NUTUN LIMITED - Trading Statement in Respect of the Half Year Ended 31 March 2025

Trading Statement in Respect of the Half Year Ended 31 March 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 HALF YEAR ENDED 31 MARCH 2025

Trading Update

Following the transformative corporate activity concluded during the 2024 financial year the simplified group
continued trading during the 2025 financial year as a global specialist Business Process Outsourcing (BPO)
operator and an innovative provider of collection and debt acquisition services in South Africa. The group
changed its name to Nutun Limited as announced on SENS on 5 March 2025.

The outlook on Nutun's medium- and long-term potential is positive, however, while much has been achieved
in the first year of a two-year restructuring process, the half year ended 31 March 2025 ("HY1 2025") results
are reflective of the fact that the transition will need time to become embedded, and gain traction, in the
business. The group has been simplified, with a material reduction in overheads achieved, including the
elimination of the group head office. Both divisions, Nutun South Africa and Nutun International, remain
customer focused with clear target markets and client-bases, streamlined cost architectures and experienced
management teams which enables them to capitalise on their leading positions in the South African collections
and recovery market and the South African BPO offshoring market.

Trading Statement
In accordance with the Listings Requirements of the JSE, Nutun advises shareholders of the following expected
ranges for H1 2025:
                                                  Half year ended            Half year ended    Half year ended
                                                    31 March 2025              31 March 2025      31 March 2024
                                                         Expected                   Expected             Actual
                                                     number range           percentage range        restated(1)                    
Continuing earnings(2)

Basic (loss)/ earnings                           -R115m to -R129m      Loss increase between              -R57m
                                                                                  101 – 127%
Basic (loss)/ earnings per share       -14.6 cents to -16.5 cents      Loss increase between         -7.4 cents
                                                                                   98 – 120%
Headline (loss)/ earnings                        -R115m to -R129m    Profit decrease by more               R18m
                                                                                   than 100%
Headline (loss)/earnings per share     -14.6 cents to -16.5 cents    Profit decrease by more          2.3 cents
                                                                                   than 100%
Core loss(3)                                       -R65m to -R77m      Loss decrease between             -R104m
                                                                                    26 – 38%
Core loss per share(3)                   -8.2 cents to -9.9 cents      Loss decrease between        -13.5 cents
                                                                                    27 – 39%


                                                  Half year ended            Half year ended    Half year ended
                                                    31 March 2025              31 March 2025      31 March 2024
                                                         Expected                   Expected             Actual
                                                     number range           percentage range        restated(1)
Total earnings

Basic (loss)/ earnings                             -R58m to -R70m      Loss decrease between           -R1 723m
                                                                                    96 – 97%
Basic (loss)/ earnings per share         -7.4 cents to -8.9 cents      Loss decrease between       -223.8 cents
                                                                                    96 – 97%
Headline loss                                    -R128m to -R142m      Loss decrease between           -R1 780m
                                                                                    92 – 93%
Headline loss per share                -16.4 cents to -18.1 cents      Loss decrease between       -231.2 cents
                                                                                    92 – 93%
Core loss(3)                                        R65m to -R77m      Loss decrease between           -R1 549m
                                                                                    95 – 96%
Core loss per share(3)                   -8.2 cents to -9.9 cents      Loss decrease between       -201.2 cents
                                                                                    95 – 96%

 (1)  Comparative information for 31 March 2024 has been restated for the correction of identified prior period errors
      in terms of IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors.
 (2)  Earnings /(loss) from continuing operations exclude results from discontinued operations.
 (3)  Core earnings from continuing operations 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 half year ended 31 March 2025 will be released on SENS on Tuesday, 20 May 2025.


Sandton
16 May 2025

JSE equity sponsor:
Investec Bank Limited

Legal Advisor to the company:
ENS

Enquiries:
IR@nutun.com

Date: 16-05-2025 05:05:00
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