Exxaro Resources Limited
Integrated report for the year ended 31 December 2025
Our ambition is to provide resources (people, coal, metals, energy and capital) critical for a low-carbon future. This ambition informs our value creation process.
Integrated thinking underpins our strategic decision making, informs our approach to value creation and shapes the disclosures we provide through our integrated reporting. Our value creation approach entails:
Environmental sustainability and social equity are key drivers transforming our operating landscape. Led by our purpose of powering better lives in Africa and beyond, Exxaro prioritises energy security, economic growth and social impact while diversifying our business to provide resources that contribute to a cleaner, more equitable world.
Refer to about Exxaro and our business model
External factors in our operating landscape, business risks and opportunities, and our stakeholders’ needs and concerns impact our ability to create value. Navigating these forces requires both resilience and adaptability.
Forces in our macro‑economic context could present opportunities or risks to our business model and thus affect our ability to create value.
Material risks and related opportunities are key factors that must be managed to ensure our continued success.
Our stakeholder relationships and active engagements are crucial in understanding and delivering value and impact.
These elements inform the themes and matters we consider material to our value creation and influence our strategic direction.
Good governance supports value creation and preservation, while safeguarding against value erosion. We prioritise transparency, accountability and integrity to strengthen our position as a responsible corporate citizen and reinforce stakeholder trust.
Refer to upholding good governance for more details.
Refer to Our Sustainable Growth and Impact strategy for more details.
We use and affect the six capitals in our value creation process. For detailed disclosure on our performance against each capital and the value we create, refer value creation and perfomance.
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By delivering on our strategy, we create and preserve value for our stakeholders. At the same time, our stakeholders create value for Exxaro.
We create value for government and regulators through transparent operations that contribute to economic growth and energy access, and collaborate on projects echoing national and regional energy strategies and sustainability objectives. Guidance from governments and regulators strengthens Exxaro’s compliance, while their collaboration with us supports investment confidence.
We empower our employees with opportunities for career growth, equitable compensation and a safe work environment. Employees, in turn, contribute their skills, innovation and commitment to safety and excellence. Their engagement and alignment with Exxaro’s purpose drive productivity, operational efficiency and the successful delivery of our strategic objectives. Our unions contribute to ensuring labour stability.
By integrating community needs into our operational strategy, we aim to foster sustainable growth and a resilient socio-economic structure that supports community prosperity beyond the life of mine. Our initiatives are tailored to support an impactful transition to a sustainable future, creating employment and reskilling opportunities for communities living in and around our operations. Communities create value for Exxaro by strengthening our social licence to operate and partnering in local development. Their collaboration, feedback and participation in shared initiatives enhance our reputation, operational continuity and long-term sustainability.
We deliver value through our market-to-resource optimisation strategy to meet our customers’ needs while contributing to energy security in South Africa and beyond. We also seek to supply metals and energy that enable the energy transition, nurturing trust-based, innovative partnerships that support our collective vision for sustainable development. Simultaneously, customers’ continued demand and collaboration drive innovation and business resilience.
Through our Sustainable Growth and Impact strategy, Exxaro responsibly and competitively uses the capital our investors entrust us with to operate and build a business that creates sustainable long‑term value for our shareholders and broader stakeholder community. Our strategy is anchored in long-term value creation and offers a credible pathway to providing resources that power a clean world. We are building on our coal foundation by growing our energy solutions business and through acquisitive growth in energy transition metals, ultimately enabling attractive risk‑adjusted returns for our investors.
We continuously review our supply chain sustainability practices to improve and adapt to current business challenges. We implement initiatives that are responsive to Exxaro’s ESG priorities and economic challenges faced by our local communities. At the same time, we leverage partnerships with our suppliers in addressing topics of climate change, carbon pricing and adaptation strategies, deepening their understanding and encouraging active participation in climate resilience and mitigation efforts. Our suppliers create value for us by providing quality goods and services, and contributing to operational efficiency.
Social and relationship capital, upholding good governance
Exxaro voluntarily endorses the UN SDGs as part of embedding ESG into the business. We also participate in South Africa’s National Business Initiative to align the SDGs with the country’s National Development Plan. By implementing leading practices, we advance the most material SDGs and ensure we leave a lasting positive impact. Exxaro materially impacts the following SDGs:
