enX GROUP LIMITED - Summarised Group Financial Results
What this filing means
enX's remaining operations are shrinking and loss-making. Continuing-operations revenue fell to R105 million from R143 million, the loss before tax widened to R12 million from a restated R1 million, and headline loss per share from continuing operations rose to 12.3c from 9.7c. The strategic disposals are progressing — the New Way Power and enX Ventures transaction completed on 2 November 2026 — but what remains is a smaller, loss-making core. Net asset value per share fell to 287c from a restated 512c, largely because capital was returned to shareholders.
enX is selling off its businesses and handing cash back to shareholders, which is what it said it would do. But the businesses left behind are smaller and losing money — revenue fell and the loss grew. The company is becoming a smaller, less profitable operation, and the value per share has dropped sharply because so much cash has been paid out.
Bull case
- Net cash inflow before financing activities increased to R253 million from R241 million in 2025.
- Cash and cash equivalents increased to R197 million at 31 August 2026 from R175 million, including R82 million held within New Way Power for working capital requirements.
- The disposal of the New Way Power Sale Business and enX Ventures Letting Enterprise was completed on 2 November 2026.
- The Group completed the disposal of its Chemicals business and returned a further 192 cents per ordinary share to shareholders during the year.
- KPMG issued an unmodified audit opinion, with one key audit matter relating to the disposal of the Chemicals Segment.
Bear case
- Continuing-operations revenue fell to R105 million from R143 million, indicating contraction in the revenue base.
- The continuing-operations loss before tax widened to R12 million from a restated R1 million loss, driven by lower net interest income and reduced management fee recoveries.
- The headline loss attributable to ordinary shareholders from continuing operations increased to R22 million from R18 million, while headline loss per share rose to 12.3c from 9.7c.
- Net asset value per share fell to 287c from a restated 512c, reflecting capital returns, the loss incurred, disposal-related adjustments and transaction costs.
- Additional once-off legal and other costs increased the burden on continuing operations during the year.
AI-generated summary by SENS-AI, based on the original JSE SENS filing.
SENS-AI conclusion
The strategic realisation story is advancing, but the remaining core is contracting and loss-making. Revenue fell, the loss widened, and headline loss per share from continuing operations deteriorated. The disposals are real and the cash position is healthy, but the operating engine left behind is weaker. So what: the market still needs to see whether the remaining Power O2 and Service Centre operations can reach profitability, or whether enX is simply running down its portfolio.
The next results will show whether the remaining Power O2 and Service Centre operations can stem the losses and generate positive earnings.
Evidence from the filing
Net cash inflow before financing activities increased to R253 million from R241 million in 2025.
“Net cash inflow before financing activities: R253 million (2025: R241 million)”
Cash and cash equivalents increased to R197 million at 31 August 2026 from R175 million, including R82 million held within New Way Power for working capital requirements.
“Cash and cash equivalents amounted to R197 million at 31 August 2026 (2025: R175 million), comprising R115 million held at the Service Centre and R82 million held within New Way Power to meet working capital requirements.”
The disposal of the New Way Power Sale Business and enX Ventures Letting Enterprise was completed on 2 November 2026.
“The transaction was subsequently completed on 2 November 2026, representing another significant milestone in the Group's strategy to realise value from its remaining operations and return capital to shareholders.”
The Group completed the disposal of its Chemicals business and returned a further 192 cents per ordinary share to shareholders during the year.
“During the year, the Group completed the disposal of its Chemicals business and returned a further 192 cents per enX ordinary share to shareholders.”
KPMG issued an unmodified audit opinion, with one key audit matter relating to the disposal of the Chemicals Segment.
“KPMG Inc. has issued an unmodified audit opinion, which includes one key audit matter related to the disposal of the Chemicals Segment.”
Continuing-operations revenue fell to R105 million from R143 million, indicating contraction in the revenue base.
“Revenue from continuing operations amounted to R105 million (2025: R143 million), reflecting the trading activities of Power O2 and the impact of the re-presentation of revenue between continuing and discontinued operations.”
The continuing-operations loss before tax widened to R12 million from a restated R1 million loss, driven by lower net interest income and reduced management fee recoveries.
“The loss before taxation from continuing operations increased to R12 million (2025: R1 million loss), primarily reflecting lower net interest income following significant distributions to shareholders and reduced management fee recoveries as the Group's operations contracted.”
The headline loss attributable to ordinary shareholders from continuing operations increased to R22 million from R18 million, while headline loss per share rose to 12.3c from 9.7c.
“The headline loss attributable to ordinary shareholders from continuing operations was R22 million (2025: R18 million), resulting in headline loss per share of 12.3c (2025: 9.7c per share).”
Net asset value per share fell to 287c from a restated 512c, reflecting capital returns, the loss incurred, disposal-related adjustments and transaction costs.
“The Group's net asset value decreased to 287c per share (2025: restated 512c per share), primarily reflecting the substantial capital returned to shareholders during the year, together with the impact of the loss incurred, including disposal-related adjustments and transaction costs.”
Additional once-off legal and other costs increased the burden on continuing operations during the year.
“The Group also incurred additional once-off legal and other costs during the current year.”
More on enX Group Limited
Related filings
More from ENX
- enX GROUP LIMITED - Availability of year end financial information on website
- enX GROUP LIMITED - Trading statement and trading update
- enX GROUP LIMITED - Closing of Transactions - Disposal by enX of the New Way Power Business and the enX Ventures Letting Enterprise
- enX GROUP LIMITED - Receipt of Compliance Certificate
- enX GROUP LIMITED - Fulfillment of the suspensive conditions and revised salient dates and times
Other Results
- FTAFAIRVEST LIMITED - Fairvest annual results presentation
- PPEPURPLE GROUP LIMITED - Audited consolidated results for the year ended 31 August 2026 and distribution of annual report and notice of AGM
- KALKAL GROUP LIMITED - Announcement Of Results And Webcast
- UPLUNIVERSAL PARTNERS LIMITED - Summarised unaudited financial statements for the quarter ended 30 September 2026
- DIBDIPULA PROPERTIES LIMITED - Audited consolidated financial results for the year ended 31 August 2026 and guidance