ITALTILE LIMITED - Results of Annual General Meeting and Market Update

Results of Annual General Meeting and Market Update

ITALTILE LIMITED
Incorporated in the Republic of South Africa
(Registration number 1955/000558/06)
Share code: ITE  ISIN: ZAE000099123
("Italtile" or "the Company" or "the Group")


RESULTS OF ANNUAL GENERAL MEETING AND MARKET UPDATE


RESULTS OF ANNUAL GENERAL MEETING

Shareholders are advised that, at the annual general meeting ("AGM") of Italtile held today, 13 November 2025, all
the resolutions as set out in the notice of AGM were passed by the requisite majority of shareholders, save for,
ordinary resolution numbers 2.4 and 5.2, which were withdrawn at the AGM.


The total number of voting shares represented in person or by proxy was 1 115 156 486 representing 84.38% of
the total issued share capital of the same class of the Company's shares.

Details of the results of voting are set out below:

                                                                                  % of votes
                                                                          % of   carried for     % of votes        % of
                                                        Number of    shares in           the    against the      shares
Resolution                                           shares voted       issue1   resolution2    resolution2  abstained1
Ordinary Resolution No 1: Appointment
of Ms M Matsipa as independent non-
executive director                                  1 109 615 486        83.96        100.00          0.00         0.42

Ordinary Resolution No 2: Re-election of
directors                                                       -            -             -             -            -

2.1 Re-election of Mr G A M Ravazzotti              1 109 615 486        83.96         99.36          0.64         0.42

2.2 Re-election of Ms S M du Toit                   1 109 615 486        83.96         92.38          7.62         0.42

2.3 Re-election of Mr S G Pretorius                 1 109 614 986        83.96         90.67          9.33         0.42

2.4 Re-election of Mr J N Potgieter                                            [Withdrawn]

Ordinary Resolution No 3: Re-
appointment of external auditors                    1 109 615 486        83.96        100.00          0.00         0.42

Ordinary Resolution No 4: Re-election of
Audit and Risk Committee members                                -            -             -             -            -

4.1 Election of Ms L C Prezens                      1 109 614 986        83.96         99.41          0.59         0.42

4.2 Election of Ms S M du Toit                      1 109 614 986        83.96         92.38          7.62         0.42

4.3 Election of Mr S G Pretorius                    1 109 614 986        83.96         89.72         10.28         0.42

Ordinary Resolution No 5: Election of
Social and Ethics Committee members                             -            -             -             -            -

5.1 Election of Ms A Mathole                        1 109 615 486        83.96         99.74          0.26         0.42

5.2 Election of Mr S G Pretorius                                       [Withdrawn]

5.3 Election of Mr L A Foxcroft                     1 109 615 486        83.96         99.99          0.01         0.42

Ordinary Resolution No 6: Non-binding
Advisory Endorsement of the Company's
Remuneration policy and Implementation
report                                                          -            -             -             -            -

6.1 Endorsement of the Company's
    Remuneration policy                             1 044 828 732        79.05         95.47          4.53         0.42

6.2 Endorsement of the Company's
    Implementation report                           1 044 828 732        79.05         94.97          5.03         0.42

Ordinary Resolution No 7: Unissued
shares to be placed under the control of
the directors                                       1 044 828 732        79.05         83.67         16.33         0.42

Ordinary Resolution No 8: General
authority to issue shares, and to sell
treasury shares, for cash                           1 044 828 732        79.05         90.76          9.24         0.42

Special Resolution No 1: Acquisition of
own securities                                      1 044 828 732        79.05         98.75          1.25         0.42

Special Resolution No 2: Approval of
non-executive directors' remuneration               1 109 614 986        83.96         99.26          0.74         0.42

Ordinary Resolution No 9: Authority to
sign documentation                                  1 109 614 986        83.96        100.00          0.00         0.42

1Based on 1 321 654 148 shares in issue at the date of the annual general meeting.

2Disclosed as a percentage of voteable shares.


MARKET UPDATE

The global and South African macro-economic challenges have persisted into the new financial year. During the
period 1 July to 30 October 2025, Italtile has achieved modest retail growth of 2% year on year as consumer spending
remains constrained. The market has continued to experience pressure from low priced imports causing a decline
in revenue at Ceramic Industries. As a result, the Group's systemwide turnover for the period was 1% lower year on
year.

In Retail, we have been encouraged by some green shoots in the project market. While retail tile volumes have
increased as we have gained market share, average selling prices have continued to decrease compared to the
same period last year. Competition remains rife and poor consumer confidence has resulted in continued margin
pressure on tile products.

While we have focused on managing costs and efficiencies across the business, double digit increases in the cost
of municipal services have led to overall costs rising 1% in the first quarter of FY2026.

We welcome the reduction in interest rates, but disappointingly low GDP growth has diminished any favourable
impact and there is little sign of improvement in the building industry activity.

The outlook we provided at the end of the previous financial year remains unchanged.
The above information has not been reviewed and reported on by the Group's external auditors.


Johannesburg
13 November 2025

Sponsor
Merchantec Capital

Date: 13-11-2025 03:40:00
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