Impala Platinum (IMP) H2 2025 Pre Recorded earnings summary

Executive summary

• Safety performance improved with a significant reduction in lost time injury frequency and fatalities, but eight fatalities still occurred, highlighting ongoing risks.

• Sustainability progress included commissioning a 35 MW solar plant at Zimplats and a renewable energy agreement for Impala refineries, with multiple recognitions for sustainability.

• Community investment totaled ZAR 274 million, benefiting over 61,000 people and supporting 3,700 jobs, with social initiatives supporting over 9,100 people in mine communities.

• Group-wide labor restructuring and operational disruptions led to a 3% decline in 6E production to 3.55 million ounces; refined volumes were stable at 3.4 million ounces.

Financial highlights

• EBITDA was ZAR 9.9 billion, with a margin of 12%, and headline earnings fell 70% to ZAR 732 million.

• Revenue decreased 1% to ZAR 85.5 billion, mainly due to a stronger rand and lower sales volumes.

• Free cash flow was ZAR 2.4 billion, and adjusted net cash at ZAR 8.1 billion as of June 2025.

• Group unit costs increased by 7% to ZAR 22,491 per 6E ounce due to lower production and special payments.

• Dividend of ZAR 1.65 per share declared, with 60% of adjusted free cash flow allocated to dividends.

Outlook and guidance

• FY 2026 refined production guidance is 3.4–3.6 million 6E ounces, with group unit cost expected at ZAR 23,500–24,500 per 6E ounce.

• Capital expenditure forecasted at ZAR 8–9 billion, including ZAR 1 billion for Zimbabwe solar phase two; negligible growth CapEx expected.

• Excess 6E stock of 420,000 ounces to be depleted by FY2029.

• Focus areas include safety, operational efficiency, Impala Canada wind-down, and capital allocation.