NAMPAK LIMITED - Unaudited consolidated financial results for the six-month period ended 31 March 2026

Decision framework

Current stance: Filing Neutral

Evidence from the filing

• Normalised headline earnings per share increased by 8% to 4 131.6 cents, supported by strong growth in Beverage Angola and lower net finance costs.

  “Normalised headline earnings increased by 9% to R346 million from R317 million in 1H25, with normalised headline earnings per share increasing by 8% to 4 131.6 cents from 3 816.6 cents per share (cps) assisted by strong growth in Beverage Angola, stable Beverage SA performance and lower net finance costs.”

• The group achieved a significant deleveraging milestone, with net debt excluding capitalised leases reducing by 30% to R2.2 billion and net gearing improving to 69% from 149%.

  “Net debt excluding capitalised leases reduced by 30% to R2.2 billion from R3.1 billion at the end of 1H25, with net gearing decreasing to 69% from 149% in 1H25.”

• Net asset value per share rose by 61% to 34 759.2 cents compared to 21 587.9 cents in the prior period, reflecting a materially stronger balance sheet.

  “Nampak's net asset value per share of 34 759.2 cents in the current period was 61% higher than 21 587.9 cents in 1H25.”

• The Springs Line 4 project, which involves the relocation of a can manufacturing line from Angola to Beverage SA, is progressing according to plan and within budget.

  “The relocation of the can manufacturing line from Angola to Beverage SA ("the Springs Line 4 project") is progressing per plan and within budget. The line will increase capacity and flexibility across pack formats.”

• Management continues to target a sustainable double-digit EBITDA margin business and remains focused on resuming dividend payments from the year-end.

  “The board has decided not to declare an ordinary dividend for 1H26 (1H25: Nil) but remains focused on resuming a dividend declaration from the year-end, subject to full year performance. The strategic reset is expected to ensure a sustainable double-digit EBITDA margin business once completed.”

• Operating profit before net impairment loss reversals dropped 39% to R580 million, underscoring underlying operational weakness despite headline figures being lifted by a R319 million impairment reversal.

  “Operating profit before net impairment loss reversals 580 952 (39)”

• Headline earnings per share (HEPS) contracted by 40% to 3 399.5 cents, indicating a sharp deterioration in statutory profitability.

  “Headline earnings per share (cents) 3 399.5 5 683.5 (40)”

• The board maintained the suspension of the interim ordinary dividend, with no definitive commitment to its resumption beyond being subject to full-year performance.

  “The board has decided not to declare an ordinary dividend for 1H26 (1H25: Nil) but remains focused on resuming a dividend declaration from the year-end, subject to full year performance.”

• Discontinued operations generated a R114 million loss, primarily driven by a R136 million impairment regarding Nampak Zimbabwe, which remains an asset held for sale.

  “The loss for the period from discontinued operations amounted to R114 million, primarily due to the after-tax effect (before non-controlling interest) of a R136 million impairment in respect of Nampak Zimbabwe.”

• The Diversified business contracted sharply, with revenue falling 18% and normalised EBITDA down 44%, introducing execution risk to the ongoing strategic reset.

  “Revenue decreased by 18% to R1.4 billion with normalised EBITDA 44% lower at R131 million compared to an exemplary performance in 1H25.”

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