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Investor Relations14 Oct 2025
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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 reflect resilience amid geopolitical tensions, softer coal prices, and lower demand, with a focus on safety, ESG, and disciplined capital allocation.
Leadership transition underway, with Moses Madondo appointed as CEO designate.
Strategic projects at Elders and Zibulo North Shaft progressing on schedule and budget.
Acquisition of the remaining 15% in Ensham completed in February 2025, now holding 100% ownership; agreement to acquire remaining 27.5% in Sungela Holdings signed.
Returned 87% of adjusted operating free cash flow to shareholders, exceeding minimum policy.
Financial highlights
Revenue for H1 2025 was R14.8 billion, down 12% year-over-year, mainly due to lower coal prices and 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 (EPS R1.93), from R1.2 billion (EPS R9.52) year-over-year.
Net cash position at R6.3 billion as of 30 June 2025, after R1.2 billion in capital expenditure.
Total shareholder returns of R421 million (R2/share dividend and up to R140 million buyback), representing 87% of adjusted operating free cash flow.
Outlook and guidance
Full-year export saleable production guidance: South Africa 12.8–13.6Mt, Ensham 3.7–4.1Mt, with production weighted to H2.
FOB cost per export tonne (excl. royalties): South Africa R1,210–R1,290; Ensham R1,470–R1,580, both expected at the upper end.
Sustaining and expansionary capital spend to remain within guided ranges, with capital weighted to H2.
Continued focus on balance sheet flexibility and responsible capital allocation amid macro uncertainty.
Capital austerity measures in place; full-year capex expected at the lower end of guidance.
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?
Assess Ensham's contract structure for next year.
What is the long-term normalized production at Ensham?
Any expected TFR take-or-pay cash inflows?
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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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