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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2024 interim results

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

In the first six months of this year, we made strides in investing in the capabilities required to execute on our strategy and have commenced delivering on the milestones set. This positions the businesses for improved operational efficiencies, overall performance and profitability in the short to medium term, as well as sustainable growth in the long term.

Pleasingly, we achieved the following key strategic milestones in the first half of 2024:

• New executive leadership is in place
• The restructure of the organisation in line with our new operating model to the third level below the Executive Committee
• A leadership compact, culture code and desired behaviours developed to foster a high-performance culture
• The sale of AECI Animal Health in line with our portfolio optimisation journey
• R400m EBITDA run rate delivered
• R800m organic mining and chemicals growth projects defined
• Enhanced mining digital platform for high-performance initiating systems and cutting-edge electronics technology is being launched
• Increased investment in maintenance to ensure the prolonged life of our existing asset base

Our strategic transition is progressing well. With the focus and investment, we have dedicated in the first half of the year, we anticipate continued momentum and substantial value realisation in the second half of the year and the future.

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