Impala Platinum (IMP) H1 2026 Pre Recorded earnings summary

Executive summary

• Achieved robust operational and financial performance, with group 6E production up 1% to 1.8 million ounces and refined 6E production stable at 1.78 million ounces.

• Revenue increased 44% year-over-year to R60.8bn, driven by higher PGM prices and improved sales volumes.

• EBITDA rose to R18.1bn with a 30% margin, headline earnings reached R9.3bn (1,035cps), and free cash flow surged to R7.0bn.

• Interim dividend of 410cps declared, representing about 60% of adjusted free cash flow.

• No fatal incidents at mining and processing operations, with improved safety outcomes and a 7% improvement in Lost Time Injury Frequency Rate, though two fatalities occurred in related incidents.

Financial highlights

• Gross profit surged 532% to R13.4bn, profit after tax increased 423% to R9.5bn, and EBITDA margin improved to 30%.

• Group refined 6E production was 1.78Moz, flat year-over-year; group unit costs rose 11% to R23,183/oz.

• Free cash flow was R7.0bn; cash and equivalents increased to R15.2bn; adjusted net cash at R12.1bn; liquidity headroom at R28.8bn.

• Interim dividend payout above policy minimum due to strong performance; cash dividends paid totaled R3.7bn.

• Capital expenditure decreased as major projects neared completion, totaling R3.0bn for the period.

Outlook and guidance

• FY2026 guidance unchanged: 6E refined and saleable production expected at 3.4–3.6Moz, unit costs at R23,500–R24,500/oz, and capex at R8–9bn.

• Excess stock of c.400koz at December 2025 is expected to be depleted by FY2029.

• Focus remains on safety, operational stability, and capital allocation for long-term value.

• All major PGM markets forecast to remain in deficit in 2026, supporting pricing.