OLD MUTUAL LIMITED - Old Mutual Voluntary Operating Update and Trading Statement for the Six Months Ended 30 June 2026

Old Mutual Voluntary Operating Update and Trading Statement for the Six Months Ended 30 June 2026

Old Mutual Limited
Incorporated in the Republic of South Africa
Registration number: 2017/235138/06
ISIN: ZAE000255360
LEI: 213800MON84ZWWPQCN47
JSE Share Code: OMU
JSE Alpha Code: OMLI
LSE Share Code: OMU
NSX Share Code: OMM
MSE Share Code: OMU
VFEX Share Code: OMU
("Old Mutual" or “Group”)


Ref: 20_26
31 August 2026


OLD MUTUAL VOLUNTARY OPERATING UPDATE AND TRADING STATEMENT FOR THE SIX MONTHS ENDED 30
JUNE 2026

Operating update: Strong new business growth and robust underlying operating earnings amidst market
volatility

The table below sets out certain key performance indicators for the six months ended 30 June 2026
compared to the six months ended 30 June 2025 (“prior period”).

 Key Performance Indicators                              30 June 2026      30 June 2025              change
 (R million unless otherwise stated)
 Life APE sales                                                 7 857             6 470                 21%
 Gross flows                                                  128 911           106 759                 21%
 Net client cash flow                                         (3 128)          (10 125)                 69%
 Gross written premiums                                        14 934            14 511                  3%
 Value of new business                                            569               432                 32%
 Value of new business margin (%)                                 1.4               1.3              10 bps
 Net underwriting margin-Old Mutual Insure (%)                    7.6               9.7           (210 bps)



Sales and flows
Life APE sales increased by 21%, mainly driven by strong group risk and annuity sales in Old Mutual
Corporate as well as higher living annuity and endowment sales in Wealth Management. Old Mutual
Africa Regions also delivered strong growth across both retail and corporate sales. Excluding Old Mutual
Corporate risk sales secured in the current period, which are not expected to recur at the same level in
the second half of the year, Life APE sales increased by 12%.

Gross flows increased by 21%, primarily driven by strong inflows in Wealth Management, particularly in
the local platform business and the inclusion of 10X Investments. Old Mutual Investments also delivered
higher inflows, reflecting improved third-party client activity across key investment capabilities. In Old
Mutual Africa Regions, growth was driven by strong money market inflows in Malawi, together with
improved unit trust flows in East Africa.

Net client cash flow improved, driven by the strong gross flows during the period and the non-repeat of
low-margin indexation outflows in Old Mutual Investments that were reported in the prior period.

Gross written premiums increased by 3%, supported by growth in Old Mutual Insure, partially offset by
the effects of currency movements and lower renewals as a result of underwriting management actions
in Old Mutual Africa Regions.

Margins
The value of new business and value of new business margin improved, due to higher sales volumes and
a more profitable new business mix in Wealth Management, Old Mutual Corporate and Old Mutual
Africa Regions, despite lower guaranteed annuity volumes in Personal Finance.

Despite the elevated catastrophe losses during the period, the net underwriting margin in Old Mutual
Insure remained at the upper-end of the medium-term target range of 5%–8%, with underwriting
profitability supported by disciplined underwriting, effective claims management and a diversified
portfolio.


Trading statement for the six months ended 30 June 2026

Investors are advised that Old Mutual is currently in the process of finalising its interim results for the six
months ended 30 June 2026, which will be released on the Stock Exchange News Service of the JSE
Limited on Tuesday, 8 September 2026. This trading statement provides an indication of a range for
headline earnings per share and earnings per share in terms of paragraph 6.26 of the JSE Limited Listings
Requirements compared to the prior period.

Results from operations per share, adjusted headline earnings per share, headline earnings per share
and basic earnings per share growth benefited from the share repurchase programme implemented in
2025 (completed at the beginning of May 2026) which contributed to a reduction in the adjusted
weighted average number of ordinary shares to 4 179 million at 30 June 2026 (4 352 million at 30 June
2025).

Investors are advised that the Group’s key profit measures are expected to be within the ranges outlined
below:


                                                                                            Results for the six
Key Performance Indicators                      Estimated               Estimated                  months ended
(R million unless stated otherwise)             % change             30 June 2026                  30 June 2025
Results from operations (1)                     2% to 12%           5 039 to 5 533                       4 940
Results from operations per share
(cents) (2)                                      6% to 16%          120.3 to 131.7                       113.5
Adjusted headline earnings (3)                -35% to -25%          2 733 to 3 153                       4 204
Adjusted headline earnings per
share (cents) (2)                             -32% to -22%            65.7 to 75.3                        96.6
Headline earnings                              -11% to -1%          3 704 to 4 120                       4 162
Headline earnings per share
(cents)                                          -6% to 4%           91.6 to 101.4                        97.5
IFRS profit after tax attributable to           -10% to 0%          3 692 to 4 102                       4 102
equity holders of the parent (IFRS
profits)
Basic earnings per share (cents)                -5% to 5%             91.3 to 100.9                       96.1

(1) Results from operations is the primary measure of the operating business performance of the Group’s segments                                                                                                                2
(2) Results from operations per share and adjusted headline earnings per share are calculated with reference to the
adjusted weighted average number of ordinary shares. The weighted average number of shares is adjusted to
reflect the Group's Broad-Based Black Economic Empowerment shares
(3) Adjusted headline earnings is the Group’s primary profit metric


Growth in results from operations was primarily driven by stronger revenue in Wealth Management and
Old Mutual Investments, supported by a higher average base of assets under management and
administration, as well as lower central costs. This was partially offset by lower underwriting earnings in
Old Mutual Insure relative to the strong prior period as well as the investments to scale Old Mutual
Banking. The growth in results from operations in our life businesses were impacted by negative
economic variances in the current period following positive variances in the prior period. Underlying
growth in results from operations, adjusting for the period-on-period impact of economic variances was
robust, benefiting from strong operational delivery during the period.

The decrease in adjusted headline earnings was driven by lower shareholder investment returns
compared to the prior period. The performance of the shareholder portfolio followed the performance
of the Equity and Bond Indices over the period. This should be seen against sharp risk-off conditions driven
by ongoing geopolitical conflicts in the Middle East which have negatively impacted equity and bond
performance. Headline earnings and IFRS profits benefited from a strong performance in Zimbabwe
which is not included in adjusted headline earnings.


Investor engagement
A webcast of the presentation of the 2026 Interim results and Q&A will be held on Tuesday, 8 September
2026 at 11:00 South African time.

Register on the Investor Relations website: Investor Relations | Old Mutual

Alternatively, pre-register to participate in the call on the following link:

Diamond Pass Registration

Analysts and investors who wish to participate in the call may do so using the same link or telephone
numbers below:

Access numbers for recorded playback:
Access code for recorded playback: 48666
 South Africa            +27 10 500 4108
 UK                      +44 203 608 8021
 Australia               +61 73 911 1378
 USA                     +1 412 317 0088
 International           +27 10 500 4108


To access the replay using an international dial-in number, please select the link below:
https://services.choruscall.com/ccforms/replay.html
The replay will be available until 16 September 2026.

The financial information in this voluntary operating update and trading statement includes forward-
looking statements and non-IFRS financial measures which are the responsibility of the Old Mutual Limited
Board of Directors and has not been reviewed or reported on by the Group’s external auditors.

Further, investors are reminded that non-IFRS measures are provided for illustrative purposes only and
provide information that is useful to investors and are appropriate to assess the Group's operational
results and financial performance. Because of their nature, they may not fairly present Old Mutual's
financial position, changes in equity, results of operations and cash flows.

                                                                                                                  
Sandton

Sponsors:

Johannesburg Stock Exchange: Tamela Holding (Pty) Ltd
JSE debt sponsor:              Nedbank Corporate and Investment Banking, a division of Nedbank
                               Limited
Malawi Stock Exchange:         Stockbrokers Malawi Limited
Namibia Stock Exchange:        PSG Wealth Management (Namibia) Proprietary Limited
Victoria Falls Stock Exchange: Imara Capital Zimbabwe plc


Enquiries

Investor Relations
Langa Manqele                        M: +27 82 295 9840
Head of Investor Relations           E: investorrelations@oldmutual.com

Communications
Wendy Tlou                           M: +27 82 906 5008
Chief Communications
and Reputation Officer               E: oldmutualnews@oldmutual.com


Notes to Editors
About Old Mutual
Old Mutual is a premium African financial services group that offers a broad spectrum of financial
solutions to retail and corporate customers across key market segments in 12 countries. Old Mutual's
primary operations are in Africa and it has a niche business in China. With over 181 years of heritage
across sub-Saharan Africa, Old Mutual is a crucial part of the communities it serves as well as broader
society on the continent.

For further information on Old Mutual and its underlying businesses, please visit the corporate website at
www.oldmutual.com.




                                                                                                         
Date: 31/08/2026 06:30:00
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