Afrimat (AFT) H2 2026 earnings summary

Executive summary

• FY2026 revenue rose 20.3% to R10.0bn; performance reflected strong aggregates and a cement recovery, offset by pressure in iron ore, anthracite and industrial markets.

• Challenging local conditions included logistics constraints, steel-sector weakness, ferrochrome shutdowns and cement losses, though cement losses moderated in H2.

Financial highlights

• Revenue increased to R10.0bn from R8.3bn; operating profit margin improved to 8.0% from 7.3%.

• HEPS rose to 95.8 cents from 72.3 cents; net asset value was 2,899 cents versus 2,862 cents.

• Total dividend was 33 cents, including a 13-cent final dividend.

Outlook and guidance

• Q1 FY2027 signals showed a strong aggregates start, with margin expansion on track; energy-cost pressure remained under review.

• Cement's turnaround trajectory continued and strategic alternatives were progressing; ferrochrome smelter reopenings were expected to support industrial materials demand.

• Priorities include stronger cash generation toward ~R880m and debt reduction to a 25% net debt-to-equity target.