Interim report
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Argent Industrial Limited (Incorporated in the Republic of South Africa) Registration number 1993/002054/06 Share code : ART ISIN code : ZAE000019188 ("Argent" or "the company" or "the group") UNAUDITED AND UNREVIEWED INTERIM CONSOLIDATED RESULTS AND DIVIDEND DECLARATION FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2025 Financial Highlights Revenue up 12.4% Headline earnings per share 261.7 cents Headline earnings per share up 13.3% Basic earnings per share 263.3 cents Basic earnings per share up 13.7% Net asset value per share 3,654.9 cents Interim dividend per share 67 cents The unaudited financial statements are presented on a consolidated basis. Unaudited Unaudited Audited Consolidated Statement of Profit or Loss 6 months 6 months year ended for the period ended 30 Sep 2025 30 Sep 2024 31 Mar 2025 R 000 R 000 R 000 Revenue 1,421,806 1,264,427 2,635,638 Cost of sales (984,581) (896,594) (1,842,956) Gross profit 437,225 367,833 792,682 Other operating income 3,050 493 3,818 Other operating expenses (244,909) (192,908) (426,328) Operating profit before finance income and expense195,366 175,418 370,172 Finance income 8,385 6,097 10,906 Finance expense (6,199) (5,574) (14,369) Profit before taxation 197,552 175,941 366,709 Taxation (50,576) (45,475) (89,903) Profit for the period 146,976 130,466 276,806 Attributable to owners of the - Parent 142,259 126,114 270,016 - Non-controlling interest 4,717 4,352 6,790 146,976 130,466 276,806 - - - Basic earnings per share (cents) 263.3 231.7 496.1 Headline earnings per share (cents) 261.7 231.0 493.3 Dividends per share (cents) 67 60 120 Supplementary information Shares in issue (000) - at end of period 53,852 54,431 54,431 - weighted average 54,020 54,431 54,431 Interest expense on lease liabilities (R 000) 4,463 3,258 10,096 Amortisation of intangibles (R 000) 192 196 394 Depreciation of right-of-use assets (R 000) 10,282 6,586 20,235 Depreciation of property, plant and equipment (R 000) 23,995 20,813 42,857 Unaudited 6 months Unaudited 6 months Audited year ended Reconciliation between earnings and headline earnings30 Sep 2025 30 Sep 2024 31 Mar 2025 Gross Net Gross Net Gross Net R 000 R 000 R 000 R 000 R 000 R 000 Earnings attributable to ordinary shareholders 142,259 126,114 270,016 Adjusted for: (Profit)/loss on disposal of property, plant and equipment(1,214) (886) (493) (360) (2,072) (1,513) Revaluation of property, plant and equipment Headline earnings attributable to ordinary shareholders(1,214) 141,373 (493) 125,754 (2,072) 268,503
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Unaudited Unaudited Audited Consolidated Statement of Other Comprehensive 6 months 6 months year ended Income or Loss for the period ended 30 Sep 2025 30 Sep 2024 31 Mar 2025 R 000 R 000 R 000 Profit for the period 146,976 130,466 276,806 Other comprehensive income for the period Items that may be reclassified subsequently to profit and loss Exchange differences on translating foreign operations(20,888) (11,518) (1,820) Total other comprehensive income for the period 126,088 118,948 274,986 Attributable to owners of the - Parent 121,371 114,596 268,196 - Non-controlling interest 4,717 4,352 6,790 126,088 118,948 274,986
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Unaudited Unaudited Audited Consolidated Statement of Financial Position at at at for the period ended 30 Sep 2025 30 Sep 2024 31 Mar 2025 R 000 R 000 R 000 ASSETS Property, plant and equipment 584,938 534,978 547,312 Intangible assets 2,114 2,652 2,447 Goodwill 397,280 381,256 397,519 Right-of-use assets 99,789 53,113 111,378 Long-term receivables 3,796 6,076 3,586 Deferred taxation - - 1,434 Non-current assets 1,087,917 978,075 1,063,676 Inventories 791,914 737,253 783,063 Trade and other receivables 475,104 486,429 521,988 Bank balance and cash 546,727 392,478 487,455 Current assets 1,813,745 1,616,160 1,792,506 TOTAL ASSETS 2,901,662 2,594,235 2,856,182 EQUITY AND LIABILITIES Capital and reserves Stated capital and treasury shares 261,804 277,450 277,450 Reserves 75,079 86,269 95,967 Retained earnings 1,631,363 1,413,942 1,525,185 Attributable to owners of the parent 1,968,246 1,777,661 1,898,602 Non-controlling interest 34,029 30,537 29,312 Total shareholders' funds 2,002,275 1,808,198 1,927,914 Interest-bearing borrowings 16,731 19,203 9,757 Lease liabilities 79,464 41,553 91,490 Other liabilities 5,112 3,121 3,765 Deferred tax 78,438 77,271 70,739 Non-current liabilities 179,745 141,148 175,751 Trade and other payables 627,461 546,379 658,263 Bank overdraft - 3,420 - Current portion of interest-bearing borrowings 20,394 24,253 23,248 Current portion of lease liabilities 30,103 20,214 30,151 Taxation 41,684 50,623 40,855 Current liabilities 719,642 644,889 752,517 TOTAL EQUITY AND LIABILITIES 2,901,662 2,594,235 2,856,182 Net asset value per share (cents) 3,654.9 3,265.9 3,488.1
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Consolidated Statement of ChangesStated RevaluationForeign Retained Total Non- Total in Equity for the period ended capital reserve currency earnings attributablecontrollingshareholders' 30 September 2025 translation to owners interest funds reserve of the parent R 000 R 000 R 000 R 000 R 000 R 000 R 000 Balance at 1 April 2024 277,450 6,857 90,930 1,320,487 1,695,724 26,185 1,721,909 Profit for the year - - (1,820) 270,016 268,196 6,790 274,986 Non-controlling interest - Dividend - - - - - (3,663) (3,663) Dividends - - - (65,318) (65,318) (65,318) Balance at 31 March 2025 277,450 6,857 89,110 1,525,185 1,898,602 29,312 1,927,914 Share buyback (15,646) - - - (15,646) - (15,646) Profit for the period - (20,888) 142,259 121,371 4,717 126,088 Dividends - - - (36,081) (36,081) - (36,081) Balance at 30 September 2025 261,804 6,857 68,222 1,631,363 1,968,246 34,029 2,002,275
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Unaudited Unaudited Audited Consolidated Statement of Cash Flows 6 months 6 months year ended for the period ended 30 Sep 2025 30 Sep 2024 31 Mar 2025 R 000 R 000 R 000 CASH FLOWS FROM OPERATING ACTIVITIES Cash generated from operations 232,986 209,792 477,874 Finance income 8,385 6,097 10,906 Finance expense (1,736) (2,316) (14,369) Dividends paid (36,003) (32,122) (65,318) Normal taxation paid (40,614) (37,570) (104,393) Net cash inflows / (outflows) from operating activities 163,018 143,881 304,700 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (73,624) (57,126) (102,253) Proceeds on disposal of property, plant and equipment 7,614 5,483 16,010 Acquisition of subsidiaries net of cash acquired - (129,819) (138,609) Net cash outflows from investing activities (66,010) (181,462) (224,852) CASH FLOWS FROM FINANCING ACTIVITIES Share buy-back (15,646) - - Repayment of lease liabilities (15,171) (10,088) (18,664) Proceeds from interest-bearing borrowings 16,539 6,653 - Repayment of interest-bearing borrowings (12,419) (10,884) (14,682) Net cash (outflow) / inflow from financing activities (26,697) (14,319) (33,346) Net (decrease) / increase in cash and cash equivalents 70,311 (51,901) 46,502 Cash and cash equivalents at beginning of period 487,455 450,655 450,655 Exchange differences on cash and cash equivalents (11,039) (9,696) (9,702) Cash and cash equivalents at end of period 546,727 389,058 487,455
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Segmental Review Manufacturing Steel trading Properties Consolidated R 000 R 000 R 000 R 000 Business segments for the 6 months ended 30 September 2025 - unaudited Revenue from external sales 1,222,504 198,778 524 1,421,806 Inter-segment sales 145,670 59,964 14,268 Total revenue 1,368,174 258,742 14,792 Cost of sales 808,579 176,002 - 984,581 Profit before taxation 187,774 (56) 9,834 197,552 Taxation (50,576) Profit for the period 146,976 Other information Net assets 1,539,480 277,469 185,326 2,002,275 Capital expenditure 64,266 1,069 8,289 73,624 Depreciation / amortisation 23,056 1,131 - 24,187 Depreciation on right-of-use assets 7,568 2,714 - 10,282 Interest paid on lease liabilities 2,213 2,250 - 4,463 Finance income * 9,320 (1,020) 85 8,385 Finance expense excluding lease liabilities 1,257 56 423 1,736 * As per the group policy, finance expense and finance income derived from primary banking is netted off. Manufacturing Steel trading Properties Consolidated R 000 R 000 R 000 R 000 for the 6 months ended 30 September 2024 - unaudited Revenue from external sales 1,017,820 246,607 - 1,264,427 Inter-segment sales 97,673 72,345 12,678 Total revenue 1,115,493 318,952 12,678 Cost of sales 675,353 221,241 - 896,594 Profit before taxation 164,876 3,600 7,465 175,941 Taxation (45,475) Profit for the period 130,466 Other information Net assets 1,367,343 279,891 160,964 1,808,198 Capital expenditure 55,241 1,163 722 57,126 Depreciation / amortisation 19,975 1,034 - 21,009 Depreciation on right-of-use assets 3,872 2,714 - 6,586 Interest paid on lease liabilities 405 2,853 - 3,258 Finance income * 6,873 (825) 49 6,097 Finance expense excluding lease liabilities 1,136 55 1,125 2,316 ManufacturingSteel trading PropertiesConsolidated R 000 R 000 R 000 R 000 for the year ended 31 March 2025 - audited Revenue from external sales 2,184,497 450,888 253 2,635,638 Inter-segment sales 164,553 150,694 26,936 Total revenue 2,349,050 601,582 27,189 Cost of sales 1,443,854 399,102 - 1,842,956 Profit before taxation 343,742 5,756 17,211 366,709 Taxation (89,903) Profit for the year 276,806 Other information Net assets 1,485,739 277,526 164,649 1,927,914 Capital expenditure 102,377 7,384 1,282 111,043 Depreciation / amortisation 41,187 2,064 - 43,251 Depreciation on right-of-use assets 14,806 5,429 - 20,235 Interest paid on lease liabilities 4,390 5,706 - 10,096 Finance income * 12,297 (1,467) 76 10,906 Finance expense excluding lease liabilities 2,247 131 1,895 4,273
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Segmental Review South Africa Rest of the world Consolidated R 000 R 000 R 000 Geographical segments for the 6 months ended 30 September 2025 - unaudited Revenue from external sales 756,917 664,889 1,421,806 Cost of sales 577,602 406,979 984,581 Profit before taxation 61,877 135,675 197,552 Taxation (50,576) Profit for the period 146,976 Other information Net assets 1,134,899 867,376 2,002,275 Capital expenditure 24,411 49,213 73,624 Depreciation / amortisation 9,806 14,381 24,187 Depreciation on right-of-use assets 4,711 5,571 10,282 Interest paid on lease liabilities 2,663 1,800 4,463 Finance income * 2,186 6,199 8,385 Finance expense excluding lease liabilities 1,736 - 1,736 South Africa Rest of the world Consolidated R 000 R 000 R 000 for the 6 months ended 30 September 2024 - unaudited Revenue from external sales 781,114 483,313 1,264,427 Cost of sales 601,865 294,729 896,594 Profit before taxation 56,436 119,505 175,941 Taxation (45,575) Profit for the period 130,466 Other information Net assets 1,127,950 680,248 1,808,198 Capital expenditure 10,389 46,737 57,126 Depreciation / amortisation 9,128 11,881 21,009 Depreciation on right-of-use assets 4,711 1,875 6,586 Interest paid on lease liabilities 3,087 171 3,258 Finance income * 1,192 4,905 6,097 Finance expense excluding lease liabilities 2,316 - 2,316 South Africa Rest of the world Consolidated R 000 R 000 R 000 for the year ended 31 March 2025 - audited Revenue from external sales 1,310,148 1,325,490 2,635,638 Cost of sales 1,005,266 837,690 1,842,956 Profit before taxation 101,808 264,901 366,709 Taxation (89,903) Profit for the year 276,806 Other information Net assets 1,170,940 756,974 1,927,914 Capital expenditure 23,627 87,416 111,043 Depreciation / amortisation 18,300 24,951 43,251 Depreciation on right-of-use assets 9,422 10,813 20,235 Interest paid on lease liabilities 6,175 3,921 10,096 Finance income * 2,563 8,343 10,906 Finance expense excluding lease liabilities 4,273 - 4,273
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Company Overview Argent Industrial Limited continues to deliver strong and sustainable growth as a diversified industrial group with a broad international footprint. With operations across South Africa, the United Kingdom, Canada, and the United States, Argent allocates capital from existing businesses into new opportunities to create long-term shareholder value. The outcome is a Group who’s products and services are exported to more than 38 countries, expanding into international markets while maintaining a resilient and strategically balanced domestic presence. Through disciplined capital allocation, focused management, and an increasingly diversified footprint, Argent remains well-positioned to continue its strategy to capitalise on global investment opportunities and deliver consistent returns to stakeholders. Financial Performance We are pleased to report that the Group successfully achieved its strategic and financial objectives for the six months ended 30 September 2025. Earnings after tax attributable to shareholders increased to R142 million, up from R126 million in FY2024, an increase of 12.8%. Headline earnings per share (HEPS) increased to 261.7 cents, up from 231,0 cents in FY2024, an increase of 13.3%. These strong results underscore the eƯectiveness of our disciplined capital allocation strategy and continued investment in high-performing international operations. Argent’s focus on operational eƯiciency, strategic diversification, and prudent financial management continues to support sustainable value creation for shareholders. Operational Highlights South Africa Our South African operations remain important to the Group, with robust contributions across multiple sectors: Xpanda, American Shutters, and Jetmaster: Leading brands benefiting from growing local and international demand. Xpanda will be extending its manufacturing facility by 1 100m2 in the course of the next year. Jetmaster purchased a new 6kw Fibre Laser in period review. Castor and Ladder: Market leader introducing innovative products and expanding its product rental oƯering via its five branches. Hendor Mining and Koch’s Cut & Supply: Specialists in mining and engineered steel solutions. Pro Crane Services: Key player in the South African and sub-Saharan lifting industry. Megamix and Villiersdorp Quarry: Achieved significant year-on-year growth, prompting additional investment in batch plant and fleet capacity. United Kingdom Our UK subsidiaries continue to thrive through innovation and strategic expansion: Fuel Proof, Fuel Proof Hire, Fluid Transfer International, and FloFuel Support: Driving growth in fuel storage and refuelling systems, particularly in the aviation sector. OSA Door Parts Manufacturer of Insulated Industrial Overhead Doors and distributer of components, exporting throughout the British Isles. Partington Engineering is a manufacturer of materials handling equipment in the UK. Mersey Container is a Modular building specialist. We have secured an additional covered manufacturing facility with 6000m2 under cover. Access would be at the end of March 2026. We intend to increase their existing output from August 2026.
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North America Our North American operations further enhance Argent’s global footprint: New Joules Engineering (USA), a manufacturer of speed control systems for classification Rail yards. The operation is well ahead of last year’s returns. Xpanda Canada: Strategic addition expanding the Xpanda brand in North America. Strategic Growth and Innovation The Group remains committed to driving innovation across all areas of its operations. In our UK fuel-related businesses, we are expanding into electric and hybrid fuel transfer solutions, aligning with global sustainability trends. Our modular system design allows clients to select between full-electric or hybrid configurations, oƯering flexibility, lower emissions, and improved operator safety. Additionally, our rental model for refuelers and dispensers continues to generate recurring, self-financing revenue streams across the UK and Europe. Re-investment within Fuel Proof has stood the business in good stead allowing for further growth in the product range focused on the aviation sector. Portfolio Optimisation Our South African Steel businesses had mixed results with Phoenix Steel Gauteng continuing its poor performance, incurring a loss of R2,6 million (2024 loss of R5,9 million). There is work to be done to optimise capital utilisation more eƯiciently. Acquisitions and Capital Allocation During the period under review, we successfully integrated Xpanda Canada into the Group. It is performing above expectations and managed to achieve a payback within one year of acquisition. The Group is actively looking for additional international acquisitions to drive long term shareholder value and we anticipate positive developments in this regard in the months ahead. Shareholder Returns Share Buyback: Argent repurchased and cancelled 578,504 shares in the period under review at a cost of R15.6 million equating to an average price of R27.04 per share. The Group will commence with an open-ended share repurchase program in December 2025. Dividends: An interim dividend of 67 cents per share has been declared. Outlook Our international order book remains strong. Domestic operations are robust with potential for further recovery. Attractive opportunities exist to allocate capital to strategic acquisitions further enhancing the group’s footprint. Argent Industrial is therefore well-positioned to deliver satisfactory results in FY2026 and into the long-term. We extend our sincere gratitude to our shareholders for their continued support and look forward to sustaining value creation in the years ahead. Basis of preparation The unaudited and unreviewed, consolidated interim financial statements were prepared in accordance with International Financial Reporting Standards (IFRS), the presentation and disclosure requirements of IAS 34 – Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the Financial Pronouncements as issued by the Financial Reporting Standards Council and in
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compliance with the Companies Act of South Africa (Act No. 71 of 2008) and the Listings Requirements of the JSE Limited. The results have been prepared in terms of IFRS on the historical cost basis, except for the revaluation of land and buildings and certain financial instruments which are carried at either fair value or amortised cost. The accounting policies are consistent with those of the previous annual financial statements. The adoption of improved, revised, or new standards and interpretations did not have any significant impact on the financial statements. The unaudited and unreviewed, consolidated interim financial statements were prepared under the supervision of the Financial Director, H.M Meyer CA (SA). Any reference to future financial performance included in this announcement has not been reviewed or reported on by the group’s auditors. Going concern Shareholders are advised that the unaudited and unreviewed results for the six-month period ended 30 September 2025 have been prepared on the going concern basis. This basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business. Events after the reporting period No material facts or circumstances have occurred between the accounting date and the date of this report. Dividend declaration The board of directors of the company have declared and approved an interim gross dividend of 67 cents per share for the six-month period ended 30 September 2025 from income reserves. The following dates will apply to the abovementioned interim dividend: Publication of declaration data: Thursday, 20 November 2025 Last day to trade cum dividend: Monday, 15 December 2025 Trading ex-dividend commences: Wednesday, 17 December 2025 Record date: Friday,19 December 2025 Dividend payment date: Monday, 22 December 2025 Share certificates may not be dematerialised or re-materialised between Wednesday, 17 December 2025 and Friday, 19 December 2025, both days inclusive. In determining the dividends tax of 20% to be withheld in terms of the Income Tax Act (No 58 of 1962), those shareholders who are not exempt from the dividend tax will therefore receive a dividend of 53.6 cents per share net of dividend tax. The company has 53 852 476 ordinary shares in issue as at 20 November 2025 and its income tax reference number is 9096/002/71/3. Ordinary shareholders who hold dematerialised shares will have their accounts at their CSDP or broker credited/updated on Monday, 22 December 2025.
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On behalf of the board TR Hendry CA (SA) Chief Executive OƯicer Date: 20 November 2025 Registered OƯice: First floor, Ridge 63,8 Sinembe Crescent, La Lucia Ridge OƯice Estate, Umhlanga Rocks, Durban, 4019 Tel: +27 (0) 31 791 0061 Auditors: Forvis Mazars (Ben Frey as designated auditor) Sponsors: PSG Capital Proprietary Limited Transfer Secretaries: JSE Investor Services Company Secretary: Jaco Dauth Directors: CD Angus (Independent Non-executive), PA Christofides (Independent Non-executive), HM Meyer (Financial Director), TR Hendry (Chief Executive OƯicer), AF Litschka, K Mapasa (Independent Non-executive), T Scharrighuisen (Non-executive Chairman).