Exxaro Resources Limited
Integrated report for the year ended 31 December 2025
The mining sector is being reshaped by forces that are both disruptive and generative. Shifting commodity markets, climate change imperatives and the accelerating global demand for energy transition minerals and metals constantly redefine what it means to be a competitive, responsible mining group.
Read more...Mvuleni Geoffrey Qhena
I joined Exxaro as your chief executive a year ago. I am pleased that we stabilised the business and delivered on all key business imperatives, including the best-ever safety performance. We established a strong leadership team and accelerated the disciplined execution of our strategy with laser focus. 2026 marks 20 years since Exxaro listed and we declared our 46th consecutive dividend while delivering positive social impact beyond the surface.
Read more...Ben Magara
In 2025, Exxaro delivered a strong financial performance, driven by operational, cost and marketing efficiencies, despite facing a challenging macro-economic environment. Group revenue increased to R41.8 billion (2024: R40.7 billion), mainly driven by a 3% rise in coal revenue.
Read more...Riaan Koppeschaar
Exxaro is a South African JSE-listed company that is becoming a diversified natural resources champion. Listed in 2006, coal is our core commodity and we have an established energy solutions business. Our growth ambitions include energy transition metals, underpinned by an efficient infrastructure and logistics network.
Transition at speed and scale
Make our minerals and energy businesses thrive
Empower people to create impact
Be carbon neutral by 2050
Become a catalyst for economic growth and environmental stewardship
Five operating coal mines1 39.9 million tonnes (Mt) coal produced (including buy-ins) (2024:39.5Mt)
Total assets with a book value of R103.2 billion (2024: R94.7 billion)
Two operating windfarms with an additional windfarm under construction and the LSP commissioned in December 2025 704 gigawatt-hours (GWh) renewable energy generated (2024: 725GWh)
One manganese acquisition concluded*
One renewable energy asset acquisition in progress,
and Cennergi is preferred bidder for the Corona solar photovoltaic (PV) facility
Market capitalisation of R61.20 billion (2024: R55.17 billion)
31.47% black empowered
Powering better lives in Africa and beyond means we aim to provide resources (people, metals, coal, energy and capital) critical to ensuring a responsible energy transition towards a low-carbon future.
Resources powering a clean world means we strive to have a positive impact on the environment and communities we serve while responsibly maximising the value of our coal assets.
Our success lies in the strength of our culture and values, which strengthen our resilience and ensure we deliver stakeholder value.
Our values are:In a rapidly evolving operating environment, our focus is on remaining resilient to the factors that can influence our performance. We respond to these factors by optimising our well-capitalised coal business to support energy security while unlocking growth opportunities in energy transition metals. Through this balanced approach, we aim to create sustainable value for stakeholders and contribute to an energy landscape that is impactful and inclusive.
Sound governance is the foundation of sustainable value creation. We uphold ethical leadership, clear accountability and disciplined oversight to strengthen stakeholder confidence and enable future readiness. Our streamlined executive leadership structure will enable us to manage risks more effectively, respond to opportunities faster and execute our strategy sustainably.
Driven by our strategy and guided by our values, we create sustainable value and measurable impact across our capitals. Our performance reflects disciplined delivery, resilience and a clear commitment to long-term stakeholder value.
We maximise value from our strong coal asset base while growing our metals portfolio. This balanced approach positions Exxaro to drive sustainable growth and support South Africa’s transition to a low-carbon economy.
