Slides
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1 22 July 2026
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2 IAN KIRK Pepkor Acting chair & lead independent non-executive director
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Riaan Hanekom | Transaction structure CFO – Pepkor Acting chair & lead independent non-executive director – Pepkor Garth Napier | Transaction rationale CCO – Pepkor02 Peter Berry | Shop2Shop & FintechCo Founder & CEO – Shop2Shop03 04 05 Ian Kirk | Introduction & opening remarks Acting chair & lead independent non-executive director – Pepkor 01 Ian Kirk | Closing remarks AGENDA 3 06 Q & A
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4 A transformative transaction for Pepkor The logical next step in strengthening informal market position & stitching retail and finserv together COMBINING FLASH & SHOP2SHOP A clear pathway to unlocking shareholder value
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5 GARTH NAPIER Pepkor CCO
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PEPKOR TODAY Retail-powered consumer platform Multiplying customer lifetime value – from babywear to banking Structural advantage Retail-powered consumer platform Monetising customer relationships Meeting customers where they are >32m known customers More than 50% of the total SA population >2bn transactions More than 60 transactions every second R66bn annual throughput in the informal market Digitising R2 000 every second stores stores>6 600 More than IKEA, Target and Primark COMBINED 13.5m cellular handsetssold every year More than 1m handsets sold every month 6
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THE BUSTLING INFORMAL MARKET KASI KOS (FAST FOOD) R90bn market HERBAL MEDICINE R18bn market HAIR SALONS & BARBERS R10bn market R900bn – R1.5trn market SPAZAS R190bn market 7
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Shop2Shop founders & shareholders 42.9% COMBINING FLASH & SHOP2SHOP To create SA’s preeminent merchant commerce & fintech platform Building on long standing commercial relationship Expanding reach across informal market value chain FintechCo Unlocking strategic & operational synergies in FintechCo 8 Total equity valueR21.3bn Controlling interest Pepkor (Pty) Ltd 57.1% Future listing to unlock value 1 R1.57bncash 2 3 Footnote style Value creation opportunities across the wider Pepkor-group 4
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| Scale & Position THE INFORMAL MARKET PLATFORM 20 YEARS IN THE MAKING 176k+ traders 5.5m+ daily transactions 80k+ acquiring devices R20bn +tapped value 3m+ active SIM users R66bn annual throughput GLOBAL footprint 9L TM March 2026
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BUSINESS MODEL | Strategy 10
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TRADER BUSINESS AGGREGATION CELLULAR 30m SIMs distributed annually 3.1m active SIM base VOUCHER 420m redemptions annually R31bn annual turnover R25bn turnover R28bn annual turnover 85 active partners 11 THE FLASH ECOSYSTEMSTRONG FINANCIAL PERFORMANCERevenue Rbn Sep FY23 Sep FY24 Sep FY25 L TM Mar 26 10.0 8.6 11.2 11.7 +10% YoY* +9% 3-YR CAGR EBITDA Rm 495 Sep FY23 685 Sep FY24 900 Sep FY25 1 007 L TM Mar 26 +28% 3-YR CAGR 176 000 traders 80 000 acquiring devices R24bn annual tapped value L TM March 2026 +25% YoY* L TM Mar 2026 vs L TM Mar 2025 CAGR = Compound annual growth rate*
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12 PETER BERRY Shop2Shop Founder & CEO
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OUR STORY From startup spark to today’s momentum 2019 EASYLOAD First card transaction ACQUIRING SERVICES Technology platform ORDERCLOUD Paper voucher Safe providers PAYSOLUTIONS 2022 RETAIL ASSIST ADLA 3 LICENSE Card acquiring 2023 PROFIT+ VAS 2024 CAT 1 FSP LICENSE BUSINESS ADVANCE 2018 FOUNDED First safe transaction in Khayelitsha SAFES First supplier payment PAYMENT 2025 LAUNCHED REWARDS CLOSED LOOP CARDS SASSA PAYOUT MONEY TRANSFER New territories 2021 Digital voucher EASYVOUCHER SME lending First international money transfer Obtained 13
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SHOP2SHOP AT A GLANCE VISA, Master, SASSA card payments on Tap2Pay Digitise cash drop safes Bank voucher and cash send SME lending adding funds into ecosystem Digitise SALES IN Top ups, transfers, VAS vending International remittances Pay suppliers Cash out to bank accounts Digitise PAYMENTS OUT Internal Flow WITHIN THE ECOSYSTEM 14
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Feeding the ecosystem 15 R58bn Mar 23 R98bn Mar 24 R136bn Mar 25 R172bn Mar 26 +44% 3-YR Compound Annual Growth Rate L TM to March Safes money in Tap2Pay money in 40% 37% 30% 34% 60%63% 70% 66% CASH IN GROWTH
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STRONG TRACK RECORD WITH HIGH GROWTH Revenue Rbn EBITDA Rm Jun FY23 Jun FY24 Jun FY25 241 422 661 734 L TM Dec25 5.2 6.9 9.3 9.7 +28% 3-YR Compound Annual Growth Rate Jun FY23 Jun FY24 Jun FY25 L TM Dec25 +85% 3-YR Compound Annual Growth Rate +13% YoY* +36% YoY* 16 2 900 cash counting safes 114 000 acquiring devices R131bn supplier payments 177 000 traders R770m remittance value L TM March 2026 L TM Dec 2025 vs L TM Dec 2024*
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17 ONE INTEGRATED SOLUTION Preferred solution digitising cash safes & acquiring Preferred ordering & payments solution Comprehensive VAS range Low cost working capital & liquidity solutions Seamless money transfers & remittances to various corridors FintechCo ecosystem S2S wallet Flash wallet Customer purchases products & VAS Retail Assist acquiring PaySolutions safesAdvances Money transfersVAS Digitise sales in Digitise payments out Payment Payment Payment Easyvoucher Acquiring Cash counting safes 1Voucher
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Larger traders & independent distribution centres (IDC) relationships Supplier payments Lending – enabled by trader data Cash counting safes acquiring at scale VAS, voucher & aggregation capability Consumer brand & digital channel Small-trader reach Digitise cashWorking capital & creditFull VAS rangeOrdering & paymentsConsumer reach FintechCo 18 >R200bn annual throughput TWO HALVES OF ONE TRADER SOLUTION
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19 RIAAN HANEKOM Pepkor CFO
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Pepkor earnings accretive in year 2 Pepkor gearing not exceeding 1 times net debt-to-EBITDA Pepkor dividend policy unchanged Revenue R11.2bn EBITDA R900m Value R10.6bn Revenue R9.3bn EBITDA R661m Value R10.7bn TRANSACTION STRUCTURE Category 2 transaction 20 FintechCo valueR21.3bn +9% 3-YR CAGR +28% 3-YR CAGR +28% 3-YR CAGR +85% 3-YR CAGR R1.57bncash FY25 data for Flash and Shop2Shop
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SIGNIFICANT TERMS OTHER MATTERS CONDITIONS PRECEDENT Competition Authority approval 21 Other regulatory notifications & approvals Estimated timeline 9 months Committed minority partner 15% minimum shareholding for 5 years Put & Call options 1. S2S shareholding Exercisable in 5 – 8 years Trigger events can accelerate 2. Flash cellular business Exercisable over 5 years All fall away upon listing
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PHASE 3 ● Stitch retail, finserv & informal market opportunities ● Separate listing of FintechCo ○ Medium term ○ Free float from minority partner INTEGRATION ROADMAP PHASE 2 ● Expand offering ● Cross-selling ● Optimise footprint PHASE 1 ● Establish FintechCo as a separate entity ● Leverage existing relationship ● Expand strategic capabilities ● Integrate systems & data ● Entrench acquiring & supplier payments offering Operational integration Extracting synergies Unlock value YEAR 0 – 1 YEAR 2 – 3 YEAR > 3 22 Footprint integration > Tech stack > Data > People & culture
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23 IAN KIRK Pepkor Acting chair & lead independent non-executive director
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Extensive board processes to evaluate transaction: Independent board Independent valuations ● Investec ● Rothschild & Co Extensive due diligence ● EY ● BCG ● ENS Voluntary fair & reasonable opinion ● Deloitte Shop2Shop shareholders & founders 42.9% TRANSACTION EVALUATION PROCESS FintechCo 24 R21.3bn Total equity value Berry – associated companies 24.0% Erasmus – associated companies 13.2% S2S management 5.7% Controlling interest Pepkor (Pty) Ltd 57.1% R1.57bncash
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CONCLUSION 25 A clear strategic step in achieving Pepkor’s growth ambitions Laying foundations for medium-term value unlock for shareholders Building a retail-powered consumer platform beyond formal markets Stitching together retail <> financial services <> informal market
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