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Audited consolidated annual financial statements for the year ended 30 June 2026
AVENG LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1944/018119/06)
ISIN: ZAE000302618
SHARE CODE: AEG
("Aveng" or “the Company”)
AUDITED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
• Revenue of A$2.3 billion (R26.4 billion) | 30 June 2025: A$2.6 billion (R31.0 billion)
• Operating earnings before capital items of A$19.3 million (R221 million) | 30 June 2025: loss
of A$60.4 million (R693 million)
• Headline loss of A$4.0 million (R51 million) | 30 June 2025: loss of A$84.6 million (R975 million)
• Headline loss per share of A$3.0 cents (39 cents (Rands)) | 30 June 2025: loss of A$64.6 cents
(744 cents (Rands))
• Basic loss of A$15.7 million (R180 million) | 30 June 2025: loss of A$92.3 million (R1.1 billion)
• Basic loss per share A$11.9 cents (137 cents (Rands)) | 30 June 2025: loss per share of
A$70.4 cents (813 cents loss (Rands))
• Work in hand of A$3.1 billion (R35.2 billion) | 30 June 2025: A$3.2 billion (R37.5 billion)
• Cash on hand of A$225.3 million (R2.6 billion) | 30 June 2025: A$267.3 million (R3.1 billion)
• Net cash of A$159.8 million (R1.8 billion) | 30 June 2025: A$211.4 million (R2.5 billion)
Financial performance
Aveng’s revenue of A$2.3 billion (R26.4 billion) for the year ended 30 June 2026 (“FY 2026” or “2026”)
(June 2025 (“FY 2025” or “2025”): A$2.6 billion (R31.0 billion)) is lower by 12.4%, following an
expected softening of infrastructure markets in Australia and New Zealand.
Return to an operating profit with an improved performance across the portfolio of projects
Aveng and its subsidiaries’ (“the Group”) reported gross earnings of A$150.6 million (R1.7 billion) for
the year ended 30 June 2026 (2025: A$79.3 million (R951 million)), representing a gross margin of
6.5% (2025: 3.0%). The improvement reflects the return to gross profitability across all operating
segments of the Group. Gross earnings included losses of A$65.2 million relating to the remaining
loss-making projects in the Infrastructure Southeast Asia business unit, and the Kidston Pumped
Storage Hydrso (Kidston) project in the Infrastructure Australia business unit.
Whilst additional forecast costs to complete have been recognised in the current year, the cash flow
impact will continue into the 2027 financial year as the Kidston project moves towards completion. The
healthy cash balance in the Infrastructure and Building segments, supported by ongoing profitability
and continued strong cash generation across the portfolio of projects, will fund the expected outflow
from this project.
The Group returned to operating earnings before capital items of A$19.3 million (R221 million),
compared with an operating loss before capital items of A$60.4 million (R693 million) in 2025. This
improvement was driven by continued strong performance in the Infrastructure New Zealand & Pacific
Islands business unit and the Building segment. In contrast, the Infrastructure Australia and Southeast
Asia business units recorded operating losses for the year, including additional losses recognised on
Kidston and J108 projects. During the second half of FY2026, a commercial settlement was concluded
with the J108 client, substantially reducing the project risk profile. As part of this process, costs to
complete were reassessed, resulting in the recognition of a further loss during the year. The Mining
segment delivered operating earnings before capital items of A$12.9 million (R149 million), compared
with A$0.2 million (R1.8 million) in 2025. The Gamsberg project continued to perform strongly through
disciplined project execution. However, inefficiencies on the Tshipi project persisted, with planned
production volumes and profitability targets not achieved. Following the conclusion of an in-principle
commercial agreement with the client, contractual claims were recognised during the year.
Despite higher reported operating earnings, the Group recorded an operating free cash outflow of
A$51.1 million (R599 million) (2025: A$23.2 million inflow (R257 million)).
In line with expectations, the Group closed with a lower cash balance of A$225.3 million (R2.6 billion)
(June 2025: A$267.3 million (R3.1 billion)) and a reduced net cash position of A$159.8 million (R1.8
billion) (June 2025: A$211.4 million (R2.5 billion)), driven by a decrease in both the Australian and
South African liquidity pool balances in the year. A$54.1 million (R613 million) (June 2025: A$59.9
million (R698 million)) is held in joint arrangements within McConnell Dowell. The Group’s debt
predominantly comprises asset-backed finance associated with property, plant and equipment in the
Mining and Infrastructure segments.
Work in hand remains robust
The Group enters the 2027 financial year with combined work in hand amounting to A$3.1 billion
(R34.4 billion), down from A$3.2 billion (R37.5 billion) in June 2025. Work in hand in the Infrastructure
segment has grown in the year to A$1.7 billion (June 2025: A$1.2 billion), reflecting growth in the water
& wastewater and ports & coastal sectors in Australia and civil and transport sectors in New Zealand
and the Pacific Islands.
Work in hand in the Building segment has softened, as expected, from its record high of A$864 million
at June 2025 to A$517 million at June 2026, with work in hand well distributed across South Australia,
Victoria and New Zealand.
Work in hand in the Mining segment has decreased to R10.2 billion (A$909 million) from R13.4 billion
(A$1.1 billion) in June 2025. The focus remains on delivering existing contracts profitably before
seeking further extensions or new contracts.
Audited consolidated annual financial statements
The audited consolidated annual financial statements ("Full Results") is available on the JSE cloudlink
at https://senspdf.jse.co.za/documents/2026/JSE/ISSE/AEG/AFSFY2026.pdf and on the Company's
website at https://aveng.co.za/corporate-results-reports-and-presentations/.
A set of summarised consolidated annual financial statements, accompanied by commentary on the
Group's performance for the year ended 30 June 2026, is also available on the Company's website at
https://aveng.co.za/corporate-results-reports-and-presentations/.
This short-form announcement is the responsibility of the directors and is only a summary of the
information included in the Full Results. Any investment decision by investors and/or shareholders
should be based on consideration of the Full Results. Copies of the Full Results may also be requested
via email from the Company Secretary.
Audit opinion
The annual financial statements were audited by KPMG Inc., who expressed an unqualified audit
opinion thereon.
21 August 2026
Boksburg, South Africa
JSE Sponsor
Valeo Capital (Pty) Ltd
Edinah Mandizha
Company Secretary
Tel: 011 779 2800
Email: Edinah.mandizha@avenggroup.com
Executive Directors
D Simpson (Group Interim Chief Executive Officer) | AH Macartney (Group Finance Director and Chief
Financial Officer)
Non-Executive Directors
P Hourquebie (Independent Non-executive Chair) | G Bevans (Independent Non-executive Chair
designate) | D Noko (Lead Independent Non-executive) | N Bowen (Independent Non-executive) | M
Coleman (Independent Non-executive) | SJ Flanagan (Non-executive) | N Ford-Hoon (Independent
Non-executive) | BC Meyer (Independent Non-executive)
Registered office
2 Merlin Rose Avenue
Parkhaven, Boksburg
Gauteng, 1459, South Africa
Date: 21/08/2026 15:45:00
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