Wrap Text
Reviewed results and dividend announcement for the year ended 31 December 2025
GRINDROD LIMITED
Registration number: 1966/009846/06, Incorporated in the Republic of South Africa
Share code: GND and GNDP ISIN: ZAE000072328 and ZAE000071106
("Grindrod", or "the Company" or "the Group")
Reviewed results and dividend announcement for the year ended 31 December 2025
OPERATIONAL
Port volumes
UP 6%
15.2 million tonnes
Matola volumes
UP 22%
9.9 million tonnes
FINANCIAL
Core EBITDA*
UP 13%
R2.3 billion
Core headline earnings*
UP 17%
R1.2 billion
Core headline earnings per share*
176.5 cents per share
CAPITAL ALLOCATION
Cash generated from operations
UP greater than 100%
R2.0 billion
Final and special ordinary dividend
68.2 cents per share
* Includes Port and Terminals, Logistics and Group and is inclusive of joint ventures.
PERFORMANCE HIGHLIGHTS
CORE BUSINESS
Grindrod has successfully completed its strategic reset and has moved decisively into a phase focused on growth. Where our strategy has been embedded,
we are already seeing measurable and consistent returns, despite external volatility.
Our Port and Terminals operations stood out during the year, with Maputo port delivering record volumes of 32.0 million tonnes per annum (mtpa). This
performance was underpinned by Matola terminal achieving a record 9.9 mtpa and MPDC operated terminal achieving record volumes of 15.2 mtpa. Terminal
operations have improved, notably reducing vessel turnaround time and increasing capacity through continuous improvement initiatives.
Logistics, which includes Rail, remain central to Grindrod's value proposition, underpinning terminal throughput and enabling the provision of integrated
logistics solutions for our customers. We are progressing contract consultation on Open Access rail opportunities. The logistics segment's performance was
affected by reduced deployment as a result of the rail refurbishment programme. Lower graphite and container volumes contributed to the subdued performance.
The ships agency and clearing and forwarding businesses results softened against the prior year.
Reviewed Audited
31 December 31 December
2025 2024 Change
Core operations inclusive of joint ventures* Rm Rm %
Revenue 7 465 7 371 1
Earnings before interest, taxation, depreciation and amortisation (EBITDA) 2 268 2 015 13
Profit attributable to ordinary shareholders 2 082 1 006 107
Headline earnings 1 178 1 004 17
* Core operations includes Port and Terminals, Logistics and Group.
GROUP RESULTS
Grindrod's headline earnings increased to R1 200.2 million (2024: R311.9 million) after accounting for the non-core business. The Group's basic earnings
increased to R2 069.2 million (2024: R314.2 million).
Reviewed Audited
31 December 31 December
2025 2024 Change
Total Group* Rm Rm %
Revenue 5 558 4 976 12
EBITDA 1 564 295 430
Basic earnings 2 069 314 559
Headline earnings 1 200 312 285
Basic earnings per share (cents) 310.0 47.1 559
Headline earnings per share (cents) 179.8 46.7 285
* Joint ventures are equity accounted.
DECLARATION OF DIVIDEND
Ordinary dividend
Notice is hereby given that a final gross ordinary dividend of 25.2 cents per share (2024:17.0 cents per share) has been declared out of income reserves for
the year ended 31 December 2025. The final net ordinary dividend is 20.16 cents per share for ordinary shareholders who are not exempt from dividends tax.
As at the date of this announcement, there were 698 031 586 ordinary shares in issue.
Special ordinary dividend
Notice is hereby given that a gross special ordinary dividend of 43.0 cents per ordinary share has been declared to shareholders from the divestitures of
non-core assets. The net special ordinary dividend is 34.4 cents per ordinary share for shareholders who are not exempt from dividend tax.
Payment of the special dividend is subject to Exchange Control approval. A further announcement will be released on SENS by no later than the finalisation
date once Exchange Control approval has been obtained.
Preference dividend
Notice is hereby given that a final gross preference dividend of 465.0 cents (2024: 513.0 cents) per cumulative, non-redeemable, non-participating and non-
convertible preference share has been declared out of income reserves for the year ended 31 December 2025. The final net preference dividend is 372.0 cents
per share for preference shareholders who are not exempt from dividends tax.
As at the date of this announcement, there were 7 400 000 preference shares in issue.
Salient dates
The salient dates for the ordinary dividend, special dividend and preference dividend are as follows:
Dividend declaration date Friday, 06 March 2026
Finalisation date Thursday, 26 March 2026
Last date to trade cum dividend Tuesday, 07 April 2026
Securities start trading ex-dividend Wednesday, 08 April 2026
Record date Friday, 10 April 2026
Payment date Monday, 13 April 2026
No dematerialisation or rematerialisation of shares will be allowed during the period Wednesday, 08 April 2026 to Friday, 10 April 2026, both days inclusive.
The local dividend tax rate is 20% and Grindrod's tax reference number is 9435/490/71/0. Both the ordinary dividend and preference dividend are declared in
the currency of the Republic of South Africa.
Directors' statement
This short-form announcement is the responsibility of the directors and is only a summary of the information of the full announcement and does not contain
full or complete details. The full announcement is available on the Company's website at www.grindrod.com and on the JSE cloudlink on 06 March 2026 at
https://senspdf.jse.co.za/documents/2026/jse/isse/GNDE/ye2025.pdf.
Any investment decision by investors and / or shareholders should be made having considered the full announcement as a whole.
By order of the Board
VB Commaille
Group Company Secretary
06 March 2026
Review conclusion
The condensed consolidated financial statements for the year ended 31 December 2025 have been reviewed by Grindrod's auditors,
PricewaterhouseCoopers Incorporated, who issued an unmodified review conclusion report thereon. The auditor's review
conclusion forms part of the reviewed results and is available on the Company's website at www.grindrod.com.
This short-form announcement has not been reviewed by Grindrod's auditors.
Registered office and business address
Grindrod Mews, 106 Margaret
Mncadi Avenue, Durban, 4001
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 06-03-2026 08:00:00
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