Slides
Page 1
H1 2026 Results Presentation ASA International Group plc 9 September 2026 Rob Keijsers Chief Executive Officer Geert Embrechts Chief Financial Officer
Page 2
Rob Keijsers Chief Executive Officer
Page 3
43.5 39.9 H1 2025 H1 2026 3 H1 2026 - strong profit growth and resilient portfolio expansion Sustained momentum and strengthened financial position Clients (k) Gross OLP (USDm) Net profit (USDm) Total comp. inc. (USDm) 2,450 2,725 30 Jun 2025 30 Jun 2026 +11% 510.1 599.6 30 Jun 2025 30 Jun 2026 +18% 285 290Clients per loan officer Note: Number of clients & Gross Outstanding Loan Portfolio (OLP) excludes India 4.8 DPS (USc) 6.9 2.0% 2.4%PAR>30 11.3 34.326.8 45.6 H1 2025 H1 2026 Underlying net profit India related one-offs +70% Strong profit growth Robust loan portfolio expansion Industry-leading portfolio quality Equity base further strengthened Stable funding position Growing capital returns Admitted to the FTSE All-Share Index
Page 4
Strong operational leverage continued into 2026 Growth momentum supported by increasing efficiency and profitability +17% (+27%) Client Growth(1) since 2023 +36% OLP / Client since 2023 +60% Gross OLP since 2023 34ppt Revenue vs costs (2) since 2023 +385% Net profit growth Since 2023 Note: (1) Client growth in brackets excludes India; (2) Income statement items for 2026 are underlying and annualised. Other data points for 2026 are as at 30 June 2026 Client base expanding - 17% client growth since 2024 Serving growing working capital needs as clients scale their businesses Portfolio gaining momentum - Gross OLP up 60%, strengthening the revenue base Branch network streamlined - reduction driven by the India wind down Cost discipline - revenue outpacing costs by 34ppt, demonstrating operational leverage Profitability surges - Net profit up 385%, as scale and efficiency compound 385% 60% 36% 17% 5% Growth from 2023 baseline(2) Net profit Gross OLP OLP/Client Client Branches 2023 2024 2025 H1 2026
Page 5
100.2 142.3 30.8 4.3 30 Jun 25 30 Jun 26 South Asia India 5 Regional loan portfolio snapshot Well diversified portfolio driving loan portfolio growth – East Africa key contributor 161.3 208.8 30 Jun 25 30 Jun 26 151.8 163.1 30 Jun 25 30 Jun 26 Total Gross OLP grew by 12% YoY with continued momentum across core markets Strong Gross OLP growth in East Africa mainly driven by Kenya and Uganda West Africa Gross OLP grew 7% YoY, primarily driven by strong client demand in Nigeria Strong momentum in Pakistan, supporting growth in South Asia Gross OLP (excluding India) Southeast Asia Gross OLP grew 13% YoY in constant currency terms which smooths the impact of the change of FX rate type in Myanmar YoY constant currency change +29% YoY constant currency change +15% YoY constant currency change(1) +40% YoY constant currency change +13% Note: (1) South Asia YoY % changes excludes India East Africa Gross OLP (USDm) West Africa Gross OLP (USDm) South Asia Gross OLP (USDm) Southeast Asia Gross OLP (USDm) -12% 75.6 21.2 96.8 85.4 30 Jun 25 30 Jun 26 Southeast Asia FX impact
Page 6
6 Resilient loan portfolio quality Group PAR>30 of 2.4% at the end of June 2026 vs 2.0% at the end of June 2025 Note: 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 East Africa PAR >30 1.3% 2.9% 30 Jun 25 30 Jun 26 West Africa PAR >30 0.9% 2.0% 30 Jun 25 30 Jun 26 South Asia PAR >30 1.6% 0.7% 30 Jun 25 30 Jun 26 Southeast Asia PAR >30 4.3% 4.9% 30 Jun 25 30 Jun 26 Proven low-risk operating model delivering industry-leading PAR >30 Increased PAR >30 in East Africa, mainly reflecting the impact of new trade regulations in Uganda which negatively affected clients Floods in Ghana led to an increase in West Africa PAR >30, while overall portfolio quality remained resilient South Asia PAR>30 remained low, reflecting the strength of the growing Pakistan portfolio Southeast Asia’s PAR >30 increased mainly due to the Philippines as the business continues to be rebuilt
Page 7
Geert Embrechts Chief Financial Officer
Page 8
8 Strong operating income growth Supported by portfolio growth with strong margins Solid net interest income growth from expanded loan portfolio Other operating income includes one-off gain related to India NCDs of USD 11.4m in H1 26 Slight reduction in NIM to 37.4% in H1 2026 with lower effective interest rates in certain markets Cost of funding broadly stable at 11.7% - higher funding costs seen in Pakistan and Kenya GROSS YIELD, COST OF FUNDING, NIM 48.4% 48.2% 46.4% 11.2% 11.4% 11.7% 39.6% 39.3% 37.4% H1 2025 FY 2025 H1 2026 Gross Yield Cost of Funding Net Interest Margin 111.3 139.2 6.7 16.7 118.0 155.9 H1 2025 H1 2026 OPERATING INCOME (USDm) Net interest income Other operating income
Page 9
TOTAL OPERATING EXPENSES (USDm) 9 Improved cost income ratio Operating expenses rose due to personnel, administrative and transport costs Cost-income ratio improved to 55.6% in H1 2026 benefiting from the positive impact of India-related one-offs Operating expenses increased in H1 2026, due to personnel and office costs associated with business growth, as well as transportation costs 38.3 44.1 28.8 40.7 67.1 84.9 H1 2025 H1 2026 Personnel expenses Other operating expenses(1) COST-INCOME RATIO DEVELOPMENT 72.1% 61.4% 56.8% 55.6% 2023 2024 2025 H1 2026 Note: (1) Other operating expenses also include depreciation and amortization expenses, exchange rate result and loss on the net monetary position (hyperinflation)
Page 10
10 Equity base further strengthens Driven by strong profit generation 161.8 192.6 31 Dec 2025 30 Jun 2026 26.8 45.6 15.5 (5.7) 1.2 43.5 39.9 H1 2025 H1 2026 Net profit FX translation reserve movement Other items TOTAL EQUITY (USDm) TOTAL COMPREHENSIVE INCOME (USDm) Net profit significantly increased by 70% to USD 45.6m in H1 2026, supporting equity growth Total comprehensive income decreased mainly due to negative FX translation reserve movement of USD 5.7m in H1 2026 (vs positive USD 15.5m in H1 2025), primarily attributable to the Ghanaian cedi
Page 11
REVENUE VS COSTS(1) 11 Significant profitability jump Improved effective tax rate reflecting India one-offs and more favourable country mix 26.8 24.2 H1 2025 NET PROFIT (USDm) Net profit Underlying Net profit 11.3 45.6 34.3 H1 2026 India related one-offs +70% +42% 43.9%ETR (Incl. WHT) 31.5% 38.7%ETR (Excl. WHT) 29.7% Underlying net profit significantly increased in H1 2026, demonstrating continued momentum across core markets Materially improved effective tax rate - driven by India, utilisation of previously unrecognised tax losses, and more favourable country earnings mix Note: (1) 2026 has been annualised; Revenue and costs are underlying 25% 76% 95% 8% 39% 61% 2023 2024 2025 2026 Indexed to 2023 = 0% Revenue Costs
Page 12
161.8 192.6 47.0 28.18.5 6.0 356.9 388.9 136.7 136.1 710.9 751.8 31 Dec 2025 30 Jun 2026 12 Increased funding position with a stable sourcing profile Strong funding pipeline of USD 305m in H2 2026 to support continued portfolio expansion 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 Oikocredit and Symbiotics; (4) Local deposits include security collateral and restricted security deposits; (5) Development banks comprise OPIC/DFC (2016), BIO (Since 2019), OeEB and FMO; (6) Comprised of term loans from banks and financial institutions at the subsidiary level; (7) Maturity profile includes debt and other borrowed fund and interest payable on third-party loans, & due to customers FUNDING MIX BREAKDOWN (USDm)(1) Equity Loans from dev. banks & foundations(5) Microfinance Loan Funds(2),(3) Local deposits(4) Loans from local bank and financial institutions(6) FUNDING MATURITY PROFILE (USDm)(7) LOANS BREAKDOWN (30 JUN 2026) Category % loans USDm Hedged / LCY loans 99.8% 422.1 Un-hedged loans 0.2% 1.0 Total 100% 423.1 Local funding increased by 6%, supporting growth and advancing the strategy to increase local funding Local deposits remained broadly stable – priority remains on fixed deposits growth Favorable maturity profile with term loan maturities exceeding typical client loan tenors (6 months) Minimal FX risk on liabilities, with 99.8% of borrowings either hedged or LCY 121.8 140.9 262.9 <3 months 3 - 12 months 1-5 years 359.4 62.7 1.0 Local Currency Hedged Foreign Currency Unhedged Foreign Currency
Page 13
Rob Keijsers Chief Executive Officer
Page 14
2026 top strategic priorities Significant progress made in H1 Capital Allocation 5 Deposits 4 Digital Transformation 2 Operational Excellence 3 Client Journey 1 New Country Expansion 6 MSME pilot in Uganda Further expansion of microinsurance offering CBS migration, launch of DFS and loan officer app in Tanzania Client app pilot programme in Ghana Mobilisation of deposits in MFB countries Deposit taking licence application process under way in Uganda Continued process improvement initiatives (e.g. cashless collections, meeting frequency) New capital allocation framework implemented Potential new markets identified and investigated – execution phase early 2027 14 d H1 2026 PROGRESS
Page 15
15 Digital transformation update Tanzania successfully migrated to CBS and DFS in March 2026 – Kenya planned for early 2027 Deposit mobilization to commence in Q4 2026, upon central bank approval Islamic banking module roll-out to implement Sharia banking Successful migration to Temenos CBS and loan officer app in October 2025 and client app planned to be rolled out in Q4 2026 Migration to the CBS, launch of DFS and loan officer app achieved in March 2026 Transformation roll-out ramped up ahead of early 2027 migration Tanzania Ghana Kenya 2024 2025 2026 PK Client % 2027 Nigeria Implementation activities have commenced 50% 12% 6%
Page 16
16 H1 2026 - Key highlights & outlook People Strategy Outlook Positive momentum into H2 2026, with resilient performance and continued client demand FY 2026 underlying net profit is expected to be in line with company compiled consensus of USD 70.2m Strengthening MSME value proposition and expanding microinsurance partnership Ongoing execution of the digital transformation agenda New market expansion India substantially wound down – voluntary surrender of NBFC – MFI license approved by RBI Geert Embrechts officially commenced his role as Group CFO on 1 February 2026 – joined the Board on 9 September 2026 New CEO appointed in Ghana, with interim CEOs in Uganda and Zambia. New CFO in the Philippines Financials Gross OLP rose YoY by 12% to USD 603.9m and PAR>30 increased to 2.4% at the end of June 2026 Reported net profit rose 70% to USD 45.6m in H1 26 - total equity grew to USD 192.6m Interim dividend declared of USD 0.069 per share (+43% YoY) maintaining the H1 payout ratio of 20% of underlying net profit
Page 17
17 Disclaimer 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.
Page 18
Appendix
Page 19
19 Summary income statement Notes: (1) Other operating expenses include depreciation and amortisation charges (USDm unless otherwise stated) H1 2025 H1 2026 YoY Change Interest and similar income 136.1 172.4 27% Interest and similar expense (24.8) (33.2) 34% Net interest income 111.3 139.2 25% Other operating income 6.7 16.7 150% Credit loss expense (3.2) (4.5) 42% Net operating income 114.8 151.4 32% Personnel expenses (38.3) (44.1) 15% Other operating expenses(1) (26.5) (40.0) 51% Total operating expenses (64.8) (84.2) 30% Exchange rate result (0.5) (0.7) 29% Loss on the net monetary position (1.8) - -100% Profit before tax 47.8 66.6 39% Net profit 26.8 45.6 70% Total comprehensive income/(loss) 43.5 39.9 -8% Cost-income ratio 56.4% 55.6% Net interest margin 39.6% 37.4% Return on average equity 49.3% 55.5%
Page 20
20 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 2025 30 Jun 2026 YTD Change Cash and cash equivalents 150.5 174.9 16% Loans to customers 574.4 587.0 2% Other assets 72.2 82.3 14% Total assets 797.1 844.3 6% Client deposits 136.7 136.1 -0.4% Interest-bearing debt 412.4 423.1 3% Other liabilities(1) 86.2 92.5 7% Total liabilities 635.3 651.6 3% Share capital and reserves 164.3 193.7 18% Non-controlling interest (2.4) (1.1) -55% Total equity 161.8 192.6 19% Off-book Business Correspondence (‘BC’) and Direct Assignment Gross loan portfolio 29.4 4.3 -85% Gross OLP 611.0 603.9 -1% Less ECL reserves on loans and advances plus FV adjustments on loans under FVTPL (9.2) (8.3) -10% OLP 601.8 595.7 -1% PAR>30 days 1.8% 2.4%