South32 (S32) investor relations material

Executive summary

• Delivered strong operating results in March 2026 quarter despite adverse weather, with record production at Brazil Alumina and record distribution from Sierra Gorda.

• Maintained annual production guidance for all operations except Australia Manganese, which was revised lower due to water management challenges.

• Net cash increased by US$121M to US$96M, after US$158M growth investment at Hermosa.

• Paid a fully-franked interim dividend of US$175M post-quarter for the December 2025 half year.

• Advanced Hermosa’s Taylor project, reaching a key permitting milestone.

Financial highlights

• Net cash increased by US$121M to US$96M in March 2026 quarter, driven by strong aluminium and base metals markets.

• Received a record US$135M distribution from Sierra Gorda in the quarter; total EAI distributions for nine months at US$375M.

• Invested US$239M in group capital expenditure (excluding EAI and Hermosa) and made US$170M in group tax payments over nine months.

• Returned US$35M via share buy-back in nine months, with US$209M remaining in the capital management program.

Outlook and guidance

• Maintained FY26 production guidance for all operations except Australia Manganese, which was revised down by 6% to 3,000kwmt due to weather and water management issues.

• Expect to lower finished goods inventory at Mozal Aluminium and Cannington in June 2026 quarter.

• Hermosa’s Taylor project assessment and capex review on track for June 2026 half year.