York Timber Holdings Limited · JSE:YRK
York Timber — FY2025 Earnings Presentation
43 slides from York Timber's earnings presentation, 2025
Slide 1: York Timbers Results Presentation for the Year Ended 30 June 2025
YORK TIMBERS RESULTS PRESENTATION FOR THE YEAR ENDED 30 JUNE 2025
Slide 2: Continued Momentum
CONTINUED MOMENTUM
Slide 3: 3-year EBITDA history per segment
3 3-year EBITDA history per segment Segment contribution to EBITDA FY 2023 FY 2024 FY 2025 R’000 R’000 R’000 Processing 61 914 42 554 21 804 Forests and Fleet 17 205 45 769 122 078 Wholesale 21 113 5 868 14 329 Agriculture 5 033 552 4 803 Non-reporting segment 4 992 (4 138) 2 844 Group EBITDA 110 25
Slide 4: Highlights for the year
4 Highlights for the year Turnaround at Recovery and Continued Lumber sales Growth in plywood Jessievale sawmill throughput investment in volume growth of export sales of 55% completed – improvements at in-sourced 12% - exceeded production volumes Plywood - harvesting capacity industry growth increa
Slide 5: Trading Conditions
a\ TIMBERS CONDITIONS
Slide 6: Trading environment: Lumber market update
6 Trading environment Lumber market update Industry sales – Lumber Industry Sales per month Industry Stock Volume interpolated LPI 180 000 4 200 Linear (Industry Sales per month) Linear (Industry Stock Volume interpolated) Linear (LPI) 160 000 4 150 4 100 140 000 4 050 120 000 Volumes (m³) 4 000 100
Slide 7: Processing Operational Performance
PROCESSING OPERATIONAL PERFORMANCE
Slide 8: Lumber Performance
A “YORK TIMBERS ERI FO! =); b iA NGE = — TIMREIRC =
Slide 9: Sabie sawmill
9 Sabie sawmill Performance Sabie sawmill Key performance indicators 4 500 300 000 • Intake down by 9% 4 000 250 000 • Poor throughput and low plant 3 500 availability 3 000 200 000 • Significant EBITDA losses of R49 million for the year 2 500 R/m³ m³ 150 000 • Net EBITDA contribution to Group 2 000
Slide 10: Jessievale sawmill
10 Jessievale sawmill Performance Jessievale sawmill Key performance indicators 4 500 220 000 • Turnaround of the mill yielding 4 000 good results 215 000 3 500 • Production volume increased by 11% 3 000 210 000 • EBITDA increased from a 2 500 R/m³ loss of R3.5 million to a profit m³ 205 000 2 000 o
Slide 11: Plywood Performance
PLYWOOD PERFORMANCE
Slide 12: Plywood
12 Plywood Performance Plywood Key performance indicators 8 000 250 000 • Net recovery increased by 3% 7 000 • Production volumes increased 200 000 6 000 by 17% • Pricing based on import parity – 5 000 150 000 stronger Rand against the US Dollar R/m³ negatively impacts ASP m³ 4 000 • R23 million dec
Slide 13: Forestry Performance
FORESTRY PERFORMANCE
Slide 14: Forestry performance
14 Forestry performance Analysis of results (excl. Pine Valley purchased plantation) Forestry drivers 2021 2022 2023 2024 2025 CAGR Thinning volumes (m³) 96 473 119 643 160 120 198 181 163 851 14% Thinning costs (R’000) 14 568 17 956 25 823 35 528 39 145 28% Thinnings (R/m³) 151 150 161 179 239 12%
Slide 15: Forestry results
15 Forestry results Impact of external purchases on EBITDA External purchases External purchases FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 • External purchases constituted External purchases (m³) 351 627 333 301 251 617 307 121 282 529 44% of intake Log intake at processing sites (m³) 812 735 642 941
Slide 16: Investment in Growing Stock
INVESTMENT IN GROWING STOCK
Slide 17: Standing volume and value growth
17 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)
Slide 18: Biological Assets
BIOLOGICAL ASSETS
Slide 19: Biological asset – Escarpment volume forecast
19 Biological asset – Escarpment volume forecast Clearfell volume forecast Escarpment clearfell volumes Escarpment harvesting profile 500 000 • Clearfell volumes in the 450 000 Escarpment will increase 400 000 incrementally from 2026 onwards 350 000 and reach sustainable volumes by 2030 300 000 • Cl
Slide 20: Escarpment plywood log supply outlook
20 Escarpment plywood log supply outlook Own source logs for plywood production Available logs for plywood Escarpment harvesting profile 300 000 for plywood logs • No own-source plywood logs from 250 000 Escarpment plantations for 2025 Plywood • Increase in plywood log availability 200 000 intake fr
Slide 21: Biological asset – Highveld volume forecast
21 Biological asset – Highveld volume forecast Clearfell volume forecast Highveld clearfell profile Highveld harvesting profile 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 Jessievale intake m³ 2
Slide 22: Biological asset valuation
22 Biological asset Biological Asset Valuation R439 million fair value gain (June 2024: gain of R147 million) R’000 Reasons Opening balance 2 710 081 Change in product mix and age* 182 222 • Growth in trees resulting in richer mix and moving closer to rotation Revenue and price* 247 746 • Increase i
Slide 23: Agriculture
AGRICULTURE
Slide 24: Agriculture yields
24 Agriculture yields Forecast of yield and establishment Hectares in production • Second soft citrus harvest from 200 38 productive hectares 150 Hectares • 98 hectares already established 100 • Soft citrus will be in full production 50 yield from 2030 0 2025 2026 2027 2028 2029 • Hail netting will
Slide 25: Outlook
a\ YORK . TIMBERS
Slide 26: Outlook for FY2026
26 Outlook for FY2026 Expectations • Lumber market expected to remain stable, with sales price growth anticipated • Reduced reliance on external sources for plywood logs • Forestry momentum to continue into FY 2026, supported by insourced fleet and mechanised harvesting • Jessievale expected to main
Slide 27: Outlook for FY2026
27 Outlook for FY2026 Expectations • Continued headwinds expected for Plywood operations › Weaker US Dollar negatively impacting profitability › Domestic products are priced at import parity › New entrants producing uncertified plywood domestically › Uncertified imported plywood entering SA market ›
Slide 28: Financial Results
FINANCIAL RESULTS
Slide 29: Financial results
29 Financial results REVENUE GROSS PROFIT EBITDA (Before fair value changes on biological assets) (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 2017 2018 2019 2020 2021 2022 2023 2024 2025 201
Slide 30: Statement of profit or loss
30 Statement of profit or loss 30 June 2025 30 June 2024 R’000 R’000 (Restated) Revenue 1 994 906 1 745 219 • Revenue increase – Lumber 15%; Cost of sales* (1 122 211) (1 242 834) Plywood 8%; Logs -34% Gross profit 872 695 502 385 • Gross profit margin (excluding fair Other operating income 18 396 1
Slide 31: Financial results | continued
31 Financial results | continued Revenue by product 1 200 000 983 601 1 000 000 856 797 800 000 632 406 684 749 600 000 R 400 000 154 194 207 025 200 000 41 273 64 425 56 849 54 113 0 Lumber Plywood Logs Agri Wood-Chips Jun 24 Jun 25 EBITDA and cash from operations (6 monthly) 120 000 103 559 101 90
Slide 32: Statement of financial position as at 30 June 2025
32 Statement of financial position as at 30 June 2025 30 June 2025 30 June 2024 R’000 R’000 (Restated) • Fair value gain of R435 million ASSETS on plantation biological asset NON-CURRENT ASSETS 3 829 145 3 309 234 (June 2024: fair value gain of Biological assets 2 779 622 2 311 171 R151 million) Inv
Slide 33: Statement of financial position | continued
33 Statement of financial position as at 30 June 2025 | continued 30 June 2025 30 June 2024 R’000 R’000 (Restated) EQUITY AND LIABILITIES EQUITY 3 059 464 2 744 059 Share capital 1 738 034 1 735 670 Reserves 15 837 19 334 Retained income 1 305 593 989 055 LIABILITIES NON-CURRENT LIABILITIES 1 368 28
Slide 34: Statement of cash flows
34 Statement of cash flows 30 June 2025 30 June 2024 Reconciliation of EBITDA (excluding R’000 R’000 fair value adjustment on biological (Restated) assets) to cash from operations Net cash flows from / (used in) operations 147 611 28 369 EBITDA 165 858 Tax refunded / (paid) 6 603 (465) Net cash flow
Slide 35: Debt Profile
DEBT PROFILE
Slide 36: Debt profile (excluding Absa IMX facility)
36 Debt profile (excluding Absa IMX facility) Debt increased from prior year to fund CAPEX Interest bearing debt (excluding Absa IMX facility) 1 000 000 900 000 800 000 700 000 600 000 500 000 R 400 000 300 000 200 000 100 000 0 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Slide 37: Debt and Tangible Net Assets
37 Financial results | continued Debt and Tangible Net Assets (TNA) 6 000 000 4 978 922 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 1 000 000 534 651 589 585 397 833 393 677 388 314 463 410 0 Dec 22 Jun 23 Dec 23 Jun 24 Dec 24 Jun 25 Debt TNA
Slide 38: Debt analysis June 2025
38 Debt analysis June 2025 Balance Description R’000 Originated Repayment terms Instalment sale agreements 118 082 • Mobile equipment, • 9.75% - 11.25%, ranging from 36 to 60 months solar generation farm & vehicle fleet Loan raising fee (13 814) Absa capital fund loan 2 275 • Mortgage loan over • Th
Slide 39: Eight-year historical financial results
39 Eight-year historical financial results CAGR % % 2018-2025 June 25 change June 24 June 23 June 22 June 21 June 20 June 19 June 18 Group revenue R'000 1% 1 994 906 14% 1 745 219 1 666 294 1 838 810 1 928 589 1 438 825 1 600 522 1 812 350 Gross profit* R'000 (3%) 437 286 24% 351 782 348 033 499 591
Slide 40: Eight-year historical financial results | continued
40 Eight-year historical financial results | continued CAGR % % 2018-2025 June 25 change June 24 June 23 June 22 June 21 June 20 June 19 June 18 Earnings R'000 2% 316 538 426% 60 130 (312 864) 182 755 137 069 (217 637) (36 268) 138 280 Weighted average number number 6% 464 225 - 463 753 404 077 343
Slide 41: York's core values
41 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, inspiri
Slide 42: Disclaimer
42 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 warran
Slide 43: Thank you
THANK YOU