Sharenet Sites 
Sharenet Sites
Trading statement for the year ended 30 June 2026
EPE CAPITAL PARTNERS LTD
(Incorporated in the Republic of Mauritius)
(Registration number: C138883 C1/GBL)
ISIN: MU0522S00005
Share Code: EPE
(“Ethos Capital” or “the Company”)
TRADING STATEMENT FOR THE YEAR ENDED 30 JUNE 2026
EPE Capital Partners Ltd is an investment holding company, registered, and incorporated in Mauritius and
listed on the Johannesburg Stock Exchange (“JSE”). It historically invested directly into Funds or Co-
Investments that are actively managed by Ethos Management Company (Pty) Limited, that provided the
Company with largely indirect exposure to a portfolio of unlisted and listed private equity-type
investments, and acts as the Company’s Investment Advisor. Following the sale of the portfolio of unlisted
assets (“the Residual Assets sale”) on 27 February 2026, the only remaining investments held by Ethos
Capital relate to the listed Optasia business.
Given the nature of its business, the Company’s performance is largely measured by its net asset value
(“NAV”) and NAV per share (“NAVPS”) and the Ethos Capital Board of Directors has adopted NAVPS as
the relevant measure for trading statement purposes. This approach has been approved by the JSE.
Asset realisations and impact on net asset value
Ethos Capital continued to drive the realisation journey in the 2026 year and delivered material proceeds
back to its shareholders. The partial sale of Optasia in the IPO in November 2025 generated R360 million
and the Residual Assets sale delivered an effective R660 million in cash proceeds (comprising of the R640
million headline price, and a further R20 million from the Vertice earn-out). This enabled the Company to
distribute over R1.03 billion of value back to its shareholders, achieved via the unbundling of the Brait
Exchangeable Bonds (“Brait Bonds”) at a value of R171 million in December 2025 and the pro rata share
buyback of R854 million in March 2026.
The above sale transactions and unbundling of the Brait Bonds were the primary drivers for the year on
year decrease in the NAV and NAVPS. Shareholders are advised that in accordance with paragraph 6.26
of the JSE Listings Requirements, Ethos Capital’s NAVPS as at 30 June 2026 is expected to be between
R5.40 and R5.70. This range represents a decrease of between 33% and 37% compared to the reported
NAVPS of R8.57 for the prior comparative reporting period, at 30 June 2025.
The Company will continue to seek an optimal outcome for its last remaining investment in Optasia and
this sale would complete the realisation journey.
Ethos Capital’s annual results for the year ended 30 June 2026, will be released on the Stock Exchange
News Service on Wednesday, 23 September 2026. The time of the investor presentation will be
confirmed in due course.
Ebene, Mauritius (with simultaneous circulation in Johannesburg)
16 September 2026
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Disclaimer
The financial information on which this announcement is based has not been audited, reviewed, and reported on by the Company’s
external auditors.
Date: 16/09/2026 04:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
