Raubex Group Limited · JSE:RBX
Raubex — H1 2026 Earnings Presentation
47 slides from Raubex's earnings presentation, November 2025
Slide 1: Unaudited Interim Results 2026
Raubex Group Limited (Incorporated in the Republic of South Africa) Registration number 2006/023666/06 Share code: RBX | ISIN code: ZAE000093183 (“Raubex” or “the Company” or “the Group”) UNAUDITED INTERIM RESULTS 2026 for the six months ended 31 August 2025 www.raubex.com
Slide 2: Agenda
Agenda ABOUT Slide 3 1 RAUBEX Felicia Msiza (CEO) FINANCIAL Slide 5 2 OVERVIEW Sam Odendaal (FD) OPERATIONAL Slide 15 3 OVERVIEW Dirk Lourens (COO) OUTLOOK AND Slide 32 4 STRATEGY Felicia Msiza (CEO) 2
Slide 3: About Raubex
1 ABOUT RAUBEX
Slide 4: The period in review
The period in review • Robust overall performance despite isolated challenges Financial • Strong balance sheet supporting future growth performance • Cash generated from operations – R762.4 million • Reporting structure streamlined to five divisions • Strong performance by the Roads and Earthworks a
Slide 5: Financial Overview
2 FINANCIAL OVERVIEW
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS GROUP REVENUE OPERATING PROFIT HEPS DECREASED TO DECREASED TO DECREASED TO 1.0% R10.84bn 28.7% R603.0m 14.4% 243.5cps (1H2025: R10.95bn) (1H2025: R846.2m) (1H2025: 284.3 cps) CASH GENERATED FROM CAPITAL EXPENDITURE ORDER BOOK OPERATIONS DECREASED TO DECREASED TO INCREASED TO 50.
Slide 7: Income Statement
Income Statement Unaudited Unaudited R’000 31 Aug 2025 31 Aug 2024 % variance Revenue 10 844 481 10 954 943 (1.0) Operating profit 602 962 846 222 (28.7) Operating profit margin 5.6% 7.7% Net finance costs (23 359) (31 078) (24.8) Profit before tax 580 593 821 404 (29.3) Profit after tax 402 974 590
Slide 8: Segmental analysis per division
Segmental analysis per division Revenue (%) Operating profit/(loss) (%) Materials Handling and 15% 16% Mining Division (16%) 14% Construction Materials Division 24% 20% 1H2026 16% Roads and Earthworks 30% 1H2026 R10.84bn Division R603.0m Infrastructure Division Australian Division 33% 48% 18% 21% 19
Slide 9: Segmental analysis per geography
Segmental analysis per geography Revenue (%) Operating profit/(loss) (%) 15% (16%) 6% 1H2026 26% 1H2026 R10.84bn R603.0m 90% 79% 18% 19% 6% 1H2025 1H2025 South Africa R10.95bn South Africa 17% R846.2m 64% Rest of Africa 76% Rest of Africa Western Australia Western Australia 9
Slide 10: Our track record
Our track record 12 000 Turnover (R'm) Operating profit/(loss) (R'm) 10 955 10 844 1 000 846 10 000 800 8 446 603 628 8 000 7 377 600 550 5 987 435 6 000 400 4 000 200 2 000 - - - 200 1H2022 1H2023 1H2024 1H2025 1H2026 1H2022 1H2023 1H2024 1H2025 1H2026 Roads Materials Infra Mining Australia Roads M
Slide 11: Statement of Financial Position
Statement of Financial Position Unaudited Audited % R’000 31 Aug 2025 28 Feb 2025 variance Assets 15 959 065 14 906 990 7.1 Property, plant and equipment 6 293 255 5 582 431 12.7 Investment property 331 833 332 298 (0.1) Right-of-use assets 108 795 111 238 (2.2) Intangible assets 1 142 853 1 060 630
Slide 12: Cash flow movement
Cash flow movement 3300 Working capital outflow 1 020.5 283.6 R250.7 million 3000 345.9 49.8 308.9 15.7 247.5 2700 30.3 694.7 2400 2 116.8 2100 23.7 13.9 229.8 1800 R’million 31.5 1 553.8 1500 1200 900 600 300 0 28 Feb 25 Operating Inventory Debtors Contract Creditors Contract Tax paid Net finance C
Slide 13: Dividend declaration
Dividend declaration Interim dividend of 81 cents declared 3 times cover policy maintained Relevant dates Last day to trade cum dividend Tuesday, 25 November 2025 Commence trading ex dividend Wednesday, 26 November 2025 Record date Friday, 28 November 2025 Payment date Monday, 1 December 2025 13
Slide 14: Operational Overview
3 OPERATIONAL OVERVIEW
Slide 15: Our divisions
Our divisions TR) gaveex IF ] wesrronce R ROADMAC nae FRIESE FR | Raupev managetent = rosy ays Bblumisa lctaty mh Houshg Burlang Telecoms Mobile crusting and screening Earthworks a — FR) gqueex iting ‘Asphalt paving ‘Bulk commoaty matedale hancing Rood marking ROADMAC SURFACING CAPE! rumen mowstial
Slide 16: Materials Handling & Mining Division
Materials Handling & Mining Division Revenue (Rm) Operating profit (Rm) 200.0 180.0 160.0 140.0 120.0 100.0 80.0 60.0 40.0 1 672.0 2 370.1 1 791.7 176.2 177.9 87.7 20.0 0.0 Aug 2023 Aug 2024 Aug 2025 Aug 2023 Aug 2024 Aug 2025 • Revenue decreased by 24.4% • Operating profit decreased by 50.7% • Oper
Slide 17: Materials Handling & Mining Division (continued)
Materials Handling & Mining Division (continued) B & E International (B&E) B&E International – Namdeb • Continued to perform well and delivered a solid performance • The curtailment on the Namdeb volumes will cease in December, with an additional 40 million tons awarded, extending the contract until
Slide 18: Materials Handling & Mining Division (continued) – Bauba
Materials Handling & Mining Division (continued) Bauba Resources (Bauba) Bauba - Kookfontein • Results came under severe pressure despite an increase in the CIF chrome ore 40%-42% price of 15.4% • The Rand/US$ strengthening, also negatively impacting the results • The business continued to face nume
Slide 19: Materials Handling & Mining Division – Bauba Combined
Materials Handling & Mining Division – Bauba Combined REVENUE OPERATING LOSS OPERATING LOSS DECREASED TO OF MARGIN 38.9% R934.5m 106.6% R7.6m 0.8% (1H2025: R1.53bn) (1H2025: operating profit R114.8m) (1H2025: operating profit margin 7.5%) EBITDA EXCHANGE RATE MET GRADE PRICE (40-42%) DECREASED TO (Z
Slide 20: Materials Handling & Mining Division – Moeijelijk
Materials Handling & Mining Division – Moeijelijk REVENUE OPERATING LOSS OPERATING DECREASED TO OF LOSS MARGIN 46.8% 55.2% 6.9% R282.8m R19.4m (1H2025: R531.4m) (1H2025: R43.4m) (1H2025: 8.2%) EBITDA CAPITAL EXPENDITURE INCREASED TO DECREASED TO 114.1% 34.6% R1.0m R16.3m (1H2025: negative R6.8m) (1H
Slide 21: Materials Handling & Mining Division – Kookfontein
Materials Handling & Mining Division – Kookfontein REVENUE OPERATING PROFIT OPERATING DECREASED TO OF PROFIT MARGIN 34.6% R651.7m 88.3% R18.2m 2.8% (1H2025: R997.1m) (1H2025: R154.8m) (1H2025: 15.5%) EBITDA CAPITAL EXPENDITURE DECREASED TO DECREASED TO 68.9% 50.0% R60.2m R129.6m (1H2025: R193.7m) (1
Slide 22: Construction Materials Division
Construction Materials Division Revenue (Rm) Operating profit (Rm) 200.0 150.0 100.0 50.0 1 465.9 1 736.7 1 758.6 93.7 167.2 142.4 0.0 Aug 2023 Aug 2024 Aug 2025 Aug 2023 Aug 2024 Aug 2025 • Revenue increased by 1.3% • Operating profit decreased by 14.8% • Operating profit margin decreased to 8.1% (
Slide 23: Construction Materials Division (continued)
Construction Materials Division (continued) Aggregates Raumix Aggregates - Rosslyn Quarry • Lower anticipated volumes due to adverse weather in the first quarter of the financial year • Southern region underperformed despite reasonable volumes • Margin pressure was driven by escalating input costs a
Slide 24: Construction Materials Division (continued)
Construction Materials Division (continued) Asphalt OMV – Stilfontein Plant • Started the year with a low secured order book – improved since • Successful completion of the large N3 KwaZulu-Natal project • Tender activity remains robust Bitumen • All bitumen production in South Africa ceased in Sept
Slide 25: Roads and Earthworks Division
Roads and Earthworks Division Revenue (Rm) Operating profit (Rm) 350.0 300.0 250.0 200.0 150.0 100.0 50.0 2 657.4 3 486.0 3 565.7 147.9 257.3 287.6 0.0 Aug 2023 Aug 2024 Aug 2025 Aug 2023 Aug 2024 Aug 2025 • Revenue increased by 2.3% • Operating profit increased by 11.8% • Operating profit margin in
Slide 26: Roads and Earthworks Division (continued)
Roads and Earthworks Division (continued) • The primary reason for these stellar results where the successful execution of the orderbook • This division is encouraged by increased activity in tender awards in the sector over the last few months - noteworthy awards are: • SANRAL N2 route between Bloe
Slide 27: Infrastructure Division
Infrastructure Division Operating profit (Rm) Revenue (Rm) 200.0 180.0 160.0 140.0 120.0 100.0 80.0 60.0 40.0 798.3 1 442.2 2 149.4 71.6 85.5 180.1 20.0 0.0 Aug 2023 Aug 2024 Aug 2025 Aug 2023 Aug 2024 Aug 2025 • Revenue increased by 49.0% • Operating profit increased by 110.6% • Operating profit ma
Slide 28: Infrastructure Division (continued)
Infrastructure Division (continued) • The privately-owned renewable energy projects continued to deliver solid returns • Actively involved in several Solar PV projects in the Northern Cape • The repair and upgrade of the Parliament building in Cape Town are progressing well • The Potsdam Wastewater
Slide 29: Australia Division
Australia Division Revenue (Rm) Operating profit/(loss) (Rm) 200.0 150.0 100.0 50.0 139.0 158.3 0.0 ( 94.8) - 50.0 - 100.0 1 852.2 1 919.9 1 579.1 - 150.0 Aug 2023 Aug 2024 Aug 2025 Aug 2023 Aug 2024 Aug 2025 • Revenue decreased by 17.8% • Operating profit decreased by 159.9% • Operating loss margin
Slide 30: Australia Division (continued)
Australia Division (continued) • Operations in Western Australia experienced a mixed period, marked by both challenges and encouraging developments • Raubex Construction Australia’s largest active project for a major mining company has been facing significant difficulties. Scheduled for completion i
Slide 31: Outlook and Strategy
4 OUTLOOK AND STRATEGY
Slide 32: Order book
Order book 1H2026 FY2025 10.0% SANRAL 10.0% 6.9% 28.0% Provincial 6.2% 26.1% Municipal Other parastatal Concessionaires 26.6% 28.2% 6.0% 8.0% 1.4% Private 2.0% 6.2% Australia 7.7% 13.3% 13.4% Rest of Africa Timing R30.44bn Timing R28.18bn FY 2026 R9.80bn FY 2026 R13.87bn FY 2027 R11.74bn FY 2027 R8.
Slide 33: Order book – Timeline per customer
Order book – Timeline per customer 1H2026 10 000 8 540 8 592 9 000 8 000 7 000 6 000 5 138 R’million 5 000 4 055 4 000 3 000 1 818 1 875 2 000 1 000 426 - SANRAL Private International Concessionaires Provincial Other Parastatal Municipal Feb 2026 Feb 2027 Feb 2028 Beyond 33
Slide 34: Order book history
Order book history 35 000 30 444 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 Aug 25 SANRAL 1 276 6 396 6 686 6 021 6 512 7 354 8 540 Provincial 2 319 1 138 507 675 2 536 2 263 1 818 Municipal 798 634 302 1 1
Slide 35: Order book – Customer per division
Order book – Customer per division 1H2026 FY2025 16 000 16 000 14 607 14 000 14 000 13 608 SANRAL 12 000 Provincial 12 000 Municipal 10 000 10 000 Other parastatal R’million R’million 8 000 8 000 7 352 Concessionaires 6 071 6 000 Private 6 000 4 535 International 4 000 3 140 4 000 3 354 2 091 2 126
Slide 36: Order book – per segmental analysis
Order book – per segmental analysis 1H2026 FY2025 Materials Handling and 7% 6% 15% Mining Division 13% Construction Materials 20% 6% Division 10% 26% Roads and Earthworks Division Infrastructure Division Australian Division 48% 49% Order Book R30.44bn Order Book R28.18bn Materials Handling and Minin
Slide 37: Sustainability and ESG
SUSTAINABILITY AND ESG Standard & Poor Global Corporate Assessment Rating of 40/100. Improvement from 29/100 in 2024. Silver Sponsor at the Sustainability & ESG Africa Conference & Expo held at the Sandton Convention Centre Reporting Scope 3 emissions from FY2026 37
Slide 38: Our Communities – Comforters Creche
OUR COMMUNITIES COMFORTERS CRECHE 38
Slide 39: Achievements
ACHIEVEMENTS Excellence at Raubex Building Master Builders’ Association Awards 2nd place - Akeso Mental Facility Polokwane 3rd place - Power Park Student Housing Phase 2&3 39
Slide 40: Safety performance
Safety performance Reduction of 45% in LTIs compared to the prior year 40
Slide 41: Core message
Core message Strong results Future is expected across supported by a all divisions in quality order 2H2026 >50 YEARS book OF BUILDING TOMORROW Diversified Continue to business model perform well in spreading risk OUR CORE Western and opportunity MESSAGE REMAINS Australia CONSISTENT 41
Slide 42: Strategic objectives
Strategic objectives Good Quality order Growth at a Unlocking of Grow market Looking after our progress in book measured synergies share in the best asset, our executing our translated into pace, through within the renewable sector people, ensuring strategy profitability strategic Group both locally
Slide 43: Outlook
Outlook The Group maintains a more positive outlook for the remainder of FY2026, driven by the encouraging opportunities within each division and a solid order book Growth strategy remains underpinned by: Our Healthy diversified Committed Strength in balance business workforce leadership sheet model
Slide 44: Outlook (continued)
Outlook (continued) • While Bauba has faced operational challenges during this The Materials Handling & Mining Division is period, the stability of the chrome price and improvement in positive about the outlook for FY2026 and operations bodes well for the group beyond • B&E International and SPH Kun
Slide 45: Outlook (continued)
Outlook (continued) The outlook for the Infrastructure Division remains positive with numerous opportunities emerging in the Private Public Partnership (PPP), other infrastructure opportunities including commercial and affordable housing and renewable energy projects The Australia Division is expect
Slide 46: Q&A Thank you
Q&A THANK YOU www.raubex.com | +27 12 648 9400 For your attendance and participation Felicia Msiza Dirk Lourens Sam Odendaal Chief Executive Officer Chief Operating Officer Financial Director 15 years at Raubex 14 years at Raubex 19 years at Raubex 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