Thungela Resources
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Thungela Resources (TGA) investor relations material

Thungela Resources H2 2025 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 TU earnings summary2 Mar, 2026

Executive summary

  • Loss per share for 2025 expected between R(53.50) and R(56.00), down from earnings per share of R26.76 in 2024.

  • Headline loss per share expected between R(5.50) and R(7.50), compared to headline earnings per share of R25.59 in 2024.

  • Loss attributable to shareholders projected between R(7.0 billion) and R(7.3 billion); headline loss between R(0.7 billion) and R(1.0 billion).

  • Results driven by R8.8 billion in impairment losses due to lower coal price outlook and stronger local currencies.

Financial highlights

  • Seaborne thermal coal prices fell: Richards Bay Benchmark down 15%, Newcastle Benchmark down 22% year-over-year.

  • Weighted average shares for 2025: 129,655,457; for 2024: 134,238,447.

  • Deferred tax assets of R1.1 billion not recognized, further reducing earnings and headline earnings.

Outlook and guidance

  • Medium-term outlook for seaborne thermal coal prices remains soft due to oversupply and weak demand.

  • Financial results for 2025 to be released on 23 March 2026.

Impact of impairment on asset portfolio strategy?
Future taxable income outlook after DTA non-rec?
What supports intact long-term fundamentals?
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H2 202523 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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