SPUR CORPORATION LIMITED - Market Update and Trading Statement

Market Update and Trading Statement

SPUR CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1998/000828/06
Share code: SUR
ISIN: ZAE000022653
("Spur" or "the company" or "the group")



MARKET UPDATE AND TRADING STATEMENT



MARKET UPDATE: ARBITRATION QUANTUM OUTCOME - LEGAL DISPUTE WITH GPS FOOD
GROUP

Background

As previously reported, two companies within the group, ("Spur Group and Spur Corp") ("the
defendants") were served with a summons in 2019 by GPS Food Group RSA (Pty) Ltd ("GPS").

GPS alleged that

 -   an oral agreement was concluded between GPS and the two defendants in terms of which
     the parties would, inter alia, establish a joint venture to acquire, develop and manage a rib
     processing facility, with a damages claim ranging between R119.9 million and R167.0 million
     (Claim A);
 -   with an alternative delictual claim of approximately R95.8 million, comprising GPS's alleged
     accumulated losses to the date of the claim (Claim B).

The parties agreed to refer the matter to arbitration, which commenced on 23 October 2023.

Shareholders were further notified that the arbitrator issued a part award on 26 August 2025 in
favour of GPS against Spur Group on the merits of Claim A. The claim against Spur Corp was
dismissed. At that same date, the arbitrator had not determined the quantum of damages. The
arbitrator dismissed the alternative Claim B.

Arbitration outcome – quantum award

Shareholders are advised that effective 3 August 2026, the arbitrator has issued the quantum
award of damages for Claim A.

Spur Group intends to lodge an appeal against this award in its entirety. In terms of its automatic
right of appeal in the arbitration agreement it has 30 days to do so. The appeal would be presided
over by an appeal panel of three senior independent arbitrators and is scheduled for February
2027. An appeal award would be final and binding and there is no further right of appeal. The
group's Senior Counsel, have advised that it is in their view likely that the group will succeed in its
appeal against the Claim A award.

Following the quantum award issued this week, the group will raise a provision in its financial
results for the capital sum awarded of R74,6 million. This provision will also include interest at
the prescribed rate of 10% from the date of the original summons, together with estimated legal
costs, resulting in a total provision of R129,5 million.
Impact on liquidity

The group's solid trading performance over the past five years has enabled it to retain sufficient
cash reserves to provide for this claim. The company's liquidity position and dividend
declarations thus remain unaffected by this award.



TRADING STATEMENT FOR THE YEAR ENDED 30 JUNE 2026

Spur is currently finalising its annual financial results for the year ended 30 June 2026.

As a result of this once-off provision, Spur shareholders are advised that the group expects with
a reasonable degree of certainty, to report earnings per share ("EPS"), headline earnings per
share ("HEPS") and adjusted headline earnings per share ("Adjusted HEPS") for the current year
within the following ranges:


                Year ended 30 June 2025                    Year ended 30 June 2026
                       Reported                               Expected ranges

 EPS             337,51 cents per share             -31% to -41%        199,13 cents per share to
                                                                          232,88 cents per share

 HEPS            339,88 cents per share             -34% to -43%        193,73 cents per share to
                                                                          224,32 cents per share

 Adjusted        339,88 cents per share              +5% to +13%        356,87 cents per share to
 HEPS                                                                     384,06 cents per share



Adjusted HEPS is a key measure of sustainable earnings from trading operations. The calculation
of adjusted HEPS for the year ended 30 June 2026 excludes the non-recurring GPS claim provision
described earlier.

The financial information on which this trading statement is based is the responsibility of the
group's directors and has not been reviewed or reported on by the group's independent auditor.

Spur's financial results and audited annual financial statements will be released on SENS at
09:00 on 20 August 2026.



Cape Town
7 August 2026



Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 07-08-2026 02:51:00
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