Raubex Group Limited · JSE:RBX
Raubex — H1 2027 Earnings Presentation
47 slides from Raubex's earnings presentation, Aug 31, 2026
Slide 1: Unaudited Interim Results for the Six Months Ended 31 August 2026
2027 UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2026 Raubex Group Limited (Incorporated in the Republic of South Africa). Registration number 2006/023666/06 Share code: RBX | ISIN code: ZAE000093183 (“Raubex” or “the Company” or “the Group”) www.raubex.com
Slide 2: Agenda
Agenda 1 2 3 4 ABOUT FINANCIAL OPERATIONAL OUTLOOK AND RAUBEX OVERVIEW OVERVIEW STRATEGY Slide 3 Slide 5 Slide 14 Slide 32 Felicia Msiza Sam Odendaal Jaco van der Bijl Felicia Msiza (CEO) (FD) (COO) (CEO)
Slide 3: About Raubex
1 ABOUT RAUBEX ROADMAC SURFACING CAPE | N2 BLOUKRANS
Slide 4: The period in review
The period in review • Solid financial performance despite challenging trading conditions • Revenue growth across most divisions Financial • Strong balance sheet, supported by lower gearing, enhancing financial performance resilience • Robust cash generated from operations – R1.56 billion • Challeng
Slide 5: Financial Overview
2 FINANCIAL OVERVIEW RAUBEX INFRA | NORTHERN CLUSTER WINDFARM
Slide 6: Financial highlights
Financial highlights Group revenue increased to Operating profit increased to HEPS increased to R12.12bn R618.0m 254.3 cps (1H2026: R10.84bn) 11.8% (1H2026: R603.0m) 2.5% (1H2026: 243.5 cps) 4.4% Cash generated from operations Capital expenditure increased to Order book increased to increased to R1.
Slide 7: Income Statement
Income Statement Unaudited Unaudited R’000 31 Aug 2026 31 Aug 2025 % variance Revenue 12 123 965 10 844 481 11.8 Operating profit 617 969 602 962 2.5 Operating profit margin 5.1% 5.6% Net finance costs (60 029) (23 359) 157.0 Profit before tax 558 064 580 593 (3.9) Profit after tax 385 885 402 974 (
Slide 8: Segmental analysis per division
Segmental analysis per division REVENUE (%) OPERATING PROFIT/(LOSS) (%) Materials Handling and 13% Mining Division (18%) 19% 24% Construction Materials Division 15% 19% Roads and Earthworks 1H2027 Division 1H2027 R12.12bn R618.0m 18% 28% Infrastructure Division Australia Division 35% 47% 15% 16% (16
Slide 9: Segmental analysis per geography
Segmental analysis per geography REVENUE (%) OPERATING PROFIT/(LOSS) (%) 13% 24% 5% 1H2027 1H2027 R12.12bn R618.0m 56% 20% 82% 15% (16%) 6% 1H2026 26% 1H2026 South Africa R10.84bn South Africa R603.0m 90% Rest of Africa 79% Rest of Africa Western Australia Western Australia 9
Slide 10: Our track record
Our track record REVENUE (R’m) OPERATING PROFIT/(LOSS) (R’m) 14000 1000 12 124 846 12000 10 955 10 844 618 800 603 628 10000 8 446 600 550 8000 7 377 400 6000 200 4000 0 2000 0 -200 1H2023 1H2024 1H2025 1H2026 1H2027 1H2023 1H2024 1H2025 1H2026 1H2027 Materials Handling & Construction Roads & Materi
Slide 11: Statement of Financial Position
Statement of Financial Position Unaudited Audited % R’000 31 Aug 2026 28 Feb 2026 variance Assets 17 583 811 16 458 728 6.8 Property, plant and equipment 6 757 014 6 485 336 4.2 Investment property 332 786 331 251 0.5 Right-of-use assets 161 471 109 322 47.7 Intangible assets 1 021 609 1 028 833 (0.
Slide 12: Cash flow movement
Cash flow movement Working capital inflow 3500 960.5 251.8 R490.2 million 43.5 646.7 1 055.4 122.7 3000 317.9 333.1 303.4 315.1 2500 21.5 230.8 1 874.8 22.8 1 888.2 2000 R’million 1500 1000 500 0 1 Mar 26 Operating Inventory Debtors Contract Creditors Contract Tax paid Net finance Cash flow Net Net
Slide 13: Dividend declaration
Dividend declaration INTERIM DIVIDEND 3× DIVIDEND COVER Policy maintained CONSISTENT 88 cents declared KEY DATES LAST DAY TO TRADE CUM DIVIDEND Tuesday, 24 November 2026 A clear return to shareholders, COMMENCE TRADING EX DIVIDEND Wednesday, 25 November 2026 backed by disciplined capital allocation.
Slide 14: Operational Overview
3 OPERATIONAL OVERVIEW RAUBEX CONSTRUCTION | N2 BLOEMENDAL
Slide 15: Our divisions
Our divisions Indust Minerals Asphait_ Commercial sregates o Dn i *ruction materials” Tosas om (RAUMDX< 1] we
Slide 16: Materials Handling & Mining Division
Materials Handling & Mining Division REVENUE (R’m) OPERATING PROFIT/(LOSS) (R’m) 2500 200 150 2000 100 1500 50 177.9 87.7 0 1000 -50 500 (111.1) -100 2 370.1 1 791.7 2 276.0 0 -150 Aug 2024 Aug 2025 Aug 2026 Aug 2024 Aug 2025 Aug 2026 • Revenue increased by 27.0% • Operating profit decreased sharply
Slide 17: Materials Handling & Mining Division (continued)
Materials Handling & Mining Division (continued) B & E International (B&E) • Challenging first-half performance, impacted by a few underperforming contracts expected to conclude early in the second half • Namdeb delivered an exceptional performance, supported by resilient demand for high-quality nat
Slide 18: Materials Handling & Mining Division (continued) – Bauba Resources
Materials Handling & Mining Division (continued) Bauba Resources KOOKFONTEIN MINE Chrome prices remained stable, while Rand appreciation and higher freight costs arising from the Middle East conflict placed pressure on realised prices and margins o Moeijelijk mine • Underground contractor underperfo
Slide 19: Materials Handling & Mining Division – Bauba Resources Combined
Materials Handling & Mining Division – Bauba Resources Combined Revenue increased to Operating loss of Operating loss margin of R1.38bn R192.7m (1H2026: 0.8%) 14.0% (1H2026: R934.5m) 47.6% (1H2026: R7.6m) >200% EBITDA decreased to a negative Exchange rate (US$/ZAR) MET grade price (40-42%) CIF China
Slide 20: Materials Handling & Mining Division – Moeijelijk
Materials Handling & Mining Division – Moeijelijk Revenue increased to Operating loss of Operating loss margin of R439.7m R95.7m (1H2026: 6.9%) 21.8% (1H2026: R282.8m) 55.5% (1H2026: R19.4m) >200% EBITDA decreased to a negative Capital expenditure decreased to Total ROM production increased to R62.8
Slide 21: Materials Handling & Mining Division – Kookfontein
Materials Handling & Mining Division – Kookfontein Revenue increased to Operating loss of Operating loss margin of R939.9m R88.4m (1H2026: operating profit margin 2.8%) 9.4% (1H2026: R651.7m) 44.2% (1H2026: operating profit of R18.2m) >200% EBITDA decreased to negative Capital expenditure increased
Slide 22: Construction Materials Division
Construction Materials Division REVENUE (R’m) OPERATING PROFIT (R’m) 2500 180 160 2000 140 120 1500 100 80 1000 60 40 500 20 1 736.7 1 758.6 2 194.5 167.2 142.4 120.1 0 0 Aug 2024 Aug 2025 Aug 2026 Aug 2024 Aug 2025 Aug 2026 • Revenue increased by 24.8% • Operating profit decreased by 15.6% • Operat
Slide 23: Construction Materials Division (continued)
Construction Materials Division (continued) Aggregates • Experienced a challenging first half, with lower sales volumes and margin pressure from higher input fuel and equipment hire costs • Higher fuel prices adversely impacted margins, particularly in the highly competitive Gauteng market where cos
Slide 24: Construction Materials Division (continued)
Construction Materials Division (continued) Bitumen NATIONAL ASPHALT | PORTLAND PLANT • Full reliance on imported bitumen increased exposure to currency, oil price and geopolitical volatility • Supply agreements, diversified procurement and Tosas’ storage capacity ensured uninterrupted supply withou
Slide 25: Roads and Earthworks Division
Roads and Earthworks Division REVENUE (R’m) OPERATING PROFIT (R’m) 4500 350 4000 300 3500 250 3000 2500 200 2000 150 1500 100 1000 50 500 3 486.0 3 565.7 4 261.2 257.3 287.6 289.9 0 0 Aug 2024 Aug 2025 Aug 2026 Aug 2024 Aug 2025 Aug 2026 • Revenue increased by 19.5% • Operating profit marginally inc
Slide 26: Roads and Earthworks Division (continued)
Roads and Earthworks Division (continued) RAUBEX CONSTRUCTION | • SANRAL awards in 1Q FY2027 remained below historical levels N2 BLOEMENDAL • Four recent SANRAL awards totalling approximately R1.54 billion indicate renewed road infrastructure procurement activity • Construction commenced on two majo
Slide 27: Infrastructure Division
Infrastructure Division 2500 REVENUE (R’m) 200 OPERATING PROFIT (R’m) 180 2000 160 140 1500 120 100 1000 80 60 500 40 20 1 442.2 2 149.4 1 805.3 85.5 180.1 173.9 0 0 Aug 2024 Aug 2025 Aug 2026 Aug 2024 Aug 2025 Aug 2026 • Revenue decreased by 16.0% • Operating profit decreased by 3.4% • Operating pr
Slide 28: Infrastructure Division (continued)
Infrastructure Division (continued) • Renewable energy delivered solid returns, with the R2.4 billion Murraysburg wind farm cluster nearing completion and remaining on schedule • New energy awards provide continued activity, including Eskom powerline foundations and a 250 MW PV facility • PV project
Slide 29: Australia Division
Australia Division REVENUE (R’m) OPERATING PROFIT/(LOSS) (R’m) 2500 200 150 2000 100 1500 50 158.3 145.1 0 1000 -50 500 (94.8) -100 1 919.9 1 579.1 1 587.0 0 -150 Aug 2024 Aug 2025 Aug 2026 Aug 2024 Aug 2025 Aug 2026 • Revenue increased by 0.5% • Operating profit increased by 253.0% • Operating prof
Slide 30: Australia Division (continued)
Australia Division (continued) • Raubex Construction Australia recovered from the prior year’s loss-making project, performing ahead of budget with a recovering order book • Roadmac Australia delivered a stable performance, with continued focus on securing new and larger projects to maintain the ord
Slide 31: Australia Division – Track Record
Australia Division – Track Record Australia operations gaining momentum, with improved margins and capital returns reinforcing the recovery. 1H2027 TURNOVER OPERATING PROFIT RETURN ON CAPITAL R1.59bn Revenue remains substantial R145m Return to profitability 15.8% Positive ROCE restored OPERATING PRO
Slide 32: Outlook and Strategy
4 OUTLOOK AND STRATEGY CENTREMARK ROADMARKING | N2 KOKSTAD
Slide 33: Order book
Order book 1H2027 FY2026 8.3% SANRAL 17.3% 11.8% 8.4% Provincial 22.4% 6.1% Municipal 8.9% Other parastatal 1.0% Concessionaires 9.6% 3.5% Private 1.4% 6.1% 33.9% Australia 4.8% 46.5% 10.0% Rest of Africa Timing R39.00bn Timing R31.46bn FY 2027 R12.83bn FY 2027 R17.76bn FY 2028 R14.53bn FY 2028 R7.1
Slide 34: Order book – Timeline per customer
Order book – Timeline per customer 1H2027 20 000 18 135 18 000 16 000 14 000 12 000 R’million 10 000 8 000 6 758 6 502 6 000 3 471 4 000 2 373 1 365 2 000 396 - SANRAL Private International Concessionaires Provincial Other Parastatal Municipal Feb 2027 Feb 2028 Feb 2029 Beyond 34
Slide 35: Order book history
Order book history 45 000 39 000 40 000 35 000 31 456 28 179 30 000 25 549 R’million 25 000 20 037 20 000 17 124 17 133 15 000 10 000 5 000 - Feb 21 Feb 22 Feb 23 Feb 24 Feb 25 Feb 26 Aug 26 SANRAL 6 396 6 686 6 021 6 512 7 354 7 040 6 758 Provincial 1 138 507 675 2 536 2 263 3 021 3 471 Municipal 6
Slide 36: Order book – Customer per division
Order book – Customer per division 1H2027 FY2026 14 000 14 000 12 692 12 119 12 000 12 000 10 949 SANRAL 9 994 Provincial 10 000 10 000 Municipal 8 000 Other parastatals 8 000 7 470 R’million R’million 6 377 Concessionaires 6 000 6 000 Private 4 000 3 270 International 4 000 2 984 2 668 1 933 2 000
Slide 37: Order book – per segmental analysis
Order book – per segmental analysis 1H2027 FY2026 Materials Handling and 8% 6% Mining Division 20% 28% Construction Materials Division 24% 26% Roads and Earthworks Division 10% 7% Infrastructure Division Australian Division 31% 40% Order Book R39.00bn Order Book R31.46bn Materials Handling and Minin
Slide 38: Sustainability and ESG
Sustainability and ESG R AU B E X ’ S S U S T AI N AB I L I T Y O F F I C E R Driving sustainable impact through industry leadership Representing Raubex across two leading industry platforms in 2026 SILVER SPONSOR Sustainability & ESG Africa Conference & Expo 2026 Participated as a conference speake
Slide 39: Opening of the Raubex Academy
Opening of the Raubex Academy Building skills. Creating pathways. Strengthening South Africa’s future. A PURPOSE-BUILT LEARNING ENVIRONMENT PRACTICAL TRAINING THAT BUILDS JOB-READY SKILLS INVESTING IN SKILLS | BUILDING CAPABILITY | CREATING OPPORTUNITY 39
Slide 40: Achievements & Awards
Achievements & Awards BIG 5 SOUTH AFRICA IMPACT AWARDS 2026 SAICE NATIONAL AWARDS 2026 FOR TECHNICAL EXCELLENCE INFRASTRUCTURE PROJECT OF THE YEAR Senqu Bridge Project CIVIL PROJECT WINNER INTERNATIONAL PROJECT WINNER LESOTHO Senqu Bridge N3 Upgrade Project Cato Ridge to Dardanelles Lesotho IM P A C
Slide 41: Our Safety Performance
Our Safety Performance Increase in 15.8% Increase in 1.9% Slight Increase in Total Fatality Rate Lost Time Injury Rate Recordable Injuries Fatality Rate Lost Time Injuries Total Recordable Injuries 33 0.020 0.020 7.65 23 18 5.29 5.39 0.010 1H2025 1H2026 1H2027 1H2025 1H2026 1H2027 1H2025 1H2026 1H20
Slide 42: Our Future Focus/Strategy
Our Future Focus/Strategy PREFERRED ALTERNATIVE ESG / PROFITABILITY GROWTH TECHNOLOGY PPPs OUR PEOPLE SUPPLIER MARKETS SUSTAINABILITY 42
Slide 43: Outlook
Outlook Despite geopolitical uncertainty, the Group is Global Macro Perspective positioned for resilient growth, supported by a Near-term profitability remains sensitive to fuel healthy order book and prospects across divisions prices, logistics costs, commodity markets and currency movements GROWTH
Slide 44: Outlook (continued)
Outlook (continued) • Bauba remains under pressure from geopolitical, logistics, energy and input-cost challenges. • The Group is pursuing the disposal of its interest in Bauba, with the process progressing well, DIVISIONAL Materials Handling & although there remains no certainty that a transaction
Slide 45: Construction and Horizontal Launching of the Krokodilpoort Station Rail Overpass Bridge Extension
The Construction and Horizontal Launching of the Krokodilpoort Station Rail Overpass Bridge Extension 45
Slide 46: Q&A Thank You
Q&A Felicia Msiza Chief Executive Officer 16 years at Raubex Jaco van der Bijl Chief Operating Officer THANK YOU 13 years at Raubex For your attendance Sam Odendaal and participation Financial Director 20 years at Raubex www.raubex.com | +27 12 648 9400 46
Slide 47: Disclaimer
Disclaimer The financial information pertaining to Raubex Group Limited’s (Raubex’s) results are based on the results published on SENS in terms of the JSE Limited’s Listings Requirements. This presentation may contain certain "forward-looking statements" regarding views or expectations of Raubex, i