Slide 1: Grindrod Limited 2025 Interim Financial Results
GRINDROD-LIMITED 2025 Interim Financial Results // Y www.grindrod.com GRINDROD
Slide 2: Commencement and Q&A instructions
ancial Results COMMENCEMENT 10am Once the presentation commences, you may type your questions in the Q & A section All questions will be answered at the end of the presentation Alternatively, questions can be emailed to reshmee.soni@grindrod.com for a response in due course www.grindrod.com - GRINDR
Slide 3: Forward-looking statements
forward-looking statements. All statements other than al facts included in this presentation are or may be forward-looking ements reflect management's current expectations, beliefs, hopes, regarding the future and assumptions in light of currently available forward-looking statements are subject to
Slide 4: Xolani Mbambo
GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2025 Drybulk terminal I MATOLA XOLANI MBAMBO
Slide 5: Market overview
O V E R V IE W A N D H IG H L IG H T S Market overview GLOBAL § Global growth at 3.0%, amid tariffs uncertainty § Chinese economic expansion steady at 4.8% § India, fastest growing at 6.4% expectation SOUTH AFRICA § South Africa’s growth modest at 1.0% § Structural challenges and tariffs impact MOZA
Slide 6: Commodity price and container rates
O V E R V IE W A N D H IG H L IG H T S Commodity price and container rates Copper 3% Iron ore fines (15%) 8% (7%) (4%) (2%) Spodumene (26%) Chrome (13%) (73%) 1% (18%) 19% Lithium carbonate (32%) Ferrochrome (14%) (70%) (6%) (41%) (2%) Graphite (19%) Manganese (9%) (28%) 14% (19%) (10%) Coal (9%) Co
Slide 7: Performance overview
O V E R V IE W A N D H IG H L IG H T S Performance overview Safety Operational Financial Capital allocation Port Core Cash from Fatality volumes EBITDA * non-core divestment Nil 6% R1.0 billion R0.9 billion 6.5 million tonnes Drybulk terminal Core headline Cash generated LTIFR volumes earnings * fro
Slide 8: Xolani Mbambo
GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2025 Drybulk terminal I MATOLA XOLANI MBAMBO
Slide 9: Port and Terminals | Volume performance
P O R T A N D T E R M IN A L S Port and Terminals I Volume performance Port volumes Matola volumes 14.3 (mtpa) (mtpa) 12.6 9.8 7.4 10.0 8.9 6.7 9.0 8.3 8.1 8.1 7.7 8.0 6.5 5.3 7.0 4.7 6.0 4.3 4.0 3.9 H2 5.2 4.5 H1 CAGR 10% H2 H1 CAGR 14% 5.0 4.0 6.9 6.5 3.0 5.9 H1 3.8 4.5 2.0 3.8 4.2 4.1 4.5 H1 3.1
Slide 10: Xolani Mbambo
GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2025 Container depot I DURBAN XOLANI MBAMBO
Slide 11: Logistics | Operational overview
L O G IS T IC S Logistics I Operational overview § Resilient performance in ships agency, clearing and forwarding businesses § Low utilisation of rolling stock § Softer margins in road transportation § Subdued container and graphite volumes GRINDROD LIMITED Unaudited interim results for the six mont
Slide 12: Finance - Fathima Ally
FINANCE GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2025 Container depot I DURBAN FATHIMA ALLY
Slide 13: Segmental income statement
2 0 2 5 H 1 R E S U LT S Segmental income statement % Rmillion 2025 H1 2024 H1 Change Comments Core revenue Revenue Core 9 185 3 478 14 085 3 772 (35) (8) Rail, container and graphite R3.5 billion Non-core 5 707 10 313 (45) Marine Fuels divestment (2024 H1: R3.8 billion) Trading profit 1 068 966 11
Slide 14: Financial highlights | Segment performance
2 0 2 5 H 1 R E S U LT S Financial highlights I Segment performance Port and Terminals Logistics Core 2025 H1 2024 H1 2025 H1 2024 H1 Rmillion Rmillion Rmillion Rmillion Revenue 1 380 1 453 1 971 2 214 EBITDA 546 482 434 536 EBITDA margin (%) 40 33 22 24 Normalised EBITDA margin (%) * 36 33 26 27 He
Slide 15: Segmental balance sheet
2 0 2 5 H 1 R E S U LT S Segmental balance sheet Re- presented % Rmillion Jun 2025 Dec 2024 * Change Comments ACTUAL CAPEX (Rmillion) PPE and right-of use-assets 6 024 6 542 (8) Depreciation and translation Intangible assets 2 371 894 >100 Matola buy-up Logistics Group Investments and other assets 1
Slide 16: Net debt (excluding joint ventures)
2 0 2 5 H 1 R E S U LT S Net debt (excluding joint ventures) Rmillion 316 33 (165) (165) 439 (23) (1 185) 952 (1 534) 1 121 December December Net cash Interest / TCM Investment Proceeds Non-cash June 2024 2024 ring- generated dividends / take on and capital on movement in 2025 fenced from taxation e
Slide 17: Net debt (excluding joint ventures)
2 0 2 5 H 1 R E S U LT S Net debt (excluding joint ventures) Jun Dec Rmillion 2025 2024 Total debt 3 206 2 929 Less: cash (3 183) (1 395) * Net debt 23 1 534 Net debt to equity ratio (%) - 16 * Excluded ring-fenced cash R1.1 billion Total debt analysis 3 206 Rmillion 2 929 394 343 1 168 578 2 008 Ba
Slide 18: Xolani Mbambo
GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2025 Rail I TSHWANE XOLANI MBAMBO
Slide 19: Balanced capital allocation framework
OUTLOOK Balanced capital allocation framework R109 million R386 million 7% 24% Balance sheet Capital flexibility allocation 69% R1 099 million Stay-in business capex Stay-in business capex Growth capex Growth capex Sustainable dividend Shareholder distribution Share buy-backs GRINDROD LIMITED Unaudi
Slide 20: Conclusion
OUTLOOK Conclusion A fatality free business § Safety remains our priority Set to deliver growth § Operational excellence § Sustainable corridor § Cost optimisation By focussing on strategy execution § Unlocking rail as a key enabler § Embedding buy-up of Matola terminal § Sequencing growth projects
Slide 21: For more information contact
For more information contact Reshmee Soni E reshmee.soni@grindrod.com ‘www.grindrod.com _ @RInDROD
Slide 22: Annexure
Slide 23: Terminals capacity and utilisation
T E R M IN A L S C A PA C IT Y A N D U T IL IS AT IO N Terminals H1 H1 Change H2 FY FY Template 2025 2024 % 2024 2024 2023 capacity Drybulk (tonnes) 7 934 604 8 375 737 (5) 8 340 322 16 716 059 17 603 624 17 150 000 Matola terminal 12 4 493 379 4 141 583 8 3 976 566 8 118 149 8 933 384 7 300 000 Map
Slide 24: Port capacity and utilisation
P O R T C A PA C IT Y A N D U T IL IS AT IO N Port H1 H1 Change H2 FY FY 2025 2024 % 2024 2024 2023 Own handled 1 6 507 051 6 941 208 (6) 7 324 875 14 266 083 12 563 883 Sub-concession and other 7 631 944 8 451 635 (10) 8 259 901 16 711 536 18 676 714 Port of Maputo 14 138 995 15 392 843 (8) 15 584