Exxaro Resources Celebrates 20-Year Anniversary with Solid Operational Performance

• Coal production and sales increased to 39.9 Mt and 39.6Mt, up 1% respectively
• Coal export volumes increased by 2% to 7.1 Mt
• Coal average export prices of US$90, down 14%

Exxaro has announced its full-year financial results for the year ended 31 December 2025, reporting strong operational and financial momentum supported by the execution of key strategic initiatives, a robust balance sheet and efficient marketing capabilities as the company marks 20 years of operations in Africa and beyond.

The group recorded zero fatalities in 2025, extending its safety performance to 40 consecutive months without a fatality. The company met its market guidance across all metrics.

Revenue increased by 3% to R41.8 billion. Coal production rose by 1% to 39.9Mt, while coal sales increased by 1% to 39.6Mt. Coal export sales increased by 2% to 7.1Mt, supported by improved performance at Transnet Freight Rail and the use of alternative distribution channels.

Despite a 14% decline in export coal prices, group EBITDA decreased marginally by 2% to R10.2 billion from R10.4 billion in FY24, supported by cost management, operational efficiencies and marketing performance. Cash generation remained strong, and equity-accounted investments in iron ore and base metals contributed to earnings. Headline earnings per share increased by 8% to R32.47 per share, compared with R30.16 per share in FY24.

On 27 February 2026, Exxaro completed the acquisition of select manganese assets from Ntsimbintle Holdings and OMH, following the announcement made on 13 May 2025. The transaction includes 100% of Ntsimbintle Mining, which holds a 50.1% interest in the Tshipi Borwa mine, 19.99% of Jupiter Mines, which holds a 49.9% interest in the same operation, 100% of Ntsimbintle Marketing and Trading, and a 9% stake in Hotazel Manganese Mines.

The acquisition positions Exxaro as a significant manganese producer through its interest in the Tshipi Borwa mine, which produces approximately 3.5Mt of manganese annually from the Kalahari Manganese Field. Manganese is used in steel alloys and is also applied in battery technologies. The inclusion of Ntsimbintle Marketing and Trading strengthens the company’s marketing and trading presence in Singapore and China and expands its exposure to energy transition metals.