IMPALA PLATINUM HOLDINGS LIMITED - Condensed Consolidated Interim Results for the six months ended 31 December 2025 and Cash Dividend Declaration
05 March 2026 7:05
Condensed Consolidated Interim Results for the six months ended 31 December 2025 and Cash Dividend Declaration
Impala Platinum Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1957/001979/06)
JSE share code: IMP
ISIN: ZAE000083648
ADR code: IMPUY
("Implats", "Company" or the "Group")
Condensed consolidated interim results (reviewed) for the six months ended 31 December 2025 and
cash dividend declaration
Key features for H1 FY2026:
- One employee fatally injured in a motor vehicle accident
- 7% improvement in LTIFR* to 3.08, 2% regression in TIFR* to 7.21
- No major, significant or limited-impact environmental incidents
- Fifth consecutive inclusion in the S&P Global Sustainability Yearbook (2026)
- A robust performance in H1 FY2026, with notable gains delivered in Q2 FY2026
- Group 6E production increased 1% to 1.80Moz
- Refined and saleable 6E production was stable at 1.78Moz
- Group 6E unit costs increased 11% to R23 183/oz (stock-adjusted)
- Consolidated Group capital expenditure reduced 23% to R3.0bn
- Dollar revenue per 6E ounce rose 44% to US$1 917
- Rand revenue per 6E ounce increased 40% to R33 261
- EBITDA of R18.1bn with headline earnings of R9.3bn or 1 035 cents per share
- Basic earnings of R9.3bn or 1 039 cents per share
- Free cash flow of R7.0bn and closing adjusted net cash of R12.1bn
- Interim dividend of 410 cents per share declared, circa 60% of adjusted free cash flow
- All three major PGM markets are likely to record successive supply deficits in 2026
- On track to meet previously provided FY2026 refined production, unit cost and capital guidance.
* Per million man-hours worked
Commentary
The first half of FY2026 delivered a robust operational performance across the Group's mining and processing assets
with notable gains achieved in Q2 FY2026 - underpinned by delivery at key Group operations and greater stability within
the processing portfolio.
The safety performance improved during the period, with outcomes reflecting the benefit of ongoing investments in
disciplined risk management, leadership visibility and high impact safety protocols. This focus remains central to
Implats' ambition of eliminating life altering and fatal injuries.
Cost management was sustained, with additional spend allocated to engineering and maintenance initiatives. Strategic
and portfolio optimisation workstreams were progressed, supported by consistent, disciplined capital allocation.
This operational delivery enabled Implats to fully benefit from the step-change in prevailing rand PGM pricing, resulting
in a strong financial performance, with significantly improved EBITDA, earnings and free cash flow generation. The Group
generated EBITDA of R18.1 billion, headline earnings of R9.3 billion or 1 035 cents per share and recorded a free cash flow
of R7.0 billion. Implats closed the period with an adjusted net cash balance of R12.1 billion and R28.8 billion in liquidity
headroom. The board of directors declared an interim dividend of 410 cents per share.
The Group remains on track to meet previously communicated FY2026 refined production, unit cost and capital expenditure
guidance.
Safety
Implats remains unwavering in its goal to eliminate fatalities and life altering injuries, which sits at the heart of
our aspiration to achieve zero harm. The Group has stepped up its drive to embed a safety first mindset at all operations,
with increased emphasis on personal responsibility, stronger accountability and more cohesive teamwork. This commitment to
protecting our people is underpinned by well established systems and processes, supported by disciplined risk management.
We are pleased to report that no fatal incidents were reported at Group mining and processing operations in the six-month
period. However, an employee at Impala Rustenburg was fatally injured in a motor vehicle accident in December 2025.
The lost-time injury frequency rate (LTIFR) improved by 7% to 3.08 per million man hours worked from the prior comparable
period, while the total-injury frequency rate (TIFR) of 7.21 represents a marginal 2% deterioration. The TIFR was skewed
higher by the precautionary medical referral of all employees exposed to smoke inhalation following an underground fire in
Q1 FY2026. The Q2 FY2026 LTIFR and TIFR of 2.56 and 5.78 improved by 23% and 22% respectively from Q2 FY2025.
Operational summary
Group production and managed volumes were restated after the consolidation of Impala Rustenburg. The figures now include
saleable and concentrate volumes from the North Shafts (formerly Impala Bafokeng), whereas previously only concentrate
volumes from this operation were reported.
Tonnes milled at Group managed operations increased by 2% to 14.04 million tonnes (H1 FY2025: 13.74 million) as higher
throughput at Zimplats and Impala Rustenburg offset lower planned production rates at Impala Canada and stable volumes
at Marula. 6E milled grade declined by 1% to 3.77 grams per tonne (g/t) (H1 FY2025: 3.80) negatively impacted by higher
development rates at Marula and the inclusion of throughput of opencast ore at Zimplats. 6E production at managed
operations increased by 1% to 1.41 million ounces (H1 FY2025: 1.40 million) benefitting from higher matte production at
Zimplats, which offset lower stock-adjusted production at Impala Rustenburg and concentrate volumes at Impala Canada and
Marula.
6E production from joint ventures (JVs) declined by 3% to 272 000 ounces (H1 FY2025: 282 000). At Two Rivers, grade and
yield improvements largely offset the impact of reduced mill throughput, while volumes at Mimosa were impeded by lower
recovered yield. 6E concentrate receipts from third parties increased by 12% to 115 000 ounces (H1 FY2025: 103 000)
reflecting the underlying performance at customer operations.
In total, Group 6E production increased by 1% to 1.80 million ounces (H1 FY2025: 1.78 million).
Refined 6E production, which includes saleable ounces from Impala Rustenburg's North Shafts and Impala Canada, was
stable at 1.78 million 6E ounces (H1 FY2025: 1.79 million). Processing operations performed well, with the Rustenburg
smelters operating ahead of plan and record milling rates delivered at the Base Metal Refinery. The scheduled rebuild of
Furnace 4 was initiated as planned in December 2025. Implats ended the period with excess inventory of circa 400 000 6E
ounces (H1 FY2025: 375 000; FY2025: 420 000).
Mining inflation was exacerbated by additional engineering and infrastructure costs, salary adjustments at Zimplats and
changes in volumes and yield at managed operations. As a result, Group unit costs per 6E ounce increased by 11% to
R23 183 (H1 FY2025: R20 885).
Group capital expenditure declined by 23% to R3.0 billion (H1 FY2025: R3.9 billion), due primarily to lower levels of
capital at Zimplats as processing projects neared completion. In addition, the expansion at Impala Refineries was completed,
spend on the Phase 2 project at Marula was stopped and expenditure at Impala Chrome was delayed due to outstanding
environmental and water-use approvals. Stay-in-business spend of R2.6 billion, replacement capital of R302 million and
expansion capital of R145 million decreased by 3%, 20% and 84%, respectively.
Financial summary
Implats delivered a strong financial performance, with significantly improved EBITDA, free cash flow generation,
balance sheet strength and liquidity headroom. The benefit of strong metal pricing was maximised through a commendable
operating performance and sustained cost control.
Revenue of R60.8 billion increased by 44%, while cost of sales of R47.3 billion were 18% higher and Implats delivered
gross profit of R13.4 billion.
Net foreign exchange losses increased to R763 million, while other net income declined to R289 million - income in the
prior period benefited from the receipt of insurance proceeds.
Profitability at both JVs - Mimosa and Two Rivers - rebounded on higher achieved sales revenue and sound operational
delivery. Reported earnings from associates of R138 million were, however, impacted by unrealised profit in stock
adjustments of R979 million.
EBITDA of R18.1 billion was achieved at an EBITDA margin of 30%.
Basic earnings increased five-fold to R9.3 billion or 1 039 cents per share, from R1.9 billion or 208 cents per share
in the prior comparable period. Similarly, headline earnings and headline earnings per share improved to R9.3 billion
and 1 035 cents per share (H1 FY2025: R1.8 billion and 206 cents per share). The weighted average number of shares in
issue decreased to 896.96 million from 898.05 million in the prior period.
The Group recorded a free cash inflow of R7.0 billion, after net cash capital outflows of R2.9 billion and ended the
period with adjusted net cash after debt of R12.1 billion and liquidity headroom of R28.8 billion.
Implats' capital allocation framework aims to sustain and grow meaningful value for all stakeholders and provide
attractive returns to shareholders, while maintaining financial flexibility for the Group.
Implats' dividend policy is premised on returning a minimum of 30% of adjusted free cash flow, after growth capital,
implying a minimum dividend payment of R1.9 billion or 205 cents per share for the period. After considering the Group's
financial performance, robust balance and prevailing market conditions, the board declared an interim cash dividend of
410 cents per share, amounting to R3.7 billion.
Including dividends paid to minorities in the period, this equates to an approximate 60% allocation of adjusted free
cash flow to shareholder returns in H1 FY2026, and approximately 80% of adjusted free cash flow after considering the
R1.4 billion tax payment made shortly after period end. This aligns with the Group's philosophy to provide returns above
the dividend policy minimum during periods of strong and supportive market conditions.
Outlook and guidance
Trade, policy and geopolitical uncertainty intensified through the first half of the financial year, amplifying broader
macroeconomic volatility. Despite these pressures, persistent de dollarisation trends, increased demand for hard assets
and the structural scarcity of PGM supply continued to provide notable market support.
While increased investor activity provided upward momentum to pricing, underlying demand and supply dynamics and the global
quest for security of supply of critical minerals indicate sound fundamental support. Each of the platinum, palladium and
rhodium markets is expected to record successive supply deficits in 2026 and, together with global geopolitical uncertainty,
indicates that the key drivers underpinning recent pricing strength are unlikely to dissipate fully in the medium term.
Encouraging operational momentum and stability across the processing assets provides a solid foundation for delivery
for the remainder of FY2026. Key operational priorities include maintaining the improved safety performance, embedding
the enhanced maintenance protocols across the processing operations, consolidating efficiencies and strengthening
productivity across the expanded Impala Rustenburg complex and realising the benefits of improved mining flexibility
and operational stability at Marula.
Implats' strategy remains anchored in safe, efficient and profitable production, optimal capital allocation and unlocking
the considerable value inherent in its portfolio. The strong free cash flow generation, combined with a robust balance
sheet and the strategic focus to deliver a more sustainable portfolio and long-term value creation, enhances the Group's
capacity to effectively manage challenges and opportunities. Implats will continue to navigate an evolving external landscape
with agility and focus, ensuring sustained delivery for all stakeholders.
Guidance
The Group's guidance on production, unit costs and capital expenditure remains unchanged from that previously provided.
Group 6E refined and saleable production is expected to be between 3.4 and 3.6 million ounces. Group unit costs are
expected to be between R23 500 and R24 500 per 6E ounce on a stock-adjusted basis. Group capital expenditure is forecast
to be between R8 billion and R9 billion. This guidance assumes exchange rates of R16.85/US$ and C$1.38/US$, respectively.
The financial information on which the abovementioned guidance is based has not been reviewed and reported on by Implats'
external auditors.
Key financial metrics
6 months ended 6 months ended Variance
31 December 2025 31 December 2024 %
Revenue (Rm) 60 773 42 280 43.7
Gross profit (Rm) 13 441 2 128 531.6
EBITDA* (Rm) 18 095 6 465 179.9
Profit for the six months (Rm) 9 454 1 808 422.9
Basic earnings (Rm) 9 316 1 867 399.0
Headline earnings (Rm) 9 286 1 848 402.5
Free cash flow* (Rm) 7 043 639 1 002.2
Adjusted net cash* (Rm) 12 055 7 448 61.9
Basic earnings per share (cps) 1 039 208 399.5
Headline earnings per share (cps) 1 035 206 402.4
Dividends per share (cps) 410 - -
*Non-International Financial Reporting Standards (IFRS) metrics
Note: All non-IFRS metrics are defined in the Reviewed Condensed Consolidated Interim Results for the six months ended
31 December 2025 available at www.implats.co.za
Operating statistics
6 months ended 6 months ended Variance
31 December 2025 31 December 2024 %
Gross refined production
6E (000oz) 1 781.6 1 787.7 (0.3)
Platinum (000oz) 851.2 862.8 (1.3)
Palladium (000oz) 584.8 587.1 (0.4)
Rhodium (000oz) 102.9 102.0 0.9
Nickel (tonnes) 9 593 8 375 14.5
Sales volumes
6E (000oz) 1 779.0 1 773.3 0.3
Platinum (000oz) 858.3 843.7 1.7
Palladium (000oz) 589.2 575.6 2.4
Rhodium (000oz) 99.8 100.7 (0.9)
Nickel (tonnes) 6 149 5 805 5.9
Prices achieved
Platinum (US$/oz) 1 483 968 53.2
Palladium (US$/oz) 1 294 994 30.2
Rhodium (US$/oz) 6 973 4 627 50.7
Nickel (US$/t) 15 066 15 771 (4.5)
Consolidated statistics
Average rate achieved (R/US$) 17.35 17.87 (2.9)
Closing rate for the period (R/US$) 16.57 18.90 (12.3)
Revenue per 6E ounce sold (US$/oz) 1 917 1 334 43.7
Revenue per 6E ounce sold (R/oz) 33 261 23 831 39.6
Tonnes milled ex-mine* (000t) 14 036 13 740 2.2
Group 6E production (000oz) 1 798.2 1 783.7 0.8
Group unit cost per 6E ounce (stock-adjusted) (R/oz) 23 183 20 885 (11.0)
Group unit cost per 6E ounce (stock-adjusted) (US$/oz) 1 334 1 164 (14.6)
Capital expenditure* (Rm) 3 031 3 945 23.2
*Managed operations
Dividend declaration
Shareholders are advised that the board has resolved to declare an interim gross cash dividend of 410 cents per ordinary
share or R3.7 billion in aggregate (excluding treasury shares) as at the date of the declaration, for the six-month
period ended 31 December 2025. The dividend will be paid from retained earnings.
Implats' dividend policy is aligned with its capital allocation framework, which prioritises delivering sustainable and
attractive returns to shareholders while maintaining a strong, flexible balance sheet. This approach ensures the business
remains appropriately capitalised to pursue future value accretive growth opportunities. In line with this framework, the
dividend policy provides for a minimum distribution of 30% of free cash flow, calculated before growth capital for the
reporting period. This implies a minimum dividend payment of R1.9 billion or 205 cents per share.
In determining the dividend at the time of declaration, the board considered the robust financial performance in the
period together with the improved market conditions and adjusted the payout ratio to approximately 60% of adjusted free
cash flow.
Implats has 904 368 485 ordinary shares in issue and the Company's tax reference number is 9700178719. The cash dividend
will be subject to a 20% dividend withholding tax for shareholders who are not exempt from, or do not qualify for, a
reduced rate of withholding tax. Therefore, the net dividend amount is 328 cents per ordinary share for shareholders
liable to pay the dividend withholding tax and 410 cents per ordinary share for shareholders exempt from dividend
withholding tax. Shareholders are advised to complete the requisite declaration form to make the Company aware of their
tax status.
The salient dates are as follows:
Declaration date: Thursday, 5 March 2026
Last day for trading to be eligible for cash dividend: Tuesday, 24 March 2026
Trading ex-dividend commences: Wednesday, 25 March 2026
Record date: Friday, 27 March 2026
Dividend payment date: Monday, 30 March 2026
Share certificates may not be dematerialised or rematerialised between Wednesday, 25 March 2026 and Friday, 27 March 2026,
both days inclusive.
Short form announcment
This announcement is extracted from the Group's condensed consolidated interim results (reviewed) for the six months ended
31 December 2025 ("Reviewed Results") and, as such, does not contain full or complete details. Any investment decisions should
be based on consideration of the Reviewed Results.
This short form announcement is the responsibility of the board of directors of Implats and is not itself reviewed but
extracted from the Reviewed Results.
Deloitte & Touche, the external auditors, have issued an unmodified review conclusion on the Reviewed Results. During the
current period a reportable irregularity was identified relating to the non-disclosure of share dealings by a Prescribed
Officer. More information has been disclosed in the Reviewed Results. The review conclusion forms part of the reviewed
results and is available on Implats' website at https://www.implats.co.za and on the JSE's cloudlink at
https://senspdf.jse.co.za/documents/2026/jse/isse/IMPE/ie2026.pdf
Queries:
Johan Theron
E-mail: johan.theron@implats.co.za
T: +27 (0) 11 731 9013
M: +27 (0) 82 809 0166
Emma Townshend
E-mail: emma.townshend@implats.co.za
T: +27 (0) 21 794 8345
M: +27 (0) 82 415 3770
Alice Lourens
E-mail: alice.lourens@implats.co.za
T: +27 (0) 11 731 9033
M: +27 (0) 82 498 3608
5 March 2026
Johannesburg
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 05-03-2026 07:05:00
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