NUTUN LIMITED - Trading Statement in respect of the year ended 30 September 2025

Trading Statement in respect of the year ended 30 September 2025

Nutun Limited
(formerly known as "Transaction Capital Limited")
(Incorporated in the Republic of South Africa)
Registration number: 2002/031730/06
JSE share code: NTU
ISIN: ZAE000167391
("Nutun" or "the company" or "the group")

TRADING STATEMENT IN RESPECT OF THE YEAR ENDED 30 SEPTEMBER 2025

Trading Update

The 2025 year-end marks the completion of a two-year restructure and simplification of the group. Nutun now
comprises two focused and distinct customer-centric divisions: Nutun International and Nutun South Africa. The
streamlined operating structure enables each division to concentrate exclusively on its respective target markets,
leveraging core competencies and competitive advantages under a single Nutun brand to deliver superior client
service while benefitting from shared head office resources. Both Nutun South Africa and Nutun International
remain customer-centric, with clearly defined target markets and client bases, streamlined cost structures and
experienced management teams. These factors enable the businesses to capitalise on their leading positions in
the South African collections and recovery market and the South African BPO offshoring sector.

The group is pleased to report that all the structural and operating objectives set for the two-year restructuring
process during FY 2025 have been successfully achieved. The restructure and rebasing of the business is
complete, laying a solid foundation for scale. Nutun has entered a new phase focused on profitability and growth
with FY 2026 starting from a strong base and without legacy restructuring costs incurred during the past two
financial years.

Total basic loss and total headline loss are impacted by the early settlement during the year of the group's
obligations under the commitment agreement previously disclosed to shareholders on SENS on 20 May 2025.

Trading Statement

In accordance with the Listings Requirements of the JSE, Nutun advises shareholders of the following expected
ranges for 2025:

                                                     Year ended             Year ended               Year ended
                                              30 September 2025      30 September 2025        30 September 2024
                                                       Expected               Expected                   Actual
                                                   number range       percentage range
Continuing earnings(1)
Basic loss                                     -R108m to -R117m          Loss decrease                   -R146m
                                                                      between 20 – 26%
Basic loss per share                 -13.8 cents to -15.0 cents          Loss decrease              -18.7 cents
                                                                      between 20 – 26%
Headline loss                                  -R108m to -R117m          Loss decrease                   -R170m
                                                                      between 31 – 36%
Headline loss per share              -13.8 cents to -15.0 cents          Loss decrease              -21.8 cents
                                                                      between 31 – 37%
Core loss(2)                                     -R41m to -R49m          Loss decrease                    -R92m
                                                                      between 47 – 56%
Core loss per share(2)                 -5.2 cents to -6.2 cents          Loss decrease              -11.8 cents
                                                                      between 47 – 56%

Total earnings
Basic loss                                     -R232m to -R244m          Loss decrease                   -R985m
                                                                      between 75 – 76%
Basic loss per share                 -29.6 cents to -31.1 cents          Loss decrease             -126.2 cents
                                                                      between 75 – 77%
Headline loss                                  -R297m to -R321m          Loss decrease                 -R2 371m
                                                                      between 86 – 87%
Headline loss per share              -37.8 cents to -41.0 cents          Loss decrease             -303.8 cents
                                                                      between 87 – 88%
Core loss(2)                                     -R48m to -R56m          Loss decrease                 -R1 980m
                                                                      between 97 – 98%
Core loss per share(2)                 -6.1 cents to -7.1 cents          Loss decrease             -253.7 cents
                                                                      between 97 – 98%

 1.   Earnings /(loss) from continuing operations exclude results from discontinued operations.
 2.   Core earnings is a non-IFRS measure which is calculated by adjusting headline earnings with the following:
      -    Once-off transaction costs which are directly attributable to corporate activity (which comprises
           mostly legal and consulting fees).
      -    Adjustments on put and call options over non-controlling interests.
      -    Once-off or accelerated items, where these are reasonably expected not to re-occur in the ordinary course
           of business in future reporting periods.
      -    Adding back specified headline earnings exclusions, if the gain/loss is considered part of Nutun's normal
           operations.

The financial information on which this trading statement is based on has not been reviewed by or reported on by the
group's external auditors.

Results Announcement

Nutun's results for the year ended 30 September 2025 will be released on SENS on Monday, 1 December
2025.


Sandton
27 November 2025

JSE equity sponsor:
Investec Bank Limited

Legal Advisor to the company:
ENS

Enquiries:
IR@nutun.com

Date: 27-11-2025 11:00:00
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