Business performance review and trading statement for the six months ended 30 June 2025

HULAMIN LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1940/013924/06
JSE Code: HLM
ISIN: ZAE000096210
("Hulamin" the "Group" or the "Company")

BUSINESS PERFORMANCE REVIEW AND TRADING STATEMENT FOR THE SIX MONTHS ENDED
30 JUNE 2025

PERFORMANCE REVIEW

Key business objectives for the first half of the year centred on managing the 25-day integrated plant
shutdown and building sufficient finished goods to supply the market during this shutdown. The
execution and successful commissioning of the final phase of the market-driven wide canbody expansion
project was completed as scheduled.

The business achieved higher sales volumes in the first half with an improved sales mix. The benefit of
this was however more than offset by the impact of a stronger exchange rate, elevated inflationary
energy costs and increased pricing pressure in the local can-end market.

The Containers division ceased operations effective 6 June 2025. The sale and wind-down of operating
assets is currently underway.

Shareholders are referred to the cautionary announcement published by the Company on SENS on
18 August 2025, wherein they were advised that the Company has entered into negotiations regarding
the disposal of Hulamin Extrusions. The board has resolved to exit the Extrusions business and is
considering a disposal plan. As at 30 June 2025, the criteria for reclassification as held for sale in terms
of IFRS 5: Non-current Assets Held for Sale and Discontinued Operations have been met, resulting an
impairment of R69 million being recognised.

TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2025

In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, listed companies are required to
publish a trading statement as soon as they become reasonably certain that the financial results for the
period to be reported will differ by more than 20% from the financial results reported in the comparative
period.

                                          30 June 2025       30 June 2024 (Note 2)        Variance

 Normalised HEPS                      Between 23 cents and         50 cents           Decrease between
 (Note 1) - Continuing                      29 cents                                    54% and 42%
 operations

 Headline Earnings per               Between 14 cents and          79 cents           Decrease between
 share ("HEPS")*                           17 cents                                     82% and 78%

 HEPS - Continuing                   Between 13 cents and          85 cents           Decrease between
 operations                                15 cents                                     85% and 82%

 EPS - Continuing                    Between 13 cents and          90 cents           Decrease between
 operations                                15 cents                                     86% and 83%

 (Loss)/earnings per                 Between (7) cents and         83 cents           Decrease between
 share ("EPS")*                           (9) cents                                    109% and 111%

*Continuing and discontinued operations

HEPS and EPS from continuing operations was impacted by a movement in the metal price lag of R187
million (from a metal price gain of R152 million in 2024 to a loss of R35 million in 2025). Normalised HEPS
from continuing operations excludes the metal price lag and the results of the discontinued operations
(Containers and Extrusion).

Note 1: Normalised headline earnings per share
Normalised headline earnings per share is calculated in a consistent manner as per the latest annual
financial statements, by dividing normalised headline earnings by the weighted average number of
ordinary shares in issue during the year.

Normalised headline earnings is defined as headline earnings excluding (i) metal price lag and (ii) non-
trading expense or income items which, due to their irregular occurrence, are removed in order to more
closely present earnings attributable to the ongoing activities of the Group. The presentation of
normalised headline earnings is not an IFRS requirement and may not be directly comparable with the
same or similar measures disclosed by other companies.

Note 2: Re-presented prior period earnings
Prior period reported earnings have been re-presented in line with the requirements of IFRS® Accounting
Standards (IFRS 5). The classification of Extrusions was recognised as a discontinued operation at 30 June
2025 and as a result, required the re-presentation of financial results for the half year ended 30 June
2024 and the annual financial results for the year ended 31 December 2024.

The financial information contained in this trading statement is the responsibility of the directors and
has not been reviewed nor reported on by the Company´s external auditors.

The results for the half year ended 30 June 2025 are expected to be announced on SENS on or about
25 August 2025.



Pietermaritzburg
22 August 2025

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 22-08-2025 12:10:00
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