Wrap Text
Publication of the group's 2025 annual report suite and change statement
AECI LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1924/002590/06
Share code: AFE ISIN: ZAE000000220
Hybrid code: AFEP ISIN: ZAE00000238
Bond company code: AECI
LEI: 3789008641F1D3D90E85
(AECI, the Company or the Group)
PUBLICATION OF THE GROUP'S 2025 ANNUAL REPORT SUITE AND CHANGE STATEMENT
1. PUBLICATION OF THE GROUP'S 2025 INTEGRATED REPORTING SUITE AND AUDITED ANNUAL
FINANCIAL STATEMENTS
AECI shareholders (Shareholders) and AECI noteholders (Noteholders) are advised that the Group's full integrated
reporting suite for the financial year ended 31 December 2025 (2025 Integrated Reporting Suite) is available on
the Company's website at https://investor.aeciworld.com/results-reports-presentations.php#results.
Alternatively, you may email AECI Investor Relations at aeciinvestorrelations@aeciworld.com to obtain your copy.
The 2025 Integrated Reporting Suite comprises, inter alia, the integrated report (including the governance section
incorporating the King Code application statement), the remuneration report, the sustainability report, the notice of
annual general meeting and the Group's full audited consolidated and separate annual financial statements for the
year ended 31 December 2025 (AFS), on which the Company's auditors, Deloitte & Touche, expressed an
unmodified audit opinion.
2. CHANGE STATEMENT
The AFS, and the auditor's report thereon, are also available through the JSE cloudlink at
https://senspdf.jse.co.za/documents/2026/jse/isse/afe/AFS2025.pdf.
The AFS contain an adjustment to the taxation payable of R32 million, compared to the reviewed condensed
consolidated financial results for the year ended 31 December 2025 (Reviewed Results or Group Reviewed AFS),
released on SENS on Wednesday, 25 February 2026.
The additional taxation payable recognised relates to unsubstantiated supplier payments identified at the Group's
subsidiary in the Democratic Republic of Congo. The Group became aware of these unsubstantiated payments
subsequent to publishing the Reviewed Results.
Details of this matter are included in note 24 to the AFS. The consolidated results of the AECI group for the year
ended 31 December 2024, as well as the company separate financial results for the years ended
31 December 2024 and 31 December 2025, were not affected.
Primary financial statements
The affected line items in the primary financial statements of the consolidated results, as reflected in the AECI
group's audited annual financial statements for the year ended 31 December 2025 (Group Audited AFS) include
the following:
Consolidated statement of financial position
At 31 December 2025
Rand million Group Group Difference
Audited Reviewed
AFS AFS
Equity and Liabilities
Ordinary capital and reserves 11,441 11,473 (32)
Retained earnings 9,962 9,994 (32)
Shareholders' equity 11,447 11,479 (32)
Total equity 11,601 11,633 (32)
Current liabilities 8,450 8,418 32
Taxation payable 580 548 32
Total liabilities 12,801 12,769 32
Consolidated statement of profit or loss
For the year ended 31 December 2025
Rand million Group Group Difference
Audited Reviewed
AFS AFS
Taxation (expense)/income (885) (853) (32)
Profit/(loss) for the year from continuing
operations 330 362 (32)
Profit/(loss) for the year 315 347 (32)
Attributable to the AECI Group equity
shareholders 330 362 (32)
Per ordinary share (cents)
Basic earnings/(loss) 313 343 (30)
Diluted basic earnings/(loss) 309 339 (30)
Basic earnings from continuing operations 327 357 (30)
Diluted basic earnings from continuing
operations 323 353 (30)
Consolidated statement of comprehensive income
For the year ended 31 December 2025
Rand million Group Group Difference
Audited Reviewed
AFS AFS
Profit/(loss) for the year 315 347 (32)
Total comprehensive (loss)/income for the year (323) (291) (32)
Attributable to the AECI Group equity
shareholders (287) (255) (32)
Consolidated statement of changes in equity
For the year ended 31 December 2025
Rand million Group Group Difference
Audited Reviewed
AFS AFS
Total comprehensive loss for the year (323) (291) (32)
Profit for the year 315 347 (32)
Balance at 31 December 2025 11,601 11,633 (32)
The statement of cash flows remains unaffected by this adjustment.
Notes to the financial statements
Affected line items disclosed in the notes to the financial statements include:
Note 25: Earnings per share
Rand million Group Group Difference
Audited Reviewed
AFS AFS
Profit/(loss) attributable to the AECI Group
equity shareholders 330 362 (32)
Headline earnings from continuing and
discontinued operations 1,127 1,159 (32)
Earnings/(loss) per ordinary share
Cents Group Group Difference
Audited Reviewed
AFS AFS
Basic earnings/(loss) 313 343 (30)
Continuing operations 327 357 (30)
Headline earnings 1,068 1,098 (30)
Note 24: Taxation (expense)/income
Rand million Group Group Difference
Audited Reviewed
AFS AFS
Current taxation (expense)/income – continuing
operations (1,122) (1,090) (32)
South African and foreign normal taxation,
including prior year adjustment – continuing
operations (1,015) (983) (32)
Total income taxation (expense)/income (885) (853) (32)
The effective tax rate reconciliation included in note 24 has been adjusted to reflect an effective tax rate of 72.9%
(Reviewed Results: 70%). The main line items affected are:
• Non-deductible expenses: 15.2% (Reviewed Results: 13%); and
• Prior year adjustment: 1.8% (Reviewed Results: 1%).
Woodmead, Sandton
22 April 2026
Equity Sponsor: One Capital
Debt Sponsor: Questco Proprietary Limited
Date: 22-04-2026 03:35:00
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