Interim report
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UNAUDITED INTERIM RESULTS for the six months ended 30 June 2025
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1 Libstar manufactures, distributes and markets leading branded and private label consumer packaged goods. Its portfolio comprises Perishable Products, such as Dairy, Value-added Meats, Convenience Meals and Fresh Mushrooms, as well as Ambient Products that include Dry and Wet Condiments, Meal Ingredients, Snacks and Spreads, as well as Baked Goods. The Group provides innovative category solutions to customers in four channels: Retail and Wholesale, Food Service, Exports, and Industrial. Introduction The Group’s performance for the six-month period under review (H1 2025) reflects improved operational and financial momentum, driven by customer and channel growth, ongoing portfolio and operating model simplification, and embedding sustainability as a core business practice. Market Context and Response The Total Defined Market for Libstar’s product basket showed a weakening value trend over the reporting period. This reflects the relentless pressure on consumers, driven by ongoing food inflationary headwinds and constrained disposable income. Libstar responded by: – Safeguarding and growing market share, especially in Dairy, Wet condiments, and Dry condiments; – Enhancing gross profit margins through effective raw material procurement, better capacity utilisation, strategic pricing, and rigorous cost management; – Sustaining innovation, with new ambient Food Service channel products and extended own-brand and private label Retail and Wholesale channel ranges in condiments and baking aids; and – Driving strong cash generation by normalising dairy inventories and applying disciplined capital allocation. * Prior period financial information has been restated to exclude the Chet Chemicals division which was treated as a discontinued operation and disposed of in the prior financial year. ^ Group volumes are shown after adjustment for extraordinary items. Refer “Group Volumes” section under “Commentary on Financial Performance” heading. Salient features OF THE 2025 INTERIM RESULTS – CONTINUING OPERATIONS* The salient highlights of H1 2025’s performance include: Revenue growth of 6.7% Volumes +4.1%, Price mix 2.6%^ Gross profit margin increased to 21.6% H1 2024: 20.7% Normalised EBIT increased by 16.7% Normalised EBITDA increased by 7.5% Basic HEPS increased by 23.7% Normalised HEPS increased by 15.4% Gearing ratio improved to 1.3x H1 2024: 1.6x Adjusted ROIC of 9.1% H1 2024: 9.6% Cash conversion increased to 110% H1 2024: 54% Highlights CONTENTS About Libstar ifc Salient features of the 2025 interim results - continuing operations 1 Results summary 2 Commentary on strategic progress 3 Commentary on Group financial performance 7 Category and channel sales analysis 11 Performance by category 12 Performance by sales channel 15 Outlook 16 Update on strategic value-unlock process 16 Changes to the board 17 Condensed consolidated financial statements 18 Libstar ABOUT
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32 The Group uses Normalised EBITDA, Normalised Earnings per Share (EPS) and Normalised Headline Earnings per Share (HEPS) from continuing operations, which exclude non-recurring, non-trading, and non-cash items, as the key measures to reflect its underlying operating performance. Libstar’s half-year results are summarised in the table below: * The comparative interim period profit or loss is restated to present Chet Chemicals as a discontinued operation, as noted in the most recent annual financial statements. ^ Refer to note 12 in the Condensed Consolidated Financial Statements for details on prior period restatements. The Group’s strategy is underpinned by three key themes: Simplification, Growth and Sustainability. While Libstar has achieved meaningful progress under the Simplification theme and continues to embed Sustainability across its operations, an increasing proportion of focus is being directed toward the Growth theme, aimed at accelerating earnings momentum and creating long-term stakeholder value. (R’000) H1 2025 % change H1 2024*^ Continuing operations Total revenue 5 958 058 6.7% 5 585 349 Gross profit margin 21.6% 0.9pp 20.7% Normalised operating profit 296 251 16.7% 253 931 (margin) 5.0% 4.5% Normalised EBITDA 464 592 7.5% 432 316 (margin) 7.8% 7.7% Basic EPS (cents) 15.2 11.8% 13.6 Basic HEPS (cents) 16.7 23.7% 13.5 Normalised EPS (cents) 21.7 7.4% 20.2 Normalised HEPS (cents) 23.2 15.4% 20.1 Balance sheet and cash flow indicators Net interest-bearing debt to Normalised EBITDA (excl. IFRS 16) 1.3 1.6 Cash generated from operating activities (excl. net working capital) 467 300 5.2% 444 377 Cash generated from operations (incl. net working capital) 503 716 79.0% 281 379 Capital investment in property, plant and equipment 83 717 4.1% 80 400 Cash conversion ratio 110% 57% Strategic COMMENTARY ON progress Results SUMMARY Libstar’s strategic objective is to deliver sustainable, profitable growth and stakeholder value. Unaudited interim results for the six months ended 30 June 2025
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544 Ambient Products Category and Channels The Ambient Products category delivered revenue growth of 6.0%, improved gross profit margins of 26.7% (H1 2024: 25.2%), and Normalised EBITDA growth of 10.6%. Growth was supported by: – In the Wet Condiments sub-category, strong demand for contract manufactured sauces, retail channel growth of own-branded and private label sauces, pesto’s and vinegars, as well as a sustained improvement in baking aids distribution, service levels and procurement; – In the Dry Condiments sub-category, Exports channel growth of own-branded spices, seasonings and sauces accelerated by the ongoing roll-out of international retail listings in multiple geographies; and – In the Meal-Ingredient and Baking sub-categories, resilient Food Service channel demand, particularly for wraps in the Quick Service Restaurants (QSR) sub-channel. Progress relating to each theme for the six-month period can be outlined as follows: GROWTH OF THE GROUP’S CATEGORIES, CHANNELS AND PEOPLE 1 Perishable Products Category and Channels The Perishable Products category delivered revenue growth of 7.6%, improved gross profit margins of 16.0% (H1 2024: 15.6%), and Normalised EBITDA growth of 4.0%. Growth was supported by: – In the Dairy sub-category, Lancewood retail brand market share gains and volume growth in the core categories of natural cheese (pre-pack hard cheese and soft cheese) and yoghurt, along with a more balanced supply-demand dynamic in milk procurement, which aided dairy inventory normalisation and stringent production cost control; – In the Value-added Meats sub-category, sustained strong demand for fresh and frozen value-added chicken products in the Retail and Food Service channels; and – In the Fresh Mushrooms sub-category, improved production yields and profitability from the Group’s Gauteng (Deodar) production site. People The continuous development of Libstar’s people, together with improvements in performance management processes, clarity in ways of working, and a strong emphasis on upholding value, customer, and brand promises, remain core accelerators of the Group’s long-term growth and value creation. In furtherance of this objective, a 12-month leadership programme was launched in June 2025 to support 40 middle- and senior managers in critical functional areas of the business. Commentary on strategic progress continued Stronger Cash Generation and Balance Sheet Libstar improved its underlying cash conversion to 110.1% (H1 2024: 57.2%) and interest cover to 5.7x (H1 2024: 5.1x), supported by a release of net working capital from the normalisation of dairy inventory levels. This further strengthened the Group’s balance sheet, reducing the gearing ratio to 1.3x (H1 2024: 1.6x) and further improving on the 1.5x reported for the 12 months ended December 2024. With gearing at 1.3x, toward the lower end of the Group’s optimal 1.0x–2.0x range, Libstar has enhanced optionality to support its growth ambitions going forward. SUSTAINABILITY OF THE GROUP’S OPERATIONS, PROFITS, CASH FLOWS AND RETURNS 2 Unaudited interim results for the six months ended 30 June 2025
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6 7 Commentary on strategic progress continued Financial COMMENTARY ON GROUP PERFORMANCE Category Revenue Ambient Products category revenue increased by 6.0%, driven by the resilient Wet Condiments sub-category performance. Price and mix changes contributed 6.4% of revenue growth. The volume decline of 0.4% resulted primarily from reduced private-label sales of Dry Condiments to discount retailers in Australia, the UK, and Japan. Excluding the impact of lower volume sales due to (i) the closure of Chamonix Springwater and (ii) lower Industrial channel bulk vinegar sales, noted aforementioned, category volumes increased by 8.9%. Perishable Products category revenue increased by 7.6%, with volumes up 15.9%. Excluding the impact of the raw milk sales, noted aforementioned, volumes declined by 0.4%, driven mainly by lower volumes of fresh milk, and whey powder in the Dairy sub-category. Volume sales of core Dairy sub-category items (cheese, butter and yoghurt) increased by 2.3%. Group Revenue Libstar recorded revenue growth of 6.7%. Group Volumes Group sales volumes increased by 6.7%, accounting for all revenue growth. However, a significant proportion of the volume change related to the extraordinary cumulative impact of: – A 7.1% increase in Group volumes as a result of the on-sale of unprocessed raw milk to Industrial channel customers in the Dairy sub-category, which facilitated the balancing of raw material and finished goods inventory levels; offset by; – A 1.7% decrease in Group volumes as a result of the closure of the Chamonix Springwater business in the prior year; and – A 2.8% decrease in Group volumes as a result of lower Industrial channel bulk vinegar sales due to Q1 2025 capacity constraints. Excluding the impact of the aforementioned extraordinary items, Group volumes increased by 4.1%. The Group continues to streamline its portfolio composition and operating model in line with the strategic intent to focus on value-added food categories. The establishment of a shared-service functional structure in the Wet Condiments sub-category was completed in H1 2025, contributing to improved trading, customer development, and procurement outcomes during the period. The integration of the Rialto (Meal Ingredients – Retail channel), Ambassador Foods (Snacks and Confectionery), and Cape Coastal Honey (Spreads) divisions progressed in line with schedule during H1 2025. Notwithstanding the Group’s efforts to divest its Fresh Mushrooms operations in Gauteng (Deodar), Cape Town (Phesantekraal), and KwaZulu-Natal (Shongweni) as a going concern, no suitable transaction has been concluded. Consequently, in order to limit further losses, the decision has been taken to close the Cape Town (Phesantekraal) facility in H2 2025. The Group will monetise the associated property assets in Cape Town (Phesantekraal) and KwaZulu-Natal (Shongweni), while continuing to operate the Johannesburg (Deodar) facility, which remains profitable. A significant contract manufacturing arrangement in Dickon Hall Foods will terminate on 31 March 2026. As a result, the Board has approved the relocation of the remaining business of Dickon Hall Foods into the Montagu Foods business by 30 June 2026. The relocated business will benefit from a leaner shared service structure. This decision is furthermore consistent with the Group’s strategy to drive sustainable growth in the Wet Condiments sub-category. Furthermore, the Group remains committed to exit its only remaining non-food business, Contactim. Whilst exit options are evaluated on an ongoing basis, the primary focus is currently on improving the sustainable performance of the business in an increasingly competitive category. Finally, and in line with the Group’s simplification strategy, which prioritises categories and channels with meaningful value creation potential, the Group will exit its 60% shareholding in Umatie, a producer of fresh and frozen baby food. These portfolio and operating model simplifications will be substantially complete by year-end, fulfilling the objectives set out in mid-2023 to create a significantly simplified Group structure. SIMPLIFICATION OF THE GROUP’S PORTFOLIO AND OPERATING MODEL 3 Unaudited interim results for the six months ended 30 June 2025
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98 Gross Profit Margins Libstar’s year-on-year gross profit margin increased from 20.7% in the prior year to 21.6% in the current year. Improved capacity utilisation and production efficiencies in the Wet Condiments sub-category significantly contributed to the improvement. Other Income and Foreign Exchange Gains Realised foreign currency translation gains of R3.3 million were recognised in the current year compared to R3.4 million in the prior period. Unrealised foreign currency translation gains of R7.3 million were recognised compared to R7.6 million in the prior period. Other income for the year under review increased from R6.9 million to R8.9 million. Capital Items Four customer contracts with a book value of R14.3 million were impaired in the Cape Herb & Spice and Dickon Hall Foods business units within the Ambient Products category, after reassessment of their respective carrying values. The impairment charges decreased Total Diluted EPS and Normalised EPS, but are added back for purposes of the calculation of Total Diluted HEPS and Normalised HEPS. Operating Expenses Group operating expenses increased by 9.4%, driven by investments in our brands, through marketing and promotional activity; and investment in our people structures, specifically in Wet Condiments which is driving the outperformance of the sub-category, as well as in the Snacking division to address operational inefficiencies. Libstar’s expense margin increased to 17.9% (H1 2024: 17.5%). Continuing Operations Earnings per share (EPS) increased by 11.8% from 13.6 cps to 15.2 cps. Headline earnings per share (HEPS) increased by 23.7% from 13.5 cps to 16.7 cps. Normalised EPS, which excludes insurance proceeds, unrealised foreign currency movements and other non-recurring, non- trading, and non-cash items, increased by 7.4% from 20.2 cps to 21.7 cps. Normalised HEPS, which also excludes the aforementioned items, as well as impairment charges, increased by 15.4% from 20.1 cps to 23.2 cps. The weighted average number of shares in issue remained unchanged at 595.8 million and is equal to the diluted number of shares in issue. A reconciliation between Normalised EBITDA, Normalised earnings and Normalised headline earnings is provided below: R'000 H1 2025 Change % H1 2024 Normalised EBITDA 464 592 7.5% 432 316 Less: Depreciation and amortisation (168 341) (178 386) Net finance cost (99 825) (93 280) Impairment losses on assets (15 199) - Tax and normalisation adjustments (51 636) (40 379) Plus: Non-controlling interest (gain)/loss (165) 116 Normalised earnings 129 426 7.5% 120 387 Impairment losses on assets (after tax) 10 403 - Gain on disposal of property, plant and equipment (after tax) (1 465) (818) Normalised headline earnings 138 364 15.7% 119 569 Commentary on Group financial performance continued Normalised Operating Profit and Normalised EBITDA Group Normalised operating profit increased by 16.7% at a margin of 5.0% (H1 2024: 4.5%). Group depreciation of property, plant and equipment at R117 million was 0.7% lower than the prior period, and IFRS 16 depreciation on lease assets was 14.2% lower compared to the comparative period due to the remeasurement of right-of-use assets in H2 2024 which are now depreciated over an extended period. Group Normalised EBITDA increased 7.5% to R465 million (H1 2024: R432 million) at a margin of 7.8% (H1 2024: 7.7%). Investment Income and Finance Costs The Group’s total net finance cost (including IFRS 16 lease liabilities) increased by 7.0% from R93.3 million to R99.8 million. Group net finance costs on interest-bearing debt (excluding IFRS 16 lease liabilities), decreased by 2.0% from R70.0 million to R68.6 million, mainly due to the decrease in the Johannesburg interbank average lending rate (JIBAR) in the current period and lower average debt levels over the reporting period. Finance charges incurred on lease liabilities (IFRS 16) increased by 34.1% from R23.3 million to R31.2 million due to renewal period remeasurements of two major leases in H2 2024. Taxation The Group’s effective tax rate is 30.7% (H1 2024: 25.1%). 9 Unaudited interim results for the six months ended 30 June 2025
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1110 10 Total Earnings and Headline Earnings Total Diluted earnings per share (EPS) increased by 8.6% from 14.0 cps to 15.2 cps. Total Diluted headline earnings per share (HEPS) increased by 20.1% from 13.9 cps to 16.7 cps. Cash Flows and Balance Sheet Cash generated from operations increased by R222.3 million from R281.4 million to R503.7 million. Group net working capital improved by 1 day to 68 days and 17.6% of Group revenue (H1 2024: 18.0%) and is within the target range of 16% to 18%. Debtors' days improved by 2 days, and the increase in inventory days was offset by an improvement in creditors’ days. The Group target range is expected to remain elevated between 16% – 18% of revenue in the medium term, although targeted projects are underway to reduce inventory holding of bulk tea and spice inventories. The Group focused its capital allocation on capacity-enhancing projects in identified growth areas, critical maintenance, and safety projects. Capital expenditure was R83.7 million (H1 2024: R80.4 million), representing 1.4% of net revenue in the current and prior period. The Group’s full-year target range remains between 2.0% to 3.0%. The Group’s EBITDA to term debt gearing ratio reduced to 1.3x (H1 2024: 1.6x) within the stated target of 1x to 2x. Net interest cover to EBITDA remains strong at 5.7x from 5.1x in the prior period and compares favourably to the Group’s minimum stated target of greater than 3.5x. Category and channel SALES ANALYSIS Commentary on Group financial performance continued The Group’s Capital Expenditure comprised of: – A R23.6 million investment in capacity- enhancing projects, including: » R7.7 million in Baking to increase capacity in the Parbake facility and Hot Cross Bun lines; » R7.5 million in facility upgrades in the Wet Condiments sub-category; » R3.9 million in facility upgrades and new lines to increase chicken capacity in the Value-added Meats sub-category; and » R2.9m in additional generator capacity and facility upgrades in the Dairy sub-category. – A R41.7 million investment in replacement and maintenance projects and R19.1 million invested in quality and improvement projects. Adjusted Return on Invested Capital (Adjusted ROIC) The Group continues to monitor capital productivity as part of the execution of its strategy. During the period under review, Adjusted ROIC decreased to 9.1% (H1 2024: 9.6%) compared to a Weighted Average Cost of Capital (WACC) of 12.5%. However this is an improvement on the full year 2024 Adjusted ROIC of 8.6%. Whilst Management is encouraged by the improvement in ROIC performance, ROIC is not expected to equal WACC by the end of 2025 as initially envisaged. However, Management remains confident that the simplification and growth initiatives outlined herein will support further improvement in ROIC from 2026 onwards. AMBIENT PRODUCTS Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE DRY CONDIMENTS Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE MEAL INGREDIENTS, SNACKS AND SPREADS Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE WET CONDIMENTS Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE BAKING PERISHABLE PRODUCTS Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE VALUE-ADDED MEATS Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE FRESH MUSHROOMS Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE DAIRY Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE CONVENIENCE MEALS Unaudited interim results for the six months ended 30 June 2025
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12 13 Category revenue is summarised as follows: Group revenue growth/decline Contribution to Group revenue R'000 Six months ended 30 June 2025 Change % Six months ended 30 June 2024 Six months ended 30 June 2025 Six months ended 30 June 2024 Net revenue by category Ambient Products 2 949 505 6.0% 2 782 716 49.5% 49.8% Perishable Products 2 932 441 7.6% 2 726 439 49.2% 48.8% Household and Personal Care 76 111 (0.1%) 76 194 1.3% 1.4% Total Group net revenue 5 958 058 6.7% 5 585 349 100.0% 100.0% Ambient Products category revenue increased by 6.0%. Category volume sales decreased by 0.4%, whilst price and mix changes contributed 6.4%. Excluding the sales volumes of bulk vinegar and the discontinued beverages sub-category, the category volumes increased by 8.9% and price/mix changes decreased by 2.6%. Group Normalised EBITDA growth/decline Contribution to Group Normalised EBITDA R'000 Six months ended 30 June 2025 Change % Six months ended 30 June 2024 Six months ended 30 June 2025 Six months ended 30 June 2024 Normalised EBITDA before corporate costs Ambient Products 343 836 10.6% 311 002 66.9% 65.3% Perishable Products 165 629 4.0% 159 313 32.3% 33.4% Household and Personal Care 4 153 (32.7%) 6 170 0.8% 1.3% Total 513 618 7.8% 476 486 100.0% 100.0% Category Normalised EBITDA (before corporate costs) is summarised as follows: PERFORMANCE BY Category In the sub-categories: – Wet Condiments sub-category revenue increased by 16.8%, driven by strong demand for Industrial and Retail channel sauces. – Meal Ingredients, Snacks and Spreads sub-category sales increased by 2.1% with volumes up 3.4%. Food Service channel revenue increased 10.8%, partly offset by a 1.2% decline in Retail channel sales. – Dry Condiments sub-category sales declined by 2.0%, driven by lower Exports channel volumes of 18.5%. This was offset by 20.9% mix/price improvement as sub-category sales mix pivoted from reduced volumes of private label products for discount retailers to increased volumes of own-branded products. – Baking sales increased by 11.3% with volumes up 9.1%, driven by improved Food Service channel volumes and resilient Retail channel demand. The category’s total gross profit margin improved to 26.7% from 25.2% in H1 2024 driven by the increased demand for wet condiments, which resulted in improved production efficiencies. 49.5% of Group Revenue 66.9% of Group Normalised EBITDA before corporate costs AMBIENT PRODUCTS Ambient Products category normalised EBITDA increased by 10.6% at a margin of 11.7% H1 2024: 11.2%. Unaudited interim results for the six months ended 30 June 2025
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1514 Performance by category continued Perishable Products category revenue increased by 7.6%. Category volume sales increased by 15.9%, whilst price and mix changes reduced by 8.4%. Excluding the sales of excess raw milk, the category revenue increased by 5.5% with volumes down 0.4% and price/mix improvements of 5.9%. Normalised EBITDA increased by 4.0% at a margin of 5.6% H1 2024 margin: 5.8%. In the sub-categories: – Dairy sub-category, excluding the excess raw milk sales, revenue increased by 3.1% driven by volume growth in core categories of natural cheese and yoghurt, offset by lower fresh milk and whey powder volumes, which resulted in an overall reduction in sales volumes; – In the Value-added Meats sub-category, sales increased by 10.3%, driven by sales growth of 12.2% in the Retail and Wholesale channel; – In the Fresh Mushrooms sub-category, revenue grew by 7.6% due to improved production yields at the Gauteng (Deodar) facility, which resulted in a reduced normalised EBITDA loss for the business as a whole compared to the prior period. The category gross profit margin improved slightly from 15.6% to 16.0%. Whilst Dairy sub-category margins improved overall, the sub-category under-recovered production costs as production was lowered in favour of selling down existing inventory. This cost under-recovery, together with a revaluation of cheese inventory as a result of milk pricing, adversely impacted gross profit margins. With stock and production levels now normalised and limited further milk price movement anticipated for the remainder of the year, Dairy margins are expected to improve further in H2. 49.2% of Group revenue 32.3% of Group Normalised EBITDA before corporate costs PERISHABLE PRODUCTS Year-on-year revenue growth Contribution to Group revenue Group Six months ended 30 June 2025 Six months ended 30 June 2025 Six months ended 30 June 2024 Revenue by channel Retail and Wholesale 4.2% 56.6% 58.0% Food Service 5.3% 19.8% 20.0% Industrial and Contract Manufacturing 24.4% 13.0% 11.1% Exports 4.0% 10.6% 10.9% Total Group revenue 6.7% 100.0% 100.0% The Retail and Wholesale channel contributed 56.6% to Group revenue, down from 57.9% in H1 2024. The Food Service channel’s contribution also declined marginally to 19.8% (H1 2024: 20.0%). During the review period, Retail and Wholesale revenue grew by 4.2%. This was driven by a 4.8% positive price/mix change, mainly from the Perishable Products category, and a 0.6% decline in sales volumes. Food Service revenue increased by 5.3%, supported by a 7.6% rise in sales volumes, though partially offset by a 2.3% decline in price/mix. Industrial and Contract Manufacturing channel revenue increased by 24.4%, with sales volumes up by 23.6% and price/mix changes rising by 0.8%. Excluding the excess raw milk sales and industrial bulk vinegar impacts revenue increased by 18.5%,with sales volumes up 10.8% and price/mix changes rising by 7.6%. The increased volumes were driven by improved demand for contract-manufactured wet condiments. Exports revenue rose by 4.0%, despite a 6.6% drop in volumes. PERFORMANCE BY Group revenue performance by sales channel is summarised below: Sales channel 15 Unaudited interim results for the six months ended 30 June 2025
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1716 In a global environment shaped by ongoing trade tensions and geopolitical uncertainty, alongside a persistently constrained local consumer market, Libstar remains steadfast in its focus on resilience, operational simplification, and long-term, sustainable growth. Notably, the downward value growth trend in the Group’s defined retail product basket has persisted beyond the reporting period. Given this continued consumer pressure, the Group will focus on: – Driving operational efficiencies across its manufacturing footprint to counter rising input and logistics costs – Accelerating innovation and developing value-added products that meet evolving consumer needs while reinforcing price-value relevance – Expanding export market presence, adapting to regulatory shifts, trade barriers, and currency fluctuations – Building supply chain agility and resilience through enhanced sourcing strategies and deeper supplier collaboration – Investing in our people, sustainability, and digital capabilities to strengthen long-term competitiveness and deliver responsible growth Notwithstanding prevailing macroeconomic headwinds, Libstar remains confident in the strength of its brands, customer partnerships, and operational fundamentals. The Group is well-positioned to manage short-term volatility while continuing to build for sustainable, long-term value creation. Outlook The following changes were effected to the Board during the reporting period and thereafter: – Tertius Carstens was appointed as an independent non-executive director with effect from 1 May 2025. – Anneke Andrews was appointed as the Lead Independent Director with effect from 31 July 2025, a position left vacant when JP Landman was appointed as the Chairman of the Board. – Ntokozo Makomba resigned as Company Secretary with effect from 30 September 2025. Changes TO THE BOARD Shareholders are referred to the cautionary announcement published by the Company on SENS today, 16 September 2025, in which the Group advised that it has received indicative expressions of interest from parties to acquire all of the issued share capital of the Company. The Board wishes to emphasise that the engagements with these parties remain at an early stage and there can be no certainty that these engagements will ultimately result in a binding offer to shareholders. Update ON STRATEGIC VALUE-UNLOCK PROCESS Unaudited interim results for the six months ended 30 June 2025
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1918 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS for the six months ended 30 June 2025 Unaudited interim results for the six months ended 30 June 2025
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2120 Results for the six months ended 30 June 2025 Condensed consolidated statement of profit or loss and other comprehensive income for the six months ended 30 June 2025 Notes Six months ended 30 Jun 2025 Unaudited R’000 Restated*1 Six months ended 30 Jun 2024 Reviewed R’000 Year ended 31 Dec 2024 Audited R’000 Profit/(loss) for the period CONTINUING OPERATIONS Revenue 5 958 058 5 585 349 11 773 771 Cost of sales* (4 668 506) (4 428 169) (9 306 750) Gross profit 1 289 552 1 157 180 2 467 021 Other income 6 8 948 6 969 28 000 Other gains 10 672 10 958 37 431 Capital items (12 185) 1 122 (554 163) Operating expenses* (1 066 174) (974 844) (2 019 720) Operating profit/(loss) 7 230 813 201 385 (41 431) Finance income 9 864 18 009 27 049 Finance costs (109 689) (111 289) (237 418) Profit/(loss) before tax 130 988 108 105 (251 800) Income tax expense (40 229) (27 109) (26 962) Profit/(loss) for the period from continuing operations 90 759 80 996 (278 762) DISCONTINUED OPERATION Profit/(loss) for the period from discontinued operation 11 – 2 440 (42 743) Total profit/(loss) for the period 90 759 83 436 (321 505) Other comprehensive income/(loss) for the period, net of tax 6 637 (2 939) (4 088) Items that may be reclassified to profit or loss Gains on hedging reserves 6 339 9 289 308 Hedging losses/(gains) reclassified to profit or loss 255 (12 228) (5 118) Foreign currency translation reserve adjustments 43 – 160 Items that will never be reclassified to profit or loss Defined benefit plan actuarial gains – – 562 Total comprehensive income/(loss) for the period 97 396 80 497 (325 593) Profit/(loss) attributable to: Equity holders of the parent 90 594 83 552 (321 555) Non-controlling interest 165 (116) 50 90 759 83 436 (321 505) Total comprehensive income/(loss) attributable to: Equity holders of the parent 97 231 80 613 (325 643) Non-controlling interest 165 (116) 50 97 396 80 497 (325 593) Total comprehensive income/(loss) attributable to equity holders of the parent arises from: Continuing operations 97 231 78 173 (282 900) Discontinued operation 11 – 2 440 (42 743) 97 231 80 613 (325 643) Basic and diluted earnings/(loss) per share (cents) 8.1 15.2 14.0 (54.0) From continuing operations 8.1 15.2 13.6 (46.8) From discontinued operation 8.1 – 0.4 (7.2) * Refer to note 12 for details on restatements made to correct prior period errors. 1 The comparative interim period profit or loss is further restated to present Chet Chemicals as a discontinued operation (refer to note 11) and to present capital items separately from other income, other gains and operating expenses in the statement of profit or loss, as explained in the most recent annual financial statements. Condensed consolidated statement of financial position as at 30 June 2025 Note At 30 Jun 2025 Unaudited R’000 At 30 Jun 2024 Reviewed R’000 At 31 Dec 2024 Audited R’000 ASSETS Non-current assets 4 720 701 5 479 946 4 810 091 Property, plant and equipment 9 1 515 360 1 686 069 1 551 278 Right-of-use assets 516 452 466 435 497 620 Goodwill 1 653 842 2 053 842 1 653 842 Intangible assets 1 027 571 1 264 047 1 097 034 Other financial assets 2 238 4 721 7 115 Deferred tax assets 5 238 4 832 3 202 Current assets 4 390 034 4 278 116 4 464 424 Inventories 1 973 597 1 920 268 1 934 008 Trade and other receivables 1 866 639 1 953 628 1 960 500 Biological assets 28 086 27 298 27 414 Other financial assets 14 693 24 643 10 757 Current tax receivable 67 101 56 645 37 401 Cash and bank balances 439 918 295 634 494 344 Total assets 9 110 735 9 758 062 9 274 515 EQUITY AND LIABILITIES Capital and reserves attributable to equity holders of the parent 4 888 161 5 286 558 4 880 302 Share capital 4 727 314 4 727 314 4 727 314 Other reserves 4 764 (75 892) (1 873) Retained earnings 156 083 635 136 154 861 Non-controlling interests (630) (961) (795) Total equity 4 887 531 5 285 597 4 879 507 Non-current liabilities 2 237 692 2 306 495 2 335 940 Other financial liabilities 1 228 711 1 269 491 1 363 111 Lease liabilities 560 708 527 953 531 656 Deferred tax liabilities 434 801 498 173 428 916 Employee benefits 9 639 8 464 10 065 Share-based payments 3 833 2 414 2 192 Current liabilities 1 985 512 2 165 970 2 059 068 Trade and other payables 1 599 751 1 584 799 1 620 619 Other financial liabilities 83 512 269 369 120 924 Lease liabilities 101 415 108 919 111 168 Current tax payable 805 2 782 4 881 Bank overdraft 200 029 200 101 201 476 Total liabilities 4 223 204 4 472 465 4 395 008 Total equity and liabilities 9 110 735 9 758 062 9 274 515
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2322 Results for the six months ended 30 June 2025 Share capital R’000 Other reserves R’000 Retained earnings R’000 Non- controlling interests R’000 Total R’000 Balance at 1 January 2024 4 727 314 (72 953) 640 956 (845) 5 294 472 Total comprehensive (loss)/ income for the period – (2 939) 83 552 (116) 80 497 Profit/(loss) for the period – – 83 552 (116) 83 436 Other comprehensive loss for the period – (2 939) – – (2 939) Contributions and distributions – (89 372) – (89 372) Dividends declared and paid1 – – (89 372) – (89 372) Balance at 30 June 2024 4 727 314 (75 892) 635 136 (961) 5 285 597 Total comprehensive (loss)/ income for the period – (1 149) (405 107) 166 (406 090) (Loss)/profit for the period – – (405 107) 166 (404 941) Other comprehensive loss for the period – (1 149) – – (1 149) Transfer of reserve to Retained earnings – 75 168 (75 168) – – Balance at 31 December 2024 4 727 314 (1 873) 154 861 (795) 4 879 507 Total comprehensive income for the period – 6 637 90 594 165 97 396 Profit for the period – – 90 594 165 90 759 Other comprehensive income for the period – 6 637 – – 6 637 Contributions and distributions – – (89 372) – (89 372) Dividends declared and paid1 – – (89 372) – (89 372) Balance at 30 June 2025 4 727 314 4 764 156 083 (630) 4 887 531 1 On 14 April 2025 (2024: 15 April 2024) the Board paid a dividend of 15 cents (2024: 15 cents) per ordinary share totalling R89.4m (2024: R89.4m). Condensed consolidated statement of changes in equity for the six months ended 30 June 2025 Condensed consolidated statement of cash flows for the six months ended 30 June 2025 Note Six months ended 30 Jun 2025 Unaudited R’000 Six months ended 30 Jun 2024 Reviewed R’000 Year ended 31 Dec 2024 Audited R’000 Net cash flow from operating activities 331 295 133 909 484 958 Cash generated from operations 10 503 716 281 379 794 410 Finance income received 8 392 18 055 27 147 Finance costs paid (109 689) (114 590) (243 947) Income tax paid (71 124) (50 935) (92 652) Net cash flow from investment activities (71 763) (44 700) (73 890) Purchase of property, plant and equipment and computer software (76 225) (50 962) (129 550) Proceeds on disposal of property, plant and equipment and computer software 4 458 6 025 9 088 Proceeds from insurance 4 305 8 Loans and other receivables advanced – (68) – Proceeds on sale of Chet Chemicals – – 46 564 Net cash flow from financing activities (310 831) (195 510) (330 319) Capital portion of lease payments (47 181) (56 702) (95 175) Proceeds from asset-based financing 1 188 – – Repayment of bank loans and asset-based financing (175 466) (49 436) (145 772) Dividend paid (89 372) (89 372) (89 372) Net (decrease)/increase in cash and cash equivalents (51 299) (106 301) 80 749 Cash and cash equivalents at the beginning of the period 492 868 397 247 397 247 Effects of exchange rate changes on cash and cash equivalents (1 680) 4 587 14 872 Cash and cash equivalents at the end of the period1 439 889 295 533 492 868 Cash flows of discontinued operation – (19 014) 1 639 1 The condensed consolidated statement of cash flows represents both continued and discontinued operations’ combined cash flows.
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2524 Results for the six months ended 30 June 2025 Information about reportable segments Ambient Products R’000 Perishable Products R’000 Household and Personal Care1 R’000 Corporate R’000 Group Total R’000 Six months ended 30 June 2025 Revenue 2 949 505 2 932 442 76 111 – 5 958 058 Total segmental revenue 3 009 094 2 950 182 76 111 – 6 035 387 Elimination of inter-segment revenue (59 589) (17 740) – – (77 329) Cost of sales 2 161 716 2 462 000 49 952 (5 162) 4 668 506 Employee benefits 174 538 107 001 11 000 28 144 320 683 Sales and distribution expenses 205 113 174 685 9 344 – 389 142 General and administrative expenses 107 426 85 437 3 605 28 432 224 900 Operating profit/(loss) 218 951 73 924 (444) (61 618) 230 813 Six months ended 30 June 2024 Revenue 2 782 716 2 726 438 76 195 – 5 585 349 Total segmental revenue 2 818 566 2 741 710 76 195 – 5 636 471 Elimination of inter-segment revenue (35 850) (15 272) – – (51 122) Cost of sales 2 080 166 2 302 995 52 861 (7 853) 4 428 169 Employee benefits 157 051 98 222 10 104 31 645 297 022 Sales and distribution expenses 198 642 138 290 9 420 – 346 352 General and administrative expenses 99 273 76 474 2 507 16 135 194 389 Operating profit/(loss) 194 688 60 590 101 (53 994) 201 385 1 The comparative interim period segmental disclosure is restated to present Chet Chemicals as a discontinued operation. Six months ended 31 December 2024 Revenue 5 832 950 5 781 849 158 972 – 11 773 771 Total segmental revenue 5 956 447 5 814 937 158 972 – 11 930 356 Elimination of inter-segment revenue (123 497) (33 088) – – (156 585) Cost of sales 4 345 843 4 850 692 114 097 (3 882) 9 306 750 Employee benefits 323 642 193 713 19 828 49 087 586 270 Sales and distribution expenses 407 924 349 717 18 991 (149) 776 483 General and administrative expenses 191 008 156 181 5 516 56 638 409 343 Operating profit/(loss) 455 027 (382 174) (3 438) (110 846) (41 431) The presentation of the segmental report has been revised from the June 2024 interim results to align with the presentation in the December 2024 annual financial statements. Basis of segmentation The Group operates over multiple business units which are aggregated into reportable segments per product category. Information on these operating segments by product category is reported to the chief operating decision maker for the purposes of resource allocation and the assessment of segment performance. The following summary describes each segment: Condensed consolidated segmental information for the six months ended 30 June 2025 Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE The Household and Personal Care category includes household cleaning products, as well as personal care products. HOUSEHOLD & PERSONAL CARE The Perishable Products category comprises of products that are refrigerated or frozen and includes dairy, convenience meals, value-added meats and fresh mushrooms. PERISHABLE PRODUCTS Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE DAIRY VALUE-ADDED MEATS Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE FRESH MUSHROOMS Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE CONVENIENCE MEATS Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE The Ambient Products category includes wet and dry condiments, baking, meal ingredients, snacking and spreads. AMBIENT PRODUCTS BAKING Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE BEVERAGES Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE WET CONDIMENTS Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE SNACKING Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE SPREADS Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE MEAL INGREDIENTS Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE Snacking Baking Meal Ingredients Wet Condiments Beverages Spreads Dry Condiments Fresh Mushrooms Convenience Meals Dairy Value-added Meats Household & Personal Care HOUSEHOLD AND PERSONAL CARE DRY CONDIMENTS
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2726 Results for the six months ended 30 June 2025 Information about reportable segments Six months ended 30 Jun 2025 Unaudited R’000 Restated1 Six months ended 30 Jun 2024 Reviewed R’000 Change % Year ended 31 Dec 2024 Audited R’000 Reconciliation of operating profit/(loss) per segment to profit/(loss) before tax Operating profit/(loss) 230 813 201 385 14.6 (41 431) Finance income 9 864 18 009 (45.2) 27 049 Finance costs (109 689) (111 289) (1.4) (237 418) Profit/(loss) before tax 130 988 108 105 21.2 (251 800) 1 The comparative interim period segmental disclosure is restated to present Chet Chemicals as a discontinued operation. Normalised EBIT and EBITDA Ambient Products R’000 Perishable Products R’000 Household and Personal Care R’000 Corporate R’000 Group Total R’000 Six months ended 30 June 2025 Operating profit/(loss) 218 951 73 924 (444) (61 618) 230 813 Amortisation of customer relationships 33 551 19 516 – – 53 067 Due diligence costs – – – 674 674 Expense relating to share-based payments – – – 1 641 1 641 Government grants (2 560) (895) – – (3 455) Insurance proceeds – – – (4) (4) Impairment losses on intangible and other assets 15 199 – – – 15 199 (Gain)/loss on disposal of property, plant and equipment (3 009) 997 – 5 (2 007) Retrenchment and settlement costs 490 4 262 404 – 5 156 Strategic advisory fees – 66 33 2 400 2 499 Unrealised (gain)/loss on foreign exchange (7 331) 82 (83) – (7 332) Normalised EBIT 255 291 97 952 (90) (56 902) 296 251 Amortisation of software 1 829 689 – 255 2 773 Depreciation of property, plant and equipment and right-of-use assets 86 716 66 988 4 243 7 621 165 568 Normalised EBITDA 343 836 165 629 4 153 (49 026) 464 592 Less: Lease payments and lease modifications (47 239) (27 789) (2 182) (1 791) (79 001) Normalised EBITDA (excluding effect of IFRS 16) 296 597 137 840 1 971 (50 817) 385 591 Normalised EBIT and EBITDA Ambient Products R’000 Perishable Products R’000 Household and Personal Care1 R’000 Corporate R’000 Group Total R’000 Six months ended 30 June 2024 Operating profit/(loss) 194 688 60 590 101 (53 994) 201 385 Amortisation of customer relationships 31 937 21 805 – – 53 742 Due diligence costs – – – 1 186 1 186 Credits relating to share-based payments – – – 1 355 1 355 Government grants (2 401) (791) – – (3 192) Insurance proceeds – (305) – – (305) (Gain)/loss on disposal of property, plant and equipment (995) 128 – 50 (817) Retrenchment and settlement costs 4 850 1 122 – – 5 972 Strategic advisory fees 544 900 145 584 2 173 Unrealised (gain)/loss on foreign exchange (8 409) 874 (33) – (7 568) Normalised EBIT 220 214 84 323 213 (50 819) 253 931 Amortisation of software 1 984 1 701 – 303 3 988 Depreciation of property, plant and equipment and right-of-use assets 88 804 73 289 5 959 6 345 174 397 Normalised EBITDA 311 002 159 313 6 172 (44 171) 432 316 Less: Lease payments and lease modifications (48 029) (27 281) (2 469) (1 596) (79 375) Normalised EBITDA (excluding effect of IFRS 16) 262 973 132 032 3 703 (45 767) 352 941 1 The comparative interim period segmental disclosure is restated to present Chet Chemicals as a discontinued operation. Condensed consolidated segmental information continued
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2928 Results for the six months ended 30 June 2025 Normalised EBIT and EBITDA Ambient Products R’000 Perishable Products R’000 Household and Personal Care R’000 Corporate R’000 Group Total R’000 Y ear ended 31 December 2024 Operating profit/(loss) 455 027 (382 174) (3 438) (110 846) (41 431) Amortisation of customer relationships 61 301 43 617 – – 104 918 Due diligence costs – 196 – 3 199 3 395 Expenses relating to share- based payments – – – 1 355 1 355 Government grants (3 926) (2 500) – – (6 426) Insurance proceeds (283) (915) – – (1 198) Impairment losses on goodwill and other assets 14 375 534 515 – – 548 890 Loss on disposal of property, plant and equipment 2 172 4 232 – 67 6 471 Retrenchment and settlement costs 5 533 1 469 120 – 7 122 Strategic advisory fees – 3 844 301 4 279 8 424 Unrealised (gain)/loss on foreign exchange (1 296) 825 94 – (377) Normalised EBIT 532 903 203 109 (2 923) (101 946) 631 143 Amortisation of software 3 811 9 287 – 902 14 000 Depreciation of property, plant and equipment and right-of-use assets 166 410 131 684 13 760 17 146 329 000 Normalised EBITDA 703 124 344 080 10 837 (83 898) 974 143 Less: Lease payments and lease modifications (97 128) (57 833) (4 619) (3 210) (162 790) Normalised EBITDA (excluding effect of IFRS 16) 605 996 286 247 6 218 (87 108) 811 353 Export revenue Six months ended 30 Jun 2025 Unaudited R’000 Restated1 Six months ended 30 Jun 2024 Reviewed R’000 Change % Year ended 31 Dec 2024 Audited R’000 The Group mainly operates in South Africa. Revenue derived from end customers domiciled within South Africa is classified as revenue from South Africa. Revenue from end customers domiciled outside of South Africa is classified as export revenue. Export revenue for the period 631 729 607 380 4.0 1 355 488 Major customers Six months ended 30 Jun 2025 Unaudited R’000 Restated1 Six months ended 30 Jun 2024 Reviewed R’000 Change % Year ended 31 Dec 2024 Audited R’000 During the period under review, revenue from certain customers exceeded 10% of total revenue. Customer A 20% 21% 20% Customer B 19% 18% 19% The above customers trade with the Group across all three segments. The contribution of each customer to total revenue is therefore spread across multiple segments. Revenue by channel Six months ended 30 Jun 2025 Unaudited R’000 Restated1 Six months ended 30 Jun 2024 Reviewed R’000 Change % Year ended 31 Dec 2024 Audited R’000 Retail and wholesale 3 373 284 3 236 166 4.2 6 685 861 Food service 1 178 217 1 119 018 5.3 2 376 770 Exports 631 729 607 380 4.0 1 355 488 Industrial and contract manufacturing 774 828 622 785 24.4 1 355 652 Total Group revenue 5 958 058 5 585 349 6.7 11 773 771 1 The comparative interim period segmental disclosure is restated to present Chet Chemicals as a discontinue operation. Condensed consolidated segmental information continued
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3130 Results for the six months ended 30 June 2025 Contribution to Group revenue Six months ended 30 Jun 2025 Unaudited % Restated1 Six months ended 30 Jun 2024 Reviewed % Year ended 31 Dec 2024 Audited % Retail and wholesale 56.6 58.0 56.8 Food service 19.8 20.0 20.2 Exports 10.6 10.9 11.5 Industrial and contract manufacturing 13.0 11.1 11.5 Total Group revenue 100.0 100.0 100.0 1 The comparative interim period segmental disclosure is restated to present Chet Chemicals as a discontinued operation. Revenue by channel per segment Ambient Products2,3 R’000 Perishable Products R’000 Household and Personal Care1 R’000 Group Total R’000 Six months ended 30 June 2025 Retail and wholesale 1 579 003 1 722 076 72 205 3 373 284 Food service 425 244 752 973 – 1 178 217 Exports 492 557 137 517 1 655 631 729 Industrial and contract manufacturing 452 701 319 876 2 251 774 828 2 949 505 2 932 442 76 111 5 958 058 Six months ended 30 June 2024 Retail and wholesale3 1 538 917 1 603 038 72 297 3 236 166 Food service2 369 349 749 669 – 1 119 018 Exports3 498 379 129 341 1 574 607 380 Industrial and contract manufacturing2 376 071 244 390 2 324 622 785 2 782 716 2 726 438 76 195 5 585 349 Year ended 31 December 2024 Retail and wholesale 3 124 127 3 414 484 147 250 6 685 861 Food service 831 600 1 545 170 – 2 376 770 Exports 1 074 365 274 167 6 956 1 355 488 Industrial and contract manufacturing 802 858 548 028 4 766 1 355 652 5 832 950 5 781 849 158 972 11 773 771 1 The comparative interim period segmental disclosure is restated to present Chet Chemicals as a discontinued operation. 2 R34.6m of food services revenue, within the Ambient Products category, was incorrectly classified as industrial and contract manufacturing revenue in the comparative period ending 30 June 2024. The comparatives have been restated to correctly classify the R34.6m as food services revenue. 3 R21.9m of export revenue, within the Ambient Products category, was incorrectly classified as retail and wholesale revenue in the comparative period ending 30 June 2024. The comparatives have been restated to correctly classify the R21.9m as export revenue. 1 Reporting entity Libstar manufactures, distributes and markets leading branded and private label consumer packaged goods. Its portfolio comprises: Perishable Products, such as dairy, value-added meats, fresh mushrooms and convenience meals; Ambient Products that include dry and wet condiments, baked goods, meal ingredients, snacks and spreads; and Household and Personal Care products. Products are sold in South Africa and globally across four channels (Retail and wholesale, Food service, Exports and Industrial and contract manufacturing). The Group operates principally in South Africa. 2 Basis of accounting The condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards, 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 the requirements of the Companies Act of South Africa. These condensed consolidated financial statements have been prepared under the supervision of Terri Lee Ladbrooke CA(SA), the Libstar Group Chief Financial Officer. These condensed consolidated financial statements have not been audited or reviewed by the Group’s auditors. 3 Accounting policies The accounting policies applied by the Group in these condensed consolidated financial statements are consistent with those applied in the consolidated annual financial statements for the year ended 31 December 2024. There were no new accounting standards implemented by the Group in these condensed consolidated financial statements. 4 Accounting judgements and estimates Management is required to make estimates and assumptions that affect the amounts presented in the financial statements and related disclosures. Use of available information and the application of judgements is inherent in the formation of estimates. Actual results in the future could differ from these estimates. In preparing these condensed consolidated financial statements, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were similar to those that applied to the consolidated annual financial statements for the year ended 31 December 2024. Condensed consolidated segmental information continued Notes to the condensed consolidated financial statements for the six months ended 30 June 2025
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3332 Results for the six months ended 30 June 2025 5 Normalised EBIT, Normalised EBITDA, Normalised EPS and Normalised HEPS The Group adopts normalised earnings before interest and tax (“Normalised EBIT”), normalised earnings before interest, tax, depreciation and amortisation (“Normalised EBITDA”), normalised earnings per share (“Normalised EPS”) and normalised headline earnings per share (“Normalised HEPS”) as financial measures to review, measure and benchmark the operational performance of the individual business units (that consolidate into the Group) as well as for strategic planning and other commercial decision-making purposes relating to each business unit. Normalised EBIT and Normalised EBITDA are non-IFRS measures. 5.1 Normalised EBIT and Normalised EBITDA To arrive at the Normalised EBIT and Normalised EBITDA, the following adjustments are made to EBIT (operating profit as disclosed in the condensed consolidated financial statements). Adjustment included in calculation of: Normalised EBIT Normalised EBITDA Add back: amortisation of intangible assets in relation to customer relationships and brands with definitive useful lives. Yes Yes Add back: amortisation of intangible assets in relation to computer software and website costs. No Yes Add back: depreciation on property, plant and equipment and right-of-use assets. No Yes Add back: impairment losses on property, plant and equipment, goodwill and intangible assets; and abnormal impairment losses on biological assets and inventory. Yes Yes Add back or deduct: unrealised foreign exchange translation gains or losses. Yes Yes Add back: non-recurring items of an operating nature including government grants, due diligence costs in respect of business acquisitions, strategic advisory fees, retrenchment and settlement costs and restructuring costs including amounts payable in respect of onerous contracts. Yes Yes Add back: securities transfer tax paid. Yes Yes Add back or deduct: gains and losses on disposal of property, plant and equipment, gains and losses on disposals of assets or disposal groups (businesses) held for sale. Yes Yes Deduct: insurance proceeds received as compensation for expenses and losses that were normalised, as well as insurance proceeds received during the year that relate to business interruptions that occurred in prior years and that pertain to assets that will not be reinstated. Yes Yes Add back: the cost of the Long-term Incentive Plan (L TIP). Yes Yes 5 Normalised EBIT, Normalised EBITDA, Normalised EPS and Normalised HEPS continued 5.2 Normalised EPS, Normalised HEPS and Adjusted ROIC Normalised EPS, Normalised HEPS and Adjusted Return on Invested Capital (ROIC) is considered Pro Forma Financial Information in terms of the JSE listings requirements. The Pro Forma Financial Information has been prepared for illustrative purposes only. Due to its nature, the Pro Forma Financial Information may not fairly present the Group’s financial position, changes in equity, results of operations or cash flows. The Pro Forma Financial Information, including the adjustments, is based on the condensed consolidated financial statements of the Group for the six-month period ended 30 June 2025. The Pro Forma Financial Information has been prepared using the accounting policies of the Group as at 31 December 2024, which are in compliance with IFRS Accounting Standards, and in accordance with the applicable criteria specified in the JSE Listings Requirements. The Pro Forma Financial Information, including the assumptions on which it is based and the financial information from which it has been prepared, is the responsibility of the Directors. Normalised EPS and Normalised HEPS Normalised EPS and Normalised HEPS illustrates an EPS and HEPS view where non-recurring and non-trading items (detailed in note 5.1) are excluded. The Normalised Earnings adjustments, which is used in the calculation of Normalised EPS, include all the Normalised EBIT adjustments (refer to note 5.1) unless they are adjustments that are also made in the calculation of Headline Earnings (as detailed in circular 01/2023). Normalised Headline Earnings, which is used in the calculation of Normalised HEPS, includes all the Normalised Earnings adjustments, as well as the headline earnings adjustments detailed in circular 01/2023. Adjusted ROIC Normalised EBIT used in the Adjusted ROIC calculation is further adjusted by: ❚ Impact of IFRS 16 (depreciation on right-of-use assets) and replaced with the rent cost previously recognised with respect to operating leases under IAS 17; and ❚ Amortisation of intangible assets recognised during the 2014 Group restructuring. ❚ Invested capital is adjusted to exclude the intangible assets that were recognised during the 2014 Group restructuring. The ROIC calculation is consistent with the prior reporting periods. Six months ended 30 Jun 2025 Unaudited R’000 Restated Six months ended 30 Jun 2024 Reviewed R’000 Year ended 31 Dec 2024 Audited R’000 6 Other income Sundry income 5 493 3 777 21 573 Government grants1 3 455 3 192 6 427 8 948 6 969 28 000 1 Income from government grants includes income received under the Manufacturing Competitiveness Enhancement Program, Skills Development and the Employer Tax Incentive Program. Notes to the condensed consolidated financial statements continued
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3534 Results for the six months ended 30 June 2025 Six months ended 30 Jun 2025 Unaudited R’000 Restated*1 Six months ended 30 Jun 2024 Reviewed R’000 Year ended 31 Dec 2024 Audited R’000 7 Operating profit/(loss) Nature of income included in other gains Gain on foreign exchange 10 672 10 958 37 431 Realised gain on foreign exchange 3 340 3 390 37 054 Unrealised gain on foreign exchange 7 332 7 568 377 Nature of expenses/(income) included in capital items Impairment loss on goodwill – – 400 000 Impairment loss on intangible assets2 14 251 – 103 963 Impairment loss on property, plant and equipment – – 44 927 (Gain)/loss on disposal of property, plant and equipment (2 007) (817) 6 471 Insurance proceeds (59) (305) (1 198) Nature of expenses included in operating expenses Depreciation of property, plant and equipment* 23 922 19 060 50 239 Depreciation of right–of–use assets 18 141 18 838 28 615 Amortisation of computer software 2 773 3 988 14 000 Amortisation of customer relationships 53 067 53 742 104 918 Employee benefits* 320 683 297 022 586 270 Salaries and wages* 314 905 291 118 579 818 Retrenchment and settlement costs 4 137 4 549 5 097 Charges relating to long–term incentive scheme 1 641 1 355 1 355 Net impairment loss on trade and other receivables 6 233 3 021 3 522 Research and development costs expensed as incurred 3 642 221 8 970 Auditor’s remuneration 7 817 6 643 13 605 Short-term lease charges* 7 015 5 178 12 066 Low–value lease charges* 8 839 6 105 11 686 Sales and distribution expenses* 389 142 346 352 776 483 General and administrative expenses* 224 900 194 389 409 343 Nature of expenses in cost of sales Depreciation of property, plant and equipment* 93 393 99 101 186 514 Depreciation of right–of–use assets 30 112 37 398 63 632 Impairment loss on inventory 3 328 1 193 (5 463) Employee benefits* 484 263 455 875 931 941 Salaries and wages* 483 244 454 452 929 916 Retrenchment and settlement costs 1 019 1 423 2 025 Short–term lease charges* 1 791 1 822 2 422 Low–value lease charges* 12 558 11 689 19 755 * Refer to note 12 for details on restatements made to correct prior period errors. 1 The comparative interim period is further restated to present Chet Chemicals as a discontinued operation (refer to note 11) and to present capital items separately from other income, other gains and operating expenses in the statement of profit or loss, as explained in the most recent annual financial statements. 2 The impairment was driven by the reassessment of the carrying values of four customer contracts recognised in the Cape Herb and Spice and Dickon Hall Foods business units within the Ambient Products segment. Six months ended 30 Jun 2025 Unaudited R’000 Six months ended 30 Jun 2024 Reviewed R’000 Year ended 31 Dec 2024 Audited R’000 8 Earnings per share 8.1 Basic and diluted earnings/(loss) per share The earnings/(loss) and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows: Earnings/(loss) used in the calculation of basic earnings per share 90 594 83 552 (321 555) From continuing operations attributable to equity holders of the parent 90 594 81 112 (278 812) From discontinued operation attributable to equity holders of the parent – 2 440 (42 743) Basic and diluted earnings/(loss) per share in cents: From continuing operations 15.2 13.6 (46.8) From discontinued operation – 0.4 (7.2) From continuing and discontinued operations 15.2 14.0 (54.0) Weighted average number of ordinary shares (’000)1 595 812 595 812 595 812 1 There were no dilutive shares in the current period or prior year. Therefore, basic and diluted earnings per share are equal. Notes to the condensed consolidated financial statements continued
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3736 Results for the six months ended 30 June 2025 Six months ended 30 Jun 2025 Unaudited R’000 Six months ended 30 Jun 2024 Reviewed R’000 Year ended 31 Dec 2024 Audited R’000 8 Earnings per share continued 8.2 Normalised earnings/(loss) per share (EPS) Normalised EPS is a non-IFRS measure. To arrive at Normalised EPS, the after-tax earnings/(loss) is adjusted for the after-tax impact of the following: Profit/(loss) for the period from continuing operations 90 594 81 112 (278 812) Normalised for: 38 832 39 276 83 830 Amortisation of customer relationships 38 739 39 232 76 590 Impairment of inventory 692 – – Due diligence costs 492 1 187 2 478 Expenses relating to share-based payments 1 198 989 989 Compensation from third parties for items of property, plant and equipment, intangibles, inventory that were lost or given up and insurance proceeds relating to prior year’s business interruptions (3) (223) (875) Government grants (2 522) (2 330) (6 426) Retrenchment and settlement costs 3 764 4 360 5 199 Strategic advisory fees 1 824 1 586 6 150 Unrealised gain on foreign exchange (5 352) (5 525) (275) Normalised earnings/(loss) 129 426 120 388 (194 982) Weighted average number of ordinary shares (’000) 595 812 595 812 595 812 Normalised basic earnings/(loss) per share in cents 21.7 20.2 (32.7) Gross R’000 Net of tax R’000 8 Earnings per share continued 8.3 Headline earnings per share The headline earnings used in the calculation of headline earnings and diluted headline earnings per share are as follows: 8.3.1 Continuing operations Six months ended 30 June 2025 Basic earnings 90 594 Adjustments 12 240 8 935 Impairment of intangible assets 14 251 10 403 Gain on disposal of property, plant and equipment (2 007) (1 465) Compensation from third parties for items of property, plant and equipment that were impaired, lost or given up (4) (3) Headline earnings from continuing operations 99 529 Six months ended 30 June 2024 Basic earnings 81 112 Adjustments (1 122) (819) Gain on disposal of property, plant and equipment (817) (596) Compensation from third parties for items of property, plant and equipment that were impaired, lost or given up (305) (223) Headline earnings from continuing operations 80 293 Y ear ended 31 December 2024 Basic loss (278 812) Adjustments 555 353 513 408 Impairment of goodwill 400 000 400 000 Impairment of intangible assets 103 963 75 893 Impairment of property, plant and equipment 44 927 32 797 Compensation from third parties for items of property, plant and equipment that were impaired, lost or given up (8) (6) Loss on disposal of property, plant and equipment 6 471 4 724 Headline earnings from continuing operations 234 596 Notes to the condensed consolidated financial statements continued
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3938 Results for the six months ended 30 June 2025 Gross R’000 Net of tax R’000 8 Earnings per share continued 8.3 Headline earnings per share continued 8.3.2 Discontinued operation Six months ended 30 June 2024 Basic earnings 2 440 Headline earnings from discontinued operation 2 440 Y ear ended 31 December 2024 Basic loss (42 743) Adjustments: 68 601 59 011 Loss on sale of Chet Chemicals 68 805 59 160 Gain on disposal of property, plant and equipment (204) (149) Headline earnings from discontinued operation 16 268 Six months ended 30 Jun 2025 Unaudited R’000 Six months ended 30 Jun 2024 Reviewed R’000 Year ended 31 Dec 2024 Audited R’000 8.3.3 Headline earnings per share from continuing and discontinued operations Headline earnings from continuing and discontinued operations 99 529 82 733 250 864 Headline earnings and diluted headline earnings per share in cents: From continuing operations 16.7 13.5 39.4 From discontinued operation – 0.4 2.7 From continuing and discontinued operations 16.7 13.9 42.1 Six months ended 30 Jun 2025 Unaudited R’000 Six months ended 30 Jun 2024 Reviewed R’000 Year ended 31 Dec 2024 Audited R’000 8 Earnings per share continued 8.4 Normalised headline earnings per share (HEPS) Normalised HEPS is a non-IFRS measure. To arrive at normalised HEPS, the normalised EPS is adjusted for the after-tax impact of the below: Normalised basic earnings/(loss) from continuing operations 129 426 120 388 (194 982) Adjustments 8 938 (596) 513 414 Impairment of goodwill – – 400 000 Impairment of intangible assets 10 403 – 75 893 Impairment of property, plant and equipment – – 32 797 (Gain)/loss on disposal of property, plant and equipment (1 465) (596) 4 724 Normalised headline earnings 138 364 119 792 318 432 Normalised headline earnings per share in cents 23.2 20.1 53.4 9 Property, plant and equipment During the six months ended 30 June 2025, the Group acquired plant and equipment in the amount of R83.7 million (2024: R80.4 million). There has been no major change in the nature of property, plant and equipment, the policy regarding the use thereof, or the encumbrances over the property, plant and equipment as disclosed in the audited financial statements for the year ended 31 December 2024. Notes to the condensed consolidated financial statements continued
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4140 Results for the six months ended 30 June 2025 Six months ended 30 Jun 2025 Unaudited R’000 Six months ended 30 Jun 2024 Reviewed R’000 Year ended 31 Dec 2024 Audited R’000 10 Cash generated from operations Profit/(loss) before taxation from: 130 988 111 448 (297 574) From continuing operations 130 988 108 105 (251 799) From discontinued operation – 3 343 (45 775) Adjustments for: Depreciation and amortisation 221 408 242 146 461 328 (Gain)/loss on disposal of property, plant and equipment (2 007) (814) 6 675 Impairment loss on goodwill – – 400 000 Impairment loss on intangible assets 14 251 – 103 964 Impairment loss on property, plant and equipment – – 44 927 Impairment loss on inventories 3 328 1 193 (5 463) Impairment loss on trade and other receivables – – 3 653 Compensation from third parties for items of property, plant and equipment that were impaired, lost or given up (4) (305) (8) Expected credit loss allowance movement on trade and other receivables 6 233 3 021 3 768 Non-cash lease modifications, additions and terminations (605) (1 884) (25 825) Loss on sale of Chet Chemicals – – 68 805 Finance income (9 864) (18 055) (27 147) Finance costs 109 689 114 590 243 947 Fair value adjustment on forward exchange contracts – – 1 126 Unrealised gain on foreign exchange (7 332) (7 568) (1 503) Movements in employee benefits – medical aid plan (426) (274) 2 097 Employee benefits contributions paid (426) (313) (677) Other non-cash movements in employee benefits – 39 2 774 Movements in share-based payments 1 641 879 657 Share-based payments – (476) (698) Other non-cash movements in share-based payments 1 641 1 355 1 355 Operating cash flows before working capital changes 467 300 444 377 983 427 Changes in working capital: 36 416 (162 998) (189 017) Increase in inventories (42 917) (114 106) (163 464) Decrease/(increase) in trade and other receivables 90 376 (6 221) (66 959) Increase in biological assets (672) (682) (799) (Decrease)/increase in trade and other payables (10 371) (41 989) 42 205 503 716 281 379 794 410 The consolidated statement of cash flows represents both continued and discontinued operations combined cash flows. Six months ended 30 Jun 2025 Unaudited R’000 Six months ended 30 Jun 2024 Reviewed R’000 Year ended 31 Dec 2024 Audited R’000 11 Profit/(loss) from discontinued operation The Group signed the sale of business agreement for the sale of the Chet Chemicals business unit within the Household and Personal Care segment on 24 August 2024. The disposal is in line with Libstar’s strategic direction to focus on value-added food categories. Chet Chemicals was classified as held for sale at 24 August 2024 and was sold on 30 December 2024. The comparative information for the six months ended 30 June 2024 is restated to present Chet as a discontinued operation as required by IFRS 5. Financial information relating to the Chet Chemicals discontinued operation is set out below: Profit before tax – 3 343 23 030 Taxation – (903) (6 613) Loss on sale of Chet Chemicals after income tax – – (59 160) Profit/(loss) for the period/year from discontinued operation – 2 440 (42 743) Profit/(Loss) from discontinued operation attributable to: Equity holders of the parent – 2 440 (42 743) Non-controlling interest – – – – 2 440 (42 743) Notes to the condensed consolidated financial statements continued
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4342 Results for the six months ended 30 June 2025 12 Corrections of prior period errors Libstar management conducted an extensive analysis of the general ledger account classifications of its multiple business units during the year ended 31 December 2024. The exercise was undertaken, during its transition of auditors following mandatory audit firm rotation, to review consistency of account classification and disclosure in terms of the IFRS Accounting Standards between the various business units forming part of the Group. This resulted in accounts being reclassified from Operating expenses to Cost of sales in order to consistently allocate production related costs to Cost of Sales across the Group, as required by IAS 1 Presentation of Financial Statements. The comparative amounts for June 2024 have been restated to facilitate comparability as required by IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The corrections of the prior period errors were confined to reclassifications within the statement of profit or loss and other comprehensive income and had no impact on profit before tax, earnings per share, headline earnings per share, net asset value or net cash flows. The effect of the restatements on the prior year is as follows: Previously Reported R’000 Effect of change R’000 Restated R’000 Six months ended 30 June 2024 Statement of profit or loss and other comprehensive income: Cost of sales (4 381 546) (46 623) (4 428 169) Operating expenses (1 021 467) 46 623 (974 844) 13 Dividends The Board paid a final cash dividend (inclusive of treasury shares) of 15 cents (2024: 15 cents) per ordinary share totalling R102.3 million (2024: R102.3 million) (“the dividend”). The dividend was paid on 14 April 2025 (2024: 15 April 2024) to shareholders recorded as such in the share register of the Company on 11 April 2025 (2024: 12 April 2024) (the record date). The last date of trading cum dividend was 8 April 2025 (2024: 9 April 2024). 14 Subsequent events In alignment with Libstar’s portfolio simplification strategy, the Board resolved to effect the closure of the Group’s Denny Mushrooms’ facilities located in Shongweni and Phesantekraal. The effective closure date is planned for 31 January 2026, to align with the rundown of the straw contract at the Phesantekraal facility. The Group will continue to operate its Deodar facility. The impact of the closures, including any associated restructuring costs, are currently being assessed. The directors are not aware of any other events after the reporting date which require disclosure. Notes to the condensed consolidated financial statements continued 15 Going concern The directors believe that the Group has adequate financial resources to continue to operate for the foreseeable future and accordingly the condensed consolidated financial statements have been prepared on a going concern basis. 16 Contingent assets and liabilities As disclosed in the annual financial statements for the year ended 31 December 2024, a series of successive power outages occurred at the Alrode production facility of Cecil Vinegar in November 2024, resulting in a 26-day loss of production. The matter remains the subject of an insurance claim and related investigation, including the extent (if any) of the Group’s liability to its customers. As at 30 June 2025, there have been no material developments in respect of this matter since the date of the annual financial statements, and no asset or liability has been recognised in the interim results. 17 Financial Instruments There are no significant differences between carrying values and fair values of financial assets and liabilities. The carrying amount of cash and bank balances and bank overdraft approximate their fair values due to the short maturity of these instruments. Trade and other receivables, other financial assets (loans to other entities) and trade and other payables reflected on the statement of financial position approximate their fair values thereof due to the short maturity of these instruments. Other financial liabilities (bank loans and asset-based finance) and lease liabilities are measured at amortised cost using the effective interest rate method and the carrying amounts approximate their fair values. Fair value at 30 Jun 2025 Unaudited R’000 Fair value at 30 Jun 2024 Reviewed R’000 Fair value at 31 Dec 2024 Audited R’000 Foreign exchange contracts – cash flow hedges Foreign exchange contract assets 10 593 24 643 6 657 Foreign exchange contract liabilities (2 753) (12 044) (8 247) 7 840 12 599 (1 590) Forward exchange contracts are categorised as level 2 per the fair value hierarchy. The fair value is determined using quoted forward exchange rates at the reporting date and present value calculations based on high credit quality yield curves in the respective currencies. There were no transfers between level 2 and 3 of the fair value hierarchy during the reporting period and the comparative periods.
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44 Results for the six months ended 30 June 2025 FORWARD-LOOKING STATEMENTS This announcement contains certain forward-looking statements. These include statements regarding our intentions, beliefs or current expectations concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the economic and business circumstances occurring from time to time in the markets in which Libstar operates. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual future financial condition, performance and results to differ materially from the plans, goals, expectations and results expressed in the forward-looking statements and other financial and/or statistical data within this announcement. It is believed that the expectations reflected in this announcement are reasonable, but they may be affected by a wide range of variables that could cause actual results to differ materially from those currently anticipated. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. The forward-looking statements reflect knowledge and information available at the date of preparation of this announcement and the Group undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on such forward-looking statements. No statement in this communication is intended to be a profit forecast. Directors Johannes Petrus (JP) Landman (Chairman) Non-Executive Independent Director Anneke Andrews Lead Independent Non-Executive Director Sandeep Khanna Non-Executive Independent Director Sibongile Masinga Non-Executive Independent Director Tertius Carstens Non-Executive Independent Director Charl Benjamin de Villiers Chief Executive Officer Terri Lee Ladbrooke Chief Financial Officer Cornél Lodewyks Executive Director Transfer Secretaries Computershare Investor Services Proprietary Limited Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg, 2196, South Africa (PO Box 61051, Marshalltown, Johannesburg, 2107) Corporate INFORMATION Company and Registered Office Libstar Holdings Limited Registration Number: 2014/032444/06 Libstar House, 43 Bloulelie Crescent, Plattekloof, Western Cape, 7500 South Africa Company Secretary Ntokozo Makomba 43 Bloulelie Crescent, Plattekloof, Western Cape 7500 Sponsor The Standard Bank of South Africa Limited 30 Baker Street, Rosebank, Johannesburg, 2196, South Africa (PO Box 61344, Marshalltown, Johannesburg, 2107) Auditors Ernst & Y oung Inc. 3rd Floor, Waterway House 3 Dock Road, V&A Waterfront Cape Town
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