Unaudited consolidated results for the six months ended 30 June 2023 HULAMIN LIMITED (Incorporated in the Republic of South Africa) Registration number 1940/013924/06 JSE Code: HLM ISIN: ZAE000096210 (“Hulamin”, the “Group” or the “Company”) UNAUDITED CONSOLIDATED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2023 Hulamin is pleased to announce its interim results for the period ended 30 June 2023. Shareholders are advised that the Company’s condensed interim financial results for the six months ended 30 June 2023 were published on SENS on 14 August 2023 (“Full Announcement”). Results Headlines • EBIT up 112% to R473 million, despite volumes being down 7% at 95 588 tons. • Normalised headline earnings per share up 94% to 70 cents. • Local sales at 47% making up 42 607 tons with can stock at 58% of local sales. • Total can stock at 49% up 6% from prior period. • Normalised EBITDA increased by 95% to R425 million. • R141 million capital expenditure 57% up from prior period*. Results Overview Geoff Watson, Hulamin’s Interim Chief Executive Officer, commented: “Improved trading results experienced in FY 2022 continued into H1 2023. The Group continued to focus on its simplification strategy and capitalising on attractive market conditions through reprioritised mix with a focus on CAN products, weaker average exchange rate and stable cost base which contributed positively to half-year normalised earnings. Hulamin Extrusions posted a recovery with volumes growing by 10%, largely influenced by recovery of the automotive sector and growth in renewable energy sector sales which was negatively impacted by lower LME pricing. Hulamin expects market conditions to be softer in the second half. There was a two-week strike which will impact H2 2023 sales but should be viewed in the context of a softer market in H2 2023. The strategy of the business remains unchanged. The Group expects to benefit from a more stable plant performance, a weaker exchange rate than H2 2022 and an improved product focus. Debt reduction will remain a priority.” Financial Headlines The unaudited financial results for the six months ended 30 June 2023 (“current period” or “2023”), as compared to the unaudited results for the six months ended 30 June 2022 (“comparative period” or “2022”), are set out below: 2023 2022 R’000 Percentage R’000 change Revenue 7 404 298 -7% 7 961 764 Operating profit 473 484 112% 223 167 Basic earnings per share (cents) 95 102% 47 Basic headline earnings per share (cents) 95 102% 47 Basic normalised headline earnings per share (cents) 70 94% 36 (note 1) *As reported in the consolidated annual financial statements as at 31 December 2022, the Group continued with their ongoing assessment of financial internal controls in 2022 which included an assessment of the existing accounting practices and policies. The Group identified an error in its classification of certain items of Strategic Spares as Inventory instead of Property, Plant and Equipment. Accordingly, the Group corrected this error by reclassifying the identified items of Strategic Spares from Inventory (IAS 2) to Property, Plant and Equipment in accordance with IAS 16. The reclassification was limited to Strategic Spares not expected to be used within a year of being available for use and as such were reclassified to Property, Plant and Equipment. The reclassification further resulted in reclassification between categories within the Statement of Cashflows i.e., cash generated from operating activities to investing activities. The resultant restatement had no impact on the previously reported Consolidated Statement of Profit or Loss and Other Comprehensive Income. 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 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 more closely present earnings attributable to the ongoing activities of the Group. For 2023, normalised headline earnings include an adjustment for metal price lag. The presentation of normalised headline earnings is not an IFRS 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. It is only a summary of the Full Announcement 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/2023/jse/isse/HLM/June23Int.pdf or from Hulamin’s investor website at: http://ir.hulamin.com. Copies of the full announcement may be requested by contacting the Company Secretary at: lmanaka@luvivi.co.za Registered office: Moses Mabhida Road, Pietermaritzburg Telephone: 033 395 6911 Pietermaritzburg 14 August 2023 Sponsor Questco Corporate Advisory Proprietary Limited Date: 14-08-2023 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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