Trading Update

ZAMBEEF PRODUCTS PLC

("Zambeef: of the "Group") [Incorporated in the Republic of Zambia] Company registration number: 31824 Share Code: ZAMBEEF

ISIN: ZM0000000201

Zambeef (AIM: ZAM), the fully integrated cold chain foods and retail business with operations in Zambia, Nigeria and Ghana provides the following update on trading.

The Group now expects full financial year 2025 revenue and gross profit (reported in USD) to be approximately 10% and 3% below current market expectations respectively. This is due to both a weaker Zambian Kwacha expected for the period, and due to softer volume performance, driven by reduced consumer spending in an inflationary economic environment and the continued implementation of tight monetary policy by the central bank. As a result, reported profit before tax (reported in USD) is anticipated to be around 20% below current market expectations, also reflecting the weaker ZMW/USD reported earnings effect, revenue reduction and higher-than-expected financing costs. Despite this reduction against expectations, and a weaker earnings per share performance in the first half of this financial year (compared to the corresponding financial period ended 31 March 2024), reported profit before tax (reported in USD) for the full financial year ending 30 September 2025 is still expected to be ahead of the prior year.

For the half year ended 31 March 2025, the Group recorded a softer volume performance, but with growth achieved in key cold chain product categories. Overall performance fell short of expectations due to ongoing challenges in the operational and economic environment. These included tight monetary conditions aimed at curbing inflation, exchange rate volatility, the effects of the worst ever drought experienced (resulted in a power deficit and high commodity prices) and reduced government expenditure - all of which exerted pressure on disposable incomes.

The inflationary climate led to input price increases across the board. The Group was not able to fully pass on rising input costs to all our customers in all areas of our business, however, notably our Cropping business has achieved strong pricing, resulting overall in an increase to expectations for Group gross margin and EBIT margin for the full current financial year.

The current macroeconomic challenges are expected to continue through to the second half of the financial year. Although inflation is forecast to stabilize at a single digit, the exchange rate volatility is likely to continue. Despite the current outlook, we expect to drive strong production yields and continue to enhance profitability in the cropping space. In addition, improved rainfall is expected to stabilize electricity supply, which will slightly contribute to a more favorable economic outlook compared to the first half of the financial year.

The Group expects its results for the half year ended 31 March 2025 to be released by the end of June 2025. Shareholders are advised that the information contained in this Trading Update has not been reviewed nor reported on by the Company's external auditors.

For further information, please visit www.zambeefplc.comor contact:

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.

About Zambeef Products plc

Zambeef Products plc is the largest integrated cold chain food products and agribusiness company in Zambia and one of the largest in the region, involved in the primary production, processing, distribution and retailing of beef, chicken, pork, milk, dairy products, fish, flour and stockfeed, throughout Zambia and the surrounding region, as well as Nigeria and Ghana.

It has 236 retail outlets throughout Zambia and West Africa.

The Company is one of the largest suppliers of beef in Zambia. Five beef abattoirs and three feedlots are located throughout Zambia, with a capacity to slaughter 230,000 cattle a year. It is also one of the largest chicken producers in Zambia, with a capacity of 10.6 million broilers and 31.2 million-day-old chicks a year. It is one of the largest piggeries, pig abattoirs and pork processing plants in Zambia, with a capacity to slaughter 75,000 pigs a year, while its dairy has a capacity of 120,000 litres per day.

The Group is also one of the largest cereal row cropping operations in Zambia, with approximately 7,265 hectares of row crops under irrigation, which are planted twice a year, and a further 8,000 hectares of rainfed/dry-land crops available for planting. www.zambeefplc.com