Impala Platinum (IMP) Q2 2026 earnings summary

Executive summary

• Achieved strong operational and safety performance, with a 7% reduction in LTIFR, several fatality-free months, and improved lost time injury frequency rates, despite one loss of life involving a bus driver.

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

• EBITDA rose to R18.1bn (up 180%), headline earnings reached R9.3bn (up 402%), and free cash flow improved to R7.0bn, supporting a 410cps interim dividend.

• Maintained strong liquidity with R12.1bn net cash and R28.8bn liquidity headroom.

• Continued focus on sustainability, with zero significant environmental incidents, ongoing inclusion in the S&P Sustainability Yearbook, and improved ESG ratings.

Financial highlights

• Gross profit increased 532% to R13.4bn, with a gross margin of 22%.

• EBITDA margin improved to 30%, and basic EPS rose to 1,039c.

• Free cash flow increased to R7.0bn (from R639m), and net cash from operations reached R9.8bn.

• Adjusted net cash at period end was R12.1bn; liquidity headroom was R28.8bn.

• Dividend of 410cps declared, representing 60% of adjusted free cash flow.

Outlook and guidance

• FY2026 refined and saleable 6E production expected between 3.4–3.6Moz; unit cost guidance R23,500–R24,500/oz 6E; capex guidance R8–9bn.

• Guidance for the full year remains unchanged, with expectations to deliver at or above the center of most metrics.

• Focus areas include safety, mental health, and completion of key sustainability projects such as the 45 MW solar plant at Zimplats.

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

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