South32 Ltd. · ASX:S32
South32 — FY2026 Earnings Presentation
39 slides from South32's earnings presentation, Sep 24, 2026
Slide 1: 2026 Full Year Financial Results
2026 FULL YEAR FINANCIAL RESULTS 27 August 2026
Slide 2: Important Notices
IMPORTANT NOTICES This presentation should be read in conjunction with the “Financial Results and Outlook – year ended 30 June 2026” announcement released on 27 August 2026, which is available on South32’s website (www.south32.net). FORWARD-LOOKING STATEMENTS This presentation contains forward-looki
Slide 3: Important Notices
IMPORTANT NOTICES The Group’s profit after tax attributable to members increased by US$874M to US$1,087M in FY26. Underlying earnings attributable to members increased by US$366M to US$1,032M in FY26. Consistent with our accounting policies, various items are excluded from the Group’s profit/(loss)
Slide 4: FY26 Overview
FY26 OVERVIEW Delivered strong financial results and accelerated our portfolio transition to base metals Underlying EBITDA US$2.5B at an operating margin of 31%6 Free cash flow increased by 136% to US$610M(a) Net cash of US$283M after returning US$327M(b) to shareholders during the year Invested US$
Slide 5: FY26 Safety Performance
FY26 SAFETY PERFORMANCE We remain united in our belief that everyone can go home safe and well every day Fatalities7 LTIF8 2.0 • On 14 March 2026, Mr Simon Mukwarami, a contractor at Worsley Alumina, was fatally injured while he and his work crew were undertaking a plant 1.4 1 1 maintenance activity
Slide 6: Aluminium Value Chain Sale
SOUTH32 OQ > _LUMINIUM VALU HAIN SALE
Slide 7: Aluminium Value Chain Sale
ALUMINIUM VALUE CHAIN SALE Sale unlocks significant value for shareholders and repositions South32 as a focused, upstream supplier of base metals with transformational growth 1 Sale of aluminium value chain assets for up to US$5.6B(a), realising significant upfront value and retaining upside price p
Slide 8: Investment Highlights
INVESTMENT HIGHLIGHTS Transaction repositions South32 as the leading ASX-listed base metals focused company with high-margin producing assets and transformational growth • Long-life, high-margin copper, zinc, silver and lead operations, and a large producer of manganese Higher quality portfolio • Li
Slide 9: Our Portfolio
OUR PORTFOLIO A portfolio of upstream base metals assets and growth projects, backed by our deep operating and project development capability Sierra Gorda (45%) Australia Manganese (60%) Ambler Metals JV (50%) Large-scale, long-life open pit copper mine High-grade open pit manganese mine High-grade
Slide 10: Our Portfolio
OUR PORTFOLIO Attractive commodity exposure in favourable jurisdictions Underlying EBITDA by commodity Underlying EBITDA by region Capital expenditure by region 2% 2% 11% 18% 48% 53% 50% 29% 87% Copper Zinc-lead-silver Manganese Australia Americas Africa Australia Americas Africa Notes: • Based on F
Slide 11: Our Growth Profile
OUR GROWTH PROFILE Committed production growth of 55%, with further life extension opportunities and greenfield options that offer additional upside A substantial embedded production growth profile… …with life extension and growth options to deliver further value Group copper equivalent production(a
Slide 12: Financial Results
SOUTH32 NANCIAL ESULTS mn Be)
Slide 13: FY26 Financial Performance
FY26 FINANCIAL PERFORMANCE Strong operating performance and commodity price tailwinds underpinned one of our best underlying financial results Profit after tax(a) Underlying EBITDA Growth capital expenditure US$1,087M US$2,462M US$711M Underlying earnings(a) Operating margin6 Free cash flow(b) US$1,
Slide 14: Performance Analysis
PERFORMANCE ANALYSIS Delivered a 31% Group operating margin, capturing the benefit of higher commodity prices FY26 Underlying EBITDA by commodity(a) Copper Zinc-lead-silver Australia Manganese operating margin13 operating margin operating margin 66% 54% 53% 58% 52% 46% Copper 30% 43% 42% 34% 43% 39%
Slide 15: Earnings Analysis
EARNINGS ANALYSIS Higher base and precious metals prices, disciplined cost management and the restart of Australia Manganese drove a 42% increase in Underlying EBIT Sales price by commodity (US$M), including: Copper 314 Silver 331 Aluminium 435 Alumina (504) (US$M) 596 (60) (159) (175) 268 72 (74) (
Slide 16: Cost Analysis
COST ANALYSIS Divestment of lower-returning businesses and active cost management offset stronger producer currencies and industry-wide inflationary pressure FY26 expenditure for market traded consumables and energy supply(a) 6% 5% Energy 10% Smelter raw materials Caustic soda US$2.2B 50% 11% Freigh
Slide 17: Cash Flow Analysis
CASH FLOW ANALYSIS Higher operating cash flow has supported balance sheet strength, investment in growth and shareholder returns (US$M) Includes sale of finished goods (383) inventories at 503 Mozal Aluminium (711) 82 1,119 (292) (35) (123) 283 123 excluding capital expenditure Free cash flow from o
Slide 18: Balance Sheet
BALANCE SHEET Transaction will further strengthen our balance sheet, supporting investment in growth and shareholder returns Pro-forma net cash/(debt) (US$M) Pro-forma Transaction adjustments 3,100 3,482 Strong current liquidity position, with US$2.1B cash and an undrawn US$1.4B revolving credit fac
Slide 19: Capital Management Framework
CAPITAL MANAGEMENT FRAMEWORK Committed to a strong balance sheet and disciplined capital allocation Current dividend policy with 40% pay-out ratio applies until completion; An updated framework to apply post Transaction, US$209M remaining to be returned under capital management program designed to m
Slide 20: Outlook
SOUTH32 OUTLOOK
Slide 21: Production Guidance
PRODUCTION GUIDANCE Sierra Gorda Copper equivalent10 Cannington Zinc equivalent11 Manganese ore (kt) (kt) (Mwmt) 90.7 91.8 94.0 332.2 87.8 2.10 2.00 2.00 290.0 290.0 290.0 2.20 3.00 2.65-2.90 2.65-2.90 1.10 FY25 FY26 FY27e FY28e FY25 FY26 FY27e FY28e FY25 FY26 FY27e FY28e Australia Manganese South A
Slide 22: Capital Expenditure Guidance
CAPITAL EXPENDITURE GUIDANCE Unlocking value from our operations and growing our production of copper, zinc and silver FY27e Safe and reliable(a) FY27e Improvement and life extension(a) FY27e Growth - Hermosa (US$M) (US$M) (US$M) 36% 36% 42% US$620M US$180M 50% US$1,000M 15% 13% 3% 5% 100% Includes
Slide 23: Sierra Gorda (45% South32)
SIERRA GORDA (45% SOUTH32) Increasing our exposure to copper and unlocking further value from this long-life, high-margin operation Production (kt CuEq, LHS; Mt ore processed, RHS) Ore Reserve ↑61% to 1.1Bt 100 90.7 91.8 94.0 30 87.8 75 20 50 10 CuEq production10 ↑5% in FY27 and ↑2% in FY28 25 FY25
Slide 24: Cannington (100% South32)
CANNINGTON (100% SOUTH32) Delivering strong cash flow while investing to extend mine life Production (kt ZnEq, LHS; kdmt ore processed, RHS) ZnEq production11 ~290kt across both FY27 and FY28, 400 2,500 supported by processing of lower grade stockpiles 300 2,000 332.2 290.0 290.0 290.0 1,500 200 1,0
Slide 25: Australia Manganese (60% South32)
AUSTRALIA MANGANESE (60% SOUTH32) Managing elevated site water levels with approvals progressing to enable additional water management infrastructure Manganese production (kwmt) Production guidance reflects constrained mine pit access 3,500 due to elevated water volumes Temporarily 2,650 - 2,900 2,6
Slide 26: South Africa Manganese (54.6% South32)
SOUTH AFRICA MANGANESE (54.6% SOUTH32) Taking action to mitigate inflationary pressures and support margins Manganese production (kwmt) Higher diesel prices and stronger South African rand in FY26 2,500 2,000 2,151 2,085 2,000 2,000 1,500 1,000 500 Targeting sustained operational and cost base impro
Slide 27: Hermosa Project (100% South32)
HERMOSA PROJECT (100% SOUTH32) Large-scale, expandable base and precious metals project under construction Taylor project initial 33-year operating life(a)(b) First production expected H2 FY28 with steady-state ZnEq volumes of 346ktpa(c) Expected to deliver annual steady-state EBITDA of~US$650M(c) C
Slide 28: Hermosa – Taylor Deposit
HERMOSA – TAYLOR DEPOSIT Construction and development progressing in line with Taylor project update Shaft pad (July 2026) Underground mine development • Ventilation shaft expected to reach primary production level in Q1 FY27 • Decline extension to Taylor underway Surface infrastructure construction
Slide 29: Hermosa – Taylor Deposit
HERMOSA – TAYLOR DEPOSIT Investing in underground and surface infrastructure to deliver first production in H2 FY28 Taylor capital expenditure(a) (US$M, real) 1,250 FY27e Taylor growth capital expenditure 1,000 US$155M 750 500 US$960M US$470M 250 US$335M FY25 FY26 FY27 FY28 FY29 FY30 Actual Taylor g
Slide 30: Ambler Metals (50% South32)
AMBLER METALS (50% SOUTH32) District-scale base and precious metals opportunity, with an existing high-grade resource in Alaska, USA Extensive landholding in the highly prospective Ambler mining district US$42M CY26 work program(b) underway for drilling and development studies at Arctic Commenced fe
Slide 31: Our Exploration Portfolio
OUR EXPLORATION PORTFOLIO Advancing options in highly prospective mineral belts Ambler mining district, USA: high-grade base metals options 1 1 within an underexplored, regional scale landholding British Columbia, Canada: equity exposure to large-scale NAK 2 copper project in a copper-gold porphyry
Slide 32: Summary and Outlook
SUMMARY AND OUTLOOK
Slide 33: Summary and Outlook
SUMMARY AND OUTLOOK Creating the leading ASX-listed upstream base metals focused company Focused on maintaining Sale of aluminium value chain to unlock High-margin base metals operations operational momentum into FY27 significant value for shareholders with large, expandable resource bases Simplifie
Slide 34: Supplementary Information
— l= — SOUTH32 SUP P| EM ENTARY INFORMATION
Slide 35: Earnings Sensitivities
EARNINGS SENSITIVITIES EBIT sensitivity(a) +/- 10% Commodity US$M Aluminium(b) 285 Alumina(b) 185 Copper(c) 118 Manganese ore 68 Silver 54 Lead 14 Zinc 13 Australian dollar 163 South African rand 130 Brazilian real 45 Chilean peso 21 Notes: a. The sensitivities reflect the annualised estimated impac
Slide 36: Closure & Rehabilitation Provisions
CLOSURE & REHABILITATION PROVISIONS Closure and rehabilitation FY26 FY25 South32 Group provisions by operation (South32 share, excluding EAIs) US$M US$M Profit and Balance sheet loss impact (-US$293M) (+US$118M)(a) Worsley Alumina 778 825 118 (177) Brazil Alumina (non-operated) 94 108 (116) Brazil A
Slide 37: Capital Expenditure Guidance
CAPITAL EXPENDITURE GUIDANCE Capital expenditure for base metals and manganese US$M FY26 FY27e Sierra Gorda 227 220 Cannington 41 80 Australia Manganese 75 80 South Africa Manganese 22 15 Cerro Matoso19 6 — Safe and reliable capital expenditure (excluding EAIs) 47 80 Safe and reliable capital expend
Slide 38: Footnotes
FOOTNOTES 1. Our Group underlying financial measures reflect continuing and discontinued operations. 2. Refer to market release "Mozal Aluminium placed on care and maintenance" dated 16 March 2026. 3. The underlying information reflects the Group’s interest in material equity accounted joint venture
Slide 39: South32
SOUTH32