Wrap Text
Unaudited Consolidated Results for the Six Months Ended 30 June 2026
HULAMIN LIMITED
\(Incorporated in the Republic of South Africa) /ration number
1940/013924/06
JSE Share Code: HLM
ISIN: ZAE000096210
("Hulamin", the "Group" or the "Company")
UNAUDITED CONSOLIDATED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
Hulamin announces its interim results for the period ended 30 June 2026. Shareholders are advised
that the Company's condensed interim financial results for the six months ended 30 June 2026 were
published on the websites of the JSE Limited and the Group today, 03 August 2026 ("Full
Announcement").
Results Headlines
• Operational recovery substantially resolved, ramping steadily towards desired run-rate.
• Rolled products volumes of 85kt, reflecting continued operational recovery.
• Normalised EBITDA of R177 million, impacted by externalities and volume recovery.
• HEPS increased to 79 cps benefit from high metal prices
• Strategic disposals of non-core operations completed, unlocking approximately R100m in working
capital in H2
Business Overview
The first half of 2026 ("H1 2026") marked a significant turning point for Hulamin as the Group delivered
a strong operational recovery. Following the resolution of the majority the operational challenges
experienced in the second half of 2025, our core operations have stabilised and are ramping towards
the upgraded plant's design run-rate. The successful commercialisation of our wide-canbody
expansion across our customer base, together with the continued execution of our portfolio
optimisation strategy through the disposal of our non-core businesses, positions the Group well for
the future.
Proceeds from these disposals will be applied to reduce debt and further strengthen the balance
sheet. While first-half earnings remain below the comparative period, the substantial improvement in
operational performance from second half of 2025 provides a solid foundation for improved financial
performance in the periods ahead.
OPERATIONAL RECOVERY AND PORTIFOLIO SIMPLIFICATION
1. OPERATIONAL RECOVERY- PERFORMANCE BACK ON TRACK
Hulamin management reports that H1 2026 marked a significant operational turning point for the
Group. Following the commissioning and quality challenges experienced associated with the can
stream in the second half of 2025, the Group has delivered a material improvement in operational
performance, representing an important milestone in the execution of its growth strategy.
The operational recovery was underpinned by a structured restructuring programme encompassing
management leadership changes and the appointment of specialist manufacturing expertise to
strengthen plant reliability, operational efficiency and product quality. As a result, the majority of the
operational constraints experienced in the prior period have been resolved, with the Group's core
manufacturing streams continuing to ramp towards the upgraded plant's design run-rate.
While rolled products volumes remained below the comparative period, operational performance
improved progressively throughout H1 2026. The successful commercialisation of the wide-canbody
volumes across customers, together with continued strength in strategic product categories and
strong demand across key growth markets, positions the Group to translate this operational recovery
into improved financial performance in the second half of 2026 ("H2 2026").
The Board remains confident that Hulamin is well positioned to realise the benefits of the significant
expansion and growth capital invested over recent years.
2. PORTFOLIO SIMPLIFICATION – NON-CORE DISPOSALS PROGRESSING
• Hulamin Extrusions disposal — effective 1 July 2026
o The disposal of Hulamin Extrusions became effective on 1 July 2026 following
fulfilment of all remaining conditions precedent. The transaction is largely complete.
Cash proceeds of R10 million have been received, with an up to R100 million
consignment stock agreement now in effect. The remaining disposal proceeds are
expected to be realised during H2 2026.
• Hulamin Containers disposal — complete
o The sale of Hulamin Containers' operating assets is complete. The proceeds for the
equipment have been received, while the land and buildings is currently in the
process of being transferred. Upon completion, the balance of the disposal proceeds
will be received.
All disposal proceeds will be applied to reduce the Group's net debt, strengthening the balance
sheet and improving free cash flow generation into H2 2026 and beyond.
Financial Headlines
The unaudited financial results for the six months ended 30 June 2026 ("current period" or "2026"),
as compared to the unaudited results for the six months ended 30 June 2025 ("comparative period"
or "2025") are set out below:
2026 2025
R'000 Percentage R'000
change
Revenue - Continuing operations 7 239 822 2% 7 104 540
Operating profit - Continuing operations 395 358 >100 % 164 521
Normalised operating profit - Continuing operations 101 898 (53) % 215 172
Basic earnings/(loss) per share (cents)* 75 >100 % (8)
Basic earnings per share (cents)- Continuing 79 >100 % 14
operations
Basic headline earnings per share (cents)* 75 >100 % 15
Basic headline earnings per share (cents) - 79 >100 % 14
Continuing operations
Basic normalised headline profit per share (cents) 10 (62) % 26
(note 1) - Continuing operations
*Continuing and discontinued operations
No dividend was declared in respect of the current period or the comparative period.
Note 1: Normalised headline earnings per share
Normalised headline earnings per share is one of the measurement bases Hulamin uses in assessing
its financial performance and is calculated in a consistent manner as detailed in the Full
Announcement, 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
present more closely the earnings attributable to the ongoing activities of the Group. For 2026,
normalised headline earnings include an adjustment for metal price lag and other restructuring costs.
The presentation of normalised headline earnings is not an IFRS® Accounting Standards requirement
and may not be directly comparable with the same or similar measures disclosed by other companies.
SHORT FORM ANNOUNCEMENT
This short form announcement is the responsibility of the board of directors and does not contain full
or complete details. Any investment decisions by investors and/or shareholders should be based as a
whole on consideration of the Full Announcement which may be downloaded from
https://senspdf.jse.co.za/documents/2026/jse/isse/HLM/June26.pdf
or from Hulamin's investor website (http://ir.hulamin.com).
Copies of the Full Announcement may be requested by contacting the Company Secretary at:
secretarial@hulamin.co.za.
Registered office: Moses Mabhida Road, Pietermaritzburg; Telephone: 033 395 6911
Pietermaritzburg
3 August 2026
Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 03-08-2026 07:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
