Thungela Resources (TGA) H2 2025 TU earnings summary

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.