Zeder Investments (ZED) H2 2025 earnings summary

Executive summary

• Completed major asset disposals, notably Pome assets, with proceeds largely distributed as special dividends, returning R939 million to shareholders during FY2025.

• Focused on internal strategic transactions at Zaad, including exits from non-core and underperforming assets.

• Maintained a conservative approach to further dividends and capital allocation due to global uncertainty and market volatility.

• Continued focus on maximizing shareholder wealth, with further special dividends anticipated.

Financial highlights

• Paid special dividends totaling 61c per share (R939 million) during FY2025, including R477 million from Pome asset proceeds and R308 million from Capespan disposal.

• SOTP value per share decreased to R1.77 from R2.48 year-over-year, mainly due to asset disposals and dividend payments.

• Share price discount to SOTP narrowed to 11% at year-end from 28% prior year.

• Year-end cash balance just over R200 million.

Outlook and guidance

• Board has not declared a final dividend due to ongoing market uncertainty but anticipates further special dividends as conditions allow.

• Strategy remains focused on maximizing shareholder value and further asset disposals.

• Remains engaged in potential further asset sales and strategic transactions.

• Confident in Zaad’s future performance, especially after exiting non-core African operations.