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Notice of availability of annual financial statements
The South African National Roads Agency SOC Limited
Incorporated in the Republic of South Africa
(Registration number 1998/009584/30)
Company code: BINRA
(“SANRAL” or the “Company”)
NOTICE OF AVAILABILITY OF ANNUAL FINANCIAL STATEMENTS
SANRAL hereby notifies its bondholders that the 2025/2026 Integrated Annual Report, incorporating
the audited annual financial statements of the Company for the year ended 31 March 2026 (“2026
Annual Financial Statements”) has been publicly released.
Audit Opinion
The Auditor-General of South Africa, being the auditor of SANRAL, has issued an unqualified audit
opinion with emphasis of matters in respect of the 2026 Annual Financial Statements and has concluded
that they present fairly, in all material respects, the financial position of SANRAL as at 31 March 2026,
as well as its financial performance and cash flows for the year then ended.
The emphasis of matters relates to:
• the restatement of corresponding figures for the financial year ended 31 March 2025, as disclosed
in Notes 49 and 50 to the 2026 Annual Financial Statements; and
• material losses of R14 billion, comprising the write-off of irrecoverable trade debtors amounting to
R6 billion and expected credit losses of R8 billion, as disclosed in Note 10 to the 2026 Annual
Financial Statements.
The Auditor-General's audit opinion is not modified in respect of these matters.
Restatements and Prior-Year Adjustments
Prior Period Errors
Note 49 to the 2026 Annual Financial Statements contains disclosures relating to prior period errors
arising from the valuation methodology applied in determining the gross replacement cost of SANRAL's
road infrastructure network, measured using the depreciated replacement cost approach.
The corresponding figures for the financial year ended 31 March 2025 have been restated as a result
of the correction of these errors, with the resultant adjustments disclosed in Note 49 to the 2026 Annual
Financial Statements.
Prior-Year Adjustments
Note 50 to the 2026 Annual Financial Statements contains disclosures relating to prior-year adjustments
affecting certain items presented in the statement of financial position and the statement of financial
performance.
Availability of the 2026 Annual Financial Statements
The 2025/2026 Integrated Annual Report, incorporating the 2026 Annual Financial Statements and the
accompanying audit report, is available on SANRAL’s website at
https://www.nra.co.za/uploads/102308/SANRAL%20Integrated%20Annual%20Report%202026%20V
ol%202_1.pdf and for inspection at SANRAL’s registered office.
In addition, the Board Charter and the Audit Committee Charter, which contain certain information
required to be disclosed in terms of section 7 of the JSE Debt and Specialist Securities Listings
Requirements, are available on SANRAL’s website at https://www.nra.co.za/corporate-
governance?region_id=national#board-and-board-committee-charters.
2 November 2026
Debt Sponsor
One Capital
Date: 02/11/2026 12:50:00
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