Zeder Investments (ZED) H2 2026 earnings summary

Executive summary

• Entered into a Sale Agreement to dispose of Zaad (excluding Excluded Assets) for up to R1.39bn, with completion expected by 31 July 2026.

• SOTP value per share declined to R1.50 as at 28 February 2026, mainly due to the downward adjustment in Zaad's valuation.

• Over R8.6bn returned to shareholders over six years via special dividends and unbundling.

• Board intends to distribute most Zaad Disposal proceeds to shareholders, retaining a portion for prudence.

Financial highlights

• Net asset value per share decreased 15.3% year-over-year to R1.50.

• Attributable loss per share was 27.3 cents, compared to a loss of 10.0 cents in the prior year.

• SOTP value fell from R2.727bn to R2.316bn year-over-year.

• No ordinary or special dividends declared during the year, but a special dividend of 7.0 cents per share was approved post year-end.

• Cash and cash equivalents increased to R231m from R160m.

Outlook and guidance

• Disposal of Zaad expected to conclude by 31 July 2026, with most proceeds to be distributed to shareholders.

• Board is evaluating options for Zaad International (May Seed) to further maximise shareholder value.