ESKOM HOLDINGS SOC LIMITED - Notice of Availability of Annual Financial Statements as well as Integrated Report and broader reporting suite

Notice of Availability of Annual Financial Statements as well as Integrated Report and broader reporting suite

Eskom Holdings SOC Ltd
(Registration No. 2002/015527/30)
JSE alpha code: BIESKM
(“Eskom” or “the Group”)

NOTICE OF AVAILABILITY OF ANNUAL FINANCIAL STATEMENTS AS WELL AS INTEGRATED REPORT
AND BROADER REPORTING SUITE

Eskom hereby notifies noteholders that it has publicly released its audited annual financial statements as well as
the integrated report and broader reporting suite for the year ended 31 March 2026 ("AFS").

The Eskom Group reported revenue of R354.7 billion (2025: R340.9 billion), profit before tax of R39.4 billion
(2025: R21.9 billion restated) and profit after tax of R30.3 billion (2025: R14.0 billion restated). Cash generated
from operations increased to R104.4 billion (2025: R93.4 billion), while cash and cash equivalents amounted to
R124.9 billion at 31 March 2026 (2025: R63.8 billion).

The AFS, together with the audit report, integrated report and broader reporting suite are available on the Eskom
website at www.eskom.co.za/investors/integrated-results/ and for inspection at Eskom’s registered office at
2 Maxwell Drive, Megawatt Park, Sunninghill, Johannesburg, 2000. The AFS can also be accessed through the
JSE cloudlink at https://senspdf.jse.co.za/documents/2026/JSE/ISSB/BIESKM/YE2026.pdf


Audit report

The auditors, Deloitte & Touche, have issued a qualified opinion and have concluded that, except for the effects
of the matters described below, Eskom’s consolidated and separate financial statements present fairly, in all
material respects, the consolidated and separate financial position of Eskom and its subsidiaries as at 31 March
2026, their consolidated and separate financial performance and consolidated and separate cash flows for the
year then ended in accordance with IFRS® Accounting Standards as issued by the International Accounting
Standards Board and the requirements of the Public Finance Management Act, 1 of 1999 (the “PFMA”) and the
Companies Act 71 of, 2008. The basis for the qualified opinion was that the Group did not fully record irregular
expenditure in note 52.1 to the consolidated and separate financial statements, as required by section 55(2)(b)(i)
of the PFMA.

In addition, the following matters were raised in the audit report, which did not result in a modification of the
auditors’ opinion:

1.   Material uncertainty relating to Eskom's going concern status.

2.   Emphasis of matter relating to:
     •  Events after the reporting period;
     •  Restatement of corresponding figures;
     •  Investigations into possible corruption and related capital projects; and
     •  Material losses due to non-technical energy losses.

3.   Reportable irregularities relating to:
     •   Failure by Eskom to effect corrective action for identified non-compliance to the National Environmental
         Management Act, 107 of 1998, National Water Act, 36 of 1998 and National Environmental Management:
         Air Quality Act, 39 of 2004 at multiple power stations

Eskom continues to implement remediation plans to address the above matters.

The reportable irregularities have been reported to the Independent Regulatory Board of Auditors by Eskom's
auditors and are being addressed by Eskom. Full details of the reportable irregularities are contained in note 53
of the AFS.

Restatement of comparatives
Eskom restated its statement of financial position and income statement for the year ended 31 March 2025 (the
“prior year”) to correct certain errors in the prior year, as follows:
    • No provision was recognised for public liability claims against Eskom. It was determined that the obligation
        remains with Eskom even though Eskom is insured for the liability; and
    • No accrual was recognised for guarantee fees payable to the National Revenue Fund under the Guarantee
        Framework Agreement where certain ratios exceeded the specified thresholds in 2025.

The impacted notes to the annual financial statements have been updated where relevant because of the
restatements, including where a movement reconciliation has been presented. The restatement had no impact on
the statement of cash flows outside of the note disclosure relating to cash generated from operations with no
overall impact on cash generated from operating activities.

Full details of the restatements are contained in note 49 of the AFS.


Johannesburg
31 August 2026

Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 31/08/2026 06:30:00
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