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Trading statement for the year ending 31 December 2025
HULAMIN LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1940/013924/06
JSE Code: HLM
ISIN: ZAE000096210
("Hulamin" the "Group" or the "Company")
TRADING STATEMENT FOR THE YEAR ENDING 31 DECEMBER 2025
Hulamin undertook a lengthy integrated plant shut during the year ending 31 December 2025. This
included the market-driven wide can body expansion project. The performance of the business has
been adversely impacted by operational challenges experienced in stabilising mill performance post
the integrated plant shut.
Management have implemented a defined remediation roadmap to address the operational and
quality challenges identified, with resolution expected by early 2026. The identified actions and
critical roadmap milestones have yielded positive results as of the date of this announcement with
plant output having stabilised and product quality deviations back under control.
As a consequence of these operational challenges earnings for the financial year ending 31 December
2025 are expected to be lower by at least 20% when compared to the year ended 31 December 2024
("Comparable Period"). Based on the above and in terms of paragraph 3.4(b) of the JSE Limited Listings
Requirements, Hulamin expects results for the year ending 31 December 2025 to be as follows:
• Earnings per share will decrease by at least 20% to no more than 64 cents per share compared
to 80 cents per share in the Comparable Period; and
• Headline earnings per share will decrease by at least 20% to no more than 51 cents per share
compared to 64 cents per share in the Comparable Period.
The Group remains compliant with all banking covenants and has not requested any covenant
relaxation from its funders.
The Group will provide stakeholders with detailed guidance once there is reasonable certainty over
the full impact of the above-mentioned challenges to the Group financial performance.
The financial information contained in this trading statement is the responsibility of the directors
and has not been reviewed nor reported on by the Company's external auditors.
Pietermaritzburg
22 December 2025
Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 22-12-2025 03:00:00
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