Good morning, good afternoon, and good evening to everyone joining us online today. On behalf of the board and management team, I would like to welcome our shareholders, analysts, investors, banks, members of the media, and other stakeholders to our results presentation.

We appreciate your continued interest in the company, and thank you for taking the time to join us as we reflect on our performance for the reporting period. Today's presentation will provide an overview of the financial results, key operational developments, and strategic priorities that continue to shape our business.

Following the presentation, there will be an opportunity for questions and discussions. Before we begin, I would like to remind participants that certain comments made during this presentation may constitute forward-looking statements and should be considered in conjunction with the relevant cautionary statements contained in the results announcement.

It is now my pleasure to hand over to Riaan Heyl, our Chief Executive Officer, who will take us through the highlights of the period.

Thank you, Teboho. Good morning, ladies and gentlemen, and welcome to our results presentation for the six months ended 31 March 2026.

Also my first as the CEO of Nampak. The first six months delivered a muted group performance, with aggregate beverage contribution, specifically fueled by Angola, contrasted by significant headwinds in the Diversified portfolio.

Sustained debt reduction and lower finance costs, however, underscores the resilience of the group at the back of the strategic clarity, revenue growth management, and cost efficiency focus instilled over the past three years. Revenue for the period ended 1% lower at 5.6 billion, but was 6% higher excluding Diversified.

Similarly, normalized EBITDA was 6% lower at 816 million for the six months, 9% higher excluding Diversified. Cash generated from operations, lower net debt position, and softer interest rates resulted in a 33% reduction in net finance costs, with normalized headline earnings consequently 9% higher, notwithstanding the challenges experienced in Diversified.

Net debt reduced by 30% to 2.2 billion compared to the same time last year, with the net-debt-to-EBITDA ratio excluding Angola, a key debt covenant ratio, down to 2.2 times. Important to note that including the Bevcan Angola EBITDA contribution, this ratio now stands at only 1.6 times.

Although the latter part of the reporting period saw significant changes in global macro dynamics, specifically related to the Middle East and related fuel cost impact, these had no material impact on Nampak results for the six months. FMCG demand remained relatively muted, notwithstanding relatively lower levels of inflation, confirming sustained consumer pressure.

Bevcan SA reported stable performance, with volume growth marginally ahead of those reported recently by a major beverage industry player, whilst manufacturing efficiencies showed sustainable improvement towards the end of the period. Bevcan Angola accelerated its contribution, with an improved outlook resulting in a significant impairment loss reversal during the period.

Compared to an exemplary performance in the prior-year six months to March, Diversified results were disappointing, albeit not unexpected, following the structural loss of business, as well as seasonal timing dynamics related to fish and fruit supply. Category volatility and a significantly lower volume base exposed the fixed cost within Diversified, with material profit deleverage during the period.

The strategic review of this part of the business has been completed, and more on this later in our presentation. The sale of our 51.4% interest in Nampak Zimbabwe Limited, or NZL, remains in process, following the unsuccessful transaction earlier this year, with due diligence activities currently in flight.

Debt reduction has been sustained and bodes well for recommencement of dividend distribution in future. The lower raw material stock position adopted in select categories as part of working capital optimization has, however, limited agility to service volatile demand consistently from time to time.

This is being addressed through considered working capital investments. Bevcan South Africa sustained its performance, with larger pack sizes, specifically 500 ml, ready to drink, and energy remaining key volume drivers.

Nampak's recognized quality distinction, sound cost management, and tangible manufacturing efficiency progress noted towards the end of the period countered raw material quality and supply disruption, as also reported by the sole South African supplier of aluminum can coil material; lower exports to select markets, including Nigeria ends with the disposal of that business; initially slower than planned manufacturing efficiency ramp-up; and aggregate softer than expected demand. Although regular production volume and spoilage records are being achieved on a shift, week, and even monthly basis across our respective beverage lines, significant upside remains.

Bevcan Angola delivered another stellar set of results, accelerating the recovery noted since 2024. Economic stability through currency dynamics; lower inflation, with April 2026 inflation at 11.58%, the lowest since June 2023 and compared to 22.3% in April 2025; and oil price related benefits, coupled with increased disposable income, with minimum wage having more than doubled in dollar terms since 2023 from $47 per month to over $100 per month; further format shift from returnable glass bottles to aluminum, as well as additional regional bottling capacity, enabled 30% revenue and 28% EBITDA uplift, with Angola now representing 23% of group normalized EBITDA.

Reported rand-based performance could have been even better had it not been for sporadic raw material outages at the back of underestimated demand, as well as an 8% appreciation of the rand compared to the same period last year. The Diversified business saw period-on-period volume decline across all categories compared to the stellar 2025 performance reflected on screen, with inhibitors grouped as structural, seasonal, and once-off in nature.

Structural business loss included customers transitioning from local to import supply through cost considerations, product format changes away from cans, as well as Nampak deciding to exit select participation. Seasonal dynamics relate to deciduous fruit volumes and availability of fish for canning locally and specifically imported frozen, with our biggest canned fish customer recently reporting 72% lower canning volumes for the six months ended 31 March.

Then lastly, once-off volume loss through, amongst other, the largest aluminum aerosol customer making brand and product changes, which resulted run-down in exit stocks. Year-to-date structural loss contributed 44% of the revenue decline versus the prior year, with seasonal 30%.

I will provide an update on the strategic review and related actions. With that, I'm going to hand over to Glenn for the detailed financial review, before I return a little bit later with the full year and strategic outlook.

Over to you, Glenn.

Thank you, Riaan. This is my final presentation as the CFO of Nampak, and it's my 22nd presentation, I thank the shareholders, the board, and all the financiers for the support over my tenure as CFO.

I think one can summarize the results for this period as a very strong and solid performance by Beverage, lifted by the Angolan growth, and a very significant reduction in finance costs, which is very pleasing. Materially reduced gearing and a very pleasingly balance sheet capacity.

If we have a look at the revenue, Riaan's touched on that at 5.6 billion. It's down by 1%.

There is a prior-year amount of 75 million that was included in the revenue of the comparative period for sales that related to transitional services agreements. If one strips that out, we're actually flat on the previous year.

If we take out the Diversified position, the core business is sitting 6% up on last year, which is pleasing in the current market. Bevcan South Africa has contributed 3.6 billion, up 5%.

Angola, 700 million to the revenue, up 30%, very pleasing. Diversified has been impacted by the factors that Riaan has touched on, with revenue of 1.4 billion, down 18%.

Our normalized EBITDA of 816 million is down 6% from the 865 million in the previous period, but is up 9% if you exclude Diversified, with contributions from Bevcan South Africa at 533 million, up 4%; the Bevcan Angola EBITDA of 187 million, up a very pleasing 28%; and Diversified indicating quite significant deleveraging with contribution of 131 million, down 44%. The key feature of our results this period is the capital and other items.

There's been a swing on those items of 318 million. There were once-off credits that came in the reporting period of the previous period.

There was an advance interim settlement of the insurance claim of 100 million rand, there was a 65 million rand credit that came from a pension fund surplus, and 32 million from the sale of a property, which haven't repeated themselves in the current period. The relocation costs for moving the line from Angola to South Africa of 94 million in terms of accounting policies is expensed in the period because they are intra-group costs that have been incurred moving an asset from one location to the other.

That's partially been offset by a gain in a pension fund and certain retrenchment costs. That's resulted in an operating profit of 899 million, being down 6%.

I think big contributors to that are the lower contribution from Diversified, supported by a strong result from Angola with a very positive outlook in that market resulting in a net impairment loss reversal of 319 million. That 319 million offsets the 318 million negative swing on those capital and other items.

We're very pleased to report the net finance costs of 189 million are down 33% on the previous year from 282 million. That has been assisted by the asset disposal proceeds that were received in Q2 in FY '25.

That only benefited that prior reporting period by two months and has affected the reporting period positively this period for the full six months. We've also generated further cash, and lower interest rates have assisted.

Normalized headline earnings per share of 346 million is up 9% from 317 million, and that's resulted in a normalized headline earnings per share of 4,132 cents, up 8% from 3,817. There have been slightly higher weighted average number of shares in issue in the period.

If we turn our focus to the balance sheet and our cash flow, our operational cash flows and lower finance costs have reduced our gearing. We're very pleased to report the net gearing is down 30% to 2.2 billion from 3.1 billion.

If we roll back the clock 12 months for the 12 months ended March 2026, we've generated 1.5 billion rand from operations, which is pleasing. The net working capital, we've released another 300 million.

We've spent 500 million on capital expenditure and 400 million in interest costs. Net gearing has dropped from 149% to 69%, and we've got a significantly improved debt position.

Even if you include capitalized finance leases, that improvement has come from 189% down to a gross gearing position of 92%. This has resulted in a net-debt-to-EBITDA covenant, excluding the contribution from Angola, at 2.2 times, down from 2.9 times.

There's adequate headroom in the threshold. We've got a covenant threshold of having to be below 3.25 times, and you can clearly see there's headroom there.

If we include the Angola contribution, as Riaan has mentioned, that ratio is very healthy at 1.6 times, down from 2.1 times. The Zimbabwe disposal would assist the gearing further and would improve that gearing ratio even further.

Working capital outflow has been 338 million in the period, down from an absorption of 742 million in the prior period, there's a 404 million lower absorption of working capital. 366 million of that improvement has come from discontinued operations, but in the period, we have had to increase our investment in trade receivables, which I'll unpack for you later in the presentation.

We've generated 256 million from operating activities, which is up 212% from 82 million in the previous year. There's lower absorption of working capital, reduced finance costs of 129 million, and reduced income tax paid in that period.

This has culminated in a return on invested capital of 14.6%, which is in excess of our WACC rate of 12.4%, and up from the prior period. Our return on net assets remains in the 21% range, and our net asset value per share excluding our intangible assets is up 70% at R330 a share.

If we have a look at the abridged statement of comprehensive income, I think we've touched on many of those numbers. Just some key features around the revenue.

In the Bevcan South Africa business, there's a growing energy sector, particularly in the 500 ml category, and the ready to drink categories. We have been impacted by lower sales of exports in ends to Nigeria.

Our previous Nigerian business, we supplied 100% of their export requirements, and that's no longer in the numbers. There has been some slower progress in the manufacturing efficiencies, and there are certainly capacity abilities within that business and a good future.

In Bevcan Angola, there's a strong economy that's driving those numbers. There's been increased demand.

As Riaan has mentioned, despite an 8% stronger rand, it is a dollar functional currency business, the Angolan business, we've still managed to produce a very, very meaningful improvement in those results despite the rand strengthening in the period. Diversified has impacted the revenue through certain structural and once-off changes.

Fish availability has certainly impacted the numbers, and the seasonal fruit dynamics have contributed to that revenue at the top line being 1% down. I have touched on the big move in the capital and other items, I won't go over that again.

I think just to focus there is the asset impairment reversal has neutralized that position. When we look at the operating profit, the improved Beverage performance has been offset by quite a tough trading period for Diversified.

The profit before tax is up 6%, and that's really been assisted by a 33% reduction in net finance costs. The taxation rate is at 26.2%, up from 24.9% in the comparative period, and the increase there is due to lower foreign tax rate differentials.

Our headline earnings per share has been impacted by the adverse swing in the Diversified profitability, non-repeat of certain of the once-off items, and the Angolan line costs that we've expensed of 94 million. When we turn our attention to the total operations, there's been a loss of 114 million in total operations, and that's really through an asset impairment that we've done in the Zimbabwe business.

If you compare it to the previous year, we disposed of the Bevcan Nigerian business and there was a foreign currency translation reserve recycling of 2.4 billion. In the current period, there's been a post-tax asset impairment of 136 million in this period, and the net effect taking into account Nampak's 51.43% of that impairment is only 70 million at that level.

If we look at the divisional numbers, you will see at a revenue level, the Beverage division is effectively up 8%, the Diversified revenue is down 18%, and that brings us to a total 5.6 billion for the year. If we have a look at the normalized EBITDA, the Beverage business is up 9%, fueled by a 28% increase in Angola, and the total is down 6% at 816 million.

The bridge from the 865 million in the previous period to the 816 million now has been a 21 million increase in the Bevcan South Africa EBITDA, a 41 million increase in the Bevcan Angola. There's 103 million decline in Diversified, and then at the corporate level, we're no longer benefiting from the margins that we made on the transitional services arrangements.

The normalized EBITDA margins within Bevcan South Africa at 14.9% is slightly lower than the previous period. Bevcan Angola, pleasing margins there remain at 28.2%, just slightly lower than the previous period.

In total, the Beverage combined business margin is at 17%, up from 16.8%. As Riaan has mentioned, the lack of volume within the Diversified business and a high fixed cost base has exposed the margins there, where the margin is reduced from 14% to 9.6%.

At a group level, the overall margin is at 14.5%, down from 15.3%. If we unpack the net finance costs, those have reduced by 93 million in the period.

We've benefited from the disposal proceeds where we received 1.2 billion from Bevcan Nigeria disposal on 31st of January 2025. In the period, the repo rate has reduced to 6.75% from 7.5% in the comparative period.

We do see a 25 basis points change in that interest rate yesterday. There have been lower interest rates within our financing arrangements due to the improvement in our leverage ratios.

If you look at the interest rates in the period for the first half '26, they ranged from 9.6% to 10%, and the comparative period, that range was from 10.8% to 11.5%. Those benefits have been partially offset by 126 million rand funding that we've absorbed in the relocation of the line to the Springs business, and there has been a lower capitalization of borrowing costs where there's been a 2 million capitalization in this period compared to a 35 million capitalization in the prior period.

There are abilities for us to lower those funding costs as we continually improve this leverage ratio. We'll benefit from the structures of the ratchet interest rate.

The cash generated from operating activity in the period has fully funded our capital expenditure, and that's limited the financing costs associated with that expansion program. If we look at the bridge for the profit growth in the period, the group profit has grown from 503 million to 524 million.

62 million of that has come from the normalized EBITDA improvement within the Beverage business. There's been a reduction of 103 million in the normalized EBITDA for Diversified.

Then at the center, there's been higher depreciation as well as lower contribution from the transitional services agreement. This clearly shows that the capital and other items have been neutralized by the asset impairment that has come from a very positive outlook in the Angolan business.

The net finance costs have reduced by 93 million, and then we've had to pay certain taxes of an additional 19 million to get us to 524 million. If we look at the headline earnings per share and the normalized calculations behind that, the headline earnings of 285 million rand has decreased from 471 million.

If we adjust those and strip out the once-off items, in the prior period there was a pension fund surplus. Here's the after-tax effect, as well as the COVID impact of the insurance claim, we get from 344 million down to the 272 million.

In the period, getting back to normalized earnings, we've added back the once-off costs for the Angolan line relocation, and we've also put into this category the benefits or losses on sublease arrangements and certain other items associated with restructuring. The normalized earnings at 346 million are 9% up from 317 million.

When we translate that into normalized headline earnings per share, that's up 8% because of the increase in the weighted average number of shares in the period. If we look at the balance sheet, I think the conclusion on our balance sheet, we've got a sound balance sheet with financing capacity in it.

We're still operating at an asset base of 10.7 billion, which is 5% up on the previous period. Our equity in the period has increased by 63% to 2.9 billion.

When we unpack the big moves in these numbers, on the property, plant, and equipment, the asset impairment reversal in Angola has contributed to 319 million increase. We have spent 219 million in capex in the period.

Then in the other non-current assets, there's been a 99 million rand reduction in the deferred tax asset as businesses with assessed losses have become profitable and we're using those assessed losses, and there's been a 52 million rand decrease in the retirement benefit asset. We have got a 7% lower inventories.

As Riaan has mentioned to you, there has been some timing issues with certain of the inventories. Those have related to Bevcan Angola and Diversified.

Diversified has been intentionally scaled back, and as you'll see in the cash flow, the creditors match that position in line with the structural changes in that business. Our trade and other receivables have increased by 9%, and it's really been impacted by phasing of the revenue.

We do have a very high quality trade receivables book, and we have not incurred any expected credit loss charges in the period. We've got a very strong short-term liquidity position, with the current ratio at 1.7 times, down from 1.9 times in the previous period, and that ratio has changed slightly by the asset impairment in the Zimbabwe business.

The net debt excluding the lease liabilities of 2.2 billion, as we've said, is pleasingly down 30%, and that translates into a reduction of 921 million. In our assets held for sale, the net assets are sitting at 544 million at a gross position.

Our share of that is 280 million, and that predominantly includes the net assets of the Zimbabwe business, and then certain remaining assets within our Kenyan operations that we are looking still to sell. The decrease is primarily due to the impairment of the Zimbabwe asset.

If we look at the capital expenditure in the period, we've spent 134 million on expansion. That translates into 56% of our spend, with 126 million of that being attributable to the Angolan line relocation to Springs.

We've spent 44% of the total spend of 239 million on replacing our assets. We have a very well-maintained asset base, and there's no major future capital expenditure expected going forward.

What we have done is we've expensed the 94 million, and that related to the Angolan line relocation, which includes the decommissioning, the relocating, and recommissioning. This has been an exceptionally big project that has been very well-managed internally, and that will create flexibility and capacity in our Bevcan South Africa business.

If we look at the debt position in the cash flows, I think the net debt position has been well-managed. A key feature from this is that 35% of our free cash flow that we've generated in the period has been allocated to expansion capex.

We generated 830 million. We absorbed 338 million in working capital, and we spent 105 million on replacement capital, resulting in free cash flow generated of 387 million.

If we index that 387 to 100%, we've spent 50% of that, being 193 million, on financing costs, and running the business in operations 236 million out of the 387 million, which translates into 61%. We've then spent 134 million on expansion capex, which translates into the 35 million.

If we look at the graph on the left-hand side, we started the period with 2.1 billion. We repaid effectively 387 million from cash flows that we generated.

We reinvested in the business 236 million to operate it. We spent 130 million on the investing activities, and then there's certain other items of 55 million to get you to a closing debt position of 2.183 billion.

The net debt reduction has strengthened the balance sheet and created capacity in this balance sheet, with 921 million reduction in the period. That follows a reduction of 2.2 billion in the period from September '24 to September '25.

What I've done in this slide is presented in the top right-hand corner the breakdown in how those net debt reductions have occurred. In the 12 months to September 2025, you'll see that 68% of the debt reduction came from disposal proceeds and 32% from operating activities.

In the current period, there've been no proceeds from disposals, effectively 100% of that debt reduction is coming from operating the asset. If you compare the 1.457 billion to the 1.283, there's been a 14% improvement on the rolling 12 months cash generative ability in the business, which is pleasing.

If we extrapolate the closing debt position and apply the expected proceeds from disposals, the net debt position is forecast to be at just short of 1.9 billion. If we look at that in an extrapolated leverage ratio based on the 816 million produced at half year and annualized to 1.6 billion, our extrapolated leverage ratio at 1.2 times clearly indicates capacity in this balance sheet going forward.

The statutory cash flows, I think when analyzing this, one must remember that the comparatives included the discontinued operations, which the cash flow always does. Those disposed assets no longer contribute to the cash flows of the group.

There have been a non-recurrence of once-off items, a lower contribution from Diversified, and that's been partially offset by improved Beverage performance. There has been a lower utilization of working capital, which I'll unpack for you later.

Essentially, that's been a reduction of 366 million from discontinued operations, but we have had to fund 192 million in our trade receivables. Our cash flows from operations, we've paid 129 million less in interest paid.

That number is slightly different from the income statement, and it really is the difference between the reduction in the capitalized interest costs that get you back to that figure. We've paid 57 million less tax.

Our capital expenditure of 239 million has been funded from our cash that we've generated internally, with 105 million replacement and 134 million expansion. We have used certain of the opening cash positions at 30th of September to settle certain debt to maximize the net interest position.

If we unpack the working capital, the 338 million, we've primarily had to fund the trade receivables. That increased from 232 million to 424 million.

It's been impacted by phasing of certain of the sales. You can see as we've contracted the Diversified business, have we contracted the inventories, which has resulted in a 253 million inflow, and we've utilized 167 less in trade creditor funding.

The big reduction is essentially the reduction in the cash that the discontinued operations used, and we're pleased to report that only 2 million rand has been consumed in this period by the discontinued operations compared to 368 million in the previous period. Our net working capital days is sitting at a healthy 53 days, down from 62 days in the prior period, primarily impacted by further and improved use of trade creditor funding.

We're sitting with healthy current ratios and acid-test ratios of 1.7 times and 1.0 times respectively. If we reflect back on the investment thesis that we set out on three years ago, I think we're sitting now with sound beverage margins, a very pleasing Angolan growth.

There's an action plan for addressing the changes in the Diversified business. The net finance costs have reduced by 93 million or 33%, and further reductions are possible.

The debt reduction is being spearheaded now by operational cash flows as opposed to, in the past, a combination of operational cash flows and disposals. We're sitting with a very healthy leverage ratio of 2.2 times, and with a sound and positive trend for the future, and a pleasing return on invested capital of 14.6% compared to our weighted average cost of capital of 12.4%.

If we look at the concluding slide from my perspective, we have a very sound balance sheet that has capacity. We've got strong cash flow generative abilities, lower debt, and lower finance costs, and we've got a sustainable and resilient cash generative ability that is being fueled by margin preservation and reduced funding costs.

I think further reduction in net debt and gearing is possible, and with a clear focus on dividend resumption, which will hopefully feed into the share price going forward. Thank you for the privilege of being the CFO for this business for 11 years, and I wish my successor all the best as she takes over from me in due course.

Thank you.

Thank you, Glenn. As we look ahead, Nampak is well-positioned to compete, with some recalibrating required, specifically within Diversified.

If I look at our Beverage business in aggregate, it has strategic advantage through its capacity investment, now demonstrated, and sustained efficiency progress and product differentiated quality. The graph on screen shows operational efficiency on a rolling 12-month basis since August 2025 and confirms the accelerated improvement, led by Rosslyn, the top blue line, with Springs also improving, but with significant upside versus Rosslyn, as reflected in the graph.

We need to sustain this progress, rather complete the Springs new Line 4 project and Line 1 conversion, and then leverage the additional capacity and agility to realize market share opportunities. Post-completion of the Springs project, with first Line 4 commercial production in August, and then additional 500 ml capacity through Line 1 conversion by the end of 2026, the business will require limited capex for the foreseeable future, as Glenn mentioned.

In addition to the capacity and efficiency-enabled growth opportunities, we are also navigating increased Chinese can ends, or lids, imports through relevant duty protection application that's been filed; raw material supply engagement; and ongoing customer price, volume, margin management. We continue to explore long-term customer contracting and will sustain Angola momentum through customer service and quality focus, with additional working capital investment to support growth and customer service.

During the reporting period, we completed the strategic review of Diversified, with implementation of the relevant actions in progress as we speak. The review resulted in three distinct workstreams in various stages of completion: firstly, portfolio clarity; then, optimization; and lastly, leadership capability investment.

From a portfolio perspective, we've decided to exit metal closures produced in our Epping factory, with twist-off already completed, and roll-on pilfer-proof, or ROPP, currently in process. We are committed to remaining in food, monobloc, and tinplate aerosols, as well as polish, with relevant equipment maintenance focus, and the sales team now motivated to pursue new business with confidence and where possible.

This business has been kept on hold for a while, and we now fully committing to our future participation on a defined basis. We are accelerating long-term supply agreements in terms of optimization.

We are moving from four to three factories, with Paarl and Epping factory consolidation, and related fixed cost savings. This is a complex project, with the primary focus to ensure uninterrupted supply of seasonal customer demand, and is expected to be completed during the first half of 2027.

We are also driving a number of other cost optimization workstreams across plant, divisional, and head office structures to give recognition to a smaller business. We are accelerating sublease opportunities in respect of vacant spaces within all the Diversified factories, and of course, Paarl once vacated.

It's important to note that Nampak property sale and leaseback commitments entered into during 2016 and currently extending to 2031 informed portfolio and footprint decisions. In terms of leadership, we've appointed two new plant managers within Diversified and concluded recruitment for a new general manager for the business, following the resignation of Andrew Hood last year.

Diversified remains strategic to the Nampak business, with a medium-term objective, for the 12 months following completion of all the strategic workstreams outlined, of having a smaller, yet sustainable 10% to 12% margin business, with a fixed cost base fit to weather the storm of volatility and sometimes volume uncertainty. In terms of full-year performance, the global macro disruption is expected to have a more significant and pronounced impact than in this reporting period.

Whilst we don't expect supply disruption as a result of these developments, raw material positions are being extended in select areas, specifically imports, including for Angola. Consumer inflation has already started to accelerate, with specifically beverage cans that will see significant price inflation in the second half of this financial year compared to the same period last year, as London Metals Exchange aluminum, or LME, pricing has increased from $2,600 a ton to $3,600.

Consumers will undoubtedly experience more pressure, with the impact on demand uncertain, although we are not yet seeing any material changes to customer forecasts. Inflation lag, however, takes time.

Bevcan SA should continue to benefit from the aluminum format, with performance that will be supported by the sustained manufacturing progress. The Springs capacity and flexibility benefits will only come evident in 2027, though, as outlined earlier.

The outlook for Bevcan Angola remains encouraging, with a business able to extract cash and expected to be debt-free by the end of the financial year. Within Diversified, restructuring activities will take center stage, with the financial contribution from the business in the second half of this financial year largely dependent on the availability of fish for canning.

From a debt perspective, we expect sustained reduction, with no dollar debt exposure in our continuing operations. The Zimbabwe disposal efforts will be progressed, and we continue to pursue the recovery of previously written-off Zimbabwean Treasury bills along with other similar organizations.

We expect a further reduction in unproductive interest, with some inventory investment to improve agility, customer service, and support growth. Strategic clarity anchored in five pillars gave Nampak stability and resilience.

Whilst I don't believe there is any need for material departure from this strategic direction, the focus on people, culture, capability, and processes will be elevated to become truly brilliant at the basics. In many ways, Nampak of today is a reborn business, with redefined substrate and geographic participation that we now need to take from operational infancy to maturity.

In support of this, we have already made deliberate investments in leadership and capability, with Christian Tron having joined us as manufacturing executive in November last year, Alfina Kekae joining us as the new GM for Diversified in July, and Tiru Naicker taking over as CFO in August. All three of these are experienced individuals, with the skills and drive relevant to Nampak's next chapter.

Today, however, marks the last time we have Glenn presenting Nampak results. As he said, after 11 years and 22 results presentations, he will be leaving us at the end of August.

Glenn, thank you for your loyalty, commitment, and extraordinary efforts to secure a sustainable future for Nampak. You've helped lead the business through challenging times and should be proud to leave with a restored and significantly de-risked balance sheet.

Your contribution has been enormous, and you leave behind a lasting legacy and impact. Thank you also for the great support you have given me in my first four months within the organization.

In closing, the next chapter of Nampak will be highlighted by beverage-led growth and Diversified optimization, with beverage capacity and flexibility, Angola and its regional outlook, a stronger balance sheet, considered investments in efficiency capex and working capital, as well as effective customer partnering that will enable growth. Nampak is a business with significant potential, strongly cash generative, with the expectation of dividend reinstatement in the near term.

That concludes our formal presentation. Thank you.

We will be back in a minute to take questions. Thank you.

Welcome back. Thank you, gentlemen, for the presentation.

We have a couple of questions. The first question coming from Rowan from [Cronux?]

Research, and his question says, "Are you insulated from the global aluminum shortage, and does this open up any export opportunities?"

Thanks for the question, Rowan. At this point in time, we don't see any disruption in supply.

The biggest driver of the move in LME pricing over the past year has actually been driven by smelter capacity outside of the Middle East. The Middle East supplies roughly 9% of the global total aluminum, and about a third of that is impacted by what we're seeing at this point in time in the strait.

I am aware that the major aluminum supplier in South Africa are seeing certain export opportunities, but that's of course related to other aluminum-type products. Cans, more difficult to export, especially in considering the shipping dynamics and cost associated with effectively shipping air.

In short, we don't see any supply disruption at this point in time. We have extended, and are extending, our raw material position specifically in Angola, because of course in South Africa we have by far the majority of our supply through the local supplier, whereas in Angola it's mainly imports from the rest of the world.

That's the only real adjustment we've made on aluminium supply. In terms of export opportunities for our business, they are opportunities within the African continent.

That's being led by Angola, with regional bottling capacity or canning capacity being expanded, and that's part of the growth driver in Angola that we're seeing. In terms of exports out of South Africa, as I've alluded to, we've actually lost a little bit of business.

It's not a big contributor to our business, but we have seen a loss in exports to select markets. That has not been driven by the cost competitiveness of our product, but more a shift from the smaller can sizes which we were supplying in those markets to larger can sizes.

Of course, then shipping a larger can is more expensive and less feasible than smaller cans. In short, no risk, but also no material opportunities realizing for us.

Thank you. Another question from Baren from Foord: "What capacity is Angola running at, and what does the ramp-up of the line arriving in South Africa look like?"

Great question. We're talking about massive growth in Angola, and then at the same time talking about a line that we picked up and are in the process of installing in Springs.

Interesting, if you roll back post the significant devaluation of the currency in Angola back to 2016-17, we were in fact selling almost double the volumes that we are currently selling in that market. That also gives some perspective as to the gradual recovery and now accelerated recovery we're seeing in that market.

You will appreciate that there are sensitivities related to us commenting on any capacity in much detail, but rest assured that within Angola specifically, we've got significant capacity, north of 40%, I'm happy to share with you, in terms of facilitating future growth within that market. In terms of Springs Line 4 and 1 capacity availability, I did have a timeline at the bottom of my slide.

Line 4 capacity will be commercially available from August onwards, but that line will predominantly manufacture small cans, and then the real net capacity gain that we will have will only come once we've converted Line 1, which follows the Line 4 project. Line 1 will then be able to produce 500 ml cans, where we currently produce the bulk of our smaller cans.

Now, that ramp-up will only become effective by the end of 2026, and that's why we made the comment that the real gains from that investment will realize as from 2027.

Next question from Anthony Clark of Small Talk Daily: "Hi Riaan, thanks for the presentation. Can you give any further color on the Zim disposal timeline?

It was supposed to be a disposal of the whole; now it's seemingly in parts."

Thanks, Anthony. Zimbabwe has kept us a little bit busy following the failed transaction as confirmed at the end of January.

At this stage, we are still engaging in respect of both options. We've got interested parties for the whole, but alternatively also for certain parts of the business.

It would be perhaps too early for me to comment on how the transaction would play out. Based on the interest, engagements, due diligence in flight, we remain confident to conclude a transaction.

The money may not be in the bank absolutely by the 30th of September, but still confident that we will conclude the transaction either as a whole or in part. You would have noted the impairment that was processed at the half-year, which is still reflective of our view of realizable value of the asset.

Next question from Rory under his private capacity: "What gearing ratio are you aiming at, and what dividend cover do you anticipate?"

Glenn, you're welcome to kick off there.

All right, thank you. No, I think the business is deleveraging quite quickly, and as you can see, that potential net-debt-to-EBITDA ratio of 1.2 times gets to a position where there's capacity to pay dividends.

We can't commit at this point, but from a market perspective, any net-debt-to-EBITDA ratio between 1.3 and 1.8 times seems to be where sweet spot is, and we'll manage the debt levels in line with that kind of outcome. In terms of a dividend cover, that will be determined when the board reviews the numbers at the end of September.

I think it's important to recognize that it's most likely that dividend distribution will be dependent on the debt position within the business, rather than specific ratios relative to earnings numbers. Quite frankly, a dividend was considered at the half-year.

Factors that played a role within that, of course, is the much stronger balance sheet, which Glenn gave some perspective to. We still had to fund the bulk of our expansion capex program, and as noted in the results, net of our capex investment, we generated 21 million rand cash.

We're still sitting with some unproductive debt or unproductive interest across our balance sheet, which we confident that we'll be able to clear out. Then perhaps a secondary conversation is the position in respect of Zim, but that's relatively small in the context of the cash that the business generates.

As per our results SENS, we remain focused on resuming dividend, and confident that that will start realizing as with the consideration of our full-year results.

On the back of that capex discussion, James Twyman is asking, "Can you provide an update on the capex expectations for the full year, roughly an estimate for 2027? Further to that, is there any anticipated impact on the disruptions at Springs as a result of the project?"

James, thanks for your question. I think I was asked this at the year-end results presentation, and my response at that point was for the continuing operations, a capital expenditure forecast for FY '26 of around 500 million for the continuing businesses.

Then that will conclude really expansionary side of the spend in this financial period, and we don't see big step-out capex going forward. Capital expenditure in the range of probably 250 to 300 million going forward to sustain the business is a reasonable range in which to think of going forward.

Thanks, Glenn. Charles from Titanium Capital: "What level of duty would Nampak require to be cost-competitive in can ends with suppliers like Baosteel?"

I think it was from Charles, hey? Yeah.

Charles, thanks for your question. The duty application that's been filed is for an increase in the duty from 14% to 20%, which is the maximum allowed bound rate.

We're confident that that would receive due consideration. The extent of protection that's required will have to stretch beyond that for us to be fully competitive, and that boils down to some industry-related considerations.

The quantum of that, I would be loath to indicate at this point in time. Competitive pricing is of course complex, because you have to factor in the length of the supply chain, the working capital investment, and the related support.

The application that's been filed, along with our ongoing considerations of price, volume, margin, will make us significantly more competitive in that space.

Next question is from Nick. He's from Coronation: "What would Bevcan SA revenue growth have been without the loss of the export business?"

It would be approaching double digits.

Thank you for that. Next, Baren from Foord: "Please, can you speak through where you have lost business and where you have also won business, and what do you think the key drivers for this were?"

Without going into too much detail, it is true that it has become a more competitive environment out there. The industry capacity has been enhanced by competitors towards the end of last year.

We will have our additional capacity available towards the end of this year, it's definitely a more competitive environment. At a segmental level, we've largely hung on to shares; we haven't lost customers, but we have seen in aggregate a little bit of regression in our participation within the beer segment.

Next question from Rajay, Excelsior: "Please, can you explain how you intend to grow the Diversified business? What is the medium term, as mentioned?"

I think hopefully it was quite clear in our approach that the bulk of the relief that we bring to that business and to ensure future competitiveness relates to optimization, whereas the rest of the portfolio will be a growth-led strategy. Once we've reduced the footprint, and now that we've narrowed the participation, we will be able to compete more effectively in the local market, but also relative to imports.

If you unpack that portfolio, the biggest contributors are fish and fruit, and of course, they've got their own set of dynamics in terms of availability and size of crop. Our product positioning and total value proposition to customers should realize in growth to the extent that they grow.

On the tinplate aerosol side, we've lost some significant business over time, but our commitment to the category and our more efficient operations will enable us some volume recovery there. On the monobloc aluminum aerosol side, that largely sits in the once-off bucket, where the major customer in South Africa changed brand and also formulation.

There again, we are confident in just normalization of the set of demands. At the back of some of our customers, we do have an opportunity to support their export programs, specifically related to multinational participant, but at this point, it's still early to assess the opportunities.

In aggregate, from a growth perspective, Diversified should move forward more on an organic growth basis, and be sustained from a profitability point of view through the optimization work that we're doing, whereas, of course, on the beverage side, it's a different conversation, where our capacity, flexibility will enable more confident participation. Our beverage business has seen relatively constrained growth through the lack of capacity at a time when the industry needed it.

Nampak, we're challenged with consistent supply to customers, call it in the period '24 to '25. More recently, through the plant efficiencies that we're seeing, the better output from our factories, we are always able to service demand with more confidence, and of course, that then gives you the right to go and pitch for more business as you drive growth within that portfolio.

I think Angola is pretty self-explanatory in terms of what we're seeing there, what we've put forward as the growth drivers, and the likelihood of that being sustained based on the dynamics at play in that market.

Next, Francois from Basile: "What gives management confidence that Nampak's customers will continue relying on outsourced packaging solutions instead of increasingly internalizing packaging production themselves?"

That's a great question. If you just look at Nampak's value proposition, our investment beyond just the manufacturing of the actual product is enormous in terms of our R&D and technical and support capabilities.

Whilst you could potentially compete in terms of the supply of the product as a standalone operation, your ability to support plant, to drive innovation, to ensure quality compliance, including legislative changes related to lacquer, for example, puts Nampak in a completely different world. I'm loath to mention capabilities around how do you take artwork design into something that you can run on a can.

A PDF flat file is an interesting and easy thing to sign off, but to get it printed at the quality that we do in our cans takes an enormous amount of work with significant investment just behind that very small component. I think if you look at it from a pure cost perspective, our profitability is plain to see for everybody, then perhaps their desktop exercises could support notions like the one mooted, but Nampak brings a capability that stretches way beyond that.

Next, Themba from Excelsior: "What's your outlook on canned fish demand in the second half?"

I think it's well-documented. The media's kept us abreast of developments up the West Coast.

I would be loath to speak on behalf of Oceana, our biggest customer, nothing new there. There are some dynamics at play: potential bolstering of local fish supply through a total allowable catch top-up, supply out of neighboring countries.

All of those things are at play. Ultimately, the arrival of frozen fish will determine the outcome, and I would defer the question rather to our customer.

Charles from Titanium: this is a follow-up question. "Which customers were responsible for the loss in business in the aerosols and closures, and what were the reason for these losses?"

I think it's important to distinguish on the aerosol side between tinplate and monobloc aluminum. I assume the question deals with tinplate.

It is the major player in South Africa in the home care space and pesticides that reverted to an import program. That was the main driver, and similarly on the closure side, it's the same customer.

All right. We do not have any further questions.

We'd like to cross over to Chorus Call. No questions also.

Okay.

James, if you're online, you can proceed. I'm sure we'll get James's question.

Thank you.

All right, thank you. I think that brings us to the conclusion of our interim results presentation.

Thank you, Teboho. Thank you for hosting us this morning.

Thank you for everybody that joined the webcast. Four months in, I have enjoyed my time in this business.

I've really enjoyed my time working with you, Glenn, and look forward to the last couple of months. Thank you for all the support, and yeah, look forward to clearly a more challenging environment, but one where Nampak is extremely well-positioned to compete, and continue and sustain the journey that's now well-entrenched in the organization.

Thank you again for your time. Have a wonderful weekend, and see you soon.

Goodbye.

Thank you.