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Valterra Platinum
Valterra Platinum (VAL) investor relations material
Valterra Platinum H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary25 Feb, 2026
Executive summary
Achieved a transformative year in 2025, completing the demerger from Anglo American, launching as an independent company with a secondary London listing, and establishing a new brand identity.
Exceeded production and cost-saving targets, delivering ZAR 18 billion in cost and capital savings over 24 months and surpassing operational guidance.
Strengthened operational capabilities, streamlined leadership, and embedded a simplified organizational structure.
Maintained industry-leading safety performance, with significant milestones at key mines.
Made material distributions to stakeholders and contributed substantially to the South African economy.
Financial highlights
Revenue increased 7% year-over-year to ZAR 116 billion, driven by higher PGM basket prices.
EBITDA rose 68% year-over-year to ZAR 33 billion, supported by cost discipline and a 26% stronger PGM dollar price.
Ended 2025 with ZAR 11.5 billion net cash, reversing a net debt position from mid-year.
Sustaining free cash flow reached ZAR 20 billion, up 22% from 2024; total dividends for the year were ZAR 12 billion, representing 71% of headline earnings.
All-in sustaining cost was $987 per 3E oz, flat year-over-year and 13% lower than 2023.
Outlook and guidance
2026 CapEx expected at ZAR 17–18 billion, with ZAR 12.5 billion for sustaining capital and discretionary capex of ZAR 4.5 billion.
All-in sustaining cost guidance for 2026 is around $1,050 per 3E oz.
Production guidance for own mines maintained at 3–3.4 million ounces through 2027, with a focus on value over volume.
Targeting ZAR 1–1.5 billion in additional cost savings by 2027.
Ongoing market tightness and project investments underpin a positive outlook, with a sizable platinum deficit expected in 2026.
Sandsloot UG investment decision timeline
Quantify Jameson Cells' 2025 cost savings
Valterra's long-term mine supply outlook vs. market trend?
Is the ZAR 17-18bn CapEx guidance a firm ceiling?
What are the next frontiers for cost optimization?
What is the strategic outlook for Modikwa?
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Next Valterra Platinum earnings date
H1 202629 Jul, 2026
Valterra Platinum
Next Valterra Platinum earnings date
H1 202629 Jul, 2026
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Frequently asked questions
Anglo American Platinum Limited is a mining company specializing in the production and supply of a broad range of metals. The company's product portfolio is categorized into three main areas: Platinum Group Metals (including platinum, palladium, rhodium, iridium, ruthenium, and osmium), base metals (comprising copper, nickel, cobalt and sulphate, and chrome), and precious metals such as gold. Anglo American Platinum also ventures into fuel cell electric vehicles. The company is headquartered in Johannesburg, South Africa, and its shares are listed on the Johannesburg Stock Exchange.
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