ADCORP HOLDINGS LIMITED
    (Incorporated in the Republic of South Africa)
    Registration number: 1974/001804/06
    Share code: ADR
    ISIN: ZAE000000139
    (“Adcorp” or “the Company” or “the Group”)


     SUMMARY OF THE UNAUDITED INTERIM FINANCIAL RESULTS AND DECLARATION OF
     INTERIM CASH DIVIDEND FOR THE SIX MONTHS ENDED 31 AUGUST 2025


    SALIENT HIGHLIGHTS

-     Revenue decreased by 5.5% to R6,39 billion (2024: R6,77 billion)
-     Gross profit reduced by 3.7% to R624,0 million (2024: R648,1 million)
-     Gross profit margin improved to 9.8% (2024: 9.6%)
-     Operating profit before finance income and costs increased by 70.7% to R72,2 million (2024:
      R42,3 million)
-     Profit before taxation increased by 150.3% to R60,8 million (2024: R24,3 million)
-     Profit after taxation increased by 85.5% to R54,5 million (2024: R29,4 million)
-     Net unrestricted cash position of R201,5 million (2024: R206,4 million)
-     Earnings and headline earnings per share increased to 53,0 cents per share (2024: 28,2 cents
      per share)
-     Interim cash dividend of 24,77681 cents per share declared (2024: 13,40000 cents per share)

    INTRODUCTION

    The first half of the 2026 financial year reflected continued progress in strengthening Adcorp’s
    operating foundation amid a more challenging demand environment. Group revenue of R6,39
    billion was moderately lower than the six months ended 31 August 2024 (“prior period”),
    impacted by the strengthening of the rand against the Australian dollar, softer volumes in certain
    customer sectors, and the deliberate exit of lower-margin activities.

    In South Africa, persistent high unemployment continued to weigh on permanent placement
    services, while the impact of trade tariffs on some automotive clients and delays in the award of
    new contracts dampened activity levels. In Australia, demand in the protein-processing sector
    softened, although the contingent staffing portfolio remained resilient across other sectors.

    Despite these external factors, profitability improved significantly year-on-year, underpinned by
    stable gross margins, continued cost discipline, and operating efficiencies achieved through
    earlier restructuring.

    The Group remains well capitalised, with sufficient liquidity headroom and no covenant pressure.
    Adcorp enters the second half of the year with a solid platform for continued earnings resilience
    and operational stability.


    Financial overview

    Group revenue decreased by 5.5% to R6,39 billion (2024: R6,77 billion) for the six months ended
    31 August 2025. On a constant-currency basis, revenue declined by a more moderate 3.2%,
    reflecting commercial headwinds and subdued demand experienced across the workforce
    industry during the period. The Group displayed resilience in maintaining a solid gross profit
margin of 9.8%, an increase from the prior period of 9.6%, despite an overall decrease in gross
profit of 3.7% to R624,0 million (1.9% on a constant-currency basis).

Profit before tax for the period increased by 150.3% to R60,8 million (2024: R24,3 million). The
profit before tax for the prior year included once-off transformation costs of R25,6 million, which
were not incurred in the current period.

Cash generated from operations before working-capital movements increased to R126,9 million
(2024: R93,5 million). After working-capital changes, a net outflow of R134,6 million was recorded,
driven by higher utilisation arising from an increase in days sales outstanding to 40 days from 35
days in the prior period. Consolidated net cash (excluding restricted cash held in Angola of R51,6
million) closed at R201,5 million (2024: R206,4 million), after dividend payments to shareholders
amounting to R52,2 million during the period.

The Group’s effective tax rate was 10.6%, primarily reflecting the utilisation of previously
unrecognised assessed losses and the benefit of Employment Tax Incentive and learnership
credits. At 31 August 2025, unrecognised tax losses totalled R694,4 million (2024: R775,8
million), while recognised tax losses amounted to R231,8 million (2024: R244,3 million).

DIVIDEND DECLARATION

Shareholders are hereby advised that the board of directors of Adcorp has approved and declared
an interim gross dividend of 24,77681 cents per ordinary share (2024: 13,40000 cents per
ordinary share), from income reserves, for the six months ended 31 August 2025.

The dividend is subject to a South African dividend withholding tax rate of 20%, resulting in a net
dividend of 19,82145 cents per ordinary share (2024: 10,72000 cents per ordinary share), unless
the shareholder is exempt from paying dividend tax or is entitled to a reduced rate of dividend tax
in terms of an applicable double-taxation agreement.

As at the date of this announcement, the Company has 109 880 974 ordinary shares of no par
value in issue.

The Company’s income tax reference number is 9233680710.

Salient dates and times

Shareholders are hereby advised of the following salient dates and times for the payment of the
dividend:

  Publication of declaration data and finalisation information     Thursday, 30 October 2025
  Last day to trade cum dividend                                   Tuesday, 13 January 2026
  Securities commence trading ex dividend                        Wednesday, 14 January 2026
  Record date for purposes of determining the registered
  holders of ordinary shares to participate in the dividend at        Friday, 16 January 2026
  close of business on
  Payment date                                                      Monday, 19 January 2026

Share certificates may not be dematerialised or rematerialised between Wednesday, 14 January
2026 and Friday, 16 January 2026, both dates inclusive.
Outlook

Trading conditions are expected to remain mixed across markets, but a gradual improvement in
client sentiment is anticipated during the second half of the year.

In South Africa, expectations of stronger GDP growth should translate into increased demand for
workforce solutions, particularly in logistics, manufacturing and consumer-facing sectors.
Consistent demand in blue-collar staffing continues to provide a stable base of activity, while new
contract opportunities in staffing solutions remain encouraging.

In Australia, contingent staffing demand is expected to remain steady, with diversification into
healthcare, aged care and hospitality helping to offset softness in the protein-processing sector. The
professional services transformation completed last year positions the business to benefit from
greater operational leverage and a focus on higher-margin services.

Management’s priorities in the second half will centre on strengthening cash conversion, embedding
further cost efficiencies, and maintaining margin discipline while selectively pursuing growth in
higher-value, recurring service areas. The Group remains confident in its ability to sustain
operational resilience, preserve balance-sheet strength, and position for long-term value creation.

SHORT-FORM ANNOUNCEMENT

This short-form announcement is the responsibility of the directors and is only a summary of the
information contained in the full unaudited interim results for the six months ended 31 August
2025 (“full interims”). The full interims are available on the JSE cloudlink at
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/ADR/HY2026.pdf and on the Group's
website at https://www.adcorpgroup.com/investor-news/fy2026-unaudited-adcorp-group-interim-
results/.

Any investment decision should be based on the contents of the full interims available on the
JSE's cloudlink and the Group's website, as the information in this short-form announcement does
not provide all of the details.

This short-form announcement and the full interims for the six months ended 31 August 2025, from
which the information contained in this short-form announcement was extracted, have not been
audited or reviewed by the Company’s auditors.

On behalf of the board

Ms Gloria Serobe                      Dr John Wentzel                Mr Noel Prendergast
Chairman                              Chief Executive Officer        Chief Financial Officer

30 October 2025

Directors

Ms Gloria Serobe* (Chairman)
Mr Melvyn Lubega**
Dr Phumla Mnganga** (Lead independent)
Ms Tshidi Mokgabudi**
Mr Noel Prendergast (Chief Financial Officer)
Mr Robert Radley**
Mr Herman Singh**
Mr Clive Smith*
Ms Ronel van Dijk**
Dr John Wentzel (Chief Executive Officer)

*Non-executive
** Independent non-executive

JSE Sponsor
Valeo Capital Proprietary Limited, Unit G02, Skyfall Building, De Beers Ave, Paardevlei, 7130, Tel:
+27 (0)21 851 0091, Email: info@valeocapital.co.za

Registered office
Adcorp Holdings Limited, Adcorp Place, 102 Western Service Road, Gallo Manor Ext 6

Head of Investor Relations and Company Secretary
Charissa      de   Jager, Tel: +27 (0)10 800 0000, Direct: +27(0)10 800 0786; Email:
charissa.dejager@adcorpgroup.com

Transfer secretaries
CTSE Registry Services (Pty) Ltd, 5th Floor, Block B, The Woodstock Exchange Building, 66- 68
Albert Road, Woodstock, Cape Town, South Africa, 7915, Tel +27(0)11 100 8352, Email:
adcorp@4axregistry.co.za

External auditors
KPMG Inc., KPMG Crescent, 58 Empire Road, Parktown, Johannesburg, 2193, Tel: +27(0)11 647
7111