Slide 1: 2026 Audited Final Results
2026 AUDITED FINAL RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2026 Raubex Group Limited (Incorporated in the Republic of South Africa). Registration number 2006/023666/06 www.raubex.com Share code: RBX | ISIN code: ZAE000093183 (“Raubex” or “the Company” or “the Group”)
Slide 2: Agenda
Agenda 1 2 3 4 ABOUT FINANCIAL OPERATIONAL OUTLOOK AND RAUBEX OVERVIEW OVERVIEW STRATEGY Slide 3 Slide 5 Slide 16 Slide 33 Felicia Msiza (CEO) Sam Odendaal (FD) Dirk Lourens (COO) Felicia Msiza (CEO)
Slide 3: About Raubex
1 ABOUT RAUBEX
Slide 4: The year in review
The year in review • The Group delivered a solid performance across most divisions Financial • Balance sheet remains strong performance • Robust cash generated from operations – R1.75 billion • Five-division structure now fully embedded • Strong performance by the Roads and Earthworks and Infrastruc
Slide 5: Financial Overview
2 FINANCIAL OVERVIEW
Slide 6: Financial highlights
Financial highlights Group revenue increased to Operating profit increased to HEPS increased to R22.05bn R1.74bn 611.3 cps (2025: R21.08bn) 4.6% (2025: R1.56bn) 11.6% (2025: 599.8 cps) 1.9% Cash generated from operations Capital expenditure decreased to Order book increased to decreased to R1.75bn R
Slide 7: Income Statement
Income Statement Audited Audited R’000 28 Feb 2026 28 Feb 2025 % variance Revenue 22 048 117 21 076 974 4.6 Operating profit 1 736 562 1 556 436 11.6 Operating profit margin 7.9% 7.4% Net finance costs (91 421) (31 938) 186.2 Profit before tax 1 642 511 1 522 314 7.9 Profit after tax 1 165 520 1 069
Slide 8: Segmental analysis per division
Segmental analysis per division Revenue (%) Operating profit/(loss) (%) Materials Handling and 13% Mining Division (4%) 19% 26% Construction Materials 25% Division 20% FY2026 Roads and Earthworks Division FY2026 R22.05bn 16% R1.74bn Infrastructure Division 18% Australia Division 32% 35% 0% 16% 20% 2
Slide 9: Segmental analysis per geography
Segmental analysis per geography Revenue (%) Operating profit/(loss) (%) 13% (3%) 16% 6% FY2026 FY2026 R22.05bn R1.74bn 81% 87% 16% 20% 6% FY2025 FY2025 South Africa R21.08bn South Africa R1.56bn 18% 62% Rest of Africa 78% Rest of Africa Western Australia Western Australia 9
Slide 10: Our track record
Our track record Revenue (R’m) Operating profit/(loss) (R’m) 25 000 2 000 5-Yr CAGR: 20.0% 21 077 22 048 5-Yr CAGR: 36.7% 1 737 1 537 1 556 20 000 17 425 1 500 1 276 15 307 15 000 1 000 945 11 578 10 000 500 5 000 - Feb 2022 Feb 2023 Feb 2024 Feb 2025 Feb 2026 - Feb 2022 Feb 2023 Feb 2024 Feb 2025 F
Slide 11: Our track record (continued)
Our track record (continued) HEPS (cents) Return on Capital Employed (%) 700.0 5-Yr CAGR: 49.5% 18.0% 5-Yr CAGR: 20.6% 16.2% 16.5% 599.8 611.3 16.0% 15.4% 600.0 14.8% 14.0% 13.5% 500.0 476.3 12.0% 392.8 400.0 10.0% 297.4 8.0% 300.0 6.0% 200.0 4.0% 100.0 2.0% - 0.0% Feb 2022 Feb 2023 Feb 2024 Feb 202
Slide 12: Statement of Financial Position
Statement of Financial Position Audited Audited % R’000 28 Feb 2026 28 Feb 2025 variance Assets 16 458 728 14 906 990 10.4 Property, plant and equipment 6 485 336 5 582 431 16.2 Investment property 331 251 332 298 (0.3) Right-of-use assets 109 322 111 238 (1.7) Intangible assets 1 028 833 1 060 630
Slide 13: Capital expenditure
Capital expenditure Actual 2023 to Planned 2027 per Category (R’m) 2 000 1 764 1 800 1 600 1 352 1 400 1 205 1 200 1 153 1 378 943 1 000 728 800 640 865 335 600 400 624 565 608 200 288 386 - Feb 2023 Feb 2024 Feb 2025 Feb 2026 Feb 2027 Replacement Expansion Actual 2023 to Planned 2027 per Division (
Slide 14: Cash flow movement
Cash flow movement Working capital outflow 5400 R705.9 million 5100 2 445.6 4800 386.7 4500 237.8 4200 455.0 63.3 310.3 502.7 3900 3600 79.2 1 161.5 3300 3000 R’million 2700 190.6 23.9 387.3 2400 2 116.8 2100 17.7 1 874.8 1800 1500 1200 900 600 300 0 1 Mar 25 Operating Inventory Debtors Contract Cre
Slide 15: Dividend declaration
Dividend declaration Final dividend of 121 cents declared (Total FY26 dividend of 202 cents) 3 times cover policy maintained Relevant dates Relevant dates Last day to trade cum dividend Tuesday, 26 May 2026 Commence trading ex dividend Wednesday, 27 May 2026 Record date Friday, 29 May 2026 Payment d
Slide 16: Operational Overview
3 OPERATIONAL , OVERVIEW Aoi el
Slide 17: Our divisions
Our divisions EMPA, [| ] WESTRORCE BaUBEX Indust Minerale S 0 s60 Struction materials © Gus 4 (RAUMIX 1G]
Slide 18: Materials Handling & Mining Division
Materials Handling & Mining Division Revenue (Rm) Operating profit (Rm) 600 500 400 300 200 100 3 547.8 4 263.7 4 127.5 540.9 4.2 444.9 0 Feb 2024 Feb 2025 Feb 2026 Feb 2024 Feb 2025 Feb 2026 • Revenue decreased by 3.2% • Operating profit increased sharply by more than 100% • Operating profit margin
Slide 19: Materials Handling & Mining Division (continued)
Materials Handling & Mining Division (continued) B & E International (B&E) • Delivered an exceptional performance for FY2026, supported by strong execution across key operations • The Namdeb contract volumes normalised in December 2025 after the curtailment was uplifted. The contract was further ext
Slide 20: Materials Handling & Mining Division (continued)
Materials Handling & Mining Division (continued) Bauba Resources • Delivered a marked turnaround in performance for the year, supported by major operational improvements across the business • Production pressures in 1H2026 eased by mid-year, as plant ramp-up challenges stabilised and chrome prices r
Slide 21: Materials Handling & Mining Division – Bauba Resources Combined
Materials Handling & Mining Division – Bauba Resources Combined Revenue decreased to Operating profit of Operating profit margin R2.40bn R243.7m (2025: operating loss margin 9.0%) (2025: R2.61bn) 8.1% (2025: operating loss of R235.8m) 203.4% 10.2% EBITDA increased to a positive Exchange rate (US$/ZA
Slide 22: Materials Handling & Mining Division – Moeijelijk
Materials Handling & Mining Division – Moeijelijk Revenue decreased to Operating profit of Operating profit margin R672.1m R16.1m (2025: operating loss margin 26.2%) (2025: R935.7m) 28.2% (2025: operating loss of R245.3m) 106.6% 2.4% EBITDA increased to a positive Capital expenditure increased to To
Slide 23: Materials Handling & Mining Division – Kookfontein
Materials Handling & Mining Division – Kookfontein Revenue increased to Operating profit of Operating profit margin R1.73bn R251.6m (2025: operating loss margin 0.3%) (2025: R1.67bn) 3.1% (2025: operating loss of R4.9m) >200.0% 14.6% EBITDA increased to Capital expenditure decreased to Total ROM pro
Slide 24: Construction Materials Division
Construction Materials Division Revenue (Rm) Operating profit (Rm) 2 892.2 3 241.0 3 499.6 158.8 360.9 312.5 Feb 2024 Feb 2025 Feb 2026 Feb 2024 Feb 2025 Feb 2026 • Revenue increased by 8.0% • Operating profit decreased by 13.4% • Operating profit margin decreased to 8.9% (FY2025: 11.1%) Order Book
Slide 25: Construction Materials Division (continued)
Construction Materials Division (continued) Aggregates • Softer volumes in 1Q2026 due to adverse weather, with production disruptions and temporary site closures continuing to pressure margins • Volumes improved year-on-year supported by positive momentum in the Eastern Cape and stronger returns fro
Slide 26: Construction Materials Division (continued)
Construction Materials Division (continued) Bitumen • Following NATREF’s closure of local production in September 2025, SA now relies entirely on imported bitumen, increasing exposure to geopolitical and oil-price-driven supply-chain risks • Despite these uncertainties, National Asphalt and Tosas re
Slide 27: Roads and Earthworks Division
Roads and Earthworks Division Revenue (Rm) Operating profit (Rm) 700 600 500 400 300 200 100 5 668.4 6 796.4 7 130.1 331.5 587.2 612.7 0 Feb 2024 Feb 2025 Feb 2026 Feb 2024 Feb 2025 Feb 2026 • Revenue increased by 4.9% • Operating profit increased by 4.3% • Operating profit margin remained stable at
Slide 28: Roads and Earthworks Division (continued)
Roads and Earthworks Division (continued) • The standout performance was largely the result of disciplined execution across the order book • Noteworthy awards include: • SANRAL N2 route between Bloemendal and Piet Retief at R3.22 billion • SANRAL N2 between Verzameling and Leiden at R2.36 billion •
Slide 29: Infrastructure Division
Infrastructure Division Operating profit (Rm) Revenue (Rm) 450 400 350 300 250 200 150 100 4 353.3 50 1 997.0 3 342.7 226.9 300.2 426.9 0 Feb 2024 Feb 2025 Feb 2026 Feb 2024 Feb 2025 Feb 2026 • Revenue increased by 30.2% • Operating profit increased by 42.2% • Operating profit margin increased to 9.
Slide 30: Infrastructure Division (continued)
Infrastructure Division (continued) • The renewable energy portfolio continues to gain strong momentum, anchored by the R2.4 billion three-wind-farm cluster near Murraysburg, as well as the recent award of the R1.66 billion Beaufort West PV project, reinforcing the Group’s growing presence in the re
Slide 31: Australia Division
Australia Division Revenue (Rm) Operating profit/(loss) (Rm) 350 300 250 200 150 100 278.6 303.9 50 0 (60.4) 3 320.0 3 433.2 2 937.5 -50 -100 Feb 2024 Feb 2025 Feb 2026 Feb 2024 Feb 2025 Feb 2026 • Revenue decreased by 14.4% • Operating profit decreased 119.9% to an operating loss • Operating loss m
Slide 32: Australia Division (continued)
Australia Division (continued) • Varied performance across operations, with one major mining contract settlement driving the division’s primary financial loss • The remainder of the portfolio remains stable and on budget • Roadmac Australia continues to expand its market presence, delivering profita
Slide 33: Outlook and Strategy
4 OUTLOOK AND STRATEGY
Slide 34: Order book
Order book FY2026 FY2025 11.8% SANRAL 10.0% 22.4% Provincial 6.2% 26.1% 6.1% Municipal Other parastatal 9.6% Concessionaires 26.6% 8.0% 1.4% 33.9% Private 2.0% 4.8% 10.0% Australia 13.4% 7.7% Rest of Africa Timing R31.46bn Timing R28.18bn FY 2027 R17.76bn FY 2026 R13.87bn FY 2028 R7.12bn FY 2027 R8.
Slide 35: Order book – Timeline per customer
Order book – Timeline per customer FY2026 12 000 10 659 10 000 8 000 7 040 R’million 6 000 5 633 4 000 3 147 3 021 2 000 1 516 440 - SANRAL Private International Concessionaires Provincial Other Parastatal Municipal Feb 2027 Feb 2028 Feb 2029 Beyond 35
Slide 36: Order book history
Order book history 35 000 31 456 28 179 30 000 25 549 25 000 20 037 17 124 17 133 20 000 R’million 15 000 10 138 10 000 5 000 - Feb 20 Feb 21 Feb 22 Feb 23 Feb 24 Feb 25 Feb 26 SANRAL 1 276 6 396 6 686 6 021 6 512 7 354 7 040 Provincial 2 319 1 138 507 675 2 536 2 263 3 021 Municipal 798 634 302 1 1
Slide 37: Order book – Customer per division
Order book – Customer per division FY2026 FY2025 14 000 14 000 13 608 12 692 12 000 12 000 SANRAL Provincial 10 000 10 000 Municipal 8 000 7 470 8 000 7 352 Other parastatals R’million R’million 6 377 Concessionaires 6 000 6 000 Private 3 354 4 000 International 4 000 2 984 1 933 2 126 1 739 2 000 2
Slide 38: Order book – per segmental analysis
Order book – per segmental analysis FY2026 FY2025 Materials Handling and 6% 6% Mining Division 12% 20% Construction Materials 8% 24% Division 26% Roads and Earthworks 10% Division Infrastructure Division Australian Division 40% 48% Order Book R31.46bn Order Book R28.18bn Materials Handling and Minin
Slide 39: ESG at a glance
ESG at a glance LTI Rate (Target < 1.00) B-BBEE (Construction Sector Codes) Employees 0.19 ▼ 0.18 Level 1 — Maintained 9 208 ▼ 0.3% (2025: 0.37) (2025: Level 1) (2025: 9 239) Training & Development Spend CSI Spend Carbon Emissions (CO2E) (Scope 1&2) R42.1m ▼ 10.0% R35.6m ▲ 18.3% 279 234t ▲ 2.6% (202
Slide 40: Total Employment
Total Employment EMPLOYMENT 22 042 (2025: 19 219) 14.7% 22 042 19 219 17 596 12 834 9 980 9 320 8 276 9 239 9 208 Raubex is a major source of employment for the communities in which it operates, offering FY2024 FY2025 FY2026 indirect employment through full and part-time Direct Indirect jobs across
Slide 41: Our Communities
Our Communities Serving Our Communities Spoudazo Beekeeping Incubator Hopefield High School Serving Our Communities Advancing food security, nutrition and Self-sustaining micro enterprise Sponsored school fees of sustainable livelihoods within local 10 previously disadvantaged children communities S
Slide 42: Our 2026 Safety Performance
Our 2026 Safety Performance Reduction in Consecutive Reduction in 50% Fatality Rate 9 Mo No Fatalities 44% Lost Time Injuries Fatality Rate Lost Time Injuries Total Recordable Injuries 0.035 70 63 63 9 8.13 0.030 8 0.03 60 6.91 7 0.025 50 6 5.61 0.02 40 35 5 0.015 30 4 0.010 3 0.01 20 0.005 2 0.005
Slide 43: Our Future focus/Strategy
Our Future focus/Strategy PREFERRED ALTERNATIVE ESG / PROFITABILITY GROWTH TECHNOLOGY PPPs OUR PEOPLE SUPPLIER MARKETS SUSTAINABILITY 43
Slide 44: Outlook
Outlook Despite geopolitical uncertainty, the Group anticipates a more positive outlook for FY2027, Global Macro Perspective supported by encouraging opportunities across all Various initiatives are in place to mitigate this divisions Risk, Raubex remains resilient even during this uncertainty GROWT
Slide 45: Outlook
Outlook Materials Handling Construction Roads & & Mining Materials Earthworks Strong momentum into FY2027 with Solid pipeline and strong market position Robust FY2027 outlook underpinned by recovering chrome and PGM prices. entering FY2027, backed by Government’s SANRAL’s national road upgrade Produ
Slide 46: Q&A Thank You
Q&A Felicia Msiza Chief Executive Officer 16 years at Raubex Dirk Lourens Chief Operating Officer THANK YOU 15 years at Raubex For your attendance Sam Odendaal and participation Financial Director 20 years at Raubex www.raubex.com | +27 12 648 9400 46
Slide 47: 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