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Tharisa (THA) investor relations material
Tharisa H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary1 Dec, 2025
Executive summary
Achieved strong FY2025 financial results: revenue of $602.9 million, EBITDA of $187.3 million, and net profit after tax of $80.8 million, supported by higher PGM prices and resilient chrome operations.
Advanced strategic growth projects, including the transition to underground mining at Tharisa Mine and significant progress at the Karo Platinum Project in Zimbabwe.
Maintained a disciplined approach to capital allocation, returning 17.2% of net profit to shareholders via dividends and share buybacks.
Maintained a strong balance sheet and advanced Vision 2030, focusing on expansion, technology commercialization, and sustainable growth.
Achieved significant safety milestones, including industry awards and a low Lost Time Injury Frequency Rate.
Financial highlights
Revenue of $602.9m, down 16.4% year-over-year; EBITDA rose 5.5% to $187.3m; net profit after tax was $80.8m, down 2.2% year-over-year.
PGM basket price averaged $1,615/oz, up 18.6% year-over-year; chrome price declined 11% to $266/ton.
Headline earnings per share reached $0.275; final dividend of $0.015 per share, totaling $0.03 for the year.
Net cash from operating activities was $94 million; cash and equivalents at year-end were $175.1 million.
Favourable mining royalty credit of $67.3m recognized, boosting margins.
Outlook and guidance
Underground transition at Tharisa Mine to deliver first ore in Q2 FY2026, reaching steady-state by Q3 FY2029.
Karo Platinum Project targets first ore in Q1 2027, with annualized production of 220,000 PGM oz in phase I.
FY2026 capital budget set at $165.9 million, excluding Karo; cost inflation expected just above 3% in dollar terms.
Vision 2030 targets commercializing downstream initiatives and expanding global energy transition capabilities.
Karo Platinum senior debt funding timeline?
Tharisa underground peak funding amount?
Zimbabwe fiscal stability for Karo project?
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Frequently asked questions
Tharisa plc is an integrated resource group primarily engaged in the mining, processing, and sale of platinum group metals (PGMs) and chrome concentrates. The company's operations are centered around the Tharisa Mine, located in South Africa, which produces a variety of PGMs including platinum, palladium, and rhodium, along with chrome concentrates used in the metallurgical, chemical, and foundry industries. Tharisa plc also focuses on innovative technologies and sustainable practices to enhance its mining and processing efficiencies. The company is headquartered in Paphos, Cyprus, and its shares are listed on the LSE.
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