Unaudited Consolidated Interim Financial Statements for the six months ended 30 September 2025

Southern Sun Limited 
(Incorporated in the Republic of South Africa) 
(Registration number 2002/006356/06) 
Share code: SSU 
ISIN: ZAE000272522 
(Southern Sun or the company or the group)

Unaudited consolidated interim financial statements 
For the six months ended 30 September 2025

- Income: Group up 5% to R3.1 billion
- Income: SA division up 8% to R3.0 billion
- Ebitdar: Group maintained at R818 million
- Ebitdar: SA division up 6% to R827 million
- AHEPS steady at 24.9 cents
- Net debt at R481 million

Supplementary information 
                                                                  2025           2024           % 
                                                             Unaudited      Unaudited      change 
Income (Rm)                                                      3 122          2 966           5 
Ebitdar (Rm)                                                       818            822           - 
Attributable earnings for the period (Rm)                          329            332          (1)
Adjusted headline earnings for the period (Rm)                     334            334           - 
Basic earnings per share (cents)                                  24.5           24.7          (1)
Basic headline earnings per share (cents)                         24.8           24.3           2 
Basic adjusted headline earnings per share (AHEPS)(cents)         24.9           25.0           - 

Operational review
The group delivered a resilient performance in the first half of the 2026 financial year, achieving 5% income growth
to R3.1 billion (2024: R3.0 billion), driven primarily by strong domestic trading where South African operations rose 
8% to R3.0 billion. This performance was partially offset by a 29% decline in offshore revenue to R147 million, following
the temporary closure of Paradise Sun for refurbishment and weaker trading in Maputo and Tanzania.

South African hotels achieved occupancy of 60.6% (2024: 59.4%) and a 6% increase in average room rates (ARR) to R1 369, 
lifting rooms revenue to R2.0 billion (2024: R1.8 billion). Demand was supported by conferencing, events, and group travel 
in Gauteng and the Western Cape, while transient corporate and government travel remained subdued due to delayed national 
budget approvals and Easter timing. Recovery in these segments is ongoing, aided by upcoming G20 and B20 conferences. The 
group experienced higher than expected cost pressures that weighed on margins, driven primarily by increases in information 
technology, utilities, and channel costs.

Despite these headwinds, South African Ebitdar increased 6% to R827 million (2024: R783 million) underscoring the strength 
of the domestic portfolio. In contrast, offshore operations posted a R9 million loss (2024: R39 million profit), resulting 
in group Ebitdar of R818 million (2024: R822 million) and a margin of 26% (2024: 28%). On 30 September 2025, the group 
successfully refinanced its debt package into two-year revolving credit facilities maturing on 30 September 2027, with an 
option to extend for a further 12 months to 30 September 2028. Net interest-bearing debt increased to R481 million at 
30 September (2024: R995 million), up R215 million from the year-end balance of R266 million.

Given the seasonal weighting of profits to the second half, no interim dividend has been declared for the six months
ended 30 September 2025 which is consistent with the prior-year interim decision.

Prospects
Paradise Sun's relaunch has been well received, trading at strong occupancy and ARR levels, with momentum expected to
continue into H2. In South Africa, major events including the G20 conference taking place in November 2025, repeat anchor 
events like the Parliamentary opening and Mining Indaba as well as various sporting events are expected to support the
group's peak summer period.

Medium-term recovery of occupancies to long-term averages presents upside potential, aided by policies that encourage
economic growth. The softening of inflation along with South Africa's removal from the Financial Action Task Force's
grey list are tailwinds that signal improved investor confidence and stronger economic growth. However, interest rates
remain high and continues to constrain consumer and investor confidence.

October 2025 delivered group-wide occupancy of 73.3% and revenue growth of 18%. Ebitdar was up a pleasing 27% on the
prior period - this was the highest occupancy achieved, surpassing World Cup levels in June 2010.

Short-form announcement
This short-form announcement is the responsibility of the board of directors of Southern Sun. It is only a summary of
the full announcement and does not contain complete details.

The full announcement is available on the company's website at www.southernsun.com/investors/financial-reports and on
the JSE link: https://senspdf.jse.co.za/documents/2025/jse/isse/SSUE/Interim25.pdf. A copy of the full announcement may 
also be requested from companysecretary@southernsun.com. Any investment decisions should be based on consideration of the 
full announcement.

Neither this short-form, nor the unaudited consolidated interim financial statements for the six months ended 
30 September 2025 have been reviewed or reported on by the group's external auditors, Deloitte & Touche.

19 November 2025

JSE Equity Sponsor
Investec Bank Limited

www.southernsun.com
Date: 19-11-2025 07:15:00
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