As we reflect on the first quarter of 2026, it is clear that this has been one of the most volatile and uncertain investment environments experienced in recent years. Global financial markets came under significant pressure following the escalation of geopolitical tensions in the Middle East after the commencement of Operation Epic Fury on 28 February 2026, a coordinated United States and Israeli military operation against Iran. The conflict and subsequent instability across the region placed considerable pressure on global energy markets, particularly oil prices, while also contributing to heightened market volatility across equities, currencies, bonds and broader international markets.

Periods such as these once again reinforce the importance of quality financial planning and the value of having a qualified, experienced and trusted wealth specialist or advisor by your side. While uncertainty often creates fear and emotional decision-making amongst investors, history has repeatedly shown that rash investment decisions during turbulent periods can materially impact long-term wealth creation.

One of the most difficult things for investors to do during periods of uncertainty is often to do nothing. Yet, in many cases, maintaining discipline, remaining invested and continuing to focus on long-term financial objectives proves to be the correct course of action. At Orion Wealth Managers and across all our subsidiaries, we continue to work closely with Orion Investment Managers and their highly capable investment specialists, supported by a range of respected local and international research partners who provide additional depth in stock selection, portfolio construction, macroeconomic analysis and investment research. This diversified and research-driven approach becomes even more important during periods of heightened uncertainty and market stress.

Despite the challenging global backdrop, the first quarter of 2026 has also been an exceptionally exciting and positive period for the Orion Wealth Managers Group. We are proud to officially confirm the successful launch of both Infiniti Wealth and Silverthorn Employee Benefits, with the first clients and partners being successfully onboarded during the quarter. Under the guidance of Jason Lubbe and the broader management teams involved, both businesses have already gained meaningful traction within the market and have exceptionally bright futures ahead as they continue to establish themselves within their respective sectors.

Warwick Wealth has once again demonstrated why it remains one of the leading growth businesses within the industry. Under the leadership and guidance of Connor Kilbride, who recently assumed the role of General Manager and Director of Warwick Wealth, the business has delivered another exceptional quarter of growth while continuing to strengthen its national footprint and partner network. During the quarter, several new partners officially joined the business, including Albertus Laas in the Western Cape, Peet van Rensburg across the Western Cape and Gauteng, Valerie Fouche in the Western Cape, David Bell in the Western Cape, Fred Kloppers in Gauteng, Pierre Leibbrandt in the Western Cape and Britz Blore Financial Services in KwaZulu-Natal.

As we now move into the second quarter of 2026, there remains a great deal to be excited about across Spirit Invest. Our pipeline of prospective partners, strategic initiatives and new business opportunities continues to strengthen and we look forward to welcoming several additional partners into Spirit Invest during the coming quarter, including Henriette Brooke, Graeme Fraser, Erna Robbertse, Kobus Steenkamp and NBC Holdings in Gauteng, together with Roger Ireland in KwaZulu-Natal. These developments once again reinforce the strength of our business model, the quality of our people and the way in which we continue to care for clients while working closely alongside our business partners.

Finally, I would like to extend my sincere gratitude to all staff, management, advisors, specialists and stakeholders across Orion Wealth Managers and its subsidiaries for your continued hard work, commitment and professionalism during what has been a demanding and fast-moving quarter. The resilience, culture and teamwork shown throughout Spirit Invest continue to make me exceptionally proud of what we are building together.

We look forward to an exciting and successful quarter ahead.

Kind regards,