Diluted HEPS of 792.1cps (-41.6% y-y). Normalised Diluted HEPS of 1 055.8cps (-29.2% y-y).
Revenue down 3.0% y-y to R43.4bn, mainly attributed to a weak performance from Manufacturing (-21.1% y-y).
Group GPM increased by 60bps to 44.1%.
Total expenses up 35.6% y-y, with expense-to-sales rising from 31.3% to 43.8%.
OPM decreased significantly from 15.7% to 3.3%.
Dividend of 211.0cps (FY24: 359.0cps).
Manufacturing segment was impacted by the material contractual dispute announced 22 April 2025. As a result, normalised EBITDA for this segment was R0.7bn in constant exchange rates, 38% of that reported in FY24.
The restructure of Aspen China and the integration of the acquired Sandoz business has been completed. This resulted in restructuring costs of c. R0.5bn in 2H25, as well as once-off inventory rationalisation write-offs of R0.3bn.
APN incurred impairments amounting to R4.1bn. Along with restructuring costs, this resulted in APN incurring a loss for the year.
Operating cash conversion rate of 147% was above the group’s target of 100%. Leverage ratio ended at 3.2x.
