Slide 1: Financial Results
Financial Results For the year ended 31 December 2024
Slide 2: Cautionary statement
Cautionary statement This document has been prepared and issued by and is the sole responsibility of the management of AECI Ltd (the Company) and its subsidiaries (the Group). This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer
Slide 3: Presentation overview
Presentation overview 01 Welcome 02 Group performance overview 03 Financial performance 04 Core business performance 05 Outlook 06 Q&A
Slide 4: Group Performance Overview
Group Performance Overview Holger Riemensperger Group CEO
Slide 5: 2024 Highlights
2024 Highlights A year of transition Value unlock Internationalisation Portfolio optimisation Culture ► R800 million EBITDA ► Increasing global mining ► Disposals ► New operating model Promises Delivered run rate explosives sales — Much Asphalt ► Roll out of leadership ► ~R500 million profit ► Minin
Slide 6: Operational performance overview
Operational performance overview Mining – Key growth segment Chemicals – Managed for cash ► Lower than expected EBITDA on the back of a ► Improved EBITDA record 2023 – still on track for 2026 ─ Disciplined cost and margin management ► Margins maintained during strategy execution, ─ Enhanced operatio
Slide 7: Financial Performance
Financial Performance Ian Kramer Acting Group CFO
Slide 8: Group
Group As reported EBITDA1 PROFIT FROM (LOSS)/EARNINGS TOTAL DIVIDEND OPERATIONS1 PER SHARE2 DECLARED ▼-13% ▼-37% ▼ >100% ► 0% R3 034m R1 544m (268c) 219c 2023: R3 474m 2023: R2 444m 2023: 1 112c 2023: 219c EBITDA1 (%) PROFIT FROM HEADLINE EARNINGS OPERATIONS1 (%) PER SHARE2 ▼ -1pt ▼-2pts ▼-37% 9% 5%
Slide 9: Normalised Group EBITDA
Normalised Group EBITDA Flat normalised Group EBITDA (Y-O-Y, including Much Asphalt) 504 53 184 ( 204) 3 763 3 670 ( 106) 3 682 ( 159) ( 467) 3 314 ( 186) ( 56) R860 million strategy execution costs R ’million Normalised TMO uplift Insurance Mining Transformation Divestiture Schirm Reported Normalis
Slide 10: Group impairments
Group impairments Strategic divestments will position the Group for stronger future performance Rand million PPE and Goodwill 2024 2023 intangibles Continuing operations 350 27 377 20 Discontinued operations 22 710 732 — Total Group 372 737 1 109 20 Schirm 220 — 220 — Much Asphalt 22 710 732 — Minin
Slide 11: Group Net Asset Value
Group Net Asset Value Positioning to focus on improving the quality of the business Net Asset Value at 31 December 2024 11 907 1 137 ~8 000 ~ 2 000 ~ 700 R ’million AECI Group Much Asphalt Schirm Other Managed Business AECI Group (Incl. Managed and (Discontinued operations) (Excl. Managed and discon
Slide 12: Capital Expenditure
Capital Expenditure Capex investment in support of organic growth and improved efficiencies ► Guided by capital Maintenance vs Growth Capex allocation framework R1 600m – ► Historical underspend on R1 552m R1 200m maintenance capex being corrected R1 303m 40% ► Maintenance capital within 61% 33% R97
Slide 13: Tax rate reconciliation | Continuing operations
Tax rate reconciliation | Continuing operations ETR from continuing operations normalises at 44% ► Impairments recognised Effective tax rate reconciliation (ETR) ► Divestiture costs: once-off key strategic enablers 71 R ’million 2024 2023 ► Withholding taxes due to Tax charge 807 1 098 repatriation
Slide 14: Net debt to EBITDA
Net debt to EBITDA Sufficient headroom and well within covenant threshold Net debt/EBITDAC* multiple 6000 3 2,5 4000 2 1,5 R’million Multiple 2000 1 0,5 0 0 2022 2023 2024 2024 2025 Q1 2025 Q2 2025 Q3 2025 Q4 Post proceeds from Much Asphalt Net debt actual EBITDA actual Net debt/EBITDA covenant thre
Slide 15: Cash movements
Cash movements Stringent working capital movement contributes to improved net debt position ► Net debt decrease by Net debt movement R600 million ► Disciplined working capital management 3 345 ► Group working capital in line with 2026 target R ’million ( 468) ( 907) ( 74) (1 035) ( 155) ( 106) (3 73
Slide 16: Core Business Performance
Core Business Performance Ian Kramer Acting Group CFO
Slide 17: Mining
Mining Headwinds impacted business performance NORMALISED NORMALISED PROFIT WORKING ROIC (%) EBITDA1 FROM OPERATIONS1 CAPITAL (%) ▼-8% ▼-13% ►0pts ▼-5pts R2 459m R1 860m 13% 19% 2023: R2 684m 2023: R2 146m 2023: 13% 2023: 24% NORMALISED NORMALISED PROFIT FREE EBITDA1 (%) FROM OPERATIONS1 (%) CASHFLO
Slide 18: Chemicals
Chemicals Effective cost management boosts profitability and free cashflow generation NORMALISED NORMALISED PROFIT WORKING ROIC (%) EBITDA1 FROM OPERATIONS1 CAPITAL (%) ▲+12% ▲+14% ▼-1pt ▲+5pts R901m R752m 18% 19% 2023: R802m 2023: R658m 2023: 19%* 2023: 14%* NORMALISED NORMALISED PROFIT FREE EBITDA
Slide 19: Outlook
Outlook Holger Riemensperger Group CEO
Slide 20: FY 2025: Year of hard cost savings
FY 2025 Year of hard cost savings with a focus on free cashflow generation Optimise and Hard cost savings and Scale top-line realise quick wins preparation for growth growth ► Structural cost optimization ► Office consolidation ► Unlock headcount efficiency ► Focus on margin improvement ► Investment
Slide 21: Progress against our strategy
Progress against our strategy Approximately 30% of 2026 ambition delivered 1.3 – 1.6 5.6 – 6.3 1.2 – 1.6 EBITDA (R ’billion) TMO uplift 3.1 0.5 R800m 2022 Baseline Operational and functional excellence Organic Growth 2026 ambition (BAU and initiatives)
Slide 22: Key takeaways
Key takeaways 01 02 03 04 05 ► 2024 – a year of ► A promise we ► Underlying core ► Our capital ► 2025 – a year transition, make, is a businesses are allocation of strategy impacted by promise we resilient, framework is execution with strategy keep. Delivered profitable and at the core of a focus of
Slide 23: Thank you
Thank you
Slide 24: We are committed to sustainability stewardship
Appendices | We are committed to sustainability stewardship Safety Performance ESG Performance FATALITIES TRIR1 POTABLE WATER WATER DISCHARGE (CONSUMPTION) (SEA/SEWER) ▼-2 ▼-14% ▼-2% ▼-8% 0 0.30 1 638k m 3 603k m 3 2023: 2 2023: 0.35 2023: 1 678k m3 2023: 653k m3 LIFE ALTERING CO2 FOOTPRINT GENDER E
Slide 25: Reconciliation of normalised EBITDA
Appendices | Reconciliation of normalised EBITDA Rand million Reported Strategy TMO Normalised Reported Strategy Normalised EBITDA execution uplift EBITDA EBITDA execution EBITDA 2024 costs 2024 2023 costs 2023 Mining 2 284 494 (319) 2 459 2 618 66 2 684 Chemicals 972 108 (179) 901 777 25 802 Manage
Slide 26: Reconciliation of normalised operating earnings
Appendices | Reconciliation of normalised operating earnings Rand million Reported Strategy TMO Impairments Normalised Reported Strategy Impairments Normalised operating execution uplift operating operating execution operating earnings costs earnings earnings costs earnings 2024 2024 2023 2023 Minin