Raubex (RBX) H2 2026 earnings summary

Executive summary

• Delivered solid performance for the year ended 28 Feb 2026, with strong results across most divisions and a record order book of ZAR 31.46 billion, up 11.6% year-over-year.

• Balance sheet remains robust, with ZAR 1.75 billion cash from operations and a diversified business model spanning five divisions and multiple geographies.

• Significant turnaround at Bauba Resources, moving from loss to profitability, and continued focus on operational efficiencies and disciplined execution.

• Strategic shift towards private sector clients, now representing 34% of the order book, reducing reliance on public sector contracts.

• Diversification and strategic acquisitions strengthened the business model and sector presence.

Financial highlights

• Revenue increased 4.6% to ZAR 22.05 billion year-over-year; operating profit up 11.6% to ZAR 1.74 billion.

• Headline EPS rose to ZAR 6.113; operating profit margin improved to 7.9% from 7.4%.

• Cash from operations at ZAR 1.75 billion, down 30% from prior year due to working capital absorption.

• Final dividend of ZAR 1.21 per share, total dividend ZAR 2.02 per share; return on capital employed at 14.8%.

• Net asset value per share up 10.4% to ZAR 40.50; debt-to-equity ratio at 34%.

Outlook and guidance

• Strong revenue visibility for FY 2027 with ZAR 17.76 billion of order book scheduled for execution.

• Positive FY2027 outlook across all divisions, supported by a diversified business model and strong order book.

• Private sector and international work expected to drive growth; continued focus on profitable execution and diversification.

• CapEx expected to decrease below ZAR 1 billion in FY 2027 as major mining expansion projects conclude.

• Strategic focus on innovation, operational technology, and disciplined organic growth.