Raubex Group Limited · JSE:RBX
Raubex — FY2025 Earnings Presentation
51 slides from Raubex's earnings presentation, Feb 28, 2025
Slide 1: Audited Final Results 2025
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”) AUDITED FINAL RESULTS 2025 for the year ended 28 February 2025 www.raubex.com
Slide 2: Agenda
Agenda ABOUT Slide 3 1 RAUBEX Felicia Msiza (CEO) FINANCIAL Slide 5 2 OVERVIEW Sam Odendaal (FD) OPERATIONAL Slide 16 3 OVERVIEW Dirk Lourens (COO) OUTLOOK AND Slide 35 4 STRATEGY Felicia Msiza (CEO) 2
Slide 3: About Raubex
1 ABOUT RAUBEX
Slide 4: The year in review
The year in review • Solid set of results for FY2025 across three of the four divisions Financial • Healthy cash generated from operations – R2.51 billion performance • Marked improvement in HEPS • Uncertain geopolitical landscape and challenging local environment • Diversified business model spread
Slide 5: Financial Overview
2 FINANCIAL OVERVIEW
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS GROUP REVENUE OPERATING PROFIT HEPS INCREASED TO INCREASED TO INCREASED TO 21.0% R21.08bn 1.3% R1.56bn 25.9% 599.8 cps (2024: R17.43bn) (2024: R1.54bn) (2024: 476.3 cps) CASH GENERATED FROM CAPITAL EXPENDITURE ORDER BOOK OPERATIONS INCREASED TO DECREASED TO INCREASED TO 31.8% 23
Slide 7: Income Statement
Income Statement Audited Audited R’000 28 Feb 2025 29 Feb 2024 % variance Revenue 21 076 974 17 425 168 21.0 Operating profit 1 556 436 1 536 688 1.3 Operating profit margin 7.4% 8.8% Net finance costs (31 938) (64 417) (50.4) Profit before tax 1 522 314 1 472 775 3.4 Profit after tax 1 069 241 1 07
Slide 8: Segmental analysis per division
Segmental analysis per division Revenue (%) Operating profit (%) 5% 23% 18% 32% 39% 2025 2025 R21.08bn R1.56bn 13% 38% 32% Materials Handling and 23% Materials Handling and Mining Division 31% Mining Division 33% 38% Construction Materials 2024 Construction Materials 2024 R17.43bn R1.54bn Division 1
Slide 9: Segmental analysis per geography
Segmental analysis per geography Revenue (%) Operating profit (%) 16% 20% 6% 2025 2025 R21.08bn R1.56bn 18% 62% 78% 19% 18% 6% 2024 12% 2024 South Africa R17.43bn South Africa R1.54bn 75% 70% Rest of Africa Rest of Africa Western Australia Western Australia 9
Slide 10: Our track record
Our track record 25 000 Turnover (R'm) Operating profit (R'm) 2 000 21 077 20 000 17 425 1 556 1 537 15 307 1 500 1 276 15 000 11 578 945 1 000 10 000 8 846 500 364 5 000 - - 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Roads Materials Infra Mining Roads Materials Infra Mining Five-year CAGR: 1
Slide 11: Our track record (continued)
Our track record (continued) HEPS (cents) Return on Capital Employed (%) 700.0 18.0% 16.0% 600.0 14.0% 500.0 12.0% 400.0 10.0% 8.0% 300.0 6.0% 200.0 4.0% 100.0 2.0% 81.9 297.4 392.8 476.3 599.8 5.8% 13.5% 16.2% 16.5% 15.4% - 0.0% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Five-year CAGR: 30.9
Slide 12: Statement of Financial Position
Statement of Financial Position Audited Audited % R’000 28 Feb 2025 29 Feb 2024 variance Assets 14 906 990 13 195 006 13.0 Property, plant and equipment 5 582 431 4 685 908 19.1 Investment property 332 298 198 425 67.5 Right-of-use assets 111 238 289 855 (61.6) Intangible assets 1 060 630 1 084 204
Slide 13: Capital expenditure
Capital expenditure 2 000 Capital Expenditure 2022 - Planned 2026 (R'm) 1 764 1 500 1 352 1 153 1 000 936 696 728 390 224 1 378 500 865 472 288 386 624 546 - 2022 2023 2024 2025 2026 Replacement Capex Expansion Capex Capital Expenditure per Segment 2022 - Planned 2026 (R'm) 2000 1800 1 764 1600 1400
Slide 14: Cash flow movement
Cash flow movement 4500 Working capital inflow R143.0 million 535.6 500.2 4200 136.5 2 323.3 473.9 3900 49.6 1 299.1 287.0 3600 69.2 3300 3000 351.2 433.5 2700 45.4 R’million 2400 35.0 2 116.8 2100 1 662.1 1800 1500 1200 900 600 300 0 1 Mar 24 Operating Inventory Debtors Contract Creditors Contract
Slide 15: Dividend declaration
Dividend declaration Final dividend of 104 cents declared 3 times cover policy maintained Relevant dates Relevant dates Last day to trade cum dividend Tuesday, 17June 2025 Commence trading ex dividend Wednesday, 18 June 2025 Record date Friday, 20 June 2025 Payment date Monday, 23 June 2025 15
Slide 16: Operational Overview
) OPERATIONAL OVERVIEW —
Slide 17: Our divisions
Our divisions Fees. JF | WESTEORCE CONSTRUCTION Rjsweee (R R RAUBEX Asphalt paving Road marking ROADMAC SURFACING CAPE 17
Slide 18: Materials Handling & Mining Division
Materials Handling & Mining Division Revenue (Rm) Operating profit (Rm) 700.0 600.0 500.0 400.0 300.0 200.0 100.0 2 878.0 4 017.9 4 826.5 168.6 584.7 80.7 0.0 Feb 2023 Feb 2024 Feb 2025 Feb 2023 Feb 2024 Feb 2025 • Revenue increased by 20.1% • Operating profit decreased by 86.2% • Operating profit m
Slide 19: Materials Handling & Mining Division (continued)
Materials Handling & Mining Division (continued) B & E International • Overall production on various products has been negatively impacted by excessive rain during Q4 • The slowdown in the award of SANRAL tenders during 2H2025 has negatively impacted the demand for contract crushing • Secured some c
Slide 20: Materials Handling & Mining Division (continued)
Materials Handling & Mining Division (continued) Bauba Resources (Bauba) • The chrome ore wash plant and crushing circuit contribute positively to the growth in revenue • Demand for chrome ore remained high throughout the year, but the chrome price experienced significant declines in 2H2025 • In add
Slide 21: Materials Handling & Mining Division – Bauba Combined
Materials Handling & Mining Division – Bauba Combined REVENUE OPERATING LOSS OPERATING INCREASED TO OF LOSS MARGIN 11.9% R2.61bn 166.1% R235.8m (9.0%) (2024: R2.33bn) (2024: operating profit of R356.8m) (2024: operating profit margin 15.3%) EBITDA EXCHANGE RATE MET GRADE PRICE (40-42%) DECREASED TO
Slide 22: Materials Handling & Mining Division – Moeijelijk
Materials Handling & Mining Division – Moeijelijk REVENUE OPERATING LOSS OPERATING INCREASED TO OF LOSS MARGIN 4.2% R935.7m 12 810.5% R245.3m (26.2%) (2024: R898.1m) (2024: operating loss of R1.9m) (2024: operating loss margin 0.2%) EBITDA CAPITAL EXPENDITURE DECREASED TO A NEGATIVE DECREASED TO 314
Slide 23: Materials Handling & Mining Division – Kookfontein
Materials Handling & Mining Division – Kookfontein REVENUE OPERATING LOSS OPERATING INCREASED TO OF LOSS MARGIN 16.0% R1.67bn 101.4% R4.9m (0.3%) (2024: R1.44bn) (2024: operating profit of R354.0m) (2024: operating profit margin 24.6%) EBITDA CAPITAL EXPENDITURE DECREASED TO DECREASED TO 81.5% 13.1%
Slide 24: Construction Materials Division
Construction Materials Division Revenue (Rm) Operating profit (Rm) 300.0 250.0 200.0 150.0 100.0 50.0 1 877.2 2 421.7 2 678.2 81.5 115.0 284.2 0.0 Feb 2023 Feb 2024 Feb 2025 Feb 2023 Feb 2024 Feb 2025 • Revenue increased by 10.6% primarily due to a strong order • Operating profit increased by 147.1%
Slide 25: Construction Materials Division (continued)
Construction Materials Division (continued) Aggregates • Post the National Elections end of May 2024, volumes started picking up • Encouraging developments at Transnet positively affected the Raumix Aggregates quarries’ volumes with the supply of Ballast stone • The Butterworth Quarry in the Eastern
Slide 26: Construction Materials Division (continued)
Construction Materials Division (continued) Asphalt National Asphalt – Umlaas • The newly restructured business is performing beyond expectations, operating efficiently, profitably and on a reduced cost base • The supply of asphalt to the N3 and N2 projects is proceeding smoothly • National Asphalt
Slide 27: Roads and Earthworks Division
Roads and Earthworks Division Revenue (Rm) Operating profit (Rm) 700.0 600.0 500.0 400.0 300.0 200.0 100.0 6 038.0 5 668.4 6 796.4 510.9 331.5 587.2 0.0 Feb 2023 Feb 2024 Feb 2025 Feb 2023 Feb 2024 Feb 2025 • Revenue increased by 19.9% • Operating profit increased by 77.1% • Operating profit margin
Slide 28: Roads and Earthworks Division (continued)
Roads and Earthworks Division (continued) • The primary reason for these stellar results where the successful Roadmac Surfacing Cape - Ceres execution of the orderbook • The major SANRAL projects, particularly the upgrade of the KwaZulu- Natal corridor, are operating at full capacity and performing
Slide 29: Infrastructure Division
Infrastructure Division Operating profit (Rm) Revenue (Rm) 600.0 500.0 400.0 300.0 200.0 4 514.4 5 317.1 6 775.9 515.2 505.5 604.3 100.0 Feb 2023 Feb 2024 Feb 2025 Feb 2023 Feb 2024 Feb 2025 • Revenue increased by 27.4% • Operating profit increased by 19.6% • Operating profit margin decreased to 8.9
Slide 30: Infrastructure Division (continued)
Infrastructure Division (continued) • The performance was mainly attributable to new contracts secured in South Africa as well as a solid set of results delivered by Western Australia • The privately-owned renewable energy projects has been performing in line with expectations • The Potsdam Wastewat
Slide 31: International – Rest of Africa
International – Rest of Africa Revenue (Rm) Operating profit (Rm) 700.0 600.0 500.0 400.0 300.0 200.0 100.0 1 985.4 996.8 1 258.5 592.0 189.5 274.4 0.0 Feb 2023 Feb 2024 Feb 2025 Feb 2023 Feb 2024 Feb 2025 • Revenue increased by 26.3% • Operating profit increased by 44.8% • Operating profit margin i
Slide 32: International – Rest of Africa (continued)
International – Rest of Africa (continued) • Quarry operations in Botswana thrived, fueled by increased activity during the election year • The O&M contract at the Beitbridge border post is ongoing and continue to provide a stable revenue stream • The Senqu River Bridge JV Project in Lesotho is prog
Slide 33: International – Australia
International – Australia Revenue (Rm) Operating profit (Rm) 350.0 300.0 250.0 200.0 150.0 100.0 50.0 2 523.9 3 320.0 3 433.2 247.4 278.6 303.9 0.0 Feb 2023 Feb 2024 Feb 2025 Feb 2023 Feb 2024 Feb 2025 • Revenue increased by 3.4% • Operating profit increased by 9.1% • Operating profit margin increas
Slide 34: International – Australia (continued)
International – Australia (continued) • Operations in Western Australia demonstrated strong performance and strategic growth through its secured orderbook • Successfully secured our fourth and fifth wind farm contracts • Roadmac the surface dressing company has been successfully resourced and are bu
Slide 35: Outlook and Strategy
4 OUTLOOK AND STRATEGY
Slide 36: Order book
Order book FY2025 FY2024 10.0% SANRAL 13.7% 6.2% 26.1% 25.5% Provincial 6.2% Municipal Other parastatal 26.6% 8.0% Concessionaires 9.9% 2.0% Private 34.9% 4.1% Australia 5.7% 13.4% 7.7% Rest of Africa Timing R28.18bn Timing R25.55bn FY 2026 R13.87bn FY 2025 R13.29bn FY 2027 R8.13bn FY 2026 R6.97bn F
Slide 37: Order book – Timeline per customer
Order book – Timeline per customer FY2025 8 000 7 354 7 509 7 000 6 000 5 000 4 561 3 763 R’million 4 000 3 000 2 263 2 157 2 000 1 000 572 - SANRAL Private International Concessionaires Provincial Other Parastatal Municipal Feb 2026 Feb 2027 Feb 2028 Beyond 37
Slide 38: Order book history
Order book history 30 000 28 179 25 549 25 000 20 037 20 000 17 124 17 133 R’million 15 000 10 138 10 000 8 010 5 000 - Feb 19 Feb 20 Feb 21 Feb 22 Feb 23 Feb 24 Feb 25 SANRAL 208 1 276 6 396 6 686 6 021 6 512 7 354 Provincial 1 217 2 319 1 138 507 675 2 536 2 263 Municipal 598 798 634 302 1 164 1 0
Slide 39: Order book – Customer per division
Order book – Customer per division FY2025 FY2024 16 000 12 000 13 608 10 159 14 000 SANRAL 10 000 8 623 12 000 Provincial Municipal 8 000 10 000 9 091 Other parastatals R’million R’million 8 000 6 000 Concessionaires 5 048 Private 6 000 4 000 International 3 736 4 000 1 719 1 744 2 000 2 000 - - Mat
Slide 40: Order book – per segmental analysis
Order book – per segmental analysis FY2025 FY2024 13% 20% 32% 6% Materials Handling and 33% Mining Division Construction Materials Division 7% Roads and Earthworks Division Infrastructure Division 49% 40% Order Book R28.18bn Order Book R25.55bn Materials Handling and Mining R3.74bn Materials Handlin
Slide 41: ESG at a glance
ESG AT A GLANCE B-BBEE (CONSTRUCTION TRAINING AND LTI RATE SECTOR CODES) DEVELOPMENT SPEND (TARGET < 1.00) Level 1 32.6% 0.07 Level 1 R46.8m 0.37 (2024: Level 1) (2024: R35.3m) (2024: 0.44) EMPLOYEES CSI SPEND CARBON EMISSIONS (CO2E) 11.6% 9 239 36.2% R30.1m 58.3% 272 120t (2024: 8 276) (2024: R22.1
Slide 42: Total Employment
TOTAL EMPLOYMENT EMPLOYMENT 19 219 (2024: 17 596) 9.2% 19 219 17 596 14 272 9 980 9 320 6 612 9 239 Raubex is a major source of 8 276 7 660 employment for the communities in which it operates, offering indirect FY2023 FY2024 FY2025 employment through full and part-time jobs across the spectrum of it
Slide 43: Our 2025 safety performance
Our 2025 safety performance Fatalities 66% reduction in fatality rate 0.05 0.04 -25% 0.04 0.03 0.03 -66% 10-months consecutive – no fatalities 0.02 0.01 0.01 Companies LTI free for FY2025: 0 • Empa Structures FY2023 FY2024 FY2025 • OMV Fatality rate • Raubex Construction Australia • Raumix Quarries
Slide 44: Our Communities
OUR COMMUNITIES SERVING OUR COMMUNITIES Koster Feeding Scheme Mangaung Metro Municipality Pothole and Stormwater Drain Repair Initiative • Kitchen container serving highly nutritious porridge to 500 children daily • Employment of local women to operate the kitchens Lettie Fouche Stimulating space fo
Slide 45: Achievements
ACHIEVEMENTS Raubex ranked 8th in the 2024 Sunday Times Top 100 Companies Raubex Building Green Building Leadership Celebrating over Award: 50 years Newinbosch operational excellence 45
Slide 46: Core message
Core message Future is Solid results supported by a across quality order 3 divisions >50 YEARS book OF BUILDING TOMORROW Diversified Continue to business model perform well in spreading risk OUR CORE Western and opportunity MESSAGE REMAINS Australia CONSISTENT 46
Slide 47: Good progress in executing our strategy
↑ Good progress in executing our strategy ↑ Quality order book translated into profitability ↑ Growth at a measured pace, through strategic acquisitions ↑ Unlocking of synergies within the Group ↑ Grow market share in the renewable sector both locally and internationally ↑ Looking after our best ass
Slide 48: Outlook
Outlook Growth strategy remains underpinned by: The Group holds a more positive outlook for FY2026, driven by the encouraging • our diversified business model; opportunities within each division • committed workforce; For FY2026, Western Australia • strength in leadership; and will be reported as a
Slide 49: Outlook
Outlook • The Materials Handling & Mining Division remains optimistic about FY2026 and beyond: • Bauba Resources is well-positioned to benefit from increased capacity following the commissioning of its PGM plant and the commencement of operations at the Naboom opencast mine, supported by a recovery
Slide 50: Q&A Thank you
Q&A THANK YOU www.raubex.com | +27 12 648 9400 For your attendance and participation Felicia Msiza Dirk Lourens Sam Odendaal Chief Executive Officer Chief Operating Officer Financial Director 15 years at Raubex 14 years at Raubex 19 years at Raubex 50
Slide 51: 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