Sharenet Sites 
Sharenet Sites
Conclusion of the Disposal of Nedbank Group’s Shareholding in ETI and initial Trading Statement
NEDBANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
NSX share code: NBK
A2X share code: NED
ISIN: ZAE000004875
JSE alpha code: NEDI
('Nedbank Group' or 'Nedbank' or the 'group')
CONCLUSION OF THE DISPOSAL OF NEDBANK GROUP'S SHAREHOLDING IN ECOBANK
TRANSNATIONAL INCORPORATED ('ETI') AND RESULTANT INITIAL TRADING STATEMENT
Shareholders are referred to the announcement released on SENS on 15 August 2025, relating
to the sale and purchase agreement entered into between Nedbank Group and Bosquet
Investments Limited, to dispose of the group's 21.2% shareholding in ETI ('ETI Shareholding') for
a purchase consideration of US$100m (approximately ZAR1.7bn) (the 'Disposal').
Nedbank Group is pleased to announce that, following receipt of all requisite regulatory approvals,
the group has successfully concluded the Disposal on 17 December 2025.
The Disposal represents a reset of Nedbank's strategy on the broader African continent with a
clear focus on the SADC and East Africa regions in businesses Nedbank Group owns and
controls.
Initial Trading Statement
As a result of the conclusion of the Disposal and in terms of IFRS accounting standards, the
cumulative foreign exchange losses and fair value adjustments of approximately a net R7bn loss
related to the equity accounting treatment of our interest in ETI over time, previously recognised
via other comprehensive income (OCI), is required to be recycled to profit or loss in the current
reporting period.
Consequently, a reasonable degree of certainty exists that basic earnings per share ('EPS') for
the 12 months ending 31 December 2025 ('FY25'), will decrease by at least 20% (i.e. to at least
2 888 cents) from the 3 610 cents reported in the 12 months ended 31 December 2024. The
recycling of the foreign exchange losses and fair value adjustments recognised via OCI is
specifically excluded from headline earnings and therefore has no impact on headline earnings
per share ('HEPS') and diluted HEPS. In addition, the recycling of the foreign exchange losses
and fair value gains recognised via OCI has no impact on the net asset value (NAV) per share.
This announcement therefore has no impact on statements made as part of the group's voluntary
trading and pre-close investor update released on SENS on 3 December 2025 that the group is
on track to deliver underlying diluted HEPS growth of flat to low single digits and an ROE of 15%
or higher for FY25, excluding the impact of the once-off R600m commercial settlement with
Transnet.
A further trading statement will be released once Nedbank Group has a greater degree of certainty
with regard to the expected EPS range for FY25.
The financial information on which this initial trading statement is based has not been reviewed
or reported on by the group's joint auditors.
Sandton
17 December 2025
Enquiries
Nedbank Group Investor Relations:
Email: NedgroupIR@nedbank.co.za
Alfred Visagie (Head: Investor Relations)
Email: Alfredv@nedbank.co.za
Sponsor to Nedbank Group in South Africa:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd
Debt Sponsor to Nedbank Limited:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 17-12-2025 05:50:00
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.
