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PPC (PPC) investor relations material
PPC H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered strong H1 FY26 results with EBITDA up 23.5% and margin expanding to 18.3%, building on a successful turnaround and strategic transformation.
Profitable growth ahead of plan, supported by sector-leading margins, optimized production, and experienced management.
ROIC improved to 13.4%, exceeding previous guidance.
Financial highlights
Revenue increased 6.2% year-over-year to R5,382 million (ZAR 5.4 billion).
EBITDA grew 23.5% to R983 million; EBITDA margin expanded by 2.6 percentage points to 18.3%.
Free cash flow from operations surged 32% to R661 million.
Adjusted headline earnings per share rose 32% to 29 cents.
Net debt to EBITDA at 0.1x, well below target range.
Outlook and guidance
Continued EBITDA and margin growth expected in FY26, with South Africa and Zimbabwe maintaining positive momentum.
Additional dividends projected in H2 FY26; key projects like RK3 progressing and expected to drive efficiency.
ROIC may temporarily weaken in H2 FY26 and FY27 as CapEx is spent on RK3 with no immediate return.
Sustainable EBITDA margin targets set to exceed 21% by FY28.
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