Exxaro Resources Limited
Group and company annual financial statements for the year ended 31 December 2025
Investment in subsidiaries |
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Investment in shares1 |
Investment in share-based payments |
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| Country2 | Nature of business3 |
2025 R |
2024 Rm |
2025 Rm |
2024 Rm |
||
| Direct investments | |||||||
| Cennergi Holdings Proprietary Limited | RSA | H | 2 437 330 416 | 2 437 330 416 | |||
| Colonna Properties Proprietary Limited | RSA | B | 2 518 966 | 2 518 966 | |||
| Exxaro Australia Holdings Proprietary Limited | AUS | H | 803 932 214 | 803 932 214 | |||
| Exxaro Base Metals and Industrial Minerals Holdings Proprietary Limited | RSA | H | 1 | 1 | |||
| Exxaro Chairmana's Fund4 | RSA | S | |||||
| Exxaro Coal Proprietary Limited | RSA | M | 1 868 325 864 | 1 868 325 864 | 58 | 44 | |
| Exxaro Employee Empowerment Participation Scheme Trust5 | RSA | S | |||||
| Exxaro Employee Empowerment Trust5 | RSA | S | |||||
| Exxaro Environmental Rehabilitation Fund | RSA | S | |||||
| Exxaro ESOP SPV RF Proprietary Limited | RSA | S | 100 | 100 | |||
| Exxaro FerroAlloys Proprietary Limited6 | RSA | A | 1 | 2 | |||
| Exxaro Foundation7 | RSA | S | |||||
| Exxaro Holdings Proprietary Limited8 | RSA | H | 392 492 040 | 433 575 451 | |||
| Exxaro Insurance Company Limited9 | RSA | I | 1 247 000 000 | 1 102 000 000 | |||
| Exxaro Aga Setshaba NPC | RSA | E | |||||
| Exxaro Minerals Proprietary Limited10 | RSA | H | |||||
| Exxaro Mountain Bike Academy NPC | RSA | E | |||||
| Exxaro People Development Initiative NPC5 | RSA | E | |||||
| Exxaro Properties (Groenkloof) Proprietary Limited5 | RSA | B | 1 | 1 | |||
| Eyesizwe (RF) Proprietary Limited (2025: 14.86%) (2024: 14.86%) | RSA | S | 1 482 907 923 | 1 482 907 923 | |||
| Ferroland Grondtrust Proprietary Limited11 | RSA | F | 58 673 336 | 2 | 5 | 5 | |
| Gravelotte Iron Ore Company Proprietary Limited | RSA | B | 1 | 1 | |||
| Kumba Resources Management Share Trust | RSA | S | |||||
| Rocsi Holdings Proprietary Limited12 | RSA | H | |||||
| Total direct investments in subsidiaries | 8 293 180 862 | 8 130 590 940 | 63 | 51 | |||
| Total indebtedness receivable/(payable) | ||||||
| Total indebtedness by | (Total indebtedness to) | |||||
| Type of indebtedness | 2025 Rm |
2024 Rm |
2025 Rm |
2024 Rm |
||
| Direct investments | ||||||
| Cennergi Holdings Proprietary Limited | Total | 505 | 115 | (2) | (2) | |
| – Interest-bearing | 385 | |||||
| – Non-interest-bearing | 120 | 115 | ||||
| – Current indebtedness | (2) | (2) | ||||
| Colonna Properties Proprietary Limited | ||||||
| Exxaro Australia Holdings Proprietary Limited | ||||||
| Exxaro Base Metals and Industrial Minerals Holdings Proprietary Limited | Non-interest-bearing | 217 | 217 | |||
| Exxaro Chairman's Fund4 | ||||||
| Exxaro Coal Proprietary Limited | Total | 4 666 | 3 130 | (4 397) | (11 579) | |
| – Interest-bearing | 4 529 | 3 002 | ||||
| – Treasury facility | (4 397) | (11 579) | ||||
| – Current indebtedness | 137 | 128 | ||||
| Exxaro Employee Empowerment Participation Scheme Trust5 | ||||||
| Exxaro Employee Empowerment Trust5 | ||||||
| Exxaro Environmental Rehabilitation Fund | ||||||
| Exxaro ESOP SPV RF Proprietary Limited | ||||||
| Exxaro FerroAlloys Proprietary Limited6 | Total | 72 | ||||
| – Treasury facility | 67 | |||||
| – Current indebtedness | 5 | |||||
| Exxaro Foundation7 | ||||||
| Exxaro Holdings Proprietary Limited8 | Non-interest-bearing | (6) | (6) | |||
| Exxaro Insurance Company Limited9 | ||||||
| Exxaro Aga Setshaba NPC | ||||||
| Exxaro Minerals Proprietary Limited10 | ||||||
| Exxaro Mountain Bike Academy NPC | ||||||
| Exxaro People Development Initiative NPC5 | ||||||
| Exxaro Properties (Groenkloof) Proprietary Limited5 | ||||||
| Eyesizwe (RF) Proprietary Limited (2025: 14.86%) (2024: 14.86%) | ||||||
| Ferroland Grondtrust Proprietary Limited11 | Total | 5 | ||||
| – Treasury facility | 2 | |||||
| – Current indebtedness | 3 | |||||
| Gravelotte Iron Ore Company Proprietary Limited | ||||||
| Kumba Resources Management Share Trust | Non-interest-bearing | (86) | (84) | |||
| Rocsi Holdings Proprietary Limited12 | Non-interest-bearing | |||||
| Total direct investments in subsidiaries | 5 388 | 3 539 | (4 491) | (11 671) | ||
| 1 | 1 At 100% holding except where otherwise indicated. |
| 2 | Country of incorporation: RSA — Republic of South Africa, AUS — Australia, SW — Switzerland. |
| 3 | M — Mining, B — Property, C — Service, E — Not for profit company, F — Farming, H — Holdings, I — Insurance, A — Manufacturing, P — Exploration, S — Structured entity, MIC – Mines in closure, R - Renewable energy |
| 4 | Deregistered on 24 July 2025. |
| 5 | Deregistered on 24 July 2025. |
| 6 | In 2025 there was a share subscription for cash of R12 million and a share subscription funded by loan capitalisation of R66 million. On 31 October 2025 the entity was disposed of. Refer note 8.3. |
| 7 | Deregistered on 13 March 2024. |
| 8 | In 2025 an impairment charge on investment in subsidiary of R41 million was recognised. |
| 9 | Share subscriptions for cash amounting to R145 million (2024: R290 million). |
| 10 | Entity incorporated as holding company for future minerals acquisitions. |
| 11 | During the year there was a share subscription funded by loan capitalisation amounting to R375.5 million. The investment in subsidiary was further impaired by R317 million in 2025. |
| 12 | In 2024, a return of capital was declared and the company is in the process of liquidation. |
| Investment in subsidiaries | ||||||||
| Investment in shares1 | Investment in share-based payments |
|||||||
| Country2 | Nature ofbusiness3 | 2025 R |
2024 Rm |
2025 Rm |
2024 Rm |
|||
| Indirect investments | ||||||||
| Amakhala Emoyeni RF Proprietary Limited (95%) | RSA | R | ||||||
| Coastal Coal Proprietary Limited | RSA | MIC | 1 | 1 | ||||
| Cennergi Proprietary Limited | RSA | H | ||||||
| Cennergi Services Proprietary Limited | RSA | C | ||||||
| Lephalale Solar Proprietary Limited | RSA | R | ||||||
| Lephalale Solar II Proprietary Limited4 | RSA | R | ||||||
| Lephalale Solar III Proprietary Limited4 | RSA | R | ||||||
| K2021699383 (South Africa) Proprietary Limited4 | RSA | R | ||||||
| Icarus Solar Power Plant (RF) Proprietary Limited5 | RSA | R | ||||||
| Karreeebosch Asset Management Proprietary Limited (50%)6 | RSA | C | ||||||
| Karreebosch Mbane Proprietary Limited4 | RSA | H | ||||||
| Karreebosch SAN Proprietary Limited4 | RSA | H | ||||||
| Karreebosch Wind Farm RF Proprietary Limited (80%)6 | RSA | R | ||||||
| ManganExx Proprietary Limited7 | RSA | H | ||||||
| Matla and Arnot Rehabilitation Trust | RSA | S | ||||||
| Exxaro Australia Proprietary Limited | AUS | P | ||||||
| Exxaro Coal Mpumalanga Proprietary Limited | RSA | M | 192 | 188 | ||||
| Exxaro International Trading AG | SW | C | (2) | (3) | ||||
| Exxaro Reductants Proprietary Limited8 | RSA | A | ||||||
| The Vryheid (Natal) Railway Coal and Iron Company Proprietary Limited | RSA | MIC | ||||||
| Exxaro Employee Share Ownership Trust | RSA | S | ||||||
| Tsitsikamma RF Proprietary Limited (75%) | RSA | R | ||||||
| Total indirect investment in subsidiaries | 191 | 186 | ||||||
| Total investment in subsidiaries | 8 293 180 862 | 8 130 590 940 | 254 | 237 | ||||
| Total indebtedness receivable/(payable) | ||||||
| Total indebtedness by | (Total indebtedness to) | |||||
| Type of indebtedness | 2025 Rm |
2024 Rm |
2025 Rm |
2024 Rm |
||
| Indirect investments | ||||||
| Amakhala Emoyeni RF Proprietary Limited (95%) | ||||||
| Coastal Coal Proprietary Limited | Non-interest-bearing | 386 | 287 | |||
| Cennergi Proprietary Limited | ||||||
| Cennergi Services Proprietary Limited | ||||||
| Lephalale Solar Proprietary Limited | ||||||
| Lephalale Solar II Proprietary Limited4 | ||||||
| Lephalale Solar III Proprietary Limited4 | ||||||
| K2021699383 (South Africa) Proprietary Limited4 | ||||||
| Icarus Solar Power Plant (RF) Proprietary Limited4 | ||||||
| Karreeebosch Asset Management Proprietary Limited (50%)6 | ||||||
| Karreebosch Mbane Proprietary Limited4 | ||||||
| Karreebosch SAN Proprietary Limited4 | ||||||
| Karreebosch Wind Farm RF Proprietary Limited (80%)6 | ||||||
| ManganExx Proprietary Limited7 | Non-interest-bearing | 92 | ||||
| Matla and Arnot Rehabilitation Trust | ||||||
| Exxaro Australia Proprietary Limited | ||||||
| Exxaro Coal Mpumalanga Proprietary Limited | Total | 94 | 86 | (1 148) | (3 357) | |
| – Treasury facility | (1 148) | (3 357) | ||||
| – Current indebtedness | 94 | 86 | ||||
| Exxaro International Trading AG | ||||||
| Exxaro Reductants Proprietary Limited8 | ||||||
| The Vryheid (Natal) Railway Coal and Iron Company Proprietary Limited | Non-interest-bearing | 103 | 82 | |||
| Exxaro Employee Share Ownership Trust | ||||||
| Tsitsikamma RF Proprietary Limited (75%) | ||||||
| Total indirect investment in subsidiaries | 676 | 455 | (1 148) | (3 357) | ||
| Total investment in subsidiaries | 6 064 | 3 994 | (5 639) | (15 028) | ||
| 1 | At 100% holding except where otherwise indicated |
| 2 | Country of incorporation: RSA — Republic of South Africa, AUS — Australia, SW — Switzerland. |
| 3 | M — Mining, B — Property, C — Service, E — Not for profit company, F — Farming, H — Holdings, I — Insurance, A — Manufacturing, P — Exploration, S — Structured entity, MIC – Mines in closure, R - Renewable energy. |
| 4 | Entity reserved for future renewable energy projects. |
| 5 | Entity acquired holding a single asset renewable energy development project. |
| 6 | Entities acquired as part of the Karreebosch project acquisition. Refer note 8.5. |
| 7 | Entity incorporated as holding company for the select manganese assets acquisitions. |
| 8 | Entity in process of liquidation or registration. |