ZIM FINANCIAL STATEMENTS

Zimplats Holdings Ltd — balance sheet, income statement and cash flow trends

ZIMZimplats Holdings Ltd

🇦🇺 Australia · AU · Basic Materials · Other Precious Metals & Mining

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q3 2025 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue1.6 B $+35.7%

Gross Profit631.5 M $+470.1%

Operating Income332.9 M $+105.5%

EBITDA516.5 M $+93.2%

Net Income201.7 M $+1,196.8%

Peer Comparison· Other Precious Metals & Mining

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ZIM	35.7%	40.6%	33.2%	13.0%
FRES	29.6%	55.6%	56.3%	30.7%
PPTA	-100.0%	—	—	—
HL	57.0%	50.9%	53.7%	17.4%
Industry median	32.7%	50.9%	53.7%	17.4%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ZIM	35.7%	40.6%	33.2%	13.0%
SMR	-18.7%	54.1%	21.1%	-2.5%
RSG	11.8%	34.0%	39.8%	12.8%
CYL	—	53.0%	50.0%	32.7%
RDX	8.3%	21.5%	11.4%	6.3%
ALK	165.2%	27.8%	45.1%	15.6%
Industry median	32.7%	50.9%	53.7%	17.4%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q3 2025

Equity2 B $70%
Current Liabilities311.1 M $11%
Long-term Liabilities517.6 M $18%

Key Figures

YoY change

Total Assets2.8 B $-23.4%

Total Liabilities828.7 M $-22.4%

Total Equity2 B $-23.9%

Cash & ST Investments145.8 M $+69.7%

Total Debt72 M $-41.1%

Net Debt-73.8 M $-303.2%

Peer Comparison· Other Precious Metals & Mining

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ZIM	2.64	3.6%	-0.14	70.4%
FRES	4.35	18.4%	-0.75	63.6%
PPTA	188.73	0.4%	4.49	95.5%
HL	4.94	10.4%	-0.40	76.1%
Industry median	4.64	7.0%	-0.27	73.3%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ZIM	2.64	3.6%	-0.14	70.4%
SMR	1.26	42.4%	1.26	55.6%
RSG	1.01	29.6%	0.12	61.0%
CYL	2.19	3.0%	-1.04	74.8%
RDX	3.99	12.6%	-0.52	74.1%
ALK	2.02	2.7%	-0.78	72.0%
Industry median	4.64	7.0%	-0.27	73.3%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q3 2025 · TTM

Key Figures

YoY change

Operating Cash Flow358.3 M $+1.2%

Capital Expenditures214 M $-61.3%

Free Cash Flow123.8 M $—

Dividends Paid0 $-100.0%

Peer Comparison· Other Precious Metals & Mining

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ZIM	23.0%	8.0%	13.8%	177.6%
FRES	50.6%	41.9%	8.7%	165.1%
PPTA	—	—	—	74.9%
HL	45.8%	29.7%	16.1%	263.4%
Industry median	45.8%	29.7%	13.8%	171.3%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ZIM	23.0%	8.0%	13.8%	177.6%
SMR	20.2%	15.7%	4.5%	-806.8%
RSG	26.2%	15.9%	10.2%	205.3%
CYL	52.2%	10.7%	41.5%	159.5%
RDX	7.6%	7.2%	0.4%	121.6%
ALK	36.0%	25.3%	10.7%	231.2%
Industry median	45.8%	29.7%	13.8%	171.3%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 7, 26. This content is for informational purposes only and is not investment advice.