In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, a listed company is required to publish a trading statement as soon as it becomes reasonably certain that the financial results for the period to be reported on next will differ by at least 20% from the financial results for year ended 29 February 2024 (“the previous corresponding period”).

The Company hereby advises that a reasonable degree of certainty exists that for the year ended 28 February 2025:

• Earnings per share (“EPS”) will be between 126.3 cents and 143.1 cents, representing an increase of between 50.7% and 70.7% compared to EPS of 83.8 cents reported for the previous corresponding period; and
• Headline earnings per share (“HEPS”) will be between 127.0 cents and 143.8 cents, representing an increase of between 51.6% and 71.6%

OPERATIONAL UPDATE

The Group has delivered a strong performance for the financial year, notwithstanding persistent macroeconomic headwinds across its core markets in South Africa and Australia. The uplift in earnings reflects both the benefits of early cost optimisation actions, restructuring initiatives and the sustained operational discipline across the business.

While revenue growth was moderate, the Group achieved an improvement in margins, demonstrating the impact of enhanced contract-level cost controls and better alignment between commercial delivery and support costs. Adcorp’s decentralised brand-led strategy continues to support responsiveness in a complex operating environment, contributing to both earnings growth and operational resilience.

Importantly, the Group’s balance sheet remains ungeared, and the strong net cash position at year-end underscores Adcorp’s consistent focus on capital discipline and cash conversion.

During the year, the Group also accelerated the deployment of its digital enablement strategy. Progress has been made in embedding AI technologies to drive efficiency across core operations. These include AI-driven payroll automation and the ongoing integration of AI into staffing operations. The early benefits of these initiatives are beginning to emerge and are expected to underpin future scalability and competitiveness across the Group’s service offerings.

The financial information on which this trading statement is based has not been reviewed or reported on by the Company’s external auditors.

The audited results for the year ended 28 February 2025 are expected to be published on or about Thursday, 29 May 2025.

RESULTS PRESENTATION

The results presentation will take place electronically on Thursday, 29 May 2025, at 10:00. Should you be interested in attending please contact charissa.dejager@adcorpgroup.com and a webcast link will be provided.

Johannesburg
19 May 2025

Sponsor
Valeo Capital (Pty) Ltd