Business description: South32 Limited

South32 specializes in the exploration and operation of mines. Net sales break down by family of products as follows:

- alumina (22.4%): 5,050 Kt produced in 2018/19; ;

- aluminum (20.4%) : 982 Kt produced; ;

- manganese (16.9%) : 5,536 Kt produced;

- thermal coal (10.6%): 24,979 Kt produced;

- metallurgical coal (11.6%): 5,350 Kt produced;

- nickel (5%) : 41.1 Kt produced ;

- non-ferrous metals (4.8%): silver (12.2 million ounces produced), lead (101.4 Kt) and zinc (51.6 Kt);

- other (8.3%).

Net sales are distributed geographically as follows: Southern Africa (16.7%), Singapore (15%), India (7.3%), China (6%), Japan (5.6%), South Korea (2.7%), Asia (3.5%), Switzerland (7%), Netherlands (6%), Italy (2.6%), Europe (7.5%), Australia (8.3%), North America (4.5%), United Arab Emirates (4.1%), Middle East (2.5%) and South America (0.7%).

Number of employees: 8,892

Sales by Activity: South32 Limited

Fiscal Period: June 2021 (USD) 2022 (USD) 2023 (USD) 2024 (USD) 2025 (USD)

Hillside Aluminium

1.51B 2.25B 1.82B 1.72B 1.99B

Worsley Alumina

1.17B 1.62B 1.36B 1.36B 1.92B

Mozal Aluminium

578M 924M 886M 812M 979M

Brazil Alumina

400M 524M 456M 484M 749M

Brazil Aluminium (BA)

- - 166M 242M 355M

Sierra Gorda

- 241M 684M 647M 832M

Cannington

757M 736M 542M 631M 659M

South Africa Manganese

369M 419M 344M 343M 353M

Australia Manganese

730M 848M 688M 436M 42M

Cerro Matoso

493M 929M 698M 556M -

Unallocated Sierra Gorda Joint Venture Adjustments

- -241M -684M - -

Unallocated Manganese Joint Venture Adjustments

- -1.12B -937M - -

Unallocated Statutory Adjustment

-1.1B - - - -

Group and Unallocated Items/Elimination

-195M -208M -243M -392M -894M

Unallocated Joint Venture Adjustments

- - - -1.36B -1.2B

Illawarra Metallurgical Coal

758M 2.34B 1.64B - -

Geographical breakdown of sales: South32 Limited

Fiscal Period: June 2021 (USD) 2022 (USD) 2023 (USD) 2024 (USD) 2025 (USD)

Netherlands

480M 1.26B 1.08B 948M 887M

Rest of Europe

492M 1.08B 776M 458M 545M

United States of America

- 439M 419M 397M 530M

South Africa

- 633M 495M 392M 422M

Japan

348M 523M 434M 304M 415M

Other Asia

216M 967M 850M 319M 372M

Mozambique

- 458M 346M - 357M

Bahrain

- - - - 346M

Brazil

- - 192M 112M 294M

Rest of North America

- 278M 234M 244M 286M

Australia

522M 1.01B 765M 359M 279M

Italy

- - - 330M 268M

South Korea

326M 692M 411M 299M 259M

China

421M 776M 728M 622M 248M

Rest of Middle East

- - - - 144M

Rest of Oceania

- 92M 70M 93M 128M

Rest of Africa

- - - 283M -

Russia

- 44M - - -

Switzerland

480M - - - -

South America

32M 156M - - -

Southern Africa

1.08B - - - -

North America

387M - - - -

United Kingdom

236M - - - -

Singapore

902M - - - -

Middle East

213M 283M 326M 319M -

India

207M 581M 304M - -

Executive Committee: South32 Limited

Manager TitleAgeSince
Chief Executive Officer 54 30/09/2014
Director of Finance/CFO 44 31/03/2023
Chief Tech/Sci/R&D Officer 50 29/02/2024
Chief Operating Officer 56 29/02/2024
Corporate Officer/Principal 46 01/02/2026

Composition of the Board of Directors: South32 Limited

Director TitleAgeSince
Director/Board Member 54 20/01/2015
Director/Board Member 74 06/05/2015
Chairman 70 07/02/2019
Director/Board Member 69 31/10/2017
Director/Board Member 65 30/04/2023
Director/Board Member 67 30/04/2023
Director/Board Member 56 27/11/2023
Director/Board Member 62 31/01/2025
Director/Board Member 50 31/01/2025
Director/Board Member 60 01/12/2025

Shareholders: South32 Limited

NameEquities%Valuation
AustralianSuper Pty Ltd.
7.2 %
323,022,923 7.2 % 1 045 M $
The Vanguard Group, Inc.
6.16 %
276,360,221 6.16 % 894 M $
Macquarie Bank Ltd. (Private Banking)
2.239 %
100,468,115 2.239 % 325 M $
Macquarie Investment Management Global Ltd.
2.038 %
91,435,484 2.038 % 296 M $
State Street Global Advisors Trust Co.
1.131 %
50,734,311 1.131 % 164 M $
NameEquities%Valuation
Pacific Heights Asset Management LLC
0.0557 %
500,000 0.0557 % 8 M $
Wintrust Private Trust Co. NA
0.008552 %
76,735 0.008552 % 1 M $
RhumbLine Advisers LP
0.00579 %
51,953 0.00579 % 840 755 $
Yousif Capital Management LLC
0.001694 %
15,199 0.001694 % 245 965 $
GAMMA Investing LLC
0.000901 %
8,089 0.000901 % 130 904 $

Holdings: South32 Limited

NameEquities%Valuation
18,595,311 10.87% 94 M $
43,622,091 17.52% 87 M $
25,160,756 14.81% 63 M $
45,124,743 27.04% 23 M $
34,477,577 20.3% 20 M $

Company details: South32 Limited

South32 Ltd.

100 St Georges Terrace

6000, Perth

+61 8 9324 9000

http://www.south32.net/
address South32 Limited(S32)

Group companies: South32 Limited

NameCategory and Sector
Financial Conglomerates
Financial Conglomerates
Miscellaneous Commercial Services
Miscellaneous Commercial Services
Miscellaneous Commercial Services

Integrated Mining

Change 5d. change 1-year change 3-years change Capi.($)
-2.39%-2.17%+23.63%-4.66% 14.42B
-4.24%-9.59%+34.62%+9.13% 196B
-0.56%-7.99%+40.87%+13.01% 156B
-3.63%-11.54%+91.32%+127.38% 88.21B
-2.43%-5.84%+53.53%+0.06% 80.17B
-0.63%+1.71%+60.63%+65.79% 73.83B
-4.38%-12.70%+15.56%-2.93% 48.16B
-1.57%-17.08%+319.32%+362.39% 35.01B
+1.37%+0.36%+62.77%+151.26% 30.25B
-1.51%-2.83%+37.70%+88.24% 27.41B
Average -2.00%-6.81%+73.99%+80.97% 74.9B
Weighted average by Cap. -2.37%-7.79%+60.30%+52.58%
Trader
Investor
Global
Quality
ESG MSCI
A
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
3.157USD
Average target price
3.328USD
Spread / Average Target
+5.39%

Quarterly revenue - Rate of surprise

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