SAB ZENZELE KABILI HOLDINGS (RF) LIMITED - SABZK Trading statement for the six months ended 30 June 2025

SABZK Trading statement for the six months ended 30 June 2025

SAB Zenzele Kabili Holdings (RF) Limited
(Incorporated in the Republic of South Africa)
Registration number: 2019/616052/06
JSE Share Code: SZK
ISIN: ZAE000284196
(SABZK or the Company)


SABZK Trading statement for the six months ended 30 June 2025

SABZK is currently in the process of finalising its results for the six months ended 30 June 2025
(HY 25) and provides this trading statement in accordance with paragraph 3.4(b)(i) of the JSE
Limited Listings Requirements (JSE Listings Requirements).

The JSE Listings Requirements require that issuers publish a trading statement as soon as they
are satisfied that a reasonable degree of certainty exists that the financial results for the period
to be reported upon next will differ by at least 20% from the financial results for the previous
corresponding period.

Accordingly, due to the fair value gain on the investment in Anheuser-Busch InBev for the six
months ended 30 June 2025 of R1,4 billion from a loss of R700 million for the six months ended
30 June 2024 (HY 24), shareholders are advised that SABZK expects to report an increase in
earnings per share (EPS)/headline earnings per share (HEPS) against HY 24 of greater than
100%.



                   HY 25 Expected
                   Range (Rands)        HY24       Change (Rands)      Percentage
                                        (Rands)                        change (%)
EPS/HEPS           26,87 – 29,62        (17,02)    43,89– 46,64        >100


There are no items included in the calculation of profit attributable to shareholders which are
required to be excluded in terms of circular 1/2023, Headline Earnings, in the calculation of
HEPS.

In addition, based on the increase in the Anheuser-Busch InBev share price during HY 25, being
R1 218,61 at 30 June 2025, R937,98 at 31 December 2024 and R1 063,17 at 30 June 2024,
shareholders are further advised that SABZK expects to report an increase in Net Asset Value
per share (NAVPS) against HY 24 results of between 11% and 22%.

                   HY 25
                   Expected           HY24      Change (Rands)    Percentage
                   Range (Rands)      (Rands)                     change (%)
NAVPS              53,78 – 59,30      48,41     5,37 – 10,89      11 – 22


The financial information on which this trading statement is based has not been reviewed and
reported on by the external auditor of SABZK. The Company's HY 25 reviewed interim financial
results are expected to be released on the Stock Exchange News Service of the JSE Limited on
or before 29 September 2025.



Johannesburg

8 September 2025



JSE Sponsor

Tamela Holdings Proprietary Limited

Date: 08-09-2025 03:00:00
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