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enX Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2001/029771/06)
JSE share code: ENX ISIN: ZAE000222253
("enX" or ''the Company'' or ''the Group'')
General Segment
TRADING STATEMENT AND TRADING UPDATE
In terms of the JSE Listings Requirements, companies are required to 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 on next will differ by at least 20% from the
financial results for the previous corresponding period.
Shareholders are advised that the Company anticipates results for the year ended 31 August
2025 ("Current Range" or "Current Period") to differ by more than 20% compared to the year
ended 31 August 2024 ("Prior Period"), as follows:
Current Range Prior Period Percentage
change range
enX Group
EPS (85c) to (101c) 116c -
Diluted EPS (85c) to (101c) 116c -
HEPS 40c to 66c 298c (78%) to (87%)
Current Range Prior Period Percentage
(Restated #) change range
Continuing
EPS 1c to (3c) (8c) -
Diluted EPS 1c to (3c) (8c) -
HEPS 1c to (3c) (8c) -
Discontinued
EPS (86c) to (98c) 124c -
Diluted EPS (86c) to (98c) 124c -
HEPS 39c to 69c 306c (77%) to (87%)
# The Prior Period has been restated due to the classification of enX's Lubricant segment (AG
Lubricants) and enX's Chemical segment (WAG) as disposal groups held for sale and
discontinued operations as at 1 December 2024 and 30 June 2025, respectively. The Prior Period
EPS, Diluted EPS and HEPS remain unchanged on a total enX Group basis. The split between
continuing and discontinued operations has, however, changed due to AG Lubricants and WAG
being classified as disposal groups held for sale and discontinued operations. See Discontinued
operations below.
Trading commentary
Following the classification of enX's Chemical segment as a disposal group held for sale and
a discontinued operation from 30 June 2025, and the disposal of the Fleet and Lubricants
segments in June 2024 and March 2025 respectively, enX's continuing operations comprise
the Power segment and the Service Centre.
Revenue from continuing operations is expected to decrease by approximately 32%, primarily
due to lower demand in the Power segment resulting from minimal loadshedding during the
Current Period. The first half of the Prior Period included significant opportunities arising from
loadshedding.
Profit before taxation from continuing operations is expected to decrease between 30% and
34%. The results were negatively impacted by the lower demand in the Power segment due
to minimal loadshedding during the Current Period, compared to approximately 120 days of
loadshedding in the Prior Period, the delay in large-scale power data centre customer projects,
and the once-off payment of a R15 million limited guarantee claim under the Cap Leverage
Proprietary Limited shareholder indemnity, which became due and payable when the Industrial
Development Corporation called on its guarantee.
Discontinued operations
Current period
Lubricants
Shareholders are referred to the SENS announcement dated 13 December 2024 announcing
the disposal of the Lubricants segment as a single, indivisible transaction to Abakhulu
Investments Proprietary Limited. As a result, AG Lubricants was classified as a disposal group
held for sale and discontinued operation in terms of IFRS 5 with effect from 1 December 2024,
the date on which the conditions for classification were met. The transaction was assessed for
loss of control in terms of IFRS 10, where management concluded that enX lost control with
effect from 1 March 2025. In terms of IFRS 5, AG Lubricants was required to cease
depreciation and amortisation from 1 December 2024 and assess the carrying value of the
disposal group held for sale relative to the transaction value. Consequently, depreciation and
amortisation from 1 December 2024 to the date of disposal of R4.1 million (after-tax: R2.9
million) was not recorded and the disposal group held for sale was impaired by R165 million
relative to the transaction value. A loss of R29 million, including attributable taxation, was
recognised on the loss of control of the Lubricants segment on 1 March 2025.
Chemicals
Shareholders are referred to the SENS announcement on 31 March 2025, whereby enX
Trading Proprietary Limited (''enX Trading'') had entered into a Subscription and Options
Agreement (''S&O Agreement'') with Trichem South Africa Proprietary Limited (''Trichem
SA'') pursuant to which:
(i) Trichem SA will subscribe for ordinary no par value shares equal to 25% of the entire
issued ordinary share capital (''First Subscription Shares'') of West African
International Proprietary Limited (''WAI'') in an agreed manner (''First Subscription
Step'');
(ii) Trichem SA will have the option to put the First Subscription Shares to enX Trading in
an agreed manner between 1 May 2025 and 31 October 2026 (''Put Option Step'');
or
(iii) Trichem SA will have the option to acquire, in an agreed manner, the remaining 75%
interest held by enX Trading (''Full Ownership Step'') between 1 May 2025 and 31
October 2026 (''Full Ownership Option Period'')
Failing which Trichem SA shall again be entitled for a period of 30 business days following the
expiry of the Full Ownership Option Period, to exercise the Put Option on written notice to enX
Trading ("Extended Put Option Period'').
Shareholders are referred to the SENS announcement on 30 April 2025, where it was
announced that the First Subscription Step was implemented in full on 30 April 2025 and that
the funds in respect of the First Subscription price of R107.3 million were received by WAI on
that day. In terms of the S&O Agreement, an equivalent amount to the First Subscription price
was transferred by the Group into an escrow account for enX Trading's benefit as security for
enX Trading's payment obligation in respect of the Put Option for a period from 30 April 2025
to the earlier of the completion of the Put Option Step or completion of the Full Ownership
Step, or the expiry of the Extended Put Option Period and has been recorded as a short-term
receivable.
WAG was classified as a disposal group held for sale and discontinued operation in terms of
IFRS 5 with effect from 30 June 2025, the date on which the conditions for classification were
met. In terms of IFRS 5, WAG was required to cease depreciation and amortisation from 30
June 2025 and assess the carrying value of the disposal group held for sale relative to the
transaction value. Consequently, depreciation and amortisation from 1 July 2025 to 31 August
2025 of R0.6 million (after-tax: R0.4 million) was not recorded and the disposal group held for
sale was impaired by R71 million relative to the transaction value.
Prior Period
Fleet
Shareholders are referred to the SENS announcement dated 12 December 2023 announcing
the disposal of Eqstra Investment Holdings Proprietary Limited (''Eqstra'') to Nedbank Group
Limited (''the Transaction''), wherein definitive transaction agreements were concluded
between the parties. The suspensive conditions to the Transaction were fulfilled and the
Transaction became unconditional on 19 April 2024. Shareholders are referred to the SENS
announcement dated 13 June 2024, wherein it was advised that the Transaction was
implemented in full on that date.
In terms of IFRS 5, Eqstra has been reported as a disposal group held for sale and
discontinued operation from 31 August 2023, the date on which the conditions for classification
were met. In terms of IFRS 5, Eqstra was required to cease depreciation and amortisation
from 1 September 2023 and assess the carrying value of the held for sale assets relative to
the transaction value. Consequently, depreciation and amortisation from 1 September 2023
to disposal, amounting to R424 million (after-tax R310 million) was not recorded in the current
period and the disposal group held for sale was impaired by R310 million. The total HEPS in
the prior year would have been 130c per share had Eqstra not been classified as a disposal
group held for sale and discontinued operation. This is primarily due to depreciation ceasing
on assets within Eqstra at the point of classification as held for sale.
The financial information on which this trading statement is based has not been reviewed or
reported on by the Company's auditors.
4 November 2025
Sponsor:
The Standard Bank of South Africa Limited
Date: 04-11-2025 10:00:00
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