Slide 1: Interim financial results
Interim financial results Presentation for the six-month period ended 30 June 2025 21 August 2025 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: Content
Content Key highlights Operational performance Financial performance Outlook 3
Slide 4: Today's speakers
Today’s speakers Ben Magara Riaan Koppeschaar Chief executive officer Finance director 4
Slide 5: Key highlights
* . 1 , Ee] -= BXX - 4, ag ™ POWERING P! ° > _— —— hn f ~- —- a fr 7 - - Key highlights
Slide 6: 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 7: Stable delivery amidst shifting macro and market pressures
Stable delivery amidst shifting macro and market pressures Macro-economic Domestic Commodity Sluggish global GDP growth driven by weaker Cautious optimism underpins investor Lower seaborne thermal coal prices due to economic activity sentiment post formation of GNU* higher Europe stockpiles and weat
Slide 8: Operational performance
Operational performance 8
Slide 9: At Exxaro, we believe zero harm is achievable
At Exxaro, we believe zero harm is achievable 1H25 LTIFR 3 0.05 consecutive (1H24:0.05) fatality free years* Group LTIFR improvement since inception Exxaro’s refreshed One Voice Safety Strategy STREAMLINED INCREDIBLE LEADING SAFE FAIR LEARNING 0.42 PRACTICES COMMUNICATION LEADERSHIP PLAY ORGANISATIO
Slide 10: Total production higher despite lower offtake at Grootegeluk
Total production higher despite lower offtake at Grootegeluk Total production Grootegeluk Belfast Million tonnes Million tonnes Million tonnes 1% 0% 6% (4%) (10%) 6% 13.7 2.0 19.3 20.2 19.4 15.0 14.0 12.3 12.3 1.9 3.3 2.5 2.9 13.0 1.4 1.9 4.0 12.0 1.0 1.1 3.7 4.2 1.8 11.0 10.0 1.8 12.3 1.9 9.0 11.3
Slide 11: Sales excellence despite road and rail wash-away in Waterberg region
Sales excellence despite road and rail wash-away in Waterberg region Sales per business unit Lower sales at Grootegeluk due to lower power stations’ offtake Million tonnes 1H24 2H24 1H25 Variance* Leeuwpan product mix optimisation Sales to Eskom 13.9 14.4 13.2 (5%) X 10.6 11.8 10.3 (3%) Belfast sale
Slide 12: Strong performance in dynamic markets
Strong performance in dynamic markets Exxaro export sales destinations % Exports across key markets remain dynamic 13 4 12 13 18 7 X Sales mix optimisation impacted by rain and logistics challenges 1H24 2H24 1H25 33 34 49 34 RBCT remains the most optimal value route 41 42 Market-to-Resource optimisa
Slide 13: 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 X Energy generation GWh 339 386 337 1H25 generation broadly within first half guidance Energy revenue i
Slide 14: Financial performance
Financial performance 14
Slide 15: 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 2.3 5.3 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 16: Lower costs mitigate impact of lower sales volumes
Lower costs mitigate impact of lower sales volumes Group EBITDA R million 708 (1 859) 1 436 (59) 77 5 577 5 305 (152) 121 2H24 Price Volume Inflation Buy-ins Other cost Forex General* 1H25 Stock movement Unrealised and Fair value Domestic coal price Export Labour Higher Mafube R548m increase offset
Slide 17: Coal operations remain resilient
Coal operations remain resilient Revenue EBITDA EBITDA margin R billion R billion % 8% 10% 0% (5%) 8% 3% 5.6 20.9 28 28 19.8 25 5.2 18.3 5.1 1H24 2H24 1H25 1H24 2H24 1H25 1H24 2H24 1H25 Revenue 1H24 2H24 1H25 EBITDA 1H24 2H24 1H25 R million R million Total coal revenue 18 251 20 864 19 813 Total coa
Slide 18: 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 Absolute cost decreased by R876m (8%) from 2H24 0% (4%) 3.4% Volume impact countered
Slide 19: Strong balance sheet supports strategic growth
Strong balance sheet supports strategic growth Net cash Stakeholder value created R million R million 344 (872) 5 608 1H25 (6) (3 024) (382) (1 114) 233 (319) 2 819 2H24 12 448 11 980 3 633 2 570 3 409 31 Dec Cash Debt Sustaining Intangible Dividends Share Expansion Eyesizwe Other 30 Jun 521 2024 in
Slide 20: Capital spend aligned with operational priorities
Capital spend aligned with operational priorities Capital expenditure R million 1 986 1 387 1 061 1 114 5 297 Expansion 1 056 1 090 872 Sustaining 1H24 2H24 1H25 Sustaining capital 1 056 1 090 872 • Coal 1 044 1 035 866 • Energy 1 • Ferrous 1 • Other 11 54 6 Expansion capital 5 297 1 114 • LSP 5 297
Slide 21: Returning value to shareholders
Returning value to shareholders Dividend declared Capital allocation framework Interim Total Final Interim 1H25 FY24 2H24 1H24 Dividend cover: Adjusted group earnings 2.5 2.5 2.5 2.5 (times) 7 1 Excess Cash SIOC dividend declared (Rm) 1 535 3 366 1 732 1 634 cash inflow Dividend declared per share (
Slide 22: Outlook
POWERING POSSIBILITY Outlook
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: Exxaro's Sustainable Growth and Impact Strategy remains intact
Exxaro’s Sustainable Growth and Impact Strategy remains intact Disciplined capital allocation maximising value Enabling focus areas Diversify by adding energy transition metals Build businesses Scaling energy solution business Decisive strategy execution that thrive Market-to-Resource optimisation D
Slide 25: 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 Conditions • NMH** shareholders have approved the transaction Precedent • Sinking of new shaft and construction of support complex • Entered
Slide 26: Scaling our energy solutions business
Scaling our energy solutions business Capacity of projects in execution (MW) 500 450 437 400 68 68 350 300 140 140 Nearly 250 229 doubling 200 capacity 134 134 Current 134 150 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 27: 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 27
Slide 28: Thank you
Thank you 31 DECEMBER 2024 28
Slide 29: Additional information
Additional information 31 DECEMBER 2024 29
Slide 30: A leadership team fit for a diversified portfolio
A leadership team fit for a diversified portfolio Enhanced decision Decisive strategy Team fit for the future Operational efficiency Capital discipline making execution BOARD Chief Executive Group Company Officer Secretary Michelle Nana Ben Magara Strategy and People and Technical Sustainability Fin
Slide 31: 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
Slide 32: Financial overview | Group IFRS results
Financial overview | Group IFRS results % change % change R million 1H24 1H24 vs 1H25 2H24 2H24 vs 1H25 1H25 Revenue 18 981 8 21 744 (5) 20 579 Operating expenses (15 287) (8) (17 831) 8 (16 447) Net operating profit 3 694 12 3 913 6 4 132 Net operating profit margin (%) 19 1 18 2 20 Post-tax equity
Slide 33: Financial overview | Headline earnings adjustments
Financial overview | Headline earnings adjustments R million 1H24 2H24 1H25 Coal Loss on disposal of property, plant and equipment (9) (18) (16) Other Loss on disposal of property, plant, equipment and intangible assets (11) (5) Non-core adjustment impact on net operating profit (20) (23) (16) Post-
Slide 34: Financial overview | Group adjusted results
Financial overview | Group adjusted* results % change % change R million 1H24 1H24 vs 1H25 2H24 2H24 vs 1H25 1H25 Revenue 18 981 8 21 744 (5) 20 579 Operating expenses (15 267) (8) (17 808) 8 (16 431) Add back: Depreciation 1 404 2 1 369 4 1 429 EBITDA 5 118 9 5 305 5 5 577 EBITDA margin (%) 27 24 3
Slide 35: Group | Revenue
Group | Revenue 2H24 vs 1H25 R million 1 584 (914) 38 (947) 21 744 (761) (151) 139 (1) (152) 20 579 Price Volume and product mix 2H24 Coal Coal Energy and Coal Coal Energy and Exchange Other Matla 1H25 Domestic Export Ferrous Domestic Export Ferrous revenue 35
Slide 36: Group | EBITDA
Group | EBITDA 2H24 vs 1H25 R million 669 (198) 8 77 5 577 5 305 (1 013) 190 442 (152) 295 (46) 2H24 Commercial Inflation Employee Rehabilitation Operational Selling and Stock Forex Royalties General* 1H25 revenue cost cost distribution movement and buy-ins * Total EBITDA variance for Matla included
Slide 37: Group | Adjusted earnings
Group | Adjusted* earnings % change % change R million 1H24 1H24 vs 1H25 2H24 2H24 vs 1H25 1H25 Net operating profit 3 714 12 3 936 5 4 148 Income from investments Net financing income – Exxaro excluding Energy 540 469 15 538 Net financing cost – Energy (223) 8 (216) 5 (205) Post-tax equity-accounte
Slide 38: Capital funding structure | Exxaro excluding Energy
Capital funding structure | Exxaro excluding Energy R million Facilities available Undrawn/ Drawn Uncommitted committed Term loan and revolving facility 2 725 3 250 2 000** DMTN* programme 5 000# Interest-bearing borrowings 2 725 Interest capitalised 46 Lease liabilities 311 Capitalised transaction
Slide 39: Capital funding structure | Energy
Capital funding structure | Energy R million Facilities available Undrawn/ Drawn committed Project financing 6 343 3 652 Interest-bearing borrowings 6 343 Interest capitalised 2 Lease liabilities 93 Capitalised transaction costs (45) Maturity profile of debt Total interest-bearing debt 6 393 Repayme
Slide 40: Group | Net debt/(cash)
Group | Net debt/(cash) June 2025 R million (11 980) (12 448) Energy Energy net debt net debt R4.3bn R5.8bn Rest of Rest of Exxaro Exxaro net cash net cash (R16.3bn) 1 986 6 (1 732) (R18.3bn) (5 305) 319 (233) 3 024 382 1 429 (344) 31 Dec Cash generated Net Tax Dividends Share Capex Intangible Divid
Slide 41: Performance | Key indicators
Performance | Key indicators Target 1H24 2H24 1H25 Internal key performance indicators EBITDA interest cover* # (times) >4 Net debt/(cash): equity* (%) <40 (22) (25) (27) Net debt: EBITDA* ## (times) <1.5 Return on total capital employed* (%) >20 30 26 26 Return on total capital employed (%) >20 27