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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Valterra Platinum
Valterra Platinum (VAL) investor relations material
Valterra Platinum H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary29 Jul, 2026
Executive summary
Achieved record H1 2026 results with a fourfold increase in EBITDA to R33.4bn, headline earnings of R21.5bn, and strong operational recovery driven by higher PGM prices and sales volumes.
Completed separation from Anglo American, established independent operations, and advanced key growth projects including Sandsloot underground.
Maintained industry-leading safety focus despite three to four fatalities; implemented operation-wide safety interventions and third-party review.
Sustainability initiatives included commissioning major renewable energy projects (520MW/240MW), water resilience, and strong ESG ratings.
Financial highlights
Revenue rose 93% year-over-year to R82bn, with EBITDA up fourfold to R33.4bn and a 50% mining EBITDA margin.
Headline earnings reached R21.5bn (R82/share), free cash flow R26bn, and net cash R24bn at June-end.
Interim dividend of R15.1bn (R57/share), representing 70% of headline earnings, declared.
All-in sustaining cost at US$996/3E oz, down 21% from prior period; unit cost guidance maintained at R19,000–20,000/oz.
Outlook and guidance
Full-year production and cost guidance reaffirmed: 3.0–3.4Moz M&C/refined PGMs, unit cost R19,000–20,000/PGM oz, AISC US$1,050/3E oz; capex R17–18bn.
H2 2026 expected to benefit from higher production, cost efficiencies, and catch-up in capex.
Market outlook remains bullish on PGMs, with anticipated supply deficits and robust demand from industrial and automotive sectors.
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Latest events from Valterra Platinum
- Earnings expected to rise over 1300% year-over-year on higher PGM volumes and prices.VAL
H1 2026 TU - Shareholders approved the demerger, new name, and all resolutions amid robust financials and community debate.VALAGM 2025
- Record EBITDA and robust cash flow in 2025, driven by higher PGM prices and cost discipline.VALH2 2025
- Earnings more than doubled on higher PGM prices and cost cuts, despite operational disruptions.VALQ4 2025 TU
- Flooding and demerger costs hit profits, but cost savings and guidance support recovery outlook.VALH1 2025
- Cost savings and higher sales volumes supported robust H1 2024 margins despite weak PGM prices.VALH1 2024
- Demerger and rebranding to Valterra Platinum in 2025, with strong cost control and PGM outlook.VALCMD 2025
- Cost discipline and operational efficiency supported strong cash returns despite lower PGM prices.VALH2 2024
Next Valterra Platinum earnings date
H2 202624 Feb, 2027
Valterra Platinum
Next Valterra Platinum earnings date
H2 202624 Feb, 2027
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Frequently asked questions
Anglo American Platinum Limited is a mining company specializing in the production and supply of a broad range of metals. The company's product portfolio is categorized into three main areas: Platinum Group Metals (including platinum, palladium, rhodium, iridium, ruthenium, and osmium), base metals (comprising copper, nickel, cobalt and sulphate, and chrome), and precious metals such as gold. Anglo American Platinum also ventures into fuel cell electric vehicles. The company is headquartered in Johannesburg, South Africa, and its shares are listed on the Johannesburg Stock Exchange.