Interim report
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For the six months ended 30 June 2026 JSE: OPA Interim results 2026
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Revenue Adjusted EBITDA Normalised net income $185.3mn $77.9mn $39.3mn ↑ 58% ↑ 45% ↑ 40% (H1 2025: $117.2 million) (H1 2025: $53.8 million) (H1 2025: $28.1 million) Distributed value Headline EPS Adjusted free cash flow Adjusted free cash flow conversion MFS revenue $3.5bn 2.79 cents $32.7mn 41.9% $133.0mn ↑ 46% ↑ 50% ↑ 150% ↑ 84% (H1 2025: $2.4 billion) (H1 2025: 1.85 cents) (H1 2025: $13.1 million) (H1 2025: 24.3%) 72% of Group revenue (H1 2025: 62%) Take rate Normalised EPS Adjusted EBITDA margin Default rate Net debt to annualised adjusted EBITDA 5.3% 2.98 cents 42.0% 1.3% 0.20x ↑ 32% (H1 2025: 4.9%) (H1 2025: 2.27 cents) (H1 2025: 45.9%) (H1 2025: 1.1%) (H1 2025: 0.81x) Financial highlights Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 2 →
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Operating and strategic highlights 01 Three new deployments went live during H1 2026, including a new deployment in Gabon and the Group’s first MFS proposition in South Sudan 02 Strong growth continued across established markets, including Ghana, Pakistan, Indonesia and Congo-Brazzaville 03 The Group launched its first merchant-lending proposition, extending the Group’s credit portfolio into merchant financing 04 The acquisition of Finergi was completed, adding utility credit as a new growth vertical for Optasia 05 Continued progress in the Group’s collaboration with FNB (part of FirstRand), alongside FirstRand increasing its shareholding to 26.1% in the period 06 Airtime credit services in Nigeria resumed across all operator partners by 24 June 2026, with services restored under a multi-provider structure Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 3 → Optasia Interim results for the six months ended 30 June 2026
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CEO statement The first half of 2026 delivered strong growth across the Group. Revenue increased 58% versus H1 2025 to $185.3 million, adjusted EBITDA increased 45% to $77.9 million and normalised net income increased 40% to $39.3 million. Adjusted free cash flow increased to $32.7 million, with cash conversion improving to 41.9%, while net debt remained low at 0.20x annualised adjusted EBITDA. MFS continued to be the primary growth driver, with revenue increasing 84% and representing 72% of Group revenue. Performance was broad based across service lines, with Ghana continuing to scale strongly and Pakistan, Indonesia and Congo-Brazzaville also delivering strong results. Asia remains an important part of our strategy, with the performance of Pakistan and Indonesia reinforcing the opportunity across the region. Across established markets, growth is increasingly being supported by deeper penetration, broader eligibility, higher usage and the introduction of additional products and limits where customer behaviour and portfolio performance support them. Ghana demonstrates the opportunity to scale multiple propositions successfully within a single market, a model we are increasingly applying elsewhere. Three new deployments went live during H1, including Gabon and South Sudan, and we have a substantially larger group of deployments under development, including 12 in the delivery phase with more than eight targeted for launch during the second half of 2026. We are progressing opportunities across several markets, including further deployments in South Africa, DRC, Ghana and Iraq, while continuing the work required to build positions in large markets such as Kenya, Ethiopia and Mozambique. Product development is also moving into deployment. The Group launched its first merchant-lending proposition during H1 and continues to develop additional embedded-credit propositions, supported by greater product configurability and increasingly sophisticated decisioning capabilities. This broadens the opportunity within both existing and new partner ecosystems. Optasia continued to broaden its distribution model during the period, adding banking and utility ecosystems as additional routes to customers alongside its established telecom and mobile-money channels. The acquisition of Finergi extends the Group into utility credit, creating a new growth vertical and broadening the ecosystems in which Optasia can deploy its decisioning, technology and operating capabilities. In parallel, the strategic partnership with FirstRand continued to deepen. FirstRand increased its shareholding in Optasia to 26.1%, while the Group’s collaboration with FNB also progressed into product development and implementation, including the integration of Optasia’s decisioning capabilities behind FNB Connect’s airtime- advance proposition and the development of a cash-advance proposition within the FNB wallet ecosystem. In Nigeria, all operator partners were live again by 24 June 2026. Services are now live under a multi-provider structure, with customer allocation based on performance. FY2026 targets assume the current run-rate under this structure; further recovery represents upside. H1's performance underscores confidence in our full-year targets, which the Group has updated to 30% – 40% growth across revenue, adjusted EBITDA and normalised net income. H1 represents strong progress against these objectives, with further growth expected from the scaling of existing markets, new deployments and the next wave of products and partnerships. Salvador Anglada Group Chief Executive Officer Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 4 →
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Key figures The table below contains certain non-IFRS financial measures that are presented to provide investors with additional financial information that is regularly reviewed by management. The non- IFRS financial measures should not be viewed in isolation or as an alternative to the equivalent IFRS measure. The non-IFRS financial measures are not uniformly defined by all companies. Accordingly, such measures may not be comparable with similarly titled measures 1 Profit for the year/period before interest on loan, lease and other facilities, interest income, income tax, withholding and other taxes and depreciation and amortisation expense. 2 EBITDA plus capital transaction costs, acquisition-related costs and cost of funding cash credit services, IPO management compensation, bank guarantee charges and bank charges. 3 Adjusted EBITDA divided by revenue. 4 Trade and other receivables plus margin deposits minus trade and other payables minus income tax payable. 5 Adjusted EBITDA after deducting withholding and other taxes, income tax, change in net working capital (i.e., net working capital for the current period minus net working capital for the previous period) and capital expenditure. 6 Adjusted free cash flow divided by adjusted EBITDA. 7 Profit for the year/period divided by revenue. 8 Profit for the year/period plus capital transaction costs plus acquisition- related costs plus IPO management compensation. 9 Profit for the year/period plus capital transaction costs, acquisition- related costs, less the share of profit/(loss) from an associate. 10 Adjusted net income divided by revenue. 11 Normalised net income attributable to owners of the group divided by weighted average ordinary shares outstanding. 12 Additions to property, plant and equipment plus additions to intangible assets. 13 Ratio of revenue to provision for ECLs on financial guarantee contracts. 14 Short-term borrowings plus long-term borrowings minus cash in hand and at bank. 15 Ratio of net debt to annualised adjusted EBITDA (period adjusted EBITDA multiplied by two for six-month periods; full-year figures unadjusted), consistent with the basis used in the Pre-Listing Statement. 16 Distributed value is calculated as airtime credit granted to subscribers by MNOs (distributed value (reported) – ACS) plus cash advances granted to subscribers of MNOs (distributed value (reported) – MFS). Take rate is calculated as revenue divided by distributed value. Default rate is calculated as provision for ECLs on financial guarantee contracts divided by distributed value. 17 Adjusted EBITDA divided by distributed value. and disclosures by other companies. The non-IFRS financial measures should be considered in conjunction with the consolidated financial information prepared in accordance with IFRS. Certain of these non-IFRS financial measures are considered to be pro forma financial information for purposes of the JSE Listings Requirements. Refer to non-IFRS section on pages 22 to 24. (USD’000 unless stated) H1 2026 H1 2025 % change* FY2025 EBITDA1 58 925 39 794 48.1 78 602 Adjusted EBITDA2 77 884 53 792 44.8 114 514 Adjusted EBITDA margin3 (%) 42.0 45.9 43.2 Net working capital4 133 147 93 171 42.9 107 210 Adjusted free cash flow5 32 664 13 054 150.2 44 937 Adjusted free cash flow conversion6 (%) 41.9 24.3 39.2 Net income margin7 (%) 19.9 19.9 16.3 Normalised net income8 39 264 28 089 39.8 57 849 Adjusted net income9 39 178 28 094 39.5 57 849 Adjusted net income margin10 (%) 21.1 24.0 21.8 Normalised EPS11 2.98 2.27 31.5 4.64 Capital expenditure12 8 275 6 032 37.2 12 248 Cover ratio13 4.0x 4.3x 4.1x Net debt14 30 640 86 674 (64.6) 13 034 Net debt to annualised adjusted EBITDA ratio15 0.20x 0.81x 0.11x Distributed value16 3 477 854 2 384 057 46 5 477 660 Take rate16 (%) 5.3 4.9 4.8 Default rate16 (%) 1.3 1.1 1.2 Adjusted EBITDA to distributed value ratio17 (%) 2.2 2.3 2.1 * Comparatives are versus the six months ended 30 June 2025. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 5 →
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Selected consolidated statement of profit or loss and other comprehensive income for the six months ended 30 June 2026 Reconciliation from headline earnings to normalised earnings for the six months ended 30 June 2026 (USD’000 unless stated) H1 2026 H1 2025 % change FY2025 Revenue 185 263 117 189 58.1 265 357 Direct service costs (51 481) (27 513) 87.1 (69 005) Operating expenses (23 778) (20 265) 17.3 (50 828) Net foreign exchange (loss)/gain (2 218) (17) n/m 4 250 Provision for expected credit losses on financial guarantee contracts (46 682) (27 249) 71.3 (65 209) Provision for expected credit losses on other financial assets (294) (1 214) (75.8) (3 337) Depreciation and amortisation expense (5 618) (4 573) 22.9 (9 821) Operating profit 55 192 36 358 51.8 71 407 Finance costs (8 637) (6 022) 43.4 (13 018) Finance income 1 226 258 375.2 632 Share of profit/(loss) from an associate 86 (5) n/m Profit before taxes 47 867 30 589 56.5 59 021 Withholding and other taxes (6 725) (2 462) 173.2 (10 057) Profit before income tax 41 142 28 127 46.3 48 964 Income tax (4 283) (4 850) (11.7) (5 839) Profit for the year/period 36 859 23 277 58.3 43 125 (USD’000 unless stated) H1 2026 H1 2025 % change FY2025 Profit for the year/period 36 859 23 277 58.3 43 125 Profit attributable to owners of the group 34 464 21 625 59.4 39 856 Profit attributable to non- controlling interest 2 395 1 652 45.0 3 269 Headline earnings 34 464 21 625 59.4 39 856 Headline EPS 2.79 1.85 50.3 3.38 Adjusted for: One-off IPO-related capital transaction costs 1 416 1 812 (21.9) 9 624 Acquisition-related costs 189 – n/a – IPO management compensation 800 3 000 (73.3) 5 100 Normalised net income 39 264 28 089 39.8 57 849 Normalised net income attributable to owners of the group 36 869 26 437 39.5 54 580 Normalised EPS 2.98 2.27 31.5 4.64 Weighted average ordinary shares outstanding 1 236 892 438 1 166 575 000 1 177 457 840 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 6 →
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Selected consolidated statement of financial position for the six months ended 30 June 2026 Selected consolidated statement of cash flows for the six months ended 30 June 2026 (USD’000) 30 June 2026 31 December 2025 % change Current assets 282 748 254 535 11.1 Non-current assets 82 097 47 632 72.4 Total assets 364 845 302 167 20.7 Current liabilities 84 760 84 454 0.4 including short-term debt and current portion of long-term debt – 18 753 Non-current liabilities 113 663 93 070 22.1 including long-term debt 106 908 88 042 21.4 Total liabilities 198 423 177 524 11.8 Total equity 166 422 124 643 33.5 Total equity and liabilities 364 845 302 167 20.7 (USD’000 unless stated) H1 2026 H1 2025 % change FY2025 Net cash flows from operating activities 25 245 13 285 90.0 37 741 Net cash flows used in investing activities (31 905) (5 774) 452.5 (11 616) Net cash flows obtained from/used in financing activities (9 941) (7 728) 28.6 51 489 Net increase/(decrease) in cash and cash equivalents (16 601) (217) n/m 77 614 Effect of movement in exchange rate (892) 2 020 n/m 2 227 Cash and cash equivalents at the beginning of the year/period 93 958 14 082 567.2 14 117 Cash and cash equivalents at the end of the year/period 76 465 15 885 381.4 93 958 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 7 →
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+83.7% +58.1% +45.9% +44.8% +17 .3% MFS revenue Revenue Distributed value Adjusted EBITDA Operating expenses Performance and operational review Revenue growth and improved monetisation Revenue increased 58.1% to $185.3 million, while distributed value increased 45.9% to $3.5 billion. MFS cash advances increased from $0.9 billion to $1.9 billion and ACS advances from $1.5 billion to $1.6 billion. Revenue growth ahead of distributed value increased the Group’s take rate to 5.3% from 4.9%, reflecting stronger monetisation and the growing contribution of MFS. MFS revenue increased 83.7% and now represents approximately 72% of Group revenue, compared with 62% in H1 2025, while ACS revenue increased 16.6% year on year. Growth was supported by deeper penetration within established deployments, increased engagement and the continued scaling of newer deployments. Ghana continued to perform strongly and represented approximately 31.5% of Group revenue, reflecting the successful scaling of multiple propositions. As established and newer markets scale, the Group expects its revenue base to become progressively more diversified while Ghana continues to grow. Excluding Nigeria, ACS monthly active users increased 6.1%, while MFS monthly active users increased 14.8% versus H1 2025. Distributed value increased 45.9%, materially ahead of growth in the active user base, reflecting deeper penetration, increased usage and a higher-value product mix across established deployments. This was supported by the Group’s decisioning capabilities, which use repayment behaviour to expand eligibility and calibrate products and limits while maintaining portfolio discipline. Nigeria update Airtime credit services in Nigeria were temporarily suspended in April 2026 following the implementation of new consumer-lending regulations by the Federal Competition and Consumer Protection Commission (FCCPC). Services resumed progressively during the period, with all of the Group's operator partners live again by 24 June 2026. As previously disclosed, Nigeria represented approximately 14% of Group revenue in FY2025 and under 4% of Group revenue in Q2 2026 following the temporary suspension. Services are now live under a multi-provider model, with customer allocation based on performance. FY2026 targets are based on the current run-rate under this structure; further recovery would represent upside. Multi-provider arrangements have been present in the Nigerian airtime-credit market for some time and are now becoming more widely adopted by operators. The Group has not held exclusivity with its operator partners, and operating alongside other providers is a typical feature of its markets. Optasia continues to operate across its existing operator relationships as the market structure evolves, and is well positioned to compete for volume as activity normalises. The Group continues to protect the proprietary technology, decisioning models, methodologies and know-how underpinning its propositions in Nigeria. These capabilities remain proprietary to Optasia and support the development and optimisation of its services in the market. The Federal High Court of Nigeria upheld the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025 (the DEON Regulations), while confirming that licensing authority for entry into the communications market rests with the Nigerian Communications Commission (NCC). That judgment has been appealed by an industry association; the Group is not a party to the proceedings. Separately, the Group has obtained the relevant FCCPC authorisation to operate in Nigeria and continues to provide services in the market. The Group continues to monitor the legal and regulatory position and will update shareholders on any material developments. Growth by measure, H1 2026 against H1 2025 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 8 →
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Partner overdraft service transition During the period, one long-standing partner took over the day-to-day management of overdraft services in Uganda and Ghana, with the final market, Cameroon, planned for the second half of the year. The Group continues to support this partner across a wide range of ACS and MFS solutions. The transition affects the revenue run-rate carried into the second half and is already incorporated in the Group’s expectations. The affected services have a lower-margin profile, meaning the impact on reported revenue is greater than the corresponding impact on Group profit. Overdraft services are, by their nature, typically delivered on a single- provider basis, outside of the wallet marketplace. Across its broader MFS activities, Optasia operates in marketplace environments where multiple providers compete alongside one another, with activity earned through the quality and performance of the proposition. Foreign exchange impact Reported revenue and profit in H1 2026 benefited from favourable foreign-exchange movements, reflecting the translation of revenues generated across the Group’s operating markets into US dollars. This provided a positive contribution to reported H1 growth. FY2026 expectations have been prepared without assuming any continuation of the first-half foreign exchange tailwind. The underlying business continued to deliver strong growth independent of this translation benefit, supported by continued scaling across established MFS deployments, deeper customer engagement and a broader proposition set. Performance and operational review continued Implications for the second half Taken together, the current Nigeria run-rate under the new multi- provider structure, the completion of the single-partner overdraft transition and a more normalised foreign-exchange contribution mean that FY2026 reported growth will be weighted towards the first half, with H2 year-on-year growth expected to be more measured. These factors are reflected in the Group’s FY2026 targets, while the underlying business remains strong, supported by continued scaling across new and existing deployments, a broader product set and new distribution rails via multiple partner types. Profitability and margins Profit for the period increased 58% to $36.9 million, while adjusted EBITDA increased 45% to $77.9 million. Normalised net income increased 40% to $39.3 million, with the difference versus profit for the period principally reflecting adjustments for IPO-related costs, acquisition-related costs and management compensation. The reconciliation runs from profit for the period through headline earnings to normalised net income, with the detailed bridge presented in the financial review. Adjusted EBITDA margin was 42.0%, compared with 45.9% in H1 2025, principally reflecting the increasing contribution of MFS to the Group’s revenue mix. MFS generates a higher take rate and greater absolute revenue and profit contribution per unit of distributed value, while carrying a different direct-cost profile. Operating expenses increased 17.3%, materially below revenue growth of 58.1%, demonstrating positive operating leverage. The Group remains focused on absolute profit growth, risk-adjusted returns and cash generation as established deployments deepen and newer deployments scale. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 9 →
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Risk management Credit performance remained resilient as distributed value increased 45.9% and MFS continued to represent a larger share of the Group’s business. The default rate was 1.3% in H1 2026, compared with 1.1% in H1 2025 and 1.2% for FY2025, while revenue covered the provision for expected credit losses on financial guarantee contracts approximately 4.0 times. The change in the default rate reflects the growing contribution of MFS, which has a different credit-performance and revenue profile from ACS. This was accompanied by a higher Group take rate, supporting strong risk-adjusted economics as the portfolio expanded. The three largest markets represented approximately 57% of Group revenue in H1 2026, with Ghana’s contribution reflecting the successful scaling of multiple propositions in that market. The relative concentration was also affected by the temporary reduction in Nigeria during the period. The Group expects its geographic revenue mix to broaden progressively as newer deployments scale. Foreign-exchange movements resulted in a net foreign exchange loss of $2.2 million in H1 2026. The loss arose principally from movements on forward exchange contracts used to hedge part of the Group’s South African rand exposure, together with the weakening of the US dollar against certain operating-market currencies, notably the Ghanaian cedi and the West African CFA franc. These exposures are managed through a combination of settlement structures, regular cash repatriation and selective hedging. Most markets settle directly in US dollars to the Group’s UAE entities, while other exposures are converted, repatriated or hedged according to local market conditions. The Group has also established a dedicated capital markets function to further strengthen treasury and currency-risk management. Cash flow and capital structure Optasia continued to generate positive operating cash flow in the first half of 2026, with net cash from operating activities of $25.2 million (H1 2025: $13.3 million). Adjusted free cash flow increased to $32.7 million (H1 2025: $13.1 million) and conversion improved to 41.9% Performance and operational review continued Take rate Default rate Cover ratio 5.3% 1.3% 4.0x H1 2025: 4.9% xx H1 2025: 1.1% xx H1 2025: 4.3x Adjusted free cash flow Adjusted free cash flow conversion Net debt to annualised adjusted EBITDA* $32.7mn 41.9% 0.20x H1 2025: $13.1mn H1 2025: 24.3% xx H1 2025: 0.81x xx Risk and monetisation as at 30 June 2026 Cash flow for H1 2026 and balance sheet as at 30 June 2026 * At period end. (H1 2025: 24.3%), while the Group continued to fund the working- capital requirements associated with continued MFS growth. MFS advances are funded ahead of the revenue they generate, creating an incremental working-capital requirement as the portfolio scales. Net working capital increased by $25.9 million to $133.1 million at 30 June 2026 (31 December 2025: $107.2 million), driven by growth in MFS revenues and expansion into new MFS territories. It represented 39.9% of last-12-month revenue, compared with 45.1% in the prior period, indicating an improvement in working-capital intensity even as the MFS book grew. The Group remained strongly cash-generative and conservatively geared. Net debt was $30.6 million at 30 June 2026, with net debt to annualised adjusted EBITDA remaining low at 0.20x. Cash of $76.3 million, together with committed borrowing facilities, provides substantial capacity to fund working-capital requirements and continue investing in profitable growth. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 10 →
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Strategic progress Growth and expansion Deployment activity Three new MFS deployments launched during H1 2026, spanning merchant lending, overdraft and cash advance propositions and extending the Group’s activity across both existing and new markets. The Group launched its first merchant-lending proposition in Ghana during May 2026. The deployment started with approximately 800 merchants and had expanded to more than 56 000 merchants by July (post-period end). Merchant lending expands the Group into a higher-value credit use case, with larger average transaction sizes and repeat borrowing linked to merchant trading cycles. The proposition applies Optasia’s existing decisioning and operating capabilities to a new customer segment and creates further scope to deepen established partner relationships. A new overdraft proposition launched in Gabon during May and reached approximately 150 000 customers in its first week of broader rollout, providing an early indication of customer uptake. The Group also launched a new cash advance proposition in South Sudan at the end of June, further expanding its MFS footprint. The first merchant-lending proposition is already being replicated beyond Ghana, with a second merchant-lending deployment launched in Uganda after period end. This provides an early proof point for the Group’s ability to roll out new products across additional markets and partner relationships. The development pipeline continues to broaden across additional MFS and embedded-credit propositions. Activity in delivery spans both existing and new markets, including opportunities in South Africa, the DRC, Ghana and Iraq. In parallel, the Group continues to develop opportunities in larger addressable markets including Kenya, Mozambique and Ethiopia. 3 new deployments LIVE IN H1 IN DELIVERY IN DEVELOPMENT marketsdeployments* 3 Ghana • Merchant lending Ethiopia Gabon • Overdraft MozambiqueDRC South Sudan • Cash advance KenyaIraq Ghana South Africa 12 * Selected markets shown for illustration; the 12 deployments in delivery span a broader set of markets. During H1 2026, the Group continued to broaden its growth base by scaling established deployments, expanding the credit proposition set and adding new distribution rails through banking and utility ecosystems. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 11 →
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› Decision and price › Integrate and originate › Manage the portfolio › Service and recover › Settle and reconcile Real-time scoring • affordability • limits • pricing Embed the proposition within the partner channel Monitor performance • eligibility • limits • risk Repayment • collections • customer journeys where applicable Partner and financial institution settlement reporting Partner and ecosystem expansion The Group continues to deepen and broaden its partner ecosystem across mobile network operators, mobile-money providers, digital platforms and financial institutions. Growth is supported both by expanding existing relationships through additional propositions and by developing new partner opportunities across existing and new markets. Banking represents an additional distribution rail within Optasia’s broader partner ecosystem, complementing the Group’s established mobile-operator and mobile-money channels. Optasia’s precision decisioning, technology integration and managed-service capabilities can be embedded within bank-owned customer ecosystems to support relevant credit propositions through established digital channels. The Group’s strategic relationship with FirstRand continued to deepen during the period, with FirstRand increasing its shareholding in Optasia to 26.1%. Collaboration with FNB also progressed further into product development and implementation. Current Strategic progress continued Growth and expansion continued Product expansion Optasia continued to broaden the range of credit propositions supported by its platform. Merchant lending is now live and has already been extended into a second market, while line-of-credit and telco BNPL propositions are in development. The Group is also advancing dynamic-pricing and product- orchestration capabilities. Dynamic pricing allows product economics to be calibrated by customer, proposition and repayment behaviour rather than applying a single fixed rate, supporting more precise pricing, eligibility and limit decisions. Product orchestration increases the flexibility with which propositions can be configured and optimised across different partner ecosystems. Utility credit, through Finergi, represents a further product vertical and is discussed below. initiatives include Optasia’s decisioning capability behind FNB Connect’s airtime-advance proposition and the development of a cash-advance proposition within the FNB wallet ecosystem in South Africa. FNB retains ownership of the customer proposition and relationship, while Optasia provides the decisioning, technology integration and managed-service capabilities behind the services. The Group continues to assess opportunities to extend its capabilities through regulated financial-services ecosystems where they complement its existing distribution model. Finergi and utility credit The acquisition of Finergi extends Optasia into utility credit, applying the Group’s embedded-credit, decisioning and operating capabilities to prepaid electricity. The model enables an eligible customer’s electricity purchase to be advanced at the point of recharge, with the utility settled immediately and repayment embedded within the customer’s subsequent recharge flow. One platform, every proposition Delivered as a managed service Partners integrate. Optasia powers and manages the proposition. Energy advances are delivered through Finergi, acquired in April 2026. MFS Cash advance Live Overdraft Live Merchant lending Live • H1 2026 Line of credit In development Telco BNPL In development ACS Utility credit Optasia platform One engine, configured rather than rebuilt, deployable on any channel * Energy advances: platform capability is live; commercial activity is currently limited to trials and proofs of concept. Airtime advance Live Energy advance Live* Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 12 →
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Growth and expansion continued Finergi and utility credit continued Three pre-commercial pilots are live in Namibia, Uganda and Lesotho. Early take-up provides evidence of demand, while repayment performance, unit economics and distribution scalability remain in test. Zambia and Guinea Conakry are expected to progress during H2 2026, with further opportunities being developed across Ghana, South Africa and additional markets. The partner ecosystem is also developing. The Zambian national power company has been signed as a utility partner in Zambia following a competitive procurement process, while Finergi has partnered with prepaid electricity technology providers Syntell, Itron and Netvend. These relationships provide access to established prepayment infrastructure and can reduce the incremental integration required as Finergi expands across additional utilities and markets. Finergi remains at an early stage of commercial development, with the Group focused on progressing current market activity, deepening utility and distribution partnerships and converting selected opportunities into scalable commercial deployments. Integration across governance, finance, operations and technology continues to progress, with commercial contribution expected as proof-of-concept deployments convert into commercial contracts and scale. Credit decisioning and responsible lending The Group continued to strengthen the data and decisioning capabilities underpinning its platform. Advanced credit-scoring models were deployed across eight additional projects during the period, while reinforcement-learning decisioning was extended across six, generating net-revenue uplifts of approximately 0.5% to 3.0%. A new fraud-detection capability continued in pilot. Decisioning draws on proprietary behavioural and repayment data, experience across multiple products and economic environments, and credit-policy expertise developed across different customer segments. Each deployment adds further data and operating experience, supporting the continuous refinement of eligibility, limits and portfolio-management parameters. Model performance is combined with affordability assessment, defined credit policies, active portfolio monitoring and continuous validation. These controls support the responsible expansion of eligibility and customer limits while maintaining portfolio quality as transaction volumes and product breadth increase. Strategic progress continued 8 6 0.5% – 3.0% projects with advanced credit scoring * Uplift measured per deployment where reinforcement learning is applied. deployments extended with reinforcement learning net-revenue uplift* Credit intelligence • Advanced scoring, wider estate • Reinforcement learning extended • Fraud detection in pilot Platform and data • Dynamic pricing expanded • Release and testing automated • Model validation strengthened Operating capability • Compliance capability widened • Launch and servicing standardised • Greater configurability Platform and decisioning enhancements Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 13 →
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Platform and operational scalability The Group continued to increase the flexibility, scalability and resilience of its technology platform. Development during the period included greater automation of release and testing processes and further enhancements to data infrastructure, model validation, security, access management and platform configurability. These investments reduce the incremental technology and operational effort required to support new deployments and enable established propositions to be refined as usage and portfolio behaviour evolve. The Group also enhanced the operating framework required to manage a growing multi-market portfolio. Investment focused on regulatory and compliance processes, product delivery, portfolio management, collections and recovery, and financial-institution coordination. The model supports propositions from regulatory preparation and integration through launch, servicing and continuous optimisation, providing a common framework that can be adapted across partner structures and jurisdictions. People and organisational capability Commercial and delivery capacity expanded during the period to support the growing opportunity and deployment pipeline. The Group also added depth across financial services, strategic partnerships, technology, engineering, data, risk and compliance, strengthening its ability to deliver increasingly sophisticated propositions across multiple markets and regulated financial-services environments. These investments position the Group to convert a broader opportunity set into sustainable growth while maintaining disciplined execution. Strategic progress continued Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 14 →
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The Group operates within the governance framework applicable to a company listed on the Main Board of the JSE Limited and seeks to comply with the King V TM Code on Corporate Governance. Governance Outlook The Company operates within the applicable provisions of the BVI Business Companies Act, 2004 (as amended) (the BVI Companies Act), the listings requirements of the JSE Limited (JSE) and any other securities exchange on which the securities of the Company may be listed (the Listings Requirements), the Company's memorandum and articles of association (the Articles) and any other applicable law or regulatory provision including the King V TM Report on Corporate Governance for South Africa, 2025 (the King Code) (collectively, the Legal Requirements). Material strategic and capital-allocation decisions, including acquisitions, new market entries, funding arrangements and significant commercial commitments, are subject to the Group’s delegation-of-authority framework, endorsed by the Board and in compliance with the Legal Requirements. The Group's principal strategic initiatives, including the acquisition of Finergi, were implemented in accordance with and in due consideration of the Legal Requirements. The Board maintains oversight of the Group’s principal financial and non-financial risks, with management reporting against defined credit, capital, liquidity, regulatory and operational risk parameters. Governance, risk and control capabilities continue to evolve alongside the Group’s increasing geographic, product and partner complexity. Board capability also continued to strengthen, with the appointment of Michael Ikpoki and Michiel Herkemij as independent non-executive directors with effect from 1 September 2026, post-period-end. Mr Ikpoki brings over thirty years of experience in African telecommunications, spanning regulatory, commercial and executive leadership roles, and Mr Herkemij brings extensive international consumer, commercial and board experience across African, European and Latin American markets. Their appointments complement the existing skills and experience of the Board as the Group continues to expand across products, markets and partner ecosystems, strengthening oversight in the areas most relevant to the Group's next phase of development, including telecommunications, regulatory engagement in African markets, international commercial expansion and listed-company governance. The Group’s strong first-half performance underscores confidence in achieving its full-year targets, which the Group has updated to 30% – 40% growth across revenue, adjusted EBITDA and normalised net income. The outlook for the remainder of the year is supported by continued scaling across established MFS deployments, new deployments coming on stream and a broader pipeline of products and partner opportunities. The Group continues to manage geopolitical, foreign-exchange and regulatory developments across its markets through its diversified geographic footprint, local operating and regulatory capabilities, settlement structures and treasury arrangements. The Group enters the second half with a broader set of growth drivers across established markets, recent and upcoming deployments, a widening product set and additional partner ecosystems. Second half growth drivers Established MFS scaling New deployments Product expansion Banking and partner ecosystems Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 15 →
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Financial review Key components of the consolidated statement of profit or loss Revenue The Group generates revenue by providing managed credit services to distribution partners, including mobile network operators, mobile-money providers, banks and other financial institutions. These services are supported by the Group’s proprietary decisioning and technology platform and may include integration, credit-risk management, portfolio operations, collections and continuous optimisation. Revenue comprises revenue from contracts with customers and revenue from credit services across MFS, ACS and other services. The Group’s commercial participation varies by product and partner arrangement and is generally linked to the fees generated through the services it enables and manages. Direct service costs Direct service costs primarily consist of direct contract costs and other service costs, such as transaction costs paid to MNOs and agent fees. Provision for ECLs on financial guarantee contracts Where an airtime or MFS advance is not fully recovered from the end user, the Group may, depending on the contractual structure of the relevant proposition, be required to compensate the relevant partner or financial institution for the unrecovered amount. The related ECL provision is recognised in this line item. Other operating expenses Other operating expenses consist primarily of employee benefits costs, office costs, professional fees, marketing costs and other operating costs. Impairment of trade receivables and bank balances Impairment of trade receivables and bank balances consists of provisions and reversals made during the period for trade and other receivables. The provision for ECLs relates exclusively to invoiced receivable balances arising from services provided to clients. It does not encompass provisions for financial guarantees payable to clients, which are instead accounted for under direct service costs. Depreciation and amortisation expense Depreciation and amortisation expenses include amortisation of intangible assets, property and equipment depreciation and depreciation of right-of-use assets. Finance costs – net Finance costs – net consist of interest on loan, lease and other facilities, bank guarantee charges, bank charges and interest income. Withholding and other taxes The expense pertains to non-recoverable withholding and other taxes which are paid on the collection of receivables from the various jurisdictions in which the Group operates. Income tax Income tax consists of current and deferred tax expenses incurred in the various jurisdictions in which the Group operates. The following table sets forth the Group’s results of operations for the six months ended 30 June 2026 and 2025: (USD’000 unless stated) H1 2026 H1 2025 % change FY2025 Six months ended 30 June Revenue 185 263 117 189 58.1 265 357 Direct service costs (51 481) (27 513) 87.1 (69 005) Operating expenses (23 778) (20 265) 17.3 (50 828) Net foreign exchange (loss)/gain (2 218) (17) n/m 4 250 Provision for expected credit losses on financial guarantee contracts (46 682) (27 249) 71.3 (65 209) Provision for expected credit losses on other financial assets (294) (1 214) (75.8) (3 337) Depreciation and amortisation expense (5 618) (4 573) 22.9 (9 821) Operating profit 55 192 36 358 51.8 71 407 Finance costs (8 637) (6 022) 43.4 (13 018) Finance income 1 226 258 375.2 632 Share of profit/(loss) from an associate 86 (5) n/m Profit before taxes 47 867 30 589 56.5 59 021 Withholding and other taxes (6 725) (2 462) 173.2 (10 057) Profit before income tax 41 142 28 127 46.3 48 964 Income tax (4 283) (4 850) (11.7) (5 839) Profit for the year/period 36 859 23 277 58.3 43 125 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 16 →
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Comparison of the six months ended 30 June 2026 with the six months ended 30 June 2025 Revenue Revenue increased by $68.1 million, or 58.1%, to $185.3 million for the six months ended 30 June 2026, compared to $117.2 million for the six months ended 30 June 2025. Growth was driven by service expansion with new mobile network operators and financial institutions, deeper penetration across existing deployments, and the rapid scaling of MFS. MFS revenue grew to $133.0 million, while ACS revenue was $51.1 million, with the temporary suspension of Nigeria airtime-credit services affecting the period. In H1 2026, the Group further broadened its ACS footprint through engagements with new MNOs and by supporting existing distribution partners in extending services into additional geographies. The Group’s ACS operations in Asia performed particularly well, with users in Indonesia increasing 33.2% and Malaysia reaching 2.1 million users following launch towards the end of the prior period. MFS revenue grew by 83.7% year on year, from $72.4 million to $133.0 million, driven by both the onboarding of large-scale deployments and strong organic growth within established markets such as Pakistan, Ghana and Congo-Brazzaville, with advances in each of these markets more than doubling versus the prior period. Direct service costs Direct service costs increased by $24.0 million to $51.5 million, primarily reflecting the accelerated scaling of MFS and the associated increase in transaction and service-delivery costs. These cost increases are directly linked to higher transaction volumes and revenue growth within MFS and are therefore largely variable in nature. Operating expenses Operating expenses were $23.8 million in the six months ended 30 June 2026 (H1 2025: $20.3 million), primarily reflecting targeted investment to support the Group’s accelerated growth, particularly within MFS, including strengthening of technology, product, risk, compliance and commercial functions and continued costs associated with the Group’s evolution as a listed entity. Provision for expected credit losses on financial guarantee contracts In the six months ended 30 June 2026, the Group recognised a provision charge of $46.7 million (H1 2025: $27.2 million), reflecting the continued expansion of ACS and, in particular, the accelerated scaling of MFS, which has a different credit-performance profile from ACS. This increase is primarily volume and mix driven and consistent with the Group’s strategic focus on higher-growth micro-financing services. Financial review continued Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 17 →
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Comparison of the six months ended 30 June 2026 with the six months ended 30 June 2025 continued Net foreign exchange loss The Group recorded a net foreign exchange loss of $2.2 million in the six months ended 30 June 2026 (H1 2025: broadly neutral at $0.02 million), reflecting currency volatility across a number of operating markets during the period. The net foreign exchange loss principally reflects the movement on forward exchange contracts used to hedge part of the Group’s South African rand exposure, together with the weakening of the US dollar against certain operating-market currencies – notably the Ghanaian cedi and the West African CFA franc – partly offset by favourable movements in other markets. Provision for expected credit losses on other financial assets The provision for ECLs on other financial assets was $0.3 million in the six months ended 30 June 2026 (H1 2025: $1.2 million), reflecting a lower level of incremental provisioning on invoiced receivable balances and prudent balance-sheet management. Depreciation and amortisation expense Depreciation and amortisation expense was $5.6 million in the six months ended 30 June 2026 (H1 2025: $4.6 million), primarily reflecting higher amortisation of intangible assets arising from continued investment in the Group’s intellectual property and technology platform. Finance costs – net Net finance costs were $7.4 million in the six months ended 30 June 2026 (H1 2025: $5.8 million), primarily reflecting the expansion of the Group’s funding base to support accelerated growth and higher utilisation of debt facilities to finance increased distributed volumes. Withholding and other taxes Withholding and other taxes increased by $4.3 million, or 173%, to $6.7 million for the six months ended 30 June 2026 (H1 2025: $2.5 million), consistent with the higher revenues generated in territories where the repatriation of funds is subject to withholding or remittance-related taxes, whether arising from direct charges by clients or from intercompany transfers of locally generated revenues to the Group. The increase was driven principally by markets where the repatriation of locally generated revenues attracts withholding or remittance taxes, notably Benin and the DRC. Income tax Income tax was $4.3 million for H1 2026 (H1 2025: $4.9 million), principally reflecting taxation in the Group’s UAE headquarters jurisdiction and operating territories with higher local tax rates. Financial review continued Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 18 →
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Liquidity and capital resources The Group continues to generate positive operating cash flow and principally funds its expansion through internally generated cash, supplemented by credit facilities from financial institutions. These facilities provide working-capital funding and off-balance-sheet guarantees. At 30 June 2026, material cash commitments included lease liabilities of $4.3 million, bank borrowings of $106.9 million and off-balance- sheet bank guarantees of $90.2 million. In respect of the Group’s working capital cycle, MFS advances are funded through the Group’s partner financial institutions and repaid by end users over the life of the advance, with invoicing following once the repayment period has run and defaults have crystallised – typically around 90 days from distribution. The MFS receivables cycle is therefore structurally longer than in ACS, where invoicing follows shortly after distribution once volumes are reconciled with the partner, and the unbilled share of receivables rises as MFS scales. This timing difference is the principal driver of the Group’s working-capital requirement as MFS grows. Cash flows The table below sets forth a summary of the Group’s operating, investing and financing cash flows for the six months ended 30 June 2026 and 2025: (USD’000 unless stated) H1 2026 H1 2025 % change FY2025 Six months ended 30 June Net cash flows: Net cash flows from operating activities 25 245 13 285 90.0 37 741 Net cash flows used in investing activities (31 905) (5 774) 452.5 (11 616) Net cash flows used in financing activities (9 941) (7 728) 28.6 51 489 Net change in cash and cash equivalents (16 601) (217) n/m 77 614 Cash flows from operating activities The table below sets forth the Group’s cash flows from operating activities for the six months ended 30 June 2026 and 2025: (USD’000 unless stated) H1 2026 H1 2025 % change FY2025 Six months ended 30 June Net income before tax 41 142 28 127 46.3 48 964 Adjustments for the impact of non-cash items* 61 896 41 093 50.6 94 608 Net income adjusted for the impact of non- cash items 103 038 69 220 48.9 143 572 Changes in assets and liabilities: Trade and other receivables (90 399) (81 449) 11.0 (138 620) Trade and other payables 17 485 28 616 (38.9) 32 843 Due from related parties (32) 5 006 n/m 4 556 Margin deposits, net (1 969) (3 983) (50.6) (9 612) Due to related parties (555) 8 907 Cash generated from operating activities 27 568 17 410 58.3 41 646 Income tax paid (2 154) (4 012) (46.3) (3 750) Payment of employees’ end-of-service benefits (169) (113) 49.6 (155) Net cash flows from operating activities 25 245 13 285 90.0 37 741 * Adjustments for the impact of non-cash items includes items such as depreciation and amortisation expense; provision for ECLs on financial guarantee contracts; provision for ECLs on trade, other receivables and bank balances; provision for employees’ end-of-service benefits; finance income and finance costs. The Group’s cash flows from, or used in, operating activities to date have primarily consisted of revenues from services provided to the Group’s customers, costs paid to its suppliers, general administrative expenses, including employment costs and taxes. Net cash from operating activities was $25.2 million for the six months ended 30 June 2026, compared to $13.3 million for the six months ended 30 June 2025. The increase was primarily driven by higher profitability, partly offset by growth-driven working-capital investment as MFS deployments scale. Financial review continued Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 19 →
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Cash flows used in investing activities The table below sets forth the Group’s cash flows used in investing activities for the six months ended 30 June 2026 and 2025: (USD’000 unless stated) H1 2026 H1 2025 % change FY2025 Six months ended 30 June Additions to property and equipment (2 428) (1 344) 80.7 (2 369) Additions to intangible assets (5 847) (4 688) 24.7 (9 879) Interest received 1 226 258 375.2 632 Acquisition of Finergi (24 856) Net cash flows used in investing activities (31 905) (5 774) 452.5 (11 616) The Group’s cash flows used in investing activities to date have primarily consisted of investment in the development of intellectual property, investment into additions of property and equipment and interest received. Net cash used in investing activities amounted to $31.9 million for the six months ended 30 June 2026, compared to $5.8 million for the six months ended 30 June 2025, primarily reflecting the $24.9 million cash consideration for the Finergi acquisition during the period, together with continued investment in intangible assets ($5.8 million) and property and equipment ($2.4 million). Cash flows used in financing activities The table below sets forth the Group’s cash flows used in financing activities for the six months ended 30 June 2026 and 2025: (USD’000 unless stated) H1 2026 H1 2025 % change FY2025 Six months ended 30 June Payment of lease liabilities (804) (705) 14.0 (1 020) Proceeds from issue of ordinary shares 75 165 Transaction costs related to issuance (11 423) Dividend paid (28) (15 480) (99.8) (17 075) Proceeds from borrowings 8 649 20 000 (56.8) 27 900 Repayment of loan (9 286) (10 275) (9.6) (18 957) Finance cost paid (8 472) (1 268) 568.1 (3 101) Net cash flows used in financing activities (9 941) (7 728) 28.6 51 489 Net cash used in financing activities was $9.9 million in H1 2026, compared with $7.7 million in H1 2025, reflecting finance costs paid together with facility drawdowns and repayments during the period. Financial review continued Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 20 →
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Debt and interest rate risk The Group maintains credit facilities for working capital purposes with certain financial institutions in the UAE and Africa. The financing arrangements are short and mid-term in nature (facility terms of up to five years) and their purpose is to finance new business development opportunities. Financing is provided in the form of working capital and as financial guarantees. The total debt outstanding as at 30 June 2026 was $106.9 million, in the form of a term loan, with the revolving credit facility undrawn at the period end. In December 2022, the Company entered into a long-term bridge loan facility of $40.0 million to finance the buy-back of 3 060 shares from its original shareholders. The term of this facility is five years, and the interest rate is SOFR plus a margin of 4.5% per annum, granted against an equitable mortgage over shares of one of the Group’s subsidiaries. This facility was subsequently refinanced and increased to finance acquisitions, development costs and the working capital requirements of the Company and was amended and restated on 3 April 2026 with an increased term loan and revolving credit facility (RCF). The total facility as at 30 June 2026 was $180 million, structured as below: Facility USD’000 Interest Repayment Tenor Term loan 150 000 SOFR plus margin of 5.50% Bullet payment at end of 3 years 3 years RCF loan 30 000 SOFR plus margin of 5.50% Bullet payment at end of 3 years 3 years Total 180 000 The Group’s credit facilities provide funding for the working-capital requirements associated principally with the expansion of MFS, including margin deposits and bank guarantees that scale with distributed value. During H1 2026 the Group drew $3.9 million and repaid $9.2 million towards loan, interest and other charges pertaining to the Group facilities. Its $180.0 million term and revolving facilities provide committed funding capacity, while net debt of $30.6 million represented 0.20x annualised H1 2026 adjusted EBITDA at period end. The Group’s exposure to interest rate risk principally relates to loans from banks and margin deposits towards guarantee facilities granted to subsidiaries of the Company. For additional information on the interest rate risk see note 23 (Financial risk management) of the consolidated financial statements Foreign exchange risk Management closely monitors foreign exchange risk and mitigates the exposure by adopting invoicing in the Group’s functional currency where possible and closely monitoring timely collection of accounts receivable. Foreign exchange forward contracts are used to hedge future cash flows in volatile currencies where the exposure is considered material. The Group’s management also regularly monitors potential currency risks prior to the conclusion of significant contracts or business transactions. As previously noted, the Group has also established a dedicated capital markets function to support its listed- company requirements and to strengthen the management of its foreign exchange exposure. For additional information on the foreign currency exchange risk see note 23 (Financial risk management) of the consolidated financial statements. Financial review continued Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 21 →
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Non-IFRS financial measures Basis of preparation EBITDA, adjusted EBITDA, adjusted EBITDA margin, net working capital, adjusted free cash flow, adjusted free cash flow conversion, normalised net income, normalised EPS, net income margin, adjusted net income, adjusted net income margin, capital expenditure, cover ratio, distributed value, take rate, default rate, adjusted EBITDA to distributed value, net debt and net debt to adjusted EBITDA ratio constitute pro forma financial information in terms of the JSE Listings Requirements (collectively, referred to as “non-IFRS financial measures”). The non-IFRS financial measures have been prepared for illustrative purposes only and because of their nature, may not fairly present the Group’s financial position, changes in equity and results of operations or cash flows. The non-IFRS financial measures have been prepared to provide investors with additional information to measure the operating performance and liquidity of the Group and are based on the published financial information of the Group as at and for the six-month periods ended 30 June 2026, 30 June 2025 and the 12-month period ended 31 December 2025. Unless indicated otherwise, all adjustments come from the consolidated financial statements. The non-IFRS financial measures are presented in accordance with the JSE Listings Requirements. The directors are responsible for the non-IFRS financial measures. Reconciliation of selected financial data A. EBITDA, adjusted EBITDA and adjusted EBITDA margin EBITDA is calculated as profit for the year/period before interest on loan, lease and other facilities, interest income, income tax, withholding and other taxes and depreciation and amortisation expense. Adjusted EBITDA is calculated as EBITDA plus capital transaction costs, acquisition-related costs, cost of funding cash credit services, IPO management compensation, bank guarantee charges and bank charges. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue. The following table presents a reconciliation of EBITDA, adjusted EBITDA and adjusted EBITDA margin on a historical basis for each of the periods indicated. (USD’000 unless stated) H1 2026 H1 2025 % change FY2025 Profit for the year/period 36 859 23 277 58.3 43 125 Depreciation and amortisation expense 5 618 4 573 22.9 9 821 Interest on loan, lease and other facilities 6 666 4 890 36.3 10 392 Interest income (1 226) (258) 375.2 (632) Income tax 4 283 4 850 (11.7) 5 839 Withholding and other taxes 6 725 2 462 173.2 10 057 EBITDA 58 925 39 794 48.1 78 602 Capital transaction costs 1 416 1 812 (21.9) 9 624 Acquisition-related costs 189 – n/m – Cost of funding cash credit services 14 583 8 054 81.1 18 562 IPO management compensation 800 3 000 (73.3) 5 100 Bank guarantee charges 1 836 1 027 78.8 2 364 Bank charges 135 105 28.6 262 Adjusted EBITDA 77 884 53 792 44.8 114 514 Revenue 185 263 117 189 58.1 265 357 Adjusted EBITDA margin (%) 42.0 45.9 43.2 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 22 →
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B. Net working capital Net working capital is calculated as trade and other receivables plus margin deposits minus trade and other payables minus income tax payable. The following table presents a reconciliation of net working capital on a historical basis for each of the periods indicated. (USD’000) 30 June 2026 31 December 2025 % change* Trade and other receivables 175 511 131 806 33.2 Margin deposits 28 548 26 579 7.4 Trade and other payables (64 843) (47 235) 37.3 Income tax payable (6 069) (3 940) 54.0 Net working capital 133 147 107 210 24.2 * Comparatives are versus the 12-months ended 31 December 2025. C. Adjusted free cash flow and adjusted free cash flow conversion Adjusted free cash flow is calculated as adjusted EBITDA after deducting withholding and other taxes and income taxes, change in net working capital (i.e., net working capital for the current period minus net working capital for the previous period) and capital expenditure. Adjusted free cash flow conversion is calculated as adjusted free cash flow divided by adjusted EBITDA. The following table presents a reconciliation of adjusted free cash flow and adjusted free cash flow conversion on a historical basis for each of the periods indicated. (USD’000 unless stated) H1 2026 H1 2025 % change FY2025 Adjusted EBITDA 77 884 53 792 44.8 114 514 Withholding and other taxes (6 725) (2 462) 173.2 (10 057) Income tax (4 283) (4 850) (11.7) (5 839) Change in net working capital* (25 937) (27 394) (5.3) (41 433) Capital expenditure (8 275) (6 032) 37.2 (12 248) Adjusted free cash flow 32 664 13 054 150.2 44 937 Adjusted free cash flow conversion (%) 41.9 24.3 39.2 * Change in net working capital is calculated as net working capital for the current period minus net working capital for the previous period. D. Net income margin, normalised net income, adjusted net income and adjusted net income margin Net income margin is calculated as profit for the year/period divided by revenue. Adjusted net income is calculated as profit for the year/period plus capital transaction costs plus acquisition-related costs, IPO management compensation less the share of profit/(loss) from an associate. Adjusted net income margin is calculated as adjusted net income divided by revenue. The following table presents a reconciliation of net income margin, adjusted net income and adjusted net income margin on a historical basis for each of the periods indicated. (USD’000 unless stated) H1 2026 H1 2025 % change FY2025 Revenue 185 263 117 189 58.1 265 357 Profit for the year/period 36 859 23 277 58.3 43 125 Net income margin 19.9% 19.9% 16.3% Profit for the year/period 36 859 23 277 58.3 43 125 Capital transaction costs 1 416 1 812 (21.9) 9 624 Acquisition-related costs 189 – n/m – IPO management compensation 800 3 000 (73.3) 5 100 Normalised net income 39 264 28 089 39.8 57 849 Share of profit/(loss) from an associate (86) 5 n/m – Adjusted net income 39 178 28 094 39.5 57 849 Revenue 185 263 117 189 58.1 265 357 Adjusted net income margin (%) 21.1 24.0 21.8 Non-IFRS financial measures continued Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 23 →
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E. Capital expenditure Capital expenditure is calculated as additions to property, plant and equipment plus additions to intangible assets. The following table presents a reconciliation of capital expenditure on a historical basis for each of the periods indicated. (USD’000 unless stated) H1 2026 H1 2025 % change FY2025 Additions to property and equipment 2 428 1 344 80.7 2 369 Additions to intangible assets 5 847 4 688 24.7 9 879 Capital expenditure 8 275 6 032 37.2 12 248 F. Cover ratio Cover ratio is calculated as the ratio of revenue to provision for ECLs on financial guarantee contracts. The following table presents a reconciliation of cover ratio on a historical basis for each of the periods indicated. (USD’000 unless stated) H1 2026 H1 2025 % change FY2025 Revenue 185 263 117 189 58.1 265 357 Provision for expected credit losses on financial guarantee contracts 46 682 27 249 71.3 65 209 Cover ratio 4.0x 4.3x 4.1x G. Net debt and net debt to adjusted EBITDA ratio Net debt is calculated as short-term borrowings plus long-term borrowings minus cash in hand and at bank. Net debt to adjusted EBITDA ratio is calculated as the ratio of net debt to annualised adjusted EBITDA (adjusted EBITDA for the period multiplied by two for six-month periods; full-year figures are unadjusted). The following table presents a reconciliation of net debt and net debt to adjusted EBITDA ratio on a historical basis for each of the periods indicated. (USD’000) 30 June 2026 31 December 2025 % change* Long-term borrowings 106 908 88 042 21.4 Short term borrowings – 18 753 Cash in hand and at bank (76 268) (93 761) (18.7) Net debt 30 640 13 034 135.1 Adjusted EBITDA 77 884 114 514 Annualised adjusted EBITDA 155 768 114 514 Net debt to annualised adjusted EBITDA ratio 0.20x 0.11x * Comparatives are versus the 12-months ended 31 December 2025. H. Adjusted EBITDA to distributed value ratio Adjusted EBITDA to distributed value ratio is calculated as adjusted EBITDA divided by distributed value. (USD’000 unless stated) H1 2026 H1 2025 % change FY2025 Adjusted EBITDA 77 884 53 792 44.8 114 514 Distributed value 3 477 854 2 384 057 45.9 5 477 660 Adjusted EBITDA to distributed value ratio 2.2% 2.3% 2.1% I. Take rate Take rate is calculated as revenue divided by distributed value. (USD’000 unless stated) H1 2026 H1 2025 % change FY2025 Revenue 185 263 117 189 58.1 265 357 Distributed value 3 477 854 2 384 057 45.9 5 477 660 Take rate (%) 5.3 4.9 4.8 J. Default rate Default rate is calculated as provision for ECLs on financial guarantee contracts divided by distributed value. (USD’000 unless stated) H1 2026 H1 2025 % change FY2025 Provision for expected credit losses on financial guarantee contracts 46 682 27 249 71.3 65 209 Distributed value 3 477 854 2 384 057 45.9 5 477 660 Default rate (%) 1.3 1.1 1.2 Non-IFRS financial measures continued Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 24 →
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Review report and interim condensed consolidated financial statements Introduction We have reviewed the accompanying interim condensed consolidated financial statements of Optasia Limited (“Formerly Channel VAS Investments Limited”) (the “Company”) and its subsidiaries (collectively referred to as the “Group”) as at 30 June 2026, comprising of the interim condensed consolidated statement of financial position as at 30 June 2026 and the related interim condensed consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the six month period then ended and explanatory notes. Management is responsible for the preparation and fair presentation of these interim condensed consolidated financial procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Other matter The interim consolidated statement of comprehensive income, interim consolidated statement of changes in equity and interim consolidated statement of cash flows for the six month period ended 30 June 2025 and explanatory notes, were neither reviewed nor audited. Accordingly, we do not express any conclusion or opinion or any other form of assurance on these comparative numbers nor the related disclosures. statements in accordance with International Accounting Standard IAS 34, Interim Financial Reporting (“IAS 34”). Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review. Scope of review We conducted our review in accordance with International Standards on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34, “Interim Financial Reporting”. For Ernst & Young Date: Abu Dhabi, United Arab Emirates ERNST & YOUNG MIDDLE EAST (ABU DHABI BRANCH) P.O. Box 136 Nation Towers, Tower 2, Floor 27 Corniche Road West Emirate of Abu Dhabi United Arab Emirates Tel: +971 2 417 4400 +971 2 627 7522 Fax: +971 2 627 3383 abudhabi@ae.ey.com https://www.ey.com C.L. No. 1001276 Report on the review of interim condensed consolidated financial statements to the shareholders of Optasia Limited (“formerly Channel VAS Investments Limited”) Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 25 →
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Notes Six months ended 30 June 2026 Unaudited USD’000 Six months ended 30 June 2025 Unaudited and unreviewed USD’000 Revenue 6 185 263 117 189 Direct service costs (excluding amortisation/depreciation and employee costs) 7.1 (51 481) (27 513) Provision for expected credit losses on financial guarantee contracts 12.2 (46 682) (27 249) Total direct costs (98 163) (54 762) Operating expenses 7.2 (23 778) (20 265) Net foreign exchange loss 8.1 (2 218) (17) Provision for expected credit losses on other financial assets 12.1 and 14.1 (294) (1 214) Depreciation and amortisation expense 10, 11 and 19 (5 618) (4 573) Operating profit 55 192 36 358 Share of profit/(loss) from an associate 86 (5) Finance costs 8 (8 637) (6 022) Finance income 8 1 226 258 Profit before taxes 47 867 30 589 Withholding and other taxes 9.2 (6 725) (2 462) Profit before income tax 41 142 28 127 Income tax 9.1 (4 283) (4 850) Profit for the period 36 859 23 277 Other comprehensive income for the period Items that may be reclassified subsequently to profit or loss Exchange differences on translation of foreign operations (899) 2 377 Total comprehensive income for the period 35 960 25 654 Notes Six months ended 30 June 2026 Unaudited USD’000 Six months ended 30 June 2025 Unaudited and unreviewed USD’000 Profit attributable to: Shareholders of the parent 34 464 21 625 Non-controlling interests 2 395 1 652 36 859 23 277 Total comprehensive income attributable to: Shareholders of the parent 33 776 23 459 Non-controlling interests 2 184 2 195 35 960 25 654 Earnings per share (in USD cents per share) Basic earnings per share 26 2.79 1.85 Headline earnings per share 26 2.79 1.85 Diluted earnings per share 26 2.79 1.85 Dividends per share – 1.10 Interim consolidated statement of profit or loss and other comprehensive income for the six month period ended 30 June 2026 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 26 →
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Notes 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 ASSETS Non-current assets Property and equipment 11 5 553 4 445 Goodwill 10 16 589 – Intangible assets 10 44 094 27 118 Right-of-use assets 19 4 026 4 056 Investment in an associate 1 446 1 352 Long-term deposits 12.4 8 606 8 097 Contract costs 12.3 453 1 242 Deferred tax assets 9.1 1 330 1 322 Total non-current assets 82 097 47 632 Current assets Trade and other receivables 12 175 511 131 806 Due from related parties 13 2 421 2 389 Margin deposits 22 28 548 26 579 Cash in hand and at bank 14 76 268 93 761 Total current assets 282 748 254 535 TOTAL ASSETS 364 845 302 167 EQUITY AND LIABILITIES Equity Share capital 17.1 49 49 Share premium 60 729 60 729 Other capital reserve 17.2 9 500 3 600 Foreign currency translation reserve (26 572) (25 884) Retained earnings 117 346 82 882 Equity attributable to equity holders of the parent 161 052 121 376 Non-controlling interests 21 5 370 3 267 Total equity 166 422 124 643 Notes 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 LIABILITIES Non-current liabilities Employees’ end-of-service benefits 16 2 268 2 010 Lease liabilities 20.1 3 140 3 006 Borrowings 20.2 106 908 88 042 Deferred tax liabilities 9.1 1 347 12 Total non-current liabilities 113 663 93 070 Current liabilities Trade and other payables 15 64 843 47 235 Dividend payable 18.1 1 019 966 Lease liabilities 20.1 1 205 1 381 Short-term borrowings 20.2 – 18 753 Income tax payable 9.1 6 069 3 940 Due to related parties 13 11 624 12 179 Total current liabilities 84 760 84 454 Total liabilities 198 423 177 524 TOTAL EQUITY AND LIABILITIES 364 845 302 167 Net asset value per share 26 13.45 10.59 Net tangible asset value per share 26 8.55 8.28 Salvador Anglada Mariusz Robert Dabrowski Group CEO Group CFO Interim consolidated statement of financial position as at 30 June 2026 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 27 →
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Notes Six months ended 30 June 2026 Unaudited USD’000 Six months ended 30 June 2025 Unaudited and unreviewed USD’000 Operating activities Profit before income tax 41 142 28 127 Adjustments for: Depreciation on property and equipment 11 1 281 1 241 Depreciation expense of right-of-use assets 19 643 498 Amortisation 10 3 694 2 834 Provision for expected credit losses on financial guarantee contracts 12.2 46 682 27 249 Finance costs on borrowings lease and other facilities 8 637 6 022 Interest income 8 (1 226) (258) Provision for expected credit losses on trade, other receivables and bank balances 12.1 and 14.1 294 1 214 Provision for employees’ end-of-service benefits 16 427 288 Loss on modification of loan 750 – Share-based payment expense 800 2 000 Share of (gain)/loss from an associate (86) 5 103 038 69 220 Working capital changes in: Trade and other receivables (net of financial guarantee provision) (90 399) (81 449) Trade and other payables 17 485 28 616 Due from related parties (32) 5 006 Due to related parties (555) – Margin Deposit – net (1 969) (3 983) Cash generated from operating activities 27 568 17 410 Income tax paid 9.1 (2 154) (4 012) Payment of employees’ end-of-service benefits 16 (169) (113) Net cash flows from operating activities 25 245 13 285 Notes Six months ended 30 June 2026 Unaudited USD’000 Six months ended 30 June 2025 Unaudited and unreviewed USD’000 Investing activities Additions to property and equipment 11 (2 428) (1 344) Acquisition of Finergi (24 856) Additions to intangible assets 10 (5 847) (4 688) Interest received 8 1 226 258 Net cash flows used in investing activities (31 905) (5 774) Financing activities Payment of lease liabilities 20.1 (804) (705) Dividend paid 18.1 (28) (15 480) Proceeds from borrowings 20.2 8 649 20 000 Repayment of borrowings 20.2 (9 286) (10 275) Finance cost paid (8 472) (1 268) Net cash flows used in financing activities (9 941) (7 728) Net (decrease)/increase in cash and cash equivalents (16 601) (217) Cash and cash equivalents at 1 January 93 958 14 082 Effect of movement in exchange rate (892) 2 020 Cash and cash equivalents at 30 June 14 76 465 15 885 Interim consolidated statement of cash flows for the six month period ended 30 June 2026 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 28 →
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Attributable to owners of the Company Share capital Unaudited USD’000 Share premium Unaudited USD’000 Other capital reserve Unaudited USD’000 Foreign currency translation reserve Unaudited USD’000 Retained earnings Unaudited USD’000 Total equity attributable to owners of the Company Unaudited USD’000 Non- controlling interests Unaudited USD’000 Total equity Unaudited USD’000 At 1 January 2025 46 (27 895) 56 026 28 177 (498) 27 679 Profit for the period – – 21 625 21 625 1 652 23 277 Other comprehensive income for the period – 1 834 – 1 834 543 2 377 Total comprehensive income for the period – 1 834 21 625 23 459 2 195 25 654 Transactions with shareholders of the parent Dividends (refer note 18) – – (13 000) (13 000) (24) (13 024) Total distributions – – (13 000) (13 000) (24) (13 024) Share-based awards (refer note 27) – 2 000 – – 2 000 – 2 000 Total transactions with shareholders of the parent – 2 000 – (13 000) (11 000) (24) (11 024) Balance at 30 June 2025 (unaudited and unreviewed) 46 2 000 (26 061) 64 651 40 636 1 673 42 309 Balance at 1 January 2026 49 60 729 3 600 (25 884) 82 882 121 376 3 267 124 643 Profit for the period 34 464 34 464 2 395 36 859 Other comprehensive loss for the period (688) – (688) (211) (899) Total comprehensive income for the period (688) 34 464 33 776 2 184 35 960 Transactions with shareholders of the parent Dividends (refer note 18) (81) (81) Total distributions (81) (81) Share-based consideration (refer note 5) 5 100 5 100 5 100 Share-based awards (refer note 27) 800 800 800 Total transactions with shareholders of the parent 5 900 5 900 (81) 5 819 Balance at 30 June 2026 (unaudited) 49 60 729 9 500 (26 572) 117 346 161 052 5 370 166 422 Interim consolidated statement of changes in equity for the six month period ended 30 June 2026 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 29 →
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1 Reporting entity Optasia Limited (formerly Channel VAS Investments Limited) (the Company) was incorporated in the British Virgin Islands under the BVI Business Companies Act, 2004, on 28 December 2012. During the period, the Company changed its name from Channel VAS Investments Limited to Optasia Limited, with no impact on its legal status, operations or shareholders. The Company, together with its subsidiaries, is an analytics technology services provider in the fintech sector, providing services to large mobile telecommunications operators that enable airtime and data credit, as well as micro and nano-loans, for underbanked populations in emerging markets. The Company is headquartered in Dubai, United Arab Emirates. The Company’s BVI number is 1750790 and the registered office of the Company is Trident Chambers, PO Box 146, Road Town, Tortola, British Virgin Islands. Pursuant to a resolution of the shareholders dated 7 October 2025, the shareholders approved the listing of the Company’s shares on the JSE Limited on Tuesday, 4 November 2025 with a total of 1 235 061 843 ordinary shares in issue whereby 68 486 843 of its shares were offered for subscription (primary issuance) and 273 947 369 shares by way of secondary sell in an initial public offering (IPO) to institutional investors. Further, some of the shareholders have sold 248 247 430 shares (20.1% of a total of 1 235 061 843 ordinary shares) to FirstRand Limited, as part of an off-market bilateral transaction concurrent with the offer. The registered shareholding structure (holding > 5% of issued shares) of the Company at the reporting date is as follows: Notes to the interim condensed consolidated financial statements 30 June 2026 30 June 2026 31 December 2025 Major shareholders (holding > 5% of issued shares) Number of shares % of issued shares Number of shares % of issued shares Chronos Capital Ltd 370 117 342 29.97 370 117 342 29.97 FirstRand Investment Holdings (Pty) Ltd 322 351 141 26.10 248 247 430 20.10 TRG Africa Optasia Consortium SPV (Pty) Ltd 124 736 834 10.10 124 736 834 10.10 Bassim Said Haidar – – 92 629 639 7.50 Government Employees Pension Fund 84 404 946 6.83 – – 901 610 263 73.00 835 731 245 67.67 Bassim Said Haidar’s shareholding in the current period is less than 5%. Directors’ direct and indirect holdings at the reporting date are as follows: 30 June 2026 Directors’ shareholdings Direct holding Indirect holding % of issued shares Bassim Said Haidar – 20 948 828 1.7 Salvador Anglada 12 175 000 – 0.99 Michael Christian Jensen – 207 545 0.02 12 175 000 21 156 373 2.71 31 December 2025 Bassim Said Haidar – 92 629 639 7.50 Salvador Anglada 11 675 000 – 0.95 Michael Christian Jensen – 207 545 0.02 11 675 000 92 837 184 8.47 The interim condensed consolidated financial statements were authorised for issue in accordance with a resolution of the Board of Directors on 11 September 2026. The comparative figures in the interim condensed consolidated statement of comprehensive income for the period ended 30 June 2025 were not subject to limited review by the external auditors. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 30 →
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2.1 Basis of preparation (a) Statement of compliance The interim condensed consolidated financial statements for the six month ended 30 June 2026 have been prepared in accordance with International Accounting Standard IAS 34 Interim Financial Reporting (IAS 34). The Group has prepared the interim condensed consolidated financial statements on the basis that it will continue to operate as a going concern. These interim condensed consolidated financial statements do not include all the information and disclosures required in the complete set of annual financial statements prepared in accordance with International Financial Reporting Standards (IFRS) accounting standards as issued by the International Accounting Standards Board (IASB) (IFRS accounting standards), and should be read in conjunction with the Group’s annual consolidated financial statements as of and for the year ended 31 December 2025. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual consolidated financial statements. In addition, results for the six-month period ended 30 June 2026 are not necessarily indicative of the results for the year ending 31 December 2026. (b) Basis of measurement These interim condensed consolidated financial statements have been prepared under the historical cost basis except for derivatives which are carried at fair value. All figures presented in the interim condensed consolidated financial statements and the relevant notes to the interim condensed consolidated financial statements are rounded, and one reporting unit represents USD1 000, unless otherwise stated. (c) Functional and presentation currency These interim condensed consolidated financial statements are presented in United States dollars (USD), unless otherwise stated, which is the parent company’s functional and presentation currency. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. Notes to the interim condensed consolidated financial statements continued 30 June 2026 2.2 Basis of consolidation The interim condensed consolidated financial statements comprise the financial statements of the Company and its subsidiaries (together referred to as the “Group”). The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: • power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); • exposure, or rights, to variable returns from its involvement with the investee; and • the ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • the contractual arrangement with the other vote holders of an investee; • rights arising from other contractual arrangements; and • the Group’s voting rights and potential voting rights. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the period are included in the interim condensed consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 31 →
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2.2 Basis of consolidation continued Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non- controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including any goodwill), liabilities, non-controlling interest and other components of equity while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value. Notes to the interim condensed consolidated financial statements continued 30 June 2026 The interim condensed consolidated financial statements comprise the financial statements of the Company and those of its following subsidiaries: Group’s beneficial effective shareholding Names of subsidiaries 30 Jun 2026 % 31 Dec 2025 % Year of incorporation Principal place of business Optasia International Limited (Formerly CVAS International L TD (JAFZA)) 100 100 2013 U.A.E. Nairtime Holdings Limited 100 100 2012 U.A.E. Channel Technologies FZE 100 100 2013 offshore, 2019 onshore U.A.E. Channel VAS DMCC 100 100 2014 U.A.E. Channel VAS Holdings Limited 100 100 2013 U.A.E. Xtra MFS Technologies FZE (under liquidation) 100 100 2019 U.A.E. Optasia Solutions DMCC (Formerly Xtra Cash Solutions DMCC) 100 100 2019 U.A.E. Channel Applications DMCC 70 70 2016 U.A.E. Nairtime South Africa (Pty) Limited 74 74 2014 South Africa Nairtime Empowerment (Pty) Limited* 49 49 2017 South Africa Xtra MFS South Africa (Pty) Limited 100 100 2019 South Africa Nairtime Nigeria Limited 100 100 2012 Nigeria Xtra MFS Nigeria Limited 100 100 2019 Nigeria Channel VAS Tunisia SARL 100 100 2019 Tunisia Al Jabor Technologies Tunisia (SARL) 80 80 2023 Tunisia Nairtime Ghana Limited 100 100 2012 Ghana Xtra MFS Ghana Limited 70 70 2022 Ghana Nairtime Bangladesh Limited 100 100 2017 Bangladesh Channel VAS Bangladesh Limited 65 65 2016 Bangladesh Xtra MFS Investments Limited 100 100 2019 B.V.I. CTech Jabor Limited 100 100 2019 B.V.I. EURL Xtra Technologies New Algeria 100 100 2024 Algeria SARL VAS Technologies 70 70 2014 Algeria Xtra MFS Investments Zambia Limited 100 100 2019 Zambia Xtra MFS Uganda Limited 100 100 2012 Uganda Optasia Rwanda Limited 100 100 2023 Rwanda Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 32 →
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2.2 Basis of consolidation continued Group’s beneficial effective shareholding Names of subsidiaries 30 Jun 2026 % 31 Dec 2025 % Year of incorporation Principal place of business AlJabor Technologies WLL 80 80 2019 Qatar Channel VAS Pakistan (Pvt) Limited 100 100 2017 Pakistan Channel VAS Myanmar Limited (under liquidation) 100 100 2017 Myanmar CVAS Mozambique LDA 100 100 2016 Mozambique Channel VAS Mauritius Limited 100 100 2015 Mauritius Channel VAS Malaysia SDN. BHD. 100 100 2018 Malaysia Xtra MFS Liberia Limited 100 100 2022 Liberia Xtra MFS Lesotho (Pty) Limited 100 100 2022 Lesotho Xtra MFS Cote d'Ivoire SARL 100 100 2022 Ivory Coast PT Channel VAS Indonesia 100 100 2018 Indonesia Channel VAS Greece S.A. 100 100 2015 Greece Optasia Technologies Ethiopia PLC 100 100 2014 Ethiopia Channel VAS Egypt L.L.C. (liquidated) 100 100 2018 Egypt Optasia Egypt LLC 100 100 2022 Egypt Channel VAS Cyprus L TD 100 100 2015 Cyprus Channel VAS Soluces Em Tecnologia Do Brasil S.A. 100 100 2018 Brazil Nairtime Benin SARL 100 100 2019 Benin Xtracash Benin S.A. 100 100 2025 Benin Finergi Global FZCO 100 – 2025 U.A.E. Finergi Utility Services (Proprietary) Limited 100 – 2025 Namibia Finergi Uganda Limited 100 – 2025 Uganda Finergi Solutions Limited 100 – 2025 Kenya Finergi SA (ex SAU) 100 – 2025 Guinea Finergi South Africa (Pty) Limited 100 – 2024 South Africa Finergi Solutions (Private) Limited 100 – 2025 Zimbabwe Finergi Solutions Limited 100 – 2025 Zambia Optasia Cameroon PLC 100 – 2026 Cameroon * The Group is exercising control over Nairtime Empowerment (Pty) Limited by being able to nominate the majority of the members on the board of directors of the company. Notes to the interim condensed consolidated financial statements continued 30 June 2026 3 New standards, interpretations and amendments adopted by the Group The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements as of and for the year ended 31 December 2025, except for the adoption of new standards effective as of 1 January 2026. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Classification and measurement of financial instruments – amendments to IFRS 9 and IFRS 7 In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7, amendments to the classification and measurement of financial instruments (the amendments). The amendments include: • Clarifications of the requirements for recognition and derecognition of financial assets and financial liabilities. In particular, a financial liability is derecognised on the ‘settlement date’ and an accounting policy choice is introduced (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date. • Additional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed. • Clarification on what constitutes ‘non-recourse features’ and what are the characteristics of contractually linked instruments. • The introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI). The amendments had no impact on the Group’s interim condensed consolidated financial statements. Annual improvements to IFRS Accounting Standards – Volume 11 In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance of IFRS Accounting Standards. The amendments include clarifications, simplifications, corrections or changes to improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial instruments: Disclosure and its accompanying guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statements of Cash Flows. The amendments had no impact on the Group’s interim condensed consolidated financial statements. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 33 →
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3 New standards, interpretations and amendments adopted by the group continued During the period, the Group has applied the accounting policies below: Business combination and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent and deferred consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent and deferred consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognised in the consolidated statement of profit or loss in accordance with IFRS 9. Other contingent and deferred consideration that is not within the scope of IFRS 9 is measured at fair value with the changes at each reporting date with changes in fair value recognised in profit or loss. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). Notes to the interim condensed consolidated financial statements continued 30 June 2026 If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a cash-generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. 4 Significant accounting judgements and key sources of estimation uncertainty The preparation of these interim condensed consolidated financial statements in conformity with the IFRS Accounting Standards requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities and income and expenses. It also requires management to exercise judgement in the application of its accounting policies. The estimates and assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. These estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. The significant judgements made by management in applying its accounting policies and the key sources of estimation uncertainty were the same as those applied to the annual consolidated financial statements of the Group as of and for the year ended 31 December 2025. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 34 →
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5 Business combinations Effective 16 April 2026 (acquisition date), the Group acquired 100% of the issued share capital of Finergi Global FZCO (Finergi), a company incorporated in the United Arab Emirates specialising in prepaid electricity token advances and utility payment solutions across Africa, from Finergi Holdings Limited (Seller). Finergi Holdings Limited is owned and controlled by one of the shareholders of the Group. The strategic rationale for the acquisition is supported by three key drivers: it supports Optasia’s strategy to expand through new ecosystems, offers exposure to a large and scaling market, and creates significant synergies that enhance value for both businesses. Finergi provides unique entry to energy-distribution ecosystems that complement Optasia’s platform, supporting its planned expansion into adjacent verticals and enabling partner and product diversification. Finergi will also provide Optasia with access to direct KYC capabilities and on-the-ground identity data, enabling strengthened risk infrastructure and underwriting accuracy. The acquisition has been accounted for using the acquisition method of accounting, and accordingly, the identifiable assets acquired and liabilities assumed, were recognised at their respective provisional fair values. From the date of acquisition, Finergi contributed revenue and loss to the Group amounting to $nil thousand and $596 thousand respectively. If the acquisition had taken place at the beginning of the year, the Group’s revenue would have been $185 263 thousand and profit before tax for the Group would have been $41 109 thousand. The purchase consideration comprised the following: USD'000 Cash consideration (fully paid) 24 900 Equity instruments issued (i) 5 100 Contingent consideration (earnout) (ii) – Total consideration transferred 30 000 (i) The equity instruments represent consideration shares to be issued to the seller; as the number of shares is fixed for a fixed USD value, this instrument has been classified as an equity instrument at acquisition date fair value. (ii) The contingent consideration (earnout) of up to $10 000 thousand is payable only if the Group achieves specified cumulative net revenue thresholds for the target over FY2026 and FY2027; based on management's forecasts, these thresholds are not expected to be met and the acquisition-date fair value of the earnout is therefore $nil, subject to remeasurement through profit or loss at each reporting date. The Group incurred transaction costs of $189 thousand on the acquisition, which are included within operating expenses. Notes to the interim condensed consolidated financial statements continued 30 June 2026 The provisional fair values of the identifiable assets acquired and liabilities assumed, and the resulting goodwill, are as follows: Provisional fair value on acquisition USD’000 Intangible assets (technology platform) 14 822 Trade and other receivables 2 Cash and short-term deposits 44 Total assets 14 868 Other payables (123) Deferred tax liability (1 334) Total liabilities (1 457) Total identifiable net assets at fair value 13 411 Goodwill 16 589 Total consideration 30 000 Net cash outflow arising on acquisition: Cash consideration less cash acquired (included in cash flows from investing activities) 24 856 Transaction costs of the acquisition (included in cash flows from operating activities) 189 25 045 As per draft valuation, fair value of the intangible asset was increased which represents Finergi's proprietary technology platform, valued using the multi-period excess earnings method, with an estimated remaining useful life of five years. The deferred tax liability relates to the fair value uplift recognised on this intangible. Goodwill of $16 589 thousand is attributable to the assembled workforce, expected synergies and the future growth potential of the acquired business, none of which qualify for separate recognition, and is not expected to be deductible for tax purposes. The initial accounting for the acquisition is provisional and based on a draft purchase price allocation; the Group will finalise the fair values within the measurement period, not exceeding 12 months from the acquisition date, with any adjustments recognised retrospectively against goodwill. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 35 →
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6 Revenue Six months ended 30 June 2026 Unaudited USD’000 Six months ended 30 June 2025 Unaudited USD’000 Airtime credit service (i) 51 136 43 849 Mobile financial services (MFS) (ii) 133 030 72 401 184 166 116 250 Missed call notification service revenue 961 939 Others 136 – 1 097 939 185 263 117 189 Revenue from contracts with customers is disaggregated by primary geographical regions: Six months ended 30 June 2026 Unaudited USD’000 Six months ended 30 June 2025 Unaudited USD’000 Africa 161 524 103 303 Europe and Asia 21 581 11 116 Middle East 2 158 2 770 185 263 117 189 Notes to the interim condensed consolidated financial statements continued 30 June 2026 (i) Airtime credit service revenue represents service fees charged on airtime credit amounting to $1 572 million (30 June 2025: $1 470 million) granted by MNOs to their subscribers during the period. Territory-wise details of airtime advances granted by MNOs to the subscribers of telecom operators are as follows: Six months ended 30 June 2026 Unaudited USD’000 Six months ended 30 June 2025 Unaudited USD’000 Africa 1 454 389 1 375 285 Europe and Asia 81 829 51 415 Middle East 36 072 43 692 1 572 290 1 470 392 (ii) Mobile financial services revenue represents service fee charged on the facilitation provided by the Group to grant nano loans amounting to $1 906 million (30 June 2025: $914 million) by micro-finance institutions to the subscribers of the telecom operators during the year. Territory-wise details of nano loans granted to the subscribers of telecom operators are as follows: Six months ended 30 June 2026 Unaudited USD’000 Six months ended 30 June 2025 Unaudited USD’000 Africa 1 138 228 538 444 Europe and Asia 767 336 375 221 1 905 564 913 665 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 36 →
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7 Direct service costs and operating expenses 7.1 Direct service costs Six months ended 30 June 2026 Unaudited USD’000 Six months ended 30 June 2025 Unaudited USD’000 Service costs 33 365 17 646 Cost of funding cash credit services 14 583 8 054 MFS transaction facilitation cost 418 599 Other contract-related costs 3 115 1 214 51 481 27 513 7.2 Other operating expenses Six months ended 30 June 2026 Unaudited USD’000 Six months ended 30 June 2025 Unaudited USD’000 Employee benefits expense (ii) 14 373 13 240 Capital transactions costs (i) 1 416 1 812 Acquisition-related costs 189 – Other operating costs (iii) 3 403 1 739 Professional fees 2 075 1 602 Office costs 1 861 1 419 Marketing costs 461 453 23 778 20 265 Notes to the interim condensed consolidated financial statements continued 30 June 2026 (i) Pertains to expenses that were incurred in the form of legal, advisory, and other professional fees that the Company had undertaken to accommodate a contemplated IPO. The expenses are directly related to the capital transaction and are monitored by management separately from the recurring operating expenses of the Group. During the period, additional discretionary payments were approved and recognised in respect of services provided in connection with the IPO process. These amounts were outside the originally agreed fee arrangements and, accordingly, were not accrued in the prior year as no obligation existed at that date. (ii) Employee benefits expense includes $800 thousand (30 June 2025: $2 000 thousand) relating to share-based awards to employees under various employee incentive programmes (refer note 27 for details). (iii) Increase in other operating costs mainly due to increase in business related travels, directorship costs, IT support service costs and registration fees. 8 Finance costs – net Six months ended 30 June 2026 Unaudited USD’000 Six months ended 30 June 2025 Unaudited USD’000 Finance costs Interest on loan, lease and other facilities 6 666 4 890 Bank guarantee charges 1 836 1 027 Bank charges 135 105 Finance costs 8 637 6 022 Finance income Interest income (1 226) (258) Finance costs – net 7 411 5 764 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 37 →
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8 Finance costs – net continued 8.1 Net foreign exchange loss Increase in net foreign exchange loss from comparative period is mainly attributable to weakening of USD against Ghana Cedi (GHS) and CFA Franc (XOF). 9 Income and other taxes 9.1 Income tax The major component of income tax expense for the six months ended 30 June 2026, 30 June 2025 and 31 December 2025 are: Six months ended 30 June 2026 Unaudited USD’000 Six months ended 30 June 2025 Unaudited USD’000 Current income tax: Current income tax charge 4 283 4 850 Deferred tax: Relating to origination and reversal of temporary differences* – – Income tax expense reported in the consolidated statement of profit or loss 4 283 4 850 * Net of deferred tax income. Notes to the interim condensed consolidated financial statements continued 30 June 2026 Reconciliation of tax expense and the accounting profit multiplied by effective tax rate: Six months ended 30 June 2026 Unaudited USD’000 Six months ended 30 June 2025 Unaudited USD’000 Accounting profit before taxes 41 142 28 127 Effective tax rate at statutory income tax rate in UAE of 7.60% (June 2025: 8.38%) 3 125 2 358 Less foreign tax credit (2 548) – Income tax expenses in UAE 577 2 358 Effects of: – – Tax calculated at statutory income tax rate in foreign jurisdiction 2 894 2 492 Others 812 – At the effective income tax rate of 10% (June 2025: 17%) 4 283 4 850 * On 9 December 2022, the UAE Ministry of Finance released Federal Decree – Law No 47 of 2022 on the Taxation of Corporations and Businesses (UAE CT Law or the Law) to enact Federal Corporate Tax (CT) regime in the UAE. The Corporate Tax Law is applicable to the tax periods commencing on or after 1 June 2023 (where the tax period is generally aligned with the financial accounting period). Accordingly, the UAE CT Law is applicable to the UAE entities of the group starting from 1 January 2024 being the first tax period. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 38 →
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9 Income and other taxes continued 9.1 Income tax continued Income tax and deferred taxes pertain to subsidiaries in Nigeria, South Africa, Algeria, Pakistan, Tunisia, Egypt and Greece. Deferred tax relates to the following: 30 June 2026 USD’000 31 Dec 2025 USD’000 Expected credit loss 785 757 Prepaid expenses (4) (4) Right-of-use assets 87 74 Depreciation 88 107 Amortisation of expenses (4) (4) Provisions 227 208 Exchange losses 135 82 Finergi technology platform (1 336) – Others 5 90 Total deferred tax assets/(net of deferred tax liabilities) (17) 1 310 Deferred tax asset/liabilities Deferred tax asset 1 330 1 322 Deferred tax liability (1 347) (12) Total deferred tax assets (net of deferred tax liabilities) (17) 1 310 Notes to the interim condensed consolidated financial statements continued 30 June 2026 Reconciliation of income tax payable: 30 June 2026 USD’000 31 Dec 2025 USD’000 Corporate income tax payable as at 1 January 3 940 1 821 Add: Current year income tax charge 4 283 5 869 Less: Income tax payments made during the year (2 154) (3 750) Corporate income tax payable as at 30 June and 31 December 6 069 3 940 9.2 Withholding and other taxes Six months ended 30 June 2026 Unaudited USD’000 Six months ended 30 June 2025 Unaudited USD’000 Withholding and other taxes: Withholding tax 6 120 2 152 Other tax 605 310 Total 6 725 2 462 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 39 →
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10 Intangible assets and goodwill Goodwill USD’000 Licence and technology USD’000 Software USD’000 Technology platform USD’000 Other intangibles USD’000 Software under development USD’000 Technology platform under development USD’000 Total USD’000 Cost At 1 January 2026 – 1 119 4 260 44 055 2 935 16 3 818 56 203 Additions – – – – – 101 5 746 5 847 Acquisition under business combination (refer note 5) 16 589 – – 14 822 – – – 31 411 Transfers – – – 5 149 97 (97) (5 149) – Effect of movements in exchange rates – – (6) – – – – (6) At 30 June 2026 16 589 1 119 4 254 64 026 3 032 20 4 415 93 455 Accumulated amortisation At 1 January 2026 – 220 3 886 22 654 2 325 – – 29 085 Charge for the year – 55 122 3 354 163 – – 3 694 Effect of movements in exchange rates – – (6) (1) – – – (7) At 30 June 2026 – 275 4 002 26 007 2 488 – – 32 772 Net book value At 30 June 2026 16 589 844 252 38 019 544 20 4 415 60 683 Cost At 1 January 2025 – 1 119 4 176 34 275 2 865 54 3 791 46 280 Additions – – 8 – – 64 9 807 9 879 Transfers – – 36 9 780 66 (102) (9 780) – Effect of movements in exchange rates – – 40 – 4 – – 44 At 31 December 2025 – 1 119 4 260 44 055 2 935 16 3 818 56 203 Accumulated amortisation At 1 January 2025 – 110 3 288 17 648 1 912 – – 22 958 Charge for the year – 110 570 5 007 413 – – 6 100 Effect of movements in exchange rates – – 28 (1) – – – 27 At 31 December 2025 – 220 3 886 22 654 2 325 – – 29 085 Net book value – At 31 December 2025 – 899 374 21 401 610 16 3 818 27 118 Notes to the interim condensed consolidated financial statements continued 30 June 2026 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 40 →
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11 Property and equipment During the period, additions to property and equipment amounted to $2 428 thousand (six-month period ended 30 June 2025: $1 344 thousand) and depreciation charge for the six-month period ended 30 June 2026 amounted to $1 281 thousand (six-month period ended 30 June 2025: $1 241 thousand). During the period, no property and equipment were disposed of. 12 Trade and other receivables 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 Trade receivables 50 396 50 754 Unbilled revenue* 127 051 83 805 Less: provision for expected credit losses on trade and unbilled receivables (refer note 12.1)** (2 630) (2 336) Less: provision for expected credit losses on financial guarantee contracts (refer note 12.2) (37 638) (33 248) Less: withholding tax (5 781) (5 682) Trade receivables net of withholding tax and expected credit losses 131 398 93 293 Contract costs (refer note 12.3) 1 089 1 831 Prepayments 9 957 7 919 VAT receivables 1 078 785 Other receivables 45 612 41 595 Less: provision for expected credit losses on other receivables (refer note 12.1)** (13 623) (13 617) Total trade and other receivables 175 511 131 806 * Unbilled revenue includes receivable from contracts where the invoicing period is three to six months from the date service is provided. The increase in unbilled revenue is primarily attributable to higher disbursement volumes under the MFS business during the six-month period ended 30 June 2026. The Group's commercial arrangement provides that the customers may settle invoices on a net basis by offsetting amounts payable to the Group against amounts receivable from the Group, such as financial guarantee losses or other contractual obligations. These net settlement arrangements are recognised only when they meet the offsetting criteria in accordance with IFRS Accounting Standards. Notes to the interim condensed consolidated financial statements continued 30 June 2026 12.1 Provision for expected credit losses on trade, unbilled and other receivables The movement in the provision for expected credit losses on trade, unbilled and other receivables was as follows: 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 At 1 January 15 953 15 436 Provision made during the year 294 3 174 Write off during the year – (2 636) Effect of changes in foreign currency 6 (21) At 30 June and 31 December** 16 253 15 953 ** This is the aggregated balance of provision for expected credit loss on trade, unbilled and other receivables. 12.2 Provision for expected credit losses on financial guarantee contracts As part of its service offering, the Group indemnifies its telecom operators and micro-financial institutions clients from part of the financial losses incurred from the facilitation of airtime credit services (ACS) and/or mobile financial services (MFS) in alignment to the relevant contractual arrangements. The movement in the provision for expected credit losses on financial guarantee contracts during the year was as follows: 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 At 1 January 33 248 22 378 Provision made during the period/year 46 682 65 209 Settlements during the period/year (41 792) (55 830) Effect of movement in exchange rate (500) 1 491 At 30 June and 31 December 37 638 33 248 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 41 →
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12 Trade and other receivables continued 12.3 Contract/transaction costs 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 Costs to obtain contracts with customers 414 1 930 Costs to fulfil contracts with customers 1 128 1 143 1 542 3 073 Current 1 089 1 831 Non-current 453 1 242 1 542 3 073 12.4 Long-term deposits 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 Deposit with telecom operator (refer note 12.4.1) 8 606 8 097 8 606 8 097 12.4.1 This represents amount deposited with the various telecom operators as a guarantee in accordance with the terms of service agreement to provide ACS between the subsidiary and the telecom operator. The deposits are interest free and recoverable at the time of expiry of contract with the telecom operator. Notes to the interim condensed consolidated financial statements continued 30 June 2026 13 Related party balances and transactions Related parties include the shareholders, entities controlled by the shareholders, associates, affiliates, directors and key management personnel of the Group and close family members of such individuals. Key management personnel are the persons having authority and responsibility for planning, directing and controlling the activities of the Group. The Group in the normal course of business carries out transactions with other business enterprises that fall within the definition of a related party contained in International Accounting Standard No 24. These transactions are carried out at mutually agreed terms. Significant transactions with the related parties are as below: Transactions with related parties Six months ended 30 June 2026 Unaudited USD’000 Six months ended 30 June 2025 Unaudited USD’000 Expenses recharged by a related party 42 42 Expenses paid on behalf of related parties 30 37 Interest on loan to related parties – 115 Transactions with key management personnel Six months ended 30 June 2026 Unaudited USD’000 Six months ended 30 June 2025 Unaudited USD’000 Short-term employee benefits 1 588 2 028 Long-term employee benefits 94 56 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 42 →
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13 Related party balances and transactions continued During the period remuneration/fees paid/accrued to the following directors and no other payments made to these directors: Six months ended 30 June 2026 Remuneration USD’000 Share-based payment USD’000 Other benefits USD’000 Total USD’000 Executive directors Salvador Anglada - Group CEO 420 105 – 525 Mariusz Robert Dabrowski – Group CFO 182 46 26 254 602 151 26 779 Six months ended 30 June 2026 USD’000 2025 USD’000 Non-executive directors: Bassim Said Haidar 100 600* Michael Jordaan 201 – Ahmad Farroukh 50 – Lezanne Human 53 – Olesegun Ogunsanya (Segun) 55 – Ronan Dunne 45 – 504 600 * 30 June 2025 Bassim Said Haidar was executive director. Notes to the interim condensed consolidated financial statements continued 30 June 2026 Cash at bank Relationship 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 FirstRand Limited Shareholder 4 849 5 477 Borrowings Relationship 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 FirstRand Limited Shareholder 44 233 55 763 Key management personnel of the Group include the Chief Executive Officer, Chief People Officer, Chief Technology and Innovation Officer, Chief Strategy Officer, Chief Business Development Officer, Chief Financial Officer, Chief Commercial Officer, Chief Revenue Officer, Chief Data and Risk Officer, and Chief Operations Officer. Due from related parties Relationship 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 Channel VAS Services India (Pvt) Limited* Owned by Group shareholder 292 292 BH Holding Limited (BVI)** Owned by Group shareholder 33 542 Sheikh Khalifa Jabor Mohamed Jabor Al-Thani *** Shareholder of Al Jabor Technologies WLL 2 049 1 509 Other 47 46 2 421 2 389 * Amount paid on behalf of a related party for purchase of equipment and this amount is secured by the Group shareholder. ** Expenses incurred on its behalf of and recoverable against future payment. *** This amount will be settled against dividend distribution. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 43 →
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13 Related party balances and transactions continued All the balances receivable from related parties as at 30 June 2026 and 31 December 2025 are secured and recoverable. Management has not created any provision for expected credit losses on receivables due from related parties. Due to related parties Relationship 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 Ocorian Trustees (Jersey) Ltd Trust established for employee benefit plans 11 501 12 179 Finergi Holdings Limited Owned by Group shareholder 123 – 11 624 12 179 14 Cash in hand and at bank 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 Cash in hand 53 6 Cash at bank 76 412 93 952 Cash and cash equivalents for the purposes of statement of cash flows 76 465 93 958 Less: provision for expected credit losses on bank balances (197) (197) Cash and cash equivalents 76 268 93 761 Notes to the interim condensed consolidated financial statements continued 30 June 2026 15 Trade and other payables 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 Trade payables 6 102 6 701 MFS other transactions cost payable 28 940 18 543 MFS finance cost payable 11 766 7 129 Deferred revenue (refer note 15.1) - 111 Accrued expenses 11 736 6 698 Provisions 3 337 2 914 Vat payable 968 909 Other payables (refer note 15.2) 1 994 4 230 64 843 47 235 15.1 Deferred revenue represents amount received and deferred in relation to customisation, licensing and upgrading of software services to one of the MNOs, as related milestones have not been achieved as of the reporting date. 15.2 Other payables mainly include payables towards cost of funding cash credit services and MFS transactions facilitation costs. 16 Employees’ end-of-service benefits 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 At 1 January 2 010 1 634 Provision made during the year 427 531 Payments during the year (169) (155) As at 30 June and 31 December 2 268 2 010 This includes defined benefit retirement plans for UAE employees. Under such plans, employees are entitled to benefits based on number of years of service and the last drawn salaries. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 44 →
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17 Share capital and other capital reserves 17.1 Share capital 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 Authorised shares 3 000 000 000 ordinary shares at a par value share of $0.00004 each)* (2025: 3 000 000 000 ordinary shares at a par value of $0.00004 each) 120 120 Ordinary shares issued and fully paid 1 235 061 843 ordinary shares at a par value share of $0.00004 each (2025: 1 235 061 843 ordinary shares at a par value of $0.00004 each) 49 49 * Share capital changes In accordance with the shareholders’ resolution dated 7 October 2025, the share capital of the Company was subdivided and increased based on the share-capitalisation analysis prepared for the IPO, as set out below: • by dividing each of the Company's issued and unissued ordinary shares with a par value of $1.00 each into 25 000 shares with a par value $0.00004 each; and • by increasing the maximum number of ordinary shares that the Company is authorised to issue from 55 000 ordinary shares with a par value of $1.00 each immediately prior to the division to 3 000 000 000 ordinary shares with a par value of $0.00004 each immediately after the division such that, immediately following the foregoing, the maximum number of ordinary shares the Company is authorised to issue shall be 3 000 000 000 ordinary shares with a par value of $0.00004 each of a single class. Further pursuant to a resolution of the shareholders dated 7 October 2025, the shareholders approved the listing of the Company’s shares on the JSE Limited on Tuesday, 4 November 2025 with the total of 1 235 061 843 ordinary shares in issue, whereby 68 486 843 of its shares were offered for subscription (primary issuance) and 273 947 369 shares by way of secondary sell in an initial public offering (IPO) to institutional investors. Further, some of the shareholders have sold a total of 248 247 430 shares (20.1%) to FirstRand Limited as part of an off-market bilateral transaction concurrent with the offer. Notes to the interim condensed consolidated financial statements continued 30 June 2026 17.2 Other capital reserve 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 As at 1 January 3 600 – Share-based consideration for acquisition of business (refer note 5) 5 100 – Share-based payments expense during the period/year (refer note 27) 800 3 600 At 30 June and 31 December 9 500 3 600 The reserve represents the cumulative expense recognised in equity in respect of equity-settled share-based payment arrangements relating to acquisition of a business and share-based awards granted to employees and other eligible participants. The reserve will remain in equity and may be transferred within equity upon settlement or lapse of the underlying awards, as appropriate. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 45 →
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18 Dividends During the period, the Group has declared the following dividends to shareholders of the Company and non-controlling interest holders of the subsidiaries. Six months ended 30 June 2026 Unaudited USD’000 Financial year ended 31 December 2025 Audited USD’000 Shareholders of the Company 30 June 2026 Nil (2025: $1.10 per ordinary share) – 13 000 Non-controlling interests Channel Application DMCC 81 65 30 June 2026: $811.14 per share (2025: $652.58 per ordinary share) VAS Technologies SARL $nil per share (2025 $273.85 per ordinary share) – 28 Total dividend to NCI 81 93 Total dividends paid 28 13 093 Shareholders of the Company Weighted average common shares outstanding: Basic and diluted 1 236 892 438 1 177 457 840 Dividend distribution (USD'000) – 13 000 Dividend per share (amount in USD cents) – 1.10 Notes to the interim condensed consolidated financial statements continued 30 June 2026 18.1 Dividend payable During the period, the Group has paid dividends amounting to $28 thousand (30 June 2025: $15 480 thousand, for the financial year ended 31 December 2025: $17 075 thousand). The dividend payable amounting to $nil (31 December 2025: $28 thousand) are due to the non-controlling interest holders of the subsidiaries: 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 Deng Capital Limited 1 019 938 Non-controlling interest – 28 1 019 966 19 Right-of-use assets The Group has lease contracts for various office premises and vehicles used in the business. Set out below are the carrying amounts of right-of-use assets and the movements during the year. (i) Leased premises 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 At 1 January 7 764 5 118 Additions 661 2 130 Lease expired during the year (221) (220) Effect of movement in exchange rate (162) 736 At 30 June and 31 December 8 042 7 764 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 46 →
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19 Right-of-use assets continued Set out below are the accumulated depreciation and net carrying amounts of right-of-use assets. 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 At 1 January 3 709 2 531 Charge for the period/year 643 1 062 Lease expired during the period/year (221) (220) Effect of movement in exchange rate (115) 335 At 30 June and 31 December 4 016 3 708 Net carrying amount 4 026 4 056 20 Lease liabilities and borrowings 20.1 Lease liabilities 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 As at 1 January 4 387 2 838 Additions 661 2 130 Interest expenses 165 276 Payments (804) (1 296) Effect of movement in exchange rate (64) 439 At 30 June and 31 December 4 345 4 387 Notes to the interim condensed consolidated financial statements continued 30 June 2026 Set out below are the classifications of lease liabilities in the interim condensed consolidated statement of financial position: 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 Current 1 205 1 381 Non-current 3 140 3 006 4 345 4 387 The following are the amounts recognised in the interim condensed consolidated statement of profit or loss: Six months ended 30 June 2026 Unaudited USD’000 Six months ended 30 June 2025 Unaudited USD’000 Depreciation expense of right-of-use assets (refer note 19.1) 643 498 Interest expense on lease liabilities 165 131 Expenses relating to short-term leases and leases of low value assets 93 183 Total amount recognised in profit or loss 901 812 20.2 Borrowings Loan categories 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 Loan 1 – Short-term revolving credit facility – 4 732 Loan 2 – Term loan 106 908 102 063 106 908 106 795 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 47 →
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20 Lease liabilities and borrowings continued 20.2 Borrowings continued Loan 1 On 16 October 2020, one of the Group’s subsidiaries (Channel VAS Holdings Limited ) entered into a loan agreement for a facility of $5 million with a commercial bank. During 2022, this facility has been enhanced to $10 million. In 2025 the facility limit was reduced to $7 million. As of the reporting date, $nil (30 June 2025: $5.5 million, 2025: $4.7 million) had been drawn by the Group’s subsidiary. This short-term facility carries an interest rate of three months SOFR plus a margin of 4.5% per annum, repayable within 365 days from the initial utilisation. The facility was availed to finance the guarantee/deposit for a contract with a customer of the Group’s subsidiary, funding the cost of deploying products into new locations and general working capital purposes. This facility was granted against security of cash flow from customers. Loan 2 In December 2022, Channel VAS Investments Limited, entered into a long-term bridge loan facility of $40 million to finance the buyback of 3 060 shares from their original shareholders. The maturity date of the loan facility was after five years. Interest rate was SOFR plus margin of 4.5% per annum. The facility was granted against equitable mortgage over shares of one of the subsidiaries. In October 2023, the Group entered into a refinancing arrangement for the outstanding bridge loan facility and increased the facility amount of the loan to finance the acquisitions, development costs and working capital requirements of the Group. During the period, the facility was further amended and the total available facility under the amended and restated agreement is $180 million (2025: $105 million). As of the reporting date, $107 million (2025: $97 million) has been drawn by the Group. The amended facility structure is stated below: Facility USD’000 Interest Repayment Tenor Term loan 150 000 SOFR plus margin of 5.50% Bullet payment at end of three years Three years RCF loan 30 000 SOFR plus margin of 5.50% Bullet payment at end of three years Three years 180 000 Notes to the interim condensed consolidated financial statements continued 30 June 2026 The amendment resulted in changes to the lending syndicate, repayment profile, maturity date and pricing of the facility. The previous syndicate comprised two commercial banks. Following the amendment, a further two commercial banks led by one existing lead commercial bank (agent) joined the syndicate, resulting in a four-bank lending group. The amended facility replaced the previous repayment structure from interval instalments to a single bullet repayment on maturity, the maturity date was extended from 26 October 2028 to 2 April 2029 and the interest was increased from 4.25% – 5.25% plus SOFR to 5.50% plus SOFR. As a result of the amendment to the loan agreement, the Group assessed the amendment as a modification of the existing debt under IFRS 9, resulting in the recognition of a loan modification loss of $750 000, which was recorded within finance costs. The facility was granted against a pledge over shares of one of the subsidiaries, security over bank and collection accounts of a few subsidiaries and assignment of receivables from a few subsidiaries. At the reporting date, the Group was in compliance with all financial covenants stipulated under the agreement, including the leverage ratio, interest cover ratio, non-performing loans cover ratio, and bank guarantee to net asset value ratio. Other available facilities The Group had obtained an invoice discounting facility (denominated in NGN) from a bank in Nigeria. As at 30 June 2026, the total amount utilised was $nil (2025: $nil) against the total facility limit of $4 million (2025: $4 million). The facility carries an annual interest rate of 30% p.a. Further, in addition to the above there was a cash-backed term loan facility (denominated in NGN). As at 30 June 2026 the total amount utilised was $nil (2025: $nil) against the total facility limit of $1 million (2025: $1 million). The facility carries an annual interest rate of 30% p.a. These facilities have been granted against composite corporate guarantees and revenue domiciliation with the bank. The total facility available to the Group amounted to $192 million (31 December 2025: $117 million) Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 48 →
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20 Lease liabilities and borrowings continued 20.2 Borrowings continued Borrowings are classified in the consolidated statement of financial position as follows: Principal payments 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 Current – 18 753 Non-current 106 908 88 042 106 908 106 795 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 Opening balance 106 795 88 211 Borrowings 3 900 27 900 Interest and commitment fees accrued 5 499 9 641 Repayment (9 286) (18 957) Closing balances 106 908 106 795 Notes to the interim condensed consolidated financial statements continued 30 June 2026 21 Non-controlling interests Name 30 June 2026 Ownership interest % 31 December 2025 Ownership interest % Nairtime South Africa (Pty) Limited 26 26 Channel applications DMCC 30 30 Nairtime Empowerment Proprietary Limited 51 51 Al Jabor Technologies WLL 20 20 Channel Vas Bangladesh 35 35 Xtra MFS Ghana Limited 30 30 SARL VAS Technologies 30 30 Al Jabor Technologies Tunisia LLC 20 20 Summarised financial information of subsidiaries with material non-controlling interest is provided below before intra-group eliminations. The net assets attributable to NCI are summarised as follows: 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 Xtra MFS Ghana Limited 5 910 3 816 Nairtime South Africa (Pty) Limited (i) (184) 237 Al Jabor Technologies WLL (543) (964) Others 187 178 5 370 3 267 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 49 →
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21 Non-controlling interests continued (i) Xtra MFS Ghana Limited 30 June 2026 Unaudited USD’000 30 June 2025 Unaudited USD’000 Statement of comprehensive income for the period: Revenue 55 269 16 957 Expenses (47 586) (12 680) Profit for the period 7 683 4 277 Profit allocated to non-controlling interest 2 305 1 283 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 Statement of financial position: Assets: Non-current assets 744 643 Current assets 73 134 45 088 Total assets 73 878 45 731 Liabilities: Non-current liabilities (204) (55) Current liabilities (53 974) (32 956) Total liabilities (54 178) (33 011) Net assets 19 700 12 720 Accumulated non-controlling interests 5 910 3 816 Notes to the interim condensed consolidated financial statements continued 30 June 2026 (ii) Nairtime South Africa (Pty) Limited 30 June 2026 Unaudited USD’000 30 June 2025 Unaudited USD’000 Statement of comprehensive income for the period: Revenue 3 539 3 147 Expenses (5 173) (1 665) Profit for the period (1 634) 1 482 (Loss)/profit allocated to non-controlling interest (425) 385 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 Statement of financial position: Assets: Non-current assets 924 978 Current assets 669 2 437 Total assets 1 593 3 415 Liabilities: Non-current liabilities (90) – Current liabilities (2 212) (2 505) Total liabilities (2 302) (2 505) Net assets (709) 910 Accumulated non-controlling interests (184) 237 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 50 →
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21 Non-controlling interests continued iii) Al Jabor Technologies WLL 30 June 2026 Unaudited USD’000 30 June 2025 Unaudited USD’000 Statement of comprehensive income for the period: Revenue 6 839 2 659 Expenses (4 728) (3 040) Profit for the period 2 111 (381) Profit/(loss) allocated to non-controlling interest 422 (76) 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 Statement of financial position: Assets: Non-current assets 195 154 Current assets 9 101 6 341 Total assets 9 296 6 495 Liabilities: Non-current liabilities – – Current liabilities (12 009) (11 316) Total liabilities (12 009) (11 316) Net assets (2 713) (4 821) Accumulated non-controlling interests (543) (964) Notes to the interim condensed consolidated financial statements continued 30 June 2026 22 Contingencies and commitments 22.1 Outstanding credit exposure of MNO Subscribers and its default provision: The Group provides financial guarantees to its clients (MNOs), under which it contractually agrees to indemnify them for subscriber defaults on airtime credit and micro-loans. These financial guarantees (higher of fair value or expected credit loss) are recognised as on-balance sheet liabilities in the interim condensed consolidated financial statements. The Group has recognised an expected credit loss provision of $37.64 million (31 December 2025: $33.25 million) in respect of its financial guarantee exposures, as disclosed in note 12.2 to the interim condensed consolidated financial statements. Total financial guarantee exposures in this regard as at 30 June 2026 and 31 December 2025 are as follows: 30 June 2026 Credit exposure USD'000 31 December 2025 Credit exposure USD'000 Customer O 54 524 60 580 Customer J 85 186 51 625 Customer D 20 760 33 742 Customer B 21 676 42 278 Customer H 12 154 9 342 Others 144 428 120 375 Total 338 728 317 942 An increase or decrease of 5% in default rates at the reporting date would result in an increase or decrease in equity and profit or loss by $1 881 000 (31 December 2025: $1 557 000). Sources of macro-economic factors used in computation of default provisions are from IMF and Trading Economics for GDP and interest rate respectively. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 51 →
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22 Contingencies and commitments continued 22.2 Bank guarantees The Group collaborates with banks to issue bank guarantees in favour of its customers (telecom operators and micro-finance institutions). These bank guarantees are off-balance sheet instruments issued by the Group's banking partners to protect customers against potential financial losses arising from the Group’s non-performance under its contractual obligations. Such obligations may include liabilities from financial guarantee contracts or other defined events that could result in financial harm to the customer, as specified in the underlying agreement. As of the reporting date, the Group has bank guarantees issued by its partner banks in favour of customers amounting to $90.2 million (31 December 2025: $87.1 million). 22.3 Margin deposits These represent margin deposits held with banks under lien as margin for bank guarantee facilities granted to the telecom operators and micro-financial institutions. The movement of margin deposits was as follows: 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 At 1 January 26 579 16 967 Deposits made during the period/year 6 290 15 650 Deposits encashed during the period/year (4 321) (6 038) At 30 June and 31 December 28 548 26 579 22.4 MNO lawsuits (i) One of the global telecommunication companies (customer) has notified Nairtime Holdings Limited (NHL) that MNO is a defendant in three IP litigation lawsuits in Nigeria where the plaintiffs assert that they are entitled to damages/other relief in respect of alleged patent and/ or copyright infringement relating to MNO’s airtime services. Customer has informed NHL that if MNO is found liable in the lawsuits, it intends to assert a claim(s) against NHL in respect of the patent or copyright infringement seeking recoveries from NHL under a contractual indemnity given by NHL to customer in the relevant supply agreement. Notes to the interim condensed consolidated financial statements continued 30 June 2026 The Group sought legal advice on the claims. Without waiving privilege, the Group has been advised by Nigerian legal counsel (Udo Udoma and Belo-Osagie) that the claims lack merit and have a relatively low probability of success. Whilst the quantum of damages sought are significant, the Group has been advised by Nigerian legal counsel (Udo Udoma and Belo-Osagie) that the likely monetary damages that a Nigerian court would award in the unlikely event that the plaintiffs are successful, would be far lower. The Group and customer are currently assessing the Group’s total liability for indemnities for claims and adverse judgments arising from the aforementioned cases. Any amount would only be paid should a final award be issued that the Group’s software does infringe third-party intellectual property rights. Further, it has been agreed that N50 000 000 ($121 000) shall be paid to the customer for the costs already incurred and recognised in the interim condensed consolidated financial statements. (ii) A subsidiary of the Group is currently engaged in legal proceedings in Iraq concerning a commercial contract for the provision of airtime advance services. The subsidiary has initiated legal action to recover outstanding receivables totalling approximately IQD14.0 billion ($9.5 million), as well as the return of liquidated bank guarantees amounting to $2.3 million. These claims relate to services rendered and contractual obligations fulfilled up to the expiry of the agreement in March 2024. In response, the counterparty has filed a claim seeking approximately IQD41.2 billion ($28 million), alleging unpaid airtime and revenue losses. The court has approved the consolidation of the claims and counterclaims into a single case, with the subsidiary’s claim designated as the primary matter. The next hearing is scheduled for September 22, 2026. The Group has recognised a provision for the full value of the outstanding receivables in the interim condensed consolidated financial statements. Based on legal advice received, and in the absence of substantive supporting evidence submitted by the counterparty to date, the court is likely to decide in favour of the Group. Accordingly, no additional provision has been recognised in respect of the counterparty’s claim as of the reporting date. Commitments There are no capital commitments as at 30 June 2026 and 31 December 2025 (2025: Nil). Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 52 →
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23 Risk management The Group financial risk management objectives and policies are consistent with those disclosed in the consolidated annual financial statements as at and for the year ended 31 December 2025. The Group determined the risk management activities in relation to the credit risk are most relevant and significant for this interim condensed consolidated financial statements. Therefore, the Group has included the below disclosures in the interim condensed consolidated financial statements, as per IAS 34.16A(c). Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit risk is mainly attributable to trade receivables, amounts due from related parties and cash at bank. The exposure to credit risk on trade receivables and unbilled receivables is monitored on an ongoing basis by management. The Group’s cash is placed with international banks with good reputation. The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: 30 June 2026 Unaudited USD’000 31 December 2025 Audited USD’000 Cash at bank 76 215 93 755 Margin deposit 28 548 26 579 Due from related parties 2 421 2 389 Trade receivables including unbilled revenue, net 133 686 93 293 Long-term deposits 8 606 8 097 Other receivables 29 701 27 978 279 177 252 091 Notes to the interim condensed consolidated financial statements continued 30 June 2026 The group managed credit risks of these financial assets in the following manner: Cash at bank The Group selects banking partners and manages cash placements based on a prudent assessment of counterparty, geographic, and economic risks. Transactional risks are regularly reviewed, and appropriate risk mitigation strategies, including the use of derivatives, are employed as needed. All banking activities are governed by robust internal controls. Margin deposits Margin deposits are maintained at levels aligned with business requirements, with ongoing efforts to optimise their use and minimise tied-up capital. These deposits are held with reputable financial institutions with which the Group has established long-term relationships, ensuring both security and operational efficiency. Due from related parties Advances to related parties are made only when there is a clear business rationale and appropriate risk controls are in place, typically where there is a potential future liability to the related party. Trade receivables (including unbilled revenue) The Group applies rigorous credit assessment and onboarding procedures for customers, focusing on creditworthiness and market reputation. Many customers are established Tier 1 and Tier 2 mobile network operators (MNOs), reputable banks, or government-related entities. This approach helps reduce credit risk and ensures that the Group’s counterparties are financially sound and reliable. Long-term deposits Long-term deposits are approved and monitored in line with business needs, with regular oversight by senior management to ensure ongoing relevance and security. The counterparty is carefully assessed, and such deposits are only made when there is certainty of a long-term relationship and a clear business case where the expected returns justify the cost and risks of tying up capital. Other receivables The Group regularly reviews and monitors other receivables, which may include balances not directly linked to the invoicing process or receivables from clients. These items are subject to continuous client risk assessment, and any potential default risk is managed in line with the Group’s overall financial risk management policies. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 53 →
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23 Risk management continued Credit risk continued At the reporting date, geographical region-wise outstanding gross trade receivable balances were as follows: 30 June 2026 USD’000 31 December 2025 USD’000 Ghana 10 193 6 719 Nigeria 8 124 7 733 Uganda 6 426 1 973 Democratic Republic of the Congo 5 383 2 602 South Africa 2 079 3 788 Cote d'Ivoire 1 965 1 993 Liberia 1 905 2 051 Tanzania 1 683 3 715 Benin 1 669 8 172 Mozambique 1 129 918 Zambia 791 963 Indonesia 527 4 095 Other countries 8 522 6 032 50 396 50 754 Notes to the interim condensed consolidated financial statements continued 30 June 2026 As at 30 June 2026, balances due from major customers constitute 64% (31 December 2025: 60%) of the total trade receivables. The major customers with outstanding balances as at the reporting date are as follows: 30 June 2026 31 December 2025 Customer with receivables concentration >5% % to gross trade receivable % USD’000 % to gross trade receivable % USD’000 Customer J 15 7 444 9 4 371 Customer B 14 7 024 15 7 486 Customer K 13 6 426 – – Customer P 11 5 383 5 2 602 Customer D 6 3 009 – 3 497 Customer H 6 2 958 0 – Customer L 0 – – 7 922 Customer I – 8 4 095 Total 32 244 29 973 As at 30 June 2026 and 31 December 2025, customer-wise financial guarantee provisions as at the reporting date are as follows: 30 June 2026 Default provision USD'000 31 December 2025 Default provision USD'000 Customer B 5 849 3 894 Customer J 4 981 2 357 Customer G 3 073 2 861 Customer E 2 521 1 787 Customer K 2 340 1 964 Others 18 874 20 385 Total 37 638 33 248 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 54 →
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23 Risk management continued Credit risk continued Set out below is the information about the credit risk exposure on the Group’s trade and unbilled receivables using the simplified approach: Past due Amount in ’000 Total USD'000 0 – 60 days USD’000 61 – 90 days USD’000 91 – 180 days USD’000 181 – 365 days USD’000 Above 365 days USD’000 30 June 2026 0.85% 0.43% 1.38% 29.36% 31.23% Expected average credit loss rate Estimated total gross carrying amount at default 177 447 161 752 7 359 4 569 722 3 045 Less: expected credit losses (2 630) (1 372) (32) (63) (212) (951) 174 817 160 380 7 327 4 506 510 2 094 31 December 2025 Expected average credit loss rate 0.71% 1.54% 6.19% 9.00% 26.28% Estimated total gross carrying amount at default 134 558 116 550 2 725 10 309 2 801 2 173 Less: expected credit losses (2 336) (833) (42) (638) (252) (571) 132 222 115 717 2 683 9 671 2 549 1 602 Notes to the interim condensed consolidated financial statements continued 30 June 2026 24 Fair value Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial instruments consist of financial assets and financial liabilities. The Group's financial assets include cash balances on hand and at banks, customer balances and deposits, some other receivable balances, and due from related parties. As for the Group’s financial obligations, they include loans, accounts payables and other payables and due to related parties. The fair values of financial assets and liabilities do not differ materially from their carrying value unless otherwise stated. 25 Derivatives The Group has entered into synthetic foreign exchange forward contracts, structured through paired call and put options with a financial institution. These contracts were used to hedge against currency fluctuations affecting receivables and payables. Each contract involves buying a call and selling a put option with the same strike rate and maturity, effectively locking in a fixed exchange rate over the contract period. The options are valued separately as of the reporting date. When combined, their total value reflects the difference between the agreed rate and the market forward rate, adjusted for the time value of money. Valuations are presented in the currency of the underlying exposure. At 30 June 2026 and 31 December 2025, the following contracts were outstanding. 30 June 2026 GHS’000 No of contracts Total USD'000 Carrying amount USD'000 Forward liabilities – non- deliverable forward contract 179 030 6 15 000 (911) Loss on Ghana (911) ZAR’000 No of contracts Total ZAR’000 Carrying amount USD'000 Forward assets 165 000 6 165 000 9 419 Forward liabilities 165 000 6 165 000 (10 029) Loss on ZAR (610) Total loss (1 521) Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 55 →
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25 Derivatives continued 31 December 2025 GHS’000 No of contracts Total USD’000 Carrying amount USD'000 Forward liabilities – non- deliverable forward contract 123 075 13 10 000 (590) Loss (590) 31 December 2025 ZAR’000 No of contracts Total ZAR’000 Carrying amount USD'000 Forward asset 180 000 12 180 000 10 325 Forward liabilities (180 000) 12 (180 000) (10 697) Loss (372) Loss (962) The above assets and liabilities for which fair value is measured in the interim condensed consolidated financial statements are categorised within the fair value hierarchy at Level 2 – valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. There were no transfers between Level 1, 2 and 3 during the year. 26 Basic, headline and diluted earnings per share (EPS) Basic EPS is calculated by dividing the profit for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the profit attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. The Group identified no financial instruments that qualify as potential ordinary shares. Notes to the interim condensed consolidated financial statements continued 30 June 2026 Weighted average common shares outstanding: Date Weighted average number of shares (Headline) Weighted average number of shares (Basic) Weighted average number of shares (Diluted) 30 June 2026 01/2026 – 06/2026 1 235 061 843 1 235 061 843 1 235 061 843 04/2026 – 06/2026 (i) 1 830 595 1 830 595 1 830 595 02/2026 – 06/2026 (ii) – – 124 986 Weighted average number of shares 1 236 892 438 1 236 892 438 1 237 017 424 Date Number of shares Split factor Adjusted shares Weighted average number of shares 30 June 2025 01/2025 - 06/2025 (iii) 46 663 25 000 1 166 575 000 1 166 575 000 Weighted average number of shares 1 166 575 000 (i) IAS 33 requires that as a result of a share agreed to issue for the acquisition of a business, funds or other assets will flow into the entity and extra profits will be expected to be generated. Accordingly, when calculating EPS, it is assumed that the shares were issued on the acquisition date. (Refer note 5 for acquisition of business.) (ii) In calculating diluted earnings per share, the Group has included the dilutive effect of share awards subject only to service conditions. The impact of these awards has been determined using the treasury stock method in accordance with IAS 33, based on the assumed issue of shares and the related unrecognised compensation cost at the reporting date. (iii) IAS 33 requires the number of shares used in the calculation to be adjusted for all periods presented for any transaction (other than the conversion of potential ordinary shares) that changes the number of shares outstanding without a corresponding change in resources. The Group has split shares which did not result in any change in resources and therefore comparative period EPS have been adjusted. (Refer note 17.1 for details relating to share split.) Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 56 →
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26 Basic, headline and diluted earnings per share (EPS) continued Date Number of shares Split factor Adjusted shares Time weight in days Weighted average number of shares 31 December 2025 01/01/2025 – 03/11/2025 46 663 25 000 1 166 575 000 307 981 201 438 04/11/2025 – 31/12/2025 1 235 061 843 1 1 235 061 843 58 196 256 402 Weighted average number of shares 1 177 457 840 Reconciliation of basic, headline and diluted EPS 30 June 2026 USD’000 30 June 2025 USD’000 Profit for the period 36 859 23 277 Less: Profit attributable to non-controlling interest (2 395) (1 652) Profit attributable to owners of the Company 34 464 21 625 Weighted average common shares outstanding: Basic 1 236 892 438 1 166 575 000 Headline 1 236 892 438 1 166 575 000 Diluted 1 237 017 424 1 166 575 000 Earnings per share Basic (amount in USD cents/USD) 2.79 1.85 Headline (amount in USD cents/USD) 2.79 1.85 Diluted (amount in USD cents/USD) 2.79 1.85 Notes to the interim condensed consolidated financial statements continued 30 June 2026 30 June 2026 USD’000 31 December 2025 USD’000 Net assets 166 422 124 643 Net tangible assets 105 739 97 525 Weighted average common shares outstanding: Basic 1 236 892 438 1 177 457 840 Diluted 1 237 017 424 1 177 457 840 Net asset value per share (amount in USD cents/USD) – basic 13.45 10.59 Net tangible asset value per share (amount in USD cents/ USD) – basic 8.55 8.28 Net asset value per share (amount in USD cents/USD) – diluted 13.45 10.59 Net tangible asset value per share (amount in USD cents/ USD) – diluted 8.55 8.28 27 Share-based payments (i) At 31 January 2025, the Group granted share-based awards to its CEO, Mr Salvador Anglada Gonzalez, under the share award scheme of Channel VAS Investments Group. The awards entitle the participant to receive ordinary shares in the Company, subject to specific vesting conditions and performance criteria. The awards are structured in two tranches: • First share award: Time-based vesting over a five-year period from the grant date, with 20% vesting annually. • Second share award: Performance-based vesting, contingent on the achievement of defined business plan targets, including revenue and EBITDA thresholds, and subject to continued employment. In the event of cessation of employment, unvested shares may be forfeited, subject to provisions for good leavers (e.g., death, disability, or termination without cause), in which case a pro-rata portion may vest. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 57 →
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27 Share-based payments continued The fair value of the share awards was determined at the grant date using a Monte Carlo simulation model, incorporating assumptions about the Company’s value evolution based on a Geometric Brownian Motion (GBM) process. The model considered: • Drift (expected return) and volatility based on historical and sectoral data • Projected dividends from 2024 to 2028, discounted using risk-free rates • Zero-strike option valuation methodology, where the value of the award equals the share value less the present value of expected dividends The performance conditions for the second share award include: • Achievement of a defined percentage of the Group’s business plan financial targets • A successful exit event (e.g., sale to an external party or IPO) during the vesting period • Continued employment at the time of milestone achievement The total expense recognised in the statement of profit or loss for the period ended 30 June 2025 in respect of equity-settled share-based payment transactions was $1 million. No awards were cancelled or modified during the period. Equity-settled transactions The cost of equity-settled transactions is recognised over the vesting period in employee benefits expense (refer note 7.2), with a corresponding increase in equity (other capital reserves). The cumulative expense reflects the Group’s best estimate of the number of equity instruments expected to vest, adjusted for service and non-market performance conditions. (ii) At July 2024, the Group granted share-based awards to its Executive Chairman, Mr Bassim Haidar, under a bespoke share award scheme designed to align executive incentives with long-term shareholder value creation. The award entitles the participant to receive equity in the company or an equivalent cash payment, subject to specific exit- related and performance-based conditions. The award structure includes: • Exit incentive: A cash payment of $1.5 million and an entitlement equal to 0.5% of the Company’s equity at the time of a qualifying exit event, or an equivalent cash amount at the discretion of the Board. – The cash element of the award is accounted for in accordance with IAS 19 Employee Benefits, recognising the obligation as a long-term employee benefit liability. • Performance conditions: The award is contingent upon achieving a minimum equity valuation of $825 million by the end of 2025, increasing at a compound annual growth rate of 8% thereafter. Notes to the interim condensed consolidated financial statements continued 30 June 2026 In the event of resignation before the end of the term or dismissal for misconduct, the participant is required to repay any exit payments received, unless termination occurs without cause. The fair value of the share-based awards was determined using a Monte Carlo simulation model, consistent with the principles of IFRS 2. The model applied a zero-strike option valuation methodology, where the value of the award equals the current share value less the present value of expected dividends. Key assumptions included: • A Geometric Brownian Motion (GBM) process to simulate the Company’s equity value over time • Drift (expected return) and volatility based on historical and sectoral data • Projected net profits and dividends for the period 2024 – 2028, applying a 50% payout ratio • Discounting of expected dividends using applicable risk-free interest rates The total expense recognised in the statement of profit or loss for the period ended 30 June 2025 in respect of this share-based payment arrangement was $1 million. No awards were cancelled or modified during the period. Equity and cash-settled transactions The award includes both equity and cash-settled components. The equity-settled portion is recognised over the vesting period in employee benefits expense (refer note 7.2), with a corresponding increase in equity. The cash-settled portion is recognised as a liability under IAS 19, remeasured at each reporting date, with changes recognised in profit or loss. (iii) The Optasia Group’s long-term incentive plan (the “L TIP”) provides an opportunity for participants who have been selected by “shareholder representatives” (i.e., those members of the Company’s Board of Directors appointed to represent the interests of shareholders of the Company) to participate in the proceeds of any “materialisation event,” which can either be a sale of at least 60% in aggregate of the ordinary share capital of the Company (as it existed at 1 January 2019) or the listing of the Company’s shares or of the shares of another entity that owns all or substantially all of the assets of the Company. The Group has considered the financial impact of the above L TIP for the respective years of vesting. Based on such assessment, the accounting impact of the same in these interim condensed consolidated financial statements is not considered as material. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 58 →
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27 Share-based payments continued Equity and cash-settled transactions continued (iv) In connection with the listing of the Group, on the JSE Limited (JSE) on 4 November 2025, the Group established the new conditional share plan (CSP) as its primary long-term incentive framework going forward. Under the CSP, eligible employees across the Group were granted conditional rights to receive ordinary shares in Optasia Limited for no consideration, subject to service and, in certain cases, performance vesting conditions. The CSP comprises four categories of awards: IPO awards, annual performance awards, deferred restricted share awards and ad hoc/sign-on restricted share awards, vesting generally over two to three years from grant. No ad hoc/sign-on restricted share awards had been granted as at 30 June 2026. The CSP awards are classified as equity-settled share-based payment transactions, as settlement is expected to be made through the delivery of Optasia Limited shares and neither the Group nor the Company has a present obligation to settle the awards in cash. The awards are measured at grant-date fair value, being the market price of Optasia Limited shares at grant date and are expensed on a straight-line basis over the vesting period, adjusted for expected forfeitures and, for the IPO and annual performance awards, the expected achievement of the applicable non-market performance conditions (based on HEPS growth, and cumulative revenue, net income per share and free cash flow targets, respectively). During the period, the Group commenced its share-based payment arrangements and granted share awards to a number of individuals. Share-based payment expense has been recognised from the respective grant dates of the awards. Equity-settled transactions Consistent with the accounting policy applied to the share-based payment arrangements described above, the share-based payment expense relating to the CSP is recognised in employee benefits expense (refer note 7.2), with a corresponding credit to equity as a capital contribution from the parent, as the Company has no obligation to settle the awards granted to its employees. Notes to the interim condensed consolidated financial statements continued 30 June 2026 28 Operating segment The Group has assessed the requirements of IFRS 8 and concluded that it operates as a single reportable segment. All the services are delivered using the same intellectual property, technology platform and shared operational resources, reinforcing the integrated nature of the business. No discrete financial information is prepared or used internally to manage separate business lines, and the performance evaluation is conducted based on the integrated information. Accordingly, the criteria for identifying separate operating segments under IFRS 8 are not met, and hence segmental information is not required in these interim condensed consolidated financial statements. 29 Subsequent event The Group evaluated events occurring after 30 June 2026 up to the date these interim condensed consolidated financial statements were authorised for issue and identified no events requiring adjustment or material additional disclosure. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 59 →
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Glossary Important industry and operating terms ACS Airtime Credit Solutions enable the Group to provide its distribution partners’ end customers, primarily MNO subscribers, with small airtime or data advances when they need them and have run out of, or are low on, prepaid credit. AI Artificial intelligence refers to technology capable of analysing data, identifying patterns and supporting automated decision-making. Banking rail An additional distribution channel through which Optasia can deploy its decisioning, technology, risk and product capabilities through banks and other financial institutions. Credit decisioning/ decisioning The use of behavioural and repayment data, predictive models, credit policies and portfolio experience to determine customer eligibility, limits and other credit parameters. DEON Regulations 2025 The Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025, issued by the Federal Competition and Consumer Protection Commission (FCCPC) under the Federal Competition and Consumer Protection Act, 2018. The regulations establish a registration, disclosure and conduct framework for consumer lending provided through digital, electronic, online or non-traditional channels in Nigeria. DRC Democratic Republic of the Congo. Dynamic pricing A decisioning capability that enables product pricing and economics to be calibrated according to customer, proposition and portfolio characteristics rather than applying a single uniform price. Embedded credit A credit proposition integrated directly into an existing customer transaction or partner ecosystem, allowing eligible customers to access credit within the journey they are already using. Energy advance A short-term credit proposition that enables eligible customers to purchase prepaid electricity or other approved energy services when funds are temporarily unavailable, with repayment typically recovered through a subsequent recharge. FCCPC Federal Competition and Consumer Protection Commission, the Nigerian authority responsible for consumer protection and referenced in connection with the DEON Regulations 2025 and Optasia’s authorisation to operate in Nigeria. Finergi Optasia’s utility-credit business, acquired effective 16 April 2026. It applies embedded-credit capabilities to prepaid electricity, enabling qualifying customers to obtain an electricity advance at the point of recharge and repay through a subsequent recharge. Line of credit (LOC) A revolving credit proposition under which an eligible customer can access funds up to an approved credit limit, subject to the applicable product terms. Merchant lending Credit provided to eligible merchants to support business and trading requirements, including repeat borrowing aligned with merchant trading cycles. MFS Micro Financing Solutions provide digital credit propositions to eligible consumers and businesses through partner ecosystems. Optasia’s MFS portfolio includes propositions such as cash advances, overdraft, merchant lending and other embedded-credit products. MNO A mobile network operator is a telecommunications company that owns or controls the infrastructure required to provide mobile voice and data services to customers, including spectrum, network infrastructure and subscriber services. Monthly active users The number of unique end users who transacted in a given month, reported separately for ACS and MFS. NCC Nigerian Communications Commission, the regulatory authority responsible for Nigeria’s communications sector. Overdraft A revolving credit proposition that allows an eligible customer to access funds up to an approved limit. Product orchestration Technology and decisioning capability that enables different credit propositions, eligibility rules, limits and other product parameters to be configured and optimised across partner ecosystems. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 60 →
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Glossary continued Important industry and operating terms continued Reinforcement learning A machine-learning approach through which a decisioning system learns from observed outcomes and continuously refines decisions. Telco BNPL A telco-focused instalment proposition that enables eligible customers to access higher-value telecommunications products or services upfront and repay over multiple instalments. This can include airtime, data bundles or other eligible telecom services. Utility credit Credit embedded into a utility-payment journey. Through Finergi, Optasia is extending its capabilities into prepaid-electricity advances, with repayment integrated into the subsequent recharge process. Corporate and regulatory terms CSP Conditional Share Plan, the Group’s current long-term share-based incentive framework established in connection with its listing on the JSE. FY Financial year. FY2025 refers to the financial year ended 31 December 2025. H1/H2 First half/second half of a financial year. IFRS International Financial Reporting Standards (IFRS) Accounting Standards, issued by the International Accounting Standards Board. IPO Initial public offering. JSE Limited Johannesburg Stock Exchange (JSE) Limited, the securities exchange on which Optasia’s ordinary shares are listed. King V TM Code The King VTM Code on Corporate Governance for South Africa, 2025. LT I P Long-Term Incentive Plan. NCI Non-controlling interest, representing an ownership interest in a subsidiary that is not attributable to the Group’s owners. RCF Revolving Credit Facility, a committed financing facility that may be drawn, repaid and redrawn in accordance with its terms. Financial terms Adjusted EBITDA EBITDA plus capital transaction costs, acquisition-related costs, cost of funding cash credit services, IPO management compensation, bank guarantee charges and bank charges. Adjusted EBITDA margin Adjusted EBITDA divided by revenue. Adjusted EBITDA to distributed value ratio Adjusted EBITDA divided by distributed value. Adjusted free cash flow Adjusted EBITDA after deducting withholding and other taxes, income tax, the change in net working capital and capital expenditure. Adjusted free cash flow conversion Adjusted free cash flow divided by adjusted EBITDA. Also referred to as cash conversion in selected highlights. Adjusted net income Profit for the year/period plus capital transaction costs, acquisition-related costs, IPO management compensation and less the share of profit/(loss) from an associate, where applicable. Adjusted net income margin Adjusted net income divided by revenue. Annualised adjusted EBITDA Adjusted EBITDA for a six-month period multiplied by two. Full-year adjusted EBITDA is not annualised. Used for the calculation of net debt to adjusted EBITDA. Capital expenditure/ capex Additions to property, plant and equipment plus additions to intangible assets. Cover ratio Ratio of revenue to the provision for expected credit losses on financial guarantee contracts. Default rate Provision for expected credit losses on financial guarantee contracts divided by distributed value. Distributed value The value of airtime credit granted to subscribers through ACS plus cash advances granted to customers through MFS. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 61 →
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Glossary continued Financial terms continued EBITDA Profit for the year/period before interest on loan, lease and other facilities, interest income, income tax, withholding and other taxes, and depreciation and amortisation expense. ECL/ECLs Expected credit loss/expected credit losses, representing provisions recognised for expected losses on relevant financial assets or financial guarantee exposures. EPS Earnings per share. HEPS Headline earnings per share. Net debt Short-term borrowings plus long-term borrowings less cash in hand and at bank. Net debt to adjusted EBITDA ratio Net debt divided by annualised adjusted EBITDA. Net income margin Profit for the year/period divided by revenue. Net working capital Trade and other receivables plus margin deposits, less trade and other payables and income tax payable. Non-IFRS financial measures Financial measures that are not defined under IFRS but are used by management to provide investors with additional information regarding the Group’s operating performance and liquidity. Certain measures presented by the Group constitute pro forma financial information for purposes of the JSE Listings Requirements. Normalised net income Profit for the year/period plus capital transaction costs, acquisition-related costs and IPO management compensation. Normalised EPS Normalised net income attributable to owners of the Group divided by weighted-average ordinary shares outstanding. OPEX Operating expenditure. Take rate Revenue divided by distributed value. Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 62 →
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Corporate information Company name Optasia Limited Company registration number 1750790 Country of incorporation British Virgin Islands JSE share code OPA ISIN VGG2072E1016 Operational headquarters Office No 806, Cluster N Jumeirah Lake Towers Dubai United Arab Emirates Directors M Jordaan (Independent Chairman) S Anglada (Chief Executive Officer) M Dabrowski (Chief Financial Officer) B Haidar (Non-Executive Director) R Grobler (Non-Executive Director) M Jensen (Non-Executive Director) L Johnson (Non-Executive Director) R Dunne (Independent Non-Executive Director) L Human (Independent Non-Executive Director) M Ikpoki (Independent Non-Executive Director) M Herkemij (Independent Non-Executive Director) Bankers The Standard Bank of South Africa Limited Company secretary Margarita Evangelou Email legal@optasia.com Transfer secretaries Computershare Investor Services Proprietary Limited Rosebank Towers 15 Biermann Avenue Rosebank, 2196 Telephone +27 11 370 5000 Postal address Private Bag X9000 Saxonwold, 2132 Sponsor The Standard Bank of South Africa Limited Independent auditor Ernst & Young Middle East (Abu Dhabi Branch) Website www.optasia.com Investor relations ir@optasia.com Date of release 14 September 2026 Optasia Interim results for the six months ended 30 June 2026 At a glance CEO statement Results commentary Financial review Auditor interim review Financial statements Glossary Corporate ↩ ← 63 →
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