Exxaro Resources (EXX) H1 2025 earnings summary

Executive summary

• Achieved 8% year-over-year revenue growth to R20.6 billion and 10% EBITDA growth to R5.6 billion for 1H25, with headline earnings per share up 13% to 1,724 cents.

• Maintained a strong safety record, achieving three years fatality-free and a stable LTIFR of 0.05.

• Advanced strategic milestones, including financial close of the 140 MW Karreebosch Wind Farm and acquisition of key manganese assets, supporting diversification and decarbonization goals.

• Share repurchase program of R1.2 billion commenced, with 2.6 million shares repurchased by June and further 1.7 million in July.

• Declared an interim dividend of 843 cents per share, marking the 45th consecutive payout since listing.

Financial highlights

• Revenue increased 8% year-on-year to R20.6 billion for the first half of 2025.

• Group EBITDA rose 10% year-on-year to R5.6 billion, with a 27% margin.

• Headline earnings per share reached 1,724 cents, up 13% year-on-year.

• Net cash position improved by 27% to R12.4 billion compared to H1 2024, and stood at R18.3 billion excluding energy net debt.

• Interim dividend of 843 cents per share declared.

Outlook and guidance

• Full-year 2025 guidance: coal production 38.9Mt–42.8Mt, total coal sales 38.3Mt–42.4Mt, export sales 6.5Mt–7.2Mt, wind energy generation 677GWh–718GWh.

• Energy generation guidance revised due to LSP project delays, with first electrons expected in H1 2026.

• Sustaining capital expenditure for the year guided between R2.1 billion and R2.3 billion.

• Economic activity in South Africa expected to strengthen in 2H25, with stable commodity markets anticipated.

• Accelerating diversification into manganese and energy transition metals, with manganese transaction expected to close in Q1 2026.