GROUP ANNUAL RESULTS 2025 30 September 2025 Our suite of reports are available at www.eskom.co.za/investors/integrated-results/ Kusile Unit 6 achieved commercial operation on 29 September 2025 The delivery of the 799MW unit marks the conclusion of Eskom’s new build programme, which commenced in FY2005 1 Today’s overview … 1 2 3 REFLECTING ON DRIVING THE TURNAROUND FINANCIAL OVERVIEW THE BOARD’S TERM AND PREPARING FOR THE FUTURE AND OUTLOOK The presentation covers the FY2025 annual results and touches on performance during FY2026, to provide stakeholders with up-to-date information 2 REFLECTING ON THE BOARD’S TERM Mteto Nyati DRIVING THE TURNAROUND AND PREPARING FOR THE FUTURE FINANCIAL OVERVIEW AND OUTLOOK 3 Eskom remains pivotal in transforming lives through our significant contribution to South Africa’s economy Mzansi’s story Eskom Guardians playing our part ~94% households connected 0.6% GDP growth R1 trillion investment Households with access to electricity 1.4% projected growth in 2025 plan by government in infrastructure 86% of SA’s electricity demand supplied by Eskom to ~33% Unemployment 0.67 Gini coefficient One of the highest in the world Extreme income inequality > 7 million customers R2.3 trillion positive impact due to loadshedding reduction Infrastructure instability ~42% GHG emissions (energy security and grid capacity, water and ports) comes from the electricity sector R43.5 billion taxes, duties and levies paid and withheld ERAA PPP/PSP SA G20 Presidency Reforms of the Electricity Promotion of private Promoting inclusive and sustainable Top Employer 2025 42 030 employees, one of the largest employers Supply Industry (ESI) investment in public sector economic growth Sustainable electricity supports economic growth, reduces poverty and improves living standards REFLECTING ON THE BOARD’S TERM 4 The Board has made significant progress on Eskom’s turnaround in its term. The focus will remain on building a sustainable, competitive organisation Challenge Stabilise Perform Evolve Board appointed (Oct 2022) Before Oct 2022 Oct 2022 to Dec 2024 Jan to Sep 2025 Toward 2035 • Frequent loadshedding, peaking at Challenges Impact • Affordable and reliable electricity stage 6 • Leadership instability • Loadshedding reduced to 13 days in • Ethical and high-performance • Weak balance sheet and loss-making • Lack of communicating with one voice FY2025 (with 310 consecutive days organisation financial position • Dysfunctional organisational culture without loadshedding) • Fast-track implementation of the • Escalating municipal debt • No turnaround plan » firefighting • Returned to profitability with healthy legal separation • Governance breaches, including levels of liquidity • Resolve municipal debt challenge Interventions state capture • Credit rating upgrades with Government assistance • Board approves Generation Recovery • Outdated business model • Exco restructured and capacitated to • Sizeable renewable energy assets Plan with a stronger focus on EAF • Poor reputation and negative deliver on Eskom’s strategy • Ensure a healthy balance sheet recovery (March 2023) media coverage • Achieved Generation Recovery Plan • Pipeline future skills and appropriate • President appoints Minister of Electricity • Negative outlook by lenders and target of 70% (instantaneous EAF) utilisation of emerging technologies (March 2023) rating agencies • Structural reforms and interventions • Leading research, testing and • Generation: Group Executive appointed • Low staff morale with skills gaps (April 2023) to root out crime, fraud and development in clean energy • Eskom Debt Relief Act passed (July 2023) corruption technologies • GCE appointed (March 2024) • Improved media, customer and • Customer centricity enabled by • NTCSA commences trading (July 2024) lender sentiment technology (AI and data analytics) REFLECTING ON THE BOARD’S TERM 5 Interventions on governance and controls have delivered measurable improvements in the fight against crime, fraud and corruption 1 Proactive prevention of crime, fraud and 2 Faster identification of suspicious activity corruption 1. Implemented transaction monitoring and data analytics to 1. Development of the fraud prevention plan Prevent improve process and controls 2 2. Enhanced ethics and fraud awareness training 1 2. Improved detection capability in Eskom’s online vending 3. Improved declaration of interests and conflict of interest Detect system policies 3. Enhanced invoicing and vendor reconciliations 4. Digitisation of procurement processes and systems 4. Improved reporting platforms and monitoring of 5. Enhanced supplier database for informal tendering whistle-blowing 6. Migrated to new document management system Oversight 7. Implemented vetting and background check processes 5 3 Effective analysis and confirmation of fraudulent / 3 criminal activity 1. Restructured Internal Audit Department Improving oversight and monitoring of the 5 Investigate 2. Establishment of the Group Investigations and Security unit end-to-end combined assurance model and appointed a general manager in charge 1. Separated the Audit and Risk Committee to improve Correct 3. Establishment of the PMO to support with backlog of cases oversight 4 4. Expansion of the PMO to incorporate a Rapid Response Unit 2. Establishment of the audit recovery programme 5. SAP and OVS war rooms established 3. Establishment of the Anti-fraud and Corruption Integration 6. Ongoing development of a single investigation repository Committee (AFCIC) for monitoring and oversight 4 Case resolution and prevention of recurrence 1. Establishment of the state capture task team to drive recoveries 2. Improving the supplier review process and establishment of the Supplier Review Committee 3. Monitoring of disciplinary recommendations 4. Improved relationships with law enforcement agencies 5. Flagging of employees who resigned in the midst of disciplinary action 6. Identifying root causes to address and implementing lessons learnt REFLECTING ON THE BOARD’S TERM 6 REFLECTING ON THE BOARD’S TERM DRIVING THE TURNAROUND AND PREPARING FOR THE FUTURE Dan Marokane FY2025 FINANCIAL OVERVIEW 7 Our robust new executive structure is driving operational recovery and positioning Eskom for sustainable long-term growth Supported by the following permanent invitees Tembela Kulu Group Investigations & Security Mlawuli Manjingolo Company Secretary Jerome Mthembu Legal and Compliance Ureka Rangasamy Chief Audit Executive Dan Marokane Group Chief Executive Calib Cassim Bheki Nxumalo Agnes Mlambo Rivoningo Mnisi Roman Crookes Dr Candice Hartley Group CFO Generation Distribution (acting) Renewables Group Capital Chief People Officer Nontokozo Hadebe Len de Villiers Portia Mngomezulu Alfred Seema Monde Bala Strategy and Sustainability Chief Technology and Corporate Services Strategic Delivery NTCSA CEO (acting) Information Officer (permanent invitee) DRIVING THE TURNAROUND AND PREPARING FOR THE FUTURE 8 FY2025 stands as a testament to Eskom’s resilience and commitment to recovery, initiating a positive spiral and delivering a return to profitability Profit after tax of 799MW loadshedding-free 60.60% EAF 531 days between R16 billion plant availability added by Kusile Unit 5 548 1 April 2024 and (from R55 billion improved relative to 30 September 2025 54.56% in FY2024 Synchronised loss in FY2024) Kusile Unit 6 292.6km Distribution network 5.6 million of additional stable active prepaid meters 83 031 transmission lines and Transmission network recoded, with around new electrification 2 620MVA reliability 800 000 smart connections transformers installed deteriorated meters installed Emissions performance 14.9TWh 0.23 improved to NTCSA employee LTIR 0.64kg/MWhSO lost due to electricity commenced trading improved, although we water use improved to theft on 1 July 2024 suffered three fatalities 1.40l/kWhSO DRIVING THE TURNAROUND AND PREPARING FOR THE FUTURE 9 Eskom improved operational performance, supplying South Africa with more electricity and reducing loadshedding without excessive use of diesel Diesel OCGT utilisation performance, Eskom and IPPs Loadshedding / curtailment (hours) -45% 6 367 6 000 5 557 5 000 Actual diesel OCGT production (GWh) 4 000 Loadshedding/curtailment (hours) Reduction in unplanned losses since 2023 has resulted in 6GW 3 000 additional available capacity (equal to adding ~1.5x Kusile stations) 2 000 Principles of the recently launched Generation Operational Reliability and Sustainability Plan 1 000 175 1. Improve plant reliability by reducing unplanned unavailability 26 0 caused by trips FY2023 FY2024 FY2025 YTD end Aug FY2026 2. Enhance outage planning and execution Loadshedding 96%  3. Execute key strategic projects days 280 329 13 4 • Commercial operation of Kusile Unit 6 Energy sent out 6%  • Recovery of Medupi Unit 4 and Koeberg Unit 2 (Eskom only) 191 307 184 576 195 702 83 383 • Midlife refurbishments at key stations 4. Embed a people, plant and process mindset DRIVING THE TURNAROUND AND PREPARING FOR THE FUTURE 10 Customers report that the reduction in loadshedding is supporting improved financial results, business confidence and economic growth “Rebound in the economy is supported by “Groceries delivered an improved “… and a modest sense of optimism improved investor confidence, easing result driven by … reduced fuelled by a reduction in loadshedding, inflation and stabilising electricity loadshedding.The Culinary category declining inflation and the improved stock supply” delivered improved margins, market performance” ~ Motus ….. and a reduction in loadshedding ~ Clientèle costs. Pet Foods turnaround was largely attributable to … reduced “The operating environment and business loadshedding” confidence in SA improved in the past year ~ RCL FOODS due to … improved and more stable supply of electricity” “… several positive local developments ~ Emira Property Fund have supported our operational performance. These include the reduction “Electricity supply risk improved of loadshedding impacting our portfolio but still there” “One of the key highlights is lower and a favourable interest rate outlook“ ~ Adcorp Group commodity input costs coupled with a ~ Growthpoint reduction in expenses related to loadshedding” ~ Rainbow This has had a positive impact on Sovereign credit ratings and the country’s growth prospects DRIVING THE TURNAROUND AND PREPARING FOR THE FUTURE 11 Through unbundling, Eskom will evolve to be more agile and attract the funding required to deliver the future energy landscape and economic growth The Eskom of the future NTCSA NEDCSA GENERATION ESKOM GREEN Customer centricity Clean coal Solar energy Smart grids Smart meters Nuclear Battery energy Market Decentralised storage system Operator energy Open trading Gas platform EV infrastructure Green hydrogen Hydro Battery storage TSO Expanded grid Long-duration Wind energy New services energy storage Subsidiary To be legally separated next New entity DRIVING THE TURNAROUND AND PREPARING FOR THE FUTURE 12 As Eskom evolves, we will execute our strategy across a number of key initiatives to deliver value for Eskom and South Africa • ~2GW of new clean energy capacity to the market by 2026 Establishing a dedicated renewables Clean energy energy solutions business • ~5.9GW of new clean capacity to the market by 2030 • ~14 500km of transmission lines and ~132 000 MVA transformer capacity by 2034 Strengthening grid network to Grid expansion connect additional capacity • ~13 800km of distribution lines by 2030 • Enhance business models, including new products and services (e.g. eMobility, data centres, advanced Range of new energy solutions to New markets metering infrastructure) supplement our energy sales • Expand into new markets • Digitalisation strategy including data analytics and AI adoption to drive efficiency Clean coal technologies and repowering Technology projects to support the transition • Clean coal technologies (transition pathways) DRIVING THE TURNAROUND AND PREPARING FOR THE FUTURE 13 The Generation Recovery Plan has delivered measurable results. The focus must now shift to the distribution sector and the market transition Sustaining the gains and addressing challenges Long-term sustainability will require in the distribution sector careful coordination and planning • Ensure sustained recovery of the Generation turnaround • Continue to drive Eskom’s legal separation toward achieving 70% EAF • Ensure a rules-based market transition to protect all • Intensify the delivery of the Transmission Development Plan stakeholders (especially vulnerable consumers) • Address electricity theft: illegal connections and illicit • South Africa Wholesale Electricity Market expected to tokens undermine service delivery launch in April 2026 based on a market code still to be • While distribution agency agreements and prepaid approved mechanisms are gaining traction, municipal debt remains at • Contain tariff increases through cost optimisation and unsustainably high levels correctly structured tariffs based on a long-term tariff path • Integrated Resource Plan (IRP) 2025 will set out long-term • Adopt risk-based transition into a low-carbon energy mix electricity capacity expansion plan considering system risks and transparent trade-offs South Africa’s electricity industry is rapidly evolving, marked by significant milestones. Eskom is actively contributing to the delivery of Government’s policy to support energy security through the provision of sustainable electricity infrastructure DRIVING THE TURNAROUND AND PREPARING FOR THE FUTURE 14 REFLECTING ON THE BOARD’S TERM DRIVING THE TURNAROUND AND PREPARING FOR THE FUTURE FY2025 FINANCIAL OVERVIEW Calib Cassim 15 We’ve made progress in improving audit outcomes, although more work is required to meet stakeholder expectations FY2025 external audit concluded more timeously Launched a three-year audit recovery programme overseen by the Exco Audit Recovery Oversight Committee and chaired by the GCE Qualified external audit opinion PFMA records1 were not complete or accurately maintained Address audit findings timeously in line with legislative requirements relating to: to prevent recurrence • Irregular expenditure • Losses due to criminal conduct Prior year audit qualification issues not yet adequately Improve audit Strengthen the addressed, except for fruitless & wasteful expenditure readiness and internal control execution of the No new reportable irregularities have been issued environment external audit Material uncertainty related to going concern due to • Dependence on Government support • Uncertainties related to operational assumptions and regulated tariff path by NERSA • Municipal arrear debt and distribution energy losses Late conclusion of the FY2024 audit impacted the efficacy of the programme, however, progress already evident with Deloitte highlighted several internal control deficiencies around 90% of all external audit findings raised since FY2021 closed, subject to audit confirmation 1. Refer to the integrated report for detailed disclosure required by the Public Finance Management Act, 1999 (PFMA). FINANCIAL OVERVIEW AND OUTLOOK 16 For the first time since FY2017, Eskom has returned to profitability, signalling a strategic step forward in rebuilding financial sustainability Standard tariff increase Sales volumes Revenue 12.74% 3.5%  to 189.7TWh 15%  to R340.9 billion (2024: 18.65%) (2024: 183.3TWh) (2024: R295.8 billion) Primary energy costs EBITDA EBITDA margin 14%  to R150.2 billion 2x  to R99 billion 29.05% (2024: R173.7 billion) (2024: R43.4 billion) (2024: 14.67%) Net profit before tax Fuel levy rebate recovery of Profit after tax R23.9 billion  R9.2 billion R16 billion  (2024: loss of R25.5 billion) from SARS (2024: loss of R55 billion) Strong improvement in EBITDA, driven by Eskom’s operational turnaround FINANCIAL OVERVIEW AND OUTLOOK 17 EBITDA improved, driven by the tariff increase, improved generation availability and disciplined cost management GROUP INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 Leading factors contributing to profitability R million 2025 2024 % R billion Revenue 340 895 295 814 15▲ 1.6 8.1 Other income 3 265 1 295 152▲ 5.3 23.5 13.1 Primary energy (150 207) (173 729) 14▼ 1.9 Net employee benefit expenses (35 096) 23▲ (43 160) Net impairment loss and write-downs (7 616) (3 433) 122▲ 23.9 Other operating expenses (44 139) (41 441) 7▲ EBITDA 99 038 43 410 128▲ 45.1 Depreciation and amortisation expenses (31 764) (33 239) 4▼ Operating profit (EBIT) 67 274 10 171 561▲ Net fair value and foreign exchange (loss)/gain/ (10 415) 2 644 494▼ (25.5) Loss Revenue Primary Repairs and Employee Net Net fair Other Profit Net finance cost (33 092) (38 389) 14▼ before tax energy maintenance benefit finance value before tax (2024) cost cost losses (2025) Share of profit of equity-accounted investees 102 105 3▼ Profit/(loss) before tax 23 869 (25 469) 194▲ Income tax (7 822) (29 546) 74▼ Profit/(loss) for the year 16 047 (55 015) 129▲ ▲ Income/gain increased ▼ Income/gain declined ▼ Expense/loss declined ▲ Expense/loss increased FINANCIAL OVERVIEW AND OUTLOOK 18 Revenue grew by 15%, driven by a 12.74% tariff increase and 3.5% growth in sales volumes, supporting service reliability and infrastructure investment Electricity breakdown by destination1 Electricity sales by customer category Sales and revenue trend 15% <1% R billion TWh 12% 8% 3.5% 3% 350 200 4% <1% 7% 5% 300 190 42% 250 180 216.6TWh 189.7TWh 14% 200 170 150 160 81% 23% 100 150 2021 2022 2023 2024 2025 Local Energy losses Distributors Mining Residential Rail Sales, TWh Revenue, R billion International Internal use and unaccounted Industrial Commercial Agricultural International 1. Net of pumping and excluding wheeling Estimated loadshedding and load curtailment declined to 354GWh or 0.16% of demand (2024: 13 215GWh or 5.92% of demand) FINANCIAL OVERVIEW AND OUTLOOK 19 Reduction of 14% in primary energy costs, demonstrating the impact of disciplined cost management Electricity breakdown by supplier1 Electricity supplied by technology1 Generation cost by source 3% 3% 9% 3% 1% Unit cost, R/MWh 2025 2024 % 4% <1% Coal 546 541 1▲ 5% Nuclear 107 113 5▼ Eskom-owned OCGTs2 6 084 6 579 8▼ 216.6TWh 216.6TWh IPPs3 2 357 2 367 <1▼ IPP OCGTs 5 870 6 348 8▼ Renewable IPPs 2 189 2 029 8▲ 83% 88% Other IPP programmes 833 1 018 18▼ Imports3 866 883 2▼ Eskom IPPs Imports Coal Nuclear Solar Other Wind Hydro (net) Diesel Average unit cost 757 823 8▼ Marked improvement in primary energy costs in FY2025 due to higher availability of coal-fired plant requiring lower OCGT usage 1. Net of pumping and excluding wheeling. 2. Calculated based on the gross fuel cost (excluding the diesel levy rebates) for comparability purposes. The unit cost excludes storage and demurrage costs, but includes environmental levies. 3. The unit cost of IPPs and international purchases is based on the full cost of operation, whereas the unit cost of Eskom-owned generation is based only on the primary energy cost. Given that IPP and international purchases are treated as a variable cost in Eskom’s accounts, this is considered appropriate. FINANCIAL OVERVIEW AND OUTLOOK 20 Short-term incentive scheme reinstated with strict conditions, ensuring payouts align with measurable performance gains that outweigh the cost Movement in net employee benefit costs Breakdown of gross employee benefit costs R billion 0.2 0.4 0.6 5% 0.2 0.8 12% 3.7 7% 2.5 FY2025 35.1 3% 43.2 8% 65% 2024 Salaries Short-term Production Overtime Other fringe Other staff Capitalisation 2025 Salaries Production bonus Other fringe benefits incentive bonus benefits costs (training scheme (excl. and contract) Short-term incentive scheme Overtime Other staff costs pension contribution) Growth in salary costs tied to a 3.5% increase in headcount and cost-of-living adjustments. The short-term incentive scheme was not funded by the debt relief nor did it affect the tariff FINANCIAL OVERVIEW AND OUTLOOK 21 Government’s debt relief support has significantly strengthened Eskom’s liquidity, driving sustained operational progress iral National • R140 billion in support received since the p growth and implementation of the Eskom Debt Relief Act, 2023 s development ive • R64 billion debt relief support in FY2025 has enabled the sit Investment redirection of cash from operations to vital capital po Improved Strong into South liquidity expenditure and working capital, supported by upfront fiscus a’s Africa planning and ordering of spares South Afric • Eskom’s compliance with the debt relief conditions and Improved the conversion of shareholder loans to equity has Improved financial Eskom’s meaningfully strengthened our balance sheet planning performance positive • Improved operational and financial performance reduces spiral reliance on Government support Energy Regulatory security Improved Improved certainty • Enhanced energy security creates the conditions operational investment necessary for inclusive growth, job creation and a more performance in assets resilient energy sector which underpins national development • Regulatory certainty and an adequate long-term tariff Less Strong reliance on electricity path are anchoring enablers for a rules-based Government industry competitive electricity supply industry FINANCIAL OVERVIEW AND OUTLOOK 22 Debt relief and improved performance have significantly strengthened Eskom’s financial position, boosting solvency and creditworthiness GROUP STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2025 R million Current ratio Debt service cover 2025 2024 % Property, plant and equipment and intangible assets 689 556 684 388 1▲ 1.04 1.11 Current inventory and receivables 74 293 65 692 13▲ (2024: 0.98) (2024: 0.46) Liquid assets – cash and cash equivalents and investments 82 686 40 063 106▲ Derivatives held for risk management 15 345 27 016 43▼ Debt/equity ratio* Gross debt/EBITDA* Other assets1 42 140 49 163 14▼ Assets held-for-sale 7 811 – 1.45# 4.90# Total assets 911 831 866 322 5▲ (2024: 1.99) (2024: 11.58) 278 345 222 858 25▲ Equity Debt securities and borrowings 372 655 412 200 10▼ * Includes shareholder loan not yet converted to equity at year end. Loan from shareholder 56 132 32 000 75▲ # Debt/equity ratio excluding shareholder loan: 1.25; gross debt/EBITDA excluding: 4.34. Current payables 71 563 67 199 6▲ Movement in debt securities and borrowings Derivatives held for risk management 1 647 593 178▲ R billion 412.2 Non-current decommissioning liabilities 47 252 52 294 10▼ 8.7 Contract liabilities and deferred income 37 865 38 371 1▼ 46.4 Other liabilities2 45 766 40 807 12▲ Liabilities held-for-sale 606 – 6.0 4.2 372.7 Total equity and liabilities 911 831 866 322 5▲ ▲ Asset/equity increased ▼ Asset/equity decreased ▼ Liability decreased ▲ Liability increased Opening DFI Debt repaid Fair value adj Interest Closing balance drawdowns accrual balance 1. Comprises mainly non-current inventory and future fuel supplies. & other 2. Comprises mainly non-current employee benefit obligations and lease liabilities. FINANCIAL OVERVIEW AND OUTLOOK 23 Municipal debt risen by 27% to R94.6 billion and could exceed R300 billion by FY2030 without urgent intervention Arrear municipal and metro debt growth • Municipalities and metros represent 42% of total sales R billion 110 +9% • Municipal arrear debt is a systemic challenge that requires an +1 810% +27% 100 inter-governmental approach 90 • National Treasury’s municipal debt relief programme has not 80 been successful in stemming the escalating levels of arrear debt 70 • Unless innovative solutions are found, the financial sustainability 60 of NEDCSA and Eskom as a whole, together with legal 103.5 50 separation timelines are in jeopardy 94.6 40 74.4 • Eskom and Government are exploring alternative solutions, 58.5 30 including distribution agency agreements (DAAs) and prepaid 20 44.8 35.3 supply models 28.0 19.9 10 13.6 • DAAs will support municipalities in ensuring sustainable local 9.4 6.0 5.0 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Aug service delivery while contributing to Eskom’s financial 2025 YTD sustainability through improved billing and revenue collection Arrear debt continues to escalate due to poor current account payment levels by municipalities. Innovative solutions are needed to stem the tide and ensure the distribution industry’s future financial sustainability FINANCIAL OVERVIEW AND OUTLOOK 24 Stable liquidity underpins our strategy, enabling disciplined planning and reinvestment in key capital projects CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 R billion 340.9 150.2 Primary energy Cash and cash equivalents Employee benefits  to R63.8 billion 43.2 (2024: R23.6 billion) Working capital 20.1 Repairs, maintenance 41.5 and other (255) 44.4 85.9 5.7 8.7 41.6 46.4 25.8 40.2 64.0 33.4 Revenue Operating Cash from Capital Balance before Debt repaid Interest repaid Government Balance Debt raised Other funding Net cash outflows operations expenditure and debt servicing debt relief before funding activities movement other investing FINANCIAL OVERVIEW AND OUTLOOK 25 We will invest over R320 billion over the next five years upgrading our infrastructure with advanced technology for greater efficiency and reliability Planned investment (FY2026 to FY2030) Annual capital allocation R billion R billion 75.5 • NTCSA capex expanded 1.0 5.2 69.0 3.5 to support the TDP 43.9 (2%) 65.4 0.7 (14%) 0.8 15.5 59.2 • Generation includes 12.1 1.0 52.0 3.8 around R18.5 billion for 1.7 38.9 renewables and gas 9.0 139.5 22.1 projects R321.1 billion (43%) 28.7 33.1 9.8 • Approximately 64% of Distribution capex is set 132.5 (41%) 32.1 aside to accelerate the 31.5 30.4 24.1 21.3 rollout of smart meters over the next three years FY26 FY27 FY28 FY29 FY30 Generation NTCSA Distribution Support functions FINANCIAL OVERVIEW AND OUTLOOK 26 Borrowings will be limited to a sustainable threshold of R300 billion to improve gross debt/EBITDA to ~3.00 and thereby, ensure financial stability Debt securities and borrowings Borrowing programme • We intend returning to the capital R billion R billion 450 35 markets to fund expansionary 400 30 requirements from FY2028 350 25 1.6 0.9 • New borrowings will be limited to 300 20 ±R25 billion per year for emissions 250 200 reduction, clean energy generation and 15 150 25.0 25.0 25.0 transmission network expansion 10 100 • We plan to source this funding partly 5 50 4.2 6.7 through sustainability-linked bonds 0 0 2026 2027 2028 2029 2030 2026 2027 2028 2029 2030 • Reducing Eskom’s debt balance is a focus Existing drawdowns New incremental debt to strengthen the balance sheet, lower the interest burden and position for sustainable growth We must generate sufficient operating cash flows to fund most of our capital expenditure requirements for existing plant without further leveraging the balance sheet FINANCIAL OVERVIEW AND OUTLOOK 27 The four pillars of our finance strategy have laid a strong foundation and are driving measurable success toward long-term resilience and sustainability Our finance strategy Although Government debt relief is essential in the short term, it is unsustainable for the country in the long term. Systemic challenges must be addressed to achieve standalone financial sustainability Fix systemic issues … • Obtain adequate long-term tariff path, with measures to address affordability for vulnerable sectors • Resolve municipal debt challenge … to enable Eskom’s positive spiral and remove Eskom’s burden on the fiscus The path to investment grade status is dependent on all four pillars being executed within appropriate timeframes FINANCIAL OVERVIEW AND OUTLOOK 28 Sustaining operational and financial performance is essential to attaining investment grade status to strengthen Eskom’s investment case Why invest in Eskom? • Strategic positioning as the backbone of South Africa’s electricity supply industry, offering critical base-load capacity • Established market player with a skilled workforce, well-positioned for a rules-based competitive market • Legal separation will increase transparency and improve decision-making • Capital programmes offering a diversified Ratings agencies require portfolio of investments • Earnings growth, reliable cash flows and a healthy liquidity position • Diversification into clean energy through Eskom • Diversified and sustainable revenue streams Green and JET projects • Evidence of Eskom’s ability to manage debt levels effectively • New products and services to grow non- • Tangible support from Government in addressing municipal debt challenges regulated revenue • Regulatory certainty with an adequate and predictable long-term tariff path • Significant financial and operational improvements despite structural constraints Positive credit rating actions and outlooks from rating agencies, although Eskom remains at sub-investment grade level. There is a strong link between Eskom’s credit ratings and those of South Africa: when Eskom succeeds, so does South Africa FINANCIAL OVERVIEW AND OUTLOOK 29 Eskom remains pivotal in supporting South Africa’s economic growth and transforming lives Financial outlook for FY2026 Sales volumes Tariff increase • We have completed a new executive structure to embed operational 2–3% lower 12.74% recovery and future-proof Eskom for long-term growth and sustainability • Our operational performance has improved markedly in FY2025, Revenue Primary energy costs boosting financial performance and establishing a positive trajectory to 5–10% higher 5–15% higher prepare for competition. Driving the four pillars of the financial strategy has laid the foundation for long-term sustainability Operating expenditure Debt servicing requirements • The increased agility brought about by unbundling will assist Eskom in 5–10% higher 30–40% lower attracting the funding required to deliver the future energy landscape and economic growth, thereby strengthening Eskom’s investment case EBITDA • With NTCSA unbundled, focus shifts to Generation and Distribution, R85 billion – R95 billion (2025: R99 billion) but legislative intervention will be required to support the transition. Distribution industry and market challenges must be addressed Debt service cover ratio 2.00 – 2.50 (2025: 1.11) • Facilitating a Just Energy Transition is a key strategic priority as we optimise the current coal fleet and accelerate clean energy to meet the Gross debt / EBITDA ratio country's socio-economic needs while addressing the energy trilemma 5.00 – 5.50 (2025: 4.90) • Our strategy is designed to tackle today’s pressing challenges while Municipal arrear debt positioning Eskom as a resilient and competitive energy leader R120 billion – R135 billion (2025: R94.6 billion) FINANCIAL OVERVIEW AND OUTLOOK 30 30 Disclaimer This presentation does not constitute or form part of and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy or subscribe for or underwrite or otherwise acquire, securities of Eskom Holdings SOC Ltd (Eskom), any holding company or any of its subsidiaries in any jurisdiction or any other person, nor an inducement to enter into any investment activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This presentation does not constitute a recommendation regarding any securities of Eskom or any other person. Certain statements in this presentation regarding Eskom’s business operations may constitute “forward looking statements”. All statements other than statements of historical fact included in this presentation, including, without limitation, those regarding the financial position, business strategy, management plans and objectives for future operations of Eskom are forward looking statements. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute Eskom’s current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to continued normal levels of operating performance and electricity demand in the Distribution and Transmission Divisions and operational performance in the Generation Division consistent with historical levels, and incremental capacity additions through Group Capital at investment levels and rates of return consistent with prior experience, as well as achievements of planned productivity improvements throughout the business activities. Actual results could differ materially from those projected in any forward-looking statements due to risks, uncertainties and other factors. Eskom neither intends to nor assumes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In preparation of this document certain publicly available data is used. While the sources used are generally regarded as reliable the content has not been verified. Eskom does not accept any responsibility for using any such information. 31 Our suite of reports are available at www.eskom.co.za/investors/integrated-results/