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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.
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.
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