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African Rainbow Minerals (ARI) investor relations material
African Rainbow Minerals H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary5 Sep, 2025
Executive summary
Headline earnings fell 47% to ZAR 2.7 billion, mainly due to lower iron ore prices and increased costs at Bokoni.
Dividend of ZAR 6 per share declared, maintaining a consistent payout policy and strong net cash position of ZAR 6.6 billion at year-end.
Segmental performance was mixed, with significant losses in Platinum and lower earnings in Ferrous and Coal.
Strategic focus on cost control, operational efficiency, and disciplined capital allocation.
Financial highlights
Group headline earnings declined 31%, driven by a 15% reduction in USD prices, with ARM Ferrous down 31%, ARM Platinum down 42%, and ARM Coal down 88%.
Dividends received from investments fell by 10% to ZAR 4.5 billion, while Harmony dividends rose 45% to ZAR 240 million.
EBITDA margins for iron ore decreased from 50% to 41%, while manganese alloys and ore remained negative.
Operating cash generation dropped 97% to ZAR 45 million, reflecting lower commodity prices and increased working capital.
Outlook and guidance
Focus remains on cost control, quality production, and disciplined capital allocation.
CapEx guidance for FY2026 increased marginally to ZAR 4.5 billion, with normalized sustaining CapEx of ZAR 4 billion per annum through FY2028.
Growth investments include Surge Copper and ongoing evaluation of Nkomati and Bokoni assets.
Bokoni: Phased development CapEx and timeline?
Future of iron ore output post-Beeshoek closure?
Capital allocation for new growth vs. existing assets?
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Next African Rainbow Minerals earnings date
H1 20266 Mar, 2026
Next African Rainbow Minerals earnings date
H1 20266 Mar, 2026
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Frequently asked questions
African Rainbow Minerals Limited (ARM) is a diversified mining and minerals company based in South Africa, with a broad portfolio that includes the mining and beneficiation of iron ore, manganese ore, chrome ore, platinum group metals (PGMs), nickel, and coal. It operates in South Africa and has a presence in Malaysia. ARM also produces manganese alloys and holds a strategic investment in gold through Harmony Gold Mining Company Limited. The company focuses on creating sustainable value for its shareholders by navigating market volatility and challenges, ensuring the safety and efficiency of its operations, and adhering to responsible environmental, social, and governance (ESG) practices. The company is headquartered in Johannesburg, South Africa, and its shares are listed on the Johannesburg Stock Exchange.
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