Ethos Capital forecasts strong NAVPS growth for fiscal 2025

Ethos Capital expects its Net Asset Value Per Share (NAVPS) for the year ended June 30, 2025, to fall between R8.45 and R8.60. This represents an increase of 20% to 22% compared to the R7.03 reported NAVPS at June 30, 2024. On a like-for-like basis, excluding the Brait ordinary shares unbundled in July 2024, the adjusted NAVPS of R6.58 from June 30, 2024, translates to an anticipated increase of 28% to 31% for the current period.

The projected growth is primarily driven by higher valuations within its unlisted portfolio, particularly from Optasia, which constitutes approximately 50% of the company's total assets as of March 31, 2025. Additionally, significant valuation increases from Vertice, e4, Primedia, and listed Brait exchangeable bonds contributed to the positive outlook.

Ethos Capital's annual results for the year ended June 30, 2025, are scheduled for release on the Stock Exchange News Service on Thursday, September 25, 2025. This trading statement is based on unaudited financial information.