Diluted HEPS of USD -28 cps (1H25: USD 9 cps).
Revenue decreased by 3.3% y-y to USD 2.6bn, impacted by selling price declines across all regions, sales volume growth was positive.
GPM decreased from 12.9% to 1.8%, due to rising input costs.
OPM decreased from 4.5% to -16.8%, adversely impacted by the ZAR/US$ exchange rate.
SG&A expenses decreased by 6.9% y-y to USD 188m, Other operating expenses increased from USD 24m to USD 299m, while total expense-to-sales increased from 8.3% to 18.6%.
Cash generated from operating activities decreased from USD 57m to USD 44m.
Gross debt up to USD 2 028m (LY: USD 1 728m), with net cash increasing to USD 192m (LY: USD 156m).
As a result of the sharp decline in ZAR hardwood timber prices, the forestry fair value price adjustment resulted in a negative revaluation of USD 101m.
Disruptions to global supply chains increases the risk of supply constraints and is likely to result in cost inflation across certain raw material categories.
