2026 interim results

The Group delivered a strong performance, with earnings per share (EPS) increasing by 18% to 348 cents per share (H1 2025: 294 cents per share). The increase was driven by operating profitability and lower net finance costs, reflecting the benefit of reduced debt levels. Headline earnings per share (HEPS) rose by 8% to 653 cents per share (H1 2025: 604 cents per share), after accounting for impairment charges of R330 million, mainly relating to AECI Schirm Germany (H1 2025: R337 million).

Revenue from continuing operations declined by 4% to R15,073 million (H1 2025: R15,689 million) mainly as a result of revenues in AECI Chemicals. Prior year comparative results included revenue amounting to R1,055 million on businesses that have been disposed and , when normalised, resulted in a 3% increase in revenue.

Profit from continuing operations increased by 20% to R837 million (H1 2025: R699 million), driven by lower operational costs, depreciation and amortisation, following the disposal of non-core business.

Depreciation, amortisation and impairments decreased by 13% to R760 million (H1 2025: R870 millions) primarily due to the exclusion of businesses that were disposed of in H2 2025. An impairment charge of R330 million mainly related to an out-of-period impairment assessment at AECI Schirm Germany was recorded for the period.

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2025 annual results

The Group delivered strong results during the year, with a marked improvement in both operational and financial performance. This was driven by disciplined pricing, cost and margin management, supported by a focused strategic effort to strengthen the Company's core fundamentals.

Key achievements include:

• A record EBITDA of R2.7 billion in AECI Mining. EBITDA margins improved to 15%.
• Strong free cash flow conversion of 133% in AECI Chemicals.
• R2.2 billion realised from the disposal of non core assets.
• A reduction in the Group's net debt from R3.7 billion to R0.5 billion.

Earnings before interest, taxation, depreciation and amortisation calculated as profit from operations and equity-accounted investees plus depreciation, amortisation and impairments. EBITDA is a non-IFRS measure.

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