Interim Results for the six months ended 30 June

ZCCM Invs.Hldgs PLC

22 September 2026

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED WHICH, BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, FORMS PART OF UK LAW. ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

ZCCM Investments Holdings Plc

("ZCCM-IH" or the "Company")

Directors' Interim Unaudited Financial Results for ZCCM Investments Holdings Plc and its Subsidiaries for the six-month period ended 30 June 2026

INTRODUCTION

In compliance with the requirements of the "Securities Act, No. 41 of 2016 of the Laws of Zambia" and the Listing Rules of the Lusaka Securities Exchange, ZCCM Investments Holdings PLC ("ZCCM-IH", "ZCCM", "the Company", "We" or "Our") announces the interim unaudited financial results of the Company and its Subsidiaries (collectively referred to as "the Group") for the six months' period ended 30th June 2026.

STRUCTURE OF THE ZCCM-IH GROUP

The ZCCM-IH Group consists of the following investee companies:

Name	Shareholding
Kariba Minerals Limited	100.00%
Kabundi Resources Limited	100.00%
Limestone Resources Limited	100.00%
Zambia National Energy Corporation	60.00%
Zambia Gold Company Limited	51.00%
Mopani Copper Mine PLC	49.00%
Maamba Energy Limited	35.00%
Maamba Solar Energy Limited	35.00%
Copperbelt Energy Corporation PLC	33.51%
Sino Great Chemical Company Limited	30.00%
Lubambe Copper Mines PLC	30.00%
Konkola Copper Mines PLC	20.60%
Kansanshi Mining PLC	20.00%
CNMC Luanshya Copper Mines PLC	20.00%
Mingomba Mining Limited	20.00%
NFCA Africa Mining PLC	15.00%
Chambishi Metals PLC	10.00%

Other Group Investee Companies Under Divestment, Liquidation, or Inactive: 

Name	Shareholding
Ndola Lime Company Limited (in liquidation)	100.00%
Misenge Environmental and Technical Services Limited (Discontinued operations)	100.00%
Mushe Milling Limited (In liquidation)	100.00%
Rembrandt Properties Limited (Disinvestment)	49.00%
Chibuluma Mines PLC (inactive)	15.00%
Copper Tree Mineral Limited (Disinvestment)	15.58%
Nkana Alloy Smelting Company Limited (Inactive)	10.00%

CHIEF EXECUTIVE OFFICER'S STATEMENT

Introduction

The first half of 2026 has been a period of sustained strategic progress for ZCCM Investments Holdings Plc, building on the solid transformation foundation established in 2025.

While the Group's financial performance reflects current operational and market challenges, it also highlights the significant transformation journey underway to secure sustainable, long-term value for our shareholders. Mining is inherently a long-term endeavour, and the full benefits of our strategic initiatives will take time to materialise. Nevertheless, we are confident that the actions we have taken, and continue to take, are positioning the Group and the Company for robust and enduring growth.

Focus on Long-Term Transformation

Konkola Copper Mines Plc (KCM), Mopani Copper Mines Plc (Mopani), and Lubambe Copper Mine Plc, among others, are undergoing comprehensive operational reforms, including recapitalisation and production ramp-up, aimed at unlocking their full potential. While current performance remains below capacity, these initiatives form a cornerstone of our long-term growth strategy.

These transformations are central to our growth strategy and will require continued investment, robust oversight, and patience from our shareholders. The goal is to position these assets to deliver reliable profitability and robust and sustainable cash flows well into the future.

Strategic Investments & Exploration

Beyond the turnaround of our major mining assets, we have continued to advance a strong pipeline of strategic investments and exploration projects. These initiatives ranging from energy and mineral development to value-addition ventures are designed to diversify our income streams, enhance resilience against commodity price cycles, and position ZCCM-IH as a leading participant in Zambia's mining value chain. The development of these projects represents a forward-looking investment in the future capacity and sustainability of the Group.

Foreign Exchange Impact

A key influence on our financial results for this period has been the appreciation of the Zambian Kwacha against the US Dollar, leading to adverse foreign exchange losses. Given that most of our assets, revenues, and valuations are denominated in USD, currency volatility has had a significant accounting impact on our reported earnings. This is a timing and valuation effect rather than an erosion of underlying asset quality, and it remains a key risk area that we are actively monitoring and managing.

Outlook

The Board and Management remain confident that the ongoing transformation of KCM and Mopani, coupled with the successful delivery of our investment pipeline, will lay the foundation for stronger earnings and shareholder value creation. We therefore encourage our shareholders to focus on the Group's long-term trajectory, recognising that the groundwork laid today will yield substantial benefits in the years ahead.

FINANCIAL PERFORMANCE

ABRIDGED GROUP STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30TH JUNE 2026

	30 June 2026	30 June 2025
	ZMW'000	ZMW'000
Revenue	57,821	44,087
Gross profit	12,239	6,343
Operating profit	360,600	229,556
Net finance cost	(496,799)	(821,729)
Share of profit of equity accounted investees	370,490	(129,429)
(Loss)/profit before tax	234,291	(721,602)
Income tax	(324,151)	(126,723)
Loss from discontinued operations	-	(4,534)
Loss for the period	(89,860)	(852,859)
Earnings per share (ZMW)	(0.56)	(5.30)

 

ABRIDGED COMPANY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30TH JUNE 2026

	30 June 2026	30 June 2025
	ZMW'000	ZMW'000
Revenue	1,550,240	1,394,913
Operating profit	881,944	769,083
Net finance cost	(527,870)	(842,764)
Profit/(loss) before tax	354,074	(73,681)
Income tax	(323,352)	(124,000)
Profit/(loss) for the period	30,722	(197,681)
Earnings per share (ZMW)	0.19	(1.23)

ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION FOR THE SIX-MONTH PERIOD ENDED  30TH JUNE 2026

	30 June 2026	30 June 2025
	ZMW'000	ZMW'000
Assets
Non-Current Asset	37,672,827	50,967,069
Current Assets	1,721,273	4,866,846
Total Assets	39,394,100	55,833,915
Equity and Liabilities
Shareholders' Funds	36,480,187	52,335,540
Non-Current Liabilities	530,606	2,806,534
Current Liabilities	2,383,307	691,841
Total Equity and Liabilities	39,394,100	55,833,915

ABRIDGED COMPANY STATEMENT OF FINANCIAL POSITION FOR THE SIX-MONTH PERIOD ENDED 30TH JUNE 2026

	30 June 2026	30 June 2025
	ZMW'000	ZMW'000
Assets
Non-Current Asset	55,847,432	64,621,412
Current Assets	1,765,344	4,580,016
Total Assets	57,612,776	69,201,428
Equity and Liabilities
Shareholders' Funds	54,925,180	66,089,003
Non-Current Liabilities	405,966	2,484,282
Current Liabilities	2,281,630	628,143
Total Equity and Liabilities	57,612,776	69,201,428

ABRIDGED GROUP STATEMENT OF CASH FLOWS FOR THE SIX-MONTH PERIOD ENDED 30TH JUNE 2026

	30 June 2026	30 June 2025
	ZMW'000	ZMW'000
Net cash used from operating activities	(335,526)	(164,402)
Net cash inflow/(used) from investing activities	1,777,806	(122,200)
Net cash (used)/inflow from financing activities	(1,358,264)	67,129
Increase/(decrease) in cash and cash equivalents	84,016	(219,473)
Cash and cash equivalents at the beginning of the period	271,932	540,988
Cash and cash equivalents at the end of the period	355,948	321,515

ABRIDGED COMPANY STATEMENT OF CASH FLOWS FOR THE SIX-MONTH PERIOD ENDED 30TH JUNE 2026

	30 June 2026	30 June 2025
	ZMW'000	ZMW'000
Net cash inflow from operating activities	155,891	156,274
Net cash inflow/(used) from investing activities	1,363,902	(270,657)
Net cash (used)/inflow from financing activities	(1,358,264)	67,129
Increase/(decrease) in cash and cash equivalents	161,529	(47,254)
Cash and cash equivalents at the beginning of the period	105,440	238,259
Cash and cash equivalents at the end of the period	266,969	191,005

ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY

	30 June 2026	30 June 2025
	ZMW'000	ZMW'000
Balance at 1 January	42,680,550	52,263,711
Loss for the period	(89,860)	(852,859)
Other comprehensive (loss)/income and reserves	(6,110,503)	924,688
Balance at 30 June	36,480,187	52,335,540

ABRIDGED COMPANY STATEMENT OF CHANGES IN EQUITY

	30 June 2026	30 June 2025
	ZMW'000	ZMW'000
Balance at 1 January	56,245,034	62,292,543
Profit/(loss) for the period	30,722	(197,681)
Other comprehensive (loss)/income and reserves	(1,350,576)	3,994,141
Balance at 30 June	54,925,180	66,089,003

1.    FINANCIAL PERFORMANCE HIGHLIGHTS

The first half of 2026 was marked by continued strategic repositioning and tangible progress for ZCCM Investments Holdings Plc (ZCCM-IH). For the period ended 30 June 2026, both the Group and the Company achieved key milestones that underscore the ongoing transformation of ZCCM-IH into a commercially driven, value-oriented investment holding company.

Group Financial Overview

For the six-month period ended 30 June 2026, the Group recorded a net loss of ZMW 89.86 million (US$4.77 million), compared with a net loss of ZMW 852.86 million (US$31.25 million) recorded in the corresponding period in 2025. The significant improvement in performance was primarily driven by an increase in the Group's share of profit from equity-accounted investees, which rose to ZMW 370.49 million (US$19.66 million), compared with a loss of ZMW 129.43 million (US$4.74 million) in the prior-year period.

Despite the improvement in the Group's overall performance, the net loss for the period was primarily attributable to the following factors:

·    Share of loss from Mopani: The Group recognised a share of loss from Mopani amounting to ZMW 536 million (US$28.5 million), as the business continues to undergo recapitalisation and has yet to reach optimal operating levels.

·    Foreign exchange movements: The 5.6% appreciation of the Zambian Kwacha during the period contributed to foreign exchange losses recognised at Group level, particularly on foreign-currency-denominated assets and liabilities.

Total Group assets declined to ZMW 39.39 billion (US$2.17 billion), compared with ZMW 55.83 billion (US$2.33 billion) as at June 2025. The reduction was primarily attributable to the appreciation of the Zambian Kwacha and the resulting revaluation of foreign-currency-denominated assets.

Cash and cash equivalents at the Group level increased to ZMW 355.95 million (US$19.63 million), from ZMW 321.52 million (US$11.79 million) in the corresponding period of 2025.

At the Company level, ZCCM-IH recorded a net profit of ZMW 30.72 million (US$1.63 million), representing a significant improvement from the net loss of ZMW 197.68 million (US$7.24 million) recorded in 2025. The improved result reflects greater operational stability and continued cost discipline and was primarily driven by dividend income received from Maamba and Kansanshi, amounting to ZMW 657.75 million (US$33.67 million).

Total Company assets decreased from ZMW 69.20 billion (US$2.89 billion) in 2025 to ZMW 57.61 billion (US$3.18 billion) in 2026. Despite the reduction in total assets, Company-level cash and cash equivalents increased to ZMW 266.97 million (US$14.72 million), from ZMW 191.01 million (US$7.97 million) in the corresponding period of 2025.

On the liabilities side, both the Group and the Company recorded reductions following the full settlement of the US$74.71 million Glencore loan during the period.

2.    KEY OPERATIONS AND STRATEGIC UPDATES

(I)    Kyalo Goldfields Limited

On 6 May 2026, ZCCM-IH, in partnership with Mining Mineral Resources SAS ("MMR"), incorporated Kyalo Goldfields Limited ("KGL") as a special purpose vehicle established to undertake gold exploration, development, and mining activities within the Kikonge Mining Area in the Northwestern Province of Zambia.

ZCCM-IH holds a controlling 51% equity interest in KGL, while MMR holds the remaining 49%. The investment provides the Group with strategic exposure to gold as a portfolio diversifier and a potential natural hedge against commodity price volatility.

KGL has been mandated to operate across the full gold mining value chain, including exploration, financing of artisanal mining activities, mine development, mineral processing, and gold production. The investment represents a strategic expansion of the Group's precious metals portfolio, strengthens commodity diversification, and creates potential for long-term value creation through exposure to a globally significant asset class.

(II)   Ndola Lime (2026) Limited

On 26 May 2026, ZCCM-IH entered into a joint venture agreement with Wonderful Group of Companies Limited to establish Ndola Lime (2026) Limited. The partnership is intended to unlock value from a previously underperforming limestone asset and is structured with Wonderful Group holding a 55% equity interest and ZCCM-IH holding 45%.

The joint venture will seek to restore and modernise Zambia's lime and cement production capacity through a phased development programme. The first phase will comprise a 600-tonne-per-day lime plant, followed by an expansion of lime and cement production capacity.

Wonderful Group will invest US$30 million through equity and shareholder funding, while ZCCM-IH will contribute strategic assets and facilitate the settlement of legacy obligations arising from Limestone Resources Limited.

By leveraging modern technology, operational expertise, and enhanced market access, the partnership is expected to improve production reliability, strengthen competitiveness, and establish a sustainable industrial platform that delivers long-term value to ZCCM-IH shareholders while advancing the Group's diversification strategy.

(III)  Sino Great Chemical Company Limited

Sino Great Chemical Company Limited ("Sino Great") is a joint venture between ZCCM-IH and Wonderful Group, with respective shareholdings of 30% and 70%. The project involves the development of a beneficiation plant at the Chilanga site, with construction progressing in accordance with the approved implementation schedule.

To date, the majority of foundation works have been completed, while the vertical construction phase of the civil infrastructure is underway.

Mine development activities have also commenced following the conclusion of the latest farming season, in accordance with agreements reached with the local traditional leadership.

Overall, the project remains on track, with plant commissioning targeted for the fourth quarter of 2027.

(IV) Ever Great Energy Company Limited

On 1 June 2026, ZCCM-IH entered into a strategic partnership with Wonderful Group Services Limited ("WGS") to develop a 2 X 300 MW coal-fired thermal power project through a special purpose vehicle, Ever Great Energy Company Limited ("Ever Great"). The project forms part of Ever Great's long-term ambition to develop up to 900 MW of thermal power generation capacity in Zambia.

Under the transaction, ZCCM-IH will invest approximately US$54.2 million in exchange for a 30% equity interest in Ever Great. With an estimated project cost of US$451.7 million, the development will comprise a coal mine in Southern Province, a 300 MW thermal power plant in Sinazongwe District, and associated transmission infrastructure connecting the plant to the Muzuma Substation in Choma.

The project will be executed on a turnkey Engineering, Procurement and Construction ("EPC") basis by Ziquan Group (Singapore) Pte Limited.

The investment strengthens ZCCM-IH's energy portfolio and supports Zambia's energy security agenda by contributing to efforts to address the country's baseload power deficit, diversifying electricity generation beyond hydropower, and providing reliable power to support economic growth and the continued expansion of the mining sector.

3.    OUTLOOK

ZCCM-IH will continue to position itself to capitalise on profitable and sustainable investment opportunities, primarily within the mining and energy sectors. This approach aligns with the Group's strategy, which remains focused on investments in mining, energy, and related sectors while maintaining disciplined capital allocation and a strong focus on long-term value creation.

Operational Turnaround

Continue to implement and monitor recovery plans for Mopani, Konkola Copper Mines Plc (KCM), and Lubambe Copper Mines Plc, with the objective of increasing copper and other mineral production, improving operational efficiencies, and strengthening the financial performance of these investments.

Strategic Projects

Accelerate the development of the Sino-Great Integrated Phosphate Fertiliser Project by progressing key technical, regulatory, and funding milestones.

Energy Expansion

Advance key implementation milestones for the Ever Great energy project, reinforcing ZCCM-IH's role in supporting national energy security and long-term infrastructure development.

Focused Capital Allocation

Pursue the divestment of non-core holdings in non-mining and non-energy sectors in order to reinforce investment discipline and reallocate capital towards high-impact, sustainable, and strategically aligned projects.

Sustainability Leadership

Operationalise the newly established Risk, Compliance and Environmental, Social and Governance (ESG) Committee and strengthen the integration of ESG principles and practices across the Group.

Governance Excellence

Deepen the implementation of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) 2013 Internal Control Framework across the Group, while further embedding ESG metrics and practices into operational, strategic, and investment decision-making processes.

By Order of the Board

Charles Mjumphi

Company Secretary

Ends

ZCCM Investments Holdings Plc	T: [phone] E: [e-mail]
Stockbrokers Zambia Limited (LuSE Advisor and Sponsoring Broker)	T: [phone] E : [e-mail]
Bowsprit Partners Limited (UK Financial Adviser & Corporate Broker)	[phone]

About ZCCM Investments Holdings Plc

ZCCM Investments Holdings PLC is a premier diversified mining investments and operations company with a primary listing under ISIN number ZM0000000037 on the Lusaka Securities Exchange in Zambia, and secondary listings on the London Stock Exchange and the Euronext Access Exchange in Paris.

For more information, visit: https://www.zccm-ih.com.zm

APPENDICES

US DOLLAR ABRIDGED GROUP STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

US$'000	30 June 2026	30 June 2025
Revenue	3,068	1,615
Gross profit	649	232
Operating profit	19,135	8,412
Net finance cost	(26,362)	(30,110)
Share of profit/(loss) of equity accounted investees	19,659	(4,743)
Profit/(loss) before tax	12,432	(26,441)
Income tax	(17,200)	(4,643)
Loss from discontinued operations	-	(166)
Loss for the period	(4,768)	(31,250)
Basic and diluted earnings per share (US$)	(0.03)	(0.19)

US DOLLAR ABRIDGED COMPANY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

US$'000	30 June 2026	30 June 2025
Revenue	82,261	51,113
Operating profit	46,799	28,181
Net finance cost	(28,010)	(30,880)
Profit/(loss) before tax	18,788	(2,699)
Income tax	(17,158)	(4,544)
Profit/(loss) for the year	1,630	(7,243)
Basic and diluted earnings per share (USD)	0.01	(0.05)

DOLLAR ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION FOR THE SIX MONTHS PERIOD ENDED 30TH JUNE 2026

US$'000	30 June 2026	30 June 2025
	US$'000	US$'000
Assets
Non-Current Asset	2,077,068	2,126,951
Current Assets	94,901	203,102
Total Assets	2,171,970	2,330,053
Equity and Liabilities
Shareholders' Funds	2,011,313	2,184,059
Non-Current Liabilities	29,255	117,122
Current Liabilities	131,402	28,872
Total Equity and Liabilities	2,171,970	2,330,053

US DOLLAR ABRIDGED COMPANY STATEMENT OF FINANCIAL POSITION FOR THE SIX MONTHS PERIOD ENDED 30TH JUNE 2026

	30 June 2026	30 June 2025
	US$'000	US$'000
Assets
Non-Current Asset	3,079,114	2,696,774
Current Assets	97,331	191,132
Total Assets	3,176,445	2,887,906
Equity and Liabilities
Shareholders' Funds	3,028,266	2,758,018
Non-Current Liabilities	22,383	103,674
Current Liabilities	125,796	26,214
Total Equity and Liabilities	3,176,445	2,887,906

 

END