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Thungela Resources (TGA) investor relations material
Thungela Resources H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary18 Aug, 2025
Executive summary
Interim results for H1 2025 reflect resilience amid geopolitical tensions and softer coal prices, with a strong balance sheet supporting operations and shareholder returns.
Maintained a fatality-free record for over two and a half years, with strong ESG initiatives and support for local communities and employees, though Q1 saw an uptick in accidents.
Net profit for H1 2025 was R248 million, down from R1.2 billion in H1 2024, reflecting lower coal prices and weaker demand, but disciplined capital allocation was maintained.
Leadership transition underway, with Moses Madondo introduced as incoming CEO.
Completed acquisition of 100% interest in Ensham Mine and advanced key projects on schedule and budget.
Financial highlights
Revenue declined to R14.8 billion from R16.8 billion year-over-year, mainly due to lower realised coal prices and a weaker US dollar.
Adjusted EBITDA was R691 million (margin 4.7%), down from R2.1 billion (13%) in H1 2024.
Net profit fell to R248 million (H1 2024: R1.2 billion); EPS: R1.93 (H1 2024: R9.52).
Net cash at period end was R6.3 billion after R1.2 billion in capital expenditure.
Total shareholder returns of R421 million, including R2 per share interim dividend and up to R140 million in buybacks, representing 87% of adjusted operating free cash flow.
Outlook and guidance
Full-year export saleable production guidance for South Africa: 12.8–13.6Mt; Ensham: 3.7–4.1Mt, with Ensham expected at the lower end due to geological challenges.
South Africa FOB cost per export tonne (excl. royalties) guided at R1,210–R1,290; Ensham at R1,470–R1,580, both expected at the upper end.
Sustaining and expansionary capital spend ranges remain appropriate, with spend weighted to H2 and full-year capex expected at the lower end of guidance.
Foreign currency hedges in place for H2, expected to provide a R600 million cash tailwind.
Committed expenditure for completion of life-extension projects and LCBM project.
How will Ensham's geology affect 2025 production?
What's driving the TRCFR increase in South Africa?
What is the status of the Sungela Holdings acquisition?
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Next Thungela Resources earnings date
H2 202516 Mar, 2026
Next Thungela Resources earnings date
H2 202516 Mar, 2026
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Frequently asked questions
Thungela Resources Limited is a mining company engaged in the exploration, production, and export of thermal coal. The company operates a portfolio of coal assets, primarily serving power generation markets in South Africa and internationally. The company is headquartered in Johannesburg, South Africa, and its shares are listed on the Johannesburg Stock Exchange (JSE) and the London Stock Exchange (LSE).
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