ITALTILE LIMITED - Results of Annual General Meeting and Market Update

Results of Annual General Meeting and Market Update

ITALTILE LIMITED
Incorporated in the Republic of South Africa
(Registration number 1955/000558/06)
Share code: ITE ISIN: ZAE000099123
(“Italtile” or “the Company” or “the Group”)


RESULTS OF ANNUAL GENERAL MEETING AND MARKET UPDATE

RESULTS OF ANNUAL GENERAL MEETING

Shareholders are advised that, at the annual general meeting (“AGM”) of Italtile held today, 13 November 2026, all
the resolutions as set out in the notice of AGM were passed by the requisite majority of shareholders.

The total number of voting shares represented in person or by proxy was 1 068 435 035 representing 80.84% of
the total issued share capital of the same class of the Company’s shares.

Details of the results of voting are set out below:

                                                                         % of    % of votes
                                                                       shares   carried for     % of votes         % of
                                                          Number of        in           the    against the       shares
 Resolution                                             shares voted   issue1   resolution2    resolution2   abstained1
 Ordinary Resolution No 1: Confirmation of
 appointment of Mr L M Lourens as
 independent non-executive director                   1 062 886 948    80.42         100.00           0.00         0.42
 Ordinary Resolution No 2: Re-election of
 directors                                                        -        -              -              -            -
 2.1 Re-election of Mr G A M Ravazzotti               1 062 886 948    80.42          98.67           1.33         0.42
 2.2 Re-election of Ms S M du Toit                    1 062 886 948    80.42          86.61          13.39         0.42
 2.3 Re-election of Ms L R Langenhoven                1 062 886 948    80.42          99.14           0.86         0.42
 Ordinary  Resolution No 3: Re-
 appointment of external auditors                     1 062 886 948    80.42          99.75           0.25         0.42
 Ordinary Resolution No 4: Election and
 Re-election of Audit and Risk Committee
 members                                                          -        -              -              -            -
 4.1 Re-election of Ms L C Prezens                    1 062 886 948    80.42         100.00           0.00         0.42
 4.2 Re-election of Ms S M du Toit                    1 062 886 948    80.42          86.71          13.29         0.42
 4.3 Election of Ms M Matsipa                         1 062 886 948    80.42         100.00           0.00         0.42
 Ordinary Resolution No 5: Election of
 Social and Ethics Committee members                              -        -              -              -            -
 5.1 Re-election of Ms A Mathole                      1 062 886 948    80.42         100.00           0.00         0.42
 5.2 Election of Ms M Matsipa                         1 062 886 948    80.42         100.00           0.00         0.42
 5.3 Election of Mr B G Wood                          1 062 886 448    80.42         100.00           0.00         0.42
 Ordinary Resolution No 6: Approval of the
 Company’s Remuneration policy and
 Remuneration and Implementation report                           -        -              -               -            -
 6.1 Approval of the Company’s Remuneration
     policy                                             989 782 245    74.89          95.39            4.61         0.58
 6.2 Approval of the Company’s Remuneration
     and Implementation report                          989 839 309    74.89          95.39            4.61         0.57
 Ordinary Resolution No 7: Unissued
 shares to be placed under the control of
 the directors                                          991 867 645    75.05          81.77           18.23         0.42
 Ordinary Resolution No 8: General
 authority to issue shares, and to sell
 treasury shares, for cash                              991 867 145    75.05          94.13            5.87         0.42
 Ordinary Resolution No 9: Acquisition of
 own securities                                         991 867 145    75.05          95.85            4.15         0.42
 Special Resolution No 1: Approval of non-
 executive directors’ remuneration                    1 062 886 948    80.42          94.60            5.40         0.42
 Ordinary Resolution No 10: Authority to
 sign documentation                                   1 062 829 384    80.42          99.96            0.04         0.42

1 Based on 1 321 654 148 shares in issue at the date of the AGM.
2 Disclosed as a percentage of voteable shares.


RETIREMENT OF DIRECTOR
As announced on SENS on 18 August 2026, Mr Brand Pretorius, an independent non-executive director, has retired
from the Board and the Audit and Risk Committee with effect from 13 November 2026.

On behalf of the Board, we would like to again express our sincere appreciation to Brand Pretorius, who retires
after 15 years of dedicated and distinguished service as an independent non-executive director. Brand is a highly
respected business leader whose wealth of experience, sound judgement and deep business insight have made
an invaluable contribution to the Board over the years. His unwavering commitment to strong leadership, people
development, teamwork and customer service has enriched our discussions and helped shape our thinking. We
are particularly grateful for his wisdom, integrity and thoughtful counsel. We thank Brand for his exceptional service
and commitment to the Company and wish him every happiness and fulfilment in the years ahead.


MARKET UPDATE
Global and South African macroeconomic challenges have persisted into the new financial year.

During the period from 1 July to 31 October 2026, Italtile achieved modest Retail turnover growth of 1% year on
year. Average selling prices increased compared with the corresponding period last year, largely reflecting the pass-
through of fuel-related cost increases; however, tile volumes remained under pressure. ITD, Cedar Point and Retail
operations experienced significant supply disruptions in imported product lines because of port congestion and
international shipping delays.

Ceramic Industries remained under substantial pressure from intense competition and low-priced imports, with
existing stock levels in the market and circumvention offsetting the interim import-relief duties implemented from
July 2026. Sharp increases in energy-related costs have increased the manufacturing cost base and average selling
prices. Increased prices supported sales values despite weaker underlying volumes.

The Group continued to focus on cost management and operational efficiencies across the business, with like-for-
like operating costs increasing by approximately 3%.

Negative consumer confidence, subdued economic growth, and global economic uncertainty is likely to influence
performance over the coming months.

Growth initiatives are progressing to position Italtile optimally in this environment. New senior appointments are
already contributing positively. Discussions with a prospective buyer for the Australian operations, together with the
related due diligence process, are continuing at an advanced stage.

The information contained in this market update has not been reviewed or reported on by the Group’s external
auditors.

Johannesburg
13 November 2026

Sponsor
Merchantec Capital
Date: 13/11/2026 02:19:00
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