Merafe Resources Income Statement

Financials in millions ZAR. Fiscal year is January - December.

Millions ZAR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	5,835	8,443	9,244	7,939	8,063
Revenue Growth (YoY)	-30.89%	-8.66%	16.44%	-1.53%	68.66%
Gross Profit	5,835	8,443	9,244	7,939	8,063
Other Operating Expenses	5,138	6,760	7,037	5,854	5,726
Operating Expenses	5,338	7,129	7,297	6,086	5,846
Operating Income	496.87	1,315	1,947	1,853	2,217
Interest Expense	-0.11	-0.16	-1.52	-0.21	-0.09
Interest & Investment Income	33.22	35.86	0.21	0.46	13.57
Earnings From Equity Investments	13.17	20.12	19.08	3.94	0.61
Currency Exchange Gain (Loss)	-165.17	29.32	99.38	68.31	104.31
Other Non Operating Income (Expenses)	34.13	62.05	39.59	24.34	-2.41
EBT Excluding Unusual Items	412.11	1,462	2,103	1,950	2,333
Asset Writedown	-222.29	-575.43	-	-0.24	-5.82
Other Unusual Items	-	-	249.91	-	-
Pretax Income	189.82	886.35	2,353	1,949	2,327
Income Tax Expense	47.23	219.15	600.29	539.47	653.07
Net Income	142.59	667.21	1,753	1,410	1,674
Net Income to Common	142.59	667.21	1,753	1,410	1,674
Net Income Growth	-78.63%	-61.94%	24.32%	-15.75%	-
Shares Outstanding (Basic)	2,499	2,499	2,499	2,499	2,506
Shares Outstanding (Diluted)	2,499	2,499	2,499	2,499	2,506
Shares Change (YoY)	-	-	-	-0.28%	-0.18%
EPS (Basic)	0.06	0.27	0.70	0.56	0.67
EPS (Diluted)	0.06	0.27	0.70	0.56	0.67
EPS Growth	-78.65%	-61.91%	24.29%	-15.54%	-
Free Cash Flow	163.28	1,082	1,208	1,213	665.69
Free Cash Flow Per Share	0.07	0.43	0.48	0.49	0.27
Dividend Per Share	0.120	0.280	0.420	0.250	0.290
Dividend Growth	-57.14%	-33.33%	68.00%	-13.79%	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%
Operating Margin	8.52%	15.57%	21.06%	23.34%	27.49%
Profit Margin	2.44%	7.90%	18.96%	17.76%	20.76%
Free Cash Flow Margin	2.80%	12.81%	13.07%	15.29%	8.26%
EBITDA	697.8	1,668	2,195	2,064	2,323
EBITDA Margin	11.96%	19.75%	23.75%	25.99%	28.81%
D&A For EBITDA	200.93	353.45	248.35	210.84	106.37
EBIT	496.87	1,315	1,947	1,853	2,217
EBIT Margin	8.52%	15.57%	21.06%	23.34%	27.49%
Effective Tax Rate	24.88%	24.72%	25.51%	27.67%	28.07%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.