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Pan African Resources (PAF) investor relations material

Pan African Resources 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 summary10 Sep, 2025

Executive summary

  • Achieved record financial and operational results, including record profits, headline earnings per share, and proposed record dividends, with group gold production of 196,527oz, up 6% year-over-year, and record second half output.

  • Commissioned two major projects (MTR and Tennant Mines) ahead of schedule and below budget, expanding production capacity and geographic diversification.

  • Transitioned to a portfolio focused on long-life, low-cost surface remining assets, with 60% of future production expected from surface operations.

  • Announced intention to move to the London main market, reflecting growth in size and prospects, expected by December 2025.

  • Sector-leading dividend of $48.7m proposed, reflecting strong cash generation and financial position.

Financial highlights

  • Revenue increased by 45% year-over-year to NZD540 million, driven by a 36% rise in average gold price and higher production; profit up 78% to $140.6m and adjusted EBITDA up 60% to $226.6m.

  • Operating cash flows grew over 70% to USD155 million, supporting significant debt reduction and dividend growth.

  • Proposed record dividend of ZAR0.37 per share, up 68% in rand and 77% in USD terms year-over-year; sector-leading dividend payout of $48.7m for FY25.

  • Net debt reduced by $80 million in six months, with net debt at year-end $150.5m, down from $228.5m at FY25H1.

  • EPS increased 73% to US7.16cps; headline earnings up 47% to $116.6m.

Outlook and guidance

  • FY26 gold production guidance set at 275,000–292,000oz, a nearly 40% increase, with production weighted to the second half.

  • FY26 AISC guidance between $1,525/oz and $1,575/oz as new projects ramp up, with inflationary pressures to be offset by low-cost output.

  • Expect to be net debt free before the end of FY2026 at prevailing gold prices.

  • Sustaining capital guidance is around $50 million per year, with growth capital focused on key expansions.

  • Focus on de-gearing the balance sheet and potential for increased dividends as free cash flow grows.

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