Earnings call transcript: Raubex H1 2026 revenue rises 11.8% as cash flow jumps

Raubex Group reported an 11.8% rise in revenue for the six months ending August 31, 2026, reaching ZAR 12.12 billion, while operating profit only increased by 2.5% to ZAR 618 million. Operating cash flow surged 104% to ZAR 1.56 billion. Revenue growth was broad-based, driven by roads and earthworks, materials handling, mining, and construction materials.

However, operating margin slipped to 5.1% from 5.6%. Operating loss was recorded in materials handling and mining due to operational issues and cost trends. The company's order book grew to ZAR 39 billion, with private-sector work contributing to the increase. Total borrowings decreased to ZAR 2.39 billion, and cash and cash equivalents remained stable at ZAR 1.88 billion.

Raubex shares remained flat at $0.022, near the lower end of its 52-week range. Despite the mixed results, the company's diversified model helped offset weaker spots, and management expects disciplined execution and capital allocation in the second half.