Kumba Iron Ore (KIO) Q1 2026 TU earnings summary

Executive summary

• Safety performance improved, maintaining fatality-free records at Sishen (nine years) and Kolomela (over three years).

• Q1 2026 production was 8.8 Mt, down 2% year-over-year, mainly due to lower output at Kolomela, partially offset by Sishen's increase.

• Sales volumes rose 3% to 9.3 Mt, supported by improved logistics and higher finished stock at Saldanha Bay Port.

• Export sales routes to Asia and Europe remained open despite Middle East shipping disruptions.

• Kolomela achieved a 72% reduction in scope 2 carbon emissions in March through renewable electricity use.

Financial highlights

• Average realised FOB export iron ore price was $93/wmt, 8% above the Fastmarkets 62% Fe FOB equivalent price.

• Finished stock decreased to 7.2 Mt from 7.5 Mt at year-end 2025, with mine stock at 4.7 Mt and port stock at 2.5 Mt.

Outlook and guidance

• Full year 2026 guidance is unchanged, with total sales expected at 35–37 Mt and production at 31–33 Mt.

• Sishen's production will be weighted to H1 2026 due to UHDMS project tie-in in H2, with sales unaffected due to planned stock drawdown.

• Guidance assumes stable logistics from Transnet and continued monitoring of cost inflation and geopolitical risks.