Afrimat Limited · JSE:AFT
Afrimat — FY2026 Earnings Presentation
44 slides from Afrimat's earnings presentation, May 2026
Slide 1: Audited Consolidated Financial Statements for the year ended 28 February 2026
AUDITED CONSOLIDATED FINANCIAL STATEMENTS for the year ended 28 February 2026
Slide 2: Core message
Core message Aggregates Bulk Commodities Cement Quarrying and aggregates External storms, not Cement's turnaround consistently deliver, clear structural failure. opens door to 1 2 3 growth runway Recovery underway compelling strategic opportunities 2
Slide 3: The year under review
The year under review HY1 2026 HY2 2026 • Good performance from the aggregates businesses • Ongoing good performance in the aggregates businesses • Losses in cement business • Losses in cement moderated • Improvements at Nkomati started to deliver • Reduction in local iron ore sales volumes • Local
Slide 4: Segmental Information
01 SEGMENTAL INFORMATION The foundation of diversification
Slide 5: Segment revenue contribution to Group
Segment revenue contribution to Group FEBRUARY 2026 FEBRUARY 2025 R10,0 billion R8,3 billion Services Anthracite Anthracite 3% 8% 10% Services 6% Aggregates 39% Aggregates 43% Iron ore Iron ore 24% 25% IM IM 5% Cement 7% Cement FMM 12% FMM 16% 1% 1% 5
Slide 6: Year-on-year PBIT movement per business unit
Year-on-year PBIT movement per business unit 900 33 4 36 800 135 700 158 600 -218 -77 524 500 478 -25 400 300 200 100 0 6
Slide 7: Construction Materials revenue and operating profit
Construction Materials REVENUE OPERATING PROFIT AND MARGIN (%) 12,4% 7,5% 9,3% 6 000.0 800.0 5 000.0 600.0 1 560,9 4 000.0 1 011,7 400.0 694.8 R’million R’million 560.3 3 000.0 200.0 273.4 2 000.0 3 936,1 0.0 3 541,0 1 000.0 2 213,0 - 200.0 (185,1) (218,5) - - 400.0 Feb '24 Feb '25 Feb '26 Feb '24 F
Slide 8: Aggregates delivering — our core is performing strongly
Construction Materials Aggregates and fly ash operations Aggregates delivering — our core is performing strongly What we fixed Why growth continues • Overall improvement in product sales • National footprint spans all major infrastructure spend category • Integration is completed • SANRAL, Transnet,
Slide 9: National aggregate footprint
National aggregate footprint Strategic locations with the ability to acquire additional quarries if needed - Afrimat Quarry - Afrimat Quarry (acquired) 9
Slide 10: Cement – operational footprint
Construction Materials Cement – operational footprint E A Tswana limestone quarry and ISIC Laboratory private railway infrastructure D LIMPOPO Kaalfontein A B MPUMALANGA EGAUTENG B C D Lichtenburg integrated NORTH WEST cement plant KWAZULU-NATAL FREE STATE LESOTHO NORTHERN CAPE C Randfontein grindin
Slide 11: Cement — 24-month intervention programme
Construction Materials Cement — 24-month intervention programme: six areas, one transformation Topline strategy Fixed cost improvements Variable cost wins • Volume and revenue growth with • Exited legacy Holcim technical • Thermal energy −21% | Startup stronger margins services agreement and long- f
Slide 12: Cement — Strategic positioning
Construction Materials Cement — Strategic positioning Turnaround proof points Strategic alternatives • 36% sales volume growth and 54% revenue growth • Afrimat Cement is one of SA's few fully integrated delivered this year cement platforms with embedded strategic value • Clinker production 19% highe
Slide 13: Cement turnaround delivering
Construction Materials Cement +36% +54% +19% Sales volume Revenue growth Clinker production growth vs FY2025 • Extender strategy working well • The business is now positioned to pursue strategic options Turnaround delivering — exciting strategic alternatives now on the horizon 13
Slide 14: Kiln reliability
Construction Materials Kiln reliability Mean Time Between Failures (MTBF) improving significantly Maintenance and capital 150 300 interventions compounding 140 +50% YoY 250 130 120 200 Reduced Stabilising 110 variable cost production 100 150 90 Improved stock Improved 100 levels reliability 80 70 50
Slide 15: Bulk Commodities revenue and operating profit
Bulk Commodities REVENUE OPERATING PROFIT AND MARGIN (%) 3 500 $121 * $105 * $102 * 1 200 32,4% 17,9% 13,6% 1 000 17,2% margin, if 3 000 impairment is 833.7 168.7 excluded 746.6 800 2 500 829.1 600 R’million R’million 57.3 2 000 400 789.0 1 500 605.1 200 447.1 2 434,5 2 211,1 1 000 1 996,0 0 500 -20
Slide 16: Domestic iron ore
Bulk Commodities Domestic iron ore DOMESTIC VOLUMES ACHIEVED (DRY TONS) ▪ Improved volumes for majority of year ▪ Steel manufacturing sector affected by 681 888 structural factors in South Africa ▪ Stock build-up used up R330m in cash 388 984 536 567 ▪ Curtailed volumes going forward 830 662 254 656
Slide 17: International iron ore
Bulk Commodities International iron ore INTERNATIONAL VOLUMES ACHIEVED (DRY TONS) ▪ Total export volumes were maintained ▪ Remains 17,0% below rail allocation of 870 000 $119 * $121 * $105 * $ 102 * ▪ US dollar prices, down by 2,9% ▪ Decrease shipping costs of 3,9% 349 568 325 563 ▪ Decrease in lump
Slide 18: International and local iron ore sales
Sales volumes (wet tons) 0 50 000 100 000 150 000 200 000 250 000 Mar-23 92 549 65 453 49 199 Apr-23 57 927 39 580 47 957 May-23 69 244 83 342 5 513 Jun-23 34 856 70 591 Jul-23 69 474 71 750 Aug-23 68 771 65 582 Sept-23 46 25619 631 60875 Oct-23 57 933 19 473 56689 Nov-23 46 119 69 036 Dec-23 45 602
Slide 19: Elements that impact international iron ore income
100.00 120.00 140.00 160.00 40.00 60.00 80.00 Mar-23 May-23 Jul-23 Sept-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sept-24 Nov-24 Jan-25 Mar-25 May-25 sustainable at this price range Jul-25 Efficiencies in place to keep mining Sept-25 62% FE PLATTS INDEX PRICES (USD) Nov-25 Jan-26 - 0.05 0.10 0.15 0.20 0
Slide 20: Anthracite
Bulk Commodities Anthracite Domestic ANTHRACITE SALES (TONS) ▪ Significant operational improvements achieved in first half 74 244 206 271 ▪ Six months of no domestic sales, significantly impacted 63 350 6 621 results 313 041 ▪ NERSA approval awaited for ferrochrome restart 277 151 255 378 Internatio
Slide 21: Industrial Minerals
Industrial Minerals REVENUE ▪ Metallurgical sales disrupted by closure of ferrochrome smelters and closure of Newcastle 550.0 steelworks R’million 500.0 575.1 555.0 450.0 ▪ Industrial customers competing with cheap imports 476.5 400.0 Feb '24 Feb '25 Feb '26 ▪ Customers reducing production as a resu
Slide 22: Future Materials and Metals
Future Materials and Metals REVENUE ▪ Globally competitive project 200.0 150.0 ▪ Performed extensive testing, both locally and R’million 100.0 internationally 164.3 50.0 68.1 31.3 0.0 ▪ Unique and highly valuable source of feed material Feb '24 Feb '25 Feb '26 ▪ Modern batteries OPERATING PROFIT AND
Slide 23: Financial Outcomes
02 FINANCIAL OUTCOMES
Slide 24: Financial summary
Financial summary Group revenue HEPS Net asset value Final dividend Up 20,3% to R10,0 Up to 95,8 cents 2 899 cents 13 cents billion (2025: 72,3 cents) (2025: 2 862 cents) (Total dividend 33 cents) (2025: R8,3 billion) Return on net Net debt:equity ratio Operating profit margin operating assets 8,0%
Slide 25: Revenue and operating profit
Revenue and operating profit REVENUE (R’000) OPERATING PROFIT (R’000) 1 200 000 11 000 000 1 100 000 10 000 000 1 000 000 9 000 000 900 000 526 111 618 314 4 678 991 8 000 000 800 000 449 357 7 000 000 700 000 4 214 415 6 000 000 600 000 5 000 000 3 239 606 500 000 143 864 2 312 980 2 258 468 4 000
Slide 26: PBIT breakdown per business unit - F2026
PBIT breakdown per business unit - F2026 26
Slide 27: Focus metrics
Focus metrics NET CASH FROM OPERATING ACTIVITIES (FY SHARED SERVICES COSTS (R’000) HEPS (FY – cps) R’000) 510 000 120.0 72,3 cps 95,8 cps 600 000 490 000 100.0 500 000 470 000 400 000 80.0 300 000 246 810 450 000 19,3 512 127 60.0 200 000 101.9 430 000 100 000 486 808 40.0 134 909 0 450 258 410 000
Slide 28: Statement of financial position – Assets
Statement of financial position Assets Audited Audited R’000 % Change Feb 2026 Feb 2025 Property, plant and equipment 5 310 085 5 665 172 (6,3) Intangible assets 244 656 256 029 (4,4) Inventories 1 804 299 1 311 528 37,6 Trade and other receivables 1 464 712 1 169 291 25,3 Cash 451 142 301 329 49,7
Slide 29: Statement of financial position – Equities and liabilities
Statement of financial position Equities and liabilities Audited Audited R’000 % Change Feb 2026 Feb 2025 Total equity 4 473 975 4 388 260 1,9 Borrowings 2 354 342 1 859 267 26,6 Provisions 300 406 279 746 7,4 Overdraft 240 796 77 828 209,4 Trade and other payables 1 997 073 1 636 569 22,0 Other lia
Slide 30: Total capital expenditure
Total capital expenditure CAPITAL EXPENDITURE 2020 – PLANNED 2027 (R’000) Replacement capital (R'000) 1200 000 Construction Materials 125 872 1000 000 963 093 Cement 116 953 929 481 913 385 800 000 Mining 54 929 600 000 505 673 782 446 Central Services 33 549 465 300 400 000 Total 331 303 293 587 4,
Slide 31: Parameters of focus
Parameters of focus To secure Afrimat’s future trajectory of resilient, dependable results Improved rail Energy price Ferrochrome International iron maintenance on iron increases smelters re-opening ore price ore export routes Improved cash Technology Margin generation and Local iron ore partnership
Slide 32: A Culture of Care
03 A CULTURE OF CARE In all that we do with a thriving entrepreneurial spirit
Slide 33: People statistics
People statistics Development and training, health and safety, job creation and integration of our employees 3 626 total employees R54,8m learning & development initiatives 6 735 learning interventions 55 staff bursaries Our success has always depended on our people, who transform struggling assets
Slide 34: Health and Safety
Health and Safety LTIFR TRIFR 1.58 0.48 1.39 1.12 1.06 0.34 0.32 0.95 0.29 0.27 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 Lost Time Injury Frequency Rate Total Recordable Injury Frequency Rate No fatalities for 12 consecutive years 35
Slide 35: Community relations
Community relations Excellent relationships with the communities Social license to operate surrounding our mining operations and production plants with no community disruption across the year. Afrimat R16,7 m COMMUNITY MATRIX Foundation total CSI spend Trust Local labour sourcing for community Sever
Slide 36: Social investment projects
Social investment projects 2025 CSI projects B Lichtenburg Lichtenburg Equipping of a resource centre - Taletso College Handover plague at Taletso Resource Centre A B C F E D Vryheid D Vredendal F Construction of a Library at Amakhwatha Primary The refurbishing of the Kleinrivier computer Lab A Mats
Slide 37: Environmental stewardship
Environmental stewardship Leading the way with reduced emission-quality cement Committed to environmental CO2 Emissions/Ton of cement 800 728 751 stewardship and sustainable 710 637 663 631 591 practices 600 400 200 Carbon Environmental 0 2024 2025 2026 2027 2028 emissions KPI’s Typical Progression
Slide 38: Comparative environmental KPI's
Environmental stewardship Comparative environmental KPI’s GHG Emissions (thousand) (tCO₂e) Total rehabilitation (Ha) General waste (Tons) 235.0 979.6 1 591,1 183.9 932.9 1 459,0 2025 2026 2025 2026 2025 2026 Water used (m3) Recycled used oil (l) Electricity consumed (tCO₂e) 1 922 937 144 900 201 943
Slide 39: Climate change management
Climate change management Total greenhouse emissions per scope Total greenhouse emissions increased by 5% Scope 2026 tCo2e 2025 tCO2e Increase / (decrease) from base year 2025 Total scope 1 722 190 721 533 0,1% Total scope 2 201 943 187 277 7,8% Total scope 3 55 480 24 044 130,7% Total carbon footpr
Slide 40: Future Outlook
04 FUTURE OUTLOOK
Slide 41: Thinking behind the strategy
Thinking behind the strategy Our strengths Headwinds we are navigating Opportunities ahead • Aggregates delivering at national • Cheap imports suppressing steel • Aggregate and quarry strategy scale and ferrochrome demand gaining strong momentum • Diversified commodity base • High energy costs and l
Slide 42: Initial signals from Q1 of HY1 2027
Initial signals from Q1 of HY1 2027 Aggregates Iron ore Anthracite • Strong start to HY1 2027 • International sales constrained by • Reduced energy tariff supporting • Margin expansion on track Transnet rail maintenance ferrochrome sector recovery programme • Supply flexibility improved; export • En
Slide 43: Core message
Core message Aggregates Bulk Commodities Cement Quarrying and aggregates External storms, not Cement's turnaround consistently deliver, clear structural failure. opens door to 1 2 3 growth runway Recovery underway compelling strategic opportunities. 44
Slide 44: Thank you, Q&A, Investor Relations
THANK YOU Q&A INVESTOR RELATIONS Andries van Heerden Chief Executive Officer 021 917 8853 Vanessa Rech Keyter Rech Investor Solutions [email protected] 083 307 5600