Petra Diamonds (PDL) H2 2025 earnings summary

Executive summary

• Streamlined to a two-mine portfolio after divesting Koffiefontein and Williamson, focusing on Cullinan Mine and Finsch in South Africa.

• Achieved the lower end of production guidance at 2.4 Mcts amid persistent market weakness and product mix challenges.

• Implemented a comprehensive restructuring plan, reducing costs by $18–20m and rebasing the operating cost profile.

• Post-period, secured an in-principle agreement for a long-term refinancing package, including a $25m rights issue and debt maturity extensions.

Financial highlights

• Revenue declined 33% to $207m (FY24: $310m) due to weaker diamond prices and product mix.

• Adjusted EBITDA fell to $27m (FY24: $70m), with margin down to 13% (FY24: 23%).

• Net loss from continuing operations widened to $154m (FY24: $82m loss).

• Basic loss per share from continuing operations was 64 cents (FY24: 43 cents loss); adjusted loss per share was 29 cents (FY24: 21 cents).

• Consolidated net debt increased to $261m (FY24: $193m); net debt/EBITDA ratio rose to 9.7x (FY24: 2.8x).

• Capital expenditure reduced to $63m (FY24: $73m).

• No dividend paid; share price declined 63% over the year.

Outlook and guidance

• FY26 production guidance: 2.4–2.8 Mcts; cash costs $161–174m; capex $83–90m.

• Focus on completing refinancing, delivering mine extension projects, and maintaining cost discipline.

• Market remains volatile, but improved product mix and new mining areas expected to support incremental value.