Salient features
- Net asset value per share increased by 6% to R37.76 from December 2024
- Revenue up 5% to R14 billion
- Underlying EBITDA of R1.5 billion and EBIT of R914 million, in line with prior period
- Headline earnings per share of 307 cents (2024: 324 cents)
- Total dividend per share of 60 cents
Johannesburg, 9 March 2026 – Mpact, a leading paper and plastics packaging group, today reported revenue growth and a higher net asset value for the year ended 31 December 2025, despite sustained economic pressure and difficult trading conditions across several of its markets.
Revenue increased by 5% to R14.0 billion, while net asset value per share rose by 6% to R37.76. Underlying EBITDA was maintained at R1.5 billion, reflecting a resilient operating performance in a year marked by weak domestic demand, infrastructure constraints and global industry headwinds.
Mpact achieved good volume growth in containerboard and agricultural packaging, supported by strong demand from the fruit sector and benefits from recent capital investments. These gains were partially offset by margin pressure in the Paper business and softer demand in certain industrial and consumer-related segments. The Plastics business delivered a notable improvement in operating profit, driven by cost base restructuring, an improved product mix and operational efficiencies.
The Group made further progress on its strategic investment and portfolio optimisation programme during the year, including the substantial completion of the Mkhondo mill upgrade. The project enhances Mpact’s competitiveness in export-oriented agricultural packaging and supports long-term growth. Portfolio actions, including the sale of Versapak and the contemplated closure of the Springs mill, reflect a continued focus on disciplined capital management and strengthening the balance sheet.
Mpact also expanded its energy resilience initiatives, with installed solar photovoltaic capacity reaching approximately 18MWp in 2025, delivering meaningful electricity cost savings.
Commenting on the results, Bruce Strong, Chief Executive Officer of Mpact, said: “2025 was a demanding year, with sustained economic pressure and challenging trading conditions. While overall performance was mixed, we made important progress in strengthening Mpact’s strategic position through disciplined capital investment, portfolio optimisation and operational improvements.”
Outlook
South Africa’s economic environment is expected to remain weak in 2026, with ongoing pressure on consumers, persistent infrastructure challenges and increased competition from imported products. Global economic uncertainty is also likely to continue weighing on demand across several sectors.
Despite these headwinds, Mpact expects its recent investments and optimisation initiatives to enhance resilience and competitiveness. The agricultural segment remains structurally attractive, supported by export-oriented growth, although citrus export volumes in 2026 may be impacted by recent severe flooding in parts of Limpopo.
The Group anticipates a stronger performance from its Plastics business in 2026 following the completion of its cost base restructures, while the benefits of recent capital investments in the Paper business are expected to build progressively over time.
Strong concluded: “With the bulk of our major investment cycle completed, including the commissioning of the Mkhondo mill upgrade, we are shifting focus to converting the asset base into stronger earnings, cash generation and improved returns. Portfolio actions already taken, together with capital discipline and operational efficiency initiatives, are intended to strengthen the balance sheet and support sustainable shareholder returns as we move through 2026.”
Issued on behalf of: Mpact Limited
Contact: Bruce Strong, Chief Executive Officer Hannes Snyman, Chief Financial Officer
Tel: +2711 994-5508
Compiled and released by: Keyter Rech Investor Solutions
Contact: Marlize Keyter
Tel: 083 701 2021
Email:mkeyter@kris.co.za
Issue date: 9 March 2026