Afrimat Limited · JSE:AFT
Afrimat — Shareholder Meeting (July 2026)
23 slides from Afrimat's shareholder meeting presentation, July 2026
Slide 1: Annual General Meeting
ANNUAL GENERAL MEETING 29 July
Slide 2: Disclaimer
Disclaimer Afrimat has acted in good faith and has made every reasonable effort to ensure the accuracy and completeness of the information contained in this presentation, including all information that may be defined as 'forward-looking statements'. Forward-looking statements may be identified by wo
Slide 3: Core message: Navigating external shocks
Core message Navigating external shocks Portfolio and resource gains Volume and market gains • Meaningful contribution from aggregates and fly • Additional markets secured for anthracite ash acquired in the Lafarge transaction • Additional iron ore export capacity secured on the • MECA III allocatio
Slide 4: Realities of a very difficult HY1 2027
Realities of a very difficult HY1 2027 • Reduced Rand value of iron ore export sales • Stronger Rand • Materially higher shipping rates • Erratic domestic sales of iron ore in Q1, with steadier volumes in Q2 • Ferrochrome production steadily improving after remaining shut in Q1 • Cement industry • I
Slide 5: People and culture
People and culture Resilient, engaged and positive workforce in a demanding operating environment: • Operational discipline • Safety • Joy and positivity at work • Leadership in adversity 5
Slide 6: What we do and why
01 WHAT WE DO AND WHY A 20-year foundation
Slide 7: A broad, diversified national footprint
A broad, diversified national footprint Operating across four segments 7
Slide 8: 2026 financial summary
2026 financial summary Group revenue HEPS Net asset value Final dividend Up 20,3% to R10,0 Up to 95,8 cents 2 899 cents 13 cents billion (2025: 72,3 cents) (2025: 2 862 cents) (Total dividend 33 cents) (2025: R8,3 billion) Return on net Net debt:equity ratio Operating profit margin operating assets
Slide 9: Operational update
02 OPERATIONAL UPDATE
Slide 10: Construction Materials: Aggregates performance
Construction Materials Aggregates performance REVENUE (R’m) OPERATING PROFIT (R’m) Revenue Chart Title 4 500 800 CAGR (F2022 – F2026) 20% 36.29% 18% 4 000 18% 700 16% 16% 3 936,1 694,8 16% 3 500 600 3 541,0 14% 3 000 560,3 500 12% 11% 12% 2 500 400 10% 2 212,8 2 000 353,2 8% 300 1 809,3 1 751,9 1 50
Slide 11: Aggregates and fly ash operations
Construction Materials Aggregates and fly ash operations Aggregates delivering — our core is performing strongly What we fixed Why growth continues • Overall improvement in product sales • National footprint spans all major infrastructure spend category • Integration is completed • Transnet, provinc
Slide 12: Aggregates and fly ash operations update
Construction Materials Aggregates and fly ash operations Update • Cash amount of R160m received from divestitures and used to pay down debt • Project pipeline remains strong across road, rail, infrastructure projects, general building and construction in South Africa • Margins are opening slightly,
Slide 13: Cement: Strategic positioning
Construction Materials Cement — Strategic positioning Turnaround proof points Strategic alternatives • 36% sales volume growth and 54% revenue growth • Afrimat Cement is one of SA's few fully integrated delivered this year cement platforms with embedded strategic value • Clinker production 19% highe
Slide 14: Cement: sales volume growth
Construction Materials Cement +36% +54% +19% Sales volume Revenue growth Clinker production growth vs FY2025 • Extender strategy working well • The business is now positioned to pursue strategic options Exciting strategic alternatives now on the horizon 14
Slide 15: Bulk Commodities: Iron ore
Bulk Commodities Iron ore Update - Domestic Update - International • AMSA volumes improved from low Q1 levels • Transnet maintenance • May 2026 maintenance shutdown (10-days) - was by far the most successful by Transnet in recent years • October 2026 (10-days) • Realised Rand price is weak • Volumes
Slide 16: Update: Anthracite and Manganese
Bulk Commodities Update - Anthracite Update - Manganese • National Energy Regulator of South Africa approved a • Allocation on the MECA III line of reduced electricity tariff for ferrochrome industry 240,000tpa allocation secured for next seven years • Preservation of jobs across the industry • Firs
Slide 17: Industrial Minerals update
Industrial Minerals Update • Product being taken by ferrochrome smelters • Planting season should increase demand for agricultural lime • Aggressive marketing drive 17
Slide 18: Future Materials and Metals
Future Materials and Metals Update - Phosphate Update – Rare earths project • Ferrochrome alloy ideal for LMFP batteries • Good international interest • Exciting medium-term prospects • Exciting medium-term prospects 18
Slide 19: Future outlook
04 FUTURE OUTLOOK
Slide 20: Thinking behind the strategy
Thinking behind the strategy Our strengths Headwinds we are navigating Opportunities ahead • Aggregates delivering at national • Cheap imports suppressing steel • Aggregate and quarry strategy scale and ferrochrome demand gaining strong momentum • Diversified commodity base • High energy costs and l
Slide 21: Initial signals from Q1 of HY1 2027
Initial signals from Q1 of HY1 2027 Aggregates Iron ore Anthracite • Strong start to HY1 2027 • International sales constrained by • Very difficult Q1 • Margin expansion on track lower Rand revenue • Reduced energy tariff supporting • Domestic demand under pressure ferrochrome sector recovery • Ener
Slide 22: Core message: Navigating external shocks
Core message Navigating external shocks Portfolio and resource gains Volume and market gains • Meaningful contribution from aggregates and fly • Additional markets secured for anthracite ash acquired in the Lafarge transaction • Additional iron ore export capacity secured on the • MECA III allocatio
Slide 23: Thank you, Q&A, Investor Relations
THANK YOU Q&A INVESTOR RELATIONS Andries van Heerden Chief Executive Officer 021 917 8853 Vanessa Rech Keyter Rech Investor Solutions vrech@kris.co.za 083 307 5600