Overview

• Eskom reported R23.9 billion pretax and R16 billion after-tax profit for FY2025, supported by tariff increases, lower primary energy costs and a 3.5% rise in sales.
• Management plans to invest more than R320 billion over five years to sustain and expand infrastructure, including projects in renewables and gas.
• The utility aims to fund expansion through capital markets as authorities rule out future bailouts following a multi-year debt-relief package of about R254 billion.
• Municipal arrears reached R94.6 billion by 31 March 2025, which Eskom warns jeopardizes a standalone distribution business and the broader legal separation effort.
• External auditors issued a qualified FY2025 opinion and flagged material uncertainty about going concern due to control weaknesses, regulated-revenue assumptions and mounting municipal debt.