Raubex (RBX) H2 2026 earnings summary

Executive summary

• Delivered solid performance across most divisions, with a record order book of ZAR 31.46 billion, up 11.6% year-over-year, and robust cash generation of ZAR 1.75 billion.

• Balance sheet remains strong, with a diversified five-division structure and operations across multiple geographies.

• Significant turnaround at Bauba Resources, moving from loss to profitability, and continued focus on operational efficiencies.

• Strategic shift towards private sector clients, now representing 34% of the order book, reducing reliance on public sector contracts.

• Roads & Earthworks and Infrastructure divisions led performance, supported by selective risk management.

Financial highlights

• Revenue increased 4.6% year-over-year to ZAR 22.05 billion; operating profit up 11.6% to ZAR 1.74 billion.

• Headline EPS rose to ZAR 6.113; operating profit margin improved to 7.9% from 7.4%.

• Cash from operations at ZAR 1.75 billion, down from prior year due to working capital absorption; capex down to ZAR 1.2 billion.

• Final dividend of ZAR 1.21 per share, total dividend ZAR 2.02 per share; return on capital employed at 14.8%.

• Net asset value per share up 10.4% to ZAR 40.50; debt-to-equity ratio at 34%.

Outlook and guidance

• Strong revenue visibility for FY 2027 with ZAR 17.76 billion of order book scheduled for execution.

• Positive outlook across all divisions, supported by a diversified business model and robust order book.

• Private sector and international work expected to drive growth; continued focus on profitable execution and diversification.

• Recovery in commodity prices and robust infrastructure investment pipeline expected to support growth.

• CapEx expected to decrease below ZAR 1 billion in FY 2027 as major mining expansion projects conclude.