Slide 1: Unaudited Results for the Six Months Ended 31 December 2025
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 1
Slide 2: Agenda
AGENDA OPERATIONAL REVIEW Frans Olivier FINANCIAL REVIEW Dries Ferreira GROUP OUTLOOK Frans Olivier Q&A Frans Olivier / Dries Ferreira UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 2
Slide 3: Operational Review
OPERATIONAL REVIEW Frans Olivier Chief executive officer UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 3
Slide 4: Key Takeaways from the 1H26 Results
KEY TAKEAWAYS FROM THE 1H26 RESULTS Operating environment • Trading conditions remained challenging, influenced by domestic and global factors, subdued consumer demand Highlights • Good improvement in results, largely due to: ▪ Improved performance by PG Bison, with increased panel production and sa
Slide 5: Divisional Contribution
DIVISIONAL CONTRIBUTION Revenue* Operating profit 24% (1H25: 20%) 43% (1H25: 36%) PG Bison PG Bison 28% (1H25: 33%) 13% (1H25: 24%) Safripol Safripol 30% (1H25: 32%) 26% (1H25: 28%) Unitrans Unitrans 9% (1H25: 7%) 12% (1H25: 4%) Feltex Feltex 7% (1H25: 6%) 9% (1H25: 10%) Sleep Group Sleep Group 2% (
Slide 6: PG Bison
PG BISON Sales momentum accelerating following the ramp-up of the new MDF line • Panel sales volumes increased by 20%, resulting in higher revenue: ▪ Plants and upgrading presses operated at capacity Revenue ▪ Sales volumes to primary and deep-sea export markets grew by 14% and 43%, respectively R3
Slide 7: Safripol
SAFRIPOL Cyclical low in polymers sector continues to weigh on performance • Subdued demand and pricing attributable to low economic growth and global overcapacity in the sector • Sales volumes 7% lower, resulting in revenue declining by 18%, mostly due to: Revenue ▪ 15% reduction in PET sales volum
Slide 8: Unitrans
UNITRANS Meaningful progress with turnaround • Revenue 8% lower mainly due to the passenger operations: ▪ Loss of material contract and subsequent closure of Mozambique operations Revenue ▪ Disposal of commuter contract in FY25 R4 558 million 8% • Operating profit increased by 3%: ▪ Stronger perfo
Slide 9: Feltex
FELTEX Strong recovery in performance as 1H25 constraints eased • Revenue higher due to increased sales volumes in both OEM and aftermarket operations: ▪ Domestic new vehicle assembly volumes up by 12%; 1H25 included temporary production Revenue constraints at two major OEMs, one due to a model chan
Slide 10: Sleep Group
SLEEP GROUP Positive momentum continues, with initiatives to support growth in a subdued market • Absence of two-pot retirement withdrawals and growth in online gambling affected consumer demand Revenue • Revenue 5% higher largely due to: R1 061 million ▪ Inclusion of Botswana operations 5% ▪ Impr
Slide 11: Optix
OPTIX Slow sales pipeline conversion continued to weigh on performance • Revenue declined by 11%: ▪ Hardware sales declined by 27% Revenue ▪ Subscriptions grew by 25%, supporting annuity revenue R261 million 11% • Operating loss increased due to higher costs associated with largely the investment
Slide 12: Financial Review
FINANCIAL REVIEW Dries Ferreira Chief financial officer UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 12
Slide 13: Salient Features of the 1H26 Results
SALIENT FEATURES OF THE 1H26 RESULTS Revenue EBITDA Operating profit before capital items R14.9 billion R2.0 billion R1.3 billion 3% 5% 10% Operating margin Headline earnings per share Earnings per share 8.5% 22.7 cents 20.8 cents 100 bps 32% 28% Net working capital Cash flow from operat
Slide 14: Group Revenue
GROUP REVENUE Decreased by 3% compared with prior period (Rm) Revenue growth supported by: 2 500 551 (936) ▪ Increased production and sales volumes at PG Bison ▪ Improved domestic new vehicle 2 000 assembly volumes benefiting 15 355 Feltex Revenue declined mainly from: 1 500 (399) ▪ Safripol impacte
Slide 15: Group Operating Profit
GROUP OPERATING PROFIT Increased by 10% compared with prior period (Rm) 1 050 Operating profit increase mainly due to: 132 (113) 104 4 (25) ▪ Increased production and sales 1 264 volumes for PG Bison 9 ▪ Higher domestic new vehicle 1 153 assembly volumes in Feltex 700 Unitrans and Sleep Group delive
Slide 16: Financial Analysis: Income Statement
FINANCIAL ANALYSIS Income statement 1H26 1H25 Variance Rm Rm % Revenue 14 872 15 355 (3) Operating profit improved by 10%, mostly due to PG Bison EBITDA 1 986 1 897 5 and Feltex Depreciation and amortisation (722) (744) (3) Decrease in net finance costs Operating profit 1 264 1 153 10 owing to the r
Slide 17: Financial Analysis: Balance Sheet
FINANCIAL ANALYSIS Balance sheet 31 Dec 25 31 Dec 24 30 Jun 25 Rm Rm Rm Property, plant and equipment and investment property 15 082 16 128 15 653 Net working capital increased by R251 million compared to 1H25 Right-of-use assets 340 332 318 Intangible assets 1 476 1 776 1 491 PG Bison southern Cape
Slide 18: Financial Analysis: Net Working Capital
FINANCIAL ANALYSIS Net working capital (Rm) 950 Increase of R251 million (6%) from 31 December 2024 4 410 Net inventory increased by R146 million: 534 750 ▪ PG Bison increase as expected compared with 1H25 as new MDF plant 146 (429) was still in ramp-up process ▪ Offset by Safripol due to lower HDPE
Slide 19: Financial Analysis: Cash Flow
FINANCIAL ANALYSIS Cash flow 1H26 1H25 Rm Rm EBITDA 1 986 1 897 Cash generated from operations up R250 million (39%) due to: Net revaluation of biological assets 29 (18) ▪ R89 million (5%) increase Other non-cash adjustments 38 42 in EBITDA Cash generated from trading 2 053 1 921 ▪ R118 million less
Slide 20: Financial Analysis: Cash Flow (continued)
FINANCIAL ANALYSIS Cash flow (continued) 1H26 1H25 Rm Rm Cash flow from operating activities 299 (48) Prudent capital allocation resulted in reduced expansion capital Investing activities (518) (747) expenditure (down by R112 million) Expansion capex* (202) (314) Net cash inflow of R171 million on R
Slide 21: Investment to Drive Growth and Efficiency Benefits
FINANCIAL ANALYSIS Investment to drive growth and efficiency benefits Manufacturing capital expenditure Material and strategic items* PG Bison PG Bison MDF line MFB press (Rm) of R2 051 million of R240 million 2 000 1 843 Pre-FY25: R1 923 million 1H26: R6 million 1 800 FY25: R96 million 2H26: R26 mi
Slide 22: Investment to Drive Growth and Efficiency Benefits (continued)
FINANCIAL ANALYSIS Investment to drive growth and efficiency benefits (continued) Non-manufacturing capital expenditure* Items to highlight Unitrans Proceeds of Replacement of Expansion of Total (Rm) 1 400 1 338 R81 million R463 million R98 million R480 million (1H25: R58 million) (1H25: R414 millio
Slide 23: Treasury Activity: Debt Serviceability Ratios
TREASURY ACTIVITY Debt serviceability ratios Bank covenant FY26 31 Dec 25 30 Jun 25 31 Dec 24 Gross interest-bearing debt (Rm) 10 169 10 196 10 485 Net debt: EBITDA Net interest-bearing debt (Rm) 8 515 8 106 9 267 internal limit Equity excluding non-controlling interest (Rm) 12 857 12 443 12 952 < 2
Slide 24: Treasury Activity: Significant Debt Funding Activities
TREASURY ACTIVITY Significant debt funding activities for the period R3 billion revolving credit facility (‘RCF’) • R2 billion in three-year (due 7 December 2026) and R1 billion in five-year (due 7 December 2028) tenures concluded in FY24 • The maturity date of this R2 billion three-year tranche was
Slide 25: Net Interest-Bearing Debt Maturity Profile
TREASURY ACTIVITY Net interest-bearing debt maturity profile at 31 December 2025 (Rm) 4 000 3 619 3 000 1 714 2 000 1 000 Debt maturity profile allows for planned 1 000 reduction of net debt in FY26 and FY27 905 0 (1 051) (2 077) (1 804) (1 999) (625) (92) -1 000) (1 000 Available facilities – uncom
Slide 26: Group Outlook
GROUP OUTLOOK Frans Olivier Chief executive officer UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 26
Slide 27: Group Outlook
GROUP OUTLOOK • We remain focused on the following three objectives to support higher returns and earnings growth, with good progress made during 1H26: ▪ Value-realisation from our recent investments (c. R2.7 billion major capital projects), MDF line the largest ▪ Addressing areas of underperformanc
Slide 28: Q&A
Q&A UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Slide 29: Appendix
APPENDIX UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Slide 30: Group Revenue, Operating Profit and HEPS
FINANCIAL ANALYSIS Group revenue, operating profit and HEPS Revenue Operating profit Headline earnings per share 74.4 (Rm) (Rm) (Cents) 37.2 2 936 1 384 2 523 29 628 29 062 29 615 27 979 2 250 1 008 47.3 14 363 14 260 45.3 14 034 1 937 14 330 998 13.5 23.5 784 37.2 1 552 1 515 33.8 24.1 15 265 15 02
Slide 31: Group Margin Analysis
FINANCIAL ANALYSIS Group margin analysis* Group 1H26 8.5% 1H25 7.5% 1H24 8.3% 1H23^ 9.9% 1H22 11.4% PG Bison Safripol Unitrans 1H26 15.2% 1H26 4.0% 1H26 7.3% 1H25 13.6% 1H25 5.4% 1H25 6.5% 1H24 19.9% 1H24 3.8% 1H24 5.2% 1H23 18.4% 1H23^ 10.6% 1H23 6.2% 1H22 20.4% 1H22 12.7% 1H22 7.1% Feltex Sleep Gr
Slide 32: ROCE Performance per Division
FINANCIAL ANALYSIS ROCE performance per division Net operating asset contribution Return on capital employed* 37% (1H25: 37%) 8.5% (1H25: 8.9%) PG Bison Group 9.3% (1H25: 9.6%) 22% (1H25: 22%) PG Bison Safripol 7.4% (1H25: 8.4%) 26% (1H25: 26%) Safripol Unitrans 7.3% (1H25: 9.1%) Unitrans 6% (1H25: