Valterra Platinum (VAL) investor relations material

Executive summary

• Achieved record interim results in H1 2026, with revenue up 93% to R82bn and EBITDA up fourfold to R33.4bn, driven by strong PGM prices and higher volumes.

• Completed separation from Anglo American, established independent operations, and advanced key growth projects, notably the Sandsloot underground development.

• Declared an interim dividend of R15bn (R57/share), representing a 70% payout of headline earnings, after returning R11.5bn to shareholders in March.

• Maintained strong balance sheet with net cash of R24bn at June-end, despite significant capital returns and investments.

• Safety remains a top priority, with three to four fatalities in H1 prompting intensified safety interventions and third-party reviews.

Financial highlights

• Revenue increased 93% year-over-year to R82bn, supported by an 85% stronger PGM basket price and 18% higher sales volumes.

• EBITDA rose to R33.4bn, with a mining EBITDA margin of 50% and annualized ROCE of 69%.

• Headline earnings reached R21.5bn (R82/share), third highest in company history.

• Free cash flow was R26bn; net cash position at period-end was R24bn.

• All-in sustaining cost was US$996/3E oz, down 21% from prior period.

Outlook and guidance

• Full-year production and cost guidance maintained: unit cost R19,000–20,000/PGM oz, AISC US$1,050/3E oz, and capex R17–18bn.

• Refined production guidance of 3–3.4Moz for the year; expect stronger H2 operational performance.

• Capex guidance for 2026 remains R17–18bn, with R1.5–2.5bn allocated to Sandsloot underground.

• Committed to value-over-volume strategy and disciplined capital allocation, with shareholder returns as a top priority.

• Market outlook remains positive, with sustained PGM market deficits and strong demand drivers.