Q3-2025 Results

19 Nov 2025 05:51 CET

The following documents are attached in this announcement:
• 30 September 2025 management accounts
• Q3-2025 Compliance Certificate
• Q3-2025 presentation

Enclosed is the Pembroke’s company update for the third quarter of 2025. This
will be presented on Thursday, 20 November 2025. The presentation and Q&A
session will be held in English and delivered by CEO Michael Rosengren, CFO
Pieter Marais and Chairman Carl Tricoli via audio conference call.

Highlights of Q3-2025:

• Q3-2025 marked a stable operational period for the Olive Downs Complex, with
ROM production of 1.9 million tonnes, supported by CHPP throughput continuously
above nameplate capacity.
• Q3-2025 shipments increased 7% compared to Q2-2025.
• Despite the current volatile global economic environment, major coal indices
(PLV HCC and HCCAU00) declined marginally by 0.4% and 4.6% respectively,
compared with Q2-2025. The average price relativity to HCCAU00 was maintained
at ~100%, with an average realised steelmaking coal price of ~USD146/tonne in
3Q-2025.
• The Pembroke Olive Downs team continues to demonstrate a strong operational
discipline, with a key focus on – improving coal mining practices, optimising
yield, maximising CHPP performance and maintaining competitive production costs.

• In Q3-2025, our EBITDA is negative USD29m mainly due to the provision of
historical contractor claims. Excluding historical claims EBITDA is USD6m. Cash
balance as of 30 September 2025 was USD179m.

More information:
Access the news on Oslo Bors NewsWeb site

659992_Q3-2025 Management report.pdf
659992_Q3-2025 Presentation.pdf
659992_Q3-2025 Compliance Certificate.pdf