LABAT AFRICA LIMITED - Change Statement Audited Results for the Year Ended 31 May 2025

Change Statement – Audited Results for the Year Ended 31 May 2025

LABAT AFRICA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/001616/06)
("Labat Africa" or "the Company")
ISIN Code: ZAE000018354 Share Code: LAB
FSE Code: LEI 9845000R73DF5EE41J88


CHANGE STATEMENT – AUDITED RESULTS FOR THE YEAR ENDED 31 MAY 2025


Shareholders are advised that the audit of the consolidated annual financial statements of
Labat Africa Limited for the financial year ended 31 May 2025 has been completed.

During the audit process, certain non-operational and once-off accounting adjustments
were processed in accordance with International Financial Reporting Standards (IFRS) and
SAICA Circular 4/2021 – Headline Earnings Framework. These adjustments primarily relate to:
   • The reversal of a gain on bargain purchase previously recognised in the reviewed
      results;
   • The finalisation of business combination accounting relating to the acquisitions of
      Classic and Ahnamu, including adjustments to trade receivables, trade payables,
      and inventory balances;
   • Final audit adjustments, including depreciation updates, expected credit loss
      movements, and other non-headline reclassifications; and
   • Consolidation adjustments finalised during the audit process.

As a result, the Headline Earnings per Share for the audited financial year differ compared
to the reviewed provisional results published on 16 October 2025. Accordingly, this
announcement is issued in compliance with paragraph 3.4(b) of the JSE Listings
Requirements.

Financial Performance Comparison

Metric             Reviewed Results (cents)           Audited Results (cents)
HEPS               13.28                              5.81

The movement arises primarily from the finalisation of once-off, non-operational
adjustments, including the accurate accounting of business combinations and final group
consolidation entries. These adjustments do not affect the underlying trading performance
of the Group.

Certain differences in the audited results relate to the finalisation of accounting for the
acquisitions of Classic and Ahnamu, which were correctly treated as business combinations
in the final audited consolidated financial statements. The at-acquisition balances were
incorporated in line with IFRS 3 – Business Combinations, resulting in the recognition of the
final gain on bargain purchase, now accurately reflected in the Headline Earnings
calculation.

Accordingly, the figures in the final Integrated Annual Report should be accepted as the
correct and complete results of the Group.
Statement of Financial Position and Comprehensive Income
The changes to the Statement of Financial Position and Statement of Comprehensive
Income are insignificant, relating mainly to:
    • Final audit adjustments,
    • Adjustments to depreciation and expected credit losses, and
    • Consolidation refinements.

These movements represent 5% or less of the amounts previously reported in the condensed
reviewed results. Accordingly, the figures presented in the IAR should be regarded as final
and accurate.

Cash Flow Statement Adjustments
The Statement of Cash Flows was finalised after consolidation and alignment of the final trial
balances. The condensed results had previously reflected aggregated movements from
individual company cash flows (parent and subsidiaries) and not a fully consolidated Group
position.

The final IAR now correctly reconciles the movements in operating, investing, and financing
activities with opening and closing bank balances, ensuring full alignment with the
Statement of Financial Position. These adjustments represent a refinement of presentation
and not a change in substance.

Strategic Commentary
The Group continues to advance its strategic repositioning to focus on its core operations
in technology, logistics, and data solutions, while exiting non-core and legacy businesses.
These actions are expected to:

   •   Reduce earnings volatility;
   •   Improve balance sheet strength; and
   •   Support sustainable growth and profitability over the medium term.

Publication of Audited Financial Statements
The audited annual financial statements for the year ended 31 May 2025 will be published
on SENS and made available on the Company's website.

Shareholders will be notified once the Integrated Annual Report and Notice of Annual
General Meeting have been distributed.


By order of the Board

JOHANNESBURG
3 November 2025

JSE Sponsor
Vunani Sponsors

Date: 03-11-2025 04:58:00
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