PPC (PPC) H1 2026 earnings summary

Executive summary

• Delivered strong H1 FY26 results with EBITDA up 23.5% and margin expanding to 18.3%, building on a successful turnaround and strategic transformation.

• Profitable growth ahead of plan, supported by sector-leading margins, optimized production, and experienced management.

• ROIC improved to 13.4%, exceeding previous guidance.

Financial highlights

• Revenue increased 6.2% year-over-year to R5,382 million (ZAR 5.4 billion).

• EBITDA grew 23.5% to R983 million; EBITDA margin expanded by 2.6 percentage points to 18.3%.

• Free cash flow from operations surged 32% to R661 million.

• Adjusted headline earnings per share rose 32% to 29 cents.

• Net debt to EBITDA at 0.1x, well below target range.

Outlook and guidance

• Continued EBITDA and margin growth expected in FY26, with South Africa and Zimbabwe maintaining positive momentum.

• Additional dividends projected in H2 FY26; key projects like RK3 progressing and expected to drive efficiency.

• ROIC may temporarily weaken in H2 FY26 and FY27 as CapEx is spent on RK3 with no immediate return.

• Sustainable EBITDA margin targets set to exceed 21% by FY28.