Rand Water | Integrated Annual Report 2025

INTRODUCING OUR INTEGRATED REPORT We are delighted to present Rand Water’s Integrated Annual Report for the financial year ended 30 June 2025. This report reflects our performance and progress across both financial and non-financial dimensions for the period 1 July 2024 to 30 June 2025. The content of the report is organised around the Six (6) Capitals that shape our value creation journey: Financial Capital (financial results), Manufactured Capital (infrastructure investments and performance), Human Capital (workforce), Social and Relationship Capital (engagement with stakeholders and communities), Natural Capital (interaction with the environment), and Intellectual Capital (knowledge, expertise, and innovation). In addition to these focus areas, the report highlights other significant events that occurred during the reporting period, as well as our sustainability disclosures, which illustrate how we address Environmental, Social and Governance (ESG) matters. Much of the information is drawn from quarterly performance reports endorsed by the Board and submitted to the Department of Water and Sanitation (DWS). Our Shareholder’s Compact and Corporate Business Plan remain the cornerstone of the performance reported. This report has been prepared in alignment with the International Integrated Reporting Framework issued by the International Integrated Reporting Council (IIRC). It is intended to demonstrate how Rand Water’s strategy, governance, and performance contribute to long-term value creation. The content is further informed by the principles of the King IV Report on Corporate Governance (King IV), which promotes sound governance, ethical leadership, and organisational sustainability. In compiling this report, we have also considered other regulatory requirements, including International Financial Reporting Standards (IFRS), the Johannesburg Stock Exchange (JSE) Debt Listings Requirements, and the Public Finance Management Act (PFMA), No. 1 of 1999 (as amended). All financial information contained herein is derived from Rand Water’s Annual Financial Statements, which are approved by the Board, audited by the Auditor-General of South Africa (AGSA), and prepared in accordance with IFRS. To ensure accuracy and integrity, the content of this report undergoes review by subject matter experts, practitioners, the Executive Committee (EXCO), the Group Audit and Risk Committee (GARC), and the Board, which carries overall accountability for the quality, reliability, and completeness of the report. The Annual Financial Statements are published alongside this Integrated Annual Report. ASSURANCE APPROACH The Board of Rand Water resolved to form a Group Audit and Risk Committee (GARC), combining the Audit and Risk Committee of the subsidiaries, Rand Water Foundation and Rand Water Services, with that of Rand Water. GARC has been established primarily to assist the Board in overseeing, inter alia, the following: • The quality and integrity of Rand Water’s integrated reporting, the consolidated Rand Water Group (the Group) financial statements, sustainability reporting, and public announcements in respect of the financial results. • The effectiveness of Rand Water’s assurance functions and services, with particular focus on combined assurance arrangements, including external assurance service providers, the internal audit, and the finance function. • The independence of the external auditors for the Rand Water Group, the audit scope and assessment of the effectiveness of the external audit function; and the effectiveness of the Group’s internal controls and internal audit function. • Compliance with legal and regulatory requirements to the extent that it might have an impact on the financial statements. • Condonation of fruitless and wasteful expenditure and irregular expenditure. • The implementation of an appropriate enterprise-wide risk management strategy which is supported by an effective enterprise wide risk management framework (ERMF). • The quality and effectiveness of Rand Water’s risk management systems, processes and procedures including the strategies and policies for the management of risks across the organisation.

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Rand Water | Integrated Annual Report 2025