Thungela Resources Limited · JSE:TGA
Thungela Resources — H1 2026 Earnings Presentation
26 slides from Thungela Resources's earnings presentation, Aug 17, 2026
Slide 1: Interim Results Presentation
INTERIM RESULTS PRESENTATION FOR THE SIX MONTHS ENDED 30 JUNE 2026 17 August 2026
Slide 2: Agenda
AGENDA 1 H1 2026 GROUP PERFORMANCE MOSES MADONDO 2 THE MARKETS AND RAIL MOSES MADONDO 3 H1 2026 FINANCIAL REVIEW DEON SMITH Investor relations 4 CONCLUSION Hugo Nunes and Shreshini Singh [email protected] MOSES MADONDO Media 5 Q&A Hulisani Rasivhaga [email protected] 2 Interim Results Pr
Slide 3: H1 2026 Group Performance
1 H1 2026 GROUP PERFORMANCE MOSES MADONDO Chief executive officer Interim Results Presentation 2026
Slide 4: Safety
SAFETY Ensham TRCFR1 22.63 15.72 13.21 Safety remains at the core 5.52 of everything we do Group TRCFR1 - Operated fatality-free for 3.5 years 2.80 2.83 2.62 - Group TRCFR improvement driven by 1.93 marked improvement at Ensham - Ensham safety focused on visible leadership and continuous improvement
Slide 5: H1 2026 Group Results
H1 2026 GROUP RESULTS ADJUSTED EBITDA EARNINGS PER SHARE DIVIDENDS PER SHARE R1.3 billion R10.95 R5.50 (H1 2025: R691 million) (H1 2025: R1.93) (H1 2025: R2.00) NET CASH HEADLINE EPS SHAREHOLDER RETURNS R6.1 billion R4.80 R773 million (December 2025: R5.1 billion) (H1 2025: R1.92) 10th consecutive d
Slide 6: H1 2026 Group Overview
H1 2026 GROUP OVERVIEW EXPORT SALEABLE 8.5Mt EXPORT EQUITY 8.9Mt FOB COST PER PRODUCTION (H1 2025: 8.0Mt) SALES (H1 2025: 8.3Mt) EXPORT TONNE (including royalties) SOUTH AFRICA 6.3Mt SOUTH AFRICA 6.7Mt SOUTH AFRICA R1,374/t (H1 2025: R1,264/t) ENSHAM 2.2Mt ENSHAM 2.2Mt ENSHAM R1,466/t (H1 2025: R1,9
Slide 7: The Markets and Rail
2 THE MARKETS AND RAIL MOSES MADONDO Chief executive officer Interim Results Presentation 2026
Slide 8: Market Dynamics
MARKET DYNAMICS Benchmark coal prices Recovery in coal prices US$/tonne moderated by a stronger rand 172.79 134.85 - Stronger Benchmark coal prices 127.87 105.37 121.00 105.78 - Focus on energy security heightened 105.30 by Middle East conflict 89.53 Richards Bay Benchmark coal price - SA coal price
Slide 9: Rail and Export Sales
RAIL AND EXPORT SALES Transnet Freight Rail performance SA export sales Million tonnes per annum Million tonnes 59.9 56.8 54.3 14.1 0.4 Utilising rail capacity to maximise value 7.4 6.6 13.7 0.6 0.2 - TFR annualised run rate at 59.9Mt - improved by 5.5% 6.8 6.4 - SA export sales increased to 7.4Mt,
Slide 10: H1 2026 Financial Review
3 H1 2026 FINANCIAL REVIEW DEON SMITH Chief financial officer Interim Results Presentation 2026
Slide 11: H1 2026 Financial Results
H1 2026 FINANCIAL RESULTS ADJUSTED NET ADJUSTED HEADLINE NET TOTAL EBITDA PROFIT OPERATING EARNINGS CASH SHAREHOLDER FREE CASH PER SHARE RETURNS FLOW R1.3 billion R1.4 billion R1.9 billion R4.80 R6.1 billion Interim dividend (H1 2025: R691 million) (H1 2025: R248 million) (H1 2025: R484 million) (H1
Slide 12: H1 2026 Financial Performance
H1 2026 FINANCIAL PERFORMANCE Abridged Income Statement (R million) H1 2026 H1 2025 Revenue 15,172 14,813 Operating costs (13,854) (14,122) (excluding depreciation and amortisation) Adjusted EBITDA 1,318 691 Depreciation and amortisation (751) (1,271) Profit on disposal of operations 1,043 - Restruc
Slide 13: Revenue
REVENUE R billion 1.0 1.7 14.8 2.1 0.7 15.2 0.3 H1 2025 Export price Export volume Foreign exchange Domestic revenue Domestic revenue H1 2026 - Isibonelo - other Average realised SA 6.8Mt US$/ZAR R16.41 Isibonelo closure 2025 Domestic sales reduced price/tonne (H1 2025: 6.4Mt) (H1 2025: R18.39) SA U
Slide 14: South Africa – FOB Cost per Export Tonne
SOUTH AFRICA – FOB COST PER EXPORT TONNE R per tonne (including royalties) 1 374 24 16 31 1 10 1 264 60 H1 2025 Inflation Volume Structural changes Selling costs Marketing Provisions H1 2026 and other Saleable Goedehoop and H1 2026 average production 2% Isibonelo closure Higher rail costs 4.1% lower
Slide 15: Ensham – FOB Cost per Export Tonne
ENSHAM – FOB COST PER EXPORT TONNE R per tonne (including royalties) 1 904 69 477 1 466 17 33 20 H1 2025 Inflation Volume Foreign exchange Costs Selling expenses H1 2026 impact on consolidation H1 2026 average Saleable AU$/ZAR R11.52 Cost Sales volumes 4.0% production 37% (H1 2025 R11.65) management
Slide 16: Adjusted Operating Free Cash Flow
ADJUSTED OPERATING FREE CASH FLOW R billion 0.5 0.7 0.3 1.9 1.1 0.3 0.3 1.3 Adjusted EBITDA Derivative Working Sustaining Income taxes Amounts applied Non-cash Adjusted operating free H1 2026 settlements capital release capex to provisions and other cash flow H1 2026 South Africa Lower receivables S
Slide 17: Cash Evolution
CASH EVOLUTION R billion 0.7 1.5 0.1 0.5 6.1 5.1 1.1 0.3 Net cash Cash dividends paid Cash flows Balance of cash Sustaining capex Expansionary capex Environmental Net cash December 2025 from derivatives generated from and land access June 2026 settlements operating activities 17 Interim Results Pres
Slide 18: Returns to Shareholders
RETURNS TO SHAREHOLDERS Capital allocation1 R billion 8.5 OPERATIONAL PRIMARY SOURCE OF CASH FLOW TO CREATE OR 3.2 CASH FLOWS DISTRIBUTE VALUE 6.1 0.77 5.28 0.06 ENVIRONMENTAL Environmental liability to be cash collateralised over time SUSTAINING CAPEX Capital intensity and efficiency remain key pri
Slide 19: 2026 Operational Guidance
2026 OPERATIONAL GUIDANCE 2026 Guidance metric South Africa Ensham Export saleable production (Mt) 13.0 – 13.6 3.9 – 4.2 FOB cost per export tonne (R/tonne)1 1,330 – 1,380 1,650 – 1,740 FOB cost per export tonne excluding royalties 1,320 – 1,370 1,480 – 1,570 (R/tonne)1 Sustaining capital (R million
Slide 20: Conclusion
4 CONCLUSION MOSES MADONDO Chief executive officer Interim Results Presentation 2026
Slide 21: Embedding ESG
EMBEDDING ESG Environmental stewardship • Zero level 3 to 5 reportable incidents • Responsible mine end-of-life management Social impact • Successful delivery on Social and Labour Plans • Investment in improving educational infrastructure, including construction of a centre for differently abled chi
Slide 22: Thungela Strategy
THUNGELA STRATEGY To drive earnings growth and build resilience through the cycle to create sustainable long-term value for stakeholders. The strategic drivers focus on maximising value from our existing assets, pursuing selective value-accretive growth opportunities and developing future optionalit
Slide 23: Key Focus Areas
KEY FOCUS AREAS SAFETY AND HEALTH Remains at the core of everything we do as we seek to achieve an unwavering zero-harm mindset DRIVING GROWTH AND Full-year guidance maintained OPERATIONAL EXCELLENCE Ramp-up life-extension projects to improve competitiveness of our assets PORTFOLIO OPTIMISATION Cont
Slide 24: Q&A
5 Q&A Interim Results Presentation 2026
Slide 25: Thank You
THANK YOU Investor relations Hugo Nunes and Shreshini Singh [email protected] Media Hulisani Rasivhaga [email protected] Interim Results Presentation 2026
Slide 26: Cautionary Statement
CAUTIONARY STATEMENT Disclaimer: This presentation has been prepared by Thungela Resources By their nature, such forward-looking statements involve known and Certain statistical and other information about Thungela included in this Limited (“Thungela”) and comprises the written materials/slides for