Raubex (RBX) H2 2025 earnings summary

Executive summary

• Revenue grew 21% year-over-year to R21.08 billion, driven by strong performance in most divisions and robust operational execution.

• Order book reached a record R28.18 billion, up 10.3% from the prior year, supporting a positive outlook.

• Cash generated from operations increased 31.8% to R2.51 billion, reflecting healthy balance sheet and future growth potential.

• Operating profit rose 1.3% to R1.56 billion, with margin pressure from lower chrome prices in the mining division.

• Focus on operational efficiencies, selective tendering, and expansion in Western Australia and Construction Materials.

Financial highlights

• Revenue increased 21% to R21.08 billion year-over-year.

• Operating profit rose to R1.56 billion; operating margin declined to 7.4% from 8.8% due to commodity price pressures.

• Headline earnings per share increased 25.9% to 599.8c; total dividend for the year was 198c per share.

• Cash from operations up 31.8% to R2.51 billion; CapEx decreased 23.4% to R1.35 billion.

• Net asset value per share at R36.69, up 11.5% year-over-year.

Outlook and guidance

• Positive outlook for FY2026, supported by a strong order book, recovery in chrome prices, and expansion in renewables and PPP projects.

• Western Australia to be reported as a separate division, reflecting its growing contribution.

• Focus on strategic acquisitions and expanding market share in renewables.

• Measures to lower cost base and improve capacity utilization expected to enhance returns.

• Divisions anticipate solid performance, supported by recent contract awards and infrastructure programs.