Afrimat (AFT) AGM 2025 presentation summary

Strategic position and diversification

• Operational execution underpins strategic progress; the diversified model is positioned to adapt and support long-term sustainability.

• F2025 revenue mix: aggregates 43%, iron ore 24%, cement 12%, anthracite 10%, industrial minerals 7%, services 3% and Future Materials and Metals 1%.

• Operations span construction materials, industrial minerals, bulk commodities, cement, fly ash, contract mining and future materials; footprint includes 36 active quarries and 37 readymix concrete sites.

F2025 financial performance

• Revenue rose 36.7% to R8.3bn; HEPS was 72.3 cents and net asset value was 2,862 cents.

• Final dividend was 15 cents; return on net operating assets was 7.3%, net debt-to-equity 48.9% and operating profit margin 5.7%.

Operational update

• Aggregate operations are focused on efficiency, throughput, market-share recovery and equipment reliability at ex-Lafarge quarries; Lafarge South Africa was acquired for its quarries.

• Aggregates market was stable with slight volume growth; cement demand was strong, fly ash and Randfontein performed well, while Lichtenburg reliability and the cement turnaround remained priorities.

• International iron ore export volumes matched the prior year; prices recently returned to $100/t, while domestic sales volumes improved and further growth is possible.

• Anthracite received its full EIA; two shipments were exported in Q1, local sales were steady, and a viable open-pit area was identified as underground operations are mothballed.

• Glenover began single super phosphate sales; production rates remain unsatisfactory, while laboratory testing produced mixed rare oxides above 98% purity.