Slide 1: Results Presentation
Results Presentation For the year ended 31 December 2025 AECI Financial Results /0
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: Table of contents
Table of contents 1 Results Results Highlights Highlights 4 Looking Looking Ahead ahead Dean Murray Dean Murray 2 Financial Financial Results Results 5 CEO focus areas Q&A Ian Kramer 3 Business Business Review Review 6 Appendices • AECI Mining – Stuart Miller • AECI Chemicals – Dean Murray AECI Fina
Slide 4: Results Highlights
Results Highlights Dean Murray Interim Group Chief Executive Officer AECI Financial Results /3
Slide 5: FY25 Highlights
FY 25 Highlights Outstanding performance, driven by operational discipline and strategic progress Business Financial Sustainability Record EBITDA Portfolio optimisation Zero fatalities in AECI Mining • R2.2 billion proceeds generated Rolling TRIR2 Excellent FCF1 generation 0.20 (2024: 0.31) in AECI
Slide 6: Business positioned for resilience
Business positioned for resilience Strategy fundamentals remain intact Strategic pillar Update Remains a key strategic pillar People and culture and integrated into the business Portfolio optimisation Completed major disposals TMO1 integrated into the business Operational and to drive closer alignme
Slide 7: Long-term value creation
Long-term value creation Foundation laid for sustainable value-creation Key achievements Focused Improved Strong Solid cash portfolio quality of balance generation earnings sheet AECI Financial Results for the year ended 31 December 2025 /6
Slide 8: Financial Results
Financial Results Ian Kramer Group Chief Financial Officer AECI Financial Results /7
Slide 9: Group financial performance - reported
Group financial performance - reported Disciplined pricing and structural margin management drove stronger performance Revenue EBITDA EBITDA Depreciation, amort margin and impairment ▼ (4%) ▲ 12% ▲ 2pts ▲ 27% R32 183m R3 412m 11% R1 850m 2024: R33 598m 2024: R3 034m 2024: 9% 2024: R1 461m Profit fro
Slide 10: Group financial performance (continued)
Group financial performance (continued) A strong balance sheet enables greater flexibility for future capital allocation and investment Working Gearing (%) Capex capital (%) ▼ (1pt) ▼ (27pts) ▼ (14%) 15% 4% R835m 2024: 16% 2024: 31% 2024: R973m Free ROIC* cash flow ▲ 88% ▲ 4pts R2 291m 13% 2024: R1
Slide 11: Core business financial performance
Core business financial performance Robust operational performance drove stronger Group results Revenue EBITDA EBITDA Profit from margin (%) operations ▼ (3%) ▲ 10% ▲ 1pt ▲ 125% R28 626m R3 248m 11% R2 344m 2024: R29 602m 2024: R2 957m 2024: 10% 2024: R1 043m Profit from Working Free ROIC* operation
Slide 12: Strengthening balance sheet
Strengthening balance sheet The Group’s improvement in net debt position - reinforcing financial resilience R million 2025 2024 Change (%) Cash and cash equivalents (net of overdrafts) 3 892 2 358 ▲ 65 Group debt (3 886) (5 315) ▼ 27 Lease liabilities (471) (781) ▼ 40 Net debt (465) (3 738) ▼ 88 Net
Slide 13: Net debt movement
Net debt movement Healthy cash generation from operational performance in addition to disposal proceeds Net debt movement Gearing Gearing 31% 4% 33 550 550 1 990 (311) (465) 137 R million (899) (835) (359) (3 738) Net debt – Cash Net finance Tax paid Net working Net capital Dividends Other* Net debt
Slide 14: Capital allocation and dividend declaration
Capital allocation and dividend declaration Responsible capital deployment and shareholder returns Disciplined capital allocation framework Change in policy to dividend cover • Cover range of 1.5x – 3.0x Free cash flow (FCF) Maintaining balance sheet strength is a priority 1 2 Committed to prudent c
Slide 15: Business Review — AECI Mining
Business Review — AECI Mining Stuart Miller Executive Vice President — AECI Mining AECI Financial Results / 14
Slide 16: AECI Mining
AECI Mining Achieved record EBITDA 2025 2024 Change Disciplined product mix and margin management Revenue R17 622m R19 108m ▼ (8%) increased profits EBITDA R2 722m R2 284m ▲ 19% Improved operational EBITDA margin 15% 12% ▲ 3pts performance at Modderfontein Profit from operations R2 089m R1 550m ▲ 35
Slide 17: AECI Mining strategic focus areas
AECI Mining Strategic focus areas Supply reliability, Modderfontein quality, safety and cost optimisation Leverage discipline industry- leading technology and innovation Leverage strategic Grow in key markets customer relationships AECI Financial Results for the year ended 31 December 2025 / 16
Slide 18: Business Review — AECI Chemicals
Business Review — AECI Chemicals Dean Murray Interim Group Chief Executive Officer AECI Financial Results / 17
Slide 19: AECI Chemicals
AECI Chemicals Excellent cash flow conversion of 133%, creating cash for future growth 2025 2024 Change Record performance in Plant Health Revenue R10 306m R9 862m ▲ 5% Strong results Public Water EBITDA R924m R972m ▼ (5%) business EBITDA margin 9% 10% ▼ (1pt) Rigid working capital Profit from manag
Slide 20: AECI Chemicals strategic focus areas
AECI Chemicals Strategic focus areas Grow market position Focus on technology through new products and innovation – Water and and customer relationships Specialty Chemicals Disciplined cost and Continue to deliver excellent margin management cash flows AECI Financial Results for the year ended 31 De
Slide 21: Looking ahead
Looking ahead Dean Murray Interim Group Chief Executive Officer AECI Financial Results / 20
Slide 22: Targets
Targets Growth and financial resilience Actual Actual Targets Category KPI 2024 2025 Operational EBITDA (Rm)* 2 957 3 248 Up ~15% per annum EBITDA margin (%)* 10% 11% 13% to 15% Free cash flow conversion ratio 39% 57% 31% to 37% (FCF/EBITDA)* Investment ROIC (%)* 15% 16% 17% to 21% Net working capit
Slide 23: Foundation established
Foundation established Strong balance sheet allows us to focus on sustainable growth Good Chemistry Leveraging strengths Prioritise business Enhancing quality resilience of earnings • Capitalise on the Group’s proven leading capabilities • Invest in asset reliability • Disciplined • Collaboration wi
Slide 24: Q&A
Q&A AECI Financial Results / 23
Slide 25: Thank you
Thank you AECI Financial Results / 24
Slide 26: Appendices
Appendices AECI Financial Results / 25
Slide 27: About AECI
About AECI A mining services and chemicals leader operating in over 20 countries, with manufacturing sites on six continents 1966 c.R10 500 million c.R12 000 million Listed on the JSE Market Capitalisation Net Asset Value Our business AECI Mining AECI Chemicals A global leading mining services busin
Slide 28: Capital expenditure
Capital expenditure Operational challenges required redirected focus, reducing growth capex spend Maintenance vs growth capex Maintaining base in R1 552m a challenging period R1 303m New growth project 61% 33% R973m spend deferred R835m R777m 21% 18% Expected increase 25% in 2026 spend 67% 79% 39% 8
Slide 29: Group impairments
Group impairments Disposals of non-core assets complete, supporting a more focused portfolio PPE, ROU, intangibles R million and other Goodwill 2025 2024 Continuing operations 513 308 821 377 Discontinued operations 15 — 15 732 Total Group 528 308 836 1 109 PPE, ROU, intangibles and other Goodwill 2
Slide 30: Sustainability
Sustainability We Are One AECI, for a Better World Gender Potable water equality ▲ (consumption) ▼ 1% 5% 2025: 30% 2025: 1 555k m3 2024: 29% 2024: 1 638k m3 Target: 31% Target: 1 614k m3 Water discharge CO2 footprint (sea or sewer) ▲ (Scope 1 and 2) ▼ 10% 10% 2025: 663k m3 2025: 374tCO2e 2024: 604k