Zeder Investments (ZED) H1 2026 earnings summary

Executive summary

• Portfolio valued at R2.1bn as of 31 August 2025, with a strategic focus on maximizing long-term shareholder wealth.

• Advanced discussions underway for the disposal of Zaad's African seed and Angolan chemical operations, with anticipated proceeds of R180m pending regulatory approval.

• SOTP value per share decreased from R1.77 to R1.68 during the period, reflecting lower valuations of unlisted investments.

Financial highlights

• Net fair value loss on investments of R156m for the period, mainly from Zaad and Pome Investments.

• Loss for the period from continued operations was R154m, with a basic loss per share of 10.0 cents.

• Cash and cash equivalents increased to R199m from R160m at the previous year-end.

• Net asset value per share declined to 168.3 cents from 214.7 cents year-over-year.

Outlook and guidance

• Ongoing global market risks and regional conflicts are expected to sustain uncertainty and volatility.

• New growth markets identified in South African seed and chemical operations, and promising prospects for EA Seeds in Eastern Africa.

• No interim dividend declared due to market uncertainty; future distributions will be considered as conditions improve.