Grindrod Limited · JSE:GND
Grindrod — H1 2026 Earnings Presentation
26 slides from Grindrod's earnings presentation, 2026
Slide 1: Commencement 10am
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 _ G@RINDROD
Slide 2: Grindrod Limited 2026 Interim Financial Results
GRINDROD LIMITED 2026 Interim Financial Results iteg f bef Se Aigietindred com » x a ‘| 4 GRINDROD
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: Unaudited interim results for the six months ended 30 June 2026
GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 Drybulk terminal I MAPUTO
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 is expected at 3.0% in 2026, constrained by trade tensions, tariffs, Middle East conflict and volatile commodity prices § China is projected to slow to 4.6%, reflecting property sector weakness and global uncertainty § Ind
Slide 6: Commodity prices
O V E R V IE W A N D H IG H L IG H T S Commodity prices Copper 39% Iron ore fines 4% 8% (8%) 8% (7%) Spodumene * 164% Chrome 15% (3%) (8%) (73%) 1% Lithium carbonate 117% Ferrochrome 15% (24%) (7%) (70%) (6%) Graphite 5% Manganese 13% (15%) (4%) (28%) 14% Coal 15% (15%) (13%) H1 2026 vs H1 2025 2025
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 Fatality Port volumes EBITDA Cash generated from operations 1fatality 29% 52% 28% 8.4 million tonnes R884 million R561 million LTIFR Drybulk volumes Headline earnings Interim ordinary dividend
Slide 8: Drybulk
GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 Drybulk terminal I MATOLA
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 15.2 14.3 (mtpa) (mtpa) 12.6 9.8 9.9 7.4 8.7 8.9 8.4 8.1 8.1 6.7 5.3 5.4 4.7 4.3 4.0 H2 H2 H1 CAGR 17% 4.2 H1 CAGR 3% 8.4 6.9 6.5 5.9 H1 4.5 3.8 4.2 4.1 4.5 4.2 H1 2022 2023 2024 2025 2026 2022 2023 20
Slide 10: Container
GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 Container depot I CAPE TOWN
Slide 11: Logistics Operational overview
L O G IS T IC S Logistics I Operational overview § Mixed performance, with soft market conditions impacting container, ships agency, clearing and forwarding § Rail earnings constrained by lower locomotive deployment and the wind-down of the eSwatini siding operation § Graphite volumes a partial offs
Slide 12: Finance
FINANCE GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 Drybulk terminal I MATOLA
Slide 13: Income statement
2 0 2 6 H 1 R E S U LT S Revenue Income statement ^ R2.8 billion 19% Normalised % (2025: R2.4 billion) Rmillion 2026 H1 2025 H1 * Comments 2025 H1 Change Matola volumes down 7%, Eswatini Revenue 2 836 3 115 sidings wound down 2 381 19 Subdued logistics performance and EBITDA EBITDA 884 980 prior yea
Slide 14: Financial highlights Segment performance: Port and Terminals
2 0 2 6 H 1 R E S U LT S Financial highlights I Segment performance Normalised 2025 H1 Rmillion 2026 H1 2025 H1 2 Restated 1 PORT AND TERMINALS Revenue 1 479 1 590 830 EBITDA 641 651 254 EBITDA margin (%) 43 41 31 Normalised EBITDA margin (%) 3 43 38 24 Share of profits of joint ventures and associa
Slide 15: Financial highlights Segment performance: Logistics
2 0 2 6 H 1 R E S U LT S Financial highlights I Segment performance 2025 H1 Rmillion 2026 H1 Restated 1 LOGISTICS Revenue 1 270 1 381 EBITDA 120 248 EBITDA margin (%) 9 18 Normalised EBITDA margin (%) 2 16 21 Share of profits of joint ventures and associates 23 29 Headline earnings 32 140 Return on
Slide 16: Balance sheet
2 0 2 6 H 1 R E S U LT S Balance sheet Operating assets Working capital PPE and right of use Trade and other receivables NAV per share R5.2 billion 1% R2.0 billion 17% R1 350 cents 1% (Dec 2025: R5.3 billion) (Dec 2025: R1.7 billion) (Jun 2025: R1 342 cents) Capital additions (R165 million) offset b
Slide 17: Net cash
2 0 2 6 H 1 R E S U LT S Jun Dec 2026 2025 Net cash Total debt 3 104 3 223 Rmillion Less: cash (3 639) (3 922) Net cash (535) (699) 561 (591) Total debt analysis 699 3 223 (41) 3 104 535 410 (183) 90 427 1 408 1 447 1 269 1 366 December Net cash Interest / Net capital JV loan Non-cash June 2025 gene
Slide 18: Debt restructure
2 0 2 6 H 1 R E S U LT S Debt restructure § Debt restructuring was necessary to create a platform to leverage balance sheet capacity and fund growth through scalable debt raises § A Common Terms Arrangement structure has been fully syndicated with all lender approvals secured and execution is target
Slide 19: Capital allocation 2022 onwards
2 0 2 6 H 1 R E S U LT S Capital allocation 2022 onwards Rmillion STAY-IN-BUSINESS CAPEX (R1.5 billion) GROWTH CAPEX (R3.8 billion) SUSTAINABLE DIVIDENDS Preserving existing asset base Hurdle rate of 16% - 18% Dividend cover policy of 3.0 to 4.0 times headline earnings 2022 - 2025 2026 H1 2022 - 202
Slide 20: Ships
GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 Ships agency I WALVIS BAY
Slide 21: Growth projects
S T R AT E G IC P R IO R IT IE S A N D O U T L O O K Growth projects MATOLA TERMINAL SA RAIL MAPUTO PORT RICHARDS BAY PSP EXPANSION OPEN ACCESS DREDGING HANDLING FACILITY OPPORTUNITY +3 mtpa 0.4 mtpa Cape vessels Container 27 mtpa TARGETED PHASE 01 I 12 mtpa Belfast Komatipoort Deeper channel New se
Slide 22: Our investment case and strategic priorities
IN V E S T M E N T C A S E A N D S T R AT E G IC P R IO R IT IE S Delivering today and creating tomorrow. Our investment case A differentiated infrastructure platform built for growth and through-the-cycle returns STRATEGIC DISCIPLINED INFRASTRUCTURE VISIBLE GROWTH CAPITAL ALLOCATION Hard-to-replica
Slide 23: For more information contact
For more information contact Reshmee Soni E reshmee.soni@grindrod.com ‘www.grindrod.com _ @RInDROD
Slide 24: Annexure
Slide 25: 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 2026 2025 % 2025 2025 2024 capacity Drybulk (tonnes) 8 081 475 7 934 604 2 8 850 856 16 785 460 16 716 059 17 150 000 Matola terminal 12 4 193 518 4 493 379 (7) 5 421 350 9 914 729 8 118 149 7 300 000 Map
Slide 26: 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 Template 2026 2025 % 2025 2025 2024 capacity Own handled 1 8 417 114 6 507 051 29 8 676 233 15 183 284 14 266 083 17 150 000 Sub-concession and other 6 859 841 7 631 944 (10) 9 202 480 16 834 424 16 711 536 7 300 000 Port of Ma