Slide 1: Results Presentation
Results Presentation For the half year ended 30 June 2025
Slide 2: Cautionary statement
Cautionary statement This presentation has been prepared and issued by and is the sole responsibility of the management of AECI Limited (the Company) and its subsidiaries (the Group). This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation
Slide 3: Presentation overview
Presentation overview 01 Results Highlights 02 Financial Review 03 Business Review 04 Outlook 05 Q&A
Slide 4: Results Highlights
Results Highlights Holger Riemensperger Group Chief Executive Officer
Slide 5: Highlights
Highlights Solid performance achieved through commercial discipline and effective capital allocation TOTAL RECORDABLE EBITDA1 AECI MINING INJURY RATE EBITDA (R.O.W2) ▼ (29%) ▲ 24% ▲ 15% 0.20 R 1 578m R981m FREE HEADLINE EARNINGS INTERIM DIVIDEND CASH FLOW1 PER SHARE DECLARED ▲ >100% ▲ 132% ▲ 100% R2
Slide 6: Strategy execution
Strategy execution Continuing to build positive momentum toward achieving our strategic ambitions People and culture Portfolio optimisation Internal value unlock Internationalisation Completed Group-wide Closed sale R1.2 billion cumulative Growth in international culture survey and of Much Asphalt E
Slide 7: Portfolio optimisation
Portfolio optimisation Disciplined execution of our divestment programme driving value Delivery timeline Progress on divestments Announced November 2023 Schirm SANS Much Schirm Germany Fibers Asphalt US Started February 2024 Expected proceeds Baar* F&B** R3 billion – R4 billion Public AH^ Water Proc
Slide 8: AECI Schirm restructuring
AECI Schirm restructuring Progressing as planned and delivering against key milestones Divested Repurposed (Germany) Schirm Germany: Germany: Schirm US Baar-Ebenhausen Wolfenbüttel Schöenebeck Luebeck ► Signed ► Closed ► Repurposed to ► Restructuring complete produce Mining ► c.€3 million in ► Posit
Slide 9: Financial Review
Financial Review Ian Kramer Group Chief Financial Officer
Slide 10: Group financial performance
Group financial performance Solid earnings underpinned by EBITDA improvement and a reduction in net finance costs EBITDA EBITDA DEPRECIATION, AMORT PROFIT FROM MARGIN AND IMPAIRMENT OPERATIONS ▲ 24% ▲ 2pts ▲ 64% ▼ (6%) R1 578m 10% R870m R699m H1 2024: R1 276m H1 2024: 8% H1 2024: R530m H1 2024: R746
Slide 11: Group financial performance (continued)
Group financial performance (continued) Stringent working capital management and maintenance of operations remain a priority WORKING GEARING(%) CAPEX CAPITAL(%) ▼ (1pt) ▼ (16pts) ▼ (40%) 17% 25% R351m H1 2024: 18% H1 2024: 41% H1 2024: R591m FREE ROIC* CASH FLOW ▲ >100% ▲ 1pt R251m 10% H1 2024: (R61
Slide 12: Net debt to EBITDA
Net debt to EBITDA Maintaining sufficient headroom - reflecting a resilient balance sheet Net debt/EBITDA* multiple down to 0.9x 6 000 3.0 3 2.5 2,5 4 000 2 2.0 1,5 1,5 1.5 R’million Multiple 1,2 1,2 2 000 0,9 1 1.0 0,5 0.5 0 0 0.0 2022 2023 2024 2025 H1 2025 H2 Net debt actual EBITDA actual Net deb
Slide 13: Cash movements
Cash movements Enhancing balance sheet strength through debt reduction Net debt movement R ’million 1 697 (167) (518) 947 (2 923) (615) (282) (3 738) (247) (5 096) Net debt – Net debt – Cash Net Tax paid Net Net capital Dividends Other* Net debt – 30 Jun 31 Dec generated finance working expenditure
Slide 14: Core business financial performance
Core business financial performance Margin improvement in AECI Mining and continued trading pressure on AECI Chemicals EBITDA EBITDA PROFIT FROM PROFIT FROM MARGIN (%) OPERATIONS OPERATIONS MARGIN ▲ 24% ▲ 3pts ▲ 30% ▲ 2pts R1 464m 11% R1 066m 8% H1 2024: R1 181m H1 2024: 8% H1 2024: R820m H1 2024: 6
Slide 15: Finance focus areas
Finance focus areas Sustained focus on balance sheet optimisation and free cash flow generation ► Strict application of the capital allocation ► Improve FCF/EBITDA conversion ratio framework ► Review solutions to reduce ► Stringent management of working capital the Group effective tax rate to return
Slide 16: Business Review
Business Review Holger Riemensperger Group Chief Executive Officer
Slide 17: AECI Mining
AECI Mining International performing to expectation; South Africa impacted by supplier headwinds ► Continued growth in the international H1 2025 H1 2024 Change business ─ Four new contract wins and three renewals EBITDA R1 334m R1 172m ▲ 14% ─ Wolfenbüttel ramped up and in production ► Mining Chemic
Slide 18: AECI Mining
AECI Mining Addressing operational challenges in Modderfontein for sustainable performance Lead Azide Ammonia ► Increasing inventory whilst evaluating make vs buy ► Establishing ammonia import supply solution ► Evaluating joint operations with producer ► Installing systems for improved ammonia consu
Slide 19: AECI Chemicals
AECI Chemicals Improved free cash flow generation despite pressures on operational performance ► South African manufacturing and industrial H1 2025 H1 2024 Change sector facing challenges ► R113 million bad debts recognised EBITDA R319m R467m ▼ (32%) ─ Industrial chemicals: R53 million ─ Water: R60
Slide 20: Outlook
Outlook Holger Riemensperger Group Chief Executive Officer
Slide 21: Focus areas
Focus areas Committed to executing the Group’s strategic priorities People and culture Portfolio optimisation Internal value unlock Internationalisation Driving hard costs Implement actions to savings Close out disposals of Continue to grow address culture ─ Unlock headcount Schirm US and Food organ
Slide 22: Q&A
OA=ECI We Are One AECI, for a Better World Q&A
Slide 23: Thank you
OAL We Are One AECI, for a Be
Slide 24: Appendices: sustainability stewardship
Appendices | We are committed to sustainability stewardship Safety Performance ESG Performance FATALITIES TRIR1 POTABLE WATER WATER DISCHARGE (CONSUMPTION) (SEA/SEWER) ► ▼ (29%) ▲ 2% ▲ 21% 0 0.20 812k m 3 349k m 3 H1 2024: 0 H1 2024: 0.28 H1 2024: 794k m3 H1 2024: 289k m3 LIFE ALTERING CO2 FOOTPRINT