OUTsurance GROUP LIMITED - Trading update and voluntary trading statement for the six months ended 31 December 2025

OUTSURANCE GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2010/005770/06)
ISIN: ZAE000314084
Share code: OUT
("OGL")


TRADING UPDATE AND VOLUNTARY TRADING STATEMENT FOR THE SIX MONTHS ENDED 31
DECEMBER 2025


1. TRADING UPDATE FOR OUTSURANCE HOLDINGS LIMITED (OHL)


The OHL Group delivered a satisfactory operational and financial performance
for the six months ended 31 December 2025 (current period). The normalised
earnings of the OHL Group (92.8%-held by OGL) were influenced by:


' Strong gross written premium and annualised new business growth across
  the Group's core direct short-term insurance operations;

' A strong claims and expense efficiency performance delivered by the South
  African short-term insurance operations, despite marginally higher
  natural perils exposure;

' The large reduction in the share-based payments expense which bolstered
  the results of the South African operations. This outcome is in line with
  expectation due to the replacement of the Employee Share Option Scheme
  (ESOP) with the Conditional Share Plan (CSP). The CSP is significantly
  less geared to share price movements;

' Youi's retained natural perils exposure more than doubled compared to the
  six months ended 31 December 2024 (comparative period) following

  catastrophe   events   in   Australia   and   higher   storm   frequency.
  Notwithstanding the high retained natural peril losses, Youi delivered a
  strong performance in terms of its working (non-natural perils) claims
  ratio and cost-to-income ratio and remained on track in respect of its
  long-term organic growth strategy;

' OUTsurance Life delivered a pleasing operational performance marked by
  good new business growth and improved cost efficiency. From a financial
  perspective, the strong performance was offset by the impact of the

  extraordinary reduction in the South African yield curve following

  positive macro-economic developments in South Africa;

' OUTsurance Ireland continued with its incremental scale-up strategy over
  the current period. The monthly loss profile is expected to reduce over
  the second half of the current financial year in line with the forecast
  break-even profile; and

' Despite a lower interest rate environment, the strong performance of the
  South African equity market continued to support earnings.


Shareholders are advised that normalised earnings for OHL and its major
operating subsidiaries for the current period are expected to fall within
the ranges provided below:


                                                              Guidance for the
                                                              six months ended
                                                  Reported    31 December 2025
                                          Six months ended          Expected %
                                          31 December 2024           increase/
                                                 R million          (decrease)


OHL (Group   consolidated)                           2 219          10% to 15%
OUTsurance   SA (short-term operations)              1 172          66% to 72%
Youi Group                                           1 198      (40%) to (46%)
OUTsurance   Life                                      142          (2%) to 4%
OUTsurance   Ireland                                 (218)      (18%) to (24%)


2. VOLUNTARY TRADING STATEMENT FOR OUTSURANCE GROUP LIMITED


RMI Treasury Company's associate income delivered an exceptional performance
in the comparative period which did not recur in the current period. This
outcome resulted in the normalised earnings growth rate differential between
the OHL and OGL Groups.


The following guidance is provided to OGL shareholders regarding the OGL
Group's expected normalised earnings per share (NEPS), headline earnings per
share (HEPS) and earnings per share (EPS) for the current period:


                               Guidance for the six months ended

                   Reported            31 December 2025
           Six months ended

           31 December 2024          Expected     Expected range

                    (cents)        % increase            (cents)

NEPS                  140.0         4% to 10%     145.6 to 154.0

HEPS                  132.9        11% to 17%     147.5 to 155.5

EPS                   132.9        11% to 17%     147.5 to 155.5


OGL regards normalised earnings (which excludes non-operational items and
accounting anomalies) as the key indicator of the OGL Group's operational
performance.


The financial information on which this trading update and voluntary trading
statement is based is the responsibility of the OGL directors and has not
been reviewed and reported on by the OGL Group's external auditor.


OGL's financial results for the six months ended 31 December 2025 are expected
to be released on SENS on Wednesday, 11 March 2026.

Centurion
26 February 2026

Sponsor

RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 26-02-2026 02:00:00

Supplied by www.sharenet.co.za                     
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.