Slides
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UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS for the six months ended 31 August 2026
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Core message 2 Challenges converged Execution prevailed Strategically realigned to changing market conditions Executing with intent
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HY1 FY2027 | Successes 3 ▪ Meaningful and growing contribution from aggregates and fly-ash ▪ Gained additional iron ore deposit (Doornfontein) ▪ Significantly improved export anthracite volume and market growth ▪ MECA III allocation (240 000 tpa) ▪ Sold redundant iron ore on General Freight Business (GFB) line
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HY1 FY2027 | Challenges 4 ▪ Reduced Rand-denominated iron ore export revenues at mine gate ▪ Lower domestic iron ore sales ▪ Reduced domestic anthracite sales ▪ Overtraded cement market ▪ Sharp increases and volatility in fuel prices
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HY1 FY2027 | Proactive action taken 5 ▪ Loss-making or non-core operations were closed, disposed of or restructured ▪ Cash generation and debt reduction ▪ Reduction in centralised shared services costs ▪ Divestitures completed ▪ Strategic alternatives for cement being evaluated
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SEGMENTAL INFORMATION The foundation of diversification 01
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7 Segment revenue contribution to Group AUGUST 2026 R5,1 billion AUGUST 2025 R5,3 billion Rxx,x bnRxx,x bn Aggregates 40% Cement 15% IM 4% FMM 1% Iron ore 24% Services 5% Anthracite 11% Aggregates 36% Cement 17% IM 5% FMM 1% Iron ore 25% Services 7% Anthracite 9%
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Construction Materials 8 1,774.5 1,936.3 2,039.6 399.2 873.7 776.3 Aug '24 Aug '25 Aug '26 R’ million Aggregates Cement 290.1 321.2 567.8 (115.9) (127.1) (146.1) Aug '24 Aug '25 Aug '26 R’ million Aggregates Cement 6,9%8,0% 15,0% REVENUE OPERATING PROFIT AND MARGIN (%) Aug ’26 figures include profit on disposed assets
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Construction Materials Aggregates and fly-ash operations 9 119.7 111.6 190.8 284.2 318.8 441.9 13.4% 12.2% 16.4% 16.0% 16.5% 21.7% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 0 50 100 150 200 250 300 350 400 450 500 HY1 2022 HY1 2023 HY1 2024 HY1 2025 HY1 2026 HY1 2027 Excluding the once-off profit on disposal of assets and businesses, operating profit increased by 38,6% from R318,8 million to R441,9 million, with a profit margin of 21,7%. Positive impact of quarry acquisitions ▪ Delivered an excellent HY1 performance ▪ Improved operational efficiencies and cost discipline at ex-Lafarge quarries ▪ Completion of capital projects improved plant capacity and efficiency ▪ Deliberate focus on higher-margin products ▪ Closure, disposal and restructuring of loss- making operations ▪ Fly-ash sales continue to show strong performance OPERATING PROFIT (excl. once-off asset disposals) (R’m)
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▪ National footprint spans all major infrastructure spend categories - road, rail, infrastructure projects, general building and construction ▪ Transnet and provincial roads driving volumes ▪ Private building contracts and residential development accelerating ▪ Renewable energy rollout driving aggregate demand National aggregate footprint 10 Strategic locations with the ability to acquire additional quarries if needed Strategic nodes that support growth
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Cement — Strategic positioning Where the business is now (H1 FY2027) Strategic alternatives ▪ Clinker up 12% in HY1 2027 and 18% for the seven months to September, with Kiln 3 standing over winter for its debottlenecking shutdown ▪ September: best clinker month this year, 69% above the August 2025 monthly average, and Kiln 3's best week since Afrimat took over ▪ Coal per ton of clinker down 20% ▪ Effective carbon tax ~80% higher year on year ▪ Revenue R776,3 million (August 2025 : R873,7 million) ▪ Afrimat Cement is one of South Africa's few fully integrated cement platforms ▪ Kiln 4 repaired, and Kiln 3's run since September proves reliable production ▪ As announced on 25 August 2026: with improved performance, various strategic alternatives are being investigated ▪ The market will be updated as appropriate Operations stabilised and improving; strategic alternatives for the cement business are being considered Construction Materials 11
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12 * Average US$ iron ore price for each respective period ** Comparative iron ore revenue restated: R335,7 million of transport revenue reclassified to services, with no impact on Group revenue Bulk Commodities 934.7 1 327.6 1 222.1 471.6 497.2 543.0 Aug '24 Aug '25 Aug '26 R’ million Iron ore Anthracite 20,2% 24,4%$108 * $99 * $102 * 0,5% 232.5 403.5 11.3 51.4 41.6 (2.7)Aug '24 Aug '25 Aug '26 R’ million Iron ore Anthracite REVENUE OPERATING PROFIT AND MARGIN (%) ** **
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13 493,184 339,648 830,662 527,696 388,984 536,567 681,888 2024 2025 2026 2027 HY1 HY2 Bulk Commodities Domestic iron ore ▪ Q1 volume declined ▪ Q2 volume improved ▪ Average realised prices lower ▪ Domestic volumes expected to be between 90 000 – 100 000 tpm going forward DOMESTIC VOLUMES ACHIEVED (DRY TONS)
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14 383,924 349,084 396,384 514,809 325,785 377,352 325,563 2024 2025 2026 2027 HY1 HY2 $121 * $105 * $102 * $102 * * Average US$ for each respective period Bulk Commodities International iron ore ▪ Rail logistics improvement ▪ Remains 7% below rail allocation of 870 000 tpa ▪ Maintenance shut down (10-days) October 2026 ▪ Includes GFB volumes of 110 140 tons ▪ Average mine-gate revenue per ton down by 16,4% ▪ US dollar price, up by 3,3% ▪ Increase in lump premium of 25,2% ▪ Increase in shipping costs of 49,1% ▪ Strengthening of South African Rand by 8,9% INTERNATIONAL VOLUMES ACHIEVED (DRY TONS)
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▪ Focused on domestic market▪ Significant iron ore reserve to replace Demaneng ▪ Low-cost deposit will improve margins ▪ Full exploration process initiated to verify LOM ▪ Production started. First sales expected in Q4 of FY2027 15 Bulk Commodities Asset continuity Demaneng Doornfontein Jenkins RIP LOM 20y LOM Tbc ▪ Reaching end of life
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16 International and local iron ore sales 46,256 57,933 46,119 45,602 80,769 56,337 46,416 57,765 69,845 45,732 69,013 68,386 57,749 22,887 92,646 56,237 69,789 69,970 56,475 68,283 57,020 68,169 78,435 68,002 56,732 22,217 56,289 45,181 67,850 77,293 88,929 79,106 22,488 68,200 67,558 78,390 53,569 56,570 19,631 19,473 19,617 39,797 33,248 38,591 59,124 78,478 59,439 58,717 26,120 13,219 78,853 58,818 32,997 58,029 12,846 50,318 79,280 36,766 55,858 40,414 12,091 19,108 89,447 76,417 60,875 56,689 69,036 72,073 57,201 3,131 61,134 33,351 14,000 46,610 59,204 112,799 4,102 10,822 65,818 139,316 124,880 130,588 141,832 137,202 115,187 117,740 46,853 29,710 45,287 51,594 68,428 78,091 87,971 84,509 11,633 0 50,000 100,000 150,000 200,000 250,000 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Export sales GFB Domestic Rail Domestic Truck Sales volumes (Tons)
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Efficiencies in place to keep mining sustainable at this price range 40 60 80 100 120 140 160 17 61/62% FE PLATTS INDEX PRICES (USD) Elements that impact international iron ore income 0.00 0.05 0.10 0.15 0.20 0.25 0.30 LUMP PREMIUM (USD) 0 5 10 15 20 25 30 35 FREIGHT RATE CHINA (USD) AVG. PLATTS SOUTH AFRICA/CHINA CAPESIZE
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18 Bulk Commodities Manganese ▪ Allocation on the MECA III line of 240 000 tpa ▪ Secured for next seven years ▪ First vessel departed 4 August 2026 ▪ Expecting to fill one vessel per quarter for remainder of financial year MANGANESE SALES (TONS) 59,63576,337 180,798 Aug '25 Aug '26 MECA III Other
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19 Bulk Commodities Anthracite 155,686 136,216 83,118 41,568 61,861 150,933 Aug '24 Aug '25 Aug '26 Domestic sales Export sales Domestic ▪ Ferrochrome industry is restarting after full shutdown ▪ Nkomati Anthracite Mine is ramping up ▪ Expecting the opening of additional smelters towards the end of the year ▪ Additional customers added International ▪ Additional ports and shipments secured ▪ FY27 export forecast ± 240 000t (7 vessels confirmed) ▪ 150 933t (4 vessels) already executed ▪ Exploring exports via Richards Bay ANTHRACITE SALES (TONS) This team showed exceptional resilience
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20 Industrial Minerals 325.1 270.6 216.4 Aug '24 Aug '25 Aug '26 R’ million 68.6 22.5 21.3 Aug '24 Aug '25 Aug '26 R’ million 21,1% 8,3% 9,8% REVENUE OPERATING PROFIT AND MARGIN (%) ▪ Strong recovery in road building material sales ▪ Good agricultural lime sales ▪ Demand in the steel, ferrochrome and chemical sectors remained below traditional levels ▪ Traditional customers impacted by pressure from imported products and reduced volumes ▪ Focus on equipment reliability, cost control and energy efficiency continues to contribute positively to earnings
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21 Future Materials and Metals 38.9 53.7 60.6 Aug '24 Aug '25 Aug '26 R’ million ( 21.1) ( 24.8) ( 19.7) Aug '24 Aug '25 Aug '26 R’ million GLENOVER REE Rare earths Rare earths successfully recovered from rare earth-rich slag Fe-P Iron phosphate Produces an Fe-P alloy – a feed source with potential to produce battery precursor material Technical progress across processes, with commercial momentum building with strategic partners REVENUE OPERATING LOSS
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FINANCIAL OUTCOMES 02
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Financial summary 23 R5,1 billion (Aug 2025: R5,3 billion) Group revenue (58,0) cents * (Aug 2025: 101,9 cents) HLPS | HEPS 2 899 cents (Aug 2025: 2 951 cents) Net asset value No interim dividend declared (Aug 2025: 20,0 cents) Interim dividend 7,2% (Aug 2025: 10,6%) Return on net operating assets 46,0% (Aug 2025: 52,5%) Net debt:equity ratio 5,0% (Aug 2025: 7,1%) Operating profit margin *The difference between EPS of 2,6 cents and HEPS, is the exclusion of profits on the disposal of businesses including divested operations and disposal of non-core assets.
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24 Revenue and operating profit 2,595,258 2,843,674 4,103,351 5,330,059 5,099,323 2,312,980 3,239,606 4,214,415 4,678,991 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 11,000,000 2023 2024 2025 2026 2027 HY1 HY2 512,204 534,051 292,633 379,828 255,174 449,357 618,314 185,102 143,864 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000 1,100,000 1,200,000 2023 2024 2025 2026 2027 HY1 HY2 REVENUE (R’000) OPERATING PROFIT (R’000)
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25 Year-on-year PBIT movement per business unit 380 247 86 05 ( 392) ( 44) ( 19) ( 05) ( 01) 255 PBIT AUG 2025 Aggregates Shared Services Glenover Iron Ore Anthracite Cement Services Industrial Minerals PBIT AUG 2026 R'million - 100 200 300 400 500 600 700 800
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26 Focus metrics (279 531) (193 977) (300 000.0) (250 000.0) (200 000.0) (150 000.0) (100 000.0) (50 000.0) - Aug '25 Aug '26 (272,4) 134,9 219,8 ( 300.0) ( 200.0) ( 100.0) - 100.0 200.0 300.0 Aug '24 Aug '25 Aug '26 52.5 50.2 46.0 Aug '25 Feb '26 Aug '26 NET CASH FROM OPERATING ACTIVITIES (R ’million) ▪ A drive to improve cash generation continues ▪ Cash generated from operations increased by 21,1% to R433,1 million (August 2025: R357,7 million) ▪ Disciplined working capital management NET DEBT:EQUITY (%) ▪ Proceeds of R158,0 million from the disposal of businesses and cash generation assisted in bringing the ratio down SHARED SERVICES COSTS (R’000) ▪ 30,6% reduction through elimination of legacy information system costs ▪ Shared services includes engineering, information technology, sustainability, health and safety and mining and metallurgy – all of which are services provided to the various businesses in the Group. Includes Lafarge legacy cost in prior year R ’million
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27 Statement of financial position Assets R’000 Unaudited Aug 2026 Unaudited Aug 2025 Audited Feb 2026 Property, plant and equipment 5 308 211 5 568 784 5 310 085 Intangible assets 238 971 250 344 244 656 Investment in joint venture 3 121 - - Inventories 1 834 669 1 613 617 1 804 299 Trade and other receivables 1 213 201 1 670 385 1 464 712 Cash 775 288 489 311 451 142 Other assets / deferred tax 486 692 467 622 538 567 Disposal Group assets held for sale - 82 891 87 492 Total assets 9 860 153 10 142 954 9 900 953
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28 Statement of financial position Net Debt:equity ratio 46,0% (FY2026: 50,2%) Equities and liabilities R’000 Unaudited Aug 2026 Unaudited Aug 2025 Audited Feb 2026 Total equity 4 547 207 4 532 547 4 473 975 Borrowings 2 206 074 2 449 231 2 354 342 Provisions 310 667 283 561 300 406 Overdraft 579 576 309 469 240 796 Trade and other payables 1 773 766 2 021 086 1 997 073 Other liabilities / deferred tax 442 863 535 980 511 721 Disposal Group liabilities held for sale - 11 080 22 640 Total equities and liabilities 9 860 153 10 142 954 9 900 953
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29 Total capital expenditure CAPITAL EXPENDITURE 2020 – PLANNED 2027 (R’000) Replacement capital (R'000) Construction Materials 64 538 Cement 48 918 Mining 53 458 Central Services 6 669 Approved but unspent capital 291 743 Total 465 326 Improvement capital (R'000) BC – Iron Ore Doornfontein 160 920 Planned spend – Doornfontein 36 000 Total 196 920 273 438 293 587 782 446 963 093 929 481 913 385 505 673 662 246 6.4% 5.6% 4.7% 4.0% 4.4% 2.9% 3.5% - 200 000 400 000 600 000 800 000 1000 000 1200 000 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25 Feb-26 Planned F2027 Improvement capital Replacement Capital (Incl % of turnover)
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30 Parameters of focus To secure Afrimat’s future trajectory of resilient, dependable results Continue to prioritise cash generation, debt reduction and operational reliability and to deliver improved returns ▪ Improved rail maintenance on iron ore export routes ▪ Ferrochrome smelters re-opening ▪ Operational efficiencies ▪ Technology partnerships ▪ Margin improvements ▪ Improved cash generation ▪ Debt reduction POSITIVE INFLUENCES ▪ Energy price increases ▪ International iron ore price ▪ Local iron ore volumes DETRACTING INFLUENCES
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A CULTURE OF CARE In all that we do with a thriving entrepreneurial spirit 03
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3 143 (LY 3 747) 212 (LY 277) 5 754 (LY 6 947) 48 (LY 67) People Management 32 1 1 6 12 15 31 10 2 3 14 8 21 0 PhD Master's Degree Honours Degree / Postgraduate Diploma Degree / Advanced Diploma Diploma Certificate / Higher Certificate Matric FY'26 Q2 FY'27 Q2 Total employees New appointments Training days Bursaries awarded to staff Staff achievements ▪ Employees covered by Medical Aid or Medical Insurance up from 19% to more than 50% ▪ Attendance still very good at 97,7% ▪ Labour turnover remains stable at 11%
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Building skills for sustainable growth and development 33 123 Artisan learnerships (LY140) 63 Graduates, 9 GIT’s (LY 65) Focus remains on technical graduates Learnerships AGDP per discipline 19 22 1 11 1 25 38 19 3 1 25 22 1 8 1 28 25 13 2 0 5 10 15 20 25 30 35 40 FY'26 Q2 FY'27 Q2 20 4 1 2 1 2 1 11 1 12 1 6 1 2 16 3 1 1 1 2 17 2 9 1 6 2 2 0 5 10 15 20 25 FY'26 Q2 FY'27 Q2
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▪ Training Centre utilisation is 90% (LY: <50%) ▪ 98% of trade tests passed ▪ External industry customers returning 34 People development Technical Training Centre 65% of learners at Afrimat attend the Technical Training Centre ▪ Fitter ▪ Turner ▪ Millwright ▪ Electrician ▪ Welder ▪ Boilermaker New offerings for 2027 ▪ Diesel Mechanic ▪ TMM Skills programmes Trades offered
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Employee growth journey - Mbuso Biyela A career built through experience and opportunity 35 Career progression 2014 Mechanical Engineering Intern Vryheid Quarry 2015 Plantsman Dundee Quarry (moved to a bigger operation) 2016 Plantsman Hluhluwe Quarry 2018 Quarry Manager Ulundi Quarry (left to start an operation from scratch) 2023 Quarry Manager Richards Bay Quarry Development highlights ▪ Reflecting on his journey, Mbuso notes “When I joined Afrimat, I expected an office and an air conditioner. Instead, I was handed a spade and sent to the plant. Getting my hands dirty taught me every aspect of the business. From cleaning the plant to delivering a quality product and service, those experiences shaped the leader I am today. Experience cannot be bought.” ▪ Mbuso developed a deep understanding of people, the business, from site housekeeping and plant operations to delivering quality products and service to customers. ▪ Mbuso credits Afrimat’s culture which creates opportunities for employees to progress from entry-level roles into leadership positions. “One of the things I value most about Afrimat is its commitment to growing talent from the ground up. If you are willing to learn, work hard and embrace opportunities, the business provides a platform to build a meaningful career.” Mbuso’s journey demonstrates Afrimat’s commitment to cultivating talent, building capability from within, and creating sustainable leadership pipelines that support both employee growth and business success.
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Total 58 Mining – 12 MRs Construction Materials – 46 MRs (LY 63) 2 Beaufort West and Groblershoop (LY 3) 3 Dennegeur, Boegoebaai and Glenover (LY 2) Mineral resources 36 Mining rights Mining permits Prospecting rights Active MRs – 49 5 2 2 Non-active - 9 5 Mothballed/care & maintenance Polokwane, White River, Komatipoort, Dortsberg, and Harrismith 2 Not operational Doornpan and Meepo 2 Closures Pienaarspoort and Dennegeur
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Community relations 37Source: Afrimat data Probability Severity COMMUNITY MATRIX Excellent relationships with the communities surrounding our mining operations and production plants with no community disruption across the year. Social license to operate 89 operational sites and 58 mining rights
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Strong safety performance maintained 38 Target 0.25 0.95 0.96 0.97 0.98 0.97 0.78 0.77 0.82 0.83 0.78 0.74 0.71 0 1 2 Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug MTIFR - Rolling 12 months MTIFR Target 1.24 1.21 1.23 1.24 1.25 1.05 1.03 1.13 1.14 1.08 1.04 0.99 0 1 2 Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug TRIFR - Rolling 12 months TRIFR Target FY-2027 MTIFR 0,71 Target 0.60 FY-2027 TRIFR 0,99 Target 0.95 LTIFR 0,29 FY-2027 0.28 0.25 0.26 0.26 0.28 0.27 0.26 0.31 0.31 0.30 0.31 0.29 0.00 0.20 0.40 Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug LTIFR – Rolling 12 months 2027 Target
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Safety and health 39 737 420 232 85 934 619 156 159 Total Conducted Periodic Entry Exit Q1 Q2 ASPASA audit results FY2027 progress and year-on-year site performance FY2027 Complete 66% 19 of 29 sites FY2026 Average score 88,3 Completed audits FY2027 Average score 86,4 Completed audits Medical examinations
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Scope 1 & 2 Emissions tCO₂e (January - June) 40 15,247 52,518 33,969 283,046 384,780 16,609 20,074 26,978 328,448 392,109 Construction Material Bulk comm Industrial Min Cement Group Jan-Jun 25 Jan-Jun 26 5,663 96,319 14,877 6,957 123,815 3,245 72,728 14,858 7,576 98,407 Construction Material Bulk comm Industrial Min Cement Group Jan-Jun 25 Jan-Jun 26 Scope 1 Scope 2: Electricity kgCO2/ton kwh/ton 0.0 200.0 400.0 600.0 800.0 Construction Material Bulk comm Industrial Min Cement Jan-Jun 25 Jan-Jun 26 0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00 160.00 180.00 Construction Material Bulk comm Industrial Min Cement Jan-Jun 25 Jan-Jun 26
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0 100 200 300 400 500 600 Jan-Jun 25 Jan-Jun 26 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 Jan-Jun 25 Jan-Jun 26 Environmental reports 41 Water consumption (m3) Used oil recycling (litres)General waste (tons) 0 20000 40000 60000 80000 100000 120000 Jan-Jun 25 Jan-Jun 26
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PROSPECTS 04
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▪ Overall strategy gaining strong momentum ▪ Focused portfolio expected to maintain improved performance ▪ Margin expansion on track ▪ Continued demand from rail maintenance and infrastructure projects countrywide ▪ Rising fuel costs and delays in public sector project payments remain risks to demand ▪ Benefit from improved clinker availability ▪ Turnaround trajectory maintained ▪ Demand for low- carbon, high-quality cement remains strong ▪ Investigation into strategic alternatives continues and market will be updated ▪ Small contributor to Group results ▪ Agricultural lime product well received in market ▪ Ferrochrome smelter reopenings expected to support demand recovery ▪ Strategic case for supply of rare earth and iron phosphate streams ▪ Strong local and international partner interest ▪ World demand for critical battery minerals Prospects 43 Construction Materials, Industrial Minerals and Future Materials and Metals Aggregates Cement Industrial Minerals Glenover
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Prospects 44 Bulk Commodities ▪ Doornfontein resource will replace Demaneng at very attractive mining costs ▪ Possible rail reallocation ▪ International sales will face pressure from realised pricing, high shipping costs and a stronger Rand ▪ Domestic demand is expected to stabilise in the region of 90 000 – 100 000 tpm ▪ Lower cost base positions Nkomati for volume recovery as more ferrochrome smelters reopen ▪ Export strategy further supports volume growth ▪ MECA III allocation of 240 000 tpa via Coega Manganese Export Terminal near Gqeberha for the next seven years Iron ore Anthracite Manganese
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Core message 45 Challenges converged Execution prevailed Strategically realigned to changing market conditions Executing with intent
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INVESTOR RELATIONS Andries van Heerden Chief Executive Officer 021 917 8853 Vanessa Rech Keyter Rech Investor Solutions vrech@kris.co.za 083 307 5600 THANK YOU Q&A