Exxaro Resources Limited on Thursday said it expects headline earnings per share (HEPS) and earnings per share (EPS) for the six months to 30 June 2026 to fall by 18% to 23% from the same period a year earlier, citing lower equity-accounted income from Sishen Iron Ore Company Proprietary Limited and Black Mountain Mining Proprietary Limited.
The update signals that profit contributions from investments outside Exxaro’s core operations were a key drag in the first half. Because equity-accounted income feeds directly into group earnings, softer results or pricing at those associates can outweigh stable performance elsewhere, leaving overall profitability more exposed to shifts in iron ore and base metals markets.
The company’s interim results will show how much associate earnings have retreated and whether core operations offset any of the decline. Investors will be watching for detail on volumes, costs and pricing at Sishen Iron Ore Company and Black Mountain Mining, as well as management’s outlook for the second half and any guidance on capital allocation.
For more detail, read the full announcement.