Slide 1: Annual Results Presentation
ANNUAL RESULTS PRESENTATION FOR THE YEAR ENDED 31 DECEMBER 2025 23 March 2026
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT Disclaimer: This presentation has been prepared by Thungela Resources Limited (“Thungela”) and comprises of competitors, activities by courts, regulators and governmental authorities and changes in taxation or safety, the written materials/slides for a presentation concerning Th
Slide 3: 2025 Group Performance
2025 GROUP PERFORMANCE Moses Madondo | Chief executive officer 3
Slide 4: Delivering Our Strategy
DELIVERING OUR STRATEGY SAFETY MAXIMISE VALUE DRIVE CREATE FUTURE OPTIMISE FROM EXISTING OUR ESG DIVERSIFICATION CAPITAL ASSETS ASPIRATIONS OPTIONS ALLOCATION Operate a Achieved cost Zero reportable Production Dividend declared for fatality-free business efficiency and environmental replacement proj
Slide 5: 2025 Group Highlights
2025 GROUP HIGHLIGHTS1 OPERATING EXPORT SALEABLE EXPORT EQUITY A FATALITY-FREE PRODUCTION SALES BUSINESS 3 years 17.8Mt 17.8Mt (2024: 17.7Mt) (2024: 16.6Mt) BENCHMARK (LOSS)/EARNINGS SHAREHOLDER RETURNS THERMAL COAL PER SHARE PRICES Dividend per share: R4 (Interim: R2 | Final: R2) SA AUSTRALIA $89.5
Slide 6: Safety Performance
SAFETY PERFORMANCE GROUP TRCFR1 2,80 3,15 2,83 Safety is our first value 2,50 • TRCFR increased to 2.83 in 2025 1,93 • Production footprint transition • Targeted interventions for increased risk sections and work crews • Safety strategy remains in place • Doing the basics right • Effective work mana
Slide 7: Driving Our ESG Aspirations
DRIVING OUR ESG ASPIRATIONS Environmental stewardship • Zero reportable incidents • Responsible mine closure Social impact Education • R160 million 5-year partnership with Department of Basic Education – 45 primary schools, reaching ~4,500 foundation-phase learners Economic sustainability Thuthukani
Slide 8: South Africa – Rail Performance
SOUTH AFRICA – RAIL PERFORMANCE Transnet Freight Rail performance (Mt per annum) 70,1 58,1 56,8 50,3 51,9 Rail improvement 47,9 • Rail performance increased by 9% to 56.8Mt • Improved rolling stock availability and enhanced network reliability • Focus on strengthening system resilience and operation
Slide 9: Weaker Coal Prices Across Markets in 2025
WEAKER COAL PRICES ACROSS MARKETS IN 2025 Benchmark and realised thermal coal prices (USD per tonne) Market performance • Seaborne demand lower than expected 450 • China and India increase domestic 400 production 350 • Higher alternative energy use in Japan, Korea and Taiwan 300 • Indian steel indus
Slide 10: Long-Term Fundamentals of Coal
LONG-TERM FUNDAMENTALS OF COAL Demand • Seaborne thermal coal projected to reach structural plateau in medium-term • Indian sponge iron market demand for South African coal remains robust • Energy security prioritised – coal offers reliable and affordable energy • In the short-term, Middle East conf
Slide 11: Financial Review
FINANCIAL REVIEW Deon Smith | Chief financial officer 11
Slide 12: 2025 Financial Results
2025 FINANCIAL RESULTS1 ADJUSTED HEADLINE NET EBITDA LOSS LOSSrted R1.2 billion (R839) million (R7.1) billion (2024: R6.3 billion) (2024: R3.4 billion headline earnings) (2024: R3.5 billion net profit) ADJUSTED NET TOTAL SHAREHOLDER OPERATING CASH RETURNS FREE CASH FLOW Reported Dividends: R562 mill
Slide 13: 2025 Financial Performance
2025 FINANCIAL PERFORMANCE1 Abridged income statement (R million) 2025 2024 Revenue 29,599 35,554 Operating costs (excluding depreciation and amortisation) (28,383) (29,299) Adjusted EBITDA 1,216 6,255 Depreciation and other costs (2,789) (1,860) Restructuring costs and termination benefits (308) (1
Slide 14: 2025 Operational Results
2025 OPERATIONAL RESULTS1 EXPORT SALEABLE FOB COST PER SUSTAINING PRODUCTION EXPORT TONNE CAPITAL 17.8Mt SA Ensham R2.0 billion SA 13.9Mt | Ensham 4.0Mt R1,176/t R1,598/t SA R1.4 bn | Ensham R602 m (2024: 17.7Mt) (2024: R1,151/t ) (2024: R1,674/t) (2024: R1.1 bn | R605 m) EXPORT EQUITY FOB COST PER
Slide 15: Revenue
REVENUE (R billion) Softer prices and stronger exchange rate impacted revenue generation 35,6 • Decrease driven mainly by materially lower coal 6,5 prices and a stronger ZAR/USD exchange rate 0.1 1.3 29,6 1,9 • SA realised prices 18% lower, driven by a 15% decline in benchmark price, coupled with wi
Slide 16: South Africa – FOB Cost per Export Tonne
SOUTH AFRICA – FOB COST PER EXPORT TONNE (R per tonne) 1 151 1 130 21 84 63 25 4 43 1 170 6 1 176 FOB cost per tonne excluding 54 21 royalties up 3.5% • Increase driven mainly by inflation, lower domestic revenue offset and higher selling expenses • Higher export production and lower production cost
Slide 17: Ensham – FOB Cost per Export Tonne
ENSHAM – FOB COST PER EXPORT TONNE (R per tonne) 1,674 1,598 FOB cost per tonne excluding 241 27 13 27 163 royalties remained broadly flat 1,433 51 90 1,435 • Increases driven by inflation and higher selling expenses as well as additional rail to meet H2 sales commitments • Lower non-cash charge on
Slide 18: Capital Evolution in South Africa
CAPITAL EVOLUTION IN SOUTH AFRICA (R billion) 3.0 Life-extension projects complete 2.8 -56% • Expansion phase in 2023 to 2025 as we 2.5 built Annea and Zibulo North Shaft 1,6 • Expansion projects now substantively 1.9 1,7 complete and expansionary capex has 1,1 0,2 tapered down • Sustaining capex ti
Slide 19: Summarised Cash Flow
SUMMARISED CASH FLOW (R billion) 8,7 Movement in net cash 1,1 1,7 2,0 • R2.2 billion returned to shareholders during the year (2024 final and 2025 1,3 0,5 interim distributions) 1,1 • Generated cash from operating activities 0,5 of R2.4 billion – of this R1.3 billion stems 5,1 0,5 0,2 from derivativ
Slide 20: Returns to Shareholders
RETURNS TO SHAREHOLDERS Capital allocation1 (R billion) 7.9 Disciplined capital allocation • Final ordinary cash dividend of R2 per share, or R281 million in 3,2 aggregate 5,1 4.7 • Total returns to shareholders of -0.28 -0.03 R701 million for the year, including R281 million interim dividend and a
Slide 21: Conclusion
[OFFICIAL] CONCLUSION Moses Madondo | Chief executive officer 21
Slide 22: 2026 Operational Guidance
[OFFICIAL] 2026 OPERATIONAL GUIDANCE 2026 Guidance metric South Africa Ensham Export saleable production (Mt) 13.0 – 13.6 3.9 – 4.2 FOB cost per export tonne 1,330 – 1,380 1,650 – 1,740 (R/tonne) FOB cost per export tonne 1,320 – 1,370 1,480 – 1,570 (excl. royalties) (R/tonne) Sustaining capital (R
Slide 23: Building on a Strong Foundation to Unlock Growth
[OFFICIAL] BUILDING ON A STRONG FOUNDATION TO UNLOCK GROWTH UNWAVERING COMMITMENT TO SAFETY Operate a fatality-free business and a zero-harm mindset DRIVING Our ability to control the controllables OPERATIONAL EXCELLENCE Productivity improvement and cost competitiveness CREATING FUTURE Build on a so
Slide 24: Q&A
[OFFICIAL] Q&A 24
Slide 25: Thank you
Thank you