MONTAUK RENEWABLES INC - Audited Consolidated Results for the year ended 31 December 2024

Audited Consolidated Results for the year ended 31 December 2024

MONTAUK RENEWABLES, INC.
Incorporated in the United States of America
Company number: 85-3189583
NASDAQ share code: MNTK
JSE share code: MKR
ISIN: US61218C1036
("Montauk Renewables" or the "Company")


AUDITED CONSOLIDATED RESULTS
For the year ended 31 December 2024

Dollar amounts presented herein are in United States Dollars

SALIENT FEATURES
                                                                                       Percentage
                                                                 2024          2023        change
Revenue                                          ($'000)      175 736       174 904          0.5%
EBITDA                                           ($'000)       40 969        45 277          (10%)
Headline earnings                                ($'000)       11 002        15 760          (30%)
Earnings per share                               ($)             0.07          0.11          (36%)
Headline earnings per common share               ($)             0.08          0.11          (27%)
Net asset value per common share                 ($)             1.79          1.74            3%


DECLARATION OF CASH DIVIDEND
The directors have resolved not to declare a final dividend to focus financial resources on the
continued development of the Company's operations portfolio.

USE OF NON-GAAP MEASURES
This report was prepared for the purpose of complying with the reporting requirements of the
Johannesburg Stock Exchange and includes certain non-GAAP measures, such as headline earnings and
headline earnings per common share, and related reconciliations.

Reconciliation of headline earnings
                                                           2024                             2023
                                                  Gross              Net         Gross                Net
                                                  $'000            $'000         $'000              $'000
Net income attributable to common
shareholders                                                       9 734                           14 948
Adjustments
(Profit)/Loss on disposal of plant and
Equipment                                           (99)             (79)           94                 78
Impairment of plant and equipment                 1 586            1 268           902                734
Gain on disposal of intangible assets                99               79
Headline earnings                                                 11 002                           15 760

Basic and headline earnings per common share (US Dollars)
Earnings                                                            0.07                             0.11
Headline earnings (2)                                               0.08                             0.11

Weighted-average common shares
outstanding ('000)(1)                                            142 279                          141 728

Diluted earnings per common share (US Dollars)
Earnings (2)                                                        0.07                             0.11
Headline earnings (2)                                               0.08                             0.11

Weighted-average common shares
outstanding for diluted ('000) (2)                               142 397                          142 152


   (1) The common share outstanding as of December 31, 2024 is as reported in the annual report of
       Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and
       Exchange Commission on March 14, 2025.
   (2) The December 31, 2024 and 2023 per share indicators were determined by applying
       International Financial Reporting Standards.

DIRECTORS' STATEMENT

This short-form announcement is the responsibility of the Company's Board of Directors.

The financial information is only a summary and does not contain full details of the financial
results. Any investment decisions by investors and/or shareholders should be based on information
contained in the full announcement, accessible from 17 March 2025, via the JSE link
(https://senspdf.jse.co.za/documents/2025/jse/isse/MKRE/YE24.pdf) or on the SEC's website at
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001826600/000095017025039495/mntk-20241231.htm
The full announcement is also available at the Company's registered office and may be requested
at info@montaukenergy.com free of charge to investors and/or shareholders, during office hours
(09:00 - 17:00) from Mondays to Fridays.

17 March 2025

Directors: JA Copelyn (Chairman)*###, SF McClain (Chief Executive Officer)#,
MH Ahmed*###, TG Govender*###, J Cunningham*#, Y Shaik* ###
*Non-executive; #United States of America; ### Republic of South Africa

Company secretary: J Ciroli

Registered office: 5313 Campbells Run Road, Suite 200, Pittsburgh, PA 15205
Website: https://ir.montaukrenewables.com/

Montauk Renewables is primary listed on the Nasdaq and secondary listed on the JSE.

Sponsor:
Investec Bank Limited

Date: 17-03-2025 02:30:00
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