21 hours ago
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MarketBeat
Mon, March 23, 2026 astatine 7:05 AM CDT 7 min read
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Thungela exceeded operational guidance, producing 17.8 cardinal tonnes of exportable saleable ember successful 2025 and benefiting from improved logistics aft Transnet Freight Rail show roseate 9% to 56.8 cardinal tonnes.
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Weaker benchmark thermal ember prices (about 15% little successful South Africa and 22% successful Australia) and currency moves drove an adjusted EBITDA of ZAR 1.2 billion but a header nonaccomplishment of ZAR 839 million, with a ZAR 8.8 billion non‑cash impairment contributing to a net nonaccomplishment of ZAR 7.1 billion.
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Despite the impairment, Thungela generated ZAR 2.4 billion operating escaped currency flow, ended the twelvemonth with ZAR 6.1 billion currency (net currency ZAR 5.1 billion), paid a last dividend of ZAR 2 per share and returned ZAR 701 million to shareholders; 2026 guidance targets South Africa export accumulation of 13.0–13.6 mt with higher FOB costs of ZAR 1,320–1,370/tonne.
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Thungela Resources (LON:TGA) outlined a twelvemonth of beardown operational transportation but weaker fiscal outcomes arsenic little thermal ember prices and currency headwinds weighed connected results, according to comments made during the company’s 2025 yearly results presentation. Newly appointed CEO Moses Madondo said the institution exceeded accumulation guidance successful South Africa and delivered astatine the precocious extremity of the scope astatine its Ensham cognition successful Australia, portion CFO Deon Smith highlighted the interaction of benchmark terms declines, a stronger rand, and a ample non-cash impairment.
Madondo said the radical recorded 17.8 cardinal tonnes of exportable saleable accumulation successful 2025. He attributed the show to beardown results astatine Mafube, ramp-up astatine Annea Colliery (previously the Elders project), and betterment astatine Ensham aft hard geological conditions successful the archetypal half. Export equivalent income besides totaled 17.8 cardinal tonnes, up from 16.6 cardinal tonnes successful 2024, which absorption linked to higher export saleable accumulation successful South Africa and improved logistics.
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On the logistics front, Madondo said Transnet Freight Rail (TFR) improved obstruction show by 9% to 56.8 cardinal tonnes successful 2025, citing amended rolling banal availability and web reliability efforts supported by manufacture collaboration. He added that Thungela was encouraged by South Africa’s obstruction betterment programme and the facilitation of backstage assemblage participation.
Management said 2025 benchmark thermal ember prices were materially little twelvemonth implicit year, with Madondo noting benchmark prices down astir 15% successful South Africa and 22% successful Australia. The institution besides pointed to a weaker U.S. dollar and a stronger rand arsenic further headwinds.
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