MURRAY & ROBERTS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1948/029826/06
JSE Share Code: MUR
ISIN: ZAE000073441
(“Murray & Roberts” or the “Group”)

TRADING STATEMENT FOR THE YEAR ENDED 30 JUNE 2024

A re-engineered and revitalised Group

The voluntary administration of the Group’s Australian businesses in December 2022 and
the loss of dividend flows from these businesses created severe liquidity constraints during
the year under review. Significant effort went into rightsizing our cost structures towards
creating financial stability. We redesigned the Group’s operating model and management
structure, and reduced overhead costs across the Group, including in the corporate office.
It is expected that a saving in corporate costs of more than R100 million per annum, when
compared to FY2023, will be realised from FY2025.

Through the implementation of a deleveraging plan agreed with a consortium of South
African banks, the Group reduced its South African debt from approximately R2 billion in
April 2023, to R409 million. The Group continues to engage with the banks regarding the
repayment of the remaining debt and remains committed to refinance this debt -
negotiations with potential funders are continuing.

Financial Results

The Group delivered an improved financial performance for the year under review, not only
for continuing operations, but also at an attributable earnings level which, for the prior year,
included losses associated with the deconsolidation of the Australian businesses. The
Group moved from a net debt position to a net cash position, grew earnings and increased
its order book.

The Group expects to report FY2024 results within the following ranges:

Results from continuing and discontinued operations

                                                        FY2024         FY2024         FY2023*
                                                       Expected       Expected         Actual
                                                         range          range         cps loss
                                                           %           cps loss
 HEADLINE LOSS PER SHARE
 Basic                                                  90 - 94       (47) - (27)       (473)
 Diluted                                                90 - 94       (47) - (27)       (473)
 LOSS PER SHARE
 Basic                                                  94 - 97       (44) - (24)       (789)
 Diluted                                                94 - 97       (44) - (24)       (789)
*Inclusive of the loss from the deconsolidation of MRPL, Clough and RUC.

Results from continuing operations

                                                                      FY2024      FY2024       FY2023
                                                                     Expected    Expected       Actual
                                                                       range       range        result
                                                                         %        cps loss     cps loss
 HEADLINE LOSS PER SHARE
 Basic                                                                 59 - 73   (29) - (19)     (71)
 Diluted                                                               59 - 73   (29) - (19)     (71)
 LOSS PER SHARE
 Basic                                                                 63 - 77   (26) - (16)     (71)
 Diluted                                                               63 - 77   (26) - (16)     (71)

OUTLOOK

We are looking forward to FY2025, as the first year of a re-engineered, revitalised and
refocused Murray & Roberts. Our mining businesses are well established and are expected
to continue doing well over the short- to medium-term. OptiPower is expected to deliver a
modest earnings contribution as from FY2025, by capitalising on Eskom’s transmission
build-out plans. The Group is positioned to pursue opportunities for growth, mostly through
its international mining businesses and our expectation is to see the Group returning to pre-
pandemic levels of earnings from FY2027.

PUBLICATION OF ANNUAL FINANCIAL RESULTS

Murray & Roberts intends to publish its annual financial results for the year to 30 June 2024
on SENS on Wednesday, 11 September 2024, before 17:00 (CAT).

The information contained in this announcement has not been reviewed and reported on by
Murray & Roberts’ external auditors.

Bedfordview

28 August 2024

Sponsor
The Standard Bank of South Africa Limited