Hosken Consolidated Investments (HCI) H1 2026 earnings summary

Executive summary

• Income increased by 3% to R24,172 million, with EBITDA up 4% to R5,429 million and profit before tax at R4,540 million for the year ended 31 March 2026.

• Headline earnings rose 47% to R1,776 million, with headline earnings per share at 2,248 cents.

• Net borrowings shifted to a net cash position of R86 million from net debt of R266 million year-over-year.

Financial highlights

• Revenue grew to R24,172 million (up 3% year-over-year), EBITDA reached R5,429 million (up 4%), and headline earnings per share increased by 50% to 2,248 cents.

• Profit before tax was R4,540 million, and headline earnings were R1,776 million, up 47% from the prior year.

• Finance costs reduced by 15% due to lower borrowings and interest rates.

• Cash flows from operations remained strong, with significant repayments of net funding and share repurchases.

Outlook and guidance

• The group remains in compliance with all debt covenants and expects sufficient liquidity for the foreseeable future.

• The final investment decision for the Venus discovery in Block 2913B (oil & gas) is anticipated in the second half of 2026.