Valterra Platinum (VAL) Q4 2025 TU earnings summary

Executive summary

• Headline earnings for the year ended 31 December 2025 are expected to increase by 85% to 105% year-over-year, reaching R15.6–R17.3 billion.

• Basic earnings are projected to rise by 105% to 125% year-over-year, totaling R14.5–R15.9 billion.

• The period benefited from a 26% stronger PGM dollar basket price and R5 billion in operational cost reductions.

Financial highlights

• Headline earnings per share (HEPS) expected between 5,941 and 6,588 cents, up from 3,205 cents in the prior year.

• Basic earnings per share (EPS) expected between 5,522 and 6,055 cents, up from 2,683 cents in the prior year.

• PGM dollar basket price averaged $1,852 per ounce, up 26% year-over-year.

• R5 billion in operational cost reductions achieved, offsetting inflation and R1.7 billion in one-off demerger costs.

Outlook and guidance

• Results for the twelve months ended 31 December 2025 will be released on 25 February 2026.