Zccm Investments Holdings Plc : ZCCM-IH FY 2025 Provisional Abridged Unaudited Financial Results - 30.06.2026

About this update from Zccm Investments Holdings Plc Class B

SENS ANNOUCEMENT (the “Announcement”) ISSUER ZCCM INVESTMENT HOLDINGS PLC (“ZCCM-IH”) Incorporated in the Republic of Zambia Company registration number: 119540000771 Share Code: ZCCM-IH ISIN: ZM0000000037 BROKER SPONSOR Stockbrokers Zambia Limited [Founder Member of the Lusaka Securities Exchange] [Regulated and licensed by the Securities and Exchange Commission of Zambia] Contact Number: +260-211-232456 Website: www.sbz.com.zm APPROVAL The captioned Notice or Announcement has been approved by: the Lusaka Securities Exchange (“LuSE”) the Securities and Exchange Commission (“SEC”) Stockbrokers Zambia Limited (“SBZ”) RISK WARNING The Notice or Announcement contained herein contains information that may be of a price sensitive nature. Investors are advised to seek the advice of their investment advisor, stockbroker, or any professional duly licensed by the Securities and Exchange Commission of Zambia to provide securities advice. ISSUED ON: 30 June 2026 ZCCM INVESTMENTS HOLDINGS PLC (Incorporated in the Republic of Zambia) PROVISIONAL ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 INTRODUCTION In compliance with the requirements of the Securities Act No. 41 of 2016, ZCCM Investments Holdings PLC (“ZCCM-IH PLC” or “the Company”) announces the provisional financial statements results of the Company and its subsidiaries (Collectively referred to as the ‘‘the Group'') for the year ended 31 December 2025. STRUCTURE OF THE ZCCM-IH GROUP The ZCCM-IH Group consists of the following eight (8) companies: Name Shareholding Limestone Resources Limited 100.00% Ndola Lime Company Limited (Winding up) 100.00% Misenge Environmental and Technical Services Limited (Winding up) 100.00% Kariba Minerals Limited 100.00% Mushe Milling Limited (In liquidation) 100.00% Kabundi Resources Limited 100.00% Zambia National Energy Corporation 60.00% Zambia Gold Company Limited 51.00% The Company also has other interests in the under noted companies: Name Shareholding Rembrandt Properties 49.00% Mopani Copper Mine PLC 49.00% Maamba Energy Limited 35.00% Maamba Solar Energy Limited 35.00% Copperbelt Energy Corporation PLC 33.51% Lubambe Copper Mines PLC 30.00% Sino Great Chemical Company Limited 30.00% Konkola Copper Mines PLC 20.60% Kansanshi Mining PLC 20.00% CNMC Luanshya Copper Mines PLC 20.00% Mingomba Mining Limited 20.00% Copper Tree Mineral Limited 15.58% NFCA Africa Mining PLC 15.00% Chibuluma Mines PLC 15.00% Nkana Alloy Smelting Company Limited 15.00% Chambishi Metals PLC 10.00% PROVISIONAL ABRIDGED GROUP STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME     Unaudited   Audited     31 Dec 2025   31 Dec 2024     ZMW'000   ZMW'000           Revenue from contracts customers   169,464   3,208,963 Gross profit/(loss)   7,199   (486,558) Gain on subsidiary loan modification   -   35,032,113 Operating (loss)/profit   (1,638,266)   37,748,576 Net finance cost   (1,133,136)   (658,496) Share of (loss)/profit of equity accounted investees   (31,016)   3,327,837 (Loss)/profit before tax   (2,802,418)   40,417,917 Income tax credit/(expense)   27,614   (567,486) (Loss)/profit for the year from continuous operations   (2,774,804)   39,850,431           Loss from discontinued operations   (10,376)   (3,780) (Loss)/profit for the year   (2,785,180)   39,846,651 Earnings per share (ZMW)   (17.32)   247.80 Basic and diluted earnings per share (ZMW)   (17.26)   247.80 PROVISIONAL ABRIDGED COMPANY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME     Unaudited   Audited     31 Dec 2025   31 Dec 2024     ZMW'000   ZMW'000           Investment income   3,384,039   2,418,221 Operating loss   (6,465)   (4,165,172) Net finance (cost)/income   (1,201,472)   361,647 Loss before tax   (1,207,937)   (3,803,525) Income tax credit/(expense)   31,500   (580,188) Loss for the year   (1,176,437)   (4,383,713) Earnings per share (ZMW)   (7.32)   (27.26) Basic and diluted earnings per share (ZMW)   (7.32)   (27.26) PROIVISIONAL ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION     Unaudited   Audited     31 Dec 2025   31 Dec 2024     ZMW'000   ZMW'000 Assets         Property, plant, and equipment   396,444   406,123 Exploration and evaluation asset   49,536   15,431 Intangible assets   16,181,262   19,987,739 Investment property   202,814   205,891 Investments in associates   22,712,218   24,404,820 Financial assets at fair value through profit or loss   1,709,683   2,741,000 Trade and other receivables   2,071,766   3,522,759 Environmental protection fund   959   369 Deferred tax asset   391,325   - Burden costs for mining   -   6,599 Inventories   39,901   32,536 Assets classified as held for sale   54,138   92,140 Term deposits   3,833,036   5,345,151 Cash and cash equivalents   341,606   525,685 Total assets   47,984,688   57,286,243   Equity and liabilities         Capital and reserves   44,289,313   52,263,711 Borrowings   2,252,757   3,346,867 Deferred tax liability   -   296,134 Retirement benefits   27,871   17,373 Provisions for environmental rehabilitation   191,929   245,810 Trade and other payables   120,835   179,602 Provisions   1,004,303   49,671 Current income tax liabilities   96,308   872,770 Liabilities associated with assets classified as held for sale   1,372   14,305 Total equity and liabilities   47,984,688   57,286,243           PROVISIONAL ABRIDGED COMPANY STATEMENT OF FINANCIAL POSITION     Unaudited   Audited     31 Dec 2025   31 Dec 2024 Assets   ZMW'000   ZMW'000           Property, plant, and equipment   173,046   143,625 Intangible assets   16,102,901   19,909,353 Investment property   202,814   205,891 Investment in subsidiaries   141,653   191,501 Investments in associates   35,757,358   34,452,165 Financial assets at fair value through profit or loss   1,709,683   2,741,000 Deferred tax asset   514,162   - Trade and other receivables   2,149,317   3,620,815 Term deposits   3,833,036   5,345,151 Cash and cash equivalents   175,114   221,736 Inventory   411   - Assets classified as held for sale   52,766   73,588 Total assets   60,812,261   66,904,825   Equity and liabilities         Capital and reserves   57,326,580   62,292,543 Borrowings   2,252,757   3,346,867 Deferred tax liability   -   175,810 Retirement Benefit Obligations   27,871   17,373 Provisions for environmental rehabilitation   67,188   71,289 Trade and other payables   37,261   103,133 Provisions   1,004,303   25,551 Current income tax liabilities   96,301   872,259 Total equity and liabilities   60,812,261   66,904,825           PROVISIONAL ABRIDGED GROUP STATEMENT OF CASH FLOWS     Unaudited   Audited     31 Dec 2025   31 Dec 2024     ZMW'000   ZMW'000           Net cash (out)/in flow from operating activities   (1,262,451)   1,448,744 Net cash in/(out) flow from investing activities   984,704   (701,828) Net cash in/(out) flow from financing activities   163,342   (120,016) (Decrease)/increase in cash and cash equivalents   (114,405)   626,900 Effects of translation and exchange rate changes on cash and cash equivalents   (69,674)   15,303 Cash and cash equivalents at the beginning of the year   525,685   (116,518)     341,606   525,685 Included in the statement of financial position   341,606   506,028 Included in assets held for sale   -   19,657     341,606   525,685   PROVISIONAL ABRIDGED COMPANY STATEMENT OF CASH FLOWS     Unaudited   Audited     31 Dec 2025   31 Dec 2024     ZMW'000   ZMW'000           Net cash in flows from operating activities   233,334   1,334,963 Net cash out flows from investing activities   (373,624)   (1,070,871) Net cash in/(out) flows from financing activities   163,342   (120,016) Increase in cash and cash equivalents   23,052   144,076 Effect of movement in exchange rates on cash held   (69,674)   16,523 Cash and cash equivalents at the beginning of the year   221,736   61,137 Cash and cash equivalents at the end of the period   175,114   221,736 PROVISIONAL ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY     Unaudited   Audited     31 Dec 2025   31 Dec 2024     ZMW'000   ZMW'000 Balance at 1 Jan   52,263,711   (5,690,634) (Loss)/profit for the year   (2,785,180)   39,846,651 Other comprehensive income   (4,660,185)   18,351,058 Dividend paid   (529,033)   (243,364) Balance at 31 Dec   44,289,313   52,263,711   PROVISIONAL ABRIDGED COMPANY STATEMENT OF CHANGES IN EQUITY     Unaudited   Audited     31 Dec 2025   31 Dec 2024     ZMW'000   ZMW'000           Balance at 1 Jan   62,292,543   37,422,019 Loss for the year   (1,176,437)   (4,383,713) Other comprehensive income   (3,260,493)   29,497,601 Dividend paid   (529,033)   (243,364) Balance at 31 Dec   57,326,580   62,292,543             FINANCIAL PERFORMANCE FINANCIAL PERFORMANCE HIGHLIGHTS The financial year ended 31 December 2025 was marked by continued strategic repositioning and measurable progress for ZCCM Investment Holdings Plc (ZCCM-IH). While the Group recorded a decline in financial performance, this outcome reflects the deliberate execution of transformational initiatives to secure sustainable, long-term value for our shareholders. Mining remains inherently long-term in nature, and the full benefits of these strategic initiatives will take time to materialise. Nonetheless, we remain confident that the actions undertaken are positioning the Group for recovery, resilience, and enduring growth. ( I ) Group Financial Performance Overview Following the record-breaking performance achieved in 2024, the Group's focus in 2025 shifted towards consolidating gains, strengthening the investment portfolio, and preserving value. The 2025 financial results reflect a transition from exceptional, non-recurring gains to a more sustainable earnings profile, underpinned by disciplined capital allocation and portfolio optimisation. For the financial year ended 31 December 2025, the Group recorded a net loss of ZMW 2.79 billion (US$110.72 million), compared to a net profit of ZMW 39.85 billion (US$1.52 billion) in 2024. This variance in performance was primarily driven by the following factors: Absence of Prior-Year Exceptional Gain The 2024 results were significantly enhanced by a one-off, exceptional investment gain arising from the Mopani Strategic Equity Partner Transaction, which did not recur in 2025. Ongoing Strategic Reforms Key investee companies, including Mopani Copper Mines Plc, Konkola Copper Mines Plc and Lubambe Copper Mines Plc are undergoing strategic restructuring and operational reforms. While these initiatives have impacted short-term profitability, they are expected to generate substantial long-term value. Foreign Exchange Losses The appreciation of the Zambian Kwacha against the US Dollar resulted in foreign exchange losses on the Group's US Dollar-denominated assets, negatively impacting profitability. Decline in Share of Profit from Associates The Group's share of profit decreased from ZMW 3.33 billion (US$127.25 million) profit in 2024 to a loss of ZMW 31.02 million (US$1.23 million) in 2025. This was largely attributable to losses incurred by Mopani Copper Mines Plc and Konkola Copper Mines Plc, both of which are currently undergoing recapitalisation processes. Recognition of Legal Provision The Group recognised a legal provision of ZMW 973 million (US$44 million) following the final arbitral award issued on 22 May 2026 by the Tribunal under the London Court of International Arbitration (LCIA) Rules 2020 in relation to a claim involving Trafigura Group Pte. Ltd. This provision represents management's best estimate of the expenditure required to settle the present obligation at the reporting date, taking into account the terms of the arbitral award, legal advice received, and the status of ongoing settlement negotiations with Trafigura. Total Group assets declined to ZMW 48 billion (US$2.17 billion) from ZMW 57.29 billion (US$2.05 billion) in 2024, driven by the Kwacha's appreciation and the revaluation of the US Dollar currency-denominated assets. The Kwacha strengthened from ZMW 27.95 per US Dollar as at 31 December 2024 to ZMW 22.12 per US Dollar as at 31 December 2025. ( II) Company Performance At Company level, financial performance improved significantly, with the loss narrowing from ZMW 4.4 billion (US$167.6 million) in 2024 to ZMW 1.18 billion (US$46.77 million) in 2025. The prior year's performance was largely impacted by exceptional costs associated with the Mopani Strategic Equity Partner Transaction, which did not recur in 2025. The improvement in 2025 was primarily driven by: Increased Royalty Income Higher royalty earnings from Kansanshi Mining Plc, following the commissioning of the S3 expansion project, which enhanced production capacity. Favourable Copper Prices Stronger copper prices during the year supported revenue growth and overall earnings performance. Copper prices rose from US$9,177 per ton in January 2025 to US$12,950 per ton, representing a circa 41% increase. Total Company assets declined to ZMW60.82 billion (US$2.75 billion) from ZMW66.9 billion (US$2.39 billion) in 2024, driven by the Kwacha's appreciation and the revaluation of foreign currency-denominated assets. The Kwacha strengthened from ZMW 27.95 per US Dollar as at 31 December 2024 to ZMW 22.12 per US Dollar as at 31 December 2025. KEY OPERATIONS AND STRATEGIC DEVELOPMENTS During the year under review and the subsequent reporting period, ZCCM-IH continued to make significant progress in advancing its strategic investment portfolio, with a clear focus on delivering sustainable, long-term shareholder value. The Company's strategic priorities centred on strengthening operational stability, enhancing royalty income streams from its portfolio of producing assets, recapitalising and de-risking key copper investments, establishing a diversified multi-source energy platform to support the mining sector, and expanding its investment footprint into gold and industrial minerals. These strategic initiatives have reinforced the Group's growth trajectory, strengthened the resilience and diversification of its earnings base, and positioned the business for improved future profitability, cash generation, and growth in net asset value. The key developments during the period, together with their strategic rationale and expected contribution to the Group's long-term financial performance, are set out below. Maamba Solar Energy Limited ZCCM-IH expanded its renewable energy portfolio through the acquisition of a 35% equity stake in Maamba Solar Energy Limited (MSEL), representing an investment of US$9.45 million in the development of a 100MWac solar photovoltaic (PV) power plant in Maamba, Sinazongwe District. The investment was approved by the ZCCM-IH Board in August 2025, with the equity contribution made in March 2026. MSEL, incorporated in January 2025 as a subsidiary of Maamba Energy Limited (MEL), serves as the Group's renewable energy investment vehicle and anchors its diversification into clean energy. The remaining 65% equity stake is held by Nava Global PTE Limited, mirroring MEL's existing shareholding structure. The project, with a total investment value of US$90 million, is expected to be commissioned by August 2026 and will operate under a 20-year Power Purchase Agreement (PPA) with ZESCO Limited. The long-term contracted arrangement provides ZCCM-IH with exposure to a stable, long-life renewable energy asset and a predictable, long-dated revenue stream from commercial operations. This strategic investment supports Zambia's energy diversification agenda by adding 100MW of renewable generation capacity to the national grid, while strengthening ZCCM-IH's renewable energy portfolio. It also positions the Group to benefit from the country's energy transition, diversify earnings beyond mining, and reinforce its role in advancing energy security, sustainability, and long-term economic growth. Maamba Energy Limited ZCCM-IH continued to demonstrate its commitment to long-term value creation by advancing its equity contribution towards the transformative Maamba Phase II Expansion Project, a key growth driver for the Group's energy portfolio. As at 31 December 2025, US$17.50 million of the total US$35 million equity commitment had been disbursed, with the remaining US$17.50 million successfully funded shortly after year-end in 2026. The Phase II expansion represents a significant milestone for Maamba Energy Limited, with installed generation capacity set to increase from 300MW to 600MW upon completion. This transformational investment is expected to substantially enhance MEL's earnings contribution to the Group while strengthening ZCCM-IH's position in Zambia's energy sector. Beyond its financial impact, the expanded power plant will play a critical role in delivering reliable baseload electricity to Zambia's mining industry and other productive sectors, supporting industrial growth, improving energy security, and contributing to the country's broader economic development. This investment reinforces ZCCM-IH's strategy of building a resilient, diversified portfolio that delivers sustainable returns while creating lasting national value. Kyalo Goldfields Limited On 6 May 2026, ZCCM-IH, in partnership with Mining Mineral Resources SAS (“MMR”), incorporated Kyalo Goldfields Limited (“KGL”) as a special purpose vehicle established to undertake gold exploration, development, and mining activities within the Kikonge Mining Area in Northwestern Zambia. ZCCM-IH holds a controlling 51% equity interest, while MMR holds the remaining 49%, providing the Group with strategic exposure to gold as a portfolio diversifier and a natural hedge against commodity market volatility. KGL has been mandated to operate across the full gold mining value chain, encompassing exploration, financing of artisanal mining activities, mine development, mineral processing, and gold production. The investment represents a strategic expansion of the Group's precious metals portfolio, strengthening commodity diversification and creating potential long-term value through exposure to a globally significant asset class. Ndola Lime (2026) Limited On 26 May 2026, ZCCM-IH entered into a joint venture agreement with Wonderful Group of Companies Limited to establish Ndola Lime (2026) Limited, a strategic partnership to unlock value from a previously underperforming limestone asset. The joint venture is structured with a 55% shareholding by Wonderful Group and 45% by ZCCM-IH. The partnership will restore and modernise Zambia's lime and cement production capacity through a phased development programme, commencing with a 600-tonne-per-day lime plant and progressing into expanded lime and cement production. Wonderful Group will invest USD 30 million through equity and shareholder funding, while ZCCM-IH will contribute strategic assets and facilitate the settlement of legacy obligations from Limestone Resources Limited. Leveraging modern technology, operational expertise, and enhanced market access, the partnership is expected to improve production reliability, strengthen competitiveness, and create a sustainable industrial platform that delivers long-term value for ZCCM-IH shareholders while supporting the Group's diversification strategy. Ever Great Energy Company Limited On 1 June 2026, ZCCM-IH entered into a strategic partnership with Wonderful Group Services Limited (“WGS”) to develop a 2 x 300MW coal-fired thermal power project through a Special Purpose Vehicle, Ever Great Energy Company Limited (“Ever Great”). The project forms part of Ever Great's long-term ambition to develop up to 900MW of thermal power capacity in Zambia. Under the transaction, ZCCM-IH will invest approximately US$54.2 million for a 30% equity interest in Ever Great. The US$451.7 million project will comprise the development of a coal mine in Southern Province, a 300MW thermal power plant in Sinazongwe District, and associated transmission infrastructure connecting to the Muzuma Substation in Choma. The project will be executed on a turnkey Engineering, Procurement and Construction (“EPC”) basis by Ziquan Group (Singapore) Pte Limited. This investment strengthens ZCCM-IH's energy platform and supports Zambia's energy security agenda by helping address the country's baseload power deficit, diversifying generation beyond hydropower, and providing reliable electricity to drive economic growth and support the expansion of the mining sector. Sino Great Chemical Company Limited Sino Great Chemical Company Limited (“Sino Great”) is a joint venture project between ZCCM-IH and Wonderful Group, with respective shareholdings of 30% and 70%. The project entails the development of a beneficiation plant at the Chilanga site, with construction activities progressing in accordance with the approved schedule. To date, the majority of foundation work has been completed, and the vertical construction phase of the civil infrastructure is underway. Furthermore, mine development activities have commenced following the conclusion of the latest farming season, in line with agreements reached with the local traditional leadership. Overall, the project remains on track, with plant commissioning anticipated in the fourth quarter of 2027. Mingomba The Mingomba project continued to make substantial progress in its exploration and development activities during the period. In 2025, a total of 48,597.90 metres of drilling was completed, exceeding the planned budget of 47,000 metres. This was followed by an additional 10,879.90 metres drilled in the first quarter of 2026, bringing the cumulative drilling since project inception in 2023 to 147,274.80 metres. The project also secured surface rights for the Tailings Storage Facility, completed drilling of three test shaft pilot holes, and remains on schedule to finalise its Mineral Resource Estimate by the third quarter of 2026. Further progress was achieved in resource definition drilling, mine design, engineering studies, and project permitting, supported by the deployment of 11 drill rigs to accelerate resource expansion and delineation. The Company also advanced both pre-feasibility and feasibility studies, completed land acquisition for critical infrastructure, commenced early terrace construction works, and progressed preparations for shaft sinking. In addition, ongoing efforts in environmental and social impact assessment (ESIA), tailings storage facility planning, and long-term power supply studies continue to underpin the project's readiness for development. These initiatives are expected to position Mingomba for the construction phase and establish it as a next-generation, world-class copper mining operation in Zambia. Kansanshi Mining Plc In August 2025, Kansanshi Mining Plc, a core royalty-generating asset for the Group, successfully completed and commissioned the Kansanshi S3 Expansion project. Commercial production was subsequently declared in December 2025 after the S3 circuit consistently achieved 90% of its design capacity within five months of initial production. The commissioning of the S3 Expansion contributed to record monthly milling throughput and supported Kansanshi in achieving its highest annual copper production since 2021, with total output reaching 170,929 tonnes. This milestone underscores the effectiveness of the expansion in enhancing production capacity and operational performance. The increase in output also translated directly into higher royalty income for ZCCM-IH and demonstrates the cash-generating capacity now embedded in the Group's producing portfolio. Mopani Copper Mines Plc (MCM) Mopani Copper Mines Plc (“MCM”) continued to make progress on the implementation of its Projects Development Programme (PDP), which is scheduled for completion in 2028 and is central to restoring the asset's production and profitability. Since 2024, the shareholders, International Resources Holding (IRH) and ZCCM-IH, have advanced approximately US$640 million in shareholder loans to support operating and sustaining costs and project expansion at the Kitwe and Mufulira operations. This funding has contributed to improved equipment availability, with contractors placing orders for new production equipment and ongoing upgrades to existing operational assets. In April 2026, ZCCM-IH fully repaid the outstanding US$150 million Glencore loan related to the acquisition of Mopani Copper Mines, thereby eliminating the Company's remaining legacy debt. The repayment de-risks the balance sheet, reduces leverage and improves borrowing capacity, creating headroom to pursue further mining growth opportunities. CNMC Luanshya Copper Mines Plc At CNMC Luanshya Copper Mines Plc, the dewatering programme at Shaft 28 is substantially complete, with approximately US$75 million incurred against an approved total budget of US$100 million. The initiative has successfully reduced water levels to the 825-metre level, with ongoing dewatering activities maintaining these levels to facilitate the safe recommencement and future expansion of mining operations. The Company has earmarked approximately US$187 million in capital expenditure for the 2026 financial year, focused on equipping Shaft 28, installing Shaft SS75, and continuing development of the upper and lower Muliashi ore bodies. These strategic investments are expected to increase operational readiness, expand production capacity, and support the long-term growth of the Group's copper production profile by creating enhanced future production exposure. Konkola Copper Mines Plc Konkola Copper Mines Plc (KCM) continued to make significant progress in its operational turnaround and long-term growth strategy following the return of Vedanta Resources as the strategic equity partner. During the period, Vedanta remained compliant with its funding obligations under the Shareholders' Agreement and Implementation Agreement, providing cumulative capital funding of approximately US$601 million to support KCM's recapitalisation, mine development and operational recovery. The Company continued implementing the Konkola Deep Mining Project (KDMP), with key contractors mobilised to advance mine development activities and supporting infrastructure. Other strategic projects, including the Tailings Leach Plant (TLP), Konkola Concentrator Expansion, and Chingola Open Pit (COP) E & F Extensions, remain in the development pipeline pending implementation. In addition, plans for a dedicated thermal power project through a Vedanta subsidiary are under consideration to further strengthen KCM's energy security. KCM also secured access to lower-cost power through the Kanona Power Agreement to improve operational efficiency and cost competitiveness. Furthermore, the proposed CopperTech IPO is expected to raise approximately US$670 million in capital, with proceeds earmarked to support KCM's capital investment programme and accelerate the delivery of its growth projects, particularly KDMP. Collectively, these initiatives are expected to increase production capacity, extend mine life, improve operational resilience, and enhance long-term shareholder value. Lubambe Copper Mines Plc (LCM) Lubambe Copper Mines Plc (“LCM”) continued to advance key infrastructure and technical initiatives to strengthen the mine's long-term operational capacity. During the period, notable progress was achieved on the development of the main and auxiliary shafts, process plant technical upgrades, and underground mine development. In addition, ongoing technical studies are focused on optimising mining methods, improving recoveries, and addressing hydrological challenges. The auxiliary (service) shaft remains on track for commissioning in 2027, while the main production shaft is scheduled for completion in 2028. The concentrator plant technical upgrades are expected to be finalised in the fourth quarter of 2026, positioning the operation for enhanced efficiency and improved production performance. Copperbelt Energy Corporation Plc In 2025, Copperbelt Energy Corporation Plc (“CEC”) achieved significant milestones in the development of the 136MWp Itimpi II Solar PV Plant, which was completed within 14 months at a total investment cost of US$125.8 million. The facility was successfully commissioned in the first quarter of 2026, increasing CEC's total installed solar generation capacity from 94MW to 230MW. Itimpi II is currently the largest operational solar power plant in Zambia and among the largest in sub-Saharan Africa, highlighting CEC's expanding contribution to renewable energy generation and the region's energy transition. During the same period, ZCCM Investments Holdings Plc (“ZCCM-IH”) increased its shareholding in CEC from 32.41% to 33.51% through the acquisition of additional shares. This investment strengthened the Group's strategic position in a profitable, cash-generative energy utility while enhancing its exposure to delivering reliable power solutions that support Zambia's mining and industrial sectors. Arbitration Proceedings with Trafigura Pte Limited On 22 May 2026, ZCCM?IH received the Final Award issued by the London Court of International Arbitration Tribunal in relation to arbitration proceedings initiated by Trafigura Pte Limited. The arbitration relates to a guarantee issued by ZCCM?IH in July 2021, which was determined to be binding on the Company in a Partial Final Award issued in December 2025. Following a quantum hearing, ZCCM-IH has been ordered to pay approximately US$69.31 million in principal and US$19.74 million in accrued interest, in addition to further interest accruing at variable rates and approximately GBP 1.86 million in legal and arbitration costs. The Company is currently engaged in settlement discussions to resolve all claims arising from the Final Award and remains committed to protecting shareholder value. A US$44 million provision has been made based on progress in the negotiations. This amount will be fully recovered from Konkola Copper Mine Plc (KCM) under the Tripartite Reimbursement Agreement signed between ZCCM-IH, KCM and the Government of the Republic of Zambia. ZCCM-IH remains focused on resolving the matter on terms that protect shareholder value. Outlook The 2025 financial year was a period of strategic transition for ZCCM-IH, marked by the deliberate execution of initiatives to strengthen the Group's long-term growth trajectory. While the reported financial performance was affected by the absence of exceptional gains recognised in 2024 and the ongoing transformation of key portfolio companies, these factors reflect a period of investment, restructuring, and repositioning rather than a weakening of the business's underlying strength. The Group remains focused on converting these strategic initiatives into sustainable earnings growth, stronger cash generation, and enhanced shareholder value over the medium- to long-term. The Board recognises that mining and energy investments are inherently long-cycle businesses, where significant value creation often follows periods of development, recapitalisation, and operational transformation. The investments and reforms undertaken during the year have strengthened the foundations upon which future growth will be built. With a portfolio of strategically important assets, improving operational performance across key investments, and a clear capital allocation framework, ZCCM-IH is entering the next phase of its journey with increased resilience and confidence. A significant milestone after the reporting period was the full repayment of the US$150 million Glencore legacy loan in April 2026. This achievement materially strengthened the Group's balance sheet by eliminating a major historical obligation, reducing financial risk, improving liquidity flexibility, and creating additional capacity to pursue value-accretive growth opportunities. The completion of this repayment demonstrates the Group's commitment to prudent financial management and places ZCCM-IH on a stronger footing to support future expansion. The Group's core copper investment portfolio is positioned to benefit from favourable long-term market fundamentals, driven by growing global demand associated with electrification, renewable energy, and the broader energy transition. Copper prices demonstrated significant strength during 2025, increasing by approximately 41% over the year, reinforcing the strategic importance of ZCCM-IH's exposure to high-quality copper assets. The successful commissioning of the Kansanshi S3 Expansion, which contributed to Kansanshi achieving its highest annual copper production since 2021, provides a strong foundation for increased royalty income. At the same time, the ongoing recapitalisation and operational recovery programmes at Mopani Copper Mines, Konkola Copper Mines, and Lubambe Copper Mines are expected to unlock significant production growth and restore these assets as stronger contributors to Group earnings over the medium term. The Group's development pipeline provides substantial future value creation opportunities. The Mingomba project continues to advance towards becoming a world-class copper mining operation, with significant progress achieved in exploration, resource definition, engineering studies, and project preparation. The proposed CopperTech IPO provides an additional catalyst to accelerate investment in Konkola Copper Mines' growth projects, particularly the Konkola Deep Mining Project. Together with the expansion of the Group's exposure to gold through Kyalo Goldfields Limited and the development of industrial mineral opportunities through Sino Great Chemical Company Limited and Ndola Lime (2026) Limited, these initiatives enhance portfolio diversification and provide multiple avenues for future growth. ZCCM-IH is also accelerating the development of a diversified energy platform that complements its mining portfolio while creating additional long-term earnings streams. The expansion of Maamba Energy Limited from 300MW to 600MW, the development of the Maamba Solar Energy Limited 100MW solar photovoltaic project, the commissioning of Copperbelt Energy Corporation's 136MWp Itimpi II Solar PV plant, and the proposed Ever Great Energy thermal power project collectively strengthen the Group's position in Zambia's evolving energy landscape. These investments will support national energy security, provide reliable power solutions for industry, and diversify Group revenues beyond traditional mining activities. The Group's strategic direction remains aligned with Zambia's ambition to significantly increase copper production and capture opportunities arising from the global transition towards cleaner energy technologies. As the only listed investment company providing diversified exposure to Zambia's mineral, energy, and industrial assets through a single platform, ZCCM-IH is uniquely positioned to participate in this growth opportunity. Looking ahead, the Board remains confident in the Group's long-term prospects. The short-term impact reflected in the 2025 financial results should be viewed within the broader context of a transformation programme aimed at creating a stronger, more diversified, and more resilient enterprise. With a strengthened balance sheet, a high-quality asset portfolio, strategic partnerships, an improved operational outlook across key investments, and disciplined investment priorities, ZCCM-IH is well-positioned to deliver sustainable value creation and enhanced returns for shareholders. By Order of the Board Charles Mjumphi Company Secretary Issued on 30 June 2026 APPENDICES US DOLLAR ABRIDGED GROUP STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME               31 Dec 2025   31 Dec 2024               US$'000   US$'000 Revenue   6,736   122,701 Gross profit/(loss)   286   (18,604) Gain on subsidiary loan modification   -   1,339,519 Operating (loss)/profit   (65,124)   1,443,389 Net finance cost   (45,044)   (25,179) Share of (loss)/profit of equity accounted investees   (1,233)   127,246 (Loss)/profit before tax   (111,401)   1,545,456 Income tax credit/(expenses)   1,098   (21,699) (Loss)/profit from continuing operations   (110,303)   1,523,757           Loss from discontinued operations   (412)   (145) (Loss)/profit for the year   (110,715)   1,523,612 Earnings per share (US$)   (0.69)   9.48 Basic and diluted earnings per share (US$)   (0.69)   9.48 US DOLLAR ABRIDGED COMPANY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME               31 Dec 2025   31 Dec 2024               US$'000   US$'000 Investment income   134,521   92,465 Revenue from contracts with customers   -   - Operating loss   (257)   (159,264) Net finance (cost)/income   (47,760)   13,828 Loss before tax   (48,017)   (145,436) Income tax credit/(expenses)   1,252   (22,185) Loss for the year   (46,765)   (167,621)           Earnings per share (US$)   (0.29)   (1.04) Basic and diluted earnings per share (US$)   (0.29)   (1.04) US DOLLAR ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION     Unaudited   Audited     31 Dec 2025   31 Dec 2024     US$'000   US$'000 Assets         Property, plant, and equipment   17,924   14,529 Exploration and evaluation asset   2,240   552 Intangible assets   731,604   715,061 Investment property   9,170   7,366 Investments in associates   1,026,889   873,082 Financial assets at fair value through profit or loss   77,300   98,059 Trade and other receivables   93,671   126,026 Environmental protection fund   43   13 Deferred tax asset   17,693   - Burden costs for mining   -   236 Inventories   1,804   1,164 Assets classified as held for sale   2,448   3,296 Term deposits   173,304   191,223 Cash and cash equivalents   15,445   18,806 Total assets   2,169,535   2,049,413   Equity and liabilities         Capital and reserves   2,002,456   1,869,733 Borrowings   101,854   119,734 Deferred tax liability   -   10,594 Retirement benefits   1,260   622 Provisions for environmental rehabilitation   8,678   8,794 Trade and other payables   5,463   6,425 Provisions   45,408   1,776 Current income tax liabilities   4,354   31,223 Liabilities associated with assets classified as held for sale   62   512 Total equity and liabilities   2,169,535   2,049,413           US DOLLAR ABRIDGED COMPANY STATEMENT OF FINANCIAL POSITION     Unaudited   Audited     31 Dec 2025   31 Dec 2024 Assets   US$'000   US$'000           Property, plant, and equipment   7,824   5,138 Intangible assets   728,062   712,257 Investment property   9,170   7,366 Investment in subsidiaries   6,405   6,851 Investments in associates   1,616,700   1,232,525 Financial assets at fair value through profit or loss   77,300   98,059 Trade and other receivables   97,177   129,534 Deferred tax asset   23,247   - Term deposits   173,304   191,223 Cash and cash equivalents   7,917   7,933 Inventory   19   - Assets classified as held for sale   2,386   2,633 Total assets   2,749,511   2,393,519   Equity and liabilities         Capital and reserves   2,591,911   2,228,515 Borrowings   101,854   119,734 Deferred tax liability   -   6,290 Retirement Benefit Obligations   1,260   622 Provisions for environmental rehabilitation   3,038   2,550 Trade and other payables   1,685   3,690 Provisions   45,408   913 Current income tax liabilities   4,355   31,205 Total equity and liabilities   2,749,511   2,393,519           This publication embed "🔒 Actusnews SECURITY MASTER ". - SECURITY MASTER Key: lWydYJaZlm6byJ1slJZpm5dlmphqmmTImGTKxGGeZJuZmZ6WyG5obZyeZnJpnm1n - Check this key: https://www.security-master-key.com . Regulated information: Inside Information: - other releases Full and original press release in PDF: https://www.actusnews.com/news/98981-zccm-ih-fy-2025-provisional-abridged-unaudited-financial-results-30.06.2026.pdf Receive by email the next press releases of the company by registering on www.actusnews.com , it's free © 2026 ActusNews

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