Exxaro Resources Limited · JSE:EXX
Exxaro Resources — SA Tomorrow Conference 2025
29 slides from Exxaro Resources's conference presentation, Oct 22, 2025
Slide 1: Investor Presentation
Investor Presentation SA Tomorrow Conference 21 – 22 October 2025 JSE: EXX A2X: EXXJ 1
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 Who we are Capital allocation 2025 interim results recap Outlook and conclusion 3
Slide 4: Who we are
Who we are 4
Slide 5: A diversified natural resources champion
A diversified natural resources champion A JSE listed diversified natural resources company with a strong coal base, a growing energy solutions business and acquisitive growth ambitions in energy transition metals Strong coal base Growing energy solutions business Energy transition metals 5 2 1 Oper
Slide 6: A defensive portfolio with built-in optionality protecting margins
A defensive portfolio with built-in optionality protecting margins Defensive portfolio with optionality* Future contributions 6000 5000 Exports 4000 Other domestic 3000 2000 Utilities Manganese Growing energy solutions And other 1000 transition metals business 0 Coal Energy Equity accounted income D
Slide 7: Exxaro's Sustainable Growth and Impact Strategy is our compass
Exxaro’s Sustainable Growth and Impact Strategy is our compass Disciplined capital allocation maximising value Enabling focus areas Diversify by adding energy transition metals Build businesses Accelerating strategy execution that thrive Scaling energy solution business Market-to-Resource optimisati
Slide 8: Executive leadership team fit for a diversified natural resources future
Executive leadership team fit for a diversified natural resources future Enhanced decision Decisive strategy Team fit for the future Operational efficiency Capital discipline making execution Board Group Company Chief Executive Secretary Officer Michelle Nana Ben Magara Strategy and People and Techn
Slide 9: Moving towards zero harm through a focused safety strategy
Moving towards zero harm through a focused safety strategy 1H25 LTIFR* 3 consecutive 0.05 fatality free (1H24:0.05) years** Group LTIFR improvement since inception Exxaro’s refreshed One Voice Safety Strategy STREAMLINED INCREDIBLE LEADING SAFE FAIR LEARNING 0.42 PRACTICES COMMUNICATION LEADERSHIP P
Slide 10: Capital allocation
Capital allocation 10
Slide 11: A clear capital allocation framework executed with discipline
A clear capital allocation framework executed with discipline Coal sustaining capex between R2.5bn and R3.0bn annually Capital allocation framework** Dividend policy: • 2.5 to 3.5 Adjusted Group Earnings cover • 100% SIOC dividend passthrough 7 1 Expansion capital allocated towards energy solutions
Slide 12: A consistent dividend payer since listing in 2006
A consistent dividend payer since listing in 2006 Dividend declared 10-year historic dividend distribution* Interim Total Final Interim 3 500 1H25 FY24 2H24 1H24 Dividend cover: Adjusted group earnings 3 000 2.5 2.5 2.5 2.5 (times) 1 175 2 500 SIOC dividend declared (Rm) 1 535 3 366 1 732 1 634 1 13
Slide 13: 2025 Interim results recap
2025 Interim results recap 13
Slide 14: Key highlights
Key highlights Strategy Announced Karreebosch and Manganese transactions execution LTIFR* stable at 0.05 year-on-year (YoY)**, 3 years fatality free Operational Production up 1% and export sales up 3% bolstered by a price realisation of 96% up 1% YoY performance Wind energy generation in line with s
Slide 15: Total production higher despite lower offtake at Grootegeluk
Total production higher despite lower offtake at Grootegeluk Total production Grootegeluk Belfast Million tonnes 1% Million tonnes 0% Million tonnes 6% (4%) (10%) 6% 19.3 20.2 19.4 15.0 13.7 2.0 12.3 12.3 1.9 14.0 3.3 2.5 2.9 13.0 1.4 1.9 4.0 4.2 12.0 1.0 1.1 1.8 3.7 11.0 1.8 1.9 10.0 1.7 12.3 9.0 1
Slide 16: Strong performance in dynamic markets
Strong performance in dynamic markets Exxaro export sales destinations % 4 7 Exports across key markets remain dynamic 13 12 13 18 Sales mix optimisation impacted by rain and logistics challenges 1H24 2H24 1H25 33 34 49 34 41 RBCT remains the most optimal value route 42 Market-to-Resource optimisati
Slide 17: Cennergi continues to deliver consistent performance
Cennergi continues to deliver consistent performance Operational and financial performance Wind energy generation remains stable Unit 1H24 2H24 1H25 Plant availability 1% higher than previous year 1H25 generation broadly within first half guidance Energy generation GWh 339 386 337 Energy revenue inc
Slide 18: Diversified portfolio drives strong financial results
Diversified portfolio drives strong financial results Revenue EBITDA Adjusted* equity income R billion R billion R billion 8% 10% 21% (5%) 6% 28% 21.7 5.6 20.6 5.3 2.3 1.9 1.8 19.0 5.1 1H24 2H24 1H25 1H24 2H24 1H25 1H24 2H24 1H25 HEPS Cash generated Net cash R/share R billion 10% R billion 13% 27% 1
Slide 19: Unit cost maintained despite mining inflation
Unit cost maintained despite mining inflation Cash cost per production tonne* Delivering on cost savings initiatives R/tonne Coal mining Production unit cost flat vs coal mining inflation of 3.4% inflation 1H25 651 0% (4%) Absolute cost decreased by R876m (8%) from 2H24 3.4% 2H24 651 Volume impact c
Slide 20: Conclusion
POWERING POSSIBILITY Conclusion
Slide 21: Energy transition metals anchored by our coal base
Energy transition metals anchored by our coal base Matla Life of Mine Expansion Project Manganese Acquisition Location Matla, Mpumalanga Location Northern Cape • Sinking of new shaft and construction of support complex Conditions • NMH** shareholders have approved the transaction Technical • Northwe
Slide 22: Scaling our energy solutions business
Scaling our energy solutions business Capacity of projects in execution (MW) 500 450 437 400 68 68 350 Nearly 300 140 140 250 229 doubling capacity Current 200 150 134 134 134 by 1H27 100 operating 50 95 95 capacity 95 0 1 2 1-2 3 4 5 Tsitsikamma Amakhala Emoyeni Karreebosch LSP Karreebosch Wind Far
Slide 23: Full year 2025 guidance
Full year 2025 guidance Key business drivers Commodity prices Business environment Logistics 2025 Operational Coal offtake efficiency Guidance 38.9Mt to 42.8Mt 38.3Mt to 42.4Mt 6.5Mt to 7.2Mt R2.1bn to R2.3bn 677GWh to 718GWh Coal production Total coal sales Coal export sales Coal sustaining Wind en
Slide 24: Diversified Natural Resources Champion in Africa and beyond
Diversified Natural Resources Champion in Africa and beyond Solid Decisive Disciplined Sustained Our people and operational strategy capital stakeholder communities, delivery execution allocation value creation our strength 24
Slide 25: Thank you
Thank you 31 DECEMBER 2024 25
Slide 26: Additional information
Additional information 31 DECEMBER 2024 26
Slide 27: Operating mainly in South Africa
Operating mainly in South Africa Coal Manganese* Iron Ore Zinc** Renewable energy 12 1 Grootegeluk complex South Africa 1 2 Mafube JV (50%) Limpopo 3 Leeuwpan 2 4 Belfast 3 4 5 5 Matla Gauteng North-West Province Mpumalanga 6 Moranbah South, Australia (Project) 10 8 9 Kwazulu Natal 7 Richards Bay Co
Slide 28: Our assets
Our assets Anchored in a robust coal base Scaling energy solutions Grootegeluk complex Thabametsi Belfast Tsitsikamma community Amakhala Emoyeni Market Domestic and export Domestic Export (alternative domestic) Product Wind energy Wind energy Product Thermal and metallurgical coal Thermal coal Therm
Slide 29: Coal | Sensitivities – 1H25
Coal | Sensitivities – 1H25 R million Sensitivity EBITDA impact Environmental rehabilitation discount rate decrease 1% (322) Environmental rehabilitation discount rate increase 1% 297 Domestic sales volumes 1% 84 Royalty cost 1% 177 Production cost 1% 86 Export price per tonne US$1 63 Export sales v