SEA HARVEST GROUP LIMITED - Trading Statement

Trading Statement

Sea Harvest Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2008/001066/06)
Share code: SHG ISIN: ZAE000240198
("Sea Harvest" or "the Group")

TRADING STATEMENT

Sea Harvest is currently finalising its financial results for the year ended 31 December 2024, which are
expected to be released on the Stock Exchange News Service of the JSE Limited ("JSE") on or about
Tuesday, 4 March 2025.

In accordance with paragraph 3.4(b) of the Listings Requirements of the JSE, companies are required
to publish a trading statement as soon as they are reasonably certain that the financial results for the
current period will differ by at least 20% from those of the prior year.

Significant events affecting the Group's performance for the financial year to 31 December 2024
included:
• In the South African hake fishing business, strong demand resulted in higher selling prices and
     revenue growth of 7%, while continued historically low catch rates and lower landings challenged
     the segment;
• A strong performance in the Pelagics business;
• A solid performance in the Dairy business despite challenges from Foot and Mouth Disease;
• High inventories due to a global oversupply of prawn stocks impacted pricing in the Australian
     business;
• Reduced demand due to a weaker Chinese economy, compounded by geopolitical concerns in
     Hong Kong, affected pricing in the Abalone business; and
• High interest rates and high levels of debt in South Africa and Australia continue to weigh on
     earnings.

Accordingly, shareholders are advised that the Group expects to report for the financial year ended
31 December 2024:
• Basic earnings per share ("EPS") of between 69.9 cents and 75.0 cents, representing a decrease
    of between 27% and 32% compared to the EPS of 102 cents reported for the year ended 31
    December 2023 ("comparative period"); and
• Basic headline earnings per share ("HEPS") of between 53.0 cents and 58.0 cents representing a
    decrease of between 42% and 47%, compared to the HEPS of 100 cents reported for the
    comparative period.

The Group's results for the financial year ended 31 December 2023 included a once-off gain on
purchased loans of R93 million, which contributed 34 cents to EPS and HEPS in the comparative period
while the Group's results for the financial year ended 31 December 2024 included once-off deal costs
which reduced EPS and HEPS by 7 cents in the current year. Excluding the effects of the once-off gain
on purchased loans in the comparative period and the once-off deal costs in the current year:
•   EPS for the year is expected to increase between 14% to 19%, to between 78.1 cents and
    81.5 cents compared to an adjusted EPS of 68 cents reported for the comparative period; and
•   HEPS for the year is expected to decrease between 2% to 7%, to between 61.2 cents and
    64.5 cents compared to an adjusted HEPS of 66 cents reported for the comparative period.

The financial information on which this trading statement is based has not been reviewed and reported
on by the Group's external auditors.

Cape Town
5 February 2025

Sponsor
The Standard Bank of South Africa Limited

Date: 05-02-2025 04:41:00
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