Interim report
Page 1
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Page 2
The South African operating environment remained challenging during the period (‘1H26’), characterised by subdued consumer demand, global oversupply of certain products, continued competitive pressures, rising trade barriers and heightened geopolitical uncertainty . The group’s 1H26 results should be assessed in the context of the prior period (‘1H25’). During 1H25, performance was negatively affected by the following factors: • increased operating costs related to the ramp-up of PG Bison’s new medium-density fibreboard (‘MDF’) line, the largest of the group’s major capital projects completed during the year ended 30 June 2024; and • lower domestic new vehicle assembly volumes by mainly two major original equipment manufacturers (‘OEMs’), which resulted in a weaker performance by Feltex. As management expected, the financial effects of these factors have since eased. While revenue declined by 3%, mainly because of the negative impact of the cyclical low in the global polymers sector on Safripol, the group’s performance improved, largely attributable to the following factors: • increased panel production and sales volumes, including full utilisation of the new MDF line; • higher domestic new vehicle assembly volumes, which supported an improved performance by Feltex; and • lower net finance costs. EBITDA improved by 5%, operating profit before capital items increased by 10% and HEPS grew by 32%. A much weaker result from mainly Safripol detracted from the group’s performance for 1H26. Cash generated from operations improved by 39%, supported by the higher EBITDA. Net debt declined by R752 million compared with 1H25, owing to the higher cash generated from operations, lower net finance costs, reduced capital expenditure and proceeds from the disposal of underperforming operations. Compared with FY25, net debt is R409 million higher due to seasonality , resulting in increased working capital absorption in the first half of the financial year . The group demonstrated disciplined and focused execution during the period and made good progress against the following three key objectives to improve returns and deliver earnings growth over the medium term, as discussed in the outlook: • realising the value of our major capital projects; • addressing areas of underperformance, mainly related to Unitrans and Optix; and • reducing net debt. OVERVIEW SALIENT FEATURES EPS 28% to 20.8 cents (1H25: 16.2 cents) HEPS 32% to 22.7 cents (1H25: 17.2 cents) Operating profit before capital items 10% to R1.3 billion (1H25: R1.2 billion) Revenue 3% to R14.9 billion (1H25: R15.4 billion) EBITDA 5% to R2.0 billion (1H25: R1.9 billion) Net debt 8% to R8.5 billion (1H25: R9.3 billion) Cash generated from operations 39% to R899 million (1H25: R649 million) Net working capital 6% to R4.4 billion (1H25: R4.2 billion) KAP UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 SALIENT FEATURES AND OVERVIEW DIVISIONAL OPERATIONAL PERFORMANCE FINANCIAL REVIEW CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 2
Page 3
DIVISIONAL OPERATIONAL PERFORMANCE Key financial metrics 1H26 1H25 % change Revenue (Rm) 4 277 5 213 (18) Operating profit (Rm) 169 282 (40) Operating margin (%) 4.0 5.4 (1.4) ROCE (%)1 7.4 8.4 (1.0) 1 Rolling 12 months The global polymers industry continued to experience a cyclical low due to global overcapacity , with both polymer demand and pricing subdued. Demand for the division’s polymers – high-density polyethylene (‘HDPE’), polypropylene (‘PP’) and polyethylene terephthalate (‘PET’) – was generally subdued due to the prevailing economic environment, with demand for PET further affected by imports. Production volumes decreased by 12% mainly due to a five-week commercial shutdown at the PET plant in Durban during the first quarter of FY26 to draw down elevated inventory levels and balance production with demand. Sales volumes decreased by 7%, mostly attributable to a 15% reduction in PET sales volumes resulting from a significant increase in imports, mainly from China, priced materially below prevailing market prices. The division’s domestic sales volumes were 5% lower , while export sales volumes, which were pursued to supplement domestic sales volumes, declined by 10% and comprised 13% (1H25: 13%) of sales volumes. Revenue decreased by 18%, largely because of the reduced sales volumes and weaker selling prices. Operating profit was affected by the lower sales volumes, as well as depressed raw material margins, and declined by 40%. PP raw material margins were notably weaker in 1H26, although margins for all three polymers remain at a cyclical low. Industry expectations are for the downturn in the global polymers sector to persist until the early 2030s. While rationalisation of production capacities is taking place globally , new polymer capacity is still being added, which is prolonging the downcycle. The division continues to manage factors within its control, which include maintaining operational efficiencies, minimising the procurement-to-sales cycle, pursuing procurement benefits and cost savings, and increasing the production of higher- specification, higher-margin polymers. Additionally , the division is planning another five-week commercial shutdown at the PET plant in 2H26 due to elevated inventory . Key financial metrics 1H26 1H25 % change Revenue (Rm) 3 591 3 040 18 Operating profit (Rm) 545 413 32 Operating margin (%) 15.2 13.6 1.6 ROCE (%)1 9.3 9.6 (0.3) 1 Rolling 12 months Demand for the division’s products in both primary (South Africa and neighbouring African markets) and deep-sea export markets was generally good. Sales volumes increased by 20%, with sales volumes to primary and deep-sea export markets higher by 14% and 43%, respectively . The growth was supported by increased production, demand-creation and customer-enablement activities, and the development of new export markets. Deep-sea exports made up 16% (1H25: 12%) of sales volumes, owing to increased MDF exports, and enabled the division to operate its plants at capacity to extract optimal operational efficiencies. Upgraded (‘value-add’) sales volumes increased by 10% and comprised 58% of the division’s sales volumes (1H25: 64%). All upgrading presses were fully utilised during 1H26. Revenue increased by 18% and operating profit by 32%, largely due to the higher production and sales volumes, as well as operational efficiencies achieved. Revenue and operating profit for both the particleboard and MDF operations improved. The division’s 1H25 performance was constrained by the ramp-up phase of the new MDF line. The division is committed to delivering growth in market share and improved margins over time, supported by increased sales capacity , continued demand-creation and customer-enablement activities, additional upgrading capacity and a reduction in deep- sea exports in favour of primary markets. The division will install an additional upgrading press during 2H27 at the Mkhondo site. SALIENT FEATURES AND OVERVIEW DIVISIONAL OPERATIONAL PERFORMANCE FINANCIAL REVIEW CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KAP UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 3
Page 4
DIVISIONAL OPERATIONAL PERFORMANCE (CONTINUED) Key financial metrics 1H26 1H25 % change Revenue (Rm) 4 558 4 957 (8) Operating profit (Rm) 332 323 3 Operating margin (%) 7.3 6.5 0.8 ROCE (%)1 7.3 9.1 (1.8) 1 Rolling 12 months The division faced ongoing difficult trading conditions, predominantly because of the subdued South African economic growth environment, which constrained revenue growth. Revenue was 8% lower , largely attributable to the passenger operations, due to the loss of a material contract and subsequent closure of its Mozambique operations, and the disposal of a commuter contract in FY25. While the passenger operations pursued new growth opportunities during 1H26, this did not materialise in time to offset the impact of the above-mentioned contract loss and disposal. Operating profit increased by 3%, with improved performances from the agriculture, petrochemical and food operations offsetting a weaker result from the passenger operations. The agriculture operations’ performance improved meaningfully , supported by increased volumes across most regions, operational improvements, and cost savings. The food operations also delivered an improved result despite lower revenue, mostly due to higher volumes on select contracts and cost control. The petrochemical operations – which made up c. 32% of revenue during 1H26 – showed a good turnaround in performance following its restructuring in 2H25 and the disposal of operations in Eswatini in 1H26. The mining operations’ result was lower mainly because of an underperforming contract in Botswana. The division remains focused on improving performance through exiting low-return activities and contracts, cost savings, operational excellence, fleet modernisation where required, and organic growth at appropriate returns. Its fleet modernisation will be phased over three to five years, and we therefore do not expect this process to have a major impact on cash flow in any single year . The division’s medium-term operating profit target of R700 million remains intact. Key financial metrics 1H26 1H25 % change Revenue (Rm) 1 421 1 157 23 Operating profit (Rm) 146 42 > 100 Operating margin (%) 10.3 3.6 6.7 ROCE (%)1 18.5 11.8 6.7 1 Rolling 12 months Domestic new vehicle assembly volumes increased by 12% in 1H26, with 1H25 affected by temporary production constraints at two OEM plants. Domestic passenger , light commercial vehicle (‘LCV’) and sports utility vehicle (‘SUV’) sales increased by 16%, 18% and 25%, respectively , supported by lower interest rates. Revenue increased by 23% due to higher sales volumes in the division’s OEMs (which produce components for vehicle interiors, fitted during vehicle assembly) and aftermarket operations (which produce components fitted after assembly , typically at the dealer). Operating profit improved by more than 100% due to the higher sales volumes, non-recurrence of costs associated with a model changeover in 1H25, and cost control. The South African automotive sector faces headwinds, most notably competition from cheaper imports and changes in global trade flows due to the United States’ tariff war . Additionally , exports of a key LCV model are affected by a change in tax rules in a major export market. Notwithstanding these headwinds, investment in the sector continues and, encouragingly , two new models are planned for FY27. The division continues to pursue localisation opportunities and cost savings in this environment, as well as engaging with government either directly or through industry bodies to contribute to policies to stimulate growth and ensure sustainability in the sector . SALIENT FEATURES AND OVERVIEW DIVISIONAL OPERATIONAL PERFORMANCE FINANCIAL REVIEW CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KAP UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 4
Page 5
DIVISIONAL OPERATIONAL PERFORMANCE (CONTINUED) Key financial metrics 1H26 1H25 % change Revenue (Rm) 1 061 1 011 5 Operating profit (Rm) 115 111 4 Operating margin (%) 10.8 11.0 (0.2) ROCE (%)1 10.6 8.7 1.9 1 Rolling 12 months The division encountered difficult trading conditions during 1H26. Consumer demand was subdued, with purchasing decisions increasingly being influenced by promotional offers and the growth in online gambling, reflecting constrained consumer finances. During 1H25, two-pot retirement withdrawals bolstered consumer disposable income and demand, which has since moderated. Revenue increased by 5%, supported by higher average selling prices, attributable to an improved sales mix, and the inclusion of operations in Botswana. Operating profit grew by 4%, owing to an improved performance from the division’s raw material operations, specifically the turnaround of the foam operations. While the bedding operations reported stable sales volumes and maintained or increased market share with key customers, its profitability declined because of increased marketing and distribution costs. The division acquired a bedding manufacturer in Botswana during 1H26 with full production of the facility targeted for 2H26 to serve the Botswana and Zambian regions. It is also continuing with its range extension strategy , with good progress being made to position its recently launched entry-level products and premium products (Genessi) in the market. The division now offers a comprehensive bedding range – entry-level, mid- and premium range – which we believe will support market share gains in a subdued market. Key financial metrics 1H26 1H25 % change Revenue (Rm) 261 294 (11) Operating loss (Rm) (43) (18) (> 100) Operating margin (%) (16.5) (6.1) (10.4) ROCE (%)1 (10.7) (2.3) (8.4) 1 Rolling 12 months The division invested in executive, sales and operational capacity during FY25 to expand the sales pipeline internationally and to accelerate conversion thereof. Revenue decreased by 11% primarily due to a 27% reduction in hardware sales volumes. Subscriptions grew by 25%, representing annuity revenue for the division. The operating loss was higher because of the increased costs associated with the investment in executive capacity . The division is intensifying its sales efforts and has also embarked on a restructuring programme to right-size following investments in technology , with the objective to improve performance. SALIENT FEATURES AND OVERVIEW DIVISIONAL OPERATIONAL PERFORMANCE FINANCIAL REVIEW CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KAP UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 5
Page 6
CEO AND CFO TRANSITION As described earlier , the improvement in the group’s 1H26 results was largely attributable to an easing of specific factors experienced in 1H25. This improvement was underpinned by disciplined and focused execution across the group, including operating production facilities at optimal efficiencies, developing new products and markets, improving underperforming operations and tightly managing costs and working capital. The group has made good progress against the following key strategic objectives, to increase balance sheet flexibility , improve returns and deliver earnings growth over the medium term: • Value realisation from major capital projects: Our major capital projects, amounting to c. R2.6 billion, were completed in FY24, and ramped up in FY25. PG Bison’s new MDF line is the largest of these and, given the 33% increase in the division’s production capacity , offers compelling growth opportunities for the group. • Address underperformance: The most material areas of underperformance relate to Unitrans and Optix. Appropriate strategies and executive capacity are in place to bring their performances in line with our expectations over the medium term. • Reduce net debt: We are targeting a reduction of R500 million in FY26, with a further reduction planned for FY27. We expect these reductions to be supported by the contribution of the major capital projects, an improved performance from mainly Unitrans, and prudent capital allocation. In the near term, we expect a softening in the group’s 2H26 performance relative to 1H26, mostly due to seasonality in demand and related volumes, as well as the timing of maintenance shutdowns in PG Bison. The stronger rand relative to the US dollar presents near- term pressure for Safripol, as both raw materials and selling prices for its products are priced in US dollars. OUTLOOK In line with the board’s succession planning, Frans Olivier was appointed as chief executive officer , effective 1 November 2025, following the resignation of Gary Chaplin. We extend our sincerest thanks to Gary for his leadership and commitment during his tenure and wish him every success in the future. Dries Ferreira was appointed as chief financial officer , effective 1 February 2026. SALIENT FEATURES AND OVERVIEW DIVISIONAL OPERATIONAL PERFORMANCE FINANCIAL REVIEW CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KAP UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 6
Page 7
Income statement Revenue decreased by 3% to R14 872 million (1H25: R15 355 million). Operating profit before depreciation, amortisation and capital items (‘EBITDA ’) increased by 5% to R1 986 million (1H25: R1 897 million). Operating profit before capital items increased by 10% to R1 264 million (1H25: R1 153 million) while the operating margin increased to 8.5% (1H25: 7.5%). The increases in the operating profit and margin were mainly attributable to meaningful improvements in the performances of PG Bison and Feltex, which were partly offset by a lower result from Safripol. Unitrans and Sleep Group also delivered improved performances, while Optix’s operating loss widened. PG Bison’s performance was underpinned by increased production and sales volume, and that of Feltex by higher domestic new vehicle assembly volumes. Global polymer prices and raw material margins remained at a cyclical low and adversely impacted Safripol’s performance. Divisional operating profit/(loss) and margin percentages are reflected as follows: Operating profit/(loss) and margin % Six months ended 31 Dec 2025 Unaudited 31 Dec 2025 margin Six months ended 31 Dec 2024 Unaudited 31 Dec 2024 margin Operating profit/(loss) change Margin change Rm % Rm % % % PG Bison 545 15.2 413 13.6 32 1.6 Safripol 169 4.0 282 5.4 (40) (1.4) Unitrans 332 7.3 323 6.5 3 0.8 Feltex 146 10.3 42 3.6 > 100 6.7 Sleep Group 115 10.8 111 11.0 4 (0.2) Optix (43) (16.5) (18) (6.1) (> 100) (10.4) 1 264 8.5 1 153 7.5 10 1.0 Net finance costs decreased by 16% to R433 million (1H25: R517 million) due to lower interest rates and reduced net interest-bearing debt. Headline earnings per share (‘HEPS’) increased by 32% to 22.7 cents (1H25: 17.2 cents) and basic earnings per share (‘EPS’) increased by 28% to 20.8 cents (1H25: 16.2 cents). Capital items Capital items of R50 million (1H25: R33 million) include a loss on disposal of subsidiaries of R38 million related to the disposal of Unitrans’ petrochemical operations in Eswatini. Taxation The effective tax rate of 28.0% (1H25: 26.0%) is higher compared with 1H25 due to taxation losses on which no deferred taxation is raised of R48 million and the loss on the disposal of subsidiaries of R38 million, offset by prior period adjustments of R52 million. Statement of financial position The group’s balance sheet remains resilient. We are targeting a reduction in net interest-bearing debt of R500 million in FY26, with a further reduction planned for FY27, supported by the contribution of the major capital projects, an improved performance from mainly Unitrans, and prudent capital allocation. The net asset value per share decreased to 513 cents (1H25: 518 cents), owing to the material impairments of goodwill and intangible assets in FY25. Net working capital Net working capital increased by R251 million. Inventory increased by R146 million and accounts payable decreased by R534 million, offset by a R429 million decrease in accounts receivable. The group’s focus remains on optimising net working capital by aligning production and inventory levels with domestic demand and exports, where commercially viable. Cash flow Cash generated from operations of R899 million (1H25: R649 million) was R250 million more than 1H25, comprising R132 million higher cash generated from trading and R118 million less cash absorbed in net working capital. We expect the cash conversion ratio of EBITDA to cash flow generated from operations to normalise towards year-end to achieve our internal target of greater than 90%. Free cash outflow (before dividends paid) of R219 million is R576 million better than 1H25, mainly due to R250 million more cash generated from operations and R229 million lower investing activities. Both net finance costs and taxation paid decreased compared with 1H25. FINANCIAL REVIEW SALIENT FEATURES AND OVERVIEW DIVISIONAL OPERATIONAL PERFORMANCE FINANCIAL REVIEW CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KAP UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 7
Page 8
Capital expenditure Depreciation and amortisation (excluding right-of-use asset depreciation) amounted to R667 million (1H25: R689 million), while replacement capital expenditure net of proceeds from disposal, insurance proceeds and government grants received amounted to R469 million (1H25: R440 million). Following the completion of the major capital projects, we intentionally reduced expansion capital expenditure and maintained the discipline to invest in higher-return assets and contracts, resulting in an investment of R202 million (1H25: R314 million), net of government grants received. Corporate action PG Bison entered a merger transaction on 29 October 2025, which will combine its non-core forestry , sawmilling and pole operations in the southern Cape with the southern and Eastern Cape forestry and sawmilling operations of MTO Forestry . The devastating fires in recent years, which have severely impacted forestry and sawmilling in both the southern and Eastern Cape regions, have resulted in both businesses operating suboptimally . The merger will establish a significant black-controlled entity in the forestry and sawmilling industry , leading to increased production and reliability of sawlog supply , improved efficiencies and reduced costs, all of which should encourage further investment and enhance competitiveness. The merger is subject to conditions precedent, including Competition Commission approval. The non-current assets of R653 million and non-current liabilities of R28 million are classified as held for sale in the statement of financial position. Unitrans continues to rationalise its assets and contracts portfolio to enhance returns. As part of this process, the division disposed of its petrochemical operations in Eswatini for R209 million, effective 1 December 2025, of which R46 million is due in March 2026. A R38 million loss on disposal arose because the disposal price was lower than the equity value of R247 million on the effective date. The division is actively pursuing further rationalisation opportunities. Sleep Group acquired a bedding manufacturer in Botswana, effective 1 August 2025 for R30 million, to serve the Botswana and Zambian regions. Goodwill of R15 million was recognised. Financing activities During 1H26, bonds to the value of R940 million were settled with funds raised through the planned public bond auction in 2H25. The R2 billion three-year tranche of the revolving credit facility , due to mature on 7 December 2026, was amended and the repayment date was extended by two years to 7 December 2028. The extension was implemented to manage liquidity and refinancing risk. Capital structure Net interest-bearing debt of R8 515 million decreased by R752 million compared with 1H25. The reduction exceeded our expectations, primarily due to lower-than-planned capital expenditure as we adopted a prudent approach to capital expenditure following the conclusion of our major capital projects. The net interest-bearing debt-to-equity (gearing) ratio declined to 66% (1H25: 72%). Compared with FY25, net interest- bearing debt is R409 million higher due to seasonality , resulting in increased working capital absorption in the first half of the financial year . Debt serviceability ratios for 1H26 of net debt to EBITDA at 2.4 times and EBITDA to interest cover at 3.9 times remained within our financial covenants of less than 3.0 times and greater than 3.5 times respectively . We expect the ratios to improve based on our plan to reduce net interest-bearing debt in FY26 and FY27. Global Credit Rating Co. Proprietary Limited reviewed KAP’s credit rating in November 2025 and confirmed its rating as A+(za), but revised the outlook from stable to negative. FINANCIAL REVIEW (CONTINUED) SALIENT FEATURES AND OVERVIEW DIVISIONAL OPERATIONAL PERFORMANCE FINANCIAL REVIEW CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KAP UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 8
Page 9
FINANCIAL REVIEW (CONTINUED) Maturity of net interest-bearing debt as at 31 December 2025 (3 000) (2 000) (1 000) 0 1 000 2 000 3 000 4 000 Jun-31 and thereafter Jun-30Jun-29Jun-28Jun-27Jun-26Dec-25 Rand million Debt repayments Vehicle and asset finance Lease liabilities (1 051) 1 714 1 000 905 (2 077) (1 804) (1 999) Available facilities – uncommitted (625) Available facilities – committedCash net of overdraft The debt maturity profile, as reflected below, is healthy and within the capacity of the group to settle or refinance maturities: The debt structure, movement in net interest-bearing debt and financial covenant ratios are reflected as follows: Debt structure and capacity ratios 31 Dec 2025 Unaudited 31 Dec 2024 Unaudited 30 Jun 2025 Audited Rm Rm Rm Loans and borrowings non-current 6 447 7 855 7 309 Loans and borrowings current 2 588 2 195 2 563 Lease liabilities non-current 289 301 281 Lease liabilities current 111 87 94 Non-interest-bearing loans and borrowings (15) (51) (51) Bank overdrafts 749 98 – Cash and cash equivalents (1 654) (1 218) (2 090) Net interest-bearing debt 8 515 9 267 8 106 Movement in net interest-bearing debt Balance at the beginning of the period excluding lease liabilities 7 731 7 971 7 971 Net interest-bearing loans and borrowings (paid)/received (772) 634 459 Decrease in accrued interest on loans and borrowings (9) (4) (7) Net decrease/(increase) in cash and cash equivalents 1 128 296 (705) Net disposal of subsidiaries (20) – – Effects of exchange rate translations on cash and cash equivalents 57 (18) 13 Net interest-bearing debt excluding lease liabilities 8 115 8 879 7 731 Lease liabilities 400 388 375 Net interest-bearing debt 8 515 9 267 8 106 EBITDA1 1 986 1 897 3 422 Net finance costs including capitalised borrowings costs 433 517 976 EBITDA: interest cover (times) > 3.52, 3, 4 3.9 3.6 3.5 Net debt: EBITDA (times) < 3.02, 3 2.4 2.6 2.4 Gearing % 66 72 65 1 Operating profit before depreciation, amortisation and capital items. 2 Rolling 12 months. 3 Financial covenant triggers. 4 EBITDA: interest cover covenant requirement increases: 2025: 3.25 2026: 3.5 SALIENT FEATURES AND OVERVIEW DIVISIONAL OPERATIONAL PERFORMANCE FINANCIAL REVIEW CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KAP UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 9
Page 10
The board has historically not declared an interim dividend. In considering KAP’s net debt levels within the context of the subdued and uncertain macroeconomic environment, the board believes it prudent to maintain this approach and focus on the reduction of debt. We remain deeply grateful to all our key stakeholders for their continued trust and support during the period. On behalf of the board Johan Holtzhauzen Independent non-executive chairperson Frans Olivier Chief executive officer Dries Ferreira Chief financial officer 25 February 2026 Safripol raw material supply dispute Sasol South Africa Limited (‘Sasol’) supplies Safripol with propylene and ethylene, used to produce PP and HDPE, in terms of evergreen supply agreements. In FY25, Safripol and Sasol entered into a dispute relating to the price of ethylene, which has progressed to independent arbitration and remains in progress. Separately , during the period, the companies also entered into a dispute relating to the volume commitment in terms of the ethylene supply agreement. The volume dispute has subsequently progressed to independent mediation and remains in progress. On 30 June 2025, Safripol lodged a complaint against Sasol at the Competition Commission and requested the Commission to investigate expeditiously whether Sasol’s conduct, as the monopoly ethylene supplier in South Africa, is in contravention of the Competition Act. Safripol also applied to the Competition Tribunal for interim relief under section 49C of the Competition Act. The matter was heard before the Competition Tribunal and judgement remains outstanding. FINANCIAL REVIEW (CONTINUED) DIVIDEND APPRECIATION SALIENT FEATURES AND OVERVIEW DIVISIONAL OPERATIONAL PERFORMANCE FINANCIAL REVIEW CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KAP UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 10
Page 11
CONDENSED CONSOLIDATED INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME Six months ended 31 Dec 2025 Unaudited Six months ended 31 Dec 2024 Unaudited Year ended 30 Jun 2025 Audited Notes Rm Rm % change Rm Revenue 1 14 872 15 355 (3) 29 615 Cost of revenue (11 739) (12 601) (24 465) Gross profit 3 133 2 754 14 5 150 Operating profit before depreciation, amortisation and capital items 1 986 1 897 5 3 422 Depreciation and amortisation (722) (744) (1 485) Operating profit before capital items 1 264 1 153 10 1 937 Capital items 2 (50) (33) (765) Operating profit 1 214 1 120 8 1 172 Finance costs (469) (553) (1 053) Finance income 36 36 77 Share of profit of associate and joint venture companies 25 24 38 Profit before taxation 806 627 29 234 Taxation (226) (163) (148) Profit for the period 580 464 25 86 Profit attributable to: Owners of the parent 521 405 29 10 Non-controlling interests 59 59 76 Profit for the period 580 464 25 86 Other comprehensive (loss)/income Items that may be reclassified subsequently to profit or loss: Exchange differences on translation of foreign operations (130) 50 (41) Total other comprehensive (loss)/income for the period, net of taxation (130) 50 (41) Total comprehensive income for the period, net of taxation 450 514 (12) 45 Total comprehensive income/(loss) attributable to: Owners of the parent 395 457 (30) Non-controlling interests 55 57 75 Profit for the period 59 59 76 Foreign currency translation reserve transferred to non-controlling interests (4) (2) (1) Total comprehensive income for the period 450 514 (12) 45 Earnings per share attributable to owners of the parent 3 Cents Cents % change Cents Basic earnings 20.8 16.2 28 0.4 Diluted earnings 20.7 15.9 30 0.4 11 SALIENT FEATURES AND OVERVIEW DIVISIONAL OPERATIONAL PERFORMANCE FINANCIAL REVIEW CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KAP UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Page 12
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 Dec 2025 Unaudited 31 Dec 2024 Unaudited 30 Jun 2025 Audited Rm Rm Rm Assets Non-current assets Goodwill 525 656 510 Intangible assets 1 476 1 776 1 491 Property , plant and equipment 15 062 16 128 15 633 Investment property 20 – 20 Right-of-use assets 340 332 318 Consumable biological assets 1 239 1 604 1 610 Investments in associate and joint venture companies 242 251 244 Investments and loans receivable 8 4 9 Deferred taxation assets 54 83 59 Derivative financial instruments 26 75 39 18 992 20 909 19 933 Current assets Inventories 4 185 4 039 3 823 Trade and other receivables 4 784 5 132 4 834 Derivative financial instruments 26 58 14 Loans receivable 11 17 11 Taxation receivable 123 122 100 Cash and cash equivalents 1 654 1 218 2 090 10 783 10 586 10 872 Assets held for sale 653 – – 11 436 10 586 10 872 Total assets 30 428 31 495 30 805 Equity and liabilities Capital and reserves Total equity attributable to owners of the parent 12 857 12 952 12 443 Non-controlling interests 294 261 261 Total equity 13 151 13 213 12 704 Non-current liabilities Loans and borrowings 6 447 7 855 7 309 Lease liabilities 289 301 281 Employee benefits 44 55 46 Provisions – 2 2 Deferred taxation liabilities 2 433 2 546 2 388 9 213 10 759 10 026 Current liabilities Loans and borrowings 2 588 2 195 2 563 Lease liabilities 111 87 94 Employee benefits 299 254 380 Provisions 27 40 28 Trade and other payables 4 202 4 784 4 965 Derivative financial instruments 39 10 22 Taxation payable 12 19 16 Bank overdrafts 749 98 – Other financial liabilities 9 36 7 8 036 7 523 8 075 Liabilities held for sale 28 – – 8 064 7 523 8 075 Total equity and liabilities 30 428 31 495 30 805 12 SALIENT FEATURES AND OVERVIEW DIVISIONAL OPERATIONAL PERFORMANCE FINANCIAL REVIEW CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KAP UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Page 13
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Six months ended 31 Dec 2025 Unaudited Six months ended 31 Dec 2024 Unaudited Year ended 30 Jun 2025 Audited Rm Rm Rm Balance at beginning of the period 12 704 12 775 12 775 Changes in reserves Total comprehensive income/(loss) for the period attributable to owners of the parent 395 457 (30) Share-based payments 19 20 7 Other movements – – (9) Changes in non-controlling interests Total comprehensive income for the period attributable to non-controlling interests 55 57 75 Dividends declared (78) (96) (123) Transactions with non-controlling interests – – 9 Disposal of subsidiaries with non-controlling interests 56 – – Balance at end of the period 13 151 13 213 12 704 Comprising: Stated share capital 7 896 7 896 7 896 Distributable reserves 8 263 8 146 7 742 Share-based payment reserve 655 649 636 Reverse acquisition reserve (3 952) (3 952) (3 952) Other reserves (5) 213 121 Non-controlling interests 294 261 261 13 151 13 213 12 704 13 SALIENT FEATURES AND OVERVIEW DIVISIONAL OPERATIONAL PERFORMANCE FINANCIAL REVIEW CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KAP UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Page 14
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Six months ended 31 Dec 2025 Unaudited Six months ended 31 Dec 2024 Unaudited Year ended 30 Jun 2025 Audited Rm Rm Rm Operating profit 1 214 1 120 1 172 Adjusted for: Capital items 50 33 765 Depreciation and amortisation 722 744 1 485 Net fair value adjustments of consumable biological assets1 29 (18) (24) Other non-cash adjustments 38 42 35 Cash generated before working capital changes 2 053 1 921 3 433 Increase in inventories (373) (228) (36) (Increase)/decrease in trade and other receivables (27) (189) 107 Decrease in trade and other payables (754) (855) (482) Changes in working capital (1 154) (1 272) (411) Cash generated from operations 899 649 3 022 Dividends received 7 15 22 Finance income received 36 36 78 Finance costs paid (477) (557) (1 061) Dividends paid (76) (61) (116) Taxation paid (166) (191) (282) Net cash inflow/(outflow) from operating activities 223 (109) 1 663 Additions to property , plant and equipment (770) (820) (1 592) Additions to intangible assets (2) (8) (11) Proceeds from disposal of property , plant and equipment 82 60 140 Acquisition of business, net of cash acquired (30) – – Disposal of subsidiaries, net of cash disposed 171 – 110 Government grants received 16 3 2 Insurance proceeds 1 3 29 Other investing activities 14 15 25 Net cash outflow from investing activities (518) (747) (1 297) Net cash (outflow)/inflow from operating and investing activities (295) (856) 366 Loans and borrowings received 432 2 372 4 080 Loans and borrowings repaid (1 204) (1 738) (3 621) Lease liabilities capital repayments (52) (54) (100) Other movements (9) (20) (20) Net cash (outflow)/inflow from financing activities (833) 560 339 Net (decrease)/increase in cash and cash equivalents (1 128) (296) 705 Cash and cash equivalents at beginning of period 2 090 1 398 1 398 Effects of exchange rate translations on net cash and cash equivalents (57) 18 (13) Net cash and cash equivalents at end of the period 905 1 120 2 090 1 Includes fair value gains and decrease due to harvesting and sale of livestock. 14 SALIENT FEATURES AND OVERVIEW DIVISIONAL OPERATIONAL PERFORMANCE FINANCIAL REVIEW CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KAP UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Page 15
SEGMENTAL ANALYSIS Six months ended 31 Dec 2025 Unaudited Six months ended 31 Dec 2024 Unaudited Year ended 30 Jun 2025 Audited Note Rm Rm % change Rm Revenue PG Bison 3 591 3 040 18 6 327 Safripol 4 277 5 213 (18) 9 692 Unitrans 4 558 4 957 (8) 9 332 Feltex 1 421 1 157 23 2 429 Sleep Group 1 061 1 011 5 1 834 Optix 261 294 (11) 602 15 169 15 672 (3) 30 216 Intersegmental eliminations (297) (317) (601) 1 14 872 15 355 (3) 29 615 Operating profit/(loss) before depreciation, amortisation and capital items PG Bison 696 562 24 1 018 Safripol 263 382 (31) 706 Unitrans 674 694 (3) 1 162 Feltex 215 106 > 100 296 Sleep Group 146 139 5 215 Optix (11) 13 (> 100) 20 Corporate, consolidation and eliminations 3 1 5 1 986 1 897 5 3 422 Depreciation and amortisation PG Bison (151) (149) 1 (301) Safripol (94) (100) (6) (203) Unitrans (342) (371) (8) (726) Feltex (69) (64) 8 (130) Sleep Group (31) (28) 11 (56) Optix (32) (31) 3 (64) Corporate, consolidation and eliminations (3) (1) (5) (722) (744) (3) (1 485) Operating profit/(loss) before capital items PG Bison 545 413 32 717 Safripol 169 282 (40) 503 Unitrans 332 323 3 436 Feltex 146 42 > 100 166 Sleep Group 115 111 4 159 Optix (43) (18) (> 100) (44) 1 264 1 153 10 1 937 15 SALIENT FEATURES AND OVERVIEW DIVISIONAL OPERATIONAL PERFORMANCE FINANCIAL REVIEW CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KAP UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Page 16
SEGMENTAL ANALYSIS (CONTINUED) 31 Dec 2025 Unaudited 31 Dec 2024 Unaudited 30 Jun 2025 Audited Notes Rm Rm % change Rm Operating assets PG Bison 9 650 10 114 (5) 10 232 Safripol 6 845 7 661 (11) 6 617 Unitrans 6 980 7 491 (7) 7 183 Feltex 1 821 1 909 (5) 2 018 Sleep Group 1 844 1 751 5 1 765 Optix 589 890 (34) 527 Corporate, consolidation and eliminations (46) (16) (50) 5 27 683 29 800 (7) 28 292 Operating liabilities PG Bison 1 188 1 008 18 1 331 Safripol 1 748 2 242 (22) 1 740 Unitrans 1 006 1 200 (16) 1 256 Feltex 380 436 (13) 513 Sleep Group 267 252 6 343 Optix 95 98 (3) 111 Corporate, consolidation and eliminations (73) (91) 149 6 4 611 5 145 (10) 5 443 Net operating assets/(liabilities)1 PG Bison 8 462 9 106 (7) 8 901 Safripol 5 097 5 419 (6) 4 877 Unitrans 5 974 6 291 (5) 5 927 Feltex 1 441 1 473 (2) 1 505 Sleep Group 1 577 1 499 5 1 422 Optix 494 792 (38) 416 Corporate, consolidation and eliminations 27 75 (199) 23 072 24 655 (6) 22 849 Net working capital PG Bison 1 719 1 500 15 1 399 Safripol 1 355 1 340 1 1 068 Unitrans 706 809 (13) 564 Feltex 159 128 24 199 Sleep Group 224 179 25 108 Optix 232 143 62 147 Corporate, consolidation and eliminations 15 60 (218) 7 4 410 4 159 6 3 267 1 Net operating assets/(liabilities) comprise operating assets less operating liabilities. 16 SALIENT FEATURES AND OVERVIEW DIVISIONAL OPERATIONAL PERFORMANCE FINANCIAL REVIEW CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KAP UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Page 17
SEGMENTAL ANALYSIS (CONTINUED) Six months ended 31 Dec 2025 Unaudited Six months ended 31 Dec 2024 Unaudited Year ended 30 Jun 2025 Audited Note Rm Rm Rm Replacement capital expenditure2 PG Bison 29 19 59 Safripol 19 36 115 Unitrans3 382 356 667 Feltex 30 28 72 Sleep Group 10 2 9 Optix (1) (1) (2) Corporate, consolidation and eliminations – – 1 469 440 921 Expansion capital expenditure4 PG Bison 45 153 186 Safripol 1 11 58 Unitrans 98 92 146 Feltex 11 18 40 Sleep Group 17 4 14 Optix 30 36 56 202 314 500 Total capital expenditure2 PG Bison 74 172 245 Safripol 20 47 173 Unitrans3 480 448 813 Feltex 41 46 112 Sleep Group 27 6 23 Optix 29 35 54 Corporate, consolidation and eliminations – – 1 8 671 754 1 421 2 Net of proceeds from disposal of property , plant and equipment, insurance proceeds and government grants received. 3 Unitrans proceeds from disposal of assets totalled R81 million (31 December 2024: R58 million and 30 June 2025: R137 million), mainly due to the disposal of underutilised vehicles and trailers. 4 Net of government grants received. 17 SALIENT FEATURES AND OVERVIEW DIVISIONAL OPERATIONAL PERFORMANCE FINANCIAL REVIEW CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KAP UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Page 18
SELECTED EXPLANATORY NOTES Goods Services Rentals Total Rm Rm Rm Rm Note 1: Revenue Six months ended 31 December 2025 Unaudited PG Bison 4 009 – – 4 009 Safripol 4 321 – – 4 321 Unitrans 41 4 516 – 4 557 Feltex 1 423 – – 1 423 Sleep Group 1 211 – – 1 211 Optix 112 110 – 222 Gross revenue 11 117 4 626 – 15 743 Variable consideration (613) – – (613) Intergroup eliminations (43) (249) – (292) Revenue from contracts with customers 10 461 4 377 – 14 838 Optix – – 39 39 Intergroup eliminations – – (5) (5) 10 461 4 377 34 14 872 Six months ended 31 December 2024 Unaudited PG Bison 3 402 – – 3 402 Safripol 5 252 – – 5 252 Unitrans 59 4 899 – 4 958 Feltex 1 158 – – 1 158 Sleep Group 1 145 – – 1 145 Optix 65 191 – 256 Gross revenue 11 081 5 090 – 16 171 Variable consideration (537) (1) – (538) Intergroup eliminations (45) (267) – (312) Revenue from contracts with customers 10 499 4 822 – 15 321 Optix – – 39 39 Intergroup eliminations – – (5) (5) 10 499 4 822 34 15 355 Year ended 30 June 2025 Audited PG Bison 7 060 – – 7 060 Safripol 9 769 – – 9 769 Unitrans 108 9 224 – 9 332 Feltex 2 432 – – 2 432 Sleep Group 2 070 – – 2 070 Optix 280 244 – 524 Gross revenue 21 719 9 468 – 31 187 Variable consideration (1 049) (1) – (1 050) Intergroup eliminations (54) (537) – (591) Revenue from contracts with customers 20 616 8 930 – 29 546 Optix – – 79 79 Intergroup eliminations – – (10) (10) 20 616 8 930 69 29 615 Six months ended 31 Dec 2025 Unaudited Six months ended 31 Dec 2024 Unaudited Year ended 30 Jun 2025 Audited Rm Rm Rm Geographical distribution South Africa 12 098 12 762 24 289 Rest of Africa 2 134 2 060 3 724 Middle East 249 173 515 Europe 158 201 395 Australasia 120 18 195 Americas 108 140 484 Asia 5 1 13 14 872 15 355 29 615 18 SALIENT FEATURES AND OVERVIEW DIVISIONAL OPERATIONAL PERFORMANCE FINANCIAL REVIEW CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KAP UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Page 19
SELECTED EXPLANATORY NOTES (CONTINUED) Six months ended 31 Dec 2025 Unaudited Six months ended 31 Dec 2024 Unaudited Year ended 30 Jun 2025 Audited Note Rm Rm Rm Note 2: Capital items Loss on disposal of property , plant and equipment (13) (25) (32) Loss on disposal of subsidiaries (38) – – Impairments1 – (11) (757) Insurance income 1 3 29 Other capital items – – (5) (50) (33) (765) 1 Impairments of goodwill, intangible assets and property , plant and equipment. Cents Cents Cents Note 3: Earnings Basic earnings per share 20.8 16.2 0.4 Diluted earnings per share 20.7 15.9 0.4 Headline earnings per share 22.7 17.2 24.1 Diluted headline earnings per share 22.6 16.8 23.8 Net asset value per share 513 518 498 Rm Rm Rm Headline earnings attributable to owners of the parent Basic and diluted earnings attributable to owners of the parent 521 405 10 Adjusted for: Capital items 2 50 33 765 Taxation effects of capital items (3) (9) (154) Non-controlling interests’ portion of capital items, net of taxation – (1) (23) Capital items of associate and joint venture companies, net of taxation – – 5 568 428 603 Million Million Million Weighted average number of ordinary shares Issued ordinary shares at beginning of the period 2 501 2 494 2 494 Effect of shares issued 1 1 4 Weighted average number of ordinary shares 2 502 2 495 2 498 Potential dilutive effect of share rights granted 15 56 33 Diluted weighted average number of ordinary shares 2 517 2 551 2 531 Number of ordinary shares in issue 2 508 2 501 2 501 Fair value as at 31 Dec 2025 Unaudited Fair value as at 31 Dec 2024 Unaudited Fair value as at 30 Jun 2025 AuditedFair value hierarchy Rm Rm Rm Note 4: Fair values of financial instruments Derivative financial assets Level 2 52 133 53 Derivative financial liabilities Level 2 (39) (10) (22) There were no Level 1 or Level 3 financial assets or financial liabilities for 31 December 2025, 31 December 2024 and 30 June 2025. In November 2022, the group entered into an equity derivative transaction for a total amount of R117 million to hedge the cash impact of a long-term incentive scheme. The hedging instrument’s forward dates are 2 November 2026, 1 November 2027 and 31 October 2028, which closely coincide with the vesting dates of the long-term incentive scheme. Level 2 financial instruments consist of derivative financial instruments that are valued using techniques where all the inputs that have a significant effect on the valuation are directly or indirectly based on observable market data. These inputs include foreign exchange rates and quoted share prices. The carrying amount for all financial instruments approximates the fair value, with the exception of loans and borrowings where the fair value at 31 December 2025 is R9 079 million (31 December 2024: R10 104 million and 30 June 2025: R9 929 million). 19 SALIENT FEATURES AND OVERVIEW DIVISIONAL OPERATIONAL PERFORMANCE FINANCIAL REVIEW CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KAP UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Page 20
SELECTED EXPLANATORY NOTES (CONTINUED) 31 Dec 2025 Unaudited 31 Dec 2024 Unaudited 30 Jun 2025 Audited Rm Rm Rm Note 5: Operating assets Goodwill 525 656 510 Intangible assets 1 476 1 776 1 491 Property , plant and equipment 15 062 16 128 15 633 Investment property 20 – 20 Right-of-use assets 340 332 318 Consumable biological assets 1 239 1 604 1 610 Inventories 4 185 4 039 3 823 Trade and other receivables 4 784 5 132 4 834 Derivative financial instruments 52 133 53 27 683 29 800 28 292 Note 6: Operating liabilities Employee benefits 343 309 426 Provisions 27 42 30 Trade and other payables 4 202 4 784 4 965 Derivative financial instruments 39 10 22 4 611 5 145 5 443 Note 7: Net working capital Inventories 4 185 4 039 3 823 Trade and other receivables 4 784 5 132 4 834 Employee benefits (343) (309) (426) Provisions (27) (42) (30) Trade and other payables (4 202) (4 784) (4 965) Net derivative financial instruments 13 123 31 4 410 4 159 3 267 Note 8: Total capital expenditure Additions to property , plant and equipment 770 820 1 592 Proceeds from disposal of property , plant and equipment (82) (60) (140) Government grants received (16) (3) (2) Insurance proceeds (1) (3) (29) 671 754 1 421 Note 9: Capital commitments Capital expenditure Contracts for capital expenditure authorised 610 263 144 Capital expenditure will be financed from cash flows from operating activities and existing borrowing facilities. 20 SALIENT FEATURES AND OVERVIEW DIVISIONAL OPERATIONAL PERFORMANCE FINANCIAL REVIEW CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KAP UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Page 21
SELECTED EXPLANATORY NOTES (CONTINUED) Statement of compliance The condensed consolidated interim financial information has been prepared and presented in accordance with the framework concepts and the measurement and recognition requirements of IFRS® Accounting Standards, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the financial pronouncements as issued by the Financial Reporting Standards Council, the JSE Limited (‘JSE’) Listings Requirements, as a minimum the information as required by IAS 34 – Interim Financial Reporting and the requirements of the Companies Act, No. 71 of 2008 of South Africa as amended. The condensed consolidated interim financial information has been prepared using accounting policies that comply with IFRS Accounting Standards, which are consistent with those applied in the consolidated financial statements for the year ended 30 June 2025. Basis of preparation The condensed consolidated interim financial statements are prepared in millions of South African rand (Rm) on the historical- cost basis, except for certain assets and liabilities, which are carried at amortised cost, and derivative financial instruments and consumable biological assets, which are stated at their fair values. The preparation of the condensed consolidated interim financial statements for the six months ended 31 December 2025 was supervised by Frans Olivier CA(SA), the group’s chief executive officer (previously the group’s chief financial officer) and Dries Ferreira CA(SA), the group’s chief financial officer . Accounting policies The accounting policies and methods of computation of the group have been consistently applied to periods presented in the condensed consolidated interim financial statements and are in accordance with IFRS Accounting Standards. The group uses the official exchange rates to report the results of operations in Malawi and Mozambique. Financial statements These results have not been reviewed or reported on by the group’s auditors. The results were approved by the board of directors on 25 February 2026. Events after reporting date No significant events have occurred in the period between the end of the period under review and the date of this report. Changes to the board, board committees and key portfolios TC Isaacs resigned on 17 October 2025 as an independent non- executive director , member of the audit and risk committee and member of the sustainability , social and ethics committee. S Totaram was appointed as member of the human capital and remuneration committee effective 17 October 2025 and as chairperson of the audit and risk committee with effect from 15 November 2025, replacing KT Hopkins who will remain a member of the audit and risk committee. SH Müller stepped down as member of the audit and risk committee with effect from 15 November 2025. GN Chaplin resigned as executive director and member of the sustainability , social and ethics committee effective 31 October 2025. FH Olivier was appointed as member of the sustainability , social and ethics committee on the same date. JAI Ferreira was appointed as group chief financial officer with effect from 1 February 2026, following the appointment of FH Olivier (who was the group chief financial officer until 31 October 2025) as group chief executive officer effective 1 November 2025. SP Lunga has resigned as executive director of corporate affairs, effective 30 April 2026. 21 SALIENT FEATURES AND OVERVIEW DIVISIONAL OPERATIONAL PERFORMANCE FINANCIAL REVIEW CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KAP UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Page 22
Corporate information KAP Limited (’KAP’ or ’the company’) Independent non-executive directors: JA Holtzhausen (Chairperson), Z Fuphe, KT Hopkins, SN Maseko, V McMenamin, AFB Mthembu, SH Müller , S Totaram Executive directors: FH Olivier (Chief executive officer), JAI Ferreira (Chief financial officer), SP Lunga (Corporate affairs executive) Registration number: 1978/000181/06 Share code: KAP ISIN: ZAE000171963 Company Alpha code: KAP LEI code: 3789001F51BC0045FD42 Registered address: 3rd Floor , Building 2, The Views, Founders Hill Office Park, 18 Centenary Street, Modderfontein, Johannesburg 1645 Postal address: PO Box 2766, Edenvale 1610 Telephone: 010 005 3000 Facsimile: 010 005 3050 E-mail: investors@kap.co.za Transfer secretary: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank 2196 Company secretary: KAP Secretarial Services Proprietary Limited External auditor: KPMG Inc. Equity and debt sponsor: PSG Capital Proprietary Limited Announcement date: 26 February 2026 WWW.KAP .CO.ZA