EPE Capital Partners (EPE) H2 2025 earnings summary

Executive summary

• Achieved strong delivery on objectives, with disciplined portfolio management, successful realizations, and material value creation.

• NAV per share increased 30% year-over-year to ZAR 8.57; including Brait unbundling, NAV growth was 61%.

• Share price rose 77% to ZAR 6.65, narrowing the discount to NAV to 22%.

• LTM attributable revenue and EBITDA of unlisted portfolio companies grew by 37.8% and 40.4% respectively, with Optasia leading at 57.1% revenue and 54.6% EBITDA growth.

• Focus remains on NAV growth, orderly realizations, no new fund commitments, balance sheet optimization, and active capital return.

Financial highlights

• Investment portfolio grew by ZAR 739 million to ZAR 2.196 billion; closed the year at ZAR 2.371 billion.

• Realizations totaled ZAR 606 million, with significant proceeds from Optasia, Vertice, and other assets.

• Net distributions of ZAR 564 million enabled significant deleveraging.

• Over ZAR 1.2 billion returned to shareholders over five years.

• Share buybacks of R27.2 million completed (5.4 million shares at R5.04).

Outlook and guidance

• Strategy is to continue orderly realizations and maximize value, with no new fund investments planned.

• Exploring all options for Optasia, including potential IPO or sale; timeline to be communicated when concrete.

• Board focus remains on optimizing returns, expediting capital return, and maximizing shareholder value.

• Several realizations planned over the next 12–24 months; exit and timing options for remaining portfolio under evaluation.