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2025 Interim Results Presentation ASA International Group plc 24 September 2025 Tanwir Rahman Chief Financial Officer Rob Keijsers Chief Executive Officer
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Rob Keijsers Chief Executive Officer
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3 H1 2025 snapshot Sustained growth, enhanced profitability and strengthened balance sheet Clients (k) Gross OLP (USDm) Net profit (USDm)(1) 13.5 24.2 2.5 H1 2024 H1 2025 +99% Total comp. inc. (USDm) 4.1 43.5 H1 2024 H1 2025 2,375 2,579 30 Jun 2024 30 Jun 2025 +9% 458.6 540.9 31 Dec 2024 30 Jun 2025 +18% 265 273 Clients per loan officer KPI highlights Note: (1) USD 2.5m total impact of IAS 29 adjustments on net profit; Number of clients is including off-book clients; Outstanding Loan Portfolio (OLP) includes the off-book loan portfolio. +969% Strong loan portfolio growth Profitability surge Resilient portfolio quality Strengthened equity base Stable funding position Continued capital returns 26.8 3.0 4.8 DPS (USc)
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4 Well diversified portfolio driving Gross OLP growth Africa continues to be the key contributor South Asia Gross OLP (USD m) South East Asia Gross OLP (USD m) YTD % change +5% -24% +8% -4% YTD % change +8% +16% +10% 4.7 51.0 76.0 131.7 5.4 40.5 90.0 135.9 5.9 30.76 94.4 131.0 Sri Lanka India Pakistan South Asia 30 Jun 2025 31 Dec 2024 30 Jun 2024 20.2 57.7 77.9 27.3 60.4 87.6 31.6 65.1 96.8 Myanmar Philippines South East Asia 30 Jun 2025 31 Dec 2024 30 Jun 2024 West Africa Gross OLP (USD m) 5.4 8.9 47.7 62.0 6.7 11.8 67.7 86.2 7.4 15.0 129.5 151.8 Sierra Leone Nigeria Ghana West Africa 30 Jun 2025 31 Dec 2024 30 Jun 2024 YTD % change +91% +27% +9% +76% East Africa Gross OLP (USD m) 3.4 4.4 14.7 32.4 68.4 123.3 3.3 5.2 18.6 36.4 85.4 148.9 4.4 6.4 24.8 39.7 85.9 161.3 Zambia Rwanda Uganda Kenya Tanzania East Africa 30 Jun 2025 31 Dec 2024 30 Jun 2024 YTD % change +1% +9% +33% +22% +35% +8% Note: South Asia includes off-book loans
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5 Loan portfolio quality Low group PAR>30 of 2.0% as at 30 June 2025 Group PAR>30 improved to 2.0% at the end of June 2025 from 2.2% in June 2024 Outstanding portfolio quality was consistently recorded in Ghana, Kenya, Uganda and Myanmar with PAR>30 less than 0.5% The Philippines higher PAR levels are a result of one of the worst typhoons seasons in history Higher PAR>30 in Sierra Leone as a result of lower collection efficiency Legacy low portfolio quality in India as the business is intentionally shrunk Notes: (1) PAR refers to ‘Portfolio at Risk’. PAR>30 is the percentage of outstanding customer loans with at least one instalment payment overdue 30 days, excluding loans more than 365 days overdue, to Gross OLP including off-book loans. Loans overdue more than 365 days now comprise 0.5% of the Gross OLP. PAR>30 BY COUNTRY 30-Jun-24 31-Dec-24 30-Jun-25 Pakistan 0.6% 0.5% 0.5% India (total) 4.1% 5.4% 5.9% Sri Lanka 5.6% 4.9% 4.5% South Asia 3.3% 2.1% 1.6% The Philippines 4.6% 6.8% 6.3% Myanmar 0.3% 0.3% 0.2% Southeast Asia 3.5% 4.8% 4.3% Ghana 0.2% 0.2% 0.2% Nigeria 9.0% 4.9% 2.7% Sierra Leone 5.7% 9.4% 9.5% West Africa 1.9% 1.5% 0.9% Tanzania 1.3% 1.3% 1.6% Kenya 0.2% 0.3% 0.3% Uganda 0.5% 0.2% 0.2% Rwanda 6.9% 5.1% 4.9% Zambia 3.2% 3.4% 3.2% East Africa 1.2% 1.1% 1.3% Group 2.2% 2.2% 2.0%
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6 Microinsurance partnership On 4 July 2025, ASA International entered into a microinsurance partnership in Africa – live in Uganda, Kenya, Nigeria with Zambia next. 300k live active policies already
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Tanwir Rahman Chief Financial Officer
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8 H1 2025 financial snapshot Significantly improved financial performance across the board Profit before tax (USDm) (1) Net profit (USDm) (2) Cost-to-income (3) 61.7% 56.4% H1 2024 H1 2025 -5.3pp Total assets (USDm) 568.5 672.2 31 Dec 2024 30 Jun 2025 +18% Total equity (USDm) 96.5 136.2 31 Dec 2024 30 Jun 2025 +41% Total comprehensive income (USDm) 4.1 43.5 H1 2024 H1 2025 Note: (1) Profit before tax loss on net monetary position of hyperinflation accounting for USD 1.7m; (2) USD 2.5m total impact of IAS 29 adjustments on net profit amounted to USD 2.5m in H1 2024 and Negative USD 3.5 million for H1 2024; (3) Cost-to- income calculated as (personnel expenses + depreciation and amortization + other operating expenses) / net operating income. 28.3 47.8 H1 2024 H1 2025 +68% 13.5 24.2 2.5 H1 2024 H1 2025 +99% +969% 26.8
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9 Positive yield and NIM trends Gross yield increased to 48.4% in H1 2025 as subsidiaries with higher yields increased their proportion of overall OLP Funding rates improved to 11.2% as at 30 June 2025 NIM expanded to 39.6% in H1 2025 GROSS YIELD, COST OF FUNDING, NIM 41.0% 44.2% 48.4% 11.1% 11.4% 11.2% 32.3% 35.2% 39.6% H1 2024 FY 2024 H1 2025 Gross Yield Cost of Funding Net Interest Margin Notes: (1) Gross yield calculated as interest income / average interest earning assets (cash + due from banks + net customer loans); (2) Cost of funding calculated as interest expense (less lease liabilities) / average interest bearing liabilities (debt + customer deposits); (3) NIM means net interest margin, and it is calculated as net interest income / average interest earning assets. NIM BUILD UP 32.3% 39.6% 1.7% 7.0% 0.6% 0.8% June 2024 Other interest and similar income Interest and similar expense Hyperinflation Impact Interest income June 2025
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10 Improved income trends driving enhanced profitability 75.1 111.3 9.7 6.7 84.8 118.0 H1 2024 H1 2025 TOTAL OPERATING INCOME (USDm) Net interest income Other operating income Strong growth in Total operating income - driven by higher net interest income from expanding loan portfolio in higher -yielding markets. Other operating income was stable compared to H1 2024 when excluding the gain from loan re -assignment in Myanmar (USD 3.0m) Net profit nearly doubled in H1 2025 - includes impact of IAS 29 hyperinflation adjustments (H1 2025: USD 2.5m; H1 2024: negative USD 3.5m) Effective tax rate (ETR) improved in H1 2025 due to change profit mix with greater contribution from lower ETR countries; ETR including withholding taxes - 52.4% in H1 2024 to 43.9% in H1 2025 ETR excluding withholding taxes - 45.1% in H1 2024 to 38.7% in H1 2025 ETR on underlying net profit (including withholding taxes) - 46.4% in H1 2025 28.3 13.5 H1 2024 PROFITABILITY (USDm) Profit before tax Underlying Net profit 24.2 2.5 26.8 47.8 H1 2025 Hyperinflation impact (HI) +68% +99%
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30.3 38.3 17.5 22.53.0 4.0 2.6 1.8 0.6 0.5 54.0 67.1 H1 2024 H1 2025 TOTAL OPERATING EXPENSES (USDm) Personnel expenses Other operating expenses 11 Operating expenses development Increase in total operating expenses related to business expansion and impact of Ghanian cedi appreciation on USD translated expenses Cost-to-income ratio improved given enhanced income dynamics in H1 2025, which outpaced the growth in operating expenses Depreciation Loss on net monetary position Exchange rate differences COST TO INCOME RATIO 61.7% 56.4% 7.9pp 1.8pp 0.9pp 0.2pp 1.9pp 1.5pp Jun 2024 Net interest income Hyperinflation Impact Other operating income Credit loss expense Personnel expenses Other operating expenses June 2025
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12 Increased funding with a stable sourcing profile Increase in local deposits in line with funding strategy with intention to grow further with focus on fixed deposits Strong funding pipeline of USD 229m for H2 2025 - provides the capacity to support continued portfolio growth Favorable maturity profile with term loan maturities exceeding client loan tenor Notes: (1) Funding excludes interest payable; (2) Most USD loans from international lenders that are lent onwards to subsidiaries are hedged in local currency; (3) Microfinance loan funds comprise Blue Orchard/MIFA, Oikocredit and Symbiotics; (4) Local deposits include security collateral and restricted security deposits; (5) Development banks comprise OPIC/DFC (2016), BIO (Since 2019) and OeEB; (6) Comprised of term loans from banks and financial institutions at the subsidiary level; (7) Maturity profile includes interest payable USD 8.1m excludes Equity USD 96.5m. 96.5 136.2 41.9 37.511.0 9.8 259.8 294.3 90.1 119.6499.3 597.3 31 Dec 2024 30 Jun 2025 FUNDING MIX BREAKDOWN Equity Loans from dev. banks & foundations Microfinance Loan Funds Local deposits Loans from local bank and financial institutions FUNDING MATURITY PROFILE (USDm) 273.9 197.0 1-12 months 1-5 years
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13 Hyperinflation accounting (IAS 29) update Applied to Ghana and Sierra Leone in H1 2025 IAS 29 “Financial Reporting in Hyperinflationary Economies” applicable to operating entities which have a three-year cumulative inflation exceeding 100% in the period 2023-2025 – applicable to Ghana and Sierra Leone for H1 2025. For H2 2025, Ghana and Sierra Leone expected to no longer be considered hyperinflationary. Nigeria & Myanmar are on the watchlist Balance sheet and P&L are adjusted to reflect the current purchasing power at the reporting date - these are non-cash adjustments Continue to balance monetary assets and liabilities in operating entities by upstreaming dividend to reduce the impact of hyperinflation accounting Background and context Negative impact on FX translation of foreign operations (USDk) Minor positive impact on equity (USDk) Positive P&L impact in H1 2025 (USDk) 135,874 136,163 30 Jun 25 - Pre Adjustment 30 Jun 25 - Post Adjustment +289 24,241 26,785(1,755) 4,299 Net Profit - Pre- Adjustment NMP Loss CPI Adjustment - P&L Items Reported Net Profit +2,544 17,776 (2,258) 15,518 FX translation difference in OCI before IAS 29 impact Impact of IAS 29 on FX translation reserve FX translation difference in OCI after IAS 29 impact
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Rob Keijsers Chief Executive Officer
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15 Driving long term sustainable growth MissionH1 2025 Progress Pillars Enhance socio-economic progress of low-income entrepreneurs by increasing financial inclusion 1 Drive Growth 3 Achieve Sustainable impact 2 Build Resilience 2.6m clients / 18% growth in OLP USD 24.2m underlying net profit NIM expansion to 39.6% Clients per officer increased to 273 Product innovation – microinsurance and MSME Imminent DFS go-live in Ghana and Tanzania Strengthened ExCo and local leadership Imminent T24 migration in Ghana and Tanzania Reinvigorated Risk and Compliance functions Improved cost-income ratio to 56.4% Reduced ETR to 43.9% Strengthened equity base to USD 136.2m Robust profitability levels 80,000 community members benefited from various social programmes Joined the Client Protection Pathway Renewable energy systems installed, tree planting initiatives
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16 Digital transformation update Ghana and Tanzania CBS migration and DFS implementation on track – Kenya planned for H1 2026 New CBS supporting efficient conversion to Shariah banking Deposit mobilization to commence in 2026 CBS / DFS Go-Live scheduled for Q4 2025 – current focus on stability and infrastructure build-up completion CBS migration / DFS implementation progressing well Infrastructure setup, testing and training milestones achieved AML tooling implemented to meet regulatory requirements Work accelerating and intensifying ahead of H1 26 Go-Live Tanzania Ghana Kenya 2024 2025 2026 PK 60% Client %
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17 Refreshed FY 2025 outlook Building on the sustained momentum seen during H1, the outlook for the remainder 2025 remains positive – both underlying and reported net profit for 2025 expected to significantly exceed the current company compiled consensus NIM Cost-income OLP growth Hyperinflation impact FY 2025 Prior Outlook FY 2025 Current Outlook c. 20% Mid 60s c. 20% ~60
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18 Sustained growth, enhanced profitability and strengthened balance sheet Strong loan portfolio growth Gross OLP increased to USD 540.9m as at 30 June 2025 – up 18% vs 31 December 2024 Strong contributions from Pakistan, Tanzania, Uganda and Myanmar, complementing Ghana’s impact Resilient portfolio quality Profitability surge Strengthened equity base Stable funding position Continued capital returns PAR>30 improved to 2.0% as at 30 June 2025 vs 2.2% as at 31 December 2024 Ghana, Uganda, Kenya and Myanmar recorded outstanding portfolio quality - PAR>30 less than 0.5% Net profit increased by 99% to USD 26.8m in H1 2025 from USD 13.5m in H1 2024 Underlying net profit of USD 24.2m in H1 2025 (H1 2024: USD 14.0m) – y-o-y 73% increase Material uncertainty removed in relation to the going concern in the interim financial report Total equity increased to USD 136.2m as at 30 June 2025 from USD 96.5m as at 31 December 2024 Total comprehensive income grew to USD 43.5m in H1 2025 vs USD 4.1m in H1 2024 Total funding increased to USD 597.3m as at 30 June 2025 from USD 499.3m vs end of 2024 Robust funding pipeline – USD 229m in H2 2025 USD 0.048 per share interim dividend declared by the Board – 60% growth vs 2024 interim dividend 20% payout ratio in line with last year
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Appendix
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20 IMPORTANT: You must read the following disclaimer before continuing. The following applies to this document, and the information provided in connection with this document prepared by ASA International Group plc (the “Company”) and together with its subsidiaries, (the “Group”) or any person on behalf of the Company (collectively, the “Information”). The Information has been prepared by the Company for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the Information or its accuracy, fairness or completeness. The Information and opinions contained herein are provided as at the date of this presentation and are subject to change without notice. These materials have not been independently verified. It is not the intention to provide, and you may not rely on these materials as providing a complete or comprehensive analysis of the financial or trading positions or prospects of the Group. None of the Group or any of its directors, officers, employees or agents accepts any liability whatsoever in negligence or otherwise for any loss howsoever arising from any information or opinions presented or contained in these materials or otherwise arising in connection with the information. The information and opinions presented or contained in these materials are provided as at the date of this presentation and are subject to change without notice and the accuracy of the information is not guaranteed. This presentation shall not and does not constitute either an offer to purchase or buy or a solicitation to purchase or buy or an offer to sell or exchange or a solicitation to sell or exchange any securities of the Company or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its existence, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representations or warranties, express or implied, are made by the Group, or any of its directors, officers, employees or agents as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions presented or contained in these materials. This presentation is not to be relied upon in any manner as legal, tax or any other advice and shall not be used in substitution for the exercise of independent judgment and each person made aware of the information set-forth here shall be responsible for conducting its own investigation and analysis of the information contained herein. Except where otherwise indicated, the information provided in this presentation is based on matters as they exist as of the date stated or, if no date is stated, as of the date of preparation and not as of any future date, and the information and opinions contained herein are subject to change without notice. The Group does not accept any obligation to update or otherwise revise any such information to reflect information that subsequently becomes available or circumstances existing or changes occurring after the date hereof. None of the Group or any of its directors, officers, employees or agents shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the Information and any and all such liability is expressly disclaimed. This presentation includes forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and all of which are based on the Company’s current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe”, “expects”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this presentation and include statements regarding the intentions, beliefs or current expectations of the Company concerning, among other things, the results of operations, financial condition, liquidity, prospects, growth and strategies of the Group and the industry in which it operates. To the extent available, the industry, market and competitive position data contained in this presentation has come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in this presentation come from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the market in which the Company operates. While the Company believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this presentation. These forward-looking statements and other statements contained in this presentation regarding matters that are not historical facts involve predictions. No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks and uncertainties facing the Group. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed or implied in such forward-looking statements. Such forward-looking statements contained in this presentation speak only as of the date of this presentation. The Group expressly disclaims any obligation or undertaking to update the forward-looking statements contained in this presentation to reflect any change in their expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law. Disclaimer
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ASA International 21 Summary income statement Notes: (1) Other operating expenses include depreciation and amortisation charges (USDm unless otherwise stated) H1 2024 H1 2025 YoY Change Interest and similar income 95.2 136.1 43% Interest and similar expense (20.1) (24.8) 23% Net interest income 75.1 111.3 48% 39% Other operating income 9.7 6.7 -31% Credit loss expense (2.4) (3.2) 33% Net operating income 82.4 114.8 39% Personnel expenses (30.3) (38.3) 26% Other operating expenses(1) (20.5) (26.5) 29% Total operating expenses (50.8) (64.8) 27% Exchange rate result (0.6) (0.5) -16% Loss on the net monetary position (2.6) (1.8) -32% Profit before tax 28.3 47.8 68% Net profit 13.5 26.8 99% Total comprehensive income/(loss) 4.1 43.5 Cost-income ratio 61.7% 56.4% Net interest margin 32.3% 39.6% Return on average equity 34.2% 46.1%
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ASA International 22 Summary balance sheet Notes: (1) Other liabilities include the following liabilities: retirement benefit, current tax, deferred tax, lease and derivative liabilities, any other liabilities, provisions and interest payables (USDm unless otherwise stated) 31 Dec 2024 30 Jun 2025 YTD Change Cash and cash equivalents 108.4 111.0 2% Loans to customers 410.0 496.1 21% Other assets 50.1 65.1 30% Total assets 568.5 672.2 18% Client deposits 90.1 119.6 33% Interest-bearing debt 312.7 341.5 9% Other liabilities(1) 69.2 75.0 8% Total liabilities 472.0 536.1 14% Share capital and reserves 98.5 138.5 41% Non-controlling interest (2.0) (2.3) 16% Total equity 96.5 136.2 41% Off-book Business Correspondence (‘BC’) and Direct Assignment Gross loan portfolio 38.0 29.7 -22% Gross OLP 458.6 540.9 18% Less ECL reserves on loans and advances plus FV adjustments on loans under FVTPL (12.0) (13.5) 12% OLP 446.6 527.4 18% PAR>30 days 2.2% 2.0%
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ASA International 23 Regional snapshot Notes: (1)Including gain/loss on net monetary position and exchange rate differences The Group’s consolidated results include intercompany transaction elimination, adjustment and result of non-operating entities. H1 2025 (in USDm) South Asia South East Asia West Africa East Africa Net interest income 20.0 17.5 38.7 37.0 Credit loss expense (0.3) (1.6) (0.1) (1.1) Net operating income 21.2 17.0 38.7 34.4 Total operating expenses(1) (14.0) (13.6) (12.7) (20.2) Profit before tax 7.2 3.4 26.0 14.2 Net profit 3.3 2.7 17.2 9.1 H1 2024 (in USDm) South Asia South East Asia West Africa East Africa Net interest income 16.1 15.0 20.5 26.2 Credit loss expense (0.8) (0.8) (0.3) (0.5) Net operating income 16.8 15.6 20.2 25.1 Total operating expenses(1) (11.8) (12.4) (10.0) (14.3) Profit before tax 5.0 3.2 10.2 10.8 Net profit 1.4 2.3 6.2 6.6