sales down 25% 424 447 YoY, lower outright sales, 43.2 44.5 357 39.4 41.9 impacted by delay in large 277 328 order, delivere
Slide 41: Software remedial initiatives taking effect
Financial performance Software remedial initiatives taking effect • Remediation initiatives include enhancing Revenue EBITDA sales activities, headcount reductions and 594.1 89.9 strict cost controls 549.0 516.3 508.4 500.2 • Remedial plans implemented, yielding more than c. R40 million in annual ru
Slide 42: Software delivered improved H2'26
Financial performance Software delivered improved H2’26 Security hardware, 3rd party licence Underlying licence and fees and cloud up 32% subscription fees stable Security and cloud activities in high demand R million R million 85.8 118.5 74.7 85.7 85.2 56.6 74.7 77.0 Licence and subscription fees s
Slide 43: Group condensed statement of comprehensive income
Financial performance Group condensed statement of comprehensive income (1) Revenue decreased – combination of lower terminal sales volumes impacted by cut–off, offset by strong recurring terminal software Unaudited licencing fees, and Software’s significant 5-year Audited Audited % increase 31 Marc
Slide 44: Group condensed statement of comprehensive income (continued)
Financial performance Group condensed statement of comprehensive income (continued) Unaudited Audited Audited % increase / Pro Forma 31 March 31 March (decrease) including % increase Pro Forma for Pay@ acquisition (R million) incl. Pay@ 2026 2025 on FY’25 80% share of • Includes 12 months of Pay@ fo
Slide 45: Condensed group statement of financial position
Financial performance Condensed group statement of financial position 31 March 31 March (R million) 2026 2025 (1) Decrease in other non-current ASSETS assets relate to convertible loans Property, plant and equipment 55.1 67.5 granted to associates and investee entities, moving to current assets. Goo
Slide 46: Terms of Acquisition Financing
Funder: Investec Bank Facility: R800 million, senior secured Term: 5 years, amortising Terms of Acquisition Rate: ZARONIA plus 216bps Financing Covenants: • Gross debt to EBITDA <2.5x, stepping down by 0.25x annually to 2.0x • Debt service cover ratio >1.30x • Post closing, on a pro-forma basis, Ara
Slide 47: Cash flow (key features)
Financial performance Cash flow (key features) Cash generated from operations increased 25.0% to R259.0m 31 March 31 March (1) Other fair value gains: (R million) 2026 2025 Gains on convertible loans of c. R34.3m reflecting the fair value Profit before tax 246.0 297.7 increase in convertible loans h
Slide 48: Cash flow (key features)
Financial performance Cash flow (key features) Cash generated from operations increased 25.0% to R259.0m 31 March 31 March (R million) 2026 2025 (5) & (6) Limited further investment in PPE: Profit before tax 246.0 297.7 Supports operating lease model Cash generated from operations Net finance income
Slide 49: Sustainable cash flow supports strong dividend practice
Financial performance Sustainable cash flow from operations support strong dividend practice Cash Cover Dividends (cents per share) R million Times 360 3.5 318.8 3.1 320 12.00 12.00 2.9 2.8 3 2.7 259.0 280 10.00 2.5 212.7 2.4 206.1 207.9 204.3 240 200.9 2.1 183.1 8.25 2 166.3 200 157.2 155.0 Cents 7
Slide 50: Prospects
Prospects
Slide 51: General prospects
Prospects General prospects Group is well capitalised, with the management skills, experience, motivation and technology (products, platforms and solutions) to deliver on our growth strategy . . . Strong pipelines across divisions and significant orders already placed for Economic climate is H1’27 i
Slide 52: Q&A Thank You
Q&A Thank You
Slide 53: Disclaimer
Disclaimer This presentation contains forward-looking statements that relate to Araxi’s future operations and performance. Such statements are not intended to be interpreted as guarantees of future performance, achievements, financial or other results. The statements rely on assumptions and future c