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PPC - operational update August 2026
For the five months ended 31 August 2026 (“the current period”), compared with the five months ended 31 August 2025 (“the comparable period”), group revenue increased by 1%. Positive revenue growth in Zimbabwe of 5% was offset by a 2% decline in SA and Botswana cement revenue, which reflects lower sales volumes partly recovered through improved price and product mix.
Group EBITDA increased by 40% and group EBITDA margin strengthened by 6,2 percentage points to 22,1% from 15,9% in the comparable period. Despite operating in two very different market environments, the results underscore the strength of PPC’s earnings base. The SA and Botswana group is delivering growth and margin expansion in a challenging environment, while Zimbabwe delivered an outstanding performance in the current period.
Group outlook
PPC continues to demonstrate high-quality earnings, supported by structural operational improvements, disciplined commercial execution, and a clear focus on value creation and growing shareholder returns.
PPC does not anticipate a near-term improvement in the South African cement trading conditions, while some competitors continue discounting cement prices, even while elevated diesel prices continue to place pressure on both distribution and production costs. PPC will remain disciplined and focused on what it can control - competing on quality, service reliability and continuing to strengthen operational performance.
The current anti-dumping application before the International Trade Administration Commission related to cement imports from Mozambique and Vietnam has progressed and a favorable outcome would represent an important step towards restoring fair competition in the market. Creating a level playing field between local producers and importers is essential to supporting continued investment, employment and industrial capacity in South Africa.
In Zimbabwe, EBITDA reported at the half-year will be moderated by the planned Colleen Bawn plant shut down, while the compounding impact of improved margins with cement volume growth are expected to continue to benefit the results in the second half of the year. Progress continues to be made on the proposed development of the new integrated plant in Zimbabwe, including ongoing engagement with Sinoma on the EPC contract, mine prospecting activities and the assessment of acceptable financing alternatives.
The group’s expectations for FY27 remain unchanged from those set out with the FY26 annual results. FY27 is a year of consolidation of the improvements achieved in FY25 and FY26, with the next meaningful step change in financial performance anticipated in FY28 following the commissioning of RK3.
Full details of the group’s performance will be provided in the group’s summarised unaudited consolidated financial statements for the six months ending 30 September 2026, which are expected to be released on or about 16 November 2026.
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