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Trading Statement for the six months ended 30 September 2025
Araxi Limited
(previously Capital Appreciation Limited)
Incorporated in the Republic of South Africa
(Registration number 2014/253277/06)
Share code: AXX ISIN: ZAE000208245
("Araxi" or the "Group" or "the Company")
TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Araxi is currently finalising its interim financial results for the six months ended 30 September 2025
("H1'26"), which will be released on 2 December 2025.
Shareholders are referred to the business update published on SENS on 15 September 2025 for more
detail on the Company's operational performance in this period. In line with the undertaking to provide
more specific guidance once there is reasonable certainty, shareholders are hereby advised of the
following trading statement.
As first disclosed in the FY25 results, released in June for the financial year ended 31 March 2025, certain
of the Company's judgments and accounting applications were revisited. These reviews are now also
reflected in the interim H1 results for the prior year ("H1'25"). These changes had a notable impact on
last year's Statement of Comprehensive Income, in aggregate, increasing H1'25 revenue by 4.3%, EBITDA
by 21.2% and EPS by 29.0%. The changes had a minor impact on the Statement of Financial Position and
the Statement of Cash Flows. For a better appreciation of Araxi's operational performance at this time,
management believes that the H1'26 results are best measured against the H1'25 results previously
published. Management will also provide a normalisation metric with the release of its results that will
best demonstrate period on period progress.
Headline earnings per share ("HEPS") and earnings per share ("EPS") for H1'26 compared to H1'25 are
expected to be within the ranges set out below:
H1'26 H1'25 % change to H1'25 % change to
results Restated restated* previously previously
range published published
(cents) (cents) (cents)
EPS 7.75 – 7.83 7.66 1.2%-2.2% 5.94 30.0%-31.4%
HEPS 7.75 – 7.83 7.68 0.9%-2.0% 5.96 30.5%-31.8%
* Refer to 2025 Annual consolidated financial statements Note 3 for details of the restatements.
Shareholders should also note that the financial results for H1'26 include a one-time pre-tax charge of
c.R10 million, being the costs related to right aligning resources in the Software division. The financial
benefits of these operational actions, estimated to be more than R30 million annually, are expected to be
realised in future periods and are not yet captured in the Group's financial performance.
The information in this trading statement has not been reviewed or reported on by the Group's external
auditors.
INTERIM RESULTS WEBCAST AND PRESENTATION - 2 DECEMBER 2025
Shareholders and other interested parties are invited to join management in discussing Araxi's interim
results via webcast at 11:00 SAST on Tuesday, 2 December 2025, at the following link:
https://www.corpcam.com/Araxi02December2025
Johannesburg
26 November 2025
Sponsor: Investec Bank Limited
Date: 26-11-2025 12:51:00
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