South32 (S32) AGM 2025 summary

Opening remarks and agenda

• The meeting opened with acknowledgments of traditional landowners and a Welcome to Country, emphasizing respect for Indigenous communities and cultural heritage.

• The Chair confirmed a quorum, introduced directors and key attendees, and outlined procedural matters for hybrid participation and voting.

Financial performance review

• Underlying earnings attributable to members reached $666 million, with $350 million returned to shareholders via dividends and buybacks.

• EBITDA increased by 7% to $1.9 billion, and the company ended the year with a net cash position of $123 million.

• The capital management program was 94% complete, with $18.7 billion allocated since 2016 across operations, dividends, and investments.

Board and executive committee updates

• CEO succession was detailed: Matthew Daly will join as Deputy CEO in February 2026 and transition to CEO later that year.

• Chair succession was announced, with Stephen Pearce to assume the role in February 2026.

• Two founding directors retired, and two new directors, Stephen Pearce and Mandla Msimang, were welcomed.