Slide 1: Financial Results
oom ‘inancial Results >OMMENCEMENT 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 -
Slide 2: Grindrod Limited 2025 Annual Financial Results
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Slide 3: Forward-looking statements
ATEMENTS ard-looking statements. All statements other than included in this presentation are or may be forward-looking ooking statements are subject to risks and uncertainties. g statements are not guarantees of future performance or events and 1 and unknown risks and uncertainties. Accordingly, act
Slide 4: Overview and highlights
GRINDROD LIMITED Reviewed results and dividend announcement for the year ended 31 December 2025 Drybulk terminal I MATOLA
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 at 3.3%, amid geopolitical uncertainty, tariffs, subdued commodity prices and weak economic growth § Chinese economic expansion steady at 5% § India, fastest growing at 7.3% SOUTH AFRICA § South Africa’s growth at 1.3% § I
Slide 6: Commodity price
O V E R V IE W A N D H IG H L IG H T S Commodity price Copper 8% Iron ore fines (8%) 8% (7%) (4%) (2%) Spodumene * (3%) Chrome (8%) (73%) 1% (18%) 19% Lithium carbonate (24%) Ferrochrome (7%) (70%) (6%) (41%) (2%) Graphite (15%) Manganese (4%) (28%) 14% (19%) (10%) Coal (15%) (13%) (55%) 2025 vs 202
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 Cash generated Fatality Port volumes Core EBITDA * from operations No fatalities 6% 13% >100% 15.2 million tonnes R2.3 billion R2.0 billion Core headline Interim and special LTIFR Matola volum
Slide 8: Port and Terminals
GRINDROD LIMITED Reviewed results and dividend announcement for the year ended 31 December 2025 Drybulk terminal I RICHARDS BAY
Slide 9: Port and Terminals I 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 8.7 9.9 7.4 8.9 6.7 8.3 8.1 8.1 7.7 5.3 5.4 4.7 4.3 4.0 H2 3.9 H2 5.2 6.9 6.5 5.9 H1 3.8 4.5 3.8 4.2 4.1 4.5 H1 3.1 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 GR
Slide 10: Logistics
GRINDROD LIMITED Reviewed results and dividend announcement for the year ended 31 December 2025 Ships agency I WALVIS BAY
Slide 11: Logistics I Operational overview
L O G IS T IC S Logistics I Operational overview § Enabler of Port and Terminal operations § Performance softened in the ships agency and clearing and forwarding businesses § Rolling stock underutilised as refurbishment programme executed § Container and graphite volumes remain subdued GRINDROD LIMI
Slide 12: Finance
FINANCE GRINDROD LIMITED Reviewed results and dividend announcement for the year ended 31 December 2025 Drybulk terminal I MATOLA
Slide 13: Segmental income statement
2 0 2 5 A N N U A L F IN A N C IA L R E S U LT S Segmental income statement % Core Rmillion 2025 2024 Change Comments revenue Revenue Core 13 172 7 465 27 476 7 371 (52) 1 Additional Matola revenue, offset by lower R7.5 billion transport brokering revenue (2024: R7.4 billion) Non-core 5 707 20 105 (
Slide 14: Financial highlights I Segment performance
2 0 2 5 A N N U A L F IN A N C IA L R E S U LT S Financial highlights I Segment performance Port and Terminals Logistics Core 2025 2024 2025 2024 Rmillion Rmillion Rmillion Rmillion Revenue 3 220 2 681 4 047 4 500 EBITDA 1 451 1 009 781 948 EBITDA margin (%) 45 38 19 21 Normalised EBITDA margin (%)
Slide 15: Segmental balance sheet
2 0 2 5 A N N U A L F IN A N C IA L R E S U LT S Segmental balance sheet Re- presented % ACTUAL CAPEX (Rmillion) Rmillion Dec 2025 Dec 2024 * Change Comments Additions offset by depreciation and Logistics Group PPE and right-of use-assets 6 221 6 542 (5) translation 197 3 Intangible assets 2 212 894
Slide 16: Net (debt) / cash (excluding joint ventures)
2 0 2 5 A N N U A L F IN A N C IA L R E S U LT S Net (debt) / cash (excluding joint ventures) Rmillion (560) 316 (412) 2 040 (1 412) 1 140 699 (1 534) 1 121 December December Net cash Interest / TCM Investment Proceeds Non-cash December 2024 2024 ring- generated dividends / take on and capital on di
Slide 17: Net (cash) / debt (excluding joint ventures)
2 0 2 5 A N N U A L F IN A N C IA L R E S U LT S Net (cash) / debt (excluding joint ventures) Dec Dec Rmillion 2025 2024 Total debt 3 223 2 929 Less: cash (3 922) (1 395) * Net (cash) / debt (699) 1 534 * Excluded ring-fenced cash of R1.1 billion for Matola buy-up Total debt analysis 3 223 Rmillion
Slide 18: Strategic priorities and outlook
GRINDROD LIMITED Reviewed results and dividend announcement for the year ended 31 December 2025 Drybulk terminal I RICHARDS BAY
Slide 19: Balanced capital allocation framework
S T R AT E G IC P R IO R IT IE S A N D O U T L O O K Balanced capital allocation framework Balance sheet flexibility Stay-in business capex Growth capex Sustainable dividend Opportunistic share buy-backs GRINDROD LIMITED Reviewed results and dividend announcement for the year ended 31 December 2025
Slide 20: 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 South Africa rail Richards Bay expansion Maputo port dredging PSP opportunity open access handling facility Commitment to deliver Increasing the channel Includes participation in Acquisition of new wagons Establishi
Slide 21: Delivering sustainable growth
S T R AT E G IC P R IO R IT IE S A N D O U T L O O K Delivering sustainable growth Value creation for shareholders Deliver predictable returns to shareholders per our capital allocation framework. Operational excellence Deliver incremental volumes with disciplined cost management and improvement of
Slide 22: For more information contact
For more information contact Reshmee Soni E reshmee.soni@grindrod.com ‘www.grindrod.com _ @RInDROD
Slide 23: Annexure
Slide 24: Terminals capacity 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 Template 2025 2025 2025 2024 % capacity Drybulk (tonnes) 7 934 604 8 850 856 16 785 460 16 716 059 - 17 150 000 Matola terminal 12 4 493 379 5 421 350 9 914 729 8 118 149 22 7 300 000 Maputo terminal 1 753 420 570 25
Slide 25: Port capacity 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 2025 2025 2025 2024 % Own handled 1 6 507 051 8 676 233 15 183 284 14 266 083 6 Sub-concession and other 7 631 944 9 202 480 16 834 424 16 711 536 1 Port of Maputo 14 138 995 17 878 713 32 017 708 30 977 619 3 Trucks per day into