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Further Trading Statement and Performance Review for the year ended 31 December 2025
HULAMIN LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1940/013924/06
JSE Code: HLM
ISIN: ZAE000096210
("Hulamin" the "Group" or the "Company")
FURTHER TRADING STATEMENT AND PERFORMANCE REVIEW FOR THE YEAR ENDED 31 DECEMBER 2025
PERFORMANCE REVIEW
Shareholders are referred to the announcement published by the Company on the Stock Exchange News
Service on 22 December 2025.
Management now has a high degree of certainty regarding the performance for the year under review.
As previously reported, Hulamin undertook an extended integrated plant shutdown during the 2025
financial year, which included execution of the market-driven wide can body expansion project.
Following the shutdown, the business experienced operational challenges associated with stabilising mill
performance. These challenges adversely affected rolled products volumes and resulted in losses due to
quality defects. The strengthening of the Rand against the US Dollar during the period further impacted
financial performance.
Further details will be provided in the Company's year?end results announcement, expected to be
released on Monday, 23 March 2026.
TRADING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025
In terms of paragraph 6.26 of the JSE Limited Listings Requirements, listed companies are required to
publish a trading statement as soon as they become reasonably certain that the financial results for the
period to be reported will differ by more than 20% from the financial results reported in the previous
corresponding period.
Shareholders of Hulamin are advised that a reasonable degree of certainty exists that earnings will be
as follows:
Current Comparative period Previously
period (note 2) Reported
(Loss)/earnings per share for the (43) cps to (53) cps 93 cps 80 cps
group
Headline (loss)/earnings per share for (26) cps to (32) cps 77 cps 64 cps
the group
Normalised headline (loss)/earnings (25) cps to (31) cps 55 cps 42 cps
per share from continuing operations
Normalised headline earnings per share from continuing operations excludes non-trading and once off
restructuring costs relating to the closure of Hulamin Containers (Pty) Ltd and restructuring initiatives
at Hulamin Operations (Pty) Ltd of R23 million and metal price lag gains of R51 million.
Continuing operations consists of the Rolled Products business unit, as Extrusions has been classified as
a discontinued operation.
Note 1: Normalised headline earnings per share
Normalised headline earnings per share is calculated in a consistent manner as per the latest annual
financial statements, by dividing normalised headline earnings by the weighted average number of
ordinary shares in issue during the year.
Normalised headline earnings is defined as headline earnings excluding (i) metal price lag and (ii) non-
trading expense or income items which, due to their irregular occurrence, are removed to more closely
present earnings attributable to the ongoing activities of the Group. The presentation of normalised
headline earnings is not an IFRS® Accounting Standards requirement and may not be directly
comparable with the same or similar measures disclosed by other companies.
Note 2: Re-presented prior period earnings
Prior period reported earnings have been re-presented in accordance with the requirements of IFRS®
Accounting Standards (IFRS 5). Hulamin Extrusions was classified as a discontinued operation as at
June 2025 and, as a result, the comparative financial results for the year ended 31 December 2024
have been re-presented.
The financial information contained in this trading statement is the responsibility of the directors and
has not been reviewed nor reported on by the Company´s external auditors.
Hulamin's audited consolidated annual financial statements for the year ended 31 December 2025 will
be published on 23 March 2026.
Pietermaritzburg
20 March 2026
Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 20-03-2026 07:05:00
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