Valterra Platinum (VAL) H2 2025 earnings summary

Executive summary

• Achieved a transformative year in 2025, completing the demerger from Anglo American, launching as an independent company with a secondary London listing, and establishing a new brand identity.

• Exceeded production and cost-saving targets, delivering ZAR 18 billion in cost and capital savings over 24 months and surpassing operational guidance.

• Strengthened operational capabilities, streamlined leadership, and embedded a simplified organizational structure.

• Maintained industry-leading safety performance, with significant milestones at key mines.

• Made material distributions to stakeholders and contributed substantially to the South African economy.

Financial highlights

• Revenue increased 7% year-over-year to ZAR 116 billion, driven by higher PGM basket prices.

• EBITDA rose 68% year-over-year to ZAR 33 billion, supported by cost discipline and a 26% stronger PGM dollar price.

• Ended 2025 with ZAR 11.5 billion net cash, reversing a net debt position from mid-year.

• Sustaining free cash flow reached ZAR 20 billion, up 22% from 2024; total dividends for the year were ZAR 12 billion, representing 71% of headline earnings.

• All-in sustaining cost was $987 per 3E oz, flat year-over-year and 13% lower than 2023.

Outlook and guidance

• 2026 CapEx expected at ZAR 17–18 billion, with ZAR 12.5 billion for sustaining capital and discretionary capex of ZAR 4.5 billion.

• All-in sustaining cost guidance for 2026 is around $1,050 per 3E oz.

• Production guidance for own mines maintained at 3–3.4 million ounces through 2027, with a focus on value over volume.

• Targeting ZAR 1–1.5 billion in additional cost savings by 2027.

• Ongoing market tightness and project investments underpin a positive outlook, with a sizable platinum deficit expected in 2026.