Raubex (RBX) investor relations material

Executive summary

• Revenue declined 1.0% year-over-year to R10.84 billion for H1 FY2026, with operating profit down 28.7% to R603.0 million and EPS down 14.2% to 245.3 cents, but the order book grew 8% to a record R30.44 billion, supporting future growth.

• Cash generated from operations was R762.4 million, with a robust balance sheet and operational efficiencies across divisions.

• Streamlined reporting to five divisions, with strong results in Roads and Earthworks and Infrastructure.

• Strategic acquisitions in Australia and South Africa expanded capabilities and market reach.

• Diversification and a healthy balance sheet underpin resilience despite isolated divisional challenges.

Financial highlights

• Group revenue declined 1.0% to R10.84 billion; operating profit down 28.7% to R603.0 million; operating margin at 5.6%.

• Headline EPS decreased 14.4% to 243.5c; EPS down 14.2% to 245.3c.

• Cash from operations R762.4 million; interim dividend of 81c per share declared, down 13.8% year-over-year.

• Net finance cost down 24.8% to R23.3 million; net asset value per share up 3% to R37.78.

• Capital expenditure decreased 23.3% to R581.4 million; borrowings increased 10.7% to R2.51 billion due to acquisitions.

Outlook and guidance

• Record order book of R30.44 billion, up 8%, provides strong revenue visibility through FY2028 and beyond.

• Positive outlook for all divisions, with expected improvement in H2 FY2026, especially in Australia and Bauba operations.

• Focus on operational efficiencies, risk management, and selective tendering to drive future growth.

• Continued expansion in renewables, infrastructure, and international markets.

• Australia division expected to recover in H2 FY2026, with strengthened risk management and Axis Mineral Services contributing.