NUTUN LIMITED — Earnings Release 2026

May 13, 2026

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NUTUN

Nutun 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 2026

Trading Update

Nutun South Africa and Nutun International remain customer-centric solution providers. Each has a clearly defined target market, an established client base, a streamlined operating structure and an experienced management team. These strengths support their positions in the South African collections and recovery market and the South African business process outsourcing ("BPO") offshoring sector.

The simplified group is focused on two priorities. The first is profitability over the short-to-medium term. The second is sustainable high-quality growth over the long term.

Operational performance during the period was strong, particularly for Nutun South Africa. Earnings were however adversely affected by Rand strength and accelerated amortisation driven by forward looking macro-economic assumptions including an elevated interest rate forecast relative to our expectations.

Trading Statement

In accordance with the Listings Requirements of the JSE, Nutun advises shareholders of the following expected ranges for H1 2026:

| | Half Year ended
31 March 2026 | Half Year ended
31 March 2026 | Half year ended
31 March 2025 |
| --- | --- | --- | --- |
| | Expected
number range | Expected
percentage range | Actual |
| Continuing earnings^{1} | | | |
| Basic loss | -R59m to -R68m | Loss decrease between 45 – 52% | -R122m |
| Basic loss per share | -7.5 cents to -8.6 cents | Loss decrease between 44 – 52% | -15.6 cents |
| Headline loss | -R59m to -R68m | Loss decrease between 45 – 52% | -R122m |
| Headline loss per share | -7.5 cents to -8.6 cents | Loss decrease between 44 – 52% | -15.6 cents |
| Core loss^{2} | -R59m to -R68m | Loss decrease between 5 – 17% | -R71m |
| Core loss per share^{2} | -7.5 cents to -8.6 cents | Loss decrease between 5 – 17% | -9.1cents |

---

| | Half Year ended
31 March 2026 | Half Year ended
31 March 2026 | Half year ended
31 March 2025 |
| --- | --- | --- | --- |
| | Expected
number range | Expected
percentage range | Actual |
| Total earnings | | | |
| Basic loss | -R59m to -R68m | Between loss decrease of 8% and
loss increase of 6% | -R64m |
| Basic loss per share | -7.5 cents to -8.6 cents | Between loss decrease of 8% and
loss increase of 6% | -8.2 cents |
| Headline loss | -R59m to -R68m | Loss decrease between 50 – 57% | -R135m |
| Headline loss per share | -7.5 cents to -8.6 cents | Loss decrease between 50 – 56% | -17.2 cents |
| Core loss² | -R59m to -R68m | Loss decrease between 5 – 17% | -R71m |
| Core loss per share² | -7.5 cents to -8.6 cents | Loss decrease between 5 – 17% | -9.1 cents |

1. Earnings /(loss) from continuing operations exclude results from discontinued operations.
2. Core earnings from continuing operations is a non-IFRS measure which is calculated by adjusting headline earnings with the following:
3. Once-off transaction costs which are directly attributable to corporate activity (primarily legal and consulting fees).
4. Adjustments on put and call options over non-controlling interests, namely imputed interest on the put option liability, re-measurements of the put option liability and fair value adjustments on the call option derivative.
5. Once-off or accelerated items, where these are reasonably expected not to re-occur in the ordinary course of business in future reporting periods.
6. 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 2026 will be released on SENS on Monday, 18 May 2026.

Sandton
13 May 2026

JSE equity sponsor:
Investec Bank Limited

Legal Advisor to the company:
ENS

Enquiries:
IR@nutun.com