Iluka Resources (ILU) investor relations material

Executive summary

• Revenue reached $558 million in H1 2025 with a 39% EBITDA margin, despite global economic uncertainty and lower realised prices for key products.

• Net profit after tax was $92 million, down 31% year-over-year, with strong zircon sales offset by lower prices and higher costs.

• Major capital projects, including Eneabba rare earths refinery and Balranald, progressed on schedule with $402 million in group capital expenditure.

• Interim dividend of 2 cents per share, fully franked, reflecting significant capital investment.

• Ongoing global economic uncertainty, trade disputes, and supply chain fragility continue to impact demand, especially for mineral sands.

Financial highlights

• Underlying mineral sands EBITDA was $218 million, with a 39% margin, and group EBIT was $148 million, both down year-over-year.

• Operating cash flow was $115 million, a 39% decrease from H1 2024, with free cash outflow of $361 million and net debt rising to $502 million.

• Cash capital expenditure totaled $402 million, including $223 million for mineral sands and $179 million for Eneabba.

• Interim dividend of 2 cents per share declared, payable in September 2025.

• Net tangible assets per share increased to $4.39.

Outlook and guidance

• Full-year production guidance for zircon in concentrate achieved in H1, with an additional 30,000 tonnes expected in H2.

• Balranald commissioning remains on track for H2 2025, with mining to commence in Q4 and first heavy mineral concentrate expected this year.

• Synthetic rutile sales expected to be weighted towards the second half of the year.

• Guidance for total capital expenditure on Eneabba refinery remains at $1.7–1.8 billion.

• Well positioned to respond to market restocking with $1.2 billion in product inventory.