Slide 1: Q&A instructions for the presentation
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 PORT ; ’ : TERMINALS Alternatively, questions can be emailed to LOGISTICS reshmee.soni@grindrod.com for a response in due course www.grindrod.com GRINDROD
Slide 2: Grindrod Limited 2024 Final Results
+. +. . . =" 53 tt “ LIMITED 2024 7 ’ oe : www.grind| 1, — To i] Uh a4 ial Results |
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 Reviewed results and dividend announcement for the year ended 31 December 2024 Drybulk terminal I MATOLA XOLANI MBAMBO
Slide 5: Macro context: Uncertainty persists
PERFORMANCE SUMMARY Macro context I Uncertainty persists GLOBAL SADC § GDP growth estimated at 3.2% in 2024 § Real GDP growth of 2.5% for 2024 § Looming tariff war and heightened geopolitical risks § Inflationary pressures, energy deficits, and logistical § China’s economic growth of 4.8% below expe
Slide 6: Commodity price and container rates: Overall decline in prices
PERFORMANCE SUMMARY Commodity price and container rates I Overall decline in prices Copper 8% Iron ore fines (7%) (4%) (2%) Spodumene (73%) Chrome 1% (18%) 19% Lithium carbonate (70%) Ferrochrome (6%) (41%) (2%) Graphite (28%) Manganese 14% (19%) (10%) Coal (13%) Containers (2%) (55%) (49%) 2024 vs
Slide 7: Performance overview
PERFORMANCE SUMMARY Performance overview Safety Operational Financial Capital allocation Port Core Cash generated Fatality volumes EBITDA * from operations 1 fatality reported 14% R2.0 billion R784 million 14.3 million tonnes Drybulk terminal Core headline Final ordinary LTIFR volumes earnings * div
Slide 8: Xolani Mbambo
GRINDROD LIMITED Reviewed results and dividend announcement for the year ended 31 December 2024 Drybulk terminal I RICHARDS BAY XOLANI MBAMBO
Slide 9: Port and Terminals: Performance highlights
P O R T A N D T E R M IN A L S Port and Terminals I Performance highlights PORT AND TERMINALS 4.4 mtpa volumes lost due Port volumes Terminals volumes to border disruptions (mtpa) (mtpa) 17.7 17.6 16.7 14.3 14.9 12.6 9.0 9.4 8.3 9.8 7.4 H2 9.0 7.7 6.7 5.3 H1 CAGR 23% H1 CAGR 6% H2 3.9 8.7 8.2 8.4 6.
Slide 10: Xolani Mbambo
GRINDROD LIMITED Reviewed results and dividend announcement for the year ended 31 December 2024 Drybulk terminal I SIDVOKODVO XOLANI MBAMBO
Slide 11: Logistics: Operational overview
L O G IS T IC S Logistics I Operational overview § Ships agency and clearing and forwarding businesses achieved headline earnings growth of 10% § Logistics impacted by lower container volume throughput § Refurbishment of the 13 locomotives from Sierra Leone commenced § Negotiations on the Richards B
Slide 12: Xolani Mbambo
GRINDROD LIMITED Reviewed results and dividend announcement for the year ended 31 December 2024 North Coast properties I DURBAN XOLANI MBAMBO
Slide 13: Non-core: Overview
N O N -C O R E Non-core I Overview LAND The sale of the loans and advances secured by KZN North Coast property is well advanced MARINE FUELS Business reported positive headline earnings, lower due to softer oil prices Dividend of US$4 million was received during the year We continue to collaborate w
Slide 14: Finance: Fathima Ally
FINANCE GRINDROD LIMITED Reviewed results and dividend announcement for the year ended 31 December 2024 Drybulk terminal I SIDVOKODVO FATHIMA ALLY
Slide 15: Segmental income statement
2 0 2 4 A N N U A L F IN A N C IA L R E S U LT S Segmental income statement Core % Non-core % Total Total Core Rmillion 2024 Change 2024 Change 2024 2023 revenue Revenue 7 371 (2) 20 105 25 27 476 23 534 R7.4 billion Trading profit 2 015 (20) (681) >(100) 1 334 2 196 (2023: R7.5 billion) Depreciatio
Slide 16: Financial highlights: Healthy earnings growth
2 0 2 4 A N N U A L F IN A N C IA L R E S U LT S Financial highlights I Healthy earnings growth Port and Terminals Logistics Core 2024 2023 2024 2023 Rmillion Rmillion Rmillion Rmillion Revenue 2 681 3 070 4 500 3 728 EBITDA 1 009 1 336 948 1 174 EBITDA margin (%) 38 44 21 * 31 Headline earnings 834
Slide 17: Segmental balance sheet
2 0 2 4 A N N U A L F IN A N C IA L R E S U LT S Segmental balance sheet % % Total Total ACTUAL CAPEX (Rmillion) Rmillion Core Change Non-core Change 2024 2023 Fixed and intangible assets 6 665 - 49 >100 6 714 6 677 Group Logistics Investments 1 550 19 25 (73) 1 575 1 402 624.5 5.8 Other assets 398
Slide 18: Net debt reconciliation based on operational cash
2 0 2 4 A N N U A L F IN A N C IA L R E S U LT S Net debt reconciliation based on operational cash (excluding joint ventures) Rmillion (1 221) (551) (1 534) 784 (546) 124 (124) December Net cash Interest / Investment Proceeds Non-cash December 2023 * generated dividends / and capital on disposal mov
Slide 19: Net debt based on operational cash
2 0 2 4 A N N U A L F IN A N C IA L R E S U LT S Net debt based on operational cash (excluding joint ventures) Dec Dec Rmillion 2024 2023 Total debt 2 929 2 623 Less: operational cash ^ (1 395) (1 402) Net debt 1 534 1 221 Net debt to equity ratio (%) 16 12 ^ Excludes ring-fenced cash of R1.1 billio
Slide 20: Xolani Mbambo
GRINDROD LIMITED Reviewed results and dividend announcement for the year ended 31 December 2024 Drybulk terminal I MATOLA XOLANI MBAMBO
Slide 21: Our strategy execution
S T R AT E G Y E X E C U T IO N Our strategy execution Strategic pillar 1 Strategic pillar 2 CUSTOMER OUR PEOPLE AND COMMUNITIES Our purpose is to make a positive difference in Africa’s trade with the world, touching lives of the Strategic pillar 6 communities in which we operate Strategic pillar 3
Slide 22: Medium to long-term focus on revenue growth and market differentiation
S T R AT E G Y E X E C U T IO N Medium to long-term focus to deliver on revenue growth and entrench our market differentiation through our solid project pipeline built over the last 18 months GROWTH FOCUS AREAS BULK LOGISTICS CONTAINER RAIL GRINDROD LIMITED Reviewed results and dividend announcement
Slide 23: Buy up of 35% of Matola terminal
S T R AT E G Y E X E C U T IO N Buy up of 35% of Matola terminal Price R1.4 billion EBITDA margin 35% - 40% Proven incremental earnings and cash Asset control to drive integrated solutions Debt capacity unlock Conclusion ± H1 2025 SP1 Customer SP3 Market differentiation SP5 Revenue growth GRINDROD L
Slide 24: Matola plant upgrade
S T R AT E G Y E X E C U T IO N Matola plant upgrade Capex R1.5 billion EBITDA margin 35% - 40% Incremental volume of 3 mtpa Sustain sub-concession Conclusion ± 3 - 6 years SP1 Customer SP3 Market differentiation SP5 Revenue growth GRINDROD LIMITED Reviewed results and dividend announcement for the
Slide 25: Rail
S T R AT E G Y E X E C U T IO N Rail Capex R1.2 billion EBITDA margin 20% - 30% Rail network opportunities (short and medium-term) Participation criteria includes EXISTING FLEET § Efficiencies 41 locomotives I 3 shunt locomotives I 88 wagons § Customer commitments R1.6 billion replacement value § Un
Slide 26: Richards Bay container facility
S T R AT E G Y E X E C U T IO N Richards Bay container facility Capex R0.5 billion Short-term spend includes site infrastructure and mobile equipment Long-term spend includes additional mobile equipment Solutions driven Volume growth at port of Richards Bay Provide container and breakbulk (project c
Slide 27: Mergers and acquisitions
S T R AT E G Y E X E C U T IO N Mergers and acquisitions Investment R3.5 billion Focused on growth projects within core operations, bulk and logistics All opportunities are continually assessed in terms of strategic alignment on a disciplined basis Conclusion ± 1 - 3 years SP1 Customer SP3 Market di
Slide 28: Pathway for value delivery
S T R AT E G Y E X E C U T IO N Pathway for value delivery Business fundamentals and focus on the core Delivering on growth opportunities MARKET OUTLOOK OPTIMISE OPERATIONS SUSTAINABLE SHAREHOLDER RETURNS Soft commodity market Improve margins Optimal capital structure Logistics reform opportunities
Slide 29: For more information contact
For more information contact Reshmee Soni E reshmee.soni@grindrod.com ‘www.grindrod.com PORT TERMINALS LOGISTICS _ @RInDROD
Slide 30: Port, Terminals, Logistics
PORT TERMINALS LOGISTICS - @RIpRop
Slide 31: 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 H2 FY FY Change FY Template 2024 2024 2024 2023 % 2022 capacity Drybulk (tonnes) 8 375 737 8 340 322 16 716 059 17 603 624 (5) 17 682 645 17 150 000 Matola terminal 1 2 4 141 583 3 976 566 8 118 149 8 933 384 (9) 8 110 700 7 300 000
Slide 32: 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 H2 FY FY Change FY 2024 2024 2024 2023 % 2022 Own handled 1 6 941 208 7 324 875 14 266 083 12 563 883 14 9 835 273 Sub-concession and other 8 451 635 8 259 901 16 711 536 18 676 714 (11) 16 936 943 Port of Maputo 15 392 843 15 584 776 30 977 619