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Unaudited condensed consolidated interim results and cash dividend declaration for the six months ended 30 June 2026
GRINDROD LIMITED
Registration number: 1966/009846/06, Incorporated in the Republic of South Africa
Share code: GND and GNDP ISIN: ZAE000072328 and ZAE000071106
("Grindrod", or "the Company" or "the Group")
Unaudited condensed consolidated interim results and cash dividend declaration for the six months ended 30 June 2026
OPERATIONAL
Port volumes
UP 29%
8.4 million tonnes
Drybulk terminal volumes
UP 2%
8.1 million tonnes
FINANCIAL
EBITDA
UP 52%
R884 million
Headline earnings per share
88.8 cents per share
CAPITAL ALLOCATION
Cash generated from operations
UP 28%
R561 million
Interim ordinary dividend
UP 6%
24.3 cents per share
(H1 2025: 23.0 cents per share)
All percentages reflected above are based on unrounded amounts.
PERFORMANCE REVIEW
Grindrod delivered a resilient operational and financial performance in the first half of 2026, not-withstanding ongoing geopolitical uncertainty, weather-
related disruption and continued pressure across parts of the logistics sector. The Group's integrated logistics strategy continues to translate into
earnings quality, underpinned by hard-to-replicate infrastructure and disciplined capital allocation.
Port and Terminals performed strongly, underpinned by record throughput at the port of Maputo. The port of Maputo's drybulk terminal exported a record 8.4
mt for the period (H1 2025: 6.5 mt), while Grindrod's drybulk terminals handled 8.1 mt (H1 2025: 7.9 mt). The port of Maputo closed the half with a record
1.623 mt in June, a run-rate that positions the corridor well entering the second half and supports the medium-term thesis underpinning the Maputo dredging
programme. Matola handled 4.2 mt for the period (H1 2025: 4.5 mt), with the shortfall driven by weather disruption in the Phalaborwa catchment and elevated
freight costs. In South Africa, Navitrade and Maydon Wharf delivered strong throughput growth, reflecting the operational leverage embedded in the terminal
portfolio.
Logistics delivered a mixed result. Container, ships agency and clearing and forwarding traded in a soft market, while rail performance was impacted by
reduced deployment. Northern Mozambique graphite shipments recorded an uptick, while the Eswatini sidings were wound down as Belfast coal ceased transiting
to Maputo via that route. Locomotive re-deployment is set to accelerate into the second half, and the executed rail access agreement positions the segment
for a step-change contribution as Open Access commences in early 2027. Logistics remains the connective layer of Grindrod's integrated model, ensuring
terminal sustainability and long-term customer stickiness.
Safety is a non-negotiable value across the Group. We report with deep regret the loss of our colleague, Mr Lucky Ngcobo, at Maydon Wharf in June 2026. In
response, we are launching a Fatality Risk Elimination Programme, integrated with the Basopha campaign, to strengthen critical controls and eliminate
fatality risks. Our focus remains on achieving a fatality-free workplace, maintaining visible leadership in the field and fostering a culture of continuous
improvement to safeguard our people.
Headline earnings marginally ahead of the comparative period at R592.6 million (H1 2025: R592.2 million); basic earnings decreased to R598.3 million (H1
2025: R1 466.8 million). The prior period earnings included one-off net profits of R902.8 million relating to foreign currency translation reserves released
on both the buy-up of the remaining 35% interest in the Matola terminal joint venture and the exit of the marine fuel trading joint venture.
Unaudited Unaudited
30 June 2026 30 June 2025 Change
Total Group* Rm Rm %
Revenue 2 836 2 381 19
EBITDA 884 584 52
Basic earnings 598 1 467 (59)
Headline earnings 593 592 -
Basic earnings per share (cents) 89.6 219.8 (59)
Headline earnings per share (cents) 88.8 88.7 -
* Joint ventures are equity accounted.
DECLARATION OF DIVIDEND
Interim ordinary dividend
Notice is hereby given that a gross interim ordinary dividend of 24.3 cents per share (H1 2025: 23.0 cents per share) has been declared out of income
reserves for the six months ended 30 June 2026. The interim net ordinary dividend is 19.44 cents per share for ordinary shareholders who are not exempt from
dividends tax.
As at the date of this announcement, there were 698 031 586 ordinary shares in issue.
Preference dividend
Notice is hereby given that a gross interim preference dividend of 449.0 cents (H1 2025: 480.0 cents) per cumulative, non-redeemable, non-participating and
non-convertible preference share has been declared out of income reserves for the six months ended 30 June 2026. The interim net preference dividend is
359.2 cents per share for preference shareholders who are not exempt from dividends tax.
As at the date of this announcement, there were 7 400 000 preference shares in issue.
Salient dates
Dividends' declaration date Tuesday, 25 August 2026
Last date to trade cum-dividend Tuesday, 08 September 2026
Securities start trading ex-dividend Wednesday, 09 September 2026
Record date Friday, 11 September 2026
Payment date Monday, 14 September 2026
No dematerialisation or rematerialisation of shares will be allowed during the period Wednesday, 09 September 2026 to Friday, 11 September 2026, both days
inclusive. The local dividend tax rate is 20% and Grindrod's tax reference number is 9435/490/71/0. Both the ordinary dividend and preference dividend are
declared in the currency of the Republic of South Africa.
Directors' statement
This short-form announcement is the responsibility of the directors and is only a summary of the information contained in the full announcement and does not
contain full or complete details. The full announcement is available on the Company's website at www.grindrod.com and on the JSE cloudlink on 25 August 2026
at https://senspdf.jse.co.za/documents/2026/jse/isse/GNDE/Interim26.pdf.
Any investment decision by investors and / or shareholders should be made having considered the full announcement as a whole.
By order of the Board
VB Commaille
Group Company Secretary
25 August 2026
Registered office and business address
Grindrod Mews, 106 Margaret Mncadi Avenue, Durban, 4001
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 25/08/2026 06:30:00
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