Slides
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Financial Results for the six-month period ended 30 June 2026 Welcometo a presentation of our 2026 Half-Year Financial Results Once the presentation commences, you may type your questions in the Q&A section All questions will be answered at the end of the presentation Alternatively questions can be emailed to hulamin@hulamin.co.za for a response in due course COMMENCEMENT
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2Hulamin Half-Year Results for the six month period ended 30 June 2026 This presentation contains forward-looking statements. All statements other than statements of historical facts included in this presentation are or may be forward-looking statements. These statements reflect management’s current expectations, beliefs, hopes, intentions or strategies regarding the future and assumptions in light of currently available information. These forward- looking statements are subject to risks and uncertainties. Such forward-looking statements are not guarantees of future performance or events and involve known and unknown risks and uncertainties. Accordingly, actual results may differ materially from those described in such forward-looking statements. Shareholders and investors should not place undue reliance on such forward-looking stateme nts, and no obligation is undertaken to update publicly or revise any forward-looking statements, subject to compliance with any applicable laws and regulations. Statements contained in this presentation regarding the prospects of the Group, have not been reviewed nor reported on by the Groups external auditors. Forward-looking statements
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Operational Performance Mark Gounder - CEO
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4Hulamin Half-Year Results for the six month period ended 30 June 2026 • Continuous improvement of safety performance • Operational recovery substantially complete • Core production ramping up strongly • Returned to normalised profitability • Disposals of non-core businesses completed Key messages for stakeholders
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5Hulamin Half-Year Results for the six month period ended 30 June 2026 0,26 0,13 0,14 0,07 H1 2023 H1 2024 H1 2025 H1 2026 LTIFR Target Safety Always! H1 2026 Milestones achieved • Maintained the downward LTIFR trend, reflecting the successful transition from reactive to proactive safety culture • Focused on leading indicators and High Potential Incident through defined high risk categories • Entrenched safety culture into day to day activities SAFETY PERFORMANCE TRENDS Focus on maintaining improving safety trend by continuing to drive a proactive safety risk approach -27%
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6Hulamin Half-Year Results for the six month period ended 30 June 2026 Business performance review Wide canbody production qualified with customers H1 2026 in context Performance outcomes • Substantially resolved H2 2025 operational challenges • Commercialise wide canbody investment • Disposal of non core operations • Mitigate liquidity pressures from continued rising $LME Chrome free lacquer trials for can end completed for major customer +R43m in cost reduction, contributing towards annualised target of R150m Completed organisational restructure including specialist appointments Order book: remains strong on all key streams Core production ramping up strongly (June 527t/d) towards ambition of +550t/day Disposal of non core operations substantially complete Operational constraints in can end from H2 2025 carried over into Q1 2026 OPERATIONAL Plant performance and production MARKETS Market overview and business development
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7Hulamin Half-Year Results for the six month period ended 30 June 2026 Plant performance ramping to target Ramp recovery milestones progressing well towards benchmark performance 155 118 157 107 189 163 152 156 175 200 148 89 108 114 108 112 88 106 120 150 65 73 72 67 71 70 73 75 74 75 121 98 104 81 82 104 115 127 112 1253 46 39 34 36 35 36 49 46 0 50 000 100 000 150 000 200 000 50 150 250 350 450 550 H1 2025 H2 2025 H1 2026 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Ambition (t/day) CBS CES Heat Treat Plate Other (Incl Standards) Hotband Annualised Ambition Annualised Half year overview Monthly Run Rate Ambition AnnualisedTons/day 403 486 484 464 513 527 480 424 +550 492
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8Hulamin Half-Year Results for the six month period ended 30 June 2026 Key market segments overview Hulamin remains largely market unconstrained despite geopolitical landscape changes and challenges North America • Plate demand resilient despite Section 232 tariffs. • Growing US canend demand enables reposition of displaced local volumes. • Excess hot mill capacity being optimised through speculative hotband sales. European Union • Expanded routes to market in Europe for plate • Hulamin's chrome-free production is key in an increasingly compliance- driven export market. Local market (South Africa) • Can body (CBS) demand is strong . Hulamin positioned to displace wide CBS imports as wide CBS is fully commercialised • Can end under import pricing pressure - volumes being repositioned to North America • Local standards represent an incremental opportunity pending working capital and route-to-market improvements.
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2026 Half Year Financial Results Pravashni Nirghin – CFO
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10Hulamin Half-Year Results for the six month period ended 30 June 2026 Commodity pricing cycles • Global aluminium shortage • Stronger R/$ exchange Aluminium $ price and R/$ exchange rate 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 15,00 15,50 16,00 16,50 17,00 17,50 18,00 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 R/$ $LME MPL +R303m Additional NCW ~+R300m EBIT ↓R175m R/$$/ton
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11Hulamin Half-Year Results for the six month period ended 30 June 2026 11Hulamin Full Year Results for the for the year ended 31 December 2026 Highlights from continuing operations up 2% to R7.2bn (2025: R7.1bn) Group revenue Group revenue down 53% to R102m (2025: R215m) Up 103% to R470m (2025: R231m) Normalised trading profit Normalised trading profit EBITDA EBITDA from operating activities up >100% to R69m (2025: R16m) up 7% to R1.70bn (2025: R1.59bn) complied with Debt to equity – 52.0% (≤60%) Current ratio – 2.8x (≥1.2x) Cash generated Cash generated Net debt Net debt Group funding covenants Group funding covenants
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12Hulamin Half-Year Results for the six month period ended 30 June 2026 Normalised EBITDA bridge – H1 2025 to H1 2026 (R’m) Strong core demand and cost discipline partially offset canstock operational headwinds and impact from adverse externalities Non recurring Controllable Externalities 177282Normalised EBITDA (75)-8m Completed strategic projects (67)Depreciation 303+339m~19% higher ZAR LME (36)MPL (9)+2mOperational restructuring, cost base down (15)Non trading (78)+20mReduced interest rate and improving liquidity from working capital initiatives(97)Interest (73)-49mTiming of metal pricing (24)Taxation 24543Headline earnings 282 262 177 85 175 197 43 84 Normalised EBITDA H1 2025 Inflation & commodity pricing Currency 22 Externatilities Adjusted earnings Sales price & mix Cost reduction Adjusted Earnings Production volume recovery Normalised EBITDA H1 2026 -260 +240
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13Hulamin Half-Year Results for the six month period ended 30 June 2026 Improved cashflows from operating activities supported execution of final phase of market driven capital Utilisation of borrowings facilities UtilisedRequired R1 702mR2 250mFacility 52.0%<60%D/E: 2.75>1.25Current Ratio Net Borrowings 31 Dec 2025 R1 647m Net Borrowings 31 Dec 2025 R1 647m Net Borrowings 30 June 2026 R1 702m Net Borrowings 30 June 2026 R1 702m Sustaining capital investment (R128m) Sustaining capital investment (R128m) Interest and statutory payments (R76m) Interest and statutory payments (R76m) Operating cashflows before working capital R443m Operating cashflows before working capital R443m Net cash outflows (R55m) Net cash outflows (R55m) • Capex peak over, focus on stabilising reliability and uptime • Financial performance recovery from H2 2025 *Includes EBITDA, working capital and other statutory cashflows Net working capital requirements (R294m) Net working capital requirements (R294m) • Increased working capital requirements due to rising $ LME
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14Hulamin Half-Year Results for the six month period ended 30 June 2026 999 804 72 86 H1 2023 H2 2023 1.377 H1 2024 1.255 H2 2024 1.591 H1 2025 1.561 H2 2025 1.702 H1 2026 999 804 1.377 1.328 1.591 1.647 1.702 R548m R901m Utilisation of borrowings facilities Navigating high $ LME environment Overdraft Borrowings - short term Borrowings long term Debt Capacity • Realise proceeds from disposal of Extrusions +R100m realised working capital • Proceeds from conclusion of disposal of Containers property +R13m • Inventory optimisation +R60m • Debtors optimisation +R50m • Review non critical capital expenditure H2 2026 focus areas to improve liquidity position • Headroom remained +R500m despite rising $ LME as focus was on optimising available excess hot rolling capacity • Recovery on operational stability
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Strategic Priorities Mark Gounder – CEO
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16Hulamin Half-Year Results for the six month period ended 30 June 2026 Strengthening fundamentals • Delayered operating model (executive and senior management restructure) Bridging critical skills gap • Technical expertise, knowledge transfer and operational stability with focus on the following: - Casting capability - Rolling oil efficiencies - Roll grinding capability - Total Productive Maintenance Investment in leadership and capability • Chief Operations Officer – stabilise reliable plant performance | Target date: Sept 2026 • Human Capital Executive – drive culture change | Target date: Oct 2026 Strategic execution remains core
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Outlook and prospects Mark Gounder - CEO
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18Hulamin Half-Year Results for the six month period ended 30 June 2026 18Hulamin Interim Year Results for the for the six months ended 30 June 2026 Outlook Harvesting returns to our capital expenditure Continuing with critical skills transfer from specialists Ramp up towards +550t/day ambition Deliver cost reduction programme +R100m in H2 Lift scrap utilisation above 27% Net debt reduction within risk tolerance
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Thank you Questions?
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Additional information for analysts
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21Hulamin Half-Year Results for the six month period ended 30 June 2026 Reconciliation of basic earnings to headline earnings Audited 31 December 2025 Unaudited 30 June 2025 Unaudited 30 June 2026 Continuing Operations Net of tax Gross Gross R’000 R’000 R’000 ( 67 806)42 677 244 715 Net profit for the period Adjusted for: 3 466 83 (125)• (Profit)/Loss on disposal of property, plant and equipment (936)(22)34 • Tax effect ( 65 276)42 738 244 624 Total headline earnings/(loss) AuditedUnauditedUnaudited Year endedHalf-yearHalf-year R’000R’000R’000 Reconciliation of headline earnings to normalised earnings (65 276)42 738 244 624 Headline earnings for the period Adjusted for: (50 866)35 759 (302 686)• Metal price lag 13 734 (9 655)81 725 • Tax effect 23 523 14 809 9 226 • Restructuring costs (6 351)(3 998)(2 491)• Tax effect (85 236)79 652 30 398 Total normalised headline earnings (22)14 79 Basic earnings/(loss) per share (22)14 79 Headline earnings/(loss) per share (28)26 10 Normalised headline earnings/(loss) per share
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22Hulamin Half-Year Results for the six month period ended 30 June 2026 * Excl. 7 025t (2025: 490t) of low margin hotband # Can body, Can end & tab, Plate, Foil and automotive streams Exchange rate, strategy execution & plant variability impact performance Externalities • 198 cents stronger R/$ negatively impact on earnings • Rising $LME metal price benefit marginally offset lower volumes • Revenue up 2% despite lower volume due to rising $LME and Geo premiums Normalised Trading profit • Down 53% mainly attributable to operational ramp up from H2 2025 and stronger exchange rate • Offset by effective cost curtailment aligned to lower volume performance Non trading in current year includes • Operational restructure costs aligned to restabilising volumes Headline earnings • Up over 100% attributable to benefit from metal price lag net of lower net financing costs % Change H1 2025 H1 2026UOM Continuing operations 33 2 539 3 382 $/tAverage LME (11)18.4 16.4 R/$Average exchange rate (12)88 825 78 358 tRolled Products volumes* (3pp)75 72 %Core sales mix 2 7 105 7 240 R'm Revenue (37)282 177 R'm Normalised EBITDA 13 (67)(75)R'm Depreciation (53)215 102 R'm Normalised EBIT >100(36)303 R'm Metal price lag (37)(15)(9)R'm Non trading gains and losses >100 165 395 R'm Operating profit >100 43 245 R'm Net profit for the period >100 43 245 R'm Headline earnings (62)80 30 R'm Normalised headline earnings 80 243 439 R'm Cash generated from operation before working capital changes (>100)(89)(294)R'm Net working capital changes (6)154 145 R'mCash generated from operations (53)(274)(128)R'm Capital expenditure (77)(258)(59)R'm Cash (outflow)/inflows before financing activities ("free cash flow") (7)1 591 1 702 R'm Net debt
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23Hulamin Half-Year Results for the six month period ended 30 June 2026 Non current asset held for sale - Extrusions N1: Inventory and consignment stock • Consignment agreement of all inventory held at 30 June 2026, therefore not part of disposal group N2: Net trade debtors • Hulamin operation assumes all debtors and creditors at transfer date N3: Post retirement obligation • Post medical aid retirement benefit accumulated prior to transfer Change to structure of transaction price, objective recover intercompany loan and net equity price 31 Dec 2025 R’000 30 June 2026 R’000 Assets held for sale are made up of Non-current assets 21 66717 354Property, plant, and equipment 987694Right-of-use assets Current assets N161 933Inventories N237 797Trade debtors 122 38518 048Total assets classified as held for sale Non-current liabilities N319 7192 979Post retirement obligation 480360Lease liabilities Current liabilities N213 0878 672Trade payables 33 28712 011Liabilities directly associated with assets held for sale 89 0986 037Net assets directly associated with disposal group
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24Hulamin Half-Year Results for the six month period ended 30 June 2026 Unbundling Extrusions Remain asset sold Hulamin loan Non current held for sale R17mR17m Non current assets (R11m)(R105m) R93mNet working capital R6mR110m R6mR16m(R10m)Equity -(R121m)R121m Working capital loan R6m (R105m)R110m R78mConsignment inventory R27mNet debtors and creditors R105m R120mGroup loan (R16m) Loan waivered R10mShares sold Total cashflow to be realised from the transaction: R115m