Johan Meÿer

$AEL #JSE Altron H1 FY2027 Results For the six months ended 31 August 2026, continuing operations: • Revenue +5% to R5.1bn, with Platforms annuity revenue +11% to R2.2bn, representing 92% of segment revenue. • EBITDA +16% to R1.1bn, with margin expanding 210bps to 21.5%. • Operating profit +13% to R622m, with margin improving 90bps to 12.3%. Net profit after tax +17% to R385m. • HEPS +14% to 109c (96c); EPS +14% to 96c (84c). • Cash generated from operations +32% to R1.0bn, with EBITDA-to-operating-cash conversion improving to 92% from 81%. • Platforms contributed over 95% of Group operating profit. Closing net cash exceeded R800m following R755m in dividends paid in June. • Interim dividend +15% to 55c/share (48c), representing a 50% payout ratio. Results are unaudited.

$ANH #JSE AB InBev Q3 2026 Results • Revenue +4.9% organically, with reported revenue +9.1% to US$16.51bn. Revenue per hectolitre +4.2%. • Total volumes +0.4%, with beer -0.1% and non-beer +4.0%. • Normalized EBITDA +3.9% to US$5.96bn, with margin down 34bps to 36.1%. • Underlying profit increased to US$2.40bn from US$1.97bn. Underlying EPS +22.4% to US$1.21. • Megabrand revenue +7.7%, led by Corona (+20% outside its home market). No-alcohol beer revenue +35% and Beyond Beer +19%. • 9M26: Revenue +5.4% organically, normalized EBITDA +5.0% and underlying EPS +22.2% to US$3.40. • Interim dividend increased to €0.40/share from €0.15. • FY2026 outlook: EBITDA expected to grow in line with the medium-term outlook of 4%–8%. Normalized effective tax rate of 26%–28% and net capex of US$3.5bn–US$4.0bn.

$DTC #JSE Datatec H1 FY2027 Results For the six months ended 31 August 2026: • Gross invoiced income +18% to US$4.84bn; revenue +13.9% to US$2.02bn; gross profit +5.8% to US$511.2m. • Adjusted EBITDA +16.6% to US$150.7m, while reported EBITDA declined 7.8% to US$128.1m. • Underlying EPS +56.5% to US30.2c; HEPS +1.4% to US22.3c; basic EPS +6.5% to US23.1c. • Net debt increased to US$553.1m from US$54.4m; NAV declined 66.8% to US$162.3m. • Westcon maintained growth, Logicalis International delivered record results, while Logicalis Latin America remained under pressure. • Westcon refinancing returned R7.1bn (US$438m) to shareholders. • Interim dividend +42.9% to 250c per share, declared as a cash dividend with a scrip alternative. • Outlook: Trading remains robust, supported by AI infrastructure demand. H2 results will be impacted by the Westcon transaction and additional shares issued following the special dividend scrip take-up. Condensed interim results are unaudited.

$Imp #JSE Implats Q1 FY2027 Production Update • Group 6E production fell 3% to 854,000oz. Managed operations -4%, JVs -4% and third-party receipts +8%. • Impala Rustenburg -3%, Marula -9%, Zimplats -3%, Impala Canada -9%, Mimosa -7% and Two Rivers broadly flat. • Refined and saleable 6E production declined 8% to 763,000oz, while sales volumes fell 6% to 796,000oz. • Smelter throughput of 135,000oz deferred. Excess 6E inventory rose to approximately 395,000oz from 300,000oz at FY2026 year-end. • FY2027 production, cost and capital expenditure guidance unchanged.

$ARL #JSE Astral Foods FY2026 Trading Statement For the year ended 30 September 2026, compared with FY2025: • EPS expected to increase 90%–100% to 4,324c–4,552c, from 2,276c. • HEPS expected to increase 95%–105% to 4,277c–4,496c, from 2,193c. • Lower maize and soya prices reduced poultry feed input costs. • Feed sales volumes increased, supported by higher broiler production and external sales growth. • Improved farming efficiencies and lower feed costs reduced broiler production costs. • Poultry sales realisations improved, supported by higher volumes in higher-margin product segments and the group's best-cost strategy. • FY2026 results expected on 23 November 2026. Financial information has not been externally reviewed.

$JSE #Top40 All eyes remain on the Federal Reserve's interest rate decision later tonight, with the Fed widely expected to hold rates unchanged. The JSE closed 0.04% lower in thin trade. Financials were mostly firmer, while selected platinum producers and industrial counters advanced. Diversified miners traded mostly lower, while Naspers declined and Prosus edged higher, despite Tencent closing 0.62% higher in Hong Kong. Northam Platinum (+2.11%) and Mr Price (+1.17%) led the gainers, while Clicks (-4.44%) and MTN (-1.44%) were the biggest decliners. Vodacom released its H1 FY2027 trading statement. In South Africa, the gas-to-power tender failed to appoint preferred bidders amid concerns over gas supply assurances, while the IMF acknowledged fiscal improvements but highlighted economic growth as the next challenge. Developers are also planning a new $732m airport. Global equities traded higher, supported by gains across Asian technology shares, with South Korea's KOSPI surging over 6% following strong SK Hynix earnings. European and US markets advanced modestly ahead of today's major technology earnings. WTI crude rose towards $102/bbl amid renewed Middle East supply concerns, while US Treasury yields edged higher. Gold and silver declined, while platinum and palladium weakened. Elsewhere in Africa, Strive Masiyiwa's Cassava Technologies plans to distribute Anthropic's Claude AI across the continent. Zvilo is targeting €2bn in financing as it expands into Africa. Roughly R19.7bn traded on the day, with the rand at R16.67/$ at the close.

Africa’s trade shift in two maps. China overtook the US as Africa’s largest bilateral trading partner in 2009. By 2025, China–Africa goods trade reached $348bn, compared with $83bn for the US. That’s more than four times as much.

$VOD #JSE Vodacom H1 FY2027 Trading Statement For the six months ended 30 September 2026, compared with H1 FY2026: • HEPS expected to increase 22%–27% to 570c–593c, from 467c. • EPS expected to increase 272%–279% to 1,756c–1,789c, from 472c. • EPS includes a R23.2bn (1,199c per share) non-recurring, tax-neutral fair value gain from remeasuring Vodacom's previously held associate interest in Safaricom. • The Safaricom gain does not affect headline earnings or HEPS. • Outlook: Interim performance is expected to be consistent with Vodacom's medium-term growth ambitions. Financial information has not been externally reviewed.

$JSE #Top40 The JSE traded firmer, with the Top40 closing 0.63% higher amid above-average volume in the closing auction. Gains across diversified miners, financials and selected industrial counters supported the index, while platinum producers came under pressure. Naspers and Prosus attracted renewed buying interest during the session. BHP (+3.26%) and Naspers (+2.48%) led the gainers, while Sasol (-0.93%) and Anheuser-Busch InBev (-0.92%) were the biggest decliners. Trading updates from Oceana Group (FY2026) and Coronation Fund Managers (FY2026), with the latter not well received by market participants. Global equities traded mixed, with US technology shares advancing and Japan's Nikkei gaining 1.73%, while Hong Kong and the UK declined. European markets were mixed amid weakness in banking shares. US Consumer Confidence rose to 91.7 from a revised 84.2, exceeding expectations, while inflation expectations eased to 4.7%. WTI crude fell towards $100/bbl, while the dollar strengthened and US Treasury yields were mixed. Gold and silver advanced, platinum edged higher and palladium declined. Investors remained focused on Wednesday's Federal Reserve decision and major US technology earnings this week. Roughly R30bn traded on the day, with the rand at R16.59/$ at the close.

$NDAQ #Nasdaq Nasdaq plans to introduce 23-hour US equity trading, five days a week, from 6 December 2026, moving Wall Street closer to near-round-the-clock trading. The expanded schedule will include a one-hour daily maintenance break. nasdaq.com/newsroom/nasdaq-e…

$CML #JSE Coronation Fund Managers FY2026 Trading Update For the year ended 30 September 2026, compared with FY2025: • EPS expected to decline 5%–15% to 403.2c–450.6c, from 474.3c. • Fund management EPS expected to decline 5%–15% to 385.9c–431.3c, from 454.0c. • Assets under management totalled R750bn at 30 September 2026. • FY2026 results expected on or about 17 November 2026. Financial information has not been reviewed or audited.

$OCE #JSE Oceana Group FY2026 Trading Statement For the year ended 30 September 2026, compared with FY2025: • EPS expected to increase 45%–55% to 815c–870c, from 562.4c. • HEPS expected to increase 46%–56% to 825c–880c, from 564.8c. • Earnings improvement primarily reflects higher operating profit and lower interest costs. • Fishmeal and fish oil (USA) and Wild caught seafood delivered improved performances, supported by higher volumes and pricing. • Lucky Star foods contributed positively despite limited inventory, offsetting weaker performance in Africa fishmeal and fish oil. • Results expected on or about 26 November 2026. Financial information has not been externally reviewed.

$JSE #Top40 Positive momentum returned to the JSE, with the Top40 ending the session 0.99% higher. Gains across financials, diversified miners and selected platinum producers supported the advance, led by banks, while Naspers and Prosus bucked the firmer trend despite Tencent closing 0.10% higher in Hong Kong. Clicks (+2.95%) and Investec Ltd (+2.84%) led the gainers, while Sasol (-3.51%) and Anheuser-Busch InBev (-2.69%) were the biggest decliners. Pick n Pay released its H1 FY2027 interim results. Global equities advanced, led by stronger US technology shares and European markets, while Asia traded mixed. WTI crude declined towards $101/bbl amid renewed Middle East diplomatic efforts, while the dollar strengthened and US Treasury yields were mixed. Gold, silver and palladium gained, while platinum weakened. Investors remained focused on Wednesday's Federal Reserve decision and major US technology earnings later this week. Roughly R22bn traded on the day, with the rand at R16.63/$ at the close.

$PIK #JSE Pick n Pay H1 FY2027 Interim Results For the 26 weeks ended 30 August 2026, compared with H1 FY2026: • Group turnover +2.4% to R60.5bn, with Boxer +6.3% and Pick n Pay broadly flat. • Trading profit +58.1% to R490m, with margin improving to 0.8% from 0.5%. Gross margin increased to 18.8%. • Headline loss reduced 31.9% to R299m, HEPS loss improved to 40.71c from 59.77c, and EPS loss to 36.77c from 67.53c. • Pick n Pay segment trading loss reduced 16.9% to R0.5bn, while Boxer trading profit increased to R1.0bn. • Net cash R10.0bn, including R7.7bn within Pick n Pay. • Labour restructuring: Agreement reached with labour partners; Section 189A consultation process withdrawn. • Outlook: FY2027 trading visibility remains low amid elevated oil prices and consumer pressure. Pick n Pay maintains its FY2029 trading profit after lease interest breakeven target.

$JSE #Top40 The JSE traded lower, with the Top40 declining 0.55% amid broad-based sell pressure. Gold and platinum producers recorded the steepest declines, while selected diversified miners bucked the weaker trend to close higher. Naspers and Prosus finished the session higher, following Tencent's 0.94% gain in Hong Kong. Valterra Platinum released a production update, while Shoprite and Investec are reportedly in discussions over a potential fintech partnership. On a stock level, Sasol gained 5.43% and MTN 1.55%, while Clicks fell 6.97% and Richemont 6.23%. Global equities weakened, with US and European markets declining while Asia traded mixed. AI investment concerns persisted. WTI crude rose above $102/bbl amid Middle East supply risks, while US Treasury yields edged higher. Eurozone business activity slowed, with France's PMI signalling contraction. Gold, silver and PGMs declined ahead of next week's Fed decision and major US technology earnings. Roughly R20bn traded on the day, with the rand at R16.60/$ at the close.

$SHP #JSE Shoprite and Investec are reportedly discussing a fintech partnership to expand Shoprite's banking and payments offering. No agreement has been announced. moneyweb.co.za/news/companie…

$VAL #JSE Valterra Platinum Q3 2026 Production Update For the quarter ended 30 September 2026, compared with Q3 2025: • Total PGM production -6% to 804,300oz, comprising own-mined production -5% to 511,900oz and purchased concentrate -7% to 292,400oz. • Mine production: Mogalakwena -4%, Amandelbult -10%, Mototolo +7%, Unki -12% and Modikwa -5%. • Refined PGM production -41% to 576,900oz, reflecting rescheduled maintenance and stock counts. YTD refined production -2%. • PGM sales volumes -27% to 683,300oz, while YTD sales remained broadly flat. • Realised PGM basket price +15% to R38,815/oz, or US$2,383/oz (+24%). • Chrome production +7% to 277,000 tonnes, while nickel production fell 39% and copper 22%. • Outlook: FY2026 production guidance unchanged at 3.0–3.4Moz for both M&C and refined PGMs. Unit costs expected near the upper end of R19,000–R20,000/oz; AISC target approximately US$1,050/3E oz.

$JSE #Top40 Broad-based sell pressure characterised trading on the JSE, with the Top40 falling 1.18%. Resource-led weakness, particularly among gold and platinum miners, accounted for the largest share of the index's decline, while heavyweight industrial and financial counters also weighed on performance. Energy shares showed resilience, with the market recovering partially from its intraday lows. On the corporate front, Clicks Group released its FY2026 annual results, Pick n Pay its H1 FY2027 trading statement, Cashbuild its Q1 FY2027 operational update and Spear REIT its H1 FY2027 interim results. South Africa is pursuing measures to encourage offshore fund management activities to return domestically. Global equities declined sharply, led by technology shares, with the Nasdaq under pressure and Asian markets recording steep losses. Chinese equities entered bear-market territory following a selloff that erased approximately $2.4 trillion in market value. Concerns over AI investment returns and Meta's capital commitments weighed on sentiment, while French fiscal uncertainty persisted. US Treasury yields declined, while the dollar strengthened. WTI crude rose towards $98.50/bbl amid renewed Middle East supply concerns. Gold fell nearly 2%, with silver and PGMs also sharply lower. Canal+ shares declined following weakness in its French operations during Q3, with a VAT increase remaining a headwind. On a stock level, Sasol gained 6.90% and British American Tobacco 2.60%, while Impala Platinum fell 5.26% and Anglo American 5.24%. Roughly R23bn traded on the day, with the rand at R16.51/$ at the close. Elsewhere, scammers in Norway reportedly convinced victims to buy gold and leave it in forests, where it was subsequently stolen, according to Bloomberg.

$PIK #JSE Pick n Pay H1 FY2027 Trading Statement For the 26 weeks ended 30 August 2026, compared with H1 FY2026: • Loss per share expected to improve 40%–50% to a loss of 33.77c–40.52c, from 67.53c. • Headline loss per share expected to improve 25%–35% to a loss of 38.85c–44.83c, from 59.77c. • Trading performance: Boxer delivered trading profit growth, while the Pick n Pay segment recorded a moderately reduced trading loss. • Labour agreement: Agreement reached with SACCAWU, resulting in the withdrawal of the Section 189A consultation process. • Results: H1 FY2027 results scheduled for 26 October 2026. Financial information has not been externally reviewed.

$CLS #JSE Clicks Group FY2026 Annual Results For the year ended 31 August 2026, compared with FY2025: • Group turnover +5.4% to R50.4bn. Retail +4.2%, comparable stores +1.8%, UPD distribution +9.2%. • Trading profit +4.7% to R4.9bn, with margin down 10bps to 9.7%. Retail trading profit +9.9%, UPD -10.4%. • Headline earnings +2.7% to R3.3bn, HEPS +4.4% to 1,422c and EPS +4.2% to 1,420c. • Operating cash generation R6.3bn, capex R1.2bn, return on equity 48.7%. Shareholder distributions and buybacks totalled R3.4bn. • Retail expansion: Net 41 stores and 60 pharmacies added. Pharmacy market share increased to 24.7%; ClubCard membership reached 13.1m. • ARC Store: Stake to increase to 61% following a R507m acquisition, subject to competition approval. • Dividend: Final 667c per share (+2.9%); total FY2026 dividend 925c (+4.4%). • Outlook: Competitive trading conditions expected to persist. FY2027 plans include 40–50 new stores and R1.5bn capex, with UPD benefiting from a 2.88% SEP adjustment effective 1 October 2026.