Centum Investment Company Plc · NSEKE:CTUM
Centum Investment — FY2025 Earnings Presentation
41 slides from Centum Investment's earnings presentation, Jul 14, 2025
Slide 1: FY2025 Results Announcement
FY2025 Results Announcement For the Period ended 31 March 2025 July 14th, 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: Business Review: 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 | March 2025
Company Snapshot | 31 Mar 2025 Portfolio Allocation as of 31 Mar 2025 Market Capitalisation(1) KES 8.2 billion Growth Portfolio Marketable Securities Total Assets KES 98% 2% 50.7 billion 10x growth since Mar 2009 (2) KES Net Asset Value 44.5 billion [ Kes 67 NAV per share ] Total Assets 51 Cumulativ
Slide 7: Company Snapshot FY2009 – FY2025
FY 2009 – FY 2025 Snapshot. Annualized Dividend Growth in Return Distribution Shareholders’ Equity KES 18.0% 5.3 billion 10.3X Company Snapshot • The shareholders’ equity value at March 2009 was Kes 4.1Bn. Centum value creation and distribution (FY2009 - FY2025) • Centum has since made dividend dist
Slide 8: Business Review: Strategy Update
SECTION 1:2 BUSINESS REVIEW Strategy Update 8
Slide 9: Strategy Overview – FY2025 Key Focus Areas
Strategy Overview – FY2025 Key Focus Areas Objectives Progress Highlights ▪ Kes 3.1 Billion cash was generated from operations and investment activities in the year. Balance sheet strengthening: ▪ We are actively advancing portfolio monetization efforts which will unlock significant sustainable long
Slide 10: Business Review: Portfolio Review
SECTION 1:3 BUSINESS REVIEW Portfolio Review 10
Slide 11: FY2025 Summary Carrying Value March 2025
FY2025 Summary Carrying Value 31 March 2025 Equity Value Shareholder loans Total Carrying Value Valuation Method Centum's Portfolio Summary - 31 March 2025 Nature of Business Sector Stake Kes Mn Kes Mn Kes Mn Development of Grade A offices and residential units within TRIFIC SEZ targeting Two Rivers
Slide 12: Key Portfolio Updates | March 2025
Key Portfolio Updates | 31 March 2025 Total Assets - KES 51 Bn | Total NAV – KES 44.5 Bn | NAV Per Share – KES 66.93 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 FY2024 FY2025 3,468 - 672 891 Carrying Value: Kes 21.8Bn Bulk Land Sales Residential Sal
Slide 15: Portfolio review – Centum Real Estate: Residential units
Portfolio review – Centum Real Estate | [B] Residential units Dev Co Strong sales traction and cash generating capacity Annual Residential Units Sales Signed Contracts Collections Centum’s stake: 100% Kes Millions Completed Projects FY2024 839 FY2025 478 FY2024 2,305 FY2025 1,272 Ongoing Projects 51
Slide 16: Portfolio review – Akiira Geothermal
Portfolio review – Akiira Geothermal Centum’s Stake: 85% Business highlights and progress Carrying Value: Kes 1.1Bn ▪ Akiira Geothermal is strategically well-placed to provide base load power to the grid and captive consumers to capture the significant and growing demand for green energy in Kenya an
Slide 17: Other Growth Assets
Other Growth Assets + 48% ✓ Kes 22 Bn growth in Total Assets between Mar 2024 and Mar 2025. Total Assets + 62% ✓ Kes 19 Bn growth in Customer Deposits between Mar 2024 and Centum’s Stake | 14% Customer Deposits Mar 2025. Carrying Value | Kes 1.0 Bn + 49% ✓ Kes 133 Mn growth in loan book registered i
Slide 18: Cash Generating Assets
Cash Generating Assets ▪ Continues to diversify revenue streams from Passenger Comfort (in-train) Services and Corporate Catering. ▪ The business has sustained dividend distribution following the rebound and growth in Centum’s Stake | 15% business. Carrying Value | Kes 1.1Bn ▪ Isuzu remains a market
Slide 19: Cash Generating Assets
Cash Generating Assets MSP Asset Allocation (Kes Mn) Mar 2024 Mar 2025 Cash & Equivalents Cash & Equivalents 6% 8% Marketable Securities 20% Portfolio & Cash 28% 10% Government Bonds (LCY) 0% Government Bonds (LCY) Kes Kes Government Bonds Corporate Fixed Income 2.8Bn 1.9Bn (Eurobonds) 6% Unit Trust
Slide 20: Business Review: Update on Share Buyback
SECTION 1:4 BUSINESS REVIEW Update on Share buyback 20
Slide 21: 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 Feb 2023 to 30th Sep 2024 at an offer price of Kes 9.03, and 10.6Mn shares
Slide 22: Financial Review
SECTION 02: FINANCIAL REVIEW 22
Slide 23: Financial Review: Company Financial Performance
SECTION 2:1 FINANCIAL REVIEW Company Financial Performance 23
Slide 24: Company Performance Highlights - Total Return Statement
Company Performance Highlights - 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 Return Statement shows the shareholder value generated in a period. Performance Highlights: ▪
Slide 25: Company Statement of Financial Position
Company Statement of Financial Position Kes Mn Mar 2025 Mar-24 %Δ Kes Mn Mar 2025 Mar 2024 %Δ Growth portfolio: Borrowings 690 1,951 -65% Investment in Subsidiaries 30,586 30,786 -1% Other Liabilities 5,431 5,090 7% Investment in Joint Venture 1,029 - - Total Liabilities 6,121 7,041 -13% Debt Invest
Slide 26: Company Cashflows & strategic allocation
Company Cashflows & strategic allocation Reconciliation of profit to cashflows (Kes.Mn) FY2025 FY2024 Profit/(Loss) before tax 517 278 Highlights: Add back/(deduct) non cash items (682) 628 The Company generated free cashflows of Proceeds from shareholder loan repayments 623 2,238 Kes 3.1Bn which we
Slide 27: Financial Review: Consolidated Financial Performance
SECTION 2:2 FINANCIAL REVIEW Consolidated Financial Performance 27
Slide 28: Statement of Comprehensive Income
Statement of Comprehensive Income 28% improvement in consolidated total comprehensive income KES. ‘Mn Mar 2025 Mar 2024 %∆ Performance Highlights: Loss from trading businesses (490) (706) 31% Profit/(loss) from financial services 90 (500) 118% • 69% reduction in profit after tax mainly on account of
Slide 29: Consolidated Statement of Financial Position
Statement of Consolidated Statement of Financial Position Performance Highlights: KES 'Mn Mar 2025 Mar 2024 %∆ Assets: ▪ Consolidated Statement of Financial position aggregates the assets and liabilities of Investment portfolio 61,542 58,398 5% subsidiary companies, the net equity value of Loans and
Slide 30: Financial Review: Debt Review
SECTION 2:3 FINANCIAL REVIEW Debt Review 30
Slide 31: Company Debt Analysis
Company Debt Analysis Debt reduced by 65%, resulting in enhanced financial flexibility F2019 F2020 FY2021 FY2022 FY2023 FY2024 FY2025 Revolving credit facilities/term loan 16,036 6,448 3,106 3,150 1,500 1,054 - Overdraft facility 108 1,037 1,016 1,010 748 896 690 Total 16,144 7,485 4,122 4,160 2,248
Slide 32: Group Debt Analysis and Centum's Contingent Exposure
Group Debt Analysis and Centum’s Contingent Exposure Centum has guaranteed Kes 5.2Bn 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. Assets cover Summary of Group borrowi
Slide 33: Strategic overview of asset revaluations and impairments
SECTION 2.4 Strategic overview of asset revaluations and impairments Dr. James Mworia 33
Slide 34: Strategic Overview of Asset Revaluations and Impairments
Strategic Overview of Asset Revaluations and Impairments Impairments Reflect Prudent Valuation Discipline; Majority Now Recovered Summary of Asset Revaluations and Impairments: Entity Original Impairment Context Strategic Recovery Path ▪ Historically, Centum has made impairment Assets transferred to
Slide 35: Strategic Takeaways
Strategic Takeaways Conservative Provisioning Enables Value Recovery and Credible Net Asset Value ▪ Annual asset revaluations under IFRS may require impairment before turnaround value is visible Our impairments were not permanent losses - they were ▪ Most provisions were non-cash, and based on prude
Slide 36: Financial Review: Proposed dividends
SECTION 2:5 FINANCIAL REVIEW Proposed dividends 36
Slide 37: FY2025 Proposed Dividend
FY2025 Proposed Dividend Kes 210Mn proposed dividend payout with respect to the ▪ The Board proposes to pay out a Financial Year ended 31 March 2025 dividend of Kes 0.32 per share, amounting to Kes 210Mn with respect to the performance recorded in the Dividend payout year ended 31 March 2025. 450 40
Slide 38: Outlook and Summary
SECTION 03 OUTLOOK AND SUMMARY 38
Slide 39: Summary of Key Messages
Summary of Key Messages ▪ Generated Kes 3.1Bn from operations and exits, enabling reinvestment Strong Cash Generation of Kes 1.7Bn and repayment of Kes 1.2Bn in debt ▪ NAV grew by 9% on the back of improvement in performance of the Sustained NAV Growth portfolio and reduction in debt. Significant De
Slide 40: Outlook
Outlook Objectives Actions • Ongoing implementation of business model transformation initiatives to Portfolio value optimization achieve growth in portfolio entities including; Two Rivers Land Co. SEZ, Centum Real Estate, Akiira and Jafari Credit. • Monetization of mature growth portfolio assets to
Slide 41: 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 — FY2025 Earnings Presentation on 6ix