FY 2025 Investor Booklet

EQUITY GROUP HOLDINGS PLC

INVESTOR BRIEFING FY | 2025 PERFORMANCE

Equity Group Holdings Plc Headquarters Equity Centre, Upperhill, Nairobi

Table of Contents

Equity Group Holdings Plc Investor Briefing

FY 2025 PERFORMANCE

3

Equity Group's Philosophies

Our Purpose:

Transforming lives, giving dignity and expanding opportunities for wealth creation.

Our Vision:

To be the champion of the socio-economic prosperity of the people of Africa.

Our Mission:

We offer integrated financial services that socially and economically empower consumers, businesses and communities.

Positioning Statement:

We provide inclusive financial services that transform livelihoods, give dignity and expand opportunities.

Our Inspiration:

That when years turn our vision dim and gray, we shall still see beauty in the tired wrinkles of our faces and shall take comfort out of the fact and knowledge that when we were given the opportunity, we did all we could to empower our people to exploit opportunities and realize their full potential on the road to economic prosperity.

Our Core Values:

Integrity

Teamwork

Respect and Dignity for the Customer

Professionalism

4

Creativity & Innovation

Unity of Purpose

Effective Corporate Governance

Governance and Organizational Structure

Equity Group Holdings Plc Investor Briefing

FY 2025 PERFORMANCE

5

Governance & Risk Management Framework

6

Governance and Organizational Structure

Breadth and Depth of the Management Team

Equity Group Holdings Plc Investor Briefing

FY 2025 PERFORMANCE

EGH Strategy

Strategy execution via close interaction between CEO office and Corporate office

Breadth and diversity of corporate function supported by expanded leadership at subsidiaries

Continuous investment in technical skills base to deliver specialized services and products and execute with operational efficiency and drive talent management

Pro-active management to respond to dynamic market and risk

environment

7

Group Executive Management

D r . J a m e s M w a n g i , C B S

G r o u p M a n a g i n g D i r e c t o r & C h i e f E x e c u t i v e O f fi c e r

Samuel K iru b i

G r o u p C h i e f O p e r a t i n g O f fi c e r

Brent Ma l ah a y

G r o u p C h i e f S t r a t e g y O f fi c e r

G ertrude K aruga b a

C h i e f L e g a l O f fi c e r

8

Anthony Murage

G r o u p C h i e f F i n a n c e a n d T r a n s f o r m a t i o n O f fi c e r

E mm a n u e l D e h

Group Chief Credit Origination Officer

Beth Kithinji

G r o u p C h i e f I n t e r n a l A u d i t o r

Sam G itweke r e

Group Chief Credit Risk Officer

Group Executive Management

Equity Group Holdings Plc Investor Briefing

FY 2025 PERFORMANCE

Stephen Owuyo

G r o u p F i n a n c e D i r e c t o r

Rene K a l o n j i

C h i e f P r o d u c t O f fi c e r

C h r i stine Br o w n e G r o u p D i r e c t o r S p e c i a l A s s e t s

J o y D i B e n e d e t t o

Group Chief Gl obal Aff a irs, Str at egic Relationshi ps and C ommunic a tions

Of fic er

M i c hael K w o f i e

C h i e f I n f o r m a t i o n O f fi c e r

D a v i d Ssega w a

G r o u p D i r e c t o r H u m a n R e s o u r c e s

Pa u l W a f u l a

Group Director Internal Controls and Compliance

L ydia Ndiran g u

9

Group C ompany Secret ar y a nd Head of Ta x

Group Executive Management

Moses Nyabanda

M a n a g i n g D i r e c t o r , E q u i t y B a n k K e n y a

I sa b e l l a M a g a n g a

M a n a g i n g D i r e c t o r , E q u i t y B a n k T a n z a n i a

Willy Mulamba

M a n a g i n g D i r e c t o r E q u i t y B C D C S . A

Gift Shoko

M a n a g i n g D i r e c t o r , E q u i t y B a n k U g a n d a

Ha n ni n g t o n Nam a r a

M a n a g i n g D i r e c t o r , E q u i t y B a n k R w a n d a

James Kiarie

A g . M a n a g i n g D i r e c t o r , E q u i t y B a n k S o u t h S u d a n

An g el a O k i n d a

Managing Dir ect or & Principal O f fic er E quity Lif e A ssur anc e (K eny a) Limit ed

10

Kris Mbaya

Manag ing Dir ect or & Principal O f fic er

E quity Gener al Insur anc e (K eny a) Limit ed

Dr. Patrick Gatonga

Manag ing Dir ect or & Principal O f fic er

E quity Heal th Ins ur anc e (K eny a) Limit ed

Group Board of Directors

Equity Group Holdings Plc Investor Briefing

FY 2025 PERFORMANCE

Pro f . I s a a c M a c har i a

N o n - E x e c u t i v e C h a i r m a n

Dr. James Mwa n g i , C B S

G r o u p M a n a g i n g D i r e c t o r a n d C h i e f E x e c u t i v e O f fi c e r

Samuel Mwale

N o n - E x e c u t i v e D i r e c t o r

Jo n as M u s h o s h o

N o n - E x e c u t i v e D i r e c t o r

Ms. Farida Khambata

N o n - E x e c u t i v e D i r e c t o r

Dr. E v a n s B a i y a

N o n - E x e c u t i v e D i r e c t o r

Dr. Lakshmi Shyam-Sunder

N o n - E x e c u t i v e D i r e c t o r

Mr. Biraro Obadiah

N o n - E x e c u t i v e D i r e c t o r

Mr. Nick O'Donohoe

N o n - E x e c u t i v e D i r e c t o r

Lydia Ndirangu

Group C ompany Secret ar y a nd

Head of Ta x 11

12

Macroeconomic and Operating Environment

Macroeconomic and Operating Environment

Macroeconomic and Operating Environment

Macroeconomic and Operating Environment

Macroeconomic and Operating Environment

Macroeconomic and Operating Environment

The Global Economic Landscape

Resilience in a Dynamic Global Environment

Equity Group Holdings Plc Investor Briefing

FY 2025 PERFORMANCE

• Improving Global Economic Growth: The global economy remains resilient with the US expected to grow by 2.4% in 2026 and China by 4.5% signaling stronger worldwide economic prospects.

• Elevated geopolitical risks: Geopolitical risks have been elevated by the Iran conflict, but markets expect the disruption to be temporary, limiting long-term impacts on global activity.

• Global oil prices on upward trend: Oil prices have temporarily spiked to around $100 due to the Iran conflict, but the base case remains that prices will fall back toward the mid-$60s once a ceasefire is reached, which is positive for trade, reserves and inflation.

• Global inflation remains generally contained, supporting recent rate cuts in the DRC and Kenya but higher oil prices will temporarily lift inflation in most markets that EGH operates in.

  Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23

  Dec-24

  Dec-25

• Global equity markets rise which can fuel economic growth. We estimate world market capitalization rose $27 trillion in 2025 and $4 trillion in the first six weeks of 2026. Spillovers to Africa pushed equity markets up by roughly 50% in US dollars in 2025.

• East African growth drivers: Regional economies are benefiting from a weaker US dollar, strong metals prices, and improving investor sentiment. However, the temporary spike in oil prices is expected to lift inflation and delay rate cuts until oil eases back toward the $60 -70 range later in 2026.

  13

  5 5

  10

  14

  18

  17 16

  15

  14

  10

  9

  27

  30

  32

  41

  7

  7

  10

  12

  3

  ,-6

  -1

  2

  -12

  ,

  -10

  ,

  -30

  -28

  -24

  70

  World equity market cap as % of Global GDP, US$ trillion

  World mkt cap as % of global GDP World mkt cap $trillion Change in mkt cap $trn

  170

  151

  150

  130

  122

  124

  111

  110

  103

  98

  90

  81

  87

  36

  60

  62

  65

  64

  66

  70

  50

  52

  52

  50

  45

  46

  30

  
  
  

  Dynamics in EGH Operating Markets

  East Africa Remains a Growth Powerhouse

  11 of the top 20 fastest growing economies in the world were in Africa in 2025 including South Sudan, Rwanda and Uganda. The 2025 minerals boom is boosting DR Congo, Tanzania and Uganda (re-exports). Low oil and the weak US dollar is benefiting all East Africa Economies.

• Inflation trends support stability: Low inflation in Kenya, Uganda, Tanzania with substantial easing in DRC. Strong GDP growth in Rwanda adds to some inflation pressure there. South Sudan's prospects remain dependent on oil exports.

  
  
  

• Commodity prices A boost for the region:

  
  
  
  
  

  Gold, copper and coffee prices have been very high, while oil and wheat are low, a useful combination for most EGH economies.

• Foreign investors flows: Uganda attracted significant FDI into its oil industry, and bond inflows in 2025. The DRC is receiving high

interest for its copper resources. Kenya has

nearly $6bn of deals (IPOs and FDI) announced

in December 2025 and January 2026.

• Renewal of AGOA: Kenya benefits the most in East Africa. In 2025 it gained a competitive edge over Asia textile producers, as the US only imposed low tariffs (mostly 10%) on East Africa.

  14

  Dynamics in EGH Operating Markets

  Region well-poised to improve average income levels

  Equity Group Holdings Plc Investor Briefing

  FY 2025 PERFORMANCE

• Strong per capita GDP growth: East African economies delivered per capita GDP growth rates that out-performed the U.S. in 2025, with projections indicating similar or stronger performance in 2026.

• Most EGH economies are projected to deliver 3%+ per capita GDP growth in 2025-26, outperforming not only the U.S but also major African peers such as Egypt, Nigeria, and South Africa.

  
  
  

  15

  Select Africa Eurobond Dynamics

  Eurobond Prices

• Global asset allocators are pushing money towards emerging markets and better yielding African Eurobonds in particular. The main risks to this trade are U.S. inflation or a U.S. recession, pushing up high yields spreads and tempting money back to that market.

• Kenya's Eurobonds have risen above the highest level seen since early 2022, partly due to slightly lower US treasury yields but mainly due to a global hunt for non-U.S. assets with yield. Yields on the 2032 Eurobond have plunged from 12% in April 2025 to 7% in February 2026, a nearly 50% fall in Kenya's risk premium. Kenya has taken advantage of this by pre-financing debt maturing in 2028.

• Rwanda's 2031 Eurobond has also performed well, with the yield now around 7%.

  115

  105

  95

  85

  75

  65

  55

  Kenya 2032

  Angola 2032

  Zambia 2033

  Rwanda 2031

  Mozambique 2031

  Senegal 2033

  Senegal 2033 Kenya 2032 Zambia 2033 Angola 2032 Rwanda 2031 Mozambique 2031

• Senegal is today a rare exception among African Eurobonds, with default at least partly priced in.

  Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22

  Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25

  Jan-26

  16

  Largest Economies in Africa

• The top 15 African economies in 2025 as estimated by the IMF in October

• Nigeria still in 4th but expected to overtake Algeria in 2026.

  Equity Group Holdings Plc Investor Briefing

  FY 2025 PERFORMANCE

• Kenya in 6th place ahead of Ethiopia, Ghana in 8th, and Angola expected to slip from 7th to 10th in 2026 due to Angolan Kwanza (AOA) weakness

• The latest IMF forecasts put DRC at $92bn in 2025 (above Tanzania) and $109bn in 2026.

South Africa Egypt Algeria Nigeria Morocco Kenya Angola Ghana Ethiopia Côte d'Ivoire Tanzania DR Congo Uganda Cameroon Tunisia

59

61

65

82

87

99

109

112

115

136

180

285

288

349

400

350

300

250

200

150

100

50

0

GDP in $bn, 2025 2026F

500

450 426

17

Interest Payments as a Percentage of Revenues

Governments need to be mindful of their interest burden, low or falling inflation helps

• Strong African Equity Markets especially in Egypt and Kenya, posted some of the strongest performances in 2025, despite elevated default risk and heavy debt-service burdens. A global rotation into emerging markets pushed African equities up nearly 50% in USD terms.

• High interest burdens persist - Interest payments remain high at 30 - 32% of revenues in Kenya and 27 - 30% in Uganda, with IMF forecasts showing little improvement through 2026-28. Both economies rely on sustained GDP growth and future declines in interest rates to stabilize debt ratios.

• Inflation pressures reduce scope for rate cuts - Although inflation was low earlier in the year, the oil price shock from the Iran conflict is expected to raise inflation in the coming months. Kenya is likely to pause rate cuts, and Uganda faces similar constraints, delaying the easing of debt-service burdens.

18

Equity Group Presence and Market Position

Equity Group Holdings Plc Investor Briefing

FY 2025 PERFORMANCE

KENYA DRC RWANDA

Equity in top 2 in half of the markets, based on total assets in 2024

KCB EBKL COOP NCBA ABSA STANBIC

I&M STANCHART

DTB

9.1%

7.8%

6.7%

5.9%

5.5%

5.1%

5.0%

16.9%

13.6%

RAWBANK EQUITY BCDC

TMB STANDARD SOFIBANK FIRST BANK ECOBANK

BOA AFRILAND ACCESS

10.0%

7.8%

6.5%

6.5%

3.1%

2.3%

2.1%

2.0%

29.3%

24.4%

BANK OF KIGALI EQUITY BANK BPR ATLAS MARA

I&M BANK ECOBANK ACCESS BANK

NCBA GT BANK

BOA

18.9%

17.0%

12.0%

6.6%

3.7%

3.0%

2.5%

2.4%

33.9%

UGANDA TANZANIA SOUTH SUDAN

STANBIC CENTENARY

ABSA DFCU EQUITY STANCHART

BARODA

DTB HF KCB CITI

13.4%

10.2%

6.5%

6.4%

6.3%

5.8%

5.4%

4.4%

3.2%

3.0%

19.5%

CRDB NMB NBC STANBIC

PBZ AZANIA EXIM SCB DTB TCB ABSA KCB CITI EQUITY

6.9%

4.9%

4.0%

4.0%

3.4%

3.1%

2.9%

2.8%

2.6%

2.6%

2.0%

1.7%

25.2%

22.1%

ECOBANK

KCB EQUITY STANBIC COOP

20.4%

17.6%

13.8%

8.7%

39.5%

19

Transforming Lives in Africa: Regional Footprint

*Merchants - Includes POS, Pay With Equity and Billers

** Employees - includes employees in EGH and all the subsidiaries within Kenya

20

1.8M Customer Accounts 36 Branches

1,009 Employees

54 ATMs

6,097 Agency Outlets

16,037 Merchants*

887 ATMs

87,688 Agency Outlets

1.4 million Merchants*

22.4M Customers Accounts 409 Branches

13,370 Employees

Reach

6 Countries of operation 1 Country (Ethiopia)

with a Representative Office

Equity Group

568K Customer Accounts 16 Branches

562 Employees

22 ATMs

3,792 Agency Outlets

2,693 Merchants*

TANZANIA

RWANDA

2.2M Customer Accounts 50 Branches

1,332 Employees

58 ATMs

9,394 Agency Outlets

50,463 Merchants*

14.1M Customer Accounts 221 Branches

6,999 Employees**

328 ATMs

42,634 Agency Outlets

1.3 million Merchants*

KENYA

DR CONGO

3.5M Customer Accounts 81 Branches

3,322 Employees

405 ATMs

25,695 Agency Outlets

7,791 Merchants*

218K Customer Accounts 5 Branches

146 Employees

20 ATMs

76 Agency Outlets

800 Merchants*

SSOUTH SUDAN

UGANDA