2025 interim results

The Group delivered solid results, with earnings per share from continuing operations increasing by 70% compared to H1 2024. This growth was primarily driven by an improved EBITDA, lower net finance costs, and a reduced effective tax rate, partially offset by costs associated with the Group divestment strategy. Group headline earnings per share increased by 132% compared to H1 2024.

Driven by the Group's disciplined capital allocation policy and balance sheet optimisation programme, cash and cash equivalents grew by 6% from the prior period and external debt, including IFRS 16, decreased by 28%.

Net debt decreased to R2,923 million (30 June 2024: R5,096 million), translating to a gearing of 25% (30 June 2024: 41%) which was within the guided range of 20% - 40%. The Group's net debt to EBITDA, as defined in covenant agreements, improved to 0.9 times (30 June 2024: 1.6 times), remaining well below the covenant maximum threshold of 2.5 times.

* Continuing and discontinued operations.

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2024 annual results

Our stated ambition as the AECI Group is to double the profitability of our core businesses by 2026 and secure a global market position of #3 in mining by 2030.

As 2024 was the first full year of execution against our new strategy, the Group made some necessary concessions which are key enablers in the successful execution of the strategy. The reported results reflect the impact of these strategic enablers which include strategic divestments, transformation investments, and one-off impairments. These enablers underpin the transitionary phase of our strategy and form a platform on which the Group can build towards achieving strong and sustainable future performance. We made steady progress with rolling out the strategy, which resulted in:

• Implementing our new operating model
• Rolling out our leadership compact and culture code
• The signing of sale agreements for AECI Animal Health and AECI Much Asphalt
• Delivering an EBITDA run rate of R800 million for the year and converting R504 million of the run rate into profit and loss
• Gaining traction with our globalisation strategy by leveraging our exceptional chemical expertise to further internationalise our business, expand into Peru, and significantly enhance our presence in Australia.

The achievement of these strategic milestones is essential for establishing the foundations the Group needs in order to fulfil its ambitions.

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