African Rainbow Minerals Limited · JSE:ARI
African Rainbow Minerals — African Rainbow Mnrls — 1H F2026 Earnings Presentation
40 slides from African Rainbow Minerals's earnings presentation, Mar 6, 2026
Slide 1: Interim results for the six months ended 31 December 2025
Interim results for the six months ended 31 December 6 March 2026 2025 We do it better
Slide 2: Headline earnings for 1H F2026 increased by 10% to R1.7 billion
“ Headline earnings for 1H F2026 increased by 10% to R1.7 billion (1H F2025: R1.5 billion). We declared an interim dividend of R5.00 per share. Our financial position remains robust with net cash of R8.5 billion at 31 December 2025 (F2025: R6.6 billion). Phillip Tobias, Chief executive officer “
Slide 3: Disclaimer
Disclaimer Throughout this presentation a range of financial and non-financial measures are used to assess the company’s performance, including, but not limited to financial measures that are not defined under IFRS® Accounting Standards. These adjusted financial measures are included for illustrativ
Slide 4: Overview of results
Overview of results Phillip Tobias Chief executive officer Modikwa Mine We do it better
Slide 5: Headline earnings
Headline earnings ARM Platinum ARM Group (R million) >200% to R704 million 4 000 10% Increase (1H F2025: R689 million loss) 3 500 Decrease 1 393 3 000 ARM Ferrous 2 500 34% to ( 645) R1.2 billion 2 000 1 669 1 520 ( 453) 1 500 ( 146) (1H F2025: R1.9 billion) 1 000 ARM Coal 500 >200% to 0 R271 millio
Slide 6: Six-monthly headline earnings (R million)
Six-monthly headline earnings (R million) 8 025 First half (1H) 8 000 7 642 Second half (2H) 6 000 5 039 5 172 4 000 3 696 3 811 2 955 2 125 2 000 1 520 1 669 1 175 0 F2021 F2022 F2023 F2024 F2025 F2026 Total annual: 13 064 11 338 8 983 5 080 2 695 For a reconciliation between basic earnings and hea
Slide 7: Dividends per share (cents)
Dividends per share (cents) 2 500 Interim dividend per share 2 000 2 000 Final dividend per share 2 000 1 500 1 400 1 200 1 200 1 000 1 000 900 600 600 450 500 500 0 F2021 F2022 F2023 F2024 F2025 F2026 Total annual: 3 000 3 200 2 600 1 500 1 050 We are committed to paying competitive dividends while
Slide 8: Dividends received
Dividends received Dividends received from Assmang 4% to R2.4 billion (1H F2025: R2.5 billion) 1H F2026 includes R900 million relating to the disposal of Sakura Ferroalloys. Post 31 December 2025, Assmang declared a dividend of R2 billion (100% basis). ARM’s attributable portion of this dividend was
Slide 9: Segmental EBITDA split by commodity (%)
Segmental EBITDA split by commodity (%) R million 24 321 17 839 13 994 8 920 6 381 4 503 2% 2% 3% 3% Other* 1% 9% 7% 7% 8% 4% 4% Coal (GGV) 12% 14% 8% 16% Manganese 40% Iron Ore 46% PGMs 39% 44% 80% 77% 54% 46% 42% 36% 5% (3%) (2%) (4%) F2021 F2022 F2023 F2024 F2025 1H F2026 Significant segmental EB
Slide 10: Safety and health
Safety and health Lost Time Injury Frequency Rate (LTIFR)* Total Recordable Injury Frequency Rate (TRIFR)** 29% to 0.22 21% to 0.41 (1H F2025: 0.31) (1H F2025: 0.52) * LTIFR per 200 000-man hours ** TRIFR includes the number of fatal injuries, number of lost time injuries and number of medical cases
Slide 11: Strategy: deliver competitive returns and create sustainable value
Owner-operator STRATEGY Strategic investments DELIVER COMPETITIVE RETURNS AND CREATE Entrepreneurial SUSTAINABLE VALUE management FOR ALL STAKEHOLDERS Operate Investing in Focus on our portfolio our employees value-enhancing of assets safely, and integrated responsibly and efficiently growth Partner
Slide 12: Operational review
Operational review Khumani Mine We do it better
Slide 13: Production by commodity (100% basis)
Production by commodity (100% basis) Unit 1H F2026 1H F2025 % change ARM Platinum Two Rivers Mine 6E PGM ounces 149 864 152 893 (2) Modikwa Mine 6E PGM ounces 141 266 146 130 (3) ARM Ferrous Iron ore 000 tonnes 6 539 6 980 (6) Manganese ore 000 tonnes 1 940 2 020 (4) Manganese alloys* 000 tonnes 81
Slide 14: Headline earnings/(loss) by division / operation (R million)
Headline earnings/(loss) by division / operation (R million) 1H F2026 1H F2025 % change ARM Platinum 704 (689) >200 Two Rivers Mine 711 77 >200 Modikwa Mine 394 (103) >200 Bokoni Mine (312) (620) 50 Nkomati Mine (89) (43) (107) ARM Ferrous 1 236 1 881 (34) Iron ore division 1 157 1 514 (24) Manganes
Slide 15: EBITDA margins by commodity (%)
EBITDA margins by commodity (%) 28% Coal (GGV) 8% (3%) PGMs* 36% 41% Iron ore 35% (14%) Manganese alloys (34%) 24% Manganese ore 15% 1H F2025 1H F2026 * Excluding Nkomati | 1H F2026 excludes Bokoni Mine 15
Slide 16: ARM Platinum
ARM Platinum Two Rivers Mine We do it better
Slide 17: ARM Platinum
ARM Platinum Profit variance analysis segment result* (R million) Changes in unit cash costs** (%) 743 2 258 7 2 565 ( 180) ( 135) ( 263) Modikwa 4% 135 Two Rivers 10% 1H F2025 US$ Prices ZAR:US$ Mark-to- Volume Cash costs Non-cash 1H F2026 market costs adjustments Increase Decrease Increase Decreas
Slide 18: PGMs (100% basis)
PGMs (100% basis) Tonnes milled at Two Rivers were 3% lower, mainly Operational performance* (100% basis) due to re-development through dykes and faults on % both of the UG2 declines. Volumes are expected to unit 1H F2026 1H F2025 change improve from F2027 as mining moves further away 6E PGM Modikwa
Slide 19: ARM Ferrous
ARM Ferrous Khumani Mine Khumani Mine We do it better
Slide 20: ARM Ferrous
ARM Ferrous Profit variance analysis – segment result (R million) Changes in average US Dollar Index prices (%) 8% 2 371 ( 242) 909 ( 527) 1 406 (10%) (9%) ( 128) (22%) ( 977) Export 43.5% High carbon Medium carbon Export iron ore* manganese ore** ferromanganese** ferromanganese** 1H F2025 ZAR:US$ P
Slide 21: Iron ore (100% basis)
Iron ore (100% basis) Total iron ore sales volumes decreased by 14% Operational performance following the cessation of sales by Beeshoek Mine to % ArcelorMittal South Africa (AMSA) on 27 July 2025. unit 1H F2026 1H F2025 change Export sales volumes 000 tonnes 5 922 5 914 - Local sales volumes 000 to
Slide 22: Manganese ore (100% basis)
Manganese ore (100% basis) Operational performance Unit cost of sales at Black Rock Mine decreased by 8%, mainly due to lower marketing and freight costs, % driven by the strong rand/US dollar exchange rate unit 1H F2026 1H F2025 change and higher finished goods stock. Export sales volumes 000 tonne
Slide 23: Manganese alloys (100% basis)
Manganese alloys (100% basis) Operational performance* Production activities ceased at the end of May 2025, existing stock is being sold at the Cato Ridge % complex. unit 1H F2026 1H F2025 change Sales volumes: South African operations 000 tonnes 39 40 (3) Cato Ridge Works export sales amounted to 1
Slide 24: Driving stability and strategic progress through logistics partnerships
Driving stability and strategic progress through logistics partnerships Improved iron ore export logistics Short, medium & long-term initiatives performance* Iron ore export +6.8% +0.1% Operational collaboration with Transnet through Ore Users Forum (OUF) 6.4 on the Ore Corridor Restoration programm
Slide 25: ARM Coal
ARM Coal Goedgevonden Mine We do it better
Slide 26: ARM Coal
ARM Coal Profit variance analysis – segment result* (R million) Changes in on-mine unit production costs (%) 108 Coal: PCB 12% ( 26) 55 21 ( 193) ( 72) ( 37) Coal: GGV 4% 1H F2025 ZAR:US$ US$ Prices Costs Volume Other 1H F2026 Increase Decrease Increase Decrease Changes in sales volumes (%) Stockpil
Slide 27: GGV and PCB (100% basis)
GGV and PCB (100% basis) Operational performance (100% basis) Total sales volumes at GGV decreased by 2%, largely due to a reduction in the trucking of export coal. % unit 1H F2026 1H F2025 change Export sales volumes Mt 5.90 5.81 2 Domestic sales volumes Mt 2.02 2.28 (11) On-mine production costs p
Slide 28: Investment in Harmony
Investment in Harmony ARM’s investment in Harmony was positively revalued by R6 889 million in 1H F2026. The Harmony investment is therefore reflected on the ARM statement of financial position at R25 168 million based on its share price as at 31 December 2025. ARM implemented a hedging collar trans
Slide 29: Investment in Surge Copper Corp
Investment in Surge Copper Corp On 10 February 2026, Surge Copper announced a non-brokered private placement of up to C$20 million, in which ARM is eligible to participate in line with its equity holding. The funding will support advancement of the Berg Project through the next phases of permitting
Slide 30: Investing in growth and our existing business
Investing in growth and our existing business Bokoni Platinum Mine Following the suspension of ore mining and milling at the end of F2025, the operation has prioritised ore reserve development to allow high-grade stoping production and support sustainable future output. The mining approach, combinin
Slide 31: ARM’s key focus areas
ARM’s key focus areas Operating globally competitive Disciplined capital allocation. Decisive action on and profitable mines. • Allocate capital based on underperforming assets. • Cost control competitive margins and • Bokoni Mine(continued capital • Quality mining (mining to returns development) re
Slide 32: ARM’s key focus areas (continued)
ARM’s key focus areas (continued) Maintaining a robust balance Pursue value-enhancing Collaborate with key sheet by generating profits, growth opportunities. stakeholders to optimise reducing costs and deferring • Investment in Surge Copper logistics and infrastructure non-essential capital constrai
Slide 33: Capital allocation
Capital allocation Tsundzukani Mhlanga Finance director Black Rock Mine We do it better
Slide 34: Capital allocation guiding principles
Capital allocation guiding principles* Invest in growth of existing businesses Dividend payments Mergers and acquisitions Debt repayment Healthy gearing levels create a flexible platform for sustainable growth Share repurchases Underpinned by metrics that measure the sustainability of value creation
Slide 35: Cash flow analysis (R million)
Cash flow analysis* (R million) Interest 18 000 Investing in and debt Shareholder Sources of funds existing business repayments returns Increase Decrease 16 000 14 000 377 2 516 12 000 ( 177) 262 1 700 (1 310) 10 000 ( 937) 9 555 8 626 (1 157) ( 58) ( 287) 8 000 6 000 4 000 2 000 0 Balance 1 July Ca
Slide 36: Net cash and debt (R million)
Net cash and debt (R million) 31 December 2025 30 June 2025 31 December 2024 Cash and cash equivalents per statement of financial position* 9 574 8 644 8 207 Cash and cash equivalents per statement of cash flows 9 555 8 626 8 189 Overdrafts 19 18 18 Total borrowings (1 110) (2 035) (2 134) Long-term
Slide 37: Segmental capital expenditure (R million)
Segmental capital expenditure (R million) 1H F2026 1H F2025 % change ARM Platinum 1 221 1 189 3 Two Rivers Mine 346 661 (48) Modikwa Mine 336 139 142 Bokoni Mine 513 389 32 Nkomati Mine 26 - - ARM Ferrous 908 793 15 Iron ore division 642 617 4 Manganese division 286 211 36 Consolidation adjustment (
Slide 38: Segmental capital expenditure (R million)
Segmental capital expenditure* (R million) 10 000 9 000 8 550 8 000 7 000 6 000 4 995 5 105 4 882 5 000 4 020 4 000 3 000 2 000 1 000 0 F2024 F2025 F2026e F2027e F2028e ARM Platinum ARM Ferrous ARM Coal * Capital expenditure includes; (i) deferred stripping, (ii) financed fleet replacement, and (iii
Slide 39: Reconciliation to headline earnings (R million)
Reconciliation to headline earnings (R million) 1H F2026 1H F2025 F2025 Basic earnings attributable to equity holders of ARM 2 353 1 394 330 Attributable after-tax impairment on property, plant and equipment - Two Rivers - - 2 209 Attributable after-tax impairment on property, plant and equipment -
Slide 40: Thank you
Thank you www.arm.co.za We do it better
African Rainbow Mnrls — 1H F2026 Earnings Presentation on 6ix