Exxaro Resources (EXX) investor relations material

Executive summary

• Achieved 38 consecutive months without a work-related fatality and maintained a low lost-time injury frequency rate of 0.05 as of October 2025.

• Production and sales are in line with guidance, with a 2% increase in thermal coal sales driven by higher domestic demand and Matla mine expansion.

• Completed divestment of the ferroalloy business for R250 million and advanced the manganese asset acquisition, fulfilling most key conditions.

• Share repurchase program completed, reducing issued share capital by 2.12% through the buyback of 7.3 million shares.

• Net cash balance at end-October stands at R18 billion, excluding energy net debt, with a provisional tax payment of R1.3–1.4 billion due in December.

Trading performance and revenue trends

• API4 RBCT coal export price forecast at $89/tonne for FYE25, down from $105/tonne in FY24; iron ore at $100/dmt, down from $109.

• Metallurgical coal sales are 49% lower due to weak demand from the steel and metals sector.

• Export sales expected within 6.5Mt to 7.2Mt, with a strategic pullback from Maputo exports due to high logistics costs.

• Cennergi electricity generation forecast at 695GWh, down 4% year-on-year due to weaker wind conditions.

• Total coal product and sales volumes expected within 38.9Mt to 42.8Mt guidance.

Profitability and margins

• Lower commodity prices and logistical constraints are impacting results, but cost discipline and operational excellence initiatives are supporting stability.

• Despite external pressures, the business demonstrated enhanced resilience and sustained delivery.