Slides
Page 1
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 1 AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026
Page 2
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 2 AGENDA OPERATIONAL REVIEW Frans Olivier FINANCIAL REVIEW Dries Ferreira GROUP OUTLOOK Frans Olivier Q&A Frans Olivier / Dries Ferreira
Page 3
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 3 OPERATIONAL REVIEW Frans Olivier Chief executive officer
Page 4
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 4 OVERVIEW General remarks • Strategy execution to deliver improved returns and enhance shareholder value athree to five-year process • FY26 execution and focus established good momentum, further progress required • We remain focused on executing items within our control and expectations around delivery are clear Operating environment • Generally challenging trading conditions, supply chain disruptions related to the conflict in the Middle East Highlights • Improved profitability, cash generation and returns were supported by disciplined execution across the group; continued focus on customers, costs, asset optimisation, working capital and capital allocation • PG Bison, Safripol, Unitrans and Feltex contributed to the improved performance • Net debt reduction of R1.1 billion, ahead of R500 million target Lowlights • Sleep Group and Optix results lower
Page 5
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 5 • Sustained demand, particularly for upgraded (value-add) board • Full utilisation of new MDF line and process optimisation (value add) supported higher production volumes and plant efficiencies • Panel sales volumes +13%: primary markets +9%; deep-sea exports (mainly raw MDF) +39%; value add +7% • Value-add 60% (FY25: 63%) of sales volumes; deep-sea exports 18% (FY25: 14%) of sales volumes • Revenue +15%; operating profit +30%, driven by higher panel sales and production volumes • Outlook/actions: ▪ +40% upgrading capacity by 2H27, focus on value-add sales ▪ Maintain volume, with reallocation to higher-margin markets ▪ Continued focus on efficiencies and cost savings Increased capacity and commercial initiatives support growth Operating profit R935 million 30% Operating margin 12.8% from 11.3% Revenue R7 278 million 15% PG BISON ROCE 10.6% from 8.2%
Page 6
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 6 • Challenging polymers market: global oversupply, subdued demand and weak pricing, increased PET imports priced below market • Q4 Middle East-related supply disruptions tightened global polymer supply, supported global industry margins and temporarily reduced import competition • Production volumes -10% following Q1 and Q3 PET plant shutdowns to reduce inventory and align output with demand • Sales volumes flat: domestic +4% on Q4 recovery; exports -15% to 13% (FY25: 15%) of sales volumes • Revenue -6% on rand strength; operating profit +25%, supported by Q4 recovery related to Middle East supply disruptions • Outlook/actions: ▪ Prices and margins expected to ease as supply normalises and industry remains oversupplied; rand strength a headwind ▪ Continued focus on efficiencies, procurement, cost savings and higher-margin polymers Operating profit R631 million 25% Operating margin 6.9% from 5.2% Revenue R9 131 million 6% SAFRIPOL Temporary Q4 tailwinds amid cyclical lows ROCE 14.7% from 9.9%
Page 7
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 7 • Objective to build a focused business with improved profitability and returns; good progress during the year underpinned by disciplined execution • Subdued regional economy constrained growth at acceptable returns • Revenue -7% on lower passenger operations' contribution (Mozambique exit and FY25 commuter contract disposal) • Operating profit +41%, driven by stronger agriculture, petrochemical and food operations, supported by efficiencies and cost control • Petrochemical operations, c. 33% of revenue, delivered strong turnaround following 2H25 restructuring and Eswatini disposal • Outlook/actions: ▪ Continue to exit low-return activities, selectively modernise the fleet (including phased catch-up replacement), pursue value-accretive growth ▪ Maintain R700 million medium-term operating profit target Operating profit R616 million 41% Operating margin 7.1% from 4.7% Revenue R8 671 million 7% UNITRANS Building a stronger, focused business ROCE 10.3% from 7.3%
Page 8
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 8 • Domestic vehicle assembly volumes +6% following FY25 constraints • Domestic passenger, LCV and SUV sales +15%, +14% and +17%, respectively, supported by lower average interest rates and competitively priced imports • Revenue +14%; operating profit +63%, driven by higher assembly and aftermarket volumes, improved operational efficiencies, good cost control and no repeat of 1H25 model changeover costs • Outlook/actions: ▪ Assembly volumes momentum is expected to moderate ▪ New LCV model launched in 2H26, replacement SUV planned for 2H27 ▪ Continued focus on localisation, efficiencies, cost savings and government engagement to support sector growth and sustainability FELTEX Strong recovery in performance as prior-year constraints eased Operating profit R270 million 63% Operating margin 9.8% from 6.8% Revenue R2 758 million 14% ROCE 18.0% from 10.8%
Page 9
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 9 • Weak consumer environment: disposable income pressure, promotion-led buying, strong FY25 base • Bedding unit sales declined modestly; Namibian growth and Botswana inclusion offset domestic weakness • Revenue flat, modest bedding sales decline offset by marginal raw materials growth • Operating profit -26%; stronger raw materials performance offset by lower bedding profitability • Outlook/actions: ▪ Extended bedding range (entry, mid-range, premium), Botswana operations to support growth ▪ Continued focus on efficiencies and cost reductions to improve competitiveness Operating profit R117 million 26% Operating margin 6.4% from 8.7% Revenue R1 831 million stable SLEEP GROUP Performance weighed down by weak demand and competition ROCE 9.2% from 11.0%
Page 10
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 10 • Subscriptions +74%, reflecting continued recurring revenue momentum • Revenue -10%, subscription growth offset by decline in hardware sales in a highly price-competitive market • Operating loss increased due to product development, capacity investments and slow sales pipeline conversion • Outlook/actions: ▪ Full benefits of restructuring completed during the year expected in FY27 ▪ Accelerate sales and recurring revenue to improve performance Operating loss R96 million (> 100%) Revenue R544 million 10% OPTIX Slow sales pipeline conversion continued to pressure performance
Page 11
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 11 FINANCIAL REVIEW Dries Ferreira Chief financial officer
Page 12
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 12 SALIENT FEATURES OF THE FY26 RESULTS Revenue R29.6 billion stable EBITDA R3.9 billion 13% Operating profit before capital items R2.5 billion 28% Operating margin 8.4% 190 bps Headline earnings per share 45.2 cents 88% Net working capital R3.3 billion 2% Net interest-bearing debt R7.0 billion 14% Cash generated from operations R3.9 billion 30% Expansion capital expenditure R510 million 2% Loss per share 4.8 cents (FY25: 0.4 cents earnings) Free cash flow (before dividends) R1.3 billion 178% ROCE 11.2% 280 bps
Page 13
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 13 0 500 1 000 1 500 2 000 2 500 3 000 FY25 PG Bison Safripol Unitrans Feltex Sleep Group Optix Intersegmental eliminations FY26 29 615 29 606 (Rm) GROUP REVENUE 951 329 (561) (3) (58) (661) (6) Stable compared with prior year Revenue growth by: ▪ Increased sales and production volumes at PG Bison ▪ Improved domestic vehicle assembly volumes benefiting Feltex Offset by: ▪ Safripol impacted by stronger rand relative to the USD ▪ Unitrans affected by lower contribution from passenger operations
Page 14
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 14 0 350 700 1 050 1 400 1 750 FY25 PG Bison Safripol Unitrans Feltex Sleep Group Optix FY26 1 937 2 473 GROUP OPERATING PROFIT* (Rm) 218 104 128 (42) 180 (52) Increased by 28% compared with prior year Operating profit increase mainly due to: ▪ Increased panel sales and production volumes in PG Bison ▪ Q4 recovery in Safripol's performance, largely due to Middle East-related supply disruptions ▪ Recovery in Unitrans' performance ▪ Higher domestic vehicle assembly volumes benefiting Feltex Lower results from: ▪ Deterioration in domestic bedding market conditions in Sleep Group ▪ Optix decline due to increased costs and slow sales pipeline conversion * Operating profit is presented before the impact from capital items
Page 15
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 15 FY26 Rm FY25 Rm Variance % Revenue 29 606 29 615 – EBITDA 3 882 3 422 13 Depreciation and amortisation (1 409) (1 485) Operating profit before capital items 2 473 1 937 28 Capital items (1 568) (765) Operating profit 905 1 172 (23) Net finance costs (849) (976) (13) Associate and joint venture companies 45 38 Taxation (117) (148) Minorities (103) (76) (Loss)/profit attributable to owners of the parent (119) 10 (> 100) Add back: capital items net of taxation 1 252 593 Headline earnings 1 133 603 88 Weighted average number of ordinary shares (m) 2 505 2 498 Headline earnings per share (cents) 45.2 24.1 88 Operating profit improved by 28% Capital items include impairments of goodwill and intangible assets, with the largest associated with Safripol (R973 million) and Sleep Group (R389 million) Decrease in net finance costs owing to the reduction in net interest-bearing debt and lower interest rates Effective tax rate 115.8% (FY25: 63.2%) FINANCIAL ANALYSIS Income statement
Page 16
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 16 Impairments consist of: ▪ Sleep Group – goodwill (R389 million) ▪ Safripol – intangible assets (R708 million, Sasol supplier relationship and R265 million trademark) primarily impacted by stronger rand relative to USD and limited recovery in forecast polymer prices and margins ▪ Optix – intangible assets (R122 million, Lytx supplier relationship) FINANCIAL ANALYSIS Capital items FY26 Gross Rm FY26 Net Rm FY25 Gross Rm FY25 Net Rm Impairments 1 487 1 183 757 579 Goodwill 389 389 145 145 Intangible assets 1 095 784 272 187 Property, plant and equipment 3 10 340 247 Loss on disposal of property, plant and equipment 40 29 32 19 Loss on disposal of subsidiaries 43 42 4 10 Insurance income (2) (2) (29) (21) Other – – 1 6 Total capital items 1 568 1 252 765 593 * Net is the value after the impact of taxation, non-controlling interests’ and associate and joint venture companies’ portion of capital items * *
Page 17
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 17 FY26 % FY25 % Statutory tax rate 27.0 27.0 Impairments 112.5 20.8 Taxation losses (net) 32.9 24.4 Withholding taxes 21.7 9.6 Government incentives (64.1) (9.8) Prior year adjustments (10.9) (7.1) Other (3.3) (1.7) Effective tax rate* 115.8 63.2 Effective tax rate – Headline earnings 25.2 30.1 FINANCIAL ANALYSIS Tax rate reconciliation Tax rate increase mainly due to: ▪ Goodwill of R389 million, not tax deductible ▪ Taxation losses (net) not recognised of R123 million Tax rate decrease mainly due to: ▪ Government incentives include R248 million section 12I tax allowance related to PG Bison MDF line (FY25: R51 million) * Effective tax rate distorted by low profit before tax base caused by impairments and permanent differences relative to the lowered profit before tax
Page 18
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 18 FINANCIAL ANALYSIS Balance sheet 30 Jun 26 Rm 30 Jun 25 Rm Property, plant and equipment and investment property 15 287 15 653 Right-of-use assets 285 318 Intangible assets 368 1 491 Goodwill 135 510 Biological assets 1 065 1 610 Net working capital 3 323 3 267 Net assets held for sale 713 – Other assets 398 423 Assets 21 574 23 272 Total equity 12 524 12 704 Net interest-bearing liabilities 6 976 8 106 Other liabilities 2 074 2 462 Equity and liabilities 21 574 23 272 Net asset value per share (cents) 486 498 Intangible assets reduced predominantly due to impairments in Safripol and Optix Decrease in goodwill as a result of Sleep Group impairment PG Bison southern Cape operations classified as held for sale (R460 million biological assets, R307 million property, plant and equipment, and deferred tax liability of R54 million) Net working capital increased by R56 million Net interest-bearing debt declined by R1 130 million; further reduction of R500 million planned for FY27
Page 19
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 19 Marginal net increase of R56 million (2%) from 30 June 2025 Net inventory increased by R463 million (12%): ▪ PG Bison inventory increased related to expected deep-sea exports orders and planned maintenance shutdowns in 1H27 ▪ Safripol’s inventory increased due to significant raw material price increases following the Middle East-related supply disruptions, partly offset by lower PET inventory after the second commercial shutdown in 2H26 Net receivables increased by R255 million (5%): ▪ Safripol contributed majority of increase (R340 million) mainly due to higher average selling prices during Q4 Offset by R662 million increase (12%) in payables: ▪ Safripol (R600 million) due to higher raw material prices during Q4 and lower comparative payables preparing for the July 2025 PET commercial shutdown FINANCIAL ANALYSIS Net working capital* (Rm) -50 150 350 550 750 950 1 150 1 350 FY25 Inventory Receivables Payables FY26 3 267 255 (662) 3 323 463 30 Jun 2630 Jun 25 * Includes net assets held for sale
Page 20
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 20 FY26 Rm FY25 Rm EBITDA 3 882 3 422 Net revaluation of biological assets 85 (24) Other non-cash adjustments 34 35 Cash generated from trading 4 001 3 433 Working capital changes (68) (411) Inventory (473) (36) Receivables (345) 107 Payables 750 (482) Cash generated from operations 3 933 3 022 Dividends received 10 22 Net finance costs paid (850) (983) Taxation paid (355) (282) Cash flow from operating activities 2 738 1 779 Cash conversion ratio* 101% 88% * Conversion of EBITDA to cash generated from operations Cash generated from operations up R911 million (30%) due to: ▪ R460 million (13%) increase in EBITDA ▪ R343 million less cash absorbed in working capital Net finance costs paid decreased by R133 million (14%) Cash conversion at 101%, exceeding internal target of greater than 90% FINANCIAL ANALYSIS Cash flow
Page 21
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 21 FY26 Rm FY25 Rm Cash flow from operating activities 2 738 1 779 Investing activities (1 397) (1 297) Expansion capex* (510) (500) Replacement capex^ (1 034) (921) Net disposal of subsidiaries and businesses 135 110 Other investing activities 12 14 Free cash flow before dividends paid 1 341 482 Dividends paid to minorities (88) (116) Financing activities (1 613) 339 Movement in cash and cash equivalents (360) 705 * Net of government grants received ^ Net of proceeds from disposal, insurance proceeds and government grants received Net increase of R123 million in capital expenditure Net cash inflow of R170 million on the disposal of Unitrans’ petrochemical operations in Eswatini (1 December 2025) Sleep Group acquired a bedding manufacturer in Botswana for R30 million (1 August 2025) Free cash flow before dividends paid improved by R859 million (178%) FINANCIAL ANALYSIS Cash flow (continued)
Page 22
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 22 452 481 499 632 631 508 475 342 255 228 595 1 057 1 501 298 276 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 Manufacturing capital expenditure * Excluding capitalised borrowing costs, including government grants received ^ Estimated PG Bison MDF line of R2 047 million Pre-FY25: R1 923 million FY25: R96 million FY26: R28 million Completed in June 2024 Material and strategic items* PG Bison MFB expansion of R239 million FY26: R106 million FY27: R133 million^ Planned completion in February 2027 (Mkhondo) FINANCIAL ANALYSIS Investment to drive growth and efficiency benefits Expansion capital expenditure Replacement capital expenditure (net of proceeds on disposal) Depreciation and amortisation (excluding right-of-use assets) from continuing operations FY22 FY23 FY24 FY25 (Rm) FY26 1 103 1 532 1 843 553 504
Page 23
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 23 846 889 810 751 669 806 692 400 698 658 106 346 532 269 258 202 234 -400 -200 0 200 400 600 800 1 000 1 200 1 400 Non-manufacturing capital expenditure* Items to highlight FINANCIAL ANALYSIS Investment to drive growth and efficiency benefits (continued) (Rm) FY22 FY23 FY24 FY25 FY26 (400) (200) * Includes Unitrans and Optix ^ Estimated/forecast 1 338 961 658 1 006 1 238 (247) (296) (319) (138) (198) Unitrans Proceeds of R196 million (FY25: R137 million) Expansion of R172 million (FY25: R146 million) Total R979 million (FY25: R813 million) Normal replacement of R657 million (FY25: R698 million) Expansion of rental assets R54 million (FY25: R48 million) 'Catch-up' replacement of R346 million (FY25: R106 million) (FY26: R346 million) (FY27: R400 million)^ (FY28: R350 million)^ (FY29: R100 million)^ Expansion capital expenditure Catch-up replacement capital expenditure Normal replacement capital expenditure Proceeds on disposal Depreciation and amortisation (excluding right-of-use assets) from continuing operations Optix
Page 24
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 24 Funding structure Net debt: EBITDA internal limit < 2.5 times EBITDA: interest cover internal limit > 4.5 times TREASURY ACTIVITY Debt serviceability ratios FY26 FY25 Listed notes – 47% Banks and financial institutions – 27% Unutilised facilities – 23% Lease liabilities – 3% Listed notes – 49% Banks and financial institutions – 39% Unutilised facilities – 9% Lease liabilities – 3% Bank covenant FY26 30 Jun 26 30 Jun 25 Gross interest-bearing debt (Rm) 8 648 10 196 Net interest-bearing debt (Rm) 6 976 8 106 Equity excluding non-controlling interest (Rm) 12 189 12 443 Gearing (net debt: equity) 57% 65% Net debt: EBITDA (times) < 3.0 1.8 2.4 EBITDA: interest cover (times) > 3.5 4.6 3.5
Page 25
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 25 -4 000 -2 000 0 2 000 4 000 6 000 8 000 Jun 26 Jun 27 Jun 28 Jun 29 Jun 30 Jun 31 Jun 32 and thereafter (2 804) (1 499) (625) (2 497) (3 260) (1 851) 2 033 (1 886) (2 000) (4 000) 1 672 TREASURY ACTIVITY Net interest-bearing debt maturity profile at 30 June 2026 (Rm) Debt maturity profile and expected refinancing allow for planned reduction of net debt in FY27 1H27 ▪ KAP021 – R250 million ▪ KAP030 – R500 million 2H27 ▪ KAP023 – R500 million ▪ KAP025 – R580 million Available facilities – uncommitted Available facilities – committed Cash and cash equivalents, net of overdrafts Debt repayments Vehicle and asset finance Lease liabilities 2 500 (883) 6 205 (130) (27)
Page 26
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 26 GROUP OUTLOOK Frans Olivier Chief executive officer
Page 27
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 27 GROUP OUTLOOK • FY26 progress reflects resilience and focus of our people, good momentum created in the group • Operating environment is expected to remain uncertain and challenging • Global polymer prices and margins are expected to moderate, with a stronger forecast rand relative to the USD • Strategic objectives to remain focused on improving returns, supporting sustainable medium-term growth and strengthening balance sheet flexibility: ▪ Extracting further value from recent investments – MDF line the largest ▪ Addressing areas of underperformance – Unitrans and Optix the most material ▪ Continue reducing net debt – targeting R500 million in FY27 • Debt reduction to be balanced with disciplined investment in maintaining our asset base and opportunities for value-accretive growth • Expectations and deliverables are clear across the group, with continued focus on execution and value creation
Page 28
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 Q&A
Page 29
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 APPENDIX
Page 30
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 30 (Rm) 1H 2H # Operating profit is presented before the impact from capital items * From continuing operations ^ Restated Group revenue, operating profit and HEPS 1 552 1 515 1 252 1 153 1 264 1 384 1 008 998 784 1 209 FY22* FY23 FY24 FY25 FY26 Operating profit# 2 936 2 523 2 250 1 937 FY22* FY23 FY24 FY25 FY26 (Rm) (Cents) Headline earnings per share 37.2 33.8 21.8 17.2 22.7 37.2 13.5 23.5 6.9 74.4 47.3 45.3 24.1 Revenue FINANCIAL ANALYSIS 13 649 15 265 15 028 15 355 14 872 14 330 14 363 14 034 14 260 14 734 FY22 FY23 FY24 FY25 FY26 27 979 29 628 29 062 29 615 29 606 2 473 22.5 45.2 ^ ^
Page 31
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 31 Revenue* * Divisional contribution to group results, before intersegmental eliminations ^ Operating profit is presented before the impact from capital items FY26 FY25 0% 10% 20% 30% 40% 50% Optix Sleep Group Feltex Unitrans Safripol PG Bison Operating profit^ FY26 FY25 -10% 0% 10% 20% 30% 40% 50% Optix Sleep Group Feltex Unitrans Safripol PG Bison (10%) 31 24% (FY25: 21%) 30% (FY25: 32%) 29% (FY25: 31%) 9% (FY25: 8%) 6% (FY25: 6%) 2% (FY25: 2%) 37% (FY25: 36%) 26% (FY25: 26%) 25% (FY25: 23%) 11% (FY25: 9%) 5% (FY25: 8%) (4%) (FY25: (2%)) FINANCIAL ANALYSIS Divisional contribution
Page 32
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 32 Feltex Sleep Group FY22 FY23 FY24 FY25 FY26 SafripolPG Bison Unitrans FINANCIAL ANALYSIS Group margin analysis* Group * From continuing operations ^ Restated ^ Optix FY22 FY23 FY24 FY25 FY26 ^ FY22 FY23 FY24 FY25 FY26 6.5% 7.7% 8.5% 10.5% 8.4% FY22 FY23 FY24 FY25 FY26 17.4% 17.4% 11.3% 17.0% 12.8% 3.8% 13.8% 5.2% 8.9% 6.9% FY22 FY23 FY24 FY25 FY26 4.7% 5.9% 5.2% 3.8% 7.1% FY22 FY23 FY24 FY25 FY26 6.8% 9.9% 9.7% 2.4% 9.8% FY22 FY23 FY24 FY25 FY26 7.3% 3.9% 4.2% 8.7% 6.4% 1H20 1H21 1H22 1H23 1H24 1H25 (1.3%) – (7.3%) 9.1% (17.6%)
Page 33
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 33 Net operating asset contribution 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Optix Sleep Group Feltex Unitrans Safripol PG Bison Return on capital employed 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Sleep Group Feltex Unitrans Safripol PG Bison Group FY26 FY25 FY26 FY25 FINANCIAL ANALYSIS ROCE performance per division 41% (FY25: 38%) 17% (FY25: 21%) 28% (FY25: 26%) 7% (FY25: 7%) 5% (FY25: 6%) 2% (FY25: 2%) 10.6% (FY25: 8.2%) 14.7% (FY25: 9.9%) 10.3% (FY25: 7.3%) 18.0% (FY25: 10.8%) 9.2% (FY25: 11.0%) 11.2% (FY25: 8.4%) * Includes net assets held for sale
Page 34
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 34 Revolving credit facility (‘RCF’) • In December 2025, R2 billion tranche of KAP’s RCF extended by two years to 7 December 2028 • Funds raised have been 'housed' in the RCF, of which R2.5 billion is currently undrawn and remains available Corporate bonds raised • KAP033 – Listed: R1 billion (April 2026) • KAP034 – Listed: R500 million (post-year-end: July 2026) Term loan Term loan of R1 billion refinanced to March 2028 (ZARONIA funding) Global Credit Rating confirmed KAP’s rating as A+(za) but revised the outlook from stable to negative (November 2025) TREASURY ACTIVITY Significant debt funding activities for the year • KAP026 – Listed: R340 million (September 2025) • KAP028 – Listed: R600 million (November 2025) • KAP020 – Listed: R250 million (March 2026) Corporate bonds settled