Grindrod (GND) Trading update summary

Market performance review

• Mining commodity prices fell 12% year-on-year, driven by supply-demand shifts and geopolitical risks.

• Iron ore and chrome demand remained robust despite price declines.

Operational performance review

• Achieved zero fatalities and an LTIFR of 0.16, outperforming the target of 0.4.

• Port of Maputo dry-bulk exports rose to 13.9 million tonnes from 13.2 million tonnes.

• Dry-bulk terminals handled 15.2 million tonnes, with TCM volumes hitting a record 9.1 million tonnes.

• Logistics operations remained resilient, though rail performance was impacted by low locomotive deployment.

Financial performance review

• Share of earnings from Port of Maputo increased to R338.3 million from R320.5 million.

• Port and Terminals EBITDA margin improved to 39%, while Logistics EBITDA margin declined to 25%.

• Gross debt rose to R3.7 billion, mainly due to lease liabilities, but net cash position improved to R0.2 billion.