AECI Limited – Publication of the Group’s 2025 Annual Report Suite & Change Statement

AECI LIMITED

(Incorporated in the Republic of South Africa)

Registration number: 1924/002590/06

Share code: AFE ISIN: ZAE000000220

Hybrid code: AFEP ISIN: ZAE00000238

Bond company code: AECI

LEI: 3789008641F1D3D90E85

(AECI, the Company or the Group)

PUBLICATION OF THE GROUP’S 2025 ANNUAL REPORT SUITE AND CHANGE STATEMENT

1. PUBLICATION OF THE GROUP’S 2025 INTEGRATED REPORTING SUITE AND AUDITED
ANNUAL FINANCIAL STATEMENTS

AECI shareholders (Shareholders) and AECI noteholders (Noteholders) are advised
that the Group’s full integrated reporting suite for the financial year ended
31December2025 (2025Integrated Reporting Suite) is available on the Company’s
website at https://investor.aeciworld.com/results-reports
-presentations.php#results. Alternatively,you may email AECI Investor Relations
at [email protected] to obtain your copy.

The 2025 Integrated Reporting Suite comprises, inter alia, the integrated report
(including the governance section incorporating the King Code application
statement), the remuneration report, the sustainability report, the notice of
annual general meeting and the Group’s full audited consolidated and separate
annual financial statements for the year ended 31 December 2025 (AFS), on which
the Company’s auditors, Deloitte&Touche, expressed an unmodified audit opinion.

2. CHANGE STATEMENT

The AFS, and the auditor’s report thereon, are also available through the JSE
cloudlink at
https://senspdf.jse.co.za/documents/2026/jse/isse/afe/AFS2025.pdf.

The AFS contain an adjustment to the taxation payable of R32 million, compared
to the reviewed condensed consolidated financial results for the year ended 31
December 2025 (Reviewed Results or Group Reviewed AFS), released on SENS on
Wednesday, 25 February 2026.

The additional taxation payable recognised relates to unsubstantiated supplier
payments identified at the Group’s subsidiary in the Democratic Republic of
Congo. The Group became aware of these unsubstantiated payments subsequent to
publishing the Reviewed Results.

Details of this matter are included in note 24 to the AFS. The consolidated
results of the AECI group for the year ended 31December2024, as well as the
company separate financial results for the years ended 31December2024 and 31
December 2025, were not affected.

Primary financial statements

The affected line items in the primary financial statements of the consolidated
results, as reflected in the AECI group’s audited annual financial statements
for the year ended 31 December 2025 (Group Audited AFS) include the following:

Consolidated statement of financial position

At 31 December 2025

+—————————–+——-+——–+———-+
|Rand million |Group |Group |Difference|
| | | | |
| |Audited|Reviewed| |
| | | | |
| |AFS |AFS | |
+—————————–+——-+——–+———-+
|Equity and Liabilities | | | |
+—————————–+——-+——–+———-+
| | | | |
+—————————–+——-+——–+———-+
|Ordinary capital and reserves|11,441 |11,473 |(32) |
+—————————–+——-+——–+———-+
|Retained earnings |9,962 |9,994 |(32) |
+—————————–+——-+——–+———-+
|Shareholders’ equity |11,447 |11,479 |(32) |
+—————————–+——-+——–+———-+
|Total equity |11,601 |11,633 |(32) |
+—————————–+——-+——–+———-+
| | | | |
+—————————–+——-+——–+———-+
|Current liabilities |8,450 |8,418 |32 |
+—————————–+——-+——–+———-+
|Taxation payable |580 |548 |32 |
+—————————–+——-+——–+———-+
|Total liabilities |12,801 |12,769 |32 |
+—————————–+——-+——–+———-+

Consolidated statement of profit or loss

For the year ended 31 December 2025

+—————————————————–+——-+——–+——–
–+
|Rand million |Group |Group
|Difference|
| | | |
|
| |Audited|Reviewed|
|
| | | |
|
| |AFS |AFS |
|
+—————————————————–+——-+——–+——–
–+
|Taxation (expense)/income |(885) |(853) |(32)
|
+—————————————————–+——-+——–+——–
–+
|Profit/(loss) for the year from continuing operations|330 |362 |(32)
|
+—————————————————–+——-+——–+——–
–+
|Profit/(loss) for the year |315 |347 |(32)
|
+—————————————————–+——-+——–+——–
–+
|Attributable to the AECI Group equity shareholders |330 |362 |(32)
|
+—————————————————–+——-+——–+——–
–+
| | | |
|
+—————————————————–+——-+——–+——–
–+
|Per ordinary share (cents) | | |
|
+—————————————————–+——-+——–+——–
–+
|Basic earnings/(loss) |313 |343 |(30)
|
+—————————————————–+——-+——–+——–
–+
|Diluted basic earnings/(loss) |309 |339 |(30)
|
+—————————————————–+——-+——–+——–
–+
|Basic earnings from continuing operations |327 |357 |(30)
|
+—————————————————–+——-+——–+——–
–+
|Diluted basic earnings from continuing operations |323 |353 |(30)
|
+—————————————————–+——-+——–+——–
–+

Consolidated statement of comprehensive income

For the year ended 31 December 2025

+————————————————–+——-+——–+———-+
|Rand million |Group |Group |Difference|
| | | | |
| |Audited|Reviewed| |
| | | | |
| |AFS |AFS | |
+————————————————–+——-+——–+———-+
|Profit/(loss) for the year |315 |347 |(32) |
+————————————————–+——-+——–+———-+
|Total comprehensive (loss)/income for the year |(323) |(291) |(32) |
+————————————————–+——-+——–+———-+
|Attributable to the AECI Group equity shareholders|(287) |(255) |(32) |
+————————————————–+——-+——–+———-+

Consolidated statement of changes in equity

For the year ended 31 December 2025

+————————————-+——-+——–+———-+
|Rand million |Group |Group |Difference|
| | | | |
| |Audited|Reviewed| |
| | | | |
| |AFS |AFS | |
+————————————-+——-+——–+———-+
|Total comprehensive loss for the year|(323) |(291) |(32) |
+————————————-+——-+——–+———-+
|Profit for the year |315 |347 |(32) |
+————————————-+——-+——–+———-+
|Balance at 31 December 2025 |11,601 |11,633 |(32) |
+————————————-+——-+——–+———-+

The statement of cash flows remains unaffected by this adjustment.

Notes to the financial statements

Affected line items disclosed in the notes to the financial statements include:

Note 25: Earnings per share

+—————————–+——-+——–+———-+
|Rand million |Group |Group |Difference|
| | | | |
| |Audited|Reviewed| |
| | | | |
| |AFS |AFS | |
+—————————–+——-+——–+———-+
|Profit/(loss) attributable to|330 |362 |(32) |
|the AECI Group equity | | | |
|shareholders | | | |
+—————————–+——-+——–+———-+
|Headline earnings from |1,127 |1,159 |(32) |
|continuing and discontinued | | | |
|operations | | | |
+—————————–+——-+——–+———-+

Earnings/(loss) per ordinary share

+———————+——-+——–+———-+
|Cents |Group |Group |Difference|
| | | | |
| |Audited|Reviewed| |
| | | | |
| |AFS |AFS | |
+———————+——-+——–+———-+
|Basic earnings/(loss)|313 |343 |(30) |
+———————+——-+——–+———-+
|Continuing operations|327 |357 |(30) |
+———————+——-+——–+———-+
|Headline earnings |1,068 |1,098 |(30) |
+———————+——-+——–+———-+

Note 24: Taxation (expense)/income

+———————————————-+——-+——–+———-+
|Rand million |Group |Group |Difference|
| | | | |
| |Audited|Reviewed| |
| | | | |
| |AFS |AFS | |
+———————————————-+——-+——–+———-+
|Current taxation (expense)/income – continuing|(1,122)|(1,090) |(32) |
|operations | | | |
+———————————————-+——-+——–+———-+
|South African and foreign normal taxation, |(1,015)|(983) |(32) |
|including prior year adjustment – continuing | | | |
|operations | | | |
+———————————————-+——-+——–+———-+
|Total income taxation (expense)/income |(885) |(853) |(32) |
+———————————————-+——-+——–+———-+

The effective tax rate reconciliation included in note 24 has been adjusted to
reflect an effective tax rate of 72.9% (Reviewed Results: 70%). The main line
items affected are:

· Non-deductible expenses: 15.2% (Reviewed Results: 13%); and
· Prior year adjustment: 1.8% (Reviewed Results: 1%).

Woodmead, Sandton

22 April 2026

Equity Sponsor: One Capital

Debt Sponsor: Questco Proprietary Limited

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