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Trading statement
REUNERT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1913/004355/06)
JSE and A2X share code: RLO
ISIN: ZAE000057428
(“Reunert” or the “Company” or the “Group”)
TRADING STATEMENT
In terms of paragraph 6.26(a) of the JSE Listings Requirements, issuers are required to publish a trading
statement as soon as they are reasonably certain that the results for the period to be reported upon next will
differ by at least 20% from the most recent published results for the previous corresponding period.
In compliance with the JSE Listings Requirements, shareholders of Reunert are advised that, in respect of the
financial results for the year ended 30 September 2026 (“Current Reporting Period”), the Company expects
to report earnings as set out below:
Total earnings guidance*
• Earnings per share (“EPS”) of between 282 cents and 312 cents, being a decrease of between 52% and
47% when compared to EPS of 590 cents reported for the year ended 30 September 2025 (“Prior
Corresponding Period”).
• Headline earnings per share (“HEPS”) of between 323 cents and 355 cents, being a decrease of between
49% and 44% when compared to HEPS of 630 cents reported for the Prior Corresponding Period.
Earnings guidance from continuing operations*
• EPS of between 282 cents and 312 cents, being a decrease of between 57% and 52% when compared
to EPS of 654 cents reported for the Prior Corresponding Period.
• HEPS of between 323 cents and 355 cents, being a decrease of between 50% and 45% when compared
to HEPS of 649 cents reported for the Prior Corresponding Period.
* In the Prior Corresponding Period, the disposal of Blue Nova Energy Proprietary Limited was accounted for
as a discontinued operation in terms of IFRS 5 – Non-current assets held for sale and discontinued operations.
Operational context
The voluntary operational update released on SENS on Monday, 31 August 2026, outlined, inter alia, the
challenging trading conditions that persisted throughout the remainder of the Current Reporting Period.
The Current Reporting Period was characterised by:
• weak infrastructure-driven demand in South Africa, which adversely impacted the Group’s power cable
businesses;
• weak demand and a stronger Zambian kwacha against the US dollar (“USD”), which negatively impacted
the performance of the Group’s Zambian power cable business;
• increasing commodity prices, negatively impacting trading volumes and margins;
• the sustained strength of the South African rand against the USD and the euro, relative to the Prior
Corresponding Period, which adversely impacted the Group’s export businesses;
• operational challenges experienced at a franchise owned by Nashua Holdings Proprietary Limited
(“Nashua”); and
• delays in customer orders arising from the ongoing conflict in the Middle East, exacerbated by the
associated supply-chain disruption, resulting in execution constraints.
Furthermore, during the Current Reporting Period, the Group remeasured its Employee Share Ownership Plan
in terms of International Financial Reporting Standards (“IFRS”) 2 – Share-based Payment, resulting in a mark-
to-market expense. The negative period-on-period impact of all the IFRS 2 remeasurements on EPS and
HEPS from continuing operations is estimated at 24 cents per share (“cps”).
The significant negative impacts on EPS and HEPS are analysed below. These reflect the principal items only
and do not represent a complete reconciliation of the movement in EPS and HEPS.
cps
Weak demand, currency and commodity prices 146
Delayed Defence orders 51
IFRS 2 remeasurements 24
Once-off impacts relating to: 47
- Restructure of operating facilities at African Cables
- Nashua-owned franchise operational challenges
Estimated impact on EPS and HEPS of significant items 268
EPS was further impacted by the impairment of goodwill totalling R67 million (43 cps) in the Applied Electronics
Segment, which is excluded from HEPS.
Notwithstanding the decline in earnings, the order book of the Applied Electronics Segment as at
30 September 2026 was 25% higher than at the beginning of the Current Reporting Period and, together with
orders contracted after that date, is estimated to exceed R3.0 billion, of which the majority will be executed
during the 2027 financial year. The Group’s balance sheet remains strong, underpinned by strong cash
generation during the Current Reporting Period and cash balances broadly in line with the Prior Corresponding
Period.
The financial information on which this trading statement is based has not been reviewed nor reported on by
the Company’s external auditors and is the responsibility of Reunert’s board of directors.
Reunert’s audited results for the year ended 30 September 2026 are expected to be released on SENS on or
about Monday, 23 November 2026.
Johannesburg
13 November 2026
Sponsor
One Capital
Date: 13/11/2026 01:45:00
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