EPE Capital Partners (EPE) H2 2025 earnings summary

Executive summary

• Achieved strong delivery against objectives, with disciplined portfolio management and successful realizations driving material value creation for shareholders.

• 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.

• NAV per share increased 30% year-over-year from ZAR 6.58 to ZAR 8.57, or 61% including Brait rights, with share price up 77% and discount to NAV narrowing to 22%.

• Gross proceeds of R689 million received, mainly from asset sales and dividends; net debt reduced from R522 million to R82.5 million.

• Significant progress on value unlock strategy, including unbundling of Brait Exchangeable Bonds and share buybacks.

Financial highlights

• NAV per share rose 30% to ZAR 8.57; including Brait, NAV growth was 61%.

• Share price increased 77% to ZAR 6.65; discount to NAV narrowed to 22%.

• Unlisted portfolio, led by Optasia, delivered 40% EBITDA growth; ZAR 606 million net proceeds from realizations.

• Portfolio value increased by ZAR 739 million to ZAR 2.371 billion; ZAR 440 million debt repaid.

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

Outlook and guidance

• Strategy remains to maximize value through patient, orderly realizations and capital returns.

• Continued portfolio growth expected, with several realizations planned over the next 12–24 months.

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

• Will consider pro rata share repurchases or dividends from material realizations.

• Exit and timing options for remaining portfolio under evaluation.