Exxaro Resources (EXX) H1 2026 earnings summary

Executive summary

• Achieved strong operational performance in H1 2026, with coal, renewable energy, and manganese all contributing to results; revenue rose 7% year-over-year to R22.1 billion.

• Coal production up 11% to 21.5Mt, export sales up 15% to 3.9Mt, and coal sales up 4%.

• Renewable energy output grew 12% to 378GWh, driven by the Lephalale Solar Plant reaching commercial operation.

• Manganese contributed for the first time, with production up 11% to 1.82Mt and successful acquisition completed.

• Maintained a strong safety record: four years without a fatality and a 60% improvement in LTIFR.

Financial highlights

• Group revenue up 7% year-over-year to R22.1bn; EBITDA flat at R5.6bn, margin at 25%.

• Headline earnings per share declined 20% to R13.77, mainly due to lower equity income from SIOC and Black Mountain.

• Net cash position at R6.4bn, excluding project finance debt.

• Interim dividend of R7.00/share declared, marking the 47th consecutive dividend.

• Total capital expenditure for the period: R2.3bn (R1.4bn sustaining, R864m expansion).

Outlook and guidance

• Full-year coal production and sales guidance reiterated at 39.4–42.8Mt; export sales 7.3–8.0Mt.

• Renewable energy generation guidance revised to 800–830GWh due to weaker wind resources.

• Manganese (Tshipi) production and sales guidance: 3.2–3.4Mt.

• Focus remains on disciplined execution, cost control, and delivering on strategic priorities.