ALTRON LIMITED — Management Reports 2026

Feb 24, 2026

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ALTRON LIMITED

(Registration number 1947/024583/06)

(Incorporated in the Republic of South Africa)

Share Code: AEL ISIN: ZAE000191342

("Altron" or "Group")

VOLUNTARY OPERATIONAL UPDATE

Shareholders are referred to Altron's trading statement released on 12 February 2026, issued in accordance with paragraph 6.26 of the JSE Listings Requirements, in which the Company advised that headline earnings per share ("HEPS") and earnings per share ("EPS") from continuing operations1 for the financial year ending 28 February 2026 ("FY2026") are expected to exceed the prior comparative period by more

than 30%.

The Company hereby provides a voluntary operational update for FY2026.

VOLUNTARY OPERATIONAL UPDATE1

Overview and operating environment:

Operational momentum evidenced in the first half of the financial year ("H1 FY2026") provided a solid foundation for a stronger performance in the second half of the year ("H2 FY2026") to date2 and this trend is expected to continue for the full year, FY2026.

Continuing operations delivered low double-digit EBITDA growth year-to-date, and operating profit growth greater than 20%. Excluding the change in Netstar's depreciation policy3 operating profit increased in the low-to-mid-teens. The Group's performance is attributable to disciplined focus on execution of its strategy across all businesses and reflects the benefit of a robust and diversified portfolio, despite varying operating conditions.

Deliberate focus on deployment of capital into higher-margin, annuity-revenue growth opportunities continued in H2 FY2026, with further improvement in operating leverage. Year-to-date, Altron's Platforms

¹ Continuing operations include: Netstar, Altron FinTech, Altron HealthTech, Altron Digital Business, Altron Security, Altron Document Solutions, and Altron Arrow. Commentary relates to continuing operations unless specified otherwise. Discontinued operations include Altron Nexus which was sold on 1 August 2025.

² Altron's year-to-date performance trends reflects the eleven months to 31 January 2026 ("year-to-date") compared to the comparative prior period, the eleven months to 31 January 2025.

³ Netstar revised its depreciation policy at the start of FY2026, increasing the depreciation period for eligible capital rental devices from three to an average of five years, based on an independently calculated useful life assessment. This adjustment better aligns the depreciation pattern of these assets with their economic lifespan and industry norms. The change in estimate is applied prospectively from the start of FY2026.

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segment has contributed approximately 45% to revenue, and approximately 90% to both EBITDA and operating profit.

Robust double-digit revenue growth in the Platforms segment was offset by a decrease in revenue in the IT Services segment. The constrained operating environment for IT Services persisted in H2 FY2026 and is in line with market trends observed in South Africa and globally.

Capital structure and cash generation

The Group is committed to maintaining a healthy liquidity position, with a continued emphasis on cash conversion and disciplined capital allocation. Operating cash flows continued to strengthen in H2 FY2026, relative to H1 FY2026. This performance is underpinned by the continued shift in revenue mix toward annuity-based income, which exceeded 65% of total revenue year-to-date for FY2026, and is a structural driver of higher cash flow generation.

Segmental Performance

Platforms segment

• Netstar delivered a strong performance underpinned by solid growth in South Africa and early signs of progress in Australia.
• o The South African business continues to perform well, with sustained low double-digit growth in revenue and strengthening operational execution, delivering high-teen EBITDA growth year-to-date.
• o Australia's recovery has been slower than initially anticipated due to once-off items affecting operating profit; however, key performance indicators including subscriber growth, cash flow and sales activity have shown improvement.
• o Netstar has delivered mid-to-high teen EBITDA growth year-to-date. Excluding the change in Netstar's depreciation policy4, operating profit increased in the high teens, in line with EBITDA growth.
• Altron FinTech delivered high teen revenue growth driven by continued success in onboarding SME customers onto its payments and collections platform and higher volumes in payments and collections. Annuity revenue year-to-date exceeded 80%. With the focus on higher-margin products and services, and as the business scales, operating margins continued to improve, delivering EBITDA and operating profit growth, both in the high-twenties percent range.

⁴ Netstar revised its depreciation policy at the start of FY2026, increasing the depreciation period for eligible capital rental devices from three to an average of five years, based on an independently calculated useful life assessment. This adjustment better aligns the depreciation pattern of these assets with their economic lifespan and industry norms. The change in estimate is applied prospectively from the start of FY2026.

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• Altron HealthTech's year-to-date EBITDA growth, in the low-twenties percent range, and operating profit growth in the high teens, are tracking in line with H1 FY2026 performance.

IT Services segment

• Altron Digital Business continues to be impacted by the challenging IT services environment. In response, as highlighted in H1 FY2026, Altron implemented a comprehensive profit-improvement strategy and finalised its restructuring in December 2025. Two consecutive months of operating profitability in December 2025 and January 2026 reflect a marked improvement in the IT Services segment's performance and provide clear evidence that the cost-reduction measures are gaining traction. The business is now well positioned to benefit from any upturn in IT services spend.
• Altron Security continued to see changes in sales mix, delivering double-digit revenue growth, with operating profit growth broadly in line with H1 FY2026 performance.
• Altron Document Solutions profit improvement strategy continues to deliver positive results. The focus on higher-margin services led to more than 30% year-to-date EBITDA and operating profit improvement.

Pre-close investor call

Altron will host a virtual pre-close investor call for the year ending 28 February 2026, ahead of the commencement of the closed period. The pre-close investor call will take place today, Tuesday 24 February 2026, at 2:00pm CAT. Shareholders and analysts are invited to register via the following link: https://www.corpcam.com/Altron24022026.

FY2026 results and Altron capital markets day

The FY2026 year-end will mark the completion of Altron's Accelerated Growth phase of its strategy. Having delivered three years of accelerated growth, which strengthened margins, streamlined the portfolio and embedded operational discipline, Altron is now positioned to enter its next phase of Transformative Growth.

Further details to be communicated at the presentation of Altron's FY2026 results, expected to be released on SENS on or about 25 May 2026, and Altron expects to host a capital markets day in June 2026.

The financial information on which this operational update is based is the responsibility of the directors of Altron and has not been reviewed or reported on by the Group's independent external auditor.

Johannesburg 24 February 2026 JSE Equity Sponsor Investec Bank Limited