Eskom turns profitable for the first time in eight years as operations improve

SOUTH AFRICA - Report 10 Oct 2025 by Iraj Abedian

Eskom reported its financial results for the year ending March 31, 2025, at the end of September 2025. The results indicate that the entity had returned to profitability for the first time in eight years, posting a profit before tax of R23.9 billion in FY2025, compared with a loss of R25.5 billion in FY2024. It notes that this turnaround was supported by a stronger EBITDA margin of 29% (2024: 14.7%), a 12.7% tariff increase, and a 14% reduction in primary energy costs, largely due to improved coal plant reliability and reduced reliance on costly diesel-powered open-cycle gas turbines (OCGTs). Loadshedding fell dramatically, with no loadshedding recorded on 96% of days in FY2025 compared to just 10% in FY2024. Normalized profit before tax, excluding a once-off rebate recovery, came in at R11.9 billion, reflecting a marked improvement.

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