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FY 2026 Annual Results Presentation 3 September 2026
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We may make statements that are not historical facts and relate to analyses and other information based on forecasts of future results and estimates of amounts not yet determinable. These are forward looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “prospects”, “believe”, “anticipate”, “expect”, “intend”, “seek”, “will”, “plan”, “indicate”, “could”, “may ”, “endeavour” and “project” and similar expressions are intended to identify such forward looking statements but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. If one or more of these risks materialise, or should underlying assumptions prove incorrect, actual results may be very different from those anticipated. The factors that could cause our actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements are discussed in each year’s annual report. Forward looking statements apply only as of the date on which they are made, and we do not undertake, other than in terms of the Listings Requirements of the JSE Limited, any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. Any profit forecasts published in this report are unaudited and have not been reviewed or reported on by Aspen's external auditors.
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FY 2026 Performance Overview & Outlook » Building momentum and unlocking value Stephen Saad Group Chief Executive
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Delivering on all six core commercial objectives PERFORMANCE OVERVIEW & OUTLOOK4 * mRNA contract impact is R1.0bn of the R1.7bn. ^At H1 FY 2026 management set out to achieve positive FDF Sterile EBITDA by FY 2027, an incremental R1.7bn contribution. Commercial Pharma Momentum 13% growth in CER EBITDA » Building on 10% FY 2025 growth Sustain organic growth led by emerging markets Realisation of GLP-1 Investments SA growth powered by Mounjaro® » SSA to follow Commence GLP-1 global roll out » Two semaglutide dossiers registered in Canada » Emerging markets to follow – Brazil under review Manufacturing Growth Engine FDF Sterile Operations reshaped » Guided R1.7bn* EBITDA↑ FY 2026 & FY 2027 → Achieved R1.2bn in FY 2026 Raised growth guidance for FY 2027 by R0.5bn^ » Volume ↑ and cost ↓ » Primary driver of Group growth PRIORITY FY 2026 DELIVERY FY 2027 FOCUS
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Delivering on all six core commercial objectives | Continued PERFORMANCE OVERVIEW & OUTLOOK5 Portfolio Value Unlock APAC divested for c.R28bn at 11.5x EBITDA Respond to opportunities unlocking value from sum of parts Stronger Free Cash Flow R3.8bn Free Cash Flow generated » Net cash R0.8bn after R0.5bn share buyback Drive even stronger free cash flow » EBITDA ↑ Finance costs ↓ » Stable capital investment Significant Earnings Growth 28% growth in continuing operations CER NHEPS Substantial further growth in NHEPS (>50%) » >R9bn EBITDA (>17% growth) » Interest savings > R1.2bn PRIORITY FY 2026 DELIVERY FY 2027 FOCUS
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Operating leverage driven by realised efficiencies * EBITDA growth target off adjusted FY 2025 base to FY 2027 EBITDA contribution. 6 PERFORMANCE OVERVIEW & OUTLOOK Efficiency gains to raise Sterile FDF growth target Growth in Sterile FDF EBITDA guidance raised by R0.5bn* Commercial Pharma » Double digit EBITDA growth outpacing sales growth Manufacturing » EBITDA growth despite decline in revenue » Reshaped Sterile FDF → More than recovering R1bn EBITDA contract loss » Heparin - new streamlined manufacture process → Cost reduction and lower inventory levels » Sustainable benefits from restructuring processes » EBITDA and output to increase off a lower cost base → Further cost reductions as we disentangle APAC Revenue flat ~ NHEPS +28% FY 2027 FY 2026
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FY 2026 Financial Review Sean Capazorio Group Chief Financial Officer
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KEY TAKEAWAYS Realised efficiencies drive stronger growth in profitability and cash flow metrics ^ Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group's accounting policy. Normalised headline earnings per share is headline earnings per share adjusted for specific non-trading items as defined in the Group’s accounting policy.∑ ⱡ CER removes the currency effect on performance. The CER % change is based on FY 2025 figures that have been restated at FY 2026 exchange rates. 8 KEY TAKEAWAYS The Pyramid returns and we are focused on its retention! REVENUE 0% NEBITDA ^ +14% NHEPS ∑ +28% FCF >100% » Commercial Pharma is the primary organic growth engine » Manufacturing operational improvement » Operating leverage drives EBITDA^ and NHEPS∑ growth > revenue » Lower capex and working capital investment generated strong free cash » Strong balance sheet with a net cash position after share buybacks CER ⱡ GROWTH CONTINUING OPERATIONS
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Group Revenue ⱡ CER removes the currency effect on performance. The CER % change is based on FY 2025 figures that have been restated at FY 2026 exchange rates. 9 GROUP REVENUE Commercial Pharma organic growth offsets lower Manufacturing revenue % change R’million FY 2026 FY 2025 Reported CER ⱡ Commercial Pharma 25 405 24 752 3% 5% Prescription 9 069 9 658 -6% -3% Injectables 9 179 8 048 14% 16% OTC 7 157 7 046 2% 3% Manufacturing 9 465 10 584 -11% -10% Group Revenue 34 870 35 336 -1% 0% » Commercial Pharma +5% CERⱡ (+7% CERⱡ excluding China) → Prescription -3% CERⱡ • Unprofitable product discontinuations in China, part of business reshape → Injectables +16% CERⱡ • Mounjaro® momentum in South Africa → OTC +3% CERⱡ • Strong performance diluted by impact of Middle East conflict » Manufacturing -10% CERⱡ → Loss of mRNA contract in Sterile FDF CONTINUING OPERATIONS
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Commercial Pharma NEBITDA^ up 13% CERⱡ ^ Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group's accounting policy. ⱡ CER removes the currency effect on performance. .The CER % change is based on FY 2025 figures that have been restated at FY 2026 exchange rates ˺ EBITDA margins % 10 SEGMENTAL PERFORMANCE Sterile FDF | Initial reshape benefits of R1.2bn EBITDA^ more than offsetting FY 2025 R1bn mRNA contract loss Commercial Pharma Manufacturing Normalised EBITDA^ (R’million) Revenue (R’million) Normalised EBITDA^ (R’million) Revenue (R’million) 24 752 25 405 FY 2025 FY 2026 +3% +5% CERⱡ +13% CERⱡ -10% CERⱡ +21% CERⱡ 6 325 6 875 27.1%˺ 25.6%˺ FY 2025 FY 2026 +9% 10 584 9 465 FY 2025 FY 2026 -11% 647 828 8.7%˺ 6.1%˺ FY 2025 FY 2026 +28% CONTINUING OPERATIONS
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% change R'million FY 2026 % of revenue FY 2025 FY 2025 CERⱡ % of revenue CERⱡ Reported CERⱡ Revenue 34 870 100% 35 336 34 752 100% -1% 0% Gross profit~ 14 978 43.0% 14 832 14 462 41.6% 1% 4% Depreciation 1 381 4.0% 1 349 1 334 3.8% 2% 4% Operating expenses (8 656) 24.8% (9 209) (9 047) 26.0% -6% -4% Normalised EBITDA^ 7 703 22.1% 6 972 6 749 19.4% 10% 14% Normalised EBITDA^ +14% CERⱡ on flat revenue ` H2 2026 normalised EBITDA of R3 901 million compared to H2 2025 reported normalised EBITDA of R2 565 million.. ~ Gross profit is after deduction of depreciation. ^ Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group's accounting policy. ⱡ CER removes the currency effect on performance. The CER % change is based on FY 2025 figures that have been restated at FY 2026 exchange rates. 11 NORMALISED EBITDA H2 NEBITDA growth of +52% on H2 2025` » Increasing gross profit % → Augmented by Sterile FDF recovery → Stable Commercial Pharma CERⱡ GP % REVENUE NEBITDA ^ GROSS PROFIT ~ » Operating expenses down 4% CERⱡ → Benefited from the reshape » Strong operating leverage delivered as growth in EBITDA^ > growth in revenue and gross profit » ↑ EBITDA^ margins expected in FY 2027 CONTINUING OPERATIONS
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REVENUE NEBITDA^ NHEPS ∑ FCF Strong free cash flow of R3.8 billion generated ɸ E ∑ xcludes dividends paid of R0.9bn for H1 2026 and R1.6bn in H1 2025. ^ Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group's accounting policy. Normalised headline earnings per share is headline earnings per share adjusted for specific non-trading items as defined in the Group’s accounting policy. 12 FREE CASH FLOW Sustained growth in FY 2027 expected » Contributors → +14% NEBITDA^ growth → >100% operating cash conversion → Working capital ratio of 44% (47% FY 2025) → Lower net finance costs → Capital expenditure R2bn lower than FY 2025 → R0.8bn capex saving versus R3.8bn guidance • R0.4bn carryforward to FY 2027 TOTAL OPERATIONS Free cash flowɸ (R’million) FY 2025 5 159 166 (4 993) Cash from operations Free cash flowCapex 6 869 (3 030) 3 839 FY 2026FY 2024 6 225 (5 520) 705
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Aspen APAC Divestment – intrinsic value unlock 13 APAC DIVESTMENT Compelling multiple and moving Aspen into net cash » R28bn gross proceeds aided by effective hedging » Profit on sale of R2.4bn benefits EPS » Indicator of underlying asset values at 11.5x multiple Completed effective 31 May 2026 » Balance sheet materially strengthened » Enhanced flexibility for capital allocation opportunities » Net free cash flow loss impact of R0.6bn → Loss of APAC normalised headline earnings of R1.6bn° → Interest savings of circa R1.2bn* (R0.9bn after tax) → Capex saving R0.1bn Financial Effects ° FY 2025 CER normalised headline earnings per note G of results announcement. * FY 2026 financing costs per note F of results announcement.
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Net positive cash impact of earnings adjustments 14 ERARNINGS ADJUSTMENTS Restructuring related costs drive sustainable returns for FY 2026 and the future INTANGIBLE ASSET IMPAIRMENTS R2.3bn RESTRUCTURING COSTS R2.3bn » Sterile FDF EBITDA growth guidance raised by R0,5bn to R2.2bn PROFIT ON SALE OF APAC R2.4bn Increased discount rates » Intangible assets retain a valuation of >45% above carrying amount » Premium supported by sustainable organic growth in Commercial Pharma Sustainable efficiency benefits Sale of Aspen APAC No cash impact R1.4 billion cash impact Unlocked R28 billion Cash outflow cost of R1.4bn has been more than offset by cash benefit of APAC profit of R2.4bn
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NHEPSΣ progression FCF progression R’million 625 802 +28% FY27F Substantial double- digit growth (>50%) FY 2025 FY 2026 R166 R3 839 FY27F Stronger growth FY 2025 FY 2026 FY 2027 | Substantial NHEPS ∑ growth and stronger free cash flow ^ Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group's accounting policy. ⱡ CER removes the currency effect on performance. The CER % change is based on FY 2023 to FY 2025 figures that have been restated at FY 2026 exchange rates ∑ Normalised headline earnings per share is headline earnings per share adjusted for specific non-trading items as defined in the Group’s accounting policy. 15 FY 2027 GROWTH THESIS Operating efficiencies and lower financing costs VISIBLE EARNINGS AND FREE CASH -FLOW INFLECTION Ungeared balance sheet and operational efficiency projects targeted to drive substantial growth » Normalised CERⱡ EBITDA^ growth of >R1.3 bn → Sterile FDF Manufacturing the key driver → Commercial Pharma organic growth » Net interest savings of >R1.2bn » CERⱡ NHEPS∑ benefit of >R4.00 » Stronger Free Cash Flow → After losing APAC FCF of R0.6bn → EBITDA ↑ Finance costs ↓ → Stable capital investment Cents
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Continued progress toward our sustainability ambitions ESG * Performance as at 30 June 2026, subject to final assurance. ^ Achieved FY 2025, expected to maintain for FY 2026 subject to verification. # Calculated using Aspen-defined methodology, subject to final validation and assurance. 16 PATIENTS >165 million# patients reached in emerging markets with our critical and essential medicines » Advanced technical transfer of Aspen-branded vaccines and contract manufacture of insulin » Progressed our branded and generic GLP-1 strategy » Concluded voluntary licensing agreement with MSD for Alimatravir (oral HIV prevention medicine) OUR PEOPLE 32%* women in top leadership positions, increasing from 19% at FY 2020 » Successful implementation of workplace- based programme for people with disabilities in South Africa » Completed UNGC Women Empowerment Principles gender gap analysis at two EU based facilities » Zero occupational fatalities SOCIETY Achieved* Group ethics and compliance programme targets for FY 2026 » Advanced our Responsible Supply Chain Programme with over 2 000 suppliers screened » Launched a bespoke Aspen ethical leadership training programme » Maintained B-BBEE level 4 ^ ENVIRONMENT 34%* reduction in combined Scope 1 & Scope 2 carbon emissions from FY 2020 baseline » Increased renewable energy usage to 26% (PY: 19%) » Developed a water stewardship plan at our facility in Cape Town » Concluded a decarbonisation roadmap project at Gqeberha in partnership with the IFC
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FY 2026 Performance Overview & Outlook » Commercial Pharma » Manufacturing » Guidance » Capital Allocation Stephen Saad Group Chief Executive
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Commercial Pharma: FY 2026 performance & FY 2027 outlook 18 PERFORMANCE OVERVIEW & OUTLOOK 13% EBITDA growth, retaining momentum from FY 2025 Stronger ZAR diluted reported performance » Organic growth engine driven by emerging markets » Reshaped China positively impacted EBITDA → Product discontinuations adversely impacted sales → Sales down R0.3bn, further R0.3bn decline in FY 2027 • EBITDA not unfavourably impacted Revenue growth ex China +7% » Growth led by South Africa and Brazil → SA driven by Mounjaro® → Middle East negatively impacted by regional conflict FY 2027 outlook » Mid-single-digit CER revenue and EBITDA growth → Base organic growth → GLP-1 momentum to be additive
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Mounjaro® – The leading brand in fast-growing South African GLP-1 market 19 PERFORMANCE OVERVIEW & OUTLOOK Market growth ~ 92% Market value ~ R2.8bn Mounjaro® ~ 53% share Reference: IQVIA TPM MAT June 2026 Mounjaro® demand has surged » Exponential demand for Mounjaro® drives Private Market → Private Market growth at 5.2% → 40% of this growth driven by the GLP-1 class R1.5bn R2.8bn 15% 53% Mounjaro® market share
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GLP-1 Semaglutide generic » Canada dossier approved – commercialisation dependant on API supply → Second Canada dossier recently approved » Emerging markets submissions and approvals in progress → Brazil advancing » Potential for FY 2027 contribution 20 PERFORMANCE OVERVIEW & OUTLOOK GLP-1s driving growth and opportunities GLP-1 Mounjaro® » Continued momentum in South Africa » Target to achieve >R2bn sales in FY 2027 » Kenya and Nigeria submissions already lodged → Potential for FY 2027 contribution
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ⱡ CER removes the currency effect on performance. The CER % change is based on FY 2023 to FY 2025 figures that have been restated at FY 2026 exchange rates. * Global ARV tender and post-transaction APAC sales. 21 PERFORMANCE OVERVIEW & OUTLOOK Manufacturing: FY 2026 performance EBITDA growth despite lower sales, leverage driven by efficiency projects FY 2026 performance NET SALES R'million Net Sales FY 2026 Net Sales FY 2025 CERⱡ API 4 406 4 681 Heparin 1 431 1 328 FDF Steriles 2 394 3 739 FDF Other 1 234 769 FDF 806 648 Institutional* 428 121 Grand Total 9 465 10 517 » EBITDA growth despite 10% sales decline → Over R1bn swing in H2 EBITDA from H2 2025 » Sterile FDF impacted by lost contract in FY 2025 → Successfully reshaped for positive EBITDA in FY 2027 → Commercialisation of insulin contract in South Africa » FDF Other - increased sales with limited profitability CONTINUING OPERATIONS
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Heparin – EBITDA neutral off lower sales base Manufacturing outlook FY 2027: Gathering momentum * Human Chorionic Gonadotropin. 22 PERFORMANCE OVERVIEW & OUTLOOK FDF Other – Sales to double » Negligible profitability » Driven by APAC post-transition sales Manufacturing EBITDA now targeted to achieve more than double that of FY 2026 Sterile FDF – driving Manufacturing growth » Forecast revenue growth >50% » Revenue to pre-contract loss levels → Off lower cost base » FY 2027 growth guidance raised → R0.5bn to R1.0bn APIs return to growth » Driven by improved supply of hCG* » New product launches » Price decreases to impact sales » EBITDA shielded → Lower sourcing costs → New process savings
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Sterile market opportunities have increased despite an unpredictable tariff environment » Sterile FDF – forecast revenue growth of >50% for FY 2027 → Significant driver of profitability • Limited incremental costs off a lower fixed cost base • Leverage adds to bottom line growth Manufacturing opportunities and growth drivers Hexavalent / Pneumococcal Conjugate Vaccine ^ World Health Organisation pre-qualification 23 PERFORMANCE OVERVIEW & OUTLOOK Sterile FDF to be primary driver of increase in Group profitability » Future sterile opportunities include inter alia → Paediatric vaccine registrations • Hexa / PCV * • WHO PQ^ needed – inspection completed • Registration anticipated in CY 2027 → Other sterile opportunities under discussion could sustain momentum » Revenue growth in both SA and France → Material volume increases across both sites • Including portfolio expansion and base volume increases • Ramp up of insulin manufacturing
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Positive progress on ARVs Manufacturing opportunities and growth drivers | Continued 24 PERFORMANCE OVERVIEW & OUTLOOK Sustaining our presence in ARVs » Triple dose ARV → Tentative FDA approval / WHO prequalification achieved → Access broader African volumes and donor funding » License agreement with MSD for Alimatravir → Once monthly oral HIV prevention tablet → Innovative new dosing approach for fight against HIV → Currently being evaluated in Phase III clinical trials
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Guidance - Sustaining organic growth momentum * R9bn EBITDA target is derived from FY 2025 R9.6bn EBITDA less R3.6bn (divestment and mRNA contract loss) plus R1.7bn EBITDA achieved in FY 2026. This results in at least R1.3bn EBITDA growth to be achieved in FY 2027. 25 GUIDANCE Targeting at least 50% growth off adjusted FY 2025 EBITDA base R’billion EBITDA FY 2025 9.6 Adjustment to FY 2025 Base (3.6) Achieved FY 2026 1.7 Target FY 2027 >1.3 R28bn APAC Divestment + mRNA contract loss – -R3.6bn +R1.7bn EBITDA increase FY 2026 +R1.3bn to achieve R9bn EBITDA Adjusted Base R6bn Sustain momentum of FY 2026 into FY 2027 Targeting EBITDA > R9bn* » Sterile FDF to lead CER growth → Driven by operating leverage » Supported by API growth → New products » Commercial Pharma base sales growth → Global GLP-1 roll out to contribute FY 25 R9.6bn Commercial Pharma organic growth → GLP-1 roll out Sterile FDF Manufacturing momentum Leverage from efficiencies
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26 GUIDANCE Financial guidance Group – FY 2027 targets » Normalised CER EBITDA to grow to at least R9bn (> 17% ) → Manufacturing: More than double FY 2026 EBITDA • Sterile FDF to achieve positive EBITDA → Commercial Pharma: Mid-single-digit revenue and EBITDA growth • Commencement of GLP-1s to be additive » Substantial CER growth in NHEPS » Stronger free cash flow » Disciplined capital allocation to include share buyback opportunities » Normalised effective tax rate between 24% and 25% » Currency to impact reported results
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3. Shareholder value accretion2. Capital discipline unchanged1. Stronger balance sheet Capital allocation driven by balance sheet flexibility *Share repurchases remain subject to the approved mandate, applicable approvals, market conditions and capital requirements. 27 GUIDANCE Stronger balance sheet, continued capital discipline and buybacks preferred Flexibility » Net cash position » Balance sheet strength enhances flexibility Invested capital focus » Capex to trend toward D&A levels » Sustained working capital focus » Prioritise FCF and returns » Bolt-on opportunities → No large-scale acquisitions Buybacks preferred » Focus on organic growth » Retain dividend payout ratio » Assess sum of parts to unlock value » Buybacks a preferred use of capital → While value arbitrage persists Invest in the business Maintain dividend policy Share buybacks preferred for shareholder returns*Evaluate value unlock
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APPENDIX 1 | ESG APPENDIX 2 | ESG – Access to medicines APPENDIX 3 | ESG – Our Sustainability Strategy APPENDIX 4 | Abridged statement of normalised comprehensive income – Continuing Operations APPENDIX 5 | Abridged statement of normalised comprehensive income – Total Operations APPENDIX 6 | Financial Highlights – Continuing Operations APPENDIX 7 | Reconciliation of reported to normalised EBITDA – Continuing Operations APPENDIX 8 | Reconciliation of reported NHEPS – Continuing Operations APPENDIX 9 | Currency mix – Continuing Operations APPENDIX 10 | Commercial pharma revenue | Regions – Continuing Operations APPENDIX 11 | Injectables revenue – Continuing Operations APPENDIX 12 | Prescription revenue – Continuing Operations APPENDIX 13 | OTC revenue – Continuing Operations APPENDIX 14 | Gross Profit % – Continuing Operations APPENDIX 15 | Commercial Pharma EBITDA – Continuing Operations APPENDIX 16 | Manufacturing revenue – Continuing Operations APPENDIX 17 | Manufacturing EBITDA – Continuing Operations APPENDIX 18 | Normalised headline earnings bridge – Continuing Operations APPENDIX 19 | Operating cash flow and working capital APPENDIX 20 | Working capital bridge APPENDIX 21 | Net working capital APPENDIX 22 | Operating cash flow – Total Operations APPENDIX 23 | Net Finance costs – Continuing Operations APPENDIX 24 | Effective Tax Rate APPENDIX 25 | Capital Expenditure APPENDIX 26 | Net Cash / (Borrowings) excluding lease liabilities Appendices
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Our approach to sustainability and ESG APPENDIX 1 | ESG29 Constituent of FTSE4Good Index and Top 30 FTSE/JSE Responsible Investment Index since 2016 Mandatory ESG KPIs Aligned to our sustainability commitments and goals included in business unit scorecards and LTI UN Global Compact participant since 2013 B level (Management) Recognition in our CDP Climate Change and CDP Water Disclosures 2025
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First generic company accredited by the FDA for the PEPFAR Fund. USA President’s Emergency plan for AIDS relief. First FDA Generic ARV Manufactured both 1st and 2nd line TB treatments. MDR TB Introduced triple combination treatment of HIV pill. Over 1 million HIV/ AIDS patients reached in Africa Manufactured Covid-19 vaccine for Johnson & Johnson. First Covid-19 vaccine manufactured in Africa. Dexamethasone and anaesthetics for the world. 225 million Covid doses for Africa Opportunity to manufacture pediatric vaccines for Africa. Now supported by the African Vaccine Manufacturing Accelerator (AVMA) US$1bn funding available to African manufacturers to support sustainable vaccine manufacturing in Africa. Gavi vaccines Secured CMO contract to manufacture human insulins at Aspen’s site in South Africa. Commericalisation commenced in FY2026. Insulins Strategic licensing partnerships and acquisitions enhancing product portfolio & pipeline opportunities in key emerging market territories – South Africa, Latam and China. Voluntary licensing agreement with MSD for alimatravir (oral HIV prevention medicine) Portfolio expansion Leading GLP-1 provider to patients in South Africa. Received regulatory approval from Health Canada for Aspen- Semaglutide, a generic semaglutide injectable. GLP-1s Our milestone achievements in providing access to medicine with purpose APPENDIX 2 | ESG - ACCESS TO MEDICINES * Patients reached is calculated according to an Aspen-defined methodology. Full definition will be included in the Integrated Report. 30 2005 2018 2007 2021 2022 2023 2024/26 2026/27 >200 million patients reached* with our critical and essential medicines in 2026 206 medicines on the WHO Essential Medicines List Patients in 60 low- and middle-income countries treated with our medicines 115 new products launched, 98 in Africa, in 2026 Strategic licensing partnerships and acquisitions enhancing product portfolio & pipeline opportunities in key emerging market territories – South Africa, Latam and China. Voluntary licensing agreement with MSD for alimatravir (oral HIV prevention medicine) Opportunity to manufacture pediatric vaccines for Africa. Now supported by the African Vaccine Manufacturing Accelerator (AVMA) US$1bn funding available to African manufacturers to support sustainable vaccine manufacturing in Africa.
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31 APPENDIX 3 | ESG - OUR SUSTAINABILITY STRATEGY 16 sustainability goals for meaningful impact Contribute towards sustainable and healthy communities Procure responsibly and ensure ethical and responsible conduct in our supply chain Maintain high governance and ethical standards. Make a meaningful impact toward socio- economic value creation whilst contributing toward black economic empowerment in South Africa Apply a life cycle approach to resource use and waste management. Reduce our carbon emissions in alignment with the goals of the Paris Agreement. Responsibly manage our site discharges. Exercise responsible water stewardship and pursue water neutrality in operations located in high water stress areas. Achieve supply of safe products for patients. Ensure the safety and wellbeing of our employees. Improve the health and quality of life of millions of people each year by increasing access to our portfolio of affordable, quality medicines. Achieve diversity and inclusivity in our workforce. Attract and retain a thriving, talented workforce. Contribute towards health security for Africa through enhancing manufacturing and commercialisation capability and capacity on the continent. Partner with relevant stakeholders to strengthen healthcare systems and enhance broad access to essential medicines by vulnerable populations. Fair and equitable compensation for our employees. PATIENTS SOCIETY ENVIRONMENT Healthier populations Inspiring culture Thriving communities Restored planet OUR PEOPLE
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Abridged statement of normalised comprehensive income APPENDIX 4 | ABRIDGED STATEMENT OF NORMALISED COMPREHENSIVE INCOME ⱡ CER removes the currency effect on performance. The CER % change is based on FY 2025 figures that have been restated at FY 2026 exchange rates. ^ Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group's accounting policy. 32 R'million FY 2026 FY 2025 % change FY 2025 (CERⱡ) % change (CERⱡ) Net revenue 34 870 35 336 -1% 34 752 0% Cost of sales (19 892) (20 504) -3% (20 290) -2% Gross profit 14 978 14 832 1% 14 462 4% Gross profit margin 43.0% 42.0% 2% 41.6% 3% Operating expenses (8 656) (9 209) -6% (9 047) -4% Depreciation 1 381 1 349 2% 1 334 4% Normalised EBITDA^ 7 703 6 972 10% 6 749 14% EBITDA margin 22.1% 19.7% 12% 19.4% 14% Depreciation (1 381) (1 349) 2% (1 334) 4% Amortisation (536) (473) 13% (471) 14% Operating profit 5 786 5 150 12% 4 944 17% Net financing costs (1 115) (1 357) -18% (1 350) -17% Profit before tax 4 671 3 793 23% 3 594 30% Tax (1 111) (866) 28% (821) 35% Profit after tax 3 560 2 927 22% 2 773 28% NHEPS (cents) 802 659 22% 625 28% Normalised effective tax rate 23.8% 22.8% 22.8% CONTINUING OPERATIONS
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Abridged statement of normalised comprehensive income APPENDIX 5 | ABRIDGED STATEMENT OF NORMALISED COMPREHENSIVE INCOME ⱡ CER removes the currency effect on performance. The CER % change is based on FY 2025 figures that have been restated at FY 2026 exchange rates. ^ Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group's accounting policy. 33 R'million FY 2026 FY 2025 % change FY 2025 (CERⱡ) % change (CERⱡ) Net revenue 42 119 43 363 -3% 42 498 -1% Cost of sales (23 224) (24 234) -4% (23 994) -3% Gross profit 18 895 19 129 -1% 18 554 2% Gross profit margin 44.9% 44.1% 2% 43.7% 3% Operating expenses (10 225) (10 992) -7% (10 779) -5% Depreciation 1 480 1 454 2% 1 436 3% Normalised EBITDA^ 10 150 9 591 6% 9 211 10% EBITDA margin 24.1% 22.1% 9% 21.7% 11% Depreciation (1 480) (1 454) 2% (1 436) 3% Amortisation (751) (635) 18% (631) 19% Operating profit 7 919 7 502 6% 7 144 11% Net financing costs (1 305) (1 494) -13% (1 483) -12% Profit before tax 6 614 6 008 10% 5 661 17% Tax (1 457) (1 320) 11% (1 245) 17% Profit after tax 5 157 4 688 10% 4 416 17% NHEPS (cents) 1 161 1 056 10% 995 17% Normalised effective tax rate 22.0% 22.0% 22.0% TOTAL OPERATIONS
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Operating efficiencies lever double-digit EBITDA^ and earnings growth APPENDIX 6 | FINANCIAL HIGHLIGHTS34 Revenue (R'million) 0% CERⱡ +14% CERⱡ +28% CERⱡ Normalised EBITDA ^ (R'million) 659 802 FY 2025 FY 2026 +22% 35 336 34 870 FY 2025 FY 2026 -1% FY 2025 FY 2026 6 972 7 703 +10% Normalised HEPS∑ (Cents) ^ Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group's accounting policy. ⱡ CER removes the currency effect on performance. The CER % change is based on FY 2025 figures that have been restated at FY 2026 exchange rates. ∑ Normalised headline earnings per share (NHEPS) is headline earnings per share( HEPS) adjusted for specific non-trading items as defined in the Group’s accounting policy. 6 749 CERⱡ 625 CERⱡ 34 752 CERⱡ REVENUE NEBITDA ^ NHEPS∑ CONTINUING OPERATIONS
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Reconciliation of reported to normalised EBITDA APPENDIX 7 | RECONCILIATION OF REPORTED TO NORMALISED EBITDA ⱡ CER removes the currency effect on performance. The CER % change is based on FY 2025 figures that have been restated at FY 2026 exchange rates. ^ Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group's accounting policy. 35 CONTINUING OPERATIONS R'million FY 2026 FY 2025 % change FY 2025 (CERⱡ) % change (CERⱡ) Net revenue 34 870 35 336 -1% 34 752 0% Cost of sales (19 892) (20 504) -3% (20 290) -2% Gross profit 14 978 14 832 1% 14 462 4% Operating expenses (8 656) (9 209) -6% (9 047) -4% Other operating expenses (6 017) (7 506) -20% (7 461) -19% Other operating income 458 1 093 -58% 1 090 -58% Operating profit 763 (790) >100% (956) >100% Depreciation 1 381 1 349 2% 1 334 4% Amortisation 536 473 13% 471 14% EBITDA 2 680 1 032 >100% 849 >100% Net impairment of tangible and intangible assets 2 489 4 694 -47% 4 685 -47% Transaction costs 328 412 -20% 405 -19% Restructuring costs 2 315 837 >100% 815 >100% Insurance compensation on assets (35) (25) 40% (25) 40% Product litigation 19 2 >100% 2 >100% (Profit)/loss on sale of tangible and intangible assets (3) 20 >100% 18 >100% Reversal of deferred consideration no longer payable (90) - >100% - >100% Normalised EBITDA^ 7 703 6 972 10% 6 749 14%
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Reconciliation of reported NHEPS APPENDIX 8 | RECONCILIATION OF REPORTED NHEPS ⱡ CER removes the currency effect on performance. The CER % change is based on FY 2025 figures that have been restated at FY 2026 exchange rates. 36 CONTINUING OPERATIONS R'million FY 2026 FY 2025 % change FY 2025 (CERⱡ) % change (CERⱡ) Basic earnings per share (EPS) (200) (614) 67% (640) 69% Impairment of property, plant and equipment 34 99 -66% 98 -65% Impairment of intangible assets 582 1 119 -48% 1 117 -48% Impairment of right-of-use assets - 12 -100% 12 -100% Impairment of goodwill 1 - >100% - >100% Reversal of impairment of intangible assets (63) (217) -71% (216) -71% Reversal of impairment of property, plant and equipment (6) - >100% - >100% Insurance compensation on assets (6) (4) 37% (4) 37% (Profit)/loss on sale of tangible and intangible assets (1) 3 >100% 3 >100% Headline earnings per share (HEPS) 343 398 -14% 370 -7% Restructuring costs 387 159 >100% 154 >100% Transactions costs 88 102 -14% 101 -13% Product litigation costs 4 1 >100% 1 >100% Reversal of deferred consideration no longer payable (20) - >100% - >100% Normalised HEPS 802 659 22% 625 28%
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Currency mix ^ Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group's accounting policy. 37 APPENDIX 9 | CURRENCY MIX Stronger ZAR diluted reported performance CONTINUING OPERATIONS FY 2026 FY 2025 FY 2026 FY 2025 Currency contribution Revenue Normalised EBITDA^ Revenue Normalised EBITDA^ Average rate Average rate EUR 32% 4% 36% 6% 19.72 19.76 ZAR 26% 8% 23% 5% CNY 8% 18% 9% 25% 2.42 2.52 USD 5% 4% 5% -5% 16.91 18.16 MXN 5% 12% 5% 13% 0.94 0.92 BRL 5% 15% 5% 13% 3.18 3.18
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Commercial Pharma ⱡ CER removes the currency effect on performance. The CER % change is based on FY 2025 figures that have been restated at FY 2026 exchange rates. 38 APPENDIX 10 | COMMERCIAL PHARMA REVENUE | REGIONS +5% CERⱡ revenue growth - upside driven by South Africa, diluted by China product discontinuations % change R’million FY 2026 FY 2025 Reported CERⱡ Africa Middle East 11 061 10 071 10% 12% Americas 6 774 6 826 -1% 3% Europe CIS 4 793 4 700 2% 2% China 2 777 3 155 -12% -8% Total Commercial Pharma 25 405 24 752 3% 5% » Africa Middle +12% CERⱡ → Exponential growth of Mounjaro® in South Africa → Middle East adversely affected by geopolitical conflict » Unprofitable product discontinuations in China, part of business reshape CONTINUING OPERATIONS
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Injectables revenue ⱡ CER removes the currency effect on performance. The CER % change is based on FY 2025 figures that have been restated at FY 2026 exchange rates. 39 APPENDIX 11 | INJECTABLES REVENUE Primary growth driver being GLP-1s in South Africa % change R’million FY 2026 FY 2025 Reported CERⱡ Africa Middle East 3 101 1 771 75% 78% China 2 333 2 410 -3% 1% Americas 2 102 2 177 -3% -2% Europe CIS 1 643 1 690 -3% -3% Injectables 9 179 8 048 14% 16% CONTINUING OPERATIONS
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Prescription revenue ⱡ CER removes the currency effect on performance. The CER % change is based on FY 2025 figures that have been restated at FY 2026 exchange rates. 40 APPENDIX 12 | PRESCRIPTION REVENUE % change R’million FY 2026 FY 2025 Reported CERⱡ Africa Middle East 4 451 4 568 -3% -1% Americas 3 196 3 320 -4% 2% Europe CIS 1 000 1 043 -4% -4% China 422 727 -42% -40% Prescription 9 069 9 658 -6% -3% Unprofitable product discontinuations in China negatively impacted segment performance CONTINUING OPERATIONS
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OTC revenue ⱡ CER removes the currency effect on performance. The CER % change is based on FY 2025 figures that have been restated at FY 2026 exchange rates. 41 APPENDIX 13 | OTC REVENUE Middle East conflict dilutes growth % change R’million FY 2026 FY 2025 Reported CERⱡ Africa Middle East 3 509 3 732 -6% -4% Europe CIS 2 150 1 967 9% 9% Americas 1 476 1 329 11% 13% China 22 18 22% 29% OTC 7 157 7 046 2% 3% CONTINUING OPERATIONS
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CERⱡ Gross Profit % 42 APPENDIX 14 | GROSS PROFIT % Stable Commercial Pharma GP% ⱡ CER removes the currency effect on performance. The CER % change is based on FY 2025 figures that have been restated at FY 2026 exchange rates. Prescription » Impacted by regional sales mix OTC » Consistent trend continues Injectables » Benefits of reshaping China following adverse impact in FY 2025 Commercial Pharma » Stable gross profit margin in line with guidance FY 2025 H1 2026 H2 2026 FY 2026 61.7% 60.0% 58.0% 59.0% FY 2025 H1 2026 H2 2026 FY 2026 59.5% 60.4% 59.3% 59.8% FY 2025 H1 2026 H2 2026 FY 2026 51.3% 55.9% 54.0% 54.9% FY 2025 H1 2026 H2 2026 FY 2026 57.7% 58.7% 56.9% 57.8% CONTINUING OPERATIONS
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Commercial Pharma ⱡ CER removes the currency effect on performance. The CER % change is based on FY 2025 figures that have been restated at FY 2026 exchange rates. ~ Gross profit is after deduction of depreciation. ^ Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group's accounting policy. 43 APPENDIX 15 | COMMERCIAL PHARMA EBITDA Double-digit NEBITDA^ growth supported by efficiency gains CONTINUING OPERATIONS % change R'million FY 2026 % of revenue FY 2025 Reported FY 2025 CERⱡ % of revenue CERⱡ Reported CERⱡ Revenue 25 405 100% 24 752 24 235 100% 3% 5% Gross profit~ 14 679 58% 14 387 13 980 58% 2% 5% Group profit % 57.8% 58.1% 57.7% Depreciation 241 1% 247 243 1% -2% -1% Operating expenses (8 045) 32% (8 309) (8 157) 34% -3% -1% Normalised EBITDA^ 6 875 27% 6 325 6 066 25% 9% 13% Normalised EBITDA margin % 27.1% 25.6% 25.0%
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Manufacturing ⱡ CER removes the currency effect on performance. The CER % change is based on FY 2025 figures that have been restated at FY 2026 exchange rates. 44 APPENDIX 16 | MANUFACTURING REVENUE Lower revenue from mainly due to mRNA contract loss % change R’million FY 2026 FY 2025 Reported CERⱡ API 4 406 4 718 -7% -6% FDF 3 628 4 536 -20% -20% Heparin 1 431 1 330 8% 8% Manufacturing 9 465 10 584 -11% -10% CONTINUING OPERATIONS
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Manufacturing NEBITDA^ ⱡ CER removes the currency effect on performance. The CER % change is based on FY 2025 figures that have been restated at FY 2026 exchange rates. ^ Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group's accounting policy. ~ Gross profit is after deduction of depreciation. 45 APPENDIX 17 | MANUFACTURING EBITDA FY 2026 benefits from Sterile FDF reshape in France and South Africa % change R'million FY 2026 % of revenue FY 2025 Reported FY 2025 CERⱡ % of revenue CERⱡ Reported CERⱡ Revenue 9 465 100% 10 584 10 517 100% -11% -10% Gross profit ~ 299 3% 445 482 5% -33% -38% Group profit % 3.2% 4.2% 4.6% Depreciation 1 140 12% 1 102 1 091 10% 3% 4% Operating expenses (611) 6% (900) (890) 9% -32% -31% Normalised EBITDA^ 828 9% 647 683 7% 28% 21% Normalised EBITDA margin % 8.7% 6.1% 6.5% CONTINUING OPERATIONS
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Normalised headline earnings bridge ⱡ CER removes the currency effect on performance. The CER % change is based on FY 2025 figures that have been restated at FY 2026 exchange rates. ^ Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group's accounting policy. 46 APPENDIX 18 | NORMALISED HEADLINE EARNINGS BRIDGE 28% CERⱡ growth from NEBITDA^ and lower net financing costs 2 927 2 773 3 560 954 225 FY 2025 Reported (154) Fx impact FY 2025 CERⱡ Normalised EBITDA^ (47) Depreciation (65) Amortisation 10 Net interest Forex (290) Tax FY 2026 Reported +28% CONTINUING OPERATIONS
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Operating cash flow and working capital * Operating cash conversion rate = operating cash flow per share/ HEPS. ^ Net working capital % of revenue based on reported rates and not CER 47 APPENDIX 19 | OPERATING CASH FLOW AND WORKING CAPITAL Strong operating cash flow supported by lower working capital ratio 103% 63% 147% 193% 245% 0% 50% 100% 150% 200% 250% FY 2024 H1 2025 FY 2025 H1 2026 FY 2026 Operating cash conversion rate* 12 month moving average cash conversion rate 45% 47% 45% 44% 35% 38% 37% 37% FY 2024 FY 2025 H1 2026 FY 2026 Total Excluding API Net working capital % of revenue^Operating cash conversion cycle
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Working Capital Bridge 48 APPENDIX 20 | WORKING CAPITAL BRIDGE Working capital has reset lower post the APAC divestment and efficiency projects 20 495 FY 2025 Reported 1 145 Inventory (489) Net Receivables (416) Net payables (2 243) Disposal of APAC (1 865) Inventory related impairments^ (1 348) Other Non-cash 15 279 FY 2026 Cash outflow -R240m ^ Includes restructuring costs of R923 million.
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Net working capital breakdown APPENDIX 21 | NET WORKING CAPITAL49 R'million FY 2026 FY 2025 Inventory 13 990 18 009 Receivables and Other current assets 10 788 13 339 Less: (129) (178) Derivatives (1) (15) Other current receivables (128) (163) Trade and other payables (9 370) (10 675) Net working capital 15 279 20 495
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Operating cash flow * Operating cash conversion rate = operating cash flow per share/ HEPS. 50 APPENDIX 22 | OPERATING CASH FLOW Reduction in working capital investment of R1.4bn enhances operating cash flow R'million FY 2026 FY 2025 % Change Cash operating profit 9 282 10 064 -8% Changes in working capital (240) (1 603) -85% Cash generated from operations 9 042 8 461 7% Net finance costs paid (1 263) (1 545) -18% Tax paid (910) (1 757) -48% Cash generated from operating activities 6 869 5 159 33% Operating cash flow per share (cents) 1 547 1 162 33% Operating cash conversion rate* 245% 147% » Strong growth in operating cash flow → Contribution from APAC included → Improved working capital ratio → Lower net finance costs and cash tax paid in FY 2026 TOTAL OPERATIONS
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Net financing costs * Excluding amortisation of capital raising fees. ^^ Normalised net financing costs are net finance costs adjusted for specific non-trading items as defined in the Group's accounting policy. 51 APPENDIX 23 | NET FINANCING COSTS Lower H2 debt and exchange gains reduces FY 2026 finance costs R'million FY 2026 H2 2026 H1 2026 FY 2025 Net interest paid 1 145 434 711 1 154 Effective interest rate for the period* 4.5% 4.5% 4.4% 4.9% Foreign exchange (gains)/losses (30) (9) (21) 203 Normalised net financing costs^^ 1 115 425 690 1 357 Capital raising fees released 66 31 35 61 Reported net financing costs 1 181 456 725 1 418 CONTINUING OPERATIONS
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Tax rate *Effective interest rate on normalised profit before tax 52 APPENDIX 24 | EFFECTIVE TAX RATE Increase in effective tax rate driven by regional mix post APAC divestment 15.8% 22.8% 23.8% 17.7% 22.0% 22.0% FY 2024 FY 2025 FY 2026 Group normalised effective tax rate* Continuing Total operations » FY 2027 tax rate guided to be in the range of 24 to 25% » Mix shift to higher tax jurisdictions » Manufacturing EBITDA growth
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2 451 2 542 889 2 141 3 030 1 000 3 400 2 400 4 993 2 200 1 917 1 822 FY 2025 FY 2026 FY 2027 Capital expenditure *Depreciation and amortisation including APAC 53 APPENDIX 25 | CAPITAL EXPENDITURE Reduction of R2 billion from FY 2025 » R0.8bn FY 2026 capex saving versus R3.8bn guidance → R0.4bn carryforward to FY 2027 » Higher FY 2027 capex of R3.4bn expected » Capex vs depreciation/amortisation gap → FY 2026 R0.8bn vs R2.9bn in FY 2025 • Improvement of R2.1bn in FCF → FY 2027 R1.2bn elevated by APAC loss of R0.3bn and carryforward IP* PPEDepreciation & Amortisation APAC 2 089* 2 231* 1 200 799 2 904 Capex vs dep/amort gap
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Net cash/debt bridge *Excludes lease liabilities ^Inventory funding loan owing by Aspen Oss to MSD 54 APPENDIX 26 | NET CASH / (BORROWINGS) EXCLUDING LEASE LIABILITIES APAC divestment and strong cash conversion key to R0.8 billion net cash 29 210 1 487^ 30 697 FY 2025 (6 869) Cash flows from operating activities 3 030 PPE and IP spend (27 523) APAC disposal (1 976) Forex impact 941 Dividends 475 Share buy back 419 Other (806)* FY 2026 * Free Cash Flow R3 839m