Annual financial statement
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Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 1 ASPEN PHARMACARE HOLDINGS LIMITED AND ITS SUBSIDIARIES (Incorporated in the Republic of South Africa) Registration number: 1985/002935/06 JSE share code: APN ISIN: ZAE000066692 LEI: 635400ZYSN1IRD5QWQ94 (“Aspen” or “the Group” or “the Company”) Reviewed condensed Group financial results for the year ended 30 June 2026 and cash dividend declaration COMMENTARY The Group delivered on its core strategic priorities for the financial year ended 30 June 2026 (“FY 2026”). These were communicated to its stakeholders at the interim results presentation held on 4 March 2026. The Group’s operational performance was aligned to published guidance underpinned by the continued strong momentum in Commercial Pharmaceuticals, which was the principal driver of growth in FY 2026. To achieve full-year normalised EBITDA guidance from continuing operations required second-half growth (“H2 2026”) of 52% over the prior year comparable period 1. The strong H2 2026 EBITDA delivery ensured that the Group achieved 28% growth in FY 2026 normalised headline earnings per share (“NHEPS”) from continuing operations in constant exchange rate (“CER”), materially reversing a decline in H1 2026 NHEPS of 24%. Reported performance was diluted by the strength of the ZAR against most of Aspen’s major trading currencies during the year. The reshaping of the sterile finished dose form (“FDF”) manufacturing facilities in France and South Africa is nearing completion with the initial benefits of operational improvements materialising in H2 2026. Both facilities are well positioned to be the primary drivers of Group EBITDA growth in FY 2027. The divestment of the Aspen APAC business (“APAC Divestment”) for gross proceeds of R28 billion was a tangible demonstration of the Group unlocking the intrinsic value in the sum of its parts. This, together with stronger free cash flow generation, meant Aspen concluded FY 2026 with a substantially strengthened balance sheet, ending the year with net cash of circa R0,8 billion after investment in share buybacks of R0,5 billion. Highlights for the FY 2026 reporting period are set out below (unless otherwise stated, all commentary refers to CER performance from continuing operations only): • Operating leverage realised from efficiency projects resulted in 14% growth in normalised Group EBITDA off a flat revenue base; • Commercial Pharmaceuticals, Aspen’s largest business segment, delivered 5% revenue growth and stronger normalised EBITDA growth of 13%; • Manufacturing achieved a normalised EBITDA of R828 million ending 21% ahead of FY 2025; • Regulatory approval was received from Health Canada for Aspen’s generic semaglutide injectable in that country with commercialisation timing dependent on the availability of active pharmaceutical ingredient supply from Dr. Reddy’s Laboratories Limited; • Commercialisation of the human insulin manufacturing contract commenced in May 2026 following regulatory approval from the South African Health Products Regulatory Authority; • Aspen initiated several value-enhancement and operational efficiency projects across the Group. The related restructuring costs of R2,3 billion negatively impacted headline earnings per share (“HEPS”) and earnings per share (“EPS”). These restructuring projects are fundamental to our future success and have already yielded and will yield further substantial sustainable benefits for the Group; • The APAC Divestment resulted in gross proceeds of R28 billion generating a profit on sale of R2,4 billion which positively impacted EPS in the current year; • Intangible asset impairments were adversely impacted by higher discount rates driven by current geopolitical and macro- economic conditions. These impairments total R2,3 billion and although they have no cash impact do affect EPS. Despite the negative effect of the higher discount rates, brand-related intangible assets retain a valuation of more than 45% above carrying amount. This premium is supported by the sustained organic growth of Commercial Pharmaceuticals; and • Strong free cash flow (before dividends paid) of R3,8 billion was generated, underpinned by an operating cash conversion rate well above the Group’s target of 100%, a working capital to revenue ratio of 44% (prior year of 47%) and capital expenditure ending R2 billion lower than the prior year. 1 H2 2025 reported normalised EBITDA from continuing operations was R2 565 million.
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2 Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 GROUP PERFORMANCE Key financial indicators1 Reviewed June 2026 R’million Restated2 June 2025 R’million Change at reported rates % CER June 2025 R’million Change at CER3 % CONTINUING OPERATIONS Revenue 34 870 35 336 (1) 34 752 0 Gross profit 14 055 14 832 (5) 14 462 (3) Gross profit % 40,3 42,0 (4) 41,6 (3) Operating profit/(loss) 763 (790) >10 0 (956) >10 0 Normalised EBITDA4 7 703 6 972 10 6 749 14 Normalised EBITDA %4 22,1 19,7 12 19,4 14 Normalised headline earnings per share (cents)5 801,5 659,2 22 624,5 28 Total operations Headline earnings per share (cents) 630,0 792,1 (20) 737,1 (15) Earnings/(loss) per share (cents) 596,0 (243,9) >10 0 (296,8) >10 0 Dividend per share (cents)6 232 211 10 1 The Group assesses its operational performance using CER. The table above compare performance to the prior comparable period at reported exchange rates and at CER. 2 Refer to note G of Group supplementary information for the restatement as a result of the divestment of Aspen APAC business. 3 The CER % change is based upon the performance for the year ended 30 June 2025 recalculated using the average exchange rates for the year ended 30 June 2026. 4 Operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group’s accounting policy. 5 NHEPS is HEPS adjusted for specific non-trading items as defined in the Group’s accounting policy. 6 Dividend declared on 2 September 2026, to be paid 12 October 2026 (2025: declared on 3 September 2025 and paid 6 October 2025). SEGMENTAL PERFORMANCE Key financial indicators1 Reviewed June 2026 R’million Restated2 June 2025 R’million Change at reported rates % CER June 2025 R’million Change at CER3 % CONTINUING OPERATIONS Commercial Pharmaceuticals Revenue 25 405 24 752 3 24 235 5 Gross profit 14 679 14 387 2 13 980 5 Gross profit % 57,8 58,1 (1) 5 7,7 0 Normalised EBITDA4 6 875 6 325 9 6 066 13 Normalised EBITDA %4 27,1 25,6 6 25,0 8 Manufacturing Revenue 9 465 10 584 (11) 10 517 (10) Gross profit5 299 445 (33) 482 (38) Gross profit %5 3,2 4,2 (25) 4,6 (31) Normalised EBITDA4 828 647 28 683 21 Normalised EBITDA %4 8,7 6,1 43 6,5 35 1 The Group assesses its operational performance using CER. The table above compare performance to the prior comparable period at reported exchange rates and at CER. 2 Refer to note G of Group supplementary information for the restatement as a result of the divestment of Aspen APAC business. 3 The CER % change is based upon the performance for the year ended 30 June 2025 recalculated using the average exchange rates for the year ended 30 June 2026. 4 Operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group’s accounting policy. 5 Normalised gross profit excluding restructuring costs. Refer note B of Group supplementary information. The key financial indicators for the Group’s two business segments, being Commercial Pharmaceuticals and Manufacturing, are set out above (all commentary refers to CER performance from continuing operations only): Commercial Pharmaceuticals Revenue growth of 5% to R25 405 million was led by strong Mounjaro ® demand in South Africa. Discontinuation of unprofitable products in China, following execution of the business reshape plan, diluted overall revenue growth. Normalised EBITDA growth of 13% exceeded revenue growth, leveraging the operating model efficiencies in the reshaped China business and building on the double-digit EBITDA growth in CER enjoyed in FY 2025.
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Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 3 Manufacturing Revenue of R9 465 million ended 10% lower due to the absence of the prior period’s mRNA contract. Normalised EBITDA of R828 million was up 21% on the prior year, more than recovering the loss of the mRNA contract contribution of R1 billion in FY 2025, with the initial benefits of the sterile FDF reshape being the key driver. PROSPECTS Aspen is focused on delivering stronger organic normalised EBITDA growth in FY 2027 with the ambition of recovering the divested contribution of the APAC business in FY 2026 and the loss of the mRNA contract in FY 2025. The Group is targeting a normalised EBITDA of at least R9 billion in CER. This together with anticipated net interest savings of circa R1,2 billion is expected to drive substantial double-digit growth in CER NHEPS in FY 2027. Commercial Pharmaceuticals is anticipating mid-single digit CER growth in both revenue and normalised EBITDA led by sustainable organic growth in emerging markets and will be impacted by the commencement and performance of a global rollout of the Group’s GLP-1 portfolio. Manufacturing CER normalised EBITDA is expected to be more than double that of FY 2026 and will be the primary driver of the Group’s FY 2027 normalised EBITDA growth. In FY 2026, Sterile FDF achieved R1,2 billion of the R1,7 billion FY 2026/FY 2027 cumulative EBITDA growth guidance published. Aspen has raised this guidance by R0,5 billion to R2,2 billion shifting Sterile FDF to a higher anticipated positive EBITDA in the upcoming financial year. The API business is expected to return to growth, benefitting from new third-party contract manufacturing opportunities. The Group will continue to respond to opportunities which unlock the value of the sum of its parts. Increasing free cash flow, a strong balance sheet, organic growth in both Manufacturing and Commercial Pharmaceuticals and continued capital discipline will provide Aspen with the flexibility to invest in its core businesses and share buybacks, with the goal of increasing shareholder returns. Any forecast information in the abovementioned paragraphs has not been reviewed or reported on by the Group’s auditors and is the responsibility of the directors. DECLARATION OF DIVIDEND The Board has declared a gross dividend of 232 cents per ordinary share (2025: 211 cents per share) (or 185,6 cents net of a 20% dividend withholding tax, where this maximum rate of tax applies) which is 20% of normalised headline earnings per share and aligned to the Group’s capital allocation framework. The dividend will be paid from income reserves. Shareholders should seek their own advice on the tax consequences associated with the dividend and are particularly encouraged to ensure their records are up to date with Aspen so that the correct withholding tax rate is applied to their dividend. The Company income tax number is 9325178714. The issued share capital of the Company is 446 252 332 ordinary shares. Future distributions will continue to be decided on a year-to-year basis. In compliance with IAS 10 – Events After the Reporting Period, the dividend will be accounted for in the financial statements in the year ended 30 June 2027. Last day to trade cum dividend Tuesday, 6 October 2026 Shares commence trading ex-dividend Wednesday, 7 October 2026 Record date Friday, 9 October 2026 Payment date Monday, 12 October 2026 Share certificates may not be dematerialised or rematerialised between Wednesday, 7 October 2026 and Friday, 9 October 2026, both days inclusive. By order of the Board K D Dlamini S B Saad S M Capazorio Chair Group Chief Executive Group Chief Financial Officer Durban 2 September 2026
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4 Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 GROUP STATEMENT OF FINANCIAL POSITION at 30 June Note1 Reviewed2 2026 R’million Audited 2025 R’million ASSETS Non-current assets Intangible assets 42 163 67 212 Property, plant and equipment 20 270 21 303 Right-of-use assets 318 404 Goodwill 1 230 5 202 Deferred tax assets 2 438 2 222 Contingent environmental indemnification assets 214 294 Other non-current receivables 360 554 Total non-current assets 66 993 97 191 Current assets Inventories 13 990 18 009 Receivables and other current assets 10 788 13 339 Current tax assets 504 945 Cash and cash equivalents A 15 998 6 409 Total current assets 41 280 38 702 Total assets 108 273 135 893 SHAREHOLDERS' EQUITY Reserves 78 645 83 239 Share capital (net of treasury shares) 1 725 1 654 Total shareholders' equity 80 370 84 893 LIABILITIES Non-current liabilities Borrowings A 9 497 31 508 Other non-current liabilities 908 518 Deferred tax liabilities 416 446 Contingent environmental indemnification liabilities 214 294 Retirement and other employee benefits 643 738 Total non-current liabilities 11 678 33 504 Current liabilities Borrowings3 A 6 072 4 612 Trade and other payables 9 370 10 675 Other current liabilities 389 1 824 Current tax liabilities 394 385 Total current liabilities 16 225 17 496 Total liabilities 27 903 51 000 Total equity and liabilities 108 273 135 893 1 Refer to notes in Supplementary Information. 2 The year-on-year decrease mainly reflects the divestment of the Aspen APAC business. Refer to note G. 3 Current borrowings includes bank overdrafts.
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Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 5 GROUP STATEMENT OF COMPREHENSIVE INCOME for the year ended 30 June Note1 Change % Reviewed 2026 R’million Restated2 2025 R’million CONTINUING OPERATIONS Revenue (1) 34 870 35 336 Cost of sales (20 815) (20 504) Gross profit B (5) 14 055 14 832 Selling and distribution expenses (5 489) (5 944) Administrative expenses (3 167) (3 265) Other operating income C 458 1 093 Other operating expenses C (5 094) (7 506) Operating profit/(loss) D >10 0 763 (790) Investment income E 334 332 Financing costs F (1 515) (1 750) Loss before tax 81 (418) (2 208) Tax (470) (520) Loss for the year from continuing operations 67 (888) (2 728) DISCONTINUED OPERATIONS Profit from discontinued operations G 3 535 1 645 Profit/(loss) for the year >10 0 2 647 (1 083) OTHER COMPREHENSIVE INCOME, NET OF TAX 3 Currency translation (losses)/gains H (5 807) 2 696 Remeasurement of retirement and other employee benefits (continuing operations) 23 13 Total comprehensive (loss)/income (3 137) 1 626 Total comprehensive (loss)/income attributable From continuing operations (6 632) (973) From discontinued operations 3 495 2 599 (3 137) 1 626 Weighted average number of shares in issue ('million) 444,1 444,0 Diluted weighted average number of shares in issue ('million) 444,1 444,0 EARNINGS PER SHARE Basic and diluted earnings/(loss) per share (cents) From continuing operations 67 (199,9) (614,4) From discontinued operations >10 0 795,9 370,5 >10 0 596,0 (243,9) 1 Refer to notes in Supplementary Information. 2 Refer to note G for the restatement as a result of the divestment of Aspen APAC business. 3 Remeasurements of retirement and other employee benefit obligations are not reclassified to profit and loss. All other items in other comprehensive income are reclassified to profit or loss.
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6 Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 GROUP STATEMENT OF CHANGES IN EQUITY Share capital (net of treasury shares) R’million Reserves R’million Total R’million BALANCE AT 1 JULY 2024 1 653 83 208 84 861 Total comprehensive income – 1 626 1 626 Loss for the year – (1 083) (1 083) Other comprehensive income – 2 709 2 709 Dividends paid1 – (1 601) (1 601) Treasury shares purchased (68) – (68) Deferred incentive bonus shares exercised 69 (69) – Share-based payment expense – 75 75 BALANCE AT 30 JUNE 2025 – AUDITED 1 654 83 239 84 893 Total comprehensive loss – (3 137) (3 137) Profit for the year – 2 647 2 647 Other comprehensive loss – (5 784) (5 784) Dividends paid1 – (941) (941) Share buyback2 (23) (452) (475) Treasury shares purchased (5) – (5) Deferred incentive bonus shares exercised 99 (99) – Share-based payment expense – 35 35 BALANCE AT 30 JUNE 2026 – REVIEWED 1 725 78 645 80 370 1 The dividend paid to shareholders of 211 cents (2025: 359 cents) per share relates to the dividend declared on 3 September 2025 and paid on 6 October 2025 (2025: declared on 3 September 2024 and paid on 23 September 2024). 2 The share buyback commenced in June 2026, resulting in the repurchase of 3,2 million shares at an average price of R146,46 per share.
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Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 7 GROUP STATEMENT OF CASH FLOWS for the year ended 30 June Note1 Change % Reviewed 2026 R’million Restated2 2025 R’million CASH FLOWS FROM OPERATING ACTIVITIES Cash operating profit I 9 282 10 064 Changes in working capital (240) (1 603) Cash generated from operations 9 042 8 461 Financing costs paid (1 621) (1 903) Investment income received 358 358 Tax paid (910) (1 757) Cash generated from operating activities 6 869 5 159 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditure – property, plant and equipment J (2 141) (2 542) Capital expenditure – intangible assets J (889) (2 451) Payment of deferred, fixed and contingent consideration relating to prior year business transactions K (157) (223) Proceeds related to divestment of Aspen APAC business G 27 523 – Cash generated from/(utilised in) investing activities 24 336 (5 216) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings 588 9 880 Repayment of borrowings (18 878) (6 688) Repayment of lease liabilities (192) (205) Repayment of MSD loan (1 404) (1 480) Purchase of treasury shares (5) (68) Dividends paid (941) (1 601) Share buyback3 (475) – Cash utilised in financing activities (21 307) (162) MOVEMENT IN CASH AND CASH EQUIVALENTS BEFORE CURRENCY TRANSLATION MOVEMENTS 9 898 (219) Currency translation movements (332) (592) Movement in cash and cash equivalents 9 566 (811) Cash and cash equivalents at the beginning of the year 6 409 7 220 Cash and cash equivalents at the end of the year 4 15 975 6 409 Operating cash flow per share (cents) From continuing operations 77 1 356,3 768,0 From discontinued operations (52) 190,3 393,9 L 33 1 546,6 1 161,9 DISCONTINUED OPERATIONS INCLUDED IN THE ABOVE: Cash generated from operating activities 845 1 749 Cash generated from/(utilised in) investing activities 27 435 (141) Cash utilised in financing activities (2 366) (554) 25 914 1 054 RECONCILIATION OF CASH AND CASH EQUIVALENTS Cash and cash equivalents per the statement of financial position 15 998 6 409 Less: bank overdrafts (23) – 15 975 6 409 1 Refer to notes in Supplementary Information. 2 Refer to note G for the restatement as a result of the divestment of Aspen APAC business. 3 The share buyback commenced in June 2026, resulting in the repurchase of 3,2 million shares at an average price of R146,46 per share. 4 For the purposes of the statement of cash flows, cash and cash equivalents comprise cash-on-hand plus deposits held on call with banks less bank overdrafts.
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8 Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 GROUP SUPPLEMENTARY INFORMATION GROUP STATEMENT OF HEADLINE EARNINGS for the year ended 30 June Change % Reviewed 2026 R’million Restated1 2025 R’million HEADLINE EARNINGS Reconciliation of headline earnings Profit/(loss) attributable to equity holders >10 0 2 647 (1 083) Adjusted for Continuing operations – Net impairment of property, plant and equipment (net of tax) 145 438 – Net impairment of intangible assets and goodwill (net of tax) 2 311 4 008 – Net (reversal)/impairment of right-of-use assets (net of tax) (18) 55 – (Profit)/Loss on the sale of tangible and intangible assets (net of tax) (3) 13 – Insurance compensation on assets (net of tax) 2 (25) (18) Discontinued operations – Loss on the sale of tangible and intangible assets (net of tax) – 1 – Net impairment of property, plant and equipment (net of tax) 44 – – Net impairment of intangible assets (net of tax) – 103 – Profit on divestment of Aspen APAC business (net of tax) 1 (2 303) – (20) 2 798 3 517 Headline earnings From continuing operations (14) 1 522 1 768 From discontinued operations (27) 1 276 1 749 (20) 2 798 3 517 HEADLINE EARNINGS PER SHARE Headline earnings and diluted headline earnings per share (cents) From continuing operations (14) 342,7 398,2 From discontinued operations (27) 287,3 393,9 (20) 630,0 792,1 NORMALISED HEADLINE EARNINGS Reconciliation of normalised headline earnings Headline earnings (20) 2 798 3 517 Adjusted for Continuing operations – Restructuring costs (net of tax) 3 1 718 704 – Transaction costs (net of tax) 4 391 453 – Product litigation costs (net of tax) 19 2 – Reversal of deferred consideration no longer payable (net of tax) (90) – Discontinued operations – Restructuring costs (net of tax) 38 8 – Transaction costs (net of tax) 3 283 4 10 5 157 4 688 Normalised headline earnings From continuing operations 22 3 560 2 927 From discontinued operations (9) 1 597 1 761 10 5 157 4 688 1 Refer to note G for the restatement as a result of the divestment of Aspen APAC business. 2 Relates to insurance compensation on damaged property, plant and equipment following the fire at Fine Chemicals Corporation (Pty) Ltd’s formulation site. 3 Refer to note D for details related to restructuring costs. 4 Included in transaction costs for continuing operations are capital raising fees (net of tax) of R62 million (2025: R28 million) and for discontinued operations are capital raising fees of R2 million (2025: R1 million).
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Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 9 GROUP SUPPLEMENTARY INFORMATION continued GROUP STATEMENT OF HEADLINE EARNINGS continued for the year ended 30 June Change % Reviewed 2026 R’million Restated1 2025 R’million NORMALISED HEADLINE EARNINGS PER SHARE Normalised headline and diluted headline earnings per share (cents) From continuing operations 22 801,5 659,2 From discontinued operations (9) 359,6 396,6 10 1 161,1 1 055,8 NORMALISED EBITDA Reconciliation of normalised EBITDA 2 Continuing Operating profit/(loss) 763 (790) Headline earnings adjustments – Net impairment of assets 2 489 4 694 – Insurance compensation on assets 3 (35) (25) – (Profit)/loss on sale of assets (3) 20 Normalised adjustments – Restructuring costs 4 2 315 837 Inventory impairments included in cost of sales 923 – Headcount and related costs included in other operating expenses 1 392 837 – Transaction costs 328 412 – Product litigation costs 19 2 – Reversal of deferred consideration no longer payable (90) – EBITDA adjustments – Depreciation 1 381 1 349 – Amortisation 536 473 10 7 703 6 972 Discontinued Operating profit 4 029 2 227 Headline earnings adjustments – Net impairment of assets 62 112 – Loss on sale of assets – 2 – Profit on disposal of Aspen APAC business (2 357) – Normalised adjustments – Restructuring costs 55 11 – Transaction costs 344 – EBITDA adjustments – Depreciation 99 105 – Amortisation 215 162 (7) 2 447 2 619 1 Refer to note G for the restatement as a result of the divestment of Aspen APAC business. 2 Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group’s accounting policy. 3 Relates to insurance compensation on damaged property, plant and equipment following the fire at Fine Chemicals Corporation (Pty) Ltd’s formulation site. 4 Aspen initiated several value-enhancement and operational efficiency projects across the Group, including reshaping its FDF sterile facilities in France and South Africa.
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10 Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 GROUP SUPPLEMENTARY INFORMATION continued GROUP SEGMENTAL ANALYSIS – CONTINUING OPERATIONS Reviewed June 2026 Prescription R’million OTC R’million Injectables R’million Total Commercial Pharmaceuticals R’million Manufacturing R’million Total R’million Revenue 9 069 7 157 9 179 25 405 9 465 34 870 Cost of sales1 (3 714) (2 875) (4 137) (10 726) (9 166) (19 892) Gross profit2 5 355 4 282 5 042 14 679 299 14 978 Selling and distribution expenses (5 312) (177) (5 489) Administrative expenses (2 733) (434) (3 167) Depreciation3 241 1 140 1 381 Normalised EBITDA4 6 875 828 7 703 Gross profit % 59,0 59,8 54,9 57,8 3,2 43,0 Selling and distribution expenses % 20,9 1,9 15,7 Administrative expenses % 10,8 4,6 9,1 Normalised EBITDA % 27,1 8,7 22,1 Restated5 June 2025 Prescription R’million OTC R’million Injectables R’million Total Commercial Pharmaceuticals R’million Manufacturing R’million Total R’million Revenue 9 658 7 046 8 048 24 752 10 584 35 336 Cost of sales (3 625) (2 846) (3 894) (10 365) (10 139) (20 504) Gross profit 6 033 4 200 4 154 14 387 445 14 832 Selling and distribution expenses (5 503) (441) (5 944) Administrative expenses (2 806) (459) (3 265) Depreciation3 247 1 102 1 349 Normalised EBITDA4 6 325 647 6 972 Gross profit % 62,5 59,6 51,6 58,1 4,2 42,0 Selling and distribution expenses % 22,2 4,2 16,8 Administrative expenses % 11,3 4,3 9,2 Normalised EBITDA % 25,6 6,1 19,7 Change Prescription % OTC % Injectables % Total Commercial Pharmaceuticals % Manufacturing % Total % Revenue (6) 2 14 3 (11) (1) Cost of sales 2 1 6 3 (10) (3) Gross profit (11) 2 21 2 (33) 1 Selling and distribution expenses (3) (60) (8) Administrative expenses (3) (5) (3) Depreciation (2) 3 2 Normalised EBITDA 9 28 10 1 The Manufacturing segment includes compensation received of R503 million relating to the settlement of the mRNA contractual dispute. Refer note D. 2 The gross profit excludes restructuring costs of R923 million. This has been adjusted to determine the Normalised EBITDA. Refer to note B. 3 The depreciation added back for the Manufacturing segment is the full depreciation charge for Manufacturing and there is no allocation of depreciation embedded in the cost of goods for the Commercial Pharmaceuticals segment. 4 Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group’s accounting policy. 5 Refer to note G for the restatement as a result of the divestment of Aspen APAC business.
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Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 11 GROUP SUPPLEMENTARY INFORMATION continued GROUP SEGMENTAL ANALYSIS – DISCONTINUED OPERATIONS This segment primarily comprises Australasia and Other Asia. Commercial Pharmaceuticals revenue included Australasia of R5 367 million (2025: R5 768 million) and Other Asia of R1 476 million (2025: R1 696 million), while Manufacturing revenue comprised Australasia Finished Dose Form of R406 million (2025: R563 million). Reviewed June 2026 Prescription R’million OTC R’million Injectables R’million Total Commercial Pharmaceuticals R’million Manufacturing R’million Total R’million Revenue 2 620 2 594 1 629 6 843 406 7 249 Cost of sales (1 053) (1 206) (643) (2 902) (430) (3 332) Gross profit 1 567 1 388 986 3 941 (24) 3 917 Selling and distribution expenses (1 000) (11) (1 011) Administrative expenses (558) – (558) Depreciation1 37 62 99 Normalised EBITDA2 2 420 27 2 447 Gross profit % 59,8 53,5 60,5 57,6 (5,9) 54,0 Selling and distribution expenses % 14,6 2,7 13,9 Administrative expenses % 8,2 0,0 7,7 Normalised EBITDA % 35,4 6,7 33,8 Restated3 June 2025 Prescription R’million OTC R’million Injectables R’million Total Commercial Pharmaceuticals R’million Manufacturing R’million Total R’million Revenue 2 861 2 766 1 837 7 464 563 8 027 Cost of sales (1 160) (1 241) (736) (3 137) (593) (3 730) Gross profit 1 701 1 525 1 101 4 327 (30) 4 297 Selling and distribution expenses (1 081) (14) (1 095) Administrative expenses (688) – (688) Depreciation1 38 67 105 Normalised EBITDA2 2 596 23 2 619 Gross profit % 59,5 55,1 59,9 58,0 (5,3) 53,5 Selling and distribution expenses % 14,5 2,5 13,6 Administrative expenses % 9,2 0,0 8,6 Normalised EBITDA % 34,8 4,1 32,6 Change Prescription % OTC % Injectables % Total Commercial Pharmaceuticals % Manufacturing % Total % Revenue (8) (6) (11) (8) (28) (10) Cost of sales (9) (3) (13) (7) (27) (11) Gross profit (8) (9) (10) (9) 20 (9) Selling and distribution expenses (7) (21) (8) Administrative expenses (19) 0 (19) Depreciation (3) (7) (6) Normalised EBITDA (7) 17 (7) 1 The depreciation added back for the Manufacturing segment is the full depreciation charge for Manufacturing and there is no allocation of depreciation embedded in the cost of goods for the Commercial Pharmaceuticals segment. 2 Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group’s accounting policy. 3 Refer to note G for the restatement as a result of the divestment of Aspen APAC business.
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12 Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 GROUP SUPPLEMENTARY INFORMATION continued GROUP REVENUE SEGMENTAL ANALYSIS – CONTINUING OPERATIONS for the year ended 30 June Reviewed 2026 R’million Restated1 2025 R’million Change % COMMERCIAL PHARMACEUTICALS BY CUSTOMER GEOGRAPHY 25 405 24 752 3 Africa Middle East 11 061 10 071 10 Americas 6 774 6 826 (1) Europe CIS 4 793 4 700 2 China 2 777 3 155 (12) MANUFACTURING BY GEOGRAPHY OF MANUFACTURE Finished dose form 3 628 4 536 (20) Europe CIS 3 139 4 159 (25) Africa Middle East 373 250 49 Other Asia 109 110 (1) Americas 7 17 (59) Active pharmaceutical ingredients 4 406 4 718 (7) Europe CIS 4 126 4 487 (8) Africa Middle East 280 231 21 Heparin 1 431 1 330 8 Europe CIS 1 431 1 330 8 Manufacturing 9 465 10 584 (11) TOTAL REVENUE 34 870 35 336 (1) SUMMARY OF REGIONS Europe CIS 13 489 14 676 (8) Africa Middle East 11 714 10 552 11 Americas 6 781 6 843 (1) China 2 777 3 155 (12) Other Asia 109 110 (1) TOTAL REVENUE 34 870 35 336 (1) 1 Refer to note G for the restatement as a result of the divestment of Aspen APAC business.
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Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 13 GROUP SUPPLEMENTARY INFORMATION continued COMMERCIAL PHARMACEUTICALS THERAPEUTIC AREA ANALYSIS – CONTINUING OPERATIONS Reviewed June 2026 Prescription R’million OTC R’million Injectables R’million Total R’million BY CUSTOMER GEOGRAPHY Africa Middle East 4 451 3 509 3 101 11 061 Americas 3 196 1 476 2 102 6 774 Europe CIS 1 000 2 150 1 643 4 793 China 422 22 2 333 2 777 Total Commercial Pharmaceuticals 9 069 7 157 9 179 25 405 Restated1 June 2025 Prescription R’million OTC R’million Injectables R’million Total R’million BY CUSTOMER GEOGRAPHY Africa Middle East 4 568 3 732 1 771 10 071 Americas 3 320 1 329 2 177 6 826 Europe CIS 1 043 1 967 1 690 4 700 China 727 18 2 410 3 155 Total Commercial Pharmaceuticals 9 658 7 046 8 048 24 752 Change Prescription % OTC % Injectables % Total % BY CUSTOMER GEOGRAPHY Africa Middle East (3) (6) 75 10 Americas (4) 11 (3) (1) Europe CIS (4) 9 (3) 2 China (42) 22 (3) (12) Total Commercial Pharmaceuticals (6) 2 14 3 1 Refer to note G for the restatement as a result of the divestment of Aspen APAC business.
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14 Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 GROUP SUPPLEMENTARY INFORMATION continued NOTES Note Reviewed June 2026 R’million Restated1 June 2025 R’million A. NET (CASH)/BORROWINGS EXCLUDING LEASE LIABILITIES Non-current borrowings 9 497 31 508 Current borrowings 6 072 4 612 Less: Cash and cash equivalents (15 998) (6 409) Net (cash)/borrowings (429) 29 711 Less: Lease liabilities (non-current and current) (377) (501) (806) 29 210 The proceeds from the disposal of the Aspen APAC business were primarily used to repay the Group’s syndicated term loan and revolving credit facilities. B. SEGMENTAL INCOME STATEMENT GROSS PROFIT Gross profit per the statement of comprehensive income 14 055 14 832 Restructuring costs included in cost of sales (refer to note D) 923 – 14 978 14 832 C. NET OTHER OPERATING EXPENSES/(OTHER INCOME) Continuing Amortisation of intangible assets 536 473 Normalised adjustments (refer to Normalised EBITDA reconciliation) 1 649 1 251 Headline earnings adjustments (refer to Normalised EBITDA reconciliation) 2 451 4 689 4 636 6 413 Discontinued Amortisation of intangible assets 215 162 Normalised adjustments (refer to Normalised EBITDA reconciliation) 399 11 Headline earnings adjustments (refer to Normalised EBITDA reconciliation) (2 295) 114 (1 681) 287 D. OPERATING PROFIT HAS BEEN ARRIVED AT AFTER CHARGING/ (CREDITING) Continuing operations Depreciation of tangible assets 1 381 1 349 Amortisation of intangible assets 536 473 Net impairment of tangible and intangible assets 2 489 4 694 Impairment of tangible assets 193 660 Impairment reversal of tangible assets (33) (1) Impairment of intangible assets N 2 618 4 996 Impairment reversal of intangible assets N (292) (961) Impairment of goodwill N 3 – Impairment of inventories 916 1 378 (Reversal of impairment)/impairment of trade receivables (2) 272 (Profit)/loss on the sale of tangible and intangible assets (3) 20 Restructuring costs 2 2 315 837 Inventory impairments included in cost of sales 923 – Headcount and related costs included in other operating expenses 1 392 837 Transaction costs 328 412 Product litigation costs 19 2 Reversal of deferred consideration no longer payable (90) – Insurance compensation on assets (35) (25) Dispute settlement 3 503 – E. INVESTMENT INCOME Interest received 334 332 F. FINANCING COSTS Interest paid (1 474) (1 480) Capital raising fees released (66) (61) Net gains/(losses) on financial instruments 30 (203) Net gains/(losses) on other financial instruments 28 110 Net gains/(losses) on derivative financial instruments 2 (313) Notional interest on financial instruments (5) (6) (1 515) (1 750) 1 Refer to note G for the restatement as a result of the divestment of Aspen APAC business. 2 Aspen initiated several value-enhancement and operational efficiency projects across the Group, including reshaping its FDF sterile facilities in France and South Africa. 3 The Manufacturing segment includes compensation received of R503 million relating to the settlement of the mRNA contractual dispute.
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Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 15 GROUP SUPPLEMENTARY INFORMATION continued NOTES continued G. DIVESTMENT OF ASPEN APAC BUSINESS Aspen, through its wholly owned subsidiary, Aspen Global Incorporated (“AGI”), entered into binding agreements for the sale of 100% of its equity interests and intellectual property assets in Australia, New Zealand and other Asia Pacific regions (excluding China) (collectively, “Aspen APAC business”) to Australian-based private investment firm BGH Capital Pty Ltd, as manager or adviser to BGH Capital Fund II (“BGH Capital”), via two special purpose companies (“the Purchasers”) (the “Transaction”). The Transaction comprised the sale of 100% of the entities and/or assets held by AGI in Australia, New Zealand, Hong Kong, Malaysia, Taiwan and the Philippines, including the relevant intellectual property commercialised within the APAC region. Summarised reported discontinued operations statement of comprehensive income for the year ended 30 June Reviewed 2026 (at 2026 average rates) R’million 2025 (at 2025 average rates) R’million Revenue 7 249 8 027 Cost of sales (3 332) (3 730) Gross profit 3 917 4 297 Selling and distribution expenses (1 011) (1 095) Administrative expenses (558) (688) Other operating income (refer to note C) 2 359 189 Other operating expenses (refer to note C) (678) (476) Operating profit 4 029 2 227 Investment income 24 26 Interest paid (217) (168) Profit before tax 3 836 2 085 Tax (301) (440) Profit after tax from discontinued operations 3 535 1 645 Normalised EBITDA (refer to Normalised EBITDA reconciliation) 2 447 2 619 Normalised headline earnings (refer to Normalised EBITDA reconciliation) 1 597 1 761 Basic earnings per share (cents) 795,9 370,5 Headline earnings per share (cents) 287,3 393,9 Normalised headline earnings per share (cents) 359,6 396,6
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16 Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 GROUP SUPPLEMENTARY INFORMATION continued NOTES continued G. DIVESTMENT OF ASPEN APAC BUSINESS continued Summarised recalculated illustrated constant exchange rate (at June 2026 average rates) discontinued operations statement of comprehensive income for the year ended 30 June Recalculated illustrative constant exchange rates 2025 (at 2026 average rates) R’million Revenue 7 746 Cost of sales (3 654) Gross profit 4 092 Selling and distribution expenses (1 064) Administrative expenses (668) Other operating income 191 Other operating expenses (477) Operating profit 2 074 Financing costs (165) Investment income 25 Profit before tax 1 934 Tax (408) Profit after tax from discontinued operations 1 526 Normalised EBITDA 2 462 Normalised headline earnings 1 643 Basic earnings per share (cents) 343,7 Headline earnings per share (cents) 3 67,1 Normalised headline earnings per share (cents) 370,0 PROCEEDS RECEIVED FROM ASPEN APAC BUSINESS The Transaction was completed effective 31 May 2026 with gross proceeds of R28 billion and proceeds net of transaction costs of R27,5 billion. Reviewed 2026 R’million Consideration Gross proceeds receivable 27 894 Contractual transaction costs (484) Net proceeds receivable 27 410 Proceeds received per cash flow statement 27 523 Completion account liability raised 1 (113) Liabilities raised as part of disposal (788) Fair value of assets and liabilities disposed of Intangibles (17 129) Property, plant and equipment (706) Right-of-use assets (49) Goodwill (3 944) Deferred tax assets (293) Inventories (2 213) Receivables and other current assets (1 845) Trade and other payables 1 816 Borrowings – lease liabilities (non-current and current) 98 (24 265) Profit on divestment of Aspen APAC business 2 357 1 Relates to consideration contingent on the finalisation of the Aspen APAC business completion accounts with BGH Capital. Completion is expected to be finalised by the end of September 2026.
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Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 17 GROUP SUPPLEMENTARY INFORMATION continued NOTES continued for the year ended 30 June Reviewed 2026 R’million Restated1 2025 R’million H. CURRENCY TRANSLATION (LOSSES)/GAINS Currency translation (losses)/gains on the translation of the offshore businesses are as a result of the difference between the weighted average exchange rate used for trading results and the opening and closing exchange rates applied in the statement of financial position. For the year the stronger closing Rand translation rate has decreased the Group’s net asset value. (5 807) 2 696 Average rates Euro 19,719 19,759 Australian Dollar 11,460 11,757 Chinese Yuan Renminbi 2,416 2,518 US Dollar 16,906 18,164 Mexican Peso 0,937 0,924 Brazilian Real 3,180 3,184 British Pound Sterling 22,685 23,504 Canadian Dollar 12,235 13,017 Colombian Peso 0,004 0,004 Closing rates Euro 18,724 20,875 Australian Dollar 11,340 11,652 Chinese Yuan Renminbi 2,414 2,471 US Dollar 16,389 17,712 Mexican Peso 0,936 0,940 Brazilian Real 3,166 3,246 British Pound Sterling 21,735 24,323 Canadian Dollar 11,543 13,011 Colombian Peso 0,005 0,004 I. CASH OPERATING PROFIT Operating profit – continuing operations 763 (790) Operating profit – discontinued operations 4 029 2 227 Operating profit 4 792 1 437 Non-cash items 4 490 8 627 9 282 10 064 J. CAPITAL EXPENDITURE Incurred 3 030 4 993 – Property, plant and equipment 2 141 2 542 – Intangible assets 889 2 451 Contracted 1 455 1 322 – Property, plant and equipment 795 625 – Intangible assets 660 697 Authorised but not contracted for 1 983 2 654 – Property, plant and equipment 1 112 1 965 – Intangible assets 871 689 1 Refer to note G for the restatement as a result of the divestment of Aspen APAC business.
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18 Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 GROUP SUPPLEMENTARY INFORMATION continued NOTES continued for the year ended 30 June Reviewed 2026 R’million Restated1 2025 R’million K. PAYMENT OF DEFERRED, FIXED AND CONTINGENT CONSIDERATION RELATING TO PRIOR YEAR BUSINESS TRANSACTIONS Disposal of Japanese business – supply rebate payments (157) (104) Acquisition of Sandoz China business – consideration outstanding – (105) Other – (14) (157) (223) Future amounts payable for deferred, fixed and contingent consideration relating to prior year business transactions Aspen APAC business2 111 – Current 111 – Japanese business 156 331 Non-current – 197 Current 156 134 Sandoz China business 97 208 Non-current 92 199 Current 5 9 Other 33 54 Non-current 4 19 Current 29 35 397 593 L. CASH CONVERSION RATE Cash generated from operating activities 6 869 5 159 Operating cash flow per share (cents) 3 1 546,6 1 161,9 Headline earnings per share (cents) 630,0 792,1 Cash conversion rate (%)4 245 147 M. FREE CASH FLOW Cash generated from operating activities per statement of cash flows 6 869 5 159 Capital expenditure – property, plant and equipment (2 141) (2 542) Capital expenditure – intangible assets (889) (2 451) 3 839 166 1 Refer to note G for the restatement as a result of the divestment of Aspen APAC business. 2 Relates to consideration contingent on the finalisation of the Aspen APAC business completion accounts with BGH Capital. Completion is expected to be finalised by the end of September 2026. Refer to note G. 3 Operating cash flow per share represents cash generated from operating activities divided by the weighted number of shares in issue. 4 Cash conversion rate represents operating cash flow per share divided by headline earnings per share.
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Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 19 GROUP SUPPLEMENTARY INFORMATION continued NOTES continued N. IMPAIRMENT OF INTANGIBLE ASSETS AND GOODWILL for the year ended 30 June Note Reviewed 2026 R’million Restated1 2025 R’million Impairment of intangible assets can be split as follows AstraZeneca anaesthetics portfolio 1 555 1 679 GSK anaesthetics portfolio 1 536 463 MSD business 2 394 193 Viatris Latam portfolio 3 390 – Specialist global brands 4 297 469 GSK OTC brands 5 210 – Project and product development costs 6 78 75 GSK thrombosis business 35 1 195 mRNA technology – 753 Other 123 169 2 618 4 996 Impairment of goodwill can be split as follows MSD business 3 – 3 – Impairment reversal of intangible assets can be split as follows Specialist global brands 7 (94) (50) MSD business 7 (73) (83) SA other brands (47) – GSK anaesthetics portfolio (24) – GSK OTC brands (22) (36) AstraZeneca anaesthetics portfolio (20) (622) ELIZ products – (88) Other (12) (82) (292) (961) Net impairment of intangible assets and goodwill 2 329 4 035 1 Refer to note G for the restatement as a result of the divestment of Aspen APAC business. The primary driver of the impairments this year is increased discount rates resulting from the macro-economic outlook, heavily influenced by the current geopolitical situation. This accounted for over 70% of the impairments across all product portfolios, with the balance arising as a result of a decline in the outlook of revenue and profitability. Notable circumstances exist in the case of: 1) Slower growth post Volume Based Procurement (“VBP”) and launch, both in China, impacting Diprivan (AstraZeneca anaesthetics portfolio) and Mivacron (GSK anaesthetics portfolio), respectively. 2) A decline in the underlying market in Canada moderating the prospects for one product within this portfolio. 3) The outlook for a number of products within this portfolio has been impacted by supply chain disruptions. 4) Pricing pressures impacting one product within this portfolio. 5) New market entrants in the Middle East resulting in heightened competition for one product within this portfolio. 6) Product development and other projects, which were no longer technically or commercially feasible. 7) The impairment reversals have generally arisen as a result of an improvement in the outlook for revenue and profitability, impacting two and one brands within the Specialist global brands and MSD business portfolios respectively. With the exception of intangible assets fully written off, the carrying value of intangible assets impaired or with impairment reversals have been determined based on either fair value less costs to sell or value-in-use calculations, using a five-year forecast horizon.
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20 Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 GROUP SUPPLEMENTARY INFORMATION continued NOTES continued N. IMPAIRMENT OF INTANGIBLE ASSETS AND GOODWILL continued Other key assumptions used (where appropriate and in relation to the material impairments and impairment reversals) were: Growth in revenue (% per annum)1 Gross profit (% per annum) Growth (% per annum)2 Pre-tax discount rate applied to cash flows (% per annum) Impairments AstraZeneca anaesthetics portfolio 6 53 1 12 GSK thrombosis business (2) 45 0 11 Specialist global brands (3) 57 0 12 GSK anaesthetics portfolio 3 61 1 10 GSK OTC brands 2 31 1 12 MSD business 3 81 1 10 Viatris Latam portfolio 5 72 1 17 Impairment reversals AstraZeneca anaesthetics portfolio 1 52 (2) 11 GSK anaesthetics portfolio 9 33 (2) 12 GSK OTC brands 16 51 2 17 MSD business 2 29 (2) 10 Specialist global brands 4 31 0 11 1 Compound average growth rate during the abovementioned five-year forecast. 2 Average growth rate used to extrapolate cash flows beyond the abovementioned five-year forecast. O. ILLUSTRATIVE CONSTANT EXCHANGE RATE REPORT ON SELECTED FINANCIAL DATA The Group has presented selected line items from the consolidated statement of comprehensive income and certain trading profit metrics on a constant exchange rate basis in the tables on the next page. The pro forma constant exchange rate information is presented to demonstrate the impact of fluctuations in currency exchange rates on the Group’s reported results. The pro forma constant exchange rate information is the responsibility of the Group’s Board of Directors and is presented for illustrative purposes only. Due to the nature of this information, it may not fairly present the Group’s financial position, changes in equity and results of operations or cash flows. The pro forma constant exchange rate information has been compiled in terms of the JSE Listings Requirements and SAICA’s Guide on Pro Forma Information and the accounting policies of the Group as at 30 June 2026. The illustrative pro forma constant exchange rate information on selected financial data and the underlying accounting records have been derived from the reviewed financial information and has been reported on by Aspen’s auditor, who has issued an independent auditor’s report thereon, which is included on page 27 of the reviewed condensed Group financial results. The Group’s financial performance is impacted by numerous currencies which underlie the reported unaudited condensed Group financial results where, even within geographic segments, the Group trades in multiple currencies (“source currencies”). The pro forma constant exchange rate information has been calculated by adjusting the prior period’s reported results at the current period’s reported average exchange rates. Recalculating the prior period’s numbers provides illustrative comparability with the current period’s reported performance by adjusting the estimated effect of source currency movements. The average exchange rates against the Rand for the currencies contributing materially to the impact of exchange rate movements are set out below: June 2026 average rates June 2025 average rates Euro 19,719 19,759 Australian Dollar 11,460 11,757 Chinese Yuan Renminbi 2,416 2,518 US Dollar 16,906 18,164 Mexican Peso 0,937 0,924 Brazilian Real 3,180 3,184 British Pound Sterling 22,685 23,504 Canadian Dollar 12,235 13,017 Colombian Peso 0,004 0,004
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Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 21 GROUP SUPPLEMENTARY INFORMATION continued NOTES continued O. ILLUSTRATIVE CONSTANT EXCHANGE RATE REPORT ON SELECTED FINANCIAL DATA continued Revenue, other income, cost of sales and expenses For purposes of the constant exchange rate report, the recalculated prior period’s source currency revenue, other income, cost of sales and expenses have been recalculated from the prior period’s relevant average exchange rate to the current period’s relevant reported average exchange rate. Interest paid net of investment income Net interest paid is directly linked to the source currency of the borrowing on which it is levied and recalculated from the prior period’s relevant reported average exchange rate to the current period’s relevant reported average exchange rate. Tax The tax charge for purposes of the constant currency report has been recomputed by applying the actual effective tax rate to the recalculated profit before tax. Key constant exchange rate indicators – continuing operations Reviewed June 2026 (at 2026 average rates) R’million Restated1 June 2025 (at 2025 average rates) R’million Change at reported exchange rates % Recalculated Illustrative constant exchange rates June 2025 (at 2026 average rates) R’million Change at constant exchange rates % Revenue 34 870 35 336 (1) 34 752 0 Gross profit 14 055 14 832 (5) 14 462 (3) Operating profit 763 (790) >10 0 (956) >10 0 Adjusted for – Depreciation 1 381 1 349 1 334 – Amortisation 536 473 471 – (Profit)/loss on sale of assets (3) 20 18 – Net impairment of assets 2 489 4 694 4 685 – Restructuring costs 2 315 837 815 – Transaction costs 328 412 405 – Insurance compensation on assets 2 (35) (25) (25) – Product litigation costs 19 2 2 – Reversal of deferred consideration no longer payable (90) – – Normalised EBITDA3 7 703 6 972 10 6 749 14 Normalised headline earnings 3 560 2 927 22 2 773 28 Basic and diluted loss per share (cents) (199,9) (614,4) 67 (640,5) 69 Headline and diluted headline earnings per share (cents) 342,7 398,2 (14) 370,0 (7) Normalised headline and diluted headline earnings per share (cents) 801,5 659,2 22 624,5 28 Reviewed June 2026 (at 2026 average rates) % Restated1 June 2025 (at 2025 average rates) % Revenue currency mix Euro 32 36 South African Rand 26 23 Chinese Yuan Renminbi 8 9 US Dollar 5 5 Mexican Peso 5 5 Brazilian Real 5 5 British Pound Sterling 2 2 Canadian Dollar 2 2 Colombian Peso 2 2 Other currencies 13 11 Total 100 100 1 Refer to note G for the restatement as a result of the divestment of Aspen APAC business. 2 Relates to insurance compensation on damaged property, plant and equipment following the fire at Fine Chemicals Corporation (Pty) Ltd’s formulation site. 3 Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group’s accounting policy.
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22 Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 GROUP SUPPLEMENTARY INFORMATION continued GROUP SEGMENTAL ANALYSIS – CONTINUING OPERATIONS Reviewed June 2026 (at 2026 average rates) Prescription R’million OTC R’million Injectables R’million Total Commercial Pharmaceuticals R’million Manufacturing R’million Total R’million Revenue 9 069 7 157 9 179 25 405 9 465 34 870 Cost of sales1 (3 714) (2 875) (4 137) (10 726) (9 166) (19 892) Gross profit2 5 355 4 282 5 042 14 679 299 14 978 Selling and distribution expenses (5 312) (177) (5 489) Administrative expenses (2 733) (434) (3 167) Depreciation3 241 1 140 1 381 Normalised EBITDA4 6 875 828 7 703 Gross profit % 59,0 59,8 54,9 57,8 3,2 43,0 Selling and distribution expenses % 20,9 1,9 15,7 Administrative expenses % 10,8 4,6 9,1 Normalised EBITDA % 27,1 8,7 22,1 Recalculated5 illustrative constant exchange rate June 2025 (at 2026 average rates) Prescription R’million OTC R’million Injectables R’million Total Commercial Pharmaceuticals R’million Manufacturing R’million Total R’million Revenue 9 371 6 973 7 891 24 235 10 517 34 752 Cost of sales (3 592) (2 821) (3 842) (10 255) (10 035) (20 290) Gross profit2 5 779 4 152 4 049 13 980 482 14 462 Selling and distribution expenses (5 391) (436) (5 827) Administrative expenses (2 766) (454) (3 220) Depreciation3 243 1 091 1 334 Normalised EBITDA4 6 066 683 6 749 Gross profit % 61,7 59,5 51,3 5 7,7 4,6 41,6 Selling and distribution expenses % 22,2 4,1 16,8 Administrative expenses % 11,4 4,3 9,3 Normalised EBITDA % 25,0 6,5 19,4 Change Prescription % OTC % Injectables % Total Commercial Pharmaceuticals % Manufacturing % Total % Revenue (3) 3 16 5 (10) 0 Cost of sales 3 2 8 5 (9) (2) Gross profit (7) 3 25 5 (38) 4 Selling and distribution expenses (1) >100 (6) Administrative expenses (1) (4) (2) Depreciation (1) 4 4 Normalised EBITDA 13 21 14 1 The Manufacturing segment includes compensation received of R503 million relating to the settlement of the mRNA contractual dispute. Refer note D. 2 The gross profit excludes restructuring costs of R923 million. This has been adjusted to determine the Normalised EBITDA. Refer to note B. 3 The depreciation added back for the Manufacturing segment is the full depreciation charge for Manufacturing and there is no allocation of depreciation embedded in the cost of goods for the Commercial Pharmaceuticals segment. 4 Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group’s accounting policy. 5 Refer to note G for the restatement as a result of the divestment of Aspen APAC business.
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Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 23 GROUP SUPPLEMENTARY INFORMATION continued GROUP SEGMENTAL ANALYSIS – DISCONTINUED OPERATIONS This segment primarily comprises Australasia and Other Asia. Commercial Pharmaceuticals revenue included Australasia of R5 367 million (2025: R5 593 million) and Other Asia of R1 476 million (2025: R1 604 million), while Manufacturing revenue comprises of Australasia Finished Dose Form of R406 million (2025: R549 million). Reviewed June 2026 (at 2026 average rates) Prescription R’million OTC R’million Injectables R’million Total Commercial Pharmaceuticals R’million Manufacturing R’million Total R’million Revenue 2 620 2 594 1 629 6 843 406 7 249 Cost of sales (1 053) (1 206) (643) (2 902) (430) (3 332) Gross profit 1 567 1 388 986 3 941 (24) 3 917 Selling and distribution expenses (1 000) (11) (1 011) Administrative expenses (558) – (558) Depreciation1 37 62 99 Normalised EBITDA2 2 422 27 2 447 Gross profit % 59,8 53,5 60,6 57,6 (5,9) 54,0 Selling and distribution expenses % 14,6 2,7 13,9 Administrative expenses % 8,2 0,0 7,7 Normalised EBITDA % 35,4 6,7 33,8 Recalculated3 illustrative constant exchange rate June 2025 (at June 2026 average rates) Prescription R’million OTC R’million Injectables R’million Total Commercial Pharmaceuticals R’million Manufacturing R’million Total R’million Revenue 2 763 2 674 1 760 7 197 549 7 746 Cost of sales (1 136) (1 221) (715) (3 072) (582) (3 654) Gross profit 1 627 1 453 1 045 4 125 (33) 4 092 Selling and distribution expenses (1 050) (14) (1 064) Administrative expenses (668) – (668) Depreciation1 37 65 102 Normalised EBITDA2 2 444 18 2 462 Gross profit % 58,9 54,3 59,4 5 7, 3 (6,0) 52,8 Selling and distribution expenses % 14,6 2,6 13,7 Administrative expenses % 9,3 0,0 8,6 Normalised EBITDA % 34,0 3,3 31,8 Change Prescription % OTC % Injectables % Total Commercial Pharmaceuticals % Manufacturing % Total % Revenue (5) (3) (7) (5) (26) (6) Cost of sales (7) (1) (11) (6) (26) (9) Gross profit (4) (4) (6) (4) (27) (4) Selling and distribution expenses (5) (21) (5) Administrative expenses (16) 0 (16) Depreciation 2 (5) (2) Normalised EBITDA (1) 50 (1) 1 The depreciation added back for the Manufacturing segment is the full depreciation charge for Manufacturing and there is no allocation of depreciation embedded in the cost of goods for the Commercial Pharmaceuticals segment. 2 Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the Group’s accounting policy. 3 Refer to note G for the restatement as a result of the divestment of Aspen APAC business.
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24 Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 GROUP SUPPLEMENTARY INFORMATION continued GROUP REVENUE SEGMENTAL ANALYSIS – CONTINUING OPERATIONS for the year ended 30 June Reviewed 2026 (at 2026 average rates) R’million Recalculated1 illustrative constant exchange rate 2025 (at 2026 average rates) R’million Change % COMMERCIAL PHARMACEUTICALS BY CUSTOMER GEOGRAPHY 25 405 24 235 5 Africa Middle East 11 061 9 918 12 Americas 6 774 6 581 3 Europe CIS 4 793 4 707 2 China 2 777 3 029 (8) MANUFACTURING BY GEOGRAPHY OF MANUFACTURE Finished dose form 3 628 4 508 (20) Europe CIS 3 139 4 146 (24) Africa Middle East 373 244 53 Other Asia 109 102 7 Americas 7 16 (56) Active pharmaceutical ingredients 4 406 4 681 (6) Europe CIS 4 126 4 457 (7) Africa Middle East 280 224 25 Heparin 1 431 1 328 8 Europe CIS 1 431 1 328 8 Manufacturing 9 465 10 517 (10) TOTAL REVENUE 34 870 34 752 0 SUMMARY OF REGIONS Europe CIS 13 489 14 638 (8) Africa Middle East 11 714 10 386 13 Americas 6 781 6 597 3 China 2 777 3 029 (8) Other Asia 109 102 7 TOTAL REVENUE 34 870 34 752 0 1 Refer to note G for the restatement as a result of the divestment of Aspen APAC business.
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Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 25 GROUP SUPPLEMENTARY INFORMATION continued COMMERCIAL PHARMACEUTICALS THERAPEUTIC AREA ANALYSIS – CONTINUING OPERATIONS Reviewed June 2026 (at 2026 average rates) Prescription R’million OTC R’million Injectables R’million Total R’million BY CUSTOMER GEOGRAPHY Africa Middle East 4 451 3 509 3 101 11 061 Americas 3 196 1 476 2 102 6 774 Europe CIS 1 000 2 150 1 643 4 793 China 422 22 2 333 2 777 Total Commercial Pharmaceuticals 9 069 7 157 9 179 25 405 Recalculated1 illustrative constant exchange rate June 2025 (at 2026 average rates) Prescription R’million OTC R’million Injectables R’million Total R’million BY CUSTOMER GEOGRAPHY Africa Middle East 4 498 3 674 1 746 9 918 Americas 3 130 1 307 2 144 6 581 Europe CIS 1 044 1 975 1 688 4 707 China 699 17 2 313 3 029 Total Commercial Pharmaceuticals 9 371 6 973 7 891 24 235 Change Prescription % OTC % Injectables % Total % BY CUSTOMER GEOGRAPHY Africa Middle East (1) (4) 78 12 Americas 2 13 (2) 3 Europe CIS (4) 9 (3) 2 China (40) 29 1 (8) Total Commercial Pharmaceuticals (3) 3 16 5 1 Refer to note G for the restatement as a result of the divestment of Aspen APAC business.
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26 Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 BASIS OF ACCOUNTING The Group financial results contained in the condensed report are prepared in accordance with the JSE Limited Listings Requirements (“JSE Listings Requirements”) for condensed reports and the requirements of the Companies Act of South Africa. The JSE Listings Requirements require condensed reports to be prepared in accordance with the framework concepts and the measurement and recognition requirements of IFRS Accounting Standards and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and to also, as a minimum, contain the information required by IAS 34 – Interim Financial Reporting . The accounting policies applied in the preparation of these condensed Group financial results are in terms of IFRS and are consistent with those used in the annual financial statements for the year ended 30 June 2025. These condensed Group financial results have been prepared under the supervision of the Group Chief Financial Officer, SM Capazorio CA(SA) and approved by the Board of Directors. SUBSEQUENT EVENTS Dividends Subsequent to year-end, the Board has declared a gross dividend, which will be paid from income reserves of 232 cents per ordinary share (2025: 211 cents per ordinary share) to shareholders recorded in the share register of the Company at the close of business on 9 September 2026 (2025: Declared on 3 September 2025 and paid 6 October 2025). In compliance with IAS 10 – Events After The Reporting Period , the dividend will be accounted for in the financial statements in the year ending 30 June 2027. REVIEW CONCLUSION These reviewed condensed Group financial results for the year ended 30 June 2026 have been reviewed by the independent external auditor, Ernst & Young Inc., and their unmodified review report is included in these condensed results. The review was performed in accordance with ISRE 2410 ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’. Any reference to future financial performance included in this announcement has not been reviewed or reported on by the Group’s external auditor. The auditor’s report does not necessarily report on all of the information contained in this announcement/ financial results. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor’s engagement, they should refer to the auditor’s report and accompanying financial information included in these condensed results. Normalised headline earnings, normalised headline earnings per share, normalised EBITDA, and Constant Exchange Rate reporting are considered to be pro forma financial information in terms of the JSE Listings Requirements. These measures have been prepared to show the Group’s preferred internal key financial metrics. Accordingly, it has been prepared for illustrative purposes only and because of its nature, may not fairly present the Group’s financial position, changes in equity, results of operations or cash flows. The pro forma financial information is the responsibility of the directors. The normalised headline earnings, normalised headline earnings per share and normalised EBITDA measures are included in the condensed Group financial results and are therefore subject to the external auditor’s review performed in accordance with ISRE 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’. The Constant Exchange Rate reporting has been prepared as separate pro forma financial information and Ernst & Young Inc. has issued an unmodified Independent Assurance Report in terms of ISAE 3420 on the compilation thereof, which is included in these condensed results.
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Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 27 The Directors Aspen Pharmacare Holdings Limited Aspen Place 9 Rydall Vale Park Douglas Saunders Drive La Lucia Ridge Durban INDEPENDENT AUDITOR’S REVIEW REPORT ON THE REVIEWED CONDENSED GROUP FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2026 We have reviewed the Reviewed Condensed Group Financial Results of Aspen Pharmacare Holdings Limited and its subsidiaries contained in the accompanying report, which comprise the accompanying Condensed Group Statement of Financial Position as at 30 June 2026, Group Statement of Comprehensive Income, Group Statement of Changes in Equity, and Group Statement of Cash Flows for the year ended 30 June 2026, and selected explanatory notes, excluding note O. Directors’ Responsibility for the Reviewed Condensed Group Financial Results The directors are responsible for the preparation and presentation of these Reviewed Condensed Group Financial Results in accordance with the International Financial Reporting Standards (IFRS), IAS 34 Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB); the SAICA Financial Reporting Guides, as issued by the Accounting Practices Committee; Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council; the requirements of the Companies Act of South Africa; the JSE Listing Requirements and for such internal control as the directors determine is necessary to enable the preparation of Reviewed Condensed Group Financial Results that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express a conclusion on these Reviewed Condensed Group Financial Results based on our review. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity.’ This standard requires us to conclude whether anything has come to our attention that causes us to believe that the Reviewed Condensed Group Financial Results are not prepared in all material respects in accordance with the applicable financial reporting framework. This standard also requires us to comply with relevant ethical requirements. A review of Reviewed Condensed Group Financial Results in accordance with ISRE 2410 is a limited assurance engagement. We perform procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, and applying analytical procedures, and evaluating the evidence obtained. The procedures performed in a review are substantially less than and differ in nature from those performed in an audit conducted in accordance with International Standards on Auditing. Accordingly, we do not express an audit opinion on these Reviewed Condensed Group Financial Results. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying Reviewed Condensed Group Financial Results, which comprise the accompanying Reviewed Condensed Group statement of Financial Position as at 30 June 2026, Group Statement of Comprehensive Income, Group Statement of Changes in Equity and Group statement of Cash Flows for the year ended 30 June 2026, and selected explanatory notes, of Aspen Pharmacare Holdings Limited and its subsidiaries for year ended 30 June 2026 are not prepared, in all material respects, in accordance with the International Financial Reporting Standard, (IAS) 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB), the SAICA Financial Reporting Guides, as issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the requirements of the Companies Act of South Africa and the JSE Listing Requirements. Ernst & Young Inc. Director: Busisiwe Ziningi Khoza Registered Auditor Chartered Accountant (South Africa) 2 September 2026
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28 Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 INDEPENDENT AUDITORS’ ASSURANCE REPORT ON THE PRO FORMA FINANCIAL INFORMATION INCLUDED IN THE REVIEWED CONDENSED GROUP FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2026 To the Directors of Aspen Pharmacare Holdings Limited We have completed our assurance engagement to report on the compilation of the Pro forma Financial Information of Aspen Pharmacare Holdings Limited and its subsidiaries (collectively the “Group”), by the Directors. The constant currency pro forma financial information as set out in the Reviewed condensed Group financial results for the year ended 30 June 2026, consists of selected line items from the consolidated statement of comprehensive income and certain trading profit metrics on a constant exchange rate basis (“Pro Forma Financial Information”). The applicable criteria on the basis of which the Directors have compiled the Pro forma Financial Information are specified in the JSE Limited (“JSE”) Listings Requirements and described in note “O” Illustrative Constant Exchange Rate Report on Selected Financial Data of the Reviewed condensed Group financial results for the year ended 30 June 2026. The Pro forma continuing operations have been compiled by the Directors to illustrate the impact of converting the selected line items to a constant currency using the average exchange rate for the year ended 30 June 2026. These adjustments are collectively referred to as the (“Pro forma Adjustments”). As part of this process, information about the Group’s financial performance has been extracted by the Directors from the Reviewed condensed Group financial results for the year ended 30 June 2026 on which a review opinion has been issued (“Reviewed Financial Information”). Directors’ Responsibility for the Pro forma Financial The Directors are responsible for compiling the Pro forma Financial Information on the basis of the applicable criteria specified in the JSE Listings Requirements and described in note “O” of the Reviewed condensed Group financial results for the year ended 30 June 2026. Our Independence and Quality Management We have complied with the independence and other ethical requirements of the Code of Professional Conduct for Registered Auditors issued by the Independent Regulatory Board for Auditors (IRBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour. The IRBA Code is consistent with the corresponding sections of the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards). The firm applies International Standard on Quality Management 1 (ISQM 1) Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements which requires the firm to design, implement and operate a system of quality management, including documented policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Auditors’ Responsibility Our responsibility is to express an opinion about whether the Pro forma Financial Information has been compiled, in all material respects, by the Directors on the basis specified in the JSE Listings Requirements and described in note “O” of the Reviewed condensed Group financial results for the year ended 30 June 2026 based on our procedures performed. We conducted our engagement in accordance with the International Standard on Assurance Engagements (ISAE) 3420, Assurance Engagements to Report on the Compilation of Pro forma Financial Information Included in a Prospectus, which is applicable to an engagement of this nature, issued by the International Auditing and Assurance Standards Board. This standard requires that we plan and perform procedures to obtain reasonable assurance about whether the Pro forma Financial Information has been compiled, in all material respects, on the basis specified in the JSE Listings Requirements and described in note “O” of the Reviewed condensed Group financial results for the year ended 30 June 2026 For purposes of this engagement, we are not responsible for updating or reissuing any reports or opinions on any historical financial information used in compiling the Pro forma Financial Information, nor have we, in the course of this engagement, performed an audit or review of the financial information used in compiling the Pro forma Financial Information other than our review of the Reviewed Financial Information. The purpose of Pro forma Financial Information included in the Reviewed condensed Group financial results for the period ended 30 June 2026 is solely to illustrate the impact of the Pro forma Adjustments on the Reviewed Financial Information. Accordingly, we do not provide any assurance that the actual outcome of the Pro forma Adjustments would have been as presented. A reasonable assurance engagement to report on whether the Pro forma Financial Information has been compiled, in all material respects, on the basis of the applicable criteria involves performing procedures to assess whether the applicable criteria used by the Directors in the compilation of the Pro forma Financial Information provides a reasonable basis for presenting the significant effects directly attributable to the Pro forma Adjustments, and to obtain sufficient appropriate evidence about whether: • The related Pro forma Adjustments give appropriate effect to those criteria; and • The Pro forma Financial Information reflects the proper application of the Pro forma Adjustments to the unadjusted financial information. Our procedures selected depend on our judgment, having regard to our understanding of the nature of the Group, the Pro forma Adjustments in respect of which the Pro forma Financial Information has been compiled, and other relevant engagement circumstances. Our engagement also involves evaluating the overall presentation of the Pro forma Financial Information. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. In our opinion, the Pro forma Financial Information has been compiled, in all material respects, on the basis of the applicable criteria specified in the JSE Listings Requirements and described in note “O” of the Reviewed condensed Group financial results of results for the year ended 30 June 2026. Ernst & Young Inc. Director: Busisiwe Ziningi Khoza Registered Auditor Chartered Accountant (South Africa) 2 September 2026
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Aspen Pharmacare Holdings Limited – Reviewed condensed Group financial results for the year ended 30 June 2026 29 DIRECTORS KD Dlamini* (Chair), SM Capazorio, BJ Kruger*, L de Beer*, N Dongwana*, TM Mkhwanazi*, CN Mortimer*, YG Muthien*, DS Redfern*, SB Saad * Non-executive director COMPANY SECRETARY R Khan REGISTERED OFFICE Building Number 8, Healthcare Park, Woodlands Drive, Woodmead PO Box 1587, Gallo Manor, 2052 Telephone +27 11 239 6100 SPONSOR Investec Bank Limited TRANSFER SECRETARY JSE Investor Services (Pty) Limited One Exchange Square, 2 Gwen Lane, Sandown, 2196 PO Box 4844, Johannesburg, 2000 www.aspenpharma.com Disclaimer 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 vastly 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.