SALUNGANO GROUP LIMITED - Unaudited Condensed Consolidated Interim Results for the six months ended 30 September 2025

Unaudited Condensed Consolidated Interim Results for the six months ended 30 September 2025

SALUNGANO GROUP LIMITED
Incorporated in the Republic of South Africa (Registration number 2005/006913/06)
Share code: SLG ISIN: ZAE000306890
("Salungano Group" or "the Company" or "the Group")


UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS
ENDED 30 SEPTEMBER 2025


Salient features

-    Revenue of R3.03 billion (HY25: R2.18 billion)

-    Sales volumes 4.2 million tonnes (HY25: 3.2 million tonnes)

-    Gross profit R422 million (HY25: R300 million)

-    Normalised EBITDA of R511 million (HY25: R272 million)

-    Operating expense of R108 million (HY25: R196 million)

-    Total net income R157.9 million (HY25: R88.2 million)

-    Headline earnings per share 38.48 cents (HY25: 21.56 cents)

-    Earnings per share 38.48 cents (HY25: 21.48 cents)

-    Net Asset Value per share 42 cents (HY25: 23 cents)

-    Interest bearing borrowings R121 million (HY25: R387 million)

-    Cash generated from operations R467 million (HY25: R234 million)

-    Ordinary cash dividend of Nil cents per ordinary share (HY25: Nil)


Financial results

Salungano Group's performance during the first half of FY2026 improved significantly from the
comparative period as the Moabsvelden mine's ROM production increased by 44% to 2.3 million tonnes
and Vanggatfontein restarted and produced 0.8 million tonnes.

The Group continued to operate with only the Moabsvelden Eskom contract, with the Vanggatfontein
Colliery continuing to supply Eskom through rectification into the Neosho contract. Vanggatfontein
Colliery was subsequently awarded its own Eskom contract in October 2025. Rectification tonnes
increased to 2.0 million tonnes (HY25: 1.4 million tonnes).

Total sales volumes increased 34% to 4.2 million tonnes (HY25: 3.2 million tonnes) resulting in a 39%
increase in revenue to R3.0 billion (HY25: R2.2 billion). Gross profit increased to R422 million (HY25:
R300 million) as a result of higher production and sales at a gross profit margin of 13.9% (HY25: 13.8%).

The Group made an operating profit of R328 million compared to R183 million in the comparative period.
EBITDA of R511 million was achieved against a comparative EBITDA of R272
million.

Financed costs amounted to R133 million (HY25: R129 million) which is the interest costs on interest-
bearing borrowings and the unwinding of the discount on the rehabilitation obligations.

The improvement in operational performance resulted in a headline profit of 38.48 cents per share
(HY25: 21.56 cents).

Shareholders are advised that any forward-looking statements provided herein are the responsibility of
the directors and have not been reviewed or reported on by the Company's external auditor.

Results Announcement

This results announcement is the responsibility of the board of directors of Salungano, and is only a
summary of the information contained in the unaudited condensed consolidated interim results for the
six months ended 30 September 2025 ("Results") and does not contain full or complete details. The
Results, as published on SENS, can be found on the Company's website at
https://salunganogroup.com/wp-content/uploads/2026/04/2025-September-Unreviewed-Condensed-
Consolidated-Interim-Results.pdf and can be accessed using the following JSE cloudlink:
https://senspdf.jse.co.za/documents/2026/jse/isse/slge/hy26.pdf

Any investment decisions by investors and or shareholders should be based on consideration of the
Results as a whole. These Results have not been audited or reviewed by the Company's auditors, SNG
Grant Thornton Inc.


For and on behalf of the Board
Dr Humphrey Mathe                                  Robinson Ramaite
Chairman                                           Chief Executive Officer

Registered office:
Building 10, Woodmead Business Park
142 Western Service Road, Woodmead, Sandton, 2191

Woodmead
30 April 2026

Sponsor
Merchantec Capital

Date: 30-04-2026 04:00:00
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