Slide 1: 2025 Full Year Financial Results
2025 FULL YEAR FINANCIAL RESULTS 28 August 2025
Slide 2: Important Notices
IMPORTANT NOTICES This presentation should be read in conjunction with the “Financial Results and Outlook – year ended 30 June 2025” announcement released on 28 August 2025, which is available on South32’s website (www.south32.net). FORWARD-LOOKING STATEMENTS This presentation contains forward-looki
Slide 3: Important Notices
IMPORTANT NOTICES The Group’s profit after tax attributable to members increased by US$416M, from a loss of US$203M, to US$213M in FY25. Underlying earnings attributable to members increased by US$286M to US$666M in FY25. Consistent with our accounting policies, various items are excluded from the G
Slide 4: FY25 Overview
FY25 OVERVIEW Strong operational performance and continued portfolio transformation Achieved production growth of 20% in copper and 6% in aluminium Completed the operational recovery plan at Australia Manganese Increased Underlying EBITDA by 7% to US$1.9B Sold Illawarra Metallurgical Coal and agreed
Slide 5: FY25 Safety Performance
FY25 SAFETY PERFORMANCE We remain united in our belief that everyone can go home safe and well every day Fatalities9,10 Lost time injury frequency (LTIF)11,(a) • In September 2024, we were devastated by the death of José Luis Pérez, a contractor who was fatally injured after he fell from height at C
Slide 6: FY25 Financial Performance
FY25 FINANCIAL PERFORMANCE Strong operating performance underpinned improved financial results and shareholder returns Profit after tax(a) Underlying EBITDA US$213M US$1,928M Free cash flow from operations, including EAIs(b) US$258M Underlying earnings(a) Operating margin13 US$666M 26% Net cash incr
Slide 7: Our Portfolio
OUR PORTFOLIO Streamlining our portfolio towards higher-margin businesses in commodities critical to the world's energy transition FY25 milestones Illustrative FY25 Group Underlying EBITDA(a) Sold Illawarra Metallurgical Coal for up to US$1.65B14 4% 13% Divested our interest in Eagle Downs15 and Met
Slide 8: Our Portfolio
OUR PORTFOLIO Reduced complexity and improved returns Fewer operating sites Less complexity, greater focus Lower operational GHG emissions Number of operated sites(a) Employee headcount(a)(b) Scope 1 and 2 GHG emissions(c) (000’s) (Mt CO2-e) -44% -18% -43% 16 14.0 23.4 20.3 19.3 12 9.9 9 8.0 FY16 FY
Slide 9: Our Growth Pipeline
OUR GROWTH PIPELINE Progressing a pipeline of base metals development options and exploration projects In construction Feasibility Study Study Phases Asset Adjacent Exploration Advanced Exploration Exploration Hermosa Sierra Gorda Hermosa Sierra Gorda Ambler Metals Hermosa Sierra Gorda Ambler MSA JV
Slide 10: FY25 Climate Change Performance
FY25 CLIMATE CHANGE PERFORMANCE Our Climate Change Action Plan will be subject to a non-binding advisory vote at our 2025 Annual General Meeting Scope 1 and 2 GHG emissions (Mt CO2-e) Higher Scope 2 emissions as drought Reshaping our portfolio towards critical minerals conditions impacted hydro-powe
Slide 11: Financial Results
FINANCIAL RESULTS
Slide 12: Performance Analysis
PERFORMANCE ANALYSIS Strong operational performance enabled the Group to capitalise on improved commodity prices Alumina Aluminium Copper Illustrative FY25 Group Underlying EBITDA by commodity(a) operating margin operating margin operating margin17 58% 4% 55% 52% 13% 43% Alumina 40% 34% 31% Aluminiu
Slide 13: Earnings Analysis
EARNINGS ANALYSIS Higher earnings from our aluminium value chain and base metals drove 37% Underlying EBIT growth Sales price by commodity (US$M), including: Sales volume by commodity (US$M), including: Alumina 425 Copper 105 Aluminium value chain 84 Aluminium 380 Nickel (57) (a) Base metals 153 Zin
Slide 14: Cost Analysis
COST ANALYSIS Cost base declined by 10%(a) following the sale of IMC Market traded consumables and price-linked costs (US$M), including: Controllable costs (US$M), including: FY25 expenditure for market traded consumables and energy supply(b) Lowerraw Lower smelter smelter raw material prices (62) m
Slide 15: Cash Flow Analysis
CASH FLOW ANALYSIS Stronger operating cash flow and the sale of IMC enabled a return to a net cash position, while we invested to grow future production and returned US$350M to shareholders (US$M) 943 (446) (517) 1,192 (37) 66 (294) (56) 34 123 (762) operations excluding capital expenditure and work
Slide 16: Balance Sheet
BALANCE SHEET A strong balance sheet is at the core of our strategy June 2025 net cash/(debt) (US$M) 1,757 Our liquidity position is strong, with US$1.8B cash25 and an undrawn US$1.4B revolving credit facility, maturing in December 2028 123 (1,634) Our debt is long dated and includes ~US$700M of sen
Slide 17: Capital Management Framework
CAPITAL MANAGEMENT FRAMEWORK Our unchanged capital management framework supports investment in our business and is designed to reward shareholders as our financial performance improves Capital management framework Capital allocation since FY16 Shareholder returns(a) (US$M) (US$M) 2% 3% ROIC 18% 900
Slide 18: Our Shareholder Returns
OUR SHAREHOLDER RETURNS Capital management program extended by 12 months to September 2026, with US$144M remaining to be returned Cumulative EPS28 (LHS) and South32 share price (RHS) (US cents per share from 31 December 2016, LHS; A$/share, RHS) 5.50 200 5.00 180 4.50 160 140 4.00 Reduced shares on
Slide 19: Outlook
OUTLOOK
Slide 20: Production Guidance
PRODUCTION GUIDANCE Alumina (kt) Aluminium (kt) Sierra Gorda Copper equivalent29 (kt) Both refineries expected to operate Brazil Aluminium continuing to ramp-up; Higher planned copper grades in FY27 near nameplate capacity in FY27 Mozal Aluminium reflects operations to March 2026 5,063 5,067 5,110 5
Slide 21: Operating Unit Costs Guidance
OPERATING UNIT COSTS GUIDANCE Worsley Alumina (US$/t)31 Brazil Alumina (non-operated) (US$/t) FY26e reflects a stronger Will continue to be influenced by Australian dollar and higher gas the price of raw material inputs prices, partially offset by lower 332 and energy 306 303 310 320 326 301 mainten
Slide 22: Operating Unit Costs Guidance
OPERATING UNIT COSTS GUIDANCE Sierra Gorda (non-operated) (US$/t)31,32 Cannington (US$/t)31,32 FY26e reflects lower planned 17.1 17.0 197 205 volumes, partially offset by lower 16.1 192 194 15.1 FY26e reflects higher planned contractor costs and efficiencies mining rates and general cost inflation W
Slide 23: Capital Expenditure Guidance
CAPITAL EXPENDITURE GUIDANCE FY26 capital expenditure (including EAIs) lowered by ~US$100M(a) as we reprioritise certain capital projects Investing to unlock new mining areas at Worsley Alumina and construct Hermosa's Taylor project FY26e Safe and reliable(b) FY26e Improvement and life extension(b)(
Slide 24: Australia Manganese
AUSTRALIA MANGANESE With the operational recovery plan complete, we are working to extend GEMCO's mine life Australia Manganese mining areas and infrastructure Operational recovery plan completed Port and GROOTE EYLANDT • Returning to normalised production rates of 3,200kwmt from FY26 township • Shi
Slide 25: Cannington
CANNINGTON Targeting reliable underground mining rates, optimising the cost base and unlocking opportunities for growth Cannington geological model Finalised a revised mine plan in response to increased underground complexity • To manage challenging underground conditions and deliver reliable mining
Slide 26: Hermosa Project
HERMOSA PROJECT A regional scale project with the potential to produce critical minerals across multiple deposits for decades, underpinned by Taylor as the first development Patented Unpatented • Future top 10 global zinc mine34 in the industry's first cost quartile35 Original land package Taylor de
Slide 27: Hermosa – Taylor Deposit
HERMOSA – TAYLOR DEPOSIT Achieved key construction and permitting milestones in FY25 Taylor construction (August 2025) All dewatering wells successfully commissioned, with flow rates meeting performance expectations Commenced sinking both the main and ventilation shafts Commenced construction works
Slide 28: Hermosa – Taylor Deposit
HERMOSA – TAYLOR DEPOSIT Construction activity for shaft and surface infrastructure planned to increase in FY26 FY26 capital expenditure expected to be US$650M Capital costs for packages awarded to date Additional packages remain to be awarded with a planned increase in construction activity have be
Slide 29: Hermosa – Peake
HERMOSA – PEAKE Exploration results support the potential for a continuous mineralised system connecting Peake and Taylor Deeps Peake deposit (looking east) Shafts Clark deposit (in progress) Peake Inferred Mineral Resource increased to 25Mt at 1.36% CuEq(a), a fourfold increase in contained copper
Slide 30: Our Future Growth Through Discovery
OUR FUTURE GROWTH THROUGH DISCOVERY An extensive exploration portfolio from which to discover our next generation of base metals mines Ambler Metals Exploration teams • Arctic deposit Successfully embedded • Bornite in four strategically 20+ greenfield prospects Roosevelt located regional hubs Ameri
Slide 31: Markets Outlook
— W= — SOUTH32 MARKETS OUTLOOK
Slide 32: Aluminium Market
ALUMINIUM MARKET Global demand growth has outpaced supply in H1 CY25 Attractive long-term price outlook supported by higher cost due to a lack of restarts and China's 45Mt capacity cap inducement projects ex-China to fulfil growing demand Aluminium prices and stocks(a) Aluminium production (US$/t, L
Slide 33: Alumina Market
ALUMINA MARKET Growing Chinese dependency on imported bauxite has shifted Chinese refinery curtailments have refining capacity from inland to coastal regions, and provided price support in recent months ex-China (such as Indonesia) with higher inducement costs Alumina prices(a) China alumina by baux
Slide 34: Copper Market
COPPER MARKET LME copper price has been supported by a Significant, higher cost mine supply required to meet tight concentrate market strong demand growth in renewable energy and electric vehicle sectors Copper price and inventories(a) Total mine production capability versus primary demand(b) (US$/t
Slide 35: Zinc Market
ZINC MARKET Global supply has declined due to constrained Chinese production, Primary demand growth expected to exceed production by falling grades and a lack of new discoveries ~4Mt to 2034, an industry trend similar to copper Chinese mine supply growth and zinc prices(a) Mine production capability
Slide 36: Manganese Market
MANGANESE MARKET GEMCO ramp-up to displace higher cost supply Long-term price to be set by marginal as Chinese port stocks remain low South African supply transitioning underground over time Manganese ore price and China port stocks by grade Manganese ore exports by region (US$/dmtu; Mt) (Mt) GEMCO
Slide 37: Summary and Outlook
— W= — SOUTH3: SUMMARY AND OUTLOOK
Slide 38: Summary and Outlook
SUMMARY AND OUTLOOK Delivering growth and returns in commodities critical to the world's energy transition Continuing strong operating momentum into FY26 Portfolio repositioned towards higher-margin businesses Constructing Taylor to embed another long-life base metals operation Progressing pipeline
Slide 39: Supplementary Information
— W= — SOUTH32 SUP P| EM ENTARY INFORMATION
Slide 40: Earnings Sensitivities
EARNINGS SENSITIVITIES EBIT sensitivity(a) +/- 10% Commodity US$M Aluminium(b) 300 (b) Alumina 264 Manganese ore 88 Copper(c) 75 Silver 24 Lead 15 Zinc 10 Australian dollar 169 South African rand 131 Brazilian real 41 Chilean peso 19 Notes: a. The sensitivities reflect the annualised estimated impac
Slide 41: Operating Unit Costs Guidance
OPERATING UNIT COSTS GUIDANCE FY25 FY26 FY26 guidance vs. FY25 actual Operating unit costs H1 FY25 H2 FY25 Commentary actual guidance31 (10%) (5%) 0% 5% 10% Worsley Alumina Stronger Australian dollar and higher gas prices partially 306 301 303 310 (US$/t) offset by lower maintenance and contractor c
Slide 42: Closure & Rehabilitation Provisions
CLOSURE & REHABILITATION PROVISIONS Closure and rehabilitation FY25 FY24 South32 Group provisions by operation (South32 share, excluding EAIs) US$M US$M Worsley Alumina 825 976 Profit and Balance sheet Brazil Alumina (non-operated) 108 99 loss impact (-US$393M) (+US$113M)(b) Brazil Aluminium (non-op
Slide 43: Capital Expenditure Guidance
CAPITAL EXPENDITURE GUIDANCE FY25 FY26e Capital expenditure excluding exploration and intangibles (South32 share) US$M US$M Worsley Alumina 87 55 Brazil Alumina 35 50 Brazil Aluminium 9 15 Hillside Aluminium 66 65 Mozal Aluminium39 21 10 Cannington 49 40 Cerro Matoso40 27 5 Illawarra Metallurgical C
Slide 44: Footnotes
FOOTNOTES 1. Our Group underlying financial measures reflect continuing and discontinued operations. 2. Refer to market release "Quarterly Report March 2025" dated 17 April 2025. 3. Refer to market release "Mozal Aluminium Update" dated 14 August 2025. Total write-down of US$372M includes US$346M of
Slide 45: Footnotes
FOOTNOTES 28. EPS refers to Basic Underlying earnings per share since inception of the capital management program. Cumulative EPS is calculated as the sum of Underlying earnings attributable to members over time, divided by shares outstanding with or without the share buy-back. 29. Payable copper eq
Slide 46: South32
SOUTH32