The condensed group financial statements for the year ended September 2025 have been prepared in accordance with the framework concepts and the measurement and recognition requirements of IFRS^® Accounting Standards as issued by the International Accounting Standards Board, the Financial Pronouncements as issued by the Financial Reporting Standards Council and SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the JSE Listings Requirements, IAS 34 Interim Financial Reporting and the South African Companies Act. The accounting policies applied in the preparation of the condensed group financial statements are in terms of IFRS^® Accounting Standards and are consistent with those applied in the previous annual financial statements.

The group amended it's fiscal year from using a 52/53 week year to using calendar month ends.

The preparation of these condensed group financial statements was supervised by the Chief Financial Officer, GT Pearce, CA(SA) and were authorised for issue on 5 November 2025.

The condensed group financial statements for the year ended September 2025 which includes the condensed group balance sheet, condensed group income statement, condensed group statements of other comprehensive income, changes in equity and cash flows and notes to the condensed group financial statements have been reviewed by KPMG Inc., who expressed an unmodified review conclusion. The auditor's report should therefore be read in conjunction with these condensed group financial statements. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's engagement they should obtain a copy of the auditor's report together with the accompanying financial information from the issuer's registered office.

Reconciliation of Adjusted EBITDA to profit for the period and operating profit excluding special items to operating profit.

The group's financial instruments that are measured at fair value on a recurring basis consist of derivative financial instruments and investment funds. These have been categorised in terms of the fair value measurement hierarchy as established by IFRS 13 Fair Value Measurement per the table below.

There have been no transfers of financial assets or financial liabilities between the categories of the fair value hierarchy.

The fair value of all external over-the-counter derivatives is calculated based on the discount rate adjustment technique. The discount rate used is derived from observable rates of return for comparable assets or liabilities traded in the market. The credit risk of the external counterparty is incorporated into the calculation of fair values of financial assets and own credit risk is incorporated in the measurement of financial liabilities. The change in fair value is therefore impacted by the following inputs, the movement of the interest rate curves, by the volatility of the applied credit spreads, and by any changes to the credit profile of the involved parties.

There are no financial assets and liabilities that have been remeasured to fair value on a non-recurring basis.

The carrying amounts of other financial instruments which include cash and cash equivalents, trade and other receivables, certain investments, trade and other payables and current interest-bearing borrowings approximate their fair values.

Since the 2024 financial year-end, the Euro and the ZAR have strengthened and weakened by approximately 5.0% and 0.9% respectively against the US Dollar, the group's presentation currency. This has resulted in an increase of the group's European assets and liabilities and a decrease of the group's South African assets and liabilities, which are held in the aforementioned functional currency, on translation to the presentation currency at period-end.

Inventories, trade and other receivables, and trade and other payables

The decrease in inventories, trade and other receivables and trade and other payables is largely attributable to weaker trading conditions and seasonal working capital movements.

Interest-bearing borrowings

In March 2025, the group raised €300 million 4.5% sustainability-linked senior notes due in 2032 of which the proceeds were used to redeem all the outstanding senior notes due 2026 in an aggregate principal amount of €240 million.

Provisions

Due to a deterioration in market conditions, restructuring costs of US$39 million were raised in the fourth quarter within our European operations.

During the year the group sold items of property, plant and equipment classified as held for sale related to the closure of our Lanaken Mill within our European segment for US$43 million (€40 million) for US$Nil profit. The remaining held-for-sale assets were written down by US$4 million (€4 million) to their fair value less costs to sell and sold for US$1 million (€1 million) for US$Nil profit. In March 2025, the group transferred US$2 million into held-for-sale assets relating to its Lomati Mill within its South African segment and which were sold in September 2025 for US$Nil profit.

There has been no material change, by nature or amount, in transactions with related parties since the 2024 financial year-end.

There have been no reportable events that occurred between the balance sheet date and the date of authorisation for issue of these financial statements.

There has been no significant change to management's estimates in respect of new accounting standards, amendments and interpretations to existing standards that have been published which are not yet effective and which have not yet been adopted by the group.