• Delivered Underlying EBITDA of US$1.1B and 16% growth in Underlying earnings to US$435M
• Announced a fully-franked interim ordinary dividend of US 3.9 cents per share (US$175M)
• Increased capital management program by US$100M to US$2.6B, with US$209M remaining to be returned to shareholders

South32 delivered strong financial results for the half year ended 31 December 2025, with Underlying EBITDA of US$1.1B and 16% growth in Underlying earnings to US$435M. The company announced a fully-franked interim ordinary dividend of US 3.9 cents per share (US$175M) and increased its capital management program by US$100M to US$2.6B, with US$209M remaining to be returned to shareholders. Production and Operating unit cost guidance is unchanged across the company's operated businesses, as it maintains a disciplined focus on delivering safe and reliable operating performance. South32 is continuing work to grow its base metals production and unlock value across multiple development horizons, including advancing construction of the large-scale, long-life Taylor zinc-lead-silver project at Hermosa and announcing a 28% increase in the underground Ore Reserve at Cannington. The company is also progressing options to grow future copper production at Sierra Gorda. However, Mozal Aluminium will transition to care and maintenance in March 2026 due to the inability to secure sufficient and affordable electricity supply.

FY26 production and Operating unit cost guidance is unchanged across South32's operated businesses.