Tharisa (THA) H2 2025 earnings summary

Executive summary

• Achieved strong FY2025 financial results: revenue of $602.9 million, EBITDA of $187.3 million, and net profit after tax of $80.8 million, supported by higher PGM prices and resilient chrome operations.

• Advanced strategic growth projects, including the transition to underground mining at Tharisa Mine and significant progress at the Karo Platinum Project in Zimbabwe.

• Maintained a disciplined approach to capital allocation, returning 17.2% of net profit to shareholders via dividends and share buybacks.

• Maintained a strong balance sheet and advanced Vision 2030, focusing on expansion, technology commercialization, and sustainable growth.

• Achieved significant safety milestones, including industry awards and a low Lost Time Injury Frequency Rate.

Financial highlights

• Revenue of $602.9m, down 16.4% year-over-year; EBITDA rose 5.5% to $187.3m; net profit after tax was $80.8m, down 2.2% year-over-year.

• PGM basket price averaged $1,615/oz, up 18.6% year-over-year; chrome price declined 11% to $266/ton.

• Headline earnings per share reached $0.275; final dividend of $0.015 per share, totaling $0.03 for the year.

• Net cash from operating activities was $94 million; cash and equivalents at year-end were $175.1 million.

• Favourable mining royalty credit of $67.3m recognized, boosting margins.

Outlook and guidance

• Underground transition at Tharisa Mine to deliver first ore in Q2 FY2026, reaching steady-state by Q3 FY2029.

• Karo Platinum Project targets first ore in Q1 2027, with annualized production of 220,000 PGM oz in phase I.

• FY2026 capital budget set at $165.9 million, excluding Karo; cost inflation expected just above 3% in dollar terms.

• Vision 2030 targets commercializing downstream initiatives and expanding global energy transition capabilities.