Slides
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GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 Drybulk terminal I MAPUTO
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GLOBAL SOUTH AFRICA MOZAMBIQUE SADC GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 OVERVIEW AND HIGHLIGHTS Market overview Drybulk terminal I MAPUTO § South Africa is anticipated to grow 1.1%, supported by ongoing reforms but constrained by global uncertainty and higher energy prices § Mozambique’s 2026 growth of 0.5% reflects near-term pressures, with recovery anchored by LNG resumption and monetary easing § Global growth is expected at 3.0% in 2026, constrained by trade tensions, tariffs, Middle East conflict and volatile commodity prices § China is projected to slow to 4.6%, reflecting property sector weakness and global uncertainty § India is projected to expand by 6.4%, supported by resilient private consumption § Zambia and Zimbabwe remain resilient, supported by mining activity, agricultural recovery and ongoing reforms § Botswana and Namibia continue to deliver moderate growth, underpinned by mining and energy sector investment
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Copper Spodumene * Coal Graphite Lithium carbonate 39%Iron ore fines Chrome Ferrochrome 2025 vs 20242024 vs 2023H1 2026 vs H1 2025 8% (73%)(3%) (70%) (28%)(15%) (13%)(15%) 1% (7%) (8%) (6%)(7%) 14%(4%) (8%) Manganese 8%164% 117%(24%) 5% 15% 4% 15% 15% 13% OVERVIEW AND HIGHLIGHTS Commodity prices Commodity prices sourced from Afriforesight* Spodumene using two data sources GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026
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Port volumes Financial OVERVIEW AND HIGHLIGHTS Performance overview Safety Operational Capital allocation GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 Ships agency I WALVIS BAY 0.16 LTIFR Fatality 29% 8.4 million tonnes 2% 8.1 million tonnes Drybulk volumes EBITDA 52% R884 million R593 Headline earnings 2025: 0.27 Target: 0.4 28% Interim ordinary dividend 6% R561 million 24.3 cents per share Cash generated from operations million 1fatality
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GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 Drybulk terminal IMATOLA
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H1 H2 Port and Terminals I Volume performancePORT AND TERMINALS 9.8 12.6(mtpa) Port volumes 6.7 5.96.9 5.3 14.3 7.4 8.4 8.4 2022 2023 2024 2025 2026 GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 H1 CAGR 17% H1 CAGR 3% 8.18.9 Matola volumes H1 H2 3.84.24.1 4.34.7 2022 2023 2024 2025 2026 4.04.2 8.1 4.2 (mtpa) 4.5 6.5 15.2 8.7 4.5 5.4 9.9
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GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 Container depot I CAPE TOWN
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GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 Logistics I Operational overview LOGISTICS Rail operations I KATHU § Mixed performance, with soft market conditions impacting container, ships agency, clearing and forwarding § Rail earnings constrained by lower locomotive deployment and the wind-down of the eSwatini siding operation § Graphite volumes a partial offset § Locomotive redeployment and the Rail Access Agreement support a stronger outlook § Logistics continues to underpin Grindrod's integrated corridor strategy
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Drybulk terminal IMATOLAGRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 FINANCE
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Income statement ^2026 H1 RESULTS Rmillion GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 * ^ Income statement is presented on an IFRS basis (i.e. joint venture effective share is equity accounted and not proportionately consolidated on a line-by-line basis)* 2025 H1 consolidated Matola for one month only. This has been normalised to exclude material non-trading items and to reflect the consolidation of Matola for the full six month period for meaningful comparability with 2026 H1 RevenueR2.8(2025: R2.4 billion) billion19% Headline earnings(cents / share)88.8(2025: 88.7 cents) cents 2026 H1Normalised2025 H1Comments2025 H1 %ChangeRevenue2 8363 115Matola volumes down 7%, Eswatini sidings wound down2 38119EBITDA884980Subdued logistics performance and prior year non-core fair value gains58452EBITDA margin (%)3131 2524Depreciation and amortisation(250)(269)Extended concession period(165)(52)Non-trading items3- 930(100)Net interest expense (68)(62) (40)(70)Share of profits of joint ventures and associates265219Port own handled volumes up 29%354(25)Profit before taxation834868 1 663(50)Taxation(196)(197) (168)(17)NCI (7)3 8(>100)Preference dividends(33)(36) (36)6Net profit attributable to ordinary shareholders598637 1 467(59)Headline earnings593634 592-Average USD / ZAR16.3918.44 18.44(11) EBITDAR884(2025: R584 million) million52% (2025: 25%)31%24%EBITDA margin
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Financial highlights I Segment performance 2026 H1 RESULTS GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 Rmillion Drybulk terminal IRICHARDS BAY 2026 H1Normalised2025 H12025 H1RestatedPORT AND TERMINALSRevenue 1 4791 590830EBITDA 641651254EBITDA margin (%)434131 Normalised EBITDA margin (%) 3 433824Share of profits of joint ventures and associates242184319Headline earnings535498448Return on equity (%)201818EBITDA earned in US Dollars (%) 3 859071 12 1 Restated to present numbers on an IFRS basis (i.e. joint venture effective share is equity accounted and not proportionately consolidated on a line-by-line basis)2 2025 H1 consolidated Matola for one month only. This has been normalised to reflect the consolidation of Matola for the full six month period for meaningful comparability with 2026 H13 Excludes once-off COVID-19 insurance proceeds of R54 million in H1 2025
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2026 H12025 H1RestatedLOGISTICSRevenue 1 2701 381EBITDA 120248EBITDA margin (%)918Normalised EBITDA margin (%) 2 1621Share of profits of joint ventures and associates2329Headline earnings32140Return on equity (%)49EBITDA earned in US Dollars (%) 3 3933 Financial highlights I Segment performance 2026 H1 RESULTS GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 Rmillion Maritime engineering ICAPE TOWN 1 1 Restated to present numbers on an IFRS basis (i.e. joint venture effective share is equity accounted and not proportionately consolidated on a line-by-line basis)2 Excludes once-off COVID-19 insurance proceeds of R58 million in H1 2025. Logistics is further normalised for low transport brokering margin3 Excludes once-off COVID-19 insurance proceeds of R58 million in H1 2025
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Investment in joint ventures andassociates and other investments Operating assetsWorking capital (Dec 2025: R5.3 billion)Capital additions (R165 million) offset by foreign translation and depreciation 1% (Dec 2025: R2.7 billion)R2.8 billionEquity accounted earnings partially offset by foreign translation and dividends received 6%(Dec 2025: R2.0 billion)0% Trade and other payables (Dec 2025: R3.9 billion)Special dividend distribution 7% PPE and right of use Trade and other receivables (Dec 2025: R1.7 billion)17%Mainly attributable to an increase in Mozambique terminals and agency / clearing and forwarding Cash and cash equivalents Investments GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 Balance sheet 2026 H1 RESULTS (Jun 2025: R439 million)28%R561million Cash generated from operations (Jun 2025: R1 342 cents)R1 350centsNAV per shareR5.2billionR2.0billion R2.0billion R3.6billion Strong balance sheet provides capacity for growth 1%
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Net cashRmillion (591) (183) December 2025Net cash generated from operations Interest / dividends / taxationNet capital expenditureJV loan repayment Non-cash movement in lease liabilities and foreign exchange June2026 (41) 561 53590 699 GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 2026 H1 RESULTS Bank overdraftLease liabilitiesBorrowings 1 447 1 366 3 223 Dec 2025 Total debt analysis 4271 408 1 269 Jun 2026 3 104410 Jun2026Dec2025Total debt3 1043 223Less: cash(3 639)(3 922)Net cash(535)(699)
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GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 R4.0 - R5.0as at 30 June 2026 2026 H1 RESULTS Debt restructure Rail operations ITSHWANE billion §Debt restructuring was necessary to create a platform to leverage balance sheet capacity and fund growth through scalable debt raises§A Common Terms Arrangement structure has been fully syndicated with all lender approvals secured and execution is targeted for the end of August §Long-term debt of R1.2 billion in three jurisdictions covering 96% of existing borrowings will be refinanced§Improved debt maturity with tenure of between five and seven years§Estimated cost savings of between R40 million and R50 million over the tenure§Streamlined covenant framework§The Group has incremental debt capacity of between R4.0 billion - R5.0 billion Incremental debt capacity
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GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 2026 H1 RESULTS Capital allocation 2022 onwards Dividend cover policy of 3.0 to 4.0 times headline earningsHurdle rate of 16% - 18%2022 - 2025 1 448605 2026 H1 692740 2 2022 - 202513 97 982885 Dividends declared STAY-IN-BUSINESS CAPEX(R1.5 billion)GROWTH CAPEX(R3.8 billion)SUSTAINABLE DIVIDENDS 115 H12022H22022H12023H22023H12024H22024H12025H22025H12026 521 230254154114 370456 1632 6811 223 1 458137124 26 26 2026 H2 - 2029 Authorised2026 H2 - 2029 Authorised (average of 3.5 times cover excl. special dividend in 2022 H2 and 2025 H1 and H2) R2.4Dividends declared of from 2022 onwards LogisticsGroupPort and Terminals Rmillion 39 804 Preserving existing asset base2026 H1 billion(72% relating to growth capex) R5.3Total capital expenditure of from 2022 onwardsbillion
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GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 Ships agency I WALVIS BAY
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Growth projects GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 MAPUTO PORT DREDGING Cape vessels Deeper channel Greater channel depth lifts incremental Matola volumes. 2027 Q1 MATOLA TERMINAL EXPANSION +3 mtpa PHASE 01 I 12 mtpa Added capacity with better efficiency. 2028 RICHARDS BAY HANDLING FACILITY Container New sector entry Establishing a presence as a container terminal operator. PSP OPPORTUNITY 27 mtpa TARGETED Richards Bay drybulk PSP - coal, chrome and magnetite. 2027 Q42027 SA RAIL OPEN ACCESS 0.4 mtpa Belfast Komatipoort New wagons feeding Matola terminal volumes. Rail operations I KATHU STRATEGIC PRIORITIES AND OUTLOOK 2028
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INVESTMENT CASE AND STRATEGIC PRIORITIES Hard-to-replicate assets in key regional trade corridors. STRATEGIC INFRASTRUCTURE DISCIPLINED CAPITAL ALLOCATION Decisions anchored in returns, cash generation and balance-sheet strength. Delivering today and creating tomorrow. Our investment case A differentiated infrastructure platform built for growth and through-the-cycle returns Our strategic priorities Focused execution across our key drivers GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 VISIBLE GROWTH Contracted capacity expansion building a multi-year earnings trajectory.Operational excellence Structured capital pipeline delivery Growth executionOur people and communities Shareholder value Financial strength, a stronger balance sheet, sustainable returns, long-term value for all Reliable value, every daySkilled, safe, engaged
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TERMINALS CAPACITY AND UTILISATION Template capacity 17 150 000 7 300 000 1 980 000 6 100 000 550 000 2 000 000 H1 2026 H1 2025 Change % H2 2025 FY 2025 FY 2024 Template capacity Drybulk (tonnes) 8 081 475 7 934 604 2 8 850 856 16 785 460 16 716 059 17 150 000 Matola terminal 1 2 4 193 518 4 493 379 (7) 5 421 350 9 914 729 8 118 149 7 300 000 Maputo terminal 1 586 701 753 420 (22) 570 250 1 323 670 2 880 055 1 980 000 Richards Bay 1 941 218 1 770 154 10 1 832 384 3 602 538 3 521 329 6 100 000 Walvis Bay 43 515 16 604 162 45 832 62 436 244 333 550 000 Maydon Wharf 3 1 316 523 901 047 46 981 040 1 882 087 1 952 193 2 000 000 Trucks per day into Matola (average) 94 252 (63) 156 204 162 Trains per day into Matola (average) 5 5 - 5 5 4 Terminals 1 Physical tonnage excluding take or pay volumes 2 Capacity is based on rail. Including trucking volumes, capacity is c.9.0 million 3 Annual capacity is scalable to 3.6 million tonnes GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 Drybulk terminal I MATOLA
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Template capacity 17 150 000 7 300 000 1 980 000 6 100 000 550 000 2 000 000 H1 2026 H1 2025 Change % H2 2025 FY 2025 FY 2024 Own handled 1 8 417 114 6 507 051 29 8 676 233 15 183 284 14 266 083 Sub-concession and other 6 859 841 7 631 944 (10) 9 202 480 16 834 424 16 711 536 Port of Maputo 15 276 955 14 138 995 8 17 878 713 32 017 708 30 977 619 Trucks per day into Maputo (average) 868 697 838 768 752 Trains per day into Maputo (average) 3 3 4 3 3 GRINDROD LIMITED Unaudited interim results for the six months ended 30 June 2026 Port I MAPUTO 1 Own handled includes chrome, ferrochrome and other commodities Port PORT CAPACITY AND UTILISATION