York Timber Holdings Limited · JSE:YRK
York Timber — FY2026 Earnings Presentation
43 slides from York Timber's earnings presentation, 2026
Slide 1: York Timbers Investor Presentation
Sustainably sourced timber, creating lasting structure YORK TIMBERS INVESTOR PRESENTATION FOR THE YEAR ENDED 30 JUNE 2026
Slide 2: Continued Momentum
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Slide 3: Highlights of the year
Highlights of the year Re-focus on basics Turnaround at Sabie Forestry business Lumber average Strong second half to set the business sawmill – returned EBITDA growth of selling prices up by despite the up for growth to profitability 21% to R147 million 14% increase in diesel cost Well-managed fire
Slide 4: Challenges for the year
Challenges for the year Stronger Rand – Slowdown in Significant increase Wind and storm Storm damage to negative impact on Domestic plywood in diesel and glue damage in Highveld JSV mill impacting Plywood plant’s demand – right costs due to plantation production in profitability sizing plywood plant
Slide 5: EBITDA history per segment
EBITDA history per segment Segment contribution to EBITDA FY 2024 FY 2025 FY 2026 R’000 R’000 R’000 Processing 42 554 21 804 (16 414) Forests and Fleet 45 769 122 078 147 784 Wholesale 5 868 14 329 26 478 Avo yields Agriculture 552 4 803 (15 124) • 2026: 371 tonnes • 2025: 1 142 tonnes Non-reporting
Slide 6: Trading Conditions
TRADING CONDITIONS
Slide 7: Trading environment: Lumber market update
Trading environment Lumber market update Industry sales – Lumber Industry Sales per month Industry Stock Volume interpolated LPI Linear (Industry Sales per month) Linear (Industry Stock Volume interpolated) Linear (LPI) 180 000 4 600 160 000 4 400 140 000 Volumes (m³) 120 000 4 200 R/m³ 100 000 4 00
Slide 8: Building plans passed at constant 2019 prices – Stats SA
Building plans passed at constant 2019 prices – Stats SA Jan–Jun Jan–Jun 2025 2026 Difference Building plans passed by larger municipalities, by type of building (R'000) (R'000) R’000 % change Residential buildings 15 667 218 16 117 962 450 744 2.9% Non-residential buildings 7 043 309 7 797 815 754
Slide 9: Processing Operational Performance
PROCESSING OPERATIONAL PERFORMANCE
Slide 10: Lumber Performance
LUMBER PERFORMANCE
Slide 11: Sabie sawmill
Sabie sawmill Performance Sabie sawmill Key performance indicators 4 500 300 000 • EBITDA loss of R28.7 million for the 4 000 year – ASP Increase of 15% 250 000 3 500 • Intake of 206 439m³ and production of 85 552 m³ (PY Intake of 3 000 200 000 229 861m³ and production of 2 500 99 372 m³) R/m³ m³ 15
Slide 12: Jessievale sawmill
Jessievale sawmill Performance Jessievale sawmill Key performance indicators 5 000 220 000 • Consistent monthly EBITDA 4 500 contributing R48.8 million to 4 000 215 000 Group EBITDA 3 500 • ASP growth of 10% 210 000 3 000 • Intake volumes of 213 290m³ and R/m³ production of 110 307m³ m³ 2 500 205 00
Slide 13: Plywood Performance
PLYWOOD PERFORMANCE
Slide 14: Plywood
Plywood Performance Plywood Key performance indicators 8 000 200 000 • Negative EBITDA of R 23.6 million 7 000 195 000 for the year 6 000 190 000 • ASP down by 7% due to strengthening of the Rand 5 000 185 000 • Intake 172 970m³ with 85 332m³ R/m³ production (PY 196 379m³ and m³ 4 000 180 000 99 773
Slide 15: Forestry Performance
FORESTRY PERFORMANCE
Slide 16: Forestry performance
Forestry performance Analysis of results Forestry drivers 2022 2023 2024 2025 2026 CAGR Thinning volumes (m³) 119 643 160 120 198 181 163 851 121 168 0% Thinning costs (R’000) 17 956 25 823 35 528 39 145 21 039 4% Thinnings (R/m³) 150 161 179 239 174 4% Clearfell (m³) 410 955 426 258 485 173 537 515
Slide 17: Forestry results
Forestry results Impact of external purchases on EBITDA External purchases External purchases FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 External purchases (m³) 333 301 251 617 307 121 282 529 186 435 • External purchases constituted Log intake at processing sites (m³) 642 941 591 610 631 714 644 791 5
Slide 18: Investment in Growing Stock
INVESTMENT IN GROWING STOCK
Slide 19: Standing volume and value growth
Standing volume and value growth (excluding Schultz and Pine Valley) Real growth in volume and value Volume Value After tax H-unpruned A-unpruned B-unpruned C-unpruned D-unpruned C-pruned D-pruned Total Standing standing Year Pulp (m³) (m³) (m³) (m³) (m³) (m³) (m³) (m³) volume (m³) value (R’000) val
Slide 20: Biological Assets
BIOLOGICAL ASSETS
Slide 21: Biological asset – Escarpment volume forecast
Biological asset – Escarpment volume forecast Clearfell volume forecast Escarpment clearfell volumes Escarpment harvesting profile 600 000 • Clearfell volumes in the Escarpment will increase 500 000 incrementally from 2027 onwards and reach sustainable volumes 400 000 by 2031 • Clearfell volume grow
Slide 22: Escarpment Sabie sawmill log supply outlook
Escarpment Sabie sawmill log supply outlook Own source logs for lumber production Available logs for Sabie sawmill Escarpment harvesting profile 250 000 for Sabie sawmill • Increase in log availability from 200 000 Sabie intake 2032 • External supply of logs required 150 000 m³ 100 000 50 000 0 2027
Slide 23: Escarpment plywood log supply outlook
Escarpment plywood log supply outlook Own source logs for plywood production Available logs for Plywood Plant Escarpment harvesting profile 250 000 for plywood logs • Continued increase in plywood log 200 000 Plywood intake availability. • Excludes volume available from the 150 000 Highveld. m³ 100
Slide 24: Biological asset – Highveld volume forecast
Biological asset – Highveld volume forecast Clearfell volume forecast Highveld clearfell profile Highveld harvesting profile 450 000 400 000 • Highveld plantations are in rotation 350 000 • Excess volumes are sold externally, 300 000 and veneer logs are transported to Sabie 250 000 m³ Jessievale 200
Slide 25: Plantation biological asset
Plantation biological asset Biological asset valuation R’000 Reasons Opening balance 3 241 222 Change in product mix and age* 70 599 • Growth in trees resulting in richer mix & moving closer to rotation Revenue and price* (275 305) • Decrease in long term inflation rate from 4.5% to 3% Operating cos
Slide 26: Outlook
OUTLOOK
Slide 27: Outlook for FY2027
Outlook for FY2027 Renewed focus • Get the basics right › Focus on core assets › Focus on forestry yields › Focus on processing recovery › Cost discipline › New revenue streams › Corporate culture reset YORK TIMBERS RESULTS PRESENTATION 2026 27
Slide 28: Outlook for FY2027 continued
Outlook for FY2027 continued Expectations • Lumber market expected to remain stable • Sabie sawmill – Good momentum to continue • Alignment of Plywood plant to domestic demand and selected export clients • Opportunity to export dry veneer being investigated • Forestry momentum to continue into FY 20
Slide 29: Financial Results
FINANCIAL RESULTS
Slide 30: Financial results
Financial results REVENUE GROSS PROFIT EBITDA (Before fair value adjustments on biological assets) 2 000 600 400 500 1 500 300 400 R’ million R’ million R’ million 1 000 300 200 200 500 100 100 0 0 0 2018 2019 2020 2021 2022 2023 2024 2025 2026 2018 2019 2018 2019 2020 2021 2022 2023 2024 2025 2026
Slide 31: Statement of profit or loss
Statement of profit or loss 30 June 30 June 2026 2025 R’000 R’000 Revenue 1 876 100 1 920 239 • Revenue decreased by 2% Cost of sales* (1 227 667) (1 075 228) • Gross profit margin (excluding Gross profit 648 433 845 011 fair value adjustment on Other operating income 18 626 15 547 biological asset)
Slide 32: Financial results continued
Financial results | continued Revenue by product 1 200 000 973 778 1 009 343 1 000 000 800 000 684 749 625 815 600 000 R 400 000 207 025 191 724 200 000 74 667 44 572 53 694 49 182 0 Lumber Plywood Logs Agri Wood-Chips Jun-25 Jun-26 EBITDA and cash from operations (6 monthly) 140 000 104 472 120 000
Slide 33: Statement of financial position as at 30 June 2026
Statement of financial position as at 30 June 2026 30 June 30 June 2026 2025 R’000 R’000 ASSETS NON-CURRENT ASSETS 3 788 587 3 829 145 • Fair value gain of R214 million Biological assets 2 916 517 2 779 622 on biological assets from Investment property 16 694 13 884 continued operations Property, pl
Slide 34: Statement of financial position continued
Statement of financial position as at 30 June 2026 | continued 30 June 30 June 2026 2025 R’000 R’000 EQUITY AND LIABILITIES EQUITY 3 153 208 3 059 464 • Issued share capital of Share capital 1 738 034 1 738 034 464 388 713 Reserves 17 916 15 837 • Treasury shares of 9 709 026 Retained income 1 397 2
Slide 35: Statement of cash flows
Statement of cash flows 30 June 30 June Reconciliation of EBITDA (excluding 2026 2025 fair value adjustment on biological R’000 R’000 assets) to cash from operations EBITDA 142 240 Net cash flows from / (used in) operations 169 813 147 611 Tax refunded / (paid) (5 616) 6 603 Net cash flows from oper
Slide 36: Statement of cash flows
Statement of cash flows 30 June 30 June 2026 2025 R’000 R’000 Repayment of borrowings (60 141) (40 604) Proceeds from borrowings 39 680 118 025 Repayment of lease liabilities (11 303) (13 685) Interest paid (71 409) (73 520) Cash flows used in financing activities (incl interest payments) (103 173)
Slide 37: Debt Profile
DEBT PROFILE
Slide 38: Debt profile (excluding Absa IMX facility)
Debt profile (excluding Absa IMX facility) Debt increased from prior year to fund CAPEX Interest bearing debt (excluding Absa IMX facility) 900 000 800 000 700 000 600 000 500 000 R 400 000 300 000 200 000 100 000 0 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 YORK TIMBERS
Slide 39: Financial results continued: Debt and total assets
Financial results | continued Debt and Total assets 6 000 000 5 117 162 4 978 922 4 990 788 5 000 000 4 650 955 4 520 718 4 388 537 4 230 688 4 273 415 4 000 000 3 000 000 R 2 000 000 1 000 000 534 651 589 585 570 379 622 876 397 833 393 677 388 314 463 410 0 Dec 22 Jun 23 Dec 23 Jun 24 Dec 24 Jun 2
Slide 40: Debt analysis
Debt analysis June 2026 June 2025 Description R’000 R’000 Originated Repayment terms Instalment sale agreements 111 303 118 082 • Mobile equipment, • 0.75% - 11%, ranging from 36 to 60 months solar generation farm & vehicle fleet Loan raising fee (12 050) (13 814) Absa capital fund loan 795 2 275 •
Slide 41: York's core values
York’s core values DOWN 1. York employees are excited about teamwork and being part of the York team, value client relationships and communication with all stakeholders. Collaboration between business units is vital. ACROSS 2. York seeks employees that are enthusiastic, creative, dynamic, inspiring,
Slide 42: Disclaimer
Disclaimer This presentation contains forward-looking statements about York’s operations and financial conditions. The Company has prepared this presentation based on information available to it at the time of writing, including information derived from public sources. No representation or warranty,
Slide 43: Thank you
YORK TIMBERS.