Psg Financial Services Limited · JSE:KST
Psg Financial Services — H1 2027 Earnings Presentation
29 slides from Psg Financial Services's earnings presentation, Oct 15, 2026
Slide 1: Investor Presentation H1 2027 Results
Investor Presentation H1 2027 Results 15 October 2026
Slide 2: Contents
Contents 1. H1 2027: Financial Results 2. H1 2027: Divisional Performance 3. 2027 Focus 4. Return and Trading Statistics 5. Conclusion 6. Other Business Matters Copyright © PSG Copyright © PSG 2
Slide 3: PSG Structure
PSG Structure PSG Wealth* PSG Asset Management PSG Insure** 100% 100% 100% * Includes PSG Employee Benefits ** Includes Western National Insurance Note: PSG Group unbundled its shareholding in PSG Financial Services (previously PSG Konsult) with effect from 12 September 2022 Copyright © PSG 3
Slide 4: A Great Company
A Great Company Wealthy Clients serviced where they reside 266 Adviser offices 998 Advisers FY 2023 FY 2024 FY 2025 FY 2026 H1 2027 No. of advisers 947 953 971 976 998 PSG Wealth 590 608 635 641 663 PSG Insure* 357 345 336 335 335 No. of offices 266 266 260 265 266 * Historical decrease in Insure ad
Slide 5: Business characteristics
Business characteristics • Equity market dependent • Administration businesses people/ systems dependent • Not very balance sheet intensive • Free cash flow generative • Vulnerable to regulatory change Copyright © PSG Copyright © PSG 5
Slide 6: H1 2027: Financial Results
01 | H1 2027: Financial Results 6
Slide 7: Key macro indicators
Key macro indicators Volatile economic environment Key Indicators H1 2023 %∆ H1 2024 %∆ H1 2025 %∆ H1 2026 %∆ H1 2027 Rand / US$ 17.04 11% 18.94 -6% 17.76 0% 17.69 -9% 16.13 All Bond Index 829 7% 891 19% 1 057 15% 1 217 17% 1 418 FTSE/JSE Index 67 257 11% 74 954 12% 83 750 22% 101 836 14% 116 257 SA
Slide 8: H1 2027 financial results overview
H1 2027 financial results overview Recurring HEPS grew by 5% for H1 2027 Consolidated results H1 2023 %Δ H1 2024 %Δ H1 2025 %Δ H1 2026 %Δ H1 2027 Headline earnings (Rm) 408 18% 482 26% 610 19% 726 4% 755 Recurring headline earnings (Rm) 408 18% 482 26% 610 19% 726 4% 755 Weighted ave. number of shar
Slide 9: Recurring Headline Earnings By Division
Recurring Headline Earnings By Division Total recurring headline earnings growth of 4% for H1 2027 Recurring Headline Earnings* H1 2023 %∆ H1 2024 %∆ H1 2025 %∆ H1 2026 %∆ H1 2027 CAGR Wealth 265 18% 313 13% 355 15% 407 14% 464 15% Asset Management 81 23% 100 57% 158 25% 197 -5% 188 23% Insure 61 12
Slide 10: Financial Trend
Financial Trend We always look at our 10 year rolling track record FY FY FY FY FY FY FY FY FY FY FY H1 H1 YoY CAGR % 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2026 2027 Gwth % AUM (Rbn) 154 175 205 222 230 268 315 354 407 471 565 14% 518 594 15% Premiums (Rbn)* 2.5 2.9 3.3 4.5 5.5 5.5 5
Slide 11: H1 2027: Divisional Performance
02 | H1 2027: Divisional Performance 11
Slide 12: Wealth Plans
Wealth Plans Growing and protecting client wealth Market Wealth Assets Split Feb-26 Net flows Aug-26 % Growth Excellence in movement products & services PSG Multi Managed * 238 050 5 835 6 182 250 067 5% Third party funds ** 154 493 2 015 6 709 163 217 6% Stockbroking portfolios 88 349 3 413 -119 91
Slide 13: Wealth
Wealth Excellence in products and services Net Flows (Rm) Independent ALSI process with 14 000 13 141 135 000 advisers’ 11 886 11 739 261 12 772 oversight 12 000 10 267 120 000 10 291 105 000 10 000 1 167 3 524 5 260 6 825 6 709 8 291 7 734 5 819 90 000 8 000 201 Rapid 2 166 3 597 75 000 growth in 6
Slide 14: Top Advisers
Top Advisers Presentation Title We continue to add top advisers to our PSG Wealth distribution business Wealth advisers (incl. EB) H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 H2 2026 H1 2027 Balance – opening 584 586 590 603 608 628 635 635 641 Net movement 2 4 13 5 20 7 0 6 22 Balance –
Slide 15: Asset Management Plans
Asset Management Plans Presentation Title Net new money at acceptable margin Market AM assets split Feb-26 Net flows Aug-26 % Growth movement Focused marketing PSG Single manager* 80 364 -26 6 193 86 531 8% Investment PSG Money market and related assets 3 305 -2 -658 2 645 -20% performance Total ass
Slide 16: Asset Management
Asset Management Presentation Title ‘Brick by Brick’ strategy Net Flows (Rm) ALSI Long-term assets 7 000 135 000 (retail emphasis) 6 000 5 535 120 000 105 000 5 000 3 830 3 965 90 000 4 000 156 75 000 3 000 1 265 6 193 60 000 Getting adequate 2 000 1 740 1 809 3 809 72 145 45 000 margins 1 000 868 6
Slide 17: Asset Management Plans: Investment Performance track record
Asset Management Plans Investment Performance track record Rank since Single manager funds Performance 1-year Rank 3-year Rank 5-year Rank 10-year Rank Inception date inception Rank 3 17 3 7 1 PSG Flexible 01-Nov-04 Return 22.1% 16.5 % 16.8% 11.0% 14.3% Rank 4 18 1 11 2 PSG Equity 01-Mar-02 Return 2
Slide 18: Insure Gross written premium
Insure Grow gross written premium income PSG Insure gross written premium (Rm) %∆^ 8% 11% 11% 12% 9% 7% 6%* 4%* 5%* Top advisers 5 500 5 144 4 906 4 993 5 000 4 783 4 638 4 456 Gross written premium 4 500 4 245 1 417 3 971 1 342 1 384 4 000 3 825 1 287 1 363 1 210 1 097 3 500 995 924 968 Excellence
Slide 19: Top Advisers
Top Advisers Growing adviser base over the long term Insure advisers H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 H2 2026 H1 2027 Balance – opening 368 362 357 358 345 329 336 337 335 Net movement* -6 -5 1 -13 -16 7 1 -2 0 Balance – closing 362 357 358 345 329 336 337 335 335 Growth -2% -
Slide 20: Western National Insure
Western National Insure Net insurance result & shareholders income Underwriting margin 10.9% 14.9% 9.0% 10.2% 9.1% 16.1% 15.2% 15.0% 14.5% Key differentiators 320 306.8 • Personalised service to 300 brokers 280 263.7 • Focus on commercial 260 business 240 143.9 221.0 214.0 220 105.3 Excellence in un
Slide 21: 2027: Focus
03 | 2027: Focus ec PSG Financial Services 21
Slide 22: Top Line Focus
Top Line Focus Core operations (excl. IFRS Consolidated fund and policyholder related income) 8% 17% 14% 17% 5% %Δ 5 500 5 088 5 000 4 831 4 500 4 127 1 793 4 000 1 826 3 607 Top line revenue (Rm) 3 500 3 096 1 547 3 000 1 176 649 656 2 500 1 108 537 2 000 412 337 1 500 2 645 2 349 1 000 2 043 1 583
Slide 23: Reducing risk
Reducing risk Recurring revenues Margin enhancing Risk vs return H1 23 H1 24 H1 25 H1 26 H1 27 H1 23 H1 24 H1 25 H1 26 H1 27 H1 23 H1 24 H1 25 H1 26 H1 27 Perf fees / HE 3.7% 2.5% 6.0% 7.3% 1.9% Op margin 17.3% 16.2% 15.9% 17.1% 18.0% ROE* 19.8% 22.5% 26.2% 28.6% 26.5% Recurring Op margin ROE* 31.0c
Slide 24: Return and Trading Statistics
04 | Return and Trading Statistics 24
Slide 25: TRI of PSG Financial Services
TRI of PSG Financial Services PSG Financial Services performed better than JSE ALSI since 2005 Investment of R100 000 in PSG Financial Services shares on 11 April 2005, and reinvesting all dividends received (net of DWT) and other distributions over period vs R100 000 invested on JSE ALSI PSG Financ
Slide 26: Historical P/E ratio & ROE trend
Historical P/E ratio & ROE trend Recurring HEPS CAGR of 19.7% since 2005 P/E Ratio Recurring P/E Ratio Recurring (Recurring Date Share Price % Growth % Growth HEPS (before % Growth (Recurring ROE CPI* ROE - CPI HEPS HEPS before amortisation) HEPS) amortisation) 2005/04/11 40 - 2.9 - 3.0 - 13.8 13.3
Slide 27: Trading Statistics
Trading Statistics Creating shareholder value FY FY FY FY FY FY FY FY FY FY FY FY H1 Statistic% 2015 2016 2017 2018 2019 2020 2021 2022 2023* 2024 2025 2026 2027** No. of shares in issue (millions) 1 262 1 279 1 322 1 342 1 365 1 358 1 341 1 331 1 296 1 280 1 261 1 249 1 242 No. of shares traded (mi
Slide 28: Conclusion
05 | Conclusion ec PSG Financial Services 28
Slide 29: Conclusion
Conclusion Business features underpinning our expectations for future success • Formidable adviser network in South Africa, with a broad geographic footprint that continues to expand • Strong governance structures • Clear growth opportunities for our businesses • History of superior shareholder retu
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