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Impala Platinum Holdings (IMP) investor relations material

Impala Platinum Holdings H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary28 Aug, 2025

Executive summary

  • Delivered steady production and cost performance in FY2025 despite operational challenges, including labor restructuring, unplanned furnace maintenance, and utility disruptions; safety metrics improved with an 11% reduction in lost time injury frequency rate and a 15% reduction in recordable injury frequency rate, though eight fatalities occurred and several operations achieved fatality-free milestones.

  • Commissioned a 35MW solar plant at Zimplats, approved a 45MW expansion, and signed a renewable energy agreement for 90% of refinery electricity; recognized for sustainability performance.

  • Free cash flow of ZAR2.4 billion generated; net cash position improved to ZAR8.1 billion.

  • Dividend of ZAR1.65 per share (165cps) declared, representing 60% of adjusted free cash flow.

  • Social initiatives supported over 9,100 people in mine communities, with significant investments in education, skills, and infrastructure.

Financial highlights

  • Revenue declined 1% to R85.5bn, mainly due to a stronger rand and lower sales volumes, partially offset by higher dollar prices.

  • EBITDA declined to just under ZAR10 billion (R9.9bn), with a margin of 12%; headline earnings at ZAR732 million, down 70% year-over-year.

  • Free cash flow of ZAR2.4 billion, supported by lower capital intensity and receipt of delayed concentrate debt.

  • Gross cash increased to ZAR11.6 billion; gross debt rose to ZAR3.4 billion due to Zimplats funding; liquidity headroom at just under ZAR20 billion.

  • Net cash position improved from ZAR6.9 billion to ZAR8.1 billion.

Outlook and guidance

  • Refined production guidance set at 3.4–3.6 million ounces (6E), reflecting improved processing and phased inventory release.

  • Group unit cost expected at R23,500–R24,500/oz; capital expenditure forecasted at ZAR8–9 billion, with ZAR8 billion for sustaining capital, including solar expansion.

  • Impala Bafokeng guidance lifted to 500,000–540,000 ounces; Impala Canada guidance lowered to 170,000–190,000 ounces as operations wind down.

  • Market outlook anticipates continued deficits in platinum, palladium, and rhodium markets.

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Frequently asked questions

Impala Platinum Holdings Limited, commonly known as Implats, is a producer of platinum and associated platinum group metals (PGMs), including palladium, rhodium, nickel, and by-products such as ruthenium, iridium, and gold. The company operates through a structured framework centered around its mining, processing, concentrating, refining, and sales operations. The company is headquartered in Johannesburg, South Africa, and its shares are listed on the Johannesburg Stock Exchange.

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