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Exxaro Resources ZAR

Exxaro Resources mines and supplies thermal and metallurgical coal, and also produces ferrosilicon powder and iron ore. The company additionally operates wind power generation assets.

At a glance: strengths & risks
✓Revenue growing (+8% y/y, H1 2026)✓Net cash balance sheet✓35-year reserve life✓Commodity price +14% vs 1-yr · +8% vs 3-yr✗Profit falling (-21% y/y, H1 2026)

Sector: Coal mining

ZA_EXX

Price chart

171.95 ZARDay 2.63%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
171.95 ZAR · 2.63%
Market cap
40.3 bn ZAR

Growth

Δ revenue y/y
7.5%
Δ EBITDA y/y
0.4%

Multiples

P/E (LTM)
6.0x
P/B (FY)
0.7x
P/E (ann.)
6.2x
EV/EBITDA (LTM)
4.2x
EV/EBITDA (ann.)
3.7x

Cash return

Dividend yield
9.8%
FCF yield (LTM)
10.5%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-5.3%
↓ details

Liquidity

Daily turnover (listing)
6.7 mln ZAR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B ZAR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB ZAROperating profitB ZARD&AB ZAREBITDAB ZARNet profitB ZAROperating CFB ZARCapex + M&AB ZARAssetsB ZAREquityB ZARROE (annualized)Net debtB ZARSource
2026-06-30H1 2026 (6M)OK22.1
y/y 7.5%
4.0
y/y -2.3%
1.6
y/y 8.0%
5.6
y/y 0.4%
3.3
y/y -21.1%
5.2-2.3105.1
y/y 7.5%
71.3
y/y 1.2%
10.3%0.8Link
2025-12-31H2 2025 (6M)OK21.2
y/y -2.5%
2.7
y/y -24.2%
1.5
y/y 6.0%
4.2
y/y -15.8%
3.4
y/y -15.2%
4.2-3.1103.2
y/y 9.0%
56.0
y/y 3.7%
12.0%-11.5Link
2025-06-30H1 2025 (6M)OK20.6
y/y 8.4%
4.1
y/y 17.2%
1.4
y/y 2.4%
5.6
y/y 13.0%
4.1
y/y 12.3%
4.2-2.097.7
y/y 7.1%
70.5
y/y 7.1%
13.3%-12.6Link
2024-12-31H2 2024 (6M)OK21.7
y/y 10.1%
3.6
y/y -9.0%
1.4
y/y -1.0%
4.9
y/y -6.9%
4.0
y/y -25.0%
4.8-1.494.7
y/y 2.0%
54.0
y/y 3.3%
12.9%-12.4Link
2024-06-30H1 2024 (6M)OK19.0
y/y 0.2%
3.5
y/y -40.9%
1.4
y/y 5.4%
4.9
y/y -32.5%
3.7
y/y -37.6%
3.6-1.191.3
y/y 3.2%
65.8
y/y 4.1%
12.5%-10.1Link
2023-12-31H2 2023 (6M)OK19.8
y/y —
3.9
y/y —
1.4
y/y —
5.3
y/y —
5.4
y/y —
6.0-1.992.9
y/y —
52.2
y/y —
19.6%-10.9Link
2023-06-30H1 2023 (6M)OK18.9
y/y —
6.0
y/y —
1.3
y/y —
7.3
y/y —
5.9
y/y —
5.1-0.888.4
y/y —
63.2
y/y —
—-7.8Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

05 00010 00015 00020 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-40%-20%0%20%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF (ZAR mln)

-10 000-5 00005 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (ZAR mln)

-15 000-10 000-5 00002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.07x of reported net profit; after capex, 0.76x.
year2022202320242025
cash flow / profit1.04x0.99x1.09x1.11x
accruals, % of assets-0.7%0.2%-0.7%-0.8%
Last twelve months (to 2026-06-30): 1.40x of profit came back as operating cash flow.
net debt / EBITDA -1.2x · capex 1.1x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Thermal coal (saleable; Grootegeluk + Mpumalanga complexes; ~7 Mt exports)

Proved reserves
1 392 Mt
2025
Reserve life (R/P)
34.9 yrs
reserves ÷ annual output
Annual production
39.90 Mt
2025
Production guidance
41.10 Mt

Production, Mt

43202242.50202339.50202439.902025

Proved reserves

YearReserves, Mt
20251 392
20231 200

Production

YearProduction, Mtper day, Mt
202539.90
+1.0%		0.11
202439.50
−7.1%		0.11
202342.50
−1.2%		0.12
2022430.12

Exxaro FY2025 results, year ended 31 Dec 2025 (published 19 Mar 2026): coal production 39.9 Mt (+1%, incl. buy-ins), sales 39.6 Mt, exports 7.1 Mt. FY2026 guidance: production/sales 39.4-42.8 Mt (midpoint 41.1), exports 7.3-8.0 Mt. Reserves 2025 = 1,392 Mt SALEABLE product tonnes per CMRR 2025 Table 3 (Matla 127 + Leeuwpan 14.3 + Mafube 60.8 + Belfast 52.1 + Grootegeluk 1,011 + Thabametsi project 127; 100% basis, Mafube is a 50% JV; attributable MTIS/RoM basis = 2,795 Mt). Grootegeluk per-op LoM 46y; R/P here = 1,392/39.9 = 34.9y on matching saleable basis. Interim: Jun-2026 pre-close guided H1-2026 production +10% HoH, met coal +41%.

Key-commodity price — Steam coal Richards Bay (API4)

Current 109spot vs LTM +10%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -5.3%

Main driver: Steam coal Richards Bay (API4) +14% vs LTM; revenue ×1.10 vs costs ×1.04; EBITDA 9 739→11 921; at 3.2× EV/EBITDA → -5%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, ZAR3y vs LTM
Steam coal Richards Bay (API4) (rev)+85%109.4496.39104.47+14%+12%+8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue43 320
LTM EBITDA9 739
LTM cash costs (revenue − EBITDA)33 581
2 · Revenue projection
Revenue multiplier — spot×1.103 (+10%)
= Spot revenue47 783
Revenue multiplier — 3y price×1.060 (+6%)
= 3-year-price revenue45 908
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs34 924
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs34 924
4 · EBITDA projection (revenue − costs)
= Spot EBITDA12 859
= 3-year-price EBITDA10 984
Conservative EBITDA = min(spot, avg)11 921
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)3.2x
Target EV = EV/EBITDA × conservative EBITDA38 018
Net debt847
Target market cap = EV − net debt37 171
Current market cap39 231

Upside = target market cap ÷ current − 1 = -5.3%

Life of mine: 70 yrs

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 H118 94312 833+47.6%7 267-1 531—
2023 H219 75513 655+44.7%5 325-351—
2024 H118 98116 694+13.7%4 9273 249+51.6%
2024 H221 74419 813+9.7%4 9305 142-4.1%
2025 H120 57918 073+13.9%5 5672 177+155.7%
2025 H221 19218 712+13.3%4 1522 321+78.9%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +3% vs +5% the year before — a -2.7 pp move. 3-year CAGR -3%.
revenue growth by year: 2023 -17% · 2024 +5% · 2025 +3%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 2.9x · target 75th pct (3y) 3.8x · LTM avg 3.2x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Coal mining. Each peer is shown as it trades and re-priced onto this company's market (South Africa) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Whitehaven CoalAustralia4.32.6x1.6x
Yancoal AustraliaAustralia5.33.3x2.0x
Indo Tambangraya MegahIndonesia1.63.0x3.2x
Adaro Andalan IndonesiaIndonesia5.14.3x4.6x
Alamtri Resources IndonesiaIndonesia4.14.8x5.1x
New HopeAustralia3.48.8x5.4x
Bukit AsamIndonesia2.15.2x5.6x
Group median4.3x4.6x
Group average4.6x3.9x
This companySouth Africa2.44.2x4.2x

Group median 4.3x as traded, 4.6x adjusted; this company 4.2x — a 8% discount.

Group average 4.6x as traded, 3.9x adjusted; against the average this company is at a 8% premium.

At the adjusted group median the market cap would be +6% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.8x, Russia 3.9x, South Africa 5.1x, Kazakhstan 6.6x, India 18.2x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-05; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-30700 ZAREx-dividend: 700 ZAR per sharePaidYahoo Finance (ex-div)
2026-05-061 000 ZAREx-dividend: 1 000 ZAR per sharePaidYahoo Finance (ex-div)
2025-10-01843 ZAREx-dividend: 843 ZAR per sharePaidYahoo Finance (ex-div)
2025-05-07866 ZAREx-dividend: 866 ZAR per sharePaidYahoo Finance (ex-div)
2024-10-02796 ZAREx-dividend: 796 ZAR per sharePaidYahoo Finance (ex-div)
2024-05-081 582 ZAREx-dividend: 1 582 ZAR per sharePaidYahoo Finance (ex-div)
2023-09-271 143 ZAREx-dividend: 1 143 ZAR per sharePaidYahoo Finance (ex-div)
2023-05-031 136 ZAREx-dividend: 1 136 ZAR per sharePaidYahoo Finance (ex-div)
2022-09-281 593 ZAREx-dividend: 1 593 ZAR per sharePaidYahoo Finance (ex-div)
2022-05-041 175 ZAREx-dividend: 1 175 ZAR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.exxaro.com/investor/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Exxaro Resources — from primary filings.

Frequently asked questions

What is Exxaro Resources's P/E ratio?
Exxaro Resources trades at a P/E of 6.0x (price to trailing 12-month earnings).
What is Exxaro Resources's EV/EBITDA?
Exxaro Resources trades at 4.2x EV/EBITDA.
What is Exxaro Resources's P/B ratio?
Exxaro Resources trades at a P/B of 0.7x.
What is Exxaro Resources's dividend yield?
Exxaro Resources's trailing 12-month dividend yield is 9.8%.
What is Exxaro Resources's return on equity (ROE)?
Exxaro Resources's ROE is 10.3%.
What is Exxaro Resources's market capitalization?
Exxaro Resources's market cap is 40.3 bn ZAR.

See also: South African Stocks (2026): Gold, Cheap Banks and the JSE Discount · The Cheapest Coal Stocks (2026): Out of Favour, Cash-Rich, High-Yield · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map