SST 2025 Appendix 4D - Half Yearly Results

• Revenue from operations up 6.7% to K361.6 million
• Profit after tax up 3.4% to K26.3 million
• Interim dividend of 40 toea proposed, subject to Board approval

Steamships Trading Company Limited has reported an unaudited profit after tax and minority interests of K24.8 million for the six months to June 2025, a decrease of 1.7% over the same period in 2024. Revenue from ordinary operations increased 6.7% to K361.6 million compared to the same period last year. Despite the underlying economic conditions remaining soft, Steamships had a positive first half of the year with all divisions performing ahead of expectations as well as prior year. Coral Sea Hotels performed relatively well in a generally weak market environment, while demand for Steamships' commercial and residential properties remains robust. The company has also broken ground on a new Dobel Shopping Centre project in the Western Highlands, due to open in the first half of 2026. Following significant investment in Logistics assets and fleet maintenance, the business is delivering better results in terms of improved reliability and revenue growth. Colgate-Palmolive (PNG) Limited, a PNG incorporated joint venture, is performing in line with expectations despite FX pressure on margin. The positive trend in performance experienced in the first half is expected to continue for the rest of the year despite the underlying economic growth at macro level continuing to be unremarkable.

An interim dividend of 40 toea per share has been proposed, subject to Board approval, for the 2025 financial year.

Steamships remains cautiously optimistic for the second half of 2025, with the positive trend in performance experienced in the first half expected to continue despite the underlying economic growth at macro level continuing to be unremarkable.