ADCORP HOLDINGS LIMITED - Trading statement and operational update for the six months ended 31 August 2025

Trading statement and operational update for the six months ended 31 August 2025

ADCORP HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1974/001804/06
Share code: ADR
ISIN: ZAE000000139
("Adcorp" or "the Company" or "the Group")


TRADING STATEMENT AND OPERATIONAL UPDATE FOR THE SIX MONTHS ENDED
31 AUGUST 2025


Trading statement

In terms of paragraph 3.4(b) of the Listings Requirements of JSE Limited, 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 on next will differ by more than 20% from that of
the previous corresponding period.

Adcorp is in the process of finalising its results for the six months period ended 31 August
2025 ("current reporting period"). Shareholders are accordingly advised that the Company
has a reasonable degree of certainty that earnings per share ("EPS") and headline earnings
per share ("HEPS") will be between 51,6 cents and 54,4 cents compared to EPS and HEPS
of 28,2 cents for the six months period ended 31 August 2024 ("prior comparative period"),
being an increase of between 83.0% and 92.9%.

The uplift in earnings reflects the benefits of disciplined cost management, stable gross
margins, and continued operating efficiencies achieved through earlier restructuring and
process improvements. These actions have helped offset the impact of softer revenue arising
from a stronger rand, delayed contract awards in South Africa, and lower volumes in selected
Australian customer sectors. Shareholders are reminded that the prior comparative period
included once-off transformation costs of R25,6 million, which are not recurring in the current
reporting period. The Group's balance sheet remains ungeared, underlining Adcorp's
continued focus on capital discipline and liquidity strength.

Operational update

Operational performance across Adcorp's portfolio reflected contrasting conditions in its two
core markets. In South Africa, its Contingent Staffing and Staffing Solutions businesses
continued to perform well, supported by resilient demand in logistics, manufacturing and
consumer-facing sectors. The Professional Services portfolio experienced softer activity due
to muted hiring sentiment, though recent structural changes and efficiency initiatives are
beginning to improve performance and client delivery.

In Australia, the Contingent Staffing division delivered stable results underpinned by strong
client relationships and contract renewals, while the Professional Services business showed
early benefits from its restructuring and diversification into higher-margin technology and
consulting work. Focused execution and disciplined cost control helped offset volume
pressures in selected customer sectors.

The Group enters the second half of the year with solid fundamentals and a leaner cost base,
supported by strong liquidity, stable gross margins and improved working-capital discipline.
Management remains focused on sustaining cash generation, preserving margin quality and
pursuing targeted growth opportunities that support long-term value creation.
The financial information on which this trading statement is based has not been reviewed or
reported on by the auditors of the Company.

The unaudited interim financial results for the period ended 31 August 2025 will be published
on or about Thursday, 30 October 2025.


Johannesburg

23 October 2025

Sponsor
Valeo Capital (Pty) Ltd

Date: 23-10-2025 08:02:00
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