Publication of the Group's 2025 Annual Report Suite & Change Statement

AECI LIMITED

(Incorporated in the Republic of South Africa)

Registration number: 1924/002590/06

Share code: AFE ISIN: ZAE000000220

Hybrid code: AFEP ISIN: ZAE00000238

Bond company code: AECI

LEI: 3789008641F1D3D90E85

(AECI, the Company or the Group)

PUBLICATION OF THE GROUP'S 2025 ANNUAL REPORT SUITE AND CHANGE STATEMENT

1. PUBLICATION OF THE GROUP'S 2025 INTEGRATED REPORTING SUITE AND AUDITED ANNUAL FINANCIAL STATEMENTS

AECI shareholders (Shareholders) and AECI noteholders (Noteholders) are advised that the Group's full integrated reporting suite for the financial year ended 31   December   2025 (2025   Integrated Reporting Suite) is available on the Company's website at https://investor.aeciworld.com/results-reports-presentations.php#results. Alternatively,   you may email AECI Investor Relations at [e-mail] to obtain your copy.

The 2025 Integrated Reporting Suite comprises, inter alia , the integrated report (including the governance section incorporating the King Code application statement), the remuneration report, the sustainability report, the notice of annual general meeting and the Group's full audited consolidated and separate annual financial statements for the year ended 31 December 2025 (AFS), on which the Company's auditors, Deloitte   &   Touche, expressed an unmodified audit opinion.

2. CHANGE STATEMENT

The AFS, and the auditor's report thereon, are also available through the JSE cloudlink at   https://senspdf.jse.co.za/documents/2026/jse/isse/afe/AFS2025.pdf.

The AFS contain an adjustment to the taxation payable of R32 million, compared to the reviewed condensed consolidated financial results for the year ended 31 December 2025 (Reviewed Results or Group Reviewed AFS), released on SENS on Wednesday, 25 February 2026.

The additional taxation payable recognised relates to unsubstantiated supplier payments identified at the Group's subsidiary in the Democratic Republic of Congo. The Group became aware of these unsubstantiated payments subsequent to publishing the Reviewed Results.

Details of this matter are included in note 24 to the AFS. The consolidated results of the AECI group for the year ended 31   December   2024, as well as the company separate financial results for the years ended 31   December   2024 and 31 December 2025, were not affected.

Primary financial statements

The affected line items in the primary financial statements of the consolidated results, as reflected in the AECI group's audited annual financial statements for the year ended 31 December 2025 (Group Audited AFS) include the following:

Consolidated statement of financial position

At 31 December 2025

Rand million	Group Audited AFS	Group Reviewed AFS	Difference
Equity and Liabilities
Ordinary capital and reserves	11,441	11,473	(32)
Retained earnings	9,962	9,994	(32)
Shareholders' equity	11,447	11,479	(32)
Total equity	11,601	11,633	(32)
Current liabilities	8,450	8,418	32
Taxation payable	580	548	32
Total liabilities	12,801	12,769	32

Consolidated statement of profit or loss

For the year ended 31 December 2025

Rand million	Group Audited AFS	Group Reviewed AFS	Difference
Taxation (expense)/income	(885)	(853)	(32)
Profit/(loss) for the year from continuing operations	330	362	(32)
Profit/(loss) for the year	315	347	(32)
Attributable to the AECI Group equity shareholders	330	362	(32)
Per ordinary share (cents)
Basic earnings/(loss)	313	343	(30)
Diluted basic earnings/(loss)	309	339	(30)
Basic earnings from continuing operations	327	357	(30)
Diluted basic earnings from continuing operations	323	353	(30)

Consolidated statement of comprehensive income

For the year ended 31 December 2025

Rand million	Group Audited AFS	Group Reviewed AFS	Difference
Profit/(loss) for the year	315	347	(32)
Total comprehensive (loss)/income for the year	(323)	(291)	(32)
Attributable to the AECI Group equity shareholders	(287)	(255)	(32)

Consolidated statement of changes in equity

For the year ended 31 December 2025

Rand million	Group Audited AFS	Group Reviewed AFS	Difference
Total comprehensive loss for the year	(323)	(291)	(32)
Profit for the year	315	347	(32)
Balance at 31 December 2025	11,601	11,633	(32)

The statement of cash flows remains unaffected by this adjustment.

Notes to the financial statements

Affected line items disclosed in the notes to the financial statements include:

Note 25: Earnings per share

Rand million	Group Audited AFS	Group Reviewed AFS	Difference
Profit/(loss) attributable to the AECI Group equity shareholders	330	362	(32)
Headline earnings from continuing and discontinued operations	1,127	1,159	(32)

Earnings/(loss) per ordinary share

Cents	Group Audited AFS	Group Reviewed AFS	Difference
Basic earnings/(loss)	313	343	(30)
Continuing operations	327	357	(30)
Headline earnings	1,068	1,098	(30)

Note 24: Taxation (expense)/income

Rand million	Group Audited AFS	Group Reviewed AFS	Difference
Current taxation (expense)/income - continuing operations	(1,122)	(1,090)	(32)
South African and foreign normal taxation, including prior year adjustment - continuing operations	(1,015)	(983)	(32)
Total income taxation (expense)/income	(885)	(853)	(32)

The effective tax rate reconciliation included in note 24 has been adjusted to reflect an effective tax rate of 72.9% (Reviewed Results: 70%). The main line items affected are:

• Non-deductible expenses: 15.2% (Reviewed Results: 13%); and
• Prior year adjustment: 1.8% (Reviewed Results: 1%).

Woodmead, Sandton

22 April 2026

Equity Sponsor: One Capital

Debt Sponsor: Questco Proprietary Limited

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