Zambeef Products PLC

Earnings Release • Dec 8, 2025

National Storage Mechanism | Additional information

RNS Number : 6982K

Zambeef Products PLC

08 December 2025

08 December 2025

Zambeef Products plc

("Zambeef" or the "Group")

Full year results for the year ended 30 September 2025

Zambeef (AIM: ZAM), the fully integrated cold chain food products ("CCFP") and retail business with operations in Zambia, Nigeria and Ghana, today announces its audited results for the year ended 30 September 2025.  

Financial Highlights

Figures in 000's		2025	2024	%		2025	2024	%
		ZMW	ZMW		USD	USD
Revenue		8,058,283	7,315,845	10.1%		302,602	295,113	2.5%
Change in fair value of biological assets		1,102,125	1,005,832	9.6%		39,275	40,574	-3.2%
Cost of sales		(6,234,772)	(5,846,559)	6.6%		(232,015)	(235,844)	-1.6%
Gross profit		2,925,636	2,475,118	18.2%		109,862	99,843	10.0%
Other income		23,380	27,926	-16.3%		878	1,127	-22.1%
Other net gains		4,759	(96,072)	-105.0%		179	(3,875)	-104.6%
Net Impairment losses on financial assets		(736)	(1,264)	-41.8%		(28)	(51)	-45.1%
Impairment of investment in associate		-	(34,370)	-100.0%		-	(1,386)	-100.0%
Distribution costs		(341,998)	(208,395)	64.1%		(12,843)	(8,406)	52.8%
Administrative expenses		(1,971,054)	(1,675,751)	17.6%		(74,015)	(67,598)	9.5%
Operating profit		639,987	487,192	31.4%		24,033	19,653	22.3%
Finance costs		(387,004)	(294,531)	31.4%		(14,533)	(11,881)	22.3%
Profit before taxation		252,983	192,661	31.3%		9,500	7,772	22.2%
Taxation charge		(27,865)	(12,565)	121.8%		(1,046)	(407)	157.1%
Group income for the year from continuing operations		225,118	180,096	25.0%		8,454	7,365	14.8%
Group income for the period		225,118	180,096	25.0%		8,454	7,365	14.8%
				-
EBITDA		945,198	732,657	29%		35,496	30,409	16.7%
Gross Profit Margin		36.3%	33.8%			36.3%	33.8%
EBITDA Margin		11.7%	10.0%			11.7%	10.3%
Debt/Equity (Gearing)		33.8%	41.7%			33.8%	41.7%
Debt-To-EBITDA		2.3	2.8	-19.3%		2.5	2.6	-1.0%

PERFORMANCE OVERVIEW

Zambeef delivered a resilient performance for the financial year ended 30 September 2025, achieving earnings growth despite operating in a challenging macroeconomic environment. The year was marked by currency volatility, elevated input costs, and continued national power shortages driven by the aftermath of the prior year's severe drought. These conditions placed upward pressure on production costs, particularly through increased reliance on generator power and costly imported electricity. Despite these headwinds, the Group generated improved volumes across key categories, supported by strong commercial execution, disciplined cost management, and the ongoing benefits of operational optimisation initiatives.

The Group continued to make progress on its strategic priorities, including investment in high-impact projects, optimisation of core operations, and the phased divestment of non-core activities. Newly commissioned assets and capacity upgrades enhanced operational efficiency and strengthened Zambeef's ability to meet market demand. This combination of strategic investment and disciplined execution underpinned the Group's solid performance and reinforced its position as a leading and resilient player in Zambia's agri-business and food value chain.

Against this backdrop, the Group delivered revenue of ZMW 8.06 billion (USD 302.6 million) and a gross profit of ZMW 2.9 billion (USD 109.9 million). This reflects year-on-year growth of 10.1% and 18.2% in kwacha terms, and increases of 2.5% and 10.0% in US dollar terms, respectively.

KEY FINANCIAL HIGHLIGHTS

Rising costs of key inputs particularly energy, imported materials, and grain continued to place upward pressure on production expenses across the Group which impacted the Group's volume growth.

Finance costs rose by 31.4%, largely due to increased borrowings and the impact of interest rate rises steming from the Bank of Zambia tightening Monetary Policy.

Nonetheless, the Group delivered an operating profit of ZMW 640.0 million (USD 24.0 million), reflecting a year-on-year increase of 31.4% in kwacha terms and 22.3% in US dollar terms, up from ZMW 487.2 million (USD 19.6 million) in the prior year. This performance is a testament to the strength of our commercial strategy and the effective implementation of our strategic growth initiatives.

Zambeef's management remains committed to focusing on core divisions to generate cash flow that will be channelled towards de-risking the business. Our plans are underpinned by:

§ Strengthening our core business: We are dedicated to bolstering our core business through targeted investments aimed at expanding our market share and solidifying our position in key sectors.

§ Human Capital Development: We recognize the importance of our workforce in driving organizational success. Thus, we are crafting a tailored human capital strategy to align with our organizational needs, ensuring that our employees are equipped with the skills and resources necessary to thrive in a dynamic environment.

§ Enhancing Strategic Partnerships: Strategic partnerships play a vital role in enhancing our competitive edge and market position. We are committed to strengthening these partnerships to capitalize on synergies and opportunities for growth.

§ Divestiture of Non-Core Assets: To optimize resource allocation and focus on our core business areas, we are actively pursuing the divestiture of non-core assets.

Commenting on these results, Chairman Mr. Patrick Wanjelani said:

"Management remained steadfast in executing the Group's strategic priorities of maximizing revenue, driving volume growth, and optimizing costs. Through these focused efforts, Zambeef delivered improved profitability compared to the prior year, highlighting the strength and resilience of its vertically integrated business model. The 2025 performance reflects a disciplined and adaptable organisation committed to operational excellence and the creation of sustainable, long-term value for shareholders and stakeholders."

Copies of Zambeef's Annual Report and Accounts for the year ended 30 September 2025 and Notice of AGM will shortly be sent to shareholders and made available on the Group's website and a further announcement will be made at this time.

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.

For further information, please visit www.zambeefplc.com or contact:

Zambeef Products plc	Tel: +260 (0) 211 369003
Faith Mukutu, Chief Executive Officer
Patrick Kalifungwa, Chief Financial Officer
Cavendish (Nominated Adviser and Broker)	Tel: +44 (0) 20 7220 0500
Ed Frisby/Isaac Hooper (Corporate Finance)
Tim Redfern (ECM)
Autus Securities Limited	Tel: +260 (0) 761 002 002
Mataka Nkhoma, Sponsoring Broker

About Zambeef Products PLC

Zambeef Products plc is the largest integrated cold chain food products and agribusiness company in Zambia and one of the largest in the region, involved in the primary production, processing, distribution and retailing of beef, chicken, pork, milk, dairy products, fish, flour and stockfeed, throughout Zambia and the surrounding region, as well as Nigeria and Ghana. It has 248 retail outlets throughout Zambia.

The Company is one of the largest suppliers of beef in Zambia and currently consists of five (5) beef abattoirs and three (3) feedlots located throughout Zambia, with a capacity to slaughter 230,000 cattle a year. It is also one of the largest chicken producers in Zambia, with a capacity of 12.5 million broilers and 31.5 million-day-old chicks a year. It is one of the largest piggeries, pig abattoirs and pork processing plants in Zambia, with a capacity to slaughter 102,000 pigs a year, while its dairy has a capacity of 140,000 litres per day.

The Group is also one of the largest cereal row cropping operations in Zambia, with approximately 7,254 hectares of row crops under irrigation, which are planted twice a year, and a further 7,943 hectares of rainfed/dry-land crops available for planting. www.zambeefplc.com

Chairmans Report

Dear Shareholder,

This report highlights our achievements, acknowledges the challenges we face, and reaffirms our dedication to securing a resilient and prosperous future for Zambeef.

During the year ended 30 September 2025, the Group continued to operate in a tough market environment marked by subdued consumer spending amidst tight monetary conditions. The Bank of Zambia's continued tight monetary policy, implemented to contain inflation and manage exchange rate volatility, has helped stabilise key macroeconomic indicators but maintained pressure on liquidity and consumer demand. While the government's engagement with international bondholders has advanced the debt restructuring process, underlying economic headwinds have continued to affect business operations across sectors.

The year also saw mixed macroeconomic developments. Total copper production increased, supported by the recovery of key mines and favourable global prices. However, the broader economy continued to face challenges, including energy shortages that increased the cost of key inputs such as electricity and diesel that resulted in increased cost of prodcution. The residual effects of the El Niño weather phenomenon exerted additional strain on cost of key grain inputs such Maize, partuclarly in the first half of the finaincial year. Inflation, which closed at 12.3% in September 2025, showed a gradual downward trend, an encouraging sign that the central bank's policy measures are beginning to yield positive results.

Management remained steadfast in executing the Group's strategic priorities of maximizing revenue, driving volume growth, and optimizing costs. Through these focused efforts, Zambeef delivered improved profitability compared to the prior year, highlighting the strength and resilience of its vertically integrated business model. The 2025 performance reflects a disciplined and adaptable organisation committed to operational excellence and the creation of sustainable, long-term value for shareholders and stakeholders.

Strategy

The Board remains steadfast in its commitment to achieving the Group's strategic objectives, undeterred by seasonal market dynamics and economic fluctuations. Our five-year strategy is centered on the following key pillars:

1.   Strengthening our core business: We remain committed to reinforcing our core operations through strategic investments that expand our market share and solidify our presence in key sectors. Our focus is on broadening our market reach and diversifying our product portfolio to capture emerging opportunities and drive sustainable growth.

2.   Human Capital Development: Our focused human capital strategy is designed to ensure that our workforce is well-equipped and empowered to drive the Group's success. By prioritizing skills development aligned with our strategic objectives, we continue to cultivate a motivated and capable team that underpins sustainable growth and operational excellence.

3.   Enhancing Strategic Partnerships: Strategic partnerships play a vital role in enhancing our competitive edge and market position. We are committed to strengthening these partnerships to capitalize on synergies and opportunities for growth. Our commitment to our customers, suppliers, lenders and other partners remains resolute.

4.   Divestiture of Non-Core Assets: Linked to the pillar to focus on our core business and our persuit to optimize resource allocation, we are actively pursuing divestiture of non-core assets.

Chairman's Report (continued)

Progress on our $100 million expansion program, announced in 2022, is making significant strides. The expansion of the Mpongwe row cropping capacity has yielded positive results, with the third winter harvest this passed winter season. The milling and hatchery facilities were successfully commissioned in October 2024, while the new cheese plant was completed and commissioned in April 2025.

Outlook

Looking ahead, as the current macroeconomic situation continues to improve, expectation is that there will be the easing off of the monetary policy which should in turn increase money supply and therefore demand for our products. With our strong brand presence and integrated business model, the Group is well-positioned to capitalise on emerging growth opportunities and adapt to changing consumer dynamics.

We remain focused on strengthening the balance sheet, enhancing cash flow, and delivering long-term shareholder value.

British International Investment Plc (BII)

BII is the Company's largest ordinary shareholder with 52.6 million ordinary shares and  100,057,658 convertible redeemable preference shares ("Preference Shares") in Zambeef Products plc. The Company has the right to redeem all or part of the Preference Shares at the redemption price, which would give BII a 12% compounded annual return on their investment, subject to a minimum of USD 0.77 per share (less dividends received). However, the likelihood of such a repayment by the Company in this financial year, or in the medium term, is currently considered by the Board to be uncertain. The eighth anniversary (16 September 2024) of BII's investment in the Company materially increased BII's conversion rights on their Preference Shares from one-for-one new ordinary share, to one for 3.0833 (recurring) new ordinary shares.

Acknowledgement

I extend my heartfelt gratitude to my fellow Board members for their dedicated leadership over the past year, and I sincerely appreciate the tireless efforts of our management and staff in delivering another year of remarkable performance. The resilience and determination demonstrated in overcoming challenges reflect the strength of our team. I take pride in what we have achieved together and look forward with optimism to the opportunities that lie ahead. United in purpose, we will continue to build on this strong foundation of success.

Amid the complexities of the current environment, we remain committed to driving sustainable growth and fulfilling our commitments to shareholders.

Patrick Wanjelani

Chairman

Chief Executive Officer's Report

Overview

The year ended 30th September 2025 saw the Group deliver profitability growth, supported by increased volumes across key categories compared to the previous year. This performance underscores our agility and adaptability in navigating a dynamic market and economic environment. The management team's unwavering commitment to driving top-line growth through effective revenue strategies and maintaining disciplined cost control has been instrumental in achieving these positive results.

The operating environment remained challenging, shaped by the residual effects of the previous year's severe drought, which continued to affect the country's hydroelectric generation capacity. This resulted in prolonged power deficits that increased reliance on genset fuel and imported electricity, leading to higher operating costs and intermittent production disruptions. These pressures were compounded by elevated prices for key grain inputs, particularly maize, in the first half of the financial year.

Despite these headwinds, Zambeef demonstrated resilience through proactive cost management, supply chain optimisation, and strengthened operational efficiency. Our ability to sustain growth in such a demanding environment reflects the strength of our integrated business model, the dedication of our people, and the trust placed in us by our customers, suppliers, and communities.

Operational Excellence

In the year, Zambeef reaffirmed its commitment to operational excellence, quality, and compliance by achieving several important certifications across its operations.

Kalundu Dairy achieved full certification as a Disease-Free Compartment by the Department of Veterinary Services, in line with World Organisation for Animal Health (WOAH) standards. This milestone affirms the division's world-class biosecurity systems, ensuring business continuity even during national disease outbreaks, strengthening customer confidence, and enhancing our brand reputation. This breakthrough reinforces Zambeef's readiness for expanded operations and export potential.

Additionally, Zamhatch, Kalundu Dairy, Zambeef Cropping Division, and the Lusaka and Mpongwe sites of Novatek were all certified under the GlobalG.A.P and Smart Livestock Practices (S.L.P) programs. This demonstrates Zambeef's dedication to sustainable, responsible, and high-quality production.

These accomplishments highlight our commitment to continuous improvement and alignment with national and international standards, further establishing Zambeef as a trusted leader in food safety, sustainability, and animal welfare within Zambia's agribusiness sector.

Supporting National Food Security

The Group's strategic expansion of maize production significantly enhanced national food security during this period. Zambeef supplied 26,500 metric tonnes of both Winter and Early-planted maize to the Government through the Food Reserve Agency, accounting for nearly 25% of the total tonnes contracted from commercial farmers. This contribution underscores Zambeef's role as a reliable partner to the Government in stabilising national grain reserves and ensuring food availability. Additionally, it reinforces our commitment to supporting the broader agricultural value chain, benefiting the livelihoods of small-scale producers by contributing to a more resilient and well-supplied market.

Financial Performance

The Group delivered strong results for the year ended 30 September 2025, navigating a trading environment marked by energy shortages, higher input costs, and weak consumer spending. Through effective revenue management and operational efficiency, the business achieved volume growth across key categories, demonstrating resilience and continued momentum from the previous year.

The Group achieved a revenue of ZMW 8.1 billion (USD 302.6 million), along with a gross profit of ZMW 2.9 billion (USD 109.9 million). This marks a year-on-year increase of 10.1% in revenue and 18.2% in gross profit in Kwacha terms and 2.5% in revenue and 10% in Gross Profit in US Dollar terms, respectively.

Furthermore, the Group delivered an operating profit of ZMW 640.0 million (USD 24.0 million), marking an increase of 31.4% and 22.3% in Kwacha and US Dollar terms respectively, compared to the prior year's ZMW 487.2 million (USD 19.7 million). This growth underscores the effectiveness of our commercial strategy and the continued success of the commissioned strategic expansion projects.

The Group is committed to strengthening its brand equity while consistently delivering high-quality products to our customers. By leveraging our diversified and vertically integrated business model, along with a portfolio of well-established brands and a capable management team, we are strategically positioned to take advantage of emerging growth opportunities and effectively manage potential risks. This strong foundation enables us to respond with resilience and agility in a shifting market landscape.

Strategic focus

Our strategic priorities focus on maximizing the use of our existing assets, enhancing returns, and ensuring sustained profitability across our core business segments. Zambeef's integrated model continues to prove its strength, allowing us to achieve efficiencies throughout the value chain while maintaining our leadership in key food categories.

Throughout the year, we continued to implement our medium-term expansion program, which totals $100 million. This program is progressing well and involves significant investments in Cropping, Milling, Stockfeed, Dairy, and Poultry. These projects aim to increase capacity, improve operational efficiencies, and support long-term profitability.

A significant achievement under this program was the launch of the Zambeef Cheese Plant at Huntley Farm in Chisamba. This facility represents a major investment in Zambia's agro-processing sector and is designed to produce up to 3.4 tonnes of cheese daily using locally sourced milk. This investment not only helps to grow the local dairy industry but also reduces Zambia's reliance on imported dairy products and empowers small-scale farmers. It reflects our commitment to fostering inclusive growth and creating value throughout the agricultural ecosystem.

At the same time, the Group continues to divest non-core operations and reinvest in high-impact areas that enhance cash generation and improve return on capital employed. This disciplined approach ensures that every investment contributes to efficiency, competitiveness, and shareholder value.

Looking ahead, our strategic focus remains on building a more efficient, profitable, and resilient business that delivers sustainable value for all stakeholders while supporting Zambia's broader agricultural and industrial development.

Divisional Performance

Table 1 (ZMW) and Table 2 (USD) below provide a summary of the consolidated performance of the key business divisions reported at an operating profit level.

Table 1: Divisional financial summary in ZMW'000

Table 2: Divisional financial summary in USD'000

Retailing & Cold Chain Food Products

The Retailing and Cold Chain Food Products division delivered a resilient performance in 2025, achieving volume growth across most key categories despite a highly competitive and financially constrained environment. Disciplined sales execution and strategic price optimisation supported topline growth in kwacha terms.

Gross profit increased by 23% in kwacha and 15% in dollar terms year-on-year, driven by volume growth, price optimisation, and improved operational efficiency. The business continues to collaborate with governemnet in the management of animal disease outbreak. Enhanced biosecurity protocols and staff training were implemented during the year as part of curbing the animal disease risk.

The Beef segment remained robust, supported by strong growth in retail and alternative channels. The quality of cattle from bulking centres was consistent, resulting in high average carcass weights. Despite tight animal supply towards the end of the year, prices stayed competitive, allowing the business to maintain good margins.

The Poultry segment saw an 11% increase in broiler production and higher sales of day-old chicks, thanks to the commissioning of a new hatchery. Although production efficiency slightly declined, the volume growth was sufficient to offset its impact.

The Dairy segment achieved double-digit volume growth, driven by strong demand for Lacto and drinking yogurt, increased cheese production, and the successful launch of the Favorite Food brand yogurt line. Zammilk solidified its position as the leader in the fresh milk market.

Cropping and Milling

The Cropping division outperformed expectations, achieving strong financial results due to improved summer crop yields following a favourable rainfall season, stable commodity prices, and enhanced operational efficiencies. However, the overall profitability was pressured by high imported electricity costs and increased tariffs.

The Stockfeed segment also showed robust performance despite challenges such as power outages, ageing equipment issues, and constraints in raw material supply. Much of the feed business was driven by internal Zambeef farms and retail channels. Although sales softened in the late year due to economic pressures, falling maize and soya prices, along with a stronger local currency, helped improve margins.

The Flour segment faced a challenging yet strategically significant year. Intense competition and cost pressures continued, but Zamflour achieved year-on-year volume growth, supported by the successful commissioning of the new wheat milling plant in Mpongwe. Moving forward, the focus will be on stabilising margins, leveraging internal wheat supply, and commissioning the pasta plant to unlock new opportunities for growth and value creation.

Outlook

Looking ahead, maintaining our strong brand presence will be crucial for sustaining customer loyalty and building market confidence. Our vertically integrated business model offers a significant competitive advantage, ensuring a reliable supply chain and a consistent market for our products.

Zambia's economy is showing encouraging signs of recovery, bolstered by advancements in debt restructuring, improved agricultural output, and increased copper production. These positive developments create a more favorable business environment for Zambeef.

We will continue to strengthen our balance sheet by divesting non-core assets, optimising our existing resources, and pursuing targeted capacity expansion. These initiatives will enhance our financial resilience and ensure sustainable value creation for shareholders. With a solid foundation and a clear strategic direction, Zambeef is well-positioned for continued growth in the years ahead

Acknowledgements

I would like to extend my gratitude to our Board of Directors for their guidance and support. I am also indebted, to all our dedicated staff and partners, for their invaluable contributions to the ongoing success of the Group.

Faith Mukutu

Chief Executive Officer

Statement of profit or loss and other comprehensive income

	Notes	Group		Company
		2025	2024	2025	2024
		K'000	K'000	K'000	K'000
Revenue from contracts with customers	6	8,058,283	7,315,845	7,759,294	6,939,511
Change in fair value of biological assets	18(i)	1,102,125	1,005,832	1,104,386	899,062
Cost of goods sold	9	(6,234,772)	(5,846,559)	(6,402,383)	(5,826,756)
Gross profit		2,925,636	2,475,118	2,461,297	2,011,817
Other income	7	23,380	27,926	23,395	27,261
Other net gains/(losses)	8	4,759	(96,072)	9,097	(108,391)
Net impairment losses on financial assets	4(b)	(736)	(1,264)	(3,501)	1,802
Impairment of investment in associate	17(ii)	-	(34,370)	-	(34,370)
Distribution expenses	9	(341,998)	(208,395)	(306,070)	(190,771)
Administrative expenses	9	(1,971,054)	(1,675,751)	(1,667,170)	(1,424,752)
Operating profit		639,987	487,192	517,048	282,596
Finance costs	10	(387,004)	(294,531)	(284,344)	(294,188)
Profit before income tax		252,983	192,661	232,704	(11,592)
Income tax expense	12	(27,865)	(12,565)	(17,742)	18,228
Profit for the year		225,118	180,096	214,962	6,636
Profit attributable to:
Owners of Zambeef Products PLC		225,820	179,840	214,962	6,636
Non-controlling interests	16(b)	(702)	256	-	-
		225,118	180,096	214,962	6,636
Other comprehensive income:
Items that maybe reclassified to profit or loss
Translation differences - foreign operations	24	2,677	(35,821)	-	-
Items not reclassified to profit or loss
Revaluation surplus	25	1,322,644	5,734	1,153,145	-
Actuarial remeasurement losses	28(i)	(558)	(2,523)	(558)	(2,523)
Deferred income tax	27	(137,300)	133,328	(122,331)	128,455
Other comprehensive income for the year		1,187,463	100,718	1,030,256	125,932
Total comprehensive income for the year		1,412,581	280,814	1,245,218	132,568

Statement of profit or loss and other comprehensive income (continued)

	Notes	Group		Company
		2025	2024	2025	2024
		K'000	K'000	K'000	K'000
Total comprehensive income for the year is attributable to:
Owners of Zambeef Products Plc		1,412,747	286,575	1,245.218	132,568
Non-controlling interests		(166)	(5,761)	-	-
		1,412,581	280,814	1,245,218	132,568
Basic earnings per share		Ngwee	Ngwee
Continuing operations	32	75.13	59.83
Discontinued operations	32	-	-
Total basic earnings per share		75.13	59.83
Diluted earnings per share
Continuing operations	32	56.37	44.89
Discontinued operations	32	-	-
Total diluted earnings per share		56.37	44.89

Consolidated Statement of financial position

		30-Sept-25	30-Sept-24
ASSETS	Notes	K'000	K'000
Non-current assets
Property, plant and equipment	13	7,001,171	5,577,265
Goodwill	15	25,015	25,015
Biological assets	18(i)	178,256	143,972
		7,204,442	5,746,252
Current assets
Biological assets	18(i)	326,804	296,923
Inventories	19	2,153,659	2,088,778
Trade and other receivables	20	314,329	346,130
Cash and cash equivalents	21	244,447	334,415
		3,039,239	3,066,246
Total assets		10,243,681	8,812,498
EQUITY
Share capital	23	3,006	3,006
Share premium	23	1,125,012	1,125,012
Preference share capital	23	1,000	1,000
Foreign currency translation reserve	24	634,911	633,440
Revaluation reserve	25	3,217,301	2,054,090
Retained earnings		1,404,032	1,156,637
Attributable to owners of parent entity		6,385,262	4,973,185
Non-controlling interests (NCI)		(14,741)	(15,245)
		6,370,521	4,957,940
LIABILITIES
Non-current liabilities
Lease liabilities	14(a)	15,191	13,350
Borrowings	26	789,004	856,362
Deferred income tax	27	297,570	154,586
Defined benefit obligations	28(i)	2,060	1,835
		1,103,825	1,026,133
Current liabilities
Lease liabilities	14(a)	11,698	8,578
Borrowings	26	1,583,870	1,525,671
Trade and other payables	29	991,963	917,674
Contract liabilities	30	167,452	357,999
Current income tax	12(ii)	14,352	18,503
		2,769,335	2,828,425
Total equity and liabilities		10,243,681	8,812,498

Company statement of financial position

		30-Sept-25	30-Sept-24
ASSETS	Notes	K'000	K'000
Non-current assets
Property, plant and equipment	13	5,983,644	4,791,182
Goodwill	15	15,699	15,699
Investment in subsidiaries	16	77,388	77,388
Biological assets	18(i)	178,256	143,972
		6,254,987	5,028,241
Current assets
Biological assets	18(i)	236,533	218,808
Inventories	19	1,976,745	1,929,536
Trade and other receivables	20	677,159	472,287
Cash and cash equivalents	21	198,252	292,763
		3,088,689	2,913,394
Total assets		9,343,676	7,941,635
EQUITY
Share capital	23	3,006	3,006
Share premium	23	1,125,012	1,125,012
Preference share capital	23	1,000	1,000
Foreign currency translation reserve	24	687,048	687,048
Revaluation reserve	25	2,860,579	1,847,683
Retained earnings		459,173	226,851
		5,135,818	3,890,600
LIABILITIES
Non-current liabilities
Lease liabilities	14(a)	10,617	13,350
Borrowings	26	789,004	856,362
Deferred income tax	27	226,378	108,264
Defined benefit obligations	28(i)	2,060	1,835
		1,028,059	979,811
Current liabilities
Lease liabilities	14(a)	10,300	8,578
Borrowings	26	1,583,870	1,525,671
Trade and other payables	29	1,411,250	1,172,966
Contract liabilities	30	162,847	356,672
Current income tax	12(ii)	11,532	7,337
		3,179,799	3,071,224
Total equity and liabilities		9,343,676	7,941,635

Consolidated statement of changes in equity

	Share Capital	Share premium	Preference share capital	Foreign currency translation reserve	Revaluation reserve	Retained earnings	Total attributable to owners of parent entity	Non-controlling interests	Total
Year ended 30 September 2024	K'000	K'000	K'000	K'000	K'000	K'000	K'000	K'000
At start of year	3,006	1,125,012	1,000	660,390	1,964,087	930,261	4,683,756	(6,630)	4,677,126
Profit for the year	-	-	-	-	-	179,840	179,840	256	180,096
Other comprehensive income:
Revaluation surplus	-	-	-	-	5,734	-	5,734	-	5,734
Transfer of excess depreciation	-	-	-	-	(49,059)	49,059	-	-	-
Actuarial remeasurement losses	-	-	-	-	-	(2,523)	(2,523)	-	(2,523)
Deferred income tax (Note 26)	-	-	-	-	133,328	-	133,328	-	133,328
Translation differences (Note 23)	-	-	-	(26,950)	-	-	(26,950)	(8,871)	(35,821)
	-	-	-	(26,950)	90,003	46,536	109,589	(8,871)	100,718
Total comprehensive income for the year	-	-	-	(26,950)	90,003	226,376	289,429	(8,615)	280,814
At end of year	3,006	1,125,012	1,000	633,440	2,054,090	1,156,637	4,973,185	(15,245)	4,957,940
Year ended 30 September 2025
At start of year	3,006	1,125,012	1,000	633,440	2,054,090	1,156,637	4,973,185	(15,245)	4,957,940
Profit for the year	-	-	-	-	-	225,820	225,820	(702)	225,118
Other comprehensive income:
Revaluation surplus (Note 25)	-	-	-	-	1,322,644	-	1,322,644	-	1,322,644
Transfer of excess depreciation	-	-	-	-	(22,133)	22,133	-	-	-
Actuarial remeasurement losses (Note 28)	-	-	-	-	-	(558)	(558)	-	(558)
Deferred income tax (Note 27)	-	-	-	-	(137,300)	-	(137,300)	-	(137,300)
Translation differences (Note 24)	-	-	-	1,471	-	-	1,471	1,206	2,677
	-	-	-	1,471	1,163,211	21,575	1,186,257	1,206	1,187,463
Total comprehensive income for the year	-	-	-	1,471	1,163,211	247,395	1,412,077	504	1,412,581
At year end	3,006	1,125,012	1,000	634,911	3,217,301	1,404,032	6,385,262	(14,741)	6,370,521

Company statement of changes in equity

	Share Capital	Share premium	Preference share capital	Foreign currency translation reserve	Revaluation reserve	Retained earnings	Total
	K'000	K'000	K'000	K'000	K'000	K'000
Year ended 30 September 2024
At start of year	3,006	1,125,012	1,000	687,048	1,561,799	760,468	4,138,333
Reserves from business combination (Note 35)	-	-	-	-	197,599	(577,900)	(380,301)
Loss for the year	-	-	-	-	-	6,636	6,636
Other comprehensive income:
Transfer of excess depreciation	-	-	-	-	(40,170)	40,170	-
Actuarial remeasurement losses	-	-	-	-	-	(2,523)	(2,523)
Deferred income tax (Note 26)	-	-	-	-	128,455	-	128,455
	-	-	-	-	88,285	37,647	125,932
Total comprehensive income for the year	-	-	-	-	88,285	44,283	132,568
At end of year	3,006	1,125,012	1,000	687,048	1,847,683	226,851	3,890,600
Year ended 30 September 2025
At start of year	3,006	1,125,012	1,000	687,048	1,847,683	226,851	3,890,600
Profit for the year	-	-	-	-	-	214,962	214,962
Other comprehensive income:
Revaluation surplus (Note 25)	-	-	-	-	1,153,145	-	1,153,145
Transfer of excess depreciation (Note 25)					(17,918)	17,918	-
Actuarial remeasurement losses (Note 28)	-	-	-	-	-	(558)	(558)
Deferred income tax (Note 27)	-	-	-	-	(122,331)	-	(122,331)
	-	-	-	-	1,012,896	17,360	1,030,256
Total comprehensive income for the year	-	-	-	-	1,012,896	232,322	1,245,218
At year end	3,006	1,125,012	1,000	687,048	2,860,579	459,173	5,135,818

Statement of cash flows

		Group		Company
		2025	2024	2025	2024
	Notes	K'000	K'000	K'000	K'000
Cash generated from operations	31(i)	731,693	556,222	506,177	246,182
Interest paid on borrowings	31(ii)	(258,691)	(211,132)	(149,098)	(211,132)
Interest paid on bank overdrafts	31(ii)	(173,093)	(118,669)	(173,093)	(118,669)
Interest paid on leases	31(ii)	(4,079)	(3,437)	(4,079)	(3,322)
Benefits paid	28(i)	(560)	(2,597)	(560)	(2,597)
Income tax paid	12(ii)	(26,332)	(49,036)	(17,764)	(28,209)
Net cash inflow/(outflow) from operating activities		268,938	171,351	161,583	(117,747)
Cash flows from investing activities
Purchase of property, plant and equipment	13	(373,677)	(815,281)	(270,752)	(538,147)
Proceeds from disposal assets		1,943	9,309	1,830	8,760
Net cash outflow from investing activities		(371,734)	(805,972)	(268,922)	(529,387)
Cash flows from financing activities
Proceeds from borrowings	31(ii)	1,402,558	1,369,057	1,402,558	1,369,057
Principal repayments of borrowings	31(ii)	(1,404,646)	(739,519)	(1,404,646)	(739,519)
Principal elements of lease payments	31(ii)	(11,568)	(7,441)	(11,568)	(7,441)
Net cash (outflow)/inflow from financing activities		(13,656)	622,097	(13,656)	622,097
Net decrease for the year		(116,452)	(12,524)	(120,995)	(25,037)
Movement in cash and cash equivalents
At start of the year		(387,865)	(380,467)	(429,517)	(252,156)
Net decrease		(116,452)	(12,524)	(120,995)	(25,037)
Effects of exchange differences		14,710	5,126	14,710	11,898
Balances from business combination		-	-	-	(164,222)
At year end	21	(489,607)	(387,865)	(535,802)	(429,517)

Extracted from the Supplementary Information within the 2025 Annual Report. This information presented in USD does not form part of the Financial Statements and is therefore unaudited.

Statement of profit or loss and other comprehensive income

	Group		Company
	2025	2024	2025	2024
	US$'000	US$'000	US$'000	US$'000
Revenue from contracts with customers	302,602	295,113	291,374	279,932
Change in fair value of biological assets	39,275	40,574	30,521	36,267
Cost of sales of providing goods	(232,015)	(235,844)	(229,470)	(235,044)
Gross profit	109,862	99,843	92,425	81,155
Other income/(expenses)	878	(2,466)	879	(2,990)
Other net gains/(losses)	179	-	342
Net impairment losses on financial assets	(28)	(51)	(131)	73
Impairment of investment in associate	-	(1,386)	-	(1,386)
Distribution expenses	(12,843)	(8,406)	(11,493)	(7,695)
Administrative expenses	(74,015)	(67,881)	(62,605)	(57,756)
Operating profit	24,033	19,653	19,417	11,401
Net finance income and costs	(14,533)	(11,881)	(10,678)	(11,867)
Share of loss from equity investment	-	-	-	-
Profit before income tax	9,500	7,772	8,739	(466)
Income tax expense	(1,046)	(407)	(666)	735
(Loss)/profit from continuing operation	8,454	7,365	8,073	269
Profit from asset held for sale	-	-	-	-
Profit for the year	8,454	7,365	8,073	269
Profit attributable to:
Owners of Zambeef Products PLC	8,480	7,355	8,073	269
Non-controlling interests	(26)	10	-	-
	8,454	7,365	8,073	269
Other comprehensive income:
Items that maybe reclassified to profit or loss
Translation losses on foreign operations	101	(1,445)	-	-
Translation losses on Mpongwe Farms	-	-	-	-
Items not reclassified to profit or loss
Revaluation surplus	49,667	231	43,302	-
Actuarial remeasurement losses	(21)	(102)	(21)	(102)
Deferred income tax	(5,156)	5,378	(3,212)	5,181
Other comprehensive income for the year	44,591	4,062	40,069	5,079
Total comprehensive income for the year	53,045	11,427	48,142	5,348

Statement of profit or loss and other comprehensive income (continued)

	Group		Company
	2025	2024	2025	2024
	US$'000	US$'000	US$'000	US$'000
Total comprehensive income for the period is attributable to:
Owners of Zambeef Products Plc	53,051	11,659	48,142	5,348
Non-controlling interests	(6)	(232)	-	-
	53,045	11,427	48,142	5,348
Basic earnings per share
Continued operations	2.82	2.41
Discontinued operations	-	-
Total basic earnings per share	2.82	2.41
Diluted earnings per share
Continued operations	2.12	1.81
Discontinued operations	-	-
Total diluted earnings per share	2.12	1.81

Consolidated statement of financial position

	30-Sept-25	30-Sept-24
ASSETS	US$'000	US$'000
Non-current assets
Property, plant and equipment	292,814	210,147
Goodwill	1,046	943
Investment in associate	-	-
Biological assets	7,455	5,424
	301,315	216,514
Current assets
Biological assets	13,668	11,188
Inventories	90,074	78,703
Trade and other receivables	13,146	13,042
Cash and cash equivalents	10,224	12,600
	127,112	115,533
Total assets	428,427	332,047
EQUITY
Share capital	449	449
Share premium	185,095	185,095
Preference share capital	100	100
Foreign currency translation reserve	26,554	23,867
Revaluation reserve	135,938	77,395
Retained earnings	(79,703)	(99,522)
Attributable to owners of parent entity	268,054	187,384
Non-controlling interests	(617)	(574)
	266,437	186,810
LIBILITIES
Non-current liabilities
Borrowings	32,999	32,267
Lease liabilities	635	503
Deferred income tax	12,445	5,825
Defined benefit obligations	86	69
	46,166	38,664
Current liabilities
Borrowings	66,243	57,486
Lease liabilities	489	323
Trade and other payables	41,487	34,578
Contract liabilities	7,003	13,489
Current income tax	600	697
	115,823	106,573
Total equity and liabilities	428,427	332,047

Company statement of financial position

	30-Sept-25	30-Sept-24
ASSETS	US$'000	US$'000
Non-current assets
Property, plant and equipment	250,257	180,527
Goodwill	657	592
Investment in subsidiaries	3,237	2,916
Investment in associate	-	-
Biological assets	7,455	5,424
	261,606	189,459
Current assets
Biological assets	9,893	8,244
Inventories	82,674	72,703
Trade and other receivables	28,321	17,795
Cash and cash equivalents	8,292	11,031
Total current assets	129,180	109,773
Total assets	390,786	299,232
EQUITY
Share capital	449	449
Share premium	185,095	185,095
Preference share capital	100	100
Foreign currency translation reserve	28,735	25,887
Revaluation reserve	119,639	69,619
Retained earnings	(119,220)	(134,556)
	214,798	146,594
LIABILITIES
Non-current liabilities
Lease liabilities	444	503
Borrowings	32,999	32,267
Deferred income tax	9,468	4,079
Defined benefit obligations	86	69
	42,997	36,918
Current liabilities
Lease liabilities	431	323
Borrowings	66,243	57,486
Trade and other payables	59,024	44,196
Contract liabilities	6,811	13,439
Current income tax	482	276
	132,991	115,720
Total equity and liabilities	390,786	299,232

Statement of cash flows

	Group		Company
	2025	2024	2025	2024
	$'000	$'000	$'000	$'000
Cash generated from operations	27,476	22,437	19,008	9,931
Interest paid on borrowings	(9,714)	(8,517)	(5,599)	(8,517)
Interest paid on bank overdrafts	(6,500)	(4,787)	(6,500)	(4,787)
Interest paid on leases	(153)	(139)	(153)	(134)
Benefits paid	(21)	(105)	(21)	(105)
Income tax paid	(989)	(1,978)	(667)	(1,138)
Net cash inflow/(outflow) from operating activities	10,099	6,912	6,068	(4,750)
Cash flows from investing activities
Purchase of property, plant and equipment	(14,032)	(32,887)	(10,167)	(21,708)
Proceeds from disposal assets	73	376	69	353
Net cash outflow from investing activities	(13,959)	(32,512)	(10,098)	(21,355)
Cash flows from financing activities
Proceeds from borrowings	52,668	55,226	52,668	55,226
Principal repayments of borrowings	(52,747)	(29,831)	(52,747)	(29,831)
Principal elements of lease payments	(434)	(300)	(434)	(300)
Net cash (outflow)/inflow from financing activities	(513)	25,095	(513)	25,095
Net decrease for the year	(4,373)	(505)	(4,544)	(1,010)
Movement in cash and cash equivalents
At start of the year	(14,614)	(18,100)	(16,184)	(11,996)
Net decrease	(4,373)	(505)	(4,544)	(1,010)
Effects of exchange differences	(1,490)	3,991	(1,682)	3,447
Balances from business combination	-	-	-	(6,625)
At year end	(20,477)	(14,614)	(22,410)	(16,184)

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