Fawry for Banking Technology and

Electronic Payments S.A.E ([Link])

Press Release
13 August 2023

Fawry Releases 1H2023 Results

Fawry books stellar results, with a 42.4% year-on-year revenue expansion driven by a broadened service offering and
diversified revenue streams.

1H2023 Highlights
Revenues Gross Profit Throughput Value
EGP 1,444.2 MN EGP 892.4 MN EGP 147,700 MN
▲ 42.4% y-o-y ▲ 52.1% y-o-y / 61.8% margin ▲ 67.8% y-o-y

EBITDA Adjusted Net Profit2 Number of Transactions

EGP 545.4 MN EGP 327.9 MN 748.6 MN
▲ 99.2% y-o-y / 37.8% margin ▲ 290.4% y-o-y / 22.7% margin ▲ 21.7% y-o-y

13 August 2023 – (Cairo, Egypt) Fawry (the “Company”, [Link] on the Egyptian Exchange), Egypt’s leading provider
of e-payments and digital finance solutions, announced today its consolidated results for the six-month period ended
30 June 2023. The Company recorded revenues of EGP 1,444.2 million, expanding 42.4% year-on-year (y-o-y). Fawry
recorded adjusted net profit of EGP 327.9 million, up 290.4% y-o-y and yielding a net profit margin (NPM) of 22.7%.
Statutory net profit came in at EGP 283.1 million, growing 441.2% y-o-y and with an associated margin of 19.6% in
1H2023. On a quarterly basis, the Company posted total revenues of EGP 768.5 million, growing 44.6% year-on-year.
Meanwhile, adjusted net profit for the quarter stood at EGP 181.1 million, recording bottom-line expansion of 341.5%
year-on-year and with an NPM of 23.6%. Finally, statutory net profit booked EGP 159.8 million during 2Q2023.
Summary Profit & Loss Statement – Second Quarter
(EGP 000s) 2Q2022 1Q2023 2Q2023 y-o-y Change % q-o-q Change %
Total Revenues 531,295 675,697 768,473 44.6% 13.7%
Alternative Digital Payments (ADP) 261,177 277,751 304,886 16.7% 9.8%
Banking Services 169,010 253,640 294,027 74.0% 15.9%
Acceptance 66,857 115,747 140,238 109.8% 21.2%
Agent Banking 102,153 137,893 153,790 50.5% 11.5%
Microfinance 58,113 82,262 85,851 47.7% 4.4%
Supply Chain Solutions 29,743 44,382 51,578 73.4% 16.2%
Others 13,252 17,662 32,131 142.5% 81.9%
Gross Profit 308,218 418,787 473,608 53.7% 13.1%
Gross Profit Margin 58.0% 62.0% 61.6% 3.6 pts -0.3 pts
EBITDA1 139,494 239,936 305,424 119.0% 27.3%
EBITDA Margin 26.3% 35.5% 39.7% 13.5 pts 4.2 pts
Net Profit Before NCI 50,203 142,058 182,791 264.1% 28.7%
Net Profit After NCI 24,145 123,282 159,774 561.7% 29.6%
Net Profit Margin 4.5% 18.2% 20.8% 16.2 pts 2.5 pts
Adjusted Net Profit After NCI2 41,010 146,818 181,063 341.5% 23.3%
Adjusted Net Profit Margin 7.7% 21.7% 23.6% 15.8 pts 1.8 pts

1 EBITDA - The Company defines EBITDA as its EAS operating profit, excluding: (a) depreciation, amortization, provisions; (b) noncash ESOP expense included in EAS net profit; (c) interest
income not related to the operating cycle; (d) taxes; (e) leasing charges; and certain other non-operating costs including provisions.
2 Adjusted Net Profit - The Company presents its Adjusted Net Profit as its EAS Net Profit excluding after tax impact of nonrecurring items such as a noncash ESOP expense of EGP 27.5

million, EGP 30.4 million and 21.8 million in EAS net profit of 2Q2023, 1Q2023 and 2Q2022, respectively.

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Fawry for Banking Technology and
Electronic Payments S.A.E ([Link])
Press Release
13 August 2023

Summary Profit & Loss Statement – Year to Date

(EGP 000s) 1H2022 1H2023 Change %
Total Revenues 1,014,292 1,444,170 42.4%
Alternative Digital Payments (ADP) 506,377 582,637 15.1%
Banking Services 322,667 547,667 69.7%
Acceptance 125,019 255,985 104.8%
Agent Banking 197,648 291,682 47.6%
Microfinance 105,486 168,113 59.4%
Supply Chain Solutions 54,417 95,959 76.3%
Others 25,345 49,793 96.5%
Gross Profit 586,899 892,394 52.1%
Gross Profit Margin 57.9% 61.8% 3.9 pts
EBITDA1 273,837 545,359 99.2%
EBITDA Margin 27.0% 37.8% 10.8 pts
Net Profit Before NCI 98,041 324,849 231.3%
Net Profit After NCI 52,301 283,057 441.2%
Net Profit Margin 5.2% 19.6% 14.4 pts
Adjusted Net Profit After NCI2 83,980 327,881 290.4%
Adjusted Net Profit Margin 8.3% 22.7% 14.4 pts

1 EBITDA - The Company defines EBITDA as its EAS operating profit, excluding: (a) depreciation, amortization, provisions; (b) noncash ESOP expense included in EAS net profit; (c) interest
income not related to the operating cycle; (d) taxes; (e) leasing charges; and certain other non-operating costs including provisions.
2 Adjusted Net Profit - The Company presents its Adjusted Net Profit as its EAS Net Profit excluding after tax impact of nonrecurring items such as a noncash ESOP expense of EGP 57.8
million and EGP 40.9 million in EAS net profit of 1H2023 and 1H2022, respectively.

Financial & Operational Highlights

• Fawry’s Banking Services segment, comprised of Acceptance and Agent Banking Services, contributed the lion
share of top-line growth for the first half of 2023, responsible for 52% of consolidated revenue growth.
• The Company maintained increasing profitability down the income statement, with its gross profit, EBITDA, and
adjusted net margins improving 3.9, 10.8, and 14.4 percentage points y-o-y, respectively, during 1H2023.
• In July 2023, the company rolled out a soft launch of its BNPL service, a move that will enable Fawry to grow its
B2C offering and in line with the strategic transformation of the myFawry app into a Neobank.
• In August 2023, the Company’s subsidiary, Fawry Microfinance, successfully obtained preliminary approvals
from the Financial Regulatory Authority for the addition of SME financing to its portfolio. The move is directly in
line with the Company’s long-term growth strategy of diversifying revenue streams and tapping into
underserved and underpenetrated segments across the country.
• Total mobile wallets processed value more than doubled year-on-year in the first half of the year, reaching EGP
81 billion as financial inclusion rates and digital payment adoption continue their steady rise nationwide.
Chief Executive’s Review
As we head into the second half of the year, I am proud to announce Fawry’s strong financial and operational results
for the first half of 2023. Throughout this six-month period, the Company has continued building on its strong customer
base and extensive service offering, managing to book stellar results across our lines of business. Our top-line
expansion of 42.4% year-on-year, reaching EGP 1,444 million during 1H2023 is a direct reflection of our ability to adapt
to evolving consumer needs as we continue to diversify our services and appeal to more consumers throughout the
country. By the same token, our increased profitability at the gross profit, EBITDA, and adjusted net profit levels are
consistent with our continued cost control efforts, both direct and indirect, in response to increased inflation which
has affected the country since 2022.
During the period, our four main business segments continued their growth trajectory, with the Banking Services
segment expanding well beyond the rest to contribute 52.3% of revenue growth for the period. Our Alternative Digital

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Fawry for Banking Technology and
Electronic Payments S.A.E ([Link])
Press Release
13 August 2023

Payments segment continues to expand in absolute terms, while making way for the achievement of our long-term
vision of revenue diversification and slowly declining in its concentration towards overall revenues.
On the operational front, I am excited to announce that the Company has managed to achieve record EBITDA and Net
income margins since its inception. It is also worth mentioning that in June the company reached a new milestone by
managing to process 5 million transactions a day, cementing Fawry’s operational and technical strength. There has
also been a remarkable expansion of our mobile wallet transactions and mobile wallet throughput value, recording
67.6 million transactions and EGP 80.5 million during the six-month period, a rise of 73.9% and 107.7% year-on-year,
respectively.
With a strong start to the year during the six-month period, I am confident that the remainder of 2023 will see Fawry
continue to roll-out and grow its operations nationwide. As the Company evolves to match changing demand, Fawry
will further cement its position as the leading provider of digital finance solutions in Egypt.
Eng. Ashraf Sabry
Chief Executive Officer

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Fawry for Banking Technology and
Electronic Payments S.A.E ([Link])
Press Release
13 August 2023

Throughput Value Operational Developments

(EGP bn)
Operational KPIs 1H2022 1H2023 Change %
Active Network Customers (mn) 45.0 50.7 12.7%
148
Total POS Terminals (‘000) 295.5 324.4 9.8%
Acceptance Enabled POSs (‘000) 228.0 269.5 18.2%
88
Banks Active and Contracted 36 36 n/a
myfawry App Total Downloads (‘000) 6,371 10,481 64.5%
Services Provided 1,931 2,819 46.0%
1H2022 1H2023 Transactions (mn) 614.9 748.6 21.7%
Throughput Value
Mobile Wallet Transactions (mn) 38.9 67.6 73.9%
Mobile Wallet Processed Value (EGP mn) 38,756 80,506 107.7%
Total Throughput Value (EGP mn) 88,024 147,700 67.8%

Number of Fawry’s total throughput value amounted to EGP 147,700 million during 1H2023,
Transactions (mn) increasing 67.8% y-o-y compared to the figure recorded in the same period of
the previous year.
• Fawry handled 748.6 million transactions during the first six months of
749
2023, up 21.7% y-o-y from the 614.9 million booked during 1H2022.
• Fawry’s total POS network increased to 324.4 thousand as of 30 June 2023,
615
up from 295.5 thousand the same time last year, reflecting Fawry’s
expansion of its partner network as it continued providing the latest in POS
technology.
1H2022 1H2023 • Acceptance-enabled POSs stood at 269.5 thousand machines nationwide as
of the end of 1H2023, up from 228.0 thousand in 1H 2022, booking an 18.2%
year-on-year increase. Acceptance-enabled POSs allow for a wider range of
payment options, including payments by debit and credit cards.
Network KPIs • Fawry completed 67.6 million mobile wallet transactions during the first
('000) half of 2023, an year-on-year increase of 73.9% from the 38.9 million
recorded one year previously. Meanwhile, total mobile wallet processed
324 value came in at EGP 80,506 million during 1H2023, more than doubling the
296
270 EGP 38,756 million recorded one year earlier1.
228 • Fawry’s consumer-facing myfawry application reached a total of 10.5
million downloads as of 30 June 2023, increasing 64.5% year-on-year. The
myfawry app uses cutting-edge technology to provide its users with a simple
and unified interface for bill payments, offers & promotions, in addition to
a host of extra services. With the launch of the myfawry prepaid card and
Acceptance-Enabled
POSs
Total POS Terminals the soft launch of the BNPL service in March 2023 and July 2023,
respectively, the Company is moving towards fulfilling its vision of
1H2022 1H2023 transforming the myfawry application into a Neobank in 2023, providing a

1
These figures are not a subset of Fawry’s total throughput, they reflect total processed value and transactions from bank and operators’ wallets
processed on the Fawry Network.

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Fawry for Banking Technology and
Electronic Payments S.A.E ([Link])
Press Release
13 August 2023

variety of financial services, including payments, consumer lending, savings

Revenue
and investments, among others.
(EGP mn)
• myfawry’s annualized throughput came in at EGP 5.3 billion during the first
half of 2023, increasing 89.1% y-o-y from EGP 2.8 billion in 1H2022.
1,444
Annualized throughput increases are a reflection of the accelerated
1,014 adoption of digital payment methods across the Egyptian consumer market,
a trend which has been furthered by increasing internet and smartphone
1H2022 1H2023 penetration rates as well as increased financial inclusion throughout the
country.
Gross Profit
(EGP mn) Consolidated Financial Performance
61.8%
57.9%
• Total revenue during 1H2023 booked EGP 1,444.2 million, growing 42.4%
year-on-year compared to EGP 1,014.3 million one year prior. Fawry’s
892
Banking Services segment continued its growth momentum, remaining the
587 largest contributor to consolidated top-line growth for the period at 52.3%.
Fawry’s Microfinance, Supply Chain Solutions, and Alternative Digital
payments also made significant revenue strides during the six-month
1H2022 1H2023 period, contributing 14.6%, 9.7%, and 17.7% to consolidated revenue
Gross Profit
Gross Profit Margin growth, respectively. On a quarterly basis, Fawry recorded total revenue
growth of 44.6% year-on-year, reaching EGP 768.5 million in 2Q2023, with
EBITDA the Banking Services segment responsible for 53% of consolidated revenue
(EGP mn) 37.8% growth during the quarter.
27.0%
• Fawry’s legacy Alternative Digital Payments (ADP) segment maintained its
545 place as the top contributor to total revenues throughout the six-month
period, comprising 40.3% of consolidated revenues in 1H2023. However, the
segment’s contribution to consolidated revenues continues its decline,
274
down from 49.9% in the same period of last year, as the Company sees the
1H2022 1H2023 results of its diversification efforts and continues expanding its service
EBITDA offering to consumers nationwide. The Banking Services segment remained
EBITDA Margin the second largest contributor to consolidated revenues, comprising 37.9%
of the overall top-line. Finally, Fawry’s Microfinance and Supply Chain
Solutions segments contributed 12% and 7% to the consolidated top-line in
Adjusted Net 1H2023, respectively.
Profit After NCI • Fawry recorded gross profit of EGP 892.4 million in 1H2023, a 52.1% y-o-y
(EGP mn) increase, yielding a gross profit margin (GPM) of 61.8% compared to 57.9%
22.7%
8.3% one year prior. Increased gross profitability was driven by higher revenues
from Fawry’s four main business segments, coupled with active cost
84 328
monitoring and reduction efforts by management leading to a decline of
1H2022 1H2023 cost of sales as a percentage of revenues from 42.1% in 1H2022 to 38.2% in
1H2023. On a three-month basis, gross profit came in at EGP 473.6 million,
Net Profit After NCI
up 53.7% compared to EGP 308.2 million in 2Q2022. The Company’s GPM
Net Profit Margin
during 2Q2023 was 61.6% versus 58.0% one year prior.

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Fawry for Banking Technology and
Electronic Payments S.A.E ([Link])
Press Release
13 August 2023

Revenue • The Company posted an EBITDA of EGP 545.4 million during the first half of
Breakdown by 2023, nearly doubling the EGP 273.8 million recorded during 1H2022 and
Segment yielding an associated margin of 37.8%. On a quarterly basis, Fawry’s EBITDA
amounted to EGP 305.4 million during 2Q2023, increasing more than two-
Insurance
Loyalty, Brokerage, fold from EGP 139.5 million compared to the same period last year. The
0.1% 0.6%
Supply Chain EBITDA margin in 2Q2023 increased to 39.7% from 26.3% in 2Q2022.
Solutions, 7% Other,
Microfinance 2.7% • Adjusted net profit after NCI, which excludes the post tax impact of Fawry’s
12% non-cash ESOP program, recorded EGP 327.9 million in 1H2023, increasing
1H2023 290.4% year-on-year from EGP 84.0 million in the same period of the
EGP 1,444 mn previous year, and recorded an associated margin of 22.7% compared to
8.3% the same time last year. On a quarterly basis, adjusted net profit came
ADP,
40% in at EGP 181.1 million compared to EGP 41.0 million in 2Q2023, yielding a
Banking
y-o-y increase of 341.5%. The Company’s adjusted net profit margin for
Services, 2Q2023 was 23.6%.
38%
• Statutory net profit after NCI amounted to EGP 283.1 million in 1H2023, a
441.2% y-o-y increase from EGP 52.3 million compared to the previous year.
Meanwhile, Fawry’s NPM came in at 19.6% in 1H2023. On a quarterly basis,
statutory net profit booked EGP 159.8 million in 2Q2023 and yielded an
ADP Revenue NPM of 20.8%, resulting in a year-on-year expansion of 561.7%.
(EGP mn)

Segments Overview
506 583
Alternative Digital Payments
• Fawry’s legacy business segment, Alternative Digital Payments (ADP)
booked revenues of EGP 582.6 million in 1H2023, expanding on the EGP
1H2022 1H2023
506.4 million recorded in the comparable period of the previous year by
15.1% and exceeding previously announced guidance of 11% y-o-y growth.
Meanwhile, the segment recorded revenues of EGP 304.9 million in 2Q2023,
up 16.7% y-o-y.
Banking Services • While ADP remains the largest contributor to consolidated revenues for the
Revenue period, at 40.3% in 1H2023, its contribution to consolidated revenue growth
(EGP mn) stood at 17.7% for the period, in line with the Company’s focus on revenue
diversification and service offering expansion.
548

Banking Services
323
• Fawry’s Banking Services segment provides a host of financial services
under agency agreements with 36 banks across the country. The Banking
Services segment posted revenues of EGP 547.7 million during the first six
1H2022 1H2023 months of 2023, reporting an impressive 69.7% y-o-y increase from the
same period of the previous year. It is important to highlight that Banking
Services revenues were primarily boosted by contributions from its
Acceptance business, which expanded 104.8% year-on-year to reach
revenues of EGP 256.0 million. The segment was secondarily driven by the

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Fawry for Banking Technology and
Electronic Payments S.A.E ([Link])
Press Release
13 August 2023

Agent Banking business, which reported revenues of EGP 291.7 million, a

Microfinance
47.6% year-on-year increase. On a quarterly basis, the Banking services
Revenue
(EGP mn) segment booked revenues of EGP 294.0 million in 2Q2023, up 74.0% year-
on-year.
168 o The Agent Banking business reported revenues of EGP 291.7 million
105 during 1H2023, increasing 47.6% y-o-y from EGP 197.6 million one
year prior. In parallel, the Agent Banking business booked total
throughput of EGP 47.6 billion, up 44.1% y-o-y.
o The Acceptance business posted revenues of EGP 256.0 million
1H2022 1H2023 during the six-month period, doubling the EGP 125.0 million booked
the same time last year. Meanwhile, Acceptance throughput
increased 173.9% y-o-y, reaching EGP 30.0 billion during 1H2023.
Supply Chain The significant increase in Acceptance throughput was largely
Solutions Revenue driven by increased uptake in Fawry’s Merchant Aggregator
(EGP mn) Platform, resulting in a notable increase in Fawry’s network of
acceptance-enabled POS machines.
96
Microfinance
54
• As part of its microfinance offering, Fawry disburses microfinance loans to
retailers in its merchant network, extending credits directly through POS
terminals and digitally earmarking them for supplier payments. The
1H2022 1H2023 Microfinance segment reported revenues of EGP 168.1 million in the first
half of 2023, an increase of 59.4% y-o-y from the figure recorded in 1H2022.
On a quarterly basis, Microfinance revenues were up 47.7% y-o-y, reporting
revenues of EGP 85.9 million.
• Outstanding loans in Fawry’s microfinance portfolio stood at EGP 801.5
million, up by 31.7% y-o-y, while the number of loans granted reached 29.2k
by the close of 1H2023, up by 39.6% from 1H2022.
• The Microfinance segment contributed 11.6% to consolidated results for the
period, coming in as the third largest contributor to Fawry’s top-line.
Moreover, the segment was the third largest contributor to revenue growth
for the six-month period, responsible for 14.6% of Fawry’s revenue growth
in 1H2023.
• It is worth highlighting that in August 2023, Fawry Microfinance successfully
obtained preliminary approvals to add SME financing to its portfolio,
expanding its service penetrating new and underserved segments across the
country.
Supply Chain Solutions
• Fawry leverages the significant overlap between its retail network and
FMCG companies’ merchant base to provide Supply Chain Solutions,
digitizing B2B transactions and payments from merchants to suppliers.
Supply Chain Solutions booked revenue growth of 76.3% year-on-year in
1H2023, reaching EGP 96.0 million. Simultaneously, Supply Chain Solutions

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Fawry for Banking Technology and
Electronic Payments S.A.E ([Link])
Press Release
13 August 2023

was the third largest contributor to top-line growth for the period,
contributing 9.7% to overall revenue growth in 1H2023. On a quarterly basis,
Supply Chain Solutions revenues increased to EGP 51.6 million in 2Q2023,
up from EGP 29.7 million one year prior.

– Ends –

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Fawry for Banking Technology and
Electronic Payments S.A.E ([Link])
Press Release
13 August 2023

About Fawry for Banking Technology and Electronic Payments

12.2%
Alpha Oryx Limited UAE
Banque Misr
9.74%
Egyptian American Enterprise Fund
42.47% Link Holdco
Fawry
Shareholders’ National Bank of Egypt
8.48%
Structure Black Sparrow
Responsability Participations AG
7.94% ESOP
Free Float
6.05%
2.9%
4.76% 5.42%

Founded in 2008, Fawry is the largest e-payment platform in Egypt serving the banked and unbanked population.
Fawry’s primary services include enabling electronic bill payments, mobile top-ups and provisions for millions of
Egyptian users. Other digital services also include e-ticketing, cable TV, and variety of other services. Through its peer-
to-peer model, Fawry is enabling corporates and SMEs to accept electronic payments through a number of platforms
including websites, mobile phones, and POSs. With a network of 36 member banks, its mobile platform and 324
thousand agents, Fawry processes more than 4 million transactions per day, serving an estimated customer base of
51 million users monthly.
Learn more at [Link].

Contacts
Senior Investor Relations Manager
Hassan Abdelgelil
Hassan Abdelgelil
Head of Investor Relations
[Link]@[Link]
[Link]@[Link]

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