Thungela Resources Limited · JSE:TGA
Thungela Resources — H1 2025 Earnings Presentation
24 slides from Thungela Resources's earnings presentation, Aug 18, 2025
Slide 1: Interim Results Presentation
INTERIM RESULTS PRESENTATION FOR THE SIX MONTHS ENDED 30 JUNE 2025 18 August 2025
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT Disclaimer: This presentation has been prepared by Thungela Resources Limited (“Thungela”) and comprises the written materials/slides for a presentation concerning Thungela and its affiliates (together, the "Group"). By attending this presentation and/or reviewing the slides you
Slide 3: H1 2025 Group Performance
H1 2025 GROUP PERFORMANCE July Ndlovu | Chief executive officer 3
Slide 4: Robust Balance Sheet Enables Shareholder Returns
ROBUST BALANCE SHEET ENABLES SHAREHOLDER RETURNS SAFETY DRIVE OUR ESG MAXIMISING CREATE FUTURE OPTIMISING ASPIRATIONS VALUE FROM DIVERSIFICATION CAPITAL EXISTING ASSETS OPTIONS ALLOCATION Operated for Thuthukani Development Navigate challenging Elders producing Returns to two and a half years withou
Slide 5: H1 2025 Group Highlights
H1 2025 GROUP HIGHLIGHTS1 OPERATING EXPORT BENCHMARK A FATALITY-FREE SALEABLE THERMAL COAL BUSINESS PRODUCTION PRICES 8.0Mt SA ENSHAM Two and a half years (H1 2024: 8.1Mt) $91.78/t $102.51/t (H1 2024: $101.05/t) (H1 2024: $130.66/t) NET EARNINGS SHAREHOLDER RETURNS CASH Dividend per share: R2 (H1 20
Slide 6: Safety Performance
SAFETY PERFORMANCE GROUP TRCFR 1 0 0 2023 2024 H1 2025 Group Fatalities TRCFR Note: The total recordable case frequency rate (TRCFR) was previously reported in the Interim Financial Statements for the six months ended 30 June 2024 as 1.75 for the Group, 0.99 for South Africa, and 11.64 for Australia
Slide 7: South Africa – Rail Performance
SOUTH AFRICA – RAIL PERFORMANCE Transnet Freight Rail annualised run rate (Mt per annum) Rail improvement • H1 2025 rail performance improved by 5% to 54.3Mtpa, from 51.9Mtpa in 2024 • Various projects, including signalling, expected to further improve rail performance going forward 2020 2021 2022 2
Slide 8: Softer Coal Prices Across Our Markets
SOFTER COAL PRICES ACROSS OUR MARKETS Benchmark and realised thermal coal prices Market performance (USD per tonne) • Demand driven by US and Europe, partially offset by lower demand in China and India • Energy security driving an increase in domestic production • Demand in China and India impacted
Slide 9: Structurally Positioned for Long-Term Fundamentals of Coal
STRUCTURALLY POSITIONED FOR LONG-TERM FUNDAMENTALS OF COAL • Countries prioritising energy security continue to drive up demand for coal – global coal demand grew by 1.5% in 2024 • Coal remains a reliable and affordable power source – for developing economies such as South-East Asia • Energy securit
Slide 10: Financial Review
FINANCIAL REVIEW Deon Smith | Chief financial officer 10
Slide 11: H1 2025 Financial Results
H1 2025 FINANCIAL RESULTS1 ADJUSTED NET EARNINGS EBITDA PROFITrted PER SHARE R691 million R248 million R1.93 (H1 2024: R2.1 billion) (H1 2024: R1.2 billion) (H1 2024: R9.52) ADJUSTED NET TOTAL SHAREHOLDER OPERATING CASH RETURNS FREE CASH FLOW Reported Dividend per share: R2 R484 million (H1 2024: R9
Slide 12: H1 2025 Financial Performance
H1 2025 FINANCIAL PERFORMANCE1 Abridged Income Statement (Rand million) H1 2025 H1 2024 Revenue 14,813 16,752 Operating costs (excluding depreciation and amortisation) (14,122) (14,606) Adjusted EBITDA 691 2,146 Restructuring costs and termination benefits (285) (13) Net finance income 1,302 805 Inc
Slide 13: H1 2025 Operational Results
H1 2025 OPERATIONAL RESULTS1 EXPORT FOB COST SUSTAINING SALEABLE PER EXPORT CAPITAL PRODUCTION TONNE R703 million 8.0Mt SA | ENSHAM SA | ENSHAM SA 6.4Mt | Ensham 1.6Mt (H1 2024: 8.1Mt) R1,264/t | R1,904/t R545 million | R158 million (H1 2024: R1,197/t | R1,645/t) (H1 2024: R457 million | R285 millio
Slide 14: Revenue
REVENUE (R billion) Revenue impacted by lower 16.8 realised coal prices and 0.3 0.3 0.6 0.5 0.5 weaker US dollar • Realised prices in South Africa 9% lower in H1 2025 • Realised prices in Australia 8% lower in H1 2025 • Higher export equity sales in South Africa at 6.4Mt (H1 2024: 6.0Mt) H1 2024 Exp
Slide 15: Operating Costs
OPERATING COSTS (R billion) Operating costs 0.4 0.2 0.4 0.2 0.6 0.2 lower year on year • Inflation in South Africa 4.6%, in Australia 3% • Acquisition of 15% in Ensham resulted in increase in costs, however offset by a decrease in commodity purchases • Lower stockpile utilisation in South Africa off
Slide 16: South Africa – FOB Cost per Export Tonne
SOUTH AFRICA – FOB COST PER EXPORT TONNE (R per tonne) 9 3 Unit costs up by 6% 20 11 6 8 • Inflation on cash costs of 4.6% • Lower domestic revenue offset due to production challenges at Isibonelo FOB cost Royalties FOB cost Inflation Domestic Marketing Environmental Volume Selling Production FOB co
Slide 17: Ensham – FOB Cost per Export Tonne
ENSHAM - FOB COST PER EXPORT TONNE (R per tonne) 1,904 Lower volumes impacting 1,694 1,645 40 2 unit costs 1,360 42 • Inflation on cash costs of 3% • Cost incurred to produce run of mine not yet reported as export saleable production • Production costs now at 100% ownership following 15% Ensham tran
Slide 18: Summarised Cash Flow
SUMMARISED CASH FLOW (R billion) Sources and uses of cash • Cash returned to shareholders R1.7 billion during the year 0.2 0.1 • Generated cash from operating activities of R1.2 billion • Investment of R1.2 billion in sustaining and expansionary capital • R302 million spent on acquisition of 15% in
Slide 19: Returns to Shareholders
RETURNS TO SHAREHOLDERS Capital allocation1 (R billion) Disciplined capital allocation 8.2 • R800 million reserved for completion of Zibulo North 6.3 3.2 Shaft and the LCBM project -0.8 • Total shareholder returns of -0.28 5.0 -0.14 -0.03 R421 million, representing 87% of adjusted operating free cas
Slide 20: 2025 Operational Guidance
2025 OPERATIONAL GUIDANCE South Africa H1 2025 Actual FY2025 Guidance Comments Export saleable production (Mt) 6.4 12.8 - 13.6 • Production weighted towards H2 2025 FOB cost per export tonne • Unit costs to moderate in line with improved H2 1,258 1,210 – 1,290 (excl. royalties) (R/tonne) production
Slide 21: Conclusion
[OFFICIAL] CONCLUSION July Ndlovu | Chief executive officer 21
Slide 22: To Responsibly Create Value Together for a Shared Future
[OFFICIAL] TO RESPONSIBLY CREATE VALUE TOGETHER FOR A SHARED FUTURE SAFETY DRIVE OUR ESG MAXIMISING CREATE FUTURE OPTIMISING ASPIRATIONS VALUE FROM DIVERSIFICATION CAPITAL EXISTING ASSETS OPTIONS ALLOCATION We are unconditional Sustainable and about protecting the lives responsible closure Full-year
Slide 23: Q&A
[OFFICIAL] Q&A 23
Slide 24: Thank you
Thank you