Rand Water | Integrated Annual Report 2025

EVOLVING TO COMPETE AND CREATE LASTING VALUE We advanced strategic growth platforms to respond to competitive and regulatory shifts. We resuscitated Rand Water Services and commenced with the activities to establish a Special Purpose Vehicle to enable partnership-led municipal water services delivery, by securing approvals from the Minister of Water and Sanitation and Minister of Finance in line with the PFMA. These innovations are aimed at strengthening our balance sheet, diversifying revenue, and expanding impact within South Africa and across Africa’s water and sanitation value chain. Looking ahead, we will remain prudent in managing our cost drivers, accelerate efficiency initiatives, and re-evaluate risk appetite in a responsible manner. We will continue looking for opportunities to harness digital enablement, data analytics, and best-fit technology to enhance asset management, water quality, customer service, and governance. Through scenario planning, stress testing, and early-warning indicators, we will anticipate change and respond decisively, sustaining value and service beyond the storm. Our purpose remains to stay resilient, optimise service reliability, stewardship, and sustainability.

FINANCIAL HIGHLIGHTS

Net Cash Generated from Operations 48% R6 458 million (2024: R4 360 million)

Cash & Cash Equivalents 92.4% R12 209 million (2024: R6 345 million)

Net Income 2% R4 644 million (2024: R 4 562million)

Gross Income 5% R7 267 million (2024: R6 956 million)

EBIDTA -2% R3 858 million (2024: R3 954 million)

Revenue 5% R22 922 million

(2024: R21 815 million)

Total Assets 15.3% R55 260 million (2024: R47 925 million)

Total Liabilities 32.3% R10 113 million (2024: R7 645 million)

Debt to Equity 7.0%

(2024: 7.85%)

Current ratio -28% 2.40 times (2024: 3.34 times)

Return on Assets 9.0% (2024: 9.9%)

92

Rand Water | Integrated Annual Report 2025