GreenH2 Fertiliser — Appendices

Supporting appendices - the full ten-year income statement, balance sheet and cash-flow statement, the assumptions register and the glossary underpinning the GreenH2 business plan and financial model.

GreenH2 Fertiliser Business PlanSection 17 › Appendices

Section 17 · Business Plan

Appendices

Supporting appendices – the full ten-year income statement, balance sheet and cash-flow statement, the assumptions register and the glossary underpinning the GreenH2 business plan and financial model.

Appendix A — Full income statement (Years 1–10, R billion)

R bn Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10
Revenue 7.2 13.1 19.5 20.3 21.1 21.9 22.8
Cost of sales -5.5 -7.9 -11.0 -11.5 -11.9 -12.4 -12.9
Gross profit 1.7 5.2 8.5 8.8 9.2 9.5 9.9
Opex -0.7 -0.9 -1.1 -1.2 -1.2 -1.3 -1.3
EBITDA 1.0 4.3 7.4 7.6 7.9 8.2 8.6
Depreciation -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4
Interest -1.4 -2.7 -2.7 -2.4 -2.2 -2.0 -1.8
PBT -1.8 0.2 3.2 3.8 4.3 4.8 5.3
Tax -0.4 -1.0 -1.2 -1.3 -1.4
NPAT -1.8 0.2 2.8 2.7 3.1 3.5 3.9

Appendix B — Full balance sheet (Years 1–10, R billion)

R bn Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10
Cash 2.0 3.6 4.4 5.9 8.1 10.7 13.6 16.9
Receiv. + inventory 1.6 2.7 3.9 4.1 4.2 4.4 4.6
PP&E 2.5 5.0 19.6 31.2 29.8 28.3 26.9 25.5 24.0 22.6
Total assets 2.5 5.0 21.6 36.5 36.9 38.2 39.1 40.4 42.0 44.1
Payables 0.6 0.9 1.2 1.3 1.3 1.4 1.4
Senior debt 11.6 22.6 22.6 20.8 18.9 17.0 15.1 13.2
Total equity 2.5 5.0 10.0 13.2 13.4 16.2 18.9 22.1 25.6 29.5
Liab. + equity 2.5 5.0 21.6 36.5 36.9 38.2 39.1 40.4 42.0 44.1

Appendix C — Full cash-flow statement (Years 1–10, R billion)

R bn Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10
Operating -1.4 0.8 3.4 4.1 4.4 4.8 5.2
Investing -2.5 -2.5 -14.0 -13.0
Financing 2.5 2.5 16.0 16.0 -1.9 -1.9 -1.9 -1.9 -1.9
Net cash flow 2.0 1.6 0.8 1.5 2.2 2.6 2.9 3.3
Closing cash 2.0 3.6 4.4 5.9 8.1 10.7 13.6 16.9

Appendix D — Assumptions register

Parameter Value
Urea / ammonia / AN capacity 900,000 / 700,000 / 500,000 t p.a.
Base prices (urea / ammonia / AN) R8,000 / R7,500 / R9,000 per t
Utilisation Y4 / Y5 / Y6+ 40% / 70% / 100%
Price / cost escalation 4.0% / 4.5% per annum
Variable production cost ~47% of revenue
Fixed production cost (base) ~R1.7bn p.a. (escalating)
Working capital (DSO/DIO/DPO) 45 / 50 / 40 days
Senior debt / equity ~R22bn / ~R15bn
Debt rate / tenor / grace 11.8% / 12 years / interest-only Y4–Y5
Tax rate 27% with loss carry-forward
Depreciation life 22 years straight-line
Discount rate / exit multiple 14.5% / 8.0x EBITDA

Appendix E — Glossary

Term Definition
Blue ammonia Ammonia produced from hydrocarbons with carbon capture and storage.
CCS / capture Capture and storage or utilisation of CO₂ emissions.
COD Commercial operation date — start of revenue-generating production.
DSCR Debt-service cover ratio — cash available for debt service divided by debt service.
EBITDA Earnings before interest, tax, depreciation and amortisation.
FEED Front-end engineering and design.
IDC Interest during construction (capitalised).
IRR / NPV Internal rate of return / net present value.
SIP Strategic Integrated Project — conferring expedited approvals.

Appendix F — Sources & references

Ref Source
[1] Mordor Intelligence, “Africa Fertilizers Market Size & Share Outlook to 2031” (2026).
[2] IMARC Group, “South Africa Fertilizer Market Size, Share & Growth 2033” (2024).
[3] Agrekon / Taylor & Francis, “Trends and drivers of fertiliser consumption in the South African agricultural industry” (2025).
[4] SA Grain, “Fertiliser industry in SA: this is what it looks like” (2025).
[5] CSIS, “South Africa’s Hydrogen Strategy” (2025); Department of Science & Innovation, Hydrogen Society Roadmap (2021).
[6] Green Hydrogen Organisation, South Africa country profile.
[7] NS Energy, “Coega Green Ammonia Project, South Africa” (2024).
[8] Infrastructure News / SA-H2 Fund, “Commitment to Hive Hydrogen’s Coega Green Ammonia Project” (2025).
[9] National Treasury & Carbon Knowledge Hub, “South Africa’s Carbon Tax” (2025–26).
[10] Fastmarkets, “South Africa to increase carbon offset allowances for carbon tax: Budget 2025” (2025).
[11] Engineering News / Mining Weekly, Omnia Sasolburg nitric-acid complex coverage.
[12] Mail & Guardian; Sasol Chemicals, ammonia and ammonium-nitrate supply.
[13] AllAfrica / Infrastructure South Africa, Green Hydrogen National Programme pipeline (2024).
[14] IndexBox, “Urea Price in South Africa” (2025).

GreenH2 Fertiliser Holdings (Pty) Ltd · Strictly Private &
Confidential · June 2026

Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of GreenH2 Fertiliser Holdings (Pty) Ltd.