Exxaro Resources Limited · JSE:EXX
Exxaro Resources — FY2025 Earnings Presentation
47 slides from Exxaro Resources's earnings presentation, Mar 19, 2026
Slide 1: Annual financial results
Annual financial results Presentation for the year ended 31 December 2025 19 March 2026
Slide 2: Disclaimer
Disclaimer A range of financial and non-financial measures are used to assess our performance, including certain Alternative Performance Measures (APMs) that are not defined nor specified in International Financial Reporting Standards (IFRS® Accounting Standards) as issued by the International Accou
Slide 3: Agenda
Agenda Key highlights Operational performance Group financial performance Looking ahead Image: New trucks assembly for Grootegeluk
Slide 4: Today's speakers
Image to be changed with GG trucks Today’s speakers Ben Magara Riaan Koppeschaar Chief Executive Officer Finance Director 4 Image: Right - New trucks assembly for Grootegeluk
Slide 5: QR zinivensany exxaro
QR zinivensany exxaro IMPACT BEYOND THE SURFACE POWERING POSSIBILITY
Slide 6: Key highlights
Key highlights Image: Karreebosch project
Slide 7: Our belief, zero harm is achievable
Our belief, zero harm is achievable Group LTIFR improvement since 2006 Completed 40 consecutive fatality free months* 0.42 Group LTIFR** improved 33% to 0.04 Coal LTIFR improved 50% to 0.03 Grootegeluk and Belfast ended the year without lost-time injury Group LTIFR improved ten-fold since JSE listin
Slide 8: Robust operational and financial performance
Robust operational and financial performance OPERATIONAL PERFORMANCE FINANCIAL PERFORMANCE Energy generation down 3% to 703GWh, availability up 2% Revenue up 3% to R41.8bn to 98% Coal production and sales up 1% to 39.9Mt and 39.6Mt, Absolute coal cash cost up 0.4% to R20.5bn respectively Export coal
Slide 9: Accelerating the prudent delivery of our strategy
Accelerating the prudent delivery of our strategy Exxaro’s first Manganese acquisition announced and completed 68MW Lephalale Solar Project delivers green electrons to Grootegeluk mine 138MW Gouda wind farm, 75MW Sishen solar farm and O&M* Company acquisition, closure anticipated in 1H26 Cennergi se
Slide 10: Our impact beyond the surface
Our impact beyond the surface R19bn R1.7bn R399m in stakeholder in social invested in value created impact learning and investments development Stakeholder value created People Social impact Employees R7.4bn Organisational stability, leadership capability Completed an ECD# Center of Excellence and c
Slide 11: Improving SA outlook and logistics countered by softer export prices
Improving SA outlook and logistics countered by softer export prices Rand performance* Inflation MARKET DYNAMICS US$/ZAR % 18.32 3.0 Strengthening Rand reflects 17.86 1.5 1.5 1.5 steadier domestic sentiment FY24 FY25 FY24 FY25 World PPI SA PPI Improved power availability eradicates load shedding RBC
Slide 12: Improving logistics in Mpumalanga and rail reform opportunity for Waterberg
Improving logistics in Mpumalanga and rail reform opportunity for Waterberg Coal export volumes (Mt) RBCT coal 2025 56.82 tonnage +9% Early stabilisation evident; volumes still below RBCT capacity 2024 51.91 received by rail Mpumalanga – 2025 3.59 RBCT +9% Mpumalanga mines deliver inline with Transn
Slide 13: Operational performance
Operational performance Image: New trucks assembly for Grootegeluk
Slide 14: Coal | Production steady despite lower power station coal demand
Coal | Production steady despite lower power station coal demand Total production Million tonnes Grootegeluk Million tonnes Belfast Million tonnes 1% (2%) 0% 26.0 25.6 39.5 39.9 26.0 2.4 2.5 25.0 24.0 23.0 5.8 6.6 22.0 21.0 20.0 7.7 7.7 19.0 18.0 17.0 16.0 15.0 23.6 23.1 3.5 3.5 26.0 25.6 14.0 13.0
Slide 15: Coal | Strong sales performance
Coal | Strong sales performance Sales per business unit Million tonnes FY24 FY25 Variance Matla offsets lower power station coal offtake at Grootegeluk Sales to Eskom 28.5 28.0 (2%) Other domestic thermal coal up 28% driven by demand Grootegeluk 22.4 21.4 (4%) Leeuwpan 0.2 Exports up 2%, supported b
Slide 16: Coal | Export sales performance sustained by marketing agility
Coal | Export sales performance sustained by marketing agility Exxaro export sales destinations % 12 13 11 Exxaro brand now well-established in Japan 17 Improving Africa intertrade 22 FY25 FY24 29 25 41 Product blending drives increase in high margin RB1 to 81% 12 18 Marketing agility enabled 96% pr
Slide 17: Cennergi | Strong operational EBITDA, with LSP commencing energy generation
Cennergi | Strong operational EBITDA, with LSP commencing energy generation Operational and financial performance Stable and high EBITDA margin supported by long-term offtake agreements Unit FY24 FY25 % change Availability up 2% to 98%, above contracted levels Energy generation GWh 725 703 (3) Overa
Slide 18: Group financial performance
Group financial performance Image: Karreebosch project
Slide 19: Group | Defensive portfolio with optionality delivers
Group | Defensive portfolio with optionality delivers Revenue R billion EBITDA R billion Adjusted* equity income R billion 3% (2%) 22% 40.7 41.8 10.4 10.2 4.5 3.7 FY24 FY25 FY24 FY25 FY24 FY25 HEPS R/share Cash generated R billion Net cash R billion 8% 8% (4%) (11%) 32.47 10.4 17.6 30.16 16.3 10.0 1
Slide 20: Group | Stable EBITDA driven by strategic volume and cost management
Group | Stable EBITDA driven by strategic volume and cost management Group EBITDA R million 977 (718) 10 423 (390) 308 (529) (10) 10 225 164 FY24 Price Volume Inflation Buy-ins Other cost Forex General* FY25 API4 coal index price Coal export Electricity Higher Mafube Operational cost Unrealised and
Slide 21: Coal | Disciplined approach to cost management
Coal | Disciplined approach to cost management EBITDA and margins remain stable Coal revenue and EBITDA per segment R million Revenue EBITDA Volume driven cost pressure mitigated through targeted initiatives FY24 FY25 FY24 FY25 • Commercial Waterberg 22 563 23 703 10 116 10 314 Production unit cost
Slide 22: Group | Solid foundation for strategic growth and impact
Group | Solid foundation for strategic growth and impact Net cash R million Capital allocation framework 11 126 619 (2 295) (33) (5 910) 459 (2 804) 7 1 11 980 (1 220) (1 208) Excess Cash 10 714 cash inflow Debt 31 Dec Cash Debt Sustaining Intangible Dividends Eyesizwe Expansion Share Other 31 Dec 6
Slide 23: Group | Capital spend enables renewable energy growth
Group | Capital spend enables renewable energy growth Sustaining capital expenditure R million Expansion capital expenditure R million 2 804 2 375 2 295 2 146 Karreebosch 302 LSP 302 429 FY24 FY25 FY24 FY25 Total sustaining capital 2 146 2 295 Total expansion capital 302 2 804 • Coal 2 080 2 266 • E
Slide 24: Group | Continued commitment to shareholder returns
Group | Continued commitment to shareholder returns Dividend declared Revised dividend policy Total Interim Final Total FY24 1H25 2H25 FY25 Dividend cover: Previous Revised 2.5 2.5 1.8 1.8 dividend dividend Adjusted group earnings (times) policy policy SIOC dividend declared (Rm) 3 366 1 535 1 344 2
Slide 25: Looking ahead
Looking ahead Image: Karreebosch project
Slide 26: Coal | A strong, defensive coal base with export optionality
Coal | A strong, defensive coal base with export optionality 1 Strong coal base with substantial Mineral Resources, South Africa Limpopo >9 billion tonnes 2 3 4 High-quality infrastructure investments made over Gauteng 5 many years to sustain long life of mine profiles North-West Province Mpumalanga
Slide 27: Cennergi | A growing, stable, high-margin energy business
Cennergi | A growing, stable, high-margin energy business Gross capacity (MW) 1000 Wind 1000 890 900 Solar 900 800 800 Consistent 650 240 ~ 80% 700 383 700 EBITDA 600 600 140 143 margin 500 500 138 400 400 ----------------------- 297 Current 300 75 300 68 68 operating 200 capacity 507 507 200 Long-t
Slide 28: Metals | World-class manganese assets, strengthening our diversified portfolio
Metals | World-class manganese assets, strengthening our diversified portfolio Kalahari3 Manganese field (KMF) 3 World-class deposit, KMF hosts ~80% of the world’s South Africa known Manganese resources 1 Tshipi Borwa Manganese ore demand supported by global 4 infrastructure trends and growing adopt
Slide 29: Exxaro | A diversified natural resources champion
Exxaro | A diversified natural resources champion A JSE listed diversified natural resources company with a strong coal base, a growing renewable energy business and acquisitive growth ambitions in metals supporting the energy transition Coal Energy Metals Mn 5 Operating coal mines* including the wo
Slide 30: Full year 2026 guidance
Full year 2026 guidance Coal production and sales (Mt) 39.4 to 42.8 Coal export sales (Mt) 7.3 to 8.0 Renewable energy generation (GWh) 1 050 to 1 150 Coal sustaining capital expenditure: R4.0 to 4.5 billion R million 5 000 4 000 3 000 2 000 1 000 0 2022 2023 2024 2025 2026 2027 2028 2029 2030 Annua
Slide 31: Thank you
Thank you QQ kiniversany exxaro
Slide 32: Additional information
Additional information Image: Belfast coal mine
Slide 33: Leadership structure fit for purpose
Leadership structure fit for purpose Stronger cross- Structure aligned to Enhanced decision Accelerated strategy Enhanced leadership functional strategy making execution bench strength collaboration Board Group Company Chief Executive Secretary Officer Michelle Nana Ben Magara Strategy and People an
Slide 34: FY26 guidance | Detailed breakdown
FY26 guidance | Detailed breakdown Million tonnes Guidance range Total coal production and sales 39.4 to 42.8 Grootegeluk 25.0 to 27.0 Belfast 3.2 to 3.5 Leeuwpan 2.5 to 2.8 Mafube 1.7 to 1.8 Matla 7.0 to 7.7 Total export coal sales 7.3 to 8.0 Grootegeluk 2.6 to 2.9 Belfast 2.2 to 2.4 Leeuwpan 1.4 t
Slide 35: Coal | Sensitivities – FY25
Coal | Sensitivities – FY25 R million Sensitivity EBITDA impact Environmental rehabilitation discount rate decrease 1% (298) Environmental rehabilitation discount rate increase 1% 267 Domestic sales volumes 1% 165 Royalty cost 1% 355 Production cost 1% 173 Export price per tonne US$1 127 Export sale
Slide 36: Group | IFRS financial results
Group | IFRS financial results R million 1H25 2H25 % change FY24 FY25 % change Revenue 20 579 21 192 3 40 725 41 771 3 Gain on disposal of subsidiary 32 32 Operating expenses (16 447) (18 209) (11) (33 118) (34 656) (5) Net operating profit 4 132 3 015 (27) 7 607 7 147 (6) Net operating profit margi
Slide 37: Group | Headline earnings adjustments
Group | Headline earnings adjustments R million 1H25 2H25 FY24 FY25 Coal • Loss on disposal of property, plant and equipment (16) (227) (27) (243) Other • Gain on disposal of FerroAlloys 32 32 • Loss on disposal of intangible assets (16) Non-core adjustment impact on net operating profit (16) (195)
Slide 38: Group | Adjusted financial results
Group | Adjusted* financial results R million 1H25 2H25 % change FY24 FY25 % change Revenue 20 579 21 192 3 40 725 41 771 3 Operating expenses (16 431) (17 982) (9) (33 075) (34 413) (4) Add back: Net depreciation 1 429 1 438 1 2 773 2 867 3 EBITDA 5 577 4 648 (17) 10 423 10 225 (2) EBITDA margin (%
Slide 39: Group | Revenue
Group | Revenue FY24 vs FY25 R million 1 532 (1 970) 1 363 48 41 771 40 725 278 (49) (288) 48 79 5 Price Volume and product mix FY24 Coal Coal Energy Coal Coal Energy Exchange Other Matla FerroAlloys FY25 Domestic Export Domestic Export revenue 39
Slide 40: Group | EBITDA
Group | EBITDA FY24 vs FY25 R million 588 (430) 10 423 (365) 91 (178) 10 225 (11) 77 (529) 625 3 (295) 226 FY24 Commercial Inflation Employee Rehabilitation Operational Selling and Stock Forex Royalties General* Manganese FerroAlloys FY25 revenue cost cost distribution movement and buy-ins * Total E
Slide 41: Group | EBITDA per segment
Group | EBITDA per segment R million 1H25 2H25 % change FY24 FY25 % change Coal 5 552 4 699 (15) 10 236 10 251 • Commercial Waterberg - Grootegeluk 5 364 4 950 (8) 10 116 10 314 2 • Commercial Mpumalanga 230 (241) 246 (11) (104) • Tied - Matla 95 96 1 175 191 9 • Other coal (137) (106) 23 (301) (243
Slide 42: Coal | Production cash cost per tonne
Coal | Production cash cost per tonne Coal production cost Coal production volume R million FY24 FY25 ‘000 tonnes FY24 FY25 Turnover 39 115 40 109 Total coal production 39 543 39 890 Less: EBITDA (10 236) (10 251) Less: Matla production (5 858) (6 586) Less: Mafube buy-ins (1 691) (1 885) Cost of sa
Slide 43: Group | Adjusted earnings
Group | Adjusted* earnings R million 1H25 2H25 % change FY24 FY25 % change Net operating profit 4 148 3 210 (23) 7 650 7 358 (4) Net financing income – Exxaro excluding Energy 538 482 (10) 1 009 1 020 1 Net financing cost – Energy (205) (200) 2 (439) (405) 8 Post-tax equity-accounted income 2 269 2
Slide 44: Group excluding Energy | Capital funding structure
Group excluding Energy | Capital funding structure R million Facilities available Undrawn/ Drawn Uncommitted committed Term loan and revolving facility 4 500 5 500 3 000** DMTN* programme 5 000# Interest-bearing borrowings 4 500 Interest capitalised 29 Lease liabilities 686 Capitalised transaction c
Slide 45: Energy | Capital funding structure
Energy | Capital funding structure R million Facilities available Undrawn/ Drawn committed Project financing 7 675 2 135 Interest-bearing borrowings 7 675 Interest capitalised 60 Lease liabilities 93 Capitalised transaction costs (44) Maturity profile of debt Total interest-bearing debt 7 784 Repaym
Slide 46: Group | Net debt/(cash)
Group | Net debt/(cash) December 2025 R million (11 980) (10 714) Energy Energy net debt net debt R4.3bn R6.9bn Rest of Rest of 33 5 099 (3 367) Exxaro Exxaro net cash net cash 1 208 (459) (R17.6bn) (R16.3bn) (10 040) 1 220 5 910 2 281 (619) 31 Dec Cash Net Tax Dividends Share Capex Intangible Divid
Slide 47: Group | Key performance indicators
Group | Key performance indicators Target FY24 FY25 Internal key performance indicators • EBITDA interest cover* # (times) >4 • Net debt/(cash): equity* (%) <40 (25) (26) • Net debt: EBITDA* ## (times) <1.5 • Return on total capital employed* (%) >20 26 25 • Return on total capital employed (%) >20