Exxaro Resources Limited

Reviewed condensed group financial statements and unreviewed production and sales volumes information for the year ended 31 December 2025

Glossary

Adjusted group earnings Group adjusted net profit after tax (excluding SIOC adjusted equity-accounting income) less NCI of Exxaro subsidiaries (excluding NCI of Eyesizwe)
Amakhala SPV Amakhala Emoyeni RE Project 1 (RF) Proprietary Limited
AMSA Arcelor Mittal SA Limited
API4 All publications index 4 (FOB Richards Bay 6000/kcal/kg)
bn billion
BEE Black economic empowerment
BEE Parties External shareholders of Eyesizwe
Black Mountain Black Mountain Mining Proprietary Limited
Capex Capital expenditure
Cennergi Exxaro's branded energy business
Cennergi Holdings Cennergi Holdings Proprietary Limited
Chifeng Chifeng NFC Zinc Co. Limited
COD Commercial operation date
Companies Act Companies Act of South Africa No 71 of 2008, as amended
cps Cents per share
DCF Discounted cash flow
DMPR Department of Mineral and Petroleum Resources
EBITDA Net operating profit before interest, tax, depreciation, amortisation, impairment charges or impairment reversals and net losses or gains on the disposal of assets and investments (including translation differences recycled to profit or loss)
ECC Exxaro Coal Central Proprietary Limited or ECC group of companies
ECD Early childhood development
ECL(s) Expected credit loss(es)
ESD Enterprise and supplier development
ESG Environment, social and governance
Everseed Everseed Energy Proprietary Limited
Exxaro Exxaro Resources Limited (the group or the company)
Eyesizwe Eyesizwe (RF) Proprietary Limited, special purpose private company which has a 31.47% (2024: 30.81%) shareholding in Exxaro
FerroAlloys Exxaro FerroAlloys Proprietary Limited
FEC(s) Forward foreign exchange contract(s)
Ferroland Ferroland Grondtrust Proprietary Limited
Financial close Date of notification that the financing parties were satisfied that the conditions precedent to the financing agreements were either fulfilled, waived or deferred.
FOB Free on board
FVOCI Fair value through other comprehensive income
FVPL Fair value through profit or loss
G7 G7 Renewable Energies Proprietary Limited
GDP Gross domestic product
GJ gigajoule(s)
GJ/kt GJ per kilotonne
GWh Gigawatt hour
HEPS Headline earnings per share
Hotazel Hotazel Manganese Mines Proprietary Limited
IAS International Accounting Standard(s)
IASB International Accounting Standards Board
IFRS International Financial Reporting Standard(s)
ITP International Transmission Programme
IWUL Integrated Water Use Licence
JIBAR Johannesburg Interbank Average Rate
JSE JSE Limited
Jupiter Mines Jupiter Mines Limited
JV Joint venture
KAM Karreebosch Asset Management Proprietary Limited
Karreebosch Karreebosch Wind Farm
Karreebosch SPV Karreebosch Wind Farm (RF) Proprietary Limited
KPMG KPMG Inc.
kt Kilo tonne(s)
LoM Life of mine
LSP Lephalale Solar Project
LSP SPV Lephalale Solar (RF) Proprietary Limited
L/tRom litres per tonne of run of mine
LTIFR Lost-time injury frequency rate
Mafube Mafube Coal Proprietary Limited
MSME(s) Micro, small, and medium enterprise(s)
Mt Million tonne(s)
MW Megawatt(s)
NCI Non-controlling interest(s)
NMT Ntsimbintle Marketing and Trading Pte Ltd
Ntsimbintle Holdings Ntsimbintle Holdings Proprietary Limited
Ntsimbintle Mining Ntsimbintle Mining Proprietary Limited
OCI Other comprehensive income
OMH OMH (Mauritius) Corp
Operational EBITDA EBITDA from the Amakhala SPV and Tsitsikamma SPV operating wind assets
Prime Rate South African prime bank rate
RB1 Richards Bay export product 1
RB2 Richards Bay export product 2
RB3 Richards Bay export product 3
RBCT Richards Bay Coal Terminal Proprietary Limited
Rbn Rand billion
Rm Rand million
RoM Run-of-Mine
RPEEE Reasonable Prospects for Eventual Economic Extraction
SAICA South African Institute of Chartered Accountants
SENS Securities Exchange News Service
SG&I Sustainable Growth and Impact
SIOC Sishen Iron Ore Company Proprietary Limited
SPV Special Purpose Vehicle
SSCC Semi-soft coking coal
tCO2e/ktTTM Tonnes(t) of carbon dioxide (CO2) equivalent (e) per 1 000 total tonnes mined (TTM)
TFR Transnet Freight Rail
Thungela Thungela Resources Limited, through its subsidiary South Africa Coal Operations Proprietary Limited
Tsitsikamma SPV Tsitsikamma Community Wind Farm Proprietary Limited
TVP Targeted Voluntary Severance Package(s)
UK United Kingdom
US United States of America
US$ United States dollar
VAT Value Added Tax
WANOS Weighted average number of shares
ZARONIA South African Rand Overnight Index Average