Full Year Trading Update

Zambeef (AIM: ZAM), the fully integrated cold chain foods and retail business with operations in Zambia, Nigeria and Ghana provides the following trading update for the year ended 30 September 2025.

The Group anticipates Revenue being moderately ahead of market expectations, and that Operating Profit will broadly align with market expectations (both in USD). This financial performance has been delivered through strong underlying operational performance, volume growth and disciplined cost management, despite facing a challenging economic environment.

Profit Before Tax (in USD) is anticipated to fall short of market expectations by approximately 10% to 15%, due to rising financing costs. Profit After Tax (in USD) is expected to be 20% to 25% lower than market expectations, and this is due to the increased finance costs as referred to above and due to a higher tax expense, this year, caused by timing differences in how some costs are accounted for tax purposes; these timing differences increased the deferred tax expense.

During the financial year under review, Zambeef focused on increasing revenue through volume growth and pricing efficiency, and cost optimisation. These combined efforts resulted in growth in Operating Profit and Profit Before Tax compared to the prior year, demonstrating the strength of the Group's vertically integrated business model in delivering long-term value to shareholders. Additionally, the bumper harvest season began to yield cost benefits across the value chain, particularly in the last quarter of the financial year.

The ongoing energy crisis has created a persistent power supply deficit, posing a significant challenge for both the economy and our Group. This situation has led to higher production costs due to reliance on costly backup and imported power, negatively affecting our profit margins.

The Group navigated a challenging operating and economic landscape characterised by limited consumer spending. However, we are optimistic for the outlook as we observed positive developments in macroeconomic fundamentals towards the end of the financial year, indicating a favourable response to monetary and fiscal policy measures.

The Group expects its results for the financial year ended 30 September 2025 to be released by the end of December 2025. Shareholders are advised that the information contained in this Trading Update has not been reviewed or reported on by the Company's external auditors.

Issued in Lusaka, Zambia on 5 November 2025