African Rainbow Minerals (ARI) investor relations material

Executive summary

• Headline earnings for the six months ended 31 December 2025 increased by 10% to R1,669 million, with basic earnings up 69% to R2,353 million, driven by higher PGM prices and a gain on the Nkomati acquisition; interim dividend declared at R5.00 per share.

• Net cash position improved to R8,464 million at 31 December 2025 from R6,609 million a year earlier, with no debt at ARM Ferrous.

• Safety performance improved significantly, with zero fatalities and lower LTIFR and TRIFR rates.

• Major strategic transactions included the closure of Cato Ridge Works, disposal of Sakura Ferroalloys, and acquisition of full ownership of Nkomati Mine.

Financial highlights

• Revenue for the period was R7,857 million, with gross profit of R2,620 million and EBITDA of R4,503 million.

• Headline earnings per share rose to 866 cents; basic earnings per share increased to 1,220 cents.

• Interim dividend of 500 cents per share declared, totaling approximately R1,044 million.

• Segmental headline earnings: ARM Platinum swung to R704 million profit (>200% increase), ARM Ferrous declined 34% to R1,236 million, and ARM Coal posted a R271 million loss (>200% decrease).

• Dividends received from Assmang decreased 4% to R2.4 billion, while Harmony dividends rose 66% to R116 million.

Segment performance

• Domestic coal sales at GGV fell 15% year-on-year, PCB down 3%, with revised guidance lowering local sales volumes; some coal diverted to export markets due to reduced Eskom demand.

• ARM Platinum: Two Rivers and Modikwa both saw lower PGM production (down 2% and 3% respectively), but headline earnings increased by over 200% each, driven by higher PGM prices.

• ARM Ferrous: Iron ore sales volumes fell 14% due to Beeshoek Mine ceasing sales to AMSA; Khumani Mine's unit cash costs rose 11%.

• Nkomati chrome plant generates ZAR 20–25 million revenue/month, subsidizing care and maintenance; chrome production to reach 11,000 tons/month by April, with annual profit expected at ZAR 100 million.

• Beeshoek signed a 1.2 million ton contract over 12 months at ZAR 800/ton, below previous rates, to clear stockpiles as the mine is on care and maintenance.