Trading Statement

In brief · summary, not quotable

H1 2025 earnings expected to fall 78-85% year-on-year due to market conditions and restructuring costs.

vs expectations: below

Expected EPS H1 2025 R1.40 - R2.10 per share (prior R9.52 per share H1 2024)
Expected HEPS H1 2025 R1.40 - R2.10 per share (prior R9.52 per share H1 2024)
Earnings attributable to shareholders H1 2025 R180 million - R280 million
Restructuring costs R285 million

Full announcement

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JSE Share Code: TGA

LSE Share Code: TGA

Tax number: 9111917259

('Thungela' or the 'Company' and, together with its affiliates, the 'Group')

Thungela Resources Limited Trading Statement for the six months ended 30 June 2025

Shareholders are advised that the board of directors of Thungela has a reasonable degree of certainty related to the expected financial results of the Group for the six months ended 30 June 2025 in line with paragraph 3.4(b) of the JSE Listings Requirements.

Expected earnings per share and headline earnings per share

Shareholders are advised that earnings per share ('EPS') for the six months ended 30 June 2025 (the 'current period') is expected to be between R1.40 and R2.10, a decrease of between R7.42 and R8.12 per share compared to reported EPS of R9.52 for the six months ended 30 June 2024 (the 'prior period'). Earnings attributable to the shareholders of the Group for the current period is expected to be between R180 million and R280 million.

Headline earnings per share1 ('HEPS') for the current period is also expected to be between R1.40 and R2.10, a decrease of between R7.42 and R8.12 per share compared to reported HEPS of R9.52 for the prior period. Headline earnings attributable to the shareholders of the Group for the current period is expected to be between R180 million and R280 million.

These EPS and HEPS figures are calculated using a weighted average number of shares of 131,790,424 for the current period and 135,382,283 for the prior period.

The expected EPS and HEPS ranges for the current period are summarised in the table below:

Expected EPS/HEPS range (Rand per share)		Expected decrease from prior period (Rand per share)	Expected decrease from prior period (%)
EPS	1.40 - 2.10	7.42 - 8.12	78 - 85
HEPS	1.40 - 2.10	7.42 - 8.12	78 - 85

Earnings attributable to the shareholders of the Group have been impacted by the ongoing challenging market conditions, as well as restructuring costs of R285 million recognised relating to costs to be incurred as the Goedehoop and Isibonelo operations reach the end of their lives in 2025.

Thungela expects to release its financial results for the six months ended 30 June 2025 on 18 August 2025. The financial results will be released on the Stock Exchange News Service of the JSE and the Regulatory News Service of the London Stock Exchange, and will be accompanied by an investor webinar and conference call on the same date.

The live webinar and conference call will start at 12:00 SAST (10:00 GMT). Details to register for the webinar and conference call are available below: