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Condensed unaudited interim results for the six months ended 31 August 2025
ZEDER INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2006/019240/06
Share code: ZED
ISIN: ZAE000088431
LEI code: 37890022AF5FD117D649
Main Board – General Segment
("Zeder" or "the Company" or "the Group")
CONDENSED UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED
31 AUGUST 2025
1. CONDENSED UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED
31 AUGUST 2025
SALIENT FEATURES
• As at 31 August 2025, Zeder's net asset value per share ("NAVPS") was R1.68,
representing a decrease of 21.9% (or 47 cents per share) when compared to the NAVPS
of R2.15 as at 31 August 2024. The decrease was mainly as a result of the special
dividends of 31.0 cents per share paid to Zeder shareholders and the downward
adjustments in the valuation of the unlisted investments compared to the previous
corresponding period.
• Other:
o Both headline and attributable loss per share increased by 143.9% from 4.1 cents
to 10.0 cents, mainly as a result of the aforementioned downward adjustments in
the valuation of the unlisted investments, countered by dividend income received.
o Loss before taxation from continued operations per Zeder's consolidated income
statement increased by 107.0% from a loss of R71m to R147m, mainly as a result
of the aforementioned.
o No ordinary dividends were declared during the six months ended 31 August 2025
(31 August 2024: nil; 28 February 2025: nil). No special dividends were declared
during the six months ended 31 August 2025 (31 August 2024: 30.0 cents per
share; 28 February 2025: 61.0 cents per share).
STRATEGIC FOCUS
Zeder's objective remains to maximise long-term wealth for its shareholders.
The Zeder board is engaged in advance discussions with third parties on Zaad and continues
to assess further wealth maximising strategies in a responsible way, which may also include
the orderly disposal of individual assets comprising the Zaad portfolio.
In this regard, Zeder announced on 26 March 2025 that the Company, through its subsidiaries
and indirect subsidiaries of Zaad, had entered into separate sale of shares agreements with
ETG Inputs to dispose of its operations in Zimbabwe, Mozambique and Zambia, including the
intellectual property rights associated with said operations held by Bakker Brothers in the
Netherlands, as one indivisible transaction, for an aggregate consideration of R135m.
In addition, Zaad also entered into an agreement to dispose of its non-core Angolan chemical
operations for an aggregate consideration of R45m.
The aforementioned disposals are subject to outstanding approvals from the competition
commission (all applications have been lodged) with effective dates anticipated during October
or November 2025.
BUSINESS ENVIRONMENT AND OUTLOOK
The macro environment remained constrained during the period under review, primarily due
to ongoing global market risks and the continued conflicts in the Middle East and Eastern
Europe. Zeder anticipates that uncertainty and volatility will persist in these operating markets.
In terms of our remaining portfolio investment, exciting new growth markets have been
established on the seed and chemical side of our South African operation, while EA Seeds has
promising growth prospects in the Eastern African markets, especially in the hybrid seed maize
market.
Despite these challenges, Zeder remains well-positioned supported by a stable balance sheet
and cash resources.
2. DIVIDEND
Zeder's dividend policy remains to distribute dividends subject to the Group maintaining
sufficient cash reserves to support its operations and where necessary, the growth plans of its
investee' companies. In light of ongoing uncertainty and volatility in global markets, the board
has resolved not to declare a dividend at this time, but will consider future distributions when
conditions are deemed appropriate.
3. SHORT-FORM ANNOUNCEMENT
This short-form announcement ("Results Announcement") is the responsibility of the
directors of the Company. The unaudited financial results for the six months ended
31 August 2025 ("Results") have been released on Stock Exchange News Service and can
be found at JSE cloud link:
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/ZED/ZEDHY26.pdf
A copy of the Results is also available for viewing on the Company's website at
http://www.zeder.co.za/ZEDHY26.pdf
Any investment decisions by investors and/or shareholders should be based on consideration
of the Results as this Results Announcement does not provide all of the details.
The Company has based this Results Announcement on the Results, which have not been
reviewed or audited by the Company's auditor, Deloitte & Touche.
Stellenbosch
21 October 2025
Transaction Advisor and Sponsor Independent Joint Sponsor
PSG Capital BSM Sponsors
Date: 21-10-2025 08:00:00
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