Grindrod (GND) H2 2025 earnings summary

Executive summary

• Achieved record operational and financial performance in 2025, with significant growth in core earnings and dividends despite geopolitical and trade policy headwinds.

• Completed strategic milestones: ZAR 1.4 billion TCM acquisition, exit from marine fuel business (ZAR 402 million), and KwaZulu-Natal North Coast property (ZAR 500 million).

• Operational excellence reflected in increased port and terminal volumes and improved safety metrics.

Financial highlights

• Core EBITDA grew 13% to ZAR 2.3 billion; headline earnings up 17% to ZAR 1.2 billion.

• Net profit attributable to shareholders at ZAR 2.1 billion, up 559% YoY; core headline earnings per share at 176.5 cents.

• Ordinary dividend for the year ZAR 0.482/share (+21%); special dividend ZAR 0.43/share; interim and special ordinary dividend declared at 68.2 cents per share, up over 100%.

• Cash from operations ZAR 2 billion; year-end cash ZAR 3.9 billion.

• Net cash position at year-end: ZAR 699 million; total debt at ZAR 3.2 billion.

Outlook and guidance

• Focus on disciplined growth execution and strategic infrastructure projects, including TCM expansion (to 12m tons by 2027), Maputo port dredging, and Richards Bay container facility (commissioning in 2028).

• Rail open access negotiations ongoing; procurement of 50 wagons planned.

• CapEx guidance for 2026 at ZAR 1.2 billion, mainly for port and terminals; majority of heavy lifting in 2026.

• Port and terminals EBITDA margin expected to remain within 35–40%; logistics segment margin threshold at 25%.

• Commitment to balanced capital allocation, including sustainable dividends and opportunistic share buy-backs.